Over 300 Ukrainian Companies Expand into Romanian Market in 2023, IT Sector Leads

by Cheplyk Roman
Monday, March 4, 2024
Over 300 Ukrainian Companies Expand into Romanian Market in 2023, IT Sector Leads

Since the onset of the full-scale invasion by Russia on February 24, 2022, over 775 Ukrainian companies have ventured into the Romanian market, with more than 300 of these expansions occurring since the beginning of 2023 alone

This influx was highlighted by Mihai Daraban, the President of the Chamber of Commerce and Industry of Romania (CCIR), who underscored the chamber's support for Ukrainian companies seeking relocation due to the conflict.

Daraban pointed out the varied sectors of the Romanian economy that have welcomed Ukrainian businesses, with a significant emphasis on the IT sector, which saw 121 Ukrainian companies establishing operations in Romania in 2023. Service services and construction works on residential and non-residential buildings followed, with 47 and 33 companies respectively. Additionally, there have been new entries in trade, road transport of goods, and business and management consulting.

The CCIR president also noted Romanian companies' interest in developing several industries in Ukraine, including green energy, IT, the defense industry and transport, construction materials, value-added technologies, and aeronautics. However, he mentioned that the current situation has exacerbated challenges for Romanian businesses in Ukraine, calling for enhanced transparency in Ukraine's economic environment, customs, and tax legislation, as well as improved competitiveness, predictability, and foreign investment protection mechanisms.

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