Over the next two days, the GREAT Mega Mission – a trade delegation of around 50 British businesses – will pitch camp in Bucharest for an intensive round of seminars, meetings and networking opportunities, before moving on to Bulgaria for the second and final leg. The Mission is a milestone event: the largest UK commercial delegation to Romania since the Revolution just over 25 years ago.
Over the next two days, the GREAT Mega Mission – a trade delegation of around 50 British businesses – will pitch camp in Bucharest for an intensive round of seminars, meetings and networking opportunities, before moving on to Bulgaria for the second and final leg. The Mission is a milestone event: the largest UK commercial delegation to Romania since the Revolution 25 years ago, and probably for a good while before that.
Why is the Mission happening, and why is it happening now?
Bilateral trade between Romania and the UK reached €3 billion in 2014; British investment in Romania currently amounts to €6.5 billion. This is not a poor record by any means. However, in sectors such as Nuclear Energy, Oil & Gas, Transport Infrastructure and Water & Environment we believe the necessary ingredients are in place for British companies to win even more business in Romania. These four sectors form the primary focus of the Mega Mission. There are two main reasons for this optimism:
First, all four sectors are on the cusp of major modernisation, fuelled by the £130 billion in EU funding that will be channelled into Central & Eastern Europe between 2014 and 2020, 11% more than the 2007-13 period. The biggest share will go to the Environment and Transport sectors (over 20% each). €9 billion is available for infrastructure projects in Romania alone, for example, an unprecedented level of investment that should have a transformative impact. 2015 will be a key year in terms of deciding how this money will be spent.
Second, these are sectors in which British industry is recognised as a global leader and where British expertise could add huge value to Romania. It is therefore in the interests of both countries that British industry plays a pivotal role in this modernisation process.
However, the fact that these two fundamental ingredients for British business success are in place is not enough on its own. For this to translate into significant new business wins, a critical mass of British companies first need to be aware of the opportunities that exist here. There are challenges, for example around continuing relatively high levels of corruption and a weakness around legislative predictability, but compared with many other markets in the world, Romania is a relatively straightforward place in which to do business. The final stage is to bring British companies together with Romanian decision-makers and potential business partners, at which point I am confident that the entrepreneurial spirit on both sides will do the rest.
This, more than anything else, is what the Mega Mission is all about, and why I am so excited about the next two days.