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STOICA & ASOCIAȚII's team of lawyers, composed of Victor Dobozi (Senior Partner), Mihai Trandafir (Managing Associate) and Paula Maftei (Associate), under the coordination of Valeriu Stoica (Founding Partner), recently obtained an important victory for its client, a major property developer in Romania, in a criminal trial involving several public officials from the Municipality of Iasi.

After a 5-year criminal prosecution by DIICOT - Iași Territorial Service, characterised by multiple violations of the procedural rights of the defendants, during which several service and corruption offences and other offences under special laws were detained and artificially investigated, the STOICA & ASOCIAȚII’s team made extensive procedural defences in the pre-trial chamber stage.

In essence, it successfully pleaded the unlawfulness of the entire criminal prosecution in relation to the offences under investigation, arguing that the DIICOT lacked material jurisdiction, that the unfair and unlawful manner in which a number of means of proof were administered, and also that the act of referral to the court was irregular, the STOICA & ASOCIAȚII thus obtained a favourable decision before the Iași Court of Appeal, which was subsequently confirmed by the High Court of Cassation and Justice, at the appeal stage, in the sense of the admission of the exceptions of the preliminary chamber.

In the context of the final decision, the case will be referred to the prosecution unit and the criminal case will no longer be able to be used to investigate the persons and offences in respect of which the defence arguments were admitted, the pre-trial chamber courts thus commendably giving effect to the rules specific to this procedural stage.

At the same time, the decision handed down by the Iași Court of Appeal, subsequently confirmed by the High Court of Cassation and Justice, represents both a halt to the judicial abuses committed against the persons under investigation over the last five years and a reaffirmation of the principles applicable to the criminal process - legality, loyalty and impartiality - principles from which no one can derogate, not even the prosecution authorities.

Established in 1995, STOICA & ASOCIAȚII has gained national and international recognition in the world of law and business, through its entire activity of legal assistance and representation of a vast portfolio of clients. From its foundation to the present day, the lawyers of STOICA & ASOCIAȚII have proved that they are a strong team, founded on the respect of its principles: Fidelitas, Integritas, Fortitudo. STOICA & ASOCIAȚII has acquired an excellent national and international reputation. Its professional performances are recognised in the most important legal guides: Chambers Europe, Legal 500, WTR 1000, IAM Patent 1000.

DLA Piper announces several promotions across their Bucharest office practices, reflecting continued investment in talent, bold approach to legal excellence and commitment to delivering exceptional, cross-border legal services to clients in Romania and internationally.

The promotions are:

Andreea Anton, Counsel in the Litigation and Regulatory practice

Andreea Birișiu, Counsel in the Litigation and Regulatory practice

Diana Năcuță, Senior Associate in the Employment practice

Andrei Drăgan, Managing Associate in the Corporate practice

“I would like to congratulate those who reached a new milestone in their careers by being promoted to the next level. I believe these promotions are a recognition of their professional performance to date and serve as a source of responsibility and encouragement for the future. I remain confident that every member of our team has the opportunity and support they need to develop as individuals and professionals, and this year's promotions are living examples of this.” commented Marian Dinu, Country Managing Partner.

These advancements follow the recent promotion of Florin Țineghe to Partner in the Real Estate practice and the appointment of Irina Macovei as Head of the Intellectual Property & Technology practice.

Andreea Anton, newly promoted to Counsel, shared:

“This promotion reflects the trust of my mentors and peers, the work I’ve enjoyed doing and the opportunities I’ve had since joining DLA Piper. I’m excited to take on a more strategic role in managing complex disputes, continue focusing on cross-border litigation and arbitration and build meaningful, long-term relationships with clients. It is both a recognition of the journey so far and a motivation to keep raising the bar, while helping shape the next generation of litigators by sharing what I’ve learned.”

Diana Năcuță, newly promoted to Senior Associate, added:

“Having joined DLA Piper seven years ago, this promotion shows that my professional growth is recognized and valued equally by the firm, the clients and the colleagues I work with. I am grateful that I was given the opportunity to learn and a special thanks goes to the amazing Romanian employment team. This promotion is a sign of trust for the work we’ve been doing together for many years and great projects accomplished with our clients. In my new role, I am looking forward to taking on more complex and challenging projects and, of course, continuing to work with fantastic colleagues and clients.”

Andrei Drăgan, newly promoted to Managing Associate, said:

“This promotion is an important step in my career and a meaningful acknowledgement of the work and commitment that I have put in. It encourages me to keep learning and contributing at a higher level. I am looking forward to growing into this new level of responsibility, deepening client collaborations, and playing a more active role in the firm's continued success.”

These promotions highlight DLA Piper Romania’s commitment to a culture where people are empowered to grow, innovate, and make a lasting impact.

About DLA Piper

DLA Piper is a global law firm helping our clients achieve their goals wherever they do business. Our pursuit of innovation has transformed our delivery of legal and tax services.  With offices in the Americas, Europe, the Middle East, Africa and Asia Pacific, we deliver exceptional outcomes on cross-border projects, critical transactions and high-stakes disputes.

DLA Piper's office in Bucharest supports clients with a team of more than 50 internationally trained lawyers and fiscal consultants combining industry knowledge built on local projects with international experience gained while advising major global clients.

Our legal and tax services cover Corporate, Employment, Competition, Finance, Intellectual Property and Technology, Real Estate, Tax, Litigation and Regulatory. Every day we help trailblazing organizations seize business opportunities and successfully manage growth and change at speed. Visit dlapiper.com to discover more.

Bucharest, July 2025 – Romanians spent approximately €40 billion in large retail chains last year, corresponding to a growth rate of 7.1% vs 2023. The 2024 growth rate marked a slowdown compared with 2023 (+11.1% vs 2022), but remained above inflation, according to the Romania Retail Snapshot 2025 produced by the Cushman & Wakefield Echinox real estate consultancy company. The study is based on the financial results of 123 retailers present in Romania across 13 different segments.

The major food stores continue to account for the largest share of spending—€24 billion, or 60.3% in the total. However, this segment only recorded a 5.2% increase in sales, below the 2024 annual inflation rate of 5.6%.

The second-largest share pertained to DIY stores (€4.3 billion, 10.9%), a segment followed by Electro IT (€3.6 billion, 9.1%) and Fashion (€2.5 billion, 6.2%). The lowest spending was related to Entertainment – a segment included for the first time in the latest edition of the report.

Jewelry (€237 million, 0.6%), Footwear (€410 million, 1%) and Cosmetics (€569 million, 1.4%) were also among the segments with a lower spending share in the overall shopping basked in Romania across 2024.

All retail segments recorded higher y-o-y turnovers in 2024, with the largest increases being reported by the Cosmetics (24%), Specialized Stores (20.6%), Home & Deco (16%), Footwear (15.5%), Food & Beverage (14.9%) and Kids & Toys (13.5%).

The lowest growth rates in 2024 vs 2023 - and below inflation - were reported by Entertainment (+2.1%), Sports (+3.6%), DIY (+5%) and Food Stores (+5.2%). Notably, 9 out of the 13 analyzed segments reported sales growth above the 2024 inflation rate.

The 13 segments are Food Stores (major hypermarket/ supermarket chains), Fashion, DIY, Sports, Footwear, Kids & Toys, Jewelry, Home & Deco, Food & Beverage, Cosmetics, Electro-IT, Entertainment and Specialized Stores. Together, the 123 retailers have more than 7,000 stores in Romania, located mainly in shopping centers, retail parks and commercial galleries.

Vlad Săftoiu, Head of Research at Cushman & Wakefield Echinox: “Our study illustrates a shift in Romanian consumer behavior over the past year. While spending on food and on daily living remains high, a higher overall growth rate has been recorded by non-food products. This is a positive signal for the retail market, especially as most non-food segments from our study reported double-digit growth, indicating strong potential for operators looking to expand in Romania. Additionally, our country is among the EU member states which reported significant retail growth at the beginning of this year, with non-food products up 5.8% in real terms. Based on these indicators, developers continue to expand their retail portfolios, with around 700,000 sq. m of retail spaces being in various stages of development and scheduled for delivery between 2025 and 2030.”

Moreover, the compound annual growth rate (CAGR) between 2019 and 2024 (10.9%) of the analyzed retailers exceeded the average annual inflation in the same period (7.4%), with the highest CAGR being recorded by Cosmetics (19.2%), Specialized Stores (19.1%) and Food & Beverage (16.4%) operators.

The turnover increases reported by the large retailers were sustained both through expansions and organically, due to a clear surge in sales in physical stores and of the significant online presence of most operators.

These expansions were the direct result of the investments made by developers (in shopping centers and retail parks) who delivered approximately 340,000 sq. m of modern retail premises between 2024 and H1 2025, consisting of both new schemes and expansions/ major refurbishments of existing ones.

Cushman & Wakefield Echinox is a leading real estate consultancy on the local market and the exclusive affiliate of Cushman & Wakefield in Romania, independently owned and operated. Its team of over 60 professionals and collaborators offers a full range of services to investors, developers, owners, and tenants. For more information, visit http://www.cwechinox.com.

Cushman & Wakefield (NYSE: CWK) is a global leader in commercial real estate services, with 52,000 employees in 400 offices across 60 countries. With revenues of $9.4 billion, the company’s core services include asset and investment management consulting, capital markets, leasing, property management, tenant representation, project services, and valuation. For more information, visit http://www.cushmanwakefield.com.

Bucharest, July 1, 2025 – Globally, two out of three people live in countries where the quality of life and social wellbeing stagnated or deteriorated in 2024, according to the latest edition of the Social Progress Index, measured in 170 countries around the world by the non-profit organization Social Progress Imperative, with the support of Deloitte. After more than ten years of continuous progress since 2011, when the report was first published, the trend of stagnation or regression took hold in 2023 because of the pandemic, the report also shows, and the global index rose modestly to 64.02 in 2024 (compared to 64 in 2023). Romania slightly improved its overall score last year, reaching 74.61, which keeps it among the countries in the second category, which it entered in 2022, and places it 45^th in the world, below the rest of the EU states, but above countries such as Serbia (48^th place), the United Arab Emirates (49^th) or Qatar (50^th).

Romania slightly improves its position in the world ranking in terms of opportunities (45^th place in the world, compared to 46^th in 2023), but scores lower than in previous years in both the basic needs category (49^th place, compared to 46^th previously) and wellbeing (61^st place, compared to 49^th). Analyzing the indicators included under these three chapters, our country obtained the best results in personal freedom (37^th place in the world), nutrition and medical care (41^st), access to information and communications (42^nd) and housing (43^rd), recording, in turn, the lowest scores in health (83^rd place in the world), basic education (80^th), and water and sanitation (72^nd). In fact, these three areas mark also Romania’s gap in relation to states with a similar profile (peer countries), including Hungary, Croatia, Greece or the Baltic states, according to the report.

“The Social Progress Index remains a highly relevant framework for understanding the effects of the various instability factors that have marked the world in recent years – pandemic, political and geopolitical tensions, energy crisis, inflation, climate change –, and the results of the latest report published by the Social Progress Imperative show that the impasse that took hold in 2022 was not a momentary one and that the socio-human indicators it analyzes have been destabilized similarly to the purely economic ones. Moreover, comparing the evolution of GDP with that of the Social Progress Index, it is noticeable that the countries around the world display varying levels of success in converting economic growth into sustainable social effects. Romania's performance in the ranking remains stable and encouraging compared to the global landscape and, speaking of connecting economic potential to the quality of life of the population, the report is an additional argument in favor of making strategic investments in education, health and the environment,” stated Alexandru Reff, Country Managing Partner, Deloitte Romania and Moldova.

The evolution of GDP and the Social Progress Index are not in a deterministic relationship and, moreover, the two are increasingly less correlated in the post-pandemic years, the report shows. For example, Denmark and the US have similar GDP per capita, but the first is a top performer in the global ranking, while the latter has a rapidly declining score; in fact, in 2024, the American index was ten points lower than the Danish one (91.95, compared to 81.65).

Northern countries dominate the global ranking

Norway remains the leader of the ranking in 2024, with an increasing score of 91.95 (compared to 90.74 the previous year), closely followed by Denmark, Finland, Sweden, and Switzerland, all with scores over 90, but stagnating.

Europe dominates the first category of countries, with 15 of the top 20 highest scores. The first category also includes, in order, Iceland, Luxembourg, the Netherlands, Ireland, Germany, Austria, Belgium, Estonia, Slovenia, and the United Kingdom. The only countries from other continents included in this first echelon are Australia (12^th place), Japan (14), Singapore (15), Canada (18), and New Zealand (19).

The United States rank 31^st in the world (second category), with a score of 81.65, declining, and are mentioned as an exception among the world’s major economies, given that the quality of life and social well-being of citizens deteriorated between 2011 and 2024.

The G7 group of strong economies performed diversely in terms of quality of life and social well-being in 2024. Germany is the best ranked (10^th in the world) and has grown, Japan, the UK and Canada have stagnated but remained in the first category, France and Italy have stagnated in the second category, and the US has declined.

Among the most important emerging economies, with populations over 100 million, Brazil (55^th, second category) is the only one to have registered progress in 2024 and even leads the overall top of the best growth since 2023. On the other hand, China (72) has fallen slightly, and Russia (77) and India (111) have stagnated.

Social progress is defined as the ability of a state to ensure the basic needs of its citizens and facilitate an increase in the quality of life, while creating conditions for individuals to develop and reach their potential.

The Social Progress Index report is published annually, since 2011, by the Social Progress Imperative, and calculates the Social Progress Index based on the analysis of three main dimensions: basic needs (nutrition and medical care, water and sanitation, housing and safety), foundations of wellbeing (basic education, information and communications, health, environmental quality), and respectively opportunity (rights and voice, freedom and choice, inclusion and advanced education).

The global results of the Social Progress Index 2025 are available here, along with the details for Romania.

Deloitte provides industry-leading audit and assurance, tax and legal, consulting, financial advisory, and risk advisory services to nearly 90% of the Fortune Global 500® and thousands of private companies. The firm’s professionals deliver measurable and lasting results that help reinforce public trust in capital markets, enable clients to transform and thrive, and lead the way toward a stronger economy, a more equitable society and a sustainable world. Building on its 175-plus year history, Deloitte spans more than 150 countries and territories. Its objective is to make an impact that matters through its approximately 460,000 people worldwide.

Deloitte Romania is one of the leading professional services organizations in the country providing, in cooperation with Reff & Associates | Deloitte Legal, services in audit, tax, legal, consulting, financial advisory, risk advisory, business processes as well as technology services and other related services, through 3,200 professionals.

Please see www.deloitte.com/ro/about to learn more about the global network of member firms.

TPA Rumänien hat bekannt gegeben, dass es sein Team durch die Beförderung von Frau Andeea Ioniță zur Partnerin am Standort Cluj-Napoca (Klausenburg) zum 1.7.2025 verstärken wird. Andreea trat 2011 der Firma bei und hat es erfolgreich geschafft, ein bestens ausgebildetes und eingespieltes Team aufzubauen und einen stabilen Mandantenstamm aus den unterschiedlichsten Branchen wie Landwirtschaft, Produktion, Einzel- und Großhandel, Transport- sowie IT-Dienstleistungen usw. zu gewinnen. Als Bilanzbuchhalterin ist sie Mitglied der rumänischen Berufsorganisation CECCAR - Rumänischen Kammer der Bilanzbuchhalter und Vereidigten Buchprüfer - und durchläuft derzeit den letzten Abschnitt ihrer Weiterbildung bei der Rumänischen Kammer der Wirtschaftsprüfer – CAFR. Mitsamt Andreea Ioniță verfügt TPA Rumänien nunmehr über 10 Partner in ihren Büros in Bukarest und Klausenburg.

 „Ich möchte mich bei der Andreea für ihre Professionalität Fachkompetenz, Loyalität, ihr Engagement und ihre Bereitschaft, sich dieser Herausforderung zu stellen, herzlichst bedanken. Sowohl die Kollegen als auch unsere Mandanten bringen Andreea hohe Wertschätzung für ihre Fachkompetenz, Seriosität, ihr Engagement, ihre Integrität und ihre Fähigkeiten als Teamleiterin entgegen. Ich bin überzeugt, dass sie sowohl unseren Kundenportfolio als auch das Mitarbeiterteam in Cluj hervorragend ausbauen wird. Und stolz - sehr stolz, sogar - bin ich auch darüber, dass wir eine neue Partnerin aus den Reihen unseres bestehenden Teams befördern durften. Dies zeugt von unserem ständigen Bestreben, unseren Kolleginnen und Kollegen Entwicklungsmöglichkeiten zu bieten”, so Sorana Cernea, Managing Partner bei TPA Rumänien.

 „Ich bin unendlich dankbar, dass ich um mich herum, nach wie vor, engagierte, leidenschaftliche und sachkundige Kollegen habe, die mir diese Werte durch ihr Vorbild vermittelt und mir in meiner Entwicklung beigestanden haben. Ich freue mich, Teil des TPA-Teams sein zu dürfen, und möchte, dass wir uns gemeinsam weiterentwickeln, motiviert und geeint bleiben und den Herausforderungen, die vor uns liegen, mit Zuversicht begegnen“, sagte Andreea Ioniță.

Über TPA Rumänien:

TPA Rumänien zeichnet sich als einer der führenden Anbieter von Wirtschaftsprüfungs-, Buchhaltungs-, Steuerberatung- und Rechtsberatungsdienstleistungen in Rumänien aus. TPA Rumänien beschäftigt über 150 Mitarbeiter an seinen Standorten in Bukarest und Klausenburg und deckt überhaupt alle Regionen Rumäniens ab. Der Mandantenstamm umfasst Unternehmen den unterschiedlichsten Branchen wie Immobilien, Bauwesen, erneuerbare Energien, Transport und Logistik, Services, Technik u. Technologie, Produktion, Einzelhandel und Vertrieb, Handel, Landwirtschaft sowie internationale Einrichtungen und gemeinnützige Organisationen. Als zuverlässiger Partner internationaler Investoren ist TPA Rumänien ein Unternehmen der TPA Gruppe, einem Netzwerk von 35 Standorten in 12 Ländern Mittel- und Südosteuropas, das über 2.100 Fachleute vereint. Als unabhängiges Mitglied der Baker Tilly Europe Alliance bieten wir unseren Kunden Zugang zu einem globalen Netzwerk von Steuerberatern, Buchhaltern, Rechtsanwälten und Wirtschaftsprüfern, die sie in ihrer internationalen Expansion unterstützen. In über 140 Ländern ist Baker Tilly International mit 43.000 Fachleuten präsent und gehört somit zu den zehn größten Beratungsnetzwerken weltweit

OSRAM, a global leader in automotive lighting solutions, has received certification from the Romanian Automotive Registry (R.A.R.) for three more LED fog light bulbs. Additionally, OSRAM has begun selling the H11 LED bulb in Romania, the first LED bulb approved in the European Union, further expanding its product range for the Romanian automotive market.

The recently R.A.R.-certified products are H10, H16, and HB4, marking the first LED bulbs legally permitted for fog light use in Romania.

“With these new bulb certifications, OSRAM achieves yet another milestone for the Romanian market, giving drivers access to modern LED automotive bulbs that meet high technological standards, enhancing road safety,” said Adrian David, Managing Director of OSRAM Romania.

Another highlight is the introduction to the Romanian market of OSRAM’s first EU-approved LED bulb, the H11 NIGHT BREAKER LED SMART, easily recognized by its E1 marking which certifies its European approval. This bulb replaces the traditional H11 halogen bulb and can be installed in vehicles that previously used the same halogen version. Fully approved at the European level, the new product fits all standard H11 sockets.

Due to the fact that the H11 bulb holds EU-wide approval, no additional certification was required in Romania.

OSRAM also announced the expansion of its LED bulb compatibility list for vehicles. While five years ago the list featured only a few dozen car models, it now includes 450 models. After new compatibility tests conducted by German authorities, more car models will be added to the list.

You can consult the compatibility list here:

https://look.ams-osram.com/m/279bdebe1f871386/original/LED-Night-Breaker-H7-Vehicle-List-EN.pdf

Below are some key advantages of LED bulbs:

·         Increased brightness, up to 330% more light compared to factory-installed halogen bulbs,

·         Improved road safety and reduced accident risk thanks to enhanced visibility,

·         Better visual comfort for the driver due to the white light output,

·         Reduced glare for oncoming traffic, offering a more pleasant experience for others on the road,

·         Long lifespan, with a warranty of up to 6 years.

Last year, OSRAM announced another premiere for the Romanian market: its new LED products (H1, H4, H7, and W5W bulbs) had received conformity certificates from R.A.R., making them the first certified LED bulbs in Romania for those specific categories. These bulbs are suitable for both passenger cars and light commercial vehicles, providing a superior alternative to traditional lighting solutions.

“The R.A.R.-certified bulbs intended for headlights fall into three categories: SMART bulbs - very powerful, offering up to 330% more light, SPEED bulbs - the only ones with dimensions identical to halogen bulbs (currently only the H7 version), and START bulbs - now available at a more budget-friendly price,” added Adrian David, Managing Director at OSRAM Romania.

The quality of OSRAM products is also demonstrated by the awards received internationally, within the industry. Some of the LED products certified by OSRAM in Romania have been awarded by prestigious specialist entities. For example, OSRAM Night Breaker LED and TRUCKSTAR H7 LED bulbs received distinctions in 2024 at the German INNOvation Gala.

About OSRAM

OSRAM is the undisputed leader in automotive lighting, with over 100 years of experience and an impressive global presence. Headquartered in Munich, Germany, OSRAM employs more than 22,000 people and holds over 15,000 patents, being recognized for its top innovations in lighting. Under the motto “Sense the power of light”, OSRAM continues to redefine standards in automotive lighting, focusing on safety, efficiency, and performance.

www.osram.ro.

STOICA & ASOCIAȚII's team of lawyers, formed by Dan-Rareș Răducanu (Senior Partner) and Mircea Vasile (Junior Lawyer) has recently obtained an important victory for two Romanian entrepreneurs involved in a joint venture contract for the execution of a public procurement contract for the design and execution of works, drawn up in accordance with the General Conditions for design and execution of works contracts in Annex no. 2 to HG no. 1/2018.

Following an arbitral dispute conducted over a period of only six months, the Arbitral Tribunal constituted by the Court of International Commercial Arbitration attached to the Chamber of Commerce and Industry of Romania rendered and reasoned an arbitral award in which it fully upheld the claims of the contractors and obliged the contracting authority to pay the updated price remainder up to the flat-rate amount agreed by the parties at the conclusion of the contract, to pay in full the amounts withheld by the contracting authority as a performance guarantee in excess of the threshold of 10% of the contract price, and to pay the statutory penalty interest calculated from the date on which the payment obligation falls due until the date of its execution. The arbitral award is final and binding.

"This arbitral judgement is particularly important for all contractors who have agreed with the contracting authorities a lump sum price for the design and/or execution of works. In full compliance with the provisions of Article 1867 of the Civil Code, sometimes ignored by the contracting authorities, the Arbitral Tribunal established that the payment of the contract price on the basis of Interim Statements of Works and Interim Payment Certificates can be made until the signing of the acceptance report upon completion of works. After this point, the contracting authority is obliged to pay the remaining difference in price up to the updated flat-rate price without requiring any further supporting documents for works carried out under the works contract. On the other hand, the arbitral judgement is also important for contractors who have ongoing contracts and who have constituted the performance guarantee by successive withholdings of 5% of the Interim Payment Certificates. The Arbitral Tribunal established, in full agreement with the provisions of HG no. 965/2023, that the amounts thus withheld and exceeding 10% of the contract price must be returned to the contractor, upon request, in order to be used in the fulfilment of the subject matter of the contract of works. Moreover, the Arbitral Tribunal ruled that the contracting authority remains obliged to pay these withheld amounts even after the final acceptance report on completion of works has been finalised, since the obligation arose during the performance of the works contract." said Dan-Rareș Răducanu (Senior Partner).

The global logistics and industrial markets continue to evolve at an accelerated pace, with Central and Eastern Europe (CEE) emerging as a strategic hub in the reconfigured global supply chains. Amid economic uncertainty, inflationary pressures, and the need for operational flexibility, the CEE region, including Romania, is attracting increasing interest from occupiers and investors.

According to the Waypoint Global Industrial Dynamics Report released by the real estate consultancy Cushman & Wakefield, which analyzes demand drivers, cost components and property market conditions, over 60% of EMEA (Europe, Middle East, and Africa) markets anticipate rental growth in the logistics and industrial sector over the next three years.

In CEE, this trend is fueled by strong demand from retailers, logistics service providers, and manufacturing companies, as well as growing interest in nearshoring strategies—bringing production closer to consumer markets.

In this context, Romania stands out with rental levels below the global average (EUR 4.7/sqm/month), making it attractive for companies seeking operational efficiency. Low labor and energy costs, along with proximity to Central and Eastern European consumer markets, position Romania as an expanding logistics and industrial hub.

Rents, on average, are 41% higher globally compared to the end of 2019. Rents in EMEA have followed a similar growth trajectory, now averaging 38% above 2019 levels. Growth has been particularly strong in the UK, Czech Republic, Netherlands and Norway, while Turkey’s 90% increase over five years was largely due to high inflation, peaking at 85.5% in October 2022 and standing at 38.1% in March 2025.

Romania aligns with this upward trend, but with a more moderate growth rate of just 15%, remaining one of the emerging markets with high potential, particularly due to its competitive labor costs and strategic location in European supply chains.

Regarding demand drivers for industrial space, the report highlights e-commerce, retail distribution and general manufacturing are consistently ranked as key drivers of market activity.

With its broad scope of activities, general manufacturing remains a foundation for many industrial markets and is set to continue driving demand for logistics and industrial real estate. Automotive manufacturing is identified as a significant driver of occupier demand. This includes demand not only for vehicle production and distribution but also for the supply of parts used in the production process and for after-sales care and maintenance.

Meanwhile, high-tech manufacturing is expected to drive demand over the next three years. This trend reflects the growing demand for high-tech products like semiconductors, supported by specialised skills, established expertise ecosystems, and strong incentivisation programmes attracting investment in these sectors.

Cold storage is highlighted as an important contributor to demand. However, the relatively limited supply of cold storage facilities could pose challenges for securing these assets.

Ștefan Surcel, Head of Industrial Agency, Cushman & Wakefield Echinox: “These global trends have a direct impact on the industrial real estate market, pushing developers, investors, and occupiers to rethink their strategies. The increased demand for modern spaces tailored to the specific needs of each sector is putting pressure on available stock and driving rental growth. In this context, regions that can offer quality infrastructure, skilled labor, and proximity to consumer markets—such as Central and Eastern Europe—are well positioned to attract investment and become regional logistics hubs.”

Cushman & Wakefield Echinox is a leading real estate consultancy on the local market and the exclusive affiliate of Cushman & Wakefield in Romania, independently owned and operated. Its team of over 60 professionals and collaborators offers a full range of services to investors, developers, owners, and tenants. For more information, visit http://www.cwechinox.com.

Cushman & Wakefield (NYSE: CWK) is a global leader in commercial real estate services, with 52,000 employees in 400 offices across 60 countries. With revenues of $9.4 billion, the company’s core services include asset and investment management consulting, capital markets, leasing, property management, tenant representation, project services, and valuation. For more information, visit http://www.cushmanwakefield.com.

 STOICA & ASOCIAȚII's team of lawyers, formed by Dan-Rareș Răducanu (Senior Partner) and Mircea Vasile (Junior Lawyer) has recently obtained an important victory for two Romanian entrepreneurs involved in a joint venture contract for the execution of a public procurement contract for the design and execution of works, drawn up in accordance with the General Conditions for design and execution of works contracts in Annex no. 2 to HG no. 1/2018.

Following an arbitral dispute conducted over a period of only six months, the Arbitral Tribunal constituted by the Court of International Commercial Arbitration attached to the Chamber of Commerce and Industry of Romania rendered and reasoned an arbitral award in which it fully upheld the claims of the contractors and obliged the contracting authority to pay the updated price remainder up to the flat-rate amount agreed by the parties at the conclusion of the contract, to pay in full the amounts withheld by the contracting authority as a performance guarantee in excess of the threshold of 10% of the contract price, and to pay the statutory penalty interest calculated from the date on which the payment obligation falls due until the date of its execution. The arbitral award is final and binding.

"This arbitral judgement is particularly important for all contractors who have agreed with the contracting authorities a lump sum price for the design and/or execution of works. In full compliance with the provisions of Article 1867 of the Civil Code, sometimes ignored by the contracting authorities, the Arbitral Tribunal established that the payment of the contract price on the basis of Interim Statements of Works and Interim Payment Certificates can be made until the signing of the acceptance report upon completion of works. After this point, the contracting authority is obliged to pay the remaining difference in price up to the updated flat-rate price without requiring any further supporting documents for works carried out under the works contract. On the other hand, the arbitral judgement is also important for contractors who have ongoing contracts and who have constituted the performance guarantee by successive withholdings of 5% of the Interim Payment Certificates. The Arbitral Tribunal established, in full agreement with the provisions of HG no. 965/2023, that the amounts thus withheld and exceeding 10% of the contract price must be returned to the contractor, upon request, in order to be used in the fulfilment of the subject matter of the contract of works. Moreover, the Arbitral Tribunal ruled that the contracting authority remains obliged to pay these withheld amounts even after the final acceptance report on completion of works has been finalised, since the obligation arose during the performance of the works contract." said Dan-Rareș Răducanu (Senior Partner).

Established in 1995, STOICA & ASOCIAȚII has gained national and international recognition in the world of law and business, through its entire activity of legal assistance and representation of a vast portfolio of clients. From its foundation to the present day, the lawyers of STOICA & ASSOCIATES have proved that they are a strong team, founded on the respect of its principles: Fidelitas, Integritas, Fortitudo. STOICA & ASSOCIATES has acquired an excellent national and international reputation. Its professional performances are recognised in the most important legal guides: Chambers Europe, Legal 500, WTR 1000, IAM Patent 1000.

Bucharest, July 2025 – The global logistics and industrial markets continue to evolve at an accelerated pace, with Central and Eastern Europe (CEE) emerging as a strategic hub in the reconfigured global supply chains. Amid economic uncertainty, inflationary pressures, and the need for operational flexibility, the CEE region, including Romania, is attracting increasing interest from occupiers and investors.

According to the Waypoint Global Industrial Dynamics Report released by the real estate consultancy Cushman & Wakefield, which analyzes demand drivers, cost components and property market conditions, over 60% of EMEA (Europe, Middle East, and Africa) markets anticipate rental growth in the logistics and industrial sector over the next three years.

In CEE, this trend is fueled by strong demand from retailers, logistics service providers, and manufacturing companies, as well as growing interest in nearshoring strategies—bringing production closer to consumer markets.

In this context, Romania stands out with rental levels below the global average (EUR 4.7/sqm/month), making it attractive for companies seeking operational efficiency. Low labor and energy costs, along with proximity to Central and Eastern European consumer markets, position Romania as an expanding logistics and industrial hub.

Rents, on average, are 41% higher globally compared to the end of 2019. Rents in EMEA have followed a similar growth trajectory, now averaging 38% above 2019 levels. Growth has been particularly strong in the UK, Czech Republic, Netherlands and Norway, while Turkey’s 90% increase over five years was largely due to high inflation, peaking at 85.5% in October 2022 and standing at 38.1% in March 2025.

Romania aligns with this upward trend, but with a more moderate growth rate of just 15%, remaining one of the emerging markets with high potential, particularly due to its competitive labor costs and strategic location in European supply chains.

Regarding demand drivers for industrial space, the report highlights e-commerce, retail distribution and general manufacturing are consistently ranked as key drivers of market activity.

With its broad scope of activities, general manufacturing remains a foundation for many industrial markets and is set to continue driving demand for logistics and industrial real estate. Automotive manufacturing is identified as a significant driver of occupier demand. This includes demand not only for vehicle production and distribution but also for the supply of parts used in the production process and for after-sales care and maintenance.

Meanwhile, high-tech manufacturing is expected to drive demand over the next three years. This trend reflects the growing demand for high-tech products like semiconductors, supported by specialised skills, established expertise ecosystems, and strong incentivisation programmes attracting investment in these sectors.

Cold storage is highlighted as an important contributor to demand. However, the relatively limited supply of cold storage facilities could pose challenges for securing these assets.

Ștefan Surcel, Head of Industrial Agency, Cushman & Wakefield Echinox: “These global trends have a direct impact on the industrial real estate market, pushing developers, investors, and occupiers to rethink their strategies. The increased demand for modern spaces tailored to the specific needs of each sector is putting pressure on available stock and driving rental growth. In this context, regions that can offer quality infrastructure, skilled labor, and proximity to consumer markets—such as Central and Eastern Europe—are well positioned to attract investment and become regional logistics hubs.”

Cushman & Wakefield Echinox is a leading real estate consultancy on the local market and the exclusive affiliate of Cushman & Wakefield in Romania, independently owned and operated. Its team of over 60 professionals and collaborators offers a full range of services to investors, developers, owners, and tenants. For more information, visit http://www.cwechinox.com.

Cushman & Wakefield (NYSE: CWK) is a global leader in commercial real estate services, with 52,000 employees in 400 offices across 60 countries. With revenues of $9.4 billion, the company’s core services include asset and investment management consulting, capital markets, leasing, property management, tenant representation, project services, and valuation. For more information, visit http://www.cushmanwakefield.com.

Starting June 1, 2025, Lufthansa will operate three weekly nonstop flights to Munich from Oradea.

Flight Details:

• MUC-OMR: LH2542 | 11:05-13:35
• OMR-MUC: LH2543 | 14:10-14:40

Three times a week: Tuesdays, Fridays, Sundays

Some interesting facts:

• Oradea will be the 6th Lufthansa Group destination in Romania, joining Bucharest, Cluj-Napoca, Timisoara, Sibiu, and Iasi

• The new connection will give passengers access to Lufthansa’s global network, with many intercontinental destinations, especially in North America

• Oradea, known for its Art Nouveau architecture, will be easily accessible from around the world

• The new route will help connect Bihor County, home to around 610,000 people, to major international hubs like Munich

Deloitte Romania is strengthening its top management team by promoting Andrada Tănase to the position of partner in the advisory practice and Camelia Malahov, Maria Butcu and Monica Țariuc-Teodorescu to the role of partners in the tax and legal practice, starting with June 2025.

“The way we understand and exert our vocation in the business world, with every step guided by quality and integrity, defines us as professionals and brings us together as a multidisciplinary team, while the achievements of each of us inspire all of us. The promotion to the role of partners of Andrada, Camelia, Maria and Monica — whom I congratulate wholeheartedly for their exceptional journey — is, therefore, yet another moment to reflect on the sense of purpose we get from investing every day in successful interactions with clients and colleagues, in creating solutions and innovating, and, in this case, it also becomes an excellent opportunity to recognize and celebrate the strength and diversity of resources of feminine leadership,” declared Alexandru Reff, Country Managing Partner, Deloitte Romania and Moldova.

Andrada Tănase, Advisory Partner, is a professional with over 15 years of experience in consulting on credit risk, capital and liquidity management, and financial governance and reporting. She joined Deloitte Romania’s financial advisory practice in 2015 and has coordinated projects for local and international institutions in the financial services sector, in various risk and regulatory areas, including ICAAP, ILAAP, business planning processes, licensing and authorization, as well as recovery and resolution frameworks. In addition to her advisory activity, she has delivered trainings for the Romanian Banking Institute, as well as for the counterpart institution in the Republic of Moldova, and has collaborated with supervisory bodies in Europe. Andrada graduated from the Faculty of Finance, Insurance, Banks and Stock Exchanges and received a master’s degree in international project management from the Academy of Economic Studies in Bucharest. She is a member of ACCA (UK), CECCAR Romania and is a certified financial risk manager (FRM).

Camelia Malahov, Tax Partner, joined Deloitte Romania’s tax practice in 2011, and has assisted key clients from retail, consumer goods, manufacturing, technology and media in identifying and implementing technical solutions in line with legislative developments, including in the context of new tax or reporting obligations such as SAF-T, DAC7 and the global minimum tax. Throughout her professional career, she has contributed to the improvement of sector-specific legislation, participating in the drafting of legislative amendments and initiating an infringement procedure that resulted in the alignment of national legislation with the EU directive on the tax regime applicable to parent companies and their subsidiaries. She is also involved in promoting the integration of artificial intelligence into organizational processes, with a focus on its applicability in the tax field and for increasing operational efficiency. Camelia graduated from the Academy of Economic Studies in Bucharest with a bachelor’s degree in accounting, she is a certified tax consultant (by the Chamber of Fiscal Consultants) and a trainer accredited by the Ministry of Education.

Maria Butcu, Business Process Solutions Partner, has been coordinating the local outsourced services solutions practice since 2020, when she joined Deloitte Romania. Throughout her over 17-year career, she has consolidated her expertise in accounting, payroll and tax compliance. She has led projects for preparing financial statements, group reporting and conversion from IFRS to RO GAAP, as well as year-end processes, she prepared reporting packages and provided consulting for process optimization. Maria has assisted in the implementation of ERP systems, as well as in the customization of the balance sheet structure, in collaboration with several departments. She is also involved in strategic business planning and in the creation of new services to meet client needs. She holds a bachelor’s degree in accounting from the Academy of Economic Studies in Bucharest and a master’s degree in communication from the National School of Political and Administrative Studies. She is a member of ACCA (UK), a chartered accountant accredited by CECCAR, as well as a certified tax consultant and a Chamber of Fiscal Consultants member.

Monica Țariuc-Teodorescu, Global Employer Services Partner, coordinates the international employee mobility services area and has contributed over time to the development of innovative tools that support compliance and harmonization of approaches in the field of labor migration between states. With over 16 years of experience in Deloitte Romania's tax practice, she has specialized in the full spectrum of services associated with human capital – income taxes and social security contributions, remuneration structures and collaboration - and has a series of initiatives in the area of ​​tax incentives for research and development. She is involved in consulting projects at both local and regional levels, providing expertise in tax and social security legislation for a wide range of clients. In addition, she actively participates in working groups focused on legislative developments in the field of individual taxation. Monica holds a degree in economics from the Academy of Economic Studies in Bucharest and is a certified tax consultant (Chamber of Fiscal Consultants).

Deloitte provides industry-leading audit and assurance, tax and legal, consulting, financial advisory, and risk advisory services to nearly 90% of the Fortune Global 500® and thousands of private companies. The firm’s professionals deliver measurable and lasting results that help reinforce public trust in capital markets, enable clients to transform and thrive, and lead the way toward a stronger economy, a more equitable society and a sustainable world. Building on its 175-plus year history, Deloitte spans more than 150 countries and territories. Its objective is to make an impact that matters through its approximately 460,000 people worldwide.

Deloitte Romania is one of the leading professional services organizations in the country providing, in cooperation with Reff & Associates | Deloitte Legal, services in audit, tax, legal, consulting, financial advisory, risk advisory, business processes as well as technology services and other related services, through 3,200 professionals.

Please see www.deloitte.com/ro/about to learn more about the global network of member firms

• EY survey finds companies that embed sustainability into their business are 40% more confident they will succeed than siloed peers
• More than 90% of businesses being pressured on sustainability issues from investors and nearly 80% pressured by activists
• Companies with better sustainability integration say their boards are 1.5 times more effective in achieving sustainability goals

A new EY report indicates that companies embedding sustainability into their core strategies are 40% more confident in their business outlook over the next year than siloed peers.

The fifth edition of the EY Long-Term Value and Corporate Governance Survey highlights the mounting pressure on businesses to prioritize sustainability. It underscores a critical need for sustainability strategies that are better integrated across the organization and that create tangible business value.

Massimo Bettanin, EY Romania Climate Change and Sustainability Services Partner: "Integrating sustainability into the business strategy is a crucial strategic decision for optimizing organizational performance. Companies that adopt this approach not only enhance their resilience and transform business models to meet market demands, but they also experience a 40% greater confidence in economic prospects for the coming year. Additionally, the boards of directors of these organizations are 1.5 times more effective in achieving sustainability goals, thereby generating long-term value and contributing to a positive impact on society."

The report finds that businesses are facing increased demands from both investors and activists: 91% of companies surveyed report investor pressure to enhance sustainability efforts, while 78% face similar pressures from activists. Reputational damage is a significant concern: more than a third (39%) of those surveyed reveal they have faced backlash in the media for inadequate sustainability efforts. This figure drops dramatically to only 6% for companies with fully integrated sustainability strategies.

Sustainability still siloed in most organizations

The report identifies a pioneering group, termed "Sustainability Integrators," which have successfully embedded sustainability into the fabric of their operations.

These businesses boast enhanced brand reputation, improved employee recruitment and retention, and tangible impact on the world around them. They also report their boards to be 1.5 times more effective on sustainability issues compared with the rest.

However, only 27% of surveyed businesses fall into this category, with the majority of companies (55%) keeping their sustainability strategy completely separate from their business, or even not having a strategy at all.

Sustainability initiatives more likely to be cut

The majority of companies surveyed (57%) say that if they need to make cuts, sustainability initiatives are more likely to be eliminated than business initiatives. Thirty-nine percent of companies believe sustainability has always been — and remains — a lower priority than commercial objectives.

However, only 2% of Sustainability Integrator respondents say they believe sustainability is a lower priority than commercial objectives, and only 4% say they would wind down sustainability initiatives before commercial ones if business conditions worsened.

More than nine in 10 (94%) of Sustainability Integrator respondents also reported that their board is effective in approving capital expenditure for sustainability projects, while less than a third (28%) of siloed companies reported the same.

To support the transition to becoming sustainability integrated, the EY organization recommends the following five key actions:

1.    Foster unified leadership on sustainability commitments.

2.    Cultivate a company-wide culture of shared sustainability responsibility.

3.    Educate all functions on the commercial advantages of sustainability.

4.    Invest proactively in sustainability initiatives to facilitate integration.

5.    Leverage technology to support the delivery of integrated sustainability strategies.

About EY Romania

EY is one of the world's leading professional services firms with 392,995 employees in more than 700 offices across 150 countries, and revenues of approx. US$51.2b in the financial year that ended on 30 June 2024. Our network is the most integrated worldwide, and its resources help us provide our clients with services allowing them to take advantage of opportunities anywhere in the world.

With a presence in Romania ever since 1992, EY provides, through its more than 1000 employees in Romania and the Republic of Moldova, integrated services in assurance, tax, strategy and transactions, and consulting to clients ranging from multinationals to local companies.

Our offices are based in Bucharest, Cluj-Napoca, Timisoara, Iasi and Chisinau. In 2014, EY Romania joined the only global competition dedicated to entrepreneurship, EY Entrepreneur Of The Year. The winner of the national award represents Romania at the world final taking place every year in June, at Monte Carlo. The title of World Entrepreneur Of The Year is awarded in the world final. For more information, please visit: www.ey.com

About the research

For the fifth edition of the EY Long-Term Value and Corporate Governance survey, we surveyed 200 of Europe’s most senior business leaders in January 2025 about their approach to sustainability. Half were board members (chairperson or non-executive directors), and half were CEOs and C-suite members. They represented all 27 EU member states, plus Norway, Switzerland and the UK. Companies came from a range of sectors: consumer and health; financial services; government and infrastructure; industrials and energy; private equity; and technology, media and communications. Half of these business leaders represented companies whose revenues ranged from US$100 to US$1 billion in the last fiscal year, and the other half represented those with revenues of more than US$1 billion in the last fiscal year.   

Romanians spent €59 million in cinemas last year, an amount 5% lower compared with 2023, as ticket prices recorded a 10% y-o-y increase and the total number of tickets sold declined by 14%, according to the data offered by the Romanian Film Center and analyzed by the Cushman & Wakefield Echinox real estate consultancy company.

The total number of tickets sold reached 11.2 million in 2024, compared to 13.1 million in 2023, while in terms of box office, cinema operators reported a 5% decrease compared with 2023, reaching 292,9 million lei (~€59 million). It must also be mentioned that the average ticket price surged from 23.7 lei to 26.1 lei in the 2023 - 2024 period.

Romania had 108 cinemas across the country at the end of last year, compared with 103 in 2023. The data includes both single-screen cinemas and multiplexes, with the latter accounting for over 96% of the box office and for 93% of the number of spectators.

to 0.59 from 0.68 in 2023. The number of cinemas visits per capita also recorded a slowdown in 2024 to 0.59 from 0.68 in 2023.

The largest cinematographic markets in Romania are Bucharest (3,496,225 spectators in 2024, -13% vs 2023), Constanţa (633,300, -14%) Cluj-Napoca (626,188, -18%), Timisoara (611,548, -19%) and Brasov (541,478, -13%) cities which have a combined attendance share of 55% at national level, making the impact significant at the industry level.

These markets have seen double-digit declines in the number of spectators, indicating a possible shift in urban cultural consumption behavior. However, there are notable exception: the counties of Iasi and Prahova reported an increase in the number of visitors, signaling a potential regional redistribution of interest in cinema.

Dana Radoveneanu, Head of Retail Agency, Cushman & Wakefield Echinox: “The evolution of the cinema market in 2024 is a reflection of a broader shift in consumer preferences. In a landscape increasingly shaped by digital content and personalized experiences, traditional cinemas are being challenged to rethink their role in the entertainment ecosystem. This trend has direct implications for the development of shopping malls, where cinemas have long served as key anchors for overall traffic. Today’s developers are being pushed to design multifunctional spaces that mix retail with cultural, social, and tech-driven experiences tailored to evolving consumer expectations. Developers that invest in such hybrid formats may attract more consumers.”

In terms of the Romanian counties with the highest number of visits per capita are Brasov (2.05 visite per capita in 2023), Bucharest (1.54), Braila (1.18) and Iasi (1,06). The counties with the highest use and occupancy of existing cinema infrastructure are Iasi (1.26 spectators/ seat/ day), Vrancea (0.88 spectators/ seat/ day), Ialomita (0.84 spectators/ seat/ day), followed by, Covasna (0.82 spectators/ seat/day) and Brasov (0.58 spectators/ seat/ day). The corresponding number in Bucharest was of 0.46 spectators/ seat/ day.

Deloitte Romania announces the start of applications for the 26^th edition of the Technology Fast 50 Central Europe ranking, which recognizes technology companies with accelerated growth. The program is a platform through which both mature companies and start-ups can highlight their innovative products and services and strengthen their position on their respective market segment. The competition takes place in 19 Central European countries, namely Albania, Bosnia and Herzegovina, Bulgaria, Croatia, Czech Republic, Estonia, Hungary, Kosovo, Latvia, Lithuania, Moldova, Montenegro, North Macedonia, Poland, Romania, Serbia, Slovakia, Slovenia, and Ukraine.

Deloitte Technology Fast 50 Central Europe will include the 50 most dynamic technology companies in the region, regardless of their size, based on the percentage revenue growth over the last four years (2021-2024). Competitors can be active in the public or private sector and in all technology-related areas – communications, environmental technologies, fintech, hardware, health and life sciences, media and entertainment, software. In order to be eligible, registered companies must meet certain criteria, such as having annual operating revenues of at least 50,000 euros in the first three years (2021-2023) and of at least 100,000 euros in 2024, being headquartered in a Central European country and owning intellectual property or proprietary technology.

In addition to the main category of the 50 fastest growing start-ups, the competition also includes the “Companies to watch” category, which recognizes players that do not meet the criteria for the main ranking yet. They must be active for at least three years (established before December 31, 2021) and have operating income of at least 10,000 euros in the first year of activity (2022) and of at least 30,000 euros in 2024. The program also includes the special “Impact Stars” recognition, which rewards competitors whose products or services have positive effects on society, on the environment, on diversity or innovation. “Impact Stars” laureates must operate in one of the following areas: fintech, cyber, ESG, medtech/biotech, defence. In addition, Google Cloud, the regional technology partner of the competition, offers, together with Deloitte, the special recognition “AI Value Driver. CE Rocketship Innovations in GenAI”. This category’s winners are chosen among the companies which entered the Technology Fast 50 Central Europe competition in 2025, following an assessment conducted by joint Google Cloud and Deloitte teams which focuses on demonstrated potential to scale GenAI into real business impact.

“Over the years, the Fast 50 program has recognized and celebrated Romania’s fast growing technology companies and has lived up to its promise to act as a platform which nurtures a community that offers networking opportunities, fosters connections among entrepreneurs, industry leaders, and experts. Besides that, the program has been mirroring the latest regional and global trends through the newly introduced categories. This year, it could not have been around anything else than Gen AI and the concrete results it is already delivering to businesses across industries. We invite all the tech entrepreneurs to enter the competition and thus showcase their unique ideas and contributions across various sectors and become a part of the international Fast 50 community,” said Andrei Ionescu, Consulting Market Leader, Deloitte Romania, and leader of the Fast 50 program in Romania.

Over 50 local companies have received recognition through the Fast 50 ranking since 2008, either in the main ranking, of the companies with the highest growth in Central Europe, or in special categories, such as “Most disruptive innovation” or “Impact Stars”. These include travel agency Vola.ro, which ranked first in 2011, 2012 and 2013, with the highest growth in Central Europe, and UiPath, global leader in robotic process automation, which received the “Most Disruptive Innovation” recognition in 2017.

In 2024, three Romanian companies were included in the main category of the Deloitte Technology Fast 50 Central Europe ranking - Questo (13^th place), SteepSoft AI (32^nd place) and Ascendia (45^th place). Also, Finqware, Plant an App and Kinderpedia were included in the “Companies to Watch” subcategory, while SymphoPay, Infosec Center and Innoship were recognized in the “Impact Stars” category. In addition, DRUID was the winner of the CE Tech Rocketship category from Google Cloud, the competition's regional technology partner, while Hermix received a special recognition.

Companies can enter this year's competition until August 31, 2025. The ranking will be announced in November 2025. Online registration and all details regarding the eligibility criteria are available on the web section dedicated to the competition.

Deloitte provides industry-leading audit and assurance, tax and legal, consulting, financial advisory, and risk advisory services to nearly 90% of the Fortune Global 500® and thousands of private companies. The firm’s professionals deliver measurable and lasting results that help reinforce public trust in capital markets, enable clients to transform and thrive, and lead the way toward a stronger economy, a more equitable society and a sustainable world. Building on its 175-plus year history, Deloitte spans more than 150 countries and territories. Its objective is to make an impact that matters through its approximately 460,000 people worldwide.

Deloitte Romania is one of the leading professional services organizations in the country providing, in cooperation with Reff & Associates | Deloitte Legal, services in audit, tax, legal, consulting, financial advisory, risk advisory, business processes as well as technology services and other related services, through 3,200 professionals.

Please see Deloitte.ro to learn more about the global network of member firms.

ANA Hotels proudly announces the completion of the modernization works on several iconic spaces within InterContinental Athénée Palace Bucharest, marking a new chapter in the hotel’s distinguished history.

The English Bar, the newly launched JORJ restaurant (located in the former Roberto’s space), the hotel’s Spa, and the Back Lobby have reopened following an extensive renovation and conceptual reinvention process, representing a total investment of over €10 million. This milestone follows the successful reopening of Café Athénée in September 2024—a landmark event for the capital’s luxury dining scene.

“The renovation of the InterContinental Athénée Palace Spa, The English Bar, JORJ Restaurant, and the Back Lobby marks a significant new phase in the transformation of InterContinental Athénée Palace Bucharest. These upgrades complement the more than €49 million investment completed in 2023 for the refurbishment of rooms and event spaces, and reaffirm our strong commitment to excellence and refinement in hospitality. Continuing our collaboration with the renowned British interior design firm Alexander James Interiors, along with talented local creatives and top-tier contractors such as Bog’Art, Interexpo Construct Instal, and Theda Mar, was essential in achieving this result,” stated George Copos, owner of ANA Hotels Group.

The English Bar retains its classic charm and bohemian atmosphere, now subtly reimagined in a contemporary design. Its cocktail menu draws inspiration from recipes dating back over a century and from stories shared by guests throughout the decades, preserving the authentic spirit of the venue.

JORJ Restaurant introduces a bold new concept to the local culinary scene, where visual spectacle meets refined taste. Fire and ice take center stage in a dramatic culinary narrative. At JORJ, each dish is part of a haute-cuisine vision that reinterprets classic flavors in a modern, daring, and memorable way.

The InterContinental Athénée Palace Spa reopens under a new architectural concept, featuring modern design and innovative wellness and rejuvenation facilities. It offers guests a serene retreat amid the urban hustle.

A symbol of timeless elegance and urban sophistication, InterContinental Athénée Palace Bucharest stands as a landmark of luxury hospitality in Romania, with a legacy dating back to 1914. As part of the prestigious InterContinental Hotels & Resorts chain, the hotel continues to deliver exceptional guest experiences by blending tradition with innovation.

About ANA Hotels

InterContinental Athénée Palace Bucharest is part of ANA Hotels, the largest privately-owned Romanian hotel group. The company also owns and operates Crowne Plaza Bucharest, three hotels in Poiana Brașov—Ana Hotels Sport, Bradul, and Poiana—as well as Ana Hotels Europa in Eforie Nord, home to the renowned ANA Health Spa. In addition, ANA Hotels manages ski lift operations in Poiana Brașov through ANA Teleferic, which recently added the Panoramic Restaurant on Tâmpa Peak in Brașov to its portfolio.

Stina Ehrensvärd, founder of Yubico, was named the EY World Entrepreneur Of The Year 2025 at an award ceremony held in Monaco’s Salle des Etoiles. Stina was selected from among nearly 5,000 program participants that included 52 winners across 43 countries and jurisdictions competing for the global title. She is the fourth woman to hold the title and first winner from Sweden in the award’s 25-year history.

Stina is a natural business leader whose determination, drive and innovative mindset has created exponential growth for her company and a lasting impact on Sweden and its people. She has built an industry-leading and highly profitable company that has set new standards for internet security. Through her unwavering commitment to creating a safer and more secure world, Stina has successfully driven systemic change — protecting digital identities, strengthening democracy and building global trust in the connected world.

In 2007, she co-founded Yubico, a company with the mission to make the internet safer for everyone. Within a year the company launched its first YubiKey, a physical security key for multifactor authentication (MFA), and over the next five years, it transformed the entire cybersecurity landscape by securing work with three of the biggest technology companies in Silicon Valley. Since then, Stina has scaled Yubico to where it now protects 19 of the world’s 20 largest internet companies and its compound annual growth rate (CAGR) has been 40% since 2020.

Romania was represented by Irina Arsene, the winner of the EY Entrepreneur Of The Year – Romania 2024 title, Founder and Chair of the Board of mindit.io, a Romanian software development company founded in 2015, which has quickly established itself in the international market through innovation and excellence in delivering customized technological solutions.

Bogdan Ion, Country Managing Partner EY Romania & Moldova and Chief Operating Officer Central, Eastern and Southeastern Europe & Central Asia (CESA): "World Entrepreneur Of The Year is a celebration of entrepreneurial spirit on a global scale, bringing together business leaders from around the world to recognize innovation and its impact on society. This competition highlights the remarkable achievements of entrepreneurs, demonstrating how bold ideas can transform not only businesses but also communities. Irina Arsene, the founder of mindit.io, exemplifies this entrepreneurial spirit, showing how vision and dedication can lead to significant advancements that positively influence society and inspire entrepreneurs in Romania to pursue their dreams."

Irina Arsene, Founder and Chair of the Board, mindit.io: ”When I embarked on this entrepreneurial journey, I envisioned a business that would inspire and create impact. Representing Romania at EY World Entrepreneur Of The Year 2025 is a celebration of the dream turned into reality and, above all, of the team that made it all possible. It has been an incredible experience to connect with other inspirational stories from around the world. I believe that transparency and authenticity in sharing the entrepreneurial journey can generate trust and inspiration within the business ecosystem, encouraging other leaders to turn their vision into reality. For me, this moment is more than a personal recognition. It is the validation that the story of mindit.io is an authentic success, built on innovation, empathy, and determination. I hope this step will generate not only pride but also confidence among those who have the courage to build something new.”

EY hosts the annual World Entrepreneur of the Year event to celebrate the accomplishments of visionary leaders who are shaping the future with confidence, growing the economy and answering the call to address global challenges. The annual gathering brings together founders, CEOs and business leaders for a series of networking opportunities and workshops, culminating with the announcement of the EY World Entrepreneur of the Year.

The EY World Entrepreneur of the Year 2025 was chosen by an independent panel of judges against four criteria: entrepreneurial spirit, purpose, growth and impact. This year’s panel included a diverse and esteemed group of entrepreneurs from all over the world, chaired by Asif Ramji, Founder and CEO of Venture Worx.

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About EY Romania

EY is one of the world's leading professional services firms with 392,995 employees in more than 700 offices across 150 countries, and revenues of approx. US$51.2b in the financial year that ended on 30 June 2024. Our network is the most integrated worldwide, and its resources help us provide our clients with services allowing them to take advantage of opportunities anywhere in the world.

With a presence in Romania ever since 1992, EY provides, through its more than 1000 employees in Romania and the Republic of Moldova, integrated services in assurance, tax, strategy and transactions, and consulting to clients ranging from multinationals to local companies.

Our offices are based in Bucharest, Cluj-Napoca, Timisoara, Iasi and Chisinau. In 2014, EY Romania joined the only global competition dedicated to entrepreneurship, EY Entrepreneur Of The Year. The winner of the national award represents Romania at the world final taking place every year in June, at Monte Carlo. The title of World Entrepreneur Of The Year is awarded in the world final. For more information, please visit: www.ey.com

bpv GRIGORESCU ȘTEFĂNĂNICĂ advised the German technology company cbs (Corporate Business Solutions Unternehmensberatung GmbH) on the acquisition of the SAP division of the Romanian-based  SkyConsult, marking cbs’ entry into the Romanian market.

For 30 years, cbs has been a trusted partner to global market leaders, helping them to generate lasting value in their industries using technologies like SAP and Salesforce. Today, cbs operates worldwide, with a strong focus on fast value in the projects to optimize end-to-end business processes. The launch of its Romanian branch marks a strategic step in the company’s international expansion, joining a network of over 35 locations across Europe, the United States, Malaysia, and beyond.

Our services included advising the company on all legal aspects of the acquisition, including due diligence, drafting and negotiating the documentation, the implementation of the acquisition and the subsequent integration into cbs’ Romanian subsidiary.

“This was a particularly challenging transaction. The project combined both brownfield and greenfield elements, making the launch of cbs' operations in Romania strategically important. We are proud to have played a role in this milestone for cbs and grateful for the trust placed in us.” said Cristina Daianu, M&A Partner at bpv GRIGORESCU ȘTEFĂNICĂ.

The team, led by Cristina Dăianu, Partner, included, Laura Popa, (Managing Associate in the Employment practice), Roxana Daskălu, (Senior Associate in the TMT practice), Tania Adam and Matei Tomi, (Associates in the Corporate/M&A practice).

“It’s rewarding to see our team’s vast expertise in technology-driven transactions recognised and valued once more. Our intensely technology-focused M&A transaction practice has recently been involved in some of the most prominent sector transactions in Romania, which is a confirmation of our expertise and tight connections to the TMT sector. The transaction also highlights our unique expertise in working with clients from the DACH region”, concluded Catalin Grigorescu, Managing Partner at bpv GRIGORESCU STEFANICA

Our Technology Transactions practice has been involved in some of the most prominent sector transactions recently, including:

§  FOOTPRINTS AI on the investment of Catalyst Romania Fund II

§  SARMIS Capital on the acquisition of Total Technologies to strengthen Smart ID's position as a regional leader in the industrial technology and automation market;

§  the private equity firm Omnia Capital on its investment in the digital shipping house Cargo Buddy;

§  Creatopy and its co-founders in a $10 million Series A funding round;

§  Softelligence and its shareholders in connection with its acquisition by the US company Encora Holdings Limited, part of the Encora Group; the company VERIDION (formerly Soleadify), its founders, as well as the venture capital fund LAUNCHUB Ventures and other participants in a USD 6 million financing round;

§  software and infrastructure company INCRYS in connection with acquiring information technology services company USOURCE;

§  Innoship and its shareholders on the acquisition of a majority stake in Innoship by the private equity fund Abris Capital.

For more information, don't hesitate to contact cristina.chira@bpv-grigorescu.com or +40 748 182 607.

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bpv GRIGORESCU STEFANICA is a business law firm with a full-service offering for complex projects and litigation and a unique combination of legal and tax advisory capabilities. The firm is known internationally for its focus on the Technology sector and its prominent practice in areas such as Corporate, Mergers & Acquisitions, Taxation, Employment & Benefits, Procurement, Concessions & PPPs, Medical services, Energy and Infrastructure.

bpv GRIGORESCU ȘTEFĂNICĂ team is continuously included among the most prominent Romanian law firms by prestigious international legal directories such as Chambers & Partners, Legal 500, IFLR1000, ITR World Tax, Media Law International.

bpv GRIGORESCU ȘTEFĂNICĂ is a founding member of bpv Legal, an alliance of independent business law firms with offices in Bratislava, Brussels, Bucharest, Budapest, Prague and Vienna, offering cross-border legal advisory services.

FlixBus, the travel-tech company operating the most extensive intercity coach network in Europe, continues its regional development with new international connections to Greece and strengthened routes to Bulgaria and Turkey.

Passengers from Romania can now enjoy daily connections from Bucharest to Athens, Thessaloniki, and Istanbul, as well as to the most popular resorts along the Bulgarian coast. Departures are available both during the day and at night, offering increased flexibility for planning summer vacations.

FlixBus connects Romania with 16 cities in Bulgaria and continues expanding in Greece, reaching 6 destinations

Starting June 12, FlixBus resumes several seasonal routes from Romania to the Bulgarian seaside. Direct lines connect Bucharest with top vacation spots in Bulgaria such as Golden Sands, Albena, Balchik, Obzor, Byala, Sunny Beach, and Burgas, with daily departures.

FlixBus began operating direct routes between Romania and popular Bulgarian destinations in 2021 and has consistently expanded its offering based on passenger demand over the past four years. With the peak 2025 season approaching, the company is adding two new summer destinations to its network: Balchik, a peaceful Black Sea resort, and Veliko Tarnovo, one of Bulgaria’s most iconic historical cities.

The direct connection to Veliko Tarnovo is being resumed in response to high demand from Romanian tourists. Coach ticket prices to these destinations start from just 50 lei and include a 20 kg checked bag and one piece of hand luggage.

“Increasing demand from Romanian travelers has encouraged us to expand in this direction since 2021. Last summer we saw a 30 percent increase in passenger numbers during the summer season. On the Bucharest to Varna route we operate up to two trips per day with the fastest taking around four and a half hours which is significantly faster than a similar journey by train” said Adrian Rășoiu, Business Development Director at FlixBus Romania.

Starting this summer, FlixBus also operates direct connections from Romania to Greece including Athens and Thessaloniki as well as popular holiday destinations like Katerini, Larissa, Volos and Lamia. The Bucharest to Thessaloniki route is available daily with ticket prices starting from 95 lei offering an affordable and comfortable option for travelers looking to explore Greece.

For those traveling to Turkey, FlixBus in partnership with Kamil Koç operates daily direct trips to Istanbul which remains a favorite destination for Romanians seeking city breaks and shopping getaways.

Tickets can already be booked online on the FlixBus site, via the app or through partner travel agencies in Romania.

In 2024, passengers from Romania and Bulgaria helped avoid over 26353 tons of CO2 emissions by choosing coach travel over personal cars or flights. A FlixBus coach emits at least five times less CO2 than a personal vehicle and ten times less than an airplane with a carbon footprint comparable to that of intercity trains.

“Last year’s figures show that more and more travelers from Romania are choosing the coach as a sustainable alternative to driving or flying. The coach remains one of the most accessible and efficient long distance transport options and choosing FlixBus reflects a growing concern for reducing environmental impact”, added Adrian Rășoiu.

FlixBus has been present on the Romanian market since 2017 and offers direct international trips from over 80 cities in Romania to 16 countries across Europe.

About Flix 

Flix intends to transform the collective transport sector by offering sustainable and affordable long-distance bus- and train travel solutions in more than 40 countries across four continents through its brands FlixBus, FlixTrain, Kamil Koç, and Greyhound. With its asset-light business model and innovative technology platform, Flix, launched in 2013, swiftly established a market-leading position for long-distance bus travel in Europe, North America and Türkiye and is rapidly expanding further into South America and India.

Driven by increased awareness for sustainable travel, Flix is committed to achieving Net Zero operations in Europe by 2040 and globally by 2050. To assess its progress within a scientifically recognized framework, Flix established near-term targets for emissions reduction with the Science Based Targets initiative.

While Flix manages the commercial side of the business such as network planning, pricing, operations control, marketing and sales, quality management and continuous product development with a data-driven approach, trusted Flix partners conduct the daily operations. The innovative combination of Flix’s technology and sales platform with traditional passenger travel has turned a European start-up into a leading and globally expanding travel tech company.

The amount of recycled materials entering the world’s economies is slightly increasing and exceeds 7.3 billion tons, but, amid the rampant exploitation of virgin resources and raw materials, the global circularity metric continues to decline and reaches 6.9%, according to the 2025 Circularity Gap Report, conducted by Deloitte and Circle Economy Foundation. This imbalance is deepened by the fact that a significant amount of non-renewable virgin materials ends up in landfills as part of waste categories considered difficult to recycle, such as heavy industrial wastes, short-lived consumer products, end-of-life vehicles or construction materials. They amount to almost a fifth (18.1%) of all materials used globally, and in the scenario where those with potential for reuse were recycled and reintroduced into production, the global circularity metric could increase up to 25% even without reducing total material consumption, the study also shows.

Construction remains a key sector for scaling circular economy, currently providing the largest quantity of secondary materials (49.6%). However, their potential is still underexploited, as only 22% of construction and demolition waste is currently recycled, and once transformed into secondary material, most of it is used as aggregates with low use value. Secondly, industrial waste (metal scrap, sludges, chemical waste, offcuts, and industrial packaging waste, etc.) contributes 44% and has a recycling rate of 41%. Far behind, municipal solid waste contributes only 3.8%, and special waste (healthcare waste, hazardous waste or electronic waste) has a share of only 2.6% of total secondary materials.

“The report explains pragmatically the causes of the global decline of the circularity metric. Basically, it is about the fact that the growing effort to manage waste ‘cleanly’ doesn’t keep pace with the world’s economies continuing to intensively exploit virgin resources. On the other hand, it becomes clear that the ability and responsibility to reverse this trend lies in the alignment and cooperation between governments and industries. The change starts with regulation and incentives to support waste collection and recycling, so that secondary materials become accessible both from a supply chain and price perspective. There are challenges in the process, but benefits exist as well, and our experience in assisting clients with transforming their operations towards circularity tells us that these benefits appear relatively quickly. Among them, I would mention first cost optimization, environmental footprint reduction and, at least as importantly, increased engagement among employees and customers,” declared Adrian Teampau, Director, Indirect Tax and Circular Economy, Deloitte Romania.

The study also shows that global extraction activities have tripled over the last 50 years, recently reaching the 100 billion tons mark. In the absence of measures to counter this trend, an increase of another 60% is expected by 2060. The effects are experienced not only within natural ecosystems and supply chains, but also in the perpetuation and deepening of socio-economic imbalances. For example, the material footprint per capita (i.e. the volume of materials used calculated based on the population) in countries with consolidated economies is 24 tons per year, that is six times higher than that in developing countries. In contrast, prosperous countries are home to less than a fifth of the global population. For example, the European Union and the US alone consume half of the materials globally, although, together, they are home to only 10% of the world's population.

“The figures presented in the successive editions of the Circularity Gap Report are very convincingly grounding the idea that the sustainable transition cannot be seen as a backup plan, nor as an obligation that concerns large companies rather than smaller market players. Even less should we view it as an impediment to growth. On the contrary, economies and societies are changing at an unprecedented pace, and pursuing ESG criteria within the business gives an ability to build predictability and resilience, regardless of the profile and size of the organization. In Romania, the sustainability Omnibus proposals package removes over 90% of the companies from the initial CSRD scope. This change should not discourage the green approach to business, but on the contrary, it brings a welcome respite for conducting a thorough analysis of operations, with specialized guidance, in order to efficiently aligning business and sustainability objectives, and for informing and training employees in the process,” declared Ovidiu Popescu, Partner, Deloitte Romania, Leader of the energy and sustainability practices, Deloitte South Eastern Europe.

Deloitte provides industry-leading audit and assurance, tax and legal, consulting, financial advisory, and risk advisory services to nearly 90% of the Fortune Global 500® and thousands of private companies. The firm’s professionals deliver measurable and lasting results that help reinforce public trust in capital markets, enable clients to transform and thrive, and lead the way toward a stronger economy, a more equitable society and a sustainable world. Building on its 175-plus year history, Deloitte spans more than 150 countries and territories. Its objective is to make an impact that matters through its approximately 460,000 people worldwide.

Deloitte Romania is one of the leading professional services organizations in the country providing, in cooperation with Reff & Associates | Deloitte Legal, services in audit, tax, legal, consulting, financial advisory, risk advisory, business processes as well as technology services and other related services, through 3,200 professionals.

Please see www.deloitte.com/ro/about to learn more about the global network of member firms.

• Romania recorded the highest increase in FDI projects across CEE in 2024: +57% 
• Romania climbed four places to 13th in Europe's FDI attractiveness index
• Top investment drivers: market access (48%), supply chain efficiency (36%), technology and tax opportunities (34%), cost reduction (32%)  

In 2024, FDI inflows to Romania reached EUR 5.7 billion, reflecting a 14% decrease from EUR 6.6 billion in 2023, according to Attractiveness Survey Romania 2025. This decline, slightly more pronounced than the 11% drop across Europe, continues a trend of reduced inflows since 2022. Notably, FDI stocks rose by 6%, totaling EUR 120 billion as of December 31, 2024, up from EUR 113.6 billion in 2023, highlighting a long-term commitment from investors.

Bogdan Ion, Country Managing Partner EY Romania & Moldova and Chief Operating Officer Central, Eastern and Southeastern Europe & Central Asia (CESA): “In 2024, Romania recorded a remarkable 57% increase in foreign direct investment (FDI) projects, marking the highest level since 2019 and demonstrating resilience in a European context marked by general decline and economic uncertainty. This performance highlights that the Romanian market remains attractive, with global investors identifying Romania as a strategic environment for high-value and efficient investments.

However, we must also carefully analyze the significant 31% drop in the number of jobs created by these projects. This trend clearly reflects a structural shift in the nature of investments, which are becoming more capital-intensive and increasingly automated. In the current context, it is essential to invest in enhancing technological skills and improving both digital and physical infrastructure—areas identified as clear priorities by 33% of investors—to support this new investment profile and maintain Romania’s upward trajectory.

The medium-term outlook remains optimistic, with 58% of investors confident that Romania’s attractiveness will continue to grow over the next three years, despite a slight decline from the previous year. Romania has the opportunity to strengthen this optimism by leveraging its key strengths—strategic geographic location, strong access to EU funding, and the competitive advantage of a skilled workforce. If we proactively address the highlighted challenges, such as fiscal predictability and administrative simplification, we can turn these opportunities into sustainable outcomes and consistent long-term investment impact.”

Amid a broader 5% decline in FDI projects across Europe, Romania experienced a remarkable 57% surge in the number of projects, increasing from 60 in 2023 to 94 in 2024. This marks the highest number of FDI projects for Romania since 2018, positioning the country as one of the most dynamic recoverers in Central and Eastern Europe.

While traditional competitors in Central and Eastern Europe, such as Poland, Hungary, and Serbia, have historically attracted significant investor interest, Romania has firmly established itself as a regional leader in 2024. With 94 announced projects, Romania secured the second position in the CEE region, trailing only Poland and surpassing Serbia and Hungary, which had outperformed Romania the previous year. This achievement places Romania among Europe’s top 15 investment destinations, ahead of several larger or more mature economies. However, job creation linked to FDI saw a pronounced decline, dropping by 31% year-on-year, from 5,935 new jobs in 2023 to 4,098 in 2024, indicating a shift towards leaner or more capital-intensive investment models.

Regional dynamics: Bucharest's dominance and emerging regions

Bucharest continues to lead Romania's FDI landscape, accounting for 40% of total projects in 2024, solidifying its status as the country’s primary investment hub. A significant contributor to this trend was Alstom’s EUR 50 million expansion project, establishing a new transport depot facility at the Căile Ferate Române (Romanian Railways) Grivița Workshops, enhancing logistics capacity. Additionally, PepsiCo reaffirmed its long-term commitment to Romania by expanding its production and distribution center in Popești-Leordeni with a EUR 95 million project aimed at transforming the site into a European-scale facility.

Outside the capital, large-scale industrial investments highlighted a diversification of Romania’s FDI footprint across regions. Constanța attracted attention with a landmark EUR 960 million investment by Turkish group Ussuri Capital, which will build a low-carbon steel plant near the Black Sea. In the Centre region, German firms were active: Rheinmetall invested over EUR 243 million in a new defense manufacturing facility in Victoria, while Knauf Insulation and Stada announced substantial projects in Târnăveni and Turda, respectively.

The North-West region welcomed a EUR 166 million investment by Austrian ceramics group Lasselsberger, while in Oradea, the STIHL Group began construction of a EUR 125 million cordless tool production facility. Meanwhile, Brăila saw a EUR 100 million commitment by Tesla Energy Storage to develop a state-of-the-art energy systems factory, and Anton Häring broke ground on a EUR 60 million plant in Siret, adding industrial weight to a traditionally less represented region in FDI terms.

Sectoral insights: a mixed bag of business activities

Manufacturing remains central to Romania’s FDI landscape, representing 41% of all investment projects in 2024, up from 40% in 2023. This robust performance confirms Romania’s strategic position as an industrial base in Central and Eastern Europe, particularly in sectors such as transportation, consumer products, and machinery. The structural realignment of supply chains and manufacturing locations is evident, especially given the overall decline of manufacturing FDI across Europe.

From a sectoral perspective, business support services (16%) and sales & marketing (15%) continue to attract interest, albeit with a more fragmented profile. Other strong sectors include Consumer Products, Transportation Manufacturers & Suppliers, and Machinery & Equipment, each with nine projects, highlighting Romania’s appeal as a manufacturing base. These industrial investments are closely tied to export-led growth and broader EU supply chain reconfigurations, particularly in light of resilience policies such as the Chips Act and Net-Zero Industry Act.

Software & IT Services, with seven projects, remains a vital component of Romania’s digital economy, although its share has declined compared to previous years. Electronics, which ranked second in 2023, fell to five projects, indicating a recalibration of momentum, though it remains relevant in semiconductor, smart metering, and industrial technology manufacturing.

Investor landscape: a diverse array of origins 

The primary sources of FDI flows have remained consistent, with Germany retaining its leading position in the Romanian investment landscape, witnessing a significant increase in activity with 23 projects, up from 16 the previous year. Turkey has risen to second place with nine projects, reflecting strengthened commercial ties, while the United States closely follows with eight projects. The United Kingdom and France each reported six projects, indicating sustained interest from the Western European market. Compared to 2023, the landscape of active investor nations has expanded considerably, underscoring Romania's growing attractiveness to a broader spectrum of global markets.

Key drivers of FDI: market access, supply chain efficiency, and fiscal incentives

In 2025, investors continue to prioritize market expansion and operational optimization as the primary motivations for establishing or expanding operations in Romania. The leading driver cited was the opportunity to access new markets and customers (48%), followed by the need to optimize operations and supply chains (36%) and capitalize on new technology and favorable tax conditions (both at 34%). This reflects Romania’s increasing relevance as a regional hub and a bridge between EU and non-EU markets, particularly in an era of fragmented supply chains and heightened digital adoption.

Cost reduction remains a critical consideration, referenced by 32% of respondents, reinforcing Romania’s long-standing appeal as a competitive production and services location. Furthermore, access to key inputs and raw materials and skills availability were each cited by 27% of executives, highlighting a comprehensive view of competitiveness that transcends cost alone.

When asked about the most important factors influencing investment decisions in Romania, executives identified the quality of infrastructure (33%, up from 20% last year) and the availability of non-reimbursable funding (32%), closely followed by market size and growth potential (29%). These insights reinforce Romania’s attractiveness as a destination where connectivity, EU-backed investment programs, and demand fundamentals converge, offering a compelling value proposition in a competitive regional landscape.

Sustaining Romania’s FDI momentum

Romania is perceived to have a competitive edge relative to other geographies primarily due to lower labor and input costs (35%), followed closely by tax competitiveness, including the availability of tax credits (31%), and the availability of non-reimbursable funding (30%). Other notable advantages include market size and growth (24%) and quality of life, security, diversity, and culture (23%).

These factors demonstrate that Romania’s attractiveness goes far beyond cost efficiency, also tapping into structural and societal strengths - a necessary foundation as investors increasingly seek stable, future-ready destinations in a volatile European environment. While 58% of surveyed executives believe Romania’s attractiveness will improve over the next three years, this figure is down from 67% the year before.

Investors continue to cite Romania’s macroeconomic conditions as the leading risk, followed closely by geopolitical tensions, rising business costs, and political instability, cited most often by the executives among the top three concerns affecting Romania's attractiveness over the next three years.

In the face of economic uncertainty and growing investor caution across Europe, Romania has emerged as one of the region’s most dynamic FDI performers in 2024. To transform this positive momentum into long-term investment impact, the country must address persistent bottlenecks, align more closely with investor expectations, and coordinate investments in infrastructure, talent, innovation, and sustainability. With focused execution and a clear investor-oriented vision, Romania can position itself not only as a resilient outlier but also as a regional magnet for forward-looking investment.

About EY Romania

EY is one of the world's leading professional services firms with 392,995 employees in more than 700 offices across 150 countries, and revenues of approx. US$51.2b in the financial year that ended on 30 June 2024. Our network is the most integrated worldwide, and its resources help us provide our clients with services allowing them to take advantage of opportunities anywhere in the world.

With a presence in Romania ever since 1992, EY provides, through its more than 1000 employees in Romania and the Republic of Moldova, integrated services in assurance, tax, strategy and transactions, and consulting to clients ranging from multinationals to local companies.

Our offices are based in Bucharest, Cluj-Napoca, Timisoara, Iasi and Chisinau. In 2014, EY Romania joined the only global competition dedicated to entrepreneurship, EY Entrepreneur Of The Year. The winner of the national award represents Romania at the world final taking place every year in June, at Monte Carlo. The title of World Entrepreneur Of The Year is awarded in the world final. For more information, please visit: www.ey.com

Methodology

The EY Europe Attractiveness Survey draws on two main sources: 

1. The EY European Investment Monitor (EIM) 

The evaluation of FDI in Europe is based on the EY European Investment Monitor (EIM), an EY proprietary database. This database tracks the FDI projects that have resulted in the creation of new facilities and jobs. By excluding portfolio investments and mergers and acquisitions (M&A), it shows the reality of investment in manufacturing and services by foreign companies across the continent. Data on 

FDI is widely available. An investment in a company is normally included in FDI data if the foreign investor acquires more than 10% of the company’s equity and takes a role in its management. FDI includes equity capital, reinvested earnings and intracompany loans. To confirm the accuracy of the data collected, the research teams aim to directly contact more than 70% of the companies undertaking these investments. The following categories of investment projects are excluded from the EY EIM: 

• M&A and joint ventures (unless these results in new facilities or new jobs being created) 
• License agreements 
• Retail and leisure facilities, hotels and real estate
• Utilities (including telecommunications networks, airports, 
• Extraction activities (ores, minerals, and fuels)
• Portfolio investments (pensions, insurance and financial funds) 
• Factory and other production replacement investments (e.g., replacing old machinery without creating new employment) 
• Nonprofit organization (charitable foundations, trade associations and government bodies) 

Investment projects by companies in these categories are included in certain instances. For example, details of a specific new hotel investment or retail outlet would not be recorded, but if the hotel or retail company were to establish a headquarters facility or a distribution center, this project would qualify for inclusion in the database. However, our figures also include investments in physical assets, such as plant and equipment. This data provides valuable insights into: 

• How FDI projects are undertaken 
• What activities are invested in 
• Where projects are located 
• Who is carrying out these projects 

The EY EIM is a leading online information provider that tracks inward investment accross Europe. This flagship business information tool is the most detailed source of data on cross-border investment projects and trends throughout Europe. The EY EIM is frequently used by government bodies, private sector organizations and corporations looking to identify significant trends in employment, industry, business and investment. The EY EIM database focuses on investment announcements, the number of new jobs created and, where identifiable, the associated capital investiment. projects are identified through the daily monitoring of more than 10,000 sources. 

2. The perception survey 

This study examined Romania’s perceived attractiveness via an anonymous online survey of international decision-makers. We define attractiveness of a location as a combination of image, investor confidence, and the perception of a category’s or area’s ability to provide the most competitive benefits for FDI.  
 
Field research was conducted by FT Longitude between 31 January and 3 March 2025, based on a representative panel of 100 senior corporate executives (C-suite or C-1 roles). Only individuals who are involved in or in charge of their organization's decisions about establishing or expanding operations were included in the survey. The survey panel's demographics were based on the most recently available FDI data (2023). 
 
The survey aimed to cover a representative sample of investors into Europe by geography, industry grouping and company size. Approximately 60% of respondents work for companies headquartered in Europe, and 40% for companies headquartered elsewhere. Respondent companies operate across six broad sector categories and were distributed across a full spectrum of company size (by turnover). 

Romania benefits from a series of favourable factors that facilitate the growth and expansion of data centre capacity and could emerge as a developing market, offering multiple strategic advantages for the development of the sector, according to an analysis conducted by the Cushman & Wakefield Echinox real estate consultancy company.

A diversified energy mix, with over 50% of energy production coming from renewable sources, along with a stable and reliable power grid, are among these factors. Additionally, investments in optical fiber networks have contributed to the quality and speed of the internet, other essential factors for the efficient operation of data centres.

Access to a skilled IT workforce, competitive labour costs, and a secure cybersecurity environment aligned with European standards are also key strengths that could attract the attention of data centre developers and operators. Furthermore, Romania benefits from EU-supported digitalisation initiatives and national projects aimed at enhancing the digitalisation of the business environment and public services.

In terms of environmental factors, Romania’s location within a temperate climate helps reduce cooling costs for data centres. Moderate outdoor temperatures allow for the use of natural cooling technologies, improving energy efficiency and lowering the carbon footprint.

Land costs continue to be a critical focus for managing expenses when it comes to data center development. Although they typically represent a fraction of the total costs, elevated land prices can pose significant barriers to entry, especially in prominent markets known for large-scale deployments. The availability of land further enhances Romania’s attractiveness, offering opportunities to secure plots at competitive prices in low-risk areas.

However, despite the unprecedented growth of global data centre markets, Romania’s data centre capacity remains relatively modest. The total installed capacity is currently below 100 megawatts (MW), which is low compared to other countries in the region.

Laura Bordianu, Data Analyst Research Department Cushman & Wakefield Echinox: “Although the local market capacity is relatively limited, Romania offers a favourable entry point for international developers looking to capitalise on the advantages of an emerging market. With robust IT infrastructure, a skilled workforce, and a supportive climate, Romania has the potential to become a key hub in the regional data centre landscape. Besides Bucharest, other regions in Romania also hold significant potential for data centre investments. Cities such as Cluj-Napoca, Timisoara, and Iasi offer strong infrastructure, access to qualified talent, and advanced digital connectivity. These locations are attractive to operators seeking to expand and leverage the benefits of the nascent local market.”

Local datacentre market is dominated by Romanian operators with a small average size of facilities. Currently there are 59 data centers spread across the country. The largest concentration is in Bucharest, which hosts 27 data centers. Other notable locations include Timisoara with 9 data centers, Cluj-Napoca with 8, and Brasov with 4. In Mișchii, in the Dolj Country region, Cluster Power is building the largest hyperscale data centre in the country, with a planned operational capacity of 200 MW.

One of the main factors driving the growing demand for data centre capacity is the expansion of cloud-based services. A large percentage of the total available data centre capacity in mature markets is used by cloud platforms (25% in EMEA, 40% in the Americas), however, in Romania there is no large cloud operator (Amazon, Microsoft Azure, Google) present on the market at the moment.

The global data centre industry is experiencing substantial growth, driven primarily by demand for artificial intelligence (AI), the adoption of cloud services, and digital transformation across various sectors. Tech giants such as Amazon, Google, Meta, Microsoft, and Oracle are continuously expanding their infrastructure, fuelling global demand for data centre capacity.

Data center markets in Western Europe, North America, and Asia face significant constraints, including scarce land availability, stringent sustainability regulations, increasing power costs, and power availability challenges. These factors create substantial hurdles for data center developers, operators, and investors, impacting timelines, operational costs, and investment predictability. As a result, the industry is progressively shifting attention towards secondary markets, where opportunities for sustainable growth and capacity expansion are considerably higher.

The data centre market in EMEA (Europe, the Middle East, and Africa) has recorded significant growth. The operational capacity of EMEA data center markets reached approximately 9.4 gigawatts (GW). In addition, there are projects under construction with a combined capacity of 2.9 GW across the region, along with a further 8.7 GW in various planning stages, marking an overall pipeline growth of ~16% year-on-year.

This expansion is particularly evident in primary hubs such as Frankfurt, London, Amsterdam, Paris, and Dublin (FLAPD), which collectively account for a substantial portion of the region's data center capacity, with 4.26 GW in live capacity. London continues its EMEA market lead with 1.14 GW operational capacity. Milan is joining FLAPD with 990 MW in live and pipeline capacity.

The market is characterised by the presence of colocation providers such as Equinix, Digital Realty, NTT Global Data Centers, and Colt Data Centre Services. These companies offer extensive colocation and interconnection services across multiple European countries. In addition, hyperscale operators such as Amazon, Microsoft, Google, and Meta are investing heavily in the region, focusing on the development of large-scale facilities to support their cloud expanding and AI services.

Cushman & Wakefield Echinox is a leading real estate consultancy company on the local market and the exclusive affiliate of Cushman & Wakefield in Romania, independently owned and operated. The team of over 60 professionals and collaborators provides a full range of services to investors, developers, owners, and tenants. For more information, please visit the company’s website at www.cwechinox.com

Cushman & Wakefield (NYSE: CWK) is one of the global leaders in commercial real estate services, with 52,000 employees in 400 offices across 60 countries. With revenues of $9.4 billion, the company’s core services include asset and investment management consultancy, capital markets, leasing, property management, tenant representation, project services, and valuation. For more information, please visit the company’s website at www.cushmanwakefield.com

Bucharest, June 24, 2025 – Nhood, an integrated real estate services and solutions company present in 10 European countries, including Romania, proposes an innovative solution to transform abandoned or underutilized spaces into community-relevant projects through real estate upcycling, a practical and sustainable approach to the challenges of accelerated urban development.

In the context of increasing pressure on urban infrastructure and a lack of available land, Nhood proposes the reconversion of former industrial platforms, vacant commercial buildings, and unused land. These spaces are given a new life, becoming active community centers with housing, offices, green areas, and commercial spaces, thus revitalizing urban areas.

After four years of activity and successfully implemented real estate solutions in Romania, Nhood reconfirms its mission to intelligently leverage existing heritage buildings, rather than demolishing and rebuilding from the ground up. The company applies the real estate upcycling strategy in several projects within the services portfolio it manages for its clients, which, unlike recycling, offers a second life to existing spaces, leveraging on their uniqueness and history. Through this urban intervention, Nhood combines sustainability with respect for the history and specifics of each location, transforming non-functional buildings and areas into sustainable urban ecosystems with a real economic, social, and cultural impact on cities.

One such example is Coresi District in Brașov – the largest urban regeneration project in Romania – which Nhood manages and supports in its continuous development. Covering an area of 120 hectares, the former industrial platform has been transformed into a modern and dynamic district that integrates mixed functions – from retail and offices to residential, education, culture, and green spaces, while preserving the historical identity of the place. Within the same project, Nhood is coordinating the rehabilitation of a 3,000 sqm industrial hangar, which will become an entertainment space, retaining its original architecture and adding a new urban functionality.

At the same time, the company offers real estate upcycling solutions to several Aushopping commercial centers, proposing the remodeling of existing spaces to better meet the current needs of local communities. And in Bucharest, Nhood has proposed transforming the roof of the Drumul Taberelor shopping center – a previously unused space – into a 17,000 sqm urban garden, intended for relaxation, educational activities, and community initiatives.

"Romanian cities have a real opportunity to actively regenerate abandoned or underutilized areas without erasing their history. Real estate upcycling means exactly that: transforming spaces with an industrial or commercial past into a coherent, connected, and sustainable urban future. It is an efficient, scalable solution with proven positive impact," stated Elena Bocan, Head of Market Nhood Romania.

These types of projects have the potential to fundamentally change the lives of local communities by attracting investments, generating jobs, stimulating cultural and social initiatives, and revitalizing areas once neglected.

The real estate upcycling process contributes to balancing urban development, bringing complementary functions to neighborhoods that need diversification and revitalization. These interventions reuse existing infrastructure and create opportunities for a more sustainable, connected, and participatory lifestyle.

In addition to ongoing projects, Nhood Romania is considering such initiatives in key cities across the country, aiming to transform commercial or industrial areas into mixed-use complexes – with complementary retail, office, residential, services, and green space functions.

The company's new global positioning is accompanied by a strong visual campaign dedicated to real estate upcycling.

"Through this campaign, we reaffirm Nhood's mission to transform existing spaces into valuable places for the community, with respect for their history. Real estate upcycling means building the future from what we already have – with responsibility, vision, and creativity," stated Monica Dima, Head of Brand Marketing & Communication at Nhood România.

The campaign conveys the belief that the future of real estate development lies not in demolition and reconstruction, but in the creative repurposing of what already exists. The campaign’s visual identity is created by Estonian illustrator Eiko Ojala, whose minimalist and conceptual work symbolizes transformation, depth, and the intelligent reuse of space — central themes in Nhood’s philosophy.

Through this manifesto, Nhood presents a truly innovative vision: real estate upcycling is not just a trend, but the future of cities and regions.

About NHOOD SERVICES ROMÂNIA:

Nhood Services Romania is a dynamic real estate services company specializing in community engagement, mixed-use project operations and commercialization, asset management, and the development of sustainable and urban regeneration projects. Acting on behalf of asset owners, it offers a comprehensive range of services from retail and residential to office spaces and community hubs, with the goal of transforming existing spaces into vibrant and attractive places with a positive impact on the environment, society, and economy.

Nhood operates across three business lines: Property & Asset Services, Resources & Fund Investment, and Development, as part of the Ceetrus and Nodi ecosystem. In Romania, the company manages 25 mandates for retail and office spaces (including leasing), a business park – Coresi Business Campus, a residential project – Coresi AvantGarden, and 23 retail locations nationwide, all Auchan shopping centers, including Coresi Shopping Resort. Nhood collaborates with over 15 clients, including Ceetrus and Auchan, and oversees Cartierul Coresi, the largest urban regeneration project in Romania.

Nhood brings together the real estate expertise of over 1,300 professionals across 11 countries to regenerate and transform an initial portfolio of nearly 300 shopping centers across Europe, with a potential for 30,000 housing units within 40 real estate projects. The assets under Nhood’s management are valued at over 8 billion euros.

CMS has advised global cybersecurity leader Bitdefender on its agreement to acquire Mesh Security Limited (Mesh), a provider of advanced email security solutions for businesses and managed service providers (MSPs). The acquisition will integrate Mesh’s email security capabilities into Bitdefender GravityZone, the company's flagship platform for unified security, compliance, and risk analytics.

With millions of customers in over 170 countries, Bitdefender is a cybersecurity leader that delivers threat prevention, detection, and response solutions. The company has pioneered innovations in anti-malware, IoT security, behavioural analytics, and artificial intelligence, and its technology is licensed by more than 200 of the world’s technology brands.

CMS advised Bitdefender on all aspects of the transaction, including due diligence, structuring, negotiating the transaction documents, and will continue to assist with closing matters. The transaction is subject to customary closing conditions, including regulatory clearances.

Horea Popescu, Managing Partner of CMS Romania and Head of CEE Corporate M&A, said: “We’re delighted to have advised our longstanding client, Bitdefender, on the acquisition of Mesh, which marks a strategic expansion of Bitdefender’s cybersecurity offerings. This transaction underscores the value that innovative email security solutions bring to organisations seeking to strengthen their defences against persistent threats such as ransomware, and business email compromise.”

Mircea Moraru, Senior Counsel at CMS Romania, added: “We’re proud to have supported Bitdefender in this significant acquisition, which reflects the ongoing appetite for sophisticated technologies across the rapidly growing cybersecurity market. This transaction will not only enrich Bitdefender’s XDR and MDR portfolio but also reinforce the company’s leadership as a trusted global provider of unified security.”

The multidisciplinary CMS team advising Bitdefender was led by Babita Ambekar and Amy Bainbridge (CMS UK), with support from Horea Popescu and Mircea Moraru (CMS Romania).

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About CMS 
Founded in 1999, CMS is an integrated, multi-jurisdictional organisation of law firms that offers full-service legal and tax advice. With 85 offices in 49 countries across the world and more than 6,300 lawyers, CMS has long-standing expertise both in advising in its local jurisdictions and across borders. From major multinationals and mid-caps to enterprising start-ups, CMS provides the technical rigour, strategic excellence and long-term partnership to keep each client ahead in its chosen markets.

The CMS member firms provide a wide range of expertise across 19 practice areas and sectors, including Corporate / M&A, Energy & Climate Change, Funds, Life Sciences & Healthcare, TMC, Tax, Banking & Finance, Commercial, Antitrust, Competition & Trade, Dispute Resolution, Employment & Pensions, Intellectual Property and Real Estate.

For more information, please visit cms.law

International law firm DLA Piper has successfully advised Berlin Packaging, the world's largest Hybrid Packaging Supplier®, on their acquisition of Romanian companies Sarom and Romgallia. The transaction marks a significant step in Berlin Packaging’s ongoing expansion across the EMEA region, further enhancing their portfolio of glass packaging solutions.

The cross-practice team was led by Marian Dinu (Country Managing Partner) and Oana Duțu-Buzura (Partner), with key support from Sandra Cahu (Counsel).

"We are honored to have advised Berlin Packaging on this important transaction, which consolidates their international footprint and demonstrates our team’s ability to get the deal done. We are very happy to have worked alongside Berlin Packaging's M&A team on this project" said Oana Duțu-Buzura, Partner, DLA Piper Romania.

About DLA Piper

DLA Piper is a global law firm helping our clients achieve their goals wherever they do business. Our pursuit of innovation has transformed our delivery of legal and tax services.  With offices in the Americas, Europe, the Middle East, Africa and Asia Pacific, we deliver exceptional outcomes on cross-border projects, critical transactions and high-stakes disputes.

DLA Piper's office in Bucharest supports clients with a team of more than 50 internationally trained lawyers and fiscal consultants combining industry knowledge built on local projects with international experience gained while advising major global clients.

Our legal and tax services cover Corporate, Employment, Competition, Finance, Intellectual Property and Technology, Real Estate, Tax, Litigation and Regulatory. Every day we help trailblazing organizations seize business opportunities and successfully manage growth and change at speed. Visit dlapiper.com to discover more.

More than 70% support prioritizing human capabilities in order to overcome the lack of experience among new hires

Romanian employers (66%) believe that reinventing the structure of the organization to balance agility and flexibility needed for business development with the stability for employees is very important for the organization’s success, but only 28% of them have made real progress in this direction, according to the Deloitte 2025 Global Human Capital Trends results for Romania. Globally, 72% of employers show high interest in this aspect. At the same time, 56% (compared to 61% globally) of companies in Romania consider that overcoming objections to implementing human sustainability as a business strategy is very important, but the share of those who take concrete measures is also low (only 24%).

The study also reveals that 72% of employers in Romania (75% globally) think it is very important to pay increased attention to human capabilities (curiosity, emotional intelligence, etc.) in the recruitment process, in order to overcome the lack of experience among new hires, but only 28% are making efforts to this end. In this context, another very important aspect in employers’ view (59% in Romania, 49% globally) is overcoming the rapid disappearance of entry-level roles (taken over by AI solutions) and on-the-job learning opportunities.

"We are witnessing an accelerated blurring of traditional boundaries between functions, industries, and ways of working, a trend that requires a strategic reassessment of the organization's architecture. Employers are paying increased attention to integrating these transformations and are aiming to enhance operational agility and long-term adaptability. In this endeavour, the coherent orchestration of an increasingly complex working ecosystem, made of human resources, artificial intelligence (AI) solutions, generative technologies and advanced automation, becomes crucial. At the same time, this reconstruction is articulated around human sustainability, with the ultimate goal of generating sustainable value for both the organization and its employees," said Raluca Bontas, Partner, Deloitte Romania.

According to the study, 82% of employers (similar globally) believe that, in order to unlock worker potential, it is essential to offer them opportunities for personal development, to use their imagination, and to conduct in-depth analyses, while removing non-value-added activities.

Also, 68% (65% globally) of participants consider it is very important to redesign the performance management system so that it uses data and evidence that better capture the value of employees, while enhancing their trust in the organization. At the same time, 67% (73% globally) of companies identify as essential reinventing the role of the middle manager towards an increased focus on enabling human performance, leading change, connecting teams, and improving the way of work, and lower focus on task management and worker oversight.

"Romanian leaders, similar to those in other countries analysed by the study, face challenges in redefining performance management, unlocking human capacity for creativity, innovation, high value-added activities, and integrating technology, especially AI, into workforce strategies. Under these circumstances, it is critically important for companies to deeply reflect on how these trends resonate within their own organization and recalibrate their strategic priorities to build a resilient workforce capable of thriving amidst ongoing disruptions. By embracing these trends, Romanian leaders can decisively turn uncertainty into a catalyst for sustained growth and human-centric innovation," said Doina Patrubani, Senior Adviser, Human Capital, Deloitte Romania.

As AI is revolutionizing work, the importance of reinventing the employer value proposition and the related workforce practices, in order to reflect increased collaboration between humans and technology, is higher for 66% of Romanian employers (69% globally). In this context, it is also critical to address the blurring boundaries between humans and technology (52% in Romania, 53% globally).

Deloitte 2025 Global Human Capital Trends survey for Romania was conducted among 370 business and human resources leaders from different industries, including consumer products, energy and financial resources and services.

Deloitte provides industry-leading audit and assurance, tax and legal, consulting, financial advisory, and risk advisory services to nearly 90% of the Fortune Global 500® and thousands of private companies. The firm’s professionals deliver measurable and lasting results that help reinforce public trust in capital markets, enable clients to transform and thrive, and lead the way toward a stronger economy, a more equitable society and a sustainable world. Building on its 175-plus year history, Deloitte spans more than 150 countries and territories. Its objective is to make an impact that matters through its approximately 460,000 people worldwide.

Deloitte Romania is one of the leading professional services organizations in the country providing, in cooperation with Reff & Associates | Deloitte Legal, services in audit, tax, legal, consulting, financial advisory, risk advisory, business processes as well as technology services and other related services, through 3,200 professionals.

Please see Deloitte.ro to learn more about the global network of member firms.

CMS is delighted to announce seven new promotions in Romania, across three practice areas and sector groups.  

Ramona Dulamea has been promoted to senior counsel and Madalina Constantinescu has been promoted to senior associate in the Energy team. Tudor Naftica has been promoted to counsel and Diana Dona and Mircea Ciuta have been promoted to senior associate in the Banking & Finance practice. Simona Strava-Stoica and Catalin Vasile have both been promoted to senior associate in the Corporate M&A practice.

Horea Popescu, managing partner at CMS Romania and Head of CEE Corporate M&A, said: “I’m proud to see our colleagues grow and take the next step in their careers. These promotions recognise not just their legal expertise, but also their drive and commitment to delivering great results for our clients, positioning us perfectly to continue our growth and enhance our capabilities.”

Ramona Dulamea is a member of the Energy team, specialising in energy regulatory matters, sector specific contracts, as well as environmental and corporate matters for companies operating in the energy sector. She has in-depth knowledge of the energy business environment in Romania and the CEE/Black Sea region, and she regularly advises clients on a wide range of energy matters. These include the regulatory aspects of the energy and oil & gas sectors in Romania, mergers & acquisitions, and contributions to legislative amendments in the energy field (renewable energy, oil & gas, and mining CfDs).

Tudor Năftică is a member of the Banking & Finance practice, with extensive experience in advising banks, international financial institutions, and debt and investment funds. He is regularly instructed on significant regulatory matters, as well as on leveraged, corporate finance, real estate finance and restructuring transactions. His practice extends to acting on behalf of both lenders and borrowers, having been involved in an array of syndicated financing arrangements in Romania and in other jurisdictions.

Diana Dona is a member of the Banking & Finance practice, advising on cross-border financings, real estate, project and acquisition finance, non-performing loan sales, due diligence, and consumer finance matters. Diana focuses on sustainable and green financing, is active in related projects, and is a speaker and co-author on ESG and sustainable finance topics.

Mircea Ciuta is a member of the Banking & Finance team in Romania, with in-depth experience in the sector. He specialises in financial and banking services, including digital banking, payment services, and e-money, as well as in film industry and FinTech financing. He also has extensive experience in all aspects of capital markets (ECM and DCM, investment products, and funds).

Simona Strava-Stoica is a member of the Corporate M&A practice in Romania, advising international and domestic clients on corporate and commercial transactions, including mergers & acquisitions, restructuring, regulatory, commercial, and employment matters. She is active in complex transactions across various sectors and is a member of the CMS pan-European Life Sciences & Healthcare, Consumer Products, and TMT sector working groups.

Catalin Vasile is a member of the Corporate M&A practice in Romania, advising multinational clients on acquisitions, joint ventures, and other corporate matters. His practice covers mergers & acquisitions, cross-border mergers, reorganisations, governance, and commercial issues, with significant experience in multi-jurisdictional transactions across the CEE region and beyond.

Madalina Constantinescu is a member of the Energy team, specialising in energy, oil & gas, mineral resources, and environmental law, with a focus on renewable energy. She has assisted a wide range of local and international clients on matters involving project permitting, development of green and brown field projects, M&A transactions, Contracts for Difference tenders, public acquisitions in the renewable energy sector, photovoltaic and wind project financing, and the certification of energy companies in Romania.

Notes to editors:

CMS

Founded in 1999, CMS is an international organisation of independent law firms that offers full-service legal and tax advice. With 85 offices in over 45 countries across the world and more than 6,300 lawyers, CMS has longstanding expertise both in advising in its local jurisdictions and across borders. From major multinationals and mid-caps to enterprising start-ups, CMS provides the technical rigour, strategic excellence and long-term partnership to keep each client ahead in its chosen markets.

The CMS member firms provide a wide range of expertise across 19 practice areas and sectors, including Corporate/M&A, Energy & Climate Change, Funds, Life Sciences & Healthcare, TMC, Tax, Banking & Finance, Commercial, Antitrust, Competition & Trade, Dispute Resolution, Employment & Pensions, Intellectual Property and Real Estate.

For more information, please visit cms.law

Bucharest, June 2025 – Approximately 40% of office building occupiers require employees to work from the office 2 or 3 days per week, while 1 in 8 tenants is planning to expand its office footprint. These are among the key findings of the “What Occupiers Want 2025” report, based on a global survey conducted by the Cushman & Wakefield real estate consultancy company.

The era of portfolio contraction is easing. Over the past two years, two-thirds of occupiers have reduced their footprint, with only 32% planning further reductions. Most are now shifting from reactive downsizing to proactive portfolio management.

Following post-pandemic shrinkage, office lease sizes are rebounding, with the average lease growing by 13% in the past two years.

Occupancy levels are stabilizing, thus the average office occupancy reached 51–60%, indicating a settling point for many organizations. While this is still below pre-pandemic utilization rates of 65-75%, usage is steadily rising.

Globally, more organizations are shifting their policies to encourage in-office presence. However, regional differences persist, with 20% of Americas-based organizations reporting utilization above 50%, compared to over 40% of businesses headquartered in EMEA and APAC.

The report also analyzes how office space selection criteria have evolved over time, as well as regional differences in occupier priorities.

Cost continues to drive real estate strategies, with pressure to reduce and control spending remaining as strong as ever.

Real estate leaders across industries worldwide view cost as their organization’s primary business challenge and the key driver of real estate decision-making. As a result, financial metrics have become the cornerstone of these decisions, with real estate strategies overwhelmingly shaped by financial KPIs—the most familiar and widely used benchmarks.

However, the concern isn’t just about cost, it’s also uncertainty. The biggest obstacle to action is lack of clarity. Political and economic instability, shifting workplace behaviors that challenge the purpose of the office, and difficulties in forecasting and measuring ROI are shaking confidence.

Meanwhile, ESG is losing traction—at least on the surface. Globally, its strategic priority ranking has dropped from No. 5 to No. 8, returning to 2021 levels. However, the picture is more nuanced across global regions. ESG holds greater significance in EMEA and APAC, with European occupiers often ranking it as a top priority, frequently in the No. 1 or No. 2 spot. In addition, larger organizations tend to prioritize ESG more highly.

In Romania, the local context adds an interesting dimension: the relatively young commercial stock offers a competitive advantage for investors interested in sustainable assets, as modernization costs are lower. Additionally, non-financial reporting obligations and tenant requirements are prompting landlords to upgrade buildings to ESG standards, even as cost pressures remain high.

Another key conclusion of the study is that tenants want more and are willing to pay for it. Occupiers now expect more than just quality office space. They’re looking to landlords to provide amenities, services, and community-focused events within and beyond the workspace. This sentiment is clear, with 85% of occupiers seeking enhanced landlord support. Nearly half (46%) are willing to pay a premium for better amenities and services.

The office’s primary purposes remain fostering collaboration, relationships and company culture. Yet, only about 60% of employees believe their office meets these needs.

Mădălina Cojocaru, Partner Office Agency, Cushman & Wakefield Echinox: "Cost pressure is the direct result of the growing competition for high-quality, yet easily accessible office spaces. Location remains essential: tenants seek buildings near major transportation hubs which offer a generous number of parking spaces. Moreover, the buildings’ surroundings are becoming increasingly important, as the nearby services must be well-clustered and integrated into a clear commercial concept which brings value to both employees and visitors. In this context, real estate strategies are no longer just a matter of square meters, but they are also centered towards the people’s real needs. In Romania, the demand recovery is supported by a modern stock of buildings which are highly attractive for sustainable investments. In an uncertain economic climate, companies are now focusing on solutions which optimize costs while also offering a better office experience."

What Occupiers Want explores the evolution of strategic decision drivers, trends in location and workplace, and perspectives on changes to portfolios. Each issue has a specific area of focus. Globally, over 235 CRE leaders completed the What Occupiers Want survey in H1 2025. Respondents represent companies with 8.1 million employees globally and approximately 32 million sqm of office floor area.

Cushman & Wakefield Echinox is a leading real estate consultancy company on the local market and the exclusive affiliate of Cushman & Wakefield in Romania, independently owned and operated. The team of over 60 professionals and collaborators provides a full range of services to investors, developers, owners, and tenants. For more information, please visit the company’s website at www.cwechinox.com

Cushman & Wakefield (NYSE: CWK) is one of the global leaders in commercial real estate services, with 52,000 employees in 400 offices across 60 countries. With revenues of $9.4 billion, the company’s core services include asset and investment management consultancy, capital markets, leasing, property management, tenant representation, project services, and valuation. For more information, please visit the company’s website at www.cushmanwakefield.co

Meta Estate Trust (stock symbol MET), a holding company active in the real estate sector and acting as a bridge between the real estate market and the capital market, announces a new investment in the hospitality industry. The company is investing €1.52 million in a portfolio of four villas within the Radisson Blu Grand Mountain Resort Brașov – the first 5-star mountain villa resort in Romania. The premium resort is currently under development, and the four villas representing Meta Estate Trust’s investment are scheduled for completion at the beginning of 2027. Once finalized, they will be operated under the Radisson Blu brand. This investment marks a significant strengthening of the company’s position in the premium hospitality segment in mountain resorts, aligned with its strategic focus on developing recurring revenue streams.

“Radisson Blu Grand Mountain Resort Brașov is an investment that reflects our clear direction of building a portfolio of premium operational assets with appreciation potential and recurring yields. We selected this project because it meets rigorous investment criteria — location, brand, operational efficiency — and because it anticipates a clear growth trend in mountain hospitality. We believe this segment will become a key pillar of the Romanian hotel market, and Meta is well positioned to directly benefit from this dynamic,” said Alexandru Bonea, CEO of Meta Estate Trust.

Located near Brașov, in the town of Cristian, the Radisson Blu Grand Mountain Resort comprises 46 Scandinavian-style villas and 20 hotel rooms, complemented by premium amenities: spa, indoor and outdoor pools, saunas, conference hall, panoramic restaurant, fitness center, and year-round outdoor activities.

Upon completion, Meta Estate Trust will become co-owner of the assets to be operated under the international Radisson Blu brand and will receive recurring income from renting out the four villas. The properties acquired by Meta Estate Trust — two two-bedroom houses and two duplexes — are designed for year-round operation (summer and winter), with an average annual occupancy rate estimated at over 60%. This provides a competitive advantage over Romania’s seaside resorts and creates a solid foundation for generating stable, recurring returns.

The investment in the Radisson Blu Grand Mountain Resort is financed through a mix of internal resources and a bank loan. The first 40% tranche of the investment has already been paid, with the second installment due in January 2027. This investment in a hotel part of the Radisson Hotel Group marks Meta’s second hospitality investment, following the 2023 acquisition at Swissôtel Poiana Brașov, which was the company’s debut in the hotel sector. Currently, Meta Estate Trust owns four apartments and five parking spaces within Swissôtel Poiana Brașov.

Meta Estate Trust’s new strategic direction — focused on expanding a portfolio of revenue-generating assets — aims to minimize risks and operational costs, while also ensuring long-term predictability and stability. Specifically, for this new hospitality transaction, the Meta Estate management team is betting on the growth of the premium hotel segment in Romania, as well as on partnerships with globally recognized hospitality operators.