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Business Review | July-August 2022 EDITORIAL 3

• Editorial • REAL ESTATE

6 Construction industry
Anda Sebesi facing new challenges in
second half of 2022
• Editor-in-Chief • 8 Retail segment recovering
as shoppers crave more
human interaction

COVER STORY

10 Companies
Paving the way embracing
sustainability for a

to a better future
better future

T
FDI
he CSR scene in Romania has been growing more mature in
recent years, as companies are seeking long-term strategies
and not just targeted actions. Directions and trends are still
being dictated by large companies, whose strategies and objectives 20 Romania’s FDI position
are set at the global and regional level and adapted to local needs. gains prominence despite
So far, many companies in Romania have understood the value of regional challenges
a robust CSR strategy, which must be aligned and integrated with
their operations, values, and mission. ENTREPRENEURSHIP
At the same time, we’ve been seeing a shift from isolated
sponsorships and donation projects to complex initiatives that
dedicate significant resources to making a positive impact in the
community. Organisations have realised that they had both the
responsibility and the ability to drive such changes, like never
22 Meetgeek.ai founders:
We want to build the future of
before. But the most important element of progress for Romania is meetings
the fact that the country is actually delivering good practices to the
region in terms of sustainability and CSR projects. This is why we
have dedicated this month’s cover story to sustainability, a topic CITY
which is now a top priority for many companies and organisations
in Romania.
35 13 spaces in
Environmental protection is no longer just about making small Sibiu become
interventions with an environmental component, but a crucial part temporary homes
of sustainable business development. It is no longer a nice-to-have, for contemporary art
but a must, as we’re all experiencing the negative effects of climate through visual arts
platform
change, from extreme weather conditions to major negative eco-
nomic phenomena, both locally and globally. It is therefore time 36 Summer in the
city
for both companies and individuals to act in order to pave the way
to a better future for the coming generations.
38 Cultural calendar

EDITOR-IN-CHIEF: Anda Sebesi JOURNALISTS: Aurel Constantin, Mihai Cristea, Deniza Cristian, Romanita Oprea, Oana Vasiliu
CONTRIBUTORS: Ovidiu Posirca, Claudiu Vrinceanu
COPY EDITOR: Anca Alexe PHOTO EDITOR: Mihai Constantineanu PHOTOS: Dreamstime ART DIRECTOR: Raluca Dumitru
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ISSN NO. 1453-729X
SUBSCRIPTIONS on Manpres Distribution Business Review is a member of Fwei

4 NEWS
WHO’S NEWS
BR welcomes information
for Who’s News.
Submissions may be edited fo­­­r
length and clarity.
Get in touch at
mihai.cristea@business-review.eu
Alina Dimitriu
is EY Romania’s new Assurance
Service Line Leader. A partner
and leader of the Audit depart-
ment at EY Romania since
July 2021, Dimitriu has over 25
years of experience in external
and internal audit for clients in
banking, insurance, real estate,
and other sectors, including
listed companies. She has
coordinated various local and
international projects, working
closely with several of the
company’s service lines as well
as with local and European
regulators.
Kim Ruymbeke
was appointed President
for Eastern Europe at UPS.
She is the first woman in the
company’s history to take
this position. In her new role,
Ruymbeke will be responsible
for package operations in some
of the fastest growing markets
in Europe, meeting the grow-
ing demands of e-commerce,
and helping better connect the
region to key export markets
both within Europe and across
the world. In her previous role
at UPS, she was the finance
and accounting vice president
for Europe.
page 5
Romanian entertainment and media
industry expected to grow by 10% in 2022
By Deniza Cristian
With pandemic restrictions lifted,
the film industry has started to recover
The entertainment and media
(E&M) industry in Romania is
expected to achieve 10 percent
year-on-year growth to reach
a total value of EUR 3.4 billion
in 2022, taking it above the
pre-pandemic level (EUR 2.53
billion in 2019), with most
segments expected to grow,
according to the 23rd edition of
PwC’s “Global Entertainment
& Media Outlook 2022−2026”
Tazz launches seaside
deliveries in Mamaia and
Constanta
By Deniza Cristian
Tazz has extended its summer
delivery services to the beaches
and accommodation units in Ma-
maia, as well as to the beaches of
Constanta. Tourists and resi-
dents can enjoy the food they or-
der through the app in the Tazz
Business Review | July-August 2022
(GEMO). The growth rate is
similar to last year’s 11 percent,
and the forecast shows that the
industry will continue to grow at
6 to 9 percent per year until 2026.
Regionally, Romania has the
second fastest growing media
and entertainment industry
among the Central and Eastern
European countries included
in the report. For example, the
sector is expected to grow by 10.2
branded lounge areas, on The
Beach by Shut Up in Mamaia and
on Zoom Beach in Constanta.
“During the summer, it’s not
a secret that people spend a lot
of time away from home, wheth-
er we’re talking about holidays
www.business-review.eu
percent in Poland this year, by
7.85 percent in Hungary, and
by 7.45 percent in the Czech
Republic.
With pandemic restric-
tions lifted, the film industry
has started to recover. Last
year saw record growth on the
Romanian media and entertain-
ment market, with a 68 percent
increase to EUR 25 million. This
year’s growth is expected to be
even higher, at 83 percent to
EUR 46 million, but it will not
reach the pre-pandemic level of
around EUR 60 million.
The over-the-top (OTT)
(e.g., Netflix) services mar-
ket in Romania recorded the
second highest growth on
the market last year, with 29
percent to EUR 44 million. It
will continue to grow this year
at a slower rate, estimated at
18 percent to EUR 52 million.
Romania remains the smallest
OTT market in the Central and
Eastern Europe (CEE) region
despite impressive growth rates
in recent years.
Tazz launched
delivery on its
partner beaches
in Constanta and
Mamaia
www.business-review.eu
Business Review | July-August 2022
Restart Energy implements photovoltaic
project worth EUR 160,000
By Deniza Cristian
Restart Energy, one of the larg-
est independent suppliers of
electricity on the local market,
announced that it signed a con-
tract worth EUR 160,000 with
Agro-complex Lunca Pașcani
for the installation of photo-
voltaic (PV) generators with a
combined power of 248 kWp.
The project involves the
installation of 552 PV panels on
an area of 1,320 sqm on the roof
of Agrocomplex Lunca Pascani.
The PV generator will produce
6,050 MWh over the next 25
years, leading to an estimated
EUR 700,000 reduction in
electricity costs.
The investment aims to
cover 85 percent of the compa-
ny’s energy needs as well as to
reduce the company’s carbon
footprint by 76 tonnes and its
generated radioactive waste by
0.7 kg per year.
“I am glad to see more and
more Romanian companies
becoming interested in green
energy and becoming energy
Armand Domuta, the General Manager of Restart Energy
independent. Photovoltaic sys-
tems are extremely competitive;
the cost of producing solar en-
ergy for a new plant that requires
investment amortisation is half
the cost of the energy produced
in a coal or other fossil fuel plant
that has already depreciated in
value. Furthermore, those who
invest in green energy receive
tokenised carbon credits on the
RED platform, as per the amount
of renewable energy they con-
sume,” says Armand Domuta,
the General Manager of Restart
Energy.
In January 2021, Restart En-
ergy signed a partnership with
Interlink Capital Strategies, a
Washington DC-based fund, to
finance the development of 500
MW of renewable projects in
Romania by 2025 and provide
100 percent locally produced
green energy to all its final
customers.
or everyday life. Consequently,
as always, we’ve adapted our ser-
vices to the customers’ behav-
iour and launched delivery on
our partner beaches in Constanta
and Mamaia, also covering the
accommodation areas.
We are talking about specific
seasonal products, such as sun-
screen, soft drinks or ice cream
delivered in insulated boxes, as
well as books or a diversity of
meals from local restaurants,”
said Razvan Acsente, Chief Mar-
keting Officer at Tazz.
NEWS 5
Dan Boabes,
a manager with over 20 years
of experience in telecom-
munications and IT, has been
appointed as country manager
of BlackCab. Over the years,
Boabes (48 years old) has
founded companies such as
SimPlus – a mobile phone pay-
ment aggregator, CityLink – a
provider of car sharing ser-
vices, and 4mind.ro, a mental
health and well-being project.
Anca Simionescu
is the new General Manager of
Niro Investment Group. With
over 15 years of experience in
commercial and residential
real estate investment, asset
management, and business
development, she has been a
member of the management
teams of companies such
as Skanska Romania, Forte
Partners, and Lion’s Head, and
has successfully coordinated
landmark real estate projects
in Bucharest.
Jagoda Zientara,
previously the Chief Financial
Officer and a member of the
Executive Committee of Car-
refour Romania since February
2020, has been appointed Chief
Operating Officer (COO). In her
previous role, Jagoda super-
vised a team of over 250 people
and coordinated key financial
activities that led to a strong
development of the company’s
business.
 www.business-review.eu
6 REAL ESTATE Business Review | July-August 2022

Construction industry facing

new challenges in second half of 2022
Rising materials prices and labour costs, staff shortages, supply chain issues, and
depleted stocks are some of today’s biggest challenges for players in the construction
industry. In terms of opportunities, we can anticipate an increase in large companies’
interest in ESG policies and sales being driven by the fact that housing demand still
significantly exceeds the supply.
By Claudiu Vrinceanu

a long time to recover. Externally, there is the

uncertainty caused by the war in Ukraine and
its effects. One of these effects is the increase
in energy prices, and people are preparing for
what comes next. Also, let’s not forget about
the supply chain bottlenecks which are caus-
ing delays and even further price increases,”
says Speedwell co-founder Jan Demeyere.

BUYERS BEING MORE CAREFUL TO COM-

PENSATE FOR HIGH INFLATION
The development of the Romanian con-
struction market is intertwined with current
regional and global circumstances. The eco-
Demand for high-quality building materials and modern HVAC solutions will increase nomic contraction will put considerable pres-

"
The current geopolitical and macroeco-
nomic developments are a source of
uncertainty impacting all sectors. The
construction industry is particularly chal-
lenged in terms of sourcing and accessing
materials and the remainder of the year will
be demanding. At IMMOFINANZ, we are cur-
rently engaged in refurbishment works at the
myhive Victoria Park office building, and we
are preparing to start an extensive refurbish-
ment of landmark property Bucharest Finan-
cial Plaza," says Fulga Dinu, Country Manager
for Operations at IMMOFINANZ Romania.
There are also present challenges that are
eventually going to bring up opportunities for
the economy. For instance, the very high en-
ergy prices are creating a further incentive to
expand climate-neutral solar energy genera-
tion as quickly as possible. IMMOFINANZ sees
this as an essential contribution to the fight
against climate change and a great opportu-
nity and competitive advantage.
The interest of large companies in ESG
sure on everything related to this segment.
(environmental, social, governance) policies The industry will also be affected by the rising
is an important opportunity for the construc- cost of building materials and energy and the
tion market. IMMOFINANZ expects signifi- expected interest rate hikes. Buyers will be
cant renovation projects for old buildings to increasingly cautious as they try to offset high
reduce the carbon footprint or to add spaces inflation. "Developers are much more conser-
with landscaping interventions. Demand for vative in planning new speculative projects,
high-quality building materials and modern
HVAC solutions will increase. More projects
are also expected to adapt energy supply sys-
tems, focusing on using renewable energy.
There are many elements that will influ-
ence the construction market in the second
half of this year. We can also mention infla-
tion, higher interest rates, the significantly
delayed—or even completely absent—con-
struction permits that will result in fewer
active building sites, and the rising prices for
the available stock of residential units. “This
is a period where the public sector should
fully cooperate with developers to make sure
the construction market doesn’t end up in a
recession and isn’t forced to cut jobs. The cost
of the latter will be immense and might take Fulga Dinu, IMMOFINANZ Romania
 www.business-review.eu
Business Review | July-August
May 2016 2022
which means that we will have a limited
amount of new supply on the market, and
consequently that the average vacancy rate
in the real estate sector will decrease. At the
same time, we will see higher asking rents for
all types of spaces, while some projects may
take slightly longer to complete due to the
uncertain global logistics and transport situa-
tion," said Daniela Gavril, Head of Research at
CBRE Romania.
Despite all the troubles of recent months,
the construction industry still has reasons
to be optimistic about this year's growth
potential and opportunities to improve its
operations and productivity. Romania's most
significant advantage in the region is its
availability in the office and industrial seg-
ments: we can attract and accommodate new
tenants and new requirements without losing
business, according to CBRE. "The balanced
development of recent years has been helping
us remain in a safe zone in these turbulent
times. In the coming months, we will see a
repositioning of the real estate market as Ro-
manian developers pursue new development
areas and different project formats. Mixed-
use projects will be increasingly present in
both cities and suburban areas. Investment in
public infrastructure is expected to acceler-
ate the recovery across the non-residential
segment. Technological progress, significant
improvements in construction techniques,
and the use of superior types of raw materi-
als are some of the factors that will boost the
construction industry," Daniela Gavril adds.
Given that the first half of 2022 was
marked by a “perfect storm”—supply chain
bottlenecks, depleted stocks for certain raw
materials, and price increases for construc-
tion materials, oil, and electricity, on top of
which came the war in Ukraine along with
all the problems it has generated—, develop-
ers expect prices to rise in the second half
as well, and the appetite for loans to remain
low amid rising interest rates. "Moreover, in
addition to all these challenges, Bucharest is
facing another huge problem caused by the
freezing of construction permit issuance by
the local authorities. Apartment stocks from
existing permits will soon be depleted, which
will lead to exponential price increases," says
Tinu Sebesanu, the CEO of Impact Developer
& Contractor.
HOUSING DEMAND STILL CONSIDERABLY
HIGHER THAN THE SUPPLY
The biggest opportunity on the Romanian
residential market is represented by the fact
that the housing demand still significantly
exceeds the supply. In Romania, the pace
of construction is still very slow consider-
ing the need for housing, and prices are still
much lower than those in similar European
cities. "The certainty of prices going up in the
future and the growth of the rental market,
as a result of the decrease in the number of
loan buyers, have made small investors see
the residential sector as a very good invest-
ment opportunity these days. We’ve noticed
COVER
REALSTORY
ESTATE14
7
that they are mainly heading towards the
medium-high segment, and we are glad that
we can meet their needs through our Luxuria
Residence project," Tinu Sebesanu added.
At the same time, the entire construc-
tion market in Romania faces the problem
of workforce shortages. While the lack of
unskilled staff can more easily be covered
by bringing workers from Asia or Africa, the
higher levels of specialisation will soon see
acute shortages of well-trained staff.
For example, according to Graphein, the
recruitment of surveyors and design special-
ists, where there’s close competition not only
with employers in the same industry, but also
with players on the IT market, involves strate-
gic and very dynamic headhunting. Addition-
ally, employers are aligning with a general
change in thinking that requires flexibility in
both working schedules and conditions and
in terms of the benefit packages being offered
to potential employees. “Candidates also tend
to retain some of the benefits that emerged
during the pandemic by negotiating a remote
or hybrid work schedule, wellness pack-
ages or funding for parenting programmes.
Another concern is the recovery of debt in
the construction sector, which seems to be
causing a lot of trouble. A possible economic
crisis could generate serious turmoil if a large
developer or builder goes into insolvency in
the coming period," said Eugen Ursu, the CEO
of Graphein.
In terms of opportunities, companies that
have been investing in their own sales depart-
ments have an advantage. "When you have a
competitive sales team, you can more easily
generate cash and better profit margins even
if demand declines. Meanwhile, companies
that have been used to customers coming to
them and haven’t invested in building sales
teams will be affected," said Andrei Spataru,
the CEO of IBC Focus.
The relocation of global distribution chains
could also bring more investments to Roma-
nia, in many areas such as the agricultural-
zootechnical, industrial, and logistics sectors.
"We of course expect new players to appear
on the Romanian construction market, some
of whom have so far only tested the ground.
Therefore, there’s a context for higher invest-
ments in certain sectors, which in turn may
also attract new players to the market," IBC
Focus specialists conclude.
 www.business-review.eu
8 REAL ESTATE Business Review | July-August 2022

Retail segment recovering as shoppers

crave more human interaction
The end of all pandemic-related restrictions in earlier this year convinced people to go
to the shopping mall more often. After two years of covid-19 pandemic, when they did
more online shopping, people have been eager to meet and spend time together.
By Aurel Constantin

The total stock of retail spaces in Romania reached 4.14 million sqm at the end of Q1 2022

T
he largest mall owner in the country,
NEPI Rockcastle, expects 2022 sales
to be at least at the same level as 2019,
which was a good year for Romanian retail.
The developer continues to invest locally,
where it has projects worth about EUR 400
million under construction.
Sales of tenancy in NEPI Rockcastle malls,
excluding hypermarkets, were 53 percent
higher in the first quarter of this year than
in the first three months of 2021. Sales in
February and March were only slightly higher,
but still exceeded those achieved in the first
quarter of 2019, which indicates a return to
the pre-pandemic level.
NEPI Rockcastle officials expect this year
to be at least as good as 2019, a landmark year.
"The online market has grown strongly in the
last two years, and now we’re seeing a bal-
ance. People are bored of shopping online and
they want to go out to meet other people. I
think they saved money during the pandemic
period, and now the market has recovered. As
long as there are no other major disruptions, I
believe we will return to the 2019 level," says
Rudiger Dany, the new CEO of NEPI Rock-
castle.
The company is currently developing six
projects, four of which are in Romania. The
extension of Promenada Mall in Bucharest,
where construction works have started to add
34,000 sqm of additional retail space and a
similar surface area for offices, with a total
investment value of EUR 280 million. Another
major investment, worth over EUR 100 mil-
lion, is in Craiova. NEPI Rockcastle is also
investing in a mixed project in Galati, where it
already has a shopping centre. The new retail
area will bring an additional 35,000 square
metres, according to CFO Eliza Predoiu.
The company is open to new investments
in Romania, as it has EUR 1 billion in available
liquidity for the entire region, but there are
no good opportunities in sight. "We can make
purchases, but I don't see any viable product.
I hope prices will fall, but I don't know when
that will happen and whether it will be quick
enough. If you look at the purchases of the
last two years, the average ticket price in Cen-
tral and Eastern Europe was EUR 20 million,
which for retail is a very small number; our
shopping centres go over EUR 100 million.
There haven't been that many transactions in
the last two years because no one wanted to
sell and everyone was asking for a pandemic
discount. Now that the pandemic is over, the
market will start offering more opportuni-
 www.business-review.eu
Business Review | July-August
May 2016 2022
ties,” said Rüdiger Dany, the CEO of NEPI
Rockcastle.
DEVELOPERS STILL EXPANDING
Real estate developers continue to expand
their retail portfolios in Romania, with over
500,000 sqm of new spaces announced for
the next 4 years. Ten of the projects in the
pipeline cover more than 10,000 sqm each,
according to the Bucharest Retail Market and
the Romania Retail Regional Cities reports,
produced by Cushman & Wakefield Echinox.
At the regional level, projects totalling
270,000 sqm are under construction or in
various planning phases in Romania’s centre-
west area, and they will be added to the
existing stock of 1.4 million sqm. This area
will therefore remain the most developed in
terms of modern retail spaces.
Moreover, 137,000 sqm of new spaces are
planned for development in the east area,
which had a total stock of 610,000 sqm at the
end of March 2022, while the correspond-
ing pipeline for the south area (which has a
current stock of 842,000 sqm) totals 156,000
sqm.
The city of Resita, with a population of
73,000, is currently the largest city in the
country without a modern retail project.
However, Nhood has announced plans to
develop a 35,000 sqm shopping centre in the
coming years, as part of an urban regenera-
tion project. Giurgiu and Alexandria are two
other important cities lacking modern retail
projects. But Giurgiu will be added to the map
this year, through a retail park that Mitiska
REIM is developing in the city. No such proj-
ects have yet been announced for Alexandria.
Three cities in the country have a den-
sity of retail spaces of over 1,000 sqm/1,000
inhabitants, namely Suceava (1,167 sqm/1,000
inhabitants), Oradea (1,047 sqm/1,000
inhabitants), and Deva (1,006 sqm/1,000 in-
habitants). The lowest retail space density is
currently found in Tulcea and Calarasi, with
70 sqm/1,000 inhabitants and 98 sqm/1,000
inhabitants respectively, even though average
net salaries in these towns are higher than
those in Suceava, Oradea or Deva. A similar
situation can also be observed in large cities
such as Cluj-Napoca, Alba Iulia, Craiova, Iasi,
and even Bucharest, which have relatively
low densities for modern retail spaces, even
Rudiger Dany, NEPI Rockcastle
though the purchasing power in these cit-
ies is the highest or among the highest in
the country. In Bucharest, spaces totalling
48,400 sqm are currently under construc-
tion, namely the Promenada Mall exten-
sion in the Floreasca-Barbu-Vacarescu area,
Lemon Retail Park in Voluntari, and Green-
field Plaza.
The total stock of retail spaces in Romania
reached 4.14 million sqm at the end of Q1
2022, with 2.88 million sqm located outside
Bucharest, and 1.26 million sqm inside the
capital city.
In Bucharest, the highest retail space
density is in the 1st District (758 sqm/1,000
inhabitants), followed by the 6th (655
sqm/1,000 inhabitants) and 3rd (488
sqm/1,000 inhabitants) Districts.
“Almost all developers on the local retail
market have announced ambitious invest-
ment plans for the coming period, once again
showing their confidence in this real estate
segment. We’re noticing a diversification
of the formats they intend to bring to the
market, with new investments being equally
directed towards shopping centres and retail
parks. In terms of purchasing power and
population, there are still important cities
that could absorb modern retail schemes if
these were adapted accordingly to the exist-
ing needs and requirements,” said Bogdan
Marcu, Partner in the Retail Agency at Cush-
man & Wakefield Echinox.
COVER
REALSTORY
ESTATE14
9
Bogdan Marcu, Cushman & Wakefield Echinox
RETAIL VALUE GOES UP
Investor interest in retail products has been
growing steadily over this past year, focusing
on various product categories, such as retail
parks or shopping malls, shopping centres in
tertiary/secondary cities in need of reposi-
tioning or boxes rented to supermarkets or
DIY stores. According to Colliers consultants,
malls are not available on the market for
trading, so investors have shifted to similar
alternative products.
Colliers analysts expect to see high interest
in any available property of this type. The
elimination of pandemic-related rent dis-
counts has had an impact of up to 0.5 percent
in the evolution of the market value of shop-
ping malls, they note, with the positive trend
also being supported by turnover-based rent-
als. In the short term, we can talk about an in-
crease in the value of commercial properties,
but it remains to be seen how consumption
levels will influence the end of the year, when
the effects of economic compression will be
felt more strongly.
“Other major factors that can impact the
value of mall-type real estate are related
to the evolution of lending, interest rates,
inflation, and utility costs. Consumer credit
increased in the first quarter of this year by
about 12 percent compared to the same period
of last year, largely in line with inflation," says
Raluca Buciuc, Director and Partner of Valua-
tion and Advisory Services at Colliers.
 www.business-review.eu
10 COVER STORY Business Review | July-August 2022

COMPANIES EMBRACING
SUSTAINABILITY
FOR A BETTER FUTURE

While the level of CSR investments made by companies operating in Romania are
proportional to the size of the economy, our country has been evolving in terms
of the diversity of projects, their impact, and the creativity of the campaigns,
and it is actually delivering good practices to the region in terms of company-led
sustainability initiatives. Business Review sat down with several companies that
have been highly involved in long-term sustainability programmes in Romania to
highlight the main trends on the local market.
By Anda Sebesi
www.business-review.eu
Business Review | July-August 2022
T
he CSR scene in Romania has been growing more mature in
recent years, as companies are seeking long-term strategies
and not just targeted actions. Directions and trends are still
being dictated by large companies,
which have clear strategies and objec-
tives set at the global and regional level
and adapted to local needs. “The gap
with other European countries will
narrow as we are going to see increased
involvement from authorities and local
companies in the future,” says says
Mustafa Tiftikcioğlu, CEO at Garanti
BBVA. He notes that there is still confu-
sion between CSR and sustainability in
Romania, as initiatives under the CSR
umbrella are also tools for reputation
building. “Sustainability goes beyond
CSR and creates both requirements and opportunities for a sustain-
able future,” he says.
So far, many companies in Romania
have understood the value of a robust
CSR strategy, which must be aligned
and integrated with their operations,
values, and mission. This translates
into tangible action programmes in
education, environment, and sports—
just to name few. “In recent years,
there has been growing interest in
integrating responsible practices along
the entire value chain, up to customer
relations and employee well-being.
In addition, depending on the com-
pany’s community, specific causes such as children’s education and
services for disadvantaged groups are addressed more frequently,”
Tiftikcioğlu adds.
Mihaela Nita, Public Affairs Manager
at Coca-Cola Romania, points out
that some years ago, most compa-
nies would focus on complying with
regulations and investing in initiatives
that brought a positive contribution to
society. “CSR was somehow referred
to as sustainability too, which meant
that if legislation did not impose it,
operational sustainability investments
were seen as mere nice-to-haves. For
few years now, we’ve been seeing sig-
nificant changes,” she says. Specifically
talking about the Coca-Cola System,
Nita adds that sustainability is addressed by all departments and
that it is among the company’s main priorities. CSR remains to be
addressed by dedicated teams, with the main focus on making a
positive change in communities, in order to leave a better world for
COVER STORY 11
the generations to come. “We take all aspects of the business into ac-
count, from products and production to human development, use of
resources, waste generation, and responsible marketing,” Nita notes.
Alexandra Barroso, Legal and Cor-
porate Affairs Director at Bergenbier
SA, says that while until recently, the
focus on social responsibilities was
mainly seen as a link between busi-
ness operations and local communi-
ties, recent years have shown us how
important it is to invest in—and commit
to—environmental, social, and sustain-
ability issues. “Now, people are the
ones who expect companies to get in-
volved in the community and actively
contribute to its development, and
companies pay much more attention
to current needs,” she says. And in their CSR approach, companies
now tend to start from the idea that success is closely linked to the
sustainability of the communities in
which they operate.
“There has been a changeover,
from isolated sponsorships and dona-
tion projects to complex initiatives
that dedicate significant resources to
making a positive impact in the com-
munity. Organisations have realised
that they had both the responsibility
and the ability to drive such changes,
like never before. Romania is actually
delivering good practices to the region
from this point of view,” says Ioana
Gorganeanu, Head of Marketing and Communication at Mastercard
Romania, Croatia, Israel, and the Balkans. She adds that Romania is
also advancing in covering the diversity
of sustainability areas—and this is not
a random choice of words. “We are
happy to see greater openness and ac-
tion in supporting minorities, women,
the LGBTQIA+ community, and more.”
Gorganeanu believes that education
is the backbone of an evolved society,
while financial education particularly
nurtures stability and autonomy for
individuals and the national economy.
“Infrastructure and innovation also
rank among critical needs for sustain-
able local development. As for protect-
ing the environment, it is no less than
crucial, if we want a healthy space to live in and a better future,”
Gorganeanu adds.
While the level of CSR investments made by companies operating
in Romania are proportional to the size of the economy, our country
 www.business-review.eu
12 COVER STORY Business Review | July-August 2022

has been evolving in terms of the diversity of projects, their impact, says that one of the company’s important targets is the 100 percent
and the creativity of the campaigns. “We’re now seeing major plat- collection and recycling goal. “By 2030, we aim to help collect and
forms really driving the change locally: in mindsets, behaviours, and recycle the equivalent of 100 percent of the packaging we put on the
result multiplication. We’re also seeing market. Our most recent commitment
change in Romanians’ attitude towards is reducing emissions across our entire
recycling, with more and more people value chain to net zero by 2040.”
becoming aware of their impact and
the importance of every gesture in the ESG: THE NEW WAVE IN SUSTAIN-
bigger picture,” says Ileana Dumitru, ABILITY
Legal and External Affairs Director of We often hear about companies in
the Central South Europe Area at BAT. Romania that have created their
She adds that through BAT’s campaigns standalone ESG departments. This is
so far, over 2 tonnes of cigarette stubs the result of the transition to a sustain-
have been prevented from reaching the able society, which involves systemic
streets and used in energy recovery in changes in organisations and an ad-
cement factories, and 11,000 of previ- equately prepared human resource.
ous versions of glo devices went to re- Therefore, setting up dedicated depart-
cycling. “Still, more effort is necessary ments and training people to support
in terms of awareness, education, and ESG trends over the coming decades
driving systemic change through small, is crucial. In addition, the UN Sustain-
repetitive individual actions,” she says. Dumitru adds that harm able Development Goals, as defined in 2015, have become a common
reduction, sustainability, framework for action for
and environmental protec- governments, companies,
tion are crucial, while and NGOs. “Creating ESG
social contribution and departments is a major
irreproachable business step forward and a proof
ethics and commercial of the companies’ serious
conduct, are also major approach towards ESG.
areas on which companies For real action and change
should focus, now and in to take place, the right
the future. mindset should always be
In turn, Alice Nichita, accompanied by adequate
Corporate Affairs & resources—in terms of both
Sustainability Director at financial investments as
Coca-Cola HBC Romania, well as human resources,
thinks that our market is tools and instruments,
keeping up with the global technology, and know-
context, as multinational how,” Dumitru argues.
companies are guided by a “Years ago, ESG used
global strategy and work- to be a ‘nice-to-have’
ing to make a positive local department on a com-
impact under the global pany organisational chart;
framework. “Moreover, today, it is a must. By inte-
businesses that were grating ESG practices into
developed in Romania, its operations, a company
especially in recent years, can improve long-term
are looking closely at how performance and man-
they could contribute to age risk effectively, which
tackling social and envi- ultimately contributes to
ronmental challenges—and increasing investor and
we’re seeing this across customer confidence in the
all kinds of businesses, from small shops to large music festivals,” company’s future prospects,” says Perry V. Zizzi, Managing Partner
Nechita notes. Referring to the Coca-Cola System in Romania, she at Dentons Romania. He adds that climate change, the fallout from
www.business-review.eu
Business Review | July-August 2022 COVER STORY 13

the covid-19 pandemic, and now the war in Ukraine have highlighted ees in Bucharest and Cluj-Napoca have become carbon neutral.
how unprepared the global economy is for catastrophic change. The process had two stages: the calculation of the agency’s 2021
“Both investors and businesses have carbon footprint and its neutralisation
catapulted ESG from a marginal issue thorugh the acquisition of equivalent
to one that requires urgent action, and carbon credits from the voluntary
ESG has moved to the forefront of con- carbon market.
cerns for companies looking to be more
conscious of their impact and influence WHAT ARE COMPANIES DOING?
on the environment, on social causes, In 2020, BAT embarked on a mission
and corporate governance structure to build A Better Tomorrow, which
and policies.” implies a consistent transformation
Barosso of Bergenbier thinks that journey, with ESG (Environmental, So-
the implementation of ESG will certain- cial, and Governance) principles as key
ly bring a change of vision regarding pillars of the process. “From the global
the role of a company and its impact on to the local level, our approach is very
the environment and the community clear: reducing the health impact of
in which it operates. “There is also a our business is our main focus area,
need for reporting, and companies are and so is placing a greater empha-
going to have to allocate resources,” she sis on the importance of addressing
says. For example, Oxygen was the first climate change and environmental
integrated communication agency in Romania to become carbon management. At the same time, we remain committed to delivering
neutral and it is committed to moving to the next level, where envi- a positive social impact and ensuring robust corporate governance
ronment and sustainability across the Group,” says
are priorities. Setting up a Dumitru of BAT. She adds
sustainability department that last year, more than
within the agency, through 18.3 million adult consum-
which Oxygen provides ers worldwide chose BAT’s
the corporate sector with non-combustible products
strategic consultancy and (4.8 million more than in
communication on sustain- the previous year), which
ability, has been a major is a major step forward in
step in this direction. This supporting tobacco harm
move is part of Oxygen’s reduction policies, a transi-
commitment to fight tion towards reduced risk
against climate change and alternatives (based on the
support companies in tak- weight of evidence and as-
ing steps towards creating suming a complete switch
a business environment from cigarette smoking;
that is more focused on these products are not
sustainable develop- risk-free and are addic-
ment. “We feel that it’s no tive). Also, the highlights
longer enough to talk about of BAT`s environmental
sustainability. We operate progress include a 42.7
in an industry that has the percent reduction in Scope
power to change society. 1 and 2 CO2 emissions
But for this to happen, we in 2021 versus the 2017
need to act and contribute baseline and 64.4 percent
to systemic changes both of renewable electricity
for ourselves and for our sourced for its operations
clients and partners,” says sites.
Irina Manole, Head of As for the Coca-Cola
Sustainability and CSR at Oxygen, who will coordinate the agency’s System in Romania, Nita says that its sustainability approach
new sustainability department. Both the agency and its 70 employ- remains consistent: the company remains connected to its strategic

14 COVER STORY
priorities: A World Without Waste, leadership for water, actions to
reduce emissions and fight against climate change, reducing the
sugar content of its beverages while
providing options across its portfolio,
supporting its people and communi-
ties. “However, if we were to speak
about changes, we believe that the way
we communicate about sustainability
has changed in the last few years. Our
brands have integrated messages and
calls to action to the general audience.
Also, corporate communication is
mainly about sustainability, and we are
trying to make our messages as simple
as possible for our audiences and get
them engaged with our initiatives,”
Nita concludes.
Barosso of Bergenbier says that in recent years, the company has
adopted a clear focus on sustainability. “Through our actions aimed
at protecting the resources we use,
we contribute to the preservation of
a sustainable environment. In recent
years, we have continuously stream-
lined the consumption of utilities and
we have managed to increase the share
of recovered waste by focusing on
cutting carbon emissions.” In addition,
the company has implemented a water
management system in its factory
which allows used water to be treated
and to re-enter a new circuit, thus
improving the efficiency of water con-
sumption. Last but not least, Bergen-
bier has promoted responsible alcohol
consumption through campaigns that have generated a positive
impact in its communities, and it has also implemented "Cool down
and reforest!," one of the largest reforestation projects, which was
initiated 5 years ago.
IS THE FUTURE LOOKING BRIGHT?
“We hope to see closer collaboration
between the private sector, authori-
ties, and NGOs and a greater openness
among companies for non-financial re-
porting. We also want to see relevance
and impact in sustainability initiatives,
as companies should correctly identify
social and environmental issues that
are specific to their business sector, and
act based on the 2030 Sustainable De-
velopment Goals Agenda,” Tiftikcioğlu
states, adding that the future is full of legislative and operational
challenges that we all need to address.
www.business-review.eu
Business Review | July-August 2022
“The pressure of climate change is growing, so authorities will be
putting even more pressure on companies to integrate ESG factors
into their business agendas,” says the
CEO of Garanti BBVA.
Along the same lines, Dumitru of
BAT says that advancing on the sus-
tainability path requires a multi-stake-
holder approach, and it’s crucial to
have a concerted effort from corporate
actors, public stakeholders who are
responsible for a balanced and efficient
regulatory framework, the media, civil
society, and individuals. “Investors can
do it best by backing companies that
can make a difference, those that are
committed to transforming the indus-
try and operating to the highest standards. Our stretching targets
in harm reduction and ESG are a marker of our commitment,” says
Dumitru. Barroso of Bergenbier thinks that the local CSR market will
grow in the near future as the circular
economy becomes a must-have for
companies.
In terms of the development of the
local CSR market, Zizzi says that we
are currently witnessing significant
changes on each and every level, from
the political, social, and economic
points of view. In this global context,
Romania will be forced to initiate
strong reforms to comply with EU
requirements. “Companies are acting
on CSR initiatives and ESG projects as
well as on implementing sustainable
development goals (SDG), and all of
these must be part of the economic recovery,” he says.
CSR is a type of business self-regulation, in the name of social ac-
countability and making a positive impact on society, including—but
not limited to—being environmentally
friendly and eco-conscious, promoting
equality, diversity, and inclusion in the
workplace, giving back to the commu-
nity and ensuring business decisions
are ethical. “Redefining CSR in order
to fully incorporate ESG objectives and
gradual SDG implementation is the
natural step forward for companies
that want to differentiate themselves
on the market, to contribute efficiently
to the circular economy, and to have
a strong long-term business strategy
that goes beyond profitability, growth
rate, and brand recognition. In fact, building a circular economy is a
corporate social responsibility,” Zizzi of Dentons concludes.
www.business-review.eu
Business Review | July-August 2022 COVER STORY 15

OPINION: Roxana Ionescu,

Partner & Co-ordinator of the
• rPET portfolio: In 2020, the Coca-Cola System started bottling the Dorna natural mineral
Environmental Rights and Data
waters in rPET¬—100 percent recycled PET. In a year of consumers choosing Dorna, 5,000
Protection practices at NNDKP
tonnes of new plastic are no longer produced, the equivalent of the weight of 400 trucks
or 70 planes. Since 2021, 20 percent of the Coca-Cola System’s beverage portfolio has been
bottled in rPET.

• Keel Clip: (April 2021) Implemented in the System’s Timisoara plant, the new technology
received an investment of EUR 2 million and through it, the amount of plastic in foils is
reduced by approximately 200 tonnes per year. It also reduces the amount of energy used
during production by 15 percent.
The recent developments on the ESG side of the
• Garla Mare-Vrata ecological restoration. For over 8 years, WWF-CEE and The Coca-Cola local business community are welcomed and we
believe that creating ESG departments, developing
Foundation have been engaged in the Living Danube Partnership, whose vision is to
ESG strategies, and communicating results will
restore wetlands and floodplains along the Danube and its tributaries. The programme greatly contribute to the well-being of companies
is carried out in 6 countries, including Romania, where over 400 hectares of floodplain that choose to make this transition. Indeed, we
located between the Garla Mare and Vrata localities (Mehedinti county) were recently have noticed active efforts from the local business
returned to nature, following reconstruction works that reconnected the ponds on the community to adapt to market requirements and
restructure their strategies in order to develop
Danube bank with the river.
frameworks that are suitable for sustainable
growth. However, we believe there is still a lot
• Today for a Tomorrow Without Waste. Launched in 2019 by the CSR Nest Association of room for improvement in terms of the co-
and funded by the Coca-Cola Foundation, Today for Tomorrow is a platform that aims to ordination between the internal teams developing
encourage the circular economy, with a focus on recycling. Currently, the platform's initia- ESG strategies and the compliance and legal
teams in charge of implementing such strategies,
tives are aimed at bringing together all relevant actors who need to collaborate in order
as there will always be an overlap between a
to implement the selective waste collection system in Romania, enabling individuals and company’s ESG-related objectives and the legal
legal entities to create partnerships with local authorities and waste collectors. So far, the requirements it must comply with in order to
platform has supported schools, hospitality operators, and citizens in implementing sepa- achieve these objectives. Having synergy within
their teams would allow companies to better
rate collection systems. The platform has also issued a guide on selective waste collection.
anticipate what needs to be done and better adapt
their programmes, including ESG programmes, to
• Sustainable Futures. A project developed by Social Innovation Solutions, supported by obtain better results in a more efficient manner.
The Coca-Cola Foundation and co-organised alongside Global Shapers Bucharest Hub. In recent years, ESG has been taking center
The project aims to raise understanding and awareness of the importance of sustainable stage in business conversations due to the
multitude of challenges our society is facing
business-making and the circular economy as key drivers of future progress in Romania,
right now: climate change, increasing inequality,
while also providing concrete solutions for implementation.
energy shortages, human rights, and privacy
concerns. Addressing all these issues requires a
• After us, it’s on us to collect: partnerships with customers for selective collection. “Eco- holistic approach. Due to the increased pressure
Bon” – a pilot project developed in Brasov, in 3 Penny stores, resulted in 14,000 PET bottles to transition from a linear economy to a circular
one in order to better utilise available resources,
collected; in the four months over which the “Pet-Collect” campaign was rolled out, more
the environmental element is first on the list
than 1,500 Romanians brought a total of 86,325 PET plastic packaging in the collection for executives trying to integrate ESG principles
spaces placed in Auchan stores throughout the country; “Pay with a PET,” the partnership into their business strategies. Achieving carbon
with Carrefour, was also very successful, with over 15,000 participants and 291,000 PET neutrality is one of the main concerns of the local
bottles collected. business market, due to its complex nature and
the need for congruent actions and sustained
efforts.
• I’m Working Again (Lucrez din Nou). Launched in December 2020 by the Social Incuba- Nevertheless, we can see the social element
tor Association, in partnership with Coca-Cola HBC Romania, the Working Again (Lucrez catching up, considering the fact that the client
din nou) programme is the first online professional retraining platform that aims to help management facet of ESG, which includes
those who have lost their jobs in the difficult context created by the covid-19 pandemic. data privacy, has a direct impact on the way a
company is perceived on the market. In addition,
The platform offers a diverse range of tools, such as vocational counseling, career tests,
the governance aspect needs to be adjusted to
video trainings, and resources for those who want to improve their resume—all free ensure a proper and active management of the
of charge. By 2021, over 560 people had found new jobs, over 7,300 platform users were environmental and social elements of a company’s
registered with an account on the platform (enjoying the open resources), 200 users were programmes, as the corporate element has an
umbrella effect on any ESG initiative.
receiving counseling and training, and the platform had 151,000 unique visitors.

16 COVER STORY
Acting now for a carbon neutral future
Eric Stab, CEO at ENGIE Romania, sat down with Business Review to discuss the company’s
focus on sustainable development and share his thoughts about what the private sector
should do to help create a more sustainable local economy.
By Anda Sebesi
What are the building blocks of your
sustainability strategy and how do
they translate into the projects you
implement?
Our sustainability strategy has four
main topics at its core: ethics, people,
the decarbonisation of ENGIE’s and its
clients’ activities, and providing much-
needed aid to communities. I believe
everyone can relate to the importance
of business ethics and zero tolerance
for any incidents; it is why we have
enforced this approach across all of our
processes. As for people, we support
our colleagues by creating a strong
health and safety culture, focusing on
gender diversity programmes, fostering
the development of their skills, and
paving the way for the next generations
who will be interested in pursuing ca-
reers in our sector. Recently, our efforts
have been recognised: we are the only
company in the energy sector to have
received the EDGE certification for our commitment to workforce
gender diversity, with 43 percent of all our managers being women.
Additionally, our dual education professional programme has been
named the best in the country and we have successfully managed to
hire all the students who have enrolled so far. In terms of the help
we’ve provided to communities, we are happy to have improved the
lives of more than half a million people through numerous projects
in the field of environmental protection, energy efficiency, educa-
tion, and healthcare. In doing all this, we always have in mind the
essence of our business strategy: reaching carbon neutrality by 2045
by decarbonising our activities and providing secure energy which
is consumed more efficiently, accessible for as many people as pos-
sible, and respectful of both society and the environment.
How has your business strategy adjusted since you’ve decided
to develop a more sustainable business?
As a leader in low-carbon energy solutions, we set the stage by
accelerating the transition towards a carbon-neutral economy.
Here in Romania, we offer our B2B and B2C customers solutions
for decentralised energy production, energy efficiency, and green
mobility. For instance, this year we signed a partnership with Saint-
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Business Review | July-August 2022
Gobain Romania to build the largest
onsite photovoltaic system in Roma-
nia, which will provide around 20
percent of the energy needed by their
industrial site in Calarasi and avoid
generating more than 2,400 tonnes of
CO2 per year. On the other hand, we
provide our B2C customers with green
electricity solutions—by contracting it
from our own renewables portfolio or
having them produce it themselves via
photovoltaic panels—as well as green
mobility solutions.
What should the private sector do
to support the sustainable develop-
ment of the local economy?
I think each business should set an
example by reducing its own carbon
footprint. Second, I believe in educa-
tion and in the impact of encouraging
both our employees and customers to
embrace a more sustainable lifestyle,
by using green energy, switching to green mobility solutions, and
paying much more attention to energy efficiency. Of course, our
partners, suppliers, and subcontractors also play an important role
and we are committed to increasing the share of partners who have
high sustainability ratings.
What are the main projects your company developed last year?
There were many projects that made us very proud last year. I will
mention one that can be seen as a best practice, especially in this dy-
namic and volatile energy context: turning SOS Children’s Village—
an NGO that takes care of 400 disadvantaged children—into the
first energy-efficient community that also produces its own green
energy. Through a multi-annual programme, in partnership with
Habitat for Humanity, we installed solar panels on the rooftops of
the 15 social homes in Bucharest, and they produce green energy for
self-consumption. Furthermore, after having rehabilitated these 15
homes between 2014 and 2016, we are now in the process of rehabili-
tating two more buildings that will be transformed into educational
and therapy spaces. Overall, so far, the association has saved more
than EUR 150,000 on its energy bills and redirected the funds to care
programmes.
www.business-review.eu
Business Review | July-August 2022
Sustainable financial products
for a greener tomorrow
Mustafa Tiftikcioglu, CEO at Garanti BBVA, told Business Review about the lender’s strategy
to contribute to the achievement of Romania’s Sustainable Development Goals (SDGs) and
the ways in which it aims to encourage Romanians to make sustainable life choices.
By Anda Sebesi
What are the building blocks of
your sustainability strategy and
how do they translate into the
projects you implement?
First, we must acknowledge the
fact that sustainability is essential
for each organisation and that it
is no longer optional for compa-
nies. It is a principle that must be
applied across our daily activities.
At Garanti BBVA Romania, we
strongly believe that operating
sustainably is going to be a key
driver of the bank's long-term
success and we have already started developing our capacity to fight
against climate change and support the growing relevance of social
inclusion. A few years ago, our organisation decided that sustainabil-
ity would be one of our five strategic priorities, in line with the role
we have taken on as a major contributor to inclusive and environ-
mentally caring economic and social development.
It is essential to note that as a bank, we act as a financier of a
greener economy. We also share our knowledge, foster coopera-
tion with external stakeholders, and use our influence in society to
increase awareness and achieve results in promoting sustainable
development. To become a more sustainable group, we have taken a
few measures at the company level, encouraging all our employees
to join our efforts. At the same time, we have expanded our offer by
adding financial products that contribute to the protection of the
environment.
Garanti BBVA Romania's message is that each person has a moral
obligation towards others and future generations and they must be
aware that while their healthy and sustainable choices may repre-
sent small steps, they positively impact future generations.
How has your business strategy adjusted since you’ve decided
to develop a more sustainable business?
In recent years, Garanti BBVA has developed a multi-directional
social responsibility strategy at the group level, aiming to contribute
to society's welfare.
In its more than 20 years of operating on the local market, the
bank has mainly invested in projects that have encouraged the pro-
tection of natural habitats, the development of Romanian entrepre-
COVER STORY 17
neurship, access to financial edu-
cation tools, and other initiatives
with an impact on the community.
Our partnership with WWF Ro-
mania, through which we support
the WWF’s nature preservation
policy, is an example of this long-
term commitment dating back to
2010, when we launched the WWF
Bonus Card, the first eco-branded
credit card in Romania.
In the coming years, we will
continue to focus on adding new
sustainable financial products,
both to the bank’s portfolio as well as to the product ranges offered
by Garanti BBVA Consumer Finance and Garanti BBVA Leasing.
What should the private sector do to support the sustainable
development of the local economy?
In recent years, we have seen leaders of public and private organisa-
tions in every sector beginning to assign more importance to sus-
tainability. Companies are thus more concerned with making sure
that their operations respond to the needs of the present without
compromising the ability of future generations to meet their own
needs. And in turn, banks have aligned themselves with this joint
effort and are now placing sustainability and environmental protec-
tion among their top priorities.
What are the main projects your company developed last year?
In 2021, Garanti BBVA Consumer Finance launched the Green Credit,
a product for individual customers who want to make sustainable
purchases. By launching the green loan, we want to contribute to the
achievement of Romania’s Sustainable Development Goals (SDGs)
and encourage Romanians to make sustainable life choices.
Earlier this year, in collaboration with the Romania Green Build-
ing Council (RoGBC), Garanti BBVA launched the innovative finan-
cial product called Eco House, a green loan granted to individuals for
the acquisition of green residential units which are certified as such
by RoGBC. At the same time, Garanti BBVA became a Platinum mem-
ber of the RoGBC. The collaboration between the two organisations
aims to promote the financing of sustainable housing acquisitions by
offering green mortgage solutions to individual customers.

18 M&A
Romania’s M&A market may see
double-digit decline in 2022
The evolution of the private equity (PE) model has turned it into an engine for M&A
T
he value of the global M&A market
fell by 20 percent to USD 2 trillion
in the first half of 2022 compared to
the same period in 2021, and it is likely to
drop further as economic repercussions are
reflected on global markets, according to
PwC. The trend can also be observed on the
Romanian market following an outstanding
year: the Romanian mergers and acquisitions
market reached a record level in 2021 in terms
of the number of transactions, with a total of
137, according to Deloitte Romania.
"The uncertain economic outlook slowed
down M&A activity in the first half of 2022
after the record pace of 2021. However, deals
will continue to play an important role in
companies' growth strategies. With inflation
in many countries at its highest level in 40
years, both buyers and sellers involved in
deals will need to approach the due diligence
process using various inflation scenarios and,
more than ever, taking into account the impli-
cations on market shares in relevant markets,
pricing, relationships with key customers and
suppliers, and key employees' remuneration
and security," said Cornelia Bumbacea, Deals
Partner at PwC Romania.
M&A TRENDS IN THE FIRST HALF OF 2022
According to PwC, the evolution of the private
equity (PE) model has turned it into an engine
for M&A, providing an abundant source of
deal-making capital. Global PE "dry powder"
reached a record USD 2.3 trillion in June
2022—triple the amount seen at the start of
the global financial crisis. This capital growth
explains why PE's share of M&A has increased
from approximately one third of total deal
value five years ago to almost half of the total
deal value today. As for investment funds
in Romania, we’ve seen three major trends:
exits made by private equity funds, several
transactions concluded by funds, and several
acquisitions completed by companies with
investment funds. One relevant transaction
was the agreement signed by Resource Part-
ners for the sale of its holding in World Class
Romania to African Industries Group. SARMIS
Capital, a private equity fund dedicated to Ro-
mania and neighbouring countries, acquired
the majority stake in Smart ID Dynamics,
aiming to further consolidate the company's
market position and help it expand inter-
nationally. ROCA Industry bought Dial, a
company specialising in manufacturing wire
products, from businessman Vasile Rosu. The
transaction had a value of EUR 14 million.
The adoption of new technologies remains
a priority and keeps technology, media, and
telecommunications (TMT) on top regard-
www.business-review.eu
Business Review | July-August 2022
The Romanian M&A market
experienced stable growth
last year, and 2022 began
with a lot of optimism. Global
signs indicate a decreased
Romanian transaction market
where entrepreneurs are
involved. This possible double-
digit will change some of the
expectations regarding M&A
for both buyers and sellers.
By Claudiu Vrinceanu
ing M&A investment. It accounted for over
one quarter deal volume and one third of
deal value in the first half of 2022. Business
consultants expect technology demand to
create M&A opportunities in software and
infrastructure-enabling technologies in the
second half of 2022. Publicis Groupe bought
Tremend, one of the fastest-growing Roma-
nian software companies, employing 650
engineers. Another transaction was signed
by Arobs, who took over the business line
and the software development services team
from Enea AB in Sweden. In the meantime,
we have also seen new mergers. For example,
software and mobile application compa-
nies Essensys Software and mReady have
completed a merger process and with the aim
of building one of the most globally-relevant
Romanian technology companies.
CONSUMER MARKETS AND HEALTH INDUS-
TRIES
M&A activity in the consumer markets in-
dustry for the next six months will be closely
tied to how the uncertain economic outlook
affects consumer confidence and spending.
High demand for biotech and innovative new
technologies such as mRNA, gene therapy,
and telehealth capabilities are also attracting
investor interest.

20 FDI
Romania’s FDI position gains prominence
despite regional challenges
Romania continued to attract foreign investments to the tune of EUR 3.1 billion in the first
four months of this year versus the same period of last year, but the ongoing war in Ukraine
and its risk of escalation could impact the local economy’s FDI position. The country is
building on the significant performance of last year, when the volume of foreign investment
more than doubled to reach EUR 7.2 billion.
By Ovidiu Posirca
Romania could enhance its supply chain routes to attract more investment
T
here’s still a hot war taking place near
Romania’s border, and this could trig-
ger the postponement of some invest-
ment decisions. Companies are still recover-
ing from the pandemic crisis and they are
now facing a different set of risks stemming
from the geopolitical context.
“Companies want to invest in Romania;
half of respondents say that their planned
investments for this year are similar to last
year’s levels, and 40 percent of respondents
say they plan to invest larger amounts com-
pared to the previous period,” says Cristian
Secosan, president of the Foreign Investors’
Council (FIC), quoting the results of a busi-
ness sentiment index published at the end of
March.
Ionut Tata, the CEO of the Iceberg Plus
consultancy, suggests that long-term FDI
strategies will be very much divided between
alternate pathways including near-shoring,
friend-shoring, and telemigration.
“Some companies will choose to
nearshore capacities that they
would previously operate
overseas, gambling on the
potential of automation
and AI to reduce labour
expenditures and re-
main competitive from
a cost perspective. Oth-
ers will go on the friend
shoring path, but Romania
might not be among the first
www.business-review.eu
Business Review | July-August 2022
choices for neither American nor Western
European investors, due to its potential ex-
posure to the Ukraine conflict,” Tata tells BR.
He adds that “safer” alternatives in similar
cost brackets within the EU include Portugal,
Greece, Croatia or Bulgaria. Countries in the
Western Balkans can also meet the demand,
although they are not EU members yet. For
telemigration, Romania remains a strong hub
with ICT-enabled and BPO-based sectors.
As a member of the European Union (EU)
and NATO, Romania's profile as a safe desti-
nation for foreign investors has consolidated
over the past decades, but it might still not
be enough in the competition for capital.
Ionut Simion, president of AmCham
Romania, suggested that the country’s objec-
tives should be to join the Organisation for
Economic Co-operation and Development
(OECD) and use the EUR 30 billion avail-
able through the National Recovery and
Resilience Plan (PNRR). Romania kicked off
negotiations for OECD membership in early
2022, but there is no deadline for the comple-
tion of the accession process. Meanwhile,
PNRR funds could help Romania improve
its renewable energy capacities and ac-
celerate its digital transformation
and investments in education.
According to Ionut Sas, first
vice president of AmCham
Romania, the country
could enhance its supply
chain routes to attract
more investment. In
May-June, AmCham
conducted a survey
among 168 of its member
companies which showed that
 www.business-review.eu
Business Review | July-August
May 2016 2022 COVER STORY
FDI 21
14

the rising inflation is the biggest risk for to provide competitive support for FDIs in may also be subject to examination and au-
Romania’s economy. Next are the increase in key sectors, through other governmental or thorisation if, by their nature, they can have a
energy prices and the war in Ukraine. Rising EU programmes, such as the Just Transition significant impact on security or public order
financing costs are also mentioned by nearly Fund. Beyond that, the leanest way to attract or present significant risks to them,” Lore-
dana Popescu, partner
at law firm Popescu &
Asociatii, tells BR. The
screening is part of an
EU-wide effort to check
the capital sources and
ownership structure of
foreign investors who
want to do business in
Europe. Approval from
the CEISD shall be is-
sued within a maximum
of 60 days from the date
on which a notification
is declared complete.
“Violating the obliga-
tion to notify the imple-
mentation of a foreign
direct investment or the

half the companies surveyed, of which 43 foreign investment

percent are large taxpayers.
“Against the backdrop of geopolitical
events, but also as a consequence of the
vulnerabilities revealed by the pandemic,
investor interest in Romania has increased,
and it is an opportunity to position ourselves
as a safe and attractive destination for inves-
tors,” Sas argues. Attracting new investments
through friend shoring will see Romania
working more closely with allies, including
the US and EU members, to increase produc-
tion of critical goods and reduce reliance on
imports from China or Russia. However, pub-
lic statements from local decision-makers
on such a strategy have been rather limited
until now. The Iceberg Plus CEO
suggests that Romania could
have played a better card in
its friend shoring strate-
gies if it had allocated
a larger amount of the
funds from its PNRR to
support private invest-
ments by both large
corporates and local SMEs
in key value chains. “Still,
there is some potential left
would be to establish a
friendly framework for
companies engaging
in telemigration, thus
opening branches, and
employing staff under
a decentralised model,
with local hub-type
offices or even remote
work at the core of op-
erations,” Tata adds.
NON-EU INVESTORS
UNDER HIGHER SCRUTINY IN ROMANIA provision of inaccurate, incomplete or mis-
Investors outside the EU that are planning leading information, as well as non-compli-
to allocate at least EUR 2 million for ant or commitment-breaching enforcement
projects in Romania would have constitutes a contravention that shall be
to be screened by the Com- sanctioned by the Competition Council with
mission for the Examina- a fine of up to 10 percent of the total global
tion of Foreign Direct turnover of the financial year preceding the
Investment (CEISD) sanction,” Popescu adds. Meanwhile, the FIC
and obtain approval for president points out that Romanian authori-
the implementation of ties should implement a high value-added
the investment. “Excep- investment policy with a multiplier effect on
tionally, foreign direct all sectors of the economy, while also estab-
investments not exceeding lishing the strategic sectors for investments
the threshold of EUR 2 million in a bid to boost FDI volumes.
 www.business-review.eu
22 ENTREPRENEURSHIP Business Review | July-August 2022

Meetgeek.ai founders: We want to build

the future of meetings
After securing EUR 500,000 in fresh funding, Romanian startup Meetgeek.ai is looking
to meet the growing demand from EU and US companies that want to streamline their
meetings. BR spoke to the founding team—Iulian Gheorghe, Raluca Risnoveanu,
and Dan Huru—about technology’s power to replace inefficient meetings and the skills
Romanian startup founders need to expand abroad.
By Ovidiu Posirca

Left to right: Iulian Gheorghe, Raluca Risnoveanu and Dan Huru

What is the founding story of Meetgeek.
ai and what were some of the biggest chal-
lenges you’ve faced so far?
In our previous software engineering roles,
we were involved in many software projects
that had the purpose of automating task
execution. Over time, we noticed that while
there was immense pressure on automating
tasks, meetings were still inefficient, free to
book, and very time-consuming for the busi-
ness.
I once exported my calendar and counted
the hours of meetings I had to attend in one
year. I got two years of meetings! That’s why
we decided to team up and do something
about it.
Finding the right customer personas and
shaping the product accordingly is the biggest
challenge tech startups face, and this was
the case for us, too. We talked to over 1,000+
potential customers and worked with many
companies, in multiple iterations, to find the
right mix. Another big challenge, due to our
engineering background, was shifting from
a product-first mindset to customer-focused
thinking. Additionally, we had to quickly
learn to say no and drastically prioritise what
to focus on.
A couple of years later, we are excited to
see that we are making a daily impact, freeing
up calendars, and making meetings more ef-
ficient with Meetgeek.
What is the market potential for your plat-
form and how is demand shaping up from a
geographical perspective?
We are now available on all 3 major platforms,
including Zoom, Google Meet, and Microsoft
Teams, and we’re excited to see that we are
 www.business-review.eu
Business Review | July-August 2022
already impacting the daily activity of hun-
dreds of businesses in the US and the EU.
We are seeing a very hungry market,
which is ready to be educated and looking for
solutions to streamline meetings. Demand is
there and we need to be able to respond to it
with the right team.
What kind of professionals are mostly
interested in using Meetgeek.ai? And are
you relying on their feedback for future
developments?
Teams use Meetgeek for customer discov-
ery calls or customer meetings and sharing
customer feedback or requirements with
the team. It is also deployed for high-quality
conversations and getting peer feedback on
hiring interviews as well as for coaching and
onboarding staff. Important internal meetings
are also supported by our platform.
Feedback loops are among the key ingre-
dients we use to improve the platform. The
team talks to customers daily. We are soon
going to launch a community of super users
so that our customers can partner with us in
developing Meetgeek and identifying the best
ways to use the technology.
How much have you invested in the start-
up so far and are you looking to expand
your team?
With our first pre-seed round of EUR 150,000
in 2021, we made significant investments in
product development and customer discov-
ery, working closely with hundreds of com-
panies using Meetgeek daily and speaking to
many more in the process.
Going forward, we have no intention of
slowing down. We are actively hiring digital
marketers, business developers, customer
success, and software engineers to further
improve our platform, accelerate our growth,
and achieve our vision to help businesses
streamline their meetings.
How are companies using your product
and which industries stand out in your
portfolio?
Companies use Meetgeek to automatically
capture highlights and insights from calls,
grow sales revenue, and recruit better talent.
Integrations with Slack, Google or Hubspot
help teams redefine their meeting culture,
improving productivity, knowledge sharing,
and freeing up calendars.
We generally work with digital-friendly
companies with a hybrid work culture or with
distributed teams. The industry is not always
a criterion, but we generally work better with
less data-sensitive industries.
How will you use the EUR 500,000 in fresh
funding?
We want to build the future of meetings, so
this round unlocks our ability to advance
our company and technology. The round is
a follow-on from our previous investors and
several new private investors. We are actively
hiring to market the product in the US and EU
markets and improve the technology.
What is the future of business meetings
from your perspective? How will technol-
ogy continue to streamline this process?
Our long-term vision is to redefine the meet-
ing culture across organisations. We’re seeing
two major trends in this space, which we are
capturing with our software.
First, we believe meetings will become a
vital part of the company's automation pipe-
line. RPA or regular business workflows are
already being triggered automatically or by
using voice commands from within the meet-
ing itself. Notes, tasks or meeting conclusions
are being saved using the right tools and
distributed to individuals automatically.
By using this type of software, companies
will be able to define their meeting culture,
apply their own style, and use it to attract
ENTREPRENEURSHIP 23
new hires. Teams can already choose be-
tween a classic or a more transparent meeting
culture, decide which meeting performance
indicators to measure, what information is
shared automatically, and much more.
We are now in a phase where this technol-
ogy is proving useful in specific departments
of various organisations. However, we envi-
sion a not-too-distant future where advanced
meeting assistants are present in every meet-
ing and are redefining the way we interact
and exchange information.
Which parts of Romania’s startup ecosys-
tem do you feel could be improved?
It is important that the ecosystem of angel
investors & VCs continues to grow, enabling
more founders to gain access to capital and
start successful companies. Moreover, exist-
ing successful entrepreneurs should get more
involved in the ecosystem, to inspire the right
mindset and work ethics among new found-
ers. For example, we need to learn how to
market and sell a product and how to become
customer-oriented, in addition to what we
are already doing well: building software. We
believe this skill needs to be on the top of the
agenda for local entrepreneurs and techni-
cal folks who want to build successful global
businesses.
Are you looking to secure new funding
rounds in 2023?
We are looking to raise another round in mid-
2023 to scale up the business and become a
dominant player on the market.

24 ADVERTISING
Life at an advertising agency
in 2022
Minio Studio has launched Creative Chaos, a short “how it’s made” documentary that follows
the stages of building an ad campaign, from briefing to evaluation. The project featured all
parties involved in a campaign: the creative agency, the client, the media agency, the director,
freelancers, and influencers.
By Romanita Oprea
Creative Chaos is the first project of its kind on the local market
T
he video documentary shows the
workflow in its real form: a creative
chaos with a lot of stress, often mov-
ing at a very fast pace, going through multiple
feedback rounds, but also finding success,
valuable collaborations, and plenty of know-
how. The narrative follows the campaign
dynamic, showing individual worries and
anxieties as well as professional knowledge
about handling a large project, with many
layers and plenty of people involved. The
videos focus on Minio Studio’s internal
workflow, but they also incorporate clients
and partners, from freelancers to media and
talent. There are no actors in this project; just
regular people that played an active role in
the campaign’s development—which makes
this initiative even more outstanding though
its honesty and vulnerability.
Creative Chaos is the first project of its
kind on the local market. Though this produc-
tion, Minio Studio aims to show that adver-
tising is not just about brainstorming and
cool creative ideas. Advertising is also about
www.business-review.eu
Business Review | July-August 2022
getting results through hard work and careful
planning on multiple layers, from strategy
and AV production to media and trade mar-
keting.
“This feels very personal. I have seen it
as a mix of vulnerability and professional-
ism. Life in advertising is full of adventures,
stress, and difficult interactions. But it also
means working alongside amazing people,
being creative, finding strategic solutions on
the spot and, in the end, enjoying the results.
No matter how disciplined we are, there
are always new situations that require us to
adapt. And one can see this in Creative Chaos,
which represents us so well because we are a
team of creative problem solvers,” said Ioana
Mucenic, the CEO of Minio Studio.
But how did the idea of Creative Chaos
come to life? According to Minio Studio rep-
resentatives, it was all about standing up and
owning what they did and how they did it. We
live in an era in which we want brands and
corporate businesses to be open, transparent,
brave, and vulnerable. However, in the adver-
tising world, agencies are rarely like this. We
all want our image to be very polished, and
look as perfect as possible.
“We decided that we wanted to be more
authentic, show more of ourselves, our
people, as well as our processes, our ways of
thinking, and our mistakes. It’s a lot of hard
work to conceive and implement a campaign,
while also considering the human side of
it—people being tired, people losing focus.
This is normal in any project and it’s very
important how we manage this. So, for us,
Creative Chaos is a manifesto for authenticity,
vulnerability, and transparency. It shows the
human side of advertising and also something
 www.business-review.eu
Business Review | July-August
May 2016 2022
of a unicorn: a truly excellent relationship
between an agency and its clients,” Ioana
Mucenic explained.
Creative Chaos also wants to show the real
process of how the team conceives, plans,
and implements a real project. All the facts
are real, the people are real, the clients speak
their mind. There is nothing fake about it.
In the first series, the agency showed an
awarded campaign created for Mondelez and
Macromex—Snackology. And they want to
continue with more series, more cam-
paigns being presented step by step, from
behind the scenes.
It’s a way of showing that Minio Stu-
dio is a modern agency that talks the talk
and walks the walk. “We go all in when
we set a direction, we love our work, and
we are not ashamed of saying that we are
not perfect, as long as we keep improv-
ing. We have a very open culture; people
are allowed to make mistakes if they
learn from them, we are collaborative,
we feel free to speak up,” Mucenic added.
The agency values empathy because it’s
a human-centric organisation. It’s impor-
tant to relate to one another with care
and consideration—and this is also true
for how they see their clients and con-
sumers. Empathy, enthusiasm, and creativ-
ity— it’s a combo they all share. “We believe in
being what we call a ‘happy agency.’ We want
to feel good at work, as much as possible, and
that means being part of a great team, reduc-
ing unnecessary pressure, no bureaucracy, no
politics, no complex hierarchy, time for work
and time for life. We believe that a job should
provide the context for a person to flourish,
not to end up stressed and in need of a holi-
day. We are striving to do all this; sometimes
we succeed, sometimes we fail. But this is the
vision, and our colleagues are the ones who
make it all possible.”
AGENCIES’ EXPECTATIONS
But what do other agencies expect of their
employees? “We can’t say that a Jam col-
league should be a certain way. What I can say
is that years ago I heard the Creative Director
of Happiness saying something that stuck into
my mind: “I am always looking for good and
good people: good talent and good charac-
ter.” This is how we recruit. People who are
passionate about their jobs, thirsty and eager
to learn more, people who are nice—but not
in the sense of not being competitive. If I had
to make a comparison, I’d say they should
be competitive like the Chicago Bulls in their
early glory days as opposed to the aggres-
sive performers of the Detroit Pistons,” said
Andreea Ghenoiu, creative partner at Jam
Session, one of the most awarded indepen-
dent Romanian agencies. “At first glance, the
people of Jam don’t have much in common,
as there’s a gap of over 20 years between the
youngest and the oldest, we have introverts,
extroverts, people with different views about
life, different hobbies or tastes in music. But
the thing that keeps us together is basic: we
all have a passion for creative ideas which
translates into co-creation, having a voice,
fighting for ideas over and over, being inde-
pendent and able to adapt to change, and
being a partner for our clients. It does not
matter if you are an account manager, a plan-
ner or a creative person,” added Ghenoiu’s
colleague, Ioana Cadir, co-managing partner
at Jam Session Agency. Anca Catarambol,
chief talent officer at Publicis Groupe Roma-
nia, also doesn't believe in typologies and in
placing a person in one category or another.
For this reason, she also does not believe that
there is one candidate or employee who’s
more desirable than another—on the contrary,
she thinks that each of us has something to
offer, whether it’s an idea, a vision, experi-
ence, knowledge, and so on. However, there
are certain things, perhaps having to do with
COVER
ADVERTISING
STORY 25
14
attitude and vision, that can help an em-
ployee integrate and adapt to the specifics of
advertising work. “I would therefore say that
an ideal Publicis Groupe Romania employee is
curious, passionate about what they do, a life-
long learner, authentic and, of course, has the
right dose of ownership and autonomy. All
these things contribute to daily activity, from
relationships with clients and colleagues to
understanding the target audience or finding
that big idea that everyone dreams about.”
STILL A SOUGHT-AFTER INDUSTRY?
For a long, long time, advertising was con-
sidered to be one of the sexiest and most
attractive industries to work in, especially
in Romania, with people leaving important
business fields such as architecture, engineer-
ing or design to come work in marcomm. The
awards, the parties, the salaries, the travel,
the glam and fame were all great incentives
for a while. What’s it like today, though? “I
think that even after all this time, I can say
that it is still sexy. And this is determined by
the very nature of the people in this indus-
try and the job typology. You get the rare
opportunity to work alongside extremely
creative people on projects that are totally
unique. Diversity is what defines every work-
ing day, whether you spend it at the office, at
the client’s, at a great product launch or on a
set. And the most important thing is that we
don't just work together; above all, we have
fun together. We don’t have the rigidity and
constraints of other industries. Without exag-
geration, I can say that having the initiative

26 ADVERTISING
to go outside of patterns and explore new
possibilities is precisely what we encourage,”
said Anca Catarambol.
For her, the Romanian advertising indus-
try is still fun and dynamic, a combination
of business and creativity. It is an industry
with wonderful people who somehow always
manage to find that fine line between the
seriousness of doing your job well and the
right dose of bohemian atmosphere. “Despite
its significant development over the last
decade, the industry has not moved towards
a corporate style, it is not industrialised, and
it remains people-focused. At the same time,
we at Publicis Groupe Romania also enjoy
the benefits of belonging to a multinational
group. Therefore, on the one hand, we have
a creative and fun working environment,
where there is a lot of emphasis on people,
and on the other hand, the stability offered
by the Groupe, complemented by access to
know-how and openness to multicultural ex-
periences, through teams made up of people
who can be hundreds or even thousands of
kilometres away from each other and still
work very well together,” said the chief talent
officer of Publicis Groupe Romania.
Advertising is—and will remain—an indus-
try that sits at the intersection of many fields
(creative, media, marketing, data, etc.), at-
tracting and combining the best of all of them
in surprising ways.
Having been working in the industry for
18 years and being used to comparing the old
with the new, often feeling that “the old” was
better, Ioana Mucenic no longer thinks that
this type of melancholy is necessary. Since
the explosion of content production, she be-
lieves that advertising is a great place to be in.
It brings so many opportunities to be creative,
to meet amazing people, to test ideas, to ex-
plore. And aside from creative opportunities,
the industry also offers data and tech jobs, for
those who may be more analytical.
“I do think that the industry is getting
more exciting. But I don’t think it’s neces-
sarily more attractive or more inspiring.
And that’s because there are industries and
roles which are better fitted for the younger
generations nowadays. There are so many
exciting startups in various fields, corpora-
tions where you work at a global scale, the
possibility of becoming a content creator, and
many more. We are finding it more difficult
to recruit and retain talent nowadays. On the
other hand, agencies have been working in a
pretty similar way for ages. I do believe that
there is plenty of room for improvement, and
that we could be more agile, more engaging,
more focused on creation, not just execu-
tion,” Ioana Mucenic added.
Moreover, according to the Minio Stu-
dio representative, probably due to the
market’simitations, the agencies in Romania
are more solution-driven and more creative.
However, we have very low budgets com-
pared to other countries (not to even mention
UK or US), and we still lack bravery and
accountability. . Mucenic is seeing a genera-
tional change, as there are more and more
young people in marketing roles. But on one
hand, they lack the structure of old school
marketing and branding and the patience
to build brands. On the other hand, they are
more open to fresh ideas and more willing to
experiment.
“What I’m also noticing is the need for
strategic thinking: more research, better
consumer/people understanding, more data-
driven decisions, more bravery to take on a
territory, as well as a long-term perspective.
I feel like creativity and strategy are not well
balanced. There are many clients who prefer
a spark, an idea, a moment of hype, instead of
a solid construction. I do believe that we need
both, but the industry feels to be in a rush for
the next cool thing, for more likes and views,
for fast results,” Mucenic concluded.
www.business-review.eu
Business Review | July-August 2022
For her part, Andreea Ghenoiu said that
the Jam Session Agency team has a lot of
young people, so Gen Z is well represented.
And from what she can tell, it still feels cool
for them. But they all have other activities,
which entertain them and provide them with
insights for advertising. If advertising also
quenches their thirst for content and if they
can express themselves through it, they feel
motivated and give the best of their native
digital skills. “And yes, young people are still
into Cannes, festivals, having the best work
on the market, and they are ambitious. I know
about the so-called snowflakes generation,
but what I see in my agency is tremendous
grit and a great capacity to rebound in this
advertising game.” That’s because we are
still living in a country where we must play it
smart, as budgets are not comparable to those
in global hubs. This is what makes the cre-
ative challenge even more interesting. “And I
strongly believe that we have some very juicy
local flavours that not many countries have:
from music to characters and the nature of
our humour,” Andreea Ghenoiu argued.
Finally, as Ioana Cadir noted, Jam Session’s
representatives re aware that people’s needs
have changed significantly in recent years
and that the “sexiness” has multiple layers,
not all of which are related to the creative
product. Younger generations are looking for
a better balance between their jobs and what
keeps them motivated and entertained, and
they’ve discovered how to make a job out of
the things they do for fun.
www.business-review.eu
Business Review | July-August 2022
METRO supports the horeca industry
by launching 3 original guides
M
ETRO is a long-standing sup-
porter of the businesses in the
HoReCa sector and is constantly
developing solutions in order to help adver-
tise and consolidate them, from products
tailored to professional needs, such as the
METRO CHEF own brand, to consultancy,
digital solutions and innovative projects
dedicated to the hospitality industry.
This year, METRO aims to help the hospi-
tality industry by launching three original
guides, developed by METRO specialists and
experts in order to increase the visibility of
its customers and to offer them practical
help in running their business.
Through the “Romania Travel Guide
2022”, at its second edition, METRO brings
to the spotlight the potential of Romanian
tourism, presenting over 250 tourist attrac-
tions, but also over 150 accommodation units
and restaurants, all METRO customers from all
over the country.
This guide comes after the “Venues for
Events” guide that METRO launched in March,
which promotes more than 200 fabulous venues
belonging to its customers, all able to fully ac-
commodate and organize weddings, baptisms
and other private or corporate parties.
All locations presented in the two guides
are accompanied by relevant photos and a QR
code that the readers can scan to get access to
all the details about each location. Both guides
are supported by constant advertising in the
digital media, so that the locations included in
the guide are made known to as many potential
customers as possible.
METRO’s third launch is a “Hygiene Guide”,
centralizing the information which entrepre-
ADVERTORIAL 27
neurs in the hospitality industry need to
create, properly implement and optimize
the strictest control systems (HACCP). The
hygiene guide aims to both showcase the
range of cleaning products that profes-
sional customers can find on the shelf, while
also offering a series of useful information
in order to properly implement HACCP
standards and practical fact sheets that
METRO customers can download on metro.
ro and use at their locations. With a complex
content, validated by the teams of METRO
experts, the three guides are available for
free on www.metro.ro.
For METRO, its customers are first of all
partners. A successful partnership is always
based on a common vision and constant col-
laboration. METRO will always come up with
initiatives to support the HoReCa industry.

28 TECHNOLOGY
Flagship smartphones: cutting-edge camera
performance and push for foldable devices
TM Roh, the president of Samsung Electronics' MX Business, believes the time has
come for foldable phones with screens that are twice the size of current smartphones.
But until foldable phones become mainstream, it's worth taking a look at the other
innovative features smartphone manufacturers are bringing to devices that have
become "classics."
By Aurel Constantin
The Xpedition vivo X80 Pro launch Berlin
T
he global telecommunications indus-
try is dominated by a small number
of giants based in the US, Asia, and
Europe. But there is still room for new players
who could replace top companies. History
proves that no matter how big a manufacturer
is, it can completely disappear in just a few
years. The best example is Nokia, which was
not able to adapt to the smartphone era and
was quickly pushed out of the industry.
Currently, Samsung (South Korea) is still
fighting with Apple (US) for the top spot
globally. Samsung had a market share of 28.2
percent as of June 2022, while Apple held 27.2
percent, according to Statcounter data. In
third place is Xiaomi (China), with 13 percent,
followed by Huawei with 6.1 percent. The
fifth place is held by Oppo with 5.8 percent,
followed by Vivo with 4.3 percent. Two or
three years ago, Huawei was fighting for the
top spot with Samsung and Apple, but the
embargo imposed by the Americans on the
use of US-made software affected their global
sales. Despite the fact that Huawei still makes
www.business-review.eu
Business Review | July-August 2022
some of the best phones in the world, includ-
ing foldables, the ban has allowed Xiaomi to
rise to the top. Moreover, we are seeing new
manufacturers, such as Oppo and vivo, also
gaining solid market share.
The economic crisis and the war in
Ukraine have hit the smartphone market.
Global shipments fell by 9 percent in the
second quarter of the year, compared to the
same quarter of 2021, according to Canalys
data. “Vendors were forced to review their
tactics in Q2 as the outlook for the smart-
phone market became more cautious,” said
Canalys Research Analyst Runar Bjørhovde.
“Economic headwinds, sluggish demand, and
inventory pileup have resulted in vendors
rapidly reassessing their portfolio strategies
for the rest of 2022. The oversupplied mid-
range is an exposed segment for vendors to
focus on adjusting new launches, as budget-
constrained consumers shift their device
purchases toward the lower end.”
“Falling demand is causing great concern
for the entire smartphone supply chain,” said
Canalys Analyst Toby Zhu. “While compo-
nent supplies and cost pressures are easing,
a few concerns remain within logistics and
production, such as some emerging markets’
tightening import laws and customs proce-
dures delaying shipments. In the near term,
vendors will look to accelerate sell-through
using promotions and offers ahead of new
launches during the holiday season to al-
leviate the channel’s liquidity pressure. But
in contrast to last year’s pent-up demand,
consumers’ disposable income has been
affected by soaring inflation this year. Deep
collaboration with channels to monitor the
state of inventory and supply will be vital for
 www.business-review.eu
Business Review | July-August
May 2016 2022
vendors to identify short-term opportunities
while maintaining healthy channel partner-
ships in the long run.”
PUSHING CAMERA CAPABILITIES
Each manufacturer’s flagship provides a
preview of the technology that will eventu-
ally be used in mid-range phones, the devices
generating the bulk of sales (over 250 million
units in the last quarter). And since most in-
novations are related to camera capabilities,
vendors are pushing the limits in that area.
The Samsung Galaxy S22 range, Google’s
Pixel 6, and the iPhone 13 series are all fo-
cused on 5G performance, perfect usability,
and better cameras. But Xiaomi, Oppo, vivo,
Motorola, and others are doing the same
things with their flagships. The last launch of
COVER
TECHNOLOGY
STORY 29
14
this kind was last month, when vivo present- low light images very well, especially by using
ed its X80 Pro at the Planetarium in Berlin. HDR to balance out bright lights in otherwise
As the camera was the most important dark scenes.
part of the device, vivo signed a strategic Furthermore, all rear lenses have Zeiss
partnership with Zeiss and tried to bring branding and benefit from the company’s T
the quality of a professional camera to its lens coating, which reduces glare and reflec-
phone. The strategic
partnership between
vivo and Zeiss has
been established for
the long term and it
is based on the two
companies’ ability
to understand the
needs of consumers
in the field of mobile
imaging. Both
companies want to
contribute to the
future of smartphone
photography, and
the R&D depart-
ment—vivo ZEISS
Imaging Laboratory—provides innovations tions. There are also a few Zeiss photo filters,
in mobile imaging through advanced optical including a Zeiss branded cinematic video
design, including rigorous lens development mode, which films in a wide cinema-style as-
and testing, extensive simulation processes to pect ratio at 24 fps (frames per second) with a
ensure excellent performance, and advanced bokeh effect, to replicate the Hollywood feel.
algorithms and measurements for optical de- All the flagships, including the X80 Pro,
sign, all with the aim of reducing distortions, are using advanced AI capabilities, which is
shadows, and color artifacts and allowing a way of improving the quality of the lenses
users to capture the perfect frame. since the optical performance will never be
Vivo’s flagship as good as that of professional cameras. As
phones earned a stated during the presentation in Berlin, all
reputation for excel- manufacturers are trying to find a balance
lent cameras over between performance, camera, battery, and
the last few years, design. For all of these to be at their best pos-
culminating with sible level, you would need to have a phone
2021’s X70 Pro+, one the size of a brick, which is not a good selling
of the best cam- point. After using the phone on a daily basis,
era phones on the we can say that the vivo X80 Pro is an excel-
market. The X80 Pro lent phone, featuring a stunning display, a
is meant to pick up good battery life, and one of the best cameras
the performance and in the industry. Software is where the flagship
it is doing so with falls behind though, since it is loaded with
a 50Mp main lens, bloatware. It is a good rival for Samsung’s S22
joined by a 48Mp or Apple’s iPhone 13, but with a price tag of
ultrawide, 12Mp 2x over EUR 1,000.
portrait telephoto Right now, we are waiting to see what the
lens, and a 8Mp 5x periscope lens. All the second half of the year brings in terms of
lenses are using the power of the new V1+ innovation from vendors. Samsung is set to
image processing chip and the main lens has launch in August, and Apple should stick to
an Isocell GNV sensor. The X80 Pro handles its usual September release.
 www.business-review.eu
30 REALTY FORUM Business Review | July-August 2022

Realty Forum 2022 – Challenges

and opportunities in the real
estate industry
 www.business-review.eu
Business Review | July-August
May 2016 2022 REALTY
COVERFORUM
STORY 31
14

Business Review once again turned the spotlight on Romania’s

major real estate players at Realty Forum 2022, an event that
provided a glimpse into the plans of the most important
developers, investors, builders, and service providers on the
office, residential, and logistics markets. Realty Forum also
hosted the launch of the 2022 Real Estate Guided Premium ”I AM PROUD TO SAY THAT THE 6,500-
SQM LEASED AREA WILL HOST THE
edition, celebrating the 21 years over the course of which it COUNTRY’S FIRST DERMATOLOGY AND
has established itself as the voice of the Romanian real estate ONCOLOGICAL SURGERY HOSPITAL IN
industry. THE PRIVATE HEALTHCARE SYSTEM.
WE’VE ALSO MANAGED TO SECURE
By Aurel Constantin OVER 30,000 SQM IN OUR OFFICE
PORTFOLIO WITH NEW LEASE

T
he current economic conditions are
not ideal, as the pandemic lingers, the
war in Ukraine continues, the energy
market is in crisis, and inflation is hitting
every pocket. But life goes on, and we have to
find solutions for everything that comes on
our way. The real estate sector was hit badly
by the rising prices of construction materials
and energy, which started last fall, bringing
many public projects to a standstill. But the
private sector has managed to keep going and
even though we won’t see as many deliveries
this year as we did last year, the demand for
new office, residential, and industrial spaces
remains high. Vlad Damian, Head of the In-
vestor Leasing Office at CBRE Romania, said
that “deliveries this year will be half of those
of last year, so we’re already seeing the effects
of the freeze in permits. Construction is on a
declining trend that’s so significant that we
cannot make a valid estimation for this year.”
But investments will continue, thinks
Andreea Cotiga, Senior Leasing Manager at
Immofinanz Romania. “In today’s condi-
tions, I think that we are going to see more
investments. At Immmofinanz, we’ve had
an intense period since the beginning of the
year, as we’ve continued to develop and
implement the myhive office concept in other
buildings in our portfolio. Towards the end
of the year, we will launch myhive Victoria
Park in north Bucharest. We’ve upgraded all
the areas of the building and have already
secured tenants for the offices. I am proud to
say that the 6,500-sqm leased area will host
the country’s first dermatology and oncologi-
cal surgery hospital in the private healthcare
system. We’ve also managed to secure over
30,000 sqm in our office portfolio with new
EXTENSIONS,” ANDREEA COTIGA,
lease extensions. We are also continuing our
SENIOR LEASING MANAGER AT
investments in our latest purchase on Calea
IMMOFINANZ ROMANIA
Victoriei, Bucharest Financial Plaza. This
property will undergo a major remodelling
scheme, which will transform the entire area.
Our aim is to be able to accommodate any
request from our tenants.”
AFI Europe, another important industry
player operating on three segments of the
market—retail, office, and residential—will
launch new projects as well as continue de-
veloping its existing properties. “Our strategy
”THE DECLINE IN THE STOCK OF NEW
is to make further investments and launch PROJECTS AND BUILDINGS IS RAISING
new projects in all 3 segments. This year, we INTEREST IN EXISTING PROJECTS. THIS
will finalise the second phase of AFI Tech IS A GOOD THING, BECAUSE IT WILL
Park, which is a 25,000-sqm office project. PUT MORE PRESSURE ON DEVELOPERS
Its construction started during the pandemic TO IMPROVE THE QUALITY OF THEIR
period and it is now complete. The second BUILDINGS AND EVEN REFURBISH THE
office project that will start in August is AFI ONES THEY OWN,” EMMA TOMA, HEAD
OF THE OFFICE DIVISION AT AFI EUROPE
”WE THINK THAT DELIVERIES THIS
YEAR WILL BE HALF OF THOSE OF LAST ”THE PERMITS SITUATION USED TO
YEAR, SO WE’RE ALREADY SEEING THE BE THE ELEPHANT IN THE ROOM, AND
EFFECTS OF THE FREEZE IN PERMITS. NOW IT’S EVEN WORSE. NOTHING
CONSTRUCTION IS ON A DECLINING IS MOVING, WE ARE JUST WAITING,
TREND SO SIGNIFICANT THAT WE AND WE’RE DISCUSSING WITH THE
AUTHORITIES, BUT TO NO AVAIL.
CANNOT MAKE A VALID ESTIMATION
EVERYTHING IS AT A STANDSTILL, AND
FOR THIS YEAR,” VLAD DAMIAN,
IT IS HURTING THE LOCAL ECONOMY,”
HEAD OF THE INVESTOR LEASING OFFICE
JAN DEMEYERE, CO-FOUNDER & PARTNER
AT CBRE ROMANIA
AT SPEEDWELL

32 REALTY FORUM
Loft, an extension of the AFI Cotroceni Mall,
a very interesting project in terms of archi-
tecture. The offices will be built on top of the
mall, to be finalised in 2025. On the residen-
tial side, we will build the AFI Home project
on Dimitrie Pompeiu Boulevard, where we
bought land last year, with 400 apartments
delivered in two phases, creating a home for
our office tenants in north Bucharest. We will
offer special packages for our office tenants.
We are also getting ready to begin construc-
tion in Arad, where we will build 30,000 sqm
of retail spaces,” said Emma Toma, Head of
the Office Division at AFI Europe.
Another important project is Vastint Ro-
mania’s MIRO Offices, the building located on
the DN1 road, with a total area of 25,000 sqm.
“The building is 89 percent finalised and we
are very happy with that. The Triama project
is in the last phase, in the east of Bucharest,
where the first two blocks are completely
sold out. We also have a project in Timisoara,
where we will begin construction in a few
months, combining 50,000 sqm of offices
with retail spaces and a residential compo-
nent of 230 apartments. Last but not least,
we have bought a very big lot in Bucharest:
Griro on Calea Grivitei. It is a very challeng-
ing project, a mixed development with things
that make me happy as an architect. We are
waiting for the construction permits,” said
Antoniu Panait, Managing Director at Vastint
Romania.
Maria Tudorica, Commercial Real Estate
Manager at Genesis Property, noted that the
projects the company manages meet all the
needs of today’s employees, since coming
to the office has become a choice for most
of them. “Flexibility has become the new
currency, and on the same note we have the
co-living element, which is somehow made
for digital nomads. The experience area will
feature a huge food court, a space for resi-
dents and other people in Bucharest to enjoy.
What we’re trying to do there is invite people
to enjoy life at the office while having access
to all the facilities they need to enhance their
professional and personal lives, letting them
enrich each other.”
PERMITTING PROBLEMS
The situation in the real estate industry is
made worse by the construction permit
freeze. Developers are having to wait months
and even years to get the papers required to
start a project. The worst case is in Bucharest,
where since city plans (PUG and PUZ) have
been suspended. “Permits are an ongoing
nightmare. Teams have been working on the
General Urbanism Plan for the last 15 years
and they have arrived nowhere. On top of
that, the PUZ is suspended. I can’t see any
way out, not for Bucharest at least, since
there is no political will to move things in the
right direction,” said Serban Patriciu, Head
of the Romania Real Estate Practice at Noerr.
“The permits situation used to be the el-
ephant in the room, and now it’s even worse.
Nothing is moving, we are just waiting, and
we’re discussing with the authorities, but to
no avail. Everything is at a standstill and it is
hurting the local economy. We need to get all
the people involved together and see what
we can do to get things started,” said Antoniu
Panait.
OFFICE MARKET TRENDS
After so many changes in the last two years,
it is difficult for the office market to predict
what companies and employees will want or
need in the future. But flexibility will surely
play an important role for employees, while
companies will search for quality offices to
offer them the best conditions. “Speaking
of trends, there are some clear directions
we’ve seen in the last 2 years. First of all,
”THE FIRST SIX MONTHS OF THE
YEAR WERE VERY PROMISING, WITH
APPROXIMATELY 500,000 SQM TRADED
NATIONWIDE, REPRESENTING 52
PERCENT OF THE TOTAL DEMAND
TRADED IN 2020, THE RECORD YEAR
FOR THE INDUSTRIAL AND LOGISTICS
SEGMENT. WE THEREFORE EXPECT
2022 TO BE A GOOD YEAR FOR
TRANSACTIONS,” DANIELA GAVRIL,
HEAD OF RESEARCH AT CBRE ROMANIA
www.business-review.eu
Business Review | July-August 2022
most of the companies that want to rent an
office space or expand their operations are
looking at new office buildings. The decline
in the stock of new projects and buildings is
raising interest in existing projects. This is a
good thing, because it will put more pres-
sure on developers to improve the quality of
their buildings and even refurbish the ones
they own. But we’ve learned that there are
activities that can be better done from home,
so not all companies have returned to the
office. The lowest office return rate is in the
”MANY OF OUR CLIENTS TOLD US THAT
THEY WANTED TO HAVE GREEN SPACES
IN AND AROUND THE OFFICES. THIS IS A
CONSEQUENCE OF THE PANDEMIC AND
THE CONFINEMENT THAT CAME WITH
IT. GREEN SPACES, GREEN FEATURES,
AND FUN FACILITIES THAT MAKE
PEOPLE FEEL HAPPY—THESE ARE THE
THINGS OUR TENANTS ARE LOOKING
FOR,” MARIA TUDORICA, COMMERCIAL
REAL ESTATE MANAGER AT GENESIS
PROPERTY
”IN MY OPINION, THE TREND OF
REMOTE AND HYBRID WORK IS NOT
TAKEN SERIOUSLY, BUT IT IS GOING
TO BE A VERY IMPORTANT TOPIC
FOR THE FUTURE. COMPANIES WILL
HAVE REPRESENTATIVE OFFICES AS
WELL AS SATELLITE OFFICES FOR
HYBRID WORK. THE REPURPOSING OF
EXISTING OFFICE BUILDINGS IS ALSO
IMPORTANT,” SERBAN PATRICIU, HEAD OF
THE ROMANIA REAL ESTATE PRACTICE AT
NOERR
 www.business-review.eu
July-August
Business Review | May 2016 2022
IT&C industry, where many employees have
decided to continue working from home,”
said Emma Toma.
INDUSTRIAL AND LOGISTICS
The second panel of Realty Forum was
dedicated to industrial and logistics spaces—
particularly on planned investments, but also
on the challenges the sector is facing today.
“The first six months of the year were very
promising, with approximately 500,000 sqm
traded nationwide, representing 52 percent of
the total demand traded in 2020, the record
year for the industrial and logistics segment,”
said Daniela Gavril, Head of Research at CBRE
Romania.
“In the first six months of the year, we
continued all the projects we have previously
started; we currently have projects in Bucha-
rest, Targu Mures, and Constanta, and we’ve
had deliveries in Pitesti and Timisoara. I think
that by the end of the year we will be able to
deliver almost 100,000 sqm which are now
under construction. Some of it has already
been delivered. From this point of view,
we’ve not experienced any deviation from
our plan,” said Sorin Preda, CEO & Founder at
Global Vision. However, he pointed out that
things could be going even better. Today’s
context is complicated, with a health crisis
that continues even after two years and with
a military conflict happening very close to
our borders. These have forced companies to
make big changes. For example, e-commerce,
a sector that grew rapidly during the pandem-
ic, had rising demand for storage spaces, but
it also had a lot of difficulties due to supply
chain problems.
The same context has required changes
in infrastructure, with a need for storage
facilities located next to highways and rail-
roads. One of these projects was developed
by ILD Romania at Decea, near the centre
of the country. “There is high demand for
spaces in the Decea project due to the nature
of the project. At Decea, halfway between
Turda and Sebes, the two main nodes on the
area’s highway system, ILD started a project
featuring industrial and logistics halls. Our
idea was to anchor a project in the centre
of the country that would serve the region
and create the opportunity of an industrial
platform for complementary activities,” said
Laurentiu-Catalin Hanu, Country Manager at
ILD Romania.
“First of all, we saw a market that needed
the services provided by the Decea intermo-
dal terminal. Intermodal transport means an
additional communication path for the region
and it means connectivity for the transport
of goods both to and from the port. It creates
predictability, which is vital for logisticians.
Retailers, in turn, are also looking at a smaller
carbon footprint, which we achieve by us-
ing rail and electric trains,” Laurentiu Hanu
added.
The quality of logistics services is very
important since they are a part of the support
offered to businesses. And in order to offer
quality, logistics companies must overcome
any challenge that may emerge, such as the
workforce shortage. As pointed out by Gabriel
Tomescu, CEO at BMF Group, a solution to
this problem may be to import workers from
Asia, but it is not simple as it takes a long
time, and time is not something developers
can spare. “In terms of support services, a
project without high quality services can-
not be successful, regardless of how big
the investment is. The first six months of
the year have been much better than I had
predicted. We’re now facing many difficult
situations; the geopolitical context has
completely changed our supply chain. But we
”AT DECEA, HALFWAY BETWEEN TURDA
AND SEBES, THE TWO MAIN NODES
ON THE AREA’S HIGHWAY SYSTEM,
ILD STARTED A PROJECT FEATURING
INDUSTRIAL AND LOGISTICS HALLS.
OUR IDEA WAS TO ANCHOR A PROJECT
IN THE CENTRE OF THE COUNTRY
THAT WOULD SERVE THE REGION
AND CREATE THE OPPORTUNITY
OF AN INDUSTRIAL PLATFORM FOR
COMPLEMENTARY ACTIVITIES,”
LAURENTIU-CATALIN HANU,
COUNTRY MANAGER AT ILD ROMANIA
REALTY
COVERFORUM
STORY 33
14
have managed to find solutions so far, as we
must deliver good services to customers,” he
concluded.
REALTY AWARDS
The event ended with Business Review’s
Readers’ Choice Realty Awards. By look-
ing at the best performing companies in the
Romanian real estate sector through this lens,
based on the metrics generated by news ar-
ticles, stories, analyses, profiles or interviews
over the past 12 months, Business Review
was able to identify the most remarkable ac-
complishments in the industry as well as the
people behind them!
”BY THE END OF THE YEAR, I THINK
WE WILL BE ABLE TO DELIVER ALMOST
100,000 SQM WHICH ARE NOW UNDER
CONSTRUCTION. SOME OF IT HAS
ALREADY BEEN DELIVERED. FROM
THIS POINT OF VIEW, WE’VE NOT
EXPERIENCED ANY DEVIATION FROM
OUR PLAN,” SORIN PREDA,
CEO & FOUNDER AT GLOBAL VISION
”THE FIRST SIX MONTHS OF THE
YEAR HAVE BEEN MUCH BETTER
THAN I HAD PREDICTED. WE’RE NOW
FACING MANY DIFFICULT SITUATIONS;
THE GEOPOLITICAL CONTEXT HAS
COMPLETELY CHANGED OUR SUPPLY
CHAIN. BUT WE HAVE MANAGED
TO FIND SOLUTIONS SO FAR, AS WE
MUST DELIVER GOOD SERVICES TO
CUSTOMERS,” GABRIEL TOMESCU,
CEO AT BMF GROUP

34 INTERVIEW
PMI’s mission: building a smoke-free future
for Romania
Daniel Cuevas, Managing Director at Philip Morris Romania, gave an exclusive interview to
Business Review and talked about the impact of the company’s investments on Romania’s
economy, the organisation’s commitment to its people, and the sustainability goals set for the
Otopeni factory.
By Mihai Cristea
What are the main takeaways of the study
you conducted with Strategic Thinking
Group about Philip Morris Romania’s im-
pact on our country’s economy?
The results of the economic footprint study
conducted by Strategic Thinking Group show
that PMI’s contribution in Romania has been
remarkable. We are an important partner for
the state, and we don’t stop here!
In 2020, the total impact of the economic
activity we carried out (direct, indirect, and
induced) was estimated at RON 4.4 billion.
The sale of our products in Romania gener-
ated RON 1.9 billion in excise duties and RON
0.6 billion in VAT.
We also generate a significant social im-
pact. PMI employs nearly half of all tobacco
sector employees in Romania. The company’s
annual employment rate growth between
2016 and 2021 was 7 percent, in contrast
to the 1 percent annual decline rate for the
entire manufacturing sector over the same
period. It took a great financial and profes-
sional effort to reach these results, but we are
really proud. We are ready to push forward
our promise to deliver a smoke-free future.
At the end of H1 2022, how much of the
promised USD 100 million has already been
invested in the Otopeni factory?
We are in the process of transforming the
business and the factory in Otopeni. Since
2017, PMI has invested over USD 500 million
in transforming the factory into a state-of-
the-art manufacturing facility for smoke-free
products. This investment was supplemented
by an additional USD 100 million, and while
we cannot disclose the amount that has been
invested so far in 2022, I can assure you that
the entire amount will have been invested by
the end of the year. Our commitment remains
clear: strong investments and a smoke-free
Romania.
How important is the development of a
skilled and professional workforce in gen-
erating added value for Romania?
PMI is no longer a cigarette manufacturing
company, as it was 10-15 years ago, but one
that develops products based on science, re-
search, and technology. This means working
with highly qualified people. In this process
of converting the factory into one that pro-
www.business-review.eu
Business Review | July-August 2022
duces consumables for smoke-free products,
our employees receive constant training. As a
result, new technologies and equipment are
being implemented in Romania for the first
time. What’s more, the average salaries paid
to our employees are well above the national
average. In 2020, the average gross salary in
the two companies operating in Romania was
1.7 times higher than the national average
gross salary.
Who are the people inside Philip Morris
Romania and what can you tell us about
the company’s investments in its work-
force?
We try to encourage our people to develop
constantly, both professionally and person-
ally. Between 2016 and 2020, the number of
trained staff increased by 39 percent, from
819 to 1,135. We also invest in new talent by
developing internal programmes. The num-
ber of internships has also increased: over the
past 3 years, we’ve hired 99 interns.
We are transforming our business in order
to provide better choices for adult smokers
who would otherwise continue to smoke.
In terms of environment and sustain-
ability, what is Philip Morris Romania’s
strategy and what type of projects have
you implemented so far?
We have set an ambitious goal of making our
Otopeni factory carbon-neutral by 2024, and
we have taken important steps already. First,
the share of renewable energies used in the
manufacturing process reached 36 percent
in 2020, up from zero in 2016; second, no
waste generated by our production activities
in the Otopeni factory reaches the landfill: 70
percent of waste is recycled externally, and 30
percent is used for energy production.
 www.business-review.eu
Business Review | July-August 2022 CONTEMPORARY ART 35

13 spaces in Sibiu become temporary homes for

contemporary art through visual arts platform
The visual arts platform (PAV), a

Photo courtesy of PAV

project that began in 2010 at artist
Dan Perjovschi’s initiative, became
part of the Sibiu International Theatre
Festival (FITS) this year, coordinated
and curated by Iris Ordean. PAV
finds itself at the intersection of two
international events: the documenta15
contemporary art exhibition in Kassel
(Germany) and the Sibiu International
Theatre Festival.

By Oana Vasiliu Johannes Vogl’s installation (Photo courtesy of PAV)

T
aking place in Sibiu, a city that wavers
between a conservatory approach
and a reintegration/redefinition of
multiculturalism, the visual arts platform
aims to illustrate this complex dynamic,
which has inherent echoes in the local
contemporary art scene. PAV brings together
artists and associative entities working lo-
cally, as well as creative voices from the rest
of Romania and from Germany—after all, the
cover PAV across 13 spaces in the city: Radu
Stanca National Theater – with the Horizontal
Newspaper signed by Dan Perjovschi and a
magnet installation designed by the artist;
the Astra Library (Lia Perjovschi), Promenada
Mall (different exhibitions and performances
signed by Ioana Sisea, Johannes Vogl, Ana
Dumitrescu, Anamaria Sut, Winael Baldus),
Sibiu State Philharmonic (performances by
ana Chiruta), the Sibiu German Cultural Cen-
tre (Sorina Tomuletiu), the art.nonstop space
(Flaviu Cacoveanu, Catalina Nistor, Miruna
Radovici), the Sibiu Zoo (Casandra Vidrighin),
the Astra Museum (Adina Mocanu), and
the Love Gallery (Dan Raul Pintea, who also
invited an anonymous artist).
“The project was also based on a series of
more or less formal discussions at the local

Photo courtesy of documenta15

plurality of different points of view is the
core concept of this first edition.
At the meeting point of these three vectors
is artist Dan Perjovschi, who divides his time
between Sibiu and various locations around
the world. A participant of this year's editions
of both documenta15 and FITS, Perjovschi
works with curator Iris Ordean to bring differ-
ent voices to the first edition of PAV.
Through the presence of artists and the in-
clusion of a series of unconventional spaces,
the visual arts platform aims to illustrate
the complex dynamics that affect the local
contemporary art scene, which is very poorly
represented in Sibiu. By participating in this
year's edition of documenta15, Dan Perjovs-
chi managed to obtain part of the project’s artists Alexandra Coroi, Bogdan Dumitrescu, level about the lack of spaces for contem-
funding, with other contributions coming Lavinia Cretu, Stefan Radu Cretu, Adriana porary art, the fact that all the initiatives we
from FITS and the German Cultural Centre in Chiruta, and artistic interventions by the have seen over the years have not lasted,
Sibiu. ALEG Sibiu Association and the Arab Cultural and the need to form a coalition with people
During FITS, which took place between Centre), the tower of the Evangelical Church involved in the creative industries—not nec-
June 26 to July 3, the public was able to dis- (with temporary projections signed by Adri- essarily just artists,” Iris Ordean explained.
 www.business-review.eu www.business-review.eu
36 CITY
Business Review | May 2016 COVER STORY 14
Business Review | July-August 2022

Summer in the city

If you have to cope with the summer heat in Bucharest, you can at least be sure that you
won’t get bored. From festivals and concerts to film screenings and various other open-air
performances, but also cool swimming pools and pedestrian areas, this summer’s agenda caters
to all tastes.
By Oana Vasiliu

Herastrau Park to chill out Enjoy Gradina cu Filme

PARKS: THE BEST WAY TO CHILL
In north Bucharest, Herastrau Park offers
both leisure and entertainment options.
What’s more, the old summer theatre has
been refurbished and it is hosting a series of
live concerts. Near the old city centre, Cis-
migiu Gardens stand out as the right spot for
relaxation for those who are downtown. Just
a few streets away there’s Izvor Park, another
good place to escape the heat.
Another spot on the list should be the Bo-
tanical Garden, a very chill alternative to the
parks, which can get rather crowded. Every
week, the garden hosts Weekend Sessions, a
series of events that let visitors enjoy music,
art, poetry, and fun.
SWIMMING POOLS
While some of the pools belong to the city’s
best-known hotels, others are part of public
or private health clubs. Regardless, most of
them have nice bars that usually also serve
food.
Check out Floreasca Swimming Pool,
which also has a charming terrace, a bar
serving delicious cocktails, and a kitchen that
specialises in burgers. Also located in the
up-and-coming neighbourhood of Floreasca,
in north Bucharest, the Pescariu Sports&Spa
complex offers a quiet retreat in an exclusive
setting. It has an indoor swimming pool that’s
open all year and three outdoor pools for the
summertime.
Located on Calea Victoriei, one of Bucha-
rest’s busiest roads, the Radisson Blu outdoor
swimming pool also has a pool bar and a
patio. Our recommendation? Head to the pool
on Sundays for a brunch that features hearty
food, fine wines, and scrumptious desserts.
You should also take a look at Europe’s
largest wellness complex, Therme Bucuresti,
a 15-minute drive from Bucharest, which
starting this summer is offering a 30,000-sqm
urban beach.
PEDESTRIAN AREAS
The “Open Streets – Bucharest, Urban Prom-
enade” event, which closes several streets
in Bucharest to vehicle traffic, is going to
continue until October 16. Several pedestrian
areas are set up in the central area of the city
as part of this project, namely Calea Victoriei
and adjacent streets, George Enescu Square,
Universitatii Square, Unirii Boulevard, and
Kiseleff Road. New streets are being added
for pedestrian-only traffic each week; the City
Hall announces each weekend’s programme
on Fridays. Kiseleff Road hosts a street food
festival each weekend, featuring plenty of
food options—we’ve even spotted gluten-free
products—as well as live concerts.
ARTS & MORE
Gradina cu filme (The movie garden – Lah-
ovari Square) has a consistent schedule of
film screenings, with Romanian, European,
and international selections, plus concerts,
stand-up comedy, and theatre plays.
Unteatru is putting on theatre perfor-
mances in the garden at Casa Universitarilor
(Romana Square), and also hosting events
that bring live music, films, and children’s
entertainment, all offering an overall vacation
vibe. One of the most beloved summer music
festivals is Summer Well (Aug 13-15), whose
headliners this year are Arctic Monkeys. Many
other famous international bands will create
a wonderful party atmosphere at Domeniul
Stirbey, alongside lots of fun festival activi-
ties. East European Comic Con is returning to
Bucharest (Aug 26-28) and promises to be a
cool cosplay event, with attendance by inter-
national actors, music, games, and all sorts of
related entertainment options.

38 CITY
Cultural calendar
Art Safari
Until August 7, Dacia Palace
For this edition, the event will
showcase the work of Theodor
Aman, Pablo Picasso, Salvador
Dali, Reuven Rubin, Irina Drag-
omir, and Barbara Klemm. The
central pavilion—Picasso, Dali &
Falla – Le Tricorne—will present
the work of Pablo Picasso and
Salvador Dalí created for Manuel
de Falla’s ballet, Le Tricorne. Art
Safari’s contemporary pavilion
will feature the Irina Dragomir.
Red, yellow, and blue exhibition,
while the guest pavilion will
showcase the Who was Reuven
Rubin? exhibition, dedicated
to the work of Romanian-born
Israeli artist Reuven Rubin (1893-
1974). The anniversary pavilion
will present the photography
exhibition Barbara Klemm. Light
and Dark. curated by Matthias
Flügge, which features works by
one of Germany’s most distin-
guished photographers. The
exhibition dedicated to Theodor
Aman, curated by Elena Olariu,
aims to highlight the personal-
ity of the artist who founded the
local School of Fine Arts.
Anonimul Film Festival
Aug 7-14, Sfantu Gheorghe,
Danube Delta
This edition of the Anonimul
Film Festival brings to the
Danube Delta several Romanian
films awarded at international
festivals, including Cannes or
San Sebastian. The programme
includes two short film competi-
tions, covering Romanian and
international productions, a fea-
ture competition, and screenings
outside the competitions. The
screenings are accompanied by
meetings and dialogues between
the filmmakers and the public,
which are free of charge.
Summerwell Festival
Aug 12-14, Mogosoaia
Summer Well 2022 is just 30
minutes away from Bucharest, on
24 hectares of forest, where over
30 artists will perform during the
three-day festival, on 4 stages
located on the Stirbey Estate. Set
for August 12-14, Summer Well
2022 is this year’s first sold out
Business Review | July-August 2022
By Oana Vasiliu
music event in Romania. And the
good news continues for those
who have already bought tickets:
Blu DeTiger, Dylan Fraser, and
Jadu Heart will be part of the
main stage line-up, along with
Arctic Monkeys, Nothing But
Thieves, Jungle, Future Islands,
Inhaler, Channel Tres, Alice Mer-
ton, Roosevelt, Self Esteem, Sad
Night Dynaminte, Lea Porcelain,
and Hayes & Y.
James Arthur concert
Aug 16, Roman Arenas
James Arthur is one of the most
successful British artists, with
over 2.5 million albums sold
worldwide. James won the X
Factor in 2012 and he is still the
most successful artist to take
part in the competition. In the
4 years since his launch on the
music scene, James Arthur has
performed in Europe, North
America, and Asia. He has shared
the stage or collaborated with
artists such as Kelly Clarkson,
One Republic, Machine Gun
Kelly or Westlife. Tickets are still
available.
Ideo Ideis Festival
Aug 17-22, Alexandria
www.business-review.eu
During the festival’s 17th edi-
tion, teenagers from 10 theatre
companies across Romania will
be guided by a team of 32 artists
in a week of exploring theatre
through several types of art.
Liviu Pintileasa, Florentina Tilea,
and Gabriel Rauta will be joining
the mentors this year, and among
the absolute novelties of the
edition are two workshops where
participants will experience the
process of creating behind-the-
scenes makeup and virtual real-
ity, in addition to photography,
music, dance, film, and creative
writing.
East European Comic Con
2022
Aug 26-28, Romexpo
The event has been celebrating
pop culture in Bucharest since
2013, bringing together all those
who love comic books, movies,
TV series, Sci-Fi and fantasy,
gaming, Japanese culture, An-
ime, Manga, boardgames, trading
card games, and technology. It is
no secret that the famous San Di-
ego Comic Con International was
the main source of inspiration for
this event. After many editions,
the East European Comic Con has
become one of the most impor-
tant events of its kind in Europe
and the most important event in
Eastern Europe.