**Bucharest**: The latest PwC Romania report reveals that companies must adapt to survive in a changing landscape. Business leaders highlight the need for innovation and strategic investment amidst geopolitical challenges, with a focus on energy security and technological advancement shaping Romania’s future growth potential.
In a landscape characterised by uncertainty, geopolitical conflict, and rapid technological advancement, companies in Romania must continuously transform to remain competitive over the next 10-15 years. This assertion is backed by insights from prominent corporate leaders featured in a report from PwC Romania, which encapsulates responses from a recent CEO survey conducted by the consultancy.
Daniel Anghel, Country Managing Partner at PwC Romania, highlighted the stark reality that statistics indicate approximately half of existing companies could cease operations within a decade or so. He emphasised the pressing need for continuous adaptation due to technological evolution, legislative changes, climate challenges, and geopolitical instability. “Business leaders in Romania are increasingly aware of the need for this transformation,” Anghel stated, noting an uptick in investments directed towards innovation, efficiency, and new technology adoption as firms strive to meet evolving customer demands.
Christina Verchere, CEO of OMV Petrom, commented on the complexities businesses are facing as they navigate a myriad of challenges, including recent legislative changes that have introduced new layers of difficulty. Verchere detailed that OMV Petrom is entering a critical investment phase, with an average annual investment of €1.7 billion planned for 2024-2026, aimed at bolstering Romania’s energy security. She stressed the importance of having a competitive investment framework, advocating for stable regulations and favourable fiscal policies to harness the full potential of Romania’s energy resources.
Alessio Menegazzo, CEO & Country Manager of PPC Romania, underscored a transformative need within Romania’s energy mindset. He remarked that despite Romania’s capacity for energy production, there remains a longstanding dependence on imported resources, dating back to the 1980s. Menegazzo explained that the energy transition is not just essential for diversification but is also economically beneficial. He posited that the greatest value of natural gas lies not merely in its consumption but in its application within the chemical industry and for energy efficiency.
Sergiu Manea, CEO of BCR, identified strategic opportunities for Romania amid ongoing changes. He spoke of the potential for Romania to attract significant industrial investments and optimise production chains to become a regional manufacturing hub. Manea also pointed to offshore resources in the Black Sea and investments in energy infrastructure as pivotal to establishing Romania as a central player in Europe’s energy network.
In the realm of technology and innovation, Ela Moraru, Country Manager of Google Romania, accentuated the expansive opportunities presented by artificial intelligence (AI). She conveyed that AI heralds a new era of socio-economic advancement, with the potential to revolutionise industries in Central and Eastern Europe. Moraru’s insights reflect a broader recognition of AI’s capability to enhance productivity and foster innovation across various sectors.
Gilles Ballot, CEO of Carrefour Romania, noted the influence of the political and geopolitical context on consumer behaviour and the Romanian economy. He observed a shift towards local production and increased consumer preference for domestic and health-conscious products, driven by economic challenges and a changing mindset among consumers. According to Ballot, this trend underscores a growing emphasis on quality and transparency in the marketplace.
The report presents a collective acknowledgement from these executives that while challenges abound, Romania stands at a pivotal juncture ripe with possibilities for strategic growth and transformation across energy, technology, and investment landscapes.
Source: Noah Wire Services
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