CLUJ TECH STARTUP HIRES 70 SOFTWARE ENGINEERS IN JUST OVER A YEAR 16

TECH SECTOR MAY BE ROMANIA’S BIGGEST ECONOMIC STRENGTH 20

MICROADVENTURES: THE GREATEST TRAVEL TREND OF 2022 26

March, 2022 / Volume 26, Issue 2 www.business-review.eu BUILDING LEGACY THROUGH ART 36

PEOPLE
TO WATCH
IN 2022
www.business-review.eu
Business Review | March 2022 EDITORIAL 3

• Editorial • COVER STORY

Anda Sebesi
• Editor-in-Chief •

6 People to watch in 2022

HOTEL MARKET

18 Joining forces on the

Learning from the past
local hotel market

to create a better future ENTREPRENEURSHIP

Russia’s invasion of Ukraine could become the biggest military 20 Tech sector may be
Romania’s biggest economic
action in Europe since 1945. It also marks a new era of high-risk
strength
economic warfare that could further splinter the world economy.
The measures the West has imposed on Russia are so potent that
22 Romania’s OECD
accession could change
they have triggered chaos in its USD 1.6 trillion economy, according funding approach for local
to the online edition of The Economist. startups
The current international context is doubled by a record-high
increase in natural gas prices in Europe as well as by covid-19 TRAVEL
pandemic, which even though is now on a visible downward trend,
still raises concerns for the months to come.
Although it is difficult to predict what 2022 will look like in light
of recent political and economic developments, 2021 was a very
good year for many sectors in Romania, during which companies 26 Microadventures:
from a series of industries like real estate, retail, IT, finance or bat- the greatest travel trend
tery production saw their businesses growing and posting major of 2022
achievements, from positive financial results to expansions to
other markets and successfully keeping their teams intact. CITY
This is why we have dedicated this month’s cover story to the
people everyone should watch in 2022. They are CEOs of large
34 Rural culture crops:
companies who have succeeded to generate growth in these tur- preserving the cultural
bulent times by harnessing market opportunities and transforming life of Romania’s
challenges into new development opportunities for their compa- countryside
nies. They have also learned to not be afraid to take risks and al- 36 Building legacy
ways see the positive side of a new challenge, no matter how many through art
disappointments they experience in their business endeavours. 38 Cultural calendar
EDITOR-IN-CHIEF: Anda Sebesi JOURNALISTS: Aurel Constantin, Mihai Cristea, 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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SALES MANAGERS: Radu Fireteanu, Alexandra Rosca MARKETING & SALES MANAGER: Luiza Luca Apr 2015 - Mar 2016

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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
Oana Stamatin
has been appointed as ESG
Chief Officer at Colliers Central
and Eastern Europe. Previously
having served as the Deputy
Head of Green & Healthy Build-
ings Certifications and Building
Surveying at Colliers in Roma-
nia, Oana will be responsible
for the implementation of
ESG goals in the CEE region
as set out in Colliers’s global
ESG approach, which was
launched in 2021. Additionally,
she will develop and build an
ESG education programme for
CEE employees and launch a
marketing and communication
strategy for ESG services.
Mihai Voicu,
the General Manager of BER-
GENBIER SA, part of the Molson
Coors group, was elected Presi-
dent of the Romanian Brewers
Association. Voicu took over
this position from Paul Bar-
nett, the President of URSUS
Breweries, who had held the
position since June 2021. Mihai
Voicu has been the General
Manager of BERGENBIER since
March 2020. He joined the
Molson Coors group more than
11 years ago, previously having
worked as General Manager at
Kamenitza Brewery Bulgaria
and Sales Manager at BERGEN-
BIER SA.
page 5
43% of business leaders say boards
lack commitment to ESG factors
By Deniza Cristian
Massimo Bettanin, EY Romania
The annual EY Long-Term Val-
ue and Corporate Governance
Survey highlights a significant
rise—from 66 to 84 percent—of
board and C-suite members
who say the covid-19 pandemic
has increased expectations
from consumers, employees,
governments, and the broader
society for companies to drive
societal impact, environmental
sustainability, and inclusive
Holde Agri Invest posts net
profit of more than
RON 7 million in 2021
Holde Agri Invest, a Romanian
company that operates agricul-
tural land, posted consolidated
revenues of RON 59 million in
2021, 46 percent higher than in
2020, and a net profit (accord-
ing to IFRS) of RON 7.3 million,
a 38 percent increase compared
to 2020. Following the acquisi-
growth. However, there’s also
been an increase—from 28 to 43
percent—in respondents identify-
ing a lack of commitment from
boards towards making decisions
that fully integrate ESG factors
in ways that generate long-term
value.
The survey also identifies ten-
sion between the advantages of
ESG-driven corporate strategies
fostering long-term, inclusive
tions made during the year, the
company currently operates a
total land area of almost 10,000
hectares in its three core farms –
Rosiori, Frumusani and Videle,
of which 1,900 hectares are
organic farming land.
In 2021, Holde generated
28,301 tonnes of technical crops,
www.business-review.eu
Business Review | March 2022
growth and leaders’ willingness
to support this through corpo-
rate governance. 66 percent of
leaders combined see the top
two advantages of integrating
ESG factors in their corporate
strategy as first, creating long-
term value through new ESG-
driven products and services,
and second, ensuring resilience
to ESG risks. 83 percent of re-
spondents said they would like
mandatory reporting of ESG
performance measures against
global standards.
“ESG is now part of daily
business discussions at all level
of the organisation and with
external stakeholders. Howev-
er, such increased attention on
ESG can produce tangible and
long-term results only if it is
an integral part of the business
strategy and is factored into
the organisation’s governance
framework,” says Massimo
Bettanin, Partner for Climate
Change and Sustainability at EY
Romania.
Compared to
the 2019-2020
agricultural
year, Holde’s
total production
increased by
18 percent
www.business-review.eu
Business Review | March 2022
Biofarm’s net profit up 11% in 2021
By Deniza Cristian
Biofarm, one of the biggest
drug manufacturers in Roma-
nia, reports positive develop-
ments in its preliminary 2021
results, with a turnover of RON
239 million and a net profit of
RON 60 million, up 11 percent
from 2020. In addition, the
company reported an EBITDA
of RON 82 million, up 10 per-
cent from the previous year.
“Innovation, the driving
force behind Biofarm’s mission,
is strongly reflected in the
figures for 2021, a year marked
by significant achievements in
all areas. The most important
events that defined Biofarm
in 2021 were the celebration
of 100 years of uninterrupted
activity, the inauguration of
one of the most modern drug
factories in Romania, and the
launch of Biofen Extra, which
helped us activate one of the
most important CHC categories
in terms of business potential,”
said Catalin Vicol, General
Manager at Biofarm.
In terms of sell-out (sales
from pharmacies to patients),
The company reported an EBITDA of RON 82 million
Biofarm finished last year in sec-
ond position in terms of volume,
and in fourth position in terms
of value in the CHC (Consumer
Health Care) category.
Constant investments in in-
creasing brand capital, especially
for the top brands in Biofarm’s
portfolio, were also an important
pillar of 2021. The process of re-
vitalising the visual identity of 9
other brands in Biofarm’s portfo-
lio was also completed in the past
year. Consistent resources have
also been allocated to launch
new 360-degree communica-
tion campaigns to increase
notoriety and test rates for
portfolio brands.
Biofarm’s portfolio covers
the most important thera-
peutic areas in the Consumer
Healthcare division: digestive
& metabolic, respiratory & ORL,
cardiovascular & circulatory,
nervous system, and multivita-
mins, with over 20 representa-
tive brands.
of which 2,121 tonnes of organic
crops of wheat, sunflower, and
peas, as well as 26,180 tonnes
of conventional crops of wheat,
corn, rapeseed, sunflower, and
soybeans. Compared to the 2019-
2020 agricultural year, Holde’s
total production increased by
18 percent. On the one hand,
this evolution was determined
by the optimisation of its used
mechanised fleet and the newly-
implemented production pro-
cesses, and on the other hand, by
meteorological factors.
NEWS 5
Giani Kacic
is the new global CFO of
TEILOR. With over 23 years of
professional experience in the
financial field, spanning across
multiple industries such as
pharmaceuticals, oil and gas,
and real estate, Giani Kacic will
be responsible for the compa-
ny’s financial activity globally.
Before joining TEILOR, between
2018 and 2021, Giani held the
CFO position at Impact Devel-
oper & Contractor. Previously,
for 15 years, he worked in
various management positions
within Rompetrol, part of the
KMG International Group.
Laura Alina Dezsi
has been appointed by Alexan-
drion Group as its Commercial
Director for Romania. She
will coordinate the activity
of the sales traditional trade,
sales key accounts, consumer
marketing, and events manage-
ment teams, reporting directly
to Nawaf Salameh, the Group’s
Founding Chairman & CEO.
Mike Hapoianu
joined Portland Trust as Office
Leasing Manager in early
February. Mike has extensive
experience in sales and real
estate, in Romania, the United
States, Poland, Turkey, and
Bulgaria. He will coordinate all
leasing activities for new ten-
ants and take over existing ten-
ant relationships for Portland’s
managed office developments.
Previously, Mike was the
General Manager of Mindspace
Romania & Poland for two and
a half years.
 www.business-review.eu
6 COVER STORY Business Review | March 2022

PEOPLE
TO WATCH
IN 2022

Even as the coronavirus pandemic continued

to make waves in 2021, the local business
environment managed to overhaul its strategies
in order to post positive results, build new
business plans, and deal with the difficulties
generated by the crisis. But at the same time,
companies were also hit by issues like rising
energy costs and the lack of specialised
workforce. Nevertheless, the last two years
have taught business leaders one of the
most valuable lessons: that any crisis can be
turned into in a real opportunity for further
development. Business Review talked to the
leaders of some of the most dynamic industries
in Romania to find out how they’ve managed to
find success during the pandemic and discuss
their plans for 2022. Read on to learn all about
the business leaders you should watch in 2022!

By Anda Sebesi
www.business-review.eu
Business Review | March 2022 COVER STORY 7

A visionary business woman

Having made her mark on some of IMMOFINANZ Romania’s major business
accomplishments last year, Fulga Dinu, Country Manager Operations, sat down with
Business Review and talked about the real estate developer’s plans in Romania for this year.
By Anda Sebesi

2
021 was quite a challeng- were just three of IMMOFINANZs
ing year for Fulga Dinu, but many major business accomplish-
for different reasons than ments in 2021. In short, the posi-
2020. While the uncertainty of the tive side of 2021 for the company
pandemic continued in 2021, the had to do with all the innovative
element of surprise was gone, as transactions it managed to close.
business players had learnt how “I should also add that this was
to tackle the situation. “Since I possible thanks to a wonderful and
identify with the company quite dedicated team that remained mo-
closely, last year’s strategy was tivated and open-minded through-
based on moving ahead with plans, out the rather harsh times we were
quickly adapting to any unex- going through,” Dinu notes.
pected circumstances, and working In 2022, Dinu says that the
to achieve our goals. This strategy company will roll out its interna-
was proven right,” she says. Yet the tionally recognised myhive office
pandemic context remained the brand in yet another office build-
top challenge of 2021, and it meant ing. “In addition, as if we were
steering the IMMOFINANZ busi- able to foresee the new demands
ness sturdily through rough wa- brought along by the pandemic in
ters. “However, I strongly believe the office segment, we will also be
that unexpected situations can also launching our flexible offering in
generate amazing opportunities, so the myhive buildings, a solution
I would say that last year was quite that will allow our customers to
a successful one,” Dinu adds. enjoy full flexibility, whether for
At IMMOFINANZ , 2021 was short or long term leases, in terms
marked by innovative strategies of both the spaces (from single
and solutions. The company started off the year by acquiring the for- desks to fully serviced and furnished office spaces) and the services
mer BCR headquarters on Victoriei Avenue, a landmark building that they require. We shall also continue investing in our retail properties
will undergo a major refurbishment which will not only transform in order to increase their attractiveness and help them adapt to the
the building’s appearance, but also rejuvenate the entire Bucharest ever-changing market requirements,” she says. Although 2022 looks
old centre area. Then, IMMOFINANZ signed a long-term lease in promising, it will also be marked by the energy crisis. “Our industry
one of its newly refurbished buildings in IRIDE Park —the refurbish- will continue to be influenced by the fast-changing demands of our
ment had been carried out successfully in pandemic year 2020—with customers, in both the office and the retail segments, but we’re al-
Provita, a renowned hospital operator, thus reshaping the perception ready working on solutions that will certainly turn out to be right for
of the Dimitrie Pompeiu area and opening a new line of business for them. I’ve already mentioned our flexible office product, and for the
the real estate developer. “And retail segment we’re looking to
last but not least, we started make the shopping experience
the refurbishment of our VIVO! more convenient, family-
shopping centre in Baia Mare, oriented, pleasant, and safe. In
which was also marked by a a nutshell, we will continue to
first as our partner Lidl opened do business in a sustainable,
a store inside a mall for the first successful, and ever-adapting
time in Romania.” And these manner.”
 www.business-review.eu
8 COVER STORY Business Review | March 2022

Pushing for transformative solutions

Julien Munch, the CEO of Carrefour Romania, says that his main strategic pursuits
this year will include online and offline expansions and strong focus on proximity
formats, staying true to the company’s omnichannel profile. At the same time, the
company will continue to partner up with local farmers and producers in order to
provide fresh local products to its customers.
By Anda Sebesi

J
ulien Munch became the CEO of Carrefour Romania has been focused
Carrefour Romania at the begin- on its partnerships with local farm-
ning of 2021 and, since localisa- ers and producers in order to always
tion is a very important direction for provide fresh local products for its
the company and also something he customers. The Gradinile Noastre din
strongly believes in, he travelled over Zarand Cooperative and its 20 farm-
7,000 km to explore Romania and gain ers, along with more than 130 other
a better understanding of the local con- farmers in the Varasti Cooperative,
text. “It was essential for me to meet are two such examples. “We will also
and talk to experienced colleagues, continue to invest money, know-how,
local producers, and customers, on top and human resources in cooperatives.
of what I did in my day to day work, in We are currently collaborating with
order to understand their needs and the Varasti and Gradinile Noastre din
continue to adapt our strategy accord- Zarand cooperatives. To these we
ingly,” he explains. can add flagship programmes such as
The pandemic and its risks and the Crestem Romania BIO and Deschidem
associated restrictions have been the Vinul Românesc, which continue to
biggest challenge for Carrefour Romania recently, but it has relied on grow each year,” he adds. From a financial perspective, the retailer
its agility. achieved results that came in line with its expectations and con-
As such, 2021 saw a series of major business achievements for firmed the volatility surrounding the retail sector. “We recorded a 2
Carrefour Romania, which continued its expansion both offline and percent growth in sales in comparable terms, driven by high client
online, by opening 27 stores, of which 23 in the Express category. It satisfaction, despite the fact that our hypermarkets in commercial
also made moves in the e-commerce area, continuing its expansion centres were impacted by restrictions.”
with Bringo and crossing the threshold of 100 stores included in Munch says that this year, the company will keep a strong focus
the platform. “The launch of the 30-minute fast delivery service for on its proximity format and omnichannel model. Equally important
small formats in August 2021 contributed to this figure. Six months are partnerships with local producers, as part of its global Act for
after its launch, the service is already available in 9 cities and Food commitment. “We now have the highest number of partner-
includes 48 stores. Our objective is to bring it to all major Romanian ships with local producers on the market, namely more than 1,000,
cities this year,” says Munch. 300 of whom are ultra-local producers who only deliver small quan-
The relationship with customers was another area of focus last tities to stores in their vicinity. These are partnerships that benefit
year for the retailer, which launched the Act for Good programme. the local economy, the farmers and producers involved, as well as
The unique digital platform in the Carrefour app transforms shop- our customers, who have access to an increasingly rich assortment
ping into a personalized experi- of Romanian products through
ence with social impact, and in the Carrefour network,” Munch
doing so attracts responsible notes. As for the future, Munch
consumers. “In just one year, puts it simply: “Quick and
the Act For Good programme smart reactions in this complex
reached 1 million active app environment, coupled with a
users and 6 million monthly long-term vision, will make a
visits”, underlines Munch. difference in both the private
For the past several years, and public sectors.”
www.business-review.eu
Business Review | March 2022
Perfection is in the details
The local construction market is very dynamic and it is dealing with many challenges,
the most critical being the shortage of specialist workforce. BR sat down with
Razvan Parvulescu, Business Development Coordinator at BTDConstruct & Ambient,
to find out how the company did in 2021 and gain insight into its plans for this year.
By Anda Sebesi
B
TDConstruct & Ambient, a
Romanian construction com-
pany founded back in 2013,
saw intense business activity last year,
when it continued construction for
several projects started in the previous
year, but also focused on winning new
contracts in the residential sector.
“Even though last year was still
marked by the pandemic, I can certain-
ly say that overall, it was a good year.
Businesswise, the industry experienced
a remarkable recovery, and personally
I was pleased that we have been able to
hold physical meetings again. The busi-
ness atmosphere was occasionally dy-
namic; we attended MIPIM [the world’s
leading real estate event] in September
last year, together with a joint delega-
tion of various companies operating in
the Romanian construction industry,”
says Razvan Parvulescu.
BTDConstruct & Ambient specialises in offering integrated services,
from architectural projects to superior engineering, project manage-
ment, and complex digital systems. The company’s core mission is
driven by a simple concept: details make the biggest difference.
Confirming its high-quality work, the company last year ranked
18th in the Top 100 General Contractors in Construction (an inde-
pendent ranking published annually by IBC Focus). “We were also
nominated for Best Constructor of the Year at the 2021 CIJ Awards
Gala Romania,” says Parvulescu. As human resources are crucial for
the success of any business, the BTD Group of Companies (with
BTDConstruct & Ambient at its core) has a team of professionals
which is constantly growing,
having now reached approxi-
mately 200 specialists in fields
such as Project Management,
Construction Works Manage-
ment, and Business Support.
Digitalization has also
been a top priority for
BTDConstruct & Ambient over
COVER STORY 9
the past two years, as representatives
believe it will bring considerable bene-
fits to the company over the long term.
“Our employees are already using a
dedicated system: the 5D BIM Model-
ling programme. In terms of a timeline,
we expect BTDConstruct & Ambient
to be a fully digitalized company by
the end of the third trimester of 2022,”
Parvulescu notes. In terms of financial
performance, he says that based on the
company’s current projects and plans
to increase and diversify its portfolio,
it is expected to reach a new financial
milestone in 2022 in terms of turnover,
especially since last year’s turnover
maintained an upward trend, exceed-
ing EUR 61 million.
Asked about the biggest challenges
of last year, Parvulescu says that
having an adequate workforce that
includes specialists, craftsmen, and
skilled construction workers remains a challenge for the company,
as it is for other players in the industry as well. “In fact, the lack of
labour force, at all levels of specialisation, is considered to be the
biggest problem facing the industry in Romania.” He adds that the
social and economic uncertainty was another difficult part of 2021.
“At the beginning of last year, this was my main concern. But once
vaccination became available, I was able to see things more clearly
and plan my actions more accurately.”
Parvulescu says that BTD sees the Romanian construction
market as being dynamic and ever-developing. “We’re seeing a tech-
nological revolution on the horizon, as a result of the more intense
pollution, on the one hand,
and of the insufficient labour
force on the other. Green
buildings and sustainable
projects are starting to domi-
nate the conversation, and
we are strongly supporting
the move towards resource
efficiency.”
 www.business-review.eu
10 COVER STORY Business Review | March 2022

Optimistic signs for the local

real estate market in 2022
After building a new terrace at Timpuri Noi Square and planning the project’s Phase 2,
which will be focused on the retail component, Vastint Romania has high expectations of
2022. BR sat down with the company’s Managing Director, Antoniu Panait, to talk about
plans and objectives for this year.
By Anda Sebesi

A
lthough slightly a result of the company’s
uncertain, 2021 high quality projects and
turned out to be the safety measures it
suitable for business deci- implemented during this
sions. As a real estate com- period. “Secondly, busi-
pany, Vastint Romania con- ness wise, we managed
stantly analyses the needs to add a new terrace at
of the market, its potential, Timpuri Noi Square and
whether clients’ requests we are planning Phase 2 of
match its own standards, this project which will be
and so on. “Having the focused on the retail area.”
ability to reflect upon all As for the company’s
these details has proven plans for this year, Panait
very useful, allowing us to says that work on Phase
be more confident that the 2 of Timpuri Noi Square
projects we embark on are will begin as soon as the
the most suitable for the market will allow it. “2022
Romanian market,” Panait started on a positive note,
says. as we’ve been seeing an in-
The pandemic has not crease in office space lease
only disrupted people’s daily routines and interactions over the past requests.” He adds: “As humans are social beings, it’s clear that two
two years, but it has also wreaked havoc on their mental health. years have been more than enough to understand that working from
“The constant changes that companies have had to deal with have home doesn’t work for everybody, and therefore we are expecting
represented major business challenges, and they’ve resulted in the number of employees who return to the office to continue grow-
significant fluctuations both in tenant presence in offices as well as ing. 2021 had a slightly higher rate of predictability than 2020, and
in the general demand for office space,” Panait explains. However, we’re preparing for an even more business-friendly 2022.”
he adds that thanks to its high technical standards, Vastint Romania Panait says that it is still too early to predict how 2022 will end,
could provide the best possible working conditions to its tenants. but that this doesn’t stop Vastint Romania from being positive and
“Our main focus has definitely been to ensure excellent conditions confident that the real estate industry will move forward at full
for everyone who entered our buildings.” speed in the coming period. “The market has been learning and
Asked about Vastint adapting in the last
Romania’s achieve- two years, and we will
ments of last year, definitely see more
Panait says that the deals being closed in
biggest one was that 2022. And hopefully,
the company managed the global situation
to keep all its employ- will be safe enough to
ees safe and healthy allow us to carry on
while at the office, as with our plans.”
www.business-review.eu
Business Review | March 2022 COVER STORY 11

Building strong teams

and long-lasting partnerships
Metro Romania CEO Adrian Ariciu had a very good 2021, as his company recorded
an increase in turnover and made significant progress in all its business areas.
By Anda Sebesi

“
As CEO, my priorities have potential and in the success of the
been and will always be to wholesale model. It takes courage
build and invest in a strong to consolidate a business model in
team and establish long-lasting a modern economic environment,
partnerships with our professional but if the priority is the customer
clients and partners.” This is what and if processes are designed to
Adrian Ariciu, the CEO of Metro help and contribute to the success
Romania, said at the beginning of of their business, good results will
our interview with him. Last year follow.”
was very good for the company, From a financial perspective,
as it managed to achieve several METRO Romania recorded an in-
important goals. The retailer ac- crease in turnover last year. “This
celerated the expansion of the growth was mainly based on the
LaDoiPasi franchise, optimised its accelerated development of the
logistics processes, and developed LaDoiPasi franchise, the expan-
digital solutions and a multichan- sion of the logistics centre that
nel business model for its profes- provided us with optimal capacity
sional customers. This required an to cope with the growing demand,
effort from the whole team, to keep the product range aligned with as well as the company’s digital transformation, which contributed
demand and ensure its availability at the highest quality standards. to the streamlining of internal processes.”
“To stay on top of the ever-changing market, we started a major Asked about the challenges the local retail sector may face this
digitalization process, its main goal being to accelerate and develop year, Ariciu says that we’re witnessing an increase in food prices and
digital solutions that respond to today's requirements. This is an that the cost of the average shopping cart is likely to rise further.
essential process for us and we have made substantial investments, In the production cost structure, we can already see an impact on
and the results can be seen on all levels,” he says. Among the digital logistics, transport, wage increases, auxiliary materials, packaging
products launched by Metro Romania last year were DISH, a plat- or non-food products. “The greatest challenge for the retail sector
form for hospitality businesses, and the METRO app, an alternative may come from potential consumption habit changes following a
to the traditional card that clients use to access electronic invoices, decline in consumers’ financial resources. Due to the price increases,
see real time product availability and prices, and find the latest dis- consumers will look for the cheapest products in each category,” he
counts and catalogues. explains.
Ariciu says that the acceleration towards e-commerce that was This year, Metro Romania will focus on three growth pillars:
imposed by the pandemic has forced the company to improve its developing an ecosystem of digital solutions for its professional hos-
existing services as well as develop new ones that meet today's pitality clients and traders; accelerating its food service delivery pro-
needs. “It is clear that digitalization and e-commerce will also domi- cess to better serve its professional multichannel customers without
nate 2022, as they are any gaps in supply and
essential strategic ways product quality; and ex-
to improve consumer panding the LaDoiPasi
experience. However, franchise to 2,000 stores
these will only be able to by 2023, maintaining its
evolve with optimised lo- position as the market
gistics. I am confident in leader in franchised
the Romanian market’s convenience stores.
 www.business-review.eu
12 COVER STORY Business Review | March 2022

Focus on consolidation
With innovation at the core of its business strategy, Leader Team Broker has developed
a visionary approach that enables it to provide insurance to companies in 20 EU member
states. Founder Razvan Rusu says that his focus in 2022 will be on consolidating
the company’s product portfolio and team.
By Anda Sebesi

L
ooking back at 2021, Razvan expansion. In addition, its prod-
Rusu says that although uct portfolio was adapted and
it was difficult from many upgraded in order to adequately
points of view, it was also a year serve companies in 20 EU member
when the company took advan- states. It was also the best finan-
tage of new market opportunities cial year in the company's history,
and, to some extent, implemented despite the difficult economic con-
lessons learnt during the previ- ditions. “We brokered premiums
ous crisis. “The 2008-2009 crisis worth more than EUR 7.2 million,
taught us that the biggest mistake which is an increase of about 20
you can make in difficult times is percent compared to the previous
to panic. Instead, you must take a year. Plus, we managed to retain
step back, look at the market and almost all of our people, which is
the economic climate as a whole, a real achievement in the current
then reinvent yourself and come context,” Rusu notes.
up with new solutions that are The crisis on the labour market,
adapted to economic realities,” he which has been affecting the
argues. Romanian economy for years now,
The world is changing at a much has also reached the insurance
faster pace than it did in the 80s sector. It's getting harder and
and 90s, and the jobs which are harder for players in the field,
emerging at an unprecedented speed, especially in technology, also including for Leader Team Broker, to find insurance specialists. “We
require insurance. “Traditional products are not adapted to these are not lacking ideas; we are running short of people interested in
new jobs, and that's what we are doing: redesigning and creating in- learning and implementing our innovations.”
surance products to keep up with the changes and find our place in This year, Leader Team Broker will continue to innovate and
the new economic paradigm.” For example, the company launched develop new products that respond to market needs, as well as
the IT Professional Liability and Cyber Risk Insurance in 2019, which strengthen its territorial expansion in Europe, which it began last
Rusu says is now one of the company’s best-selling products and it year. “The watchword in 2022 will be consolidation, at both the
is expected to continue growing in the coming years. “The insur- product portfolio and the team level. For us, the challenge will be to
ance market is increasingly dynamic, and we work to identify new find new markets and new areas where we can come up with new
needs that arise, create the right products for these needs, present products to offset any losses we may incur from bankruptcies or
them to our partners in Romania or in London, and thus often come budget cuts in areas we’re currently covering. Innovation will there-
up with first-time of- fore be extremely
fers for companies in important in the com-
Romania and Europe,” ing period, as it will
he explains. help us find products
In 2021, Leader that respond to new
Team Broker created trends and changes on
a product dedicated the market and help
to Amazon sellers, us further develop
following the global and strengthen our
retailer’s massive business.”
www.business-review.eu
Business Review | March 2022 COVER STORY 13

Committed to sustainable
development
Rombat CEO Alin Ioanes managed to keep the company on a market leading position
last year while taking major steps to transform the company’s team and vision. And plans
for this year are equally bold: Rombat aims to make further investments to expand its
production capacity, reduce its carbon footprint, and launch products and solutions for
customers looking for green energy production facilities.

2
By Anda Sebesi
021 was an excellent year for the prices of lead and polypropylene.
Rombat, as reflected by two key This global phenomenon has shown us
figures that hit record highs, that besides its benefits, globalization
namely the number of new battery can also have shortfalls, and companies
sales as well as the amount of lead worldwide have been striving to iden-
recovered and reintroduced into the tify sources of key materials nearby, in
manufacturing process. order to reduce transportation costs
“We sold 2.65 million car batter- and delivery times,” Ioanes explains.
ies, 15 percent more than we had sold Ioanes expects the next few years
in the previous year. At the same to be challenging, too. “The watch-
time, through our recycling facility at words of the future will be innovation,
Copsa Mica, we recovered about 13,000 digitalization, and automation, all of
tonnes of lead from used batteries and which are extremely important in the
brought them back into the production new economic context and will help us
process,” Ioanes says. Additionally, Rombat was able to strengthen remain competitive and strengthen our position as market leader.”
its position as market leader, which it has held for 25 years. In 2022, the company aims to make further investments to ex-
Ioanes says that last year was full of challenges for him as CEO, pand its production capacity, reduce its carbon footprint, and launch
from several points of view, including consolidating Rombat’s posi- products and solutions for customers looking for green energy
tion on the market in a complicated economic context and leading production facilities. “We want to add Li-ion batteries to our product
the transformation of the team and the changes in the company’s vi- range, for customers developing photovoltaic parks or for users who
sion. The pandemic also remained an important topic at Rombat last are interested in installing green energy production facilities within
year, as it involved the redesign of some operational flows to ensure their households.”
health and safety and business continuity. “This crisis has shown According to the Rombat CEO, the automotive sector is a healthy
us that nothing is permanent and that everything might change competitive environment with very strict conditions and rigorous
overnight, even though changes may not necessarily be negative. performance standards. This means that only serious companies can
It was the best incentive for us to think outside the box and make succeed on the market, by carefully managing multiple variables:
quick decisions.” operations, costs, quality, and business plans. “The inflationary
In economic terms, the shortage of raw materials and the rising spiral will continue this year, while the geo-political context will
energy prices were also influence the
also among the major economy. We’re
issues of 2021. “For going to see further
a big consumer of changes in consumer
energy like us, the ex- behaviour, and many
plosive rise of energy business in the in-
prices had a major dustry will reposition
impact. The commod- themselves as a
ity crisis has also led to result,” Ioanes pre-
significant increases in dicts.

14 FDI
Three new FDI trends that will
influence Romania in 2022
Investor confidence in the industry and global value chains remains low
GREENFIELD PROJECTS STAGNATING
Romania’s Greenfield FDI will maintain a
low level, despite the fact that these crucial
investments are expected to grow by approxi-
mately 6 percent globally this year following
a bounce-back to pre-shock levels in 2021,
according to GlobalData's FDI forecasting
model, analysed by Investment Monitor. In
recent years, Romania has failed to attract
new greenfield investments in crucial areas
such as the food industry. However, special-
ists and officials are expecting a new invest-
ment in the automotive sector, which already
has the highest number of greenfield projects.
Local authorities say that a new automaker is
negotiating with Romanian officials to open
a factory in Cluj-Napoca. The investment will
begin with a few million euros, and it will
continue for a year or two if the negotiations
go well. The manufacturer’s plans include
renting out an entire 150-hectare industrial
park to support its investments.
Recent reports show that infrastructure
financing is up as a result of recovery stimulus
packages, but greenfield investment activ-
ity remains weak across industrial sectors
globally. Greenfield investment remainded
30 percent below pre-pandemic levels, on
average, across industrial sectors. According
to the United Nations Conference on Trade
and Development's study (UNCTAD), only
the IT and communications sector has fully
rebounded.
Also, investor confidence in the industry
and global value chains remains low. The
number of greenfield investment project an-
nouncements saw very little change in 2021
(-1 percent in number, +7 percent in value),
according to the UNCTAD’s Investment
Trends Monitor. The number of new projects
in global value chains (GVCs)—including
intensive industries such as electronics—de-
clined further.
COMEBACK FOR BUSINESS SERVICES
Foreign direct investment in knowledge-
intensive business services could continue to
rise in Romania, as the sector experienced sig-
nificant growth at the beginning of the year.
Bucharest is becoming increasingly exciting,
attracting investments in new service centres.
An example of this is Ford Europe’s an-
nouncement of a new service centre opening
in Bucharest as the company’s latest invest-
ment in Romania, following those made at
its Craiova plant. Similarly, Booking.com has
leased a new headquarters in Bucharest to set
up a regional service centre that will employ
www.business-review.eu
Business Review | March 2022
Greenfield foreign direct
investments (FDI) will remain
low, business services invest-
ments will flourish, and new
projects could arise in the
context of covid shortages
and the National Recovery
and Resilience Plan. These are
the most important foreign
direct investment trends Ro-
mania should keep an eye on
this year.
By Claudiu Vrinceanu
over 700 employees. The centre will be a hub
for highly skilled workforce, industry best
practices, software development, and collab-
oration opportunities for the Dutch group's
Cybersecurity, IT, and Finance functions.
REBOUND FOR SEMICONDUCTORS
The shortage that occurred during the
covid-19 pandemic highlighted our reliance
on semiconductors. As economies reopen,
the need for chips will grow significantly,
with many semiconductor manufacturers
outlining major new investments. In 2021,
the global semiconductor market rose by
10.9 percent to USD 488 billion, according to
World Semiconductor Trade Statistics cited
by FDI Intelligence. The microchip crisis
has severely affected the auto industry this
year, forcing several manufacturers, includ-
ing Groupe Renault and Scania, to interrupt
production.
The Romanian government currently has
a microelectronics project in the works. The
country has a history in this field, but lately,
we have been integrating products made
abroad and exporting the output. Romania
could become a strategic semiconductor sup-
plier in the EU using funds from the National
Recovery and Resilience Plan (PNRR).
 www.business-review.eu
Business Review | March 2022
Internationalisation opportunities
for Romanian companies in 2022
Romanian companies are starting to see ex-
port as a growth strategy, with some busi-
nesses even planning production facilities
abroad or cross-border acquisitions. There
is no single benchmark of success, but the
design of regional enterprises also depends
on state support and private or public edu-
cational programmes. A mix of new export
programmes, revived state schemes, and
educational ventures are available for Ro-
manian entrepreneurs who are looking to
go international this year.
By Claudiu Vrinceanu
NEW PROGRAMMES
The main objective of Romania’s export
strategy must be to level out the country’s
trade balance. While the government has the
leverage it needs to enhance and increase ex-
ports of domestic capital, programmes aimed
at supporting exports among companies with
domestic capital are limited.
A new promising scheme is the Innova-
tion programme aiming to support new
inventions as well as the export activities
of SMEs operating in non-polluting trade
and services with a turnover below EUR 1
million. The scheme is designed to finance
activities that stimulate Romanian exports or
support international transactions and local
companies’ investments abroad. For 2022,
the programme has a maximum ceiling of
guarantees of RON 1 billion, a budget that tar-
gets more than 1,800 companies. It is one of
the four new guarantee programmes recently
launched in priority areas for the Romanian
economy, consisting of state aid schemes
providing guarantees and grants for part of
the loans contracted by recipients.
RESTORED GOVERNMENT SCHEMES
Export promotion and internationalisation
programmes have finally been revived after
a year of being frozen. As a result, members
Romanian businesses need practical training for internationalisation
from the Export Council Working Group can
now join the Export Promotion Programme
(EPP) and the Internationalisation Pro-
gramme.
Romanian companies will be able to
access de minimis state aid totalling ap-
proximately EUR 3 million to attend fairs and
exhibitions abroad or participate in online
events for a fee in order to pursue interna-
tionalisation.
Companies selected for funding will
receive a lump sum to cover part of the costs
of participating—individually or as part of a
national mission—in fairs and exhibitions in
EU countries or outside the European Union.
Eligible expenses will include companies’
event booths and participation fees for online
or offline events.
EDUCATIONAL VENTURES FOR FUTURE
EXPORTERS
Successful international expansion repre-
sents validation for local entrepreneurial
companies. Many businesses that have
expanded globally have taken part in other
countries’ internationalisation programmes.
In Romania, the number of similar cases is
small.
Accelerators of this type are dedicated to
companies that are already doing business
BUSINESS
COVER
STRATEGY
STORY 15
14
abroad or looking to expand their interna-
tional presence. For example, the ScaleOut
accelerator provides support, mentoring, ex-
pertise, and networking access for Romanian
companies to internationalise on a specific
target market. The accelerator works with
both tech and non-tech companies aiming to
develop in a new country through an educa-
tional curriculum.
Romanian businesses need practical train-
ing for internationalisation. For example,
entrepreneurs want to understand how to
choose their target export markets, evaluate
the needs of those markets, and get up to
speed with the legislative requirements of
the targeted countries.
Another initiative that is available for
exporters in the business environment is the
Export Passport. The project's total budget of
one million euros allows 400 employees in
SMEs to improve skills that are relevant for
export activities.
This project also provides the “Exporter's
Guide,” which will create the prerequisites
for increased competitiveness through me-
dium and long-term innovation. This guide
describes the optimal path for an enterprise
to follow in its export activities and helps
them train current and future staff to organ-
ise export activities.

16 STARTUP
Cluj tech startup hires 70 software
engineers in just over a year
How was your idea born and how did you
think you would make a difference on a
very crowded market?
Sorin Buiga (SB): The idea first came much
earlier, while the three of us were all working
at one of the biggest outsourcing companies
in Cluj. It all started from the internal need
to allocate more seniors on certain high-end
projects. My proposal was to create an inter-
nal excellency centre that would gather the
best talent for the most advanced projects,
but the context was not favourable at that
time, because the company was just about to
be acquired by another market player.
Marius Baghiu (MB): We started to feel that
we no longer liked what we were doing and
that it wasn’t what we were best at.
We were distancing ourselves from the team
as new management layers were appearing.
The way things were going just didn’t feel
right.
Andrei Dumitrescu (AD): We immediately
started talking about the possibility of doing
something together. We thought we couldn’t
be the only ones who felt the need to work
and live differently. Soon after that, I decided
to leave the company.
How much market research did you do
before you embarked on this journey?
SB: Shortly after we left our previous jobs,
Marius and I travelled to the US. We wanted
to get to know the market and the clients and
figure out what we really wanted to do. We
had meetings with several technology-driven
companies and investment funds, and most
of them were talking about machine learning.
After we got back home, we decided to invest
in creating a consulting startup that would
focus on high-end product engineering and AI
solutions.
How did you manage to attract projects
and talent?
SB: We didn’t think for one second that we
wouldn’t be able to attract the engineers we
needed. The real challenge for us was to find
customers that would fit our profile, namely
technology companies or late-stage startups
whose products were already established on
the market. We quickly realised that it would
be quite difficult to sign a machine learn-
ing project up-front. Around that time, we
started our first collaborations with Taycor
and Ecrée, on product development. Two
www.business-review.eu
Business Review | March 2022
Three entrepreneurs from
Cluj founded tech startup
HEITS digital, which in a little
over a year has managed to
attract a team of 70 passion-
ate engineers who are now
working on software develop-
ment and machine learning
projects for clients in the US.
BR sat down with the three
co-founders—Sorin Buiga,
Andrei Dumitrescu, and
Marius Baghiu—to hear
their story.
By Anda Sebesi
years later, even though most of our projects
are in the product development area, we have
also managed to implement machine learning
projects for some of our clients.
MB: We quickly realised that we needed to
grow our team, so we started to talk to more
and more specialists. We explained how we
wanted to do things here at HEITS and they
accepted the challenge and joined our team.
That’s how we’ve managed to build a team of
70 engineers in just a little over a year.
What are your plans and objectives for
2022?
MB: For 2022 we are developing several
internal initiatives around AI and machine
learning. We want to provide the team with
the necessary tools and equipment to help
them express themselves.
SB: Keeping the unbelievable attrition rate we
have had so far, growing our customer port-
folio by 30% and creating Machine Learning
working streams within each company we are
working with.
AD: Personally, I think the most important
thing that we all want is to continue our story
with the same momentum we’ve had since
we started out and to succeed in attracting
more people who are passionate about tech-
nology to our team.

18 HOTEL MARKET
Joining forces on the local hotel market
Where did the idea for a Sales and Market-
ing Cluster come from and what was the
motivation behind it?
For the last two years, the hospitality indus-
try had to redefine itself in the most signifi-
cant way. The idea for the Sales and Market-
ing Cluster was born from the need to work
more smartly and align operations across
all our properties, and its main purpose is
optimisation.
What is the added value brought by the
Cluster?
The Apex Alliance Sales & Marketing team
puts the customer at the centre of the buying
process. This attitude entails more than just
being concerned about a customer’s needs.
The most successful Sales and Marketing
Managers are aware of how they like to buy,
which enables them to focus on the cus-
tomer’s perspective and journey. As a Cluster,
we know that getting information from the
customer and giving them a choice is just as
important as giving them information. The
Apex Alliance Cluster of Sales & Marketing
teams makes recommendations that directly
relate to the customer’s needs, budgets, and
areas of interest.
What criteria do you use to customise the
solutions offered to your customers?
We present solutions only after considering
the customer will perceive them as meeting
their objectives and we involve customers
in determining their needs and exploring
options. Additionally, take into account the
profile and target market of each property,
making sure that we pair customers with the
most appropriate experience for them.
Is the solution being used on international
markets? If so, what have been its results
among the hotel chains and among the
clients of targeted companies?
Yes, both Hilton and Marriott have global
sales offices that sell for different properties,
in different countries. The implementation of
the Cluster had a positive impact on our mar-
ket. Customers tend to congratulate us for
the initiative, as they now have a single point
of contact for all their requests, whether
we’re talking about individual reservations,
groups or events.
You mentioned that you emphasise the
story behind each hotel when offering
solutions to customers. Please give us
www.business-review.eu
Business Review | March 2022
Claudia Stan, Cluster Director
of Sales at Apex Alliance Hotel
Management, sat down with
Business Review to discuss
the added value the Sales and
Marketing Cluster brings to
corporate clients on the local
hospitality market.
By Anda Sebesi
some examples from the hotel chains you
represent.
We have 5 hotels in our portfolio: Moxy
Bucharest Old Town, Courtyard by Mar-
riott Bucharest Floreasca, Hilton Garden
Inn Bucharest Old Town, Hilton Garden Inn
Bucharest Airport and Marmorosch Bucha-
rest. In our industry, it is no longer enough
to have a good or very good product. You
needed to find something else that can make
a difference.
We all know that a consumer’s buying
decision is the result of a mix of rational
thinking and emotions, therefore we’ve
worked to identify emotional links between
our guests and our products. Moxy Bucharest
Old Town is a fun, vibrant, and stylish hotel
designed for “always-on” guests who tend to
get excited by new experiences—and the price
is just a pleasant surprise.
At Courtyard, we are passionate about bet-
ter serving the needs of all travellers. It’s what
inspired us to create the first hotel designed
specifically for business travellers, and it’s
why the Courtyard experience today empow-
ers all of our guests, no matter the purpose of
their trip. Whether you are in transit between
flights or in for a longer trip, Hilton Garden
Inn Bucharest Airport is your best choice.
Two abandoned historic buildings in the
Old Town were restored and transformed into
two unique hotels: Hilton Garden Inn Bucha-
rest Old Town—where you will find a bright
and inviting atmosphere with warm, sunny
service—and The Marmorosch, Autograph
Collection by Marriott, with an interior design
featuring rich and authentic Art Deco details
that give you a taste of Bucharest’s high life
during the Belle Epoque.

20 ENTREPRENEURSHIP
Tech sector may be Romania’s
biggest economic strength
Investments in startups by TechAngels members more than doubled year-on-year to EUR 9
million in 2021, and a similar performance is expected this year. Malin-Iulian Stefanescu,
the president of Tech Angels, talked to BR about the steady growth of angel investments in
Romania and the ambition of seeing a Romanian startup grow into a unicorn without leaving
the country.
By Ovidiu Posirca
What is TechAngels’ investment strat-
egy for Romania’s startup industry and
how do you approach the angel funding
market?
TechAngels brings together a great deal of
strategies from individual business angels. It
is the largest group of angel investors in Ro-
mania, having had a consolidated contribu-
tion of EUR 9 million to the startup ecosys-
tem development last year, as well as some
1,800+ hours of mentorship and coaching.
The invested volume was 60 percent
higher than in pre-pandemic year 2019, and
double compared to 2020. For 2022, I expect
our members’ interest to reach a similar level
to last year’s.
Having individual investment strategies
and decisions gives startups a chance to find
their best investors because founders who
pitch don’t do it in front of a monolith; they
meet 118 possible investors and mentors.
Startups also can benefit from the group's
www.business-review.eu
Business Review | March 2022
collaboration through syndicated funds.
When it comes to our involvement in
startup development, the common under-
standing is that we invest resources: money,
time, knowledge, and network if the startup
idea has already been turned into a Mini-
mum Viable Product (MVP). Usually, angel
investors make a commitment when they
see a product’s features and potential, when
they identify the demand or market for that
product, and when they observe the team’s
dedication to the product.
Over the past 2 years, we have heard a lot
of pitches and screened over 250 startups
annually, advising and guiding their teams
as much as we could. Additionally, we are
now part of the two pan-European business
angels associations—Business Angels Europe
(BAE) and European Business Angels Net-
work (EBAN)—and thus directly plugged into
the European way of doing angel investing.
How many members does TechAngels
have and what are their profiles in terms
of funding power and entrepreneurial
background?
Our group has 118 members as of January,
57 percent more than we had the begin-
ning of 2021. Our members have various
backgrounds: founders who have exited
businesses, entrepreneurs managing their
own companies (not just in IT&C), as well
as professionals from various fields, from
general managers to top executives in sales,
financial, logistics, marketing, and other cor-
porate functions. This mix of backgrounds
also represents an advantage for both the
 www.business-review.eu
Business Review | March 2022
May 2016 ENTREPRENEURSHIP
COVER STORY 14
21

group and the startups, as it offers multiple more startups are opening up to interna- they were in talks with various investors, be
perspectives and visions and a good under- tional markets, scaling up, gaining traction, it angels, crowdfunding platforms or venture
standing of different business verticals. and thus triggering even more interest from funds, and we can’t say if or when these deals
Those with more investors of all will be closed. What we can see is an larger
experience are look- kinds. Many of the base of startups and more investment oppor-
ing to invest larger financing rounds of tunities. We can thus be cautiously optimistic
tickets (sometimes the past six months and expect a further growth of investment
over USD 500,000), were raised with amounts.
while others are less the aim of helping The Romanian economy is large enough
experienced and the startup reach for startups to test their products, but also
willing to learn by new international small enough that they have to think globally
getting involved in markets—this trend and expand once initial assumptions are
syndicated deals has been very clear. proven right.
with tickets ranging Then, there is the
from USD 5,000 to increased availabil- What are some tech niches where Roma-
10,000. ity of accelerators nian startups could gain a competitive
and programmes edge?
What were last that can boost the I think anything is possible in this space, both
year’s most sig- development of technology-wise—in areas like cybersecu-
nificant funding startups in very rity, enterprise integration, artificial intel-
rounds for TechAn- early stages, feed- ligence—or business-wise, with technology
gels and what’s the ing the flow of new enabling major breakthroughs. There are lots
outlook for this projects. There are of interesting projects that need to develop
year? also more resources and gain international traction, and they are
Last year, group available, new everywhere: in fintech (like FintechOS for
members invested in funds being created, example, which is on a rapid growth path), in
69 startups, of which international inves- health (like DotLumen using its tech to help
14 received follow- tors growing more blind people “see”), in marketing/sales (like
up rounds. All these interested in locally Tokinomo, a recent project in which TechAn-
investments were generated projects, gels got involved, bringing a new idea for in-
probably very signif- and even corpora- store marketing) or even in space transporta-
icant for the companies. In the early stages, tions looking to offer support to certain tion of nano satellites (such as the 2Space
the support of angel investors is usually vital niches. The ecosystem is obviously growing, startup). These are just some examples of
for development, and even for survival in startups and investors alike are developing; startups who have been coming up with new
delicate development phases. The portfolio in my opinion, the tech ecosystem may be and bold ideas.
of startups I mentioned is compiled based on the best sector of the Romanian economy at
the responses of each of our members. They the moment. What is your outlook on Romanian startup
may choose to invest directly, by themselves, The ecosystem could benefit from more valuations and when will another unicorn
in syndication or through various platforms resources (such as a larger and more active with local origins emerge?
and partners. We sometimes join forces with number of angel investors), additional large New unicorns will be coming soon (good
other players in the ecosystem because work- VC funds or more accelerators. I would love luck, Bitdefender!). A few Romanian found-
ing together can help us get the intended re- to see a bigger entrepreneurial spirit and a ers have already reached unicorn status (such
sults faster: startups get more financing and better global view. as the founder of Branch, for example). And I
resources, while investors get a diminished am sure that others will join the club.
risk. In follow-up rounds especially, we often Could you estimate the total amount of Startup valuations tend to stay in line with
invest alongside VC Funds. funding that Romanian startups might what happens internationally: as champions
attract this year? go higher and higher, we can see a slight
What are the strengths of Romania’s It would be difficult for me to estimate this increase in valuation for early-stage startups
startup ecosystem and where would you amount. For example, we saw EUR 7-8 mil- as well. A real challenge for our ecosystem
like to see some improvement? lion raised in the first few weeks of the year, would be to see a Romanian startup growing
The Romanian startup ecosystem is open, so if it continues at this pace, the year’s total into a unicorn without leaving the country.
willing to help, and in a steady process of could be over EUR 90 million. At the same But this requires trust, which is not easy to
growth on all its dimensions. First of all, time, several startups have announced that build with governments and lawmakers.
 www.business-review.eu
22 ENTREPRENEURSHIP Business Review | March 2022

Romania’s OECD accession

could change funding approach
for local startups
With Romania having initiated procedures to join the Organization for Economic
Cooperation and Development (OECD), the local startup ecosystem could soon be
approached by a wider range of investors, which would enhance the international
visibility of the Romanian entrepreneurship community.
By Ovidiu Posirca

The OECD has access to massive troves of economic information that can help startup
founders get a grasp on the development picture of an economy

T
he Romanian startup industry has
been growing constantly for the
past three years, with total funding
volumes more than tripling to around EUR
116 million in 2021, according to a How to Web
report. Authors added that the figure pointed
out that the rise has been constant in recent
years.
This year, total funding targeting startups
has the potential to reach EUR 200 million,
according to fund representatives who spoke
to Business Review.
Against this backdrop, the OECD in Janu-
ary began to discuss accession with six candi-
date countries, including Romania, Bulgaria,
and Croatia. There is no deadline for the
completion of the accession processes and a
final decision will be made by the organisa-
tion’s council following a complex review.
Romania is already adhering to six of
the eight essential standards for accession,
according to PM Nicolae Ciuca. They cover
several areas including corporate governance,
taxation principles, and information ex-
change of economic data. The OECD said that
changes to the candidate countries’ legisla-
tion, policy, and practices will be required
 www.business-review.eu
Business Review | March 2022
May 2016 ENTREPRENEURSHIP
COVER STORY 14
23

to bring them in line with the organisations’
standards.
If Romania were to obtain OECD member-
ship, it would join other member countries in
Central and Eastern Europe (CEE) such as Po-
land, Hungary, and the Czech Republic. The
organisation has 38 member states and works
with over 100 countries on economic policy.
For its part, the OECD has pointed out that
Romania lags behind most member countries
in ensuring access to
high quality education,
healthcare, housing, and
transport. The coun-
try’s overall economic
productivity is still at
around two-thirds of the
OECD average.
“Though it might be
expected that joining
such a renowned organ-
isation would have an
immediate impact on the startup ecosystem, I
believe that international VCs & startup inves-
tors will retain the same levels of reluctancy
towards Romanian startups with unproved
track records or those that are just local suc-
cess stories. The responsibility for supporting
development in the early
stages, before interna-
tionalisation, will remain
with local players,” says
Alexandru Bogdan, the
CEO of startup invest-
ment platform Roca X.
“Romania’s poten-
tial membership in the
OECD will not match
the impact of success
stories such as UiPath or
Elrond,” he adds.
POTENTIAL SHIFTS IN FUNDING STRATE-
GIES
Marius Ghenea, managing partner at Catalyst
Romania, says that Romania’s OECD acces-
sion would be a major achievement for the
entire country, not just for a single ecosystem
or industry.
However, he warns that this move could
pose some challenges because a lot of the
money invested in startups and early-stage
businesses in less developed regions of Eu-
rope is coming from large international finan-
cial institutions. In some cases, they allocate
amounts based on specific geographies and,
as soon as a country reaches a certain level
of economic development, they move out to
target less developed economies.
“And this is true not only for risk capital
investments in growth startups, but also for
other economic support programmes that
could move their targets away from Roma-
nia. In reality, our country still needs a lot of
this type of support coming in, whether or
not it becomes an OECD member,” Ghenea
tells BR. A new financing opportunity comes
from the new EU-backed Plan for Recovery
and Resilience (PNRR), with a total budget of
EUR 30 billion. Around EUR 400 million out
of the PNRR funds will be used to create 20
equity funds with support from the European
Investment Fund. The funds will focus on
riskier early-stage firms and target larger play-
ers in the infrastructure and energy fields.
Elsewhere, Romania’s potential OECD ac-
cession is seen as a guarantee of the develop-
ment of entrepreneurial firms.
Bogdan Alamasi, cofounder and CEO of
startup crowdfunding platform Ronin, says
that an unpredictable and confusing busi-
ness environment cannot properly support
startups and their development because it’s
still keeping investors away.
“We expect the OECD accession process to
normalise all of these issues, shed much more
light on the Romanian startup ecosystem, and
provide investors with the confidence that
innovative startup founders in Romania now
have a higher chance to succeed,” Almasi tells
BR, suggesting that startups could get more
funding and visibility once Romania joins the
economic organisation.
Through its global
approach, the OECD
has access to massive
troves of economic
information that can
help startup found-
ers get a grasp on the
development picture of
an economy or a certain
industry.
“The OECD’s strong
infrastructure can provide a great way to ap-
proach high-potential markets, but the results
will most likely be visible a few years down
the road,” says the CEO of Roca X.
ROMANIA MAINTAINS GROWTH MODE
After a significant eco-
nomic dip in 2020 due
to pandemic lockdowns
hitting businesses,
Romania’s GDP bounced
back in 2021, essentially
recovering all the losses
from the previous year.
The OECD forecasts that
Romania will continue
to grow by 4.5 percent
through to 2023, while
the inflation rate is set to drop to 3.6 percent
by the end of next year.
The organisation notes that Romania
needs to enact reforms to cut down its budget
deficit, which is estimated to reach 5.3 per-
cent next year, down from 8 percent in 2021.
“An improved business environment and
a strong rule of law environment helping to
attract investment will be key to boosting
growth and income levels further and get
Romania back onto its path of economic con-
vergence with OECD countries,” the organisa-
tion said in a statement.
 www.business-review.eu
24 MARKETING Business Review | March 2022

E-commerce increasingly driven by experience

and entertainment-led influence marketing
The year that has just begun heralds significant challenges for the brand-consumer
relationship, in the context of major changes in the consumer’s mindset and behaviour.
As pointed out by Ogilvy’s 2022 Influence Trends report, for the third year in a row since
the outbreak of the most powerful contemporary global event—the pandemic—, the
communications industry and its tools are in need for reinvention if they want to be
relevant for the new reality.

By Romanita Oprea

realm, influence marketing provided them

with a consistent solution for conversation.
We all spent considerably more time online
than we used to before covid, and this hasn't
completely reversed despite many people
returning to work recently. As a result, busi-
nesses have had to upgrade themselves to
get people’s attention in the most genuine
way. “They’ve also had to deal with another
reality, a more profound one: the need for
authenticity, real time alignment to new
mindsets and cultural aspects (including
diversity and inclusion), and, of course, new
consumption habits. So, we are now talking
about an emerging influence marketing in
terms of social media-tainment or about the
Ana Sisu, Ogilvy Romania metaverse. Storytelling has evolved too, with
emerging formats that are tailored for social

I
nfluencer marketing has been one of the
fastest growing areas for several years
now, with an increasingly important role
in the communications mix. Today, in the
new context that is taking shape, with the
emergence of the metaverse, brands need to
truly understand the mechanisms of various
platforms, the behaviour and culture of users,
and the available conversational tools.
“At Ogilvy, we see influencing as a science
in itself, as it’s based on experimentation with
the goal of long-term results and efficiency.
We did B2B campaigns with influencers be-
fore it became a trend, we’ve had campaigns
where we challenged influencers to write
their own briefs as co-creators of content, and
we tried out using pets as influencers even
back when there was still no significant appe-
tite for such twists. Today, we are again at the
point of experimentation, with new commu-
nication channels, new topics, and implicitly,
new opportunities for brands. We are looking
for the concepts with the greatest potential
to create a connection and a conversation
with the public and to ensure ROI for clients.
Our interest in innovation and exploration
of new technologies have already allowed us
to pilot creative hacks on different platforms
together with local influencers, and to move
the experiences that were suspended during
the pandemic into the digital space,” says
Ana Sisu, Head of PR & Influence at Ogilvy
Romania.
INFLUENCING RE-EXAMINED
The need to stay in contact with audiences
has been paramount for brands, and since
more things were happening in the online
media feeds,” Ana Sisu adds. As movie the-
atres struggle and TV viewership declines, the
entertainment industry is rethinking the ways
in which it reaches and serves audiences.
In this context, Ogilvy talks about transfor-
mative trends for the industry and a rethink-
ing of influencing, from being an insignificant
“add-on” to communication campaigns to
being integrated into all phases of a campaign
in a unitary manner. Influencer briefs need
to be aligned with the broader strategy of a
campaign and the content must be set up in
a way that’s trackable, so that the return on
investment can be assessed against true busi-
ness results.
In this context, one of the most important
trends discovered by Ogilvy is that experience
is the new e-commerce. Creating a memora-
ble consumer experience has become essen-
tial in e-commerce, and influencer marketing
 www.business-review.eu
March
Business Review | May 2022
2016
is largely based on entertainment. Consumers
are more likely to act when brands provide an
experience that goes beyond a static product
post on social media.
According to Ana Sisu, we’ve always been
aware of the fact that experience is a key
factor in all forms of retail, and not just in
e-commerce. After years of highly segmented
customer engagement, without a unifying
experience that can lead to better long-term
relationships, today we are re-addressing the
marketing funnel as a whole, with each layer
connecting to the other, for a more seamless
interaction. “And by doing that, we are get-
ting back to addressing real people, not just
looking at data points in a conversion matrix.
People need to be seduced into a product and
today, more than ever, the seduction process
must be a valuable experience. Entertain-
ment is a key factor in creating this relatable
experience and the explosion of platforms
such as TikTok stand as living proof.”
REAL ENGAGEMENT AND EXPERIENCES
Furthermore, Ana Sisu notes that the most
successful influencers understood this aspect
and started to cultivate their communities
through genuine engagement, ensuring a
transfer of “feeling” between their follow-
ers and the brands, thus humanising brand
interactions. For example, throughout the
pandemic, content creators took on the mis-
sion of spreading important information and
fighting against the huge wave of fake news,
alongside posts promoting various products.
And consumers are more interested in explor-
ing a brand or product that is being promoted
by a genuinfluencer with a real opinion rather
than an aspirational influencer with a product
in their hand.
Elsewhere, Simina Zidaru, managing
director and creative director at Tribal World-
wide Romania, says that based on the results
of some of her team’s recent campaigns with
a great pool of influencers, she can state that
they definitely deliver. “And if we’re talking
about entertainment, the numbers are even
higher. Storytelling remains king in our in-
dustry, so it all comes down to this basic rule
that applies to us all, including influencers.
If they create great quality entertainment,
people will watch. If they put themselves out
there, are honest, and share real emotions,
COVER
MARKETING
STORY 25
14
they can’t go wrong.” At the same time, some dominate our daily lives. These new aspects
influencers have been creating content for of life have encouraged a migration to digital
real productions and scripts, which Zidaru and social to fulfil our every need, from gro-
finds amazing. “It’s no longer enough to cery shopping to food delivery, meet-ups, and
take a picture with the product; you have to more. And with most of us interacting with
integrate it into a relevant, entertaining story. people and brands virtually comes a greater
Co-creating with influencers is my favourite need to make these connections more mean-
thing. The overcrowding on social platforms ingful and fill the void of human-less contact.
have led influencers to realise that they’ve And this is where the experience a brand can
got to do things differently, so they’ve started offer comes in. You don’t just buy a product or
creating content for real. Of course, TikTok’s service; you buy an experience that delights
rise might have also forced them
to break some boundaries. All of
these have determined the matu-
rity and constant growth of this
segment,” Zidaru adds.
Her views are also supported
by the latest ProductLead study,
which shows that in line with
the need for more interactive
entertainment and storytell-
ing, influencer marketing will
encourage a shift from text and
images to video & audio content.
With the increasing popularity of
TikTok, YouTube performances,
and Instagram Reels, we're going
to be seeing more video content
than ever before. Even Facebook
has been focusing on sharing
videos. Authenticity and integrity
for both influencers and brands
is also something that marketers
need to watch out for. Brands will
be seeking partnerships with influencers who you. The pandemic hasn’t just proven how
share the same values and sponsor genuine important connections are in today’s world,
content. but also that personalised experiences can
Why are people are so drawn to experi- make a huge difference. People are no longer
ences? Sisu says that experience generates solely satisfied with an excellent product
an emotional connection as opposed to just offering; they expect brands to offer them a
a functional and cost-benefit one. Experi- whole experience, ideally one that’s different
ence appeals to what makes us human, to our from those offered by competitors and can
natural need to feel and interact. Today, when create an impact,” the Ogilvy representative
it comes to purchasing products and services, concludes.
the digital world’s evolving influence is unri- “From what I’ve read, the global e-com-
valled, and it appeals to experience to obtain merce market is expected to reach nearly
the best results. USD 4.9 trillion in sales in 2021. That means
“The pandemic didn’t start the great digi- it’s getting harder and harder to get people’s
tal migration or the rise of e-commerce, but it attention. And to be completely honest, it’s
has certainly helped accelerate them. Social even harder to find a real, unique differentia-
distancing, quarantine, and the new normal tion out there. Services and products, are ex-
are all terms that were rather unknown in tremely similar. I guess experience is the only
the conversation prior to 2020, but they now thing left that could make that difference.

26 TRAVEL
Microadventures: the greatest
travel trend of 2022
Travellers are finding unique ways to engage with nature locally for smaller, shorter
excursions, and some studies indicate that these microadventures are as impactful on
mental and emotional health as traditional getaways.
By Romanita Oprea
Anca Muraru, DigitalNomadsRomania.com and OnToRemote.com
A
study by the Greater Good Science
Centre at the University of California,
Berkeley, and the University of Cali-
fornia, San Francisco found that participants
who embarked on 15-minute walks each week
“reported greater joy” and even smiled more
than those in the control group. The results,
which are part of a larger study, indicate that
taking a long trip isn’t necessary to inspire
awe: short, simple excursions still have a
positive effect on our mental health.
Listed among Wunderman Thompsons’
100 Trends for 2022, French travel brand
Chilowé offers microadventures exclusively,
encouraging travellers to travel locally and in
small groups. The company’s concept empha-
sises the travel possibilities that are close to
home for French natives, offering sustainable
and affordable travel options.
In the United Kingdom, a one-night ad-
venture company offers mini-stays in remote
locations. The short trips designed by Much
Better Adventures are for people with busy
lifestyles and a thirst for adventure. Hotel and
resort chain Best Western is promoting micro-
adventures in the United Kingdom, advertis-
ing unique getaways that last a maximum of
48 hours.
Where there is adventure, there is gear
for explorers. US clothing brand M22 has
expanded its lifestyle range to develop
experiences for adventurous locals near Lake
Michigan. The brand’s microadventures are
curated to help travellers escape everyday life
and personalised to fit any mood. From surf-
ing and kayaking to hiking and nature walks,
www.business-review.eu
Business Review | March 2022
COO Nick Madrick wants the destination’s
branded escapades to “get people outside in
the natural environment to reconnect with
nature and experience the local community,”
as he told Travel and Leisure.
Therefore, according to the Wunderman
Thompsons study, when extreme adven-
ture and traditional travel aren’t possible,
microadventures are proving to be popular,
satisfying swaps for outdoor escapes. Brands
are thus seeking ways to introduce this travel
habit to consumers looking to satisfy their
wanderlust.
A TREND THAT’S HERE TO STAY
The microadventures trend doesn’t sound
that new to some, as it was predicted as
far back as 2017, in trend reports from the
Association of British Travel Agents (ABTA)
and travel industry website Skift, both list-
ing microadventures as trends to watch, as
tours and activities become the mainstay of
many travellers’ holidays. The term “mi-
croadventures” was introduced by British
adventurer and author Alastair Humphreys,
who described them as “small and achiev-
able, for normal people with real lives.” The
main point is that adventures don’t have to be
massive logistical and financial undertakings.
Microadventures can happen on a weeknight
and still give you all the benefits of shaking
up your routine, getting fresh air, and moving
your body. “I didn’t want microadventures to
be a diluted form of adventure. I wanted them
to be concentrated, distilled, like a shot of
espresso,” Humphreys said.
According to adventure.com, it appears
that as hectic lives take hold, busy holiday-
makers are choosing to factor in shorter but
still-exciting experiences into their holidays
or take short breaks when a longer trip eludes

28 TRAVEL
Aurel Creanga, Best Business Travel Romania
them. Whether it’s a high-altitude hike or a
street food tour, people are looking to add a
more active element to their travels.
The motivations behind this trend can be
both economic and ethical (e.g., given the
current climate situation, taking a plane for
quick hop around the world is often seen
in a negative light). “In Sweden, we've seen
the development of flygskam, the shame
associated with taking a plane trip. The other
important difference with micro-adventures
is their timing. They can be described as
integrating tourism into daily life. The goal
is to add leisure and vacation time into one's
daily schedule and thereby add a touch of
marvel to life. Micro-adventurers are people
who want to optimise their day by making the
most of what are generally very busy sched-
ules. This approach aims to rid a schedule
of downtime or uninteresting time slots and
instead fill them with significant activities,”
said Helene Michel for Grenoble Ecole de
Management. The desire to be high perform-
ing at all levels, including daily schedules, is
a new trait of the emerging dominating class,
known as the “aspirational class.”
“On the one hand I would say that this
phenomenon is due to the limited free time,
intense work, and strained budgets. On the
other hand, I think that during these uncer-
www.business-review.eu
Business Review | March 2022
BEST PLACES TO VISIT
FOR A MICROADVENTURE IN 2022
“Microadventures should be pretty close to your home, so of course it de-
pends on where you live. For someone who’s based in Bucharest, I would
suggest Tara Fagarasului, the lesser known Brancoveanu-style residences
in south Romania or Veliko Tarnovo in Bulgaria” –
Cezar Dumitru, aka Imperator Travel
“The best place to visit is the one you dream of. I think local tourism will
continue to grow in 2022, and people will be more inclined to visit remote
locations during the weekends. Depending on travel regulations and the
availability of destinations, I guess emblematic European destinations
will regain their popularity very soon. My feeling is that Nordic countries
will be among the top destinations for microadventures this year, in ad-
dition to local tourism.” – Aurel Creanga, travel corporate lead & MICE
Storyteller Associate at Best Business Travel Romania
“For 2022, I recommend city breaks in lesser-known European destina-
tions. For example, Rijeka in Croatia or Wroclaw in Poland are both spec-
tacular destinations worth discovering.” –
Sorin Rusi, owner of Airlines Travel
tain times, people are often not very comfort- due to various travel restrictions. The decline
able with taking long holidays. I've had many hit 70 percent in 2020 and 50 percent in 2021.
cases in the last two years when tourists have But in 2022, the drop will only be around
had to interrupt their trips and go back home 10 or 15 percent compared to 2019.” At the
because one of their family members got sick. same time, Rusi noted that the pandemic has
Many people now prefer to break a one-week also led to changes in tourists’ behaviour.
vacation into two shorter holidays, out of a “They have become more careful with their
desire for diversity and for more opportuni- chosen destinations, they pay more attention
ties to disconnect from their daily routines. to travel insurance, and they choose more
It is very handy to get in the car, train or on a flexible packages. People prefer shorter trips
plane and go on a weekend getaway to relax,” because they want to travel several times a
says Aurel Creanga, travel corporate lead & year. Some still choose stays and 5-7-10-day
MICE Storyteller Associate at Best Business tours, but many others opt for small getaways
Travel Romania. Moreover, he encourages of two or three days,” the Airlines Travel
people to make a habit out of leaving town at representative adds.
least once every two or three months, if not Airlines, cruise companies, hotels, and
once a month, to reconnect with themselves local industries that depend on incoming
and with nature and have new experiences. tourism were severely hit in 2020. The World
According to Sorin Rusi, the owner of Tourism Association stated that the covid-19
Airlines Travel, people have started to travel pandemic in 2020 led to 1.1 billion fewer
more in recent years. They tend to plan a big international tourist arrivals—a way bigger
yearly vacation—circuit or stays—but also figure than those associated with the 2003
several city breaks, as travel is no longer SARS epidemic (-2 million) or 2008 financial
considered a luxury, but a necessity. “The crisis (-37 million). The industry saw a minor
pandemic has profoundly affected tourism recovery in 2021 and it is expected to grow
 www.business-review.eu
Business Review | March 2022
May 2016
Sorin Dutoiu, YOLO Media & Travel for Senses
significantly in 2022 (by 30-70 percent), and
fully recover by 2024. In the past two years,
despite restrictions, many people managed
to find solutions and travel to their desired
destinations as long as they were available.
“Before the pandemic, most tourists would
book their flights and accommodation online.
Now, due to the uncertainty generated by the
ever-changing conditions regarding covid-19,
people have stated to approach travel agen-
cies more in order to be guaranteed sup-
port for any inconvenience. The number of
city breaks decreased, while family trips or
romantic vacations in the most exotic spots
(like the Maldives) saw an interesting growth.
In my opinion, luxury tourism was the least
affected by the pandemic,” explains Sorin
Dutoiu, managing partner at YOLO Media &
Travel for Senses, who added that travellers
with high incomes continued to spend their
vacations in exotic destinations. While do-
mestic travel saw significant growth over the
past two years, 2022 is expected to be the year
of crossing things off the bucket list for most
tourists. “Now, with fewer or no restrictions
in place, it is time for travellers to have their
best trips ever—no matter the budget. And to
be totally sincere, we all need this. We have
spent two years in anxiety, uncertainty, and
frustration, and we all deserve to live our lives
to the fullest and simply be happy,” the Travel
for Senses managing partner adds.
Aurel Creanga recalls talking to clients
of his who were impatient to go on holiday
and requested information about Greece
and Bulgaria, which were among the first
countries that opened their borders during
that summer. They all wanted to avoid planes
and drive their own car to their destination,
and they chose private villas in remote areas,
surrounded by nature, away from tour-
ist hotspots. “Clients who weren’t looking
to leave the country had similar requests:
remote, nature-filled locations that would still
COVERTRAVEL
STORY 29
14
be close to home. I realised that this would
soon become a trend and that tourist behav-
iour was changing. Even though the total
number of tourists has dropped in the last
two years, prices have risen quite significant-
ly. The industry is trying to recover from past
losses and it is taking advantage of people's
growing desire to travel. As a result, people
have had to look for alternatives because the
need of a holiday is a necessity, not a luxury,
so many have turned to local tourism, discov-
ering rural areas and microadventures,” Aurel
Creanga notes.
In turn, Cezar Dumitru, known as a
blogger and influencer at Imperator Travel,
believes that if the pandemic eases in 2022 as
some experts predict, the industry’s recovery
will happen over the next 1-2 years, with a
sharp increase. “There are lots of people who
haven’t been travelling recently, and they
just can’t wait to hit the road. In Romania,
we say ‘Pauzele lungi si dese, cheia marilor
succese. Dar si pauzele scurte ne-au adus
victorii multe.’ (‘long and frequent breaks are
the key to success; but short breaks are also
pretty awesome”). Travel is a way to relax
and de-stress, and sometimes even a one-day
trip can lift your mood and make you feel
energised.”
“In terms of the digital nomad community,
I’ve seen a huge increase in the number of
people interested in adopting a lifestyle that
offers the flexibility to travel and work at the
same time. Less than a decade ago, there
were just a few dozen websites and groups
dedicated to this topic. In the past few years,
that figure has increased exponentially, and
since the pandemic hit, I’ve seen people
who otherwise may have never thought of
long-term travel looking into this alternative.
At the same time, I’ve seen nomads who had
been travelling for years deciding to slow
down and rethink their travel habits based on
their current lifestyles,” says Anca Muraru,
founder of DigitalNomadsRomania.com and
OnToRemote.com. She adds that it seems
we are all expanding our perspectives and
moving away from the conventional, towards
something that suits each of us individu-
ally. Whether it is a nomadic lifestyle or the
traditional yearly holiday, we are more keen
to explore alternatives and mix them up in a
way that best matches our current needs.
 www.business-review.eu
30 RETAIL Business Review | March 2022

Retail market striving to keep

up with major shifts in consumer
behaviour & expectations
The growth of e-commerce will continue in 2022, following two years of boosted expansion, and
customers will enjoy faster delivery and better services. At the same time, the Deposit Return
System (DRS) is seen as Romania’s biggest and most important sustainability project of the
past 30 years, and not just from an investment perspective. These were the key conclusions of
Business Review’s re:Focus on E-commerce, Retail & Logistics event, which brought together
leading retailers, omnichannel innovators, as well as major players in supply chains &
logistics, to share valuable insights and best practices and discuss this year’s challenges and
opportunities.
By Anda Sebesi & Aurel Constantin

Photo: Mihai Constantineanu

Panel 1: eCommerce and the Courier Industry

 www.business-review.eu
Business Review | March 2022
May 2016
PANEL 1: CHANGES IN CONSUMER
BEHAVIOUR
The pandemic-related restrictions on in-store
shopping generated rather drastic changes
in consumer behaviour. Buying clothes and
shoes online was not something most shop-
pers were used to doing, but now they don’t
think twice about it. Efforts made by retailers
and delivery companies to ease the buy-
ing process have also helped a lot. And the
results of these measures came in 2021, when
companies like Answear doubled their sales
compared to 2020, as we learned from Coun-
try Manager Raluca Radu during the event.
What is clear is that customers who buy
online want faster delivery, easier ways to
pay, and more ways to interact with shops.
Their desire to improve their quality of life
forces retailers to provide better and better
services and expand the range of goods they
offer. eMAG did this by increasing the num-
ber of shops on its Marketplace, a segment
that has grown significantly in the last two
years, now covering 60 percent of all eMAG
sales. The benefits of the Marketplace go
both ways: while customers have access to a
wide range of products from various indus-
tries, sellers can easily open a sales channel
and access a 4.5 million customer base.
Stejara Pircan, Senior VP at eMAG, an-
nounced that the company was investing
in the International Partnership Network,
which will provide connections to foreign
markets like France and Germany.
One problem that everyone at the event
mentioned was inflation, which is already
having a big impact on costs. Before the pan-
demic started the market was in great shape,
with low prices and high demand, but today,
companies are being forced to increase prices
for products and services. Even IKEA, who is
famous for keeping its prices low and stable,
announced that would have to increase them
by 20 to 30 percent.
For couriers, the impact of inflation can
be counterbalanced by more sales. A higher
number of orders means more deliveries,
leading to better prices for those deliveries.
At the same time, allowing customers to
pick up packages from a delivery point is a
great way to reduce delivery times and give
customers more flexibility. But the industry
still needs a lot of investment in order to
cover the expansion of the customer base.
COVER RETAIL
STORY 31
14
Adrian Mihai, the CEO of Fan Courier, says
that the investment in a new warehouse can
go up to EUR 10 million and that it results in
a 30-minute reduction of the delivery time
in that region. While that may not seem like
a significant improvement in delivery time,
those minutes are very important for couri- Jarosław Sliwa, CEO at Cargus
ers. Fan Courier alone delivers around 24,000 “Market competition brings great benefits
to customers. The intense competition be-
packages every day, and a package normally
tween players on the courier market leads to
goes through the hands of seven people services getting better and better.”
before it reaches the customer.
As for payments, allowing the customer
to pay by card on delivery has helped largely
eliminate cash from transactions. Roma-
nian customers may still be sceptical about
online transactions, meaning that they don’t
want to pay before they see the product, but Raluca Radu,
thanks to solutions like SoftPOS, they no lon- Country Manager at Answear Romania
“We are expecting e-commerce to continue
ger need cash in those situations. Since the
growing in 2022. Last year our sales doubled
pandemic broke out, the change in customer compared to 2020 and this trend will con-
behaviour has meant withdrawing less cash tinue this year, too.”
from ATMs and more often using online pay-
ment solutions. That’s why ATMs today also
have other functions, such as receiving cash
from customers, paying credit installments
or paying bills.
Lucian Baltaru, CEO at Sameday
PANEL 2: RETAIL PARKS AND REGIONAL
“We are operating in Romania and Hungary.
MALLS There are of course some challenges with
There is still plenty of room for growth on the cross-border deliveries, but we’ve learned to
e-commerce market. While online shops are manage them quite well.”
looking to expand their offering, introducing
new products lines like Home & Deco and
financial solutions like ”buy now, pay later,”
supermarkets are receiving more orders for
everyday products, which means they must
ensure that they have the capacity to cover
Stejara Pircan, Senior VP at eMAG
these new orders.
“Last year we celebrated the 10 year an-
But since the only constant on the market niversary of our Marketplace platform. The
is change, companies must learn to be business grew significantly in the last two
flexible, if they haven’t already. Omnichan- years: it now accounts for 60 percent of all
nel marketing means a close relationship eMAG sales.”
between retail shops and logistics-delivery
players. Today, online shopping is at 9 per-
cent of total shopping, whereas it accounted
for only 5-6 percent in 2019, but there’s still a
lot of growth ahead, especially since Roma-
nia is now on the regional hub map alongside
Adrian Mihai, CEO at FAN Courier
the Czech Republic, Hungary, and Poland. “Couriers and customers have grown quite
Omnichannel means that retailers must close, especially when we’re talking about
be everywhere the customer is: online, in customers who make frequent orders. Some
couriers even know what kind of coffee
malls, in shopping centres, etc. And all these
customers like.”
changes are forcing offline shops to become
more modern and provide more ways of

32 RETAIL
Cristi Movila, Eastern Europe
GM & EMEA SVP at VTEX
“The speed at which the market has grown
has not been matched by the development
of education in the industry. It is difficult to
find specialists to cover open job vacancies.”
Viorel Vasile, Cards Unit Director
at Alpha Bank
“In terms of payment behaviour, online has
been the star in recent years. Starting with
February 2020, we’ve seen a major shift from
traditional to online transactions.”
Georgiana Iancu, Partner & Leader of the
Indirect Tax Department at EY Romania
“Customer centricity is the core driver of all
retail companies’ strategies. Sustainability
is ranking higher among consumer interests,
which puts a lot more pressure on sellers.”
Geanina Ungureanu, Senior Asset & Leasing
Retail Manager at IMMOFINANZ
“Every retailer now has at least some online
activity, but they still need a physical space
to present their products. Retail parks have
proven to be a safe bet for developers.”
Catalin Pozdarie, CEO at Hervis
“We need to find the best communication
channels to reach young customers, as they
will be our target audience in the coming
years.”
communication with their customers. For
companies like Hervis Romania, it is impor-
tant for communication channels to reach
future customers, since young people are the
store’s main target.
Industry trends point to two concepts
being on the rise: retail parks and regional
malls. These represent mixed-projects in the
real estate industry, and they are designed to
give customers everything they want. They
are places where families can shop, but also
enjoy some entertainment, and at the same
time they need to be close to home or work.
“Coffee shops are now turning into remote
offices, while food courts are being used as
libraries,” said Sebastian Mahu, Head of Asset
Management at Iulius.
Focusing on the customer also means
upgrading old industrial and shopping places
to today’s standards. The pandemic has been
good for those who decided to start renova-
tion projects, so shopping areas are now even
friendlier in terms of customer experience. It
all gets combined with online shopping, but
there’s still a need for a showroom, where
customers can touch and feel the products
they’re interested in. The logistics industry
is not only modernising its spaces, using
automated robots and machines, but also
expanding, since every EUR 1 billion of new
sales requires about 100,000 square metres
of warehouses.
What’s more, a number of manufacturers
are considering moving production facili-
ties that are now in Asia back to Europe. The
delays in shipments, rising costs, and various
shortages (such as the semiconductor crisis)
are forcing companies to look for closer-to-
home spaces to produce their goods. This
situation creates opportunities in the entire
Central and Eastern Europe region, including
in Romania.
Trade routes are important for big retail-
ers in terms of commercial spaces. Auchan,
for example, has plans to open 61 proximity
shops in the next five years, most of them in
towns located on the route between Con-
stanta and Hungary, as this route will become
more important for transportation in the
coming years.
Asked about the workforce and the issues
they face in hiring qualified employees, all
speakers at the event said that it was impor-
tant for education projects that were started
www.business-review.eu
Business Review | March 2022
before 2020 to continue. Even if a company
has a solid team today, it will certainly need
more specialists in the future, and with so
many new jobs being created by digitaliza-
tion, the education process must never stop.
PANEL 3: DRS: ROMANIA’S MOST IMPOR-
TANT SUSTAINABILITY PROJECT TO DATE
The Deposit Return System (DRS) is seen
as Romania’s biggest and most important
sustainability project of the past 30 years,
and not just from an investment perspective.
Educating the public and raising awareness
of this issue will be paramount in the near
future, in order to create a fair and functional
system. “DRS could change Romania in
terms of how we treat our packaging and the
waste that results from it. This project has
the potential to create a functional circular
economy in our country,” said Ionut Georges-
cu, Founder & CEO at FEPRA, during the
third panel of the re:Focus on E-commerce,
Retail & Logistics conference.
However, from a logistics perspective, the
DRS seems like a herculean task, considering
how many stakeholders have to be involved
to create a working system. According to Ju-
lia Leferman, General Manager at the Brewers
of Romania Association, the DRS could be
biggest environmental project in Romania,
and making it functional will require lots of
energy and resources. “By the end of 2025,
many changes will have to occur across the
entire chain, starting from producers, be-
cause it all starts with them.”
Producer responsibility is crucial in imple-
menting a system that doesn’t just tick off
some recycling quotas on paper, but actually
creates new packaging out of collected waste
and closes the circle for that material.
“The DRS has to do with the entire circuit
of the used package. The producer is the
starting point, but we also need functional
collection facilities for retailers. It’s very
important to create convenient mechanisms
for consumers, to make the system as easy
as possible. This means we need to create a
nation-wide system that will enable consum-
ers to recover the deposit wherever they can,
and that will create an entire logistics net-
work for the recovery of the used packaging
consumers bring to collection centers, which
will end up at recycling centres,” Leferman
explained.
 www.business-review.eu
Business Review | March 2022
May 2016 COVER RETAIL
STORY 33
14

In Romania, beverage producers work

with around 120 distributors to move their
products across the supply chain and reach
final consumers. Those distributors use
around 3,500 vehicles, which often come
back empty. Utilising those empty vehicles
Tiberiu Teleanu, Expansion & Asset Manage- Ionut Georgescu, Founder and CEO at FEPRA
might be one solution to solve the DRS logis-
ment Director at Auchan Retail Romania “Returnable and collectable packaging repre-
tics riddle, Ionut Georgescu suggested.
“Online shopping and real estate go hand in sents 30 percent of the total packaging on
The DRS will serve a very specific market, hand, and they will continue to do so in the the market, which represents 10 percent of
that of beverage producers, but it will not future. It is important for us to have as many the total waste being collected.”
solve all of our problems; it will only stream- contact points as possible with the client.”
line one of several collection pillars,” said
Alice Nichita, President of the National Soft
Drinks Association (ANBR).
In Romania, around 7,000-10,000 retail
units account for nearly 35 percent of na-
Julia Leferman, General Manager at the
tional consumption. In this context, how do
Sebastian Mahu, Head of Asset Brewers of Romania Association
retailers view the Deposit Return System—as Management at IULIUS “8 out of 10 Romanians say they are willing
a burden or a relief? Emanuel Parvulescu, “Romania has relatively modern retail to return product packaging. There is a big
Head of Environment at Cora, tried to answer spaces, with most of its retail stock having difference between intention and action, but
this question. “It’s definitely an advantage been built after 2000, and the supermarket is we can do things to incentivise that action.”
no longer the main anchor.”
for us, it’s a facility offered to our end-con-
sumer. The system will become the biggest
private investment in waste management in
Romania. To become operational, it needs
to have the ability to efficiently collect large
quantities of packaging waste from consum-
Alice Nichita, President of the National Soft
ers, and this will benefit the entire chain: Tudor Iuga, Senior Consultant Industrial & Drinks Association
from citizens to manufacturers, from retail- Logistics Services at CBRE Romania “In order to be compliant with the state
ers to state authorities.” “Romania’s presence is growing on the map scheme for deposit and return system, we’ve
Romanian authorities should clearly state of regional hubs. We are competing with had to set up two new associations, which
markets like the Czech Republic, Hungary should be operational by May or June.”
the fundamental principles of the DRS, but
and Poland.”
those principles should be decided upon
thourgh consultation with all stakeholders.
“Apart from challenges related to invest-
ments and logistics, there are also legisla-
tive aspects to clarify. Each day we run into
new obstacles that must be addressed,” said Bogdan Purcherea, Managing Director
Cosmin Teodoru, a representative of the Cristiana Fernbach, Partner at KPMG Legal at Envipco Holding
Romanian Environment, Waters, and Forests “E-commerce has grown exponentially “When it comes to returning packaging, we
over the past two years, but we must also should start with the things that are known
Ministry.
acknowledge the fact that it raises new to work, some of which are easy to imple-
“As a producer, considering the specific
challenges.” ment: vouchers would be a good example.”
context of our country, I believe it will be
very difficult to achieve the planned 65
percent collection rate. We are trying to
contribute through our waste collection
reverse vending machines, which are fully
automated and high performing. In Brasov,
for example, we are collecting nearly 1 mil- Cosmin Teodoru, General Director at the Emanuel Parvulescu,
lion packages now, and citizens are getting Environment, Water and Forests Ministry Head of Environment at Cora
“Some of the legal responsibility for DRS “We will soon propose a new model for DRS
used to the system and understanding that it
stays with the company’s shareholders, and that will work for everyone involved and
benefits everyone,” says Bogdan Purcherea, it is separate from the responsibility of the meet the standards imposed by legislation.”
Managing Director at Envipco Holding. producer.”

34 CULTURE
Rural culture crops: preserving the cultural
life of Romania’s countryside
Last month, the National Institute for Cultural
Research and Training (INCFC) launched The
Atlas of Culture, a study that aims to expand
the mapping of the sector. Following this
endeavour, the Institute set itself an important
objective of creating an atlas that would
provide comprehensive cultural information,
along with a long-term course of action and
established training teams. Business Review
talked to assoc. prof. Ph.D. Carmen Croitoru,
the General Manager of INCFC, about the
cultural life of the countryside.
By Oana Vasiliu
Can you briefly introduce The Atlas of
Culture, its vision, and context?
Almost every study generated and published
by the INCFC seeks to complete a huge cul-
tural puzzle that still has many untouched or
even unknown areas. It is therefore no acci-
dent that the first study we decided to publish
out of the Atlas of Culture series had to do
with the cultural life of the countryside.
Based on a broad process of statistical data
collection, inventory, and structuring, fol-
lowed by a mixed methodological approach—
both quantitative and qualitative—The Atlas
of Culture – 1st edition. Cultural establish-
ments in rural areas aims to assess the state
of culture by following aspects such as the
level of distribution of cultural infrastructure
elements; expenditure and investments by
local public authorities in culture; profiles of
community-level cultural leaders; and the
specificity of cultural events.
The study is a wake-up call for authorities
who are responsible for access to culture and
it seeks to provide support for the promotion
of public policies on culture in rural areas.
The Atlas of Culture starts from an exist-
ing rural infrastructure element: commu-
nity centres. What do these institutions
represent for Romanian villages and what
else did you learn about them through
your research?
Community centres are essential elements
of public cultural infrastructure in Romanian
rural areas, along with communal libraries.
More than a century after the first cultural es-
tablishments appeared, the network has been
extended to most of rural Romania, carrying
out or hosting cultural activities.
In 2018, Romania had 6,365 buildings
that functioned as rural community centres.
Of these, 4,984 buildings (78 percent) were
identified as active and 1,381 (22 percent) as
inactive (non-operational, un-renovated,
unused). And while community centres are
spread across 94 percent of Romanian mu-
nicipalities, very few of them actually operate
for the benefit of the community as cultural
institutions. The lack of a suitable space for
cultural activities fragments the relationship
between cultural establishments and citizens
and creates distances that are difficult to
recover later.
Have there been recent investments in
rural cultural infrastructure? How many
community centres need either partial
rehabilitation or a complete facelift?
Between 2007 and 2018, only 38 percent of
territorial administrative units made invest-
ments in the infrastructure of community
centres through available grant funding
programmes. As a result, only 18 percent of
community centres have been renovated or
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Business Review | March 2022
Courtesy of the National Institute for Cultural Researchand Training
modernised through grant programmes. At
the same time, most local public spending on
cultural establishments is intended for the
renovation of buildings, to the detriment of
proper staffing and hosting of cultural activi-
ties.
The report has found that cultural
services in rural areas are inadequately
staffed. What solutions are there to cover
this deficit?
Only around 40 percent of territorial admin-
istrative units have a human resource who is
specialised in the cultural field, i.e. a cultural
rapporteur or librarian who can coordinate
the activity of the local community centre.
Moreover, many community centre manag-
ers, even those with a cultural background,
often also perform other tasks within the local
public administration.
The first solution we’ve identified was
linking up educational strategies in secondary
and higher education (Humanities and Arts)
to make sure that young professionals are
offered opportunities for cultural placements
in rural areas.
Facilitating regular access to continuing
vocational training programmes for cultural
staff and formally trained specialists for com-
plex cultural intervention in rural areas, with
all the social implications of these processes,
would also be very helpful.
 www.business-review.eu
Business Review | March 2022
Last but not least, prioritising the funding
of cultural education can encourage citizen
involvement in the cultural activities of
their communities, especially among young
people.
Are there any specific public policies for
culture in rural areas? What models could
be transferred to the Romanian country-
side?
Even after the adoption of legislation
regarding cultural establishments (in 2003
and 2006), there are still legislative gaps
concerning the role of cultural establish-
ments and the need for a proper work plan
for the training and qualification of specialist
staff. These gaps have been doubled by local
government’s failure to implement existing
legislation, thus affecting the status, author-
ity, and activity of cultural establishments
within communities.
Our plea focuses on the idea of formulat-
ing coherent and sustainable development
policies that include basic social, education-
al, and cultural elements, which should be
implemented by institutions that are able to
turn these policies and strategies into reality.
It is not that complicated, because all these
communities need are strategies that enable
primary education institutions, the church,
and the community centre to join efforts in
order to prevent irrecoverable social gaps.
More specifically, we are signalling the need
for the adoption of a public policy for rural
culture that takes into account the opportuni-
ties and huge potential of this type of struc-
ture. The same public policy should provide
measures to avoid the over-instrumentation
or use of cultural funds and infrastructure for
electoral purposes, as well as to consult local
communities regarding the
spending of public money on
cultural initiatives.
What does “rural” mean for
you? What do rural areas in
Romania share with those
in other countries in Europe
and what are the key differ-
ences?
By definition, a rural space is
any type of place that cannot
be described as urban. But
rural areas are much more
than that. Before the indus-
trialisation of the early 20th
century, Romania was all rural. Our culture
is rooted in the rural environment that to
this day clings to the fundamental aspects of
who we are and where we come from. Rural
spaces in Europe, be they ours or those of our
neighbours, are very similar in the sense that
they represent the foundations of cultural
development—our origins, if you will. Other
European countries have already begun to
consecrate rural spaces as living beacons of
cultural heritage. Romania is in the process of
catching up to these other countries, as this
is the way forward in ensuring not only the
CULTURE 35
preservation of existing heritage, but also the
nurturing of developments in the field.
Some international forums mention rural
areas as creative spaces, with opportuni-
ties anywhere from renewed agriculture
to the arts. Is this the case in Romania,
too? Are villages where people have
invested in new agricultural tools more
open to cultural development?
As cultural heritage is such a multifaceted
field, even the smallest investment in a multi-
tude of areas will have a positive impact. For
those of us operating in the cultural sector, it’s
clear that investments in various fields that
are relevant for rural areas have positively
impacted cultural development.
In terms of global trends, many artists
are pursuing exploratory journeys that
take them back to their roots. Have you
noticed this type of approach towards the
Romanian village?
According to the INCFC’s documentation,
more and more cultural and creative profes-
sionals have been moving to rural areas in
recent years. For this reason, cultural commu-
nities have begun to take shape around these
artists’ initiatives. Though this is not included
in official statistics on cultural communities
in villages, it is undoubtedly positive and
contributes to the revival and regeneration of
the rural world through culture.
 www.business-review.eu
36 ARTS Business Review | March 2022

Building legacy through art

To mark the International Women’s Day on March 8, BR is celebrating extraordinary women
working in the creative and cultural fields, all of whom are true ambassadors of Romanian
values and great examples of how people with vision can change communities.
By Oana Vasiliu

ANNA MARIA POPA, GENERAL MANAGER OF THE ANDREI MURESANU THEATRE (TAM), SFANTU
GHEORGHE, COVASNA COUNTY
Born and raised in Sfantu Gheorghe, Anna Maria Popa graduated from the acting department of the
University of Theatre and Cinematography. She has been the general manager of TAM since 2015, hav-
ing had a similar role previously as the executive director of the Arca Theatre.
TAM has become an important landmark on the local cultural map since her appointment as
general manager, and people there have fully explored their creativity during the pandemic. They’ve
invented things, used new means of expression, looked for new solutions, and even created the first
VR theatre experience in Romania—because the show must go on regardless of obstacles.

MAIA MORGENSTERN, GENERAL MANAGER OF THE JEWISH STATE

THEATRE IN BUCHAREST
Maia Morgenstern is a Romanian film and stage actress, but also the general manager of the
Jewish State Theatre in Bucharest. She is best known for portraying the Blessed Virgin Mary
in Mel Gibson's movie “The Passion of the Christ.” The role required her to speak Aramaic, but
just like other actors who were cast in the film, she simply memorised her lines phonetically.
Her career has meant hundreds of film and theatre roles, but also radio theatre and TV
performances. In 2012, Maia Morgenstern became the manager of the Jewish State Theatre in
Bucharest, a position in which she dedicates her experience, energy, and passion to saving Yid-
dish culture, tradition, and civilisation, maintaining a focus on education and recent history.

IOANA CIOCAN, DIRECTOR OF ART SAFARI

Ioana Ciocan is an independent curator and the director of Art Safari Bucharest, the vice-pres-
ident of the Union of Fine Artists in Romania, and a member of the Scientific Council of the
Cotroceni National Museum. In 2015-16 she was part of the Curatorium team, who developed
the bid for Bucharest 2021 European Capital of Culture.
Ioana is also the initiator and coordinator of several art programmes in the public space,
having curated many different art exhibitions. She is also a regular speaker at various confer-
ences regarding art in public spaces and curatorial practice, a member of specialised juries, and
an associate editor for Arta Magazine.

SOPRANO VIRGINIA ZEANI

Known as one of the brightest stars of Romanian opera and beloved by critics and audiences
alike, Zeani has paved the way for many Romanian singers and is now a distinguished teacher.
Zeani’s singing was unusual in that she was able to achieve a complete integration of bel
canto vocal accuracy and verismo expression, giving her interpretations great dramatic power
without sacrificing musical priorities in any way. Zeani retired from the operatic stage in 1982,
but she and her husband Nicola Rossi Lemeni began to teach singing at the Indiana University
music school in 1980, and she continues to inspire young talents today.
 www.business-review.eu
Business Review | March 2022 ARTS 37

CODRUTA VULCU, FOUNDER AND DIRECTOR OF ARTMANIA

Codruta Vulcu is the Director and Founder of the ARTmania Festival, East European Music Con-
ference & Showcase Festival, Blaj aLive Festival, and Romanian Music Export, and the vice presi-
dent of AROC (the Romanian Association of Promoters of Concerts and Cultural Events), with
a seventeen-year long career in the artistic sector and a rich event portfolio that includes the
logistics and operational planning of the official ceremonies held in 2019 by His Holiness Pope
Francis on the Field of Liberty in Blaj, Romania. Last year, Codruta Vulcu received the Excel-
lence and Passion Award at the European Festival Awards (EFA), and back in 2019 she received
the award in the Best Small Festival category for the ARTmania Festival.

ANDREEA IAGER TAKO, CO-FOUNDER OF AMBASADA TIMISOARA

Ambasada is a brand under the Casa PLAI Association, a social enterprise developed as a way
to incubate and increase the impact of local, national, and international doers. Andreea is the
co-founder of this mix of social impact, culture, free space, professional services, and media-
tion between different realities and industries. Currently, Ambasada is part of a new and ambi-
tious initiative, the Faber.community, which is dedicated to creative endeavours. Moreover,
the team behind Ambasada established themselves as significant players in the city, taking
lead roles in the bid for the 2021 European Capital of Culture, which has been postponed to
2023, as well as in developing the city’s cultural strategy.

WRITER NORA IUGA

Nora Iuga is a poet, writer, and translator who was born in Bucharest in 1931. Due to her par-
ents’ extensive touring activities, she spent her childhood in different countries and grew up
surrounded by both the Romanian and German languages. Her creative period as a poet began
with the publication of her first volume of Romanian poetry in 1968; since the late 1970s, she
has also been working to translate German literature into Romanian, including works by E.T.A.
Hoffmann, Günter Grass, Elfriede Jelinek, and Herta Müller. Among other honours, Iuga has
been awarded the Order of Merit of the Federal Republic of Germany. She is a key figure in
literature, but also widely recognised for her contribution to fostering cultural exchange, espe-
cially between Germany and Romania.

FILM PRODUCER ADA SOLOMON

Ada is one of Romania's leading producers, having received more than 200 awards at festivals
around the world. In 2004, Ada and Avi Karpick founded the Hi Film production company.
Since then, she has produced and co-produced over 60 titles with selections at festivals like
Berlin, Cannes, Locarno, Karlovy Vary, Sundance, and Sarajevo. She has also co-produced
features with partners in over 15 countries around Europe and sold her films in over 50 ter-
ritories around the world. Among her achievements as a producer are the Crystal Globe for
Best Film in Karlovy Vary for “I Do Not Care If We Go Down in History as Barbarians” by Radu
Jude, the Berlinale Golden Bear for “Child’s Pose” by Calin Netzer and “Bad Luck Banging or
Loony Porn” by Radu Jude, the Silver Bear for Best Director for “Aferim!” by Radu Jude, and
many more.

38 CITY
Cultural calendar
Matei Dumitriu exhibition
March 10 – April 9,
SUPRAINFINIT Gallery
“A glimpse, approximately” is
Matei Dumitriu’s first solo show
at Suprainfinit Gallery. The
exhibition entails a series of new
works that investigate differ-
ent notions of time: a time that
includes a beginning and an end,
a flowing time that can only be
experienced through repetition,
simultaneity, and contingency, a
time from the past that is just ap-
proximately sealed off from the
perceivable present, and a time
like a creature, which is just as
much personal as it is temporal.
The opening is synchronised with
#DOIJOI, the latest collaborative
initiative on the Romanian art
scene, which takes place on the
second Thursday of each month
as part of an extensive after-work
programme of contemporary art
spaces.
International
Francophonie Day
Until March 20, MNAR
To mark the occasion, several
guided tours are available at the
museum, and a concert will take
place on Sunday, March 20, from
7 PM, with French baroque music
and old Romanian music per-
formed by the SEMPER Ensemble
and the Trei parale group in the
Royal Dining Room.
The Batman film
From March 4 in all cinemas
The Batman is a 2022 American
superhero film based on the fa-
mous DC Comics character. Pro-
duced by DC Films, 6th & Idaho,
and Dylan Clark Productions, and
distributed by Warner Bros. Pic-
tures, it is a reboot of the Batman
film franchise starring Robert
Pattinson as Bruce Wayne/Bat-
man alongside Zoë Kravitz,
Paul Dano, Jeffrey Wright, John
Turturro, Peter Sarsgaard, Andy
Serkis, and Colin Farrell. Set in
his second year of fighting crime,
the film sees Batman uncover
corruption in Gotham City while
pursuing the Riddler (Dano), a
serial killer who targets Gotham's
elite. The Batman was delayed
twice from an initial June 2021
release date due to the covid-19
pandemic.
Art In Progress_2. Coming
Back to Our Senses
March 18 – April 9,
Combinatul Fondului Plastic
The second edition of Art In
Progress is a multidisciplinary
By Oana Vasiliu
exhibition of young art organised
by The Institute and DIPLOMA.
The theme of this edition of Art
In Progress is Coming Back to
Our Senses, and it features the
works of 5 artists from the new
generation of creators, brought
together by young curator Iselin
Huluba. The exhibition presents
works of sculpture, photography,
and design by young artists like
Matei Emanuel, Catalin Velea,
Diana Paun, Denise Lobont, and
Maria Mandea. They will pres-
ent their works in a conceptual
exhibition, exploring current
issues related to our connections
to ourselves, our senses, and the
outside world.
Construct Ambient Expo
March 24-27, ROMEXPO
For those looking to facelift their
homes and gardens, Romexpo is
hosting construction, furniture,
thermal, and gardening and flow-
ers fairs during a single weekend.
The simultaneous events are
CONSTRUCT - AMBIENT EXPO
– an international fair of tech-
nologies, equipment, machinery,
construction materials, interior
and exterior design; ROMTHERM
– an international exhibition of
installations, heating equipment,
cooling and air conditioning; and
MOBILA EXPO – a furniture fair.
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Business Review | March 2022
Lohengrin Opera
March 27,
Bucharest National Opera
The Romanian Opera (known as
the Bucharest National Opera at
the time) debuted back in 1921
with a beautiful performance of
Lohengrin by Richard Wagner,
conducted by George Enescu.
Director Silviu Purcarete has
brought Lohengrin back to the
Romanian stage, with Daniel
Magdal and Iulia Isaev in the
leading roles and Tiberiu Soare as
conductor.
Pink Martini concert
April 9 & 10, Sala Palatului
& Fratelli Studios
Pink Martini returns to Bucharest
with two concerts, postponed
from their initial dates in 2020.
The 12-artist band, performing
in no less than 25 languages,
takes you on a musical adventure
around the world, playing every-
thing from pop to jazz and clas-
sical music. The inspiration for
their repertoire comes from the
Hollywood musicals of the '40s
and '50s, combining a variety of
genres in a modern and eclectic
composition.