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INVESTIIILE STRINE DIRECTE N ROMNIA n anul 2010

2011

Not
Redactarea lucrrii, nalizat la data de 7 noiembrie 2011, a fost realizat de Direcia Statistic din Banca Naional a Romniei, precum i de Direcia Statistici Structurale ale ntreprinderii i Direcia Registrului Statistic al ntreprinderilor din cadrul Institutului Naional de Statistic. Reproducerea publicaiei este interzis, iar utilizarea datelor n diferite lucrri este permis numai cu indicarea sursei. Banca Naional a Romniei, Str. Lipscani nr. 25, cod 030031, sector 3, Bucureti tel.: 021/312 43 75; fax: 021/314 97 52 internet: http://www.bnr.ro Institutul Naional de Statistic, B-dul Libertii nr. 16, sector 5, Bucureti tel.: 021/318 18 71; 021/317 77 70; fax: 021/312 48 75 internet: http://www.insse.ro ISSN 2067-3876 (versiune tiprit) ISSN 2247-5095 (versiune online)

Cuprins
ASPECTE METODOLOGICE PRIVIND STATISTICA INVESTIIILOR STRINE DIRECTE (ISD) ................................................. 5 REZULTATELE CERCETRII STATISTICE PRIVIND INVESTIIILE STRINE DIRECTE N ROMNIA N ANUL 2010 ....................................................................................................... 7
1. Fluxul net de investiii strine directe ........................................................... 7 2. Soldul investiiilor strine directe la sfritul anului .................................... 7 2.1. Repartizarea soldului investiiilor strine directe pe principalele activiti economice ............................................... 8 2.2. Imobilizrile corporale i necorporale n ntreprinderile investiie strin direct ....................................... 9 2.3. Repartizarea soldului investiiilor strine directe pe regiuni de dezvoltare................................................................. 10 2.4. Repartizarea soldului investiiilor strine directe pe ri de origine ............................................................................ 10 3. Tipuri de investiii strine directe................................................................ 12 4. Veniturile realizate din investiii strine directe .......................................... 12 5. Exporturile i importurile ntreprinderilor investiie strin direct ........... 13 Grafice ............................................................................................................. 15

Investiiile strine directe n Romnia n anul 2010

ASPECTE METODOLOGICE PRIVIND STATISTICA INVESTIIILOR STRINE DIRECTE (ISD)


Metodologia utilizat la realizarea cercetrii statistice ISD 2010 a fost cea prevzut de manualul balanei de pli al Fondului Monetar Internaional, ediia a 5-a (BPM5). Investiia strin direct: relaie investiional de durat ntre o entitate rezident i o entitate nerezident; de regul, implic exercitarea de ctre investitor a unei inuene manageriale semnicative n ntreprinderea n care a investit. Sunt considerate investiii strine directe: capitalul social vrsat i rezervele ce revin unui investitor nerezident care deine cel puin 10 la sut din capitalul social subscris al unei ntreprinderi rezidente, creditele dintre acest investitor sau grupul din care face parte acesta i ntreprinderea n care a investit, precum i protul reinvestit de ctre acesta. De asemenea, sunt considerate investiii strine directe capitalurile din companiile rezidente asupra crora investitorul nerezident exercit o inuen semnicativ pe cale indirect, i anume: capitalurile proprii ale asociatelor i lialelor rezidente ale ntreprinderii rezidente n care investitorul nerezident deine cel puin 10 la sut din capitalul social subscris. Investitorul strin direct: persoan juridic, persoan zic sau grup de persoane ce acioneaz concertat, care deine cel puin 10 la sut din capitalul social subscris (respectiv din capitalul de dotare al entitilor fr personalitate juridic) sau cel puin 10 la sut din voturi ntr-o ntreprindere situat n afara propriei ri de reziden. ntreprinderea investiie strin direct: este o ntreprindere rezident, cu sau fr personalitate juridic, n care un investitor nerezident deine cel puin 10 la sut din capitalul social subscris sau din voturi, respectiv din capitalul de dotare n cazul ntreprinderilor fr personalitate juridic (sucursale). Deinerea a cel puin 10 la sut din capitalul social subscris sau din voturi, respectiv din capitalul de dotare, este primordial n stabilirea relaiei de investiie direct. ntreprinderea investiie strin direct de gradul II: este o ntreprindere rezident, cu personalitate juridic, n care un investitor strin direct controleaz, prin intermediul unei ntreprinderi investiie strin direct, cel puin 10 la sut din capitalul social subscris. ntreprinderile investiie strin direct de gradul II sunt liale sau asociate ale ntreprinderilor investiie strin direct. Filialele reprezint companiile rezidente n care ntreprinderile ISD dein cel puin 50 la sut din capitalul social subscris, iar asociatele sunt companiile rezidente n care ntreprinderile ISD dein ntre 10 i 50 la sut din capitalul social subscris. Investiia direct reversibil: relaia investiional de sens invers investiiei strine directe pe care o ntreprindere investiie direct rezident o are cu investitorul strin direct, dac ntreprinderea rezident are o participaie de sub 10 la sut din capitalul social al investitorului strin direct.
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Investiiile strine directe n Romnia n anul 2010

Componentele investiiilor strine directe: Capitaluri proprii: capitalul social subscris i vrsat, att n numerar, ct i prin contribuii n natur, deinut de nerezideni n companii rezidente, precum i cota aferent din rezerve; n mod corespunztor, n cazul sucursalelor, se ia n considerare capitalul de dotare aat la dispoziia acestora; Creditul net: creditele primite de ctre ntreprinderea investiie strin direct de la investitorul strin direct sau din cadrul grupului de rme nerezidente din care face parte acesta, mai puin creditele acordate de ctre ntreprinderea investiie strin direct investitorului strin direct sau unei alte rme din cadrul grupului respectiv de rme. Tipurile investiiilor strine directe (difereniate dup contribuia uxului de participaii strine la capital n ntreprinderile investiie strin direct): Greeneld: ninarea de ntreprinderi de ctre sau mpreun cu investitori strini (investiii pornite de la zero); Fuziuni i achiziii: preluarea integral sau parial de ntreprinderi de ctre investitori strini de la rezideni; Dezvoltare de rme: majorarea deinerilor de capital ale investitorilor strini n ntreprinderi investiie strin direct.

Investiiile strine directe n Romnia n anul 2010

REZULTATELE CERCETRII STATISTICE PRIVIND INVESTIIILE STRINE DIRECTE N ROMNIA N ANUL 2010
1. Fluxul net de investiii strine directe
Fluxul net de ISD n anul 2010 a nregistrat un nivel de 2 220 milioane euro i este structurat astfel: Participaiile nete ale investitorilor strini direci la capitalul ntreprinderilor investiie strin direct din Romnia n valoare de 1 824 milioane euro (82,2 la sut din uxul net de ISD). Participaiile nete rezult din diminuarea participaiilor, n valoare de 4 067 milioane euro, cu pierderea net, n sum de 2 243 milioane euro. Pierderea net a rezultat prin scderea din protul net al ntreprinderilor ISD realizat n anul 2010 n valoare de 4 222 milioane euro a dividendelor repartizate n anul 2010 n sum de 1 970 milioane euro, dup care aceast valoare a fost diminuat cu pierderile ntreprinderilor ISD din anul 2010 n valoare de 4 495 milioane euro. Modul de calcul este n conformitate cu metodologia internaional de determinare a protului reinvestit de ctre ntreprinderile ISD, respectiv a pierderii nete nregistrate de ctre acestea. Creditul net primit de ctre ntreprinderile investiie strin direct de la investitorii strini direci, inclusiv din cadrul grupului, n sum de 396 milioane euro, reprezentnd 17,8 la sut din uxul net al ISD.

2. Soldul investiiilor strine directe la sfritul anului


Soldul nal al ISD la 31 decembrie 2010, rezultat din adugarea la soldul iniial a uxului net de ISD, precum i a diferenelor valorice pozitive/negative provenite din reevalurile datorate modicrii cursului de schimb i a preurilor unor active, ct i din retratri contabile ale valorii unor solduri iniiale, a nregistrat nivelul de 52 585 milioane euro, mai mare cu 5,2 la sut dect soldul nal al ISD din anul 2009. Participaiile la capitalul social (inclusiv protul reinvestit) al ntreprinderilor investiie strin direct aveau la sfritul anului 2010 valoarea de 35 529 milioane euro (67,6 la sut din soldul nal al ISD), iar creditul net total primit de ctre acestea de la investitorii strini direci, inclusiv din cadrul grupului, a nregistrat nivelul de 17 056 milioane euro, reprezentnd 32,4 la sut din soldul nal al ISD. Creditul net cuprinde att creditele pe termen mediu i lung, ct i pe cele pe termen scurt acordate de ctre investitorii strini ntreprinderilor lor din Romnia, att direct, ct i prin intermediul altor rme nerezidente membre ale grupului.

Investiiile strine directe n Romnia n anul 2010

2.1. Repartizarea soldului investiiilor strine directe pe principalele activiti economice Din punct de vedere al orientrii investitorilor strini spre ramuri economice (conform CAEN Rev. 2), ISD s-au localizat cu precdere n industria prelucrtoare (32 la sut din total). n cadrul acestei industrii cele mai bine reprezentate ramuri sunt prelucrarea ieiului, produse chimice, cauciuc i mase plastice (6,9 la sut din total), metalurgia (5,3 la sut), industria mijloacelor de transport (4,9 la sut), industria alimentar, a buturilor i tutunului (3,9 la sut) i ciment, sticl, ceramic (3,2 la sut). Alte activiti care au atras importante ISD sunt intermedierile nanciare i asigurrile (19,1 la sut din totalul ISD), comerul cu amnuntul i cu ridicata (12,4 la sut), construciile i tranzaciile imobiliare (9 la sut), tehnologia informaiei i comunicaii (5,9 la sut).
Repartizarea pe principalele activiti economice a soldului ISD la 31 decembrie 2010 Valoare (milioane euro) TOTAL, din care: Industrie Industria extractiv Industria prelucrtoare, din care: alimente, buturi i tutun ciment, sticl, ceramic fabricare produse din lemn, inclusiv mobil fabricarea calculatoarelor, altor produse electronice, optice i electrice maini, utilaje i echipamente metalurgie mijloace de transport prelucrare iei, produse chimice, cauciuc i mase plastice textile, confecii i pielrie alte ramuri ale industriei prelucrtoare Energie electric, gaze i ap Activiti profesionale, tiinice, tehnice i administrative i servicii suport Agricultur, silvicultur i pescuit Comer Construcii i tranzacii imobiliare Hoteluri i restaurante Intermedieri nanciare i asigurri Tehnologia informaiei i comunicaii Transporturi Alte activiti 52 585 23 093 2 388 16 840 2 081 1 663 1 013 840 950 2 777 2 589 3 615 835 477 3 865 2 560 1 068 6 519 4 746 417 10 055 3 081 788 258 Pondere n total ISD (%) 100,0 43,9 4,5 32,0 3,9 3,2 1,9 1,6 1,8 5,3 4,9 6,9 1,6 0,9 7,4 4,9 2,0 12,4 9,0 0,8 19,1 5,9 1,5 0,5

Investiiile strine directe n Romnia n anul 2010

2.2. Imobilizrile corporale i necorporale n ntreprinderile investiie strin direct Avnd n vedere rolul foarte important n creterea economic pe care l joac imobilizrile corporale i cele necorporale, precum i caracterul de durat pe care acestea l imprim ISD, cercetarea statistic i-a propus determinarea ponderii acestor categorii de destinaii nale ale investiiilor n soldul ISD la nele anului 2010, ct i repartizarea lor pe principalele activiti economice. Se constat c imobilizrile corporale i necorporale, cu un sold la nele anului 2010 n valoare de 24 309 milioane euro, reprezint 46,2 la sut din soldul total al ISD, inducnd un grad semnicativ de stabilitate a investiiei strine. Activitile economice n care ISD se regsesc n imobilizri corporale i necorporale la un nivel important sunt: industria (26,1 la sut din total ISD), iar n cadrul acesteia industria prelucrtoare (cu 18,2 la sut din total ISD), comerul cu amnuntul i cu ridicata (6,5 la sut), construciile i tranzaciile imobiliare (4,5 la sut), tehnologia informaiei i comunicaii (2,9 la sut).
Repartizarea pe principalele activiti economice a soldului imobilizrilor corporale i necorporale la 31 decembrie 2010 Imobilizri corporale i necorporale valoare pondere (milioane n total ISD euro) (%) TOTAL Industrie Industria extractiv Industria prelucrtoare, din care: mijloace de transport metalurgie prelucrare iei, produse chimice, cauciuc i mase plastice alimente, buturi i tutun ciment, sticl, ceramic fabricare produse din lemn, inclusiv mobil maini, utilaje i echipamente textile, confecii i pielrie fabricarea calculatoarelor, altor produse electronice, optice i electrice alte ramuri ale industriei prelucrtoare Energie electric, gaze i ap Comer Construcii i tranzacii imobiliare Tehnologia informaiei i comunicaii Intermedieri nanciare i asigurri Transporturi Activiti profesionale, tiinice, tehnice i administrative i servicii suport Agricultur, silvicultur i pescuit Hoteluri i restaurante Alte activiti 24 309 13 740 2 066 9 576 1 701 1 635 1 524 1 463 961 679 493 458 413 249 2 098 3 394 2 367 1 533 1 428 536 492 457 263 99 46,2 26,1 3,9 18,2 3,2 3,1 2,9 2,8 1,8 1,3 0,9 0,9 0,8 0,5 4,0 6,5 4,5 2,9 2,7 1,0 0,9 0,9 0,5 0,2

Investiiile strine directe n Romnia n anul 2010

2.3. Repartizarea soldului investiiilor strine directe pe regiuni de dezvoltare Din punct de vedere teritorial se observ orientarea cu precdere a ISD spre regiunea de dezvoltare BUCURETI-ILFOV (62,2 la sut), alte regiuni de dezvoltare beneciare de ISD ntr-o msur relativ important ind regiunea CENTRU (7,4 la sut), regiunea SUD MUNTENIA (7,3 la sut), regiunea VEST (6,5 la sut) i regiunea SUD-EST (6,3 la sut). Regiunea NORD-EST este cea mai puin atractiv pentru investitorii strini, aici nregistrndu-se numai 2,4 la sut din investiia strin direct. La analiza dispersiei teritoriale a ISD trebuie avut n vedere i faptul c cercetarea statistic a localizat aceste investiii dup sediul social al ntreprinderilor investiie direct, ceea ce nu corespunde ntotdeauna cu locul de desfurare a activitii economice.
Repartizarea pe regiuni de dezvoltare a soldului ISD la 31 decembrie 2010 Valoare (milioane euro) TOTAL, din care: BUCURETI-ILFOV CENTRU SUD MUNTENIA VEST SUD-EST NORD-VEST SUD-VEST OLTENIA NORD-EST 52 585 32 720 3 909 3 816 3 446 3 290 2 232 1 928 1 244 Pondere n total ISD (%) 100,0 62,2 7,4 7,3 6,5 6,3 4,2 3,7 2,4

2.4. Repartizarea soldului investiiilor strine directe pe ri de origine Repartizarea soldului ISD n funcie de rile de provenien a capitalului este redat n tabelul urmtor. Sunt evideniate toate rile de origine a investiiilor directe de cel puin 100 milioane euro. Repartizarea a fost realizat n funcie de ara deintorului nemijlocit a cel puin 10 la sut din capitalul social al ntreprinderilor investiie strin direct rezidente, conform principiului Immediate Country Basis.

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Investiiile strine directe n Romnia n anul 2010

Repartizarea pe ri de origine a soldului ISD la 31 decembrie 2010 Valoare (milioane euro) TOTAL, din care: Olanda Austria Germania Frana Grecia Italia Cipru Elveia Statele Unite ale Americii Spania Luxemburg Cehia Belgia Ungaria Marea Britanie Turcia Danemarca Insulele Virgine Britanice Suedia Liban Polonia Canada Portugalia Gibraltar BERD (Banca European pentru Reconstrucie i Dezvoltare) Finlanda Israel Japonia Irlanda Alte ri* * ri a cror investiie este mai mic de 100 milioane euro 52 585 10 903 9 346 6 398 4 384 3 016 2 808 2 550 2 021 1 349 1 064 989 972 864 717 627 615 384 379 312 254 211 207 206 161 158 156 155 154 146 1 079 Pondere n total ISD (%) 100,0 20,7 17,8 12,2 8,3 5,7 5,3 4,9 3,8 2,6 2,0 1,9 1,8 1,6 1,4 1,2 1,2 0,7 0,7 0,6 0,5 0,4 0,4 0,4 0,3 0,3 0,3 0,3 0,3 0,3 2,1

Primele 5 ri clasate dup ponderea deinut n soldul ISD la 31 decembrie 2010 sunt: Olanda (20,7 la sut), Austria (17,8 la sut), Germania (12,2 la sut), Frana (8,3 la sut) i Grecia (5,7 la sut), ierarhie nregistrat i n anul 2009.

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Investiiile strine directe n Romnia n anul 2010

3. Tipuri de investiii strine directe


Fluxul de participaii la capital n ntreprinderile ISD, n valoare de 4 067 milioane euro, este difereniat n greeneld, fuziuni i achiziii i dezvoltare de rme. n anul 2010 investiiile greeneld au nregistrat un nivel foarte redus, de numai 46 milioane euro, reprezentnd 1,1 la sut din participaiile la capital n ntreprinderile investiie strin direct, n aceeai situaie andu-se i investiiile din categoria fuziuni i achiziii (M&A) cu 93 milioane euro (2,3 la sut din participaii); ponderea predominant n uxul participaiilor la capital n 2010 este reprezentat de dezvoltrile de rme, cu o valoare de 3 928 milioane euro, respectiv 96,6 la sut din participaii. Pentru a aprecia impactul de durat al investiiilor greeneld asupra economiei, au fost evideniate i acumulrile de investiii strine directe (solduri) n ntreprinderile ninate prin investiii greeneld, denumite ntreprinderi greeneld. Din punct de vedere al repartizrii pe principalele activiti economice, investiiile strine directe n ntreprinderi greeneld s-au orientat cu precdere spre industria prelucrtoare (13,9 la sut din soldul ISD). Alte ramuri n care aceste investiii au o pondere semnicativ sunt: comer (10,2 la sut), intermedieri nanciare i asigurri (6,8 la sut), construcii i tranzacii imobiliare (5,5 la sut). Cea mai mare parte a investiiilor strine directe n ntreprinderi greeneld se concentreaz, ca i ansamblul ISD, n regiunea BUCURETI-ILFOV (30 la sut din soldul ISD), urmat de regiunea CENTRU cu 5,3 la sut i regiunile VEST i SUD MUNTENIA cu 3,9 la sut, respectiv 3,2 la sut. Considerat dup mrimea investiiilor strine directe n ntreprinderi greeneld, ordinea rilor de provenien a acestora difer ntr-o oarecare msur de cea stabilit n funcie de originea soldului total al ISD. Astfel, cele mai mari investiii n ntreprinderi greeneld provin din Germania (8,5 la sut din soldul ISD), urmate de cele din Olanda (8,4 la sut), Austria (5,6 la sut) i Italia (4,2 la sut).

4. Veniturile realizate din investiii strine directe


Veniturile nete obinute de ctre investitorii strini direci n Romnia n anul 2010 au nsumat 491 milioane euro, ceea ce reprezint o diminuare cu 203 milioane euro fa de anul precedent. Veniturile din participaii la capital s-au determinat ca diferen dintre proturile nete obinute de ntreprinderile ISD, n valoare de 4 222 milioane euro, i pierderile nregistrate de acestea, n valoare de 4 495 milioane euro, i reprezint pentru anul 2010 o pierdere de 273 milioane euro. Prin diminuarea veniturilor din participaii la capital cu valoarea dividendelor repartizate n anul 2010 investitorilor strini direci (n sum de 1 970 milioane euro) se obine o pierdere net pe ansamblul ISD de 2 243 milioane euro, calculat conform metodologiei internaionale de determinare a protului reinvestit.

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Investiiile strine directe n Romnia n anul 2010

Veniturile nete din dobnzi primite de ctre investitorii strini direci la creditele acordate ntreprinderilor lor din Romnia, att direct, ct i prin alte companii nerezidente din cadrul grupului, au nsumat 764 milioane euro.

5. Exporturile i importurile ntreprinderilor investiie strin direct


Activitatea de export/import a ntreprinderilor ISD a avut un impact pozitiv asupra comerului exterior al Romniei, ponderea acestora n exporturi ind de 72,4 la sut, n timp ce ponderea n importuri a fost de 62,5 la sut.
Exporturi (FOB) ale ntreprinderilor ISD valoare (milioane euro) TOTAL Industrie, din care: Industria extractiv Industria prelucrtoare din care: alimente, buturi i tutun ciment, sticl, ceramic fabricare produse din lemn, inclusiv mobil fabricarea calculatoarelor, altor produse electronice, optice i electrice maini, utilaje i echipamente metalurgie mijloace de transport prelucrare iei, produse chimice, cauciuc i mase plastice textile, confecii i pielrie alte ramuri ale industriei prelucrtoare Energie electric, gaze i ap Activiti profesionale, tiinice, tehnice i administrative i servicii suport Agricultur, silvicultur i pescuit Comer Construcii i tranzacii imobiliare Hoteluri i restaurante Tehnologia informaiei i comunicaii Intermedieri nanciare i asigurri Transporturi Alte activiti 25 950 22 887 582 21 934 314 139 1 223 3 652 1 020 2 725 6 713 2 947 2 983 218 371 47 334 2 495 48 3 39 66 28 3 pondere n total exporturi*) (%) 72,4 63,8 1,6 61,2 0,9 0,4 3,4 10,2 2,9 7,6 18,7 8,2 8,3 0,6 1,0 0,1 0,9 7,0 0,2 0,0 0,1 0,2 0,1 0,0 Importuri (CIF) ale ntreprinderilor ISD valoare (milioane euro) 28 181 19 923 696 18 849 978 265 396 3 426 546 1 572 4 820 4 414 2 095 337 378 218 91 7 138 145 13 467 71 100 15 pondere n total importuri*) (%) 62,5 44,2 1,6 41,8 2,2 0,6 0,9 7,6 1,2 3,5 10,7 9,8 4,6 0,7 0,8 0,5 0,2 15,8 0,3 0,0 1,1 0,2 0,2 0,0

*) nu sunt incluse exporturile i importurile aferente activitilor diviziunilor CAEN: 84 Administraie public, 97/98 Activiti ale gospodriilor populaiei i 99 Activiti extrateritoriale Not: Exporturile i importurile sunt agregate dup activitatea de baz a rmelor, conform CAEN Rev. 2.

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Investiiile strine directe n Romnia n anul 2010

n ceea ce privete soldul balanei comerciale agregate a ntreprinderilor ISD pe diferitele ramuri economice, se constat c industria prelucrtoare este principala ramur cu excedent comercial (3 085 milioane euro), acesta datorndu-se n special subramurilor mijloace de transport (excedent 1 893 milioane euro), metalurgie (excedent 1 153 milioane euro) i maini, utilaje i echipamente (excedent 474 milioane euro). Trebuie menionat c ramura agricultur, silvicultur i pescuit, dei a nregistrat ISD la un nivel relativ redus (2 la sut din soldul ISD la 31 decembrie 2010), constituie cea de a doua ramur a economiei n care ntreprinderile ISD au nregistrat excedent comercial agregat (243 milioane euro). n toate celelalte ramuri ntreprinderile ISD au consemnat decit comercial agregat. Exportul i importul ntreprinderilor ISD sunt cele aferente companiilor cercetate n mod exhaustiv (care au peste 20 de salariai). Datele privind exportul i importul pe ansamblul economiei, luate n calcul la determinarea mrimilor relative, sunt cele raportate de operatorii economici care au depit pragurile valorice de raportare pentru anul 2010, stabilite pentru declaraiile Intrastat.
* * *

Cercetarea statistic privind investiiile strine directe (ISD) a fost realizat de Banca Naional a Romniei n colaborare cu Institutul Naional de Statistic. Obiectivul principal al cercetrii statistice a fost determinarea soldului ISD n Romnia la 31 decembrie 2010 i a uxurilor (micrilor) ISD n cursul exerciiului nanciar 2010 n ntreprinderile investiie strin direct rezidente. Baza de sondaj a cercetrii statistice a fost de circa 43 000 ntreprinderi investiie strin direct. Numrul total de uniti cercetate, att exhaustiv, ct i aleator, a fost de 6 870. Au fost cercetate exhaustiv 5 977 ntreprinderi investiie strin direct, cuprinznd ntreprinderile cu cel puin 20 de salariai (5 613 uniti), toate instituiile de credit cu capital strin (38 uniti), toate societile cu capital strin din domeniul asigurrilor (38 uniti), precum i ntreprinderile considerate atipice (toate ntreprinderile investiie strin direct care au cifra de afaceri sau capitalul social de cel puin 30 milioane lei, indiferent de numrul de salariai existeni, respectiv 288 uniti). A fost cercetat aleator mulimea de ntreprinderi investiie strin direct avnd ntre 5 i 19 salariai inclusiv, aceasta ind reprezentat de eantionul format din 893 uniti din totalul de 8 261 de uniti. Pentru ntreprinderile investiie strin direct avnd ntre 0 i 4 salariai (circa 28 700 uniti), indicatorii ISD au fost determinai prin aplicarea procentului ce reprezint ponderea cifrei de afaceri a acestor uniti n total cifr de afaceri a ntreprinderilor ISD, la indicatorii rezultai din cercetarea celor 6 870 uniti, dup procesul de extindere a datelor. De asemenea, n plus fa de cele de mai sus, au fost cercetate exhaustiv i ntreprinderile ISD de gradul II (572 uniti). Rata de rspuns a cercetrii statistice ISD a fost de 97,6 la sut. Marja de eroare a rezultatelor cercetrii statistice privind investiiile strine directe n Romnia la 31 decembrie 2010 (uxuri i solduri) este de 3 la sut, principalii indicatori cercetai ind garantai cu o probabilitate de 95 la sut.
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Grace

Investiiile strine directe n Romnia n anul 2010

EVOLUIA FLUXURILOR ISD N PERIOADA 2003-2010


10 000 9 000 8 000 7 000 6 000 5 000 4 000 3 000 2 000 1 000 0 milioane euro participaii la capital credite* 2 227 4 623 699 3 703 1 361 6 832 4 484 683 1 263 2003 2004 3 852 4 873 3 547 1 729 2005 2006 2007 2008 2009 1 759 396 1 824 2010

* creditele nete de la investitorii strini direci

2003 Fluxuri ISD - total milioane euro variaie procentual fa de anul anterior Fluxuri ISD fr privatizri semnicative** milioane euro variaie procentual fa de anul anterior
** peste 10 milioane euro

2004 5 183 166,3 3 503 94,1

2005 5 213 0,6 4 413 26,0

2006 9 059 73,8 6 860 55,4

2007 7 250 -20,0 7 250 5,7

2008 9 496 31,0 8 623 18,9

2009 3 488 -63,3 3 488 -59,6

2010 2 220 -36,4 2 220 -36,4

1 946 60,6 1 805 48,9

EVOLUIA SOLDULUI ISD N PERIOADA 2003-2010


milioane euro, sfrit de perioad 60 000 50 000 40 000 30 000 20 000 10 000 0 2 570 7 092 2003 3 033 12 007 2004 17 490 2005 2006 2007 2008 2009 2010 4 395 27 016 7 496 31 501 34 892 35 600 35 529 participaii la capital* credite** 13 906 11 269 14 384 17 056

2003

2004

2005

2006

2007

sfrit de perioad 2008 2009 2010

Total milioane euro 9 662 15 040 21 885 34 512 42 770 48 798 49 984 52 585 variaie procentual fa de anul anterior ... 55,7 45,5 57,7 23,9 14,1 2,4 5,2 Participaii la capital (inclusiv proturi reinvestite*) milioane euro 7 092 12 007 17 490 27 016 31 501 34 892 35 600 35 529 variaie procentual fa de anul anterior ... 69,3 45,7 54,5 16,6 10,8 2,0 -0,2 Credite** milioane euro 2 570 3 033 4 395 7 496 11 269 13 906 14 384 17 056 variaie procentual fa de anul anterior ... 18,0 44,9 70,6 50,3 23,4 3,4 18,6
* n anii 2008, 2009 i 2010 participaiile la capital sunt consolidate cu pierderea net ** creditele nete de la investitorii strini direci

17

Investiiile strine directe n Romnia n anul 2010

SOLDUL ISD LA 31 DECEMBRIE 2010

Repartizarea pe principalele activiti economice


Total economie (52 585 milioane euro)
procente 5,9 7,4 9,0 4,9 4,5 2,0 1,5 0,8 0,5

32,0 12,4 19,1 industria prelucrtoare intermedieri financiare i asigurri comer construcii i tranzacii imobiliare energie electric, gaze i ap tehnologia informaiei i comunicaii activiti profesionale, tiinifice, tehnice i administrative i servicii suport industria extractiv agricultur, silvicultur i pescuit transporturi hoteluri i restaurante alte activiti

Industria prelucrtoare (16 840 milioane euro)


procente 6,0 9,9 5,6 5,0 4,9 2,8 21,5

12,4 15,4 16,5

prelucrare iei, produse chimice, cauciuc i mase plastice metalurgie mijloace de transport alimente, buturi i tutun ciment, sticl, ceramic fabricare produse din lemn, inclusiv mobil maini, utilaje i echipamente fabricarea calculatoarelor, altor produse electronice, optice i electrice textile, confecii i pielrie alte ramuri ale industriei prelucrtoare

18

Investiiile strine directe n Romnia n anul 2010

IMOBILIZRI CORPORALE I NECORPORALE LA 31 DECEMBRIE 2010

Repartizarea pe principalele activiti economice


Total economie (24 309 milioane euro)
procente 6,3 8,5 8,6 39,4 9,7 14,0 industria prelucrtoare comer construcii i tranzacii imobiliare energie electric, gaze i ap industria extractiv tehnologia informaiei i comunicaii intermedieri financiare i asigurri transporturi activiti profesionale, tiinifice, tehnice i administrative i servicii suport agricultur, silvicultur i pescuit hoteluri i restaurante alte activiti 5,9 2,2 2,0 1,9 1,1 0,4

Industria prelucrtoare (9 576 milioane euro)


procente 7,1 10,0 5,1 4,8 4,3 2,6 17,8

15,3 15,9

17,1

mijloace de transport metalurgie prelucrare iei, produse chimice, cauciuc i mase plastice alimente, buturi i tutun ciment, sticl, ceramic fabricare produse din lemn, inclusiv mobil maini, utilaje i echipamente textile, confecii i pielrie fabricarea calculatoarelor, altor produse electronice, optice i electrice alte ramuri ale industriei prelucrtoare

19

Investiiile strine directe n Romnia n anul 2010

SOLDUL ISD LA 31 DECEMBRIE 2010

Repartizarea pe regiuni de dezvoltare


Total ISD (52 585 milioane euro)
procente 6,3 4,2 3,7 2,4

6,5 7,3

7,4

62,2 BUCURETI-ILFOV SUD MUNTENIA SUD-EST SUD-VEST OLTENIA CENTRU VEST NORD-VEST NORD-EST

ISD n ntreprinderi greeneld* (25 179 milioane euro)


procente 8,2 6,8 1,9 4,8 2,0 2,5

11,1

62,7 BUCURETI-ILFOV SUD MUNTENIA SUD-EST SUD-VEST OLTENIA CENTRU VEST NORD-VEST NORD-EST

* ntreprinderi greeneld ntreprinderi ninate prin investiii greeneld

20

Investiiile strine directe n Romnia n anul 2010

SOLDUL ISD LA 31 DECEMBRIE 2010

Repartizarea pe ri de provenien
Total ISD (52 585 milioane euro)
procente 1,9 1,8 2,6 2,0 1,6 1,2 1,4 1,2 7,6 20,7

3,8 4,9 5,3

5,7 8,3 12,2 Austria Frana Italia Elveia Spania Cehia Ungaria Turcia Olanda Germania Grecia Cipru Statele Unite ale Americii Luxemburg Belgia Marea Britanie alte ri *

17,8

ISD n ntreprinderi greeneld** (25 179 milioane euro)


procente 3,2 3,8 2,5 2,9 8,8 6,3 17,6 5,8 17,7 Olanda Germania Grecia Cipru Statele Unite ale Americii Luxemburg Ungaria Turcia 11,7 Austria Frana Italia Elveia Spania Belgia Marea Britanie alte ri * 2,7 3,1 1,2 1,8 1,4

9,5

* ri a cror investiie este mai mic de 500 milioane euro ** ntreprinderi greeneld ntreprinderi ninate prin investiii greeneld

21

Investiiile strine directe n Romnia n anul 2010

INVESTIII STRINE DIRECTE N NTREPRINDERI GREENFIELD* (SOLDURI)

Structura pe principalele activiti economice la 31 decembrie 2010


Total economie (25 179 milioane euro)
procente 7,9 11,5 7,2 2,4 2,2 1,5 1,4 0,7 0,8 29,0

14,2 21,2 industria prelucrtoare comer intermedieri financiare i asigurri construcii i tranzacii imobiliare tehnologia informaiei i comunicaii activiti profesionale, tiinifice, tehnice, administrative i servicii suport agricultur, silvicultur i pescuit transporturi industria extractiv energie electric, gaze i ap hoteluri i restaurante alte activiti

* ntreprinderi greeneld ntreprinderi ninate prin investiii greeneld

Industria prelucrtoare (7 300 milioane euro)


procente 7,9 9,1 9,1 15,1 11,5 14,7 6,8 4,8 3,6 17,4

mijloace de transport alimente, buturi i tutun prelucrare iei, produse chimice, cauciuc i mase plastice fabricare produse din lemn, inclusiv mobil maini, utilaje i echipamente textile, confecii i pielrie metalurgie fabricarea calculatoarelor, altor produse electronice, optice i electrice ciment, sticl, ceramic alte ramuri ale industriei prelucrtoare

22

FOREIGN DIRECT INVESTMENT IN ROMANIA in 2010

2011

Note
The paper, completed on 7 November 2011, was prepared by the Statistics Department within the National Bank of Romania and the departments of Structural Business Statistics and Business Statistic Register within the National Institute of Statistics. Reproduction of the publication is forbidden. Data may be used only by indicating the source. National Bank of Romania, 25 Lipscani Street, postal code 030031, sector 3, Bucharest Telephone: +4021/312 43 75; fax: +4021/314 97 52 Website: http://www.bnr.ro National Institute of Statistics, 16 Libertii Blvd., sector 5, Bucharest Telephone: +4021/318 18 71; +4021/317 77 70; fax: +4021/312 48 75 Website: http://www.insse.ro ISSN 2067-3876 (print) ISSN 2247-5095 (online)

Contents
METHODOLOGICAL ISSUES REGARDING THE STATISTICS ON FOREIGN DIRECT INVESTMENT (FDI).............................................. 27 RESULTS OF THE STATISTICAL SURVEY ON FOREIGN DIRECT INVESTMENT IN ROMANIA IN 2010 ............... 29
1. Net foreign direct investment flows ............................................................ 29 2. Foreign direct investment stock as of year-end........................................... 29 2.1. Foreign direct investment stock by main economic activity ......... 29 2.2. Foreign direct investment enterprises tangible and intangible fixed assets ..................................................................................... 31 2.3. Foreign direct investment stock by development region ............... 32 2.4. Foreign direct investment stock by country of origin .................... 32 3. Types of foreign direct investment .............................................................. 34 4. Income from foreign direct investment ....................................................... 34 5. Exports and imports of foreign direct investment enterprises .................... 35 Charts .............................................................................................................. 37

Foreign direct investment in Romania in 2010

METHODOLOGICAL ISSUES REGARDING THE STATISTICS ON FOREIGN DIRECT INVESTMENT (FDI)


The FDI 2010 survey was compiled based on the IMF Balance of Payments Manual, 5th edition (BPM5). Foreign direct investment: long-term investment relationship between a resident and a non-resident entity; it usually involves a signicant degree of inuence exerted by the investor on the management of the direct investment enterprise in which he invested. Foreign direct investment includes the following: paid-up capital and the reserves related to a non-resident investor holding at least 10 percent of the subscribed share capital of a resident enterprise, the loans between the investor or the group to which the investor belongs and the direct investment enterprise in which he invested as well as the reinvested earnings. Equity in a resident enterprise on which a non-resident investor has indirect signicant inuence is also considered foreign direct investment. This includes equity in the resident subsidiaries and afliates of a resident enterprise in which a non-resident investor holds at least 10 percent of the subscribed share capital. Foreign direct investor: legal entity, individual or group of related entities holding at least 10 percent of the subscribed share capital (or of endowment capital in case of unincorporated entities) or at least 10 percent of the voting power in an enterprise located outside the country of residence. Foreign direct investment enterprise: an incorporated or unincorporated resident enterprise in which a non-resident investor holds at least 10 percent of the subscribed share capital or the voting power, or the endowment capital in case of unincorporated entities (branches). A participation of at least 10 percent in the subscribed share capital or the voting power, or in the endowment capital, is the prerequisite for the establishment of the direct investment relationship. Indirect foreign direct investment enterprise: an incorporated resident enterprise in which a foreign direct investor holds at least 10 percent of the subscribed share capital by way of a foreign direct investment enterprise. Indirect foreign direct investment enterprises are subsidiaries and afliates of a foreign direct investment enterprise. Subsidiaries are resident companies in which foreign direct investment enterprises hold at least 50 percent of the subscribed share capital and afliates are resident companies in which foreign direct investment enterprises hold 10-50 percent of the subscribed share capital. Reverse direct investment: the investment relationship opposite to the foreign direct investment between a resident direct investment enterprise and a foreign direct investor, where the former holds a participation of less than 10 percent in the share capital of the foreign direct investor.
27

Foreign direct investment in Romania in 2010

FDI components: Equity capital includes subscribed and paid-up capital, both in cash and through in-kind contributions, held by non-residents in resident enterprises, as well as the related share in reserves; in the case of branches, the available endowment capital shall be taken into account accordingly; Net credit, namely the foreign direct investment enterprises borrowings from the foreign direct investor or the group of non-resident companies the former belongs to, net of the loans extended by the foreign direct investment enterprise either to the foreign direct investor or to another entity within the group of companies. Types of FDI (by contribution to the equity ow in foreign direct investment enterprises): Greeneld: establishment of enterprises by or together with foreign investors (ex nihilo investment); Mergers and acquisitions: partial or full takeovers of enterprises by foreign investors from residents; Corporate development: increase in foreign investors equity capital in foreign direct investment enterprises.

28

Foreign direct investment in Romania in 2010

RESULTS OF THE STATISTICAL SURVEY ON FOREIGN DIRECT INVESTMENT IN ROMANIA IN 2010


1. Net foreign direct investment ows
Net FDI ows in 2010 amounted to EUR 2,220 million and consisted of the following: The foreign direct investors net equity stakes in Romanian FDI enterprises worth EUR 1,824 million (82.2 percent of net FDI ows). Net equity was computed by subtracting the net loss of EUR 2,243 million from equity stakes totalling EUR 4,067 million. Net loss resulted from the 2010 net earnings of FDI enterprises amounting to EUR 4,222 million less the dividends distributed in 2010 worth of EUR 1,970 million and less the 2010 loss of FDI enterprises equalling EUR 4,495 million. Calculations are made in compliance with the international methodology for determining earnings reinvested by FDI enterprises as well as their net loss. Net credit of foreign direct investment enterprises from foreign direct investors, intra-group included, running at EUR 396 million, which accounts for 17.8 percent of net FDI ows.

2. Foreign direct investment stock as of year-end


Final FDI stock as of 31 December 2010, resulting from the initial stock plus the net FDI ows and the revaluation gains/losses arising from the exchange rate or asset price developments as well as from the accounting restatement of some initial stocks, rose to EUR 52,585 million, i.e. 5.2 percent higher than the nal FDI stock recorded in 2009. Equity stakes (including reinvested earnings) of FDI enterprises amounted to EUR 35,529 million (67.6 percent of the nal FDI stock) at end-2010 and total net credit of foreign direct investment enterprises from foreign direct investors, intra-group included, reached EUR 17,056 million (32.4 percent of the nal FDI stock). Net credit includes both the medium- and long-term loans and the short-term loans granted by foreign investors to their direct investment enterprises in Romania, either directly or through other non-resident members of the group. 2.1. Foreign direct investment stock by main economic activity By economic activity (according to NACE Rev. 2), the bulk of FDI went to manufacturing (32 percent of total), out of which the largest recipients were: oil processing, chemicals, rubber and plastic products (6.9 percent), metallurgy (5.3 percent), transport means (4.9 percent), food, beverages and tobacco (3.9 percent) and cement, glassware, ceramics (3.2 percent).

29

Foreign direct investment in Romania in 2010

Other activities that also attracted signicant FDI are nancial intermediation and insurance (19.1 percent of total FDI stock), retail and wholesale trade (12.4 percent), construction and real estate transactions (9 percent), information technology and communications (5.9 percent).
Foreign direct investment stock by main economic activity as of 31 December 2010 EUR million TOTAL, of which: Industry Mining Manufacturing, of which: food, beverages and tobacco cement, glassware, ceramics wood products, including furniture computers, other electronic, optical and electrical equipment machinery and equipment metallurgy transport means oil processing, chemicals, rubber and plastic products textiles, wearing apparel and leather goods other manufacturing sub-sectors Electricity, natural gas and water Professional, scientic, technical and administrative activities and support services Agriculture, forestry and shery Trade Construction and real estate transactions Hotels and restaurants Financial intermediation and insurance Information technology and communications Transportation Other 52,585 23,093 2,388 16,840 2,081 1,663 1,013 840 950 2,777 2,589 3,615 835 477 3,865 2,560 1,068 6,519 4,746 417 10,055 3,081 788 258 % of total FDI 100.0 43.9 4.5 32.0 3.9 3.2 1.9 1.6 1.8 5.3 4.9 6.9 1.6 0.9 7.4 4.9 2.0 12.4 9.0 0.8 19.1 5.9 1.5 0.5

30

Foreign direct investment in Romania in 2010

2.2. Foreign direct investment enterprises tangible and intangible xed assets Given the substantial contribution of tangible and intangible xed assets to economic growth and the impact of their long-term nature on the FDI, the survey aimed at determining the weight of these investment categories in the FDI stock at end-2010, as well as their distribution by main economic activity. It should be noted that tangible and intangible xed assets, which totalled EUR 24,309 million at end-2010 and held 46.2 percent of total FDI stock, lead to considerable foreign investment stability. Substantial FDI in tangible and intangible xed assets covered: industry (26.1 percent of total FDI), of which mostly manufacturing (18.2 percent of total FDI), retail and wholesale trade (6.5 percent), construction and real estate transactions (4.5 percent), information technology and communications (2.9 percent).
Tangible and intangible xed assets by main economic activity as of 31 December 2010 Tangible and intangible xed assets EUR million TOTAL Industry Mining Manufacturing, of which: transport means metallurgy oil processing, chemicals, rubber and plastic products food, beverages and tobacco cement, glassware, ceramics wood products, including furniture machinery and equipment textiles, wearing apparel and leather goods computers, other electronic, optical and electrical equipment other manufacturing sub-sectors Electricity, natural gas and water Trade Construction and real estate transactions Information technology and communications Financial intermediation and insurance Transportation Professional, scientic, technical and administrative activities and support services Agriculture, forestry and shery Hotels and restaurants Other 24,309 13,740 2,066 9,576 1,701 1,635 1,524 1,463 961 679 493 458 413 249 2,098 3,394 2,367 1,533 1,428 536 492 457 263 99 % of total FDI 46.2 26.1 3.9 18.2 3.2 3.1 2.9 2.8 1.8 1.3 0.9 0.9 0.8 0.5 4.0 6.5 4.5 2.9 2.7 1.0 0.9 0.9 0.5 0.2

31

Foreign direct investment in Romania in 2010

2.3. Foreign direct investment stock by development region From a territorial point of view, FDI went mainly to the BUCHAREST-ILFOV region (62.2 percent). Other development regions beneting from signicant FDI inows were: CENTRE region (7.4 percent), SOUTH-MUNTENIA region (7.3 percent), WEST region (6.5 percent) and SOUTH-EAST region (6.3 percent). The NORTH-EAST region was the least attractive to foreign investors, making up for a meagre 2.4 percent of foreign direct investment. The analysis of regional FDI dispersion should also take into consideration that the statistical survey located FDI by registered ofce, which is not always the same as the place of business.
Foreign direct investment stock by development region as of 31 December 2010 EUR million TOTAL, of which: BUCHAREST-ILFOV CENTRE SOUTH-MUNTENIA WEST SOUTH-EAST NORTH-WEST SOUTH-WEST-OLTENIA NORTH-EAST 52,585 32,720 3,909 3,816 3,446 3,290 2,232 1,928 1,244 % of total FDI 100.0 62.2 7.4 7.3 6.5 6.3 4.2 3.7 2.4

2.4. Foreign direct investment stock by country of origin FDI stock by country of origin is presented in the following table. All countries of origin of direct investment in amount of at least EUR 100 million are listed. The distribution took into account the country of origin of the direct holder of at least 10 percent in the share capital of resident FDI enterprises on an immediate country basis.

32

Foreign direct investment in Romania in 2010

Foreign direct investment stock by country of origin as of 31 December 2010 EUR million TOTAL, of which: The Netherlands Austria Germany France Greece Italy Cyprus Switzerland USA Spain Luxembourg Czech Republic Belgium Hungary United Kingdom Turkey Denmark British Virgin Islands Sweden Lebanon Poland Canada Portugal Gibraltar EBRD (European Bank for Reconstruction and Development) Finland Israel Japan Ireland Other* * countries which invested less than EUR 100 million 52,585 10,903 9,346 6,398 4,384 3,016 2,808 2,550 2,021 1,349 1,064 989 972 864 717 627 615 384 379 312 254 211 207 206 161 158 156 155 154 146 1,079 % of total FDI 100.0 20.7 17.8 12.2 8.3 5.7 5.3 4.9 3.8 2.6 2.0 1.9 1.8 1.6 1.4 1.2 1.2 0.7 0.7 0.6 0.5 0.4 0.4 0.4 0.3 0.3 0.3 0.3 0.3 0.3 2.1

Top 5 countries by the share of FDI stock as of 31 December 2010 were the Netherlands (20.7 percent of FDI stock), Austria (17.8 percent), Germany (12.2 percent), France (8.3 percent), and Greece (5.7 percent), the same ranking as recorded in 2009.
33

Foreign direct investment in Romania in 2010

3. Types of foreign direct investment


The ow of equity stakes into FDI enterprises amounting to EUR 4,067 million is divided into greeneld, mergers and acquisitions and corporate development. In 2010, out of the total FDI equity ows, 96.6 percent (EUR 3,928 million) went to corporate development, 2.3 percent (EUR 93 million) were destined to mergers and acquisitions and only 1.1 percent (EUR 46 million) to greeneld investment. The accumulation of foreign direct investment in enterprises established as greeneld investment companies, called greeneld enterprises, was also highlighted in order to assess the lasting impact of greeneld investment on the economy. The distribution of FDI stock in greeneld enterprises by main economic activity showed that manufacturing was the main recipient, accounting for 13.9 percent of FDI stock. Other sub-sectors holding a signicant share in such investment were trade (10.2 percent), nancial intermediation and insurance (6.8 percent) and construction and real estate transactions (5.5 percent). The bulk of FDI in greeneld enterprises went, as in the case of total FDI, to BUCHAREST-ILFOV region (30 percent of FDI stock), followed by CENTRE region (5.3 percent) and WEST and SOUTH-MUNTENIA regions, which accounted for 3.9 percent and 3.2 percent of FDI stock, respectively. The ranking of the countries of origin by the size of FDI in greeneld enterprises differs somehow from the ranking by the origin of total FDI stock. Thus, Germany holds the largest share of FDI in greeneld enterprises (8.5 percent of FDI stock), followed by the Netherlands (8.4 percent), Austria (5.6 percent) and Italy (4.2 percent).

4. Income from foreign direct investment


In 2010, foreign direct investors net income amounted to EUR 491 million, down EUR 203 million year on year. Earnings from equity represent the net earnings of FDI enterprises, tantamount to EUR 4,222 million, less the losses incurred by FDI enterprises, worth EUR 4,495 million. In 2010, they reported a loss of EUR 273 million. Subtracting EUR 1,970 million as distributed dividends in 2010 from the income from equity investments results in a net loss on total FDI in amount of EUR 2,243 million, computed according to the international methodology for determining reinvested earnings. Net income from interest paid to foreign direct investors on loans granted to their enterprises in Romania either directly or via other intra-group non-resident companies stood at EUR 764 million.

34

Foreign direct investment in Romania in 2010

5. Exports and imports of foreign direct investment enterprises


The export/import activity of FDI enterprises exerted a positive impact on Romanias foreign trade, as they accounted for 72.4 percent of total exports and 62.5 percent of total imports.
Exports (FOB) of FDI enterprises EUR % of total million exports*) TOTAL Industry, of which: Mining Manufacturing, of which: food, beverages and tobacco cement, glassware, ceramics wood products, including furniture computers, other electronic, optical and electrical equipment machinery and equipment metallurgy transport means oil processing, chemicals, rubber and plastic products textiles, wearing apparel and leather goods other manufacturing sub-sectors Electricity, natural gas and water Professional, scientic, technical and administrative activities and support services Agriculture, forestry and shery Trade Construction and real estate transactions Hotels and restaurants Information technology and communications Financial intermediation and insurance Transportation Other 25,950 22,887 582 21,934 314 139 1,223 3,652 1,020 2,725 6,713 2,947 2,983 218 371 47 334 2,495 48 3 39 66 28 3 72.4 63.8 1.6 61.2 0.9 0.4 3.4 10.2 2.9 7.6 18.7 8.2 8.3 0.6 1.0 0.1 0.9 7.0 0.2 0.0 0.1 0.2 0.1 0.0 Imports (CIF) of FDI enterprises EUR million 28,181 19,923 696 18,849 978 265 396 3,426 546 1,572 4,820 4,414 2,095 337 378 218 91 7,138 145 13 467 71 100 15 % of total imports*) 62.5 44.2 1.6 41.8 2.2 0.6 0.9 7.6 1.2 3.5 10.7 9.8 4.6 0.7 0.8 0.5 0.2 15.8 0.3 0.0 1.1 0.2 0.2 0.0

*) excluding exports and imports of NACE divisions: 84 Public administration, 97/98 Household activities and 99 Extraterritorial activities Note: Exports and imports are aggregated by the activity of companies, according to NACE Rev. 2.

As for the breakdown of the aggregate trade balance of FDI enterprises by economic activity, manufacturing is the main sub-sector that recorded a trade surplus (EUR 3,085 million), owing particularly to transport means (EUR 1,893 million surplus), metallurgy (EUR 1,153 million surplus) and machinery and equipment (EUR 474 million surplus).
35

Foreign direct investment in Romania in 2010

It is worth noting that agriculture, forestry and shery albeit posting a relatively low FDI level, i.e. 2 percent of FDI stock as of 31 December 2010 is the second sub-sector in which FDI enterprises reported an aggregate trade surplus (EUR 243 million). FDI enterprises in all the other sub-sectors recorded an aggregate trade decit. The export and import activities of FDI enterprises refer to those of companies subject to a comprehensive survey (over 20 employees). Export and import data economy-wide, taken into consideration when determining relative sizes, are those reported by economic agents having exceeded the reporting thresholds for 2010 set for Intrastat declarations.
* * *

The statistical survey regarding foreign direct investment (FDI) was conducted by the National Bank of Romania and the National Institute of Statistics. The major goal of the survey was to determine the FDI stock as of 31 December 2010 and the FDI ows into resident foreign direct investment enterprises during the 2010 nancial year. Out of the total number of 43,000 FDI enterprises, 6,870 entities were surveyed (either by comprehensive or sample survey). A number of 5,977 FDI enterprises were subject to a comprehensive survey, including enterprises with at least 20 employees (5,613 entities), all the credit institutions with foreign capital (38 entities), all the insurance companies with foreign capital (38 entities), as well as the enterprises referred to as atypical, namely all the foreign direct investment enterprises whose turnover or share capital was of at least RON 30 million, irrespective of the number of employees (288 entities). A number of 893 companies out of the 8,261 FDI enterprises with 5 to 19 employees were subject to a sample survey. The corresponding FDI indicators for about 28,700 FDI enterprises with 0 to 4 employees were calculated by applying the ratio of the turnover of these entities to the total turnover of FDI enterprises to the indicators compiled for the 6,870 surveyed companies, after grossing up data. In addition, 572 indirect foreign direct investment enterprises were also subject to a comprehensive survey. The response rate of the FDI survey was 97.6 percent. The nal results of the FDI survey at end-2010 (ows and stocks) have an error margin of 3 percent, at a 95 percent condence level.

36

Charts

Foreign direct investment in Romania in 2010

FDI FLOWS in 2003-2010


10,000 9,000 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 EUR million equity stakes credit*

2,227 4,623

699

3,703 1,361 6,832 4,873 3,547 1,729 1,759

4,484 683 1,263 2003 2004

3,852

396 1,824 2010

2005

2006

2007

2008

2009

* net credit from foreign direct investors

2003

2004 2005

2006 2007

2008

2009

2010

FDI ows - total EUR million 1,946 5,183 5,213 9,059 7,250 9,496 3,488 2,220 percentage change from previous year 60.6 166.3 0.6 73.8 -20.0 31.0 -63.3 -36.4 FDI ows with no signicant privatisation operations** EUR million 1,805 3,503 4,413 6,860 7,250 8,623 3,488 2,220 percentage change from previous year 48.9 94.1 26.0 55.4 5.7 18.9 -59.6 -36.4
** more than EUR 10 million

FDI STOCK in 2003-2010


EUR million, end of period 60,000 50,000 40,000 30,000 20,000 10,000 0 2,570 7,092 2003 3,033 12,007 2004 17,490 2005 2006 2007 2008 2009 2010 4,395 27,016 7,496 31,501 34,892 35,600 35,529 equity stakes* credit** 13,906 11,269 14,384 17,056

2003 Total EUR million percentage change from previous year Equity stakes (including reinvested earnings*) EUR million percentage change from previous year Credit** EUR million percentage change from previous year

2004

2005

2006

2007

2008

end of period 2009 2010

9,662 15,040 21,885 34,512 42,770 48,798 49,984 52,585 ... 55.7 45.5 57.7 23.9 14.1 2.4 5.2 7,092 12,007 17,490 27,016 31,501 34,892 35,600 35,529 ... 69.3 45.7 54.5 16.6 10.8 2.0 -0.2 2,570 3,033 4,395 7,496 11,269 13,906 14,384 17,056 ... 18.0 44.9 70.6 50.3 23.4 3.4 18.6

* in 2008, 2009 and 2010 equity stakes are consolidated with the net loss ** net credit from foreign direct investors

39

Foreign direct investment in Romania in 2010

FDI STOCK AS OF 31 DECEMBER 2010

by main economic activity


Total economy (EUR 52,585 million)
percent 5.9 7.4 9.0 4.9 4.5 2.0 1.5 0.8 0.5

32.0 12.4 19.1 manufacturing financial intermediation and insurance trade construction and real estate transactions electricity, natural gas and water information technology and communications professional, scientific, technical and administrative activities and support services mining agriculture, forestry and fishery transportation hotels and restaurants other

Manufacturing (EUR 16,840 million)


percent 6.0 9.9 5.6 5.0 4.9 2.8 21.5

12.4 15.4 16.5

oil processing, chemicals, rubber and plastic products metallurgy transport means food, beverages and tobacco cement, glassware, ceramics wood products, including furniture machinery and equipment computers, other electronic, optical and electrical equipment textiles, wearing apparel and leather goods other manufacturing sub-sectors

40

Foreign direct investment in Romania in 2010

TANGIBLE AND INTANGIBLE FIXED ASSETS AS OF 31 DECEMBER 2010

by main economic activity


Total economy (EUR 24,309 million)
percent 6.3 8.5 8.6 39.4 9.7 14.0 manufacturing trade construction and real estate transactions electricity, natural gas and water mining information technology and communications financial intermediation and insurance transportation professional, scientific, technical and administrative activities and support services agriculture, forestry and fishery hotels and restaurants other 5.9 2.2 2.0 1.9 1.1 0.4

Manufacturing (EUR 9,576 million)


percent 7.1 10.0 5.1 4.8 4.3 2.6 17.8

15.3 15.9

17.1

transport means metallurgy oil processing, chemicals, rubber and plastic products food, beverages and tobacco cement, glassware, ceramics wood products, including furniture machinery and equipment textiles, wearing apparel and leather goods computers, other electronic, optical and electrical equipment other manufacturing sub-sectors

41

Foreign direct investment in Romania in 2010

FDI STOCK AS OF 31 DECEMBER 2010

by development region
Total FDI (EUR 52,585 million)
percent 6.3 4.2 3.7 2.4

6.5 7.3

7.4

62.2 BUCHAREST-ILFOV SOUTH-MUNTENIA SOUTH-EAST SOUTH-WEST-OLTENIA CENTRE WEST NORTH-WEST NORTH-EAST

FDI in greeneld enterprises* (EUR 25,179 million)


percent 8.2 6.8 1.9 4.8 2.0 2.5

11.1

62.7 BUCHAREST-ILFOV SOUTH-MUNTENIA SOUTH-EAST SOUTH-WEST-OLTENIA CENTRE WEST NORTH-WEST NORTH-EAST

* greeneld enterprises enterprises established as greeneld investment companies

42

Foreign direct investment in Romania in 2010

FDI STOCK AS OF 31 DECEMBER 2010

by country of origin
Total FDI (EUR 52,585 million)
percent 1.9 1.8 2.6 2.0 1.6 1.2 1.4 1.2 7.6 20.7

3.8 4.9 5.3

5.7 8.3 The Netherlands Germany Greece Cyprus USA Luxembourg Belgium United Kingdom other * 12.2 Austria France Italy Switzerland Spain Czech Republic Hungary Turkey

17.8

FDI in greeneld enterprises** (EUR 25,179 million)


percent 3.2 3.8 2.5 2.9 8.8 6.3 17.6 5.8 17.7 The Netherlands Germany Greece Cyprus USA Luxembourg Hungary Turkey 11.7 Austria France Italy Switzerland Spain Belgium United Kingdom other * 2.7 3.1 1.2 1.8 1.4

9.5

* countries which invested less than EUR 500 million ** greeneld enterprises enterprises established as greeneld investment companies

43

Foreign direct investment in Romania in 2010

FDI IN GREENFIELD ENTERPRISES* (STOCKS)

by main economic activity as of 31 December 2010


Total economy (EUR 25,179 million)
percent 7.9 11.5 7.2 2.4 2.2 1.5 1.4 0.7 0.8 29.0

14.2 21.2 manufacturing trade financial intermediation and insurance construction and real estate transactions information technology and communications professional, scientific, technical and administrative activities and support services agriculture, forestry and fishery transportation mining electricity, natural gas and water hotels and restaurants other

* greeneld enterprises enterprises established as greeneld investment companies

Manufacturing (EUR 7,300 million)


percent 7.9 9.1 9.1 15.1 11.5 14.7 6.8 4.8 3.6 17.4

transport means food, beverages and tobacco oil processing, chemicals, rubber and plastic products wood products, including furniture machinery and equipment textiles, wearing apparel and leather goods metallurgy computers, other electronic, optical and electrical equipment cement, glassware, ceramics other manufacturing sub-sectors

44

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