Munich Personal RePEc Archive
Foreign Direct Investment and Regional Development in Romania
Corduneanu, Carmen and Iovu, Laura Raisa
West University from Timisoara (Romania), Faculty of Economics and Business Administration, Finance Department
1 October 2007
Online at https://mpra.ub.uni-muenchen.de/12926/
MPRA Paper No. 12926, posted 22 Jan 2009 06:51 UTC
CORDU EA U CARME , LAURA RAISA IOVU
!
Keywords: !, " # $ # # " ! " % #! "! !"
1. Regional disparities in a global context
! ! # "" & " ' ( ! ! ! ( !& !& ( ( # )
* + ! # "", & " !( # "" " * ! "% ! " % !& # # # " #
")"! " !& ! " ( ) ( "& %! ! " !& "! ! !& ! ! " ! " & " + "
- $ !, + ! & " # ! " " % % .#& #-"! " # #
! ) - " / 0 *) (& #& !& *
"! ! " ( "& ! *! * % !" " "- ! % "! !" # # % (" * + ! ( !&
# # !,
- # # 1- " $ ! ) ! ! & " & " + # ! # * '
& ! % - # - !& " ! % # " !& ' ! % "
& " + . "! " ! ", - # - ! " & * # ( !& ! ! !& " ! "
* !( %% ! -#! " * !( ! "" -#! & * ! ! !& % ( '
% # ) ! !& * "! ! " * !( !& " # ! * ! *) ' !
#& " ", - #) " ! ) ! # " " ! " ! *) %% ! !
# # ! - ! !- # -" " ! #& # %% # " %% ! # ! + ! -
!& ! * # -" !& " % - # # ! ! # # (!& !& - ,
& !& ! & " ! # " " % # ! !& - & ! !& % # # ! & "
"! (!& % !& "" ! -#! /2 304 & * ! ! # #- ! % !& - #& " % #
"! , & " " "! - !& $56 " #! ) $76 !& - & ! & " # " ! !& %
7889 *) 6,:; 6,<; # ! !& ) 7888 / . 50, #- ! *) !& - #& " % #
"! !& 2 34 & * ! ! & " # " % 5=<6,> 7888 ! 7=5:,> 7889, ! "
"! ! !& ! *) !& ) 785> ! #& " 95; % !& - ,
! !& "! % !& * "! ! " ! $ "# # " ! ! " &
#& " !& ! # * # ! !& + #& -* # ' - # *-! *" -!
! " !& ) ! ) " # ! !& - , !& - " % !& 2 3 # ! - -"
(!& *) 6 >; !& "! " ) " / . 70 "" % . # ! - " %
:,?; !& ! % 7889$7886 ! 57; 788? & " * -# ! # ! " !" %
+ ! $ % -#! % # ! " ! (& #& !& ( *- "
/ . >0,
"! ! " ! ! ! !& (!& % % . # ! % ! *) - ! % 58,:;
/ . >0 !& ! % 788=$785> " ! "! # * " !& "& % % #
&- # ! *) .! % # -#!" " !& ! !& 2 3 "! !" # " " % 7>,?; 788?
! >8,:; 785>,
!& !& # ! ! (!& ! *) !& ! ! *) !& * + ! # ""
%% #!" ! " "! ! !& ! !& 2 3 (!& "& * -! - *) !& (!& ! " # "! -#! "
" # " / . 90, & & &)!& " "! ! % " " # " . !" " "- ! % #- !
' !" # " ! !, @ ( " % %- " *" ! !& -#!
% # # (!& !& ! ! # " . " ( - ! !& # # #! ! "
! &! . !" -#! - ) ! " #- ! ## - ! % # ! # " " ( " !&
# # #! !) -#! *) 5,6; ) ) ,
!& # #- "! # " !& ! !& "! ! # ! $# #! " # " * !( % " "
"! ! " - ! & " + ' ! # -"! # ! # # ! !
! % # "! - !" ( !& # - !) " (& !! #! #! % "! !", &
! # % #! % "! !" " " % !& # ! % (" ! #& " ! " ! "
% (" # " " #! ! " % " ! % !& ( & %% #!" " "! !
# - ! ",
2. Direct foreign investments dynamics and origin
! ! "! # ! "& ( !& ! !& ! " ! !& ") # ! ) #" % # # # $
"! * + ! % !& ! + ! # "" % "! -#!- A-"! ! ( !& "! !-!
# # & %% #! !& ! "! !& ! % # ! & " "& ( % #! "! !"
, ! !& * !& - # . " % ( ) # ! % ! # !
# " & " * "! - ! *) ! . . ! " ( % -" ! % " ## ! !&
#! !) ! & & % % "# " , B- ! !) " % # ! ! !
- !& " . ! " . ) ! & " ! ' # !& # ! .! (& #& ! ! # #
! & # !& # " " ! ( !& !& ! % ! . . !
% % "! !" "# # " * !( !& ! ) #) "! -#!- A-"! !" (
! , & " & ! ! % ( % ( ! #& " ! !& " " # !& )
& " *A #! ! -#!" ! " %% #! !& & " + % ) !" # #
* # ,
Figure 1 – Dinamics of companies with foreign participation and the value of apported capital in the period 1996/2006
& # " % ! + ! # "" ## ! & " ! % "! "C ! "! # " ,
# ! & " ! ! ( " . "! # # ! ! " ( !& !& ! + ! # ""
( !& # ! "! * !) # %-" " #! "! !" % ! " (
# # # $"! * + ! ! " ! % "! -#!- ! ! *- -# #) # - ! , %!
5= ) " % ! " ! " !& - * % # " ( !& % ! # ! & " # " *) 7><<,9;
788? # ! 5<<5, !& - & # ! # #- ! - & " & " ( &)!& ! "! & " *
! !& % !& "! ) 5::8,5; & & !& 5<<5, & #! - . "! "! -#!- "
! "% ! !& - & - * & " * " ( # ! # ) ",
! !& % 788? ! " ! # !& ! !& A !) % #! % "! !" # % " !
"! " - % ( *) -!& !& # , @ ( !& # ! % # " (
*) "! " % " -! - !& # "! ", !& ! ! - # ! & "
# # ! ! -# - * % # # ! ! " " # ! * " " & &
- * % " ! ! " !& % ! ! / . 60, #! !) " #! !& ! * % ! %
# ! % ( ( " -"! ) % ( *) " # " " #! - ! "! # *) ! ! " !",
!
! " ! # !
Figure 2 – Percentage of foreign capita taking in consideration the residency of the investors, on various continents
!
! " ! # !
Figure 3– Percentage of companies taking in consideration the residency of the investors, on various continents
@ ( ( ! # ! "! * !) % % # ! -"! ! *) ! # ! % "" -!
# " # ! ! ! , & " " !- ! " " # % *) -! " % # ! # %
- "! " % -" # # - ",
$
% &'
& ()
! " ! # !
Figure 4 – Percentage of foreign capital taking in consideration the residency of investors, from various economical groups
$
% &'
& ()
! " ! # !
Figure 5 – Percentage of companies depending on the home country of investors, from various economical groups
@ & # ! % #! "! !" *) " ! "! " - * "! ! "
" ! ! ! !& ' ! % " -"! % # - " !& -"! )
) ! # - # ! % * ' " #! " ! + ! % # " # " . "
# + ! % " # # ! ! " , @ ( # ) " #! )
! ! !& - # # ! % ( ! ' ! # " ! #! %
"! !" / . 60, !& # #- "! # " % #! "! !" # % *
"! ! " !& "! !-! % ! ! # "! ! " !& ! !& ) 788= !& - "& #& ?,?
* " % - " #! ) 9,=; % !& 2 3 ## ! !& - ! " % ! D 3 C",
3. Foreign investments destination and inter/regional disparities
- !& "! !&" * % A !& .! ) " ! "! *-! % % "! !" %
! !& : ! ", !& # #- "! # " !& ! !& - * % # " ( !&
% # ! ! # ! # ! !& % # ! - *) !& "! " !&
-#& "!$ % ! #& " !" % ! ) % !& !& " !& % # ! - % %
"" -! # " -! - " !& # ! # ! # " !& - & !& "
## !- ! ! #) % *-" "" # " ! *) # ! # " , ! !& " ! "! "C ! "!
! ( " ( "! " " *" - !& # #- "! # " !& ! !& % # ! "! * !) "!
!& "! " ! "- ! !& ! !& !&$ "! , & "! -#!- )" " "& (" !& !
!& - & % # ! ! ! !& !& " " -# "! " & % # !
# " " & & !& !& # ! , ! "! * !) ! "! % *-" "" ! *)
# " ! " ! % #! " !& ! % * # ! "& # ! *-! ! !& # # # " %
" !& ! * & ,
#*
#*
#
#*
#*
& ! +
! " ! # !
Figure 6 – The proportion of foreign investments on various regions UTS II (December 2006)
#*
#*
#
#*
#*
& ! +
! " ! # !
Figure 7 – The proportion of companies with foreign participation on various regions UTS II (December 2006)
!& - & & " * - !& ! " ! # "" ( !& ( % " ! " # !
!& * # ! "! ! " "! "! ! "! # ! "& ( !& ! !& " ! " & ) # "
* !( !& -#& "!$ % !& !& ",
Table 1
Indicators of regional development in Romania (national average=100)
Region GDP/inhabitant Unemployment rate
FDI/inhabitant SME/
Inhabitant
Rural Population 1998 2003 1998 2003 1998 2003 1998 2004 1998 2004
!&$
"!
=< : =7 > 5>> ? 57> : 56 > 7> = =5 > == 5 57> < 576 -!&$
"!
588 5 :6 = 557 6 58< 6 97 = := 7 585 9 555 <9 = <: =
-!& :6 : :5 7 <= 5 55= 6 ?6 6 ?? ? == 8 :> 5 57< 8 5>8
-!&$
"!
<8 8 :9 = 589 : 55< 55 < 7: 9 :6 < :? 5 578 : 55=
"! 588 < 557 < 585 < <7 8? << 5 6< 7 <5 7 579 9 :> : :8 9
!&$
"!
<6 6 <? ? :9 ? ?? = 95 < 6> > 58? 6 579 : 589 < 589 =
! 586 < 58= 7 <: 5 57> : := = 68 = 585 5 576 7 := 5 :: =
-#& "!$
%
5?7 7 5<9 < 9= 5 99 9 6<: > 9>8 : 5<9 5 76= : 79 : 78 :
- # E & ! ! "! # - %
! $"-*- *" " !) " ! *) !& " # "" % # # ! ! !& # # #! ! " !&
!& ! # - " !& # ! # !) /!& " # " * % - -"! - !& + #& -* #
# 2 ! ! 3 !- ( 0 ( !& !& "& !& * " ! ( "
% # - "! # - ! " /!& " " !- ! " ! % 2 ) -"! 0, ! " !& # " % !
!& * ( !& !& " -!& !& -* !& !& ! !& * ( !& ' ,
! !& " !& " ! " ! *) & ! -" ! " - ! "
$ -"! ! ( " "! ) %% #! *) !& "! -#!- -# # # " % # ! % "
* # ! " - ! !& # # !) % " - * # ! " % * # ! #! " % A # !
", & - $ " !& " ! #- !- ( !& ! - - ! (&
! "$* ! " ! " !! # ! !& " !& " # (& " #
!& ) " #! " -# ,
#! % "! !" !! #! !& ! & " ! ' "- " ! # ! % *
"! !-! ! % !& *-" "" ! % !! #! % # ! !)
", !& "- " ! ' *) !& "! ! ! # - #! % "! !" & E !& # !
% !& #) % "! !" F " " * % % # 2 ! #)
% ! !! #! #! % "! !", & " # ! " !& ! "! ! " %
#! % "! !" !& ! % #! " % !! #! % # ! !&
# ) ! " !& %- % ! % !& " " ! ! " A #!" % #!" %
!& " ! (& #& "-* !! ! !& 2 ! % !& , & ! -#! %
!& " ! . ! 1- ! % 5?; & " # ! *-! ! !& # !& "! !! #!
"! ! " % "! !" !& ,
: " % * ( !& G # G G ! !
' # ) !G *A #! , !& ) 788= !& # $% # % "! ! " %
! % ! # -* # " - # " "& * % 69< 89 " - # 59,76;
% !& ! ! -* # . " % !& ! 3 % !, & # $% # %
! ! " - # " " "! ! ! . ! ) 7: <8 " - /8,=6;0 !& ! % !&
- - % ! "& " ! :6; % !& ! ! % * . " ",
# ! % (" "! ! ! ?,? " - ( !& # ! #! .! # !" %
) ## ! !& ! % # ! ! %% # " " % !& ! $ " ! ",
.! ) ! ! ! ! ! $ " ! " " !& & "&
# % !& - - !), !& ! " !& ! * % ! % - # $
% # % !& ! % 788=$785> "& # 5= 7?9 " - % ! -#!-
& " - " % !& - , !& " - ! > 7=6 " - "& * # ! ! !&
! 3 "! % !& ! !& ! "& "- ! !& % # %
! -* # %- " % 69< 89 " % - ! ! %- " % 7: <8 " % - ,
4. Conclusions
3 ! #) % #& * % # & " ! !& - * $ - ! - ! ! # "
" " " % - $ #- !- ( !& ! ! ( " !& # - ! ",
- ! !- (!& & " * %% #! *) ( % % 1- !), " "- ! "! "
* & * " # - ! 1- % ( ' % # , -# % # "- ! !&
!& "! !-! # ) " #! " % - # !& # % !& ! ! " !& " #! " % # ),
& % "- " % # " ( !& ! "! " # % # !
!! #! " ! *) ' ! " * ( ' % # 1- % # ! ",
! % " ! " ! ! # - # ! " #! # !) " % "! -#!- " ! - "! #
" A # ! ! ! - * # ! " !& ! ( - "- # + ! % # # #! ! " !& "
" ( - ( * !! # " " ! *" ! % - ! ) - ) !,
( !& !! #! % "! !" ! ( " " #! " ( !& ! - % % !
# - # ! " ! #& ) #! #" #! ! #& #" " # " ! # -"! ) !&
! % "! ! # ! " ! ! *-" "" !", ( !&
! ! - #- !- " ! ' ! "! ! " *-" "" "'"
! " " ,
. 5 Dinamics of GDP and the European Union average GDP
2000 2004 Growing EU/15 7>; 7: :; 6 :;
EU/25 76 7; >5 5; 6 <;
- # E ! "! !-! % ! ! "! #" ! !! % 3 " "
. 7 Dinamics of GDP in the period 2000/2013
PROCE TUAL MODIFICATIO (%) I COMPARISO WITH THE PREVIOUS YEAR
ESTIMATIO S
7888 7885 7887 788> 7889 7886 788?H & !
788=$785> /;0
7 5; 6 =; 6 5; 6 7; : 9; 9 5; ? =; 6 ?;
- # E ! "! !-! % ! ! "! #" ! !! % 3 " "
. >
GDP on different fields of activity / procentual modifications /
2006 Average rate 2007/2013
(%)
-"! ) ? 9 6 5
#- !- 5 6 7 =
"! -#! " 5> 8 58 7
# " ? 6 6 =
GDP 6,7 5,6
Source: ational Committee of Prognosis
Annex 4
The source and destination of foreign direct investments (December 2006)
@ ; 33
3
; 3
@ 2
3 3
@ 75 8?; 7 89;
-"! 57 <9; > 5:;
# 58 7=; > 6?;
2 ) 58 79; 58 ==;
! ) 6 6?; 5? >5;
9 =7; > =>;
2 ! ! 9 9>; 7 86;
- > <?; 5 :>;
2 # > ?5; 7 =>;
!& # - ! "E 98 7> 75; 6> :;
! 588; 588;
(& #&E
! "! -#!-
% " % #! !)
# "E
$ -"! ) 68 ?; 5= =;
$# "! -#! " 5 ?; 6 =;
$! " !" ? 9; > 9;
$(& " # # ? =; 7? =;
$ ! # # ? >; 57 7;
$!- " 5 6; 6 ?;
$ #- !- 8 <; 9 6;
$ %% " " # " 7?; 79 7;
