Out of work in the West, starting business in Romania

A few hundred thousand Romanians, who lost their jobs in Spain, Italy or the Scandinavian countries, refuse to return to Romania for lack of a decently-paid job. They can either sign up for unemployment benefits, which in some cases amount to several thousand lei, or return to Romania to start their own companies.

"Since the economies in the developed European countries collapsed, many are interested in bringing their money and expertise they gained there back to start a business in Romania. Lately, the economic climate in Romania has not provided many opportunities for this, but, even if they are few, serious Romanians still want to do business in Romania," Marius Bostan, Senior Partner of VMB Partners advisory company, said.

Remittances to Romania by people who work abroad fell by one fifth in the first seven months, to €3.7 billion. In July alone, the decline was sharper, at 47 percent, to €372 million from €705 mln.

For lack of a well-paying job in Romania, some Romanians who decide to return prefer starting their own businesses with money they saved when they were away.

Fields returnees are interested in investing their money are construction, renewable energy, infrastructure, and waste management. The highest unemployment benefits paid in Romania go to Romanians who worked abroad, who earned this right in the countries in which they worked.

standard.money.ro