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Beschreibung:
Romania will become a member of the European Union in 2007 or 2008. This paper explores the potential impacts of this step on Austria in three major fields foreign trade, FDI and labour market. Romania is a more backward country than those which joined the EU in 2004, but it has been on a path of rapid economic growth since 2001. The medium-term prospects of its economy depend of two main factors restructuring and improving international competitiveness, and the capacity to absorb EU funds after accession. If progress is slow in both respects, economic growth will be around 4% annually in the coming years, while under favourable conditions it may climb to 5-6%. Romania will remain a rapidly growing market for investment goods, consumer goods and services alike providing good opportunities for Austrian companies. Trade flows between the two countries are modest in 2004 Romania ranked 16th regarding Austrian exports and 21st regarding imports but is has been increasing rapidly in recent years and one may expect further strong growth. Austria enjoys a current account surplus vis-à-vis Romania. The bulk of the surplus is generated by trade in goods, most recently also through the incomes earned by Austrian subsidiaries. Migrants' transfers from Austria to Romania are of a low magnitude, which indicates the lack of substantial migration. The recent huge investments of OMV and Erste Bank result in an Austrian FDI stock of about EUR 6 billion by the end of 2006, some 10% of the Austrian outward FDI stock. This is a similar amount as invested in the Czech Republic or Hungary, which had been the main targets in earlier years. But compared with those countries, Austrian FDI in Romania is more concentrated in a few companies and industries, and the subsidiaries in Romania are less export-oriented. We conducted a questionnaire survey in February 2006 among Austrian companies with subsidiaries in Romania in order to find out the impact of investments in Romania on Austrian mother companies. The most important impact was that ...