Dambovita effect: expats choose to stay in Romania

Their stay in Romania was originally supposed to last several years, as they had come here to run foreign companies or investment funds. However, some of the expats then chose to remain in a country where knowledge of the business environment can be the best competitive edge.
“When I arrived in Romania, back in 1995, I thought I wouldn’t last more than two years. However, I lasted eight and it would be a pity to leave now, when things are beginning to move and I have come to know the Romanian business environment very well,” says Joel Hayes, who last year stepped down from his VP position at investment fund Romanian American Enterprise Fund (RAEF) to start his own financing consultancy firm.
And the “Romanian expats” club boasts a very select and numerous membership.
The newcomer is Diwaker Singh, who left the helm of Telemobil (owner of the Zapp service), only to establish a tourism business in Romania. Singh has invested in a company named Delta Nature Resort Bucharest, which last week announced it would invest 1.5 million dollars in a holiday resort located in the Danube Delta.
Robert Rekkers, former general manager of ABN Amro Romania, has refused the chairmanship of the bank’s Turkish branch, in order to take the reins at Banca Transilvania. However, this was not the first such decision in the Romanian banking system.
Another Dutchman, Anthony van der Heijden, former general manager of ING’s Romanian operations, made a comeback on the Romanian market, after the group had dispatched him to Hungary. He accepted the top managerial position at Banca tiriac. Besides the financial reasons, Van der Heijden was also motivated by his extensive knowledge of the Romanian market and the capability to adjust to the fast changes occurring in the Romanian business environment.
Another interesting example is Jean Valvis, who first came to Romania in the ’90s, to handle the purchase of some edible oil plants. The transaction fell through, but Valvis had already discovered the Romanian mineral water. Shortly afterwards, he returned with some capital and founded a bottling business that became famous and prosperous in seven years – Dorna. Last year he sold the mineral water business to Coca-Cola, for a very nice profit. Now, he is investing in ecological agriculture, to make dairy products.
laurentiu.ispir@zf.ro