In 2023, ONV LAW law firm provided legal assistance for investment projects with a total value of nearly 900 million EUR.
In the field of public procurement, the total value of assisted projects amounted to 850 million EUR. Most public contracts focused on the development of national infrastructure, such as: the construction of new terminals at Romanian airports, the construction of a new section of the Ploiesti-Buzau highway, design and works for the construction of a hospital in Romania, the modernization of public lighting systems, among others.
“Despite facing numerous challenges in 2024, such as tax increases, fiscal reform and persistently high inflation, Romania remains an attractive investment destination. The authorities and institutions have access to European funding programs and, if leveraged, these can support the upward trend in public investments. Notably, 2024 is an election year with significant stakes – and we believe that additional public investments will be unlocked in this context,” stated Radu Nemeș, Managing Partner at ONV LAW.
Romania is still considered a strategic destination by most foreign investors developing or expanding their business in Central and Eastern Europe (CEE). The most active foreign investors come from countries such as: the Netherlands, Germany, Austria, Cyprus, France and Italy, according to the latest data from the Romanian Trade Register Office.
In ONV LAW’s portfolio, 35 percent of assisted clients are foreign investors, most of them from Belgium, Bulgaria, the Czech Republic, France, Germany and the USA.
The most attractive areas for investment in the coming period are the financial-banking sector, infrastructure and construction or the energy industry.
“In 2023, within a market context that continued the trend of the atypical environment of recent years, we noticed effervescence on the M&A market, while actively participating as as consultants in various transactions. For instance, we assisted in the acquisition of the Alufix factory in Brasov by the Ukrainian company Biosphere Corporation, as well as the acquisition of a local company by a foreign entity in the field of electronic engineering. Furthermore, we notice a high appetite among international investors for Romania, coupled with the significant development of national investment funds, that will contribute to creating new opportunities in our country”, says the ONV LAW representative.
Last year, the law firm registered a 15 percent increase in its client portfolio compared to the previous year, reaching 300 clients and a turnover of over 1.5 million euros.