BUSINESS

E&Y: Bucharest, open to globalisation

Romania stays on a middle position – 32 – in a top of countries open to globalisation, behind its neighbours Hungary and Bulgaria, but ahead of countries like Japan or China, according to the globalisation index calculated by Ernst&Young for 2011, Mediafax informs. The first positions are held by Hong Kong, Ireland and Singapore, while Venezuela, Algeria and Iran are at the bottom. Romania ranks right after Italy and ahead of Greece, Turkey, Ukraine or Russia. The index was calculated based on a survey on 922 top executives involved in international business.

According to the consulting company, although the globalisation process is picking up after two years of decline, economic and social tensions threaten the capacity of states and governments to withstand protectionist pressures. However, emerging markets are those that have the strongest need to continue the globalisation process, in order to attract foreign investments. Ernst&Young identified four major challenges for companies in the globalisation process, one of these being the difficulty to develop on emerging markets. The consulting company also mentions that public policies are gaining precedence and good employees are harder to find.

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