Embassy of Romania Tel Aviv Commercial & Economic Promotion Office Newsletter October 2010 – No. 38th Inside Page: 1- 4 - Romanian economic news; Page: 4- 6 - Banking news Page: 6- 10 - Companies news Page: 10 - International exhibitions in Romania Page 11- 13 - Companies profiles and business opportunities 1. ROMANIAN ECONOMIC NEWS 1.1 MECMA: Economy to recover in 2011, particularly due to industry According to the Ministry of Economy, Commerce and the Business Environment (MECMA)’s forecasts on the evolution of Romanian economy, this will get back on growth mode, in 2011, meeting the targets set in the agreement with the International Monetary Fund (IMF), the state secretary in the ministry, Karoly Borbely, stated, 0n 28.09.2010, in a conference on Romanian industry, Agerpres reports. “There will be a 1.5 per cent growth, and a 3-4 per cent one in 2012, as set in the IMF agreement,” he stated. At the same time, he added that there would be a considerable growth in industry next year. On the other hand, the adviser to the Central Bank Governor, Lucian Croitoru, stated, in a conference on the welfare state’s vulnerability to the recession, that Romania’s potential for growth would amount to 2-3 per cent, after it recovers from the recession, compared to its earlier potential, of 5 per cent. Croitoru added that, at present, the capital incoming to Romania is predominantly official capital, from the major international financiers. “To draw external private capital, Romania needs political coherence, in whose absence it is caught in a vicious circle: we can’t have low deficits unless we develop, we can’t develop in the absence of foreign private capital and there will be no capital unless they see any efforts to boost our potential for economic growth,” Lucian Croitoru stated. 1.2 VAT raise boosts budget revenues by 17% in August The VAT hike from 19% to 24% as of July 1st generated a 17% rise in overall revenues collected by the state budget in August, compared with the same month of 2009, pursuing the upward trend which started in June.In August, budget revenues totalled 12.9 billion RON, with VAT collections reaching 3.6 billion RON, up 46.9% amid a tax hike by five percentage points.The Finance Ministry explains, however, that "VAT revenues from internal operations in August 2010, uninfluenced by VAT repayments, rose by 25%, a percentage very close to the increase of the tax from 19% to 24%. VAT is the biggest supplier of money to the state budget, and the second biggest for the general budget, after social contributions. "The rise in VAT collections to the state budget is a positive signal, but it is also a big sacrifice, considering the GDP contraction by 2.5% this year in Romania, while other countries have already returned to a rising trend," said Rozalia Pal, chief-economist of UniCredit Tiriac Bank.Over the course of the first eight months of this year, VAT and excises brought 23.3 billion RON and 10.7 billion RON respectively to the state budget. VAT revenues rose by 4.5% against the first eight months of 2009, with amounts collected from excises climbing by 11.7%. 13 IMF lends another 900m euros to Romania Another 884 million euros are going into the foreign currency reserve managed by the NBR (National Bank of Romania) after the IMF board approved on Friday the release of the sixth instalment of the nearly 13 billion-euro loan taken out by Romania in the spring of 2009. So far Romania has taken out around 11.3 billion euros from the Fund, with the money being used to finance the deficit budget indirectly, as well as directly. The supplementing of the NBR's reserve, which already exceeds 31 billion euros, will allow for new cuts to the banks' minimum reserve requirements in order for them to keep financing the budget deficit by the purchase of T-bills. Largely a formality now, the approval of the quarterly report that reviews the compliance with commitments made by the Government in the stand-by arrangement has occurred without problems, although the IMF requirement for the state to pay its debts to companies again failed to be met. Similarly to all previous reviews, the NBR governor and the finance minister requested a postponement in the supplementary letter of intent, and the IMF approved it. 1.4 MTI to organize another bid for Comarnic-Brasov section in 2011 Four highway sections along the Pan European Corridor IV will be put on bid in November, at the latest, the state secretary in the Ministry of Transport (MTI), Eusebiu Pistru, stated, yesterday, in a seminar on infrastructure, Agerpres reports. The four sections are Nadlac- Arad, Timisoara-Lugoj, Lugoj-Deva and Orastie-Sibiu. The cost of works on the Deva-Orastie section amounts to approximately EUR 160 M. The estimated value of works on the four sections of the Pan European Corridor amounts to about EUR 160-180 M, for the Nadlac-Arad section, approximately EUR 150 M, for Timisoara- Lugoj, approx. EUR 200 M for Lugoj-Deva and EUR 160 to 170 M for Orastie-Sibiu. The MTI official stated that the completion of the Pan European Corridor IV was a priority both for Romania and for the European Union. The Arad highway ring road, 12 kilometre- long, is under construction, just as the Arad-Timisoara road, 30 km long. On the other hand, the Comarnic-Brasov section will be put on bid again in 2011, in view of a concession contract, the state secretary also said. 1.5 Romanian state – shareholder in Rompetrol Rafinare by law Ten years after the privatisation of Petromidia, the state, via the Ministry of Finance, became, a shareholder in the company, by the decision of the Shareholders’ General Assembly, to cover a EUR 570 M, out of which the state has recovered only the tiniest portion sofar. Official sources in Rompetrol stated, yesterday for Nine O’Clock, that “thus, it is certain that, under the provisions of the law, the Romanian state becomes a shareholder in Rompetrol Rafinare, and existing shareholders have to face this reality”. From a strictly formal point of view, an extraordinary general assembly of the shareholders was summoned yesterday, to decide the raising of capital by the conversion of bonds into shares. Immediately after the decision was made, the Romanian State, via the Ministry of Public Finance, was to be registered as a shareholder in Rompetrol. 1.6 BSE consolidation begins: 6.3% of shares change hands for 4.6m euros ZF 28.09 ieri, 00:10 Autor: Andrei Chirileasa Yesterday's (27.09) special transactions, the biggest since the listing of the Bucharest Stock Exchange (BSE) have seen BSE shares climb to a new all- time high of 41 RON, valuing the company at 72 million euros.Interest in the shares of the Bucharest Stock Exchange is on the rise, with BSE share transfers hitting a high yesterday, when 6.3% of the market operator's capital changed owners on the 'deal' market, in the wake of three transactions. The value of the transactions is nearly 20 million RON (4. 6 million euros), valuing the company at 72 million euros, i.e. 36 times the 2 million-euro net profit reported by the BSE last year. Since its listing, on June 8th, the price of BSE shares rose over 65%, and the company's capitalisation increased by 28 million euros. This amid a major slump in the value of Stock Exchange transactions in July and August, to an average 3 million euros a day, while September failed to bring about a significant change to the market liquidity, with the exception of a few 'deal' transactions negotiated outside the main market, as were yesterday's deals with BSE shares. 1.7 Energy giants, to become functional by year end The two national energy companies – which will include both hydropower plants, as well as steam power plants, coal mines and nuclear reactors – will be set up by the end of this year, the new minister of Economy, Ion Ariton, recently stated, in Buzau, quoted by “Adevarul”. The two companies, Electra and Hidroenergetica, were to be founded by July 1, but the undertaking was stalled by 19 suits, most of which were filed by trade unionists claiming wage arrears. Legal issues will be solved by altering of the law. 1.8 Alternative energies: Dobrogea best-known region of Romania Dobrogea has become the best-known region in Romania, with small, unknown towns featuring prominently on the front pages of the leading European newspapers. All thanks to wind power projects, says Adrian Băicuşi, general manager of Transelectrica. "You can ask anyone in Europe where Bucharest or Braşov is, and may not get the right answer, but everybody knows where Dobrogea is located. Dobrogea is the magical word that stands for wind power," Băicuşi said. Whereas up until now the biggest project announced in Romania was the one developed by Czech-based CEZ, which is set to build 240 wind power turbines with a capacity of 600 MW in two Dobrogea communes, Fântânele and Cogealac, Spanish-held Iberdrola now announces it could start works on a similar-size project also located in Dobrogea, as of 2011. 1.9 Subway’s Main Line 4 to be completed by mid-2011 Construction works on Bucharest subway’s Main Line 4 (1 Mai – Pajura) will be completed by mid-2011 when the new subway stations will be put in use, Gheorghe Udriste, Metrorex general manager, stated yesterday on the occasion of the Railway Days, being quoted by Agerpres. Likewise, the Metrorex official announced that the two consortiums that will build the Drumul Taberei – Universitate subway section will be selected this December, with the construction site set to be organized in the first half of 2011. The project, seeking to build a 9- kilometer subway line from Drumul Taberei to Universitate a nd Pantelimon, will be completed in 2015. The project consists of 14 subway stations and the procurement of 37 new subway trains that will be used on Main Line 5 and for replacing outdated subway trains. At the same time, in the spring of 2011 Metrorex will select the consultant for the subway line that will connect Bucharest to the Otopteni Airport, with Japan offering a EUR 315 M loan in this sense. In his turn, Constantin Dascalu, secretary of state with the Transport Ministry, has stated that the institution he represents will spend hundreds of millions of Euros from European funds this year, in contrast to spending only EUR 36 M in 2009. “Our approved projects surpass EUR 1 bln, with filed projects reaching an overall EUR 2 bln. Other projects will be filed by the end of the year,” Dascalu said. 2. BANKING NEWS 2.1 NBR leaves interest rate unchanged, but sparks debate among analysts The National Bank kept the key interest rate on RON-denominated loans at 6.25% a year for the fourth time in a row, but the decision sparked a rift among analysts, with some saying the monetary policy should be eased, in order to support the economy, while others see the danger of inflation returning, which needs to be fought against. All commercial bank analysts anticipated that the interest rate would be kept unchanged, with more than three quarters of them believing this will be replicated in the next session of the NBR (National Bank of Romania), scheduled for November 2nd. 2.2 EximBank provides trading information on companies at much faster pace Bucharest, September 29, 2010 – EximBank made a number of improvements to the product “Trading and Credit Information on business partners”, based on which the trading companies may obtain business information on potential trade partners more promptly and without any additional costs. “For trading companies it is vital, at this moment, to gain access to economic information on their local and foreign future business partners. The more relevant information they accede to, the more effectively entrepreneurs can defend themselves from potential losses and identify new ways of making profit. By the modifications we’ve made, we are trying to be more flexible so that, at present, a trader may receive trading info on potential business partners even in a day’s time,” declared Oana Nuta, the communication director of EximBank. The updated product does not presuppose any additional costs, as fees to provide clients with information reports remained unchanged. Alongside the shorter terms for the delivery of trading information reports, another modification refers to widening the number of states on which EximBank provides information related to country risk, from 51 to 76. The country analyses are granted as bonuses for the companies acquiring several information reports for one subscription (which could include 25 to 60 such reports). Another novelty is the set up of a subscription system for information on foreign companies also. Up to now, companies could sign up for a subscrip tion only for information report on Romanian companies. If they opt for the delivery of reports on foreign companies on a subscription basis, beneficiaries get, as a bonus, reports on Romanian companies, the number of reports depending on the type of subscription chosen. Companies which access the “Trading and Credit Information on business partners” product receive a trading information report on the potential partner, which features: At the same, traders may find information on the products and necessary documents by visiting the website www.eximbank.ro or may receive further details by emailing firstname.lastname@example.org. 2.3 First multiple banking portal launched The first portal in Romania to bring together all the types of offers on banking products, leasing and insurances, infobancare.ro, was launched, yesterday, Agerpres reports. The website promotes products from different fields (banking, leasing and insurances) and features the functions of comparison, analysis and free application on the products offering advantageous conditions. Users have the necessary instruments to transform raw information on a product into valuable data which would help them, ultimately, to make an informed decision. 3. COMPANIES NEWS 3.1 Message of a 76bn-dollar executive: We would still choose Romania now to build the P&G plant The opening of the plant of P&G giant in Urlati brought to Romania the most powerful executive that ever visited the Romanian market, Bob McDonald, CEO of P&G, the executive who runs a 76 billion-dollar business with 135,000 employees worldwide, has sent a message of trust in the Romanian economy, saying yesterday in Urlati, a town with 12,000 inhabitants, that the American producer would choose Romania even today for a greenfield investment in a regional plant. "For us the strong suits of the Romanian market have remained as important as before: its large number of consumers and its growth potential. 3.2 It's time to invest in Romania, Medicover CEO says Swedish group Medicover, one of the leading players on the private medical services market, with 31 million euros in estimated turnover this year in Romania, plans to invest 70-80 million euros this year on the Romanian market in opening private hospitals and clinics over the next few years. In an interview given to Ziarul Financiar, representatives of the Medicover group say the Swedish group's international development is now entering its "Romanian stage", which means Romania will now be the target of investments, after the group previously invested nearly 200 million euros in Poland and in labs in other countries. "Now starts the investment programme targeting Romania. There is a lot of activity in the Romanian private medical industry. Many spend a lot of money to acquire companies, we prefer to build facilities," said Fredrik Ragmark, Medicover CEO. The private medical sector is one of the most dynamic in the economy, with the last few months seeing operators battle over the acquisition of companies and over market share, with the Medicover project being the biggest one announced on this market so far. On the Romanian market, Medicover operates the clinic network under this name, as well as Synevo labs. 3.3 Lufkin Industries to invest USD 126 M in factory near Ploiesti US company Lufkin Industries, one of the world’s largest suppliers of equipment and services for the oil industry, yesterday unveiled a plan to invest USD 126 M for the construction of a new plant in Prahova County, Romania. The facility, located near the town of Ploiesti, will manufacture equipment for the oil industry, to be sold on Romanian and foreign markets. The factory is expected to become operational two years from now and to generate some 320 new jobs. During yesterday’s press conference, Lufkin President and CEO Jay Glick s aid that 80 pc of the equipment produced near Ploiesti are to be exported to markets in Asia and the Middle East. Lufkin chose Romania because of the country’s long expertise in the oil and gas industry. 3.4 IT market between stagnation and slight increases in Q3 IT product sales stalled or slightly advanced, say some of domestic players, with the VAT hike as one of the factors that influenced the market. "Against the same period of last year, third quarter sales rose by around 10% and against the second quarter advanced by around 5%," Marius Ghenea, chairman of FIT Distribution, an IT distribution and retail company, told ZF. He added the 5% increase can be accounted by the fact that a sales increase was registered before the VAT hike, which transferred some sales back to the second quarter. As regards computer sales, they were in line with the rest of the company's sales, with notebooks as the bestsellers, Ghenea says. "Sales were flat against the first two quarters, but we hope they will rise this month, as it usually happens after September 15," said Bogdan Iftemie, sales manager with Acer, leader of the domestic PC market. Logitech, a major player on the domestic computer peripherals market, estimates the IT market was more dynamic in the third quarter against a year ago, with all producers approaching consumers, whose purchasing power has declined significantly in recent months, with more aggressive offers than in previous years. 3.5 OMV Petrom to invest 25m euros to seek new deposits OMV Petrom (SNP), Romania's biggest company, is set to invest 25m euros in the coming years to explore two perimeters around Adjud and Urziceni towns. To this end, the company has forged a partnership with Hunt Oil US group, one of the world's biggest independent oil companies. "This partnership is a major step in our activity, being the first joint venture for onshore exploration. Together with Hunt Oil Company Romania, we will invest around 25m euros in the following years in this project," stated Johann Pleininger, a membe r of Petrom board of directors, in charge with exploration and production. The partnership may bring fresh business for domestic companies operating in the field of oil exploration. OMV Petrom also sealed a partnership with Exxon oil giant to explore a Black Sea perimeter. The company is trying to uncover new deposits to stabilise its Romanian oil production, which has declined in recent years. In the first half, Petrom produced 184,000 oil and gas barrels per day, down 3% from a year ago on the natural dec line of production in Romania. 3.6 Now even Romanians queue for Duster Automobile Dacia, the leading automaker on the Romanian market, has over 60,000 ongoing orders for the Duster, Dacia's first SUV, according to Mihai Bordeanu, marketing manager of Dacia and Renault within Group Renault Romania. The number of orders has therefore doubled in less than two months, after their number had reached 35,000 in July. Amid growing demand in Western Europe, even a Romanian customer who orders a Duster will have to wait before the car is delivered to them. Automobile Dacia is also considering launching a new version of the Duster SUV, which will be better equipped than Laureate, and will include features such as ESP (for the 110-HP 1. 5-litre diesel engine) and the Look and "Leather" packages, electric rear windows and a car MP3 player, which could up until now be ordered as optional features. "We are considering introducing a higher trim version for the Duster, above the three current ones. Now the Duster has a very simple range. It is true that we are now selling the Laureate trim, both its standard version and its optional features, especially the leather "Look" package, which means people are interested in added value," said Mihai Bordeanu, marketing manager for Dacia and Renault brands within Group Renault Romania. The new top of the line version will probably be called Prestige, which is already available on Western European markets such as Germany. 3.7 Tarom seeks to shed "dated brand" label State-held airline company Tarom, the biggest player in the airline industry by turnover, with 193 million-euro sales last year, has invested around half a million euros last year, according to Ziarul Financiar estimates, in the company's first ever image campaign, conducted b y communication group Ogilvy. Tarom has in previous years conducted campaigns to promote certain destinations, but this is the first one in which it attempts to change the market perception and attract younger clients, with surveys conducted before the campaign showing that Tarom flyers are usually people above 35 with over 4,000-RON monthly income, who tend to be business owners or managers. "A brand with a 56- year history such as Tarom risks being perceived as conservative, as research as shown. The compa ny's focus on younger clients and the image campaign are meant to change the perception of being a dated brand, and to help create the current image of the Tarom brand," said Ruxandra Brutaru, the company's general manager. Tarom officials' decision to invest in this advertising campaign comes after the company posted 55.8 million euros in losses last year, its biggest this decade, with the company expected to see losses this year, as well. 3.8 Five companies get 90% of the money on telecom market Orange, Vodafone, Romtelecom, Cosmote and RCS&RDS, the biggest communications operators in Romania, last year got almost 90% of the money paid by Romanians for communications and TV services, reveal the data published by the companies and the telecom data figures published by the regulatory authority (ANCOM). Mobile telephony operators Orange and Vodafone remain the top players on the market with an almost 50% market share in terms of revenues in 2009. The data reveal that Romtelecom and Cosmote together accounted for almost 30% of the money paid by Romanians for communications services last year, even though the calculation did not include the results of companies such as Germanos or NextGen. ANCOM's report and operators' financial data reveal, on the other hand, that international communications groups (France Telecom, Vodafone and OTE/Deutsche Telekom) account for about 80% of the revenues on the communications market in Romania, while RCS&RDS, the only major telecom controlled by a Romanian, accounts for less than 10%. 3.9 Alcatel Lucent continues to hire software developers and telecom engineers in Romania The Timişoara centre of Alcatel Lucent French-American provider of telecom services and equipment will expand further this year amid outsourcing contracts signed with European telecom operators and also over its involvement in various research&development projects, with almost 80 people due to be recruited by yearend. Of the 250 available positions announced for this year by Alcatel Lucent, 70 are still vacant and will most likely be filled by yearend, Cătălina Ocheşilă, a communications manager for South-eastern Europe with the company, told ZF. The Timişoara centre started expanding as the company gained outsourcing contracts with European telecom operators. The biggest contract managed by the Romanians employed by Alcatel Lucent in Timişoara is the one through which the management of fixed and mobile communications networks of Bulgaria's Vivacom was taken over. Alcatel Lucent last year derived 122.4m-euro turnover in Romania. The company last year had an average number of 1,800 employees, according to Finance Ministry data. 3.10 Tohani has plans for factories in China and Poland Tohani wine producer, owned by businessman Virgil Mândru, is planning for the Romanian business to become the group's smallest over the next ten years, with the biggest turnover to be generated in China and Poland. The company is planning to build two wine facilities in Poland and in China. "The Tohani China project has already kicked off. We are currently producing in Romania and exporting our production, but as of next year we will start production there. These are the normal steps of expansion. We chose these two markets because they have a potential, and are easily accessible. In China the investment amounts to 20 million euros, and to 10 million euros in Poland. Both project s are developed with local partners," Mândru told Ziarul Financiar. The businessman holds 50% of these projects, with the money for investments being the company's own. Abroad, the company will produce under the Tohani brand, which he says he will adapt to suit the new market. At present, the company's best-known brand in Romania is Sânge de Taur. 3.11 Antibiotice set to launch 80 products Antibiotice Iaşi, one of the biggest local drug producers, controlled by the Health Ministry, plans to launch around 80 products in 2010-2012. Ioan Nani, the company's general manager, says these launches could double the company's turnover over the next two or three years. Between 2007-2008 the company's business fell by 4.3% at a time when the pharmaceutical market rose by an annual 10-15%. Antibiotice announced the most aggressive product launch plan, while the remaining local producers plan to bring 10-20 drugs onto the market per year. The launches of local producers are important because prices are low compared with those of imported drugs, with the authorities seeking to encourage consumption of inexpensive drugs. "The company intends to work on these 80 filings over the next two years, but there will be a prioritisation based on the company's advertising capacity and on the capacity of ANM (The National Drugs Agency), which authorises the selling of drugs i.e.), which will be under pressure. Provided that we launch all these products, our turnover could reach 120 million euros over the next two or three years," said Ioan Nani, general manager of Antibiotice Iaşi. 3.12 PwC: 40 pc of private companies to hike salaries in 2011 Almost 40 per cent of private companies have included salary hikes in their 2011 budgets, with the average hike standing at 6.8 per cent, after hiking the salary of their employees by 4.3 per cent this year, the PayWell Romania survey conducted by PricewaterhouseCoopers (PwC) shows. “We anticipate pressures for salary hikes in the near future, considering the recent VAT hike from 19 per cent to 24 per cent, especially within sectors that have a consistent trade union presence. Nevertheless, PwC does not expect the salary hikes of 2011 to significantly exceed those reported this year. 4. INTERNATIONAL EXIBITIONS IN ROMANIA 4.1 ROMANIAN TOURISM FAIR (21-24, October 2010, Bucharest) 24th edition As an international exhibition that brings together for four days all areas of the travel industry, the Tourism Fair of Romania is the most important event of this kind in the country, presenting a diverse range of destinations and industry sectors and offering an excellent opportunity to develop business. We are honoured to invite you to participate as an exhibitor in TTR 2010, being convinced that your presence in this event will open new business prospects to your compa ny by: Selling and signing new contracts; Building your brand awareness; Exploring and entering new markets and sectors; Recruiting new distributors & selling agents; Deepening existing business relations; Educating the market about your products and services; Growing your sales for the 2010 season. Organizer: Romexpo SA – Bucharest (Project managers -Ms. Roxana Maria Clain, tel.00-40- 751130009 and Ms. Adreea Irina Horoi-tel.00-40-758837737, Fax.00-40-21-2077070, e-mail: email@example.com) 4.2 Over 360 companies from 17 countries to attend TIB 2010 Over 360 companies from 17 countries will attend the 36th edition of the Bucharest International Technical Fair (TIB) 2010, the deputy general manager of the Romexpo SA fairs and exhibitions organiser company, Sorin Vornic announced yesterday, quoted by Agerpres. “The substantial international attendance - about 47 pc - shows that Romania still is a very attractive destination for business. The fair will cover an area of about 17,600 square meters, slightly smaller than in 2009, which is an encouraging sign for the business segment,” Sorin Vornic explained. The 360 exhibiting firms come from Austria, Belgium, Bulgaria, the Czech Republic, France, Germany, Hungary, Italy, Poland, Romania, Serbia, Slovakia, S lovenia, Spain, Switzerland, Turkey and the United Kingdom. 5. COMPANY PROFILES AND BUSINESS OPPORTUNITIES 5.1 S.C. AAGES HTC SRL The company has updated equipment for induction hardening (CIF). The manufacturer is able to harden a wide range of half- manufactured products making hardened layers from 0.7 to 5 mm. Contact details: SC Aages HTC Srl 1107/Z3, Agricultorilor St., Sangeorgiu de Mures Tel.00-40-265-318542, fax.00-40-265-215769 E- mail: firstname.lastname@example.org, email@example.com Web site: www.aages.ro Contact person: Mr. Molnar Gabor-manager. 5.2FRD CENTER MARKET ENTRY SERVICES FRD Center offers integrated market entry, investment and route-to-market services for foreign companies interested to enter the Romanian market and regional market as exporters, consultants, investors or joint-ventures, to relocate their manufacturing or to source CE and SE Europe. FRD service includes: - tailor- made market research, investment opportunities assessment - M&A advisory services - Sectorial studies, market briefs - Product introduction - Partners and providers identification, selection and profiling - Market opportunity assessment - Commercial due diligence, pre-M&A business support and research - Identification of market opportunities: exports, sourcing, B2B sales - Trade missions, business itineraries, inward buyer missions, etc. Contact: Mr. Jackie Bojor, director of Business Development (tel.00-40-21-41111460, fax.00-40-21-4111461, e-mail: firstname.lastname@example.org). 5.3S.C. LASTING SOFTWARE SRL Lasting Software Srl is independent Romanian software and consulting house, a global sourcing firm and a near shore partner for European organizations. The company is a constant presence in Deloitte’s Top 50 Fastest growing Companies in Central and Eastern Europe. The company is Microsoft, Oracle, ST Micro & ISO 9001:2008 certified. The company is looking for software developer houses from Israel (independent software vendor/producer, system Integration Company, software development Services Company) that is interested in outsourcing software development activities. The main activities are oriented business software, communications and automotive business areas. Contact details: Lasting Software SRL, Timisoara, tel/fax.00-40-256-201279, web site: www.lastingsofware.com. Contact person: Ms. Miriana Androvici-Business Development Manager (e- mail: email@example.com). 5.4 S.C. MIL-STAR SRL The company is specialized in manufacturing high quality handbags, purses, leather accessories and can also make products in accordance with client design and his logo. The company is looking for importers and distributors. Contact details: SC MIL-STAR SRL 16 F, Toamnei St., Craiova Tel/Fax.00-40-251-431940 Contact person: Ms. Madalina Milan (cell.00-40-727805772). 5.5 S.C. RUBIN KING S.A. The company is a manufacturer of biscuits, cones for the ice cream industry and powder products. In the biscuits factory they produce: special industrial biscuits, soft biscuits (chocolate enrobed for the final consumer), special industrial sponge cakes, sponge cakes addressed to the end consumer, bigne. The factory for cons production splits into two d ivisions: molded cons (with very low or no sugar content) and rolled crispy sugar cons (Cotnetto type). The company is looking to contact Israeli ice cream manufacturers. Contact details: SC RubiKing SA 3, Lugojului St. Oradea Tel.00-40-259-437944, fax.00-40-259-427989 Web site: www.rubinking.ro Contact person: Mr. Rares Luca (e- mail firstname.lastname@example.org) 5.6 S.C. SOMES SA The company, a Romania pulp manufacturer, member of SCR Group, is seeking a partnership in order to develop a project with a capacity of pulp production of 350,000-500,000 tones per year, out of which half to be converted into paper (175,000 tones). The project could be started on the current premises of Somes Dej witt 77 hectares industrial land fully serviced by implementing a Greenfield investment. For more details about this proposal please contact: Mr. Mircea Popescu-Executive President of SCR Group (tel.00-40-264-415086, fax.00-40- 264-456158, e-mail: email@example.com) Or The Commercial and Economic Promotion Office of the Embassy of Romania/Tel Aviv(see the contact details below). 5.7 S.C. SIRIUS SRL SIRIUS SRL is private company founded in 1993 specialised in the production and commerce of technical garments. Based in Sibiu, our company has a number of 50 employees. We produce a great variety of products such as: seat covers and interior upholstery for car, busses, trains, seat covers for conference halls, table cloths, napkins, curtains, etc. We are using last generation eq uipment and machines of well-known trade marks such as: DURKOPP, RIMOLDI, UNION SPECIAL, PHAFF.We dispose of 1600 sq.m, workshops, warehouses and offices structured in patterns creation on computer, tailoring, sewing, quality control, packing, expedition, financial and commerce- marketing. The production is organised in 2 directions: 1. The production for export – LOHN, equipments for trains and planes 2. The internal production – all kinds of seat covers, curtains, table cloths, bedclothes, etc. The company is interested do identify Israeli importers/distributors/ Contact: SC SIRUS SRL (Str. Tiglarilor No.96, Sibiu, Tel.00-40-269-234075, Fax.00-40-269-224125) WEb site: www.siriussibiu.ro , Manager: Mr. Laurentiu Salcaian The Economic and Commercial Promotion Office of Romanian Embassy in Tel Aviv: Address: 24, Adam Hacohen Street, Tel Aviv Tel: 00-972 -3 - 529.8115 (direct line); Tel/fax: 00-972 -3- 523. 8205 (direct line); E-mail:economic1@be zeqint.net Contact person: Dorin REFCA Minister counsellor NOTE: NEWS are from Ziarul Finaciar and Nine o’clck .