The Foreign Investors Council (FIC) has published the latest edition of the Business Sentiment Index (BSI), reflecting the outlook of over half of its member companies – foreign investors present in Romania. The results from March 2026 indicate a cautious improvement in revenue and investment outlooks, alongside persistent concerns regarding legislative predictability, competitiveness in attracting foreign direct investment compared to regional areas, and increasing cost pressures.
Indicatorul general al mediului de afaceri s-a îmbunătățit comparativ cu ultimul sondaj realizat în octombrie 2025. Cu toate acestea, majoritatea companiilor – 51% consideră în continuare că mediul de afaceri s-a înrăutățit, comparativ cu 68% în octombrie 2025.
„The latest Business Sentiment Index indicates a cautious stabilization of investor confidence and a
moderate recovery in investment intentions, which is encouraging. However, these signals
remain fragile. The predictability of the legislative framework and Romania's competitiveness compared to locations
”comparable continues to represent reasons for concern for investors," stated Ruxandra Băndilă, Executive Director of the Foreign Investors Council.
Revenue expectations for next year show moderate improvement. 53%of companies expect revenues from operations in Romania to increase, compared to 46% in the previous edition, while 20% anticipate stagnation. Expectations for the business environment have also strengthened. On the domestic market, 51% of respondents anticipate growth, and 30% expect stagnation. Export expectations remain more tempered, with 25% anticipating growth and 58% stagnation. Overall, 51% of respondents forecast an increase in activity, compared to 42% in October 2025, while the share of those anticipating stagnation has decreased from 49% to 32%.
Investment plans have recovered. 37% of respondents plan to increase capital expenditures in the next 12 months, up 12 percentage points from the previous edition and returning to levels seen in the fall of 2024. At the same time, 39% of companies intend to maintain their investment plans, while 24% expect to reduce them.
Percepțiile despre atractivitatea României comparativ cu locațiile lor din regiune rămân mixte. 46% dintre respondenți consideră România mai puțin atractivă, o creștere de la 42% față de ediția anterioară, în timp ce 34% raportează că nu există schimbări privind atractivitatea tării.
Competitiveness in attracting foreign direct investment continues to highlight structural weaknesses. Romania is perceived as uncompetitive regarding bureaucracy (88%), transparency and consistency in policy implementation (78%), regulatory burden (75%), tax burden (61%), and infrastructure (53%). The availability of an adequate workforce (58%) remains the only area perceived as competitive.
Labor force expectations reflect a cautious attitude. Half of companies do not expect any change in employee numbers, while 25%anticipate a decrease, and 24% expect an increase. Cost management remains a priority, with 80% of respondents assessing cost reduction measures, a similar level to that reported in the Fall 2025 edition (83% ).
Concerns about predictability remain high. 53%of respondents consider the legislative environment less predictable, while 32%expect it to remain unchanged. The proportion of companies perceiving an improvement has fallen to 16%, the highest level recorded since the March 2023 edition. The main challenges continue to affect business activity. Legislative uncertainty (68%), inflation and interest rates (65%), and taxation (63%) are the most frequently mentioned concerns.
Political uncertainty concerns 56%of respondents, while energy concerns rose to 42%, its highest level since 2023.
At the same time, companies are increasingly focusing on transformation and resilience. 80% of respondents are considering increased investments in robotics, automation, and artificial intelligence, signaling a strong shift towards digitization and operational efficiency.
Despite ongoing challenges, companies continue to identify growth opportunities, particularly in market expansion, digital transformation, artificial intelligence, and EU-funded programs, reflecting a focus on long-term competitiveness and efficiency gains.
Recent fiscal measures continue to influence companies' activities. Most respondents report significant cost increases, driven by higher taxation (including turnover tax, dividend tax, and sector-specific taxes), inflationary pressures affecting salaries, utilities, and production factors, as well as weaker demand and declining purchasing power. Increased compliance and administrative costs have further complicated the situation.
consequently, many companies are postponing or reducing investment plans, reallocating capital in
context of lower returns and increased uncertainty.