Even though 2019 has been dominated by political instability and legislative inconsistencies, many local businesses can look proudly on their accomplishments. In this context, Business Arena recognized the efforts and achievements of successful companies, banks, entrepreneurs and investors at its third awards gala this year: the 2019 Business Arena Awards for Excellence, held in the presence of more than 100 banking and financial leaders, professionals and diplomats.
However, the business environment hasn’t always offerd the best conditions for development, and experts predict a slow-down in the economy in the short run. Moreover, Romania’s Finance Ministry said that it has increased the consolidated budget deficit target for 2019 to 4.3% of the projected gross domestic product (GDP), from an initial estimate of 2.76%. Also, the ministry has decided to lower the economic growth projection for 2019 to 4.0% from previously forecast 5.5%, according to the budget revision draft published on the ministry’s website. According the ministry, the decisions come as a result of poor tax collection and higher expenses. The budget deficit for 2019 is seen at 44.72 billion lei (9.3 billion euro), compared to a previous forecast of 28.45 billion lei.
Earlier this month, Finance Minister Florin Citu said that the budget gap could widen to 4% of gross domestic product this year and accused his Social Democrat predecessor Eugen Teodorovici of deliberately faking numbers.
According to media reports, on November 20, the European Commission said that Romania needs to prevent a possible widening of its budget deficit beyond the 3% threshold agreed with the EU.
“Romania needs to take the necessary measures to ensure that the nominal growth rate of net primary government expenditure does not exceed 4.4% in 2020, corresponding to an annual structural adjustment of 1.0% of GDP, thereby putting the Member State on an appropriate adjustment path toward the medium-term budgetary objective,” the Commission said in its country-specific recommendations on Romania, a part of the European Semester Autumn 2019 Package.
The special event was moderated by Andy Alexandru Antemia and it was organized in partnerships with CEC Bank, Idea Bank, Apulum Porcelain Factory, Meli Melo Paris, World Class Romania, Via Viticola, Kanal D, Casa Anke, Happy Forever by Andreea, Trends By Adina Buzatu, Ramada Bucharest Parc Hotel.
ROMANIAN BRAND OF THE YEAR
For craftsmanship, strategic thinking and innovation in building a strong and successful luxury timepiece brand, with a high degree of awareness both at home and abroad.
MOST INNOVATIVE USED CAR MARKET PRODUCT PACKAGE
Award for the Peace of Mind Packege,a unique service in the Romanian used cars market.
MOST ADMIRED ORGANIC GROWTH PROGRAM
Recognizing the bank’s efforts to identify new financing sources and support its organic development strategy reflected in its successful listing of euro denominated bonds on the Bucharest Stock Exchange’s alternative trading system (ATS).
ENTREPRENEUR OF THE YEAR
For 30 years of dedication, hard work, inspiration and innovation in building a successful business in artisan coffee production.
HOTEL OF THE YEAR
CAPITAL PLAZA HOTEL
For achieving a high level of recognition in the hospitality industry for 10 years of outstanding success reflected in strong development of operations.
AWARD FOR EXCELLENCE IN PRIVATE BANKING SERVICES
RAIFFEISEN BANK ROMANIA
Recognizing its outstanding growth in administered assets using portfolio solutions developed locally by Raiffeisen Asset Management.
HEALTH & FITNESS BUSINESS OF THE YEAR
WORLD CLASS ROMANIA
BeHealthy Movement – creating a large movement for a healthy lifestyle, educating Romanians to be more active more often.
AWARD FOR EXCELLENCE IN BANKING
ALPHA BANK ROMANIA
Celebrating its 25th anniversary on the local market, Alpha Bank Romania looks back with pride on its achievements, based on a sustainable business model that has helped it grow to become one of the leading banks in Romania.
AWARD FOR EXCELLENCE IN WINEMAKING
For achieving the most dynamic growth in the industry since its change of ownership in 2015 and for its commitment to quality and excellence in winemaking.
BEST BANKING STRATEGY
Recognizing its efforts to pursue a strong expansion strategy reflected in its advanced preparations to take over Banca Romaneasca.
AWARD FOR EXCELLENCE IN PERFORMING ARTS
For achieving a high level of recognition and admiration for her outstanding performance in biographical play “Vivien Leigh: The Last Press Conference.”
LIFETIME ACHIEVEMENT IN BANKING
PRIM VICEPRESEDINTE – CEC BANK
For achieving a high level of recognition and admiration from the general business community for outstanding career, results and qualities of creative leadership in banking.
MOST DYNAMIC EXPANSION IN NON-FOOD RETAIL
MELI MELO PARIS
Recognizing outstanding strategy and strong business acumen reflected in successful expansion of the company’s lifestyle accessory and interior decoration retail networks in Romania and abroad.
BANKER OF THE YEAR
CEO – GARANTIBANK BBVA ROMANIA
For achieving a high level of recognition and admiration from the general business community for innovation, outstanding results and qualities of creative leadership, reflected in Garanti BBVA’s achievements on the Romanian market.
CEO OF THE YEAR
CEO & EXECUTIVE BOARD MEMBER – KANAL D
Kanal D’s unquestionable success in terms of revenue, audience and public perception is based on its leader’s efficient management and vision, as he has succeeded in motivating and guiding his team to achieve ambitious objectives in an extremely competitive market.
ANNIVERSARY OF THE YEAR IN BANKING
For achieving a high level of recognition and admiration for outstanding results and innovation in the banking industry, as it proudly celebrates its 155th anniversary.
See Business Arena’s upcoming print edition for more details,
photos and winners’ reactions.