In the current geopolitical and economic context, a change of mindset is needed among entrepreneurs in Romania, Moldova, and Ukraine to approach business strategy-making in a triangular manner. Despite the security challenges facing the region, a triangular focus is certain to open up new opportunities and strengthen ties between the business communities in the three countries.
Over the past two years, Romania has become an indispensable partner for Ukraine, providing a gateway for Ukrainian goods and an open economic environment for investments in various fields. Notable examples include energy company DTEK, manufacturer and distributor of household and hygiene products Biosphere, and the IT company N-iX, among others. Additionally, Constanța and Galați have become crucial logistics hubs, supported by industry giants such as Maersk and DP World.
The business dynamics between Romania and Ukraine can easily integrate Moldova, which has the potential to become a smart intermediary between the two, possessing know-how in both directions and benefiting from the presence of large transnational companies, such as Trans-Oil Group, operating in both Romania and Moldova. Furthermore, Moldova’s economy is stabilizing thanks to growing exports and foreign aid absorption, making it a resilient and reliable partner in the region.
For Moldova, Romania’s future economic growth is essential, not only in terms of joint development of the business and trade ecosystem. The current dynamics at the border between Romania and Hungary may be matched, if not surpassed, in terms of economic interactions, by those at the Romania-Moldova-Ukraine borders, especially in the context of the Ukrainian war economy and Ukrainian reconstruction.
In the wake of the Russian offensive and its major impact on cities such as Kharkov, Ukraine continues to rethink its economy, with Romania consolidating its role as a gateway for Ukrainian exports. Moldova is definitely playing an intermediary role in this process. Accelerated energy interconnection, supported by the European Union, the United States, and the United Kingdom, also highlights the potential for trilateral cooperation.
In addition to the obvious economic benefits, this trilateral cooperation holds the potential to transform the region into a fully-fledged regional hub and a major European player. For this to happen, the benefits and challenges of trilateral cooperation need to be well understood and addressed: we all need to be aware of the associated risks, starting from the security situation in the region and long-term perspectives. In this sense, the mobilization of Romanian and Moldovan entrepreneurs in regional projects and the attraction of new foreign investment hold the promise of building resilience.
It is high time for entrepreneurs in Romania, Moldova, and Ukraine to join forces and approach the future from a triangular perspective. At the same time, it is important that all three business communities recognize this triangular perspective as essential to their future. While we are witnessing door-opening approaches in terms of government-to-government dialogues and bilateral or trilateral cooperation, the vibrant entrepreneurial communities of the three countries should step up and shape these ties in a way that further interconnects the three economies in the future.