Romania to attract long-term money transfers

Investors will continue to make money transfers to Romania amid the recession, according to industry experts.

Figures from business development agency Ubifrance recently revealed that following money transfers to the region, several French companies generated more than €1 billion (£9.2 million) in turnover, Agence France-Presse reports.

The research has eased fears that investors may reduce the number of international payments made to Romania due to the credit crisis and recent political turmoil, which saw former president Emil Boc leaving parliament after a vote of no confidence.

Rudolf Lukavsky, commercial counsellor at the Austrian embassy, stated his belief that Romania's economy will appeal to those looking for lucrative long-term investments.

"The decline of the investment and trade volume is primarily a consequence of the international situation," he told the agency

"Everybody is expecting improvement for 2010. Investors here are not looking at short-term profits and gain."

Elsewhere, money transfers to assets in Brazil are set to increase due to the country's successful Olympics bid, according to investment portal uv10.com.

Click here to make an International Money Transfer.

By Linsey Summers