The Importance of the Development of Industry in Romania and Its Development Potential

Abstract

The first part of the study details the importance of industry in the economy in general, but it is worth nothing without continuous technological development. This is supported by classical and unquestionable theories, followed by statistical data and macroeconomic indicators to demonstrate their practical relevance. The realistic data will clearly show that countries with a strong industrial base and a strong focus on development in their economic structure will have a steady advantage over other countries on the international stage. The structure of the industry in Romania, its main areas, and the industrial characteristics of the regions will then be presented, as well as the economic differences between industrialised and less industrialised areas. The study shows that industry and R&D are the basis for economic growth and development, as they are also the basis for services. Romania is in a very special situation, as it has all the potential and resources to build and develop the industry, but the mentality of the past system still leaves its mark on how to exploit its potential. Of course, industry and its development require a considerable amount of capital, knowledge, and know-how. For this, European Union funds offer considerable opportunities, and the operational programmes that provide this type of support, both to the private sector and to public institutions, are presented in detail. At the end of the study, it will be clear what industry and R&D mean for economic growth, what the situation and characteristics of the Romanian industry are, and what financial resources are available for the implementation and development of industrial activities.