RESPONSIBLE ENTREPRENEURSHIP VISION DEVELOPMENT AND ETHICS

452 RESPONSIBLE ENTREPRENEURSHIP
It is a widely concurred belief among Romanian people that Turkish investors in their markets
are helping to further develop and strengthen employment rates and instill faith in a more
prosperous political future after a long history of foreign dominance and economic turmoil.
Now, there are efforts to reciprocate this economic benefit by Romania as a sign of maintaining
the long-term bond, which is evident in the Economic Forum for Investment and Trade,
hosted in Ankara (Solendil, 2014). It should also be noted that Romania has been considered
one of the rare European nations that persevered in the survival of the macro financial recession
of the 2008 onset, particulalrly with minimum detrimental repercusions. Armeanu et al
(2013) conducted an analysis of the correlation intensity between emerging markets during
economic crisis, and found that there were several signficant stock exchange movements from
Turkey that had a positive impact on Romania’s financial market. This was particularly shown
in market elasticity; over 1% increase in the financial market for Istanbul directly influenced
a quarter of a percent growth in the stock exchange for Bucharest. However, Andreea’s statistical
output produced a rather low coefficient in the correlation model, which suggests even
though Turkey and Romania are emerging markets that have fortified business relationships
with eachother to grow their markets, they do not generate that much of a powerful influence
in their alliance alone. Armeanu’s (2013) correlation study can still provide credence to
the historical fact that both Turkish and Romanian markets serve a complimentary connection
with each other for domestic growth, however, this market development, in terms of quantified
data does not show reliable longevity as there are always differences of investor interest
from Turkish businessmen in Romania. Taking into account that the mutual market imapact
between Turkey and Romania is relatively low, this reaffirms the encouragement for Romania
pursuing a more international portfolio with Turkey through synergisitc interests of other
nations around neighbouring countries in the Middle East and Europe. This may find reassurance
through the BSEC (organisation of the Black Sea Economic Cooperation) which has
been implementing strategic market initiatives from several European and Middle Eastern
countries since 1992; a partial means for countering market risk through foreign partnership
diversification. The empirically verified truth in Armeanu et al’s (2013) market correlation
analysis, is that Istanbul’s financial industry has recently embarked on an expansion on a micro
and macro economic level, making it a prime candidate for multiple foreign investors. For
this reason, and similar transformations spearheaded by other inititatives like the BSEC, Romania
may have a much more brighter future ahead by reeping the benefits from the versatile
growth of Turkish financial markets, a key partner still ranking as the most prominent trading
relationship. This increasingly closer trading alliance is also in the best interests of Turkey
considering they will have more avenues to access the European markets.
With commendations owed to its GDP growth of 3.5% since 2013, Romania acquired the
most significant economic developments in the European Union. It can be argued that this
is a promising selling point for the nation, which should provide confidence for Turkey’s continued
investment, as well as from other countries (Briegel, 2014). Romania does have other
macroeconomic factors in support of its prospering strength, including an unexploited potential
for diversifying direct foreign investment operations. It is therefore oppressive to suggest
that Romania should grow their economy by focusing on their domestic markets, when
a lot of the promising growth isthrough foreign relations. With this in mind, Romanian business
innovators are encouraged to invest in Turkey to reciprocate the integration of their economic
support in modern times. However, even though it is apparent that Turkish industry
has been integrating into Romanian markets with encouraged political favour, it is important