FC NOW: The Fast Company Weblog
March 29, 2007
Nokia Comes to Town
I’ve just returned from Romania where news broke that next year Nokia is bringing a mobile phone manufacturing plant and 4,000 jobs to the Transylvanian city of Cluj-Napoca, 300 miles north west of the capital, Bucharest. Nokia has promised to build an entire village of suppliers next to the plant, and the town’s airport will be expanded to accommodate jumbo jets (though maybe not an Airbus 380).
It’s an important boost to Romania – one of Europe’s poorest countries. But Nokia executives may not be aware that Cluj-Napoca has experienced a gold rush before. Fifteen years ago huge amounts of cash flowed into the city as investors across Romania poured money into a local pyramid scheme known as Caritas (Romanian for charity).
For two years Cluj-Napoca was transformed into one of the richest cities in eastern Europe – until the scheme collapsed with debts of $1 billion.
It’s boomtime again – but this time the good people of Cluj-Napoca must hope the money that follows Nokia into the city is more than fool’s gold.
Posted by Ian Wylie at March 29, 2007 1:12 PM | Category: manufacturing |
7 Comments
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I'm sure there are lots of countries in Europe poorer than Romania. Not in the European Union, i give you this, but in the geographical Europe.
Plenty of things have changed in Romania, and wages and prices were among the first of them...
Google also comes to town. Soon :)
And Starbucks :)
This is probably the most stupid article ever published under the Fast Company brand - not based on any facts and with unrelated stories (wtf?!? pyramid schemes were invented in the US, what's the relevance of the example??).
Nokia's move IS NOT a huge thing for Romania. Is just another medium investment. There's plenty of others.
Hope this post is just a not-informed one.
There are plenty of poorer nations in Europe, and arguably within the EU. If FC wanted a real story they'd talk about all the other international companies looking to open headquarters in Cluj. Cluj-Napoca seems to making the transition from college town to a center of investment and business development.
Hi Ian,
I think you started you article in a wrong manner.
I came from Romania to live and work in Canada, and believe me there are lots of poor people here. Have you ever visited the surrounding areas as satellite cities or the ghettos. Guess what? You'll discover the poorness from North America.
Would that make Canada the poorest countries in North America? Just a piece of advice: think about it before you mislead your readers!
Yes! :)
I'm sure there are lots of countries in Europe poorer than Romania. Not in the European Union, i give you this, but in the geographical Europe.
Plenty of things have changed in Romania, and wages and prices were among the first of them...