The distribution of top 5,000 companies across Romania's historical regions highlights a concentration of local entrepreneurship in Moldova, Dobrogea and Oltenia, where local companies represent over three quarters of the total. In contrast, foreign companies are the majority in the Bucharest-Ilfov region, while in Transylvania the ratio between foreign and local capital is balanced.

At development region level, Nord-Est (northern Moldova) stands out with Romanian capital representing 80% of companies in the region present in the top. The Sud-Est region (southern Moldova and Dobrogea) follows with 77%, and the Sud-Vest region (Oltenia) also with 77%.

The reduced presence of foreign companies in these regions can be correlated with poor infrastructure and their position at the bottom of the national ranking in terms of GDP per capita. However, the absence of more large-scale foreign investors in these regions appears to have favoured the development of strong entrepreneurial companies.

Moldova stands out not only through the high percentage of local companies, but also through their size, with some being industry leaders. Four of the ten largest Romanian entrepreneurial companies by 2024 turnover are headquartered in Moldova, including Dedeman and three companies from the UMB group, all registered in Bacău county. "With the completion of the Moldova motorway (A7) connecting the region to Bucharest, and the Union motorway (A8) facilitating access to Transylvania and Western Europe, foreign investments in the region could increase, bringing new development opportunities for entrepreneurial companies that are now sufficiently solid," said Simion.