Key Facts

  • Multicultural environment; many expatriates in the region
  • Fast promotional prospects
  • Unique opportunity to be involved in the development of a region
  • Good salary packages and low cost of living
  • Challenging but rewarding work

Overview

Eastern Europe has made great strides since the fall of the Soviet system in the early 1990’s. The concerted push to become part of the EU has served as a catalyst for reform. 10 once-communist states are now part of the EU: Latvia, Estonia, Czech Republic, Slovakia, Slovenia, Poland, Hungary, Lithuania, Romania and Bulgaria. Like Western Europe in 1945, the combination of reform, enhanced trade and direct aid is rejuvenating the East. Investors have been rushing to invest in these countries in the modern era of peace, prosperity and growth.

Russia has also prospered since the Soviet Union’s demise and is currently the fastest growing economy in the G8. As a result this region holds many opportunities for international professionals looking to take part in the integration of this market with the world economy.

The region offers challenges and rewards for those seeking fast progression and the opportunity to make a real difference. Many expatriates who live in the region are now in intercultural marriages and speak the language. There is a mixing of locals and expatriates as was not seen shortly after ‘the fall’ and gives the region a multicultural feel.

Industries are varied across this region. In Russia for example: exports tend to be resource based, and in addition it has a pool of technical talent across aerospace, nuclear engineering and sciences. Technology and financial services are fast developing across the entire region and finance professionals from most industry backgrounds will find exciting options here. The energy sector is particularly prevalent.

The region tends to boast low cost of living coupled with low tax rates. Even the more expensive cities in the region, for example Moscow, have low tax rates that mean net salaries are high. A shortage of local talent, whilst improving, is still a major drawback for the region and so high end professionals with specific skills are in continuing demand.