ROMANIA’s accession to the European Union in January, 2007 was a watershed moment in the country’s history. After some 50 years of communist rule, it finally rejoined the European family of nations.

However, “Romania cannot now afford to rest on its laurels,” says Ion Radulea, Chairman of River Invest, a Romanian real estate developer that is currently overseeing one of the largest mixed-use projects in the country.

“With respect to economic development in the wake of accession, Romania needs to remain at par with E.U. standards,” he says. “We cannot grow in isolation,” he says.

One direct effect of Romania’s new membership status will be a vigorous investment plan to upgrade its outdated infrastructure. The country is expected to turn into a huge construction site over the coming years, as the Transport Ministry is planning to sink billions of euros into infrastructure works involving road, rail and air.

Already under way is an E.U.-financed highway that on completion will cross the country from one side to the other. Between 2007 and 2013 Romania will receive around €30 billion ($39.8 billion) in structural and cohesion funds, though questions linger over the nation’s ability to absorb this amount. An increase in foreign investors looking to form private-public partnerships is expected to help in this regard.

As Mr. Radulea observes, “Romania still has a lot to learn, but things are looking promising.”