Counting on Dracula. (Last Word).

BUCHAREST -- Romanian President Ion Iliescu, a small man in his 70s with silver hair and a disarming smile, guides a group of American visitors through his country's recent history, from World War II through the autocratic rule of Nicolae Ceaucescu to its current struggle to create a free-market economy. At one point during his 40-minute monologue, the popularly-elected Iliescu laments, "Most Americans don't know the difference between Romania and Somalia."

Such sentiment is commonplace among Romania's 23 million, many of who feel they live in a forgotten country of Europe. Officials desperately want American business executives and tourists to discover the New Romania--not the Communist dictatorship of mistreated orphans and Olympic gymnasts, but a friendly and cheap destination; an open, democratic state with picturesque Medieval villages, beach resorts along the Black Sea, and ski slopes in the Transylvanian Alps. And soon, perhaps, Dracula Land.

Convinced that Americans have never met a theme park they didn't like, Romania's minister of tourism hopes to attract $1 billion or more in foreign investment to build a must-see destination dedicated to the capital city's most famous citizen. To most Romanians, Dracula is not a ghoulish monster but a national hero who kept the Turks from overrunning Romania in the 15th century.

This wasn't always a pretty business. Known as Vlad the Impaler, he liked to display the heads of his enemies on the ends of sharp stakes. And he had a lot of enemies. But Vlad was largely an obscure figure until Bram Stoker's 1897 novel (and Bela Lugosi's 1931 film portrayal) made him a legend.

The betting is that Dracula Land will do for Romanian tourism what picturesque Medieval villages thus far haven't. Already, the biggest foreign tourist attraction in the country is one of Dracula's homes, Bran Castle, near Brashov, about 100 miles north of Bucharest. In Dracula Bazaar just outside the entrance to the castle grounds, dozens of vendors peddle souvenirs that range from Dracula t-shirts and puppets to vials of (hopefully) fake blood. Tourists snap them up.

But not everyone is sanguine the plan will work. Vasile Dincu, the minister o[ information, agrees that Romania is in great need of foreign investment and tourists. But he has grave doubts about an American-style theme park, with its congestion and uncertain financial success. Dinku, a thoughtful sociologist built like a Chicago Bears linebacker, says Romania has far better uses for outside investments.

For starters, Romania needs to rebuild an industrial base that became hopelessly outdated under Communist rule. Bucharest, a city of 2.5 million that bills itself as the Pads of the East, has potential as a tourist mecca. But much of the downtown is in shabby condition, and it will take a major facelift before Bucharest can compare itself to the City of Lights.

The Romanian economy, which tanked after the 1989 revolution that led to Ceaucescu's overthrow and execution, has begun to stabilize, but there's still a long way to go. Privatization has proceeded slowly compared with other former Soviet bloc nations, such as Hungary, Poland and the Czech Republic. Government corruption at the local level remains a serious problem; inflation is still running above 30 percent (although that is a significant improvement from recent years). Overall, Romania remains one of the poorest countries in Europe, with a per capita income of just $1,100.

On top of all these problems, Romania finds itself under attack from human rights groups for discrimination against an estimated one million Roma, or Gypsies, who live in the country.

Despite the tough times Romanians have had to endure, their spirit and their optimism remain high. And they aren't backing away from democratic principles, the best gauge of which concerns the freedom of the press. In a virtual replay of government-press spats in the United States, Romanian officials routinely complain the media ignores serious issues in favor of sensationalism. (Prime Minister Adrian Nastase gripes that he has been dogged by false rumors that he is a homosexual.)

Assuming it can get its economic house in order, Romania is hoping to be admitted to NATO in 2004 and become a member of the European Community before the end of the decade. Such integration with the West is the best way to get discovered by Americans, who will fall in love with this country's charm and gusto. Romania doesn't need a gimmick like Dracula Land. It's too, too ... American.

Mr. Ullmann is TIE's executive editor.