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Romanian SME Min Plans To Up Funding For SMEs, Restructure Ministry

Romania’s new minister for SMEs, Commerce and the Business Environment, Constantin Nita, plans to increase funds from the state budget assigned to back small and medium-sized companies and wants to restructure the ministry, Nita told MEDIAFAX in an interview Thursday.
Romanian SME Min Plans To Up Funding For SMEs, Restructure Ministry
08 ian. 2009, 16:52, English

Nita, a social democrat, said plans to restructure the ministry target improved communication between its structure, more efficient activity, setting employee performance evaluation criteria and coordinating the Romanian Agency for Foreign Investments.

The minister also plans to increase funds assigned to support SMEs to 0.4% of gross domestic product from the current less than 0.1% and introduce fiscal facilities to encourage the development of these companies.

“0.4% of GDP at an estimated GDP of EUR150 billion is a significant sum. This money is meant for programs unfolded with funds from the state budget and to co-finance projects unfolded with European funds. This is the figure I’m putting up for discussion with the Finance Ministry, and I think it’s a reasonable sum for the first year,” Nita said.

Fiscal measures include tax exemption for profits reinvested in technology and a two-year exemption from social contributions for each new job created.

Nita also said the government plans to amend the government decision regulating the statute of the Guarantee Fund for SMEs and possibly have it privately managed.