Romanian Govt Thumbs Up Investment Law

"The law stimulating investments targets to earmark available funds for economic sectors with huge economic and social impact," the press statement of the Ministry of Economy and Finance read.

The Ministry said the facilities will be granted for investments in the processing industry, the production and supply of electric power, thermal power, natural gas and hot water, sanitation, waste management, telecommunications, as well as for professional, scientific, technical and administrative activities.

Incentives will be granted by authorities by means of certain normative or administrative acts setting state aid grids or individual aid in compliance with the EU regulations in the field.

State aid will be provided by central or local public authorities, as well as by other institutions administrating state funds or the financial resources of local organizations granting this type of incentives.

The draft law on investments was initiated last year by the Ministry of Economy alongside the Ministry for Small and Medium-sized Enterprises, Commerce, Tourism and Liberal Professions.

The normative act was drafted by an inter-ministerial committee and also includes certain observations from representatives of the business environment.