More details surface about Romania's industrialization plan

The support package for large industrial investments, approved [in principle] by the Romanian government on September 18, includes, among others, an installation bonus that can represent up to 35% of the investment, deputy prime minister Marian Neacsu, responsible for the development of the project, told Radio Romania, as quoted by Economedia.ro.

The industrialization plan and the related support package were rather discussed, however, then approved by the government.

There will also be tax exemptions at the end of the investment, deputy PM Neacsu said.

"Upon the completion of the investment, we grant an exemption of up to 20% from the payment of taxes and fees that are due for a period of five years, constituting a kind of element of indirectly securing financial resources [...]. Another set of measures we are considering are those to streamline efforts before the start of the investment, those aimed at agreements, certificates, approvals, authorizations - basically, a procedure to cut the red tape and thus speed up the investments," Neacsu promised.

Deputy PM Neacsu also said that the sectors targeted are primarily the manufacturing industries, particularly the metallurgical, chemical, steel, and metal processing industry – especially the copper and aluminum production.

The state aid scheme for large industry will also need the approval of the European Commission, the deputy prime minister said.

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