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Investments can be made on land owned, leased/conceded to legal entities indicated by law or for which they hold a superficies right. Public funding and support State owned economic operators can benefit from budgetary allocations to increase their share capital, including to cover the VAT tax pertaining to the investments. In parallel, funding is encouraged through European programs, NATO or from states with which Romania has strategic and economic partnerships. Governance, audit and accountability Companies established for the development of such projects operate under Companies Law No. 31/1990. The bylaws set out the rights and obligations of the shareholders, including those relating to the increase or decrease of the share capital after incorporation, the transfer of participations, the approval of transactions, the performance of the statutory audit, the approval of the business plan, the budget and the annual financial statements, as well as the establishment of guarantees or other obligations that may lead to the impairment of essential national security interests. The management strategy is established by the investor, but failure to meet the objectives may trigger sanction mechanisms. The financial audit is carried out according to international auditing standards - ISA adopted by the European Commission, and the use of public funds is subject to the control of the competent authorities. Pre-emption right and project continuity Upon the investor’s withdrawal, the state economic operator benefits from a pre-emption right on the shares, at the value established by an ANEVAR appraiser. Upon termination of the company for any reason, the shareholders are obliged to ensure the continuity of the activity and the use of the investment according to the security destination. Implications for the business environment GEO No. 73/2025 establishes a predictable legal framework for international industrial partnerships in the Romanian defence industry. In fact, shortly after the adoption of this regulatory act, the European Commission approved Romania’s access to more than EUR 16 billion through the SAFE (Security Action for Europe) instrument, representing the second-largest allocation in the EU. These funds are intended to support security acquisitions and investments already undertaken and will contribute to reducing financing costs and accelerating the modernization of Romania’s defence industry and critical infrastructure. The national legal framework, along the European funding provide a concrete basis for partnerships, technology transfer and domestic capacity development, with high governance requirements and public support for investments. In a context where investments in the defence industry are becoming a strategic priority, this regulation creates the necessary legal framework for Romania to acquire and develop and especially to produce advanced military technologies, which will allow the armed forces to operate at NATO standards and be prepared to face the challenges raised by an increasingly complex operational environment.