Romania extends EUR 130 mln state aid to Renault Group

Romania’s Ministry of Finance has funded 7 investment projects for the 3 companies of the Renault Group, with a total value of over RON 2.242 billion, creating 1,478 new jobs. The state aid provided amounts to a maximum of RON 644.55 million (EUR 129.4 million), according to a press release from the institution.

According to the government, the projects contribute directly to regional development through the payment of taxes and duties amounting to more than RON 1.247 billion. Currently, 5 investment projects have been completed, with a total value of RON 1.438 billion, generating 1,178 jobs, with state aid granted in the amount of RON 436 million.

Minister of finance Marcel Boloș visited the Titu Technical Center of the Renault Group on Tuesday, September 10, one of the company’s most important research and development platforms in Europe.

"After discussions with ACAROM, CONCORDIA, AHK, and CCIFER [associations of businesses and chambers of commerce], we have prepared a normative act through which we propose a support measure for this strategic sector, by applying a fiscal deduction for research and development expenses starting in 2024, including for companies that pay the minimum turnover tax. I hope the project will be agreed upon at the government coalition level and will reach the government soon," mentioned the minister, according to the press release.

The finance minister discussed with the management team of the Renault Group the state of the automotive industry and Renault's future investment projects in Romania. They highlighted the need for additional measures to stimulate the research and development sector for industries developing new technologies.

The visit also included a presentation of the latest technological innovations and the ongoing research projects at the Titu Technical Center.

"Dacia-Renault is a best-practice example and an important investor in the Romanian economy. One of the principles that guide me as finance minister is that large investments in the economy generate not only jobs but also the development of a very important sector, a multiplier effect for regional development," said the minister.