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0.5 pc of GDP for SMEs support

Out of 270,000 companies 70 per cent have drastically reduced their exports, Constantin Nita, Minister of Small and Medium Enterprises, Commerce and Business Environment, stated.

The Ministry of Small and Medium Enterprises, Commerce and Business Environment (MIMMCMA) needs up to 0.5 per cent of GDP in order to support the SME sector, Constantin Nita stated yesterday for the Money Channel TV.

‘We will fold our expenditures for 2009 depending on the budget. We would need 0.4-0.5 per cent of GDP for SME support' the Minister stated.

According to the Minister, most of the Romanian companies have drastically reduced their export activity as a consequence of the international crisis.

‘We have started to conduct a study on 470,000 companies in Romania in order to see what the crisis's impact on the export activity is. Until now we have interviewed 270,000 companies, 70 per cent of which answered that they have drastically reduced their exports' Nita stated during a press conference. In what concerns the export activity, the MIMMCMA will earmark EUR 1 M in order to open five promotion centers in a public-private partnership regime in Moscow, Beijing, Chisinau, Cairo and New Delhi.

Ron 900 m for SME financing within CEC

As part of the anti-crisis measures, the authorities will deposit within CEC (National Savings Bank) a RON 900 M fund designed to boost the SMEs' access to financing, and a EUR 100 M guarantee for SME loans, the MIMMCMA informed. According to the Ministry, the two funds will have to be deposited by February.

‘In two years' time the Ministry failed to draw in a single Eurocent from European funds, despite the fact that projects were filed both within the Ministry and within the management authority. From May last year, back when the filing of the dossiers started, and until now no project has been approved. That is why we drew a sketch on simplifying bureaucracy. At the same time, through the anti-crisis program we want to support the SMEs' co-financing by capitalizing CEC and Eximbank' Constantin Nita stated.

He pointed out that the funds that will be earmarked for the capitalization of CEC should be used only for supporting the SMEs.

According to the Minister, the failure to tap into European funds is also caused by the shortcomings registered in the special department within the Ministry, by bureaucracy and by the large number of filed dossiers compared to the number of employees.

At the same time, the MIMMCMA considers stimulating the creation of a minimum of 50,000 jobs in SMEs by fully subsidizing in 2009 the employers' social contributions for employing a single person with a wage of up to RON 1,000. According to the Minister, the measure, set to expire in 2009, will have a budgetary impact of EUR 90 M.

MIMMCMA will also support the modification of the Fiscal Code, modification that seeks to eliminate the compulsory VAT on exports or to accept specific banking instruments in order to pay the VAT on exports, namely bank guarantees and letters of good standing and guarantee.

 

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Tags: mimmcma within support ministry stated minister cec

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