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Draft legislation to boost investment

The Government on Wednesday approved a draft legislative act for boosting investment, drawn up by the Ministry of Economy and Finance, Prime Minister Calin Popescu-Tariceanu announced on Wednesday, mentioning that this also attempts to keep up long-term investment in Romania in a non-discriminatory manner.

Tariceanu said the new draft will be promoted under an emergency ordinance next week. He said the new regulations will encourage business sectors according to development priorities, as foreign investment in Romania surged 60 percent in the first months of 2008, from the first months of 2007. 'A big advantage of the new legislation is that it provides for incentives to investors that are thought to direct investment to certain development areas of the country that are now lagging behind in terms of investment. For instance, per capita Gross Domestic Product (GDP) in Timis County is twice the figures of Vaslui County. The new incentives are designed to secure balanced regional development,' Tariceanu explained. He mentioned that the incentives to be granted to investors are in the shape of state grants-in-aid drawn up according to specific conditions, such as aim, eligibility, duration, budget, suppliers, the award procedures, the fields of investment, so that they may be in line with the national and European state aid legislation. The incentives will be granted to investors working in the following business sectors: the manufacturing industry; electricity, heat, gas, hot water production and supply; water supply, sanitation, waste management and decontamination; telecommunications and information services; professional, scientific and technical activities; administrative services and support services. The new regulations also establish the legal grounds for the grant of incentives to support investment projects contributing to the achievement of one of the following objectives: regional development; environmental protection and recovery; increasing energy efficiency and/or the generation and use of energy from renewable energy sources; the development of business areas that are priorities under the Romanian Government's economic and social policies. Tariceanu also said that this normative act was prepared as a draft law, but it will be promoted as an emergency ordinance so that it may meet the expectations of the local business milieu as soon as possible. Sursa: http://www.rompress.ro

Tags: investment incentives development draft legislation

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