Romania’s ministry of finance has funded seven investment projects for the three local companies of the Renault Group with a total value of RON2.242bn, creating 1,478 new jobs, a media report said.
The state aid provided amounts to a maximum of RON644.55m (EUR129.4m), according to a press release cited by romania-insider.com.
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According to the government, the projects contribute directly to regional development through the payment of taxes and duty amounting to RON1.247bn.
Five investment projects have been completed, with a total value of RON1.438bn, generating 1,178 jobs, with state aid granted in the amount of RON436m.
Minister of finance Marcel Bolov visited Renault Group’s Titu Technical Centre on Tuesday, 10 September, the site is one of the automaker’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,” said the minister, according to the press release.
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By GlobalDataThe finance minister discussed with Renault Group management the state of the automotive industry and its future investment projects in Romania. They highlighted the need for additional measures to stimulate the research and development sector for industries developing new technology.
The visit also included a presentation of the latest technological innovations and the ongoing research projects at the centre.
“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, according to romania-insider.com.
