A few days ago, the Romanian government approved the draft Investment Promotion Law drafted by the Ministry of Finance and Economy. The law will be published in the form of a government emergency decree at the end of June this year, and then submitted to the parliament for approval after consultation with the business community. Although this late law has been officially announced for some time, it is very likely that it will be approved by the parliament after a long period of brewing and several drafts. This article introduces the contents of the law in advance. analysis.
I. Background: Romania has applied differential treatment to domestic and foreign investment for a long time before it entered the EU in 1990. Due to the transition from a planned economy to a market economy, a large amount of foreign investment is required in the process of privatization of state-owned enterprises. In areas where a single industrial structure such as mining or textiles and clothing is the mainstay, the unemployment rate has risen sharply after the restructuring of enterprises. It is urgent to attract foreign investment to solve the employment problem; Luo’s domestic enterprises are relatively weak, and private SMEs have experienced a development process from scratch. With limited funds, it is difficult to make large-scale investments. Therefore, after the Luozheng government took office, it will focus on attracting foreign investment and implementing preferential policies on foreign investment in land and taxation.
In recent years, with the growth of the Romanian economy, domestic-funded enterprises have gradually grown and investment has increased. The call for domestic enterprises to demand equal treatment of domestic and foreign capital has become increasingly high, requiring the government to amend the law and encourage domestic-funded enterprises to invest. After joining the EU, it is necessary to integrate with the EU in terms of laws and regulations to attract foreign investment, and cancel a series of preferential measures that are inconsistent with the EU's practices. The formulation of the Investment Law with the same treatment for domestic and foreign capital is also mentioned. On the agenda, but due to the frequent changes in the Romanian government and internal political views, the introduction of the investment law has repeatedly encountered obstacles, long delays, leading to a lot of major investment projects related to the national economy and people's livelihood. In June of this year, Germany's Mercedes-Benz finally settled a car project with an investment of 800 million euros in Hungary, but did not choose Romania, which is considered to be a winner, in addition to the backward infrastructure of the road and the shrinking labor cost advantage. The delay in the introduction of the Investment Law has also become an important reason. The business community and many industry associations took the opportunity to criticize the government and objectively accelerated the introduction of the Investment Promotion Law.
II. Purpose Principles Prime Minister Greene; Popescu?; Tricianu said that the purpose of the Investment Promotion Act is to maintain the rapid growth of Romanian foreign and domestic investment in the long run. The core principle followed by the law is to implement non-discriminatory and non-discriminatory treatment for domestic and foreign capital, to implement national treatment for foreign-funded enterprises, and to implement the same preferential policies for foreign-funded enterprises as domestic-funded enterprises.
III. Key investment areas The investment areas identified in the draft Investment Promotion Law that can be preferentially include:
Processing industry
2. Power supply, gas supply, heating and air conditioning industry
3. Water supply, cleaning, garbage collection and harmless treatment of toxic substances
4. Telecommunications and information services
5. Vocational training, technological innovation and research and development activities
6. Administration and related services
7. Environmental protection projects In addition, the draft also provides support for investments in underdeveloped regions and areas with high unemployment.
4. The draft support method stipulates that the concessions that investors can enjoy are mainly obtained in the form of state funding. The specific amount is determined according to the project investment field, purpose, objectives, feasibility, time limit, budget, product and service provider, and release procedures. The draft stipulates that all central government ministries need to formulate their respective state-funded implementation plans and relevant government decisions within 60 days of the publication of the Emergency Act on the Investment Promotion Act. Support types include:
1. Free compensation for the purchase of tangible and intangible assets
2. Funding subsidies for newly created jobs
3. Loan discount
4. Other offers 5. The draft of the beneficiary body stipulates that foreign and domestic investors who wish to enjoy investment preferences must meet the following conditions:
1. Encourage regional development 2. Protect the environment 3. Improve energy efficiency and use renewable energy 4. R&D, innovation and high-tech investment 5. Increase employment and train employees 6. Other areas supporting government economic and social policies have the following problems Investors will not be able to enjoy the relevant offers:
1. Overdue national tax payments 2. Have requested the government to provide state guarantees or use risk funds 3. In the process of enforcement, liquidation or dissolution 6. The draft governing body stipulates that the Romanian Foreign Investment Agency will be revoked and a new investment management agency will be established. -- Romanian Investment Agency, unified management of investment in domestic and foreign-funded enterprises.
I. Background: Romania has applied differential treatment to domestic and foreign investment for a long time before it entered the EU in 1990. Due to the transition from a planned economy to a market economy, a large amount of foreign investment is required in the process of privatization of state-owned enterprises. In areas where a single industrial structure such as mining or textiles and clothing is the mainstay, the unemployment rate has risen sharply after the restructuring of enterprises. It is urgent to attract foreign investment to solve the employment problem; Luo’s domestic enterprises are relatively weak, and private SMEs have experienced a development process from scratch. With limited funds, it is difficult to make large-scale investments. Therefore, after the Luozheng government took office, it will focus on attracting foreign investment and implementing preferential policies on foreign investment in land and taxation.
In recent years, with the growth of the Romanian economy, domestic-funded enterprises have gradually grown and investment has increased. The call for domestic enterprises to demand equal treatment of domestic and foreign capital has become increasingly high, requiring the government to amend the law and encourage domestic-funded enterprises to invest. After joining the EU, it is necessary to integrate with the EU in terms of laws and regulations to attract foreign investment, and cancel a series of preferential measures that are inconsistent with the EU's practices. The formulation of the Investment Law with the same treatment for domestic and foreign capital is also mentioned. On the agenda, but due to the frequent changes in the Romanian government and internal political views, the introduction of the investment law has repeatedly encountered obstacles, long delays, leading to a lot of major investment projects related to the national economy and people's livelihood. In June of this year, Germany's Mercedes-Benz finally settled a car project with an investment of 800 million euros in Hungary, but did not choose Romania, which is considered to be a winner, in addition to the backward infrastructure of the road and the shrinking labor cost advantage. The delay in the introduction of the Investment Law has also become an important reason. The business community and many industry associations took the opportunity to criticize the government and objectively accelerated the introduction of the Investment Promotion Law.
II. Purpose Principles Prime Minister Greene; Popescu?; Tricianu said that the purpose of the Investment Promotion Act is to maintain the rapid growth of Romanian foreign and domestic investment in the long run. The core principle followed by the law is to implement non-discriminatory and non-discriminatory treatment for domestic and foreign capital, to implement national treatment for foreign-funded enterprises, and to implement the same preferential policies for foreign-funded enterprises as domestic-funded enterprises.
III. Key investment areas The investment areas identified in the draft Investment Promotion Law that can be preferentially include:
Processing industry
2. Power supply, gas supply, heating and air conditioning industry
3. Water supply, cleaning, garbage collection and harmless treatment of toxic substances
4. Telecommunications and information services
5. Vocational training, technological innovation and research and development activities
6. Administration and related services
7. Environmental protection projects In addition, the draft also provides support for investments in underdeveloped regions and areas with high unemployment.
4. The draft support method stipulates that the concessions that investors can enjoy are mainly obtained in the form of state funding. The specific amount is determined according to the project investment field, purpose, objectives, feasibility, time limit, budget, product and service provider, and release procedures. The draft stipulates that all central government ministries need to formulate their respective state-funded implementation plans and relevant government decisions within 60 days of the publication of the Emergency Act on the Investment Promotion Act. Support types include:
1. Free compensation for the purchase of tangible and intangible assets
2. Funding subsidies for newly created jobs
3. Loan discount
4. Other offers 5. The draft of the beneficiary body stipulates that foreign and domestic investors who wish to enjoy investment preferences must meet the following conditions:
1. Encourage regional development 2. Protect the environment 3. Improve energy efficiency and use renewable energy 4. R&D, innovation and high-tech investment 5. Increase employment and train employees 6. Other areas supporting government economic and social policies have the following problems Investors will not be able to enjoy the relevant offers:
1. Overdue national tax payments 2. Have requested the government to provide state guarantees or use risk funds 3. In the process of enforcement, liquidation or dissolution 6. The draft governing body stipulates that the Romanian Foreign Investment Agency will be revoked and a new investment management agency will be established. -- Romanian Investment Agency, unified management of investment in domestic and foreign-funded enterprises.
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