Renault Center in Romania to receive state aid

A car design center to be built by Renault Group by 2009 in Titu, north of Bucharest, will receive state aid in compliance with European norms, Romanian Finance Minister Sebastian Vladescu said on Wednesday.

Vladescu said the Romanian Agency for Foreign Investment (ARIS) had told the Romanian government Wednesday that the French auto builder intended to invest some 450 million euros in the project.

The goverment has given ARIS permission to sign a memorandum with Renualt on the scheme for granting state-aid.

Vladescu said such negotiations between the government and a key investor are not unusual. He added that the Romanian government has implemented a series of fiscal and human resource measures concerning local infrastructure.

Last November, Renault announced the group will invest no less than 450 million euros in a high-tech centre located in Titu, where some 3,000 engineers and experts will design its new cars.

Renault Group will transfer the technical conception and design of the Renault and Dacia brands to Titu.

Source: Xinhua