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Economic Growth In Australia

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The Ministry said the facilities will be granted forinvestments in the processing industry, the production and supply of electricpower, thermal power, natural gas and hot water, sanitation, waste management,telecommunications, as well as for professional, scientific, technical andadministrative activities.

Incentives will be granted by authorities by means ofcertain normative or administrative acts setting state aid grids or individualaid in compliance with the EU regulations in the field.

State aid will be provided by central or local publicauthorities, as well as by other institutions administrating state funds or thefinancial resources of local organizations granting this type of incentives.

The draft law on investments was initiated last year by theMinistry of Economy alongside the Ministry for Small and Medium-sizedEnterprises, Commerce, Tourism and Liberal Professions.

According to Eurostat, the eastern European country saw itsgross domestic product go up by 8.2% during the first three months of thisyear.

This is more than three times the amount that was recordedacross the EU as a whole during the same period.

In addition, the figure is also up from 6% in the firstquarter of 2007, which was Romania's first year as an EU member.

According to finance minister Varujan Vosganian, this trendhas been driven by growth in the construction and service sectors.

This suggests that the growth of tourism and overseasproperty investment is having a positive impact on the .

Property in the eastern European country is currently inhigh demand.

This has led to supply being fairly restricted, which inturn has made available properties much more highly sought-after, thusincreasing their prices.

Despite the continuous rise of the prices of real estateproperties, the market in Romania offers still the most attractive investmentopportunities among all other countries in the EU.

Statistics for the last two years show that prices for bothland and homes have doubled in some areas and specialists assume the marketwill follow the same course in the next five to ten years.

Romania became a full member of NATO in 2004 and joined theEuropean Union on January 1st 2007. The country will also introduce the euro asan official currency. This major change will inevitably lead to a comparative"evening out" of prices in Romania compared to the rest of theEuropean countries. People who have invested in Romania, especially the ones whohave made investments in real estate, will benefit from the significantincrease of the real estate prices and collect good profit if they decide tosell their properties.

Romania is increasingly becoming known and praised as atourist destination. The interest in Romania by foreigners continuously rises,especially in the last few years when certain important socio-economic andpolitical changes were made. Most of Romania's famous winter and summer touristdestinations offer facilities to European and international standards.

2007 saw the highest foreign investment level ever and thistrend continues. A rise in direct foreign investment allows more jobs to becreated, increases transfer of technology and offers training to the labourforce. Further more it results in a greater competitiveness on theinternational market, influences a rise in exports and encourages businesses toproduce results that can be subject to profit taxes. With an increase in profittaxes reinvestment in infrastructure projects, education, health-care and othersocial programs can be carried out.

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