Romania's prime minister, Marcel Ciolacu, confirmed as head of the Social Democratic Party (PSD), argued for the massive reindustrialization of the country, which, in his view, should turn into "one of the main technological and industrial powerhouses of Europe."

"The renewal of Romania will begin with the reindustrialization of the country. This must be our country strategy: industry - production - export," he said at the PSD congress where he sketched the ruling strategy of his party, Agerpres reported.

Without neglecting agriculture and services, Ciolacu, who currently serves as prime minister but is running for the presidency, particularly argued for the stimulation of large industrial projects developed by private investors with the massive support of the state: subsidies, but also a predictable and fair regulatory framework.

As his first objective, he announced "the revival of the large metallurgy, steel, and petrochemical plants with the help of private capital." The state would hold, however, a key role in stimulating the private investors.

PM Ciolacu promised state aid packages and state guarantees for greenfield investments with a size of over EUR 100 million. He said the target is to have at least three investments of this size every year. However, only the companies that meet the targets established by the contract will receive the incentives, he stressed.

iulian@romania-insider.com

(Photo source: Inquam Photos/Malina Norocea)