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Press release
26 May 2026
EY Analysis: Romania exceeds EUR 2.5 billion in state aid, shifting toward large strategic investments
An analysis conducted by EY Romania shows that, during 2019–2025, the total value of state aid deployed in Romania exceeded EUR 2.5 billion, supporting investment projects across the entire country. The most attractive sectors for these funds were food and beverages, manufacturing (light industry), construction, and automotive, reflecting Romania’s industrial and production oriented economic profile. Over 57% of the approved state aid projects were granted to foreign owned companies, confirming Romania’s continued appeal to international investors.
Impact and benefits of state aid programs
State aid programs implemented over the analyzed period have had a significant impact on investment growth, regional development, and industrial capacity expansion, providing non reimbursable funding in the form of grants. These funds supported the development of new production facilities, expansion of existing operations, and job creation, contributing to Romania’s long-term economic competitiveness.
Between 2019 and 2025, 191 investment projects were approved across 37 counties, highlighting the nationwide reach of state aid instruments. The evolution of these programs reflects a gradual transition from high-volume funding toward fewer, larger and more strategic projects, with a focus on capital-intensive investments and higher economic impact.
A substantial funding envelope has been deployed through multiple state aid schemes administered primarily by the Ministry of Finance and the Ministry of Economy, supporting companies across a broad range of sectors and sizes. Beyond direct financial support, state aid has played a catalytic role in mobilising private capital, with significant co investment from beneficiaries complementing public funding.
A central pillar of this framework is Government Decision no. 300/2024, designed to support large scale, capital intensive investments. Under this scheme, 15 projects were approved in 2024–2025, with a total investment value of approximately EUR 662 million, supported by EUR 283 million in state aid, and expected to generate over 1,600 new jobs, further reinforcing Romania’s attractiveness for high impact industrial investments.
Overall, state aid implemented in Romania has become a key instrument for attracting investments and supporting industrial development, with a growing focus on strategic sectors, value chain integration, and long-term competitiveness.
Romania’s state aid framework is evolving into a core instrument of industrial policy, with the potential to accelerate investment and support the transition toward a more resilient and innovation-driven economy. We believe the new state aid package announced is particularly important as it can contribute to a paradigm shift in Romania’s growth model — from one driven primarily by consumption and low costs, to one anchored in productivity, technology, and export.
Investor appetite and market dynamics
State aid programs continue to benefit from strong investor demand, with some schemes fully subscribed and demand significantly exceeding available budgets. High absorption rates confirm the attractiveness of non reimbursable funding, particularly for large-scale projects.
Foreign investors remain highly active, accounting for the majority of approved funding, with key investors originating from countries such as Germany, the Netherlands, and Italy. At the same time, domestic companies are increasingly leveraging state aid to scale operations and strengthen market positioning.
Recent years have also seen an increase in average project size, particularly for foreign investors, reflecting a structural shift toward higher-value investments and more complex industrial projects.
From a regional perspective, investment has been concentrated in established industrial hubs such as Prahova, Timiș and Western regions, while less developed regions continue to attract comparatively lower volumes of large-scale investments.
Outlook and newly announced schemes
Looking ahead, Romania is entering a new investment cycle, supported by a multi year “Rebound” programme, with an estimated envelope of up to EUR 5 billion through 2032. The programme signals a transition toward a more strategic and policy driven state aid framework, aligned with European priorities on competitiveness, resilience, and industrial transformation.
A key element of this framework is the introduction of dedicated mechanisms for large “anchor” investments, targeting projects exceeding EUR 200 million. These instruments aim to position Romania as a competitive destination for major production capacities and regional supply chain hubs, amid intensifying competition across Central and Eastern Europe.
The future state aid architecture will focus on several priority directions:
Advanced manufacturing and industrial upgrading, supporting automation, digitalization, and higher value-added production;
Research, development and high-tech sectors, facilitating the transition from innovation to large-scale industrial deployment;
Strategic and critical industries, including raw materials processing and net-zero technologies;
Regional convergence, aimed at expanding investments beyond established industrial centers;
Entrepreneurship and diaspora investment, leveraging external capital and expertise for domestic growth.
In parallel, new schemes are under development to support manufacturing competitiveness and trade deficit reduction, as well as R&D-intensive sectors and strategic industries, each with indicative budgets of approximately EUR 1 billion. These initiatives reflect Romania’s alignment with broader EU objectives related to strategic autonomy, industrial resilience, and supply chain security.
An important trend shaping the next investment cycle is the increasing selectivity of funding, with authorities prioritizing projects that demonstrate strong economic impact, technological advancement, and integration into European value chains. This reinforces the shift toward fewer but larger and more complex projects, already visible in recent years.
At the same time, future schemes are expected to place greater emphasis on sustainability and decarbonization, supporting investments in energy efficiency, low carbon technologies, and industrial transformation aligned with climate objectives.
From an investor perspective, the combination of significant available funding and a more structured policy framework creates substantial opportunities. However, competition for funding is expected to intensify, given strong demand and increasingly complex eligibility criteria.
As a result, companies will need to adopt a more strategic approach, including early alignment of investment plans with funding priorities, robust project structuring, and integration of state aid into broader financing strategies.
Overall, Romania’s state aid framework is evolving into a core instrument of industrial policy, with the potential to accelerate investment, strengthen competitiveness, and support the transition toward a more resilient, innovation driven, and sustainable economy.
Methodology
We compiled and reviewed publicly available information published by the Ministry of Finance through the Ajutor de Stat portal (Ajutorstat – Acasă – MF), as well as by the agency under the Ministry of Agriculture via the AFIR portal (INVESTALIM – Portalul AFIR, including information related to the PS 2027 programme and the online project submission system).