Investments to make foreign movies in Romania could exceed EUR 300 M in 5 years, says minister Suteu.
The Culture minister Corina Suteu said that foreign film production in Romania could bring major incomes for our country. The Culture minister made the statements after meeting representatives of the Comcast and NBC production companies to discuss the ways that our country could be more attractive as a film set for the world’s largest productions.
“If we implement fiscal facilities for the international cinema production, in five years the value of the investments to make foreign movies in Romania will exceed EUR 300 million. From other countries’ experience, the film industry in Romania could benefit of an amplification factor ranging from 6.3 to 6.9 following the implementation of a 25% support for the foreign productions (according to a PricewaterhouseCoopers study in 2013)”, Corin Suteu posted on Facebook.
The minister gave the example of “Cold Mountain” film shot in Romania, that brought investments of around EUR 72 million in 2003, while “luring the big production companies through the diversity and beauty of the Romanian landscape, through the Romanian technicians’ professionalism, through the high standard film infrastructure and low costs.”
The Culture minister argued that “despite all these, the regional competition increased meanwhile, particularly by the implementation of some <tax incentive> policies to attract foreign investments.”
Moreover, minister Suteu says that Romania’s joining the tax practices similar to those in France, UK or Germany could also lead to the country’s touristic promotion and to restoring some major cultural objectives.
“I proposed the Romanian Government a state aid scheme for the foreign investments in the film industry, 25% representing cost cuts and another 5% for touristic promotion. At present, the Government is reviewing our proposal and if things go well, Romania will be competitive again on the cinema production worldwide,” the minister concluded.