Well hidden secrets: Nokia invest in Romania


Nokia officially launched construction works at a new factory in a village 18 km away from Cluj, an important county in Transylvania, on Friday, June 29. Dubious real estate deals are already on the move in the area.

Nokia investments in the area are estimated at around €60 billion ($81.4 billion), assuring jobs for almost 15.000 people. As a result, local authorities decided to offer land there and set all the necessary facilities for free. HotNews.ro informs that all properties in the area contain illegal confidential clauses. In 2006, before Nokia officially announced the official investment site, local businessmen, local town hall counselors or citizens started buying land in the area. Thus, prices exploded, from 1-5 euro/square meter ($1.35 -$6.75) to €25-45/square meter ($33.75-$60.75).

Moreover, Nokia officials say that both the clauses and the contract itself are confidential even though Romanian public authorities see it illegal to contain public information when public investments of over $30 million ($40.5 million) are made. One similar investment was seen in Hungary, where Nokia invested in an industrial park but bought the land there. Hungarian authorities also assured facilities for the property. (hotnews.ro)


Business Sentiment Up, Consumer Confidence Down in September Analysis

Business Sentiment Up, Consumer Confidence Down in September

Horthy Statue to be Unveiled in Parliament Parliament

Horthy Statue to be Unveiled in Parliament

UPS Appoints Regional Director Appointments

UPS Appoints Regional Director

Completion of Metro Line M3 Renovation Delayed City

Completion of Metro Line M3 Renovation Delayed


Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.