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Attracting foreign direct investment in Moldova – potential, impediments and achievements

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11.01.2017     716 

Weak economic development, the percentage of employees reduced to critical levels (40% of the workforce, compared to 65% EU average), makes the need for direct investment in the national economy to represent key objective of the Government of Moldova.

Currently, the IT industry and the automotive industry are world leaders in terms of investment expansion. These industries should become the key objective of attracting investments for Moldova. Certain steps in this direction were made, the MIEPO Agency was slightly refreshed, but the level of human resources is still well below, the Ministry of Economy collaborates more intensively with the Ministry of Foreign Affairs for the relocation and consolidation of the commercial attaches to ensuring attracting foreign direct investment. The Ministry of Economy does more to improve the investment environment. This is the opinion expressed in the program "60 minutes of economic realism" by IDIS Viitorul expert Sergiu Gaibu and Adrian Ciofu, National Consultant, World Bank, Competitiveness Enhancement Project.

"The changing Moldovan legislation, defective judicial system and the Transnistrian conflict are important factors of uncertainty keeping big investors away. They're also external factors: the conflict in Ukraine and Russia's aggressive policy, which created a zone of instability in the region. The billion theft is another indicator indicates that things can spiral out of the Government control in Moldova”, said Gaibu.

According to him, there are positive and favorable oases and to attract investments in Moldova. We have Free Economic Zones (FEZ), which provide increased stability of the legal framework, a framework that limits the abuse by state officials which ensures the predictability of the game rules. Thus ie FEZ major investors who have created thousands of jobs and brought a modern economic culture were attracted. It is a successful model that should be replicated throughout the country.

In turn, Adrian Ciofu claims that Moldova is a country rather unknown in the international investment environment. "Chisinau should provide sufficient resources and an action plan consistent at least in the medium term to guarantee results in creating an attractive image for Moldova investors. Any promotion effort should be sustained over time. In the auto engineering industry, we have high growth potential. An example is the companies Draexlmaier and Lear Corporation and in the coming years will feel the positive effect of new companies that have already started investment projects, such as Japanese giants Sumitomo and Fujikura”.

The entire show can be watched here

For further details, please contact the Press officer, Victor Ursu at ursu.victoor@gmail.com or by phone 069 017 396.



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