Need for direct investments in national economy represents key goal of Moldovan government

Chisinau, 11 January /MOLDPRES/- Poor economic development, percentage of employees reduced to critical levels (40 per cent of working people, compared to 65 per cent of the EU average) make the need for direct investment in national economy represent key goal of the government, experts of IDIS Viitorul said.

At present, IT industry and auto industry are world leaders in terms of investment expansion. These sectors should become key goals of drawing investments in Moldova. Certain steps on the matter have been made. MIEPO agency was slightly refreshed, but still is far below the level of human resources, Economics Ministry collaborates more intensively with the Foreign Ministry for relocation and consolidation of the commercial attaches to ensure drawing foreign direct investments. The Economics Ministry takes enhanced efforts to improve the investment environment.

Opinions in this respect were expressed by IDIS Viitorul expert Sergiu Gaibu and national consultant World Bank project on improving competitiveness Adrian Ciofu during a program on 60 minutes of economic realism.

“Changing Moldovan legislation, defective judicial system and Transnistrian conflict are important factors of uncertainty keeping away large investors. Also, there are 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 showing that things can get out of control of government”, Gaibu said.

Gaibu pointed out there were positive signs favorable to attract investments in Moldova. We have Free Economic Zones (ZEL), which provide increased stability of the legal framework, a framework limiting the abuse from state officials which ensures predictability of rules. Thus, major investors were attracted namely in ZEL, creating thousands of jobs and bringing a modern economic culture.

For his part, Ciofu notes that Moldova is a rather unknown country in international investment environment. “Chisinau should provide sufficient resources and an action plan at least in the medium term to guarantee results in creating an attractive image for investors. Any promotion effort should be backed over time,” he said. He added “we have high growth potential in the car industry. As an example, Draexlmaier and Lear Corporation companies, in the coming years, we will feel the positive effect of new companies that have already started investment projects, such as: Sumitomo and Fujikura”.

According to data by the National Bank of Moldova, the foreign direct investments increased by 78 million dollars in the third quarter of 2016, reaching 3 billion 575.2 million dollars.

(Reporter V. Bercu, editor L. Alcază)