Moldovan economics minister says foreign investments essential for development, innovation

Chisinau, 23 October /MOLDPRES/ - The foreign investments are essential for growth, competitiveness, employment and innovation. Economics and Infrastructure Minister Sergiu Railean made statements to this effect while participating in the sixth issue of the international investment forum, Invest Gagauzia 2020, held in Comrat on 23-24 October. The event represents a platform of interaction between the authorities from the Gagauz autonomy and the business environment, during which investment opportunities of the Autonomous Territorial Unit of Gagauzia (UTA Gagauzia) are unveiled.     

At the first panel of discussions titled, Stimuli of economic growth for UTA Gagauzia, Sergiu Railean referred to support measures adopted by the government, in order to back the business environment, in the context of the COVID-19 pandemic.

According to the official, Moldova’s economy suffers not only because of the domestic factors, but also because of the disturbing of the economic activity regionally, as the pandemic crisis strongly hit the national economy in the second quarter of 2020; thus, the deepest economic decline in the last 20 years was estimated, with the Gross Domestic Product decreasing by 14 per cent against the second quarter of 2019.    

„The priority of the government and Economics and Infrastructure Ministry (MEI) is to identify the best measures to provide support to the business environment of Moldova. In the context of the epidemiological situation, decision-makers elaborated and promoted a string of normative regulations to reduce the impact on the business, including for the small- and medium-sized enterprises, such as the postponing of the income coming from the entrepreneurial activity by three months, for the HoReCa sector, the tax on the value added tax (VAT) was cut from 20 to 15 per cent, a moratorium on all state controls was introduced till 1 June 2020. Also, to stimulate the industrialization of the country’s regions, we are set to create and develop 18 multifunctional industrial platforms, which will enhance the competitiveness, productivity, employment in the industrial sector,’’ Sergiu Railean noted.     

At the same time, Railean said that MEI, along with the business associations, development partners and economic experts are elaborating a programme on post-COVID-19 economic measures for 2020-2021, in order to ensure the improvement of the Moldovan economy.  

To identify new reserves of growth of the economic and commercial activity for producers of goods and providers of services from Moldova, as well as to facilitate the online interaction between the government, business community and consumers, MEI approved a roadmap, the goal of which is to stimulate the process of digitalization of the national economy and development of the electronic trade.   

„I hope that, despite the world crisis, Moldova will remain an attractive destination for investments, as a result of the governmental reforms and policies enforced in the last years in different sectors of the national economy. The attraction of foreign direct investments has been and remains a priority of the cabinet, as it has a key role in speeding up the economy, regional development, transfer of technology and know-how. It is important that the investors from Moldova now feel free in the investments they make,’’ the economics minister said.  

To ensure attractive conditions for potential investors, Moldova avails of seven Free Economic Zones (FEZ), ten Industrial Parks, Giurgiulesti Free International Port, 18 Multifunctional Industrial Parks, which will be built all over the country. Also, Moldova has one of the most competitive fiscal systems from the region, facilities and stimuli provided to the residents of the IT parks.   

Photo: MEI