On June 21 European Business Association participated at the Event organized by PM Office for attracting investments and GET (German Economic Team) on Improving the Foreign Direct Investments Policy in Moldova.
The first half of the event was dedicated to presenting the Foreign Direct Investment Status Quo in Moldova followed by a set of recommendations at policy level and actions to be taken by the relevant authorities. The GET and UNCTAD Experts developed a thorough analysis of the FDI sector in Moldova. (please find the reports and the Presentations attached).
The key findings to be considered by the relevant authorities in order to improve the investment climate to foster foreign investments would reside in the following:
- Consider tax administration issues by reducing the rate of underground economy in the country which is alarming at the moment
- Consider improving customs procedures when importing/exporting (currently customs procedures seem to be non -transparent and unpredictable)
Human Resources Issues
Even if Moldovan high education spending and well-educated workforce speak for the country as investment location, foreign investors, nevertheless often complain about the difficulties of finding personnel with the appropriate qualifications. This leads to:
- Revising current education system and the Labor Code by considering the demand of labour forces on the market
- Develop Knowledge based approach to in the education system
Investments in Agriculture
- Allow foreign investors purchase land in Moldova
- Develop infrastructure to ease the access to rural areas
Public Private Dialogue Platform
- Increase Public Private communication, especially in the context of new regulations, laws development process by consulting with businesses in advance of discussing the law in the Parliament
- Consider best international practices in the context of business environment improvement.
The presentations were followed by a discussion and debates moderated by Doina Cebotari, Team Leader of the PM Office for Attracting Foreign Investments, involving Mr. Sorin Andrei, Executive President of BCR Chisinau, Deputy President of EBA Moldova, Tokir Mirzoev, IMF RES REP, Valeriu Prohnitchi, Executive Director of Expert Group, Mrs Ingrid Tersman, Ambassador of Sweden in Moldova, Ion Lupan, head of Business Environment General Directorate.
Beyond the above mentioned issues, Mr. Sorin Andrei reiterated the need for certain improvements need to be undertaken on the financial market, like the development of new crediting instruments for SMEs, revising financial market legislation, etc that would increase a higher use of banking services and secure economic transactions.
The event has united the biggest stakeholders in the field like Foreign Ambassadors accredited in Moldova, Analytical Think Tanks, Business Associations, etc.
Download PDF presentation and Powerpoint presentation