The IT and automotive industries are world leaders as regards investment expansion. These sectors must become key for attracting investment to Moldova, experts Sergiu Gaibu and Adrian Ciofu stated in the program “60 minutes of economic realism”, staged by the Institute for Development and Social Initiative “Viitorul”, IPN reports.
“Viitorul” expert Sergiu Gaibu said particular steps in this direction have been taken. The Moldovan Investment Attraction and Export Promotion Organization was slightly reinvigorated, but is anyway much under the necessary level of human resources. Furthermore, the Ministry of Economy cooperates more intensely with the Ministry of Foreign Affairs in a move to ensure the attraction of foreign direct investment through commercial attaches.
“Moldova’s legislation is changing. The defective legal system and the Transnistrian dispute are important uncertainty factors that keep the large investors far. There are also external factors, such as the conflict in Ukraine and the aggressive policy of Russia, which created an instability zone in the region. The theft of the US$1 billion is another indicator showing that things can get out of the Moldovan government’s control,” stated Sergiu Gaibu.
According to him, there are also positive oases that favor the attraction of investment to Moldova. The Free Trade Areas ensure the increased stability of the legal framework, which limits the abuses on the part of state functionaries, ensuring thus predictability. These areas attracted important investors that created thousands of jobs and brought a modern economic culture. It is a success model that should be replicated all over the country.
Adrian Ciofu, national consultant for the World Bank-funded Competitiveness Enhancement Project, said Moldova is not very well known in the international investment community. “Chisinau should ensure sufficient resources and a consistent plan of action at least for a medium term so as to guarantee results in making Moldova attractive to investors. Any promotion effort should be supported on time,” he stated.
According to the experts, the precarious economic development and the very low number of salary earners - 40% of the active population, as opposed to the EU average of 65% - makes the attraction of foreign direct investments to the national economy be a key objective for the Government of Moldova.
