Moldova obtained the status of fully-fledged member of the Organization for Economic Cooperation and Development (OECD) Initiative for Eastern Europe and South Caucasus on Investment, Competitiveness and Private Sector Development, Info-Prim Neo reports. By this Initiative, Moldova will be able to increase investments, improve competitiveness and develop the private sector. It will be assisted by the OECD in formulating and implementing policies aimed at improving the business climate, the Ministry of Economy says in a communique. Moldova will also benefit from support in identifying its own development polices and reforms and in designing policies to support the national businesses and attract foreign investments. Moldova's participation in the OECD Initiative for Eastern Europe and South Caucasus will help encourage the European integration process and bolster confidence among the European partners. The OECD Initiative for Eastern Europe and South Caucasus was launched during the Economic Ministerial Conference in Paris on April 1, 2009. It covers Armenia, Azerbaijani, Georgia, Ukraine, and Moldova.