Free economic zone to be set up in Balti

A free economic zone (FEZ) will be established on the territory of Balti municipality, under a legislative initiative recently passed by the Government, Info-Prim Neo reports. The objectives of the new FEZ, according to Economy Minister Valeriu Lazar, are to form an industrial center in the municipality, attract investment and modern technology, enhance export opportunities, solve a series of social-economic problems, and create new jobs. The Balti FEZ will have two locations, of 1.4 and 10.35 hectares, and will be connected to the railway and major roads. The stock of basic facilities will include production spaces and warehouses. The FEZ will be established for an initial period of 25 years. The main activities hosted by the Balti FEZ will include equipment manufacturing and production of other high value goods, their export, as well as packaging and marking of goods transiting Moldova. The FEZ's principal resident, the foreign company DAA Draexlmaier Automotive, is willing to renovate unused spaces to accommodate other residents. Following negotiations conducted by Draexlmaier Automotive with potential investors, a number of “interesting projects” are to be launched, Valeriu Lazar revealed. It is expected that the initial investments will constitute 25 million euros and the number of jobs created will be up to 7,000. Sales, at the initial stage, are expected to be around 500 million lei exports will account 90 percent of the total. The Balti FEZ will be established under the terms of the Law of Free Economic Zones of 27 July 2001, and if conditions are worsened by subsequent laws, the residents would still be under the protection of the initial law for a period of 10 years. The Government is to appoint the administrator of the Balti FEZ and adopt a regulation for it within 30 days.