Investments of US$20m to be made in Balti Free Economic Zone

A sum of US$20 million is expected to be invested in the Balti Free Economic Zone that was opened on May 26. In a communique quoted by Info-Prim Neo, the Ministry of Economy says the zone will focus on the production of car making equipment and other high value-added products. The finished products will be sold on foreign markets. A number of 4,400 employees will work within the zone initially. The investors plan to extend the production activities in the future so that the sales will rise by another 30-40%, while the number of salaried workers to 8,500. Deputy Prime Minister and Minister of Economy Valeriu Lazar said that besides the economic effect, the projects implemented at the free economic zones also contribute to an improved image of Moldova abroad. The opening of the Balti Free Economic Zone was stimulated by the presence in the region, since 2007, of an important foreign investor - Draxelmaier Group. Among the concern's clients are such car makers as BMW, Mercedes Benz, Porsche, Audi, Bugatti, Volkswagen, Jaguar, Cadillac and Lexus.