Moldova’s external trade with Russia could reach about one billion dollars this year

Trade between Moldova and Russia could amount to about 1 billion USD in 2008, by 340 million USD more than the previous year, Deputy Prime Minister Zinaida Grecianyi said at the economic forum “Moldova-Russia: Development of Partnership. New Opportunities” held in Chisinau. According to Zinaida Grecianyi, the trade will expand following the lifting of the ban on Moldovan wine imports and due to the fact that the relations between Moldova and Russia are rather constructive at the moment and are developing. The Deputy Prime Minister also said that Moldova treats the foreign and national investors equally and the fact that the foreign direct investments rose by 28% in 2007 proves this. In 2008, this figure is expected to be much higher. Zinaida Grecianyi says that the economic forum is an opportunity for Moldova to show what steps it took to imrpove the investment climate and to make it more attractive. She said that the Russian economic entities are interested in obtaining more information about the investment conditions in Moldova. Among the business opportunities in Moldova, Grecianyi mentioned the initiatives on the economy’s liberalisation, the putting in commission of the Oil Terminal in Giurgiulesti, the construction of the goods and passenger ports on the Danube and of a refinery. She said that the foreign investors familiarise themselves with these opportunities and more often come to Moldova to make investments. Russian Ambassador in Chisinau Valery Cuzmin said that the trade between Moldova and Russia during the last two years had diminished, but this period is over owing to the determination of the authorities and of the businesspeople. He said that he does not see a contradiction in the fact that Moldova wants to become part of the EU and simultaneously to develop the relations with Russia and its business community. Cuzmin said that a commercial representative office of the Russian Federation and a Trading House of Moscow will be opened in Chisinau in the near future. The Russian banks also show interest in the Moldovan market. One of the largest Russian bank, ВTБ (VTB), intends to start working in Moldova as soon as possible, Cuzmin said. The vice chairman of the Chamber of Industry and Commerce of Russia Ivan Gorelovski said that the creation of joint companies that would produce goods intended for export to third world countries is a possibility of developing the trade between the two states. Also, the two countries could implement joint projects in the energy, agricultural, chemical sectors, in car making, metallurgy, telecommunications, tourism and other areas. According to Gorelovski, the Russian investments in Moldova total about 200 million USD, Moldova being the second country in the CIS by this indicator. A number of 435 companies with Russian capital work in Moldova. The Moldovan businessmen established cooperation relations with 40 Russian regions.