Foreign investors see Moldova as a „virgin” zone for investments

24 foreign companies from 6 countries of the world participated on Tuesday, June 6, at the Forum of Investment Businesses in Chisinau, showed interested of establishing business relationships with the Republic of Moldova. The event was organized by the International Consultancy Company “Ascent Group”. According to the deputy finance minister Ion Chicu, although Moldova is a small country, it offers great opportunities in the investment and commercial regimes. Starting January 1, 2006, Moldova benefits of a preferential regime offered by the European Union, which means that 7200 goods can be exported to EU countries without taxes. At the same time Moldova is now negotiating for obtaining an asymmetric commerce regime. As well, it is examined the possibility of improving the legal frame in the entrepreneurship area, and also introducing some supplementary facilities for investors. The vice-speaker of the Parliament, Iurie Rosca, declared for the press that in the Republic of Moldova investors can earn more than in other countries. According to him, the greatest advantages are the favorable geographic positions, openness to the Occident, exports with the customs zero taxes and cheap labour force. Asked if the economy of the Republic of Moldova is as attractive as it was presented at the Forum, the vice-speaker mentioned that the state creates favorable conditions for investors, but success in business does not depend only on authorities but also on the abilities of the foreign companies. Director General of the company “Ascent Group”, Adela Cristea declared that at the moment, Moldova has more image deficiencies abroad than internal problems. “Over the last few years, Moldova registered obvious progresses, the economic framework became more stabile, but in the international business environment this opportunities are not sufficiently known. Moldova is probably more popular because of the conflict with Transnistria, fact that creates the impression of instability. In reality, Moldova is a country that deserves to be invested in, and this Forum comes to covers the lack of information about Moldova”, said the quoted source. The representative of Romanian investment consultancy companies “Microtest” and civil and industrial installations company “Hidroshop Services”, Eduard Raducan, declared for the press that in the Republic of Moldova is possible to invest due to three reasons. The first, it has zero customs taxes agreement on three important directions – East, West and Turkey. The second, it will become very soon an immediate EU’s neighbor, being also a “virgin”, unexplored zone that can grow on a healthy foundation. According to Raducan, the areas that will be the most attractive will be the industry and constructions. The head of the Italian Company “Cucirni Tre Stelle”, Giuseppe Ranghetti, said that he came to Chisinau to get acquainted with the business environment and with the commercialization opportunities, but also the opportunities of producing Italian products in Moldova. Ranghetti considers that the Moldovan market holds a strategic place for both Eastern and Western markets. The Italian market would like to invest in textiles, shoes and leather industry, having representatives in all the countries of the World, inclusively Romania and Bulgaria. According to the representative of the Cyprus-based company “Datacom Global med”, George Spyrou, the business climate in Moldova is favorable for investments, and the population is very hard-working, fact that could represent a supplementary benefit for investors. The Forum of Investment Businesses will end on Wednesday, June 7, day when 40 local companies will meet with the representatives of the foreign companies participating at the forum in order to establish partnership relationships. Since 1994, the volume of direct foreign investments in the Republic of Moldova constituted 1.1 billion USD, the record sum being achieved in 2005 – 287 million USD. Among the foreign investors on the first place is Russia with 20% of total investments, followed by Spain, USA, Netherlands, Germany, France etc.