Invest in Moldova An insider s perspective. 3 February 2017 EBA MOLDOVA
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1 Invest in Moldova An insider s perspective 3 February 2017 EBA MOLDOVA
2 EBA Moldova >50 Members European companies Moldovan companies exporters, service providers, etc. Member of European Business Organization World-wide Network DG GROWTH
3 EBA Board HE Mr. Pirkka Tapiola Head of EU Delegation in the RM EBA Honorary President
4 EBA Areas of Activities BUSINESS PROMOTION MOLDOVA - EU BUSINESS SUPPORT EBA MOLDOVA BUSINESS ENVIRONMENT
5 Economic Co-operation with the EU Basis: EU Association Agreement, including the Deep and Comprehensive Free Trade Agreement Trade 65% of Moldova s export are delivered to the EU (first 11 months 2016) Exports to the EU increase while imports from the EU have declined Investment >52% of private foreign direct investments originates from the EU EBRD: cumulative investments of Euro 1.13 billion in 110 projects EIB: cumulative investments of Euro 700 million in 18 projects Financial Assistance European Commission up to Euro 410 million between Substantial bi-lateral support of EU countries (e.g. Romania, Germany, Sweden, Austria)
6 Business Environment Political Stability Legal & Tax Framework Macroeconomic stability Rule of Law Business Environment Infrastructure Human Resources Access to Finance
7 Political Stability Stable Government, supported by majority of the Parliament Next parliamentary elections in 2018 Significant reforms during the last 12 months Ambitious agenda for 2017 Directly elected President Relationship between Government and President
8 Macroeconomic Stability Resumption of international budgetary assistance -> Declining interest rates and stabilization of exchange rates Improved collection of taxes and customs duties Economic growth of ca. 2.2% in 2016, which is expected to increase to 3% in 2017 and 2018 (World Bank) Compliance with reform commitments (IMF, EC, other) Switch from consumption lead growth financed by remittances to sustainable export lead growth
9 Legal Framework Comprehensive legal reforms driven by EU Association Agreement and efforts to improve the business environment, e.g.: Labor Code Reform (incl. procedures for employment of foreigners) Customs Code Reform Law on Permissive Acts Law on State Inspections of Business Activities Certification Procedures
10 Tax & Customs Framework Free Trade Agreements (EU-DCFTA, CIS, CEFTA, Turkey) Competitive tax framework Efforts to address grey economy Ongoing clarification of tax and customs codes Upgrade of tax and customs administration systems Reform of accounting law and law on audit Revisions to tax audit procedures
11 Rule of Law Temporary freeze of inspections and controls as well as ongoing reform of control and inspection procedures Increased efforts to fight corruption Reform of judicial system and judicial processes Envisaged comprehensive reform of public administration Capacity building of regulatory / certification bodies (e.g. ANSA, ANRE, CNPF, Competition Council, ANRCETI)
12 Infrastructure Good internet and telecommunication infrastructure Major road rehabilitation program Investments in railway infrastructure and rolling stock as well as the restructuring of state railways Investments in the connections to the Romanian electricity and gas networks Investments to improve energy efficiency (e.g. improvement of highvoltage transmission lines) Ongoing investments in water / waste water infrastructure
13 Access to Financing International Financial Institutions (e.g. EBRD, IFC) Local banks Leasing companies Insurance companies Ongoing restructuring of banking and insurance sectors Enhancement of regulatory framework and supervision
14 Human Resources Well educated, multi-lingual and relatively inexpensive work force Reform of education system Development of vocational and tertiary education in collaboration with the private sector International accreditation and evaluation of education system Planned reform of health, social and pension systems
15 Business Opportunities Export oriented growth sectors: Manufacturing (automotive, textiles, furniture, etc.) ICT & BPO (Business Process Outsourcing) Agriculture / Agro-processing Tourism Medical Services Privatisation Projects: Moldtelecom, Air Moldova, Costesti hydroelectric complex, Red-Nord and Red Nord-Ves
16 Business Opportunities Public Infrastructure Projects Road rehabilitation program Railway infrastructure, rolling stock, restructuring Gas pipeline Ungheni Chisinau Electricity inter-connectors with Romania Water/waste water projects Financial Sector (e.g. banks) Legal Reform Projects
17 Conclusion Low cost / low tax environment Free Trade Agreements with EU, CIS, CEFTA and Turkey EU Association Agreement providing framework for reforms Substantial international support Improving business environment Estimated growth of 3% in 2017 and 2018 => Considerable business opportunities
18 EBA IS HERE TO SUPPORT Thank you for your attention!
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