Investment Attraction Strategy for the Promotion of Exports for 2016-2020 has been submitted for approval by the Ministry of Economy at yesterday's meeting of the Executive.
The document focuses on attracting foreign direct investment in export-oriented sectors of the economy and aims to facilitate the implementation of commitments undertaken by the Government under the Association Agreement with the EU. At the same time, the Strategy brings particular attention to the local investment, business climate improvements, development and international integration of SMEs. In this context, SMEs could become subcontractors (suppliers of raw materials, logistics services / training / catering etc.) of large enterprises (including those benefiting from foreign direct investment) and may export.
The main factors of production and assets provided by the Republic of Moldova to foreign investors stipulated in the project are employment, industrial facilities and public utilities costs, tax incentives, infrastructure and transport logistics etc.
According to the Strategy, the main sectors with potential for export and attraction of foreign direct investment will be services and manufacturing industries. Among them are the textile industry, consulting and IT services.
The strategy aims to be attracted net inflows of foreign direct investment (FDI) of about $ 380 million in the period 2016-2020. According to estimates, the effect of projects will bring to the budget approximately $ 232 million in the form of income tax (61%). It also aims to create at least 10 000 new jobs, increase exports of goods up to $ 3 billion and exports of services up to $ 1.2 billion, reduce the trade deficit of GDP by 4%, decrease the unemployment rate by 1.4%, increase the share of FDI in GDP to 3.9%.
The project was developed with the financial support of the World Bank and the Ministry of Economy is the beneficiary of the document. The strategy is part of the Government's commitments set out in the financing agreement between the Moldovan government and the European Union to implement the Deep and Comprehensive Free Trade Agreement between the Republic of Moldova and the European Union (DCFTA).
Source: www.mec.gov.md
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