Introducing one of the most investment-friendly destinations in Europe
Having controlled COVID-19, the Eastern European Republic of Moldova is capitalizing on its strategic strengths to take its economy to the next level.
Located at the crossroads of the European Union (UN) and the Commonwealth of Independent States, this month the small, democratic Republic of Moldova became one of the first in Europe to control the spread of COVID-19 to the extent that parts of its economy have returned to almost pre-pandemic levels.
A business-friendly and reform-focused government led by Prime Minister Ion Chicu efficiently limited the pandemic’s impact on the Eastern European country by quickly implementing measures that included a two-month lockdown. “As of today, Moldova has one of the lowest mortality rates related to coronavirus in Europe,” says Chicu. In total, it has recorded around 2,600 cases of the virus per one million of its 3.5 million population—less than half the rate recorded in the U.S., for example.
Now, the focus is on fully rebooting an economy that has seen sustained and robust growth in recent years, with its gross domestic product (GDP) rising by 3.6 percent in 2019. On top of its traditional strengths, such as agriculture, food processing, manufacturing, textiles and apparel, recent advances have been led by sectors like the automotive industry, freight transportation, retail and exports. Moldova also has a dynamic ICT sector, which has attracted many foreign businesses, as well as a growing reputation for innovation, research and development.
“Our balanced foreign policy also brings advantages in terms of investments and economic development, because we can benefit from economic or commercial privileges both from the east and west.”
Moldova:
Sectors of opportunity in 2020
Agriculture and food processing
With its favorable climate, biological diversity, sectoral subsidy fund, free trade agreements (FTAs) with 43 countries, experienced workforce and rich agricultural lands that take up 75 percent of the country,…
Renewable energy
Moldova has huge potential for the generation of renewable energy that it needs to tap. According to the International Renewable Energy Agency, although 17 percent of the country’s power consumption was from renewable sources…
The automotive industry
Over 19,000 people are currently employed in Moldova’s modern and growing automotive sector that contributes about 15 percent of GDP and 21 percent of exports…
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