Since declaring its independence until 2014 inclusive, Moldova attracted foreign direct investments of about US$4 billion. The country has investment potential, but the existing obstacles are too serious, economic expert Viorel Chivriga said when presenting the conclusions of the study “Attraction of foreign direct investments to the Republic of Moldova: analysis of impediments”.

In a Press Club meeting of the Foreign Policy Association (APE), held at IPN, Viorel Chivriga stated the obstacles to the foreign investments are the same as in the 1990s. The business climate must be improved. The legislation in the field is relatively good, but, if it’s not implemented or is modified too often, it becomes noxious because it scares the potential investors. In the economic sector, there are laws that were modified 19 times during the last few years.

The expert carried out a number of polls within the study. Practically all the respondents said that corruption is a big impediment to investments. The country has to work a lot on its image too. “The country’s image shows that investing in our country is not opportune now,” stated Viorel Chivriga.

Moldova needs a strategy for attracting investments. The expert said the Moldova Investment and Export Promotion Organization (MIEPO) is practically invisible for investors, both for those from the country and from abroad.

APE executive director Victor Chirila said that corruption in Moldova remained at unimaginable levels and this affects the investment. The situation in the region also affects the country and prevents the attraction of investments. Fewer investors came to Moldova last year compared with the years before, while the withdrawal of a huge sum of money from Banca de Economii transmitted a worrisome signal to those who would like to invest in Moldova.

The Press Club meetings are staged by the APE in partnership with the NATO Information and Documentation Center in Moldova, with support from the Think Tank Fund – Open Society Foundations and East Europe Foundation, with the resources provided by the Government of Sweden through the Swedish International Development Cooperation Agency and the Ministry of Foreign Affairs of Denmark/DANIDA.