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Economic Policies on March 29 – April 11, 2004
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e-journal #28 |
Business environment
Investment policies
Ministry of Economy presented to the foreign investors in Moldova the new Law on Investments and Entrepreneurship, approved in the final reading on March 18. “The new law sets clear and transparent rules for strategic investors, both foreign and domestic” said Minister of Economy Marian Lupu “and it is non-discriminatory”. “It equals in rights local and foreign investors and provides for the elaboration of investment policies in a transparent manner”.
In addition the law provides guarantees to investors against expropriation of investments or other similar actions and paying back damages in the currency in which investments were made. Ministry of Economy was designated to enforce the investment policy and co-ordinate the efforts of attracting investments to the Republic of Moldova. In this respect, Minister Lupu stated that Government was working out a draft law on amendments to the fiscal and customs legislation that would grant additional incentives to investors. He also called domestic and foreign investors to take an active part in the lawmaking process.
Trade
Foreign trade
Statistics and Sociology Department reported a trade balance deficit for the first two months of the year worth 55.2 million USD, i.e. a 29.8% surge over last year. According to official sources manufacturing for exports grew by 33.6%, whereas imports soared by 32.5%.
Soaring trade at the beginning of the year especially with Central and Western Europe was not able to considerably impact the trade balance evolution. According to the latest figures released by National Bank, in 2003 trade balance deficit has reached its highest ever 666 million USD(!) since the independence. In the eyes of many experts wage hike as well as the foreign currency transferred by Moldovans working abroad greatly boost domestic consumption, which eventually would result in price hike or inflation.
In 1999 Moldovans working legally or illegally abroad transferred around 90.2 million USD, whereas in 2003, according to sources in National Bank, the current transfers reached 375 million USD. A huge share of the private transfers come via non-banking channels, which of course are difficult to estimate. However, experts believe they account for 650 million USD. A recent press release by the National Bank reads that in the first month of the year foreign currency buying from the natural entities has double over the last year.
In the next three years trade balance deficit would steadily grow and account for 25% of the GDP, said Vasile Mamaliga Senior Deputy Minister of Economy. For year 2004 Government forecasts a 14% surge in exports, i.e. 1,020 million USD in nominal value and 9% growth in imports, i.e. 1,632 million USD.
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