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Economy

The energy and investment sector of Moldova, discussed in the the United States

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On his second day in the United States of America, State Secretary for Economic Affairs, Vitalie Iurcu, discussed the Moldovan-American cooperation in the commercial-economic field, with an emphasis on energy.

During the meeting with the Republican congressman in the state of Texas, Jodey Arrington, the two exchanged views on developments in the Moldovan energy sector. At the same time, the State Secretary of the Ministry of Economy and Infrastructure received support from US officials, reiterating interest in the energy security projects of our country. Moreover, during the meeting, invitations were exchanged for subsequent visits to Chisinau and Washington DC.

State Secretary and President of the Moldovan-American Business Council, Steve Nicandros, welcomed the Moldovan-American ascendant dynamics, especially the commercial-economic cooperation and the intensification of the B2B dialogue. The interlocutors agreed to maintain working contacts in order to identify new areas of cooperation on the economic branch and to promote bilateral investments in the key sectors of the national economy, including the energy sector.

The officials further attended the meeting with representatives of the business community in Houston, Texas. Vitalie Iurcu presented the advantageous investment field of the Republic of Moldova and urged investors in Houston to explore ways to collaborate with our country.

Reminder: Moldova participated in the first ministerial meeting of the Partnership for Transatlantic Energy Cooperation and the Investment Forum in Houston, United States of America.

Economy

“A decision expected by 10,000 patents”. Deputies of ‘ACUM’ ask for an extension of patent activity to 2022

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Deputies of the opposition bloc ‘ACUM’ have today registered in Parliament’s secretariat a legislative initiative to extend small business activities based on entrepreneurial patents until 31 December 2022.

According to Deputy Alexandru Slusari, this decision is long awaited by about 10,000 patents, “who together with their families are now afraid of breasts” and “are hand-luggage.”

Reminder: In November 2018, the Parliament adopted a draft which indicated the term of the entrepreneur’s patent for retail trade to be extended until 31 December 2019.

The term of the patent was only extended to holders, which had patents for these activities on 31 December 2018. About 9400 patents in retail are currently valid.

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Economy

The IMF estimates an economic growth of 3.5% for the Republic of Moldova in 2019

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However, the report on global economic outlook “World Economic Outlook” shows that the Moldovan economy will grow more slowly than the previous forecast when the fund expected an increase of 3.8%, informs Moldpres.

According to the latest report of the Fund, the annual inflation rate will be 3.3% and the current account deficit of the Republic of Moldova will represent 7.7% of the GDP in 2019.

The IMF expects the economy of the Republic of Moldova to grow by 3.8% in 2020, and the same economic growth is projected by 2024.

The World Bank, too, recently revised the GDP growth forecast for Moldova in 2019 by 0.2 percentage points – from 3.8% to 3.6%. The World Bank forecasts inflation for this year at 4.7%.

How many years does RM need to reach the level of economic development of EU countries in 2018?

This economic growth rate of 3.5% is the lowest for the group of the poorest member states of the Commonwealth of Independent States (CIS), of which, according to IMF classification, the Republic of Moldova is part of. Accordingly, to reach the EU level in 2018, Moldova needs 34 years.

“The situation described above is not a short-term evolution of the national economy, but a long-lasting trait of economic changes in the Republic of Moldova,” said economist Viorel Gârbu.

According to the expert, taking into consideration the annual economic growth in the last 20 years (4%), the Republic of Moldova needs 14 years to reach the average level of development of economies in transition.

Approximately 27 years will be needed to reach the level of the CIS member state’s economic development in 2018 or 34 years – to reach the 2018 level of economic development in transition economies in Europe.

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Economy

A Swedish company would like to invest between 20 and 50 million euros in Moldova

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In the Republic of Moldova there are 32 enterprises with Swedish capital, the investments in social capital amounting to 74,154,000 lei. By value of the invested capital, Sweden ranks 17th among the major foreign investors.

A Swedish company would like to invest between 20 and 50 million euros in Moldova. The statement was made by Anders Jarlskog, the general manager of the Swedish company Euro Finans, during a meeting with Economy and Infrastructure Minister Chiril Gaburici.

According to a communique of the ministry, the management of Euro Finans has approved the investment for Moldova. However, they will have to be exposed to the Board of Directors of the company. In this respect, the Euro Finans management and the Management Board will hold a visit to Chisinau in order to discuss the facilities created for foreign investors, the strategic areas and sectors of the Republic of Moldova, the projects planned for this year, and so on. Following the visit, the Swedish delegation is to make the final decision on the investment.

Chiril Gaburici mentioned that Sweden is one of the main development partners and supporters of the so-called European path of our country, being among the top 5 donors of Moldova.

According to general manager Anders Jarlskog, Euro Finans’ entry to the Republic of Moldova will stimulate the economic development of the country thanks to its unique business model and product range.

“We appreciate the progress made by the Republic of Moldova in the reforms, as well as the facilities offered to the business environment, with the reduction of bureaucracy,” added the director of Euro Finans.

Euro Finans is a financial company specializing in B2B financing.

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