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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.

Economy

A mission of the International Monetary Fund led by Ruben Atoyan is coming to Moldova

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A mission of the International Monetary Fund (IMF) headed by Ruben Atoyan will be on an official visit to Chisinau from June 26 to July 10, 2019, writes ZdG.

According to an IMF press release, the mission will hold talks with the authorities in the context of the revision of the IMF-funded program under the Extended Fund Facility (ECF) and WFP arrangements. The mission will analyze recent economic developments and progress in program implementation, as well as update and assess the macroeconomic outlook and discuss with authorities about macroeconomic policies in the coming period.

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Economy

How many millionaires are there in the Republic of Moldova?

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1 760.

1760 citizens of the Republic of Moldova obtained revenues of over 1,000,000 lei in the year 2018. The total income earned by these people was 6.140,000,000 lei and the tax paid to the budget from this income is the amounted to 479.710,000 lei, the State Tax Service announced.

According to the quoted source, the highest amount of income earned by a natural person in 2018 was 83.250,000 lei.

Territorial, most millionaires are registered in Chisinau – 1384.

The youngest person in this category is 21 years old and the oldest – 90 years old.

Accordingly, the average income of a taxpayer is 49.700 lei in 2018 compared to 44.800 lei in 2017.

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Economy

The past and the future of Moldova’s energy sector security

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The energy sector is one of the vulnerable areas of the Republic of Moldova because it could not provide national security in case of exceptional situations.

The energy vulnerability of the Republic of Moldova is caused by the dependence on natural gas and electricity from the outside, obsolete infrastructure and tariffs inadequate to economic rigors. The accession of the Republic of Moldova to the European Energy Community could represent the solution to many problems existing in the energy sector, says the political analyst of the IIDIS Viitorul, Ion Tăbârţă via the Newsletter.

Achieving commitments under the European Energy Community could ultimately lead to diversification of energy supply, demonopolization and liberalization of the energy market, separation of energy activities, renovation and modernization of infrastructure, non-discriminatory tariffs for consumers.

With the signing of the Association Agreement with the EU, the Republic of Moldova started transposing and implementing the provisions of the Energy Package III, adopted by the European Union in 2009.

The Republic of Moldova has achieved good results in transposing the European directives into national legislation, adopting several laws in the energy field. However, the Republic of Moldova is experiencing some delays in adopting sectoral energy laws, such as the Oil Law.

The reforming and modernization of the Moldovan energy system will be realized only after the implementation of these laws, when their functionality will be ensured. The Government of the Republic of Moldova and ANRE are the main institutions responsible for the implementation of the regulatory framework.

The implementation has several dimensions:

  1. development and approval of secondary legislation
  2. liberalization of the energy market and institutional and organizational consolidation
  3. modernization of energy infrastructure.

To achieve these goals, the energy interconnection with the EU must be achieved, which can only be done through Romania. The Government of the Republic of Moldova concluded in 2015 a Memorandum of Understanding with that of Romania. This implied the realization of 5 large projects that would ensure the interconnection of the natural gas and electricity networks between the two states.

What should the Republic of Moldova do for a more secure energy sector?

The Republic of Moldova needs to modernize and restructure it in order to overcome the inherited vulnerabilities of the past. Contrary to expectations arising from the national interest of the Republic of Moldova, this process is much slower than expected.

We have delays in the adoption of legislation, especially the secondary one, and delays in the modernization of energy infrastructure. This is particularly evident in energy interconnections with Romania, which could be viable solutions to many of the existing energy problems in the Republic of Moldova. Under the conditions that there is external support from the outside, such an attitude means that things are “intentionally entangled” inside. Money is capacity, the rest is at the mercy of political will.

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