{"id":238913,"date":"2006-08-17T20:27:00","date_gmt":"2006-08-17T20:27:00","guid":{"rendered":"http:\/\/new.moldova.org\/2006\/08\/17\/government-approves-industry-development-strategy-for-2006-2015-16430-eng\/"},"modified":"2006-08-17T20:27:00","modified_gmt":"2006-08-17T20:27:00","slug":"government-approves-industry-development-strategy-for-2006-2015-16430-eng","status":"publish","type":"post","link":"https:\/\/www.moldova.org\/en\/government-approves-industry-development-strategy-for-2006-2015-16430-eng\/","title":{"rendered":"Government approves industry development strategy for 2006-2015"},"content":{"rendered":"Reading Time: <\/span> 2<\/span> minutes<\/span><\/span>

The government intends to increase the share of industrial production in the Gross Domestic Product (GDP) up to 20-22 percent by 2015, compared with 14.9 percent at present. The number of employees in industry is expected to grow up to 20 percent of the total of economically active population. These objectives are part of the industry development strategy for 2006-2015 that the executive approved on Wednesday, August 16, which shows that the GDP will grow by 6 percent a year, while the inflation rate will be below 10 percent. <\/p>\n

The industry rose by 15.6 percent in 2003 and its growth paces have suddenly dropped later, as the industry grew by 8.2 percent in 2004 and by 6.3 percent in 2005. The industrial production dropped by 6.4 percent in the first half of this year, with experts estimating that the rise target of 6.5 percent forecasted by government for this year will fail, if the trend registered in the first six months is maintained and the effects of restricted Moldovan wine exports to the Russian Federation will be felt in the second half of this year, too. <\/p>\n

Minister of Industry Vladimir Antosii says that the efficient implementation of this strategy will ensure an 8-10 percent annual rise of industry. These economic growths will be sustained through larger investments in fixed capital, rationalising of economy’s structure, rise of share of products made on basis of new technologies and scientific accomplishments. <\/p>\n

At present, 16,000 economic agents are working in industry sector or 12.3 percent of the total number of existing units, of which 679 are large industrial enterprises, including 9 percent with state statutory capital. At the same time, 76 percent of industrial enterprises are based in Chisinau. <\/p>\n

The share of sectors making high value-added products is only 0.2 percent, compared with 20 percent in the European Union, as industrial enterprises in Moldova use old equipment. The government found out that the low efficiency of industry was also generated by state’s policy on two-fold rise of salaries for 2000-05, while the labour productivity has grown by 70 percent in the period concerned. <\/p>\n

The cabinet of ministers intends to reduce the income tax down to 15 percent by 2015 in order to encourage economic agents, while investments in innovations and technology transfer will grow up to 3 percent of GDP. The executive has pledged to create an independent agency for the protection of competition, to create risk funds and the institute of collective investments, to annul the stamp tax for formation of registered capital of industrial enterprises and fees for registration of share issues, with the purpose to encourage the entrepreneurship. Also, the government will assume an important role in direct promotion of industrial exports through fiscal-crediting stimulations, modernisation of tariff system, in order to protect the domestic market. \/\/ BASA-Press<\/p>\n","protected":false},"excerpt":{"rendered":"

Reading Time: <\/span> 2<\/span> minutes<\/span><\/span>Government approves industry development strategy for 2006-2015<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-238913","post","type-post","status-publish","format-standard","hentry","category-economy"],"content_social_share":"Reading Time: <\/span> 2<\/span> minutes<\/span><\/span>

The government intends to increase the share of industrial production in the Gross Domestic Product (GDP) up to 20-22 percent by 2015, compared with 14.9 percent at present. The number of employees in industry is expected to grow up to 20 percent of the total of economically active population. These objectives are part of the industry development strategy for 2006-2015 that the executive approved on Wednesday, August 16, which shows that the GDP will grow by 6 percent a year, while the inflation rate will be below 10 percent. <\/p>\n

The industry rose by 15.6 percent in 2003 and its growth paces have suddenly dropped later, as the industry grew by 8.2 percent in 2004 and by 6.3 percent in 2005. The industrial production dropped by 6.4 percent in the first half of this year, with experts estimating that the rise target of 6.5 percent forecasted by government for this year will fail, if the trend registered in the first six months is maintained and the effects of restricted Moldovan wine exports to the Russian Federation will be felt in the second half of this year, too. <\/p>\n

Minister of Industry Vladimir Antosii says that the efficient implementation of this strategy will ensure an 8-10 percent annual rise of industry. These economic growths will be sustained through larger investments in fixed capital, rationalising of economy’s structure, rise of share of products made on basis of new technologies and scientific accomplishments. <\/p>\n

At present, 16,000 economic agents are working in industry sector or 12.3 percent of the total number of existing units, of which 679 are large industrial enterprises, including 9 percent with state statutory capital. At the same time, 76 percent of industrial enterprises are based in Chisinau. <\/p>\n

The share of sectors making high value-added products is only 0.2 percent, compared with 20 percent in the European Union, as industrial enterprises in Moldova use old equipment. The government found out that the low efficiency of industry was also generated by state’s policy on two-fold rise of salaries for 2000-05, while the labour productivity has grown by 70 percent in the period concerned. <\/p>\n

The cabinet of ministers intends to reduce the income tax down to 15 percent by 2015 in order to encourage economic agents, while investments in innovations and technology transfer will grow up to 3 percent of GDP. The executive has pledged to create an independent agency for the protection of competition, to create risk funds and the institute of collective investments, to annul the stamp tax for formation of registered capital of industrial enterprises and fees for registration of share issues, with the purpose to encourage the entrepreneurship. Also, the government will assume an important role in direct promotion of industrial exports through fiscal-crediting stimulations, modernisation of tariff system, in order to protect the domestic market. \/\/ BASA-Press<\/p>\n

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