Moldova is a small lower-middle-income economy. Although it is among the poorest countries in Europe, it has made significant progress in reducing poverty and promoting inclusive growth since the early s. The economy has expanded by an average of 4. The latter account for 10 percent of GDP. In the near term, the Government has the task of taking the country through the COVID crisis without reversing hard-won structural reforms, while regaining trust among citizens and international partners, combating corruption, ensuring transparent and fair presidential elections, and completing the unfinished reform agenda.
The World Bank and the International Finance Corporation work together to help Moldova achieve its development goals through improving governance, institutions, and the quality of public services; enhancing the business environment, private sector development, and firm productivity and quality; and deepening investments in human capital, job creation, and infrastructure, including in the energy, information and communications technology ICT , and transport sectors.
The Bank is repurposing part of the resources in the existing portfolio and ASAs to respond to COVID by: i enabling digital access and remote learning and teaching; ii supporting economic recovery and longer-term revenue mobilization through sustaining employment and ensuring business survival; and iii fast tracking the digitization and reengineering of public services. Following subdued growth at end-year that was exacerbated by the outbreak of COVID, GDP dropped by 14 percent year-on-year y-o-y in the second quarter of , driven primarily by a contraction in household consumption and investments on the demand side.
The current account deficit stood at On the supply side, the lockdown measures have halted industrial production and trade activities while a severe drought has impacted agriculture. The policy rate was further cut by 0. In July, credit increased by The banking system is well capitalized and liquid. The fiscal stance has deteriorated, and with mounting financing needs, public and publicly guaranteed debt increased by almost 4 percentage points to The labor market has been heavily affected, resulting in a 9 percent drop in employment in the same period, y-o-y.
Weaker economic growth in the European Union, combined with the effects of the lockdown, is expected to lead to a significant recession in Assuming no additional restrictive measures and more favorable external conditions, a slow recovery is envisaged starting in late or early By law, registration should take three days for a standard procedure or four hours for an expedited procedure and is done in two stages.
The first stage involves submission of an application and a set of documents, the range of which may vary depending on the legal form of the business LLC, joint-stock company, sole proprietorship, etc. At the second stage, the Agency issues a registration certificate and a unique identification number for the business, conferring full legal capacity to the entity.
There are currently no procedures for online business registration. Certain types of activity listed in the law on licensing require businesses to be first licensed by public authorities. Acceptance of U. Moldova does not have an official policy or mechanism for promoting or incentivizing outward investment.
Moldova has signed bilateral investment protection and promotion agreements with 44 countries. Moldova has not signed a separate bilateral taxation treaty with the United States; however, the U. Government applies to former Soviet republics, including Moldova, the Convention on Matters of Taxation signed with the USSR on June 20, , which also deals with avoidance of double taxation.
In , Moldova moved from the extended generalized system of preferences GSP-plus with the EU to autonomous trade preferences, which expanded the duty-free access of Moldovan goods to EU markets. FIA engages in a dialogue with the government on topics related to the investment climate and produces an annual publication of concerns and recommendations to improve the investment climate. In , the American Chamber of Commerce AmCham registered in Moldova, presenting another voice for the business community.
These are the three largest foreign business associations, and they regularly engage in policy discussions with the government. The government has an approved list of business permits and authorizations. Government agencies and inspectors cannot issue any form of documents not included in the list. The Moldovan government generally publishes significant laws in draft form for public comment. Draft laws are also available on-line, on the website of Moldovan Parliament.
Business and trade associations provide other opportunities for comment. A significant exception to this norm is a mechanism that allows Parliament to also propose draft laws.. The working group of the State Commission for Regulation of Entrepreneurial Activity, which was established as a filter to eliminate excessive business regulations, meets to vet draft governmental regulations dealing with entrepreneurship.
Nevertheless, bureaucratic procedures are not always transparent, and red tape often makes processing registrations, ownership, and other procedures unnecessarily long, costly, and burdensome. Discretionary decisions by government officials provide room for abuse and corruption.
While the government adopted laws to improve the business climate and reduce excessive state controls and regulation, effective implementation is insufficient. Use of IFRS is required by law for all public interest entities financial entities, investment funds, insurance companies, private pension funds, and publicly listed entities and national accounting standards which approximate IFRS in many ways are used by other firms, although many use IFRS as well due to foreign ownership.
A law simplifying the system of inspectorates and various inspection bodies was adopted in to increase efficiency and reduce regulatory burden. By reducing the number of inspection agencies and introducing risk-based criteria for inspections, the government seeks to improve the business climate by reducing the opportunity for inspections to be used for political purposes.
The EU Association Agreement AA , including a Deep Comprehensive Free Trade Area DCFTA , has binding regulatory provisions committing Moldova to a reform agenda and to approximating domestic legislation to EU standards in a range of areas, including corporate law, labor, consumer protection, competition and market surveillance, general product safety, tax, energy, customs duties, public procurement, intellectual property rights, and others. It will also eliminate non-tariff barriers by adopting EU rules on health and safety standards, intellectual property rights, and other fields.
The agreement contains a timeframe for implementation, with phase-ins up to ten years. These agreements contain major investment-related commitments, such as opening to the establishment of foreign service providers, prohibiting local content, trade-balancing, and domestic sales requirements TRIMs , and protection of intellectual property TRIPS. The government has undertaken incremental steps since on a draft Customs Code, which would merge existing separate laws on customs procedures and goods crossing national borders and approximate national customs rules to the EU Customs Code.
In , the government changed customs rules to align with the EU Authorized Economic Operator requirements and Approved Exporter conditions. This has increased customs revenues but disadvantaged importers. Moldova has a civil law legal system with codified laws that govern different aspects of life, including business, trade, and economy.
Although Moldovan courts are constitutionally independent, their structures have facilitated government and political interference; the courts suffer from inefficiency and low public trust. The court system consists of lower courts i. The reforms created two specialized quasi-independent prosecution offices.
The Anticorruption Prosecution Office is responsible for investigating and prosecuting corruption, bribery and abuse of power by public officials, and money laundering. The Prosecution Office on Combating Organized Crime and Special Cases investigates and prosecutes organized, transnational and particular complex crimes, including tax evasion, smuggling, intellectual property offenses, trafficking in persons, and narcotics.
In , the Moldovan Prosecution Service continued the implementation of reforms under a law on the prosecution service passed in The current Law on Investment in Entrepreneurship came into effect in It was designed to be compatible with European standards in its definitions of types of local and foreign investment. The law permits FDI in all sectors of the economy, while certain activities require a business license.
In , Parliament passed a law on competition in line with EU practice and legislation. The Competition Council oversees compliance with competition and state-aid provisions and initiates examination of alleged violation of competition laws. The Competition Council may request cessation of action, prescribe behavioral or structural remedies, and apply fines. The government has had a history of depriving investors, both national and foreign, of their businesses in various forms.
Many of them have sued the government at the European Court for Human Rights for violation of the right to fair trial and of the respect for property, or in international arbitral tribunals. The Law on Investment in Entrepreneurship states that investments cannot be subject to expropriation or to measures with a similar effect. However, an investment may be expropriated if done for purposes of public utility, is not discriminatory, and just compensation is provided.
The government has given no indication of intent to discriminate against U. No particular sectors are at greater risk of expropriation or similar actions in Moldova. Since , the government has cancelled several privatizations, citing the failure of investors to meet investment schedules or irregularities committed during the privatization process. While the government agreed to repay investors in such disputes, investors have had to apply to the European Court of Human Rights ECHR to enforce compensation payments.
The government has complied with the ECHR rulings in these instances. Domestic courts recognize and enforce foreign arbitral awards. Moldova is signatory to a number of bilateral investment treaties see chapter 3 above , including the U. Local courts recognize and enforce foreign arbitral awards against the government. There are no known cases when the Moldovan government denied voluntary payment under an arbitral award rendered against it.
Private parties may choose alternative dispute resolution mechanisms instead of going to courts. Moldovan law provides the options of mediation and arbitration. There are a number of arbitration bodies available in Moldova, including the arbitration court of the Moldovan Chamber of Commerce and Industry. Recognition and enforcement of foreign judgments are regulated by a complex framework of documents, including the Code for Civil Procedures, international conventions and bilateral treaties.
Therefore, depending on the nationality of the court, Moldovan courts may apply different legal norms in examining the enforcement of foreign judgments. However, as a rule, foreign judgments are enforceable in Moldova on the basis of reciprocity and subject to New York Convention obligations. The overall expectation in court hearings involving representatives of public authorities, including economic entities, is that final court rulings will be in favor of state representatives.
While arbitration is often seen as a preferable option to the courts, the courts must still enforce the arbitral decision. In terms of resolving insolvency, the World Bank ranks Moldova 67th out of economies in the Doing Business Index; it takes creditors on average 2. The country has changed its insolvency law to introduce expedited insolvency proceedings, including by granting priority to secured creditors, introducing new restructuring mechanisms, reducing opportunities for appeals, adding moratorium provisions, establishing strict statutory periods in the proceedings, and enhancing the role of insolvency administrators.
Investment incentives are applicable for all Moldovan-registered businesses, irrespective of the country of origin of the investment. Certain incentives apply only in specially-designated areas such as free economic zones and industrial parks. Until , Moldovan legislation allows employees of IT companies to benefit from incentives on personal income tax and social security contributions.
Also, a law on information technology parks established a single tax for residents of the digital IT parks, calculated as the maximum between 7 percent from sales and 30 percent from the national average forecasted salary multiplied by the number of employees. There is also a range of tax incentives applicable if businesses meet certain requirements. Among those incentives are the following: value-added tax VAT and customs exemptions on long-term assets included in share capital; deferment of VAT liabilities on imports of materials used in manufacturing export-bound products; lower VAT rates for the hospitality and restaurant businesses; and lower social contributions and VAT rates for agricultural businesses.
At present, seven free economic zones FEZs , one international free port — Giurgiulesti — and one international free airport — Marculesti — are registered in Moldova. According to Moldovan law, these zones support job creation, attraction of foreign and domestic investments, and export-oriented production. Foreigners have the same investment opportunities as local entities. FEZ commercial entities enjoy the following advantages: 25 percent exemption from income tax; 50 percent exemption from tax on income from exports; for investments of more than USD 1 million, a three-year exemption from tax on income resulting from exports; and for investments of more than USD 5 million, a five-year exemption from tax on income from exports; zero value-added tax; exemption from excises; and a stand-still guarantee against any new changes in the law for 10 years.
In addition, residents investing at least USD million in the FEZ are afforded a stand-still guarantee regarding new regulatory changes for the entire period of operation in the FEZ, but such protection cannot extend beyond 20 years.
The government also passed a law creating ten industrial parks with the aim of attracting investments in industrial projects. Businesses operating in those parks do not receive any special tax treatment, but typically have access to ready-to-use production facilities, offices and lower office rents for 25 to 30 years.
Typically, these are idle premises of former industrial State-owned enterprises. The Marculesti International Free Airport, a former military air base, was established in as a free enterprise zone for a year period to develop cargo air transport. Airport management is also interested in turning Marculesti into a regional hub for low-cost passenger airlines.
All incentives are applied uniformly to domestic and foreign investors. The Law on Investment in Entrepreneurship, in effect since , does not protect new investors from legislative changes. No requirements exist for investors to purchase from local sources or to export a certain percentage of their output. The Embassy is not aware of any reports of forced data localization or special requirements targeting foreign IT providers.
However, companies maintaining servers with customer databases outside Moldova have to comply with cumbersome domestic procedures related to protection of personally identifiable information. The Ministry of Economy and Infrastructure is responsible for developing strategies and policies on electronic communication. There are no special requirements that nationals own shares of a company. Both joint ventures and wholly foreign-owned companies may be set up in Moldova.
In fact, while not an official policy, in sectors of the economy that require large investments, experienced management, and technical expertise such as energy or telecommunications, the government has shown preference for experienced foreign investors over local investors.
In other sectors, foreign and local investors formally receive equal treatment. Moldovan law allows investments in any area of the country, in any sector, provided that national security interests, anti-monopoly legislation, environmental protection, public health, and public order are respected. Some performance requirements are connected to tax incentives, but are enforced equitably and described in the Tax Code and related governmental decisions and instructions.
Foreign investors are required to disclose the same information as local investors. The government has set up a one-stop shop for foreigners applying for Moldovan residence and work permits in an effort to streamline a complicated procedure. Moldova has a liberal commercial regime with more than countries.
According to the Tax Code, Moldovan exports are exempt from value added tax. Although there are no formal import price controls, there are reports that Moldovan Customs Service may make arbitrary price assessments on certain types of imported goods for revenue-enhancing purposes.
There is a national cadastral office, which registers all ownership titles in the real estate registry. However, the mortgage market is still underdeveloped. In addition, the judicial sector remains weak and does not always fully guarantee the property rights of citizens and foreign investors.
Despite efforts to improve its intellectual property rights IPR regime and set up relevant executive structures in the government, Moldova does not fully enforce its IPR laws due to conflicts of interest, lack of resources, and a low level of awareness and training among law enforcement agencies.
The concept of IPR is largely unrecognized by the population. The country has an agency for the protection of IPR, the State Agency on Intellectual Property AGEPI , which continues working on improving the legal framework and adjusting it to EU norms, increasing public awareness, and building capacity in law enforcement. While some progress is being reported, there are still many outstanding issues related to geographical Igdications GIs that need to be addressed. Efforts have been made to improve access to, and the quality of, IPR services.
AGEPI also recently launched an online application filing system, which accounts for over 45 percent of national IPR application filings. A new law for the protection of pharmaceutical and medicinal product data came into force on January 1, , the aim of which is to guarantee the confidentiality, non-disclosure, and non-reliance of data submitted during the course of obtaining regulatory and market approval of the products.
The system is expected to become operational in Moldova is not listed in the U. Official National Bank of Moldova NBM statistics include data on portfolio investments, yet there is a lack of open-source information fully reflect the trends and relevance of these investments. NBM data shows that most portfolio investments target banks, while the National Statistics Bureau does not differentiate between foreign direct investment and portfolio investments of less than 10 percent in a company.
Laws, governmental decisions, NBM regulations, and Stock Exchange regulations provide the framework for capital markets and portfolio investment in Moldova. The government began regulatory reform in this area in with a view to spurring the development of the weak non-banking financial market. Since , two bodies in particular — the NBM and the National Commission for Financial Markets — have regulated financial and capital markets. Foreign investors are not restricted from obtaining credit from local banks, the main source of business financing.
However, access to credit continues to be difficult, especially for SMEs, in light of stringent lending practices; this has been exacerbated by the COVID pandemic. Progress in lending activity suffered a sharp reversal in in the wake of the late banking crisis, triggered by a massive bank fraud, which severely weakened the banking system. Extreme monetary tightening by the NBM in the wake of significant currency flight connected to the resulting bank bailouts led to prohibitively high interest rates, which dipped below 9 percent in Large investments can rarely be financed through a single bank and require a bank consortium.
Recent years have seen growth in leasing and micro-financing, leading to calls for clear regulation of the non-bank financial sector. As a result, Parliament passed a new law on the non-bank financial sector, which entered into effect on October 1, Raiffeisen Leasing remains the only international leasing company which has opened a representative office in Moldova.
Financing through local private investment funds is virtually non-existent. A few U. The government adopted a strategy for the development of the non-banking financial sector aimed at bolstering the capital markets combined with prudential supervision. A new Central Securities Depository was established under the supervision of the National Bank of Moldova to bring greater transparency and integrity to ownership and the recordkeeping associated with it.
Acting as an independent regulatory agency, the National Commission for Financial Markets NCFM supervises the securities market, insurance sector and non-bank financial institutions. A new capital markets law adopting EU regulations came into effect in In , a crisis at three Moldovan banks which resulted in their closure and the loss of USD 1. As a result of these reforms, the financial sector is better prepared to withstand the economic impact of the COVID crisis.
There is a high degree of capital and liquidity, and an overall reduction of non-performing loans to approximately 8 percent. Moldovan banks remain the main, albeit currently limited, source of business financing. The non-bank financial institutions however have been gaining sizable market share, especially in individual and SME lending, where banks have been encumbered by prudential banking rules. Bank assets account for about 44 percent of GDP. Banks are also the largest loan providers, with loans amounting to approximately USD 2.
Moldova currently has 11 commercial banks. The NBM regulates the commercial bank sector and reports to Parliament. Foreign bank subsidiaries must register in Moldova and operate under the local banking legislation. As of December 31, , total bank assets were MDL To prevent another crisis, the NBM instituted special monitoring of these top three banks over concerns about the transparency of bank shareholders; this monitoring was lifted in April To strengthen the system of tracking shares and shareholders, with USAID assistance, authorities put in place a law establishing the aforementioned Centralized Securities Depository.
In addition, all bank shares must be sold and purchased on the Moldovan Stock Exchange. These measures have improved the transparency and reliability of the financial sector. Also, NBM required banks to increase their credit loss provisioning and take urgent action to reinforce internal risk management as well as procedures on related-party financing.
In addition, the NBM developed a methodology to better identify the related parties at banks. Local authorities have not announced any intention to implement blockchain technologies in banking transactions. In , the NBM warned domestic investors of the highly speculative nature of virtual currencies and their use as means of payment.
There are no restrictions on the conversion or transfer of funds associated with foreign investment in Moldova. After the payment of taxes, foreign investors are permitted to repatriate residual funds. Residual fund transfers are not subject to any other duties or taxes and do not require special permissions. A massive banking fraud and a subsequent bailout program further undermined the leu, which depreciated by 36 percent. Since , the National Bank has been pursuing a tight monetary policy that has contributed to a strengthening of the leu.
In , the national currency exchange rate fluctuated, but stabilized toward the end of the year. No significant delays in the remittances of investment returns have been reported. Domestic commercial banks have accounts in leading multinational banks, and foreign investors enjoy the right to repatriate their earnings.
The Moldovan leu is the only accepted legal tender in the retail and service sectors in Moldova. Foreign exchange regulation of the NBM allows foreigners and residents to use foreign currencies in some current and capital transactions in the territory of Moldova. Generally, there are no difficulties associated with the exchange of foreign or local currency in Moldova. Since gaining independence in , Moldova has privatized most State-owned enterprises SOEs , and most sectors of the economy are almost entirely in private hands.
However, the government still fully or partially controls some enterprises operating in a variety of economic sectors. The major SOEs are northern electricity grids, Chisinau heating companies, fixed-line telephone operator Moldtelecom, and the state railway company. SOEs are governed by the law on stock companies and the law on state enterprises as well as a number of governmental decisions. SOEs have boards of directors usually comprised of representatives of the line ministry, the Ministry of Economy and Infrastructure, and the Ministry of Finance.
As a rule, SOEs report to the respective ministries, with those registered as joint stock companies being required to make their financial reports public. Moldovan legislation does not formally discriminate between SOEs and private-run businesses. By law, governmental authorities must provide a level legal and economic playing field to all enterprises. However, SOEs are generally seen as better positioned to influence decision-makers than private sector competitors. In some cases, SOEs have allegedly used these advantages to prevent open competition in individual sectors.
The Law on Entrepreneurship and Enterprises has a list of activities restricted solely to SOEs, which includes, among others, human and animal medical research, manufacture of orders and medals, postal services except express mail , sale and production of combat equipment and weapons, minting, and real estate registration.
Moldova launched the first of several waves of privatization in In , Parliament passed a new law governing management and privatization of SOEs. Two major privatizations in — of the then-largest bank, Banca de Economii, and the year concession of the Chisinau Airport — subsequently proved highly controversial. Privatization efforts in and emphasized public-private partnerships as means for companies to gain access to SOEs in infrastructure-related projects.
In , the government held several rounds of privatization, selling its stake in 19 companies, including airline Air Moldova and gas interconnector Vestmoldtransgaz. In , the government finished privatizing state tobacco company Tutun CTC, then announced a moratorium on all further privatizations, following controversies over past sales. The government plans to resume privatization efforts in , including the state telephone company Moldtelecom, as well as state railway and northern power distribution companies RED Nord and FEE Nord.
To date, Moldova has conducted privatizations through open tenders organized at the stock exchange, open to interested investors. The government may also use open outcry auctions for some properties, so-called investment or commercial tenders to sell entire companies to buyers taking on investment commitments, or to the highest bidders or public-private partnerships for infrastructure related projects. The government publishes privatization announcements on the website of the Public Property Agency www.
Foreign companies operating in Moldova are gradually introducing the concept of corporate social responsibility as an aspect of responsible business conduct. However, the Soviet-era notion of a paternalistic government responsible for maintaining the social welfare for all citizens remains quite widespread. AmCham Moldova has set a leading example, with its corporate members engaging in a forestation project, in the rehabilitation of medical facilities, and in Christmas collection projects for orphanages.
While Moldova has taken steps to adopt European and international standards to combat corruption and organized crime, corruption remains a major problem. In , the government enacted a series of anti-corruption amendments. The Constitutional Court subsequently restricted integrity testing e. Moldovan judges, who had previously enjoyed full immunity from corruption investigations, can now be prosecuted for crimes of corruption without prior permission from their self-governing body, although the Superior Council of Magistrates still must approve any search or arrest warrant against a judge.
The government has developed and enacted a series of laws designed to address legislative gaps such as the Law on Preventing and Combating Corruption, the Law on Conflict of Interests, and the Law on the Code of Conduct for Public Servants. The Criminal Code criminalizes two forms of public sector corruption: passive and active. These statutes apply only to corrupt acts and bribery committed by public officials.
These offices face multiple challenges, including lack of independent budgets, high workload, external interference, and serious questions about their independence, transparency and impartiality. According to the prosecution reform law, these investigators are responsible for supporting prosecutors to investigate complex corruption cases.
However, even with a nearly-full complement of seconded investigators, APO still relies on NAC investigators to conduct many corruption-related investigations and prosecutions. The agency continues to grow and has demonstrated increased capacity to detect, track, seize and recover criminal proceeds throughout The NIA became operational in The director, deputy director, and all inspectors are hired in competitive processes, but the agency has not yet hired a full complement of inspectors.
NIA continues to lack staff and sufficient resources to fulfill its mission. It includes a role for civil society organizations CSOs through alternative monitoring reports and promoting integrity standards in the private sector. The strategy addresses the complexity of corruption by employing sector-based experts to evaluate specific integrity problems encountered by different vulnerable sectors of public administration. Moldova is expected to begin developing a new strategy during , led by NAC and the Ministry of Justice.
Moldovan law requires private companies to establish internal codes of conduct that prohibit corruption and corrupt behavior. This largely aligns Moldovan statutory law with international anti-bribery standards by criminalizing the acts of promising, offering, or giving a bribe to a public official. Anti-corruption laws also extend culpability to family members. In , the Anticorruption Prosecution Office started the only illicit enrichment case initiated in Moldova to date, against a prominent chief judge involved in the construction of private apartments.
|Universal life investments limited property||Parliament also adopted new statutes in the Criminal Code criminalizing the misuse of international assistance funds. Diplomats in Residence. InParliament further restricted the right of sale and purchase of agricultural land to the state, Moldovan citizens, and legal entities without foreign capital. Open Government Initiative. Businesses operating in those parks do not receive any special tax treatment, but typically have access to ready-to-use production facilities, offices and lower office rent fees for years. Bank assets account for about 45 percent of GDP.|
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Under Moldovan law, foreign. Moldova's tumultuous political situation in hindered foreign investment. In early , the government successfully completed a $ million IMF program. Over the years, the Moldovan investment climate has considerably improved and the regulatory framework for FDI generally follows international practice.