Economic

Moldova Seeks Business Boom Through Innovation Push

Moldovan authorities are seeking to accelerate economic growth by fostering a business-friendly environment that attracts entrepreneurs and investors, while simultaneously stimulating the growth of innovative industries.

To achieve this goal, the government today approved the National Economic Development Strategy 2030, a roadmap designed to guide Moldova towards a flourishing economy. The strategy sets an ambitious target of achieving an annual Gross Domestic Product (GDP) growth rate of 8%, according to the Minister of Economic and Digital Development, Dumitru Alaiba. However, economic experts caution that substantial investments in infrastructure development, bureaucratic reforms to reduce red tape, and a crackdown on corruption are essential for the successful implementation of this strategy.

Building a Strong and Inclusive Economy for Moldova

Minister Alaiba emphasised that a robust economy translates into high-paying jobs, improved living standards, and greater income for Moldovan citizens. The National Economic Development Strategy 2030 serves as a blueprint to transform Moldova into a nation characterised by a strong, inclusive, green, and digitised economy. This economic model is envisioned to be resilient in the face of crises and well-prepared for eventual membership in the European Union.

Creating an Attractive Environment for Businesses and Investors

"The strategy calls for the expansion and diversification of the value-added services sector geared towards exports," Alaiba explained. "Furthermore, it aims to stimulate the development of an innovative industry focused on complex technological products with a high value proposition. The private sector, encompassing everything from small and medium-sized enterprises to large corporations, will reap significant benefits from the creation of a more stable and predictable legal framework for businesses to operate within."

Alaiba continued, "The international community and development partners will find a more robust partner in Moldova, a nation increasingly aligned with European standards and values. This strategy represents a unique opportunity to realise our European dream. It is not merely an economic plan, but a resolute commitment to building a brighter future for our citizens."

Investing in Key Areas for Sustainable Growth

Marin Gospodarenco, Executive Director of the "Economica" Analytical Center, underscored the importance of investing in several key areas to ensure the strategy's effectiveness in propelling Moldova's economic growth. He highlighted the need for professional development programs to enhance the skills of the workforce, alongside robust support initiatives for entrepreneurs.

"The implementation of this strategy hinges on critical actions to reduce bureaucratic hurdles, streamline regulations, and establish a stable and predictable legislative framework," Gospodarenco elaborated. "Combating corruption and fostering transparency within the public sector are paramount to creating a more favourable environment for businesses and foreign investment. Additionally, investments in infrastructure, particularly in transportation, energy, and technology, are crucial to supporting economic growth and bolstering Moldova's competitiveness. Granting tax breaks and offering other benefits to investors, especially in strategic and innovative sectors, will further incentivize investment."

Leveraging EU Recommendations for Strategic Planning

The National Economic Development Strategy 2030 incorporates recommendations outlined in the 2023 European Union Enlargement Report. The strategy advocates for balanced and realistic planning that takes into account Moldova's specific resources, socio-economic needs, and learnings gleaned from past strategic planning endeavours. The Ministry of Economic and Digital Development, as the designated authority responsible for crafting economic policies, will spearhead the implementation of the strategy.

Translation by Iurie Tataru

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