MOLDOVA
MOLDOVA
Moldova’s Fact File
Government building of Moldova Official Name:
Republic of Moldova
Terrain:
Location:
Eastern Europe
Natural resources: lignite, phosphorites, gypsum, arable land, limestone
rolling steppe, gradual slope south to Black Sea
Border countries: Romania 450 km, Ukraine 940 km Land use:
arable land: 54.52% permanent crops: 8.81% other: 36.67% (2005)
Transportation:
eleven airports, railway network: 1,138 km, road network: 9,343 km
Government Type: Republic Head of State: Head of Government:
Vladimir Filat, Prime Minister
Capital:
Chisinau
Population: Area:
Ethnic groups:
2
Marian Lupu, Interim President
Economy
€1,816 (2010 est.)
4,314,377 (July 2011 est.)
GDP per capita: Composition of GDP:
total: 33,851 sq km land: 32,891 sq km water: 960 sq km
Exports:
€1.05 billion (2010 est.)
Export commodities:
foodstuff, textiles, machinery
Moldovan/Romanian 83.7%, Ukrainian 6.6%, Russian 1.7%, Gagauz 4.5%, Bulgarian 1.7%, other 0.1%
Language:
Moldovan/Romanian (official), Russian, Gagauz (a Turkish dialect)
Religions:
Eastern Orthodox 93.3%, Jewish 1.4%, Baptist and other 5.3% (2000)
Climate:
moderate winters, warm summers
Geography:
landlocked; well endowed with various sedimentary rocks and minerals including sand, gravel, gypsum, and limestone
agriculture: 16.3% industry: 20.1% services: 63.6% (2010 est.)
Export partners:
Russia 23.77%, Italy 14.11%, Romania 12.74%, Germany 6.92%, Turkey 6.08%, Belarus 5.38% (2009)
Imports:
€2.66 billion (2010 est.)
Import Commodities:
mineral products and fuel, machinery and equipment, chemicals, textiles
Import Partners: Ukraine 19.9%, Romania 15.1%, Russia 14.52%, Germany 8.69%, Italy 5.7%, Belarus 4.38% (2009)
Content
Moldova AGRICULTURE
INTRODUCTION • Economy Achieves Strong GDP Growth in 2010 • “Rethink Moldova” Plan Wins Strong International Support
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BUSINESS & INVESTMENT OPPORTUNITIES • Moldova Open for Business • Global Funders Praise Moldova’s Progress, Investment Potential
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FINANCE & BANKING • Sound, Stable Financial Sector Underpinning Economic Growth • Universalbank • Association Serves as Advocate for Banking Industry • BCR Chisinau • Moldova Agroindbank
• Agriculture Key Engine of Growth
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HEALTH • International Partnerships Welcome as Healthcare Development Continues • Farmaco
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TOURISM 11 13 14 15 16
• Small Country with Vast Tourism Potential
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• Leogrand Hotel and Convention Center
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• “Olla” VIP Apartments – Real Estate Agency
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• Chateau Vartely
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Special thanks to:
ENERGY & GAS • Energy Sector Modernisation in Progress • National Agency for Energy Regulation • Promoting Energy Efficiency a Top Priority
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IT & TELECOM • Ministry Overseeing Effort to Position ICT as Key Economic Driver 22 • ANRCETI 23
CONSTRUCTION & INFRASTRUCTURE • Vast Investment Potential in Regional Development Projects • Beton Armat
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Project Managers: Michael Frisbie, Elliot Wood - Public Relations Coordinator: Marielle De Leener - International Media Director: Josée Kanne Editorial: Emily Emerson-Le Moing - Proofreading: Vicky Kox - Production Coordinator: Katrien Delamotte, Vicky Kox, Cindy Thys, Britt Weckx Head of Production: Fatima Darghal - Office Manager: Samira Darghal - Design: Martine Vandervoort, Carine Thaens, Johny Verstegen, Walter Vranken, Dirk Van Bun - Pictures Courtesy of: Cristian Tzecu, Ministry of Foreign Affairs and European Integration
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MOLDOVA
Economy Achieves Strong GDP Growth in 2010 Moldova’s economy has made great strides forward recently, growing by 6.9% in 2010, and the prospects for 2011 are strong. Vladimir Filat, Moldova’s Prime Minister, explains, “In addition, our negotiations on becoming part of the EU are moving forward and we have obtained funding from the EBRD for infrastructure reforms and for developing a legal framework which will facilitate investments. Moldova offers an outstanding business base with access to markets in both the EU and the CIS countries, and we have a fiscal system which is the most investor friendly in the region, with zero tax on reinvested income until 2013 and a 10% tax rate on profits after that.”
Moldovan people region’s best workforce
Vladimir Filat, Prime Minister & Herman Van Rompuy, President of the European Council
Investment promotion agency Invest Moldova cites the country’s 10 key investment attractions: a strategic location, affordable and qualified labour, attractive operating and living costs, access to the Black Sea through Giurgiulesti International Free Port, participation in international trade agreements, ongoing privatisation, tax incentives, a stable economy, openness to foreign investment, and an established logistics infrastructure.
© Elliot Wood
Chisinau Cathedral
Prime Minister Vladmir Filat adds that the best reason to invest in Moldova remains its people. “Moldovans make up the best educated and most highly motivated workforce in the region,” he says. Challenges for the future, he adds, include ensuring a stable election process and solving the Transnistria issue, which he describes as a regional problem. “We have the full support of our international partners and I hope that we will be able to solve this quickly through our joint efforts. Let me be clear: the solution to the Transnista problem is not in Brussels, Washington or Moscow but here in Chisinau.” Moldova’s Ambassador to the US and Canada, Igor Munteanu, recently expressed his own optimism in his country’s future. He said, “In the years since the collapse of the Soviet Union, Moldova has been emerging as a successful model transformation that combines genuine domestic will, with a clear vision and path forward, along with strong support from its main partners, the EU and the US.” Urging international investors to target opportunities in Moldova, Prime Minister Filat concludes, “Moldova is a European country with European citizens that aim to regain their natural place in the European community. We will put into place all the reforms and take all the necessary steps to reach and surpass EU standards. To do this we need partners, and Moldova’s success will go hand in hand with that of its partners.”
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Introduction
“Rethink Moldova” Plan Wins Strong International Support While Moldova remains Europe’s poorest country, its government is determined to change that through its ambitious “Rethink Moldova” National Development Plan, which aims to ensure sustainable economic growth and better quality of life. Iurie Leanca, Deputy Prime Minister and Minister of Foreign Affairs and European Integration, explains, “When the current government came to power, Moldova had an image of being Europe’s black sheep. Our goal is to change this image, to encourage the world to ‘rethink Moldova’, and we are on the right track. We are providing the right conditions for modernising the country, and we know exactly what we want: to become a normal, productive member of the EU community with the help of our EU partners.” Moldova’s current government, which came to power less than a year ago, faced daunting challenges, including a financial crisis which the previous government had not acknowledged and a lack of a coherent strategic plan. Deputy Prime Minister Leanca says, “Despite the difficult agenda, we were able to set up a reform programme. Its most important objective is to put Moldova back on track for normal development.” “Rethink Moldova” is a comprehensive effort to establish the right foundations for the Moldovan economy. Deputy Prime Minister Leanca explains, “The reform programme includes difficult spending cuts and increased tariffs (including on energy) but also significant increases in targeted social assistance to soften the effect on the poor, and efforts to improve the efficiency and quality of public spending. These fiscal measures have been flanked by an effort to deregulate and de-monopolise the economy and create new jobs. Key elements of the public system, including procurement and internal and external auditing, are being reformed in line with European standards.”
Donors give Moldova €1.9 billion in support of development plan International funding organisations have demonstrated their support for the current government.
Iurie Leanca, Deputy Prime Minister and Minister of Foreign Affairs and European Integration
Deputy Prime Minister Leanca says, “In March 2010, Moldova received a total of €1.9 billion from the EU, the US, the IMF, the World Bank and other donors. We received this because of the government’s very strong track record in its first six months in office and also because our new ‘Rethink Moldova’ programme demonstrates vision, new perspectives and new strategies.” The programme’s long term goal, according to its mission statement, is “to transform Moldova into a nation that is integrated with the EU and global economy, respects basic human rights and freedoms, has a competitive economy, is capable of delivering quality public services to all, regards the issue of poverty as a thing of the past, and has a dynamically improving international image.” The plan also calls for modernising and improving Moldova’s judicial system, combating corruption, ensuring stability, finding solutions for border issues, and settling the Transnistrian conflict. To promote economic development, the plan emphasises improving Moldova’s business environment, supporting small and medium sized enterprises, enhancing the efficiency of Moldovan companies, encouraging research and innovation, and upgrading infrastructure. Concerning human resources, the plan calls for creating jobs and improving educational and healthcare services. The plan also calls for creating regional economic
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MOLDOVA
Monument of Stefan cel Mare
development centres to complement Moldova’s existing urban hubs (Chisinau and Balti), and for decentralising public administration. Finally, the plan aims to establish a green Moldova through promoting pollution controls, energy efficiency and renewable energy. Moldova’s recent economic performance is impressive. Vladimir Filat, Moldova’s Prime Minister, announced in March this year, “Moldova’s GDP recorded a 6.9% increase in 2010, thus significantly exceeding the initial forecasts, and we have managed to keep inflation under control and substantially cut the budget deficit to 2.4% of GDP. These notable results were attained despite the challenges faced by our economy.”
textiles and energy as high potential investment opportunities in Moldova. He says, “Moldova is not poor because of its people; it is poor because of bad leadership in the past. What we need to do now is to set up the basics for a healthy economy in which we can build on our advantages, including our young, highly skilled and very low cost labour.”
Attracting international investors
Organic food is one outstanding investment prospect. Deputy Prime Minister Leanca says, “Moldova is still an agricultural country and we have great opportunities for investment in this sector. My dream is that Moldova will be known for organic food. Moldova has excellent soil, so if we are able to bring investment and experience into the country, I am convinced that we will find a niche in the European market.”
Attracting international investment is crucial for Moldova in reaching the goals of its “Rethink Moldova” plan. Deputy Prime Minister Leanca cites agriculture, information technology and other high tech sectors,
Addressing potential investors, Deputy Prime Minister Leanca concludes, “We will be able to face the challenges we have with the help of our partners in the EU, and Moldova will become a success story.”
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• Moldova Open for Business • Global Funders Praise Moldova’s Progress, Investment Potential
Business & Investment Opportunities
“We do not view foreign investors as merely sources of financing. For us, every investor is a development partner.” Valeriu Lazar, Deputy Prime Minister and Minister of Economy
MOLDOVA
Moldova Open for Business Moldova, which has made impressive progress in overcoming the effects of the global financial crisis, offers high potential opportunities for foreign investors. According to Valeriu Lazar, Deputy Prime Minister and Minister of Economy, Moldova achieved almost 7% GDP growth in 2010 and also increased its exports by 22.9% and its imports by 17.6%. Most sectors of economy recovered from the crisis that hit Moldova in 2009 and Moldova’s industrial output is expected to grow by 7.5% in 2011, driven by increasing external and domestic demand.
Valeriu Lazar, Deputy Prime Minister and Minister of Economy
Attracting foreign investment is crucial for Moldova in achieving its ambitious development goals, and Minister Valeriu Lazar says, “Moldova has several advantages which can be very beneficial for both investors and for the country itself. While Moldova is a very poor country by EU standards, it has enormous potential; we expect 4.8% annual GDP growth on average up to 2014. Moreover, we are focusing not only on quantitative indicators, but on the quality of economic growth. Moldova has firmly embarked on the path of structural reforms, addressing an economic paradigm based on export oriented production and entrepreneurial innovation.”
Diversified export markets and skilled, low cost labour To stimulate production activities geared to exports, the government has approved feasibility studies for nine new industrial parks whose resident companies will be able to count on the government’s support in developing new production facilities. In addition, Moldova has signed preferential trade agreements with both the EU and CIS countries. “This means that exporters from Moldova
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will have access to extremely diversified markets while also benefiting from our country’s highly skilled, low cost labour,” Minister Lazar points out. Moldova’s ongoing privatisation programme, which focuses on public private partnerships, is another draw for investors, and the government’s major infrastructure projects are also creating new investment opportunities. “We plan to build several hundreds of kilometres of national and international roads, and foreign companies can bid for the contracts for these projects,” Valeriu Lazar explains. The energy sector also offers outstanding investment potential in Moldova. Valeriu Lazar says that Moldova’s government welcomes the chance to assist foreign investors. He explains, “We do not view foreign investors as merely sources of financing. For us, every investor is a development partner. We need foreign investors’ expertise, performance management models, and know-how in order to modernise our economy. Moldova is open for business and eager to form more international partnerships.”
Business & Investment Opportunities
Global Funders Praise Moldova’s Progress, Investment Potential Moldova is receiving strong support from international funding organisations, including the World Bank and the IMF, in its drive to spur on its economic development and create more investment opportunities. Tokhir Mirzoev, IMF Resident Representative in Moldova, explains that the IMF has provided Moldova with a € €389.6 million loan which is half financed by an extended credit facility and half by an extended fund facility; this financial support aims to assist the government and the central bank in their efforts to maintain macroeconomic stability. “We design programmes that promote economic growth and stabilise the currency,” he says. The IMF is pleased with Moldova’s performance to date. Tokhir Mirzoev explains, “The authorities have finally embarked on a path towards decisive steps of economic and European integration. Public finances are gradually being brought in order, monetary Tokhir Mirzoev, IMF policy is reining in inflation, the Resident Representative in Moldova debt situation is manageable, and a lot of structural reforms are being rolled out.” He cites the wine, textiles and auto parts sectors as particularly open to FDI. Challenges to be faced include continuing to improve the business climate and reform the public sector, strengthening the judicial system, and upgrading education and training. Tokhir Mirzoev adds, “The first engine of growth we have seen is domestic demand fuelled by remittances. Developing a second engine is critical for this economy to secure long term growth, and we view this as the export sector.”
World Bank-Moldova country partnership strategy on track Connie Luff, the World Bank’s Country Manager for Moldova, says that the bank has established a country partnership strategy with Moldova for the
Soroca Fortess
period 2009 to 2012 which focuses on increasing Moldova’s competitiveness and protecting the more vulnerable segments of the population, including students. Connie Luff points out that a lack of educational opportunities and Connie Luff, jobs causes many Moldovan young Country Manager people to leave the country to find World Bank work abroad. “The country strategy aims to ensure that workers will be able to have the same quality of life in Moldova as in Europe, so that they will stay and help develop the country,” she says. The strategy also aims to stimulate foreign investment as an engine for growth. Improving transport infrastructure, streamlining customs and border crossings, developing energy efficiency and promoting good governance and transparency are other goals. The World Bank praises Moldova’s progress to date. Connie Luff concludes, “Moldova’s country strategy is very much on track and the country is very close to being eligible for IBRD support.”
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Finance & Banking
“We have good legislation and we provide information to help investors make good choices.� Veaceslav Negruta, Minister of Finance
Finance & Banking
Sound, Stable Financial Sector Underpinning Economic Growth Moldova’s financial sector is evolving rapidly, according to Veaceslav Negruta, Minister of Finance. He explains, “We are communicating to the Moldovan people that the government is focusing on EU integration and on creating more opportunities for domestic and foreign investors in Moldova.” “As for our financial sector, we did not allow foreign banks in Moldova in 2009 and now we have changed all that. Investors are increasing their capital in our banking system. We are also moving forward in the privatisation process, including privatisation of Moldtelecom, and now we have only one bank which is 56% state owned. Société Générale has entered the market, and increased competition has boosted the quality of the banking sector for all.” The Ministry of Finance is doing its part to enhance Moldova’s attractions for foreign investors. “We have good legislation and we provide information to help investors make good choices. In addition, Moldova’s zero percent tax on reinvested profits is a very good incentive for investors,” Veaceslav Negruta points out. The government has also abolished a number of laws which impeded export activities in Moldova. Minister Negruta notes, “Any company involved in imports and exports is doing much better now.” He adds that special tax benefits are available to investors in information technology, a sector which is now growing particularly strongly. Adding to Moldova’s investment appeal is that it has considerably improved its financial sector transparency. The EBRD, the IMF and the World Bank have all demonstrated their confidence in Moldova by launching major programmes there in which transparency is guaranteed, and this openness has benefited the sector overall. In addition to financial support from the IMF geared to helping the government maintain macroeconomic stability and a country partnership programme with the World Bank, Moldova has received support from the EBRD which specifically targets the financial sector.
Veaceslav Negruta, Minister of Finance
EBRD programme boosting financial sector In 2008, the EBRD launched a framework facility for Moldova budgeted at €70 million through which the EBRD’s partner financial institutions in Moldova benefit from a full range of financial products from the EBRD, including mortgage financing, credit lines for small and medium sized enterprises, consumer finance, energy efficiency credit lines, leasing finance, guarantee facilities, syndicated loans, subordinated debt and equity
Government building of Moldova
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MOLDOVA
investments. The framework also aims to increase banks’ operational efficiency and competitiveness. As the support from international funding organisations reflects, since 1993 Moldova has maintained an efficient, stable, two tiered banking system based on the National Bank of Moldova (the country’s central bank) and commercial banks. The Moldovan banking sector has long been considered to be one of the strongest among former Soviet economies. The National Bank of Moldova, established in 1991, is autonomous and independent, and has an excellent track record in creating a world class monetary and foreign exchange policy, regulating financial institutions, supervising the financial sector in line with Basel Committee standards, providing credit to banks, facilitating payment systems, issuing currency, holding and managing foreign exchange reserves, and settling the country’s balance of payments. Increasingly, the National Bank of Moldova is relying less on exercising direct controls and instead on utilising indirect methods based upon market mechanisms. The National Bank of Moldova’s regulatory system was developed with technical assistance from the IMF and the USAID, and its main norms are in line with, or – concerning capital adequacy and loan provisions – even stricter than Basel prudential norms. The National Bank of Moldova’s regulation on risk based capital adequacy establishes minimum capital requirements for all commercial banks licensed in Moldova. The National Bank of Moldova’s regulations stipulate that all banks in Moldova must have increased their capital to MDL100 million (€5.91 million) by the end of 2010, MDL150
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million (€8.86 million) by the end of this year, and MDL200 million (€11.8 million) by the end of 2012.
Strong recovery from crisis The National Bank of Moldova’s efficient supervision of the financial sector is one reason Moldova’s economy is rapidly recovering from the global crisis. Prices of state securities rose by around 155% in the first nine months of 2010 compared to the same period in 2009, and Moldovan banks’ total credit portfolio rose by around 10% in 2010 compared to 2% in 2008. Igor Munteanu, Moldova’s Ambassador to the US and Canada,
recently pointed out, “In 2010, the Moldovan economy registered an annual growth rate of 6.3%, to the surprise of international financial institutions, which confirmed the positive signs of the post crisis economic recovery in our country. Around 55% of Moldova’s exports went to the EU last year, and the trend is growing this year, with the prolongation of the Autonomous Trade Preferences regime to Moldova until 2015, when we hope it will be replaced by a full free trade agreement with the EU.” As Minister of Finance Veaceslav Negruta observes, “Investors in Moldova can benefit not only Moldova but also themselves.”
Finance & Banking
Universalbank
Local Bank Leads the Way in Cutting Edge IT Services Universalbank lives up to its name by offering a wide range of world class universal banking services for individual and corporate clients. The bank has placed a particular focus on e-banking services and invested €2.5 million in establishing cutting edge information technology infrastructure. “Through this investment, we modernised the bank and replaced our software and technical equipment. We are concentrating on improving our customers’ access to banking services rather than broadening our territorial network. We are the only bank in Moldova which gives its clients the chance to pay their interest on loans using their VISA cards rather than coming to the bank,” says Oxana Demidevschi, Chairman of the Board. Universalbank is also Moldova’s only bank which does not charge a commission on payments of its customers’ energy and water bills. “Online payments have risen from about US$20,000 (about 236,000 Lei) per month in 2010 to over US$1 million (about 11,800,000 Lei) per month this year. This proves that the people of Moldova are ready for modernisation in the banking sector, and Universalbank is paving the way,” Oxana Demidevschi points out. The bank is currently expanding the reach of its services and adding even more online and credit card payment options to its portfolio. Universalbank continues to seek capital to make additional investments.
Loyal client base Universalbank is particularly focusing on serving small and medium sized enterprises, for example in Moldova’s agriculture sector, and it assists customers in developing strong business plans for their companies. The bank is known for its transparency and has built up a very loyal client base thanks to its commitment to customer service and its modern infrastructure. “We have very qualified staff, and we have many individual customers whose companies also bank with us. Our clients have a sense of ownership in Universalbank and in its future,”
Oxana Demidevschi, Chairman of the Board
Oxana Demidevschi explains. Thanks to its recent investments, Universalbank can handle a 70% increase in its client base without having to add more staff. Oxana Demidevschi advises international investors to look into opportunities in Moldova and to trust Universalbank for their banking needs. She says, “This country’s potential is huge. We just need to wait a short time before investments begin to generate profits. Our management and staff have been through the Soviet times and the economic crisis, and our risk management analyses are more thorough than in other countries. Universalbank guarantees customers the high quality banking services they would find elsewhere in the EU.”
180 blvd. Stefan cel Mare 2004 Chisinau Tel: +373 22 269 700 office@mail.universalbank.md www.universalbank.md
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© Cristian Tzecu
MOLDOVA
Architectural detail of a modern building situated on the Stefan cel Mare Boulevard, corner with Ismail Street, Chisinau
Association Serves as Advocate for Banking Industry The Moldovan Banks Association (ABM), founded in 1993, plays a key role in Moldova’s economy. Dumitru Ursu, Chairman, explains, “The Moldovan Banks Association main mission is to represent and defend the interests of its members, to promote best practices in the Moldovan banking sector, to generate solutions for the problems the banking industry is facing, and to implement a close collaboration between Moldovan banks and public authorities, international institutions and the banking associations of other countries.” Since 2008, the ABM has been an associate member of the European Banking Federation and a member of the Coordinating Council of GUAM Banking Associations.
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Dumitru Ursu, Chairman
Dumitru Ursu points out that the association supports all banks in the Moldovan banking community, regardless of their size and market share. The ABM has established a number of committees of experts to deal with diverse issues of interest to the banking sector, from combating money laundering to implementing new IT, and through these committees all members of the
Finance & Banking
BCR Chisinau Local Bank Ideal Partner for Foreign Investors
association are kept up to date concerning the latest developments. The ABM also regularly organises meetings to bring its members together to discuss various subjects.
Banking sector remained stable in 2010 A recent priority for the ABM has been to help the banking sector survive the effects of the global economic crisis. The association’s 2010 annual report observes, “Certainly, 2010 was a year of challenges for the banking sector. However, the lessons have been learned and banks have successfully adjusted to new economic conditions and rules. Thus, despite several constraints arising from an unfavourable economic environment, during 2010 Moldova’s banking system has maintained its stability. Banks have resumed lending and interest rates have registered a downward trend. Moreover, in 2010 Moldovan banks were able to improve their profitability indicators compared to 2009.” The report also notes that there is always room for improvement. It states, “The ABM pleads for more competitiveness in the Moldovan banking system, better transparency in lending, improved dialogues between banks and their clients, and a more developed culture of finance within the general public.” The ABM believes that these goals can only be achieved through constructive partnerships between the banking community and Moldova’s government, business sector and general public. The report concludes, “No less important is the solidarity of the association’s members. From this perspective, the role of the Moldovan Banks Association has particular importance since it serves as the representative body and defender of the Moldovan banking industry.”
BCR Chisinau specialises in supporting investors in Moldova and in spurring on the development of the Moldovan economy. Owned by BCR (Romania), part of the Erste Bank Group of Austria, BCR Chisinau began operating in 1998 and now has five branches and agencies and more than 12,000 customers in the Republic of Moldova. BCR Chisinau is currently enlarging its network of branches and agencies and is developing new products and solutions for its clients based on Erste Bank Group best practices. The EBRD has awarded BCR Chisinau a €7 million loan to provide financing for Moldovan companies undertaking energy efficiency investments. The loan is part of the EBRD’s €20 million Moldova Sustainable Energy Financing Facility. Concerning the EBRD’s choice of BCR Chisinau, the bank’s Chief Executive, Sorin Andrei, explains, “EBRD recognises that BCR Chisinau demonstrated a strong commitment to Moldova and that we share the EBRD’s goals for energy efficient, sustainable economic growth.” Sorin Andrei urges foreign investors to look into opportunities in Moldova. He says, “Everything needs to be rebuilt here, such as infrastructure and energy, but many sectors offer very good potential, such as ICT, energy and food processing. Moldova has a young, hard working, receptive workforce, and new regulations have streamlined the process of starting a business. BCR Chisinau is ready to serve as a local partner for investors, not only as a banker but also as a consultant.”
BCR Chisinau SA Puskin 60/2. street 2005 Chisinau Tel: +373 22 85 20 00 info@bcr.md www.bcr.md
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MOLDOVA
Moldova Agroindbank
History, Achievements, Perspective Throughout the 20 years of its existence, Moldova Agroindbank (MAIB) has held leading positions in the Moldovan banking market. The bank’s impressive success story is the result of a correctly chosen business strategy based on individualised and efficient services targeted to both corporate and retail customers. A professional, dedicated and enthusiastic team; the right strategies; and competent management have determined the spectacular transformation of MAIB from an agricultural bank (a successor of the Agro-Industrial Bank of the USSR) into a modern, universal bank with a distinct value, remarkable financial results and a prudential style of business management.
Highest market shares in key indicators MAIB is the most profitable bank in the Moldovan system, with the highest market shares in key indicators. As of the end of 2010, MAIB held a 19.8% share of total assets in the Moldovan banking market, along with a 21.3% share of total loans and a 19.2% share of total deposits. By the end of 2010, MAIB had established solid relations of collaboration with 600,000 customers – a record among Moldova’s commercial banks. MAIB has 70 subsidiaries, 24 representative offices and 132 ATMs throughout the country. The bank applies the latest high-technology solutions, often unique ones in the
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global economic situation, which affected our country as well, the business of Moldova Agroindbank has a durable basis for development. Our model proves that successful business is possible in this market, too. Together with foreign partners choosing to invest in Moldova, I am sure that we will be able to change the country,” Natalia Vrabie says.
Natalia Vrabie, President
local market, in order to provide the best services for its customers, especially at a distance. Services include Internet banking m@ib, the MAIB Info Centre, online customer service, ATM banking, a 24-hour self service centre and more. MAIB has established partnerships with a number of international financial institutions, including the World Bank, the Black Sea Trade and Development Bank, the European Fund for Southeast Europe, USAID, Western NIS Enterprise Fund and others. The bank’s remarkable achievements have often received international recognition, including in 2010 when Finance Central Europe named Moldova-Agroindbank the best bank of the decade. MAIB’s President, Natalia Vrabie, says that the bank’s potential offers it significant possibilities to support foreign investors in Moldova. “We can ease the way for foreign companies that come here; we can help them make their businesses profitable. Despite the difficult
This year the bank celebrates its 20th anniversary, as the Republic of Moldova commemorates the 20th anniversary of its independence. MAIB has not been merely a simple observer in the process of establishing a modern Moldovan state, but rather has always remained close to the Moldovan people, offering more and more new services and products that met their needs at various stages. MAIB has contributed significantly to the consolidation and development of Moldovan society in general, to deepening relations with external financial partners, and implicitly to the promotion of Moldova’s image at the international level. This is why today Moldova Agroindbank is seen in Moldova not only as the most prosperous and stable bank, but also as an indispensable attribute of the country’s present.
Moldova Agroindbank 9, Cosmonautilor street 2006 Chisinau Tel: +373 22 22 27 70 +373 22 85 65 65 aib@maib.md - www.maib.md
• Energy Sector Modernisation in Progress • Promoting Energy Efficiency a Top Priority
Energy & Gas
““We are restructuring our energy sector, and with the support of the EBRD and the World Bank we are planning several major energy projects.” Valeriu Lazar, Moldova’s Deputy Prime Minister and Minister of Economy
MOLDOVA
Energy Sector Modernisation in Progress Moldova’s energy sector is developing rapidly. Valeriu Lazar, Moldova’s Deputy Prime Minister and Minister of Economy, explains, “We are restructuring our energy sector, and with the support of the EBRD and the World Bank we are planning several major energy projects while continuing to modernise our thermal energy infrastructure and expand our energy production, including of renewable energies. These are all real projects which are receiving massive support from the Moldovan government and are open to foreign investors.” The Ministry of Economy has announced that Moldova will receive €42.6 million from the EU to support energy sector development. Moldova took a giant step forward when it became a member of the European Energy Community (EEC) in May 2010; this year, Moldova was chosen to act as the EEC’s Chairman. Joining the EEC required Moldova to make a number of key reforms in its energy sector, including implementing a new gas law, ensuring a transparent energy market, applying EU criteria and creating new opportunities for investors in the energy sector. “As a small country with restricted energy resources, there are no alternatives to regional coop-
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eration. Moldova is happy to be on board in the EEC,” says Valeriu Lazar.
Major cross border energy projects Minister Lazar notes that Moldova will participate in two new EEC energy projects connecting Moldova and Romania: a €57 million power line and the €19 million, 36 km Ungheni-Iasi gas pipeline. Both projects will receive funding from the EBRD and the EIB. Concerning renewable energies, the Moldovan government and the UN Development Programme have jointly launched the four year Moldova Energy and Biomass Project. The ambitious initiative aims to set up markets for biomass technologies and bio fuels, provide renewable sources for local heating and power in Moldova, create jobs and help reduce Moldova’s dependence on imported energy. Producing bio energy from agricultural waste products is seen as having strong potential in Moldova, and the Ministry of Economy aims for renewable energy to account for 20% of Moldova’s energy production by 2020. In May this year, the Japanese government offered to support Moldovan energy efficiency programs. There will be feasibility studies to determine the best places and kinds of renewable energy production to be launched.
Energy & Gas
National Agency for Energy Regulation
Agency Enhancing Energy Sector’s Investment Appeal Moldova’s National Agency for Energy Regulation (ANRE), established in 1997, is working hard to bring the Moldovan energy sector up to the highest international standards. The independent agency regulates all economic and commercial activities involving electricity, natural gas and petroleum products in Moldova; it also issues licences, promotes an appropriate tariff policy and ensures that consumers’ rights are protected. Victor Parlicov, Director General, explains, “In Moldova’s energy sector, there are two major institutions: the Ministry of Economy, which is responsible for developing the national energy strategy and managing state owned companies, and ANRE – we do the rest.” ANRE operates transparently in its efforts to improve the regulatory environment for Moldova’s energy sector to help attract investment. Victor Parlicov, who has been elected as a member of the Presidium and Vice Chairman of the Energy Regulators Regional Association (ERRA) – an organisation comprising over 30 energy regulation institutions from almost the same number of countries – says that Moldova needs at least €500 million in investments in its energy sector, and ANRE has played a key role in making the energy sector more investor friendly by guaranteeing rates (rare in the
ture, Moldova will be eligible to join the European Network of Transmission System Operators (ENTSO-E and ENTSO-G), a major step forward for the country, and a key element in developing open, transparent, competitive and investment driven energy markets.
Victor Parlicov, Director General
region) and offering good returns. He adds, “As the energy regulator, our task is to clarify Moldova’s stance on energy and to encourage all players to work together to promote the opportunities available.”
Key energy transport hub Moldova already serves as a key energy transit hub, transporting around nine times more energy than it consumes, and it has ensured its energy security for at least the next five years. Current projects include strengthening the interconnections between Moldova and Romania, both in terms of gas pipes, thus accessing the presently strengthening regional gas network, as well as high-voltage electricity grid, which will provide access to alternative energy sources, and enhance Moldova’s role as an electricity transit centre. The EBRD has provided support for Moldova’s expansion of its energy grid. Putting in place this new energy infrastruc-
ANRE is currently working with the Missouri Public Services Commission to upgrade its information systems and to enhance transparency. “I believe in a couple of years ANRE will be a model institution in public service in Moldova,” Victor Parlicov says confidently. He adds, “The role of an energy regulator is to foster investments through giving a good rate of returns, which we do. Unlike in other infrastructure sectors, we can offer investors around 15% guaranteed returns. ANRE is stable, independent, and dedicated to serving as a model energy regulator in the region. Now is the time for investors to target Moldova’s energy sector. Investors will not only benefit from high returns, but will also be regarded as long term partners in Moldova’s pursuit of modernisation and rapid development.”
National Agency For Energy Regulation 90 Columna Street 2012 Chisinau Tel: +373 22 54 13 84 www.anre.md
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MOLDOVA
Promoting Energy Efficiency a Top Priority With limited energy resources, Moldova imports around 90% of its energy, and these imports account for around one third of the government’s budget per year. To cope with this burden, in February 2011 the government launched an ambitious Sustainable Energy Action Plan in partnership with the EBRD. The initiative builds on the €20 million financing facility for Moldova which the EBRD initiated last year; it included a €7 million loan to commercial bank BCR Chisinau for loans to Moldovan companies undertaking energy efficiency investments. The financing facility is designed to provide financial support for investors in energy efficiency projects in Moldova. Loans range from a few thousand euros up to around €2 million, with the amount of support depending on the size of the project and the amount of energy savings it will generate. The action plan provides a framework for cooperation between the EBRD and Moldova in improving the environment for sustainable energy investments in various sectors of the country’s economy, such as power and energy, industry, agriculture, municipal and environmental infrastructure, and the property sector, including housing. The plan also aims to strengthen Moldova’s national energy security, address regional imbalances, improve industrial competitiveness and reduce the level of Moldova’s greenhouse gas emissions. The EBRD is already helping Moldovan authorities develop legislation on energy efficiency in buildings, a first in the former Soviet bloc.
Setting the foundations for sustainable growth “The Sustainable Energy Action Plan for Moldova will set the foundation for a vast engagement on behalf of the EBRD and of the Moldovan government to contribute to Moldova’s sustainable growth, economic diversification and competitiveness through the implementation of advanced efficiency technologies,” says Olivier Descamps, EBRD’s Managing Director for Turkey, Eastern Europe, the Caucasus and Central Asia.
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Olivier Descamps, EBRD’s Managing Director
The Moldovan government approved a draft law on energy efficiency last year which focuses on meeting all EU criteria for best practices in the energy sector. Deputy Premier and Minister of Economy Valeriu Lazar says that the purpose of the law is “to create prerequisites for improving the efficiency of energy consumption and reduce energy losses, promote the use of renewable energy sources, implement new energy programmes and energy efficiency measures, and develop capacities for energy production and fuel from renewable sources.” In another step forward, Moldova recently became the first non EU member country to implement the European Energy Manager Programme (EUREM), which focuses on training local specialists in energy efficiency and alternative and renewable energy resources which meet EU standards.
• Ministry Overseeing Effort to Position ICT as Key Economic Driver
IT & Telecom
“We have devoted a huge effort to liberalising the ICT sector, which has created many new attractions for investors.” Pavel Filip, Minister of Informational Technologies and Communications
MOLDOVA
Ministry Overseeing Effort to Position ICT as Key Economic Driver The Ministry of Informational Technologies and Communications is involved in all aspects of Moldova’s development, given the increasing importance of ICT to every economic sector. It is also playing a major role in stimulating the country’s GDP growth since ICT is a key driver of the Moldovan economy. As Pavel Filip, Minister of Informational Technologies and Communications, points out, “Our ministry is the government agency dealing with ICT in Moldova. This ministry’s mission is to develop, manage and implement strategies and policies regarding ICT in Moldova and to make sure that the government has the information resources it needs. We are very involved in developing projects, including ones with EU participation.” Moldova has already liberalised its ICT sector, and further liberalisation is planned. The ministry is currently completing an ICT development strategy for 2011 to 2014 which covers all aspects of Moldova’s ICT activities.
Focus on e-government Implementing more e-government services is a priority in the new strategy. “We have already invested some €1.4 million in new e-government services as part of a €14 million support package from the World Bank. We are very ambitious concerning our e-governance development. The €14 million project is just the beginning,” Minister Filip explains. Moldova launched its Government Electronic Transformation project in 2010, becoming the first country to take part in the World Bank’s Government Electronic Transformation initiative. Minister Pavel Filip explains that the ministry aims to ensure that Moldova’s public services are as transparent as possible, which will help to boost local and foreign investors’ confidence in Moldova. “Implementing e-government is the government’s major priority as it constitutes one of the solutions for efficient and accessible administration of different areas. Our ministry is playing a decisive role in this
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Pavel Filip, Minister of Informational Technologies and Communications
effort,” he says. The ministry is co sponsoring the Moldova ICT Summit/Moldova eGov Summit, which will be held in May this year. Moldova will continue to enhance its regional ICT links, according to Minister Pavel Filip. He says, “We now have fibre optic connections with other countries, which is a big improvement over what we had previously.” The Ministry of Information Technology and Communication has launched a broadband development programme for 2010 to 2013 and is in discussions with Microsoft and Hewlett-Packard concerning additional projects in Moldova. Minister Pavel Filip concludes, “We have devoted a huge effort to liberalising the ICT sector, which has created many new attractions for investors.”
IT & Telecom
ANRCETI
Telecom Regulator Making Progress in Opening Up ICT Market Moldova’s telecom regulator, the National Regulatory Agency for Electronic Communications and Information Technology (ANRCETI), is working with the government to liberalise the national information and communications technology sector and to encourage international competition. ANRCETI has already made significant progress. Sergiu Sitnic, Director, explains, “Beginning in 2008 when Moldova instituted new telecom regulations, we have been steadily making advances in the ICT sector, including simplifying procedures for new operators entering the market, which can now be accomplished in only seven days. Our goal is to make Moldova more attractive as an investment target, and we will have a range of new measures in place by the end of this year to promote investment.” These measures include giving private operators guaranteed access to national telecom infrastructure, including broadband Internet connections, via national provider Moldtelecom. Also, the direct access to international Internet is ensured for private operators. Thanks to new regulations pushed forward by ANRCETI, private operators have acquired around one third of the national Internet market, and this share is expected to continue to grow. The penetration rate of Internet access services, per 100 people, undergoes 50% annual growth. Sergiu Sitnic points out that in its role as Moldova’s ICT regulator, ANRCETI can impose obligations on operators with significant market power in order to ensure a truly open ICT market. Such obligations include fair interconnection rates, open network access, transparency, freedom from discrimination and cost-oriented prices. One project for ANRCETI is to offer mobile number portability in Moldova by 2012. This year, the agency will complete the regulatory framework for this effort and offer a tender for an entity to create and administer a centralised data base. By 2013, ANRCETI plans to offer number portability in fixed networks.
Sergiu Sitnic, Director
ANRCETI, founded under an agreement with the World Bank, has received support from international funding organisations. The EBRD provided €900,000 in funding for the telecom sector that ANRCETI is using for staff training and other efforts to help Moldova’s ICT sector meet EU standards. ANRCETI welcomes more private sector players in Moldova’s ICT sector. Sergiu Sitnic says, “Moldova’s mission is to develop a knowledge based economy, including e-government. ANRCETI is contributing to this by working towards achieving the goals of the ‘Electronic Moldova’ strategy we launched in 2005, which focuses on making Moldova’s ICT sector more attractive for foreign investors.”
National Regulatory Agency for Electronic Communications and Information Technology 134 Stefan cel Mare bd. - 2012 Chisinau Tel: +373 22 25 13 16 - office@anrceti.md www.anrceti.md
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Construction & Infrastructure
“Moldova is open to investors and visitors and we will do everything within our power to make sure they will achieve their goals here!� Marcel Raducan, Minister of Regional Development and Constructions
Construction & Infrastructure
Beton Armat Vast Investment Potential in Regional Local Market Leader Development Projects Aiming to Revive Moldova’s Ministry of Regional Development and Constructions is establishing and driving forward Moldova’s rural development programmes. As Minister of Regional Development and Constructions Marcel Raducan explains, “The main objective of Moldova’s regional development policy that has been implemented by the ministry is to minimise any imbalances in economic and social environment around the country.”
Marcel Raducan, Minister of Regional Development and Constructions
Minister Raducan notes that Moldova’s budget for regional development this year totals €7.95 million (MDL135 million), which is around 1% of the state’s revenues augmented by financing provided by international donor organisations.
International investment conference in October 2011 Regional development projects represent an opportunity for high potential public private partnerships. Minister Raducan explains, “Priority will be given to projects that will last for up to 24 months, in such fields as rehabilitation of infrastructure, diversification of the economy and support to the private sector, improvement of the environment, and tourism attractiveness.” To get these projects off the ground, the Ministry of Regional Development and Constructions is partnering with representatives of the EU and foreign embassies in Moldova as well as with an agency that will organise a public awareness campaign. Minister Marcel Raducan says, “In October 2011, we will organise an international conference on regional development in Moldova and we will present all the investment opportunities Moldova has to offer.” He concludes, “Moldova is open to investors and visitors and we will do everything within our power to make sure they will achieve their goals here!”
Construction Industry Beton Armat, in business for 55 years, is Moldova’s local leader in the production and local sales of construction materials. The company specialises in a type of concrete used in every building in Moldova. Vasile Gavrilita, Director General, says that while Beton Armat, like all construction companies, has experienced a downturn because of the recession, he expects revenues to pick up again as the economy recovers. While Beton Armat is currently focusing on reviving the local construction sector, Vasile Gavrilita still welcomes the chance to form productive international partnerships. “We have worked with a German firm and I have met with potential suppliers and partners in France,” he explains. Vasile Gavrilita praises Prime Minister Filat’s efforts to ensure Moldova’s sustainable economic development, and points out that a construction sector revival is crucial for Moldova not only for job creation but also to spur on the infrastructure projects the country urgently needs. He says, “With Moldova aiming to join the EU, it is critical that we rehabilitate our roads, which are simply not up to European standards. Joining the EU would bring Moldova additional funding and potential business for Moldovan firms.” Beton Armat is ready to lead the way in rebuilding Moldova.
SA BETON ARMAT Nr. 4 Str. Uzinelor 12 2036 Chisinau Tel: +373 22 47 10 06 info@betonarmat4.md www.betonarmat4.md
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Agriculture
“We want to boost our wholesale markets and increase our exports of value added agricultural products.� Vasile Bumacov, Minister of Agriculture and Food Industry
Agriculture Key Engine of Growth While other countries may be worried about potential food shortages, Moldova is ready to provide top quality agricultural and food products not only to Moldovans but to consumers in other countries. As Vasile Bumacov, Minister of Agriculture and Food Industry, explains, “The world’s growing population is like a gift to Moldova. Because of the growing demand for wheat, for example, our wheat farmers are finally making a profit. As agricultural products become more and more necessary in the future, Moldova – once known as the garden of the Soviet Union – will be ready to capitalise on this opportunity. First, however, we must modernise our economy and be more efficient.” Apples, cherries, peaches, walnuts, plums and prunes, and wine are agricultural products with particularly strong potential in Moldova, Minister Bumacov believes. The Moldovan wine industry, for example, has already been the target
80% of its wines and vegetables to CIS countries, but around 50% of its walnuts are exported to France and around half of its prunes are exported to Germany. “We need to increase the variety of products that we export to markets other than Russia. We are focusing on adapting to the EU market,” Minister Bumacov says.
Vasile Bumacov, Minister of Agriculture and Food Industry
of extensive modernisation and its wines meet international standards of quality. Minister Bumacov points out, “Investing in wine grapes is the future for Moldova. Chateau Vartely is playing a key role in Moldova’s agriculture sector by demonstrating the potential of the country’s wine industry. Chateau Vartely produces a variety of world class wines which have already achieved success in international markets. We are passionate about our wines,” says Andrei Hangan, CEO.”
Boosting exports to EU Moldova has been diversifying its export markets for agricultural products. It still exports around
Moldova’s agriculture sector also needs more greenhouses, cold storage facilities, logistics services and food processing plants. Minister Bumacov explains, “We want to boost our wholesale markets and increase our exports of value added agricultural products.” Moldova’s agriculture sector has received strong support from international funding organisations, including the World Bank, the EBRD and the USAID. Now the sector needs private investment. Minister Bumacov concludes, “Locals cannot do it on their own. The government of Moldova is trying, through new policies and incentives, to attract the right kind of investors. Moldova has the soil and climate to produce high quality agricultural products, and we can double or triple our agricultural revenues with the right support.”
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Health
“We are ahead of neighbouring countries in reforming and transforming our healthcare system.� Andrei Usatii, Minister of Health
Health
International Partnerships Welcome as Healthcare Development Continues Major upgrades to Moldova’s healthcare system are underway through ambitious programmes overseen by the Ministry of Health. As Andrei Usatii, Minister of Health, points out, “We are ahead of neighbouring countries in reforming and transforming our healthcare system. We have achieved the average EU number of beds and reduced the number of hospitals from an excessive 362 in 1998 to 67 today. We have also placed strong emphasis on primary healthcare. Now we need investments and new technologies to help us achieve our remaining goals.
New healthcare law encourages private investment With the support of the World Bank and international experts, the government has devised the National Plan for the Hospital Sector, and Moldova is receiving financial support from the EU for improving primary healthcare services. Minister Usatii says, “We have also created a new healthcare law that Andrei Usatii, Minister of Health encourages private investment in the healthcare sector. We are issuing tenders for partnerships, including one very soon to build intensive care facilities. Moldova has already made the difficult and painful changes that were necessary to build the foundations for a modern healthcare system, and the government’s efforts have been recognised by the World Bank and other international organisations. Minister Usatti concludes, “We have completed studies to help us determine the right directions for Moldova’s healthcare development, and we are working on improving the quality and availability of our healthcare services.
Farmaco Leading Supplier of Pharmaceuticals Aiming to Boost Exports Farmaco is Moldova’s fourth largest pharmaceuticals company and the country’s main supplier of pharmaceuticals. With 72 years of experience, Farmaco has developed a diverse portfolio of 160 products which include antibiotics, infusion solutions, capsules, tablets, syrups and ointments. Farmaco is owned 94% by the government of Moldova but its planned privatisation will represent an outstanding investment opportunity since Farmaco is a well established, thriving Moldovan leader with strong export potential. Farmaco is currently expanding its export markets. “We are already present in Romania and Russia and we are actively exploring other markets, since the Moldovan pharmaceuticals market is saturated. For example, within five years, we aim to be operating in all the CIS countries and exporting around 30 products,” explains Vladimir Simionov, Director General. He adds, “The biggest challenges for us are the markets of China and India, especially China, with its very competitive labour costs.” Farmaco has been investing in new technologies and equipment and is looking into expanding its production facilities to meet growing demand as it expands its export markets. It is also working towards certification from the European Medicines Agency to export to the EU. Farmaco has partnered with Italian firm CSV Life Science and welcomes more partnerships that “will help put Moldova and Farmaco on the international map,” Vladimir Simionov says. He adds, “Our priority at the moment is to venture into new markets and expand in the markets where we are already operating.”
PENTRU SĂNĂTATEA TA IM Farmaco Str. Vadul lui Voda 2, Chisinau +373 22 87 82 21, info@farmaco.md, www.farmaco.md
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Tourism
© Cristian Tzecu Cathedral of Christ’s Nativity, main cathedral of the Orthodox Church in downtown Chisinau
Small Country with Vast Tourism Potential Moldova is a small country with great tourism investment potential. The Moldovan Tourist Board provides services for international visitors and has a web site with up to date information on visiting the country, and the Moldovan government has singled out a number of high potential opportunities for investors in the tourism sector.
Rural tourism, wine tours These include rural tourism, taking advantage of Moldova’s varied, unspoiled landscapes and well developed agriculture sector. Rural accommodations, ecotourism facilities and services, facilities to market Moldovan handicrafts in rural areas, and support for Moldovan folklore and traditions are a few of the possibilities. Wine tourism is another growth area. Moldova has been renowned for its wines for centuries and vineyards are found throughout the country. More and more of Moldova’s wineries – including around 50 wineries near Chisinau – are opening their doors to visitors who can not only taste wines but also see a winery in action.
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MOLDOVA
Moldova has already developed “The Moldovan Wine Road” initiative which highlights the country’s wines and wineries, and national carrier Air Moldova offers wine tours to its passengers on the Moscow-Chisinau route. Moldova regularly organises wine festivals to promote travel and tourism and the winemaking traditions of Moldova. Moldova’s tourism leaders would like to see more international travel companies include Moldova on their European wine tours.
Cultural tourism, spas Moldova also offers great potential for cultural tourism. The country still has many architectural landmarks from its long history, including medieval fortresses, ancient monasteries and churches, archaeological complexes such as Orheuil Vechi, cave dwellings, castles and picturesque rural settlements.
© Cristian Tzecu The Stefan cel Mare Boulevard is the main artery of the city, hosting many shops selling famous brands
Nistru River
Chisinau has a number of historic landmarks as well as a lively cultural scene and several prestigious museums. Moldova also has over 800 folk music groups representing the country’s diverse ethnic origins, and festivals honouring Moldovan traditions are held year round. Spa tourism is another investment opportunity, since Moldova already has several popular health spas. The best known spas include Bucuria-sind in Vadul lui Voda, Codru health resort in Hirjauca, and the Nufarul Alb spa in Cahul. To take advantage of its tourism potential, Moldova needs significant investment in tourism infrastructure, including road upgrades, new hotels and resorts, and the development of modern business and conference facilities. The Moldovan Investment and Export Promotion Organisation (MIEPO) has highlighted tourism as one of Moldova’s most promising sectors, and MIEPO welcomes the opportunity to assist potential foreign investors in tourism projects in Moldova.
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Tourism
Leogrand Hotel and Convention Center
Moldova’s Finest Hotel for Business and Leisure Travellers The Leogrand Hotel and Convention Center, rated Moldova’s best hotel for both business and leisure travellers, maintains the highest international standards. Zafer Guvener, General Manager, explains, “The Leogrand Hotel and Convention Center is the first deluxe hotel in Moldova. A shining jewel in the heart of Chisinau, Moldova’s capital city, the Leogrand Hotel and Convention Center gracefully blends classic style with contemporary amenities and services.” The Leogrand Hotel and Convention Center is owned by Summa Moldova, which owns and manages prestigious commercial properties throughout the country. The Leogrand Hotel and Convention Center has 143 oversized guest rooms and luxurious suites, a non smoking floor, serviced apartments for long stay guests, and a full business centre for executive travellers. The Leogrand has welcomed all the high profile guests who have recently visited Moldova, including United States Vice President Joe Biden, the Prime Minister of Turkey Recep Tayyip Erdogan, the former president of Romania Emil Constantinescu, Michel Platini and others. The Leogrand recently hosted an event for the US Embassy in Moldova and regularly partners with the Embassies of the UK, the
Netherlands, Canada and Germany, among others, as well as with the World Bank, OSCE, the Ministry of Foreign Affairs, UNDP, USAID, Chevrolet, BMW and many other prestigious organisations.
Moldova’s best convention facility The Leogrand Convention Center, rated Moldova’s finest convention facility, offers 1000 sq m of adaptable meeting areas equipped with the latest technologies, including a large space for galas and sophisticated receptions. The Leogrand events staff can help organise any type of function. World class amenities at the Leogrand include the Ambassador Restaurant, serving gourmet international and local cuisine, complete with live music; Apty’s Pub with its unique relaxing atmosphere; the Café INN with its attractive terrace; a fitness centre and sauna; massage services; child care; wireless Internet throughout the hotel free of charge; a beauty shop; a free underground car park; 24 hour room service; foreign currency exchange and an ATM; and much more. The Leogrand Hotel and Convention Center is such a success that it will be expanded into the building next to the hotel. “We will completely rebuild the interior of the new building but retain its historic façade,” Zafer Guvener explains. The new addition will contain serviced apartments, luxurious guest rooms and a new fitness centre, among other amenities.
Zafer Guvener, General Manager
The Leogrand Hotel and Convention Center will continue to offer exceptional services, from wine tastings to airport transfers. Zafer Guvener, General Manager, says, “We want to remain the best hotel in Moldova. Come stay with us and experience true Moldovan hospitality.”
LEOGRAND Hotel & Convention Center 77, Mitropolit Varlaam Street 2012 Chisinau Tel: +373 22 201 201 info@leograndhotels.com www.leograndhotels.com
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MOLDOVA
“Olla” VIP Apartments - Real Estate Agency
Reliable Real Estate Agency Offers World Class Accommodations “Olla” VIP Apartments provide the ideal choice for visitors to Moldova who are looking for a home away from home instead of merely a hotel. CEO Olga Gojin founded the company after going to school in London and visiting a number of short stay apartments in the city. She realised that Moldova needed a reliable property rental service, and she was clearly on the right track. Although she launched the company only three years ago, today “Olla” - VIP Apartments has more than 600 apartments to rent all over Moldova, and potential renters can get a good look at all of them on the company’s comprehensive web site.
calls us, we are there to help. We are also very transparent and honest. Whatever apartment a client chooses after consulting our website is the apartment he or she will receive. There will be no tricks and no swapping apartments. We also provide value added services such as car hire through our partnerships with local car hire companies.”
Personalised services around the clock
As a new company, “Olla” - VIP Apartments is working hard to get the word out concerning its attractive offerings. The company’s website provides a wealth of information, and “Olla” - VIP Apartments also advertises its services at the international airport and in flyers in the seatbacks of airplanes. “It is hard to get to the top of Google searches and our marketing budget is limited, but we are working hard to make more people aware of what we have to offer,” Olga Gojin points out.
Personalised, reliable service is the competitive edge that “Olla” - VIP Apartments offers its customers. Olga Gojin says, “I do not want to say bad things about my competitors, but what differentiates “Olla” is our 24 hour customer service. No matter what time a client
Olga Gojin, CEO
Both short stays and long term rentals “Olla” VIP’s customers include both individuals and corporate clients, and the company’s accommodations can be rented by the day for those on a short visit or by the month for those seeking long term lodging. Clients who need short term accommodations can choose from affordable properties priced from €45 to €105 per night up to luxury homes priced at around €220 per night. Long term rentals range from around €800 per month to around €2,000 per month for a large luxury property. New properties are being added to “Olla” VIP’s list regularly and potential renters will always find a wide choice.
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Tourism
“Olla” VIP’s web site lists a wide range of rental accommodations, from a luxury house with a swimming pool and garden to a money saving city centre studio. Over 200 properties in Chisinau are currently listed with “Olla” VIP, which also offers properties throughout the country in both business centres and holiday locations.
Highest quality furnishings and appliances Every property listed with “Olla” VIP has been thoroughly vetted and is guaranteed to be clean and fully furnished with high quality furniture and appliances, including a well equipped kitchen. All properties provide complete privacy. For a group seeking accommodations in the same area, “Olla” VIP can propose apartments in the same building. All properties available through “Olla” VIP are priced according to the property, not the number of people staying there.
service, “Olla” VIP’s customers can be assured of high quality accommodations and their own transportation as soon as they arrive in Moldova. “Olla” VIP can also pick up clients at the airport or train station on request for a small fee. Olga Gojin urges international travellers to visit Moldova and to let “Olla” VIP take care of their housing needs. She says,
“Moldova is a place of wonders where anything can happen, so come and discover it for yourself.”
The highly skilled, multilingual agents at “Olla” VIP provide a range of personalised services. They speak English, Romanian and Russian and can arrange any type of apartment, including ones for customers with special needs or with last minute requests. An agent will meet each potential renter, provide transportation to the rental property at any time convenient for the potential renter, assist in negotiations with property owners and with signing the contract, and provide assistance concerning registration with local authorities. Thanks to the company’s web site, potential renters can make their choices whenever and wherever they like. “Olla” VIP takes the wasted time and worry out of renting.
Car hire services a value added plus Clients seeking to hire a car can even choose a vehicle on “Olla” VIP’s web site. Cars range from a Mercedes van for groups to Toyota, Chrysler and Volkswagen sedans. All are in tip top condition. Thanks to this value added
“Olla” VIP Apartments - Real Estate Agency Moldova, Chisinau, Ismail 33 of. 511, fl. 5 Euro Credit Bank Tel: +373 22 22 48 06 Mobile: +373 680 85 888 www.VIPApartments.md
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MOLDOVA
Chateau Vartely
www.vartely.md
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My hotel for one night and forever Bar - Restaurant - Sauna - Thai Massage
140/4, Hincesti str. l MD 2070, Chisinau, Moldova Tel. +373 (22) 209 660 l Fax +373 (22) 288 787 info@maximpasha.md l www.maximpasha.md