Moldova has one of highest growth rates of Gross Domestic Product in entire South Eastern Europe
Moldova has one of the highest rates of the Gross Domestic Product (7 per cent in 2005) in the entire South Eastern Europe and follows a balanced budgetary policy, according to a report on the Investment Reform Index, worked out by the Regional Investment Compact Programme of the Organization for Economic Cooperation and Development (OECD), launched in Chisinau on 14 December.
OECD Finance Director Anthony Sullivan told a report launching ceremony that Moldova obtained a solid progress in creating the foundation for a business environment favourable for foreign investments.
Under the report's conclusions, important advancements were also made in the investment policies, foreign trade and regulatory reforms. Particularly, Moldova is passing through the "guillotina process", and has managed to rationalize the existing legislation and make it friendlier to the private sector, Sullivan said.
As regards the fight against corruption, Moldova should particularly work out and enact powerful laws on conflicts of interests and reinforce the public acquisitions system. At the same time, "more efforts should be taken to improve Moldova's image by promoting investments and providing services for investors," Sullivan said.
Participating in the event, Economics and Trade Minister Igor Dodon stressed that the launch of the OECD report "is a rather important event for Moldova. It is even more important in the context of the meeting of the Donors' Consultative Group, recently conducted in Brussels, under the auspices of the World Bank and the European Commission".
"Regardless of sector, be it social, economic, or infrastructure, wooing investments remains a major condition for development. Moldova, despite the good results registered over the last four-five years, still has reserves in this respect. One of the national economy's problem is competitiveness and the capability of the local product's offer to satisfy the increasing demand provoked by the growing consumption in Moldova," the minister said.
Dodon said that "it is important to attract investments in order to produce and increase the local goods' competitiveness, both on the domestic and foreign markets in order to supply this demand, not through import but through local products and offers".
"The OECD Report is of special importance for the country and the government as this analysis is conducted in comparison with the states Moldova competes with in wooing investments," Dodon said. The minister underlined that "during the next years, both the central and local public authorities, and the civil society, will do their utmost to develop reforms and remove the gaps, which are highlighted by the report's authors".
The OECD Investment Compact is a regional programme, created in order to improve the investment environment and encourage the private sector's development in the South Eastern Europe. It functions under the aegis of the Stability Pact. // Moldpres
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