Energy dependence, the need to improve the business and investment environment, and maintaining strong macroeconomic fundamentals are the main economic challenges Moldova needs to address to accelerate its integration with the European Union, European Commissioner for Economy and Productivity Valdis Dombrovskis said.
Asked to identify three economic issues that could slow Moldova’s European integration, Dombrovskis said the country had already made significant progress toward closer economic integration with the EU.
Moldova has joined several European programmes, entered the Single Euro Payments Area, SEPA, benefited from the “Roam Like at Home” regime and continued to make use of the Deep and Comprehensive Free Trade Area with the EU.
“From my point of view, I think we are doing well,” Dombrovskis said.
He stressed that Moldova’s economic integration with the European Union is already underway, with trade and investment ties becoming increasingly close.
According to the European commissioner, around 57% of Moldova’s exports are destined for the EU market, while approximately 70% of foreign direct investment comes from the European Union.
Energy remains one of Moldova’s main vulnerabilities, however.
Dombrovskis said major infrastructure projects are being implemented to integrate Moldova into European electricity and gas networks and markets and to reduce the country’s dependence on Russian energy supplies.
The business and investment environment is another challenge identified by the commissioner. He said European companies are interested in strengthening their presence in Moldova, but a more favourable investment climate is needed to attract further investment.
At the same time, Dombrovskis stressed the importance of maintaining strong macroeconomic fundamentals, which he described as essential for attracting investment and accelerating economic integration.
The European commissioner said these challenges are also being addressed through the Moldova Growth Plan, which aims to accelerate reforms and bring the Moldovan economy closer to the European single market.