MD Finantarea 201 PDF

Biblioteca IDIS Viitorul
FINANAREA NTREPRINDERILOR MICI

I MIJLOCII DIN REPUBLICA MOLDOVA:
PROBLEME, TENDINE I PERSPECTIVE
(II)

:
,

(II)
FINANCING OF SMALL-SCALE
AND MEDIUM-SCALE ENTERPRISES
IN THE REPUBLIC OF MOLDOVA:
CHALLENGES, TRENDS
AND FUTURE PROSPECTS
(II)
CUPRINS
Lista abrevierilor.................................................................................................... 9
Introducere ........................................................................................................... 10
Metodologia aplicat ........................................................................................... 12
Sumar executiv .................................................................................................... 13
Capitolul 1. Rolul Ministerului Economiei privind ameliorarea mediului
financiar n scopul susinerii IMM-urilor
1.1. Introducere ...........................................................................................................18
1.2. Creditele bncilor comerciale .............................................................................19
1.3. Creditele organizaiilor de microfinanare ............................................................20
1.4. Mijloacele fondului special de garantare a creditelor ...........................................21
1.5. Mijloacele programelor de asisten financiar pentru anumite
grupuri de ntreprinztori ......................................................................................22
1.6. Rezultatele sondajelor ntreprinztorilor din Moldova ..........................................22
1.7. Concluzii i recomandri ......................................................................................23
Capitolul 2. Oportuniti de atragere a investiiilor strine n sectorul IMM
2.1. Introducere ...........................................................................................................25
2.2. Investiiile strine i motivaia pentru atragerea lor ..............................................26
2.3. Evoluia investiiilor strine directe n context mondial i regional .......................29
2.4. Evoluia investiiilor strine directe n economia R. Moldova i n
sectorul IMM ........................................................................................................33
2.5. Climatul investiional n Republica Moldova ........................................................44
Capitolul 3. Fiscalitatea ntreprinderilor mici i mijlocii n Moldova
3.1. Introducere ...........................................................................................................53
3.2. Importana suportului din partea statului pentru MM ..........................................54
3.3. Aspecte generale privind apariia raporturilor fiscale ale agenilor economici
cu statul ...............................................................................................................56
3.4. Interaciunea sistemului fiscal al Republicii Moldova cu sistemul fiscal
al ntreprinderii .....................................................................................................59
3.5. Gestiunea fiscal a ntreprinderii .........................................................................61
3.6. Prevederile legale privind fiscalitatea MM ..........................................................62
3.7. Presiunea fiscal: abordri generale ...................................................................63
3.8. Nivelul presiunii fiscale n Republica Moldova .....................................................66
3.9. Comentariile participanilor mesei rotunde la Codul fiscal privind
fiscalitatea ntreprinderilor mici i mijlocii .............................................................68
Capitolul 4. Servicii bancare la distan: avantaje i oportuniti pentru MM
pe piaa Republicii Moldova
4.1. Introducere ...........................................................................................................72
4.2.
4.3.
4.4.
4.5.
4.6.
Servicii bancare la distan oferite n rile europene ............................................73

Premisele serviciilor financiar-bancare electronice la distan ..............................76
Necesitatea de servicii bancare la distan pentru micul business ........................78
e-Banking oferit de bncile din RM ........................................................................79
Concluzii i recomandri ........................................................................................81
Capitolul 5. Fundamente conceptuale privind finanarea sectorului agricol

i accesul la finanare
5.1. Introducere .............................................................................................................85
5.2. Sectorul MM n agricultura Republicii Moldova: caracteristic general i
performane n activitate ........................................................................................86
5.3. Subveniile n agricultur: Pro i Contra ................................................................88
5.4. Subvenionarea unitilor economice din agricultura Republicii Moldova ..............92
5.5. Lanurile valorice agricole soluie de cretere a potenialului financiar al
ntreprinderilor micro, mici i mijlocii din agricultura Republicii Moldova ...............96
5.6. Concluzii i recomandri ..................................................................................... 104
Bibliografie ........................................................................................................ 105
................................................................................................113
............................................................................................................. 114
.............................................................................. 116
................................................................................................................. 117
1.

1.1. .............................................................................................................122
1.2. .........................................................................123
1.3. ........................................................124
1.4. .............................125
1.5. ,
..........................................................126
1.6. ..........................................126
1.7. ...................................................................................127
2.

2.1. .............................................................................................................129
2.2. .........................130
2.3.
.................................................................................133
2.4.
.................................................................137
2.5. ............................................148
2.6. ...................................................................................154
3.
3.1. .............................................................................................................157
3.2. ....................................................158
3.3.
......................................................160
3.4.
.......................................................................................163
3.5. .........................................................165
3.6. ...................166
3.7. : ...................................................................168
3.8. .....................................170
3.9.
...........................................172
3.10. ...................................................................................174
4. :

4.1. .............................................................................................................177
4.2. ..............................178
4.3. -
.....................................................................................................181
4.4. .........183
4.5. ,
.......................................................................185
4.6. ...................................................................................186
5.

5.1. .............................................................................................................190
5.2. :
.....................................................191
5.3. : ...................................................193
5.4.
.....................................................................................197
5.5. - -
,
....................202
5.6. ...................................................................................210
................................................................................................. 212
CONTENTS
Acronyms ............................................................................................................. 221
Introduction.......................................................................................................... 222
Methodology applied........................................................................................... 224
Executive summary ............................................................................................. 225
Chapter 1. Role of the Ministry of Economy in improving the financial
environment in order to support SMEs
1.1. Introduction ................................................................................................... 230
1.2. Commercial banks loans ............................................................................... 231
1.3. Microfinance institutions loans ...................................................................... 232
1.4. Special Credit Guarantee Fund cash resources ........................................... 233
1.5. Funds of the financial support programs for certain groups of
entrepreneurs ................................................................................................ 234
1.6. The results of entrepreneurs surveys in Moldova ......................................... 234
1.7. Conclusions and recommendations .............................................................. 235
Chapter 2. Opportunities for attracting foreign investment in SMEs sector
2.1. Introduction ................................................................................................... 237
2.2. Foreign investment and the incentive to attract them ................................... 238
2.3. Direct foreign investment evolution in the global and regional context ......... 241
2.4. Direct foreign investment evolution in the Republic of Moldova
economy and SMEs sector ........................................................................... 245
2.5. Investment climate in the Republic of Moldova ............................................. 255
Chapter 3. Taxation of SMEs in Moldova
3.1. Introduction ................................................................................................... 264
3.2. Importance of government support for SMEs ............................................... 265
3.3. General aspects regarding the fiscal relations between economic
agents with the state ..................................................................................... 267
3.4. Interaction of the Republic of Moldova tax system with the enterprise
tax system ..................................................................................................... 270
3.5. Fiscal administration of the company ............................................................ 272
3.6. Legal provisions on SMEs taxation ............................................................... 273
3.7. Tax burden: general approach ...................................................................... 274
3.8. The tax burden level in the Republic of Moldova .......................................... 277
3.9. Roundtable participants comments on the Tax Code concerning
taxation of SMEs ........................................................................................... 279
Chapter 4. eBanking; advantages and prospects for the SMEs
on the Republic of Moldova market
4.1. Introduction ................................................................................................... 283
4.2. Online banking services provided in European countries ............................. 284
4.3.
4.4.
4.5.
4.6.
Premises of electronic banking services ....................................................... 287

The need for online banking services for small business .............................. 289
eBanking provided by banks in the RM ......................................................... 290
Conclusions and recommendations .............................................................. 292
Chapter 5. Conceptual fundamentals of financing the agricultural

sector and access to finance
5.1. Introduction ................................................................................................... 296
5.2. SMEs sector in the Republic of Moldova agriculture: general overview
and activity performance ............................................................................... 297
5.3. Agriculture subsidies: pros and cons ............................................................ 299
5.4. Subsidizing agricultural entities in the Republic of Moldova ......................... 302
5.5. Agricultural value chains a solution to increase the financial potential
of micro, small and medium-sized enterprises in the
Republic of Moldova agriculture .................................................................... 307
Bibliography ................................................................................................. 315
FINANAREA NTREPRINDERILOR MICI

I MIJLOCII DIN REPUBLICA MOLDOVA:
(II)
Opiniile exprimate n acest studiu reflect poziia experilor i nu

reprezint n mod neaprat punctul de vedere
al instituiilor finanatoare.
Echipa IDIS Viitorul exprim sincere mulumiri
pentru ajutorul acordat n elaborarea acestei ediii,
reprezentanilor Ministerului Finanelor din Germaniei
i bncii KFW (Germania).
FINANAREA NTREPRINDERILOR MICI I MIJLOCII DIN REPUBLICA MOLDOVA:

La elaborarea studiului i-au adus contribuia:
Autorii capitolelor:
Valentina VEVERIA, doctor n economie, ef direcie, politici IMM i

profesii liberale, Ministerul Economiei, (Capitolul 1);
Ion TORNEA, expert IDIS Viitorul, Master n economie, (Capitolul 2);
Andrei PETROIA, expert IDIS Viitorul, doctor n economie, conf.
universitar, (Capitolul 3);
Corina GAIBU, expert IDIS Viitorul, Master n economie, (Capitolul 4);
Angela SECRIERU, expert IDIS Viitorul, doctor habilitat n economie,
prof. universitar, (Capitolul 5).
Moderatorii meselor rotunde desfurate n cadrul Forumului:
Vitalii CHIURCCIU, vice-bacan, Executivul UTA Gguzia,

Masa rotund: Oportuniti de atragere a investiiilor strine n sectorul
MM;
Tatiana LARIUIN, senior expert IDIS Viitorul,

Masa rotund: Fiscalitatea ntreprinderilor mici i mijlocii n Moldova;
Viorel CHIVRIGA, expert economi

Masa rotund: Strategiile de finanare ale IMM-urilor din sectorul agrar;
Veaceslav CUNEV, Director general Deeplace Company, Preedintele
Asociaiei IT Moldova,
Masa rotund: Banking la distan: avantaje i perspective pentru MM-uri.
Lista abrevierilor
ANRCETI
Agenia Naional pentru Reglementare n Comunicaii

Electronice i Tehnologia Informaiei a Republicii Moldova
ATM
Bancomat (Automated Teller Machine)
BNM
Banca Naional a Moldovei
BNS
Biroul Naional de Statistic
CTN
Companii Transnaionale
FMI
Fondul Monetar Internaional
IMM
ntreprinderi Mici i Mijlocii
ISD
Investiii strine directe
IB
Internet Banking
OMC
Organizaia Mondial a Comerului
OTP
Parola de unic folosin (one time password)
PARE
Programul de Atragere a Remitenelor n Economie
PNAET
Programul Naional de Abilitare Economic a Tinerilor
POS Terminal Sistem utilizat pentru pli la locul de vnzare (Point of sale)
RM
Republica Moldova
UE
Uniunea European
UNCTAD
Conferina Naiunilor Unite pentru Comer i Dezvoltare
USD
Dolari SUA
ZEL
Zon Economic Liber
eBanking
Servicii bancare la distan
eCommerce
Comer realizat prin intermediul Internetului

Introducere
Importana IMM-urilor pentru economia moldoveneasc este recunoscut i
confirmat att de economiti, ct i de factorii de decizie politic. n prezent, IMMurile ocup cel mai mare procent n cadrul sectorului privat, asigurnd locuri de munc i crend valoare adugat. Astfel, conform datelor furnizate de Biroul Naional de
Statistic, n Republica Moldova, IMM-urile reprezint circa 97.5% din numrul total
de ntreprinderi, iar aproximativ 57,7% din lucrtorii economiei naionale activeaz n
cadrul IMM-urilor. Cota parte a IMM-urilor din Republica Moldova n Produsul Intern
Brut (PIB) este de circa 28,3%. Pentru comparaie putem meniona c IMM-urile n
rile din Uniunea European genereaz circa 58,4% din PIB. Evident, rmn nc
multe de realizat n acest domeniu.
n acest context, putem sublinia c Comisia European depune eforturi pentru a
asigura un mediu favorabil privind creterea i dezvoltarea IMM-urilor. Astfel, la 4 iunie
2008, a fost publicat Legea ntreprinderilor mici i mijlocii (Small Business Act SBA),
prin care se recunoate rolul central al IMM-urilor n economia UE, menionnd semnificaia acestora n asigurarea procesului de inovare, ct i de coeziune economic
i social. Principiul promovat prin SBA gndii la scar mic i propune stimularea
definirii politicilor statelor membre n materie de promovare antreprenorial n concordan cu cerinele de cretere ale IMM ajutndu-le s depeasc problemele care le
mpiedic dezvoltarea.
Conform datelor sondajului realizat de Institutul de Economie, Finane i Statistic (IEFS), n anul 2012, din 136 de ntreprinztori intervievai, din 27 de raioane,
circa 73,3% din respondeni au menionat c s-au confruntat cu probleme care in de
accesul la finanare.
Acelai lucru a fost scos n eviden i de participanii la cel de-al 4-lea Forum
Moldo-German privind finanarea ntreprinderilor mici i mijlocii. Acetia au confirmat
c finanarea este principala problem a IMM-urilor din Republica Moldova. Astfel,
relaia dintre IMM-uri i bnci este nc destul de tensionat. Opinia ntreprinztorilor
se rezum la urmtoarele: n Republica Moldova, obinerea unui credit presupune o
cale lung i anevoioas, deoarece bncile nu au o strategie clar privind finanarea
IMM-urilor. Din aceste considerente costurile pentru a obine un credit sunt de cteva
ori mai mari dect costurile medii europene pentru o unitate de credit iar garaniile
solicitate sunt foarte mari.
n linii mari, participanii au propus urmtoarele:
1. Bncile din Republica Moldova trebuie s-i elaboreze o strategie clar, orientat spre necesitile IMM-urilor. Bncile autohtone nu au ca preocupare principala s ajute sau s contribuie la relansarea sectorului de IMM-uri.
2. Bncile trebuie s pregteasc personalul pentru a lucra cu IMM-urile, pentru a
face conexiunea dintre oferta bncilor i cerinele IMM-urilor, ca s i ajute s
acceseze acele produse de care au nevoie i pe care sunt n stare s le administreze cu succes. Finanatorii, de regul, nu abordeaz problema finanrii n mod
individual, personalizat, n raport cu companiile interesate n obinerea creditelor, ci, dimpotriv, standardizeaz abordrile, ceea ce conduce la respingerea
clienilor i dorinei lor de a obine finanare.
10
3.
IMM-urile, n mod special, cele mici, ar trebui s elaboreze un plan de afacere

de lung durat, bine pus la punct, cu o specializare clar. Deoarece IMM-urile
deseori i schimb domeniile principale de activitate, i n unele cazuri, noul
domeniu de activitate al companiei care a solicitat credite nu are conexiune cu
cel precedent, conduce la scderea credibilitii financiare i, evident, la anumite
riscuri pentru bnci.
n contextul respectiv, pe data de 30 aprilie 2013, a avut loc cel de-al IV-lea
Forum Moldo - German privind finanarea ntreprinderilor mici i mijlocii (IMM), organizat de Ministerul Finanelor din Germania, banca KFW (Germania), Institutul
pentru Dezvoltare i Iniiative Sociale (IDIS) Viitorul (Republica Moldova) i Comitetul Executiv din Gguzia, Comrat. n cadrul acestuia au fost organizate patru
mese rotunde cu 4 tematici diferite: 1. Oportuniti de atragere a investiiilor strine
n sectorul MM; 2. Fiscalitatea ntreprinderilor mici i mijlocii n Moldova; 3. Strategiile de finanare ale IMM-urilor din sectorul agrar; 4. Banking la distan: avantaje i
perspective pentru IMM-uri.
Ulterior, n baza discuiilor efectuate i concluziilor trasate n cadrul meselor rotunde, a fost elaborat un studiu sintez ce reflect problemele majore identificate de
ctre participanii la discuii, soluiile propuse de ctre acetia i obstacolele n calea
implementrii soluiilor identificate, precum i recomandrile pentru mbuntirea
situaiei n domeniile menionate mai sus.
Prin elaborarea studiului respectiv, se urmrete evidenierea importanei antreprenoriatului mic i mijlociu pentru dezvoltarea economic i stabilitatea social a
rii, precum i facilitarea atragerii finanrilor pentru ntreprinderile mici i mijlocii pe
baza unor principii corecte, care s se adreseze necesitilor primordiale ale sectorului respectiv.
Studiul de fa reprezint mai degrab un material de referin pentru publicul
larg din Moldova i din afar, implicat n finanarea sectorului IMM care vor avea
posibilitatea s pun n aplicare concluziile i recomandrile elaborate de experii
IDIS Viitorul.
11

Metodologia aplicat
Metodologia utilizat se bazeaz pe sinteza discuiilor i concluziilor din cadrul
meselor rotunde al celui de-al IV-lea Forum Moldo-German. De asemenea, experii
implicai n elaborarea studiilor au raportat problemele i concluziile identificate n
cadrul meselor rotunde la alte analize i investigaii n domeniile cercetate. Totodat,
nainte de nceperea discuiilor, participanii au completat un chestionar n care acetia au fost rugai s puncteze problemele de baz i soluiile optimale care, n opinia
lor, ar contribui la ameliorarea situaiei n domeniul examinat.
Discuiile din cadrul meselor rotunde, precum i modul de reflectare al acestora,
poate fi reprezentat schematic n felul urmtor:
Introducerea
(10 min)
Masa rotund
Moderatorul
Cercettorul
Participanii
Moderatorul
Prezint tema
discuiei
Pregtirea dezbaterilor
(20 min)
Dezbaterile pe marginea temei

(60 min)
Grupul de participani
Fiecare participant scrie
pe foaie 1-2 probleme relevante temei de discuie.
Moderatorul adun foile
i scrie pe tabl problemele menionate; dac
problemele enunate se
repet, se adaug +1 n
faa problemei.
Problemele de baz se
identific din rndul celor
care acumuleaz mai multe voturi.
Grupul de participani
Toi participanii se implic n dezbaterea colectiv pe marginea urmtoarelor aspecte ale problemei:
1. Care este problema?
2. Cum problema poate fi soluionat n principiu?
3. Ce poate fi ntreprins acum?
4. Care sunt obstacolele?
Dup discuii, se prezint rezultatele acesteia cu ajutorul markerelor
pe foi mari:
Cercettorul
Face notie i rezum probleme enumerate pentru publicaie
Care este
problema
Cum poate fi
soluionat
problema
Ce poate fi
ntreprins acum
Care sunt
obstacolele
Moderatorul
Prezint rezultatele discuiilor n edina plenar
n cadrul meselor rotunde au fost propuse unele soluii reflectate n acest studiu.
Astfel, experii IDIS Viitorul propun cititorului, credem noi, cele mai ndrznee idei
i instrumente care ar putea, cu siguran, s rezolve o parte din problemele evideniate n cadrul Forumului Moldo-German.
Liubomir CHIRIAC,
Director executiv IDIS Viitorul
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Sumar executiv
Guvernul Republicii Moldova ncearc diverse metode i instrumente pentru ca
IMM-urile din ar s obin sprijin financiar i acces la resursele financiare prin intermediul diferitor instituii financiare internaionale, parteneri de dezvoltare i, prin
intermediul unor proiecte sau programe de creditare/finanare. n capitolul 1 Rolul Ministerului Economiei privind ameliorarea mediului financiar n scopul susinerii
IMM-urilor sunt evideniate politicile promovate de ministerul de resort, dar i
problemele care rmn de soluionat. Astfel, se atrage atenia c Guvernul Republicii
Moldova, n colaborare cu instituiile financiare, ar trebui s se axeze pe:
1. Promovarea unei politici monetare care vizeaz o inflaie sczut i stabil;
2. Reducerea ratelor dobnzilor la credite i asigurarea stabilitii acestora;
3. Atragerea investiiilor externe n sectorul financiar i implicarea partenerilor
strategici interesai n dezvoltarea sectorului IMM-urilor din Republica Moldova;
4. Dezvoltarea garaniilor de credit pentru IMM-uri, inclusiv prin intermediul
Fondului de Garantare de Stat;
5. Dezvoltarea unor sisteme financiare inovatoare privind susinerea ntreprinderilor mici i mijlocii;
Mai jos vom puncta cele mai importante idei generate n cadrul meselor rotunde
desfurate n cadrul Forumului.
n capitolul 2 sunt examinate oportunitile de atragere a investiiilor strine n sectorul IMM. Este cunoscut faptul c investiiile strine directe (ISD) sunt
definite ca ansamblul fluxurilor financiare, materiale, tehnologice i manageriale pe
care o persoan fizic sau juridic le desfoar ntr-o alt economie dect cea n
care este rezident, pentru realizarea unei activiti productive de durat, prin deinerea controlului asupra acestuia. Atragerea investiiilor strine n sectorul IMM rmne
o problem major pentru ara noastr. n acest context, este necesar ca factorii
de decizie s atrag atenie n mod deosebit la tendinele i factorii care nsoesc
evoluia fluxurilor de ISD pe plan mondial, la formularea politicilor i strategiilor de
dezvoltare economic a Republicii Moldova i, ce e mai important, s ntreprind
pai concrei pentru ralierea practic la acestea, pentru a nu rmne n urma curentului mondial, ceea ce ar nsemna perpetuarea strii actuale sau chiar majorarea
decalajului enorm fa de rile din regiune. n general, aceleai evidene de pe plan
mondial i regional sugereaz c interveniile autoritilor la nivel de politici trebuie
s fie ndreptate primordial spre asigurarea unui mediu economic favorabil. n
mod special, aceasta se refer la asigurarea unui mediu de afaceri i investiional
atractiv, educaia i politicile de instruire orientate spre ridicarea calificrii generale
a forei de munc, politicile tehnologice orientate spre dezvoltarea clusterelor i politicile publice cu privire la investiii, menite s dezvolte reele eficiente i sigure de
transport i comunicaii i infrastructur.
13

Astfel, reuita Moldovei n atragerea ISD n economie i n sectorul IMM, ca sectorul cel mai reprezentativ al economiei sale, va depinde preponderent de politicile
guvernamentale aplicate. n acest sens, att teoria, ct i practica economic, inclusiv experiena celorlalte state central i est europene, demonstreaz att importana
crerii unui mediu de afaceri i investiional atractiv, aplicrii unor msuri pro-active,
de atragere a ISD, ct i a modernizrii infrastructurii i creterii nivelului de pregtire
a forei de munc. n acest context, strategiile i politicile de atragere a ISD n Republica Moldova trebuie s se axeze cu prioritate pe aceste aspecte, singura opiune
viabil n vederea reducerii decalajelor fa de celelalte state din regiune. Drept urmare, principalele msuri ar trebui s vizeze urmtoarele aspecte:
mbuntirea cadrului de reglementare al activitii de afaceri, al administrrii fiscale i vamale, reducerii birocraiei de stat, a poverii administrative i a
corupiei, ridicrii eficienei i funcionalitii instituiilor de stat.
Cel mai important ns, este implementarea dezideratelor menionate mai

sus, pentru c dei, ideile respective sunt transpuse regulat din program n
program i din strategie n strategie, n practic ele nu ajung a fi implementate, fie din cauza lipsei voinei politice, fie din cauza slbiciunilor instituionale
ale statului;
mbuntirea serviciilor de extensiune n scopul ntririi capacitilor IMM;
mbuntirea calitii resurselor umane, prin creterea investiiilor n educaie i instruire, inclusiv a celor care urmresc formarea continu a forei de
munc;
Stimularea formrii clusterelor bazate pe activiti nrudite, n special n sectorul IMM, acestea servind ca magnet important pentru ISD. Concentrarea
eforturilor pe domeniile, sau activitile particulare, n care efectele de la ISD
sunt importante;
Dezvoltarea infrastructurii (de producie, transport, comunicaii, servicii);
Activizarea eforturilor de integrare a companiile locale, n primul rnd IMM,

n lanul valoric mondial. Astfel de eforturi de integrare trebuie realizate
prin creterea capacitilor locale i activiti de promovare a investiiilor,
cum ar fi contactul direct cu investitorii sau nfiinarea unor zone economice
speciale.
Implicarea mai activ a ageniilor de dezvoltare regionale i a ageniei pentru

atragerea investiiilor i promovarea exportului (MIEPO) n promovarea regiunilor rii ca zone investiionale prin identificarea i abordarea potenialilor
investitori strini. Atragerea unor investitori strini prin proiecte intite, care
urmresc specificul zonei i valorificarea la maximum a potenialului acesteia, ar putea contribui la reducerea decalajelor n dezvoltare dintre Chiinu
i Bli, pe de o parte, i celelalte regiuni ale rii, pe de alt parte.
Capitolul 3 este dedicat problemelor legate de impozitarea IMM-urilor. Astfel, pot fi evideniate cinci probleme principale legate de impozitarea businessului
mic i mijlociu:
14
1. Sistemul fiscal actual din Republica Moldova nu ncurajeaz suficient mecanismul investiional al ntreprinderilor mici i mijlocii. La nivel naional nu
exist o argumentare a posibilitii de plat a impozitelor pe veniturile subiecilor antreprenoriatului mic i mijlociu care se afl la etapa nceptoare
de desfurare a activitii i, din anumite motive, nu au venituri (lund n
considerare necesitatea de a efectua alte pli obligatorii: la nregistrare, liceniere, primirea patentei).
2. Impozitarea ntreprinderilor mici i mijlocii nu are legtur suficient cu parametrii de producie a activitii, ce, n consecin, inhib dezvoltarea businessului mic i mijlociu.
3. n condiiile economiei Republicii Moldova ar fi mai eficient de aplicat instrumente fiscale de corectare, care, spre deosebire de cele neutre, vor permite
orientarea activitii antreprenoriale, investiiilor, forei de munc n ramurile
cheie pentru economia naional i local.
4. Egalitatea contribuabililor trebuie, printr-o serie de scutiri i scheme fiscale,
s compenseze ntreprinderilor mici i mijlocii riscurile sporite, accesul limitat
la resurse n comparaie cu ali actori economici, oferirea unui grad sporit de
libertate administraiilor locale n reglementarea parametrilor sistemului de
impozitare a ntreprinderilor mici i mijlocii, care au specific local.
5. Potenialul fiscal al sistemului de impozitare a ntreprinderilor din cadrul businessului mic i mijlociu, actualmente, nu este suficient realizat ca urmare a
funcionrii haotice a formelor fiscale, care acioneaz izolat una de alta.
Participanii la masa rotund, n scopul perfecionrii sistemului de impunere
fiscal a businessului mic i mijlociu, au propus urmtoarele ci de soluionare a
problemelor menionate mai sus:
reglementarea ratelor dobnzilor pentru credite interbancare, precum i pentru credite oferite sectorului real. Stabilirea limitei pentru diferena dintre rata
dobnzii la care Banca Naional a Moldovei ofer credite bncilor comerciale i ratele dobnzilor la creditele acordate sectorul real (nu mai mult de 3%);
introducerea n echipa administraiei publice locale a unei funcii de reprezentant special la nivel de vice-primar sau vice-preedintele raionului, care
ar fi responsabil de sistemul i numrul de controale al ntreprinderilor mici i
mijlocii.
n capitolul 4 sunt examinate serviciile electronice la distan destinate
IMM-urilor din Republica Moldova. Din spectrul de servicii bancare, micul business (inclusiv cel micro) preponderent are nevoie: s efectueze o serie de pli/transferuri, pli bugetare; s plteasc salariile la civa salariai; de faciliti pentru patron,
business card pentru efectuarea achiziiilor; de consultare a contului, extrase; pentru
retaileri - servicii de depunere numerar, pos-terminal pentru clienii cu carduri; de
overdraft pentru a acoperi decalajul n timp pentru plata facturilor, obligaiilor pe termen scurt; de creditare pentru investiii i capital permanent.
15

Astfel, concluziile privind relaia IMM-urilor i soluiile de Internet Banking se

divizeaz n dou domenii distincte:
A. Serviciile electronice la distan efectuate de ctre IMM n relaia cu
instituiile financiar-bancare (servicii i tranzacii aferente conturilor bancare
proprii):
1. Sub presiunea corporaiilor mari, bncile comerciale ofer pachete de Internet Banking suficient de sofisticate pentru necesitile IMM-urilor. Astfel, de
cele mai multe ori, serviciile date acoper integral necesitile de deservire
la distan a IMM-urilor. Toate cele 14 bnci ofer soluii de Internet Banking
pentru persoane juridice, iar piaa dat este suficient de matur.
2. Tarifele propuse de bnci pentru soluiile de Internet Banking sunt suficient
de reduse, iar n multe cazuri gratuite. De cele mai multe ori, tranzaciile
efectuate prin Internet Banking au un cost redus comparativ cu preul standard.
B. Serviciile electronice la distan efectuate de ctre IMM n relaia cu
clienii si, n special persoanele fizice. Piaa serviciilor eCommerce:
1. Premisele pentru eCommerce i operarea masiv a operaiunilor ntre IMMuri i clienii si (n special persoanele fizice) nu acoper toate necesitile la
etapa actual.
2. IMM-urile au un grad redus de valorificare a posibilitilor internetului pentru
oferirea unor servicii complete de informare a clienilor privind serviciile i
bunurile propuse. Or, fr maturitatea pe segmentul dat eCommerce-ul nu
are platform pentru implementare.
3. Procesarea numerarului pentru IMM este mai ieftin dect preul achitat pentru aderarea la soluiile de eCommerce. Alturi de posibilitatea de evaziune
fiscal n cazul efecturii vnzrilor n numerar, aceasta duce la situaia n
care IMM-urile, n majoritatea lor, s fie dezinteresate i pasive la implementarea unor soluii electronice.
4. Costul operaiunilor cu numerar este prea ieftin (n multe cazuri gratuite)
pentru a motiva populaia s migreze la soluii de plat electronic, inclusiv
n relaia cu bncile.
5. n pofida faptului c utilizarea internetului n rndul populaiei este nalt,
utilizarea Internet Bankingului i a serviciilor bancare la distan de ctre
persoanele fizice este extrem de sczut.
6. n pofida faptului c cererea este rudimentar pe acest segment, iar premisele nc urmeaz s se consolideze, 10 bnci din 14 ofer Internet Banking
pentru persoane fizice.
Participanii la masa rotund Strategiile de finanare ale IMM-urile din sectorul agrar, examinat n Capitolul 5, au identificat numeroase probleme care afecteaz accesul agricultorilor la finane, punctnd necesitatea elaborrii unor strategii
16
de finanare a IMM-urilor. Pentru soluionarea problemelor legate de finanare se

propune:
Reconsiderarea politicii de subvenionare a agriculturii prin aplicarea principiilor politicii agricole comune a UE. Fondul de subvenionare a productorilor
agricoli trebuie s fie gestionat de o singur instituie care s fie responsabil
de eficiena sistemului de subvenii n agricultur. Msurile de subvenionare
trebuie testate prin prisma analizei cost-beneficiu i s fie evaluate printrun sistem consistent de indicatori de performan. Acestea nu trebuie s
intervin n concurena de pia. Alocarea subveniilor trebuie transparentizat. Trebuie analizat practica UE de alocare a subveniilor n baza plilor
directe, evitnd indicatorii de producie. Msurile de subvenionare trebuie
prevzute pentru o perioad de cel puin 3-5 ani.
Promovarea insistent la nivel de politici (MAIA) a proiectrii i implementrii

n agricultura Republicii Moldova a strategiilor de dezvoltare de tip integrat,
inclusiv materializate n formarea lanurilor valorice agricole.
Promovarea insistent la nivel de politici (MAIA, BNM, Asociaia bncilor,

CNPF, Ministerul finanelor, donatori strini, etc.) a concepiei de finanare a
lanurilor valorice agricole.
n scopul proiectrii lanurilor valorice agricole (LVA) i raionalizrii deciziilor

de finanare a acestora n condiiile Republicii Moldova formulm urmtoarele recomandri:
iniiativele de constituire a LVA trebuie s fie susinute de studii de caz
consistente;
proiectarea lanului valoric trebuie s fie gestionat de actorii din lan;
selectarea partenerilor strategici din perspectiva dezvoltrii lanului valoric;
identificarea unui partener leader n finanarea lanului valoric;
reducerea costurilor i a riscurilor poate fi realizat prin finanarea prin
intermediul celui mai puternic actor sau actori din lan. Prin finanarea ntreprinderilor agricole mai puternice i mai puin riscante, cel mai adesea
poziionate aproape de sfritul lanului, costurile financiare asociate cu
protecia fa de risc sunt reduse;
consolidarea capacitilor productorilor mici i altor parteneri slabi din
lan.
17
Capitolul 1
ROLUL MINISTERULUI ECONOMIEI PRIVIND

AMELIORAREA MEDIULUI FINANCIAR N SCOPUL
SUSINERII IMM-URILOR
Ministerul Economiei al Republicii Moldova aduce mulumiri colegilor germani
pentru colaborarea ndelungat cu Guvernul Republicii Moldova n dezvoltarea serviciilor financiare destinate sectorului ntreprinderilor mici i mijlocii (IMM), importana crora n dezvoltarea socio-economic a rii devine tot mai evident.
De asemenea, Ministerul Economiei noteaz importana forumurilor anterioare,
n cadrul crora au fost identificate unele probleme legate de finanarea IMM-lor i
modalitile de a le soluiona, unele dintre care au fost luate n considerare de ctre
Guvern i instituiile financiare din Republica Moldova.
1.1.
Introducere
Sectorul IMM-lor din Republica Moldova s-a evideniat ca un fenomen de dezvoltare socio-economic a rii n contextul privatizrii n mas, s-a format i dezvoltat n condiiile economice nefavorabile i instabile ale perioadei de tranziie i astzi
devine din ce n ce mai important n ocuparea forei de munc, asigurarea pieei cu
bunuri i servicii, precum i participarea la formarea PIB-ului.
Conform celor mai recente date ale Biroului Naional de Statistic, sectorul IMM
n Moldova reprezint 97,5% din numrul total de ntreprinderi, numrul de angajai
din sector ajunge la 57,7% din totalul angajailor n economia naional.
Impactul cantitativ al IMM-urilor asupra creterii economice este estimat n dependen de ponderea de IMM-uri n PIB. n Republica Moldova, ponderea IMM-urilor n PIB este de 28,3%.
n UE, sectorul IMM-urilor genereaz 58,4% din PIB, n SUA - 43,4% (n 2009).
n 10 din cele 12 ri ale Organizaiei de Cooperare Economic la Marea Neagr
ponderea IMM-urilor n PIB este mai mic de 50%, iar n 5 ri - mai puin de 30%.
Criza economic global a afectat n msur diferit indicatorii de cretere a
anumitor grupuri de IMM-uri. De exemplu, creterea numrului de ntreprinderi n
sectorul IMM-urilor a avut loc, n special, din contul ntreprinderilor mici i micro.
n prezent, datele privind micro-ntreprinderile i micro-afacerile, care activeaz
fr nregistrare, nu sunt comparabile. Nu exist un registru consolidat care s analizeze activitatea tuturor ntreprinderilor mici i mijlocii, precum i a titularilor de patente, care activeaz n ar. Drept consecin, n prezent, nu este posibil o analiz
aprofundat a dezvoltrii sectorului IMM-urilor.
Criza a avut un impact i asupra altor indicatori ce caracterizeaz dezvoltarea
socio-economic a rilor, afectnd n mod negativ dezvoltarea mediului de afaceri.
De aceea, adoptarea n 2012 a Strategiei de dezvoltare a sectorului IMM-urilor
18
ROLUL MINISTERULUI ECONOMIEI PRIVIND AMELIORAREA

MEDIULUI FINANCIAR N SCOPUL SUSINERII IMMURILOR
pentru perioada 2012-2020, se bazeaz pe necesitatea de a asigura coerena n

elaborarea i implementarea politicilor pentru IMM-uri, mbuntirea calitii indicatorilor cantitativi i calitativi.
Implementarea cu succes a acestei strategii va contribui la:
1) creterea medie a numrului de IMM-uri - de la 14 uniti la o mie de locuitori
n prezent, pn la 25 de uniti pn n 2020
2) creterea numrului de angajai din cadrul IMM-urilor pn la 65% pn n
2020, (n prezent fiind 57)
3) creterea ponderii IMM-urilor n PIB pn la 38% pn n 2020, (28,3 n prezent)
4) asigurarea concurenei efective, prin consolidarea competitivitii i promovarea creterii economice i spiritului inovator al IMM-urilor durabile.
Strategia este rezultatul unor ample consultri cu societatea civil i recomandrilor partenerilor de dezvoltare. Pentru realizarea ei, Guvernul propune identificarea
a ase domenii prioritare, unul dintre care este: mbuntirea accesului IMM-urilor la finanare.
Problema accesului la finanare este n mod tradiional una dintre cele mai acute
pentru ntreprinderile mici i mijlocii din Republica Moldova.
n Republica Moldova, exist o gam destul de larg de oportuniti de finanare
extern pentru IMM-uri. Printre ele:
1) mprumuturi de la bncile comerciale i organizaiile de microfinanare;
2) resursele financiare ale Fondului special de garantare a creditelor;
3) mijloacele financiare ale proiectelor / programelor naionale i internaionale
destinate ajutorului financiar pentru grupuri specifice de ntreprinztori.
1.2.
Creditele bncilor comerciale
Bncile comerciale din Moldova ofer ntreprinderilor o gam destul de larg de

produse de creditare. Totui, ele se orienteaz mai ales spre ntreprinderile mai mari,
care deja funcioneaz. Nu este satisfcut cererea mediului de afaceri pentru credite pe termen lung: termenul de creditare, n cele mai multe cazuri, nu depete 2-3
ani. Un obstacol semnificativ n calea mediului de afaceri este rata dobnzii ridicat,
care, dei a sczut n ultimii ani, continu s fie inacceptabil pentru multe IMM-uri.
(Vezi Tabelul 1)
abelul 1. Rata medie a dobnzii la creditele bancare acordate, %
n moned naional
n valut strin
2007
18.85
10.88
2008
20.96
12.02
Sursa: Baza datelor BNM
19
2009
20.31
12.51
2010
16.25
9.91
2011
14.37
8.75
2012
11.98
8.32

Criza financiar-economic a avut un impact negativ asupra indicatorilor de creditare a ntreprinderilor. n 2009, s-a redus drastic suma plilor ctre agenii economici
la credite i mprumuturi (Vezi Tabelul 2). n 2011, aceast cifr a crescut, ajungnd
la 91,8% din nivelul anului 2008.
belul 2. mprumuturile i creditele acordate de bncile comerciale agenilor
economici
2007
Valoarea mprumuturilor
i creditelor, milioane lei
2008
2009
2010
2011
31190,2 35507,1 19539,9 28589,4 32620,7
2012
n/a
Sursa: Baza datelor BNS
Dificultatea accesului ntreprinderilor la finanare este, de asemenea, confirmat

de ponderea mprumuturilor bancare, acordate sectorului privat, n PIB. n Moldova,
n comparaie cu rile vecine, aceast cifr este sczut i reprezint 33,6% (n
2011) (Vezi Tabelul 3).
belul 3. Ponderea creditelor bancare acordate sectorului privat din ar
(% din PIB):
Moldova
Romnia
Ucraina
2007
36,9
35,1
58,2
2008
36,5
45,0
73,9
2009
36,0
46,1
73,4
2010
33,3
45,4
62,4
2011
33,6
42,8
55,9
Sursa: World Bank indicators http://data.worldbank.org/indicator/FS.AST.PRVT.GD.ZS
n ultimii ani, n domeniul creditrii bancare au fost ntreprinse, de asemenea,

unele msuri de mbuntire a accesului ntreprinderilor la finanare. n special, n
2008, a fost adoptat Legea privind birourile istoriilor de credit. Astzi a fost deja
creat i i-a nceput activitatea o organizaie de acest gen. n cadrul implementrii
proiectelor de asisten extern, BERD a deschis linii creditare pentru IMM-uri n
unele bnci comerciale din Republica Moldova.
1.3.
Creditele organizaiilor de microfinanare
Piaa de microcredite n Republica Moldova este reprezentat de ctre organizaiile de microfinanare i asociaiile de economii i mprumut care fac parte din
sectorul non-bancar.
Potrivit Comisiei Naionale a Pieei Financiare, n Republica Moldova sunt nregistrate cteva zeci de organizaii de microfinanare (la 31.12.2012 - 60 de organizaii), activele lor totale se ridic la 1 892,900,000 lei (sursa: http://www.cnpf.md/file/
Statistica_2013/aprilie/Indicatori-OMF_31.12.2012.xls).
20

Capitolul 1
Ele se specializeaz, n special, n deservirea clienilor mici, inclusiv a celor care

practic nu au acces la mprumuturile bancare.
Asociaiile de economii i mprumut, n numr de 361 la data de 1.01.2013 -
(sursa: http://www.cnpf.md/file/Entitati_Supraveghere/2013/LAEILS_01_01_2013.
xls) sunt asociaii de persoane fizice, care activeaz n mediul rural, avnd dreptul
de a acorda mprumuturi doar membrilor acestora. Activele lor totale, la 30.09.2012,
s-au ridicat la aproximativ 363.5 milioane de lei. (Sursa: http://www.cnpf.md/file/Entitati_Supraveghere/2012/CONS_30.09.2012_AEI_357.xls).
Piaa de capital este o alternativ la mprumuturile bancare, oferind IMM-urilor
posibilitatea de a atrage investiii pe termen lung, prin emiterea de aciuni i obligaiuni. n scopul de a extinde baza de finanare a ntreprinderilor din Moldova (n
special IMM-uri) din surse externe, este necesar de a spori posibilitile i serviciile
organizaiilor de microfinanare, precum i a altor surse, cum ar fi leasing, factoring.
Sectorul financiar non-bancar din Republica Moldova, inclusiv piaa de capital,
fondurile de pensii facultative i asigurrile private nu sunt nc suficient de dezvoltate n comparaie cu rile din Europa de Sud-Est. n consecin, piaa financiar
non-bancar nu reprezint o alternativ viabil intermedierii financiare realizate prin
sectorul bancar.
Apariia fondurilor i a firmelor cu capital de risc, precum i a investitorilor provideniali, este ntrziat de lipsa de baz legal, starea incipient a pieei de capital,
infrastructura de afaceri deficitar i influena excesiv a statului asupra businessului.
1.4.
Mijloacele fondului special de garantare a creditelor
Fondul de Stat de Garantare a Creditelor (gestionat de Organizaia pentru Dezvoltarea Sectorului ntreprinderilor Mici i Mijlocii ODIMM), finanat din bugetul de
stat, ofer garanii de creditare pentru agenii economici care nu dispun de un gaj
suficient. Pentru ntreprinderile active mrimea garaniei va constitui maxim 50% din
suma creditului, dar nu va depi 1 milion de lei, perioada de creditare este de pn
la 5 ani, la 2% pe an din valoarea garaniei.
Pentru ntreprinderile nou create, mrimea garaniei va constitui maxim 70% din
suma creditului, dar nu va depi 500.000 lei. Perioada de creditare este de pn la
5 ani, la 1,5% pe an din valoarea garaniei.
Pentru ntreprinderile exportatoare, mrimea garaniei va constitui maxim 50%
din suma creditului pentru o perioad de pn la 5 ani la 1,5% pe an din valoarea
garaniei.
n prezent, portofoliul fondului este de 16,280,000 lei. Soldul de garanii active
este de 45 de garanii n valoare de 8,7 milioane de lei, ceea ce a permis acordarea
creditelor n valoare de 24,3 milioane de lei.
De asemenea, Fondul ofer garanii pentru ntreprinztorii participani la programele de stat PNAET i PARE1 +1, ODIMM.
Deci, pentru firmele participante n cadrul programului PNAET, mrimea garaniei este de pn la 50% din suma creditului, dar nu va depi 150. 000 lei, pentru
21

o perioad de pn la 5 ani, la 1,5% pe an din valoarea garaniei. Pentru firmele

participante la programul PARE1 +1 - 50% din valoarea creditului, dar nu mai mult
de 200.000 de lei pentru o perioad de pn la 5 ani, la 1,5% pe an din valoarea
garaniei.
1.5.
Mijloacele programelor de asisten financiar pentru anumite

grupuri de ntreprinztori.
n Republica Moldova funcioneaz un ir de programe orientate spre susinerea

financiar a diverselor grupuri de ntreprinztori, cum ar fi:
Pentru tinerii ntreprinztori din mediul rural Programul naional de abilitate
economic a tinerilor (PNAET) - ofer mprumuturi, o parte dintre care, n cazul n
care beneficiarul ndeplinete anumite condiii, devine grant. (Durata programului:
2008-2013). Pn n prezent, n cadrul programului au fost acordate 291 de credite n
valoare total de circa 83,4 milioane de lei i suma grantului de 33,4 milioane de lei.
Datorit acestui program, n 2012 au fost create 376 de noi locuri de munc. n
2013, pentru acest program este alocat suma de 32 milioane de lei, care vor finana
267 de proiecte de afaceri.
Pentru lucrtorii migrani i rudele lor de gradul I, Programul de atragere a remitenelor n economie (PARE 1+1) ofer granturi pentru finanarea comun a afacerii
(n baza regulii de paritate 50% migrantul, 50% statul). Iniial, programul a fost un
program pilot n perioada 2010-2012. Pe parcursul acestor ani, ODIMM a ncheiat
contracte de finanare nerambursabil cu 142 de ntreprinderi. La moment, programul a fost prelungit i n 2013 se preconizeaz c valoarea granturilor n cadrul programului va constitui 20 milioane lei.
Datorit donatorilor externi, n special, Programul de susinere a sectorului ntreprinderilor mici i mijlocii, finanat de Guvernul Japoniei, se dezvolt leasing-ul de
utilaje pentru IMM-uri; prin intermediul programului de servicii financiare n zonele
rurale a IFAD s-a mrit accesul la serviciile financiare pentru fermierii din zonele
rurale, etc.
1.6.
Rezultatele sondajelor ntreprinztorilor din Moldova
n prezent, pentru cele mai multe IMM-uri din ar problema accesului la finanare rmne una dintre cele mai acute. i, timp de aproape 15 ani, importana acestei
probleme este o prioritate, fapt confirmat de numeroase studii.
Sondajele ntreprinztorilor din Moldova (realizate n mod regulat de ctre Ministerul Economiei cu sprijinul Institutului de Economie, Finane i Statistic) arat
c problema accesului la finanare a fost i rmne pentru ei cea mai acut, att n
perioada premergtoare crizei (2007) ct i n ultimii ani (2011-2012).
De altfel, studiile IFES atest o cretere acestei probleme pentru ntreprinztori
22

Capitolul 1
pe parcursul acestei perioade.

Astfel, n 2012, din 136 de ntreprinztori intervievai din 27 de raioane ale rii,
73,3% s-au confruntat cu problema accesului la resurse financiare (Tabelul 4).
Tabelul 4. Problemele interne ale ntreprinderilor referitor la accesul la
resurse
Ponderea respondenilor care au

raportat aceste probleme %
73,3
45,9
33,3
19,3
11,1
6,7
3,7
4,4
Probleme
Accesul la resurse financiare
Lipsa personalului calificat
Echipamente, tehnologie
Materii prime i materiale consumabile
Imobil
Informaii
Altele
Niciuna
Sursa: IEFS
Principala dificultate pentru ntreprinztori, referitor la accesul la resurse financiare este rata mare a dobnzii la credite i costul ridicat al procedurii de obinere a
unui credit bancar. n plus, problema finanrii este legat de procedura de durat i
complicat de obinere a creditului i teama de a fi n incapacitate de rambursare a
mprumutului.
Astfel, cei mai muli dintre ntreprinztorii intervievai s-au confruntat cu problema
ratei dobnzii prea ridicate la credite, costul ridicat al procedurii de creditare (aceast
problem a fost menionat de ctre 82,8% din ntreprinztori). Peste o treime din
ntreprinztori (38,8%) au identificat drept o problem complexitatea procedurii de
obinere a mprumutului; 33,6% dintre ntreprinztorii intervievai sunt preocupai de
imposibilitatea de rambursare a mprumutului; pentru 31,3% o problema a fost lipsa
de gaj, aprecierea eronat a volumului gajurilor de ctre banc.
17,9% de ntreprinztori nu sper c vor avea succes n obinerea unui credit
sau investiii, n timp ce 11,2% nu au cunotine de ntocmire a unui business plan
sau de a face o prognoz a afacerilor. Pentru 10,4% din respondeni, problema este
lipsa capacitii de a atrage investiii n afaceri. n cele din urm, pentru 2.2% de
ntreprinztori, problema accesului limitat la finanare este asociat cu activitatea
parial a companiei n economia tenebr.
1.7.
Concluzii i recomandri
Cele mai multe dintre msurile menionate ntreprinse de stat, vizeaz mbuntirea accesului la finanare a anumitor grupuri nguste de ntreprinztori. n acelai
23

timp, pentru majoritatea ntreprinderilor din Republica Moldova, problema accesului

la finanare rmne una dintre cele mai acute. Acest fapt este confirmat de sondajele
realizate n rndul ntreprinztorilor de ctre diferite organizaii.
Cauza accesului limitat al ntreprinztorilor la surse financiare externe este criza
economico-financiar, atunci cnd bncile au fost nevoite s limiteze volumul de
credite n special pentru ntreprinderile mici i micro; deficienele legislaiei i instabilitatea politic, care restricioneaz fluxul de fonduri de la donatorii externi, inclusiv
cele destinate creditrii ntreprinztorilor.
De rnd cu unele succese obinute n susinerea real a sectorului ntreprinderilor mici i mijlocii, Guvernul, n colaborare cu instituiile financiare, mai are multe
restane, printre care:
1. promovarea unei politici monetare care vizeaz o inflaie joas i stabil;
2. reducerea ratelor dobnzilor la credite i asigurarea stabilitii acestora;
3. atragerea investiiilor strine n sectorul financiar, n mod special al investiiilor partenerilor strategici interesai de dezvoltarea ntreprinderilor mici i
mijlocii;
4. dezvoltarea continu a garaniilor de credit pentru IMM-uri, inclusiv prin intermediul Fondului de Garantare de Stat;
5. dezvoltarea sistemului de capital de risc al schemelor investiionale de creditare informale;
6. dezvoltarea unor sisteme inovatoare de finanare a ntreprinderilor mici i
mijlocii;
Accesul la surse ieftine de finanare este vital pentru dezvoltarea unui sector
competitiv al IMM-urilor. Rezultatele reale ale proiectelor i programelor financiare
care sunt deja implementate n ara noastr sunt ncurajatoare i muli ntreprinztori
au demonstrat spirit de perseveren i antreprenorial.
Schimbul de experien, precum i propunerile de mbuntire a performanei
entitilor publice i private va contribui n continuare la dezvoltarea ntreprinderilor
mici i mijlocii.
24

Capitolul
Capitolul1 2
OPORTUNITI DE ATRAGERE A INVESTIIILOR

STRINE N SECTORUL IMM
2.1.
Introducere
Rolul stimulator al investiiilor strine n economia unei ri este pe larg recunoscut n teoria economic i n practic: lanul de efecte pe care le genereaz investiiile strine se rsfrng att asupra produciei de bunuri i servicii, ct i asupra
consumului, motivnd simultan cererea i oferta. Investiiile reprezint stimulentul ce
genereaz noi activiti economice i are ca finalitate obinerea de bunuri i servicii
indispensabile unei economii viabile. Mobilizarea resurselor investiionale este unul
din elementele din ecuaia economic care favorizeaz atingerea obiectivelor strategice de dezvoltare a oricrei ri. Acest proces contribuie att la creterea nivelului
produciei, ameliorarea complex a economiei naionale, soluionarea problemelor
ce in de retehnologizarea ntreprinderilor, dar i la dezvoltarea durabil a unor sectoare ale economiei, inclusiv cel al IMM, regiuni (localiti), implicit la soluionarea
problemelor sociale. Astfel, investiiile strine au potenialul de a aduce beneficii considerabile rilor beneficiare, de succesul n atragerea lor depinde creterea economic i modernizarea economiei. ns, aceste beneficii nu vin n mod automat. Toate
rile au realizat importana investiiilor strine pentru dezvoltarea economiilor i societilor lor. Acestea s-au angajat cu adevrat ntr-o competiie internaional pentru
atragerea investiiilor strine. Cu att mai mult, cu ct atractivitatea unei ri pentru
investiiile strine se bazeaz din ce n ce mai puin pe avantajele comparative ale
rilor (resurse naturale i de producie), un rol tot mai mare avnd aa-numitele
avantaje competitive (dotarea cu factori de vrf-for de munc calificat, tehnologii
i servicii de extensiune, mediul concurenial intern, caracteristicile cererii interne,
legturile pe orizontal dintre ramuri i prezena unor clustere puternice, politicile
guvernamentale, etc.) n condiiile Republicii Moldova, cnd posibilitile interne ale
agenilor economici locali sunt limitate i insuficiente pentru a relansa economia, se
impune necesitatea abordrii unor politici corecte pentru crearea unui mediu propice
i stimulator atragerii capitalului strin, n special n sectorul IMM, ca cel mai reprezentativ sector al economiei. Astfel, n perioada actual a globalizrii, a liberalizrii
fluxurilor comerciale i a intensificrii competiiei pentru atragerea investiiilor strine,
n special n rile n tranziie i n curs de dezvoltare, sunt extrem de utile cercetrile
care ajut la nelegerea aspectelor i problematicii pe care le implic procesul de
atragere a investiiilor strine.
n capitolul de fa ne-am propus s investigm fenomenul de atragere a investiiilor strine ca un factor hotrtor al relansrii economiei, avnd la baz impulsionarea investiiilor strine n sectorul IMM. Acest lucru este cu att mai important,
cu ct sectorul IMM-urilor din Republica Moldova are un rol de baz n dezvoltarea economic i social a rii, deinnd 97.5% din numrul total al ntreprinderilor,
25

angajnd 57,7% din numrul total al salariailor, avnd o cot de 34,5% din venitul total din vnzri pe economie i contribuind cu 28,3% la PIB-ul total al rii. Cercetrile
capitolului de fa au pornit de la discuiile celui de-al IV-lea Forum Moldo-German
privind finanarea IMM, tema respectiv constituind subiectul unuia dintre panelele
de discuii din cadrul acestui eveniment, cu participarea reprezentanilor IMM-urilor,
preponderent din Gguzia i regiunea de sud a Republicii Moldova. ns, analizele
nu se rezum doar la concluziile discuiilor, ci abordeaz un spectru mai larg, ncepnd cu noiunea de investiie strin i motivaiile rilor, n special a celor n tranziie, din categoria crora face parte i Republica Moldova, n atragerea investiiilor
strine, aa cum aceasta este reflectat n literatura de specialitate (subcapitolul
2), urmat de prezentarea evoluiilor fluxurilor de investiii strine i a tendinelor lor
la nivel mondial i regional (subcapitolul 3), evoluia fluxurilor de investiii strine n
economia Moldovei sub diferite aspecte, evoluia investiiilor strine n sectorul IMM
i a modului n care acestea au influenat pn n prezent structura economiei i
dezvoltarea acesteia (subcapitolul 4), abordri referitoare la climatul investiional din
Republica Moldova, ca factor decisiv al atractivitii investiionale a rii (subcapitolul
5), finaliznd cu concluzii i recomandri, att pe baza analizelor prezentate n acest
capitol, ct i pe baza discuiilor din cadrul panelului Oportuniti de atragere a investiiilor strine n sectorul IMM, din cadrul celui de-al IV-lea Forum Moldo-German
privind finanarea IMM (subcapitolul 6).
2.2.
Investiiile strine i motivaia pentru atragerea lor
Influena major pe care o exercit investiiile strine asupra economiilor rilor

gazd a atras atenia sporit asupra acestui fenomen din partea decidenilor politici
din toate rile, precum i pe cea a cercettorilor la diferite etape ale evoluiei gndirii
economice, perioade specifice de timp, sau forme i metode predominante n economie. De aici i o multitudine de interpretri a acestui fenomen. Conform uneia dintre acestea, ceva mai complex, investiiile constituie un plasament pe termen lung
pentru care se prezum efecte favorabile; o alocare de resurse, de capitaluri economisite, n activiti profitabile, n sperana recuperrii lor pe seama veniturilor viitoare, superioare; o modificare a patrimoniului generat de realizarea unor imobilizri
corporale, necorporale i financiare; un proces economic complex, generator al altor
procese (de exploatare, de producie, prestaii etc.)1. Diversitatea mare a definiiilor
este dat, posibil, i de tipologia larg a acestora. Unii autori difereniaz pn la 250
tipuri de investiii diferite2. Cele mai importante criterii de grupare a investiiilor sunt3:
1
2
3
Din punct de vedere al proprietii:

investiii private, realizate de ctre sectorul privat;
investiii publice, efectuate de ctre guvern.
Rodica Milena Zaharia Economia Mondial, Bucureti, editura ASE, 2004

Maria Caracota Dimitriu, Dumitrache Caracota Evaluarea investiiilor de capital, Bucureti, 2004
Anghel E. Ion Probleme economice. Investiii strine directe, modernizarea i nzestrarea cu factori,
Centrul de Informare i Documentare Economic, Bucureti, 2002
26
OPORTUNITI DE ATRAGERE A INVESTIIILOR STRINE

N SECTORUL IMM
Capitolul 2
Dup originea teritorial:

investiii interne, care se realizeaz n interiorul granielor naionale ale
unei ri;
investiii externe (strine), care se efectueaz n alte state sau de ctre
alte ri.
Dup destinaia cheltuielilor:
Investiii directe
Investii de portofoliu
Cele directe presupun controlul investiiei, iar cele de portofoliu permit participarea la procesul de luare a deciziilor, dar nu permit exercitarea controlului. n acest
studiu ne vom referi n principal doar la investiiile directe i, n special, la investiiile
strine directe (ISD). Spre deosebire de investiiile strine de portofoliu, cele directe
implic nu doar elementele de timp, risc i profit, care reprezint scopul final al oricrei investiii, ci includ i elementele de control asupra investiiei. Definiiile internaionale ale ISD stabilesc i anumite cote minime din capitalul unei firme, care trebuie
deinute de investitorul strin. n general, acestea variaz de la 10 la 25%, ns pot
devia de la aceste valori, n funcie de ar. n Republica Moldova, acest prag, conform metodologiei de calcul a balanei de pli, utilizate de BNM, este de 10%.
ISD sunt definite ca ansamblul fluxurilor financiare, materiale, tehnologice i manageriale pe care o persoan fizic sau juridic le desfoar ntr-o alt economie
dect cea n care este rezident, pentru realizarea unei activiti productive de durat, prin deinerea controlului asupra acesteia4. Conform UNCTAD, ISD se clasific n
trei componente de baz: investiii n capitalul statutar, ctigurile (profitul) reinvestite i mprumuturile intra-companie. n legislaia naional, definiia noiunii de investiie este dat n Legea nr. 81 din 18.03.2004 cu privire la investiiile n activitatea de
ntreprinztor. Conform acesteia, investiia reprezint totalitatea de bunuri (active)
depuse n activitatea de ntreprinztor pe teritoriul Republicii Moldova, inclusiv pe
baza contractului de leasing financiar, precum i n cadrul parteneriatului public-privat, pentru a se obine venit. Investiia strin este definit ca investiie efectuat de
un investitor strin n activitatea de ntreprinztor desfurat n Republica Moldova,
inclusiv veniturile provenite din investiia sa i reinvestite n Republica Moldova. Conform abordrii Bncii Mondiale, n funcie de motivaia investitorilor, ISD se clasific
n patru tipuri distincte: ISD de valorificare a resurselor, ISD de valorificare a pieelor,
ISD de eficien i ISD de valorificare a activelor strategice.
Dup modalitatea de efectuare, ISD pot fi: investiii pe orizontal, sau investiii
pe vertical. Cele pe orizontal sunt investiiile directe efectuate de ctre companiile strine n alte ri, n care se fabric aceleai produse ca i n ara de origine,
adaptate cerinelor i gusturilor consumatorilor locali. Ele reprezint o diversificare
geografic a activitii companiilor strine. O companie strin poate face o serie de
investiii de valorificare a resurselor sau de valorificare a pieelor, iar peste un anumit
timp, poate decide s consolideze aceste operaiuni pe baz de produs sau proces.
Companiile vor fi n stare ns, s fac acest lucru, numai dac pieele sunt deschise
4
Anda Mazilu Transnaionalele i competitivitatea, Bucureti, 1999
27

i suficient de dezvoltate. n consecin, aceast form de ISD este rspndit n

special pe pieele integrate regional, cel mai des n Europa i Asia. ISD pe vertical
se realizeaz n cazul investiiilor n alte ri, n scopul crerii unor noi capaciti de
producie pentru fabricarea unor produse intermediare, necesare produciei de baz
n ara de origine sau pentru fabricarea aceluiai produs ca n ara de origine, dar
ntr-un stadiu mai evoluat5.
Tabelul 1: Tipologia ISD n funcie de criteriul de motivaie a investitorilor
Tipuri de ISD
ISD de valorificare a
resurselor
pieelor
activelor strategice
ISD de eficien
Motivaii primare
accesul la resurse naturale (resurse minerale, materii prime,
produse agricole);
accesul la resursele umane ieftine sau specializate.
ISD pe piee, deservite anterior de exporturi, sau pe piee
protejate de taxe nalte de import ori alte bariere
ISD fcute de ctre companiile furnizoare, care-i urmeaz
clienii peste hotare
ISD care caut s-i adapteze produsele la necesitile i
preferinele locale i s utilizeze resurse locale
achiziii i aliane care urmresc atingerea obiectivelor
corporative pe termen lung
raionalizarea sau integrarea operaiunilor (n aspect
regional/global) care s conduc la specializarea
transfrontalier sau pe produs
Sursa: Investment Generation Toolkit, the World Bank/MIGA, 2011
Fluxurile de ISD joac un rol din ce n ce mai important n economia contemporan. Acestea, alturi de capitalul autohton, particip direct la procesul de dezvoltare
a economiilor naionale i contribuie considerabil la sporirea competitivitii economiilor. Cu toate acestea, nici fluxurile de ISD, i nici beneficiile de pe urma acestora nu
vin n mod automat. Odat cu realizarea tot mai mare de ctre toate rile a importanei ISD, acestea acord o atenie tot mai mare politicilor care pot spori beneficiile
unor astfel de investiii asupra dezvoltrii rilor lor6. n cazul rilor mici, cu capaciti
locale limitate (cum este cazul Republicii Moldova), orice proces de dezvoltare este
sortit s fie mult mai dependent de ISD, dect n cazul altor ri7. Existena unui impact pozitiv al investiiilor strine directe asupra bunstrii i creterii competitivitii
rilor receptoare este pe deplin recunoscut. Republica Moldova, ca de altfel toate
statele n tranziie, are o serie de motivaii obiective i subiective ce stau la baza
interesului fa de investiii, n special fa de cele strine directe:
5
Anghel E. Ion Probleme economice. Investiii strine directe, modernizarea i nzestrarea cu factori,
Centrul de Informare i Documentare Economic, Bucureti, 2002
Foreign direct investment and performance requirements: new evidence from selected countries, UNCTAD, 2003
Sinjaya Lall Reinventing Industrial Strategy: The Role of Government Policy in Building Industrial Competitiveness, G-24 Discussion Paper Series, No. 28, April 2004, UNCTAD
28

N SECTORUL IMM
Capitolul 2
Nevoia de capital n vederea retehnologizrii, a refacerii economice, n urma

restructurrii impuse de tranziia la un alt sistem economic, cel al economiei
de pia, constituie o prim mare motivare a interesului de atragere a capitalului strin. Acest proces presupune anumite mutaii de esen n structurile economice. Fr o rapid aliniere la cerinele moderne ale economiei
mondiale, economia autohton risc s intre ntr-un periculos regres, sau s
rmn substanial n urma celorlalte ri, aa cum, de fapt, constatm c se
ntmpl n cazul R. Moldova.
Transferul de tehnologie i de know-how este, de asemenea, una din marile

motivaii ale interesului fa de ISD. Este evident c progresul tehnic atins de
statele dezvoltate trebuie atras i implementat n economiile n tranziie, cum
este i cazul R. Moldova, pentru a reduce decalajul de dezvoltare fa de rile dezvoltate. O cale de realizare a acestui deziderat poate consta tocmai n
asocierea cu parteneri strini din rile dezvoltate i prin atragerea de ISD s
se faciliteze accesul la tehnologii. Astfel, producia autohton poate deveni
mai competitiv pe piaa mondial.
Preluarea i aplicarea noilor metode de management i gestionare corporativ

constituie o component a restructurrilor necesare reuitei tranziiei. Printre
factorii de sinergie, cu efecte determinante n creterea i dezvoltarea economic, managementul inovativ este considerat deosebit de important.
Accesul la piaa occidental, cu exigenele sale nalte, constituie, de asemenea, o motivaie serioas n atragerea de investiii, n special strine. Produsele obinute n cadrul unor participri strine au acces mai facil pe pieele
externe, mai ales dac acestea se altur propriilor realizri ale investitorului
strin n ara de origine. n multe cazuri, rezultatele unor astfel de investiii se
pot bucura chiar de anumite faciliti la intrarea pe pieele altor state, faciliti
ce pot viza diferite forme de autorizri, omologri, asimilri etc., precum i
faciliti de ordin vamal, fiscal sau de alt natur8.
2.3.
Evoluia investiiilor strine directe n context mondial i regional
Pe msur ce locul resurselor, ca element de costuri de baz al profitului, l-au

luat alte componente, cum ar fi cea tehnologic sau organizatoric, fluxurile de ISD
au fost reorientate dinspre statele mai puin dezvoltate, deintoare de resurse materiale, spre statele deintoare de tehnologii9. n aprecierea specialitilor, investiiile
strine directe n rile n dezvoltare au trecut de la cutarea de piee i cutarea de
resurse, la cutarea de eficien. Cu toate acestea, pentru multe ri n curs de dezvoltare i tranziie, costurile reduse, accesul la resurse naturale i la pieele regionale
8
Rodica Hncu, Denis Jelimalai, Greta Ofrim Investiiile strine directe component important a fluxurilor economice internaionale, revista Economica, nr. 1 (71), 2010
Ioan Denu Investiiile strine directe, Editura Economic, Bucureti, 1998
29

rmn elemente de atractivitate sporit pentru companiile strine10.

n perioada 1990-2011, stocul ISD la nivel mondial a crescut de la 2,1 trilioane $,
la cca. 20,4 trilioane $, n timp ce fluxul anual de intrri de ISD s-a majorat de la 207
miliarde $ n 1990 la 1,5 trilioane $ n 2011. Filiale strine ale companiilor multinaionale genereaz 1/3 din exporturile mondiale i 10% din PIB-ul mondial, iar fluxul de
intrare al ISD constituie cca. 10% din formarea brut de capital fix la nivel mondial.
Cu toate c n ultimii ani fluxul de intrri ale ISD a crescut continuu, n anul 2011
acesta era totui cu 23% mai mic dect nivelul su de vrf, atins n anul de pre-criz,
200711. n anul 2012 se estimeaz c acesta s-a redus i mai mult, pn la cca. 1,3
trilioane $, sub presiunea fragilitii macroeconomice din majoritatea regiunilor i a
incertitudinii n cretere pentru investitori12. Totui, experii menioneaz c, ncepnd cu a doua jumtate a anilor `90, ISD la nivel mondial au crescut mai rapid dect
ali indicatori macroeconomici, cum ar fi PIB, exporturile sau investiiile interne13.
Tabelul 2: Fluxul mondial de ISD dup destinaia geografic
Regiunea
2007
1975,5
Total
rile dezvoltate
1310,4
rile n curs de dezvoltare
574,3
Economiile n tranziie
90,8
Europa de sud-est
14,3
rile CSI
76,5
% din fluxul ISD la nivel mondial
rile dezvoltate
66,3
rile n curs de dezvoltare
29,1
4,6
Europa de sud-est
0,7
rile CSI
3,9
Fluxul ISD de intrare, miliarde $

2008
2009
2010
2011
1790,7 1197,8 1309,0 1524,4
1019,6
606,2
618,6
747,9
650,0
519,2
616,7
684,4
121,0
72,4
73,8
92,2
14,2
8,9
4,8
7,7
106,8
63,5
69,0
84,5
56,9
36,3
6,8
0,8
6,0
50,6
43,3
6,0
0,7
5,3
47,3
47,1
5,6
0,4
5,3
49,1
44,9
6,0
0,5
5,5
2012
1310,7
548,9
680,4
81,5
3,5
78,0
41,9
51,9
6,2
0,3
6,0
Sursa: World Investment Report 2012 i Global Investment Trends Monitor, no. 11,
2013, UNCTAD
O evoluie remarcabil n fluxurile ISD la nivel mondial n anul 2012 a constituit-o faptul c pentru prima dat rile n curs de dezvoltare au atras mai multe
ISD (51, 9%) dect rile dezvoltate (41,9%), restul de 6,2% avnd ca destinaie
rile n tranziie din Europa de sud-est i rile CSI (tabelul 2). Acest moment poate
10
11
12
13
Rodica Milena Zaharia Economia Mondial, Bucureti, editura ASE, 2004

World Investment Report 2012, UNCTAD
Global investment trends monitor, UNCTAD, no. 11
Florin Bonciu Investiiile strine directe, Ed. Lumina Lex, Bucureti, 2003
30

N SECTORUL IMM
Capitolul 2
reprezenta o oportunitate i penFigura 1: ISD dup modalitatea de intrare/

grupuri de ri (2011) i ani, miliarde $
tru rile n tranziie, inclusiv Republica Moldova, de a atrage mai
multe ISD. Cota rilor n tranziie
n fluxul mondial de ISD de intrare s-a majorat de la 4,6% n 2007,
pn la 6,2% n 2012, inclusiv cea
a rilor CSI de la 3,9%, la 6,0%.
Majoritatea fluxurilor de ISD n
rile CSI (cca. 83%) sunt atrase
rile
rile n Economiile
Total
de Rusia, Kazahstan i Ucraina.
dezvoltate
curs de n tranziie
Cu o abordare corect i politici
dezvoltare
adecvate de atragere a ISD, ns,
i celelalte ri pot beneficia de pe
urma conjuncturii actuale de pe
piaa fluxurilor de ISD.
Dup modalitatea de penetrare a pieelor strine, cele mai rspndite continu s fie investiiile
greenfield. n anul 2011 acestea
au constituit cca. 904 miliarde $,
fa de cca. 526 miliarde $ sub
Investiiile greenfield
form de fuziuni i achiziii (figura
Fuziuni i achiziii (M&A)
1). Investiiile greenfield i fuziunile i achiziiile difer n ceea ce
Sursa: World Investment Report 2012,
privete impactul asupra econoUNCTAD
miilor gazd, mai ales la etapele
iniiale ale investiiei. Pe termen scurt, fuziunile i achiziiile nu aduc aceleai beneficii sub aspect de dezvoltare, materializate sub forma capacitilor noi de producie,
valoare adugat i locuri de munc nou create14. Exist diferene majore i n ceea
ce privete tipul de ISD n funcie de nivelul de dezvoltare al rilor. Astfel, dac n
rile dezvoltate predomin fuziunile i achiziiile (n ultimii 5 ani acestea au depit
n mediu cu mai mult de 1/3 investiiile greenfield), n rile n curs de dezvoltare i
n tranziie, dimpotriv, predomin investiiile greenfield. n ultimii 5 ani acestea au
depit de la 4 pn la 8 ori investiiile fcute prin fuziuni i achiziii.
n funcie de sector, predomin investiiile n industria prelucrtoare. Acestea au
constituit 46%, n anul 2011, i 50%, n anul 2010, din totalul ISD pe plan mondial,
ajungnd n valoare absolut la cca. 660 miliarde $ i fiind n cretere, dup declinul
din 2009, cauzat de criza economic (tabelul 3). Cu toate acestea, ele rmn mai
mici cu cca. 1/3 fa de nivelul de vrf nregistrat n anul 2008. Serviciile constituie alt
domeniu major spre care se ndreapt ISD, cu o pondere de cca. 40% n ultimii doi
ani. Acestea ns au fost i mai afectate de criza economic, revenind n anul 2011
abia la jumtate din nivelul anului 2008.
14
31

Tabelul 3: Distribuia ISD pe sectoare ale economiei

Valoarea investiiilor, miliarde $
Anul
% investiiilor
Sectorul
Industria
Sectorul
Industria
Serviciile
Serviciile
primar prelucrtoare
primar prelucrtoare
Media anilor
2005-2007
130
670
820
41
50
2008
230
980
1130
10
42
48
2009
170
510
630
13
39
48
2010
140
620
490
11
50
39
2011
200
660
570
14
46
40
Sursa: World Investment Report 2012, UNCTAD
Analiza evoluiilor fluxurilor mondiale de ISD demonstreaz c odat cu intensificarea procesului de globalizare, dar i ca urmare a crizelor structurale din zona
UE i SUA, au crescut ansele rilor n curs de dezvoltare i a celor n tranziie s
beneficieze de un influx mai mare de ISD. Cu toate acestea, evidenele arat c n
majoritatea lor, companiile strine sunt interesate s investeasc doar ntr-un numr limitat din rndul acestor ri, numite i ri din grupul de baz. Acestea sunt
rile care ntrunesc cele mai bune condiii pentru ISD. Cea mai mare parte a ISD
care merge ctre rile din afara grupului de baz sunt investiii de ni, atrase
de anumite caracteristici specifice ale rii de destinaie i, n mod normal, nu ar fi
mers n oricare alt ar. Implicaia acestor evidene pentru rile din afara grupului
de baz, care doresc s dezvolte politici atractive pentru ISD, inclusiv R. Moldova,
este s evite competiia pe termen scurt, cu utilizarea vacanelor fiscale sau altor
stimulente, n schimb s se concentreze pe dezvoltarea condiiilor pe care le ntrunesc rile grupului de baz: stabilitate politic i economic, cadru legal, regulator
i de proceduri stimulator, un mediu facilitator pentru exporturi care s compenseze
dimensiunile reduse ale pieei locale, o for de munc mai bine educat i furnizori
locali de servicii de infrastructur, de business i input-uri materiale mai puternice i
mai eficiente15.
n figura ce urmeaz vom reprezenta schematic zona de concuren a RM n cadrul fluxurilor mondiale de ISD conform evoluiilor din ultimii 5 ani. Deoarece aceasta
este o schem general i nu una concret pentru o investiie anume, vom face abstracie de existena unor ri n lista de baz, considernd concureni direci toate
rile din regiune.
15
Charles-Albert Michalet Strategies of Multinationals and Competition for FDI, the IFC and the World
Bank, 1997
32

N SECTORUL IMM
Capitolul 2
Figura 2: Zona de concuren a RM n cadrul fluxurilor mondiale de ISD
Fluxul anual mondial

de ISD (1,3 tril. $)
Cretere 66%
rile industrial
dezvoltate (549 mlrd. $)
Cretere 42%
rile n curs de
dezvoltare (680 mlrd. $)
Cretere 118%
(82 mlrd. $)
Cretere 90%
rile Asiei de Est i

Sud-Est; America Latin
i Caraibele (552 mlrd. $)
Cretere 135%
rile Europei de
Sud-Est (3,5 mlrd. $)
Cretere 24%
rile Africii i Asiei

de Sud (78 mlrd. $)
Cretere 91%
Zona de concuren a RM
(3,578 mlrd. $)
Cretere 24102%
rile Asiei de Vest

(47 mlrd. $)
Cretere 60%
rile CSI
(78 mlrd. $)
Cretere 102%
Sursa: Elaborat de autor n baza datelor WIR 2012 i Global Investment Trends
Monitor, no. 11, 2013, UNCTAD
2.4.
Evoluia investiiilor strine directe n economia R. Moldova i n

sectorul IMM
Din pcate, R. Moldova nu se numr printre marii ctigtori ai fluxurilor crescnde de ISD din ultimii 20 de ani. Pornind n anul 1992 practic de la acelai nivel
cu celelalte ri n tranziie (ba chiar cu un avantaj dublu fa de acestea, cu 4 $ per
capita stoc de ISD, fa de doar 2 $ media rilor n tranziie), ctre anul 2011 Moldova a devenit una din codaele Europei i a rilor n tranziie n atragerea ISD. Astfel,
n anul 2011 stocul per capita de ISD n Moldova era de doar 892 $ - de 2,8 ori mai
puin dect media rilor n tranziie, de 3,3 ori mai puin dect media mondial i de
14,2 ori mai puin dect media rilor dezvoltate.
33

Figura 3: Evoluia stocului de ISD per capita n perioada

anilor 19922011, dolari SUA
rile n
tranziie
Media
mondial
rile
dezvoltate
Moldova
Sursa: UNCTAD
Chiar i pe timp de recesiune i fluxuri globale n scdere, unele regiuni i ri au

reuit s obin creteri substaniale ale fluxurilor de ISD atrase. Dup cum menioneaz raportul UNCTAD din 2012, Fluxul de ISD ctre rile n curs de dezvoltare i
n tranziie a crescut n anul 2011 cu 12%, atingnd un nivel record de 777 miliarde $,
n special datorit creterii continue a investiiilor n proiecte greenfield16. Cu regret,
Moldova nu se numr printre beneficiarele majore ale acestui proces. RM are cel
mai mic nivel al fluxurilor de intrare i stocului de ISD, precum i cel mai mic numr
de proiecte greenfield printre toate rile din Europa, depind la acest capitol doar
unele ri n tranziie din Asia Mijlocie (Krgzstan i Tadjikistan). Att n comparaie
cu rile n tranziie din regiune, ct i cu cele vecine i cu trecut istoric comun, care
acum sunt membre ale UE, Moldova a nregistrat n ultimii ani rezultate mai slabe.
Astfel, Moldova are cel mai mic nivel al stocului de ISD (3163 mil. $), de aproape 3
ori mai puin dect Georgia, de 1,5 ori mai puin dect Macedonia sau Albania, de
1,6 ori mai puin dect Armenia i de 1,8 ori mai puin dect Muntenegru. Menionm,
c rile respective sunt cele mai slabe performere n atragerea ISD printre toate
rile europene. n comparaie cu rile apropiate ca numr al populaiei i mrime
a teritoriului, cu trecut istoric comun, care au devenit relativ recent membre ale UE
(Estonia, Letonia, Slovacia), diferenele comparaiei cresc de la 4 la 16 ori. Situaia
respectiv se datoreaz fluxurilor reduse de ISD pe care Moldova reuete s le
atrag n fiecare an, n ciuda conjuncturii mondiale i regionale favorabile. Astfel, n
anul 2011 fluxul ISD de intrare n RM a fost de 3,8 ori mai mic dect cel din Albania,
de 3,6 ori mai mic dect intrrile de ISD din Georgia, de 2 ori mai mic dect cel din
Armenia sau Muntenegru i de 1,5 ori mai mic dect intrrile de ISD din Macedonia.
Avnd n vedere c principala cale de intrare a ISD n rile n tranziie sunt prin intermediul proiectelor greenfield, Moldova ar trebui s depun eforturi sporite pentru
atragerea acestora, n scopul reducerii decalajului format n comparaie cu alte ri.
16
34

N SECTORUL IMM
Capitolul 2
ns, n timp ce numrul proiectelor greenfield implementate n 2011 n unele ri de

comparaie (Albania, Muntenegru) a fost mai mic dect n Moldova, dup valoarea
acestora Moldova este din nou ultima.
Tabelul 4: Performanele RM n atragerea ISD n comparaie cu alte ri
ara
Fluxul
Fluxul
ISD de ISD de
intrare intrare
n 2010, n 2011,
mil. $
mil. $
Stocul
de
ISD n
2011,
mil. $
Valoarea
Nr. de
Valoarea
Nr. de
proiecproiec- proiectelor proiecte
telor
te gre- greenfield greengreenfield
enfield,
n 2010,
field n
n 2011,
2010
mil. $
2011
mil. $
Rezultatele Moldovei n comparaie cu cele mai puin performante ri n tranziie din

Europa
Moldova
197
274
3 163
13
301
12
320
Georgia
814
975
9,305
31
1 017
30
1 991
Macedonia
211
422
4 728
14
470
25
956
1 051
1 031
4 701
68
488
Muntenegru
760
558
5 803
10
380
436
Armenia
570
525
5 046
265
21
805
Albania
i n comparaie cu unele ri cu trecut istoric comun, noi membre ale UE

Slovacia
526
2 143
51 293
102
4 242
91
5 676
Estonia
1 540
257
16 727
27
947
29
883
Letonia
379
1 562
12 109
23
965
20
717
Sursa: World Investment Report 2012, UNCTAD
Republica Moldova a reuit s atrag ISD ct de ct mai importante, doar dup

anul 2004. Pn atunci, fluxurile de ISD nu au urmat un trend bine definit, iar creterile mai semnificative se datoreaz intrrii episodice pe piaa moldoveneasc a unor
companii mari, de ex. Lukoil (Rusia) n 1995, Union Fenosa (Spania) n 2000. O
cretere mai considerabil a ISD n economia R. Moldova s-a nregistrat abia n anul
2007, cnd fluxurile de ISD au atins 12% din PIB (figura 4). Fluxul nensemnat al ISD
pn n 2007 n Republica Moldova se datoreaz gradului sczut de competitivitate
a rii, ntre aceti doi indicatori existnd o corelaie direct17. i climatul de afaceri
i cel investiional mai puin favorabil a avut, se pare, un anumit impact asupra deciziilor investitorilor strini, care au preferat s investeasc n ri mai sigure din punct
de vedere economic i politic.
17
Impactul investiiilor strine directe asupra economiei Republicii Moldova, Expert-Grup, Chiinu,
2010
35

Figura 4: Evoluia fluxului de ISD i a ponderii acestuia

n PIB-ul Moldovei, 19922011
Fluxul ISD, mil. $
ISD n PIB, %
Sursa: Baza de date UNCTAD
Un rol important n atragerea ISD n Moldova pare s-l fi avut aderarea n 2007
a Romniei la UE, urmat de relocarea unor afaceri europene din Romnia n Moldova, unde condiiile fiscale i costurile muncii erau vzute ca fiind mai atractive.
ISD au crescut cu un ritm rapid n 2007, care a continuat i n 2008, n contextul
introducerii cotei zero la impozitul pentru venitul reinvestit i a creterii economice
n ritmuri susinute. Totui, cota zero la impozitul reinvestit nu este unicul factor care
a atras investitorii strini i nici nu pare s fi fost cel mai important. Astfel, n 2008
ISD au continuat s creasc, ns aceast cretere s-a datorat mai mult majorrii
investiiilor n capitalul social i nu venitului reinvestit care, dimpotriv, s-a redus fa
de anul 2007.
Tabelul 5: Evoluia fluxului ISD n economia Moldovei pe tipuri de capital
investit, mil. $
ISD n economia
naional
Capital social
Venit reinvestit
mprumuturi intra-grup
2000
2001
2002
2003
129,49
84,99
100,31
106,23
87,56
56,41
77,21 129,94 176,33 257,94

41,46 106,35
65,37 116,19
-2,6
47,1
-36,64
30,72
-27,43
58,58
15,34
20,41
2008
2009
2007
2010
2004
46,42
-22,83
2011
2005
39,33
71,63
2012
598,39 719,77 100,73 182,63 290,38 168,77

269,52 461,06
80,41 159,34
166,4 149,29
112,81
98,7
36,03
14,55
87,41
-9,84
216,06 160,01 -15,71
8,74
36,57
29,32
Sursa: Alctuit de autor n baza datelor BNM
36
2006
41,59
100,16

N SECTORUL IMM
Capitolul 2
n acest context, este evident c nivelul impozitului pe venit (destul de sczut, n

comparaie regional) nu constituie singura barier care influeneaz negativ deciziile investiionale ale investitorilor strini. Climatul general de afaceri, cadrul economic
general i politic, precum i ali factori care determin atractivitatea unei ri, sunt la
fel de importani, dac nu chiar mai importani. Criza global, ncepnd cu anul 2008,
a deturnat din nou fluxurile de ISD din Moldova, care preau s prind ceva contur.
ncepnd cu anul 2009, n contextul crizei economice mondiale, dar i a instabilitii
politice din Moldova, influxurile de ISD au sczut esenial, de la ceva mai mult de 7
ori (2009) pn la 2,5 ori (2011). Aceasta este una dintre cele mai puternice rate de
descretere a ISD din Europa Central i de Est. Fa de perioada de dinainte de
criz (2008) s-au diminuat toate componentele ISD: investiiile n capitalul social de
3,1 ori, mprumuturile intra-grup de 5,5 ori, n timp ce venitul reinvestit a nregistrat
valori negative n anul 2012, denotnd, n ultim instan, un proces de dezinvestire.
ns, i din intrrile de ISD n anul 2012, conform datelor BNM, 27.7% au constituit
procurri de imobile de ctre persoane fizice si juridice nerezidente18, i nu investiii
productive. Stocul de ISD, acumulat ctre sfritul anului 2012 a constituit 3338.79
mil. $ (figura 5), din care: participaiile la capital social i venitul reinvestit 2568.82
mil. $, mprumuturile intra-grup 769.97 mil. $.
Figura 5: Structura stocului de ISD n dinamic, mil. $
4 000,0
mprumuturile intra-grup,
stoc la sfrit
de perioad
3 500,0
3 000,0
2 500,0
Capital social i
venit reinvestit,
stoc la sfrit
de perioad
2 000,0
1 500,0
1 000,0
Flux anual net

de ISD
500,0
0,0
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
Sursa: BNM
Ponderea cea mai mare n stocul ISD acumulate n capitalul social la sfritul
anului 2012 (52.7%) a revenit investitorilor din rile UE. Conform datelor BNM, circa un sfert din investiiile UE n R. Moldova provin din Olanda i Cipru, companiile
investitoare din aceste ri fiind n majoritate de tip SPE (Special Purpose Entity
entitate cu destinaie special), utilizate ca intermediari de proprietarii adevrai.
Proveniena investiiilor n proporie de peste 25% din Olanda i Cipru denatureaz
ntr-o anumit msur analiza investiiilor pe ri de origine, deoarece n spatele
capitalului din Olanda i Cipru de multe ori se afl investitori din Rusia, R. Moldova
sau alte ri. Investitorilor din CSI le-au revenit 11.6% din stocul investiiilor strine
directe n capitalul social, iar investitorilor din alte ri 35.7%19. Pe ri individuale,
18
19
Balana de pli a Republicii Moldova pentru anul 2012, BNM, 28 martie 2013
Balana de pli a Republicii Moldova pentru anul 2012, BNM, 28 martie 2013
37

cei mai mari investitori n Moldova sunt companiile din Rusia, cu peste 190 mil. $,
dar investiiile reale provenind de la investitorii rui ar putea fi mai nalte din contul
investiiilor care figureaz ca fiind din Olanda sau Cipru. Urmeaz investiiile din
Olanda, cu ceva mai mult de 150 mil. USD, SUA cca. 145 mil. $, Cipru i Germania, cu cca. 140 mil. $ fiecare.
Cele mai multe din investiiile strine directe sunt concentrate n activitile de
intermediere financiar, n special n bnci. Mai mult ca att, se atest o cretere
a ponderii acestui sector n structura ISD. Astfel, dac n anul 2008 acesta deinea
19,8% din totalul stocului de ISD, ctre anul 2012 ponderea sa a crescut pn la
27,7%, sau mai mult de din toate ISD n RM. Acest lucru dovedete c piaa
ISD din Moldova este dominat de investiiile de valorificare a pieelor, aparinnd
unor grupuri financiare cu reele extinse n mai multe ri (Groupe Socit Generale,
Gruppo Veneto Banca, Erste Bank, Pro Credit, Raiffeisen, etc.). Urmtorul sector ca
interes pentru investitori strini este industria prelucrtoare, ponderea acesteia n
stocul ISD crescnd n ultimii 4 ani de la 19,1% pn la 23,5%. Printre cei mai mari
investitori n acest sector se numr Lafarge (producerea cimentului), Knauf (materiale de construcie, Sudzuker (producerea zahrului), Draexlmaier i Lear Corporation (industria componentelor i accesoriilor automobilistice), Lactalis Group i Efes
(industria alimentar i a buturilor), etc. Se pare c motivul principal al investiiilor companiilor respective n acest sector este exploatarea costurilor locale reduse
(n special fora de munc), precum i a resurselor locale (n industria materialelor
de construcie i prelucrarea materiei prime agricole), dar i piaa local (industria
alimentar i a buturilor). Ponderea comerului cu ridicata i amnuntul n totalul
stocului de ISD s-a redus de la 23,3% n 2008 pn la 16,8% n 2012. Principalii
investitori n acest sector sunt grupurile Metro, Lukoil, Mabanaft, Petrom, Rompetrol,
etc. Evident, aceti investitori sunt interesai n primul rnd de piaa local, ns criza
economic i epuizarea boom-ului consumului din anii 2007-2008 a mai temperat
ritmul investiiilor n acest sector. Cu toate acestea, se observ o predilecie a investitorilor strini pentru sectoarele de bunuri necomercializabile (non-tradable), cu rate
nalte ale recuperrii investiiilor, ns fr un impact major asupra competitivitii
economiei RM (cca. 75% din stocul total de ISD). De asemenea, majoritatea ISD
n R. Moldova aparin unor companii mari. Sectorul real productiv al economiei i al
IMM se bucur mai puin de efectele investiiilor strine, de unde i competitivitatea
joas a acestor sectoare i a produselor autohtone, ritmurilor de cretere net superioare ale importurilor comparativ cu exporturile. Conform unor autori, Investiiile
strine din R. Moldova au exploatat pn n prezent nite situaii de monopol, care
le-a permis s obin profituri nalte datorit preurilor i tarifelor ridicate la serviciile
prestate. Aceasta se refer la asemenea investitori importani din economia rii,
cum sunt Gazprom (pachetul de control n Moldova-Gaz), Gas Natural Fenosa,
Orange, Moldcell, Lafarge, supermarketurile din comerul angro20.
Totui, fluxul crescnd de ISD ncepnd cu anul 2004 a condus la majorarea
numrului de IMM cu capital mixt i a celor cu capital strin, dei ntr-un ritm mai
20
Dumitru Moldovanu Investiiile strine directe i comerul exterior principalele instrumente ale respecializrii internaionale a economiei moldoveneti, Economica, nr. 4 (60) 2007
38

N SECTORUL IMM
Capitolul 2
lent dect a companiilor mari.

Figura 6: Structura stocului de ISD dup
sectoarele economice, trimestrul 3, 2012 (figura
Acest fapt, la rndul su, a
din stnga) vs. anul 2008 (figura din dreapta)
contribuit la creterea numrului angajailor i a vnzriAgricultur,
lor, fapt ce poate fi relevat din
Sntate i vnat i silviTransport,
cultura
depozitare i asisten
tabelul 6. Acest tabel reflecAltele
social
1,4%
comunicaii
3,5%
t modificarea numrului de
1,7%
Activiti
6,8%
IMM cu capital strin i mixt,
financiare
Aprovizionare
27,7%
a numrului angajailor aces- cu electricitate,
tora i a venitului din vnzri gaz i ap
a companiilor respective, n 8,6%
comparaie cu dinamica ace- Tranzacii imonchilorai indicatori ai ntreprinde- biliare,
rieri i servicii
rilor locale i ai companiilor de de prestare a
Industria
Comer cu ridicata i
prelucrtoare
toate formele de proprietate ntreprinderilor amnuntul, reparaia
10,0%
23,5%
bunurilor
personale
i mrimi. Dup cum se poa16,8%
te vedea cu uurin, numrul
IMM-urilor nregistrate cu caConstrucii Hoteluri i
pital strin a crescut n 2011
2,0%
restaurante
Transport,
fa de 2006 n ritmul cel mai
1,1%
Altele
depozitare i
Activiti
1,9%
nalt cu 58%, n timp ce nucomunicaii
financiare
mrul IMM-urilor autohtone a
6,1%
19,8%
crescut doar cu 32%, iar cele Aprovizionare
mixte (cu capital strin i au- cu electricitate,
gaz i ap
tohton) cu 29%. Ritmul de 12,0%
cretere al numrului IMM cu
Tranzacii imocapital strin a fost, ns, puin
biliare, nchiIndustria
rieri i servicii
Comer cu ridicata i
mai mic dect cel al creterii
prelucrtoare
de prestare a
amnuntul, reparaia
19,1%
numrului total de companii n
ntreprinderilor
bunurilor personale
aceeai perioad (65%), ceea
14,7%
23,3%
ce confirm concluzia de mai
sus, despre predispoziia in- Sursa: Alctuit de autor n baza datelor BNM i BNS
vestitorilor strini de a investi
preponderent n businessul
mare. La fel, IMM-urile cu capital strin au avut n aceast perioad cea mai dinamic cretere a numrului de angajai acesta s-a majorat cu 17%, n timp ce
IMM-urile locale au redus numrul angajailor cu 12%, iar cele mixte cu - 17%. Totui, la nivelul ntregii economii, cel mai mult a crescut numrul angajailor tuturor
companiilor cu capital strin (cu 56%), urmat de cel al companiilor mixte (9%), n
timp ce, ca i n cazul IMM-urilor, numrul angajailor companiilor cu capital local de
toate dimensiunile s-a redus (cu 16%). La fel, companiile cu capital strin de toate
mrimile au nregistrat cea mai mare cretere a veniturilor din vnzri cu 138%
n 2011 fa de 2006, n timp ce pentru IMM-urile cu capital strin creterea a fost
de doar 29%. Mai mult au crescut veniturile IMM-urilor cu capital local cu 36% (la
39

nivelul ntregii economii, companiile cu capital local i-au sporit vnzrile cu 75%,
n timp ce veniturile din vnzri ale IMM-urilor cu capital mixt s-au redus n aceeai
perioad cu 10%, iar companiile cu capital mixt la nivelul ntregii economii i-au
sporit vnzrile cu 49%). Cifrele respective demonstreaz c, n general, companiile
cu capital strin au o dinamic a creterii mult mai nalt dect companiile locale.
Cu toate acestea, dinamica pozitiv este mai accentuat n cazul companiilor mari,
ceea ce demonstreaz faptul c n comparaie cu businessul mare, sectorul IMM n
R. Moldova este mai puin atractiv pentru investiiile strine. ns i la nivelul ntregii
economii, n comparaie cu alte ri, numrul total al companiilor cu capital strin este
nc destul de mic. Astfel, dac n Ungaria 35% din numrul total al companiilor au
n componena capital strin21, apoi n Moldova aceast cifr constituie 8,8% (4,1%
companiile cu capital integral strin i 4,7% cele cu capital mixt). La posibilele cauze
ale acestei situaii ne vom referi mai pe larg n compartimentul urmtor.
Tabelul 6: Evoluia numrului de companii, a numrului de angajai i a venitului
din vnzri pe forme de proprietate n economie, anul 2011 vs. 2006
Total pe
forme de
proprietate
Proprietate
local
Proprietate
strina
ntreprinderi mixte
2011
2006
2011
Venituri din vnzri,

ale IMM, mil. lei
2006
2011
Creterea, %
2006
Numrul de salariai ai
IMM
Creterea, %
Companiile dup
forma de
proprietate
Creterea, %
Numrul total de
IMM
Creterea la nivelul
ntregii economii
2011 vs. 2006, %
NuNumr
Venit
mr
de
din
de
comvnsalapazri
riai
nii
35.542 47.337
33
332.720 294.184
-12
54.281 71.888
32
34
-11
77
32.889 43.570
32
305.631 267.697
-12
47.200 64.391
36
33
-16
75
1.174
1.856
58
11.614
13.643
17
2.878
3.710
29
65
56
138
1.479
1.911
29
15.475
12.844
-17
4.203
3.787
-10
32
49
Sursa: Alctuit de autor n baza datelor BNS
Creterea numrului IMM cu capital strin i a contribuiei acestora la ocuparea

forei de munc locale, precum i la circuitul economic local, a modificat ntructva
structura economiei autohtone. Astfel, dac n 2006 IMM-urile cu capital strin deineau 3,2% din numrul total de companii nregistrate, apoi n 2011 ponderea acestora a crescut pn la 3,8% (tabelul 7). Numrul IMM-urilor cu capital mixt, dimpotriv,
s-a redus de la 4,1% pn la 3,9%. Acest fapt denot o predilecie tot mai accentuat
a investitorilor strini de a avea un control ct mai mare asupra companiilor n care
investesc n R. Moldova. Acest fapt poate fi explicat att prin capacitile locale li21
Constantin Doltu Investiiile strine directe i influena lor asupra modernizrii economiei n tranziie,
tez de doctor n economie, ASEM, Chiinu, 2007
40

N SECTORUL IMM
Capitolul 2
mitate (att sub form de capital local disponibil, ct i ca companii locale potrivite
pentru fuziunile cu investitorii strini). La fel, i n privina numrului de angajai, IMMurile cu capital strin i-au sporit ponderea de la 2,0% pn la 2,7%, n timp ce cele
cu capital mixt au sczut puin ca pondere de la 2,7% la 2,5%. La capitolul contribuie
la veniturile totale din vnzri, ns, IMM-urile cu capital strin i-au redus ponderea
de la 2,5% pn la 1,8%, iar cele mixte de la 3,6% pn la 1,8%. Acesta poate fi rezultatul att a influenei crizei economice regionale care a afectat IMM-urile mai mult
dect companiile mari, ct i a diminurii atractivitii investiionale a rii, aspect la
care ne vom referi n continuarea capitolului. Pare s fie vorba, ns, mai degrab
de efectele crizei, pentru c i companiile locale au sczut ca pondere n vnzri
n aceeai perioad de la 40,2% pn la 31,0%. Faptul c IMM-urile sunt mult mai
vulnerabile la evoluiile negative ale conjuncturii economice, manifestate sub forma
crizelor, este demonstrat i de ponderea destul de redus a profiturilor pn la impozitare ale IMM n profiturile totale pe economie. Astfel, per total, IMM dein cca. 36%
din profituri, restul aparinnd businessului mare. Ponderea profiturilor IMM-urilor
cu capital strin a fost n medie de 1,2% n perioada 2006-2011, iar a celor cu capital mixt respectiv de 1,9%. Aceasta este cu mult mai puin dect ponderea altor
indicatori ai acelorai IMM, ceea ce explic parial, neatractivitatea acestui sector
pentru investiiile strine: nivelul de rentabilitate al acestui sector este destul de mic
n comparaie cu cel al businessului mare. Astfel, conform datelor BNS, n anul 2011,
ntreprinderile mari cu capital strin deineau cca. 13% din totalul profitului pn la
impozitare pe economie, iar cele mari cu capital mixt 17%.
Tabelul 7: Evoluia unor indicatori ai IMM pe forme de proprietate, 2011 vs. 2006
IMM dup
forma de
proprietate
Total pe
forme de
proprietate
Proprietate
local
Proprietate
strin
ntreprinderi
mixte
Media
Media
2006 2011 2006- 2006 2011 20062011
2011
Media
2006 2011 20062011
Ponderea n
rezultatul financiar
total pn la
impozitare, %
Media
2006 2011 20062011
98,3
97,5
97,9
57,9
57,7
58,4
46,2
34,6
39,8
35,2
35,9
36,5
91,0
89,8
90,3
53,2
52,5
53,3
40,2
31,0
35,4
32,1
32,7
33,4
3,2
3,8
3,6
2,0
2,7
2,5
2,5
1,8
2,1
0,2
2,0
1,2
4,1
3,9
4,0
2,7
2,5
2,6
3,6
1,8
2,4
3,0
1,3
1,9
Ponderea n
nr. total de
ntreprinderi, %
Ponderea n
Ponderea n nr. total
veniturile totale din
de salariai, %
vnzri, %
Sursa: Alctuit de autor n baza datelor BNS
Un specific al ISD n Moldova este c acestea sunt foarte concentrate sub

aspect teritorial i c n timp aceast concentrare doar s-a consolidat. Aceasta
coreleaz cu modelul de cretere economic specific R. Moldova, bazat pe pola-
41

rizarea activitilor economice n municipiul Chiinu i Bli. Cu toate c numrul

companiilor cu participarea capitalului strin, care au investit n Moldova n perioada 2008-2011 a crescut cu 26%, absoluta majoritate a unor astfel de companii
(mai mult de 84%) este amplasat n Chiinu. Pentru comparaie, numrul unor
astfel de companii a crescut n regiunea de dezvoltare Nord (fr Bli) cu 15%, n
regiunea de dezvoltare Sud - cu 20% i n regiunea de dezvoltare Centru cu 23%.
Oraul Bli a nregistrat n aceast perioad cea mai mare cretere a numrului
de companii care au n componena lor investiii strine cu 58% (chiar mai mult
dect Chiinul, n care creterea a fost de 26%), confirmnd faptul c se transforma n al doilea pol important de cretere a activitii economice i industriale
din Moldova, dup Chiinu. n mare parte, acest lucru se datoreaz numrului
relativ mare al populaiei, prezenei infrastructurii fizice i sociale mai dezvoltate
dect n alte regiuni (cu excepia Chiinului), tradiiilor i existenei unui numr
de companii industriale, precum i prezenei zonei economice libere. Gguzia de
asemenea a nregistrat n aceast perioad o cretere semnificativ a numrului
de companii cu capital strin cu 31%. Cu toate c numrul total al companiilor
cu participarea capitalului strin nregistrate (3877 n 2011) poate prea destul de
mare, n afara faptului c absoluta lor majoritate se afl n Chiinu (3270), cea
mai mare parte a acestora este de asemenea concentrat n sectorul comerului
cu ridicata/amnuntul 1420, i doar 531 n industrie. n lipsa unor date statistice
referitoare la mrimea acestor companii, putem presupune c, n marea lor majoritate, acestea fac parte din categoria ntreprinderilor mici i mijlocii, cu o valoare
medie a capitalului social de ceva mai puin de 2 milioane lei (fr sectorul activitilor financiare, precum i cel al aprovizionrii cu gaze, energie electric i ap).
Tabelul 8: Distribuia regional a companiilor cu participarea capitalului strin
Nr. companiilor cu
participarea capitaRegiunile de
lului strin
dezvoltare
2008 2010 2011
Ponderea n nr. total

de companii cu capital
strin
Ponderea n stocul de
ISD
2008
2008
2010
2011
2010
2011
Total
3 072 3 653 3 877 100,0% 100,0% 100,0% 100,0% 100,0% 100,0%
Chiinu
2 594 3 088 3 270 84,4%
Regiunea
Nord
Bli
Regiunea
Centru
Regiunea
Sud
UTA
Gguzia
84,5%
84,3%
86,3%
86,2%
86,8%
145
178
196
4,7%
4,9%
5,1%
4,0%
5,4%
5,3%
67
88
106
2,2%
2,4%
2,7%
1,7%
3,1%
2,7%
222
259
273
7,2%
7,1%
7,0%
5,7%
6,2%
5,8%
66
73
79
2,1%
2,0%
2,0%
3,0%
1,0%
1,1%
45
55
59
1,5%
1,5%
1,5%
1,0%
1,2%
1,0%
Sursa: BNS
42

N SECTORUL IMM
Capitolul 2
Stocul ISD n Chiinu n perioada 2008-2011 a constituit 86%-87% din totalul

stocului de ISD din ar, urmat de stocul nregistrat n regiunea Centru - circa 6%,
regiunea de dezvoltare Nord (inclusiv Bli) cu aproximativ 5% i regiunea de dezvoltare Sud i UTA Gguzia, cu aproximativ 1% fiecare. Din aceste date se vede
c performanele regiunii Sud n atragerea ISD sunt mult mai slabe dect a celorlalte regiuni. n aceast regiune stocul de ISD n anul 2011 a constituit doar 57% din
nivelul anului 2008, n timp ce media naional pentru aceeai perioad a fost de
157%. Creteri ale stocului de ISD aproape de media pe ar au nregistrat regiunea
de dezvoltare Centru i municipiul Chiinu (158%). n Gguzia stocul de ISD a
crescut n 2011 pn la 165% din nivelul anului 2008, n timp ce regiunea Nord i-a
dublat stocul de ISD (207%), inclusiv Bli (249%). Din nou, cifrele respective indic
asupra faptului c Bli este lider dup ritmul de cretere al ISD, confirmnd concluziile fcute anterior, referitoare la faptul c acest ora are potenialul de a deveni un
pol important de dezvoltare n R. Moldova.
Aceste date denot faptul c, n afara capitalei i a oraului Bli, R. Moldova
nu este foarte atractiv pentru investitori, n special din cauza infrastructurii fizice
i sociale slab dezvoltate. Totui, fora de munc mai ieftin n raioane reprezint
un avantaj competitiv al acestora i a determinat amplasarea unor companii strine
n afara mun. Chiinu. Aceasta se refer la sectoarele intensive n for de munc (cum ar fi industria confeciilor i a mbrcmintei, producerea echipamentelor
electrice i electronice), sectoarele n care proximitatea fa de materia prim este
important (fabricarea buturilor, prelucrarea i conservarea fructelor i legumelor,
a produselor lactate, producerea materialelor de construcie) i sectoare orientate
spre deservirea agenilor economici amplasai prioritar n alte zone dect capitala
(de exemplu, servicii de nchiriere i servicii prestate altor ntreprinderi).
Capitalul strin a avut un aport important la creterea economiei moldoveneti
dup declinul dramatic din anii 90. Numrul companiilor cu participaie strin (inclusiv IMM), dup cum am artat ceva mai sus, a crescut ntr-un ritm mai rapid dect
numrul total al companiilor nregistrate, numrul angajailor n astfel de companii
a crescut, n timp ce numrul personalului din companiile locale s-a redus. Efectele
unei astfel de contribuii sunt reflectate cel mai bine n creterea ponderii companiilor
cu participaie strin la crearea produsului intern brut. Astfel, conform datelor BNS,
contribuia companiilor cu participaie strin la formarea PIB s-a majorat de la 1,0%
n 1995, pn la 21,2% n 2010 (figura 7).
Figura 7: Contribuia companiilor cu participaie strin la formarea PIB
Cota companiilor cu participaie strin

n PIB
Sursa: Alctuit de autor n baza Anuarelor Statistice BNS
43

2.5.
Climatul investiional n Republica Moldova
Dup cum am menionat deja, ceva mai sus, datorit avantajelor incontestabile
pe care le posed ISD, toate rile lumii, dar n special cele mai puin dezvoltate,
n ultimele decenii s-au vzut nevoite s recurg la o nou form de concuren
ntre ele, i anume, s se ntreac n crearea celor mai favorabile condiii pentru
atragerea capitalului strin sau a unui climat investiional ct mai atractiv. Climatul
investiional este definit, n general, ca un sistem de factori i premise economice,
politice, instituionale i de drept, capabile s intervin n procesul de realizare investiional, modificnd comportamentul investiional spre stimulare sau de-stimulare i
reflectnd nivelul de atractivitate al unei ri (ramuri, zone, regiuni) pentru alocarea
investiiilor, avnd tangen cu toate domeniile economiei22. Pe parcursul anilor, n
climatul investiional al RM au avut loc mai multe schimbri pozitive, elementele cele
mai atractive ale acestuia fiind:
Presiunea fiscal redus (una dintre cele mai mici din Europa);
Stabilitatea macroeconomic (stabilitatea relativ a valutei naionale i
rata relativ redus a inflaiei, deficitul bugetar i ponderea datoriilor de
stat n PIB n limitele valorilor moderate, creterea economic nregistrat n ultimul deceniu);
Amplasarea geografic strategic a rii, solul, clima favorabil, existena
tradiiilor n industria prelucrtoare, n special n cea a produselor agroalimentare;
Fora de munc relativ ieftin i calificat;
Existena unor acorduri de comer i de liber schimb la nivel mondial i regional, ceea ce face ca limitrile legate dimensiunea mic a pieei interne
s fie n mare parte eliminate.
Cu toate acestea, n comparaie cu alte ri din regiune, climatul investiional
nu este un atu pentru R. Moldova. Despre aceasta vorbesc att poziia Moldovei n
rating-urile internaionale ct i comparaia direct performanelor privind atragerea
ISD dintre ri. Dup cum am vzut n compartimentele anterioare, Moldova se poziioneaz pe ultimul loc n Europa la indicatorii de atragere a ISD. n timp ce factorii
legai de mrimea pieei sunt aceiai ca n multe ri de comparaie la care ne-am
referit, iar factorul uman, n pofida deteriorrii din ultimul timp a calitii acestuia,
rmne totui, mai degrab un element de atracie, diferena, n opinia noastr, este
dat de factorii legai de cadrul politic i economic, precum i de capabilitile locale
pe care ara poate s-o pun la dispoziia investitorilor.
Astfel, reticena investitorilor strini de a investiii n economia RM este explicat
i de ali autori prin instabilitatea politic i lipsa condiiilor favorabile pentru realizarea activitii de business23. Alii, indic concret asupra problemelor care afecteaz
22
23
Inga Fonea Impactul crizei financiare mondiale asupra climatului investiional din Republica Moldova,
revista Economica nr. 2 (66) 2009
Galina Ulian Atragerea investiiilor strine directe n domeniul businessului mic, revista Economie i
Finane, nr. 5, 2001
44

N SECTORUL IMM
Capitolul 2
climatul investiional al RM, referindu-se iari, n special, la factorii legai de cadrul

politic i economic24:
n pofida unui cadru legal relativ bun i propice pentru atragerea ISD, implementarea practic a legislaiei, aplicarea adecvat i eficient a acesteia rmne o problem major;
Interveniile guvernamentale active, influena mare a politicii asupra sferei economice, aciunile cu caracter represiv ale organelor statului, inclusiv asupra unor investitori strini;
Instabilitatea politicilor economice;
Derularea lent a procesului de privatizare;
Imaginea nefavorabil a RM n lume, aceasta fiind perceput ca o ar
srac i imprevizibil. Conflictul din Transnistria nrutete i mai mult
aceast imagine;
Emigrarea masiv a forei de munc;
Interveniile administrative frecvente n activitatea agenilor economici,
inclusiv sub forme de controale i inspecii;
Birocraia general, protecionismul i corupia.
Acelai autor mai menioneaz c statul investete puin n dezvoltarea infrastructurii fizice, n educaie, condiii absolut necesare pentru dezvoltarea unor afaceri
pe termen lung. i conform Crii Albe a Asociaiei Investitorilor Strini din Moldova,
principalele prioriti pentru mbuntirea climatului investiional se refer la politicile
promovate de stat n mediul de afaceri25:
Acordarea dreptului investitorilor strini de a achiziiona terenuri agricole;
ntrirea condiiilor statului de drept, prin asigurarea independenei funcionrii i a responsabilitii instanelor judectoreti fa de deciziile emise;
Dezvoltarea infrastructurii, prin atragerea sectorului privat n (re)construcia i gestionarea drumurilor naionale;
mbuntirea legislaiei fiscale i a administrrii fiscale;
Armonizarea legislaiei referitoare la gestionarea corporativ i concuren, la standardele i normele UE;
Revizuirea unor aspecte ale legislaiei referitoare la relaiile de munc,
care sunt mpovrtoare pentru angajator;
Perfecionarea procesului educaional i a asigurrii cu for de munc
calificat prin permiterea companiilor s instruiasc i s elibereze certificate de competen profesional sub un anumit grad de supraveghere
din partea statului;
Diminuarea poverii administrative, prin reducerea numrului de rapoarte
i optimizarea procesului de raportare; revizuirea funciilor organelor de
inspecie; eliminarea dublrii controalelor i documentelor solicitate de la
agenii economici;
24
25
Grigore Belostecinic Competitivitatea economic i promovarea investiiilor strine orientate spre export
o provocare pentru economia Republicii Moldova, revista Intelectus, nr. 3, 2006
Cartea Alb: Propuneri pentru mbuntirea climatului investiional n Moldova, Asocia Investitorilor
Strini din RM (FIA), 2009
45

Facilitarea comerului prin eliminarea barierelor administrative i a practicilor de monopol n derularea operaiunilor de import-export i recunoaterea certificatelor eliberate de rile membre ale UE pe teritoriul RM;
ntrirea securitii energetice a R. Moldova.
Concluzii indirecte referitoare la atractivitatea climatului investiional pentru investitorii strini putem face i pe baza analizei unor indicatori relativi, cum ar fi evoluia investiiilor n capital fix, n comparaie cu cea a ISD (tabelul 9). Analiznd datele
din tabelul respectiv, se poate observa c creterea ISD, practic, nu alimenteaz
majorarea investiiilor n capitalul fix, ceea ce nseamn c investiiile n capitalul fix
se realizeaz n cea mai mare parte din surse locale. Cauzele acestui fenomen se
regsesc n mare parte, dup prerea noastr, n climatul investiional insuficient
de atractiv, care nu ofer siguran pe termen lung investitorilor strini. Astfel, se
poate constata, dup cum am vzut i n analiza repartiiei pe sectoare a stocului
de ISD, c o parte important a ISD este orientat spre sectoarele neproductive ale
economiei, care nu necesit investiii mari n capital fix i au perioade mai mici de
recuperare.
Tabelul 9: Evoluia comparativ a ratei de cretere a investiiilor n capital fix
i ISD
Indicatorii
Creterea investiiilor n
capital fix, %
Creterea ISD nete, %
2004
2005
2006
2007
2008
2009
2010
2011
8,0
21,0
24,0
21,9
2,3
-33,5
22,6
11,8
97,3
30,8
35,1
109,7
31,4
-79,6
35,9
39,1
Sursa: Alctui de autor n baza informaiei BNS
Valorificarea oportunitilor oferite de ISD necesit, n primul rnd, dezvoltarea

potenialului investiional al rii, ameliorarea mediului de afaceri, o politic investiional coerent i intit26. Aceeai tez o gsim i la ali autori: Dac investiiile nu
vin n ara noastr, nseamn c n aceste ri climatul investiional este mai favorabil
dect n Republica Moldova. Deci, soluia ar fi ameliorarea climatului investiional,
precum i crearea i confirmarea imaginii pozitive a rii27. Un indice important, ce
caracterizeaz potenialul de atragere a ISD al unei ri n comparaie cu alte ri,
este indicele potenialului ISD, care incorporeaz o serie de indicatori precum: PIB
per capita; rata de cretere a PIB-ului; ponderea exporturilor n PIB; infrastructura de
telecomunicaii (media liniilor telefonice la 1000 de locuitori i numrul telefoanelor
mobile la 1000 de locuitori); consumul de energie pe locuitor; ponderea cheltuielilor
26
27
Natalia Bncil Investiiile strine factor relevant al creterii economice, Conferina tiinific internaional Rolul investiiilor n dezvoltarea durabil a economiei naionale n contextul integrrii europene,
29-30 octombrie 2010
Ion Prachi Climatul investiional surs de cretere i reducere a srciei n Republica Moldova, Romnia i Republica Moldova. Potenialul competitiv al economiilor naionale: Posibiliti de valorificare
pe piaa intern, european i mondial, Academia Romn, Bucureti, 2004
46

N SECTORUL IMM
Capitolul 2
de cercetare-dezvoltare n PIB; ponderea studenilor n totalul populaiei; riscul de

ar; ponderea exporturilor de resurse naturale n totalul mondial; ponderea importurilor de componente electronice i auto n totalul mondial; ponderea exportului de
servicii n totalul mondial; ponderea stocul intern de ISD n totalul mondial28. Conform
acestui indicator, calculat de UNCTAD, Moldova se situa n anul 2011 pe locul 122
din 177 de ri incluse n clasament29. Aceasta st mai bine n comparaie cu unele
ri europene cu potenial de atragere a ISD (Armenia, Macedonia, Albania, Cipru).
n acelai timp, dup cum am vzut i anterior, reuitele Moldovei n atragerea ISD,
n comparaie cu aceleai state, sunt net inferioare (n 2011 stocul de ISD per capita
n Moldova era de 1,8 ori mai mic ca n cel din Armenia, de 2,6 ori mai mic ca cel din
Macedonia, de 1,6 ori mai mic ca cel din Albania). n opinia noastr, aceasta reprezint o confirmare a concluziilor expuse mai sus, precum c cauza situaiei respective rezid n calitatea mai proast a climatului investiional din Moldova.
Tabelul 10: Poziia Moldovei n clasamentul potenialului de atragere a ISD, n
comparaie cu alte ri, anul 2011
Economia
Albania
Armenia
Belarus
Cipru
Estonia
Georgia
Letonia
Moldova
Slovenia
Macedonia
Atractivitatea pieei
133
118
34
113
29
74
55
109
97
114
Grupurile de determinani economici

Disponibilitatea
Existena Prezena
Locul n
forei de munc
infrasresurselor clasamenieftine i calificate tructurii
naturale
tul total
78
96
114
123
88
92
128
136
7
52
56
27
92
38
140
129
86
63
97
75
80
83
127
104
73
77
100
80
79
90
132
122
85
21
102
81
87
84
130
130
Sursa: Web table 32a: Country rankings by Inward FDI Potential Index, 2011, UNC
TAD
Conform ultimului Sondaj al ntreprinderilor, realizat de Banca Mondial (Enterprise Surveys 2009), cele mai mari 3 obstacole n derularea afacerilor n Moldova
sunt accesul la finanare, calificarea joas a forei de munc i accesul la terenuri30.
Un alt indice important, ce caracterizeaz atractivitatea economiei unei ri pentru
investitori este indicele libertii economice, calculat de ctre Heritage Foundation.
28
29
30
Astrtit Sulstarova FDI performance and potential rankings, Division on Investment and Enterprise,
UNCTAD
Web table 32a: Country rankings by Inward FDI Potential Index, 2011, UNCTAD
http://www.enterprisesurveys.org/Data/ExploreEconomies/2009/moldova
47

Potrivit acestuia, n anul 2013 Moldova se situa pe poziia 115 din 185 de ri, fiind
plasat n categoria rilor preponderent nelibere. n acelai clasament Macedonia
se situa pe poziia 43, Armenia pe locul 38, iar Albania pe locul 58. n ceea ce privete libertatea investiional, Moldova mprea locurile 129-141 mpreun cu alte
12 state, n timp ce Armenia i Georgia locurile 27-36, Albania 56-73, Macedonia
74-80, Letonia pe locurile 17-26, iar Estonia se situa pe poziiile 2-931. n alt clasament internaional, Doing Business 2013, elaborat de Banca Mondial, Moldova s-a
clasat pe locul 83 din 185 de ri dup uurina derulrii afacerilor, inclusiv pe locul
82 la protecia investitorilor. rile, pe care le-am utilizat pentru comparaie au avut o
poziionare mai bun: Georgia locul 9 (19 la protecia investitorilor); Macedonia locul
23 (19 la protecia investitorilor); Armenia locul 32 (25 la protecia investitorilor); Albania locul 85 (17 la protecia investitorilor). n pofida unui anumit grad de subiectivism
al acestor rating-uri, investitorii de obicei in cont de ele n procesul de selectare a locaiilor pentru investiii. Ca rezultat, rile cu o plasare mai bun n aceste clasamente (i, ca urmare, cu un climat investiional i de afaceri mai bun), au i o performan
mai bun n atragerea ISD, n pofida faptului c dup potenialul teoretic de atragere
Tabelul 11: Performana unor ri n atragerea ISD n comparaie cu locul
deinut n rating-urile internaionale
Economia
Albania
Armenia
Belarus
Cipru
Estonia
Georgia
Letonia
Moldova
Slovenia
Macedonia
Indicatorii
Potenialul
Poziia n
Poziia
de atragere a Doing Business
n Doing
ISD (locul)
la uurina
Business la
conform
derulrii
protecia
UNCTAD
afacerilor
investitorilor
123
85
17
136
32
25
27
58
82
129
36
32
75
21
70
104
9
19
80
25
70
122
83
82
81
35
17
130
23
19
Poziia
conform
Stocul ISD
indicelui
per capita in
libertii
2011, $
economice
58
1462
38
1628
153
1359
41
20384
13
16437
21
2149
55
5398
115
892
76
7442
43
2291
Sursa: Alctuit de autor n baza indicelui potenialului de atragere a ISD al UNCTAD,

indicatorilor Doing Business, indicilor libertii economice i investiionale Heritage Foundation, bazei de date UNCTAD cu privire la ISD
a ISD au o poziie mai proast (Armenia, Macedonia, Albania). Tabelul de mai jos
demonstreaz acest lucru. Moldova ocup cea mai proast clasare n rating-urile
de referin printre rile de comparaie, respectiv i performanele ei, msurate ca
31
http://www.heritage.org/index/
48

N SECTORUL IMM
Capitolul 2
stocul de ISD per capita, sunt cele mai slabe, urmat de Belarus, Albania, Armenia,
Macedonia i Georgia. mbuntirea performanei n cadrul acestor clasamente ar
trebui s fac parte din eforturile politicii de atragere a ISD. Iar acest lucru nu este
posibil fr mbuntirea climatului investiional i de afaceri.
Importana climatului de afaceri pentru succesul unei ri n atragerea ISD este
menionat i de numeroasele organizaii specializate, care elaboreaz analize comparative ale condiiilor de atragere a ISD din diferite ri. Astfel, Serviciul de Consultan pentru Climatul Investiional din cadrul Bncii Mondiale (Investment Climate
Advisory Services) n cuvntul de introducere al raportului su pentru anul 2010,
menioneaz c factorii care influeneaz deciziile de investiii ale companiilor strine
se schimb. n cutarea unor oportuniti de afaceri, acestea sunt acum mult mai
ngrijorate de riscurile financiare i politice, dnd prioritate mediilor de afaceri stabile
i previzibile. Ca rspuns, guvernele de pretutindeni recunosc c ansele lor de a
atrage mai multe investiii strine depind de reuitele n crearea unor climate investiionale mai competitive32.
Importana crerii unui mediu de afaceri favorabil pentru activitatea investiional, stimularea fluxului de investiii n ar i contribuia la creterea potenialului de
export, pe baza experienei unor ri est europene (rile baltice, Cehia, Slovenia)
este menionat i n Strategia de atragere a investiiilor i promovare a exporturilor
pentru anii 2006-2015, care recunoate nivelul insuficient al investiiilor, n special
ale celor strine directe, n sectorul real al economiei. De asemenea, se recunoate
c activitatea investiional restrns a agenilor economici se datoreaz nu doar
resurselor financiare limitate, ci i diferitelor impedimente de ordin administrativ la
faza de aplicare a legislaiei, care au impact negativ asupra lansrii i dezvoltrii activitilor respective33. mbuntirea mediului de afaceri, conform Strategiei, trebuie
s serveasc drept baz pentru sporirea investiiilor private, n special a celor strine
directe. Iar n acest scop, Guvernul i propune s continue implementarea reformelor privind mbuntirea mediului investiional prin intermediul reformei regulatorii, n
special al simplificrii procedurilor de nregistrare, liceniere, autorizare, control i raportare a ntreprinderilor n procesul lansrii i dezvoltrii afacerilor, revizuirii actelor
legislative ce reglementeaz activitatea de ntreprinztor; limitrii implicrii organelor
de control n activitatea de ntreprinztor, n special a organelor ce au atribuii de
control financiar; mbuntirii mediului concurenial i a celui fiscal, prin acordarea
facilitilor fiscale investitorilor, perfecionrii sistemului de administrare fiscal; prevenirii i combaterii corupiei; simplificrii procedurilor vamale i administrative n
scopul reducerii complexitii i timpului necesar pentru efectuarea operaiunilor de
export; perfecionrii sistemului judiciar existent prin transformarea acestuia n unul
independent, integru i calificat34.
Totui, dei au trecut deja circa 7 ani de la aprobarea Strategiei, situaia n privina atragerii ISD nu s-a mbuntit, dimpotriv, pe fundalul crizei economice i
financiare, decalajul rmnerii n urm fa de alte ri doar s-a majorat, obiectivele
propuse n mare parte nu au fost atinse, iar Strategia nu a devenit o foaie de par32
33
34
Investing Across Borders 2010, Investment Climate Advisory Services, the World Bank
Strategia de atragere a investiiilor i promovare a exporturilor pentru anii 2006-2015, capit. II, p. 22
Strategia de atragere a investiiilor i promovare a exporturilor pentru anii 2006-2015, capit. II, p. 50
49

curs pentru procesul investiional din RM. Acest lucru dovedete caracterul preponderent declarativ al Strategiei i necesitatea unor noi abordri cu privire la atragerea
investiiilor i crearea unui mediu investiional i de afaceri stimulator.
2.6.
Republica Moldova trebuie s contientizeze tendinele i factorii care nsoesc

evoluia fluxurilor de ISD pe plan mondial, la formularea politicilor i strategiilor sale de
dezvoltare economic, i, ce e mai important, s ntreprind pai concrei pentru ralierea practic la acestea, pentru a nu rmne n urma curentului mondial, ceea ce ar
nsemna perpetuarea strii actuale sau chiar majorarea decalajului enorm fa de rile
din regiune. n general, aceleai evidene de pe plan mondial i regional sugereaz
c interveniile autoritilor la nivel de politici trebuie s fie ndreptate primordial spre
asigurarea unui mediu economic favorabil. n mod special, aceasta se refer la
asigurarea unui mediu de afaceri i investiional atractiv, educaie i politicile de instruire ndreptate spre ridicarea calificrii generale a forei de munc, politicile tehnologice
ndreptate spre dezvoltarea clusterelor i politicile publice cu privire la investiii, menite
s dezvolte reele eficiente i sigure de transport i comunicaii i infrastructur35.
Astfel, reuita Moldovei n atragerea ISD n economie i n sectorul IMM, ca sectorul cel mai reprezentativ al economiei sale, va depinde preponderent de politicile
guvernamentale aplicate. n acest sens, att teoria, ct i practica economic, inclusiv experiena celorlalte state central i est europene, demonstreaz att importana
crerii unui mediu de afaceri i investiional atractiv, aplicrii unor msuri pro-active,
de atragere a ISD, ct i a modernizrii infrastructurii i creterii nivelului de pregtire
a forei de munc. n acest context, apreciem c strategiile i politicile de atragere a
ISD n Republica Moldova trebuie s se axeze cu prioritate pe aceste aspecte, singura opiune viabil n vederea reducerii decalajelor fa de celelalte state din regiune.
Drept urmare, principalele msuri ar trebui s vizeze urmtoarele aspecte:
35
mbuntirea cadrului de reglementare al activitii de afaceri, al administrrii fiscale i vamale, reducerii birocraiei de stat, a poverii administrative i a corupiei, ridicrii eficienei i funcionalitii instituiilor de stat.
Cel mai important ns, este implementarea real a dezideratelor menionate mai sus, pentru c, dei, ideile respective sunt transpuse regulat
din program n program i din strategie n strategie, n practic ele nu
ajung a fi implementate, fie din cauza lipsei voinei politice, fie din cauza
slbiciunilor instituionale ale statului;
mbuntirea serviciilor de extensiune n scopul ntririi capacitilor IMM;
mbuntirea calitii resurselor umane, prin creterea investiiilor n
educaie i instruire, inclusiv a celor care urmresc formarea continu a
forei de munc;
Holger Gorg, David Greenaway Much Ado about Nothing? Do Domestic Firms Really Benefit from
Foreign Direct Investment?, the World Bank Research Observer, vol. 19, no. 2
50

N SECTORUL IMM
Capitolul 2
Stimularea formrii clusterelor bazate pe activiti nrudite, n special n

sectorul IMM, acestea servind ca magnet important pentru ISD. Concentrarea eforturilor pe domeniile, sau activitile particulare, n care efectele
ISD sunt ndeosebi importante;
Dezvoltarea infrastructurii (de producie, transport, comunicaii, servicii);
Activizarea eforturilor de a integra companiile locale, n primul rnd IMM,
n lanul valoric mondial. Astfel de eforturi de integrare trebuie realizate
prin creterea capacitilor locale i activiti de promovare a investiiilor,
cum ar fi contactul direct cu investitorii sau nfiinarea unor zone economice speciale.
Implicarea mai activ a ageniilor de dezvoltare regionale i a Ageniei
pentru atragerea investiiilor i promovarea exportului (MIEPO) n promovarea regiunilor rii ca zone investiionale prin identificarea i abordarea
potenialilor investitori strini. Atragerea unor investitori strini prin proiecte intite, care urmresc specificul zonei i valorificarea la maximum
a potenialului acesteia, ar putea contribui la reducerea decalajelor n
dezvoltare dintre Chiinu i Bli, pe de o parte, i celelalte regiuni ale
rii, pe de alt parte.
Concluziile i recomandrile de mai sus au fost fcute preponderent reieind

din cercetarea prezentat n capitolul de fa. Acestea au la baz analiza informaiei statistice, urmrirea evoluiilor i tendinelor investiiilor strine pe plan mondial
i regional, compararea lor cu situaia investiiilor strine n Moldova i a climatului
investiional autohton. n continuare, ne vom referi i la concluziile i recomandrile
participanilor la discuiile panelului Oportuniti de atragere a investiiilor strine n
sectorul IMM, din cadrul celui de-al IV-lea Forum Moldo-German privind finanarea
IMM. Acestea nu difer, ns, cu mult de concluziile cercetrii prezentate mai sus,
fapt ce confirm, dup prerea noastr justeea acestora.
Printre problemele menionate n cadrul discuiilor panelului, cu referire la atragerea investiiilor strine n sectorul IMM din R. Moldova au fost cele legate de:
absena unor stimulente i faciliti fiscale pentru investitori (n special legate de
anularea posibilitii de includere a utilajului n capitalul social, fr plata taxelor
vamale i a TVA, lipsa unor programe i mecanisme de garantare a investiiilor,
lipsa suportului i a subveniilor pentru startup-uri); eficiena redus a programelor de stat pentru finanarea IMM (PARE 1+1, PNAET) din cauza birocraiei mari
i lipsa altor mecanisme de finanare; discrepanele mari regionale n fluxul de
investiii, cu predilecia clar a acestora pentru Chiinu i necesitatea ridicrii
atractivitii investiionale a celorlalte regiuni ale rii; lipsa forei de munc cu calificare suficient, care s poat face fa utilajului performant adus de investitorii
strini; procedurile complicate de import-export; problemele de administrare fiscal
i vamal (legate de aciunile abuzive ale inspectorilor fiscali i vamali, ale executorilor judectoreti de arest a conturilor, amenzile mari), i protecia insuficient
a investitorilor n faa abuzurilor acestor organe; absena unor mecanisme de responsabilitate a organelor de stat pentru deciziile i aciunile ntreprinse n privina
51

agenilor economici i corupia; accentele politice n dezvoltarea economic i n

suportul de stat pentru IMM. n legtur cu problemele identificate, participanii la
discuii au propus urmtoarele soluii:
Introducerea unor modificri legislative referitoare la protecia investitorilor n Codul fiscal i vamal i alte acte normative;
Eliminarea barierelor la exportul i importul produciei;
Simplificarea procedurilor pentru accesul la fondurile de stat, de suport a
IMM;
Protecia mai bun a drepturilor intelectuale i a mrcilor comerciale;
Reducerea presiunii fiscale i administrative asupra businessului;
Adaptarea curriculumului instituiilor educaionale la necesitile angajatorilor i cerinele pieei muncii;
Asigurarea unei informri permanente dintre IMM-urile din Moldova i
cele din afar, pentru reducerea costurilor de finanare;
Realizarea a cel puin 8 proiecte-pilot n tot attea raioane cu suportul
organizaiilor internaionale de dezvoltare n domeniul businessului, pentru mbuntirea condiiilor de finanare i a oportunitilor de afaceri n
aceste regiuni.
52
FISCALITATEA NTREPRINDERILOR MICI I MIJLOCII N MOLDOVA
Capitolul
Capitolul3 3
FISCALITATEA NTREPRINDERILOR MICI

I MIJLOCII N MOLDOVA
3.1.
Introducere
De ceva timp, n Republica Moldova se vorbete despre povara fiscal grea.

n realitate, Moldova are una dintre cele mai relaxate fiscaliti din Europa36. Spre
exemplu, per ansamblu, n UE, reeta fiscal reprezint cam peste 43% din PIB,
n timp ce n Moldova aceasta abia ajunge la 30%. n rata fiscalitii sunt luate n
calcul totalul impozitelor i cotizaiilor sociale obligatorii37.
Fiscalitatea este suportat inegal de persoanele juridice: dei ntreprinderile mici
i mijlocii (MM) dein 20-30% din avuia naional, contribuiile acestora la bugetul
public naional (TVA, impozit pe venit, alte taxe i impozite) i la fondurile de asigurri
sociale i medicale obligatorii (pensii, omaj, sntate, alte contribuii) sunt mai mari
dect cele ale companiilor cu capital de stat. Rezultatul brut al exerciiului RBE
(suma tuturor profiturilor minus suma tuturor pierderilor) pentru IMM-uri a fost de
aproximativ dou ori mai mare dect n ntreprinderile mari. Aceasta face din IMMuri principalele pltitoare de impozit ctre bugetul de stat. De asemenea, pe partea
bugetelor sociale, tot IMM-urile sunt cele care achit cele mai mari sume, deoarece
angajeaz aproximativ 60% din salariaii la nivel naional.38
Atenia sporit pentru modaliti de impunere fiscal a subiecilor businessului
mic i mijlociu nu este o problem nou pentru Moldova i ntreaga regiune din care
face parte ara noastr. Practicile i reglementrile n acest domeniu nc nu sunt
bine puse la punct, de aceea discuiile din cadrul celui de-al 4-lea Forum Moldo-German privind finanarea IMM reprezint un bun prilej de a scoate n eviden problemele existente sub acest aspect i a puncta soluiile propuse de participanii n cadrul
relaiilor fiscale cu statul.
Studiul de fa reflect n cea mai mare parte rezultatele discuiilor de la evenimentul respectiv, rezumnd problemele identificate, soluiile propuse i eventualele
obstacole pentru implementarea soluiilor, n opinia participanilor la aceste discuii.
Avnd ns n vedere, nivelul relativ redus de cunoatere a conceptului i regulilor de
impunere fiscal n Moldova, la nceputul studiului se dau definiiile acestui concept,
n sensul n care acesta a fost discutat n cadrul Forumului, precum i aspectele conceptuale ale acestui fenomen redate la nivel internaional. Pentru a nelege mai bine
contextul fiscalitii MM, ntr-un capitol s-au ncadrat prevederile generale din legislaia moldoveneasc ce in de problemele date. innd cont de discuiile pe marginea
36
37
38
Evaluarea nivelului economiei tenebre n Moldova. http://www.jurnal.md/ro/news/evaluarea-nivelului-economiei-tenebre-in-moldova-529696/

Politica fiscala pe 2010 diminueaza presiunea fiscala? http://www.allmoldova.com/ro/experts/27.html
IMM-urile sub presiunea inegalitii cu care se aplic fiscalitatea. i angajeaz 60% din salariaii Romniei. http://economie.hotnews.ro/stiri-finante_banci-14299400-imm-urile-sub-presiunea-inegalitatii-careaplica-fiscalitatea-angajeaza-60-din-salariatii-romaniei.htm
53

problemelor existente pe plan organizaional al fiscalitii, capitolul respectiv vine cu o

sintez a practicilor i reglementrilor existente. Urmtoarele capitole sunt consacrate
problemelor presiunii fiscale att pe plan internaional, ct i naional. Ultimul capitol
reflect nemijlocit discuiile, concluziile i recomandrile mesei rotunde Fiscalitatea
MM din cadrul Forumului Moldo-German privind finanarea IMM din 30 aprilie 2013.
Principalele probleme din domeniul impunerii fiscale a subiecilor businessului mic
i mijlociu din Moldova, care au fost identificate n cadrul discuiilor respective au fost:
1.
2.
3.
4.
5.
6.
3.2.
Raportarea (drile de seam fiscale i statistice)

inerea evidenei contabile
Presiunea fiscal
Control fiscal
Consultan fiscal
Faciliti fiscale
Importana suportului din partea statului pentru MM
Din totalitatea msurilor de sprijin financiar din partea statului, sistemul de impozitare reprezint factorul cel mai determinant n dezvoltarea structurilor economice
de scar mic39. Trebuie de menionat faptul c businessului mic i mijlociu, spre deosebire de alte ntreprinderi, i se ofer o gam larg de sisteme de contabilitate, raportare i fiscalitate. n practica mondial, n scopul dezvoltrii antreprenoriatului mic
i mijlociu sunt promovate regimuri fiscale speciale. Aceste regimuri fiscale permit
crearea un climat fiscal favorabil i reducerea poverii fiscale asupra ntreprinderilor40.
Figura 1. Forme de sprijin pentru ntreprinderile mici i mijlocii 41
financiar
patrimonial
informaional
consultativ
Forme de sprijin din partea statului a subiecilor antreprenoriatului mic i mijlociu
sprijin n domeniul formrii,

recalificrii i
perfecionrii
cadrelor
39
40
41
sprijin n domeniul inovaiilor,

produciei industriale, artizanatului
sprijinul
subiecilor ce
duc activitatea
economic
extern
sprijinul
subiecilor ce
duc activitatea
agricol
. . : , 3-, ., .- .: ,-2005. 618 .

.. .//
2005-3 .17.
Petutschnig M. Sharing the Group Benefits of a Common Consolidated Corporate Tax Base within Corporate Groups // Vienna University of Economics and Business.
54
Capitolul 3
Este important de a determina posibilitatea utilizrii de ctre ntreprinderea concret a variantelor de impozitare innd cont de limitele stabilite42. Se cunoate faptul
c printre regimuri fiscale speciale aplicate de ctre ntreprinderile mici i mijlocii
sunt sistemul fiscal simplificat (SFS) i sistemul de impozitare sub forma impozitului
unic pe venit (SIFIUV). ns, aplicarea SIFIUV este redus doar la unele tipuri de
activiti, n timp ce utilizarea sistemului fiscal simplificat este posibil doar pentru
ntreprinderile care respect unele criterii stabilite, n special cele economice.
Practica mondial demonstreaz c anume businessul mic i mijlociu este fora
motrice n procesul de modernizare i tranziie ctre o economie dezvoltat43.
Companiile moldoveneti sunt nevoite s se adapteze la schimbrile frecvente
ale legislaiei fiscale i contradiciile sistemului de impozitare, ceea ce face dificil
planificarea pe termen lung i prognozarea activitii de antreprenoriat, impune trecerea n economia tenebr.
Relevana acestei probleme const n faptul c impozitarea ocup unul dintre
cele mai importante locuri din totalitatea relaiilor din cadrul economiei de pia i
reprezint un element esenial al mecanismului economic de gestionare a procesului
de producie44. Impozitele sunt cea mai mare i important surs de venituri pentru
bugetul statului. O nelegere corect a naturii economice a impozitrii formeaz
baza pentru mbuntirea mecanismului de utilizare practic a acestei categorii n
economie.
De eficiena i eficacitatea sistemului fiscal depinde stabilitatea funcionrii ntreprinderilor mici i mijlocii, precum i atractivitatea lor pentru investiii45.
Sistemul rezonabil de impozitare a ntreprinderilor mici i mijlocii, care provine
de la recunoaterea importanei economice i sociale a firmelor mici, ar trebui s se
bazeze pe urmtoarele principii:
businessul mic i mijlociu nu trebuie privit doar ca unul dintre furnizorii
principali ai veniturilor la buget, deoarece acesta reprezint i un fenomen social ce ofer locuri de munc, punerea n aplicare a activitii antreprenoriale, inovare, etc;
egalitatea contribuabililor trebuie, printr-o serie de scutiri i scheme fiscale, s compenseze ntreprinderilor mici i mijlocii riscurile sporite, accesul
limitat la resurse i costuri marginale mari (pentru achitarea datoriilor fa
de stat) n comparaie cu ali ageni economici;
stabilitatea i simplicitatea impunerii fiscale;
oferirea libertii maxime autoritilor publice locale pentru reglementarea parametrilor sistemului de impozitare a ntreprinderilor mici i mijlocii,
care au, n primul rnd, un specific local46.
42
43
44
45
46
Brooks K. International and EC Tax Aspects of Groups of Companies. Canada. IFBD, 2008.
Kesti J. European Tax Handbook 2007. Amsterdam. IFBD, 2007.
. ., . . // -2005-9 .31.
. . : . .: , 2009.
: ./ ., . . .- .: 2004.- 502
.
55

Dezvoltarea antreprenoriatului mic i mijlociu n Republica Moldova este una

dintre cele mai importante ci de rezolvare a problemelor economice i sociale la nivel local i central. Strategia de dezvoltare a sectorului ntreprinderilor mici i mijlocii
pentru anii 2012-2020 (aprobat prin Hotrrea Guvernului nr. 685 din 13.09.2012)
presupune c pentru a accelera ritmul de cretere economic, reducerea srciei
i dezvoltarea inovaiei, este necesar de a ncuraja crearea de ntreprinderi mici i
mijlocii, de a crete competitivitatea lor, de a spori oportunitile de angajare pentru
lucrtori din acest sector. Dezvoltarea micului business este esenial pentru reducerea omajului, creterea veniturilor reale ale populaiei, formarea bazei de venituri
bugetare, sporirea competitivitii i, n consecin, creterea economic.
Dezvoltarea rapid a businessului mic i mijlociu n mod direct depinde de impozitarea acestuia47.
3.3.
Aspecte generale privind apariia raporturilor fiscale ale agenilor

economici cu statul
n momentul n care o persoan a luat decizia de a deschide i desfura o

activitate de antreprenoriat, i pune o multitudine de ntrebri la capitolul formei organizatorico-juridice a activitii: care sunt formele organizatorico-juridice, prioritile
i dezavantajele fiecreia din ele din diferite aspecte (juridic, patrimonial, fiscal, etc.)
Deseori, anume aspectul fiscal joac un rol important n luarea deciziei persoanei
asupra formei organizatorico-juridice a activitii48:
ntreprindere individual (I);
societate n nume colectiv (SNC);
societate n comandit (SC);
societate pe aciuni (SA);
societate cu rspundere limitat (SRL);
cooperativ;
ntreprindere de arend.
Dup ce s-a parcurs faza de nregistrare a agentului economic cu statut de persoan juridic sau persoan fizic i a fost eliberat setul de documente de ctre
Camera nregistrrii de Stat a Ministerului Tehnologiei Informaiei i Comunicaiilor
(sau de la primrie, n cazul gospodriilor rneti) ncep s apar raporturi cu statul
privind impozitele, taxele i contribuiile. Aceste raporturi apar treptat i pot fi convenional repartizate pe etape49:
etapa iniial nregistrarea n calitate de contribuabil;
etapa secund determinarea sistemului de impozite i taxe al ntreprinderii;
etapa final determinarea i achitarea impozitelor i taxelor n conformitate
cu sistemul de impozite i taxe al ntreprinderii.
47
48
49
.. .//
2005-3 .17.
Balaban E. Fiscalitatea agenilor economici. - Chiinu, 2008.
56
Capitolul 3
La etapa iniial, raporturile fiscale apar indiferent dac agentul economic a nceput sau nu desfurarea activitii de antreprenoriat i se refer la:
I.
nregistrarea n calitate de contribuabil (trecerea n Registrul Fiscal de

Stat a Codurilor Fiscale RFSCF);
II. nregistrarea conturilor bancare;
III. declararea localurilor unde agentul economic i va desfura activitile;
IV. nregistrarea mainilor de cas i control (MCC).
I. nregistrarea n calitate de contribuabil const n atribuirea codului fiscal i
Pentru agenii economici, care
nregistrarea n RFSCF.
sunt
obligai s se nregistreze la CaCodul fiscal reprezint un numr unic
mera
nregistrrii de Stat a Ministeutilizat n scopuri fiscale. El se atribuie doar
rului Tehnologiei Informaiei i Coo singur dat. Dac agentului economic
municaiilor, codul fiscal reprezint
nu i s-a atribuit codul fiscal, atunci acesta
numrul de identificare de stat atrinu poate fi nregistrat ca pltitor al diferitor
buit de ctre minister.
tipuri de impozite i taxe (pltitor de TVA,
Pentru gospodriile rneti,
pltitor de accize).
atribuirea codului fiscal se efectueaz
nregistrarea n RFSCF se efectueade ctre Inspectoratul Fiscal de Stat.
z la Inspectoratul Fiscal de Stat Teritorial
(IFST) n a crui raz se afl sediul (domiciliul) agentului economic indicat n documentele de constituire sau n documentul prin care se permite practicarea activitii. nregistrarea se efectueaz n baza unei cereri de form tipizat aprobat de Inspectoratul Fiscal Principal de Stat (IFPS) depus de agentul economic. Trecerea codurilor
fiscale n RFSCF confirm actul nscrierii persoanei la evidena fiscal.
IFST deschide dosare pentru persoanele juridice i ntreprinderile cu statut de
persoan fizic. n mod obligatoriu, pentru dosar, contribuabilii trebuie s prezinte:
cererea de atribuire a codului fiscal;

fia de nregistrare eliberat de organul autorizat s nregistreze activitile respective;
copia documentului ce confirm nregistrarea de stat sau care permite
practicarea activitii respective;
copia certificatului de atribuire a codului fiscal;
documentele ce confirm existena conturilor bancare (certificat eliberat
de banc);
copia documentelor ce confirm dreptul de proprietate sau de folosin
(titlul de proprietate, contractul de arend, documentele privind dreptul
de gestiune sau de administrare operativ etc.) asupra imobilului (asupra
unei pri din imobil) i locul lui de amplasare;
datele fondatorului (fondatorilor) sau ale persoanelor care au obinut
57

dreptul de a practica activitatea respectiv, ale conductorului i ale

contabilului-ef (numele, prenumele, data naterii, adresa, informaia de
contact, datele actului de identitate, IDNP).
II. nregistrarea conturilor bancare presupune luarea n eviden de ctre
IFST a tuturor conturilor bancare deschise n instituiile financiare.
La momentul deschiderii conturilor bancare, n termen de dou zile lucrtoare,
instituiile financiare elibereaz Certificatul privind deschiderea conturilor bancare
(conturi curente, conturi de mprumut, etc.), care se expediaz prin pot ctre IFST
unde titularul contului se afl n eviden fiscal. n baza certificatului dat, IFST, n
termen de dou zile lucrtoare, trebuie s elibereze certificat privind inerea evidenei a conturilor bancare, care se remite instituiei financiare. IFST elibereaz certificatul doar agenilor economici crora li s-a atribuit codul fiscal i a fost nregistrat n
RFSCF. Instituia financiar are dreptul s efectueze operaiuni bancare cu conturile
deschise numai dup primirea confirmrii de la IFST privind inerea evidenei a conturilor respective.
III. Declararea localurilor unde agentul economic i va desfura activitile presupune informarea IFST despre apariia, nchiderea, lichidarea localurilor
desfurrii activitii agentului economic.
Dac, la momentul trecerii codului fiscal n RFSCF, agentul economic nu dispune de localuri unde i desfoar activitatea, dar au aprut pe parcurs (s-a luat n
arend, s-a procurat, s-a construit), atunci urmeaz s fie declarate la IFST i s se
modifice informaia n baza de date n termen de 30 zile din data ncheierii contractului de arend sau de la darea obiectului n exploatare.
La fel, n termen de 30 zile de la data adoptrii deciziei despre schimbarea
sediului sau constituirea (schimbarea locului) subdiviziunii urmeaz s fie informat
IFST.
IV. nregistrarea mainilor de cas i control (MCC) reprezint luarea n eviden a tuturor aparatelor specializate cu memorie fiscal care duc evidena ncasrilor mijloacelor bneti.
La toate ntreprinderilor, instituiile, organizaiile i filialele acestora, indiferent
de forma organizatorico-juridic i tipul de proprietate, care desfoar activitate comercial i presteaz servicii cu plat pe ntreg teritoriul Republicii Moldova, decontrile n numerar se efectueaz cu utilizarea obligatorie a MCC cu memorie fiscal.
n conformitate cu Regulamentul cu privire la aplicarea mainilor de cas i control pentru efectuarea decontrilor n numerar (Anexa nr.5 la Hotrrea Guvernului
nr.474 din 28 aprilie 1998 cu privire la aplicarea mainilor de cas i control cu memorie fiscal pentru efectuarea decontrilor n numerar), este prevzut o List a
genurilor de activitate, specificul crora permite efectuarea decontrilor bneti n
numerar fr aplicarea mainilor de cas i control.
Desfurarea unei activiti fr a avea MCC, n cazul n care actele normative
prevd folosirea acestui echipament, se sancioneaz n conformitate cu art.254 din
58
Capitolul 3
Codul fiscal al Republicii Moldova nr.1163-XIII din 24.04.1997.

Dup ce s-au efectuat toate procedurile necesare de la etapa iniial, agentul
economic poate s-i nceap activitatea fr a risca amenzi, care pot greva situaia
financiar a ntreprinderii.
3.4.
Interaciunea sistemului fiscal al Republicii Moldova cu sistemul

fiscal al ntreprinderii
Sistemul fiscal reprezint o strategie unic n sistemul financiar al Republicii

Moldova. Conform art.2 din Codul fiscal, sistemul fiscal reprezint totalitatea impozitelor i taxelor, a principiilor, formelor i metodelor de stabilire, modificare i anulare
a acestora, precum i totalitatea msurilor ce asigur achitarea lor50.
Unii economiti consider c sistemul fiscal trebuie privit mai larg i c el include
urmtoarele elemente, cum ar fi (1) sistemul de impozite, (2) aparatul fiscal i (3)
legislaia fiscal. Toate aceste verigi sunt strns legate ntre ele, deoarece n baza
legislaiei fiscale activeaz aparatul fiscal, avnd drept scop utilizarea impozitelor ca
unei surse de venituri ale statului51.
Sistemul de impunere trebuie s asigure stabilitatea impozitelor i taxelor, s
propun un nivel optimal al impunerii fiscale, care nu ar stopa activitatea economic
i nu ar agrava situaia material a persoanelor fizice i juridice52. Legislaia fiscal
este chemat s stabileasc normele juridice de instituire a impozitelor i sanciunilor pentru nerespectarea disciplinei fiscale. Aparatul fiscal trebuie s dirijeze activitatea de instruire a contribuabililor n materie de impozit, s coordoneze aezarea i
perceperea corect a impozitelor i taxelor.
Sistemul de impozite reprezint totalitatea impozitelor, taxelor i altor pli concepute n conformitate cu legislaia fiscal n vigoare. Conform art.6 din Codul fiscal,
aceast totalitate cuprinde (1) impozite i taxe generale de stat i (2) impozite i taxe
locale (vezi Figura 2).
Impozitele i taxele generale de stat sunt instituite de ctre Parlamentul Republicii Moldova, pe cnd termenele de plat ale impozitelor i taxelor locale, sunt
aprobate de ctre Parlament i poart caracter recomandat pentru autoritile publice locale. ntr-o unitate administrativ-teritorial concret ele se instituie prin Decizia
consiliului local privind aplicarea taxelor locale pe teritoriul administrat. Autoritile
publice locale pot institui taxe locale numai din lista celor prevzute de Codul fiscal.
Astfel, n diferite localiti ale rii putem ntlni diverse sisteme de taxe locale specifice localitilor respective.
50
51
52
Codul fiscal al Republicii Moldova. Legea Republicii Moldova Nr.1163-XIII din 24.04.97.
. http://www.kreditbusiness.ru/problems/1791-problemynalogooblozhenija-biznesa.html
59

Figura 2. Sistemul de impozite al Republicii Moldova53
Sistemul de impozite
al Republicii Moldova
Impozite i taxe
generale de stat
1.
2.
3.
4.
Impozitul pe venit
Taxa pe valoarea adugat
Accize
Impozitul privat
1. Taxe vamale
2. Taxe rutiere
53
Impozite i taxe locale
1. Impozitul pe bunurile imobiliare
taxe
impozite
1. Taxe pentru resursele naturale

2. Taxa pentru amenajarea teritoriului
3. Taxa de organizare a licitaiilor
i loteriilor pe teritoriul unitii
administrativ-teritoriale
4. Taxa de plasare (amplasare) a
publicitii (reclamei)
5. Taxa de aplicare a simbolicii locale
6. Taxa pentru unitile comerciale i/
sau de prestri servicii de deservire
social
7. Taxa de pia
8. Taxa pentru cazare
9. Taxa balnear
10. Taxa pentru prestarea serviciilor de
transport auto de cltori pe rutele
municipale, oreneti i steti
(comunale)
11. Taxa pentru parcare
12. Taxa pentru posesorii de cini
13. Taxa pentru parcaj
14. Taxa pentru unitile stradale de
comer i/sau de prestare a serviciilor
15. Taxa pentru evacuarea deeurilor
16. Taxa pentru dispozitivele publicitare
Codul fiscal al Republicii Moldova. Legea Republicii Moldova Nr.1163-XIII din 24.04.97.
60
Capitolul 3
Sistemul de administrare fiscal reprezint totalitatea instituiilor, activitatea

crora este axat n mod principal sau secundar pe executarea atribuiilor fiscale
(Figura 3).
Figura 3. Sistemul de administrare fiscal.54
Sistemul de administrare fiscal
Organe cu atribuii de
administrare fiscal
Organe fiscale
Inspectoratul
Fiscal Principal
de Stat
Inspectoratele
Fiscale de Stat
Teritoriale
Organele
Vamale
Curtea de
Conturi
Serviciile de colectare a
impozitelor din cadrul
primriilor
Aparatul fiscal (organul fiscal) al Republicii Moldova reprezint principalul element n sistemul unic de administrare fiscal. n componena acestuia sunt incluse
Inspectoratul Fiscal Principal de Stat (IFPS) i Inspectoratele Fiscale de Stat Teritoriale (IFST) care sunt subordonate IFPS.
Activitatea aparatului fiscal este determinat de Constituia Republicii Moldova,
Codul Fiscal, Legile Republicii Moldova, Hotrrile Guvernului, deciziile organelor
autoritilor publice locale n limitele drepturilor acordate lor.
3.5.
Gestiunea fiscal a ntreprinderii
Complexitatea raporturilor dintre ntreprindere i stat duc nemijlocit la necesitatea de gestionare fiscal a activitii curente la nivel de ntreprindere. Reglementrile
de natur fiscal ofer adesea posibilitatea utilizrii mai multor metode pentru tratarea aceleiai probleme. Consecinele acestor variante sunt diferite, de aceea, nu se
poate face abstracie de instrumentele gestiunii fiscale.
Fiscalitatea are un aspect dublu. Pe de o parte, se concretizeaz obligativitatea
plii impozitelor (n determinarea sarcinii fiscale), care influeneaz situaia financiar a agentului economic. Pe de alt parte, agentul economic poate folosi i n interesul su principiile i metodele fiscale cu scopul de a ameliora situaia financiar.
Printr-o gestiune fiscal adecvat agentul economic poate optimiza plata impozitelor
fr a luneca n evaziune i fraud fiscal.
54
61

Gestiunea fiscal poate fi apreciat din dou puncte de vedere55:

1. eficien atunci cnd rezultatul deciziei se exprim printr-un ctig
esenial;
2. conformitatea cu legislaie atunci cnd n urma controlului fiscal nu s-au
depistat nclcri ale legislaiei fiscale.
Prin urmare, putem meniona c gestiunea fiscal a ntreprinderii const n administrarea laturii fiscale, astfel nct s se asigure respectarea legislaiei fiscale i
prin deciziile ntreprinderii, s se optimizeze nivelul sarcinii fiscale astfel nct ctigul obinut s justifice eforturile depuse. Se poate ntmpla ca cea mai bun alegere
fiscal s nu fie cea mai optim soluie pentru ntreprindere din punctul de vedere al
strategiei sale de dezvoltare. Aceasta se explic prin faptul c opiunile n materie de
impozite la nivelul ntreprinderii au nite limite juridice, care trebuie respectate pentru
a nu admite evaziune fiscal.
innd cont de cele menionate mai sus, putem evidenia urmtoarele obiective
ale gestiunii fiscale la nivel de ntreprindere:
diminuarea sarcinii fiscale;
amnarea n timp a sarcinii fiscale;
asigurarea ndeplinirii obligaiunilor fiscale ale ntreprinderii cu un cost
mai redus;
minimizarea riscului fiscal.
n toate aceste situaii pot fi utilizate cu succes instrumentele fiscale. Uneori,
unele componente ale strategiei ntreprinderii nu sunt viabile dect n contextul avantajului fiscal pe care l ofer (leasing-ul fiscal, constituirea de filiale n zone economice libere sau n paradisuri fiscale, etc.)
3.6.
Prevederile legale privind fiscalitatea MM
Pornind de la prevederile Legii privind susinerea sectorului ntreprinderilor mici

i mijlocii nr. 206-XVI din 7 iulie 2006, care se refer la criterii de atribuire a statutului
de ntreprinderi micro, mici i mijlocii, legislatorul a stabilit un regim fiscal separat
destinat agenilor economici subieci ai sectorului ntreprinderilor mici i mijlocii.
Astfel, n conformitate cu Capitolul 71 din Titlul II al Codului Fiscal al Republicii
Moldova (Legea nr.1163-XIII din 24.04.1997), subiecii impunerii cu impozitul pe venit sunt tratai n felul urmtor:
(1) Subieci ai impunerii sunt agenii economici nenregistrai ca pltitori de
T.V.A., cu excepia gospodriilor rneti (de fermier) i ntreprinztorilor individuali.
(2) Agenii economici care corespund prevederilor alin.(1) i care, la situaia din
31 decembrie a perioadei fiscale precedente perioadei fiscale de declarare, au obinut venit din activiti operaionale n sum de pn la 100000 lei utilizeaz regimul
de impozitare prevzut n prezentul capitol.
(3) Agenii economici menionai la alin.(1) care, la situaia din data de 31 decembrie a perioadei fiscale precedente perioadei fiscale de declarare, au obinut venit
55
Balaban E. Fiscalitatea agenilor economici. Chiinu, 2008.
62
Capitolul 3
Tabelul 1. Clasificarea ntreprinderilor n micro, mici i mijlocii

Criterii de
clasificare
Tipul de
ntreprindere
Micro
Mic
Mijlocie
Numr mediu
scriptic anual de
salariai
Sum anual a
veniturilor din vnzri
cel mult 3 milioane lei
cel mult 9
persoane
cel mult 49
persoane
cel mult 249
persoane

Valoare
total anual
de bilan a
activelor
nu depete 3
milioane lei
nu depete 25
milioane lei
nu depete 50
milioane lei
Surs: art.2 din Legea privind susinerea sectorului ntreprinderilor mici i mijlocii nr.
206-XVI din 7 iulie 2006.
din activiti operaionale n sum de la 100000 la 600000 lei pot alege regimul de
impozitare prevzut de prezentul capitol sau regimul de impozitare aplicat n modul
general stabilit din momentul n care sunt nregistrai benevol n calitate de pltitori
de T.V.A.
(4) Agenii economici care, pe parcursul perioadei fiscale declarate, devin pltitori de T.V.A. vor aplica regimul de impozitare n modul general stabilit din momentul
n care sunt nregistrai ca pltitori de T.V.A.
(5) Agenii economici care, pe parcursul perioadei fiscale declarate, au ncetat
a fi pltitori de T.V.A., aplic regimul de impozitare menionat mai sus din momentul
anulrii nregistrrii ca contribuabil al TVA.
(6) Agenii economici care aplic regimul de impozitare sus-menionat utilizeaz
regulile de eviden prevzute la cap.6 din titlul II al Codului Fiscal.
Obiect al impunerii se consider venitul din activitatea operaional obinut n
perioada fiscal de declarare.
Cota impozitului pe venit constituie 3% din obiectul impunerii.
Calcularea impozitului pe venit se efectueaz prin aplicarea cotei impozitului
asupra venitului din activitatea operaional. Calcularea impozitului se efectueaz
trimestrial, iar achitarea la buget se efectueaz n termen de o lun de la ncheierea
trimestrului corespunztor.
Raportarea privind impozitul pe venit se prezint pn la data de 31 martie a
anului urmtor perioadei fiscale de declarare. Formularul i modul de completare a
drii de seam privind impozitul pe venit se aprob de ctre Ministerul Finanelor.
3.7.
Presiunea fiscal: abordri generale
Datorit importanei lor, prelevrile obligatorii, incluznd aici toate sumele vrsate de contribuabili, persoanele fizice i juridice, administraiilor publice (impozite,
taxe, contribuii sociale i alte prelevri cu coninut fiscal), cu condiia ca acestea
s nu fie legate de o decizie voluntar i, de asemenea, s nu fie nsoite de o con63

traprestaie imediat sau direct individualizat, exercit o influen direct asupra

comportamentului contribuabililor56.
La nivel macroeconomic, presiunea fiscal (Pf) exercitat de prelevrile fiscale
este dat de raportul dintre ansamblul prelevrilor obligatorii i un indicator macroeconomic, produsul intern brut (PIB).
1) Pf
impozite + taxe + contribuii

PIB
n determinarea presiunii fiscale trebuie fcut distincie ntre prelevrile obligatorii (veniturile fiscale) de ncasat, reflectate de dreptul de crean al statului asupra
contribuabililor i prelevrile obligatorii ncasate efectiv.
Astfel putem distinge:
- o presiune fiscal impus:
2) Pfi
impozite, taxe, contribuii de incasat

PIB
- o presiune fiscal acceptat:

3) Pfa
impozite, taxe, contribuii incasate

PIB
Cele dou niveluri ale presiunii fiscale se vor identifica doar n condiiile nerealiste, de altfel, n care veniturile fiscale de ncasat vor fi i ncasate efectiv, ceea ce
implic ndeplinirea tuturor obligaiilor fiscale de ctre contribuabili, la timp i n cuantumul exact, adic o disciplin fiscal i o consimire total la impozit.
Pe lng aceast presiune fiscal obiectiv determinat tehnic, la nivel macroeconomic, prelevrile obligatorii exercit i o presiune fiscal psihologic (resimit)
care msoar pragul toleranei la impozit al fiecrui contribuabil.
Cel mai adesea, acesta ia forma presiunii fiscale individuale (Pfi), care este raportul dintre totalul prelevrilor obligatorii suportate de un contribuabil i totalul veniturilor obinute de acesta nainte de impozitare, astfel:
4) Pfi
total prelevri suportate de contribuabili

total venituri obinute nainte de impozitare
Rata presiunii fiscale reprezint, aadar, un indicator de comensurare a prii

din venituri provenite din producia care tranziteaz printr-un proces de afectare,
obligatorie i public, n loc s fie lsat la libera dispoziie a iniiativei private. Presiunea fiscal mai poate fi definit ca fiind, de fapt, gradul de fiscalitate, adic gradul n
care contribuabilii, n ansamblul lor, societatea, economia, suport, pe seama rezultatelor obinute din activitatea lor, impozitele i taxele, ca prelevri obligatorii instituite
i percepute prin constrngerea legal de ctre stat. Aceasta reprezint, n ultim
instan, proporiile din veniturile pe care le realizeaz persoanele fizice i juridice, la
care, n mod nevoit i obligatoriu, renun n favoarea statului.
56
Gogrnoiu Gh. Perfecionarea sistemelor fiscale n perspectiva integrrii europene i contribuiei la formarea veniturilor bugetare (experiene moldo-romne). Chiinu, 2007. Tez de doctor n economie.
64
Capitolul 3
Consecinele creterii presiunii fiscale se manifest sub diverse forme, printre

care57:
diminuarea eforturilor productive, prin recurgerea la aa numita abstinen fiscal, care const n evitarea ndeplinirii anumitor operaiuni (limitarea activitii salariale, de ex.), n scopul de a scpa de impozite;
rezistene politice, manifestate ndeosebi prin revendicri categoriale n
favoarea micorrii anumitor impozite ca i prin luarea de poziie i vot;
riscul de inflaie prin fiscalitate, risc legat de faptul c orice cretere a impozitelor se repercuteaz asupra proceselor de determinare a preurilor;
frauda i evaziunea fiscal, generate de o presiune fiscal ridicat sau de
o cretere a acesteia.
Problema specific presiunii fiscale a generat o serie de ncercri ale teoreticienilor americani, i nu numai, de a regndi problema optimizrii fiscale.
Referitor la nivelul optim al presiunii fiscale, n anul 1974, un proeminent economist al ofertei, Arthur Laffer, a transpus grafic o idee exprimat prin 1776 de ctre
Adam Smith, conform creia ratele de fiscalitate prea ridicate distrug baza asupra
creia acioneaz fiscalitatea.
Laffer estimeaz c exist un prag al presiunii fiscale maxime de la care orice
cretere genereaz o diminuare a randamentului fiscal i asta pentru c o presiune
fiscal prea mare va descuraja contribuabilul (persoan fizic sau juridic) s investeasc, s economiseasc, s produc i s munceasc.
Conform curbei Laffer (Figura 4), suma prelevrilor obligatorii este o funcie
cresctoare a ratei presiunii fiscale, dar numai pn la un anumit prag maximal,
notat cu M, ce corespunde nivelului maximal al curbei, dup care devine o funcie
descresctoare a acestei rate, ea mergnd pn la anulare dac rata ar atinge nivelul teoretic de 100%.
Figura 4. Curba lui Laffer58
Curba Laffer se divide n dou zone:

zona din stnga, denumit zona admisibil, n care se subliniaz ideea c
reducerea bazei impozabile este inferioar creterii ratei presiunii fiscale,
rezultnd o cretere a ncasrilor la buget i
zona din dreapta, denumit zona inadmisibil, prin care se evideniaz c
orice cretere a presiunii fiscale nu este suficient pentru a compensa re57
58
Chicu N. Impactul impozitelor directe asupra anumitor procese social economice. Tez de doctor n
tiine economice. Chiinu, 2003.
Gogrnoiu Gh. Perfecionarea sistemelor fiscale n perspectiva integrrii europene i contribuiei la formarea veniturilor bugetare (experiene moldo-romne). Chiinu, 2007. Tez de doctor n economie.
65

ducerea bazei de impozitare, pe care o provoac, rezultnd, prin urmare,

o diminuare a sumei ncasrilor obinute de puterea public.
Atunci cnd contribuabilii se afl n zona inadmisibil a curbei Laffer, ei au ca
rspuns, la gradul ridicat de fiscalitate, fie substituirea venitului impozabil cu timp
liber neimpozabil, producndu-se efectul de substituie, fie evaziunea fiscal, astfel
nct totalul veniturilor impozabile se diminueaz, producndu-se efectul de transfer
spre economia subteran.
3.8.
Nivelul presiunii fiscale n Republica Moldova
Conform datelor Bncii Mondiale, rata total de impozitare este una din cele mai
sczute din regiune:
Tabelul 2. Rata total de impozitare
ara
Rata total, %
31,2
44,2
54,1
55,4
43,1
Moldova
Romnia
Rusia
Ucraina
UE
Surs: Total tax rate (% of commercial profits). http://data.worldbank.org/indicator/

IC.TAX.TOTL.CP.ZS?display=default
Not: Rata total de impozitare msoar mrimea impozitelor, taxelor i contribuiilor

obligatorii datorate de ntreprinderi, dup declaraia deducerilor i scutirilor legale.
Impozitele reinute (cum ar fi impozitul pe venitul persoanelor fizice) sau colectate
i remise ctre autoritile fiscale (cum ar fi taxa pe valoarea adugat, impozitul
pe cifra de afaceri sau impozitele pe bunuri i servicii) nu sunt luate n calcul.
Aceast situaie se datoreaz faptului c, prin legislaie, sunt stabilite ratele impozitelor i taxelor, nivelul crora este unul din cei mai atrgtori /mai sczui) din
regiune:
Tabelul 3. Ratele generale de impozitare a persoanelor juridice
Moldova
Romnia
Rusia
Ucraina
Impozit pe venit
rata general
MM
12
3*
16
16
20
13
19
0**
66
TVA
rata general
20
24
20
20
MM
20
24
20
20
Capitolul 3
Surse: Corporate tax rates table. http://www.kpmg.com/global/en/services/tax/taxtools-and-resources/pages/corporate-tax-rates-table.aspx i Ukraine: Tax holiday for
SMEs from April 2011. http://www.gw-world.com/en/ostnews-article/ostnews-nr-88/ukraine-tax-holiday-for-smes-from-april-2011/
* Pentru gospodriile rneti (de fermier) 7%.
** Pentru perioada aprilie 2011 decembrie 2015.
Astfel, avnd rate de impozitare relativ sczute (n comparaie cu alte state din
regiune), Republica Moldova demonstreaz o imagine cu presiune fiscal sczut
(n deosebi, pentru sectorul MM) i, deci, poate pretinde la un statut de paradis fiscal. Gradul de atractivitate a economiei depinde nu doar de rate de impozitare, ci i
de ali factori (inclusiv i cei fiscali), care, prin efectul lor negativ, uneori prevaleaz
asupra condiiilor pozitive i atractive create de presiunea fiscal sczut.
Din informaiile disponibile n raportul Doing Business 2013, emis sub egida International Finance Corporation i a Bncii Mondiale, rezult c Moldova nu are
la nivelul ntreprinderilor mici i mijlocii, cel mai ridicat nivel de presiune fiscal. n
schimb, are alte probleme n domeniul administrrii fiscale, ceea ce exprim un anumit dezinteres al autoritilor.
n context, Moldova se afl nu pe cele mai favorabile locuri n clasamentul statelor dup nivelul economiei subterane ca pondere n PIB, n special n comparaie cu
statele-membre ale Uniunii Europene. Podiumul n UE este ocupat de state cu economii semnificativ mai mici: Bulgaria ( 32,5%), Estonia i Lituania ( cu cate 29,6%),
Romnia (29,4%).
Nivelul economiei tenebre n lume este n cretere. Dac n 1997 nivelul mediu
al economiei tenebre n lume era de 32,%, n 2009 acesta atingea 36,5%. O reducere nesemnificativ a nivelului acesteia a fost nregistrat numai n 11 ri, se mai
arat n studiu.
Conform unui raport al Bncii Mondiale, publicat n septembrie 2010, cea mai
mare medie a ponderii economiei subterane n PIB pe anii 1999-2007 l deinea
Georgia cu 68,8% din PIB, urmat de Bolivia cu 68,1% i Azerbaidjan cu 63,3%. Cel
mai redus nivel al economiei tenebre a fost nregistrat n Suedia 8,6%, SUA 8,8%
i Austria 9,8%. n acest context, Republica Moldova a nregistrat n anii 1999-2006
o medie de 45,08%.59
n raportul Bncii Mondiale, de asemenea, se remarc faptul c structura fiscal din Republica Moldova nu are deosebiri majore, n afara de una: ponderea altor
impozite n veniturile fiscale totale este mai ridicat dect n alte ri. Aceasta este
consecina unui sistem fiscal complicat, care include multe taxe i impozite mici, prin
manipularea crora sarcina fiscal se poate modifica operativ. Pe parcursul ultimului
deceniu, reformele din sistemul fiscal bugetar al unor ri au dus la o oarecare simplificare a sistemului fiscal, dar complexitatea sistemului reduce eficiena politicii fiscal
bugetare i duce la creterea costurilor administrative.
59
Studiu IDIS: Moldova, prad a economiei subterane i a evaziunilor fiscale. http://viitorul.org/newsview.

php?l=ro&idc=132&id=3986&t=/STIRI-EVENIMENTE-IDIS/Studiu-IDIS-Moldova-prada-a-economiei-subterane-si-a-evaziunilor-fiscale
67

3.9.
Comentariile participanilor mesei rotunde la Codul fiscal privind

fiscalitatea ntreprinderilor mici i mijlocii
Taxa pe valoarea adugat

Pragul de nregistrare obligatorie n calitate de pltitor al TVA ar trebui s creasc, deoarece:
TVA este o povar fiscal suplimentar pentru ntreprinderile care lucreaz cu clientul final;
un astfel de prag sczut duce la o cretere a numrului ntreprinderilor
tentate s fie deservite de firme fantome;
pragul sczut mrete povara administrativ asupra autoritilor fiscale
(numrul de contribuabili per inspector).
De asemenea, este important reducerea sumei de nregistrare voluntar n
calitate de pltitor de TVA, fiindc pentru companiile care lucreaz cu alte companii,
nregistrarea n calitate de pltitor de TVA este de multe ori o necesitate economic.
Totodat, pentru ntreprinderile cu capital strin, care sunt mari productori i exportatori, nregistrarea n calitate de pltitor de TVA pentru livrrile impozabile de mrfuri
i servicii n valoare de la 100.000 de lei, de multe ori duce la efectuarea tranzaciilor
necaracteristice pentru astfel de companii numai n scopul de a obine o nregistrarea de TVA i de a ncepe procesul de producie propriu-zis.
Impozitul pe venitul din activitatea operaional
n politica fiscal pentru anii 2010-2011 a fost elaborat un proiect de taxare pentru anumite categorii de ntreprinderi cu impozitul fix care ar trebuie s includ:
impozitul pe profit,
TVA
impozitele locale (pentru obiecte comerciale, taxa pentru amenajarea teritoriului, etc.)
n opinia participanilor forumului, acest impozit ar fi mai eficient n raport cu
suma de colectare a impozitelor, precum i certitudinea antreprenorului la momentul
iniierii afacerii (estimarea precis a cheltuielilor fiscale asociate cu principala surs
de venit), i ar oferi mai puine oportuniti de concuren neloial (prin eschivarea
de la plata impozitelor). Astfel, importana acestui impozit const n:
pentru restaurante i baruri acest impozit a fost calculat n funcie de numrul de locuri, prezena teraselor, scenei, sli de banchete;
pentru saloane de coafur i frumusee acest impozit a fost calculat n
funcie de numrul de scaune i din disponibilitatea de servicii conexe;
pentru spltorii auto acest impozit a fost calculat n funcie de consumul
de ap.
Participanii forumului au sugerat c acest impozit cel puin ar duce la dezvoltarea tipurilor de afaceri sus-numite. La fel, introducerea impozitului dat ar mai duce
i la creterea numrului de maini de cas i de control utilizate, deoarece, pe de
o parte, impozitul nu ar depinde de volumul de vnzri, iar, pe de alt parte, pentru
68
Capitolul 3
proprietar, utilizarea mainilor de cas i de control reprezint o cale de control suplimentar asupra angajailor si i a businessul legal.
n ceea ce privete impozitul pe venit la o rat de 3% pentru nepltitorii de TVA, unii
participani la forum au sugerat c ar trebui s se acorde atenie la urmtoarele aspecte:
Capitolul 71 din Codul fiscal s fie aplicat doar pentru microntreprinderi i ntreprinderi mici, care sunt prevzute de Lege privind susinerea sectorului ntreprinderilor mici i mijlocii nr. 206-XVI din 7 iulie 2006.
De asemenea, a fost propus ideea ca aceast opiune de impozitare s fie aplicat numai agenilor economici ai cror fondatori sunt persoane fizice.
Salariu
n opinia participanilor la forum, exist dou motive principale pentru care nu se
pltesc salarii oficial:
1. cheltuieli substaniale ale ntreprinderilor mici pentru plata contribuiilor
obligatorii de asigurri medicale i sociale ale angajatorilor;
2. angajaii acestor ntreprinderi nu sunt dispui s accepte salarii oficiale.
Practica arat c angajaii prefer remunerarea oficial n urmtoarele cazuri:
angajaii care au primit deja sau intenioneaz s obin un mprumut
bancar, pentru c banca are nevoie de a evalua solvabilitatea acestui angajat i pentru aceasta banca utilizeaz informaiile oficiale (certificat de
la locul de munc, declaraia privind impozitul pe venit pentru perioada
precedent);
persoanele care sunt la vrsta de pre-pensionare (de obicei cu 5-7 ani
nainte de vrsta de pensionare) pentru a obine o pensie mai mare;
familiile tinere ce intenioneaz s aib copii.
Astfel, n scopul reducerii numrului de cazuri de pli salariale n plicuri, participanii au optat pentru urmtoarea soluie60. Pentru ntreprinderile mici care ndeplinesc toate cerinele urmtoare:
cifr anual de afaceri (de vnzri) pn la 3.000.000 lei,
numrul mediu de salariai nu este mai mare de 10 persoane,
s fie stabilit o valoare absolut pentru fiecare angajat, cu plat trimestrial n
funcie de numrul mediu de personal, pornind de la contribuiile de asigurare obligatorie de asisten medical achitate de angajator (3,5%) i contribuiile de asigurrile
sociale (23%).
Mrimea acestei valori absolute urmeaz s fie stabilit anual, la o rat de 20%
din 80% din salariul mediu proiectat n economie stabilit de guvern. Cota de 80%
se propune numai pentru municipiile Bli i Chiinu, pentru alte orae 65%, iar
pentru localitile rurale 50%.
n consecin, antreprenorul iniial va nelege c nu este eficient s ofere angajailor mai puin de 60% din salariul mediu lunar prognozat (n anul 2013 acesta este
egal 2310 lei), deoarece oricum pltete asigurrile sociale i medicale din aceast
sum. n acelai timp, angajaii vor primi un salariu oficial, iar ncasrile de la im60
40 . http://gagauzinfo.md/index.
php?newsid=875
69

pozitul pe venit, precum i contribuiile individuale de asigurri sociale i medicale

obligatorii vor fi pltite din salariile complete ale angajatului.
3.10.
Pot fi evideniate cinci probleme de impozitare a businessului mic i mijlociu:

1. Sistemul fiscal actual din Republica Moldova nu ncurajeaz suficient mecanismul investiional al ntreprinderilor mici i mijlocii. La nivel naional,
nu exist o argumentare a posibilitii de plat a impozitelor pe veniturile
subiecilor antreprenoriatului mic i mijlociu care se afl la etapa nceptoare de desfurare a activitii sale i, din anumite motive, nu au venituri (lund n considerare necesitatea de a efectua alte pli obligatorii: la
nregistrare, liceniere, primirea patentei).
2. Impozitarea ntreprinderilor mici i mijlocii nu are legtur suficient cu
parametrii de producie ai activitii, ce, n consecin, inhib dezvoltarea
businessului mic i mijlociu.
3. n condiiile economiei Republicii Moldova, ar fi mai eficient aplicarea
instrumentelor fiscale de corectare, care, spre deosebire de cele neutre, vor permite orientarea activitii antreprenoriale, investiiilor, forei de
munc n ramurile cheie pentru economia naional i local.
4. Egalitatea contribuabililor trebuie, printr-o serie de scutiri i scheme fiscale, s compenseze ntreprinderilor mici i mijlocii riscurile sporite, accesul
limitat la resurse n comparaie cu ali actori economici, oferirea administraiilor locale a libertii maxime pentru reglementarea parametrilor
sistemului de impozitare a ntreprinderilor mici i mijlocii, care n primul
rnd au specific local.
5. Potenialul fiscal al sistemului de impozitare a ntreprinderilor din cadrul
businessului mic i mijlociu, nu este suficient realizat ca urmare a funcionrii haotice a formelor fiscale.
n scopul perfecionrii sistemului de impunere fiscal a businessului mic i
mijlociu pot fi propuse urmtoarele ci de soluionare a acestor probleme:
reglementarea ratelor dobnzilor pentru credite interbancare, precum i
pentru credite oferite sectorului real. Stabilirea limitei pentru diferena
dintre rata dobnzii la care Banca Naional a Moldovei ofer credite
bncilor comerciale i ratele dobnzilor la creditele acordate sectorului
real (nu mai mult de 3%);
introducerea n statele administraiei publice locale a unei funcii de reprezentant special la nivel de vice-primar sau vice-preedintele raionului,
care s-ar ocupa de sistemul i numrul de controale ale ntreprinderilor
mici i mijlocii.
De asemenea, n cadrul discuiilor de la masa rotund, au fost subliniate unele
probleme de ordin fiscal-contabil n activitatea MM i anume:
70
Capitolul 3
I. Necesitatea inerii evidenei contabile conform Standardelor Naionale de

Contabilitate i prezentarea rapoartelor financiare i statistice ctre autoriti. Aceste obligaiuni, de obicei, sunt destul de costisitoare pentru MM
i necesit cunotine speciale. Respectiv, trebuie angajate persoane
pentru efectuarea lucrului necesar, astfel majorndu-se cheltuielile MM.
II. Restrngerea listei activitilor permise n baza patentei de ntreprinztor. n ultimii ani, a fost restrns semnificativ lista activitilor permise n
baza patentei de ntreprinztor, astfel mai multe MM sunt obligate deja
s nregistreze SRL ca s poat desfura aceste activiti i, respectiv,
s in evidena contabil i s prezinte toate rapoartele necesare.
III. Numrul relativ mare al taxelor pe care trebuie s le achite MM (taxe generale i taxe locale). Ar fi binevenit examinarea i propunerea reducerii
numrului de taxe pentru MM i de simplificat procedura lor de plat.
IV. Anularea facilitilor fiscale pentru MM. Anterior, MM beneficiau de anumite faciliti fiscale, n special, privind impozitul pe venit, precum i pentru crearea locurilor noi de munc. n prezent, a fost instituit cota impozitului pe venit n mrime de 12% i au fost anulate toate facilitile fiscale
pentru MM. Astfel, trebuie examinate suplimentar propunerile legate de
restabilirea anumitor faciliti fiscale pentru MM.
V. Existena unui numr mare i contradictoriu al amenzilor pentru nclcrile
fiscale. Conform prevederilor Codului Fiscal, au fost instituite un numr mare
de amenzi pentru nclcrile fiscale. n unele situaii, conform controalelor
fiscale, mrimea amenzilor poate depi mrimea impozitelor calculate de
ctre inspectorii fiscali. Totodat, procedura de contestare a aciunilor inspectorilor fiscali este destul de complicat i, de obicei, deciziile nu se mai
modific. Adic, autoritile fiscale nu iau n consideraie argumentele agenilor economici n procesul examinrii dezacordurilor pe marginea actelor de
control. n acest sens, ar fi binevenit aprobarea unui sistem de control mai
simplificat n cazul MM, dect n cazul marilor companii.
Astfel, rezumnd cele expuse, putem spune c multitudinea problemelor din
societate: lipsa locurilor de munc, salariile mici ale angajailor din sfera public,
dependena mediului de afaceri n proces incipient de factorii de decizie, privatizarea petrecut la repezeal, distrugerea complexului agroindustrial din Moldova, criza
monetar din anii 1991-1994, apariia intereselor de distribuire a zonelor de influen
economic i politic, lipsa mecanismelor de reglementare a proceselor economice
n noile condiii, sistemul judiciar extrem de corupt, toate acestea au fcut inevitabil
procesul de apariie a fenomenului de economie tenebr (ilegal).
Aadar, pentru a ne apropia de practica occidental, am avea nevoie de mbuntiri ale mediului de afaceri de natur s diminueze la jumtate ponderea economiei subterane n PIB.
Diminuarea evaziunii fiscale se poate face ori prin intensificarea constrngerilor,
ori prin acordarea de stimulente pentru conformarea voluntar, ori printr-o combinaie bine dozat a acestora. Din pcate, prima variant a artat deja c genereaz
efecte inverse, afectnd n mod negativ i agenii economici de bun credin, cu
efect de inhibare a dezvoltrii economice de ansamblu.
Mai puin utilizat a fost cea de-a doua cale. Returnarea unei pri din TVA ctre consumatori sau organizarea unei loterii a bonurilor fiscale au dat deja rezultate n alte pri.
71
Capitolul 4 PROBLEME, TENDINE I PERSPECTIVE
SERVICII BANCARE LA DISTAN:

AVANTAJE I OPORTUNITI PENTRU MM
PE PIAA REPUBLICII MOLDOVA
4.1.
Introducere
Internetul a adus schimbri fr precedent n societate. Rspndit pe tot globul,

Internetul a redefinit metodele de comunicare, de lucru, de studiu, educaie, interaciune, divertisment, sntate i comer. Facilitile i oportunitile oferite de Internet
au condus la dezvoltarea comerului electronic i a serviciilor financiare electronice.
Ce este ebanking?
eBanking, adic bankingul electronic, reprezint utilizarea mijloacelor electronice pentru efectuarea tranzaciilor bancare prin intermediul Internetului (transfer de
fonduri direct de la un cont la altul, vizualizarea extraselor, informarea cu referire la
situaia conturilor, etc.). Aceste servicii reduc timpul dedicat efecturii tranzaciilor i
costul acestora.
Avantajele serviciilor bancare la distan pentru IMM-uri:
Confort. Bankingul online este disponibil 24 de ore pe zi, apte zile pe
sptmn, i e doar la un click distan.
Ofer economie de timp la primirea i procesarea documentelor transmise bncii. Astfel, se evit deplasarea la banc i cozile de la ghieu.
Permite procesarea conturilor n afara bncii i operarea cu ele.
Asigur un nivel de protecie a conturilor mai mare dect legtura prin fax
sau telefon.
Permite transmiterea i primirea informaiei ntr-un format unificat.
Permite IMM-urilor s aleag banca indiferent de geografia amplasrii.
Dezavantajele serviciilor de banking la distan pentru IMM-uri:
Poate implica echipamente suplimentare i o calificare mai mare a personalului.
Bankingul online necesit timp pentru recalificarea personalului n lucrul
cu documente electronice.
Schimbrile de mbuntiri ale aplicaiilor/site-urilor care survin la anumite perioade pot aduce un oarecare disconfort n procesul de adaptare.
72
SERVICII BANCARE LA DISTAN: AVANTAJE I OPORTUNITI

PENTRU MM PE PIAA REPUBLICII MOLDOVA
4.2.
Servicii bancare la distan n rile europene
n rile dezvoltate, Tabelul 1: Populaia care utilizeaz Internetul n

dar i n lumea ntreag,
Europa pentru Internet Banking pe ri:
se atest preferina clienilor instituiilor financiare % populaie cu vrsta cuprins ntre 16 i 74 ani
de a utiliza servicii online
ri
2010
2011
2012
n defavoarea ghieelor.
EU (27 ri)
36
37
40
Clienii tineri, cu venituri
23
30
34
mai mari migreaz spre Cehia
43
45
45
utilizarea Internetului i a Germania
canalelor mobile.
Estonia
65
68
68
n timp ce mediul onli- Spania
27
28
32
ne devine un hub al relaii- Frana
50
51
54
lor cu clienii i banking-ul
18
20
21
la distan este n cretere Italia
3
4
3
rapid, filiala se ndreapt Romnia
33
34
40
(pe termen lung) spre o Slovacia
lips de utilitate. eBusine- Suedia
75
78
79
ss-ul i bncile din rile Marea Britanie
45
:
52
dezvoltate tind s utilizeze
Sursa: Eurostat
i s popularizeze canalele electronice pentru a
crete vnzrile on-line i alte servicii de eBanking.
n rile dezvoltate, cele mai rspndite servicii bancare la distan sunt: Internet
Bankingul (inclusiv PC Banking), Mobile Banking (care include i alte servicii precum
SMS Banking), ATM (Automated Teller Machine) bancomatele, POS Terminalele.
Pe piaa comunitii europene Internet Bankingul este omniprezent. Prin intermediul acestuia pot fi accesate urmtoarele categorii de servicii:
Non-tranzacionale:
Vizualizarea soldurilor de pe conturi
Vizualizarea tranzaciilor recente
Downloadarea extraselor bancare, n format Excel, PDF
Comandarea carnetelor de cecuri
Downloadarea aplicaiilor pentru M-banking, E-banking etc.
Tranzacionale:
Transfer de fonduri ntre conturile clientului
Plata ctre teri, inclusiv plata facturilor
Achiziii sau vnzri de hrtii de valoare n scop investiional
Cereri de creditare i operaiuni aferente creditrii, cum ar fi achitarea
creditului
nregistrarea furnizorilor de utiliti i achitarea utilitilor
Gestionarea utilizatorilor multipli cu nivele diferite de acces la conturi i
fonduri
73

Suedia este lider european, cu 79%, urmat de Estonia cu 68%, la capitolul

utilizare Internet pentru folosirea serviciilor de banking la distan. Media european
este de 40% populaie utilizatori de Internet pentru Internet Banking. n ara vecin,
Romnia, doar 3% din populaie utilizeaz Internet Bankingul prin Internet.
Dar exist i alte servicii i canale electronice oferite de bnci, printre care se
numr: Mobile Banking i SMS Banking. Acestea sunt n prezent servicii obinuite
oferite de bnci. Acesta sistem permite clienilor instituiilor financiare s opereze
tranzacii financiare prin telefonul mobil.
Mobile Banking-ul tipic include acces la:

Informaii privind contul
Mini extrase i verificarea istoriei tranzaciilor de pe cont
Alerte cnd au loc activiti pe cont sau depirea unor limite predefinite
Monitorizarea depozitelor la termen
Acces la informaia despre creditele obinute
Acces la extrasele de card
Informaie privind investiiile n fonduri
Gestionarea polielor de asigurri
Pli, depozite, extrageri, i transferuri
Depuneri i retrageri de numerar de la bancomate
Transferuri naionale i internaionale
Gestionarea micro plilor
Procurarea biletelor de cltorie i divertisment
Procesare plilor comerciale
Procesare facturilor
Pli Peer to Peer
Retrageri i depuneri de mijloace bneti la un agent bancar
SMS Banking este o subcategorie a Mobile Banking-ului, un serviciu oferit de
bnci clienilor si, permindu-le s opereze servicii bancare selectate pe telefoanele lor mobile folosind SMS-ul.
Clientul poate primi mesaje de alert cu referire la situaia de pe contul
su bancar, cum ar fi retrageri masive de numerar din bancomat sau o
plat mare folosind cardul clientului, etc.
Un alt tip de mesaj este OTP-ul (one time password), adic parola de
unic folosin. OTP-ul este cel mai recent instrument folosit de ctre
furnizorii de servicii financiare i bancare n lupta mpotriva fraudei cibernetice. n locul parolelor tradiionale memorate, OTP-urile sunt solicitate
de la consumatori de fiecare dat cnd doresc s efectueze tranzacii
folosind interfaa online sau mobile banking. n cazul n care cererea este
primit, parola este trimis pe telefonul consumatorului prin SMS. Parola
expir dup ce a fost folosit sau dup ce perioada de valabilitate presetat a expirat.
74

Capitolul 4
SMS Bankingul este utilizat inclusiv pentru verificarea soldurilor sau pentru
solicitri de informaii curente cum ar fi cursul de schimb valutar, rata dobnzii la
depozite publicate de banc. Clientul bncii are opiunea de a selecta dintr-o list
predefinit de alerte informaia pe care s o recepioneze pe telefon. n funcie de opiunea aleas, un client poate fi autorizat s efectueze tranzacii, fie non-financiare,
fie ambele tipuri de tranzacii: financiare i non-financiare.
Sumarul celor mai rspndite servicii prin SMS:
Raportarea periodic a soldului contului (de exemplu la sfritul lunii)
Executarea cu succes sau neexecutarea ordinelor de plat programate
Executarea cu succes a unui cec emis aferent contului clientului
Informarea privind insuficiena de fonduri
Informarea privind retrageri mari de pe conturi
Primirea OTP-ului (one time password) pentru autentificare
Solicitri de extrase de cont
Plata facturilor
Transferarea banilor ntre conturile clientului
Solicitri de stopare a unei pli, transfer, executare de cecuri
Solicitri de suspendare a cardurilor, fie din motiv c au fost pierdute sau
PIN-ul a fost compromis
Informaie despre curs valutar
Informaie despre rata dobnzii la depozite
Serviciile de banking la distan depind n mare msur i de prezena Internetului n casele utilizatorilor (populaiei). Or, anume populaia este consumatorul de
baz a serviciilor bancare la distan i de eCommerce. n rile europene, nivelul
de acces la Internet pentru
gospodrii este cu mult mai Tabelul 2: Nivelul de acces la Internet a
gospodriilor n rile europene, %
mare dect n RM. Acesta
este prezentat n tabelul 2.
ri
2010
2011
2012
Astfel, media europeaEU (27 ri)
70
73
76
n de acces la Internet a
Cehia
61
67
65
gospodriilor este de 76%
Germania
82
83
85
din total, cel mai mare nivel de 92% este nregistrat
75
Estonia
68
71
n Suedia, 54% din totalul
Spania
59
64
68
gospodriilor din Romnia
Frana
74
76
80
au acces la Internet, pe
Italia
59
62
63
cnd n RM cota lor este
Romnia
42
47
54
de doar 35%, dar a nregistrat progrese semnificaSlovacia
67
71
75
tive n ultimii 3 ani.
Suedia
88
91
92
eCommerce adic
Marea Britanie
80
83
87
comerul prin Internet este
Sursa: Eurostat
destul de rspndit n
75

Europa. Acesta este un

serviciu important utilizat
n procesul de vnzare
al IMM-urilor europene.
n tabelul 3 este prezentat cota cifrei de afaceri
acumulat prin comerul
electronic din total.
Cea mai mare pondere n eCommerce o
are Cehia cu 24% din total, urmat de Suedia i
Marea Britanie cu 20% i
respectiv 19% din total. n
Europa, cota comerului
electronic este de 15 %
din totalul cifrei de afaceri.
n Romnia, doar 4% din
total vnzri se efectueaz prin eCommerce.
4.3.
Tabelul 3: Cota cifrei de afaceri acumulat prin

comerul electronic n rile europene,
% din total
ri
Europa
Frana
Cehia
Germania
Spania
Italia
Estonia
Romnia
Slovacia
Marea Britanie
Suedia
2010
14
13
19
18
11
5
11
4
11
16
18
2011
14
14
25
17
11
5
10
3
16
18
19
2012
15
14
24
17
14
6
13
4
12
19
20
Sursa: Eurostat
Premisele serviciilor financiar-bancare electronice la distan n

Republica Moldova
Serviciile bancare la distan se pot dezvolta odat cu gradul de tehnologizare

electronic att a mediului de business, ct i a populaiei n general, cultura de
utilizare a noilor instrumente tehnologice i capacitatea de absorbie a acestor instrumente. Potenialul populaiei de a utiliza aceste servicii este un factor determinant n
dezvoltarea eBankingului alturi de eCommerce.
Figura 1: Accesul la internet n dinamic
Sursa: ANRCETI
76

Capitolul 4
Conform datelor statistice, n anul 2012 n RM, peste 417 mii de abonai aveau
acces la internet fix. Dintre acetia, 20,6 mii reprezint persoane juridice, iar 388,7
mii sunt gospodrii. n aceste condiii, peste un milion de locuitori au acces la Internet. n dinamic, gradul de penetrare a tehnologiilor este foarte rapid. Evoluia accesului la Internet din ultimii trei ani poate fi urmrit n figura de mai jos, unde este
prezentat ponderea gospodriilor RM care au avut acces la internet n perioada
2010-2012.
ns, numrul real de utilizatori de Internet este mai mare. n 2012 au fost nregistrai peste 178 mii de utilizatori de Internet Mobil, dintre care peste 154 mii persoane fizice i peste 24 mii persoane juridice.
Tabel 4: Numrul de utilizatori internet mobil dedicat, abonai
Anul /abonai
2011
2012
24.094
19.741
105.072
154.365
124.813
178.459
Tip
Ageni economici
Persoane fizice
Total utilizatori Internet Mobil
Sursa: ANRCETI
n comparaie cu anul precedent, aceste cifre au crescut n total cu peste 43%.

Numrul de abonai persoane fizice s-a majorat cu 46,9%, iar persoane juridice cu
22%. Totodat, peste 27% din abonaii la telefonie mobil au accesat Internetul de
pe telefonul mobil prin intermediul reelelor 2G/3G/4G n calitate de serviciu suplimentar la serviciul voce.
Cu certitudine, putem afirma c mediul electronic a avut un progres vertiginos
n pofida crizei economice i, la momentul actual, peste o treime din populaia rii
i circa 40% din agenii economici au acces la Internet. Gradul dat de penetrare
a tehnologiilor electronice poate fi considerat drept un fundament solid pentru a fi
stimulat dezvoltarea serviciilor financiare electronice n RM i o justificare ferm a
rentabilitii efecturii investiiilor n soluii tehnologice i platforme de produse eBanking i eCommerce. Cadrul legal optimizat, noua lege privind banii electronici, dup
cum i proiectul eGovernance n proces de dezvoltare de ctre Guvernul Republicii
Moldova, vor stimula att extinderea accelerat a gradului de penetrare a accesului
la Internet, ct i utilizarea potenialului oferit de mediul digital pentru prestarea serviciilor financiar-bancare.
Un produs complementar i care stimuleaz serviciile de eBanking i eCommerce este reprezentat de cardurile bancare, att business, ct i cele pentru persoane
fizice. Pe acest segment, conform statisticii, la sfritul trimestrului I, 2013, peste 1
milion de carduri (1056035) se aflau n circulaie. Pe parcursului primului trimestru
2013 au fost efectuate operaiuni n valoare de 5,1 mlrd lei. Din acestea, 95% au
nregistrat retrageri de numerar i doar 5% din volumul de operaiuni au fost utilizate
pentru pli fr numerar. n acelai timp, numrul de terminale POS a crescut cu
19% n primul trimestru 2013 fa de aceeai perioad a anului precedent. Astfel, n
77

pofida faptului c este un mediu favorabil i sunt oferite platforme tehnologice, utilizatorii cardurilor rmn adepi ai tranzaciilor cu numerar.
Mai mult ca att, ponderea plilor fr numerar n RM cu carduri emise peste
hotare este de 29,6%, indicnd c deintorii de carduri strine au un grad i o
cultur de plat fr numerar superior utilizatorilor autohtoni de carduri.
n acelai timp, din totalul tranzaciilor efectuate n strintate cu cardurile emise
n RM, 76% reprezint plile fr numerar. Astfel, putem concluziona c mediul de
peste hotare nu ncurajeaz utilizarea numerarului.
4.4.
Necesitatea serviciilor bancare la distan pentru micul business
n condiiile n care mediul digital este suficient de dezvoltat, este important s

evalum potenialul i necesitatea serviciilor bancare la distan pentru micul business.
Conform datelor statistice publicate la finele anului 2012, n Republica Moldova
exist 38300 micro ntreprinderi, 9600 ntreprinderi mici i 4500 ntreprinderi mijlocii.
Adic, IMM-urile formeaz un total de 49,4mii de uniti dintr-un total de 50,7 mii de
companii. n ponderea IMM-urilor, cea mai mare cot, de 77,5%, revine ntreprinderilor micro (care au pn la 9 angajai i, vnzri anuale i valoarea activelor de pn
la 3 milioane lei). Din spectrul de servicii bancare, micul business (inclusiv cel micro)
necesit:
s efectueze o serie de pli/transferuri, pli bugetare,
s plteasc salariile,
de faciliti pentru patron,business card pentru efectuare de achiziii,
de consultare cont, extrase,
pentru retaileri - servicii de depunere numerar, pos-terminal pentru clienii
cu carduri,
de overdraft pentru a acoperi decalajul n timp pentru plata facturilor, obligaiilor pe termen scurt,
de creditare pentru investiii i capital permanent.
Pentru a evalua necesitile de servicii bancare la distan pentru micul business, au fost organizate interviuri cu reprezentani ai micului business, n mare parte
din micro companii. Organizarea acestor interviuri a avut drept obiectiv analizarea
mediului de afaceri din perspectiva cererii de servicii de banking la distan, potenialul i dorina pe care o are micul business n utilizarea eBankingului.
Cei mai muli respondeni au declarat c utilizeaz serviciile de Internet Banking,
iar necesitatea acestora se rezum la urmtoarele servicii:
pli MDL, unii au menionat necesitatea de a efectua pli 24/24
pli valutare
conversii valutare
consultare cont, extras bancar
n virtutea numrului relativ mic de tranzacii efectuate de reprezentanii micului
business, cerine de import / export de date din sistemele de internet banking nu au
78

Capitolul 4
fost exprimate, contrar cererilor companiilor mari care au pli frecvente. eCommerce, care ar duce la electronizarea la distan a plilor clienilor micului business, este
o facilitate care a trezit interesul a cca 50%, dar nici unul din acetia nu au apelat la
furnizorii de astfel de servicii i nici nu au planificat n timpul apropiat s examineze
realizarea produciei/serviciilor proprii prin intermediul eCommerce. Astfel, o cerere
real pentru astfel de servicii din partea micului business la etapa actual lipsete. Mai mult ca att, este important de contientizat faptul c pentru dezvoltarea
n mas a eCommerce-ului i, respectiv a utilizrii plilor electronice la distan de
ctre populaie n relaiile cu micul business sunt necesare o serie de rechizite. O
condiie primordial este prezena informaiei exhaustive despre serviciile i produsele sale i price-listuri confortabile pentru clieni, deoarece un produs sau un serviciu poate fi achiziionat doar dup ce clientul poate face cunotin cu produsele i
serviciile oferite, parametrii tehnici ale acestora, condiiile de livrare i, nu n ultimul
rnd, preul. Fr o cultur de transparen informaional platformele de plat la
distan sunt absolut inutile.
Astfel, dac n mare parte, respondenii deineau pagini web ale companiei,
atunci foarte puini aveau publicate nomenclatura i price-listul produselor i serviciilor oferite. La momentul actual, acest potenial este valorificat cu succes de companiile mari, micul business fiind doar n faza incipient de digitalizare a informaiei
despre produsele sale. Fr formarea culturii de comunicare electronic privind produsele i serviciile micului business, eCommerce-ul, pe acest segment de ntreprinderi, nu poate fi dezvoltat pe larg.
4.5.
eBanking oferit de bncile din RM
n Moldova, oferta de banking la distan cuprinde urmtoarele servicii:

Internet Banking
Mobile banking (care include i SMS Banking)
ATM-urile, adic bancomatele.
POS Terminale
Din analiza ofertelor serviciilor bancare la distan rezult c toate cele 14 bnci
existente pe piaa din RM ofer Internet Banking pentru persoane juridice, iar 10 din
14 ofer acest serviciu pentru persoane fizice.
n sistemul bancar, din totalul de clieni persoane juridice, pn la 22% sunt
conectai la Internet Banking i efectueaz cca 60 % din numrul de tranzacii. Mai
puin de 6% din persoanele fizice, clieni ai bncilor, utilizeaz serviciul de Internet
Banking. Nu ultimul factor n aderarea ntreprinderilor la un anumit serviciu este costul, n special important pentru IMM-uri. Costurile Internet Banking-ului pentru ntreprinderi, variaz de la o banc la alta:
Pentru conectarea la Internet Banking, 6 dintre bncile din RM nu percep
pli pentru acest serviciu, restul bncilor ncaseaz ntre 100 i 250 lei.
Tariful lunar variaz de la 0 pn la 100 lei, media fiind de 50 lei pe lun.
Tarifele stabilite de majoritatea bncilor pentru transferuri n interiorul
79

bncii, efectuate la ghieu, pe suport de hrtie, sunt n limitele 2-4 lei, iar
prin intermediul Internet Bankingului aceste costuri sunt reduse la 0-3 lei.
Transferul n favoarea clienilor altor bnci cost n majoritatea bncilor,
la ghieu, pe suport de hrtie, 5-6 lei, iar prin intermediul Internet Bankingului aceste costuri sunt reduse la 3-5 lei.
Tabelul 5: Lista de operaiuni oferite prin intermediul Internet Bankingului

pentru persoane juridice:
Operaiune
Pli n lei
Pli valutare
Prezentarea electronic a documentelor justificative
pentru plile valutare
Conversie valutar
Alimentare card de business de pe cont curent
Alimentare cont curent de pe business card
Extragere (export) date din Internet Banking
Import date n Internet Banking
Versiune Mobile
Cte bnci ofer

serviciul
14 din 14
14 din 14
2 din 14
14 din 14
10 din 14
7 din 14
13 din 14
12 din 14
2 din 14
Sursa: Alctuit de autor
Din analiza ofertelor bncilor, costurile privind serviciile de eBanking nu sunt

semnificative, iar comisioanele de conectare sau deservire (dac sunt prezente n
unele cazuri) n mare parte sunt compensate de reducerile oferite pentru executarea
ordinelor de plat. Astfel, costul acestor servicii este mai curnd un factor ignorabil n luarea deciziei de a accesa serviciile de eBanking.
Mobile bankingul este mai puin rspndit n RM, fiind un produs mai curnd
pentru persoane fizice destinat plilor nesemnificative sau utilizat n calitate de serviciu adiacent la eBanking pentru persoane juridice cu scop de notificare i consultri
de cont. Datorit faptului c n Moldova internet bankingul pentru persoane fizice
abia ia amploare, la momentul actual aceste produse sunt incipiente, propuse doar
de 2 bnci.
Este recomandabil dezvoltarea Mobile Bankingului anume pentru persoane fizice pentru c formatul relativ simplu al operaiunilor este compatibil cu dimensiunile
reduse ale ecranelor telefoanelor mobile, dar n acelai timp reprezint i o opiune
comod pentru business-clieni atunci cnd sunt necesare perfectri de operaiuni
unitare urgente n afara sediului acestora.
SMS bankingul, n calitate de produs independent este n declin, tehnologic depit, inclusiv din motive de securitate redus i la momentul actual este utilizat mai
curnd ca serviciu adiacent pentru eBanking pentru notificri i cereri de informaii
scurte.
80

Capitolul 4
Unul din elementele importante al serviciilor bancare oferite la distan este

sistemul de carduri bancare. Totodat, costul de ntreinere i operare cu carduri
reprezint un factor nsemnat n utilizarea pe larg a acestora. Bncile la momentul actual propun n exclusivitate cardurile operatorilor strini (MasterCard i VISA).
Astfel, costurile de liceniere i mentenan sunt suficient de nalte. n Germania i
Frana spre exemplu, cca 60-70% din cardurile de plat emise sunt emise de operatori naionali cu acoperire naional, costul acestora fiind semnificativ mai redus
dect cel al operatorilor internaionali. Serviciile de operare cu carduri ar putea fi mai
ieftine dac ar exista un operator naional de carduri. Utilizarea cardurilor operatorilor
naionali sunt binevenite pentru proiecte salariale, pli sociale, proiecte de bonusare pentru retaileri, avnd o circulaie naional. Istoric, Moldova a avut un operator
naional - MoldCard System, fondat n 1996, primul i unicul operator naional care
a existat n RM, dar care, n virtutea lipsei cererii a serviciilor respective n perioada
ulterioar, acestea au fost retrase de pe pia. ns, un asemenea sistem naional ar
putea reduce costurile tranzacionale cu cardul i, n consecin, costurile de operare
a serviciilor bancare la distan de ctre persoane fizice. BNM ar putea stimula un
astfel de proiect, mai ales din considerentul c printre obiectivele strategice ale BNM
se numr i reducerea numerarului n circulaie i promovarea plilor fr numerar
pe teritoriul RM.
4.6.
Gradul de penetrare a soluiilor de internet n rndurile populaiei n proporie

de peste o treime i circa 40% la ntreprinderi reprezint o platform fertil pentru dezvoltarea serviciilor financiar-bancare la distan. Cadrul legal optimizat, noua
lege privind banii electronici, dar i proiectul eGovernance n proces de dezvoltare
intens de ctre Guvernul Republicii Moldova vor contribui la extinderea accelerat
a gradului de penetrare a accesului la internet, dup cum i utilizarea potenialului
oferit de mediul digital pentru prestarea serviciilor financiar-bancare.
Gradul de cretere a numrului persoanelor cu acces la Internet e destul de
ridicat, datorit preului mic al Internetului pe piaa din RM. Acesta este un factor
care creeaz mediul propice pentru utilizarea serviciilor de banking la distan. ns,
creterea dat este destul de lent. Serviciile bancare la distan sunt folosite de
doar cca 6% din persoanele fizice care dein conturi n banc, dei n RM mediul
electronic este prielnic pentru utilizarea serviciilor bancare la distan i bncile ofer prilejul de utilizare a serviciilor bancare la distan la costuri fie foarte reduse, fie
chiar gratuit. Populaia nu este dispus s plteasc serviciile bancare la distan:
per autorizare, sau per click, sau pe lun. Or, fr implicarea persoanelor fizice e
foarte complicat, mai ales, pentru micul business, comerciani mici, s opereze i
s foloseasc pe larg soluii la distan. Numerarul, fiind un produs ieftin pentru
clienii persoane fizice, ct i pentru comerciani, n comparaie cu nivelul comisioanelor n rile dezvoltate, populaia i comercianii nu se grbesc s-l abandoneze n
favoarea soluiilor de plat electronic.
81

Un alt factor care descurajeaz utilizarea soluiile la distan deriv din faptul c
Moldova este o ar mic i cea mai mare parte a vieii economice este concentrat n mun. Chiinu, respectiv, majoritatea tranzaciilor au loc face-to-face, ntre
clientul final i furnizorul de bunuri sau servicii.
n prezent, toate bncile din RM ofer un set de funcionaliti care, n cea mai
mare parte, corespunde necesitilor companiilor din sectorul IMM i micro. De fapt,
studiile arat c n rile dezvoltate, i Moldova nu este o excepie, motorul dezvoltrii soluiilor tehnologice de ctre bnci pentru companii sunt corporaiile mari,
care efectueaz un volum mare de operaiuni. Acestea sunt semnificativ mai sofisticate, de regul, cu ntindere geografic extins, transfrontalier i beneficiile sunt
mai importante la utilizarea tehnologiilor noi oferite de instituiile financiare. Ulterior,
aceste tehnologii sunt transpuse i adaptate pentru companiile mici i mijlocii. Spre
exemplu, funcionalitile n eBanking de import i export de ordine de plat i alte
date n format variat (dbf, xml, vcf pentru aplicaii ca 1C, SAP etc.) au un efect major
asupra companiilor mari care execut zeci i sute de tranzacii pe zi. Soluiile de interfaare cu propriul soft oferite de Internet Banking pentru corporaii pot fi un factor
suficient de critic pentru a decide n favoarea soluiei unei bnci sau alteia. IMM-urile
cu un numr relativ redus de pli, nu percep importana acestor funcionaliti, dar,
totui, ulterior, progresnd i absorbind noi tehnologii (contabilitate automatizat) pot
beneficia la dorin de aceste funcionaliti pentru optimizarea i eficientizarea timpului consumat pentru evidena operaiunilor cu banca. Cert este faptul c, cerinele
IMM-urilor n domeniul electronic vor merge pe urma corporaiilor mari i ceea ce
devine actual pentru IMM-uri de cele mai multe ori este deja implementat de ctre
bnci sub presiunea cerinelor clienilor corporativi mari. n Moldova, progresul dat
decurge la fel ca n celelalte ri ale lumii cu economie de pia.
Costul numerarului - unul din factorii eseniali care descurajeaz la etapa actual progresarea tehnologiilor digitale n domeniul financiar-bancar, n special a soluiilor de eCommerce.
Operaiunile cu numerar n Republica Moldova sunt semnificativ mai ieftine comparativ cu Uniunea European. Mai mult ca att, o serie de tranzacii, n special, din
cele oferite populaiei sunt gratuite. Nu vom intra n detaliile economico-social-politice ale factorilor care determin preul redus al procesrii operaiunilor cu numerar.
Cert este faptul c atta timp ct preul dat va fi mai mic n comparaie cu preul
pachetelor de servicii electronice, migrarea n mas a agenilor economici i a populaiei la acest tip de servicii nu va avea loc. mai ales c, suplimentar la ineria cutumei
de utilizare a numerarului, operaiunile cu numerar fac mult mai simpl evaziunea
fiscal, salariile n plic etc.
n aceste condiii, este evident c doar efortul comunitii bancare nu va duce la
progrese semnificative n termeni scuri i medii. Trebuie de menionat c preurile
la serviciile prestate prin Internet Banking de cele mai multe ori sunt mai mici dect
serviciile prestate la ghieu. Acesta este un factor stimulator pentru utilizarea mai pe
larg a serviciilor bancare la distan pentru ntreprinderi, dar este un factor minor i
las pasivi clienii, atunci cnd i operaiunile cu numerar sunt la un pre ignorabil.
Progresul eCommerce-ului ar reprezenta un factor care ar aduce att IMM-urile,
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Capitolul 4
ct i clienii lor n domeniul operaiunilor electronice. Dar, n Moldova gradul de utilizare a serviciilor bancare electronice n rndul populaiei este redus i IMM-urile au
un grad de pasivitate nalt pe trmul virtual. Astfel, i serviciile de informare electronic au un grad rudimentar pentru potenialii clieni. Premisele pentru eCommerce
activ nu sunt nc coapte la etapa actual.
Un grad mai rapid de penetrare ar avea utilizarea plilor cu cardul, dar lipsa
unui operator naional duce la costuri suficient de nalte la achiziionarea de carduri
internaionale att pentru comerciani, ct i pentru persoanele fizice. Costurile pentru eCommerce sunt considerabile. De exemplu, n cazurile tranzaciilor, pli pentru servicii/produse/comer electronic. Costurile acestor servicii oscileaz n limitele
intervalului 2-7%. Conform regulilor sistemelor de pli (VisaCard i MasterCard),
aceste costuri trebuie s fie retrase din volumul tranzaciei de la vnztor. n acest
caz, vnztorul de servcicii-mrfuri nu are dreptul s impun comisioane suplimentare la valoarea bunurilor/serviciilor. Preul serviciilor i bunurilor achiziionate trebuie
s includ deja aceste costuri tarifare. Pentru multe tipuri de activiti, aceste tarife i
comisioane reduc profitul, iar afacerile devin nerentabile.
Soluiile de fast pay ar reprezenta o alternativ inclusiv de substituire a cardurilor
la efectuarea plilor. Dar, deocamdat, s-au dovedit a fi fiabile doar terminalele care
asigur achitarea unei serii de servicii n afara sediilor bancare, care, de asemenea,
se rezum n final la colectarea de numerar de la populaie. Noua lege privind banii
electronici ar putea aduce un impuls nou dezvoltrii soluiilor de pli electronice.
Un loc aparte n aceste soluii de viitor l ocup gradul de securizare al operrii
sistemului. Asigurarea acestui element poate lungi procesul de elaborare i implementare a noilor sisteme IT i crete presiunea bugetelor IT asupra implementatorilor. Or, fraudele electronice cresc exponenial n ntreaga lume.
Sumarul concluziilor privind relaia IMM-urilor i soluiile de Internet Banking se divizeaz n dou domenii distincte:
A. Serviciile electronice la distan efectuate de ctre IMM n relaia cu instituiile
financiar-bancare (servicii i tranzacii aferente conturilor bancare proprii)
Concluziile cheie sunt:
1. Sub presiunea corporaiilor mari, bncile comerciale ofer pachete de
Internet Banking suficient de sofisticate pentru necesitile IMM-urilor.
Astfel, de cele mai multe ori, serviciile date acoper integral necesitile
de deservire la distan a IMM-urilor. Toate cele 14 bnci ofer soluii de
Internet Banking pentru persoane juridice, iar piaa dat este suficient de
matur.
2. Tarifele propuse de bncii pentru soluiile de Internet Banking sunt suficient de reduse, iar n multe cazuri gratuite. De cele mai multe ori, tranzaciile efectuate prin Internet Banking au un cost redus comparativ cu preul
standard.
B. Serviciile electronice la distan efectuate de ctre IMM n relaia cu clienii
si, n special persoanele fizice. Piaa serviciilor eCommerce:
83

Concluziile cheie sunt:
1. Premisele pentru eCommerce i operarea masiv a operaiunilor ntre

IMM-uri i clienii si (n special persoanele fizice) nu au atins un nivel
suficient de maturitate la etapa actual.
2. IMM-urile au un grad redus de valorificare a posibilitilor internetului pentru oferirea unor servicii complete de informare a clienilor privind serviciile i bunurile propuse. Or, fr maturitatea pe segmentul dat, eCommerce-ul nu are platform pentru implementare.
3. Procesarea numerarului pentru IMM este mai ieftin dect preul achitat
pentru aderarea la soluiile de eCommerce. Alturi de posibilitatea de
evaziune fiscal n cazul efecturii vnzrilor n numerar, aceasta duce la
situaia n care IMM-urile, n majoritatea lor, s fie dezinteresate i pasive
la implementarea unor soluii electronice.
4. Costul operaiunilor cu numerar sunt mult prea ieftine (n multe cazuri
gratuite) pentru a motiva populaia s migreze la soluii de plat electronic, inclusiv n relaia cu bncile.
5. n pofida faptului c penetrarea internetului n rndul populaiei este nalt, utilizarea Internet Bankingului i a serviciilor bancare la distan de
ctre persoanele fizice este extrem de sczut.
6. n pofida faptului c cererea este rudimentar pe acest segment, iar premisele nc urmeaz s se consolideze, 10 bnci din 14 ofer Internet
Banking pentru persoane fizice.
84
FUNDAMENTE CONCEPTUALE PRIVIND FINANAREA SECTORULUI

AGRICOL I ACCESUL LA FINANARE
Capitolul
Capitolul5 5
FUNDAMENTE CONCEPTUALE PRIVIND

FINANAREA SECTORULUI AGRICOL
I ACCESUL LA FINANARE
5.1.
Introducere
Agricultura este un instrument fundamental pentru dezvoltarea durabil i reducerea srciei. Totui, constrngerile financiare n agricultur sunt omniprezente,
fiind costisitoare i distribuite inechitabil, limitnd sever abilitatea MM i a micro ntreprinderilor agricole de a concura. Schimbrile brute i dramatice ale preurilor la
alimente au expus vulnerabilitatea produciei agricole de a satisface cererea global,
reclamnd investiii considerabile n agricultur, la toate nivelurile. ntrebarea este n
ce mod volumul necesar de investiii pentru agricultur poate fi achiziionat, n special ntr-un mediu provocator n care incertitudinea financiar determin o reducere
a resurselor disponibile asociat cu atitudinea reticent fa de risc. Un rspuns n
abordarea acestor constrngeri trece dincolo de msurile convenionale, fiind dificil
finanarea agriculturii prin intermediul instituiilor i abordrilor financiare formale.
Mediul pentru finanarea agricol este n continuare influenat de concentrarea
tot mai mare a controlului n sectorul agricol. Determinate de ctigurile din economiile de scar i globalizarea lanului alimentar, asociate cu accesul la resurse, ntreprinderile agricole multinaionale i alte uniti economice interconectate la acestea,
au un impact din ce n ce mai mare ntr-un sector care se caracterizeaz prin creterea integrrii verticale i orizontale. Consecinele integrrii intense sunt profunde,
n special pentru micii agricultori i alte persoane care sunt n afara lanurilor interconectate.
Agricultura evolueaz spre un sistem modern, extrem de competitiv, condus de
cererea de consum la produse de valoare mai mare i cu un grad mai ridicat de procesare, standarde de calitate consistent i siguran.
n consecin, creterea productivitii i competitivitii ntreprinderilor agricole
mici i micro i participarea lor la aceste lanuri valorice globale au fost constatate ca
prioriti ale agendei agricultura pentru dezvoltare61.
Cel puin, aceste argumente au determinat genericul mesei rotunde Strategii de
finanare a MM din sectorul agrar desfurat n cadrul celui de-al 4-lea Forum Moldo-German privind finanarea ntreprinderilor mici i mijlocii ca fiind de o actualitate
i semnificaie greu de supraapreciat.
61
World Development Report 2008: Agriculture for Development, The World Bank, Washington D.C.
85

5.2.
Sectorul IMM n agricultura Republicii Moldova: caracteristic

general i performane n activitate
Din numrul total de ntreprinderi din economia naional n 2011, ntreprinderile din agricultur au deinut 5%. Dup criteriul eficienei, unitile economice din
agricultur s-au clasat sub media nregistrat de agenii economici din economia
naional. Astfel, dac din numrul mediu de salariai care au activat n ntreprinderile din economia naional, ntreprinderile din agricultur au deinut 9%, atunci,
n venitul din vnzri aceste uniti au nregistrat ponderea de 3,4%, iar n valoarea
profitului 2%.
Numrul de ntreprinderi care nu au

venituri din vnzri
Numrul de ntreprinderi care au obinut profit
Numrul de ntreprinderi care au suportat pierderi
Venituri din vnzri,

mil. lei
Numrul mediu de
salariai, persoane
16184
19307
26547
7258
101
660
976
1440
49444 300223
73057
1084
16095
18565
26066
MM, total
47970
Economia
naional
ntreprinderi mijlocii
2538
4707
Economia
naional
ntreprinderi mici
Agricultura
50681 519882 211759
Rezultatul financiar:
profit (+) / pierderi
(-), mil. lei
Economia
naional
Economia
naional
864
14824
2262
-42
50
423
432
ntreprinderi micro
Total pe
categorii
Numrul de ntreprinderi
Tabelul 1. Activitatea MM din agricultur n comparaie cu cea a MM din

economia naional, 2011
Economia
naional
38336
90432
9821
-25
15089
12322
21509
Agricultura
1391
3694
385
-41
607
385
893
Agricultura
2477
36246
4930
-53
659
937
1418
1538
87577
24892
394
99
910
599
Agricultura
222
17728
2283
29
129
93
9570 122214
38344
716
907
5333
3958
Agricultura
Sursa: elaborat de autor n baza informaiei Biroului Naional de Statistic.
86

Capitolul 5
n 2011, MM au reprezentat 97,6% din numrul total de ntreprinderi din economia naional i 97,6% din numrul total de ntreprinderi din agricultur (tabelul 1).
n structura MM din agricultur, ntreprinderile mijlocii au nregistrat n 2011 ponderea de 9,0%, ntreprinderile mici 34,9%, iar ntreprinderile micro 56,1%.
Amintim, n acest context, c, n conformitate cu Legea nr. 206 din 07.07.2006
privind susinerea sectorului ntreprinderilor mici i mijlocii, n Republica Moldova,
sectorul ntreprinderilor mici i mijlocii se constituie din totalitatea ntreprinderilor micro, mici i mijlocii.
n calitate de ntreprindere micro poate fi considerat agentul economic care
corespunde urmtoarelor criterii: numrul mediu scriptic anual de salariai de cel
mult 9 persoane, suma anual a veniturilor din vnzri de cel mult 3 milioane de lei i
valoarea anual bilanier a activelor ce nu depete 3 milioane de lei.
ntreprinderea mic este agentul economic care corespunde urmtoarelor criterii: numrul mediu scriptic anual de salariai de cel mult 49 de persoane, suma anual a veniturilor din vnzri de cel mult 25 milioane de lei i valoarea total anual de
bilan a activelor ce nu depete 25 milioane de lei, cu excepia agenilor economici
care cad sub incidena definiiei formulate pentru ntreprinderea micro.
Poate fi considerat ntreprindere mijlocie, agentul economic care corespunde urmtoarelor criterii: numrul mediu scriptic anual de salariai de cel mult 249
de persoane, suma anual a veniturilor din vnzri de cel mult 50 milioane de lei i
valoarea total anual
de bilan a activelor ce
Figura 1: MM din agricultur repartizate dup
nu depete 50 milicapacitatea lor de a genera profit, 2011.
oane de lei, cu excep1000
ia agenilor economici
numrul de ntreprinderi care nu au
893
care cad sub incidena
venituri din vnzri
900
celor definiiilor de n800
treprindere micro i
numrul de ntreprinderi care au
ntreprindere mic.
obinut profit
700
Din numrul total
607
de ntreprinderi mijlocii
numrul de ntreprinderi care au
600
suportat pierderi
care au activat n 2011
n agricultur, 41,9%
500
423 432
au generat pierderi,
385
400
58,1% (129 de uniti
economice) au obinut
300
profit. n cazul ntreprinderilor mici, 50%
200
129
dintre acestea au su93
portat pierderi, 49% au
100
50
2
nregistrat profit. Situa0
ia este i mai dramantreprinderi
ntreprinderi
ntreprinderi
tic n cazul ntreprinm ijlocii
m ici
m icro
derilor agricole micro:
87

64.2% dintre acestea au avut un rezultat financiar negativ, profitul a fost caracteristic
doar pentru 27,7%.
Iat cteva cauze ce determin performane financiare reduse n cazul MM i
micro ntreprinderilor agricole:
dimensiunea mic a unitii economice (gospodriei) agricole i a proprietii funciare. Creterea dimensiunii unitilor economice agricole este
esenial pentru mbuntirea performanelor economice i financiare n
agricultur;
riscurile nalte caracteristice activitilor agricole;
performanele economice ale agricultorilor sub impactul specificului agrar
cunosc evoluii fluctuante pronunate cu impact direct asupra potenialului lor financiar;
pregtirea insuficient a agricultorilor n domeniul economic i financiar;
competitivitatea redus a produciei agricole, att pe piaa intern, ct i
pe pieele externe. Situaia este agravat i de ritmurile lente de modernizare a ntreprinderilor din agricultur i industria de prelucrare.
5.3.
Subveniile n agricultur: Pro i Contra
Cheltuielile guvernamentale, att cele de capital, ct i cele curente, sunt considerate principalul instrument al politicii agricole promovate de autoritile guvernamentale. Aceste cheltuieli devin subvenii dac costurile lor nu sunt recuperate de
la beneficiari. Subveniile bugetare sunt subvenii explicite, politica agricol ofer,
ns, i subvenii implicite. Un exemplu comun sunt taxele vamale, care, ntr-o
oarecare msur, protejeaz productorii interni de concurena internaional i,
astfel, subvenioneaz, implicit, costurile de producie mai mari. Controlul preurilor
constituie subvenii implicite (sau invers, impozite implicite), deoarece acestea sunt
de multe ori stabilite la niveluri care subvenioneaz consumatorii i contribuabilii. Exist, de asemenea, subvenii implicite n domeniul managementului resurselor
naturale, atunci cnd un utilizator nu pltete toate daunele pe care le cauzeaz.
Beneficiile pe care le ofer subveniile implicite productorilor sunt uneori numite
rente economice.
n agricultur, cele mai frecvente exemple de subvenii explicite sunt urmtoarele:
construirea sistemelor de irigaii, costul crora este foarte rar recuperat n
totalitate de la utilizatori;
alocarea cu titlu gratuit sau vnzarea subvenionat a terenurile agricole
ale statului cu sau fr eliberarea unui titlu de proprietate absolut;
Creditul pentru producie emis de bncile de stat sau acordat de bncile
comerciale la o rat a dobnzii mai mic dect rata dobnzii de pia datorit liniilor de refinanare ale guvernului. Subvenia se poate manifesta
n nivelul ratelor dobnzilor sau n absena msurilor normale care ar
permite obinerea rambursrii mprumuturilor;
88

Capitolul 5
Furnizarea de servicii de cercetare i extindere gratuite sau la un pre mai

mic dect costul lor (se spune adesea c externalitile legate de cercetarea agricol justific subvenionarea acestora);
Achiziionarea de culturi la preuri mai mari dect cele de pia vndute
apoi la preuri inferioare celor de pia;
Construirea unor drumuri rurale n mediul rural;
Furnizarea de semine, material sditor, servicii veterinare i alte intrri la
preuri inferioare celor de pia.
Din punct de vedere istoric, presiunea de a suporta astfel de cheltuieli de la
bugetul public s-a nscut din dorina de a compensa sectorului agricol evoluia nefavorabil a preurilor reale la produsele agricole. n unele cazuri, preurile interne
au urmat tendina descendent a preurilor de pe piaa mondial, n timp ce n alte
cazuri, controlul guvernamental al preurilor la anumite produse a sczut preurile la
producia agricol pentru a subveniona consumatorii. La forumurile internaionale
se menioneaz frecvent c subveniile pentru producia i exporturile rilor bogate
au deprimat preurile mondiale la produsele agricole, mpingnd guvernele rilor
srace s ia msuri compensatorii. Oricare ar fi motivele, este clar c multe ri au
ajuns s considere aceste cheltuieli publice ca un instrument legitim, i poate cel mai
important, al politicii agricole promovate de guverne.
Avnd n vedere rolul central al cheltuielilor publice n agricultur i faptul c
multe dintre acestea reprezint subvenii, este necesar dezvoltarea criteriilor pentru a stabili situaiile n care acestea sunt justificate. Una dintre justificrile cele mai
rspndite este srcia beneficiarilor de subvenii. Cu toate acestea, nainte de a
ncepe fundamentarea programelor i politicilor din sector n baza acestui argument,
trebuie s ne ntrebm dac subveniile au fost bine direcionate spre gospodriilor
srace.
Pentru a examina argumentele pro i contra subveniilor trebuie s considerm
un rezultat elementar al teoriei economice: interveniile care afecteaz preurile
de pia (la produse sau intrri) duc invariabil la o pierdere a bunstrii economice. n cazul n care productorii i consumatorii vor gsi, n cele din urm, avantajul
lor, pierderea pentru societate va fi mai mare dect suma ctigurilor lor. Aceasta
este ceea ce se numete pierderea n echilibru static. Efectele practice ale acestui
principiu abstract determin scderea ratelor de cretere economic, deoarece resursele nu mai sunt alocate pentru utilizrile lor cele mai eficiente. Deoarece exist
argumente practice mai convingtoare pentru i mpotriva subveniilor, argumentul
teoretic nu va fi evideniat n continuare, dei acesta nu trebuie ignorat deoarece i
el posed o relevan empiric.
Practica acordrii subveniilor n agricultur formuleaz urmtoarele argumente
principale mpotriva utilizrii subveniilor publice:
Subveniile au tendina s fie ndreptate spre ramurile de activitate mai
puin competitive, fiind vorba, de regul, de sectoarele care preseaz cel
mai mult guvernul n scopul obinerii de favoruri. Acestea sunt rareori alocate ramurilor de activitate i produselor care au un avantaj comparativ.
89

Prin urmare, n timp, subveniile tind s deplaseze alocarea de resurse

productive spre sectoarele de activitate cel mai puin competitive, ceea
ce este n detrimentul perspectivelor de cretere pe termen lung a rii.
Odat stabilit, o subvenie este dificil de eliminat. Interesele economice
i politice se mobilizeaz pentru ca s o susin, costul subveniei fiind de
natur s preseze Guvernul timp ndelungat.
Costul bugetar al subveniilor crete povara fiscal sau reduce cheltuielile
guvernamentale de care ar fi putut beneficia un alt domeniu de activitate.
ntr-o epoc de nsprire a disciplinei fiscale n lume, acest aspect devine
critic.
Existena subveniilor tinde s menin n activitate productorii care nregistreaz costuri ridicate i s mascheze necesitatea de mbuntire
a productivitii (reducerea costurilor), ceea ce face economia mai puin
competitiv pe plan internaional i impune preuri exagerat de mari la
produse pentru productorii i consumatorii interni.
O politic public care se bazeaz foarte mult pe subvenii are tendina
de a ncuraja productorii s investeasc timp i resurse pentru a cuta
alte favoruri guvernamentale (comportament de cutare a rentei, rentseeking comportament), n loc s-i determine s creasc productivitatea
propriilor operaiuni.
n practic, beneficiile generate de subvenii, de multe ori, au tendina
de a fi regresive, cu alte cuvinte, fiind orientate n mod disproporionat
grupurilor de populaie cu venituri mari, mai degrab dect grupurilor vulnerabile ale populaiei.
Existena modurilor de funcionare subvenionat poate limita perspectivele de dezvoltare ale instituiilor care opereaz fr subvenii i a cror
viabilitate pe termen lung ar putea fi mai bun.
Uneori, subveniile votate de Parlament nu sunt nsoite de o finanare
public adecvat, productorii amnndu-i deciziile de investiii productive n sperana obinerii ulterioare a subveniilor - ceea ce poate s nu
se ntmple niciodat, cazul n care promisiunea subveniei are ca efect
negativ ntrzierea investiiilor sectoriale.
Un inconvenient mai subtil, dar omniprezent al subveniilor const n mentalitate
anti-economic a beneficiarilor, care mpiedic dezvoltarea instituiilor i funcionarea eficient. Creditele subvenionate, care, uneori, ncurajeaz fermierii la o anumit toleran privind obligaiile lor de rambursare, constituie un exemplu. Aceast
situaie poate, la rndul ei, s complice acceptarea acestora de ctre bncile comerciale n calitate de clieni.
Confruntate cu aceste argumente puternice contra, subveniile trebuie justificate
foarte ferm pentru a fi folosite ca un instrument eficient de politic. Cu toate acestea,
exist cazuri n care argumentele pro subvenii sunt la fel de convingtoare. Dintre
acestea, cele mai importante sunt urmtoarele:
Rolul subveniilor n lupta mpotriva srciei este recunoscut aproape
n unanimitate. Problemele importante n acest domeniu sunt: a) ct de
90

Capitolul 5
bine aceste programe vizeaz sracii i b) cum s fie ajutai cei sraci
astfel nct acetia s-i creasc capacitatea de a-i mbunti starea
lor economic viitoare i nu doar s fie ameliorate simptomele cele mai
presante ale srciei existente. Prin aceast ultim abordare este perpetuat asistena i ncurajat dependena beneficiarilor de subvenii. Prima abordare permite dispariia treptat a asistenei. Acest principiu este
recunoscut pe scar larg, dar dificil de aplicat.
Din motive practice i teoretice, unele externaliti economice i de mediu, justific, de asemenea, existena subveniilor. Agricultorii care planteaz copaci sau construiesc terase pentru a controla eroziunea solului,
genereaz beneficii pentru ei nii, dar i pentru alii din acelai bazin
hidrografic, ceea ce justific ca societatea s suporte o parte din costurile
acestui tip de investiii. Acest lucru este valabil i pentru plantarea pe scar larg a copacilor n scopul izolrii emisiilor de gaze cu efect de ser.
Subvenii temporare pot fi uneori necesare pentru a facilita tranziia spre
un regim de politici mai puin subvenionate.
n cazurile de urgen, cum ar fi cele cauzate de catastrofe naturale, victimele primesc subvenii. Totui, utilizarea acestora trebuie urmrit cu
precauie. Astfel, n numeroase sisteme juridice, clasarea n zon de dezastru n caz de secet, de exemplu, poate scuti agricultorii de obligaia de
a rambursa mprumuturile lor de producie, chiar dac pierderea culturilor
nu este complet, ceea ce, la rndul su, ar putea crea dificulti pentru
bnci, descurajndu-le, n cele din urm, s-i extind activitile n agricultur.
Subveniile pot fi, de asemenea, utilizate pentru a compensa unele cazuri
de imperfeciuni informaionale. Un exemplu frecvent este cazul agricultorilor din zonele ndeprtate care nu au informaii fiabile cu privire la
preurile de pia i pentru care Guvernul pltete costul de diseminare
regulat a preurilor, de exemplu, prin intermediul radioului. ntr-adevr,
poate fi dificil depistarea agenilor de publicitate gata s acopere costurile de emisiune destinate acestui grup de clieni.
Alte tipuri de eecuri ale pieei ar putea necesita utilizarea subveniilor.
Dar, se recomand maxim pruden. Astfel, de multe ori, reglementarea
poate constitui un rspuns mai adaptat i adecvat comparativ cu subvenionarea. n plus, nu toate cazurile de disfuncionalitate a pieei necesit
aciunea guvernului. Fenomenul de asimetrie informaional ntre creditori i debitori (privind capacitatea i disponibilitatea debitorului de a rambursa) a fost subiectul multor comentarii n literatur, iar politica de multe
ori rspunde, n acest sens, prin elaborarea unui cadru de reglementare
financiar favorabil dezvoltrii micro-finanrii. Cu toate acestea, n unele
cazuri, au fost utilizate subvenii pentru filialele din mediul rural ale bncilor pentru a le ncuraja s contacteze potenialii clieni rurali. Educaia i
formarea profesional sunt exemple clasice de situaii care justific sprijinul financiar guvernamental deoarece un furnizor comercial de servicii
91

educaionale nu este capabil s capteze ansamblul avantajelor care vor

rezulta pentru societate (externalitile).
5.4.
Subvenionarea unitilor economice din agricultura Republicii

Moldova
Unitile economice din agricultura Republicii Moldova sunt susinute de bugetul

public naional, cu ajutorul mai multor programe i aciuni. Tabelul 2 prezint informaia cu privire la evoluia sumelor alocate din bugetul public naional pentru agricultur.
Dei mrimea cheltuielilor Bugetului Public Naional a crescut n perioada 20072012 de la 22415,6 pn la 35373.5 mil. lei (157,81%), cheltuielile alocate agriculturii
s-au redus considerabil n perioada 2007 - 2011 (cu 31,34%), crescnd n 2012 cu
3,6% fa de 2007. Ponderea cheltuielilor sectorului agricol finanate din BPN n
PIB a cunoscut aceeai evoluie: s-a redus pe parcursul perioadei 2007 2011 de
aproape 2 ori: de la 2,3% n 2007 pn la 1,03% n 2011, ajungnd la 1,45% n 2012.
Pentru a integra diversele programe ntr-o politic unic a fost instituit fondul de
subvenionare a productorilor agricoli. n acelai timp, administrarea mijloacelor
fondului se efectueaz de mai multe instituii, i anume - Ministerul Agriculturii i Industriei Alimentare i de Ministerul Finanelor, prin intermediul Inspectoratului Fiscal
Principal de Stat, de Agenia de Stat Apele Moldovei i de ntreprinderea de Stat
Moldresurse, ceea ce reduce considerabil eficiena gestionrii acestui fond.
Tabelul 2. Dinamica cheltuielilor bugetare pentru agricultur, gospodria silvic,
gospodria piscicol i gospodria apelor, 2007-2012, mil. lei.
Denumirea indicatorului
Total cheltuieli din Bugetul
Public Naional, mil. lei
Cheltuieli din BPN pentru
agricultur, gospodria
silvic, gospodria piscicol i
gospodria apelor, mil. lei
Ponderea cheltuielilor bugetare
pentru agricultur n PIB, %
2007
2008
2009
2010
2011
22415,6 26146,9 27342,7 29328,9 32100,9
2012
35373,5
1228,3
1243,6
1034,0
857,8
843,4
1272,8
2,30
1,98
1,71
1,19
1,03
1,45
Sursa: elaborat n baza informaiei Ministerului Finanelor.
Pentru a raionaliza utilizarea mijloacelor bugetare extrem de insuficiente, n

2010, Guvernul, prin Hotrrea nr. 60 din 04.02.2010 a decis nfiinarea Ageniei de
Intervenie i Pli pentru Agricultur (AIPA). Agenia de Intervenie i Pli pentru
Agricultur este un organ administrativ, subordonat Ministerului Agriculturii i Industriei Alimentare, responsabil de gestionarea resurselor financiare destinate pentru
susinerea productorilor agricoli, monitorizarea repartizrii acestora i evaluarea
cantitativ i calitativ a impactului generat de msurile de susinere a agricultorilor
de ctre stat.
92

Capitolul 5
Tabelul 3 conine informaia cu privire la evoluia mrimii fondului de subvenionare a productorilor agricoli. Din datele prezentate observm c dinamica fondului
se caracterizeaz printr-o volatilitate pronunat.
Tabelul 3. Fondul de subvenionare a productorilor agricoli, mil. lei
Fondul de subvenionare a productorilor agricoli, prevzut
Fondul de subvenionare a productorilor agricoli, executat
2006
256,0
2007
465,3
2008
270,0
2009
563,5
2010
400,0
2011
400,0
247,7
546,8
533,2
560,5
400,0
400,0
Sursa: elaborat de autor n baza datelor AIPA, www.aipa.md, MAIA, www.maia.

gov.md.
Deoarece termenul msur de subvenionare a nceput s fie aplicat din 2010,

tabelul 4 sintetizeaz msurile de subvenionare a agenilor economici din agricultur n perioada 2010 - 2013.
Tabelul 4. Msurile de subvenionare a agenilor economici din agricultura
Republicii Moldova, 2010 - 2013
2010
(8 msuri)
Stimularea creditrii
productorilor agricoli de ctre bncile
comerciale
2011
(10 msuri)
Stimularea creditrii productorilor agricoli de
ctre bncile comerciale,
organizaiile de microfinanare i asociaiile de
economii i mprumut
Stimularea asigurrii Stimularea asigurrii
riscurilor n agricul- riscurilor de producie n
tur
agricultur
2012
(8 msuri)
Stimularea creditrii productorilor
agricoli de ctre
instituiile financiare
2013
(10 msuri)
Stimularea creditrii productorilor
agricoli de ctre
instituiile financiare
Stimularea asigurrii riscurilor de

producie n agricultur
Stimularea investiii- Stimularea investiiilor
Stimularea inveslor pentru nfiinarea pentru nfiinarea planta- tiiilor pentru nfiplantaiilor multiaiilor multianuale
inarea plantaiilor
nuale
multianuale i promovarea produciei
vitivinicole
Stimularea investiiilor pentru producerea legumelor pe

teren protejat
Stimularea investiiilor pentru producerea legumelor

pe teren protejat
(serii de iarn, solarii, tuneluri)
Stimularea asigurrii riscurilor de

producie n agricultur
Stimularea investiiilor pentru defriarea plantaiilor
multianuale supuse
casrii, pentru nfiinarea plantaiilor
multianuale i promovarea produciei
vitivinicole
Stimularea investiiilor pentru producerea legumelor
pe teren protejat
(sere de iarn, solarii, tuneluri
Stimularea investiiilor
pentru producerea legumelor pe teren protejat
(serii de iarn, solarii,
tuneluri)
93

2010
(8 msuri)
Stimularea investiiei
pentru procurarea
tehnicii i utilajului
agricol precum i a
echipamentului de
irigare
2011
(10 msuri)
pentru procurarea tehnicii i utilajului agricol,
echipamentului ce formeaz sisteme de irigare,
sisteme anti-nghe i
instalaii antigrindin
2012
(8 msuri)
Stimularea investiiilor pentru
procurarea tehnicii
i utilajului agricol,
echipamentului ce
formeaz sisteme
de irigare, sisteme
anti-nghe i instalaii antigrindin
n utilarea i renovarea
tehnologic a fermelor
zootehnice
Stimularea procurrii animalelor de

prsil i meninerii
fondului genetic
Stimularea procurrii
animalelor de prsil i
meninerii fondului genetic
Stimularea investiiilor n utilarea i

renovarea tehnologic a fermelor
zootehnice
prsil i meninerii fondului genetic
Stimularea investiiilor n dezvoltarea

infrastructurii postrecoltare i procesare
pentru dezvoltarea infrastructurii post-recoltare i procesare
Subvenionarea productorilor agricoli

pentru compensarea
cheltuielilor energetice la irigare
-
Stimularea productorilor agricoli prin compensarea cheltuielilor

energetice la irigare i
desecare
Stimularea utilizatorilor
de produse de uz fitosanitar (pesticide) i de
fertilizani (ngrminte
minerale)
-
Stimularea investiiilor pentru dezvoltarea infrastructurii post-recoltare

i procesare
-
2013
(10 msuri)
Stimularea investiiilor pentru
procurarea tehnicii
i utilajului agricol,
echipamentului ce
formeaz sisteme
de irigare, sisteme anti-nghe i
instalaii antigrindin
Stimularea investiiilor pentru utilarea i renovarea
tehnologic a fermelor zootehnice
prsil i meninerii fondului genetic
al acestora
Stimularea investiiilor pentru dezvoltarea infrastructurii post-recoltare
i procesare
Stimularea irigrii
terenurilor agricole
Stimularea consolidrii terenurilor

agricole
Sursa: elaborat de autor n baza informaiei AIPA.
Figura 2 prezint structura fondului de subvenionare n funcie de formele de

sprijin (msurile subvenionate). Astfel, ponderea cea mai mare este deinut de Msura 5 Stimularea investiiilor pentru procurarea tehnicii i utilajului agricol, echipamentului ce formeaz sisteme de irigare, sisteme anti-nghe i instalaii antigrindin
94

Capitolul 5
(41%). Aceast msur genereaFigura 2. Repartizarea fondului

de subvenionare pe msurile
z probleme majore n aplicare.
subvenionate, 2012, n %.
Astfel: - nu este definit clar termenul de procurare; - probabilitatea
de favorizare a unor furnizori de
M7
3%
utilaje n detrimentul altora este
M8
M1
M6
foarte nalt; - nu este argumenta11%
10%
4%
t obiectiv lista de utilaj eligibil n
M2
9%
scopul subvenionrii, etc.
Msura 3 Stimularea investiiilor pentru nfiinarea plantaiilor multianuale i promovarea
M3
M5
produciei vitivinicole, deine
19%
41%
19% n structura fondului de subvenionare. Este o msur considerat uor implementabil. n
acelai timp, msura favorizeaz
unitile agricole cu suprafee reM4
3%
lativ ntinse.
A treia dup mrime n strucSursa: elaborat n baza informaiei AIPA.
tura fondului de subvenionare
este Msura 8 Stimularea investiiilor pentru dezvoltarea infrastructurii post-recoltare i procesare (11%). Aceast msur, ca i altele de tipul
compensrii cheltuielilor investiionale, este una dificil de implementat i fr criterii
obiective de evaluare. Alocrile pentru aceste msuri deseori favorizeaz anumii
productori agricoli i perturbeaz competiia n sectorul agricol.
Dup forma organizatorico-juridic a ntreprinderilor agricole, subveniile sunt
preponderent acordate societilor cu rspundere limitat (67% din fondul de subvenionare), 22% revenind gospodriilor rneti.
n 2012, mrimea subveniei medii pe beneficiar, n cazul gospodriilor rneti,
a constituit 38501 lei, n cazul societilor cu rspundere limitat 121680 lei, n cazul societilor pe aciuni -184366 lei.
Analiza procesului de acordare a subveniilor n agricultura Republicii Moldova identific urmtoarele imperfeciuni:
Dinamica fondului de subvenionare a productorilor agricoli se caracterizeaz printr-o volatilitate pronunat.
Interpretarea coninutului unor msuri de subvenionare permite tratri
multiple.
Depirea considerabil a numrului de beneficiari ai subveniilor de ctre
numrul de solicitani ai acestora, creeaz situaii poteniale de trafic de
influen i corupie, situaie pus n eviden i de Curtea de Conturi62.
62
Hotrrea Curii de Conturi nr. 30 din 02.08.2011.
95

Msurile de subvenionare nu au la baz concepte finalizate care s reias din aplicarea analizei cost beneficiu.
Obiectivele msurilor subvenionate nu sunt msurate cu ajutorul indicatorilor de performan care s poat fi urmrii n timp.
O alt problem generat de msurile subvenionate este cadrul anual
pentru care se prevede subvenionarea, ceea ce afecteaz procesul de
planificare n cadrul unitilor economice agricole care beneficiaz de finanare subvenionat.
Condiiile de concurs nu au la baz abordri obiective i echitabile, dar
favorizeaz anumii ageni economici, fiind n defavoarea ntreprinderilor
mici i micro.
Dei numrul anual al beneficiarilor a crescut n timp, totui acesta este
neglijabil comparativ cu numrul unitilor agricole dispuse s beneficieze de subvenii.
Forma orNuganizatorico Nummrul

Sumele
- juridic rul do- Sumele solide
subveniosarelor
citate, lei
benenate, lei
depuse
ficiari
Gospodrii
rneti
SRL
SA
Cooperative
Altele
Total
2072
118214525
2063
79427202
47
22
2004
87
152
116
4431
378603818
28169434
21491542
13655288
560134607
1968 239466488
83 15302415
147 13947549
114
7959724
4375 356103377
45
2
3
3
100
67
4
4
2
100
Suma subvenionat / suma

solicitat, %
Aprobarea
subveniilor
Dosare acceptate pentru subvenionare / Dosare depuse pentru a

obine subvenionare, %
Solicitri de subvenii
Structura beneficiarilor de subvenii pe forme organizatorico

- juridice, %
Structura subveniilor pe forme
organizatorico juridice, %
Tabelul 5. Repartizarea fondului de subvenionare pe forme organizatoricojuridice a agenilor economici din agricultur, 2012
99,57 67,19
98,20
95,40
96,71
98,28
98,74
63,25
54,32
64,90
58,29
63,57
Sursa: elaborat n baza informaiei AIPA.
5.5.
Lanurile valorice agricole (LVA) soluie de cretere a

potenialului financiar al ntreprinderilor micro, mici i mijlocii
din agricultura Republicii Moldova
Un lan valoric descrie ntreaga gam de activiti necesare pentru a aduce

un produs sau serviciu de la concepie, prin fazele intermediare ale produciei, la
96

Capitolul 5
consumatorii finali i gestiunea reziduurilor dup utilizare. Aceste activiti includ proiectarea, producia, comercializarea, distribuia i serviciile de sprijin care conduc la
consum (i de multe ori dincolo de consum, atunci cnd sunt luate n considerare
procesele de reciclare). Aceste activiti pot fi concentrate ntr-o singur firm sau
distribuite ntre diferite firme; localizate ntr-o singur aezare geografic sau rspndite pe arii mai extinse. Termenul lanul valoric se refer la faptul c valoarea
este adugat produselor preliminare prin asocierea cu alte resurse (de exemplu,
unelte i instrumente, for de munc, cunotine i abiliti, alte materii prime sau
produse preliminare). Odat cu trecerea produsului prin etapele lanului valoric, valoarea acestuia crete63.
Inserarea productorilor mici i mijlocii n lanurile valorice agricole naionale, regionale i internaionale, suport consecine importante pentru reducerea srciei n
zonele rurale din rile cu venituri mici pe locuitor datorit potenialului acestor ageni
economici de a crete veniturile i crea locuri de munc. Cu toate acestea, majoritatea micilor fermieri din rile srace se confrunt cu o serie de constrngeri care
limiteaz adesea capacitatea lor de a participa competitiv n aceste lanuri, ducnd la
excluderea acestor productori de la oportuniti importante de cretere.
Rolul i importana micilor productori agricoli pentru agricultura Republicii Moldova i potenialul acestora de a fi inclui n diverse lanuri valorice agricole pot fi
observate din tabelul 6 care prezint structura terenurilor agricole dup categoriile
deintorilor de teren. Astfel, gospodriile rneti (de fermier) dein o pondere considerabil i relativ constant de cca. 29%.
Tabelul 6. Terenurile agricole dup categoriile deintorilor de teren, mii ha
2008
2240,2
Total
din care:
ntreprinderi i organizaii
2009
2010
2239,4 2236,9
2011
2012
2234,0 2233,6
858,0
38,3
668,6
29,8
307,8
867,8
38,7
672,4
30,0
303,5
871,3
39,0
661,4
29,6
313,6
866,0
38,8
662,6
29,7
316,7
868,7
38,9
653,4
29,3
325,5
n %
13,7
5,9
13,6
6,1
14,0
6,0
14,2
6,0
14,6
5,5
n %
0,3
399,9
17,9
0,3
389,6
17,4
0,3
384,6
17,1
0,3
382,7
17,0
0,2
380,5
17,0
n %
gospodrii rneti (de fermier)
n %
gospodrii anexe auxiliare (loturi pe
lng cas i grdini)
asocieri pomicole i loturi pentru
legumicultur
ali deintori de terenuri
n %
Sursa: elaborat dup informaia BNS.
63
Value Chain Development for Decent Work: A Guide for Practitioners, Government and Private Sector
Initiatives, ILO, Geneva, 2009.
97

De-a lungul ultimelor trei decenii, pieele agricole caracterizate prin valoare adugat mare au devenit mai sofisticate, consolidate i reglementate, ceea ce face mai
dificil participarea micilor productori la lanurile valorice de pe aceste piee.
Determinarea modalitilor de inserare eficient a ntreprinderilor mici i mijlocii
pe pieele agricole de mare valoare necesit o nelegere aprofundat a modului n
care funcioneaz aceste piee.
Figura 3. Exemple de lanuri valorice agricole de valoare mare.
Intrri
Semine
Producie
Selectare
Procesare
Firme de
prelucrare
Uniti agricole
mici
Distribuire
i marketing
Supermarketuri
Uniti agricole
mijlocii
ngrminte
Uniti agricole
mari
Uniti agricole
mici
Agro-chimicale
Uniti agricole
mijlocii
Uniti agricole
mari
Echipamente
agricole
Intermediari /
exportatori
Uniti de
depozitare la
rece / depozite
frigorifice
Fabrici de
ambalare
(selectare,
ambalare, etc.)
Importatori /
angrositi
Companii exportatoare
ale productorilor mari
Uniti de depozitare
la rece / depozite
frigorifice
Echipamente
de irigare
Servicii
alimentare
Uniti agricole
Fabrici de ambalare
(selectare, ambalare, etc.)
Comerciani
cu amnuntul /
detailiti
Sursa: Inclusion of Small- and Medium-Sized Producers in High-Value Agro-Food

Value Chains, Center on Globalization, Governance & Competitiveness,
Duke University, 2012.
98

Capitolul 5
Produsele agricole sau agro-alimentare de mare valoare sunt mrfurile agricole

non-vrac, care, fie necesit un tratament special, cum ar fi fructele i legumele proaspete, fie sunt prelucrate n una sau mai multe etape de post-recoltare nainte de a
ajunge pe piaa final (de exemplu, mierea). Aceste produse tind s fie caracterizate
printr-o manoper mult mai mare dect cerealele i alte produse agricole tradiionale, n mare parte din cauz c mecanizarea este complicat de necesitatea de a
preveni deteriorarea produselor fragile. Calitatea este factorul cheie n determinarea
preurilor i pieelor poteniale. Aceste produse sunt, de asemenea, supuse unei serii de reglementri sanitare i fito-sanitare pentru a asigura sigurana alimentar i
pentru a preveni rspndirea bolilor care afecteaz securitatea alimentar. Astfel,
produsele agricole de mare valoare determin, de obicei, preuri mai mari i asigur
generarea de venituri importante pentru productor. Figura 3 ilustreaz exemple de
lanuri valorice agricole tipice.
Avnd n vedere rolul fundamental pe care l joac firmele mijlocii, mici i micro
n crearea locurilor de munc n rile srace, agenii importante de dezvoltare din ntreaga lume, inclusiv Departamentul pentru Dezvoltare Internaional (DFID, Marea
Britanie), Agenia German pentru Cooperare Internaional (GIZ), Agenia Statelor
Unite pentru Dezvoltare Internaional (USAID) i Organizaia Naiunilor Unite pentru
Dezvoltarea Industrial (UNIDO) au elaborat metodologii pentru a-i direciona mai
reuit interveniile n scopul mbuntirii rolului actorilor de dimensiune micro, mic
i mijlocie n lanul valoric i oferirii acestor ageni economici a oportunitilor de a
capta pe deplin ctigurile de la participarea lor la aceste lanuri.
Pentru unitile agricole din Republica Moldova finanarea LVA poate mbunti
eficiena global a celor care ofer i care necesit finanare agricol.
Finanarea LVA ofer o oportunitate de a extinde finanarea pentru agricultura
Republicii Moldova, mbuntete eficiena i rambursrile n finanare i consolideaz legturile ntre participanii la lanul valoric. Calitatea i eficiena lanurilor de
finanare agricol se poate mbunti prin:
a) identificarea nevoilor de finanare pentru consolidarea lanului valoric;
b) ajustarea produselor financiare la nevoile participanilor la lanul valoric;
c) reducerea costurilor de tranzacii prin rambursri cu discount direct i
furnizarea serviciilor financiare;
d) utilizarea legturilor lanului valoric i a cunotinelor lanului valoric pentru a diminua riscurile asociate lanului i partenerilor si.
Finanarea lanului valoric poate fi definit prin fluxurile de fonduri ctre i
ntre diferitele verigi n cadrul unui lan valoric.
Finanarea LVA se refer la ambele forme de finanare - intern i extern:
Finanarea intern a lanului valoric este finanarea care are loc n
cadrul lanului de valori, cum ar fi atunci cnd un furnizor de factori de
producie acord credit unui agricultor, sau atunci cnd o firm lider avanseaz fonduri unui intermediar de pia.
Finanarea extern a lanului valoric este finanarea care este posibil
prin relaiile i mecanismele din lanul valoric: de exemplu, o banc emite,
99

n baza unui contract cu un cumprtor de ncredere, un mprumut agricultorilor sau un certificat de depozit de la o facilitare de depozitare recunoscut.
Aceast definiie a finanrii lanului valoric nu include finanarea convenional
agricol de la instituiile financiare, cum ar fi bncile, actorilor dintr-un lan fr ca s
existe o legtur direct cu acest lan valoric.
Pentru ca finanarea lanului valoric s fie reuit, lanul valoric trebuie s fie
privit ca o structur unic: un lan valoric nu reprezint un sector sau un sub-sector
economic. Acesta implic un anumit grup de productori i ali actori interdependeni
care aprovizioneaz o pia particular final.
nelegerea modului n care un lan de valori este structurat i coordonat, poate
reduce riscul i ezitarea intermediarilor financiari de a mprumuta sectorul agricol.
Figura 4 descrie diferite structuri ale lanului valoric definite n termenii relaiilor ntre
dou pri interesate: cumprtor i vnztor. Cumprtorii sunt ntreprinderile agricole prelucrtoare, exportatorii sau distribuitorii, sau, n unele cazuri, supermarketurile. Vnztorii sunt productorii agricoli sau comercianii care i vnd produsele
acestor cumprtori de-a lungul lanului.
Relaia dintre aceste dou categorii de participani la lanul valoric - cumprtori
i vnztori - poate fi descris prin urmtoarele cinci tipuri de legturi:
(i) piaa imediat sau piaa spot, unde productorii i vnd produsele, iar
preurile fluctueaz. Acest aspect este cel mai riscant din punct de vedere al stabilirii preului de pia;
(ii) contract pentru a produce i cumpra (cunoscut n contextul conceptului
de agricultur contractual);
(iii) relaii pe termen lung, de multe ori informale, caracterizate prin ncredere
sau interdependen;
(iv) investiie de capital realizat de ctre unul dintre cumprtori n beneficiul
productorului, caracterizat printr-un nivel ridicat de credibilitate i dependen;
(v) companie care a realizat integrarea vertical complet.
Cnd producia i marketingul depind de o pia spot cu preuri i cerere fluctuante, finanatorii sunt reticeni, ei prefernd un lan valoric cu o structur contractual
sau de parteneriat n care riscurile de pia pot fi mai controlate. Aceasta este zona
lor de confort.
Prin urmare, trecerea de la o relaie necontrolat dintre cumprtor-vnztor
spre una mai integrat, mbuntete perspectivele de finanare att n cadrul, ct
i nspre lanul valoric.
Deoarece producia MM din agricultur este important din considerente economice i sociale, un accent deosebit trebuie pus pe modelele care s le permit
acestora s participe pe deplin n lanuri valorice. Tabelul 7, ilustreaz organizarea
tipic a produciei i marketingului micilor proprietari - adic relaia dintre fermieri
i pia sau fermieri i sistemele mai mari. Aceast analiz ne ofer o baz pentru
elaborarea modelelor de business din lanul valoric i finanarea asociat acestora.
100

Capitolul 5
Figura 4. Diferite moduri de coordonare i structurare a lanului valoric.

Cumprtor
Piaa spot
Contract
agricol
Parteneriat
bazat pe relaii
Parteneriat bazat pe
investiii capitale
Integrare
vertical
Zona de confort
Vnztor
Sursa: Miller C., Jones L. Agricultural Value Chain Finance Tools and
Lessons, FAO, UN, 2010.
Tabelul 7: Modele organizaionale tipice de lanuri valorice agricole pentru

micii proprietari
Modelul de LVA
Fora motrice n modelul LVA
Productorul n
calitate de for
motric
Cumprtorul n
calitate de for
motric
Facilitatorul n
calitate de for
motric
Integrat
productori de scar
mic, n special
constituii n grupuri
cum sunt asociaiile sau
cooperativele;
- fermieri de scar mare
- procesatorii
- exportatorii
- vnztorii cu amnuntul
- comercianii, angrositii
i ali actori tradiionali
de pia
- ONG-urile i alte agenii
de suport
- Guvernul naional i
administraiile publice
locale
firme leader
supermarket-uri
companii multi-naionale
-
Argumentarea
-
accesul pe noi piee;

obinerea unui pre de
pia mai mare;
stabilizarea i securizarea
poziiei de pia
asigur aprovizionarea
crete volumul livrrilor
aprovizionarea clienilor
cu un discernmnt mai
mare acoperirea nielor
i a intereselor de pia
a face pieele s lucreze
pentru cei sraci
dezvoltarea regional i
local
piee noi i generatoare
de valoare mai mare
monopoluri de pia
Surs: elaborat dup Vorley B., Lundy M., MacGregor J., Business models that are
inclusive of small farmers, Paper prepared for FAO and UNIDO as background to the Global Agro-Industries Forum, New Delhi, 8 - 11 April 2008.
101

Modelele de business avnd n calitate de for motric productorii, sunt conduse pornind de la partea de jos a lanului. Ele pot fi de succes, dar se confrunt
cu dou dificulti majore. n primul rnd, productorii nu pot percepe nevoile pieei,
precum i cele din lan care sunt mai aproape de consumator. n al doilea rnd, productorii, de multe ori, trebuie s lupte pentru finanare cu excepia cazului n care
pot gsi parteneri puternici i / sau pot primi asisten pentru finanare.
Modelele de business avnd n calitate de for motric cumprtorii, stau la
baza multor solicitri de finanare a lanului de valori. Este de multe ori n interesul
cumprtorului de a procura un flux de produse i de a folosi finanarea ca o modalitate de a facilita i / sau de a stimula productorii, procesatorii i alii n lanul valoric
pentru a le vinde n condiii specificate. Cel mai adesea, atunci cnd este vorba de
finanare, condiiile sunt obligatorii reieind din contracte i, prin urmare, agricultura
contractual este cel mai comun model al lanului valoric bazat pe cumprtor n
calitate de for motric.
Modelele de business avnd n calitate de for motric facilitatorii, exist n
multe ri cu un sistem agricol dual n care coexist o agro-industrie dezvoltat, alturi de productorii marginalizai care triesc la nivel de subzisten. Costurile de
organizare i de instruire a micilor productori pot fi considerate prea nalte pentru a
fi preluate de o companie mare. Drept urmare, intermedierea de ctre organizaiile
de dezvoltare, att de organizaiile neguvernamentale (ONG-uri) ct i de ageniile guvernamentale, faciliteaz oportunitile pentru integrarea micilor agricultori n
lanurile valorice comerciale, finanarea devenind o caracteristic obinuit pentru o
astfel de facilitare.
n cele din urm, modelul integrat al lanului valoric, nu numai c conecteaz
productorii la ali participani n lan furnizori de factori de producie, intermediari,
procesatori, comerciani cu amnuntul i furnizori de servicii, inclusiv financiare, dar
acesta integreaz multe dintre aceste verigi prin relaii de proprietate i / sau relaii
contractuale formale. Modelul integrat are multe dintre caracteristicile celorlalte modele prezentate anterior i anume legturi strnse ntre contractele ncheiate ntre
prile implicate, conducere tehnic i conformitate strict, incluznd, de asemenea,
o structur amalgamat a fluxurilor i serviciilor din lanul valoric.
De ce este nevoie de o abordare coordonat din partea MAIA a integrrii
MM / M n potenialele LVA
Legturile de afaceri mai strnse ntre fermieri, agro-procesatori, exportatori, comerciani i angrositi, ofer un potenial semnificativ pentru creterea ocuprii forei de munc i rentabilitii economice productorilor
din mediul rural.
Zonele rurale au resurse agricole i umane valoroase nc neexploatate.
mbuntirea lanurilor valorice i eliminarea blocajelor poate pune n
valoare potenialul economic i genera locuri de munc.
ntreprinderile micro, mici i mijlocii (IMM / M) pot aproviziona lanurile
valorice i sunt surse majore de locuri de munc i venituri, n special,
102

Capitolul 5
n zonele rurale din rile cu venituri mici pe locuitor. Integrarea IMM / M

n lanuri valorice, poate ajuta la creterea performanelor lor economice,
stimula crearea de noi locuri de munc i mbunti condiiile de munc.
Micii fermieri / productori, axai pe lanuri valorice, pot ajuta populaia din
mediul rural la trecerea de la agricultura de subzisten i s beneficieze
de oportunitile de venit oferite de lanurile valorice funcionabile.
Micii productori se confrunt cu multiple obstacole la intrarea n lanuri
valorice agricole: de la costuri ridicate ale tranzaciilor, pn la accesul
insuficient la active financiare i alte active, cum sunt, de exemplu, facilitile de stocare i infrastructur; standarde de consum i sntate,
cerine de trasabilitate din ce n ce mai exigente.
Accesul limitat la servicii financiare i de business mpiedic ntreprinderile mici din mediul rural s devin furnizori pentru firmele mari, s concureze n lanuri valorice globale i s intre pe pieele de valoare mai mare.
Costurile de tranzacie n zonele rurale sunt ridicate din cauza unor factori
precum mediul non-propice de afaceri, densitate sczut a populaiei,
distane lungi i infrastructur inadecvat, care reduc marjele de profit ale
ntreprinderilor din mediul rural.
Fermierii mici i ali ntreprinztori din mediul rural, de multe ori, duc lips
de informaii privind preurile, lanurile valorice, concurenii i preferinele
consumatorilor.
Relaiile dintre actorii din lanurile valorice pot fi foarte asimetrice, ceea ce
duce, de exemplu, la dependena considerabil a micilor productori de
intermediari i comerciani.
Concurena este slab sau inexistent n zonele rurale din rile srace i
protejeaz, n general, consumatorii i nu productorii, de la abuzurile i
poziia dominant a cumprtorilor.
Concentrarea corporativ rezult, uneori, n doar unul sau civa cumprtori care i desfoar activitatea n zonele rurale, crend situaia
n care cumprtorii au influen asupra preurilor i altor modaliti de
livrare, ceea ce exercit, de obicei, presiune descendent asupra preului
produsului rural, precum i veniturilor, profiturilor i condiiilor de munc
ale productorilor i lucrtorilor din mediul rural.
Activitile cu valoare mare i putere decizional n lanurile valorice tind
s existe n afara zonelor rurale.
ntreprinderile mici din zonele rurale, de multe ori, nu realizeaz economii
de scar. Ele nu au putere suficient de negociere din cauza dimensiunii
lor i lipsa de organizare n cooperative sau alte organizaii de productori. Organizaiile de productori sau cooperativele ar putea conecta
fermierii direct cu comercianii cu amnuntul, exportatorii, comercianii i
ntreprinderile agricole.
103

Proiectele specializate pe proiectarea i finanarea LVA, sprijinite de donatorii internaionali, vizeaz aspecte izolate ale acestui subiect fr a-l
aborda conceptual i metodologic la nivel naional.
Formarea i finanarea LVA cere implicarea activ i a instituiilor naionale supreme de reglementare monetar i financiar (BNM, CNPF, Ministerul Finanelor). Eforturile acestor instituii trebuie bine orientate n
contextul unei abordri eficiente i promovate la nivel naional de MAIA
privitor la LVA.
5.6.
Reconsiderarea politicii de subvenionare a agriculturii prin aplicarea
principiilor politicii agricole comune a UE. Fondul de subvenionare a productorilor agricoli trebuie s fie gestionat de o singur instituie care s
fie responsabil de eficiena sistemului de subvenii n agricultur. Msurile de subvenionare trebuie testate prin prisma analizei cost-beneficiu i
s fie evaluate printr-un sistem consistent de indicatori de performan.
Acestea nu trebuie s intervin n concurena de pia. Alocarea subveniilor trebuie transparentizat. Trebuie analizat practica UE de alocare a
subveniilor n baza plilor directe, evitnd indicatorii de producie. Msurile de subvenionare trebuie prevzute pentru o perioad medie de
timp de cel puin 3-5 ani.
Promovarea insistent la nivel de politici (MAIA) a proiectrii i implementrii n agricultura Republicii Moldova a strategiilor de dezvoltare de tip
integrat, inclusiv materializate n formarea lanurilor valorice agricole.
Promovarea insistent la nivel de politici (MAIA, BNM, Asociaia bncilor,
CNPF, Ministerul finanelor, donatori strini, etc.) a concepiei de finanare a lanurilor valorice agricole.
n scopul proiectrii lanurilor valorice agricole i raionalizrii deciziilor de
finanare a acestora, n condiiile Republicii Moldova, formulm urmtoarele recomandri:
iniiativele de constituire a LVA trebuie s fie susinute de studii de caz
consistente;
proiectarea lanului valoric trebuie s fie gestionat de actorii din lan;
selectarea partenerilor de perspectiv din punctul de vedere al dezvoltrii lanului valoric;
identificarea unui partener leader n finanarea lanului valoric;
reducerea costurilor i a riscurilor poate fi realizat prin finanarea prin
intermediul celui mai puternic actor sau actori din lan. Prin finanarea
ntreprinderilor agricole mai puternice i mai puin riscante, cel mai
adesea poziionate aproape de sfritul lanului, costurile financiare
asociate cu protecia fa de risc sunt reduse;
consolidarea capacitilor productorilor mici i altor parteneri slabi
din lan.
104
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217
FINANCING OF SMALL-SCALE
AND MEDIUM-SCALE ENTERPRISES
IN THE REPUBLIC OF MOLDOVA:
CHALLENGES, TRENDS
AND FUTURE PROSPECTS
(II)
Study performed based on discussions within the 4th MoldovanGerman Forum, April 30, 2013, regarding financing small and
medium-sized enterprises
Opinions expressed in this study reflect the experts opinion
and does not necessarily reflect the donors opinion.
IDIS "Viitorul" expresses sincere thanks for the support in
developing this editin to representatives of the German Ministry
of Finance and the KfW Bank (Germany).
FINANCING SMALL AND MEDIUMSIZED ENTERPRISES IN THE

REPUBLIC OF MOLDOVA: CHALLENGES, TRENDS AND PROSPECTS
The survey was performed with contributions from:
Authors of chapters:
Valentina VEVERITA, PhD degree in economics, Head of Department,

Small and Medium-sized Enterprises Policies and liberal professions,
Ministry of Economy, (Chapter 1);
Ion TORNEA, IDIS Viitorul expert, Masters degree in economics,

(Chapter 2);
Andrei PETROIA, IDIS Viitorul expert, PhD degree in economics,

associate professor, (Chapter 3);
Corina GAIBU, IDIS Viitorul expert, Masters degree in economics,

(Chapter 4);
Angela SECRIERU, IDIS Viitorul expert, PhD degree in economics,

full professor, (Chapter 5).
Moderators of round-tables carried out within the Forum:
Vitalii Chiurcciu, vice-governor, the Executive of ATU Gagauzia,

Round table: Opportunities for attracting foreign investment in SMEs
sector;
Tatiana Lariuin, senior expert IDIS Viitorul,

Round table: Taxation of SMEs in Moldova
Viorel Chivriga, expert economist

Round table: Strategies of financing SMEs in the farming sector;
Veaceslav Cunev, General Director Deeolace Company, Chairman of

ICT Association of Moldova,
Round table: eBanking; advantages and prospects for SMEs.
220
Acronyms
ANRCETI
National Regulatory Agency for Electronic Communications and

Information Technology
ATM
Automated Teller Machine
NBM
National Bank of Moldova
BNS
National Bureau of Statistics
TNCs
Transnational Companies
IMF
International Monetary Fund
SMEs
Small and medium enterprises
FDI
Foreign direct investment
IB
Internet Banking
WTO
World Trade Organization
OTP
one time password
PARE
Project of Attracting the Remittances in Economy
PNAET
National Program of Economic Empowerment of Youth
POS Terminal Point of sale Terminal

RM
Republic of Moldova
EU
European Union
UNCTAD
United Nations Conference on Trade and Development
USD
USA dollar
FEZ
Free Economic Zone
eBanking
Electronic/Internet/Online Banking Services
eCommerce
Commerce carried out via the Internet
221

Introduction
The importance of SMEs for the Moldovan economy is recognized and confirmed by both economists and policy makers. Currently, the SMEs have the largest share in the private sector, providing employment and creating added value.
Thus, according to the National Bureau of Statistics data, the SMEs account for
97.5% of the total of enterprises in the Republic of Moldova while about 57.7%
of the national economy labor force is employed in SMEs. In the Republic of
Moldova, SMEs share in the Gross Domestic Product (GDP) is about 28.3%. For
comparison in the European Union the average share of SMEs in GDP is about
58.4%. Obviously, there is still much to be done in this field in our country.
In that context, we may underline that the European Commission does its
best to ensure a favorable environment for the growth and development of SMEs.
Thus, the Small Business Act (SBA) adopted on the 4 of June 2008 recognizes
the central role of SMEs in the EU economy. It emphasizes their significance in
ensuring the innovation process and economic and social cohesion as well. It
aims to improve the overall approach to entrepreneurship, permanently anchor
the Think Small First principle in policy making and to promote SMEs growth by
helping them tackle the problems that hamper their development.
According to the data of the survey conducted by the Institute of Economy,
Finance and Statistics (IEFS) in 2012, about 73.3% of the respondents out of 136
entrepreneurs interviewed in 27 districts mentioned that they had faced problems
related to access to finance.
This fact was emphasized as well by the participants in the 4th MoldovanGerman Forum regarding financing small and medium-sized enterprises, who
highlighted that funding remains the main problem of SMEs in the Republic of
Moldova. Thus, the relationship between SMEs and banks is still quite tense. The
entrepreneurs opinion might be summarized as follows: In Moldova, obtaining a
loan involves a lengthy and troublesome procedure, because banks do not have
a clear strategy on SME finance. For these reasons, the costs of obtaining a loan
are several times higher than the European average cost for a credit and the
required guarantees are very high.
Broadly speaking, the participants suggested the following:
1. The banks in the Republic of Moldova must develop a clear strategy targeting the needs of SMEs. The local banks main concern is other than to
help or contribute to revitalize the SMEs sector.
2. Banks must train staff to work with SMEs in order to make the connection
between banks offer and SMEs requirements, help them to get the products they need and manage them successfully. The funders, as a rule,
do not address the issue of finance on an individual, personalized basis
in relation to companies interested in obtaining loans, but, on the contrary, have standardized approaches, leading to rejection of customers
and their desire to get financing.
222
3. SMEs, especially the small ones, should develop a long-term business

plan, very thoroughly designed, with a clear specialization. SMEs often
change their main area of activity. In some cases, the new field of activity
of the company, which sought loans, has no connection with the previous
one. This leads to lower financial credibility and, obviously, generates
risks for banks.
What could be done to improve the situation? It is well known that the economic activity can not be successful without finance.
In this context, on 30 April 2013, there was held the IVth Moldo - German Forum on small and medium enterprises (SMEs) finance organized by the German
Ministry of Finance, KFW bank (Germany), Institute for Development and Social
Initiatives Viitorul(the Republic of Moldova) and the Executive Committee of
Gagauzia, Comrat. Within its activities there were organized four roundtables
on 4 different topics: 1. Opportunities for attracting foreign investment in SMEs
sector; 2. Taxation of SMEs in Moldova; 3. SMEs finance strategies in the agricultural sector; 4. eBanking; advantages and prospects for the SMEs.
Subsequently, on the basis of these roundtables discussions and conclusions was developed a study. It is a synthesis reflecting the major issues debated, the solutions proposed, the obstacles in implementing these solutions and
the recommendations for improving the situation in the areas mentioned above.
The elaboration of this study aims to emphasize the importance of small and
medium businesses for economic development and social stability of the country
and encourage SMEs finance based on fair principles addressing the primary
needs of the sector.
This study is rather a reference material for the general public in Moldova
and elsewhere, who deals with SME sector finance and, at the same time, is
willing to familiarize themselves with the conclusions and recommendations developed by the IDIS Viitorul experts and put them into practice.
223

Methodology applied
The methodology is based on the synthesis of the discussions and conclusions within the round tables of the IVth Moldo-German Forum. The experts who
elaborated the study related the issues and conclusions of the roundtables to
other analyses and research in the areas under consideration. In addition, before
the beginning of discussions, participants filled out a questionnaire in which they
pointed out the most important issues and optimal solutions, which, in their opinion, could contribute to improve the situation in the field examined.
Roundtable discussions may be represented schematically as follows:
Introduction
(10 min)
Round table
Moderator
Researcher
Participants
Moderator
Introduces
the topic of
discussion
Preparation of debates
(20 min)
Group of participants
Each participant writes
down 1-2 issues relevant
for the topic under
discussion.
The moderator gathers
the papers and writes the
mentioned issues on the
board; if the issues jotted
down repeat themselves
- +1 shall be added in
front of the issue.
The main problems are
identified out of the issues
that gather more votes.
Researcher
Takes notes and summarizes
the issues mentioned for
publishing
Debates on the topic

(60 min)
Group of participants
All participants are involved in the
collective debate on the following

aspects of the issue:
1. Which is the issue?
2. How this issue can be solved, in
principle?
3. What can be done now?
4. Which are the impediments?
Upon completion of discussions,
the results are presented using
markers on large sheets of paper:
What is the
problem?
How the problem

can be solved?
What can be done

now?
What are the

obstacles?
Moderator
Presents the results of discussions
during the plenary meeting
The participants in the roundtables discussions suggested several solutions

that deserve consideration. Thus, we believe that IDIS Viitorul experts offer the
reader the most daring ideas and tools. They certainly might solve some of the
problems highlighted at the Moldovan-German Forum.
Liubomir Chiriac,
Executive Director IDIS Viitorul
224
Executive summary
The Government of the Republic of Moldova is using various methods and
instruments for providing the SMEs in the country financial assistance and access to finance through various International Financial Institutions, development
partners and crediting / funding projects or programs. Chapter 1 Role of the
Ministry of Economy in improving the financial environment in order to
support SMEs highlights the policies promoted by this Ministry as well as
the problems that still have to be solved.
Thus, it is pointed out that the Government of the Republic of Moldova, in
cooperation with financial institutions should focus on:
1. Promoting a monetary policy aimed at low and stable inflation;
2. Reducing interest rates on loans and ensuring their stability;
3. Attracting foreign investment to the financial sector and involvement of
strategic partners interested in developing the SME sector in the Republic of Moldova;
4. Developing credit guarantees for SMEs including the State Guarantee
Fund;
5. Developing innovative financial systems on supporting small and medium
enterprises;
Below we will list the most important ideas generated within the Forum
roundtables.
Chapter 2 examines the opportunities for attracting foreign investment
in the SME sector. It is known that foreign direct investments (FDI) are defined as all financial, material, technological and managerial flows that an individual or enterprise invests in the economy of another country with the aim to
conduct a lasting productive activity by having control over it. Attracting foreign
investment in SMEs sector remains a major problem for our country. In this regard, the decision-makers should pay particular attention to trends and factors
related to the evolution of global FDI flows, the development of policies and strategies for the economic development of the Republic of Moldova. But the most important is to take concrete steps to adjust to the best world practices so as not to
leg behind the global stream, which would perpetuate the current state or even
expand the enormous gap existing between the RM and countries in the region.
Global and regional evidence suggests that authorities interventions in terms of
policies should seek primarily to ensure a favorable economic environment.
In particular, this includes an attractive business and investment environment,
proper education and training policies to raise labor force skills, technological
policies to develop clusters and public policies on investment, designed to develop safe and efficient transport, communications and infrastructure networks.
225

Thus, the success in attracting FDI into the economy of Moldova and in the
SME sector, as the most representative of its economy, will depend mainly on
governmental policies. Economic theory and practice, including the experience
of other Central and Eastern Europe countries, demonstrate the importance of
an attractive business and investment environment, pro-active measures for attracting FDI, modernized infrastructure and improved labor force training. In this
context, we consider that strategies and policies to attract FDI in the Republic of
Moldova should focus primarily on these aspects. This is the only way to reduce
the disparities between Moldova and other countries in the region. Therefore, the
main measures should target the following:
Improving the regulatory framework for business activity, tax and customs
administration, reducing state bureaucracy, administrative burden and
corruption, increasing the efficiency and functionality of state institutions.
The most important, however, is the actual implementation of all these
measures. Although these ideas are transposed regularly in all programs
and strategies they are rarely implemented, either because of the lack of
political will or because of the states institutional weaknesses;
Improving extension services to strengthen SMEs capacities;
Improving the quality of human resources by increasing investment in
education and training, including continuous training of labor;
Fostering the establishment of clusters based on related activities, particularly in the SME sector. This will be an important incentive for FDI.
Focusing on the areas, or particular activities, where the effects of FDI
are particularly important;
Developing infrastructure (production, transport, communications, services);
Intensifying efforts to integrate local companies, first of all SMEs, in the
global value chain. Such integration efforts must seek to increase local
capacity and encourage investment, through direct contact with investors
or the establishment of special economic areas.
The Moldovan investment and export promotion organization (MIEPO)
and regional development agencies should carry out activities to increase the countrys regions attractiveness for potential foreign investors.
Attracting foreign investors by targeted projects taking into account the
specificity of the area and maximization of its potential could contribute to
reduce development disparities between Chisinau and Balti, on the one
hand, and Chisinau and the other parts of the country, on the other hand.
Chapter 3 deals with issues related to the taxation of SMEs. There are
five main problems related to the taxation of small and medium business:
1. The current tax system in the Republic of Moldova does not sufficiently
encourage the investment in SMEs sector. At the national level, small
226
2.
3.
4.
5.
and medium businesses can not pay their income taxes because at an
early stage of development they have no income (taking into account the
need to make other mandatory payments: registration, licensing, patent
receipt).
Taxation of SMEs does not have sufficient connection with the production
characteristics of the activity, which, therefore, inhibits the development
of small and medium business.
Under the conditions prevailing in the economy of the Republic of Moldova it would be more efficient to apply corrective tax tools. Unlike those
neutral they will steer entrepreneurial activity, investment and labor force
towards key branches of national and local economy.
Equality of taxpayers has to compensate for SMEs, through tax exemptions and systems, the increased risks, limited access to resources comparing to other economic entities, offering maximum freedom to local governments to regulate the tax system for small and medium enterprises
which, first of all, have a local specific character.
Currently, the fiscal potential of SMEs tax system is not exploited enough
due to the erratic operation of tax forms, which are isolated from each
other.
The participants in the roundtable suggested the following to improve

the taxation system of small and medium business;
regulation of interest rates for interbank loans, as well as the loans granted to real sector. Setting a limit for the difference between the interest
rate at which the National Bank offers loans to commercial banks and
interest rates of loans granted to the real sector (not more than 3%);
introduction into the local administration staff of a post of special representative at the level of deputy mayor or vice-chairman of the district that
would deal with the system and the number of inspections of small and
medium enterprises.
Chapter 4 discusses electronic services for SMEs in the Republic of
Moldova. The small business (including micro business) mostly uses the following banking services: make payments / transfers, budgetary payments; pay
salaries to a few employees; facilities for employer, business card for purchases;
consultation, account, excerpts; for retailers - cash deposit services, POS terminal for credit card customers; overdraft to cover the gap in time to pay bills, shortterm obligations; crediting for investment and permanent capital.
Thus, the conclusions on the relationship of SMEs and Internet Banking solutions are divided into two distinct areas:
227

A. Electronic services of SMEs while dealing with banking and financial

institutions(services and transactions related to their own bank accounts):
1. Under the pressure of large corporations, commercial banks offer Internet Banking services that generally meet the SMEs requirements. Thus,
most often these services fully meet the needs of the SMEs electronic
servicing. All 14 banks offer Internet banking solutions for legal entities
and this market is quite developed.
2. The tariffs set by banks for Internet Banking solutions are quite low and in
many cases their service is free of charge. Most often transactions through Internet Banking have a lower cost compared to the standard price.
B. Electronic services of SMEs while dealing with their customers, in
particular with individuals. Market of eCommerce services:
1. The premises for ecommerce and massive transactions between SMEs
and their customers (especially individuals) are not fully developed at this
stage.
2. SMEs do not use all Internet opportunities for providing customers full
information about services and goods. The underdeveloped character of
this segment, leads to a situation when ecommerce does not have a platform for implementation.
3. Cash processing for SMEs is cheaper than the price paid for ecommerce
solutions. Cash sales favor tax evasion and do not provide an incentive
for SMEs to use electronic solutions.
4. The cost of cash operations is too cheap (in many cases free) to motivate
people to shift to electronic payment solutions, including in their relation
with banks.
5. Although Internet penetration rate among the population is high, the use
of internet banking by individuals is extremely low.
6. Despite the fact that demand in this segment is low 10 banks of 14 offer
Internet Banking for individuals.
Participants in the roundtable SMEs finance strategies in the agricultural sector , examined in Chapter 5, have identified a number of problems
affecting the proper access to finance of farmers in the Republic of Moldova but
also pointed out that it is needed to develop SMEs finance strategies. They proposed the following measures to overcome the problems:
1. Rethink agriculture subsidizing policy by applying the principles of the
EU Common Agricultural Policy. The subsidy fund for farmers has to be
managed by one institution that would be responsible for the effectiveness of subsidies in agriculture. Subsidy measures should be tested by
a cost-benefit analysis and assessed by a consistent system of benchmarks. They must not interfere with market competition. The allocation
228
of subsidies should be more transparent. The EU practice of allocating

subsidies based on direct payments, avoiding production indicators, has
to be analyzed. Subsidy measures must be planned for an average period of 3-5 years.
2. Promote the policy of (by the Ministry of Agriculture and Food Industry)
the elaboration and implementation in the agriculture of the Republic of
Moldova of integrated development strategies, including those aiming to
form agricultural value chains.
3. Promote (by the MAFI, NBM, Banks Association, NCFM, Ministry of Finance, foreign donors, etc.) the concept of agricultural value chains finance.
4. In order to design agricultural value chains and streamline their finance decisions in the Republic of Moldova, we make the following recommendations: - initiatives of establishing added value chains have to be
backed up by thorough case studies; the design of value chain has to be
managed by actors within the chain; - selection of perspective partners in
terms of value chain development; - identification of a leading partner in
the value chain finance; - reducing the costs and risks may be achieved
by financing through the most powerful actor or actors in the chain. By financing stronger and less risky agricultural businesses most often positioned near the end of the chain, financial costs associated with protection
against risk are reduced; - capacity building of small producers and other
weak partners in the chain.
229
Capitolul 1
THE ROLE OF THE MINISTRY OF ECONOMY OF

THE REPUBLIC OF MOLDOVA IN IMPROVING THE
FINANCIAL ENVIRONMENT TO SUPPORT SMES
The Ministry of Economy of the Republic of Moldova thanks the German
colleagues for the long-term cooperation with the Republic of Moldova Government in terms of the development of financial services for the sector of small
and medium-sized enterprises (SMEs), whose importance in the socio-economic
development of the country is becoming ever more tangible.
Also, the Ministry of Economy notes the importance of previous forums,
which revealed some problems related to SMEs finance and ways to cope with
them. These ways have already been taken into account by the Government and
financial institutions of the Republic of Moldova.
1.1.
Introduction
SMEs sector in the Republic of Moldova began to stand out as a phenomenon of socio-economic development of the country in the context of mass privatization. It was established and developed in adverse and unstable economic
conditions of transition and, presently, is acquiring an increasing importance in
providing employment, saturating the market with goods and services and participating in shaping the GDP.
According to the latest data of National Statistics, SMEs sector in Moldova
accounts for 97.5% of the total number of enterprises while the number of employees in the sector reaches 57.7% of total employment in the economy.
The quantitative impact of SMEs on economic growth can be assessed by
the SMEs share in GDP. In Moldova the SMEs share in GDP is 28.3%.
In the EU the SMEs sector generates 58.4% of GDP, in the U.S. 43.4% (in
2009).
In 10 out of the 12 countries of the Black Sea Economic Cooperation, the
SMEs share in GDP is less than 50% while in 5 countries less than 30%.
The global economic crisis has affected in different ways the growth rates of
certain groups of SMEs. For example, the increase in the number of enterprises
in the SMEs sector was due, in particular, to small and micro enterprises.
Currently, data on micro enterprises and micro-businesses, operating without registration, are not precise. There is no consolidated registry that would
analyze the activity of small and medium-sized enterprises and patent holders in
the country. As a consequence, the in-depth analysis of the SMEs sector development is not currently possible.
230
THE ROLE OF THE MINISTRY OF ECONOMY OF THE REPUBLIC OF MOLDOVA

IN IMPROVING THE FINANCIAL ENVIRONMENT TO SUPPORT SMES
The crisis has also had an impact on other indicators characterizing the socio-economic development of countries adversely affecting the development of
the business environment.
Therefore, the adoption in 2012 of SMEs sector Development Strategy for
2012-2020 years is based on the need to ensure coherence in the development
and implementation of policies for SMEs, improve the quality of the recorded
quantitative and qualitative indicators.
The successful implementation of this Strategy will contribute to:
1) average increase in the number of SMEs per 1,000 inhabitants up to 25
SMEs by 2020, (14)
2) growth in the number of employees within SMEs up to 65% by 2020, (57)
3) growth of the SMEs share in the GDP up to 38% by 2020, (28.3)
4) effective competition by strengthening the competitiveness, boosting
growth and innovation of sustainable SMEs.
The strategy is the result of extensive consultations with civil society and recommendations of the development partners. To accomplish it, the Government
proposes the implementation of six priority areas, one of which is to improve
SMEs access to finance.
The problem of access to financial resources is traditionally one of the most
acute for small and medium-sized enterprises in the Republic of Moldova.
In Moldova, there is a fairly wide range of opportunities for SMEs external
finance. They are:
1. Commercial banks and micro financial institutions loans;
2. State Credit Guarantee Funds financial resources;
3. Funds of national and international projects / programs allocated, for financial support, to specific groups of entrepreneurs.
1.2.
Commercial bank loans
Moldovan commercial banks offer businesses a relatively wide range of credit products. However, they focus mostly on already operating and larger enterprises. The business demand for long-term loans is not met: loan terms in most
cases do not exceed 2-3 years. A significant obstacle to business is the high loan
rate of interest, which, despite the decline in recent years, remains unacceptable
to many SMEs (see Table 1)
Table 1. Bank loans average rate of interest, %
In national currency
In foreign currency
2007
18.85
10.88
2008
20.96
12.02
Source: The NBM data
231
2009
20.31
12.51
2010
16.25
9.91
2011
14.37
8.75
2012
11.98
8.32

The financial and economic crisis has had a negative impact on the crediting indicators of enterprises. In 2009, the amount of cash payments to economic
agents from loans and borrowings reduced sharply (see Table 2). In 2011 this
figure increased, reaching 91.8% of the 2008 level.
Table 2. Loans and credits issued by commercial banks to economic agents
2007
Loans and credits,
million lei
2008
2009
2010
2011
2012
31190,2 35507,1 19539,9 28589,4 32620,7
n/a
Source: The NBM data
The complexity of enterprises access to loans is also confirmed by the share

of bank loans, granted to private sector in GDP. In Moldova, in comparison with
neighboring countries, this figure is low and amounts to 33.6% (in 2011) (see
Table 3).
Table 3. The share of bank loans to the private sector within the country
(% of GDP):
Moldova
Romania
Ukraine
2007
36,9
35,1
58,2
2008
36,5
45,0
73,9
2009
36,0
46,1
73,4
2010
33,3
45,4
62,4
2011
33,6
42,8
55,9
Source: World Bank indicators http://data.worldbank.org/indicator/FS.AST.PRVT.

GD.ZS
In recent years, there have also been taken several steps in bank crediting
to improve the access of enterprises to credit. In particular, the Law on credit
history bureaus was adopted in 2008. Today the first organization of this kind
has already been created and started operating. As a part of the implementation
of foreign aid projects, EBRD opened a SMEs credit line for some commercial
banks in Moldova.
1.3.
Microfinance institutions loans
Microcredit market in Moldova is represented by microfinance institutions

and savings and loan associations belonging to the non-banking sector.
According to the National Commission for Financial Markets, in Moldova
are registered dozens of microfinance institutions (on 31.12.2012 - 60 organizations). Their total assets amount to 1 892.9 million lei (source: http://www.cnpf.
md/file/Statistica_2013/aprilie/Indicatori-OMF_31.12.2012.xls).
232

Chapter 1
They specialize mainly in servicing small customers, including those with

virtually no access to bank lending.
The 361 savings and loan associations on 1.01.2013 (source: http://
www.cnpf.md/file/Entitati_Supraveghere/2013/LAEILS_01_01_2013.xls)
are
an association of individuals, working in rural areas, having the right to credit only their members. Their total assets at 30.09.2012 amounted to about
363.5 million lei (source: http://www.cnpf.md/file/Entitati_Supraveghere/ 2012/
CONS_30.09.2012_AEI_357.xls).
The capital market is an alternative to bank loans, offering SMEs the opportunity to attract long-term investment by issuing shares and bonds. In order
to extend the finance of Moldovan enterprises (especially SMEs) from external
sources, we should enhance opportunities and services of microfinance institutions, as well as other sources such as leasing, factoring.
The non-banking financial sector in the Republic of Moldova, including capital market, voluntary pension funds and private insurance is not yet developed
enough in comparison with that of South-Eastern European countries. Consequently, non-banking financial market is not a viable financial alternative to financial intermediation provided by the banking sector.
The emergence of funds and venture capital firms, as well as business angels, is delayed due to the lack of legal basis, poor development of the capital
market, poor business infrastructure and the excessive interference of the state
in business activity.
1.4.
Special Credit Guarantee Fund cash resources
The Special State Credit Guarantee Fund (operating in the framework of the
Organization for Small and Medium Enterprise Sector Development - ODIMM),
financed from the state budget, provides loan guarantees to economic agents
lacking sufficient collateral. For active companies the guarantee reaches 50% of
the loan amount, but not more than 1 million lei for a period of 5 years at 2% per
annum of the amount of the guarantee. For newly established enterprises the
guarantee is up to 70% of the loan amount, but not more than 500,000 lei. The
term of the guarantee is up to 5 years at 1.5% per annum of the amount of the
guarantee.
Currently, the fund portfolio amounts to 16.28 million lei. The remainder of
active guarantees accounts for 45 guarantees in the amount of 8.7 million lei, allowing granting the loans in the total amount of 24.3 million lei. (Slide 5).
Also, the fund provides guarantees for entrepreneurs participating in the
state programs PNAET and PARE1+1, ODIMM.
Thus, for companies participating in the program PNAET the guarantee is
up to 50% of the loan sum, but not more than 150,000 lei for a period of up to 5 at
1.5% of the amount of the guarantee per annum. For companies participating in
the program PARE1 +1 it is 50% of the loan sum, but not more than 200,000 lei
for a period of up to 5 years at 1.5% of the amount of the guarantee per annum.
233

1.5.
Funds of the financial support programs for certain groups of

entrepreneurs.
In Moldova there are a number of programs focused on the financial support

of various business groups, for example:
For young entrepreneurs in rural areas the National Program of Economic
Empowerment of Youth (PNAET) - provides loans, part of which, if the beneficiary meets certain conditions becomes a grant. (Duration of the Program: 20082013). So far, the program has granted 291 loans totaling more than 83, 4 million
lei and an amount of the grant of 33.4 million lei.
Thanks to this program 376 new jobs were created in 2012. In 2013, 32 million lei are expected to be allocated for this program. That will enable to finance
267 business projects.
For migrant workers or their first-degree relatives the Program on Attracting
Remittances into the Economy (PARE 1+1) provides grants to co-finance business (based on the rule that 50% comes from the migrant, 50% is provided by
the state). The program originally operated as a pilot one in 2010-2012. Over the
years ODIMM concluded repayable financing contracts with 142 companies. At
the moment the program is extended and in 2013 it is expected that the program
grant share will be 20 million lei.
Due to external donors, in particular, the Program to support the sector of
small and medium-sized enterprises funded by the Government of Japan that is
developing the leasing of the equipment for SMEs; through the IFAD Rural Finance Program has been expended the access to financial services for farmers
in rural areas, etc.
1.6.
The results of entrepreneurs surveys in Moldova
Currently, for most SMEs in the Republic of Moldova, the problem of access
to finance remains one of the most acute. And, for nearly 15 years, the importance of this issue has been a priority, which is confirmed by numerous studies.
Surveys of entrepreneurs in Moldova (carried out regularly by the Ministry of
Economy with the assistance of the Institute of Economy Finance and Statistics)
show that the problem of access to finance has been and remains the most serious both in the pre-crisis period (2007) and more recently (2011-2012).
And IEFS studies indicate the increase in the significance of this problem for
entrepreneurs over this period.
Thus, in 2012, 73.3% of the 136 entrepreneurs surveyed in 27 districts of the
country faced with the problem of access to finance (Table 4).
The main difficulty for entrepreneurs in terms of access to financial resources
is the high interest rate of the credit and the high cost of the procedure for obtain-
234

Chapter 1
Table 4. The internal problems of enterprises related to access to resources
The share of respondents who

reported having this problem%
Problems
Access to financial resources
73,3
Lack of qualified staff
45,9
Equipment, Technology
33,3
Raw materials and supplies
19,3
Real estate
11,1
Information
6,7
Others
3,7
No problems found
4,4
Source: IEFS
ing a bank loan. Furthermore, the problem of finance is related to the long and
troublesome procedure for obtaining credit and the fear of not repaying the loan.
Thus, most of the entrepreneurs surveyed faced the problem of high interest rates of loans, the high cost of the loan (this problem has been named by
82.8% of entrepreneurs). More than a third of entrepreneurs (38.8%) named as
a problem the complexity of the procedure of processing the loan; 33.6% of the
surveyed entrepreneurs fear not to be able to repay the loan; for 31.3% the problem was the lack of collateral, incorrect assessment of collateral by the bank.
17.9% of the entrepreneurs do not hope to be successful in getting a loan or
investment, while 11.2% are not aware of how to draw a business plan, forecast
the business development. For 10.4% of the respondents the problem is the lack
of ability to attract investment in business. Finally, for 2.2% of the entrepreneurs
the problem of limited access to finance is associated with the partial activity of
the company in the black economy.
1.7.
Conclusions and recommendations
Most of the measures undertaken by the State seek to improve access to

finance for certain narrow groups of entrepreneurs. At the same time, for the
majority of enterprises in the country the problem of access to finance remains
one of the most acute. This is confirmed by surveys of entrepreneurs conducted
by various organizations.
The reason for limited access of entrepreneurs to external financial sources
was the financial and economic crisis, when the banks were forced to limit the
number of credits especially for small and micro enterprises; instability of the
235

legislation, as well as political instability, which limits the inflow of funds from external donors, including those allocated for crediting entrepreneurs.
Along with some successes achieved in supporting the sector of small and
medium-sized enterprises, the Government together with the financial institutions should do much more, and in particular:
1. pursue a monetary and credit policy aimed at low and stable inflation;
2. decrease interest rates on loans and ensure their stability;
3. attract foreign investment in the financial sector and first of all the investment of strategic partners interested in the development of small and
medium-sized businesses
4. continue the development of SMEs credit guarantees including those
through the State Guarantee Fund;
5. develop venture capital investment of informal credit schemes;
6. develop innovative systems for the small and medium-sized enterprises
finance;
Access to cheap sources of finance is vital to the development of a competitive SME sector. The real results of projects and financial programs that are
already implemented in our country are encouraging and many entrepreneurs
have demonstrated perseverance and entrepreneurial spirit.
The exchange of experience as well as suggestions made for improving the
activity of both state and private structures will further foster the development of
small and medium-sized enterprises and the businesspeople will get answers to
many problems they face.
236

Chapter
Capitolul1 2
OPPORTUNITIES FOR ATTRACTING FOREIGN

INVESTMENTS IN SME SECTOR
2.1.
Introduction
The stimulating role of foreign investment in a countrys economy is widely

recognized in economic theory and practice: the effects generated by foreign
investment affect the production of goods and services and the consumption,
simultaneously encouraging demand and supply. The investment is the incentive that generates new economic activities and boosts production of goods and
services indispensable to a viable economy. Mobilizing investment resources is
one of the elements of the economic equation that fosters strategic development
objectives of any country. This process contributes to increased production, comprehensive improvement of the national economy, solving the issues related to
upgrading enterprises, sustainable development of economic sectors, including
that of SMEs, of regions (localities) and solving social problems. Thus, foreign
investments have the potential to bring considerable benefits to the beneficiary
countries. The economic growth and modernization of the economy depends on
the success of attracting them. But these benefits do not come automatically.
All countries have realized the importance of foreign investment to develop their
economies and societies. They are truly engaged in an international competition to attract foreign investment. Nowadays the attractiveness of a country for
foreign investment relies less on its comparative advantages (natural resources
and production facilities). The competitive advantages play a more important role
(factor endowment, skilled labor, technology and extension services, domestic
competitive environment, domestic demand, horizontal links between branches
and the availability of strong clusters, governmental policies, etc.). In the Republic of Moldova local economic agents do not have enough economic potential to
ensure economic recovery. Therefore, there is a need for correct policies to create a stimulating environment for attracting foreign capital especially in the SME
sector as the most representative sector of the economy. Thus, in the period of
globalization, liberalization of trade flows and increased competition in attracting
foreign investment, particularly in the countries in transition and in the developing
ones, the studies and research helping to understand the aspects and problems
of the process of attracting foreign investment are extremely useful.
In this chapter we set the task to investigate the issue of attracting foreign
investment as a decisive factor of economic recovery. We will mainly refer to
boosting foreign investment in the SME sector. This is especially important because the SME sector in the Republic of Moldova plays a crucial role in social
and economic development of the country. It accounts for 97.5% of total number
of enterprises, employs 57.7% of total number of employees, has a share of
237

34.5% in total revenue from sales and contributes with 28.3% to the total GDP of
the country. The research in this chapter started from discussions of the Fourth
Moldovan-German Forum on SMEs finance. This issue was the subject of one
of the discussion panels at this event, with the participation of SMEs representatives, mainly from Gagauzia and the southern region of the country. The analysis
is not confined merely to the conclusions of the discussions. Instead a broader
approach was used. Firstly, we introduce the notion of foreign investment and
motivations of countries, in particular those in transition, as in the case of the
Republic of Moldova, to attract foreign investment as this is reflected in the scientific literature (subchapter 2). Secondly, we refer to the foreign investments
developments and trends at global and regional level (subchapter 3). Thirdly, we
deal with the evolution of foreign investments in the Moldovan economy, evolution of foreign investment in the SME sector and the way they have influenced to
date the structure of the economy and its development (subchapter 4). Fourthly,
we analyze the investment climate in the Republic of Moldova as a driver of investment attractiveness of the country (subchapter 5). Finally, we list the conclusions and recommendations of the research presented in this chapter and of the
discussions, conclusions and recommendations of the participants in the panel
Opportunities to attract foreign investment in SME sector in the framework of
the Fourth Moldovan-German Forum on SME finance (subchapter 6).
2.2.
Foreign investments and motivation to attract them
Foreign investment exerts major influence on host countries economies.

Therefore policy makers and researchers paid a special attention to this issue
at different stages of economic thinking evolution, specific periods of time, and
forms and methods prevalent in economy. Hence we have a multitude of interpretations of this issue. According to one of them investment is a long term
placement that is expected to have favorable effects; allocation of resources,
capital savings in profitable activities, hoping their recovery on account of future
higher income; changes of the patrimony generated by the realization of tangible,
intangible and financial assets; a complex economic process generating other
processes (operational, manufacturing, supply, etc.) 1. The diversity of definitions
is probably due to its broad typology. Some authors distinguish up to 250 different types of investment2. The most important criteria for classifying investments
are as follows: 3
In terms of ownership:
private investment made by the private sector;
public investment made by the government.
1
2
3
Rodica Milena Zaharia World Economy, Bucureti, publishing company ASE, 2004
Maria Caracota Dimitriu, Dumitrache Caracota Capital investment assessment, Bucureti, 2004
Anghel E. Ion Economic problems. FDI, modernization and factor endowment, Economic Information
and Documentation Centre, Bucureti, 2002
238
OPPORTUNITIES FOR ATTRACTING FOREIGN INVESTMENTS IN SME SECTOR
Chapter 2
In terms of territorial origin:

internal investment, which is made within the national borders of a
country;
foreign investment that is performed in other states or by other countries.
In terms of destination of expenditures:
direct investment
portfolio investment
The direct one implies control over investment while the portfolio investment
enables participation in decision making, but do not allow exercising control. In
this study we mainly refer only to direct investment and in particular to foreign direct investment (FDI). Unlike foreign portfolio investment, the direct one involves
not just time, risk and profit, which is the ultimate goal of any investment, but also
includes the control over investment. International definitions of FDI establish a
certain minimum share in the capital of a company to be owned by the foreign
investor. In general, it ranges from 10 to 25% but may deviate from these values
depending on the country. In Moldova, this threshold, according to the methodology for calculating the balance of payments used by the NBM, is 10%.
FDI is defined as all financial, material, technological and managerial flows
that an individual or enterprise invests in another economy to achieve a lasting
productive activity by having control over it4. According to UNCTAD, FDI are
classified into three basic components: statutory capital investments, earnings
(profit) reinvested and intra-company loans. In national legislation, the definition of investment is given in Law 81 on investments in entrepreneurial activity
dated 18.03.2004. According to this law, the investment represents all goods
(assets) deposited in entrepreneurial activity in the Republic of Moldova by a
foreign investor, including income from their investment that is reinvested in
the Republic of Moldova. According to the World Bank approach, depending on
the motivation of investors, FDI is classified into four distinct types: resource
seeking FDI, market seeking FDI, efficiency seeking FDI and strategic asset
seeking FDI.
Depending on the methods, the FDI is: horizontal and vertical. The horizontal one is a direct investment made by foreign companies in other countries,
where the same products are manufactured as in the country of origin adapted
to local consumer needs. It represents a geographical diversification of activities of foreign companies. A foreign company can make a series of investments
for capitalization of resources or market, and after a certain time, can decide to
consolidate these operations on the basis of a product or a process. Companies will be able, however, to do so only if the markets are open and sufficiently
developed. Consequently, this form of FDI is particularly prevalent in regional
integrated markets, mostly in Europe and Asia. Vertical FDI is an investment in
other countries, in order to set up new production capacities for the manufac4
Anda Mazilu Transnationals and competitiveness, Bucureti, 1999
239

Table 1: Types of FDI classified by investors motivation

Types of FDI
Primary motivations
resource seeking FDI
access to natural resources (minerals, raw materials, and

agricultural products)
access to low-cost or specialized labor
market seeking FDI
FDI into markets previously served by exports, or into

markets protected by high import rates or other barriers
FDI by supplier companies following their customers
overseas
FDI that aims to adapt products to local tastes and needs
and to use local resources
acquisitions and alliances to promote long-term corporate
objectives
rationalized or integrated operations (regionally/globally)
leading to cross-border product or process specialization
strategic asset seeking FDI

efficiency seeking FDI
Source: Investment Generation Toolkit, the World Bank/MIGA, 2011
ture of intermediate products, necessary for the basic production in the country
of origin or to manufacture the same product as in the country of origin but at a
more developed stage5.
FDI flows play an increasingly important role in the contemporary economy. They, along with the domestic capital, affect the development of national
economies and contribute significantly to enhancing their competitiveness.
However, neither the FDI flows nor their benefits come automatically. With the
growing awareness by all countries of the importance of FDI, more attention is
paid to the policies that can enhance the benefits of such investments for their
development6. For small countries with limited local capabilities (such as the
Republic of Moldova) any development process is bound to be more dependent
on FDI than in other countries7. The positive impact of FDI on the welfare and
competitiveness of beneficiary countries is widely acknowledged. The Republic
of Moldova, like all countries in transition, has a range of objective and subjective reasons underlying interest in investment, especially in the direct foreign
investment:
The need of capital for retrofitting and economic recovery following the
restructuring imposed by the transition to another economic system the
5
Anghel E. Ion Economic problems. FDI, modernization and endowment factors, Economic Information
and Documentation Centre, Bucureti, 2002
Foreign direct investment and performance requirements: new evidence from selected countries, UNCTAD, 2003
Sinjaya Lall Reinventing Industrial Strategy: The Role of Government Policy in Building Industrial Competitiveness, G-24 Discussion Paper Series, No. 28, April 2004, UNCTAD
240
2.3.
Chapter 2
system of market economy is the first motivation to attract foreign capital.

This process involves some substantive changes in economic structures.
Without rapid alignment with modern demands of the global economy,
domestic economy is likely to plunge into a dangerous regression or lag
behind other countries and that is actually the case of the Republic of
Moldova.
Transfer of technology and know-how is also one of the main motivations
to attract FDI. It is obvious that the technical progress achieved by the developed countries has to be attracted and implemented in transition economies, like the Republic of Moldova, in order to reduce the development
gap with the developed countries. One way of achieving this goal may be
namely the association with foreign partners from developed countries
and by attracting FDI to facilitate access to technologies. Thus, domestic
production can become more competitive in the global market.
Acquisition and application of new methods of management and corporate management is a component of the necessary restructuring for successful transition. Among the actors of synergy with decisive effects on
economic growth and development, the innovative management is deemed as particularly important.
Access to the western market with its high requirements is also a serious reason for attracting investment, particularly the foreign one. The
products manufactured with foreign participation have easier access to
foreign markets, especially if they rally to the achievements of foreign
investors in the country of origin. In many cases, the results of such an investment can even enjoy certain facilities upon entrance on the markets
of other countries, facilities that may refer to different forms of authorization, approval, assimilation etc.., as well as customs, fiscal or other kinds
of facilities8.
Evolution of foreign direct investment in global and regional context
Due to the fact that the resources as the main factor influencing profit were
replaced by other components such as technological or organizational, the FDI
flows have been diverted from the less developed countries possessing raw materials, to the states having technology9. According to experts assessment, FDI
in developing countries have shifted from the search for markets and resources
to the search for efficiency. However, for many developing and transition countries, low costs, access to natural resources and regional markets are still factors
with high attractiveness for foreign companies10.
8
9
10
Rodica Hncu, Denis Jelimalai, Greta Ofrim FDI important component of international economic
flows, Economica journal, nr. 1 (71), 2010
Ioan Denu Foreign direct investment, publishing company Economic, Bucureti, 1998
Rodica Milena Zaharia World Economy, Bucureti, ASE publishing company, 2004
241

During 1990-2011, global FDI stock increased from $ 2.1 trillion to about $
20.4 trillion, while the annual inflow of FDI increased from $ 207 billion in 1990
to $ 1.5 trillion in 2011. Foreign subsidiaries of multinational companies generate 1/3 of world exports and 10% of global GDP, and the inflow of FDI is about
10% of gross fixed capital worldwide. Although in recent years the FDI inflow has
increased continuously, in 2011 it was still 23% below its peak level, reached in
pre-crisis 2007 year11. In 2012 it is estimated that it further reduced to about $
1.3 trillion, under the pressure of macroeconomic instability in most regions and
increasing uncertainty of investors12. Nevertheless experts mention that since the
second half of the 90s, global FDI grew faster than other macroeconomic indicators like the GDP, exports or domestic investment13.
Table 2: Global FDI flow by geographical destination
Region
FDI inflow, billion $

2007
2008
2009
2010
2011
2012
Total
1975,5
1790,7
1197,8
1309,0
1524,4
1310,7
Developed countries
1310,4
1019,6
606,2
618,6
747,9
548,9
Developing countries
574,3
650,0
519,2
616,7
684,4
680,4
Transition economies
90,8
121,0
72,4
73,8
92,2
81,5
South-Eastern Europe
14,3
14,2
8,9
4,8
7,7
3,5
CSI countries
76,5
106,8
63,5
69,0
84,5
78,0
Developed countries
66,3
56,9
50,6
47,3
49,1
41,9
29,1
36,3
43,3
47,1
44,9
51,9
4,6
6,8
6,0
5,6
6,0
6,2
South-Eastern Europe
0,7
0,8
0,7
0,4
0,5
0,3
CSI countries
3,9
6,0
5,3
5,3
5,5
6,0
As% of global FDI
Source: World Investment Report 2012 and Global Investment Trends Monitor, no.
11, 2013, UNCTAD
A remarkable development in global FDI flows, in 2012, was that for the first
time developing countries attracted more FDI (51, 9%) than developed countries
(41.9%), the remaining 6.2% went to transition countries in Southeast Europe and
the CIS countries (Table 2). This can be an opportunity for the transition countries,
including Moldova, to attract more FDI. The share of countries in transition in
global inward FDI flows increased from 4.6% in 2007 up to 6.2% in 2012, includ11
12
13

Florin Bonciu FDI, publishing house. Lumina Lex, Bucureti, 2003
242
Chapter 2
Figure 1: FDI by mode of entry/groups of

ing that of the CIS from 3.9% to
countries (2011) and years, $ billion
6.0%. Most of the FDI in the CIS
(about 83%) heads Russia, Kazakhstan and Ukraine. With the
right approach and appropriate
policies to attract FDI, however,
other countries can also benefit
from the current circumstances
on FDI flows market.
In terms of foreign markets
Developed Developing Transition
Total
penetration, greenfield investcountries countries economies
ments are still the most widely
spread. In 2011 they accounted
for more than $ 904 billion, compared to about $ 526 billion in
mergers and acquisitions (figure
1). Greenfield investment and
mergers and acquisitions differ
in terms of the impact on host
economies, especially in the initial stages of investment. In the
short term, mergers and acquisiGreenfield investments
tions do not bring the same deMergers and acquisitions(M&A)
velopment benefits, in terms of
new production capacities, value
Source: World Investment Report 2012,
added and employment14. There
UNCTAD
are major differences in the type
of FDI depending on the level of development of countries. Thus, if in developed
countries prevail mergers and acquisitions (in the last 5 years they have exceeded on average by more than 1/3 the greenfield investments), in developing and
transition countries greenfield investments prevail. In the last 5 years they have
been from 4 to 8 times higher that the investment via mergers and acquisitions.
Depending on the sector, investments in manufacturing are predominant.

They accounted for 46% in 2011 and 50% in 2010 of total FDI worldwide, reaching in absolute value about 660 billion $ and are increasing after a decline in
2009, caused by the economic crisis (Table 3). However, they are still 1/3 below
the peak recorded in 2008. Services are another major area targeted by FDI, with
a share of about 40% over the last two years. But they were even more affected
by the economic crisis returning in 2011 to barely half of the level of 2008.
The analysis of global trends in FDI flows shows that due to intensifying globalization, but also following the structural crisis in the EU and U.S., developing
countries and countries in transition have increased opportunities to benefit from
14
243

Table 3: Distribution of FDI by sector

Value of investment, $ billion
Year
Primary Manufacsector
turing
Services
% of investment
Primary Manufacsector
turing
Services
Average 2005-2007
130
670
820
41
50
2008
230
980
1130
10
42
48
2009
170
510
630
13
39
48
2010
140
620
490
11
50
39
2011
200
660
570
14
46
40
Source: World Investment Report 2012, UNCTAD
a greater influx of FDI. However, evidence indicates that foreign companies are
interested mostly in investing only in a limited number of these countries, called
core group countries. These are countries that provide the best conditions for
FDI. Most of the FDI going to countries outside the core group are niche investments attracted by specific characteristics of the host country, and normally
would not have gone to any other country. The implication of this evidence for
countries beyond the core group wishing to develop attractive policies for FDI,
including the Republic of Moldova, is to avoid competition in the short term using tax holidays or other incentives, instead they should focus on developing
conditions core group countries meet: political and economic stability, proper
legal regulatory and procedures framework, enabling environment for exports to
compensate for the small size of the local market, more qualified workforce and
stronger and more efficient local providers of infrastructure business services,
and material inputs15.
In the figure below we will show Moldovas competition area in global FDI
flows according to developments over the last 5 years. Since this is a general
scheme and not a concrete one for a certain investment, we will not consider
the countries in the core list deeming that all countries in the region are direct
competitors.
15
Bank, 1997
244
Chapter 2
Figure 2: The RM competition area in global FDI flows
Global annualFDI flows

(1,3 tril. $)
Growth 66%
Developed countries
(549 billion $)
Growth 42%
(680 billion $)
Growth 118%
(82 billion $)
Growth 90%
East and South East Asian

countries, Latin America and
the Caribbean (552 bln $
Growth 135%
Southeast European
countries (3,5 bln $)
Growth 24%
Countries of Africa and

South Asia (78 bln $)
Growth 91%
The RM competition
area (3,5-78 bln. $)
Growth 24-102%
Western Asian countries

(47 bln $)
Growth 60%
CSI countries
(78 bln $)
Growth102%
Surce: Elaborated by the author based on data of WIR 2012 and Global Investment
Trends Monitor, no. 11, 2013, UNCTAD
2.4.
Evolution of FDI in Moldovas economy and in the SME sector
Unfortunately, the Republic of Moldova is not among the big beneficiaries

of FDI flows that increased over the last 20 years. Starting in 1992, virtually at
the same level as other countries in transition (or with even a double advantage
with $ 4 per capita stock of FDI, compared to only 2$ - the average of countries
in transition) by 2011 Moldova became one of the worst performing European
and transition countries in terms of attracting FDI. Thus, in 2011 FDI stock per
capita in Moldova was only $ 892, - 2.8 times less than the average of countries
in transition, 3.3 times less than the world average and 14.2 times less than that
in developed countries.
245

Figure 3: Evolution of FDI stock per capita in the period 1992-2011, U.S. $
Transition
countries
World
average
Developed
countries
Moldova
Source: UNCTAD
Even during global recession and declining flows, some regions and countries managed to substantially increase the FDI attracted. According to the 2012
UNCTAD report, The flow of FDI to developing countries and transition economies increased in 2011 by 12%, reaching a record 777 billion $, mainly due to the
continued growth of investments in greenfield projects16. Unfortunately, Moldova
is not among the major beneficiaries of this process. The Republic of Moldova
has the lowest level of inflows and FDI stock, and the lowest number of greenfield projects among all countries in Europe, surpassing in this respect only some
transition countries in Central Asia (Kirgizstan and Tajikistan). Both compared
with the transition countries in the region and with the neighboring countries with
a common historical past, which are now EU members, Moldova had poorer
results in recent years. Thus, Moldova has the lowest level of FDI stock (3163
million $) almost 3 times less than Georgia, 1.5 times less than Macedonia or
Albania, 1.6 times less than Armenia and 1.8 times less than Montenegro. And
these countries have the worst performance in attracting FDI among all European countries. In comparison with the neighboring countries comparable in
terms of population and territory, with a common historical past, which recently
became EU members (Estonia, Latvia, Slovakia) the differences increase from
4 to 16 times. This situation is due to reduced FDI flows that Moldova manages
to attract every year despite favorable global and regional conjuncture. Thus, in
2011, FDI inflow in the Republic of Moldova was 3.8 times lower than in Albania;
3.6 times lower than FDI inflows in Georgia, 2 times lower than that of Armenia and Montenegro and 1.5 times lower than FDI inflows in Macedonia. Since
the main FDI inflows in the transition countries are greenfield projects, Moldova
should make greater efforts to attract them in order to reduce the discrepancy
with other countries. But while the number of greenfield projects implemented in
2011 in some countries under comparison (Albania, Montenegro) was lower than
in Moldova, in terms of their value our country is again the last.
16
246
Chapter 2
Table 4: Republic of Moldova performance in attracting FDI compared to other

countries
FDI
FDI
FDI
Number Greenfield Number Greenfield
projects
inflow inflow stock
of
projects
of
in
in
in
greenfield
value
greenfield value in
Country
2010,
2011, 2011, projects in 2010, mil. projects in 2011, mil.
mil. $ mil. $ mil. $
2010
$
2011
$
Moldovas results compared to the less successful transition economies in Europe
Moldova
197
274
3 163
13
301
12
320
Georgia
814
975
9,305
31
1 017
30
1 991
Macedonia
211
422
4 728
14
470
25
956
Albania
1 051
1 031
4 701
6
68
7
488
Montenegro
760
558
5 803
10
380
6
436
Armenia
570
525
5 046
8
265
21
805
in comparison with some countries having a common historical past,
new EU members
Slovakia
526
2 143 51 293
102
4 242
91
5 676
Estonia
1 540
257
16 727
27
947
29
883
Latvia
379
1 562 12 109
23
965
20
717
Source: World Investment Report 2012, UNCTAD
The Republic of Moldova managed to attract more or less significant FDI

only after 2004. Until then, FDI flows had not followed a definite trend, while more
significant increases are due to episodic entry on the Moldovan market of large
companies, for example Lukoil (Russia) in 1995, Union Fenosa (Spain) in 2000.
A more considerable growth of FDI in the economy of the Republic of Moldova
was recorded only in 2007, when FDI flows reached 12% of GDP (Figure 4).
Figure 4: FDI inflow and its share in GDP of Moldova, 19922011
FDI inflow, mil. $
FDI in GDP, %
Source: UNCTAD database (FDI inflows, mil$, FDI share in GDP,%)
247

Before 2007 there was a reduced FDI inflow in the Republic of Moldova due to
low level of competitiveness of the country, because there is a direct correlation
between these two indicators. 17 Less favorable business and investment climate
seemed to have an impact on foreign investors decisions that preferred to invest
in countries that were safer from the economic and political point of view.
Romanias accession to the EU in 2007 affected FDI inflow in Moldova. Several European businesses from Romania relocated to Moldova where labor costs
and fiscal conditions seemed to be more attractive. FDI increased fast in 2007
and this trend continued in 2008, in the context of introducing zero tax on reinvested income and sustainable economic growth. However, the zero tax on
reinvested income is not the only factor that has attracted foreign investors and
does not seem to be the most important. Thus, in 2008 FDI continued to rise,
but this trend was more due to increased investment in share capital and not to
reinvested income, that on the contrary, decreased compared to 2007.
Table 5: FDI flow in the Moldovan economy by types of capital invested,
million $
FDI in national
economy
Share capital
Reinvested income
Intercompany loans
2000
2001
2002
2003
129,49
84,99
100,31
106,23
87,56
56,41
77,21 129,94 176,33 257,94

41,46 106,35
65,37 116,19
-2,6
47,1
-36,64
30,72
-27,43
58,58
15,34
20,41
2008
2009
2007
2010
2004
46,42
-22,83
2011
2005
39,33
71,63
2006
41,59
100,16
2012
598,39 719,77 100,73 182,63 290,38 168,77

269,52 461,06
80,41 159,34
166,4 149,29
112,81
98,7
36,03
14,55
87,41
-9,84
216,06 160,01 -15,71
8,74
36,57
29,32
Source: Elaborated by the author based on the NBM data
In this context, it is clear that the income tax level (rather low in regional comparison) is not the only barrier that adversely affects the investment decisions of
foreign investors. General business climate, economic and political framework
and other factors that determine the attractiveness of a country are also very
important. Since 2008 the global crisis diverted again FDI flows from Moldova.
Since 2009, in the context of global economic crisis and political instability in
Moldova, FDI inflows have dropped considerably, from a little more than 7 times
(2009) to 2.5 times (2011). This is one of the most significant decreases in FDI in
Central and Eastern Europe. Compared to the period before the crisis (2008) all
17
FDI impact on the Republic of Moldova economy, Expert-Grup, Chiinu, 2010
248
Chapter 2
FDI components have decreased: investment in the share capital by 3.1 times,
intra-group loans by 5.5 times, while reinvested income recorded negative values
in 2012. This evidence reveals a process of disinvestment. But even within FDI
inflows in 2012, according to the NBM, 27.7% were purchases of property by
non-resident individuals and companies18 rather than productive investment. By
the end of 2012 FDI stock amounted to 3338.79 million $ (Figure 5), of which: equity capital and reinvested income - 2568.82 million $, intra-group loans - 769.97
million $.
Figure 5: Structure of FDI stock in dynamics, million $
4 000,0
Intra-group
loans, stock
at the end of
period
3 500,0
3 000,0
2 500,0
Equity capital
and reinvested
earnings, stock
at the end of
period
Net annual
inflow of FDI
2 000,0
1 500,0
1 000,0
500,0
0,0
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
Source: NBM
The investors from the EU countries have the largest share in FDI stock of
share capital at the end of 2012 (52.7%). According to the NBM, nearly a quarter
of EU investment in Moldova comes from Holland and Cyprus; investing companies from these countries being mostly SPE (Special Purpose Entity), used as
intermediaries by actual owners. Investment from the Netherlands and Cyprus
(about 25%) distorts to some extent the investment analysis by country of origin,
because quite often the investors from the Netherlands and Cyprus are actually
investors from Russia, Moldova and other countries. CIS investors have 11.6%
of FDI stock in the share capital and investors from other countries - 35.7%19.
In terms of individual countries, the largest investors in Moldova are Russian
companies, with more than 190 million $, but actual investment from Russian
investors could be higher, on the account of investments listed as from the Netherlands and Cyprus. This is followed by investments from the Netherlands, with
slightly more than 150 million USD, the USA - about $ 145 million, Cyprus and
Germany with about $ 140 million each.
Most of the foreign direct investment is concentrated in financial intermediation activities, especially in banks. Moreover, there is an increase in the share of
this sector in the structure of FDI. Thus, if in 2008 it accounted for 19.8% of the
total FDI stock; by 2012 its share increased to 27.7% or more than of all FDI
in the Republic of Moldova. This proves that the FDI market in Moldova is domi18
19
Balance of payments of the Republic of Moldova for 2012, NBM, 28 March 2013
Balance of Payments of the Republic of Moldova for 2012, NBM, 28 March2013
249

nated by market seeking FDI of the financial groups having extensive networks in
many countries (Groupe Socit Generale, Gruppo Veneto Banca, Erste Bank,
Pro Credit, Raiffeisen, etc.). The next sector that is of interest to foreign investors is manufacturing. Its share in FDI stock increased in the last four years from
19.1% to 23.5%. Among the largest investors in this sector we can list Lafarge
(cement production), Knauf (building materials), Sudzuker (sugar production),
Draexlmaier and Lear Corporation (automobile accessories and spare parts industry), Lactalis Group and Efes (food and beverages), etc. It seems that the
main reason for these companies investment in this sector is limited local operating costs (especially cheap labor), local resources (in the building materials
industry and processing of agricultural raw materials) and the local market (food
and beverage). Wholesale and retail share in total FDI stock declined from 23.3%
in 2008 to 16.8% in 2012. The main investors in this sector are Metro, Lukoil,
Mabanaft, Petrom, Rompetrol, etc. Obviously, these investors are interested in
the local market, but the economic crisis and the exhaustion of the consumption boom of the years 2007-2008 have slowed down investment in the sector.
However, foreign investors favor non-tradable goods sectors with high rates of
return on investment, but without a major impact on the competitiveness of the
RM economy (about 75% of total FDI stock). Furthermore, the bulk of FDI in Moldova comes from large companies. The production sector of economy and SMEs
do not benefit much from foreign investment. They have a low competitiveness
and as a results imports rates grow much faster than exports rates. According
to some authors, Foreign investments in Moldova have benefited so far from
monopoly situation, which allowed them to get high profits due to high prices
and tariffs for services provided. This refers to such important investors in the
countrys economy like Gazprom (majority stake in Moldova-Gaz), Gas Natural
Fenosa, Orange, Moldcell, Lafarge, wholesale supermarkets20.
However, since 2004 the mounting flow of FDI has also led to the increase
in the number of SMEs joint ventures and those with foreign capital although at
a slower rate than that of large companies. This, in turn, has contributed to an
increase in the number of employees and the amount of sales (Table 6). This
table reflects the change in the number of SMEs with foreign and mixed capital,
the number of employees and sales revenue of these companies compared with
the same indicators of local businesses and companies of all types of size and
property. As we can see, the number of SMEs with foreign capital increased at
the highest rate in 2011 compared to 2006 and reached - 58%, while the number
of domestic SMEs increased only by 32% and those mixed (with foreign and
domestic capital) - by 29%. The growth rate of the number of SMEs with foreign
capital was, however, slightly lower than the increase of the total number of companies in the same period (65%), which confirms the tendency of foreign investors to invest mainly in big business. Similarly, SMEs with foreign capital in this
period had the most dynamic growth in the number of employees - it increased by
20
Dumitru Moldovanu FDI and foreign trade main instruments of international re-specialization of
Moldovan economy, Economica, nr. 4 (60) 2007
250
Chapter 2
Figure 6: Structure of FDI stock by economic

17%, while local SMEs have
sectors, quarter 3, 2012 (left figure) vs. 2008
reduced the number of em(shown at right)
ployees by 12% and those
mixed by 17%. However the
Agriculture,
highest increase has been Transport, stora- Health and hunting and
forestry
seen for the number of em- ge and commu- welfare
Others
1,7%
1,4%
nications
3,5%
ployees of companies with 6,8%
Financial
activities
foreign capital (56%), folElectricity,
27,7%
lowed by that of joint ventures gas and water
(9%), while, like for SMEs, supply
the number of employees of 8,6%
locally owned companies de- Real estate
transactions,
creased (by 16%). Similarly, rentals and serforeign-owned
companies vices provided Wholesale and
Processing
enterprises
industry
have the highest increase to
retail trade, repair
10,0%
23,5%
of
personal
goods
in sales revenue - 138% in
16,8%
2011 compared to 2006,
while SMEs with foreign capConstruc- Hotels and
ital had an increase of only
restaurants
tions
29%. The income of SMEs Transport, stora- 2,0%
1,1%
Others
and commuFinancial
1,9%
with local capital increased ge
nications
activities
by 36% (locally owned busi- 6,1%
19,8%
nesses increased sales by Electricity,
and water
75%, while sales revenue of gas
supply
SME with mixed capital de- 12,0%
creased in the same period
Real estate
by 10% and companies with
transactions,
Processing
rentals and serindustry
mixed capital have increased
Wholesale and
vices provided
19,1%
retail trade, repair
sales by 49%). These figures
to enterprises
of personal goods
14,7%
show that, in general, com23,3%
panies with foreign capital
have a higher growth rate Source: Elaborated by the author based on the
than the local ones. HowNBM and NBS data
ever, the positive trend refers
more to large companies. It means that the SME sector in Moldova is less attractive for foreign investment compared to large business. But compared to other
countries, the total number of companies with foreign capital is still quite small.
Thus, if in Hungary 35% of all companies have foreign capital21, in Moldova this
figure is 8.8% (4.1% foreign owned companies and 4.7% with mixed capital). We
will refer to the possible causes of this situation in more detail in the next chapter.
21
Constantin Doltu FDI and their influence on the modernization of transition economy, , ASEM, Chiinu, 2007
251

Revenues from sales

of SMEs, mil. lei
Growth in the economy 2011 vs. 2006, %
2006
Growth, %
Number of employees in
SMEs
companies
Total for
all types of
ownership
35.542 47.337
33
332.720
294.184 -12 54.281 71.888
32
34
-11
77
Local ownership
32.889
43.570
32
305.631
267.697 -12
36
33
-16
75
Foreign
ownership
1.174
1.856
58
11.614
13.643
17
2.878
3.710
29
65
56
138
Joint ventures
1.479
1.911
29
15.475
12.844 -17
4.203
3.787
-10
32
49
2006
2011
2011
Growth, %
Total number of
SMEs
Growth, %
Companies by
Ownership
Table 6: Evolution of the number of companies, employees and volume of sales

revenue by ownership in the economy, the year 2011 vs. 2006
2006
2011
47.200 64.391
employees
Sales
volume
Source: Elaborated by author based on the NBS data
The increase in the number of foreign-owned SMEs and their contribution to

local employment and local business activities has changed somewhat the local
economy structure. Thus, if in 2006, foreign-owned SMEs accounted for 3.2%
of all registered companies, then in 2011 their share rose to 3.8% (Table 7). The
number of SMEs with mixed capital, on the contrary, decreased from 4.1% to
3.9%. This shows that foreign investors are interested in having as much control
as possible over the companies in which they invest in the Republic of Moldova.
This can be explained by limited local capabilities (both in terms of local capital
available and local companies appropriate for mergers with foreign investors).
Likewise, in terms of the number of employees, their share was increased from
2.0% to 2.7% for the SMEs with foreign capital, while the share of joint ventures
fell slightly from 2.7% to 2.5%. In the total sales revenue, however, the SMEs with
foreign capital reduced their share from 2.5% to 1.8% and those mixed - from
3.6% to 1.8%. This may be the result of both the regional economic crisis that has
affected the SMEs more than large companies and the decrease of investment
attractiveness of the country. However, it seems that this is the consequence of
the crisis because the local companies share of sales also reduced in the same
period from 40.2% to 31.0%. The fact that SMEs are more vulnerable to adverse
economic developments is proven by their low share of profits before taxation in
total profits in the economy. Thus, SMEs account for about 36% of profits. The
SMEs with foreign capital had an average profit share of 1.2% in 2006-2011,
and SMEs with mixed capital - 1.9%. This is much less than the share of other
indicators of these SMEs, which explains, partly, the unattractiveness of the sector for foreign investment: the level of profitability of this sector is rather small
in comparison with large business. Thus, according to the NBS, in 2011, large
enterprises with foreign capital had about 13% of the profit before taxation, and
companies with mixed capital - 17%.
252
Chapter 2
Share in the
Share in the
The share in the
companies, %
employees, %
2006 2011
before tax, %
2006 2011
Average 20062011
2006 2011
Average 20062011
2006 2011
sales revenues, %
Average 20062011
SMEs by
ownership
Average 20062011
Share
of the total 2011 vs. 2006
Table 7: Evolution
of some
SME
by
ownership,
total number
of
totalindicators
number of
total financial result
Total for
all types of
ownership
98,3
97,5
97,9
57,9
57,7
58,4
46,2
34,6
39,8
35,2
35,9
36,5
Local
ownership
91,0
89,8
90,3
53,2
52,5
53,3
40,2
31,0
35,4
32,1
32,7
33,4
Foreign
ownership
3,2
3,8
3,6
2,0
2,7
2,5
2,5
1,8
2,1
0,2
2,0
1,2
Joint ventures
4,1
3,9
4,0
2,7
2,5
2,6
3,6
1,8
2,4
3,0
1,3
1,9
Source: Elaborated by author based on the NBS data
A high territorial concentration that was only enhanced over time is characteristic for FDIs in Moldova. This correlates with the economic growth pattern specific to the Republic of Moldova based on the concentration of economic
activities in Chisinau and Balti. Although the number of companies with foreign
capital, that invested in Moldova in the period 2008-2011, increased by 26%, the
absolute majority of such companies (more than 84%) are located in Chisinau.
For comparison, the number of such companies increased in the North development region (without Balti) by 15%, in the South development region by 20%,
in the Centre development region by 23%. The largest increase in the number
of companies with foreign investment was in Balti - by 58% (even more than
in Chisinau, where the increase was 26%), confirming that it is turning into the
second important pole of business and industrial growth in Moldova, after Chisinau. Largely, this is due to the relatively big number of population, availability
of physical and social infrastructure that is more developed than in other regions
(except Chisinau), traditions, a number of industrial companies and a free economic zone. Gagauzia also witnessed a significant increase in the number of
companies with foreign capital by 31%. The total number of companies with foreign capital that were registered (3877 in 2011) seems to be quite high but most
of them are situated in Chiinu (3270) and are concentrated in the wholesale /
retail sector 1420 while only 531 companies operate in industry. Without available statistical data on the size of these companies, we can only assume that
their vast majority are small and medium sized enterprises with an average share
capital slightly less than 2 million (we do not refer here to financial sector and
gas, electricity and water supply).
253

Table 8: Regional distribution of companies with foreign capital
Total
Number of compa- Share in total number of

nies with foreign
companies with foreign
Share in FDI stock
capital
capital
2008 2010 2011 2008
2010
2011
2008
2010
2011
3 072 3 653 3 877 100,0% 100,0% 100,0% 100,0% 100,0% 100,0%
Chisinau
2 594
Regions
of development
North
region
Bli
Center
region
3 088 3 270
84,4%
84,5%
84,3%
86,3%
86,2%
86,8%
145
178
196
4,7%
4,9%
5,1%
4,0%
5,4%
5,3%
67
88
106
2,2%
2,4%
2,7%
1,7%
3,1%
2,7%
222
259
273
7,2%
7,1%
7,0%
5,7%
6,2%
5,8%
South region
66
73
79
2,1%
2,0%
2,0%
3,0%
1,0%
1,1%
UTA
Gagauzia
45
55
59
1,5%
1,5%
1,5%
1,0%
1,2%
1,0%
Source: NBS
FDI stock in Chisinau during 2008-2011 accounted for 86% -87% of the total
stock of FDI in the country, followed by the stock in the Central region - about
6%, Northern region (including Balti) - about 5% and South development region
and Gagauzia - about 1% each. We can see that FDI in the South region is lower
than in the other regions. Here the stock of FDI in 2011 was only 57% of 2008
level, while the national average for the same period was 157%. There was an
increase of 158% in FDI stock in the Central region and Chisinau. This figure is
close to the national average. In Gagauzia the FDI stock increased in 2011 to
165% compared to 2008, while the North region doubled the FDI stock (207%),
including Balti (249%). Again, these figures indicate that Balti is the leader in
terms of FDI growth, confirming the conclusions regarding the potential of this
city to become an important pole of development in the Republic of Moldova.
These data show that, with exception of the capital and Balti, the Republic
of Moldova is not very attractive to investors, especially because of poorly developed physical and social infrastructure. However, cheaper labor in districts is a
competitive advantage that determined the location of some foreign companies
outside Chisinau. This refers to the labor intensive sectors (such as clothing industry, production of electrical and electronic equipment), sectors where proximity to raw materials is important (beverages, processing and preserving of fruit
and vegetables, dairy products, manufacture of building materials) and sectors
oriented to serve the businesses primarily located in areas other than the capital
(for example rental and B2B activities).
Foreign capital played an important role in the growth of the Moldovan economy after the dramatic decline of the 90s. The number of companies with foreign
254
Chapter 2
participation (including SMEs) increased at a faster rate than the total number of
companies registered. The number of employees in these companies has also
increased whilst the number of domestic companies staff dropped. The effects of
such a contribution are best reflected by the increase in the share of companies
with foreign investment in the GDP. Thus, according to the NBS, the contribution
of companies with foreign participation to GDP increased from 1.0% in 1995 to
21.2% in 2010 (Figure 7).
Figure 7: Contribution of companies with foreign participation to GDP
Share of companies with

foreign participation in GDP
Source: Elaborated by author based on NBS Statistical Yearbooks
2.5.
Investment climate in the Republic of Moldova
As we have already mentioned, thanks to the indisputable advantages of

FDI, all countries around the globe, but especially those less developed, had
to turn to a new form of competition in recent decades. They currently compete
in creating the most favorable conditions to attract foreign capital or to create a
more attractive investment climate. Investment climate is defined generally as a
system of economic, political, institutional and legal factors and assumptions that
can intervene in the investment process. They can change the investment behavior by encouraging or discouraging investment and they reflect the attractiveness of a country (branches, areas, regions) for investment in all the domains of
the economy22. Over the years, the Republic of Moldova investment climate has
experienced many positive changes. The most attractive aspects are:
Low tax burden (one of the lowest in Europe)
Macroeconomic stability (relative stability of the national currency and relatively low rate of inflation, moderate budget deficit and public debt share
in GDP, economic growth over the last decade).
The countrys strategic geographical location, the soil, favorable climate,
traditions in manufacturing, particularly in the agro-food products.
Relatively cheap and skilled labor force
The global and regional commerce and free trade agreements that reduce the limitations related to the small size of the internal market.
22
Inga Fonea Global economic crisis impact on the investment climate in the RM, Economica journal, nr.
2 (66) 2009
255

However, in comparison with other regional countries, the investment climate is not an asset for the Republic of Moldova. This is seen both in Moldovas
position in international ratings and the amount of FDI. As we have seen in the
previous paragraphs, Moldova ranks on the last place in Europe according to FDI
indicators. While the factors related to the market size are the same as in many
countries, and the human factor, despite the recent deterioration of its quality,
is still an element of attraction, the difference, in our opinion, is due to factors
related to the political and economic environment and local capabilities that the
country can provide to investors.
The reluctance of foreign investors to invest in the RM economy is explained
by other authors by political instability and lack of favorable conditions for business activity23. Others point specifically at issues affecting the investment climate
of the country, again referring, in particular, to factors related to the economic and
political environment24:
Despite a relatively good legal framework, conducive to attracting FDI,
proper and effective legislation enforcement and implementation remain
a major problem;
Active government interference, big influence of politics on the economy,
repressive actions of state bodies, including those against certain foreign
investors;
Instability of economic policies;
Slow pace of privatization process;
The RM unfavorable image in the world, it being perceived as a poor unpredictable country. The Transnistrian conflict worsens further this image.
Massive emigration of the labor force;
Frequent administrative interventions in the economic activity, including
numerous controls and inspections;
General bureaucracy, protectionism and corruption.
The same author also mentions that the state invests little in the development of physical infrastructure, education, that are indispensable conditions for
the development of long term business activity. And according to the White Paper
of Foreign Investors Association the main priorities for improving the investment
climate refer to the policies pursued by the state in the business environment25:
Granting to foreign investors the right to purchase farmland;
Strengthening the rule of law conditions by ensuring the independence
and accountability of the courts in terms of the decisions issued;
23
24
25
Galina Ulian Attracting FDI to the small business area, the journal Economie i Finane, nr. 5, 2001
Grigore Belostecinic Economic competiveness and promotion of FDI oriented to export a challenge for
the RM economy, the journal Intelectus, nr. 3, 2006
White Paper: Suggestions to improve investment climate in the RM, Foreign Investors Association (FIA),
2009
256
Chapter 2
Developing infrastructure by attracting private sector to (re)construction

and management of national roads;
Improving tax legislation and administration;
Harmonizing the legislation on corporate management and competition
with the EU standards and norms;
Reviewing the legislation aspects on labor relations that are burdensome
for the employer;
Improving the educational process and training of skilled labor by allowing
companies to train staff and issue certificates of competence under supervision by the state;
Reducing administrative burden by decreasing the number of reports and
streamlining the reporting process; reviewing the competences of inspection bodies; eliminating the overlap of checks and documents required
from economic agents;
Facilitating trade by removing administrative barriers and monopoly practices in conducting import-export operations and recognition of certificates issued by EU member states in the Republic of Moldova;
Strengthening Moldovas energy security.
We can make indirect conclusions regarding the attractiveness of the investment climate for foreign investors based on the analysis of some relative
indicators such as the fixed capital investments, compared with that of FDI (table
9). Analyzing these data, we can see that increasing FDI, basically, does not
induce increased investment in fixed capital, which means that the fixed capital
investment comes mostly from local sources. The reason is the insufficiently attractive investment climate, which does not provide long-term safety for foreign
investors. Thus, a significant part of FDI is directed to nonproductive sectors of
the economy, which does not require large investments in fixed capital and have
shorter recovery period.
Table 9: Comparative evolution of the growth rate of investment in fixed
capital and FDI
Indicators
Increase of the investment in fixed capital, %
Increase in net FDI, %
2004
2005
2006
2007
2008
2009
2010
2011
8,0
21,0
24,0
21,9
2,3
-33,5
22,6
11,8
97,3
30,8
35,1
109,7
31,4
-79,6
35,9
39,1
Source: Elaborated by the author based on the NBS data
In order to benefit from opportunities offered by FDI, it is required, first of

all, to develop the investment potential of the country, improve the business
257

environment and pursue a coherent and targeted investment policy26. Other

authors express the same opinion: If investments do not come to our country
it means that in other countries the investment climate is more favorable than
in Moldova. So the solution would be to improve the investment climate and
create a positive image of the country27. An important indicator characterizing
the potential to attract FDI in a country compared to other countries is the FDI
potential index comprising a number of indicators such as: GDP per capita,
GDP growth rate, the exports share in GDP; telecommunications infrastructure
(average of telephone lines per 1,000 people and the number of mobile phones
per 1,000 people); energy consumption per capita, the share of R & D expenditure in GDP, the share of students in the population, country risk, the share
of exports of natural resource in the worlds total, the share of imports of electronic and car components in the worlds total, the share of services exports in
the worlds total, the share of internal FDI stock in the worlds total28. According
to this indicator, calculated by UNCTAD, in 2011 Moldova was ranked 122 of
177 countries in the ranking29. It performs better compared to some European
Table 10: Moldovas ranking by inward FDI potential index compared to other
countries in 2011
Economic determinants groupings
Economy
Market attractiveness
Albania
Armenia
Belarus
Cyprus
Estonia
Georgia
Latvia
Moldova
Slovenia
Macedonia
133
118
34
113
29
74
55
109
97
114
Availability of
low-cost skilled
labor
78
88
7
92
86
80
73
79
85
87
Enabling
infrastructure
96
92
52
38
63
83
77
90
21
84
Presence of
natural resources
114
128
56
140
97
127
100
132
102
130
Overall
rank
123
136
27
129
75
104
80
122
81
130
Source: Web table 32a: Country rankings by Inward FDI Potential Index, 2011,
UNCTAD
White Paper: Suggestions to improve investment climate in the RM, Foreign Investors Association (FIA),
2009
27
Ion Prachi Investment climate source of growth and poverty reduction in the RM, Romnia and the
Republic of Moldova. Competitive potential of national economies: Posibiliti de valorificare pe piaa
intern, european i mondial, Academia Romn, Bucureti, 2004
28
UNCTAD
29
26
258
Chapter 2
Table 11: Performance of countries in attracting FDI compared to the place

held in international ratings
Indicators
Economy
Albania
Armenia
Belarus
Cyprus
Estonia
Georgia
Latvia
Moldova
Slovenia
Macedonia
Potential to
Rank in Doing Rank in Doattract FDI
Business by the ing Business
(ranking) acease of doing
by investor
cording to
business
protection
UNCTAD
123
85
17
136
32
25
27
58
82
129
36
32
75
21
70
104
9
19
80
25
70
122
83
82
81
35
17
130
23
19
Rank by
economic
freedom
index
58
38
153
41
13
21
55
115
76
43
FDI
stock per
capita in
2011, $
1462
1628
1359
20384
16437
2149
5398
892
7442
2291
Source: Elaborated by the author based on the potential for attracting FDI of UNCTAD, Doing Business index, economic and investment freedom index of Heritage
Foundation, UNCTAD database on FDI
countries as a potential for attracting FDI (Armenia, Macedonia, Albania, Cyprus). At the same time, Moldovas success in attracting FDI compared to these
countries is significantly lower (in 2011 the stock of FDI per capita in Moldova
was 1.8 times smaller than that in Armenia, 2.6 times smaller than that of Macedonia, 1.6 times smaller than that of Albania). In our opinion, this confirms the
above conclusion that the reason for this situation lies in the worse investment
climate in Moldova.
According to the latest survey of enterprises conducted by the World Bank
(Enterprise Surveys 2009), the 3 largest obstacles to doing business in Moldova are access to finance, inadequate qualification of workforce and access to
land30. Another important index characterizing economy attractiveness to investors is the index of economic freedom calculated by the Heritage Foundation.
According to this, in 2013 Moldova ranked 115 of 185 countries, being ranked
in the category of mostly unfree. In the same ranking Macedonia ranked 43,
Armenia 38 and Albania 58. In terms of investment freedom, Moldova shared
129-141 places with 12 other countries, while Armenia and Georgia were on
27-36 places, Albania was on 56-73, Macedonia was on 74-80, Latvia was on
17-26 and Estonia was on 2 -9 places31. In another international ranking, Doing
30
31
259

Business 2013, elaborated by the World Bank, Moldova was ranked 83 of 185
countries in terms of the ease of Doing Business and 82 by investor protection. Other countries had a better position: Georgia 9th (19 investor protection);
Macedonia 23rd (19 investor protection); Armenia 32nd (25 investor protection);
Albania 85th (17 investor protection). Despite a certain degree of subjectivity of
these ratings, investors usually take account of them in the process of selecting
locations for investment. As a result, countries with better placement in these
rankings (and, therefore, with a better investment and business climate) have
better results in attracting FDI despite the fact that by theoretical potential in
attracting FDI they have a worse position (Armenia, Macedonia, Albania). The
table below proves this. Moldova has the worst position in reference ratings
among peer countries, respectively its results, measured as the stock of FDI
per capita, are the weakest, followed by Belarus, Albania, Armenia, Macedonia
and Georgia. Improving performance in these rankings should be part of the
policy efforts in attracting FDI. And this is not possible without improving the
investment and business climate.
The importance of business climate in successful attracting of FDI is also
mentioned by many specialized organizations, which elaborate comparative analyzes of conditions for attracting FDI in different countries. Thus, the Investment
Climate Advisory Service of the World Bank, in the introduction of the report for
2010, mentions that the factors driving the investment decisions of foreign companies are changing. Seeking for the new business opportunities they are now
more concerned about the financial and political risks, giving priority to stable
and predictable business environment. In response, governments everywhere
recognize that their chances of attracting more foreign investment depend on the
success in creating a more competitive investment climate32.
The importance of creating a favorable business environment for investment activity, stimulating the flow of investment into the country and contribution to the growth of export potential, based on the experience of some Eastern
European countries (Baltic States, Czech Republic and Slovenia) is mentioned
in the Strategy of attracting investment and promoting exports for 2006-2015,
which acknowledges the lack of investment, especially of the FDI in the real
sector of the economy. It also acknowledges that restricted investment activity of economic agents is not only due to limited financial resources, but also
to various administrative barriers in applying legislation, which negatively affect the launch and development of these activities33. Improving the business
environment, according to the Strategy, should serve as a basis for increasing
private investment, especially foreign direct investment. And to this end, the
Government intends to continue implementing reforms to improve the investment environment through regulatory reforms, particularly the simplification of
registration procedures, licensing, permitting, inspection and reporting of enterprises in the launch and development of business; review of legislative acts
32
33
Strategy of attracting investment and promoting exports for 2006-2015, chapter II, p. 50
260
Chapter 2
regulating business activities; limit inspection bodies involvement in entrepreneurial activity, especially bodies that have powers of financial inspection; improving the competitive and fiscal environment by providing tax incentives to
investors, improving the system of tax administration; preventing and combating corruption; simplifying customs and administrative procedures to reduce
the complexity and time required for export operations; improve the existing
judicial system by making it independent, honest and qualified34.
However, although its been about 7 years since the approval of the Strategy,
the situation regarding FDI attraction has not been improved, on the contrary, on
the background of economic and financial crisis, the gap between Moldova and
other countries only deepened, the set goals have not been mostly achieved, and
the Strategy has not become a roadmap for the investment in the RM. This proves
the declarative character of the Strategy and the need for new approaches to attract investment and create an attractive business and investment environment.
2.6.
The Republic of Moldova should take notice of trends and developments of

global FDI flows, while developing its policies and strategies of economic development and, more importantly, take concrete steps towards alignment to them,
in order not to leg behind the global stream, which would perpetuate the current
state or even enlarge the enormous gap in relation to the countries in the region.
The same global and regional evidence suggest that authorities interventions
at the policy level should be directed primarily towards providing a favorable
economic environment. In particular, this includes an attractive business and
investment environment, proper education and training policies to raise labor
force skills, technological policies to develop clusters and public policies on investment, designed to develop safe and efficient transport, communications and
infrastructure networks35.
Thus, the success of Moldova in attracting FDI into the economy and in the
SME sector, as the most representative of its economy will depend mainly on
government policies pursued. In this regard, both economic theory and practice
including the experience of other Central and Eastern European countries, demonstrates the importance of creating an attractive business and investment environment, of pro-active measures for attracting FDI, modernized infrastructure
and improved labor force training. In this context, we consider that the strategies
and policies to attract FDI in the Republic of Moldova should focus primarily on
these issues. This is the only opportunity to reduce the gaps with the other countries in the region. Therefore, the main measures should include the following:
34
35
Strategy of attracting investment and promoting exports for 2006-2015, chapter II, p. 50
Foreign Direct Investment?, the World Bank Research Observer, vol. 19, no. 2
261

Improving the regulatory framework for business activity, tax and customs
administration, reducing state bureaucracy, administrative burden and
corruption, increasing the efficiency and functionality of state institutions
The most important, however, is the actual implementation of all these
measures. Although these ideas are transposed regularly in all programs
and strategies they are rarely implemented, either because of the lack of
political will or because of the states institutional weaknesses
Improving extension services to strengthen SMEs capacities;
Improving the quality of staff by increasing investment in education and
training, including continuous training of labor
Fostering the establishment of clusters based on related activities, particularly in the SME sector. This will be an important incentive for FDI.
Focusing on the areas, or particular activities, where the effects of FDI
are particularly important
Developing infrastructure (production, transport, communications, services);
Intensifying efforts to integrate local companies, first of all SMEs, in the
global value chain. Such integration efforts must seek to increase local
capacity and encourage investment, through direct contact with investors
or the establishment of special economic areas.
The Moldovan investment and export promotion organization (MIEPO)
and regional development agencies should carry out activities to increase the countrys regions attractiveness for potential foreign investors.
Attracting foreign investors by targeted projects taking into account the
specificity of the area and maximization of its potential could contribute to
reduce development disparities between Chisinau and Balti, on the one
hand, and Chisinau and the other parts of the country, on the other hand.
These conclusions and recommendations stem from the research presented

in this chapter. They are based on statistical data analysis, monitoring development and trends of foreign investments worldwide and in different regions by
comparing them with the situation of foreign investments in Moldova and local
investment climate. Below we will refer to the conclusions and recommendations
of participants in discussions of the roundtable Opportunities to attract foreign
investment in SMEs of the Fourth Moldovan-German Forum on SME finance.
These do not differ, however, much from the research findings, which confirm, in
our view, their correctness.
Among the issues of the panel discussion on attracting foreign investments
in the SME sector in the Republic of Moldova there were those related to: lack
of incentives and tax breaks for investors (especially related to annulling the
possibility of including equipment in share capital without payment of customs
duties and VAT, lack of programs and mechanisms to guarantee investment,
lack of support and subsidies for startups); low efficiency of state programs to
262
Chapter 2
finance SMEs (PARE 1+1, PNAET) because of bureaucracy and lack of other
funding tools; large regional discrepancies in the flow of investment with their
clear preference for Chisinau and the need to raise investment attractiveness of
other regions of the country; lack of sufficient skilled workforce that could operate
the sophisticated equipment brought by foreign investors; complex import-export
procedures; tax and customs administration problems (related to the abusive actions of tax inspectors and customs officials, bailiffs, large fines) and insufficient
protection of investors against abuse of these bodies; lack of accountability of
state bodies in taking decisions and action concerning economic agents and
corruption; political emphasis on economic development and state support for
SMEs. The participants in the debate suggested the following solutions:
Amending the tax and customs codes and other regulations relating to
the protection of investors;
Removing barriers to export and import activities;
Simplifying the procedures for access to the state funds supporting SMEs;
Better protection of intellectual property rights and trademarks;
Reducing the tax and administrative burden on business;
Adapting curriculum of educational institutions to the needs of employers
and labor market requirements;
Ensuring a continuous dialogue between SMEs in Moldova and abroad to
reduce financing costs;
Implementing at least 8 pilot projects in 8 districts with the assistance of
international organizations in the field of business development to improve finance conditions and business opportunities in these regions.
263
Capitolul 3 REPUBLIC OF MOLDOVA: CHALLENGES, TRENDS AND PROSPECTS
TAXATION OF SMES IN MOLDOVA
3.1.
Introduction
There have been many discussions about the heavy tax burden in the Republic of Moldova. Actually, Moldova has one of the laxest taxation in Europe36.
For example, in the EU as a whole, the tax rate is a little over 43% of GDP while
in Moldova it hardly reaches 30%. The taxation rate includes all mandatory taxes
and social contributions37.
Legal entities are taxed unequally: although small and medium size enterprises (SMEs) account for 20-30% of the national wealth, their contributions
to the national budget (VAT, income tax, other taxes and fees) and mandatory
health insurance and social security funds (pensions, unemployment, health
and other contributions) are higher than those of state-owned companies. The
gross result of the exercise GRE (the sum of all profits minus the sum of all
losses) for SMEs was approximately twice as high as that of large enterprises.
This makes SMEs the main taxpayer to the state budget. SMEs are also paying the highest amounts to the social budgets since they employ about 60% of
employees nationwide38.
An increased attention paid to the taxation of small and medium business
is not a new issue for Moldova and our region. Practices and regulations in this
area are not well set yet, therefore the discussions of the 4th Moldovan-German
Forum on SME finance are a good opportunity to highlight the problems and solutions suggested by participants in the fiscal relations with the state.
This study presents the results of discussions at this event, summarizing the
identified problems, suggested solutions and possible obstacles to implement
these solutions. But given the relatively low level of awareness of the concept
and rules of taxation in Moldova, the study begins with the definitions of this
concept and conceptual aspects of this issue from an international perspective.
In order to understand better the context of SME taxation, this chapter contains
the general provisions of the Moldovan legislation related to these issues. Taking
into account the previous discussions on tax system issues, this chapter summarizes the current practices and regulations. The following chapters examine
fiscal pressure issues at international and national level. The last chapter reflects
36
37
38
Shadow economy assessment in Moldova. http://www.jurnal.md/ro/news/evaluarea-nivelului-economiei-tenebre-in-moldova-529696/

Does the fiscal policy for 2010 diminish the tax burden? http://www.allmoldova.com/ro/experts/27.html
SMEs under the burden of unfair application of taxation. And employs 60% of Romania employees.
http://economie.hotnews.ro/stiri-finante_banci-14299400-imm-urile-sub-presiunea-inegalitatii-careaplica-fiscalitatea-angajeaza-60-din-salariatii-romaniei.htm
264
TAXATION OF SMSs IN MOLDOVA
the discussions, conclusions and recommendations of the round table Taxation

of SMEs within the Moldovan-German Forum on SMEs finance held on 30 April
2013.
These were the main issues related to taxation of small and medium enterprises in Moldova:
1. Reporting (fiscal and statistics reports)
2. Bookkeeping
3. Tax burden
4. Tax control
5. Tax consultancy
6. Tax facilities
3.2.
Importance of government support for SMEs
The taxation system is the most decisive factor in the development of smallscale economic structures among all measures of governmental financial support39. Small and medium business deals with a wide range of accounting, reporting and taxation systems, compared to other businesses. Several special tax
regimes are used in order to develop small and medium businesses worldwide.
These tax regimes allow creating a favorable tax climate and reducing the tax
burden on businesses40.
Figure 1. Forms of support for small and medium businesses 41
financial
patrimonial
informational
Advisory
FORMS OF THE STATE SUPPORT for small and medium businesses
support in
training,
qualification
and retraining
staff
39
40
41
support
innovation,
industrial
production,
craft
support of
entities having
foreign economic
activity
support of
farming
entities
. . Taxes and taxation. oscow,2005. 618 pages.

.. Taxation and SMEs.// Russian Tax Courier 2005-3 page.17.
Petutschnig M. Sharing the Group Benefits of a Common Consolidated Corporate Tax Base within Corporate Groups // Vienna University of Economics and Business.
265

It is important to determine the opportunity of using one or another type of

taxation by a specific enterprise, taking into account the limits set42. Among the
special tax regimes for SMEs there are simplified tax system (STS) and flat income tax system (FITS). The FITS is used only in certain types of activities and
the simplified tax system is only applied to businesses that meet certain economic requirements.
World practice shows that namely small and medium business is the driving force of the process of modernization and transition to a developed
economy43.
Moldovan companies are forced to adapt to frequent changes in tax legislation and to contradictions of the tax system. This makes difficult longterm planning and forecast of entrepreneurial activity making them shift
to the shadow economy.
This issue is relevant because taxation plays an important role in all market economy relationships and it is an essential aspect of the production
process management44. Taxes are the largest and most important source
of income for the state budget. A proper understanding of the economic
nature of taxation can help use it the most efficiently.
The stability of the small and medium enterprises and their investment attractiveness depend on the efficiency and effectiveness of the tax system45.
A reasonable system of taxation of small and medium enterprises, stemming
from the recognition of the economic and social importance of small business
should rely on the following principles:
small and medium business should not be seen as merely one of the
main suppliers of budget revenues because it is also providing jobs, encouraging entrepreneurial activity, advancing innovation, etc.
equality of taxpayers has to offset, through a tax exemptions and schemes, the SMEs increased risks, limited access to resources and high
marginal costs (to pay debts to the state) in comparison with other economic agents;
stability and simplicity of fiscal taxation;
providing maximum freedom to local authorities in regulation of tax system
features for small and medium enterprises that have a local character46.
Small and medium business development in the Republic of Moldova is
one of the most important ways of solving economic and social problems
at local and central level. The Development Strategy of small and medium
enterprises for 2012-2020 (approved by Government Decision nr.685 of
13.09.2012) stipulates that to accelerate the pace of economic growth,
42
43
44
45
46
. ., . . Evolution of tax system in Russia // Finance and credit-2005-9
page.31.
. . Taxation role in SMEs development: problems and prospects .: , 2009.
Taxes and taxation, . . .- .: 2004.- 502 pages.
266
Chapter 3
poverty alleviation and innovation development it is required to boost the

creation of small and medium enterprises, increase their competitiveness,
and provide more employment opportunities for employees in this sector. Small business development is essential for reducing unemployment,
increasing the real income of population, shaping budgetary revenues,
enhancing competitiveness and, consequently, economic growth.
The rapid development of small and medium business directly depends on
its taxation47.
3.3.
General aspects regarding the fiscal relations between economic

agents with the state
When a person decides to start and conduct an entrepreneurial activity, he

addresses a lot of questions on the legal form of the business: which are the legal
forms, priorities and disadvantages of each of these forms from various aspects
(legal, proprietary, tax, etc.). Often, the fiscal aspect is at the basis of a persons
decision on organizational and legal form of business48:
sole proprietorship
general partnership
limited partnership
joint stock company
limited liability company
cooperative
lease enterprise
After the economic agent is registered as a legal entity or natural person
and receives all the necessary documents from the State Registration Chamber
of the Ministry of Information and Communications Technology (or town hall, for
peasant farms), there appear relations concerning taxes, fees and contributions
between this economic agent and the state. These relationships emerge gradually and can be divided in some stages49:
initial stage registration as a taxpayer;
second stage determining the tax system of the enterprise;
final stage determining and paying taxes and fees in accordance with the
tax and fee system of the enterprise.
At the initial stage the fiscal relations occur regardless of whether the entity
has commenced or not its entrepreneurial activity and include:
47
48
49
.. Taxation and SMEs.// Russian Tax Courier 2005-3 page.17.

Balaban E. Taxation of economic agents. - Chiinu, 2008.
267

I.
II.
III.
IV.
registration as taxpayer (in the State Tax Registry of Fiscal Codes)

registration of bank accounts;
declaring the premises where the economic agent will operate;
registration of cash control equipment
I. Registration as a taxpayer is the

For economic agents who are reassignment of the tax code and registraquired to register with the State Retion in the State Tax Registry.
gistration Chamber of the Ministry
The Fiscal Code is a uniform number
of Communications and Informatiused for tax purposes. It is assigned only
on Technology, the fiscal code is the
once. If the economic agent has not been
state identification number assigned
assigned the tax code, it cannot be regby the ministry.
istered as a payer of types of taxes and
The State Tax Inspectorate asfees (payer of VAT, payer of excises).
signs
the fiscal code to peasant hoThe registration is performed at the
useholds.
Territorial State Tax Inspectorate (TSTI)
in whose jurisdiction the economic agent
indicated in the constituent documents or
the document which allows to do business is situated (has the residence). Registration is carried out basing on a standardized application form approved by the
Main State Tax Inspectorate (MSTI) filed by the economic agent. The recording
of the taxpayers fiscal code in the State Tax Registry confirms the tax registration
of the taxpayer.
MSTI registers legal entities and businesses with natural person status. The
taxpayers must submit:
tax code assignment application;
the registration form issued by the authorized body to record the activities;
a copy of the document confirming the state registration or allowing to
conduct this activity;
a copy of the certificate of tax code assignment;
documents confirming the bank accounts (bank certificate);
a copy of the documents confirming the ownership or use rights (ownership, lease agreement, the documents on the right of management or operational management, etc..) over the building (the part of the building)
and the location;
Information about the founder (founders) or persons who have obtained the right to conduct this activity, the manager and head accountant
(name, surname, date of birth, address, contact information, details of the
identity, IDNP).
268
Chapter 3
II. Registration of bank accounts involves registering by TSTI of all bank

accounts opened in financial institutions.
Upon opening the bank accounts the financial institutions issue the Certificate of opening bank accounts within two working days (current accounts, loan
accounts, etc.). They sent it by post to the MSTI where the account holder is registered as a taxpayer. Based on this certificate, the MSTI shall issue a certificate
of recording the bank accounts within two working days. It is then is submitted
to the financial institution. The MSTI issues the certificate on registration of bank
accounts only to economic agents that have been assigned the fiscal code and
registered in the State Tax Registry. The financial institution has the right to conduct banking operations with accounts opened only after receiving confirmation
concerning the account recording with the TSTI.
III. The economic agent must declare the premises where they will operate. They have to inform the TSTI about the appearance, closing, liquidation
of the premises.
If the economic agent does not have premises for the activity at the time of
registering the tax code in the State Tax Registry, but they appear during the procedure (are rented, bought, built), they have to be declared to the TSTI and this
information has to be changed in the database within 30 days after the conclusion of the contract of lease or putting into operation the premises.
Also, within 30 days after the date of decision about changing premises or
setting (changing location) a subdivision the TSTI must be informed.
IV. Registration of cash control machines means registering all the specialized equipment with fiscal memory recording cash receipts.
Cash disbursements while conducting business activities and providing payment services at all enterprises, institutions, organizations and their subsidiaries,
irrespective of their legal form and type of property throughout the Republic of
Moldova, are carried out with the compulsory use of fiscal memory devices.
In accordance with the Regulation on the application of cash control equipment for cash payment (Annex 5 to the Government Decision 474 of 28 April
1998 on the application of fiscal memory devices for cash disbursements), there
is a List of the types of activities whose specificity allows cash payment without
using cash control equipment.
An activity without cash control machines, if the legislation provides for the
use of this equipment, is punishable under Art.254 of the Tax Code of the Republic of Moldova No. 1163-XIII of 24.04.1997.
After carrying out all procedures required for the first stage, the economic
agent can start the activity without risking fines that can adversely affect its financial situation.
269

3.4.
Interaction of the Republic of Moldova tax system with the

enterprise tax system
The tax system is a single strategy in the financial system of the Republic
of Moldova. According to Article 2 of the Tax Code, the tax system represents
all taxes and fees, as well as the principles, forms and methods for their imposition, modification and cancellation, and all the provisions for securing their
collection50.
Some economists believe that the fiscal system should be viewed more broadly
and that it includes the following elements such as (1) tax system, (2) taxing authorities and (3) tax law. All these links are closely related, because the tax authority
operates on the basis of tax legislation and uses taxes as a source of revenue for
the state51.
The taxation system should ensure the stability of taxes, set an optimal level
of taxation, which would not halt economic activity and worsen the financial situation of individuals and businesses52. Tax legislation has to establish legal rules
setting the taxes and sanctions for non-compliance with fiscal discipline. The taxing authority should conduct the activity of training taxpayers in terms of taxes;
coordinate the settlement and collection of taxes correctly.
The tax system comprises all taxes, fees and other payments conceived in
accordance with current tax legislation. According to Article 6 of the Tax Code,
they include (1) general state taxes and (2) local taxes (see Figure 2).
General state taxes and fees are established by the Moldovan Parliament,
while local taxes and fees, payment terms shall be approved by the Parliament
and have a recommended character for local authorities. In a concrete territorial
administrative unit they are set by the local council Decision on the application
of local taxes on the unit territory. Local governments may establish local taxes
only listed in the Tax Code. Thus, in different regions of the country we can see
various local tax systems.
The tax administration includes all institutions whose activity focuses primarily or secondary on enforcement of tax attributions (Figure 3).
50
51
52
Tax Code of the Republic of Moldova. Law Nr.1163-XIII din 24.04.97.

Problems of business taxation. http://www.kreditbusiness.ru/problems/1791-problemy-nalogooblozhenija-biznesa.html
270
Chapter 3
Figure 2. Tax system of the Republic of Moldova53
Tax system of the

Republic of Moldova
General state taxes

and fees
1.
2.
3.
4.
Income tax
Value added tax
Excise duties
Private tax
1. Customs duty
2. Road taxes
53
Local taxes and fees
Taxes
Fees
1. Real estate tax

1. Fees on natural resources
2. Fee for area development
3. Fee for organization of auctions and
lotteries on the territory of administrative-territorial unit;
4. Fee for placement of advertisements;
5. Fee for use of local symbol;
6. Fee for commercial units and/or
social service provision;
7. Market fee;
8. Accommodation fee
9. Resort fee
10. Fee for provision of passenger road
transport services on municipal,
city and village (commune) routes;
11. Fee for dog owners
12. Fee for parking lots
13. Fee for street trading units and / or
service delivery
14. Fee for waste disposal
15. Fee for advertising devices
Tax Code of the Republic of Moldova. Law Nr.1163-XIII din 24.04.97.
271

Figure 3. Tax administration system.54
Tax administration system
Authorities with powers of tax

administration
Tax authorities
Main State Tax

Inspectorate
Main State Tax

Inspectorates
Teritoriale
Customs
bodies
Court of
Accounts
Tax collection services
within municipalities
The tax authorities of the Republic of Moldova are the main part in the unique
tax administration. They include the Main State Tax Inspectorate and Territorial
State Tax Inspectorates subordinated to the MSTI.
The tax authorities activity is regulated by the Constitution of the Republic of
Moldova, the Tax Code and Laws of the Republic of Moldova, Government Decisions, and decisions of local authorities within their granted powers.
3.5.
Fiscal administration of the company
Every business is involved in a complex relationship with the state. Therefore

it has to establish a fiscal management system of its current activities. Fiscal
regulations often provide the opportunity for using several methods for tackling
the same problem. The consequences of these methods are different, that`s why
it`s impossible to ignore the fiscal management tools.
Taxation has a double aspect. On the one hand, it is reflected in the obligation to pay taxes (in setting the tax burden) influencing the financial situation of
the economic agent. On the other hand, the economic agent can use the tax
principles and methods to improve the financial situation. With proper fiscal management the economic agent can optimize tax payments without slipping in tax
evasion and fraud.
The tax planning can be assessed from two points of view55:
1. efficiency when the decision result is expressed by an essential gain;
2. compliance with legislation when the tax inspection did not detect violations of tax laws.
54
55

272
Chapter 3
The fiscal management of the enterprise is the administration of the tax aspect in order to ensure compliance with the tax legislation and optimize the tax
burden through decisions, so that the obtained gain to justify the effort. Sometimes the best tax choice is not the best solution for the enterprise in terms of
its development strategy. This is explained by the fact that the tax options of the
enterprise have legal boundaries, which have to be respected in order to avoid
tax evasion.
The fiscal management of the enterprise has the following objectives:
Reducing the tax burden;
postponing the tax burden;
ensuring the fulfillment of tax liability of the company at a lower cost;
minimization of fiscal risk.
In all these situations you can successfully use fiscal instruments. Sometimes some components of business strategy have a meaning only in the context
of the tax advantage they provide (tax leasing, creating subsidiaries in free economic zones or tax havens, etc...)
3.6.
Legal provisions on SMEs taxation
The Law on support of small and medium sized enterprises No. 206-XVI of
July 7, 2006 sets up the criteria of assigning the status of micro, small and medium enterprises. Based on its provisions the legislature established a separate
tax regime for small and medium enterprises.
Table 1. Classification of enterprises in micro, small and medium
Classification
criteria
Type
of enterprise
Micro
Small
Medium
Annual average
of the number of
employees
Annual sum of
incomes from sales
Total annual value

balance of assets
maximum 9
persons
maximum 49
persons
maximum 249
persons
maximum
3 million lei
maximum
25 million lei
maximum
50 million lei
not to exceed
3 million lei
not to exceed
25 million lei
not to exceed
50 million lei
Source: art.2 of the Law on support of the sector of small and medium sized
enterprisesno.206-XVI of 07.07.2006
Thus, in accordance with Chapter 7 of Title II of the Tax Code of the Republic
of Moldova (Law No. 1163-XIII of 24.04.1997) income tax payers are treated as
follows:
273

(1) Economic agents that are not registered as VAT payers are subject to taxation, except for peasant households (farms) and private entrepreneurs.
(2) Economic agents corresponding to par. (1) provisions and who, at the
date of December 31 of the accounting period that preceded the fiscal
year, gained income from operating activities totaling up to 100,000 lei
use the taxation under provisions of this chapter.
(3) Economic agents corresponding to par. (1) provisions and who, at the
date of December 31 of the accounting period that preceded the fiscal
year, gained income from operating activities totaling from 100000 to
600000 lei can choose the taxation under the provisions of this chapter
or in the generally established mode (registration as VAT payer).
(4) Economic agents who during the fiscal year become V.A.T. payers will
apply the taxation in the general way established upon registration as
VAT payers.
(5) Economic agents who during the fiscal year, ceased to be V.A.T. payers
will apply the taxation under this chapter upon cancellation of registration
as VAT payer.
(6) Economic agents applying the taxation under this chapter use the rules of
financial statements under Chapter 6 of title II of the Tax Code.
The income from operating activities obtained in the fiscal period declared is
subject to taxation.
The income tax rate is 3%.
The income tax is calculated by applying the tax rate on income from operating activities. The calculation of tax is carried out quarterly and budget payment
is made within one month from the corresponding quarter conclusion.
The deadline for submitting the report on the income tax is March 31st of the
year following the accounting period. The form and manner of filling out the report
is approved by the Ministry of Finance.
3.7.
Tax burden: general approach
Due to their importance, compulsory levies, including all amounts paid by

taxpayers, individuals and businesses to public administrations (taxes, fees, social contributions and other levies with fiscal content) influence directly the taxpayers behavior if these levies are not related to a voluntary decision and are not
accompanied by an individualized immediate and direct compensation,56.
At the macroeconomic level, the tax burden (Tb) exerted by tax levies stems
from the ratio of all compulsory levies and a macroeconomic indicator gross
domestic product (GDP).
56
Gogrnoiu Gh. Improving tax systems in the European integration perspective and contribution to the
formation of revenues (Moldo-Romanian experience). Chiinu, 2007. PhD in Economics thesis.
274
Chapter 3
1) Tb
fees + taxes + contributions

GDP
While evaluating the tax burden we should differentiate mandatory levies

receivable (income tax) reflected by the state claim of right over taxpayers and
mandatory levies actually collected.
Thus we can distinguish:
- an imposed tax burden
2) Pbi
receivable fees, taxes, contributions

GDP
- an accepted tax burden

collected fees, taxes, contributions
GDP
These two levels of tax burden will be reached only in unrealistic conditions,
where the income tax receivable will be collected very effectively. This implies
the fulfillment of tax obligations by taxpayers, in time and exact amount; i.e. fiscal
discipline and a total willingness to tax.
In addition to this objective tax burden at the macroeconomic level, mandatory levies exercise a (felt) psychological tax burden, which measures the tax
tolerance threshold of each tax payer.
Most often, this takes the form of individual tax burden (Itb), which is the ratio
of total mandatory levies incurred by a taxpayer and their total revenues before
taxation, thus:
3) Pba
4) Ptb
total mandatory levies incurred by a taxpayer

total revenues before taxation
The tax burden rate is therefore an indicator measuring the share of income
from the production passing through a mandatory and public process of influence
instead of being left to the discretion of private initiative. One can define the tax
burden as being, actually, the level of taxation, the extent to which taxpayers as a
whole, society, economy bear, according to the results obtained from their activity, taxes and fees in the form of compulsory levies imposed and collected by the
state through legal coercion. It is, ultimately, the share of the income they waive
in favor of the state in a forced and compulsory way,
The consequences of rising tax burden can be manifested by various forms,
including57:
57
reduction of productive efforts, by resorting to the so-called tax abstinence, avoiding the fulfillment of certain operations (limitation of salary
activities) in order to escape the taxes they generate;
Chicu N. The impact of direct taxes on certain socio-economic processes. PhD thesis in Economics.
Chiinu, 2003.
275

political resistance, manifested mainly through categorical demands for

reduction of certain taxes and by making decisions and voting;
risk of inflation through taxation, risk related to the fact that any increase
in taxes affects pricing;
fraud and tax evasion, caused by a high tax burden or its increase.
Specific issues related to tax burden generated a series of attempts by American theorists to rethink the issue of taxation optimum.
In 1974 a prominent offer economist, Arthur Laffer, transposed graphically
an idea expressed by Adam Smith in 1776, according to which too high tax rates
destroy the basis on which they act.
Laffer estimates that there is a threshold of maximum tax burden beyond
which any increase generates a reduction in the tax revenue and this is because
an excessive tax burden discourages the taxpayer (natural or legal person) to
invest, save, produce and work.
According to Laffer curve (Figure 4), the mandatory levies amount is an increasing function of the tax burden rate, but only up to a maximum threshold,
noted by M, which corresponds to the maximum of the curve, after which it becomes a decreasing function of this rate, going to zero if the rate reaches the
theoretical level of 100%.
Figure 4. Laffer curve 58
More specifically, the Laffer curve is divided into two areas:

the left zone, called admissible which stresses the idea that the decrease
in the tax base is lower than the tax burden growth rate resulting in an
increase in budget revenues and
the right zone, called inadmissible, which shows that any increase in the
tax burden is not sufficient to offset the reduction in the tax base, which it
causes, and therefore, results in a decrease in budget revenues.
When taxpayers are within the inadmissible zone of the Laffer curve, they
respond to the high level of taxation either by substituting taxable income by
58
Gogrnoiu Gh. Improving tax systems in the European integration perspective and contribution to the
formation of budget revenues (Moldovan-Romanian experience). Chiinu, 2007. PhD thesis in
Economics.
276
Chapter 3
non-taxable leisure, leading to the substitution effect or tax evasion so that the
total taxable income is reduced, causing the effect of transfer to the underground
economy.
3.8.
The tax burden level in the Republic of Moldova
According to the World Bank data, the total tax rate in the Republic of Moldova is one of the lowest in the region:
Table 2. Total tax rate
Country
Total rate, %
Moldova
Romania
Russia
Ukraine
UE
31,2
44,2
54,1
55,4
43,1
Source: Total tax rate (% of commercial profits). http://data.worldbank.org/indicator/

Note: Total tax rate measures the amount of taxes, fees and mandatory contributions payable by businesses after accounting the deductions and exemptions allowed by law.
Taxes withheld (such as personal income tax) or collected and remitted to tax authorities (such as value added tax, sales taxes or goods and services taxes) are excluded.
This is due to the fact that legislation sets taxes and fees rates, whose level
is one of the most attractive / lower in the region:
Table 3. Corporate Tax Rate
Moldova
Romania
Russia
Ukraine
Income tax
tax rate
SMEs
12
3*
16
16
20
13
19
0**
VAT
tax rate
20
24
20
20
SMEs
20
24
20
20
Sources: Corporate tax rates table. http://www.kpmg.com/global/en/services/tax/

tax-tools-and-resources/pages/corporate-tax-rates-table.aspx and Ukraine: Tax holiday
for SMEs from April 2011. http://www.gw-world.com/en/ostnews-article/ostnews-nr-88/
ukraine-tax-holiday-for-smes-from-april-2011/
* For peasant households (farms)7%.

** For the period April 2011 - December 2015.
277

Thus, with relatively low tax rates (compared to other countries in the region),
the Republic of Moldova has low tax burden (especially for SME sector) and
therefore can claim a status of tax haven. Obviously, the attractiveness of the
economy depends not only on tax rates but also on other factors (including fiscal)
which by their negative effect sometimes prevail over the positive and attractive
conditions created by low tax burden.
From the data of Doing Business 2013 report, issued under the auspices of
the International Finance Corporation and the World Bank we can see that Moldova does not have the highest threshold of tax burden for small and medium
enterprises. Instead, it has an exaggerated number of other problems in tax administration revealing a certain disinterest of authorities.
In this context, Moldova does not have leading position in the ranking of
states in terms of the shadow economy share in GDP, especially compared to
the European Union member states. The EU podium is occupied by states with
significantly smaller economies: Bulgaria (32.5%), Estonia and Lithuania 29.6%),
Romania (29.4%).
The shadow economy level in the world is increasing. If in 1997 the average
level of the shadow economy in the world was 32 %, then in 2009 it reached
36.5%. The study shows that a slight reduction in its level was recorded only in
11 countries.
According to a World Bank report, published in September 2010, the highest share of shadow economy in GDP for the years 1999-2007 was in Georgia
- 68.8% of GDP, followed by Bolivia with 68.1% and Azerbaijan with 63.3%. The
lowest level of the shadow economy was recorded in Sweden - 8.6%, U.S. - 8.8%
and Austria - 9.8%. In this context, the Republic of Moldova during 1999-2006
recorded an average of 45.08%59.
The World Bank report also mentioned that the Moldovan tax structure does
not have major differences, except for one: the share of other taxes in total tax
revenue is higher than in other countries. This is the consequence of a complicated tax system, which includes many small taxes and fees whose manipulation
can modify the tax burden. Over the last decade, the reforms in the budgetary tax
system of some countries led to a certain simplification of the tax system while
the complexity of the system reduces the fiscal policy efficiency and increases
administrative costs.
59
Study by IDIS: Moldova prey of undeground economy and tax evasion. http://viitorul.org/newsview.
php?l=ro&idc=132&id=3986&t=/STIRI-EVENIMENTE-IDIS/Studiu-IDIS-Moldova-prada-a-economiei-subterane-si-a-evaziunilor-fiscale
278
Chapter 3
3.9.
Roundtable participants comments to the Tax Code concerning

taxation of SMEs
Value added tax

The threshold for mandatory registration as VAT payer should be increased
because:
VAT is an additional tax burden for businesses working with the end customer,
such a low threshold leads to an increase in the number of businesses
that chose to be served by dummy companies,
the low threshold increases the administrative burden on tax authorities
(the number of taxpayers per inspector)
Along with this, it is important to reduce the sum for voluntary registration as
VAT payer, because for B2B activities registration as a VAT payer is often an economic necessity. Also, for companies with foreign capital which are major producers and exporters, registration as VAT payer for taxable deliveries of goods and
services starting with an amount of 100,000 lei, often leads to uncharacteristic
transactions for such companies that seek to obtain a VAT registration and start
the process of production by itself.
Tax on income from operating activities
In the fiscal policy for 2010-2011 was elaborated the draft of taxation for certain categories of enterprises with fixed tax that should include:
profit tax,
VAT
local taxes (for commercial outlets, the fee for land use planning, etc.)
The participants argued that his tax would increase the amount of taxes collected, would make the entrepreneurs more confident when starting a business
(accurate estimation of tax depending on the main source of income) and would
provide fewer opportunities for unfair competition (by not paying taxes). These
are the main tax provisions:
for restaurants and bars this tax was calculated based on a fixed number
of seats, the availability of terraces, stages, banquet halls;
for hairdressers and beauty parlors this tax was calculated as a fixed
amount based on the number of seats and the range of services;
or car washings this tax was calculated based on the amount of water
spent.
The forum participants suggested that this tax would at least lead to the development of businesses mentioned above. Similarly, the introduction of this kind
of tax would lead to an increase in the number of cash control equipment used,
because, on the one hand, the tax would not depend on the volume of sales and
on the other hand, the use of cash control equipment is one way for the owner
279

of additional control over employees, and as a result makes the business legal.
With regard to the income tax of 3% for non-payers of VAT, some forum participants have suggested that it is necessary to pay attention to the following points:
Chapter 71 of the Tax Code should be applied only to micro and small enterprises which are provided for by the Law on the support of small and medium
enterprises nr. 206-XVI dated 7 July 2006.
Another suggestion was to apply this tax option only to tax businesses whose
founders are individuals.
Salary
According to participants in the forum, there are two main reasons for not
paying official salaries:
1. substantial expenditure of small undertakings for mandatory health insurance and social security contributions of employers;
2. the employees of these enterprises are not interested in getting official
salaries.
Practice shows that those interested in official salary basically are:
employees who have already received or intend to get a bank loan because the bank needs to assess the solvency of the employee and it uses
official information (certificate from work, income tax statement for the
previous period);
individuals who are in pre-retirement age (usually 5-7 years before retirement age) and wish to get a higher pension;
young families that plan to have children.
Thus, in order to have fewer cases of wage payments in envelopes, participants suggested the following solutions60. For small businesses that meet all the
following requirements:
annual turnover (sales) up to 3,000,000 lei,
number of employees is not more than 10 persons
to combine mandatory health insurance contributions paid by the employer
(3.5%) and social security contributions (23%) and set this combination in absolute value for each employee, paid quarterly based on the average number of
staff.
The volume of absolute value to be computed annually, at a rate of 20% out
of 80% of average salary in the economy set by the government. The share of
80% is proposed only for Balti and Chisinau, for other cities - 65% and for rural
area - 50%.
As a result, the entrepreneur will know from the very beginning that it makes
no sense to calculate the salaries of the employees at less than 60% of the average monthly salary (in 2013 it equals 2310 lei), because they still pay social
security and health insurance contributions from this sum. At the same time,
employees will get an official salary and collections from income tax, as well as
60
The share of shadow economy in GDP reached 40 percent. http://gagauzinfo.md/index.php?newsid=875
280
Chapter 3
mandatory individual health insurance and social security contributions will be

paid from the complete salaries of the employee.
3.10.
There are five key issues related to the taxation of small and medium business:
1. The current tax system in the Republic of Moldova does not sufficiently
encourage the investment in SMEs sector. At the national level, small
and medium businesses can not pay their income taxes because at an
early stage of development they have no income (taking into account the
need to make other mandatory payments: registration, licensing, patent
receipt).
2. The taxation of SMEs does not have sufficient connection with the production characteristics of the activity, which, therefore, inhibits the development of small and medium business.
3. Under the conditions prevailing in the economy of the Republic of Moldova it would be more efficient to apply corrective tax tools. Unlike those
neutral they will steer entrepreneurial activity, investment and labor force
towards key branches of national and local economy.
4. Equality of taxpayers has to compensate for SMEs, through tax exemptions and systems, the increased risks, limited access to resources comparing to other economic entities, offering maximum freedom to local governments to regulate the tax system parameters for small and medium
enterprises which, first of all, have a local specific character.
5. Currently, the fiscal potential of SMEs tax system is not exploited enough
due to the erratic operation of tax forms, which are isolated from each
other.
In order to improve the taxation system of small and medium business the
following ways were suggested:
regulation of interest rates for interbank loans, as well as the loans granted to real sector. Setting a limit for the difference between the interest
rate at which the National Bank offers loans to commercial banks and
interest rates of loans granted to the real sector (not more than 3%);
introduction into the local administration staff of a post of special representative at the level of deputy mayor or vice-chairman of the district that
would deal with the system and the number of inspections of small and
medium enterprises.
Other tax and accounting problems in the SMEs activity are as follows:
I. The need to keep accounting records in compliance with the National
Accounting Standards and presentation of financial and statistical statements to authorities. These obligations are usually quite costly for SMEs
281

and require special knowledge. So it is needed to hire people to perform

this duty which, in turn, entails additional expenses for SMEs.
II. Restricting the number of activities permitted under entrepreneur license.
In the recent years significantly shrank The number of activities permitted
under entrepreneurial license reduced over the recent years and many
SMEs are already required to register a limited liability company to be
able to conduct these activities, respectively, to keep accounting records
and submit all required reports.
III. The relatively high number of fees to be paid by SMEs (general and local). It would be useful to examine and propose a reduction of the number
of fees for SMEs and simplify the procedure of their payment.
IV. Annulment of tax incentives for SMEs. Previously, SMEs benefited from certain tax incentives especially on income tax and for creating new jobs. Currently, the income tax rate was set at 12% and all tax incentives for SMEs
were abolished. Thus, it is needed to examine additionally the suggestions
relating to the re-establishment of certain tax incentives for SMEs.
V. The huge and contradictory number of fines for tax violations. Under the
Tax Code there was established a number of fines for tax violations. In
some situations according to tax inspections the sum of fines can exceed
the sum of tax calculated by the tax inspector. At the same time, the procedure for contesting the tax inspectors actions is quite complicated and
usually the decisions are no longer amended. That is, the tax authorities
do not take into account the economic agents arguments concerning
examination of disagreements on the inspection process. It is needed to
approve a simpler control scheme for SMEs than for large companies.
Thus, summarizing the above, we can say that the multitude of social problems: lack of jobs, low wages of employees in the public sphere, dependence
of the immature business environment on decision makers, privatization carried
out hastily, Moldovan agribusiness complex destruction, monetary crisis in 19911994, the emergence of interests while distributing economic and political influence areas, lack of regulatory mechanisms of economic processes in the new
conditions, extremely corrupt judicial system - all these lead to the inevitable
emergence of shadow (illegal) economy.
So in order to get closer to Western practice, we would need improvements
in the business environment able to halve the share of shadow economy in GDP.
Reducing tax evasion can be achieved either by toughening constraints or by
providing incentives for voluntary compliance, or by a combination of them. Unfortunately, the first version has already shown that it generates perverse effects,
affecting adversely the law-obedient economic agents as well, with an inhibitory
effect on economic development as a whole.
The second option was used less without taking into account the measures
already implemented in other countries. For example the refund of a part of VAT
to the consumer or the conduct of a tax bills lottery have already gave good results in other countries.
282
eBANKING: ADVANTAGES AND OPPORTUNITIES FOR SMES ON THE

REPUBLIC OF MOLDOVA MARKET
Chapter
Capitolul4 4
EBANKING: ADVANTAGES AND

OPPORTUNITIES FOR SMES ON THE
4.1.
Introduction
The Internet has

brought
unprecedented changes in society. Spread across the
globe, the Internet has
redefined the methods
of communication, work,
study, education, interaction,
entertainment,
health and trade. Facilities and opportunities
offered by the Internet
have led to the development of electronic commerce and electronic financial services.
Table 1: Individuals in Europe using the Internet

for Internet banking by country:
% of individuals aged 16 to 74 years
Countries
EU (27 countries)
Czech Republic
Germany
Estonia
Spain
France
Italy
Romania
Slovakia
Sweden
Great Britain
2010
36
23
43
65
27
50
18
3
33
75
45
2011
37
30
45
68
28
51
20
4
34
78
:
2012
40
34
45
68
32
54
21
3
40
79
52
What is eBanking?
The eBanking, i.e.
Source: Eurostat
electronic banking represents the use of electronic means to conduct banking transactions via the Internet (transfer of funds directly from one account to another, view excerpts, informing on accounts, etc). These services reduce the time spent and cost of the
transactions.
The advantages of ebanking services for SMEs:
Comfort. Online banking is available 24 hours a day, seven days a week,
and its just a click away.
It saves time while receiving and processing documents submitted to the
bank. Like this you do not have to get to the bank and can avoid the queues at the counter.
Allows processing and operating bank accounts outside the bank.
283

Provides a higher level of protection of accounts than by fax or phone.

Allows you to send and receive information in a unified format.
Enables SMEs to choose the bank regardless of its location.
The disadvantages of eBanking services for SMEs:

May require extra equipment and higher qualification of staff.
Online banking requires time to retrain staff to work with electronic documents.
Upgrades in applications / websites that happen at certain times can lead
to some discomfort in adapting to them.
4.2.
Ebanking services in european countries
In developed countries but also worldwide there is a preference of financial institutions customers to use online services to the detriment of the counter.
Young customers, well educated and with higher incomes choose to use the
Internet and mobile channels.
While the online environment is becoming a hub of relationships with customers and e-banking is growing rapidly, the subsidiary is heading (in long-term)
towards a lack of utility. eBusiness and banks in developed countries tend to use
and popularize electronic channels to increase online sales and other eBanking
services.
In developed countries the most widespread distance banking services are:
Internet banking (including PC Banking), Mobile Banking (which includes other
services such as SMS Banking), ATM (Automated Teller Machine), POS terminals.
Internet banking is omnipresent on the European Community market. It provides the following services:
Non-transactional:
Viewing account balances
Viewing recent transactions
Downloading bank statements, in Excel, PDF format
Ordering cheque books
Downloading applications for M-banking, E-banking, etc.
Transactional:
Transfer of funds between the customers accounts
Paying third parties, including bill payments
Investment purchase or sale

284

Chapter 4
Loan applications and transactions, such as loan repayments
Register utility billers and make bill payments
Management of multiple users having varying levels of authority
In Sweden, which is European leader, 79% of people use Internet banking

services It is followed by Estonia with 68%. In Europe overall about 40% of the
population are users of Internet Banking. In Romania, only 3% of the population
uses e-banking services.
Other services and electronic channels offered by banks include: Mobile
Banking and SMS Banking, which are currently ordinary services offered by
banks. It is a system that allows customers of financial institutions to conduct
financial transactions by mobile phone.
Mobile Banking includes access to:
Account information
Mini-statements and checking of account history
Alerts on account activity or passing of set thresholds
Monitoring of term deposits
Access to loan statements
Access to card statements
Mutual funds/equity statements
Insurance policy management
Payments, deposits, withdrawals and transfers
Cash-in, cash-out transactions on an ATM
Domestic and international fund transfers
Micro-payment handling
Purchasing tickets for travel and entertainment
Commercial payment processing
Bill payment processing
Peer to Peer payments
Withdrawal and deposit at banking agent
SMS Banking is a type of Mobile Banking, a service offered by banks to
their clients, allowing them to operate selected banking services over their mobile
phones using SMS messaging.
The client may receive alert messages about what is happening in his
bank account, such as large withdrawals of cash from the ATM or a large
payment using the customers credit card, etc.
Another type of message is OTP (one-time password). OTP is the latest
tool used by banking and financial service providers in the fight against
285

cyber fraud. Instead of traditional memorized passwords, OTPs are required from consumers each time they want to perform transactions
using the online or mobile banking interface. If the request is received,
the password is sent to the consumers mobile via SMS. The password
expires after being used or after the scheduled period of validity has expired.
SMS banking is also
used for account balance
enquiries or requests for
current information such
as currency exchange
rates, deposit interest
rates as published by the
bank. The banks client
has the option to select
from a preset list of alerts
the information they wish
to receive on the phone.
Depending on the option
chosen, a customer may
be authorized to carry out
either non-financial transactions or both types of
transactions:
financial
and non-financial.
Table 2: Level of Internet access of households in

European countries, %
Countries
EU (27 countries)
Czech Republic
Germany
Estonia
Spain
France
Italy
Romania
Slovakia
Sweden
Great Britain
2010
70
61
82
68
59
74
59
42
67
88
80
2011
73
67
83
71
64
76
62
47
71
91
83
2012
76
65
85
75
68
80
63
54
75
92
87
Source: Eurostat
List of major services via SMS:

Periodic account balance reporting (for example at the end of month);
Successful or un-successful execution of a standing order
Successful payment of a cheque issued on the account;
Insufficient funds information;
Information on large value withdrawals on an account;
Receiving an One-time password and its authentication
Account statement request
Bill payment
Transfers between customers own accounts
Stop payment, transfer instruction on a cheque;
De-activating a credit card when it is lost or the PIN is compromised
Foreign currency exchange rates enquiry;
Fixed deposit interest rates enquiry.
eBanking services depend largely on the availability of Internet for households (population) because the population is the main consumer of e-banking
286

Chapter 4
and e-commerce ser- Table 3: Share of e-commerce turnover in

European countries, % of total
vices. In European countries the level of Internet
Country
2010
2011
2012
access for households is
14
14
15
much higher than in RM. Europe
13
14
14
This is shown in the table France
below.
Czech Republic
19
25
24
The European av- Germany
18
17
17
erage household InterSpain
11
11
14
net access is 76%. The
Italy
5
5
6
highest level of 92% is
11
10
13
in Sweden. In Romania Estonia
54% of all households Romania
4
3
4
have access to the Inter- Slovakia
11
16
12
net, while their share in Great Britain
16
18
19
the Republic of Moldova
18
19
20
is only 35%. However, Sweden
there has been significant
Sursa: Eurostat
progress over the last 3
years in our country.
eCommerce i.e. the commerce via Internet is quite widespread in Europe.
This is an important service in the selling activity of European SMEs. The table
below shows the share of e-commerce turnover in the total.
The largest share of eCommerce is in the Czech Republic - 24% of the total,
followed by Sweden and the UK with 20 and 19% of. In Europe the share of ecommerce is 15% of total turnover. In Romania only 4% of l sales is carried out
via eCommerce.
4.3.
Premises of electronic banking financial services in the Republic

of Moldova
eBanking services can develop concurrent with the increase in the level of
electronic technological development of both business environment and the population as a whole, the culture to use new technological tools and their absorption
capacity. The potential of population to use these services is a key factor in the
development of eBanking and eCommerce.
According to statistics, in 2012 in the Republic of Moldova, over 417,000
subscribers had access to the fixed Internet. 20 600 of them are legal entities and
388 700 are households. It means that more than a million people have access
to the Internet. There is a sharp increase in the penetration rate of technologies.
The evolution of Internet access over the last three years can be seen in the
figure below, presenting the share of households in the Republic of Moldova that
had access to the Internet in 2010-2012.
287

Figure 1: Internet access in dynamic
Degree of household penetration, %
Source: ANRCETI National Regulatory Agency for Electronic Communications and

But the actual number of Internet users is higher. In 2012 there were more
than 178 thousand users of mobile Internet, including over 154,000 individuals
and over 24 thousand legal entities.
Table 4: The number of mobile internet users /subscribers
Year /subscribers
2011
2012
19.741
24.094
105.072
154.365
124.813
178.459
Type
Economic agents
Natural persons
Total Mobile Internet users
Source: ANRCETI National Regulatory Agency for Electronic Communications and

In comparison with the previous year this figure rose by 43%. The number
of individual subscribers increased by 46.9% and that of legal entities by 22%.
At the same time, over 27% of mobile subscribers accessed the Internet from
their mobile phone through 2G/3G/4G networks as an additional service to voice
service.
The electronic media made astonishing progress despite the economic crisis
and currently one third of the population and 40% of businesses have Internet
access. This degree of electronic technologies penetration can be considered
as a solid foundation to foster the development of electronic financial services
in the Republic of Moldova and a strong justification of the profitability of making investments in technology solutions and in eBanking and eCommerce product platforms. The improved legal framework, the new law on electronic money,
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Chapter 4
along with eGovernance project that is currently being developed by the Republic
of Moldova Government will boost both the accelerated expansion of the penetration rate of Internet access and the use of the potential offered by the digital
environment for providing financial banking services.
A complementary product which stimulates eBanking and eCommerce services is the bank card both for business and individuals. In this segment, according to statistics, at the end of the first quarter of 2013 over 1 million cards
(1,056,035) were in circulation. During the first quarter of 2013 there were carried
out operations worth 5.1 billion lei. 95% of them were cash withdrawals and only
5% were used for non-cash payments. At the same time the number of POS terminals increased by 19% in the first quarter of 2013 compared to the same period
last year. Thus, despite a favourable environment and availability of technological platforms, the card users remain loyal to cash transactions.
Moreover, the share of non-cash payments in the country with cards issued
abroad is 29.6%, indicating that foreign cards holders have a higher degree
and culture of cashless payments than the local card users.
Meanwhile, of all transactions made abroad with cards issued in the Republic of Moldova, 76% are non-cash payments. Thus we may conclude that the
environment abroad discourages the use of cash.
4.4.
The need for eBanking services for small business
Since the digital environment is sufficiently developed, it is important to assess the potential, importance and necessity of eBanking services for small business.
According to statistics published at the end of 2012, in the Republic of Moldova there are 38300 micro enterprises, 9600 small and 4500 medium enterprises.
It means that there are 49 400 SMEs of a total of 50 700 companies. In the total
number of SMEs, the largest share of 77.5% is that of micro enterprises (with up
to 9 employees and annual sales and asset values up to 3 million).
Small businesses (including that micro) mostly need the following banking
services:
to make a series of payments / transfers, budgetary payments,
pay salaries to some employees,
facilities for the employer, a business card for making purchases,
consultation of account, statements,
for retailers - cash deposit services, POS terminal for credit card customers,
overdraft to cover the gap in time to pay the bills, short-term obligations,
lending for investment and permanent capital.
In order to assess the needs of eBanking services for the small business,
there were held interviews with representatives of small business mostly from
289

micro companies. These interviews sought to analyze the business environment

in terms of demand for eBanking services, the potential and desire of small business to use eBanking.
Most respondents declared that they use Internet banking, and their need is
limited to the following services:
payments in MDL, some have mentioned the need to make payments 24/24
currency payments
currency conversion
consulting the account, bank statement
due to the relatively small number of transactions made by small business,
there were no demands for import / export of data from internet banking systems,
contrary to the requests of large companies that have frequent payments.
eCommerce, which would lead to electronization of small business customer
payments, is a feature that has aroused interest of about 50% but none of them was
interested in such service providers and was going, in the near future, to examine
the opportunities of selling their own products / services via eCommerce. Thus, currently there is no real demand for such services from small business.
To ensure the mass development of eCommerce and respectively the use
of electronic payments by population in its relations with small business several
requirements should be met. A primary condition is that the small business provides comprehensive information about its services and products and pricelists
for customers in electronic format. A product or service can be purchased only
after customers get full information about it (their technical characteristics, the
delivery terms and the price). Without a culture of informational transparency
distance payment platforms are absolutely useless.
Thus, if mostly, respondents had a company website, then very few had published the nomenclature and price-list of their goods and services.
Currently this potential is exploited successfully by large companies; the
small business is just beginning to digitize information about its products. Without
developing the culture of electronic communication concerning small business
products and services, eCommerce can not be considerably expanded in this
type of companies.
4.5.
Ebanking provided by banks in rm
In Moldova eBanking offer includes the following services:

Internet Banking
Mobile banking (which includes SMS Banking)
ATMs
POS Terminals
The analysis of eBanking services offers shows that all 14 banks on the market in the RM offer Internet Banking for legal entities and 10 out of 14 provide this
service for individuals.
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Chapter 4
Table 5: List of operations offered through Internet banking for legal entities:
Operation
Payments in lei
Currency payments
Electronic submission of supporting documents for currency
payments
Currency conversion
Supplying business card from the current account
Supplying current account from the business card
Extract (export) data from Internet Banking
Import data in Internet Banking
Mobile version
How many banks

offer the service
14 of 14
14 of 14
2 of 14
14 of 14
10 of 14
7 of 14
13 of 14
12 of 14
2 of 14
Source: compiled by the author
In the banking system, 22% of corporate customers are connected to Internet Banking and they carry out about 60% of transactions. And less than 6% of
individuals, who are bank customers, use Internet Banking.
While choosing a certain service an important factor for any company, particularly for SMEs, is cost. Internet Banking Costs for enterprises vary from one
bank to another:
6 Moldovan banks do not charge fees for connecting to Internet Banking;
other banks charge between 100 and 250 lei.
The monthly fee ranges from 0 to 100 lei, on average 50 lei per month.
Tariffs set by most banks for transfers within the bank, made at the counter, on paper, are within 2-4 lei and for Internet banking these costs are
reduced to 0-3 lei.
Transfer costs for clients of other banks, at the counter, on paper, are 5-6
lei and for Internet banking these costs are reduced to 3-5 lei.
We see that eBanking services costs are not high and connection or service
fees (when charged) are largely compensated by the discounts offered for payment orders. Thus the cost of these services is rather a negligible factor in the
decision to access eBanking services.
Mobile banking is less spread in the RM. It is rather a product designed for
individuals while making insignificant payments or is used as a related eBanking
service by legal entities for notification and consultation of account. Given that
in Moldova Internet banking for individuals is just beginning to gain momentum,
currently, these incipient products are proposed only by 2 banks.
It is recommended to develop mobile banking particularly for individuals because the relatively simple format of operations is compatible with the small size
of mobile phone screens, but it is also a convenient option for business custom291

ers when there is a need for an urgent unitary operation outside their headquarters.
SMS banking is declining, being outdated from the technology point of view,
including for low security reasons, and at present it is used more as a related
eBanking service for short notifications and information requests.
One of the important elements of eBanking services is the bank card system. The cost of maintenance and operation with cards is a significant factor
in their widespread use. Banks currently offer solely cards of foreign operators
(MasterCard and VISA). Thus, licensing and maintenance costs are quite high.
In Germany and France, for example, about 60-70% of the payment cards are
issued by national operators with national coverage, their cost being significantly lower than that of international operators. Card operating services could be
cheaper if there were a national card operator. The use of national operators
cards is welcome for salary projects, social payments and bonus projects for
retailers with a national circulation. Historically, Moldova had a national operator
- MoldCard System founded in 1996 - the first and only national operator that existed in the Republic of Moldova. But due to the lack of demand for these services
it withdrew its services from the market. Such a national system could reduce
transaction costs with the card and the operating costs of eBanking services by
individuals. The NBM could encourage such a project, especially because it has
among its strategic objectives reducing cash in circulation and promoting noncash payments in the Republic of Moldova.
4.6.
The 33% penetration rate of Internet solutions among the population

and 40% for enterprises is a fertile platform for the development of distance
banking and financial services. The improved legal framework, the new law
on electronic money, along with the eGovernance project that is currently being
developed by the Republic of Moldova Government will contribute both the accelerated expansion of the penetration rate of Internet access and the use of the potential offered by the digital environment for providing financial banking services.
The ever increasing percentage of people with access to the Internet is
quite high, owing to the low price of Internet on the market in the RM. This is a
factor that creates a proper environment for the use of eBanking services. But
this growth is quite slow. Although electronic environment is favourable for the
use of eBanking services and banks offer them at very low cost or even for free,
only about 6% of individuals who have bank accounts use eBanking services.
The population is not ready to pay for eBanking services: per authorization, or
per click, or per month. It is very difficult, especially for small business and small
traders, to operate and use extensively distance solutions without the active involvement of individuals. The cash being an inexpensive product for private
customers and traders; population and traders do not rush to give it up in favour
of electronic payment solutions.
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Chapter 4
Another factor discouraging distance solutions is that Moldova is a small

country and most of the economic life is concentrated in Chisinau. Therefore
most transactions take place face-to-face between the end consumer and the
supplier of a good or service.
Currently, all banks in the country provide services and products that
mostly meet the needs of the SMEs and micro companies. In fact studies in
developed countries, and Moldova is no exception, clearly indicate that the
driver of banks technological solutions are large corporations carrying
out a large amount of transactions. Their operations are significantly more
sophisticated usually with extensive cross-border geographic scope. For them
the benefits from the use of new technologies offered by financial institutions
are more important. Then, these technologies are implemented and adapted
for small and medium enterprises. For example, in eBanking, import and export features of payment orders and other data in various formats (dbf, xml,
vcf applications as 1C, SAP etc.) have a major effect on large companies running hundreds and thousands of transactions per day. Interfacing solutions
with their own software offered by Internet Banking for corporate customers
may be a critical factor in deciding for the solution of a bank or another. SMEs,
with their relatively small number of payments, do not find such a service as
important but yet, later on by progressing and absorbing new technologies
(automated accounting) they can benefit from this functionality to optimize and
streamline the time spent for recording bank transactions. The fact is that the
requirements of SMEs in the electronic domain will follow those of large corporations and what is becoming current for SMEs most often has already been
implemented by banks under pressure from large corporate customer requirements. In Moldova, this progress goes on similarly to the other countries of the
world with market economies.
The cash cost is one of the essential factors that discourages currently the
progress of digital technologies in the banking sector, especially of eCommerce
solutions.
Cash operations in the Republic of Moldova are significantly cheaper compared to those in the European Union. Moreover a range of transactions, particularly those offered to the public, are free of charge. We will not go into the details
of social-economic and political factors underlying the low price of processing
cash transactions. The fact is that as long as this price is lower or slightly higher
than the price of electronic services, businesses and people will continue using
it. In particular, because apart from the custom inertia of using cash, cash operations enable tax evasion, salaries paid in envelopes, etc.
It is obvious that, in these circumstances, solely the banking community effort will not lead to significant progress in the short and medium term. It is worth
mentioning that the prices of services provided by Internet Banking are often
lower than the counter services. This is an incentive for businesses to use more
widely eBanking services but it is a minor factor, not attractive for customers if
cash transactions prices are very low as well.
293

eCommerce progress would bring both SMEs and their customers in the field
of electronic transactions. But the degree of electronic financial intermediation of
population in Moldova is reduced and SMEs have a high degree of passivity in
the virtual world. The electronic information services are also underdeveloped
and there no, yet, conditions that would require the development of eCommerce.
The wide use of cards is discouraged by the lack of a national operator.
This makes their operational costs rather high both for traders and international
cards procurement by individuals. eCommerce costs are quite high as well (for
instance for of transactions, payments for services / products / ecommerce). The
costs of these services vary within the range of 2-7%. According to the rules of
payment systems (VizaCard and MasterCard), these costs should be withdrawn
from the transaction amount from the seller. In this case, the seller of servicegoods has no right to impose additional fees on the value of goods / services.
The price of services and goods purchased should already include these tariff
costs. For many types of activities such fees and commissions reduce profitability and businesses become unprofitable.
Fast pay solutions would be an alternative to replacing cards while making
payments. But to date only terminals allowing payment of a range of services
outside the banking offices have proven to be reliable, which eventually are also
limited to cash collection from the population. The new law on electronic money
could foster the development of electronic payment solutions.
A special place in these future solutions is that of the security level of operating the system. Ensuring this ellement can lengthen the process of developing
and implementing new IT systems and increase budget pressure on IT implementers. And electronic frauds are growing exponentially worldwide.
Thus, the conclusions on the relationship of SMEs and Internet Banking solutions are divided into two distinct areas:
A. Electronic services of SMEs while dealing with banking and financial
institutions(services and transactions related to their own bank accounts):
1. Under the pressure of large corporations, commercial banks offer Internet Banking services that generally meet the SMEs requirements. Thus,
most often these services fully meet the needs of the SMEs electronic
servicing. All 14 banks offer Internet banking solutions for legal entities
and this market is quite developed.
2. The tariffs set by banks for Internet Banking solutions are quite low and in
many cases their service is free of charge. Most often transactions through Internet Banking have a lower cost compared to the standard price.
B. Electronic services of SMEs while dealing with their customers, in particular with individuals. eCommerce services market:
1. The premises for ecommerce and massive transactions between SMEs and
their customers (especially individuals) are not fully developed at this stage.
294

Chapter 4
2. SMEs do not use all Internet opportunities for providing customers full
information about services and goods. The underdeveloped character of
this segment, leads to a situation when ecommerce does not have a platform for implementation.
3. Cash processing for SMEs is cheaper than the price paid for ecommerce
solutions. Cash sales favor tax evasion and do not provide an incentive
for SMEs to use electronic solutions.
4. The cost of cash operations is too cheap (in many cases free) to motivate
people to shift to electronic payment solutions, including in their relation
with banks.
5. Although Internet penetration rate among the population is high, the use
of internet banking by individuals is extremely low.
6. Despite the fact that demand in this segment is low 10 banks of 14 offer
Internet Banking for individuals.
295
Capitolul 5 REPUBLIC OF MOLDOVA: CHALLENGES, TRENDS AND PROSPECTS
CONCEPTUAL FUNDAMENTALS
OF FINANCING THE AGRICULTURAL SECTOR
AND ACCESS TO FINANCE
5.1.
Introduction
Agriculture continues to be very important for sustainable development and

poverty reduction. However, financial constraints in agriculture remain ubiquitous; they are costly and unfairly distributed, severely limiting the ability of SMEs
and micro agribusinesses to compete. Sudden and dramatic changes in food
prices have revealed the vulnerability of agricultural production to meet global
demand, claiming considerable investment in agriculture. The question is how
the investment volume required for agriculture can be acquired especially in a
challenging environment in which the financial uncertainty causes a reduction in
the available resources associated with an attitude reluctant to risk. A response
in addressing these constraints goes beyond conventional measures, the agriculture always being difficult to finance through formal financial institutions and
approaches.
The environment for rural finance is still influenced by the growing concentration of control in agriculture. Driven by gains from economies of scale and
globalization of the food chain, associated with access to resource, multinational agricultural enterprises and other economic entities related to them have
an ever increasing impact in a sector, which is characterized by increasing
vertical and horizontal integration. The consequences of intense integration are
profound, especially for small farmers and others who are beyond the chains
interconnected.
Agriculture is evolving towards a modern, highly competitive system driven
by consumer demand for higher value and with a higher degree of processing
products, consistent quality standards and safety.
Consequently, the increase in agricultural productivity and competitiveness
of small and micro enterprises and their participation in these global value chains
were identified as priorities on the agriculture-for-development agenda61.
These arguments determined the roundtable topic Strategies for Financing
SMEs in the agricultural sector carried out in the framework of the 4th MoldovanGerman Forum on financing SMEs as being very timely and having a hard to
overrate significance.
61
296
CONCEPTUAL FUNDAMENTALS OF FINANCING

THE AGRICULTURAL SECTOR AND ACCESS TO FINANCE
5.2.
SME sector in the republic of Moldova agriculture: General

characteristics and activities performance
Agriculture enterprises accounted for 5% in the total number of enterprises

in the national economy in 2011. In terms of efficiency, agricultural economic
units were below the average of economic agents in the national economy. Thus,
their share in terms of the average number of employees was 9% and they had
a share of 3.4% in the sales revenue and 2% in the value of profit.
In 2011, SMEs accounted for 97.6% of all enterprises in the national economy and 97.6% of the total agricultural companies (Table 1).
In the structure of SMEs in agriculture, medium enterprises had in 2011 a
share of 9.0%, small enterprises 34.9% and micro enterprises 56.1%.
47970
7258
101
National
economy
Agriculture
National
economy
Agriculture
49444 300223
73057
1084
National
economy
Agriculture
National
economy
Agriculture
2538
16184 19307
660
Number of enterprises that incurred

losses
Number of enterprises that had profit
Number of enterprises that have no

income from sales
Financial result:
profit (+) / loss (-)
million lei
4707
Agriculture
50681 519882
Sales revenue,
million lei
Average number of
employees persoane
Total by
category
211759
Micro en- Small en- Medium

terprises terprises enterprises
National
economy
SMEs,
total
Number of
enterprises
Table 1. SMEs activity in agriculture compared to that of SMEs in the

national economy in 2011
26547
976
1440
16095 18565
26066
2477
1538
36246
87577
4930
24892
-53
394
659
99
937
910
1418
599
222
17728
2283
29
129
93
9570 122214
38344
716
907
5333
3958
50
423
432
15089 12322
21509
864
14824
2262
-42
38336
90432
9821
-25
1391
3694
385
-41
Source: elaborated by the author based on the NBS data
297
607
385
893

Figure 1. Agricultural SMEs by capacity to

We remind that in
generate profit, 2011
accordance with Law
206 of 07.07.2006 on 1000
the support of small
numrul deofntreprinderi
carewith
nu auno
number
enterprises
893
and medium sized envenituriincome
din vnzri
900
sales
terprises, in the Re800
public of Moldova small
number
of ntreprinderi
enterprises care
that au
numrul de
obinut profit
and medium enterprisobtained
profit
700
es sector consists of
607
all micro small and menumrul de
number
of ntreprinderi
enterprises care
that au
600
suportat pierderi
dium enterprises.
operated
at a loss
A micro enter500
423 432
prise is the economic
385
400
agent that meets the
following criteria: an300
nual average number
of employees up to 9
200
129
persons, the total an93
100
nual sales revenues
50
2
not more than 3 million
0
lei and the annual balMedium
Small
Micro
ntreprinderi
ntreprinderi
ntreprinderi
ance sheet assets not
enterprises
enterprises
enterprises
m ijlocii
m ici
m icro
exceeding 3 million lei.
A small enterprise
is the entity that meets
the following criteria: annual average number of employees up to 49 persons, the
annual sales revenues amount not more than 25 million lei and the annual balance sheet assets not exceeding 25 million lei, except for economic agents that
fall under the definition of micro enterprise.
A medium enterprise is the economic agent meeting the following criteria:
annual average number of employees up to 429 persons, the annual sales revenues amount not more than 50 million lei and the annual balance sheet assets
not exceeding 50 million lei, except for economic agents that fall under the definitions of micro enterprise and small enterprise.
Of the total number of medium enterprises in agriculture in 2011, 41.9% operated at a loss, 58.1% (129 business units) obtained profit. In the case of small
enterprises, 50% incurred losses, 49% reported profit. The situation is even more
dramatic for agricultural micro enterprises: 64.2% of them had a negative financial result, and only 27.7% of them were profitable.
The following factors determine the poor financial performance of SMEs and
micro agricultural enterprises:
small size of the agricultural economic unit (household) and land tenure.
Increasing the size of agricultural entities is essential to improve the financial and economic performance in agriculture;
298

5.3.
Chapter 5
high risks characteristic of farming;

economic performance of farmers under the impact of agricultural specificity experiences distinct fluctuating evolutions with direct impact on their
financial potential;
insufficient training of farmers in the economic and financial fields;
low competitiveness of agricultural products, both on domestic and foreign markets. The situation is worsened by the slow pace of modernization
of enterprises in agriculture and manufacturing.
Agricultural subsidies: Pros and Cons
Government spending, both capital and the current ones have been considered to be, for a long time, the main tool of agricultural policy pursued by
government authorities. These expenses become subsidies if their costs are not
recovered from the beneficiaries. Budget subsidies are explicit subsidies; however, agricultural policy provides also implicit subsidies. Common examples
are customs duties, which to a certain extent, protect domestic producers from
international competition and thus subsidize higher production costs. Price control is implicit subsidies (or vice versa, implicit taxes) because they are often set
at levels that subsidize consumers and taxpayers. There are also implicit subsidies in the management of natural resources when a user does not pay all the
damage they cause. Benefits offered by implicit subsidies to manufacturers are
sometimes called economic rents.
In agriculture, the most common examples of explicit subsidies are:
construction of irrigation systems, the cost of which is rarely fully recovered from users;
free allocation or subsidized sale of states agricultural land with or without the issuance of an absolute property title;
Production credit granted by state banks or provided by commercial banks at an interest rate lower than market rates due to the refinancing lines
of government.
Providing free research and extension services or at a lower price than
their cost (it is often said that externalities related to agricultural research
justify it to be subsidized);
Purchase of crops at higher prices than those on the market then sold at
prices lower than the market price;
Construction of rural roads in rural areas;
Provision of seeds, seedlings, veterinary services and other inputs at prices lower than the market price.
Historically speaking, the pressure to bear such costs by the public budget
emerged from the desire to compensate for the unfavourable development of
299

real prices for agricultural products in the farming sector. In some cases, domestic prices followed the downward trend in prices on the world market, whereas
in other cases, government control of prices of certain products decreased agricultural output prices to subsidize consumers. At international forums it is often
mentioned that production and export subsidies of rich countries depressed the
world prices of agricultural products compelling governments of poor countries to
take compensatory measures.
Given the central role of public expenses in agriculture and the fact that
many of them are subsidies, it is worthwhile developing criteria to determine
where these are justified. One of the most common justifications is the poverty
of subsidies beneficiaries. However, before starting developing programs and
policies in the sector based on this assumption, we must ask ourselves whether
subsidies were well targeted to poor households.
To examine the pros and cons of subsidies we must consider an elementary
result of economic theory: interventions that affect market prices (in goods
or inputs) invariably lead to a loss of economic welfare. If producers and
consumers get, eventually, their advantage, the loss to society will be greater
than the sum of their earnings. This is what is called loss of static equilibrium.
Practical effects of this abstract principle determine the decrease in growth rates,
because resources are not any more allocated to their most efficient uses. Since
there are more arguments for and against subsidies, the theoretical argument
will not be emphasized below, although it must be kept in mind because of its
empirical relevance.
The practice of granting agricultural subsidies suggests the following main
arguments against the use of public subsidies:
Subsidies tend to be directed towards less competitive branches of activity; these are usually the sectors most pressing the government to obtain favours. They are rarely allocated to industries and products that have
a comparative advantage. As a result, over time, subsidies tend to shift
allocation of productive resources towards the least competitive sectors
which is detrimental to long-term growth prospects of the country.
Once established, a subsidy is difficult to be removed. Economic and
political interests mobilize themselves to support it; subsidy cost is likely
to press the government for many years, sometimes increasingly harder.
Budgetary cost of subsidies increases the tax burden or reduces government spending that could benefit another industry. In an era of tight fiscal
discipline in the world this aspect becomes critical.
Subsidies tend to keep active manufacturers with high costs and conceal
the need to improve productivity (cost reduction) which makes the economy less competitive internationally and sets excessively high prices of
products for domestic producers and consumers.
A public policy that relies heavily on subsidies tends to encourage producers to invest time and resources to search for other government favours
300

Chapter 5
(rent-seeking behaviour) instead of making them increase productivity of

their operations.
In practice, benefits from subsidies, often tend to be regressive, in other
words, they are disproportionately granted to higher-income groups,
rather than to vulnerable population groups.
The subsidized operating typess may limit development prospects of the
institutions operating without subsidies and whose long-term viability might be better.
Sometimes subsidies voted by Parliament are not accompanied by
adequate public funding; manufacturers postpone productive investment
decisions in the hope of later subsidies - which might never happen, if the
subsidy promise has as perverse effect the delay in sector investment.
A more subtle but omnipresent drawback of subsidies is that their users tend
to acquire an anti-economic mentality impeding the development of institutions
and efficient operation. Subsidized loans, which sometimes encourage farmers
to a certain tolerance on their repayment obligations is an example. This situation may, in turn, make them become more difficult clients for commercial banks.
Faced with these strong arguments against, subsidies should be firmly justified to be used as an effective tool of policy. However, there are cases when
subsidies pros are equally compelling.
The role of subsidies in the fight against poverty is recognized almost
unanimously. The important issues in this field are: a) how well these programs target the poor and b) how to help the poor so that they increase
their ability to improve their future economic condition and not only overcome the most pressing symptoms of the current poverty. The second
approach perpetuates assistance and encourages dependence of grant
recipients. The first approach allows gradual disappearance of assistance. This principle is widely recognized but difficult to apply.
For practical and theoretical reasons, some economic and environmental
externalities also justify subsidies. Farmers who plant trees or build terraces to control soil erosion generate benefits for themselves, but also
for others in the same catchment basin, which justifies the society to pay
part of the costs of this type of investment. This is also true for large-scale
planting of trees in order to isolate the emission of greenhouse gases.
Temporary subsidies may sometimes be necessary to facilitate the transition to a less subsidized policy regime.
In cases of emergency, such as natural disasters the victims receive subsidies. However, their use should be monitored with caution. Thus, in
many legal systems, farmers in the disaster area in case of drought, for
example, may be exempt from the obligation to repay their production
loans even if not all crops are lost, which, in turn, could create difficulties
for banks discouraging them, eventually, to expand their activities in farming.
301

Subsidies may also be used to offset some cases of imperfect information. A frequent example is farmers in remote areas that do not have
reliable information on market prices and for this the Government pays
the cost of regular price dissemination for instance, by radio broadcast.
Indeed, it may be difficult to find advertising agencies willing to cover the
broadcast cost for this customer group.
Other market failures may require the use of subsidies. But it should be
done with great caution. Thus, often, the regulation may be a more suitable and appropriate response compared to subsidizing. In addition, not
all cases of market dysfunction require government action. The issue of
information asymmetry between lenders and borrowers (concerning the
ability and willingness of the borrower to repay) was the subject of much
comment in the literature and politics often responds, in this regard, by
developing a financial regulatory framework conducive to the development of microfinance. However, in some cases, were used subsidies for
banks branches in rural areas to encourage them to contact their potential rural customers. Education and training are classic examples of
situations justifying government financial support because a commercial
provider of educational services is not able to benefit from all the advantages that will result for society (externalities).
5.4.
Subsidizing economic units in the Moldovan agriculture
Moldovan agricultural business units are supported by the national public

budget, especially from the state budget, through a number of programs and
activities. Table 2 presents information on the evolution of the national public
budget allocations for agriculture.
Table 2. Dynamics of budgetary expenditures for agriculture, forestry, fisheries
and water management, 2007-2012, mil.lei.
Indicator
2007
2008
2009
2010
2011
2012
Total expenditures of the na22415,6 26146,9 27342,7 29328,9 32100,9 35373,5
tional public budget, million lei
The NPB expenses on
agriculture, forestry, fishery and 1228,3 1243,6 1034,0 857,8
843,4
1272,8
water management, million lei
The share of budgetary
expenditure on agriculture in
2,30
1,98
1,71
1,19
1,03
1,45
GDP,%
Source: elaborated based on the Ministry of Finance data
Although the volume of the national public budget expenditures increased

during 2007-2012 from 22415.6 to 35373.5 million lei (157.81%), expenditures
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Chapter 5
on agriculture declined significantly during 2007 - 2011 (by 31.34%) increasing

in 2012 by 3.6% compared to 2007. The share of expenditures on agriculture
financed from the NPB in GDP has experienced the same trend: decreased during the period 2007 - 2011 by almost 2-fold: from 2.3% in 2007 to 1.03% in 2011,
reaching 1.45% in 2012.
To integrate the various programs into a single policy, the Fund for Subsidizing the Agricultural Producers was established. At the same time the fund
is managed by several institutions, namely - Ministry of Agriculture and Food
Industry and the Ministry of Finance, Main State Tax Inspectorate, State Agency
Apele Moldovei and State Enterprise Moldresurse which reduces greatly the
efficiency of this fund management.
In order to streamline the use of extremely scarce, budgetary resources, in
2010 the Government by Decision 60 of 04.02.2010 decided to set up the Agency for Payments and Interventions in Agriculture (APIA). The Agency for Payments and Interventions in Agriculture is an administrative body, subordinated
to the Ministry of Agriculture and Food Industry, responsible for managing the
financial resources to support agricultural producers, monitoring their distribution
and quantitative and qualitative assessment of the impact of measures to support
farmers by the state.
Table 3 contains information on the evolution of the fund volume for subsidizing agricultural producers. We see that the fund is characterized by a pronounced volatility.
Table 3. The Fund for Subsidizing the Agricultural Producers, mil.lei
The Fund for Subsidizing the Agricultural Producers, as provided
The Fund for Subsidizing the
Agricultural Producers, executed
2006
2007
2008
2009
2010
2011
256,0
465,3
270,0
563,5
400,0
400,0
247,7
546,8
533,2
560,5
400,0
400,0
Source: elaborated by the author based on data from AIPA, www.aipa.md, MAIA,
www.maia.gov.md.
Since the term subsidy measure began to be applied in 2010, Table 4 summarizes the measures to subsidize agricultural businesses during 20102013.
Table 4. Measures to subsidize agricultural businesses in the Republic of
Moldova 2010 - 2013
2010
(8 measures)
Boosting lending to
farmers by commercial banks
2011
2012
(10 measures)
(8 measures)
Boosting lendBoosting lending to
ing to farmers by
farmers by financial
commercial banks, institutions
microfinance and
savings and loan
associations
303
2013
(10 measures)
Boosting lending to
farmers by financial
institutions

2010
2011
(8 measures)
(10 measures)
Boosting agricultural Boosting agricultural production
risk insurance
risk insurance
Stimulating investStimulating investment for establishment for establishment of perennial
ment of perennial
plantations
plantations
2012
(8 measures)
Boosting agricultural
production risk insurance
Stimulating investment
for establishment of
perennial plantations
and promotion of wine
production
2013
(10 measures)
Boosting agricultural production risk
insurance
Stimulating investment for deforestation perennial
plantations subject
to cassation, for establishment of perennial plantations
and promotion of
wine production
Stimulating investStimulating invest- Stimulating investStimulating investments to vegetable
ments to vegetable ments to vegetable
ments to vegetable
production on proproduction on proproduction on protect- production on protected land
tected land (winter ed land (winter green- tected land (winter
greenhouses, solar- houses, solariums,
greenhouses, solariiums, tunnels)
tunnels)
ums, tunnels)
Boosting investment Stimulating invest- Stimulating investStimulating investfor purchasing agri- ment for purchas- ment for purchasing
ment for purchasing
cultural machinery
ing agricultural
agricultural machinery agricultural machinand equipment and
machinery and
and equipment, the
ery and equipment,
irrigation equipment equipment, the
equipment for irrigathe equipment for
equipment for ir- tion systems, antifreeze irrigation systems ,
rigation systems , systems and hail proantifreeze systems
antifreeze systems tection installations
and hail protection
and hail protection
installations
installations
Stimulating invest- Stimulating investment Stimulating investment in equipping in equipping and tech- ment in equipping
and technological nological renovation of and technological
renovation of live- livestock farms
renovation of livestock farms
stock farms
Stimulating purchase Stimulating purStimulating purchase of Stimulating purof breeding animals
chase of breeding breeding animals and
chase of breeding
and maintaining the animals and main- maintaining the genetic animals and maingenetic fund
taining the genetic fund
taining their genetic
fund
fund
Stimulating investStimulating invest- Stimulating investment Stimulating investment in post harvest ment in post har- in post harvest and
ment in post harvest
and processing invest and processing processing infrastruc- and processing
frastructure develop- infrastructure de- ture development
infrastructure develment
velopment
opment
304

2010
(8 measures)
Subsidizing farmers
to offset energy costs
for irrigation
2011
(10 measures)
Subsidizing farmers by offsetting
energy costs for
irrigation and
drainage
Boosting users
of plant protection products
(pesticides) and
fertilizers (mineral
fertilizers)
-
Chapter 5
2012
(8 measures)
-
2013
(10 measures)
Boosting of irrigation
Boosting agricultural land consolidation
Source: elaborated by the author based on AIPA data.
Figure 2 shows the structure of the subsidy fund by forms of support (measures subsidized). Thus, the largest share is that of Measure 5 Stimulating investment for purchasing agricultural machinery and equipment, the equipment
for irrigation systems, antifreeze systems and hail protection installations (41%).
This measure creates significant problems in implementation. Thus: - the procurement term is not clearly defined -; - the likelihood of favouring some machinery providers over others is very high; - there are no objective grounds for making
the list of equipment eligible for subsidies, etc..
Measure 3 Stimulating investment for establishment of perennial plantations
and wine promotion accounts for 19% in the structure of the subsidy fund. This
measure is considered easily implemented. At the same time, this measure favours agricultural units with relatively large surfaces.
Third by size in subsidy fund structure is Measure 8 Stimulating investment
in post harvest and processing infrastructure development (11%). This measure, like others compensating investment expenditures, is hard to implement
and lacks objective assessment criteria. Allocations to these measures often favour certain farmers and perturb competition in agriculture.
By legal form of agricultural enterprises, subsidies are granted mainly to limited liability companies (67% of the subsidy fund), 22% to peasant households
In 2012 the amount of average subsidy per beneficiary for peasant households amounted to 38501 lei, for limited liability companies to 121680 lei, for joint
stock companies to 184366 lei.
Analysis of the subsidy system in the Republic of Moldova agriculture
reveals the following shortcomings:
The agricultural subsidy fund is characterized by a pronounced volatility.
Interpretations of the subsidy measures allow multiple treatments.
Subsidy-seekers hugely outnumber subsidy beneficiaries. This increases
305

the likelihood of potential cases of misuse of

power and corruption,
and this situation was highlighted by the Court of
Accounts62.
Subsidy measures are
not based on thorough
design and concepts
using the cost-benefit
analysis.
The goals that the subsidized measures have
to achieve are not measured by performance
indicators that could be
tracked over time.
Among the problems
that can may arise as
the result of subsidized
measures is their allo-
Figure 2. Distribution of the

subsidy fund by measures
subsidized, 2012, in %.
M7
3%
M6
4%
M8
11%
M1
10%
M2
9%
M3
19%
M5
41%
M4
3%
Source: elaborated based on AIPA data
Number of The amounts

dosrequested,
siers
lei
filed
Number of
Sums subbenesidized, lei
ficiaries
Subsidized amount /
amount requested,%
Peasant
households
Limited liability company
Joint-stock
company
Cooperatives
Other
Total
Subsidies approval
Dossiers accepted/
dossiers filed, %
Legal
form
Requests for
subsidies
Structure of subsidy
beneficiaries by legal
forms,%
Structure of subsidies by legal form, %
Table 5. Distribution of subsidy by legal forms of businesses in agriculture, 2012
2072
118214525
2063
79427202
47
22
99,57
67,19
2004
378603818
1968 239466488
45
67
98,20
63,25
87
28169434
83
15302415
95,40
54,32
152
21491542
147
13947549
96,71
64,90
116
4431
13655288
560134607
114
7959724
4375 356103377
3
100
2
100
Source: elaborated by the author based on AIPA data.

62
Decision of the Court of Accounts, nr. 30 dated 02.08.2011.
306
98,28 58,29
98,74 63,57

5.5.
Chapter 5
cation on an annual basis which affects planning of agricultural entities

beneficiaries of subsidized finance.
The competition terms are not based on a fair approach, but favour certain economic agents being to the detriment of small and micro enterprises.
Although the annual number of beneficiaries has increased over time it is
negligible compared to the number of agricultural units seeking grants.
Agricultural value chains (AVC) A solution to increase the

financial potential of micro, small and medium enterprises in the
Republic of Moldova agriculture
A value chain describes the full range of activities that are required to bring
a product or service from conception, through the intermediary phases of production, to final consumers, and residues management after use. These activities include design, production, marketing, distribution and support services up
to the consumption (and often beyond, when considering recycling processes).
The activities can be concentrated within a single entity or divided among different enterprises, as well as within a single geographical location or spread over
wider areas. The term value chain refers to the fact that value is added to preliminary products through combination with other resources (for example tools,
manpower, knowledge and skills, other raw materials or preliminary products).
As the product passes through several stages of the value chain, the value of the
product increases63.
Insertion of small and medium-sized producers into national, regional and international agricultural value chains is believed to have important consequences
for poverty alleviation in rural areas in countries with low per capita income due to
the potential of these businesses to increase income and create jobs. However,
the vast majority of smallholders in poor countries face a number of constraints
that often limit their ability to participate competitively in these chains, and there
is considerable concern that these manufacturers are excluded from important
growth opportunities.
The role and importance of small farmers for the Republic of Moldova agriculture and their potential of being involved in various agricultural value chains
can be seen in Table 6 that shows the structure of agricultural land by the categories of landholders. Thus, the peasant households (farms) have a significant and
relatively constant share of about 29%.
Over the past three decades, high-value agricultural markets have become
more sophisticated, consolidated and regulated, which makes it more difficult for
small producers to participate in value chains in these markets.
Determining ways of effective insertion of small and medium sized enterprises into high-value agricultural markets requires a thorough understanding of
the way these markets work.
63
Value Chain Development for Decent Work: A Guidefor Practitioners, Government and Private Sector
Initiatives, ILO, Geneva, 2009.
307

Table 6. Agricultural land by the categories of landholders, thousand ha

Total
of which:
enterprises and organizations
in %
peasant households (farms)
in %
auxiliary related households
(lots around the house and
gardens)
in %
growing associations and
vegetable growing lots
in %
other landowners
in %
2008
2009
2010
2011
2012
2240,2
2239,4
2236,9
2234,0
2233,6
858,0
38,3
668,6
29,8
867,8
38,7
672,4
30,0
871,3
39,0
661,4
29,6
866,0
38,8
662,6
29,7
868,7
38,9
653,4
29,3
307,8
303,5
313,6
316,7
325,5
13,7
13,6
14,0
14,2
14,6
5,9
6,1
6,0
6,0
5,5
0,3
399,9
17,9
0,3
389,6
17,4
0,3
384,6
17,1
0,3
382,7
17,0
0,2
380,5
17,0
Source: elaborated based on the NBS data.
High-value agricultural or agro-food products are non-bulk agricultural commodities, that either require special handling, such as fresh fruits and vegetables,
or are processed in one or more post-harvest stages before reaching the end
market (such as honey). These products tend to be much more labour intensive
than cereals and other traditional agricultural products, largely because mechanization is complicated by the need to prevent damage to fragile products. Quality
is the key factor in determining prices and potential markets. These products are
also subject to a number of sanitary and phytosanitary regulations to ensure food
safety and prevent the spread of diseases that affect food security. The highvalue agricultural products determine usually higher prices and generate large
income for manufacturer. Figure 3 shows examples of typical agricultural value
chains.
Given the fundamental role the medium-sized, small and micro enterprises
play in employment in poor countries, major development agencies worldwide
including the Department for International Development (DFID, UK), German
Agency for International Cooperation (GIZ), United States Agency for International Development (USAID) and the United Nations Industrial Development Organization (UNIDO) developed methodologies in order to better focus their interventions to improve the role of micro, small and medium-sized actors in the value
chain and offer these economic agents the opportunities to fully enjoy gains from
their participation in these chains.
308

Chapter 5
Figure 3. Examples of high-value agriculture value chains.

Inputs
Seeds
Production
Selection
Processing
Processing
firms
Small farms
Distribution
and marketing
Supermarkets
Medium farms
Large farms
Fertilizers
intermediary /
exporters
Food services
Small farms
Agrochemicals
Medium farms
Packingplants
(selection,
packing, etc.)
Large farms
Cool
storageunits
Farm
equipment
Importers and
wholesales
Large producer exporter companies
Packingplants
(selection,packing,
etc.)
Irrigation
equipment
farms
Cool storageunits
Small-scale
retailers
Source: Inclusion of Small- and Medium-Sized Producers in High-Value Agro-Food

For the agricultural units in the Republic of Moldova, the agricultural value
chain finance can improve the overall efficiency of those offering and requiring
agricultural finance.
309

Agricultural value chain financing provides an opportunity to expand funding

for agriculture in the Republic of Moldova, improves efficiency and financing reimbursements and strengthens links between participants in the value chain. The
quality and efficiency of agricultural financing chains can be improved through:
a) identifying financing needs for strengthening the value chain;
b) adjustment of financial products to the needs of participants in the value
chain;
c) reducing transaction costs through direct discount refunds and providing
financial services;
d) use of value chain links and knowledge to reduce chain risks related to
the value chain and its partners.
Value chain financing can be defined as flows of funds to and among
different links within a value chain.
Value chain financing refers to both forms of finance - internal and external:
Internal value chain financing is that which takes place within the value
chain such as when an input supplier provides credit to a farmer, or when
a lead firm advances funds to a market intermediary
External value chain financing is that which is made possible by value
chain relationships and mechanisms: for example, a bank issues a loan
to farmers based on a contract with a trusted buyer or a warehouse receipt from a recognized storage facility
This definition of value chain financing does not include conventional agricultural finance from financial institutions, such as banks, unless there is a direct
correlation to the value chain.
Figure 4. Different ways to coordinate and structure the value chain.
Buyer
Spot
market
contract
relationship-based
partnership
capital investmentbased partnership
vertical
integration
Comfort zone
Seller
Source: Miller C., Jones L. Agricultural Value Chain Finance Tools and Lessons,
FAO, UN, 2010.
310

Chapter 5
If the value chain financing is to be successful, the value chain must be

viewed as a single structure: a value chain is not an economic sector or subsector. It involves a group of producers and other interdependent stakeholders supplying a particular end market.
Understanding how a value chain is structured and coordinated can reduce
risk and hesitancy of financial intermediaries to lend to the agricultural sector.
Figure 4 describes different value chain structures, defined in terms of the relationships between two stakeholders: buyer and seller. The buyers are agricultural
processors, exporters or distributors, or in some cases supermarkets. Sellers are
the producers or traders who sell their products to these buyers along the chain.
The relationship between these two value chain stakeholders, buyer and
seller, can be described through five types of linkages:
i) the instant or spot market, where producers sell their commodities, and
prices fluctuate. This is the most risky in terms of setting market price;
ii) a contract to produce and buy (known as contract farming);
iii) long term relationships, often informal, characterized by trust or interdependency;
iv) capital investment by one of the buyers for the benefit of the producer,
characterized by high levels of credibility and dependence;
v) a company that has achieved full vertical integration.
When production and marketing depend upon a spot market with fluctuating
prices and demands, financiers are reluctant; they prefer a contractual or partnership structure in a value chain where the market risks can be more controlled.
This is their comfort zone.
Therefore, the transition from a buyer-seller uncontrolled relationship to one
more integrated improves funding prospects both within and into the value chain.
As the production of agricultural SMEs is important for economic and social
reasons, special emphasis should be placed on models that enable them to fully
participate in value chains. Table 7 illustrates the typical organization of production and marketing of smallholders -that is the relationship between farmers and
the market or farmers and larger systems. This analysis provides a basis for developing the value chain business models and their related funding.
Producer-driven business models are led from the bottom of the chain. They
can be successful but face two major challenges. Firstly, producers cannot understand the market needs and those in the chain that are closer to the consumer. Secondly, producers often have to fight for funding unless they can find strong
partners and / or can receive funding assistance.
Buyer-driven business models form the basis for many of funding applications of the value chain. It is often in the interest of the buyer to buy a product flow
and use funding as a way to facilitate and / or encourage producers, processors
and others in the value chain to sell them under specified conditions. Most often, when it comes to funding, terms are compulsory based on the contract and,
311

Table 7. Typical organizational models of small holder agricultural value chains

Type of AVC
Driver in the AVC type
Argumentation
Producer-driven
- small-scale producers,
- access to new markets;
especially organized into
- getting a higher market price;
groups such as associations or - stabilize and secure market
cooperatives;
position
- large farmers
Buyer-driven
Intermediary-driven
- NGOs and other support

agencies
- National and local
governments
- leader companies
- supermarkets
- multi-national companies
Integrated
processors
- assure supply
- increase the volume of
exporters
deliveries
retailers
traders, wholesalers and other - supply more discerning
traditional market actors
customers cover market
niches and interests
- make markets work for the
poor
- Local and regional
development
- new markets and generating
higher value
- market monopolies
Source: elaborated after Vorley B., Lundy M., MacGregor J., Business models
that are inclusive of small farmers, Paper prepared for FAO and UNIDO
as background to the Global Agro-Industries Forum, New Delhi, 811
April 2008.
therefore, contract farming is the most common model of the value chain based
on customer as the driving force.
Intermediary-driven business models are found in many countries with a dual
agricultural system where a developed agro-industry coexists with marginalized
producers living on subsistence level. Costs of organizing and training small producers may be considered too high to be taken over by a large company. As
a result, intermediation by development organizations, both non-governmental
organizations (NGOs) and government agencies facilitate opportunities for integrating small farmers into commercial value chains, finance becoming a regular
feature for such facilitation.
Finally, the integrated model of value chain not only connects producers to
other participants in the chain - inputs suppliers, intermediaries, processors, retailers and service providers, including financial, but integrates many of these
links by relations of ownership and / or formal contractual relationship. The integrated model has many of the features of the other models described above,
namely - close links of contracts concluded between the parties, technical management and strict compliance, including also an intricate structure of flows and
services in the value chain.
312

Chapter 5
Why do we need a coordinated approach by the MAFI

of integrating M/SMEs in potential AVC
Closer business ties between farmers, agro-processors, exporters, traders and retailers offer significant potential for increasing employment
and economic profitability of rural producers.
Rural areas have valuable untapped agricultural and human resources.
Improving value chains and removing bottlenecks can add value to the
economic potential and generate employment.
M/SMEs can supply value chains and are major sources of employment
and income, especially in rural areas of countries with low per capita income. Integrating SMEs / M in value chains can help increase their economic performance, foster employment and improve working conditions.
Small farmers / producers focused on value chains can help rural population to shift from subsistence agriculture and benefit from the income
opportunities that well-functioning value chains offer.
Small producers face many obstacles in entering agricultural value chains: from high transaction costs, to the poor access to financial assets
and other assets, such as, for example, storage facilities and infrastructure, consumer and health standards, traceability requirements becoming
more demanding.
Limited access to financial and business services makes it difficult for
small businesses in rural areas to become suppliers for large firms, to
compete in global value chains and enter higher value markets.
Transaction costs are higher in rural areas due to factors such as non-conducive business environment, low population density, long distances and inadequate infrastructure that reduce profit margins of enterprises in rural areas.
Small farmers and other rural entrepreneurs often lack information on
prices, value chains, competitors and consumer preferences.
Relationships between actors in value chains can be very asymmetric,
leading by example, to considerable dependence of small producers on
intermediaries and traders.
Competition is weak or non-existent in rural areas of poor countries and
protects generally consumers, not producers, against the abuse and dominance of buyers.
Corporate concentration results sometimes in only one or a few buyers
operating in rural areas, creating a situation where buyers have influence over prices and other means of delivery, which exercises usually
downward pressure on the price of the rural product as well as revenues,
profits and working conditions of rural producers and workers.
Value-added activities and decision-making power in value chains tend to
exist beyond rural areas.
Small businesses in rural areas often do not enjoy economies of scale. They do not have sufficient bargaining power due to their size and
313

because they are not organized in cooperatives or other producers organizations. Producer organizations or cooperatives would connect farmers
directly with retailers, exporters, traders and agricultural enterprises.
Projects specialized in the design and funding of agricultural value chains
financed by international donors deal with isolated aspects of this topic
without addressing it in a conceptual and methodological way nationwide.
Creation and funding of agricultural value chains requires active involvement of supreme national institutions regulating monetary and financial
issues (the NBM, NCFM, Minister of Finance).The efforts of these institutions should be well-targeted in the context of a thoroughly-designed
approach at the national level by the MAFI regarding the agricultural value chains.
5.6.
1. Rethink agriculture subsidizing policy by applying the principles of the EU

Common Agricultural Policy. The subsidy fund for farmers has to be managed by one institution that would be responsible for the effectiveness of
subsidies in agriculture. Subsidy measures should be tested by a cost-benefit analysis and assessed by a consistent system of benchmarks. They
must not interfere with market competition. The allocation of subsidies should be more transparent. The EU practice of allocating subsidies based
on direct payments, avoiding production indicators, has to be analyzed.
Subsidy measures must be planned for an average period of 3-5 years.
2. Promote the policy of (by the Ministry of Agriculture and Food Industry)
the elaboration and implementation in the agriculture of the Republic of
Moldova of integrated development strategies, including those aiming to
form agricultural value chains.
3. Promote (by the MAFI, NBM, Banks Association, NCFM, Ministry of Finance, foreign donors, etc.) the concept of agricultural value chains finance.
4. In order to design agricultural value chains and streamline their finance
decisions in the Republic of Moldova, we make the following recommendations:
initiatives of establishing added value chains have to be backed up by
thorough case studies;
the design of value chain has to be managed by actors within the chain;
selection of perspective partners in terms of value chain development;
identification of a leading partner in the value chain finance;
reducing the costs and risks may be achieved by financing through
the most powerful actor or actors in the chain. By financing stronger
and less risky agricultural businesses most often positioned near the
end of the chain, financial costs associated with protection against
risk are reduced;
capacity building of small producers and other weak partners in the
chain.
314
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FINANAREA NTREPRINDERILOR MICI

Servicii bancare la distan oferite n rile europene ............................................73

Capitolul 5. Fundamente conceptuale privind finanarea sectorului agricol

Premises of electronic banking services ....................................................... 287

Chapter 5. Conceptual fundamentals of financing the agricultural

FINANAREA NTREPRINDERILOR MICI

Opiniile exprimate n acest studiu reflect poziia experilor i nu

FINANAREA NTREPRINDERILOR MICI I MIJLOCII DIN REPUBLICA MOLDOVA:

La elaborarea studiului i-au adus contribuia:

Valentina VEVERIA, doctor n economie, ef direcie, politici IMM i

Moderatorii meselor rotunde desfurate n cadrul Forumului:

Vitalii CHIURCCIU, vice-bacan, Executivul UTA Gguzia,

Tatiana LARIUIN, senior expert IDIS Viitorul,

Viorel CHIVRIGA, expert economi

Agenia Naional pentru Reglementare n Comunicaii

Bancomat (Automated Teller Machine)

Banca Naional a Moldovei

Biroul Naional de Statistic

Fondul Monetar Internaional

ntreprinderi Mici i Mijlocii

Investiii strine directe

Organizaia Mondial a Comerului

Parola de unic folosin (one time password)

Programul de Atragere a Remitenelor n Economie

Programul Naional de Abilitare Economic a Tinerilor

Conferina Naiunilor Unite pentru Comer i Dezvoltare

Zon Economic Liber

Servicii bancare la distan

Comer realizat prin intermediul Internetului

FINANAREA NTREPRINDERILOR MICI I MIJLOCII DIN REPUBLICA MOLDOVA:

IMM-urile, n mod special, cele mici, ar trebui s elaboreze un plan de afacere

FINANAREA NTREPRINDERILOR MICI I MIJLOCII DIN REPUBLICA MOLDOVA:

Dezbaterile pe marginea temei

FINANAREA NTREPRINDERILOR MICI I MIJLOCII DIN REPUBLICA MOLDOVA:

Cel mai important ns, este implementarea dezideratelor menionate mai

mbuntirea serviciilor de extensiune n scopul ntririi capacitilor IMM;

Dezvoltarea infrastructurii (de producie, transport, comunicaii, servicii);

Activizarea eforturilor de integrare a companiile locale, n primul rnd IMM,

Implicarea mai activ a ageniilor de dezvoltare regionale i a ageniei pentru

FINANAREA NTREPRINDERILOR MICI I MIJLOCII DIN REPUBLICA MOLDOVA:

Astfel, concluziile privind relaia IMM-urilor i soluiile de Internet Banking se

de finanare a IMM-urilor. Pentru soluionarea problemelor legate de finanare se

Promovarea insistent la nivel de politici (MAIA) a proiectrii i implementrii

Promovarea insistent la nivel de politici (MAIA, BNM, Asociaia bncilor,

n scopul proiectrii lanurilor valorice agricole (LVA) i raionalizrii deciziilor

ROLUL MINISTERULUI ECONOMIEI PRIVIND

ROLUL MINISTERULUI ECONOMIEI PRIVIND AMELIORAREA

pentru perioada 2012-2020, se bazeaz pe necesitatea de a asigura coerena n

Creditele bncilor comerciale

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FINANAREA NTREPRINDERILOR MICI I MIJLOCII DIN REPUBLICA MOLDOVA:

31190,2 35507,1 19539,9 28589,4 32620,7

Sursa: Baza datelor BNS

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Creditele organizaiilor de microfinanare

ROLUL MINISTERULUI ECONOMIEI PRIVIND AMELIORAREA

Ele se specializeaz, n special, n deservirea clienilor mici, inclusiv a celor care

Mijloacele fondului special de garantare a creditelor

FINANAREA NTREPRINDERILOR MICI I MIJLOCII DIN REPUBLICA MOLDOVA: