RETROSPECT OF THE WEEK June 26 – July 2. The most important IPN “Economy&Business” news

--- [• Monday, June 26] [Changes of sick leaves payment generate harsh conflicts between social actors. IPN economic analysis] The modification of the method of paying and setting the value of the sick leave indemnity approved by the Government of the Republic of Moldova last week is a hidden tax that the economic agents will have to pay and that will bring prejudices to the rights of the citizens, think the Patronage and the experts in the field of human rights. [Business Moldovan and Italian Forum takes place at Chisinau] The Italian business people are highly interested lately in the business and investment opportunities in the Republic of Moldova, fact that caused the necessity of organizing a Business Forum starting with Monday, the 26th of June, declared for the press the minister of Economy and Commerce, Valeriu Lazar. According to him, the proof of increased interest of the Italians towards the Republic of Moldova is the fact that at the forum more Italian business people participate then it was expected. According to the totals of last year, Italy is one of the main partners in the foreign commerce of the Republic of Moldova, being the second country after the volume of exports and the fourth one- after the volume of imports. [Government to announce tender for reconstruction of Chisinau-Leuseni highway] The Government will announce in the near future an international tender for the reconstruction of the national highway Chisinau-Leuseni, declared the prime-minister Vasile Tarlev, quoted by Info-Prim Neo. According to the prime-minister, the foreign companies will be involved in this process in order to obtain quality in the works accomplishment, as well as creating a spirit of competitions among the local companies. The works of constructing the Giurgiulesti- Criva highway will begin in 2007. [Experts conclude unusual week at Moldovan Stock Exchange] Last week the Moldovan stock exchange was different than the previous ones. The first three days didn’t register any transactions on the interactive segment of the stock exchange. Strating with Thursday, the segment of the selling-buying transactions was resumed, shows a press release of the Consultancy and Analytical Service of the Rating and Estimations Agency “Estimator- VM”. The biggest number of transactions, the greatest volume operated and the biggest operated package of shares was emitted by the Wood Processing Factory. [Vegetable marrows and sour cherries cheaper last week and apricots more expensive] The price for vegetable marrows on the local market registered in the period 19th -23rd of June a decreasing tendency, decreasing with about 32,7 % from 7,4 lei to 5lei per kg, according to the ,market price-list made public by the National Federation AGROinform in the framework of the Program “ The Alliance for Supporting the Agricultural Market”. [• Tuesday, June 27] [The Three-part Commission expressed its opinion on the new method of paying sick leaves] The deputy mayor Valerian Cristea will request the Government, at the request of the Three-part Commission Government- Syndicate- Patronage, to withdraw from the Parliament the project for modifying the Law from July 2004 regarding the indemnity for sick leaves and other social insurance provisions that provides for new methods of paying the sick leave of the employers. The members of the Three-part Commission agreed that the Government should initially institute a control mechanism on the truthfulness of giving sick leaves and then to come back to examination the issue about new ways of paying the sick leaves. [Days of Romanian Economy Moldova started at the International Exhibition Centre “Moldexpo”] The friendship between Romania and the Republic of Moldova will become more complex and strong if the economic relations between the two states will be more dynamic, declared on Tuesday, the 27th of June, the head of the Committee for Foreign Export and International Economic Relations, Florin Burada, during the opening ceremony of the Days of Romanian Economy in the Republic of Moldova, that will take place during the 27th of June- the first of July, at the International Exhibition Center ‘’Moldexpo”. The State Secretary of the Office for managing the relations with the republic of Moldova of the Romanian Government, Dan Dumitru, said that the event comes to confirm an opening of Bucharest towards Chisinau, and the way the Romanian economic agents were welcomed confirms once again an openness of Chisinau towards Bucharest and Europe, says the Romanian official. The deputy minister of Economy and Commerce, Igor Dodon declared that in the field of foreign commerce, Romania is the second partner of the Republic of Moldova and a permanent increase is registered. The event gathers prestigious Romanian commercial societies that present industrial products of last generation and advanced technologies, as well as products from food and cosmetic industry, agricultural and textile one. [Average salary from the first salary category from the un-budgetary sphere was set in a differential way] From the first of July this year, the patrons of micro-companies with a staff of up to 9 employers and the ones from agricultural units that will pay the minimal salary of 550 lei for the first category of qualification, compared to 360 lei, as it was until now. Meanwhile, the employers from other sectors of the national economy will receive an average salary of 700 lei, compared to 550 lei until now. This was the decision reached on Monday, the 26th of June, by the National Commission for Collective Consultancy Government- Syndicate- Patronage that approved the project of the National Collective Convention regarding the value of the tariff salary for the first qualification category in the un-budgetary sphere. The Project will be submitted for examination to the Government and might be included in the agenda of the next governmental session. [• Wednesday, June 28 ] [Voxtel launched GPS tracking service for car fleets] The mobile telephony operator Voxtel, in cooperation with” GSP system” launched on the mobile telephony market the service GPS Tracker. According to a press release of the operator, the service assures the monitorization of the cars and offers the possibility to find out any time the precise localization of the car showing the speed, direction and the stop places. [Producers of Romanian mineral water “Borsec” looking for new distributors for Moldova] The Company “Romaqua Group” mineral water producer “Borsec” is presented during the Romanian Economy Days at Chisinau, that take place during the 27th of June – the first of July, at the International Exhibition Complex “ Moldexpo”. The export manager of „Romaqua Group” Marwan Younes said that the society has for a long time already in RM only one dealer – Anda SRL; this is the reason why it is present at this event - to create a dealers’ network. According to him, the corporation wants to enter the Moldovan market with other goods as well: juices and coffee.. The Romanian businessmen kept confidentiality over the export turnover in RM, highlighting that the goods are sold very well here and the prices are equal to those in Romania. [Foreign loans and grants directed to capital investments] The state will direct all foreign donors’ loans and grants, the next three years, into capital investments in Moldova’s economy, minister of finance Mihai Pop announced about this, referring to the draft on the Average-Term Costs Framework, following to be submitted to governmental approval. [Moldovan metallurgists interested in increasing exports to Romania] Moldovan Metallurgists are interested in increasing the exports to the Romanian market, because the quality and price of the Moldovan products will be competitive on the Romanian market. The manager of the company group “Orvento metal Trading “and “Protos”, Igor Crapivca, declared during the Days of Romanian Economy in the Republic of Moldova that are taking place during the 27th of June- the first of July at the International Exhibition Center Moldexpo, that the volume of metal pipes exported to Romania might increase essentially, if the Romanian authorities would eliminate the 23 % import tax that leads to a substantial price increase. [Government promises to ease access of entrepreneurs to financing] The Government will request the modification of the existing legal framework in order to be able to offer the micro- financing organizations the chance to work in the same preferential conditions that the commercial banks have in giving credits to the entrepreneurs. According to Mihai Pop, the authorities proposed the modification of the provisions of the existing legal framework that would allow micro-financing organizations to form risk funds. For the loans that will be offered for a period of 2-3 years, the organizations will benefit from 50% income tax exemption, and for the loans for more then 3 years, they will not have to pay this tax fee at all. [Ministry of Economy and Commerce registers an increasing tendency of the enterprises from the small business. IPN Economic Analysis] The Ministry of Economy and Commerce (MEC) registers an increasing tendency of the economic situation of the enterprises from the small business, both the results of the economic agents and the implementation of governmental programs. MEC presented officially on Tuesday, the 27th of June, the Strategy for assisting the development of the small and average size enterprises for the years 2006- 2008. According to Valeriu Lazar, about 8 thousand new enterprises were registered last year and comparing with the year 2002, the number of the enterprises from this sector increased by over 40 thousand. Starting with the year 2003, the total financial result of the enterprises is a positive one and also in permanent growth, said the minister, mentioning that more and more companies work having substantial income, presently this index being of 36 %. [Price for ordinary shares issued by „Investprivatbank” decreased by 15.83%] The exchange market of Moldova was on Tuesday, June 27, more dynamic than over the last two weeks. The most important sector of the exchange market – selling-buying transactions – registered 10 operations, with rather small amounts and modest packages (up to 1.03%), according to the press release of the Consulting-Analytic Service of the Rating and Estimation Agency „Estimator-VM”. According to it, the most important transaction and with the biggest influence on the index EVM Composite was that with the shares issued by the Commercial Bank „Investprivatbank”. Their price decreased by 15.83% - from 120 to 101 lei/share. This fact, according to experts, contributed mainly to dropping of EVM Composite indicator by 2.61 points. [Moldtelecom ranks first of the most profitable enterprises of Moldova] The Rating and Estimation Agency „Estimator-VM” issued, in light of the public data, the top of the most profitable 50 joint-stock associations of Moldova, according to results of 2005. The top includes 454 societies that registered in 2005 a positive net balance, according to the press release of the Consulting-Analytic Service of the Agency. Thus, the first position in the top is occupied by the Society „Moldtelecom”, being followed by another giant of the national economy – SA „Moldovagaz”. The Company Efes Vitanta Moldova Brewery is on the 3 spot, dropping one position compared with 2004. Among the first 10 societies of the top there are included the companies „Sudzucker-Moldova”, „Ciment”, „Orhei-Vit” and „Tirex-Petrol”, noting spectacular increases of the profit in 2005 compared with 2004. [European Union approves project of an European gas pipeline without Russia] The EU Commissioner for Energy Andris Piebalgs, as well as the ministers of energy of Austria, Hungary, Romania, Bulgaria and Turkey approved the construction of the gas pipeline Nabucco, connecting the Mediterranean countries with the Central Europe. Monday the European Union and the ministers of energy from Austria, Hungary, Romania, Bulgaria and Turkey agreed on the construction of the gas pipeline “Nabucco” of 3.300 km long. It will cost 4, 6 billion euros. [• Thursday, the 29 of June ] [Disparity between the economic growth from the capital of the Republic of Moldova and the poverty from the villages increasing] National and International experts gathered at the Conference: “ Regional Development: Policies and practices in Central and East Europe” concluded that presently the economic growth is concentrated in the capital. The GDP per capita in Chisinau municipality is 3,2 times higher than the one from the regions, and the volume of investments – 5,9 times higher. Also, more then 60,3% of tax income comes from the capital. [Financial sphere employees still have the highest salary on economy level ] The highest average salary on economy was provided to employees of the financial sphere. According to the National Bureau of Statistics, the average salary of this category was last month of 3,833 lei. They are followed by the employees of the energy sector (electric and thermal power, gas and water), who had a salary of 2,884 lei, transport and communications – 2,662 lei, mining industry – 2,623 lei, constructions – 2,413 lei, public administration – 2,148, food industry – 1,854 lei, drink industry – 1,525 lei. [Construction of Giurgiulesti Terminal to be finished in August] The construction of the Giurgiulesti Terminal shall be finished till August 2006, and the port of Giurgiulesti – until August 2007. Prime Minister Vasile Tarlev gave these orders on Wednesday’s Government sitting, 28 June. [Romanian society “Electroarges” interested in diversifying relations with Moldovan partners ] The Romanian society “Electroarges” is present during the Romanian Economy Days in the Republic of Moldova, that take place during the 27th – first of July at the International Exhibition Complex “Moldexpo”. The company shares a 30 years tradition in producing house-hold and professional equipment, portable electric tools, vibrators for concrete compaction and car equipment. The commercial manager of the society “Electroarges”, Constantin Teodorescu, declared for the press that the company came to Moldova having the goal to launch its products on the Moldovan market as well. “We are interested in material procurement which we use in producing our products: plastic, steal, inox elements”, said the quoted source, mentioning that the company collaborates with two Moldovan companies already. [Gas supply contract with Russian “Gazprom” expires on June 30 ] The gas supply contract expires on Friday, 30 June, concluded by the Moldovan Government and the Russian company „Gazprom” in January 2006, according to which it was set the price of 110 dollars per 1,000 cubic meters. The Minister of Economy and Commerce, Valeriu Lazar, ensured, on Wednesday, that RM would have a new gas supply contract with “Gazprom”, but avoided to give any other details, highlighting that he knows just a little bit more than reporters regarding the conclusion of the new contract and the price of gas supplied in the second half of 2006. In January this year due to the fact that a contract lacked, “Gazprom” stopped the gas supply towards the Republic of Moldova. Until a new contract is signed the necessary gas supply will be offered by Ukraine. [Government approved the initiation of negotiations with the Paris Club ] The government from Chisinau approved the initiation of the negotiations with bilateral creditors members of the Paris Club regarding the re-spreding of payments of foreign debt of the Republic of Moldova. After the negotiations held during the meeting of the creditors of the Paris Club on the 5th of May this year, an agreement was reached about the restructuring of the foreign debt of the Government of the Republic of Moldova through signing the basis agreement between the Government and the Bilateral creditors members of the Paris Club. The signed agreement consolidates the sum of about 150 million dollars from the Republic of Moldova debts until the 31st of December 2000. [• Friday, June 30 ] [“Moldcell” established partnership relations with MTS Sverdlovsk Roaming ] The mobile telephony operator “MOldcell” established roaming partnership relations with MTS operator from Sverdlovsk, Russia, transmits Info-Prim Neo referring to a press release of the mobile telephony operator. The MTS operator offers services of GSM 900/1800 type. The Roaming service from Moldcell is available now in 197 operator’s networks from 131 regions of the world. [Financiers forecast a 6% annual GDP increase for the next three years ] The expenses chart for the next three years, recently approved by the Government, provides for a real 6% annual increase of the GDP, mainly from the increase of industrial and agricultural production, as well as from a permanent development of the services sector. Also it is predicted that in the next years the average annual inflation will reduce from 9, 9% in 2006 to 7% in 2009. A slow appreciation of the exchange rate of the national currency against the USA dollar from 12, 9 lei in 2006 to 12, 6 lei in 2009 is as well forecasted. Meanwhile, financiers say that in the referred period an increase of the average salary from 1650 lei in 2006 to 2860 lei in 2009 with an annual increase of 20% will be attested. [Moldovan businessmen must be ready to cooperate with Romania ] The Businessmen Community of Moldova has to be prepared for the moment Romania enters EU, the chairman of the Chamber of Commerce and Industry of RM, Gheorghe Cucu, stated on Friday, June 30, at the Romanian-Moldovan Economic Forum, organized at CIE „Moldexpo”. According to Cucu, after the adhesion, Romanian businessmen will have not only advantages, but also requirements and will have to seek for possibilities “to transfer a part of their capital to Moldova”. According to him, lately in Moldova the prices to apartments and land have increased significantly, representing a clear sing of attraction of RM, together with the European integration of Romania in EU. [Government to examine Concept of Mortgage Reforming. IPN economic analysis ] The Concept of reforming the legal framework in the field of mortgage financing in Moldova will be finalized in the near future By the Ministry of Economy and Commerce (MEC) and submitted for Government approval. According to the deputy minister of economy, Igor Dodon, the reform of the legal framework in this field is justified by the necessity to modify several legal documents in the context of adopting in the near future the Mortgage Law. As he says this is why modifications of several legal documents will be promoted in the Parliament, especially the Guarantee Law, the Tax Code, in the case when the stimulation of banking institutions participation in the process of mortgage crediting will be desired. [Romania welcomes the application of the GSP+ regime that will allow the free access on the Romanian market of more then 7200 Moldovan products ] Even if the free trade agreement between the Republic of Moldova and Romania will be out of force from the first of January 2007, with the European Union adherence, Romania welcomes the application of the General System of Preferences GSP+, offered by EU to the Republic of Moldova, the advantage of which lies in the fact that 7200 Moldovan products will benefit of free access to the EU market, being exempted of customs tax and thus will access freely the Romanian market. Mircea Toader, general manager at the Romanian Ministry of Economy and Commerce, declared on Friday, June 30, during the Moldovan and Romanian business forum that through this system a “unilateral” approach in the favor of the Republic of Moldova of some free trade facilities can be recognized. Also he said that the finalization of the negotiations between the Republic of Moldova and the European Union regarding including it in the list of countries that benefit of EU Commercial Autonomous Preferences (CAP) (similar to the ones offered to Western Balkans states that are a part of the Process for Stabilization and Association) will extend even more the list of products that can be exported to the EU, thus to Romania, without custom tax. CAP will be for the range of agricultural and food products that are important in the general commerce of the Republic of Moldova. [Leader producer of coffee machines exploring Moldovan market ] The Italian company „Saeco”, international leader since 1976 that designs, produces and markets coffee machines for household and professional use, automatic vending machine for hot, cold beverages and snacks, intends to expand in Moldova, through the authorized importer DAIR „Comexim” 2000. The Romanian Society DAIR „Comexim” 2000 is present during the Romanian Economy Days in Moldova, organized on 27 June – 1 July at CIE „Moldexpo”. The society’s representatives stated that now on Moldovan market none of „Saeco” items is sold, only Austrian devices are sold for the moment. According to them, they came to Moldova in order to familiarize with the prices of similar goods sold in Moldova and opportunities to open on the Moldovan market an official representation. DAIR „Comexim” also is willing to find in RM dealers of „Saeco” goods that, in light of preliminary researches, are competitive, on Moldovan market. [Moldovan and Romanian businessmen created the most important bridge - the one of bilateral economic integration – Romanian ambassador ] The businessmen from Romania and Moldova succeed to create starting 2002, the most important bridge - the one of economic integration of the two states, this being the most important basis that will decide radically the policy related to European integration process, declared, on Friday, June 30, the Romanian ambassador to Chisinau, Filip Teodorescu, during the Moldovan and Romanian business forum, that took place at the International Exhibition Complex “Moldexpo.” According to the ambassador, from 2002 till 2005, the commercial relations between the Republic of Moldova and Romania almost tripled: from 1 million dollars to 3 million dollars. The second place that Romania has in the total commercial exchange of Moldova and the place that the Republic of Moldova holds in the economic relations of Romania is significant; place comparable or even bigger then that of Romania with other developed states from Europe: Portugal, Sweden, Norway, Slovakia, Slovenia, the quoted source said. [• Saturday, July 1] [“Moldtelecom” will be the third mobile telephony operator from the Republic of Moldova] “Moldtelecom” will hold the third license of mobile telephony provider in the standard CDMA 2000, on the frequency 450 MHz, for a period of 15 years. The decision was taken by the License Commission of the National Agency for Tele-communications and Informatics Regulation. According to a press release of the above mentioned agency, the decision was taken at the end of last week, on the basis of the written request of “Moldtelecom” and according to the provision of the Tele-communications Law, it was decided that this license will be offered through direct entrusting. [• Sunday, July 2] [Power producers will install modern power meters] Power producers will install in one year period modern power meters at the points of measuring supplied power at the power stations from the transport or distribution network. This kind of provision is included in the new regulation regarding measuring power in commercial goals, approved by the National Agency for Power Regulation and registered last week at the Ministry of Justice.

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