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31 december 2021
Stelian Manic. Investment attraction is the key to Moldova's development

An interview with Stelian Manic, general director of the Invest Moldova Agency.

#THE INTERVIEW

Hello, Stelian. The subject of our interview is clear - two months ago you took over as general director of the Invest Moldova Agency - and we are very curious about your plans. However, my first question does not concern the Agency. You are the first person in the last ten years with whom I have Eugene Maslov as a mutual friend (on social media). In the early 2000s, Eugene was widely known on the advertising market, however, he emigrated to Australia and we lost touch. Have you met him in Australia?

That's right, I lived in Australia for seven years and met him there. 

Quite intriguing. Australia is a very exotic country for Moldovans. How did you happen to end up there?

It wasn't by chance. Getting a visa, taking the language exam (because I moved there as a professor and the requirements were very high) - it all took more than two years. I remember the 3rd of February 2008, when my family and I got off the plane at the airport in Australia. That year, the winter in Moldova was very cold, with temperatures down to -30 degrees Celsius at night, while in Australia it was full summer with temperatures of +48 degrees Celsius. The temperature difference was impressive - almost 80 degrees. 

You said you had moved as a professor...?

That's right. Before Australia, I had a lecturing experience at ULIM and a research fellowship at the University of Washington. In Australia, I taught micro and macroeconomics, economic analysis, and later taught a master's course. 

You lived in Australia for seven years holding an academic post and yet you returned to Moldova?

Australia was fine, but I was waiting for the time when I would feel more at home there and forget about Moldova. After seven years, both my wife and I were homesick. So we came back. Everyone warned me that after seven years away I would have a culture shock, but it was no shock - home is still home.

Upon your return, did you go back to lecturing?

Yes, I am an associate professor at the American University of Moldova. It is the only university in the country where teaching is conducted in English entirely. 

Unusual story. May I ask how you made the leap from university lecturer to the general director of the Invest Moldova Agency?

It might be considered a political calling. I care about things in Moldova. Back in 2019, I ran for mayor of Codru, and now, when the post of the Agency's director was vacant, I had a meeting with the Minister of Economy, Sergiu Gaibu. My experience and energy prompted the offer to take over the leadership of the agency. My academic background, Ph.D., and specialization in macroeconomics, management, regional development, and marketing played an important role.

In the last few months, I have had several interviews on foreign investment in Moldova. And, frankly speaking, I was astonished to learn that today foreign-invested enterprises account for 40% of Moldova's GDP. 

I will tell you even more - no country in the world, even one as developed as the US, can develop successfully solely on its own resources. The experience of Eastern European countries shows that those countries that have taken the work of Foreign Investment Agencies seriously have prospered more, as they are a key element in the development of a state. China has proved what it means to attract foreign investment competently - remember what the situation was in the 1970s. Alternatively, not to go that far, take the example of Ireland. Once one of the poorest countries in Europe, with people leaving in droves in search of work, it has now overtaken Switzerland in terms of GDP per capita. Thus, if you want to find out what a country's government's attitude to prosperity is, take a look at how the government works with an agency like ours. 

By the way, are you also planning a reorganization of the agency?

Absolutely. For example, in Albania, a country comparable to Moldova, forty people work in the investment attraction department. Whereas in Moldova we only have one!

The comparison does not serve us well...

Therefore, when we complete the reorganization, we will appoint a separate specialist responsible for attracting investment in a separate field - from pharmaceuticals and IT to the automotive components industry, which is already developing in Moldova. These specialists will also be responsible for promoting exports in their respective sectors because exports cannot move forward without a thorough understanding of the sector.

You've only been at the helm of the Agency for two months. That's a very short time. However, what is the tendency in attracting investment during this period?

There is a positive dynamic. A Romanian investor has bought land in Straseni and plans to invest €14-15 million in building a metal factory with 250 jobs. 

For metal recycling?

Exactly. We currently process large quantities of metal in Ribnita and export metal to Turkey. The country has sufficient metal resources for processing. And most of the production of the new plant will be exported, so Moldova will get another source of export revenue, with an additional margin for processing primary products. Negotiations with this investor had been going on even before I was appointed to the agency, so it was purely coincidental that the Prime Minister signed my appointment order on the day the land in Straseni was bought. 

However, the Agency is not only in charge of attracting investment, as there are other equally important areas…

Of course. Export and country branding are complementary. Our mandates include not only attracting investment but also protecting and supporting it. Now, for example, we are dealing with two cases of reinvestment of €8 million and €50 million from investors already operating in Moldova. However, this amount of reinvestment has to go through bureaucratic hurdles that prevent their implementation.

So what is your priority?

We need to restore investor confidence in this country. The last few years have not been good for Moldova and there is a cautious attitude towards investing in the country. However, the vector of interest has changed. I judge from my personal meetings, including with ambassadors of countries accredited to Moldova. I note that they have well received the task of providing the business community in their countries with detailed information on the possibilities of investing in Moldova again. And here personal talks are of huge importance. One should not underestimate the impact that even a single highly qualified employee of the agency can have on the flow of foreign investment. In communicating with us, investors form their first impression of the climate and attitude towards foreign investment in Moldova. Thus, we can consider that the Invest Moldova Agency is at the forefront of a vital aspect of Moldova's economic development - attracting investment.  

Pavel Zingan

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