Republic of Moldova – the last train: the small state’s economic, investment and business relationship with Romania in figures and an image of its poverty

25 septembrie, 2025

In a few days, the Republic of Moldova, under the incredible assault of Russian hybrid warfare, will have to choose between the great step towards the European Union, or returning to the gray and evil world of Russian imperialism.

We present below an analysis of both the Republic of Moldova’s relations with Romania – from an economic, trade and investment standpoint – and the defining macroeconomic figures for any state: especially for a state at the start that can be towards a freer and prosperous world.

Romania – Republic of Moldova trade relations have increased – according to data for 2024, especially as a result of the increase in Romanian exports, given that Romania continues to hold the status of the Republic of Moldova’s main trading partner.

At the end of 2023, trade amounted to USD 3.4 billion, of which Romanian exports were USD 2.2 billion. In 2024, the trade relationship reached bilateral exchange of USD 3.67 billion, far surpassing trade with Russia, according to data from the Ministry of Foreign Affairs (MAE).

One of Romania’s top trading partners, the Republic of Moldova represents an important market for Romanian exports, being the 15th export market (2.23% share).

At the same time, Moldova is the 23rd import market (0.89% share) for Romania.

On the other hand, Romania is Moldova’s main partner with a share of almost 17% of imports and 32.6% of exports. Moreover, a large number of Moldovan companies do business with an operational base in Romania, although the capital invested and subscribed in the companies is low.

Below is the top of trading partners of the Republic of Moldova:

Republic of Moldova, one of the countries with which Romania has the largest trade surpluses

In terms of trade dynamics, the following evolution can be noted:

Moldovan exports to Romania decreased by -18.4% in 2024, with a general trend of decreasing exports last year (-12.2% for the total year 2024);
Moldovan imports from Romania increased by +17.7%, in line with the general trend of increase in imports (+4.5% for the total year 2024).

It should be noted that the Republic of Moldova is one of the countries with which Romania registers the largest trade surpluses (USD 1.2 billion in the last 2 years).

Top exports to R. Moldova:

Petroleum oils or oils from bituminous minerals;
Wires, cables and other insulated electrical conductors;
Well gas and other gaseous hydrocarbons;
Electricity.

Top imports from R. Moldova

Wires, cables and other insulated electrical conductors;
Sunflower seeds;
Corn and wheat;
Wine and grapes.

1 million citizens of Moldova are Romanian-passport holders

From an investment point of view, the Republic of Moldova ranks 34th in the Romanian top by the level of subscribed capital, that is USD 91.5 million (0.14% share), with a total number of companies 7,863 (about 3% share), +304 compared to 2023. The most resounding name is Purcari Wineries (WINE), the largest wine producer in the region which is also listed on the Bucharest Stock Exchange.

Added to this is the contribution of over 1 million citizens of the Republic of Moldova who have a Romanian passport and a value of Moldovan capital directly invested in Romania of USD 97.5 million at the end of 2024 (USD +6 million vs. 2023).

At the same time, at the end of 2024, Romania’s total investments in the Republic of Moldova amounted to about USD 1.2 billion, growing rapidly from USD 780 million at the end of 2022 (direct invested capital + subscribed capital in joint ventures). At the same time, Romania holds the first place in terms of the number of registered companies and the 3rd position in the top of direct investors.

Romanian direct investment of USD 800 mil. in R. Moldova

Romanian companies across the river Prut have a total turnover of almost USD 1.2 billion and have created over 12,000 jobs through direct Romanian investments of USD 746.2 million (2023), with the Association of Romanian Investors in the Republic of Moldova (AIR) as the union for Romanian business development in the Republic of Moldova.

The evolution accelerated in recent years, as Moldova transitioned from the status of a peripheral country in Europe to that of an EU candidate state with access to explicit financial support from the EU of billions of euros – the Republic of Moldova will benefit from at least EUR 2 billion in European and development funds in the next few years.

Many Romanian companies have crossed the river Prut, the most recent being DIY retailer Dedeman, which announced it would open its first store in the Republic of Moldova. Other big names with investments in the Republic of Moldova are Banca Transilvania (VictoriaBank) or Transgaz (which took over the operation of gas transport across the Prut), and there are 1,746 joint ventures in total with Romanian capital registered in the Republic of Moldova.

Moldova also has one of the most competitive tax regimes in Europe, with state aid for key sectors (such as green energy, electronics, chemicals and construction materials) and several so-called Free Economic Zones with special tax treatment (the only costs are production costs, there are no taxes/duties until after a certain number of years), as well as industrial parks and business hubs.

Macroeconomic indicators of R. Moldova: