1 CAN= 12.3991 Moldovan Leu, MDL (09/2009)
Within the past decade Moldova has transitioned into a stable democracy with greater concentration on further economic integration with the European Union. It is a member of both NATO’s Partnership for Peace Program and the Council of Europe. While there has been recent growth in the country’s economy, particularly its service sector, its economy remains dominated by the agricultural sector.
Territory: 33,851 km2.
Major Borders: Romania, Ukraine.
Major Cities: Chișinău (Capital).
Natural Resources: lignite, phosphorites, gypsum, arable land, limestone.
The current government attributes the country’s recent economic success to greater EU integration. It also favours distancing the country from its traditional reliance on Russian political and economic support. While it is unclear as to whether the leadership will seek full EU membership someday, many believe that by applying EU business standards there will be increased foreign investment. A new set of reforms in 2010 were furthermore welcomed by the EU as positive steps in tackling corruption and excessive bureaucratic regulation..
The recent growth in the economy continues to be attributed to greater EU market access for agricultural commodities including local wines, vegetables, and in terms of manufacturing, the small textile sector. Furthermore, owning to Moldova’s sizable diaspora and temporary work programs, remittances have been an additional source of income for many of its residents.
Owning to Moldova’s small economic size, its main industries tend to be concentrated in the agricultural sector for such goods as; fruits, vegetables, tobacco, and wine. The country has few natural resources and it is a heavy importer of energy from Russian and Ukraine.
Moldova’s primary export markets are Russia, Romania and Italy, with agricultural goods being dominant. Its main source of imports for miners, fossil fuels, and machinery include Ukraine, Russia, Romania, and Germany.
Trade with Canada
Canada-Moldova relations are positive but largely insignificant from an economic perspective given the lack of large trade volumes. However, owing to a sizable population of Canadians of Moldovan origins living in Canada, the two countries share a unique relationship. For example, the Canadian government supports the OSCE-led 5+2, aimed to resolving the question of Transdniestria and supports efforts for greater Euro-Atlantic integration.
The current government of Moldova has taken renewed interest in creating a more investor friendly environment by seeking international support for its efforts to reduce corruption and streamline bureaucratic regulation. For example, the country is a long standing member of the World Bank’s the Investment Climate Reform Program, which is noted for improving its attractiveness to European investors. Since 1995, the Program has improved Moldova’s permit compliance costs, framework for troubled businesses, and helped its entrepreneurs harmonize their regulations with those of the EU.
Current day's noon foreign exchange rates from the Bank of Canada. Published at about 12:15 ET.
34.2114 RUB = 1 CAD 2014-08-29 Bank of Canada noon
0.7004 EUR = 1 CAD 2014-08-29 Bank of Canada noon
0.9210 USD = 1 CAD 2014-08-29 Bank of Canada noon
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