European Business Association
Driver for change
Annual Review 2019
EBA Mission

The EBA is one of the main business impact organisation for Moldovan and foreign entities aimed at:
– Facilitating domestic and foreign trade;
– Improving business climate through different communication platforms;
– Bolstering foreign investments;
– Promoting business activities between EU and the RM.

EBA Vision

The EBA Vision is to enable & drive the full establishment of European business practices and values in Moldova, wishing to promote and contribute to the harmonization of economy of Moldova and the EU.
Macro analysis 2019
  • GDP registered an increase of 3.6% in real terms in 2019 and amounted to 210.1 billion MDL (around 10.4 billion Euro).
  • Annual inflation rate (December 2019 vs. December 2018) constituted 7.5%, compared to the inflation rate of 0.9% recorded in the same period of the previous year.
  • The average monthly salary per employee in 2019 was 7 356.1 MDL (around 374 Euro), registering an increase of 14.1 % comparing to 2018.

Trade balance deficit

According to the latest World Bank annual rating, among 190 economies Moldova is ranked:
48 in Ease of Doing Business (47 in 2019);
13 in Starting a Business (14 in 2019);
156 in Dealing with Construction Permits (37 in 2019);
22 in Registering Property (same in 2019);
45 in Protecting Minority Investors (33 in 2019);
33 in Paying Taxes (35 in 2019);
38 in Trading across Borders (35 in 2019).
Trade conditions. The European Union continues to be the most important external trade partner of Moldova, the share of exports being in increase over the last years.
Moldovan exports to regions in 2017–2019, million USD
The share of exports to EU countries represents 65.87% of total Moldovan exports. Deliveries of goods to this group of countries accounted 1 830.5 million USD (a decrease by 1.7% compared to 2018). The main importing European partners are:
  • Romania (27.5% of total exports)
  • Italy (9.6%)
  • Germany (8.8%)
  • Poland (4.1%)
  • Czech Republic (2.3%).
Top 10 exported goods from Moldova in 2019
Also, the EU is the main imports partner for Moldova. At the same time, the growing share of exports in combination with growing share of imports contributes positively to the Moldovan trade flow.
Moldovan imports from regions in 2017–2019, million USD
The imports from EU accounted 2 889.9 million USD (an increase by 1.4% compared to 2018) and represents 49.47% of total Moldovan imports. The main exporting European partners are Romania (14.4% of total imports), Germany (8.3%), Italy (6.9%), Poland (3.4%), France (2.5%), EU being the main trade partner of the Republic of Moldova.
Top 10 imported goods from Moldova in 2019
Foreign direct investments (FDI) in 2019 registered the accumulated value of 4.84 mild. USD (an increase by 16,2% compared with 2018). The main EU investors in Moldova are Netherlands, Spain, France, Cyprus, Romania, Italy, and Germany.
Peter Michalko
EBA Honorary President
Ambassador of the European Union to the
Republic of Moldova
EBA Board

László Diósi
EBA President
Chairman of the Management Committee of Mobiasbanca – OTP Group
Jose Luis Gomez Pascual
EBA Vicepresident
Premier Energy
Mathias von Tucher
Danube Logistics
Dona Gabriela Rapciuga
Kaufland Moldova
Constantin Barbaros
Metro Cash & Carry Moldova
Alexandru Gozun
PwC Moldova
Marian Chirtoaca
Rödl & Partner Moldova
Sergiu Sitnic
Maxim Banaga
Sudzucker Moldova
Alexandru Turcan
Turcan Cazac Law Firm
Diana Neagu
Vernon David Law Firm
EBA team
Mariana Rufa
Executive Director
Ensures the full executive and administrative authorities for EBA, developing the EBA strategy, work plans and budgets, managing recruitment of member corporations, facilitating partnerships, projects and co – operations for the benefit of EBA, and handling contact to EBA Sector Committees. Supports the team in the policy and advocacy process, services, project management and press & media work.
Alexandra Popa
Policy & Advocacy Manager
Develops and organizes the advocacy work for EBA, drafting advisory notes, representing EBA at meetings and working groups in relevant public private platforms and organisations. Assists the Executive Director in her efforts towards policy issues, building up and keeping an active network with relevant stakeholders for policy and advocacy work. Supports project management and leads EBA Sector Committees meetings.
Ion Cebanu
Executive Assistant & Events Manager
Provides administrative support and maintains protocolar correspondence. Takes care of the projects implementation and reporting. Ensures the smooth-running and organization of EBA events, trainings and seminars. Maintains and updates communication vehicles such as website, newsletter, press releases, social media and others.
Anna Djurinscaia
Chief Financial Officer & Tax Policy Manager
Is heading the Finance and Administration department of EBA. Drafts and supervise the EBA budget. Ensures Payroll and HR Administration. Provides monthly financial reports and monitors the cash flow. Assures accurate reporting according to the EBA policies. Supports the Policy and Advocacy department as well as the EBA Tax & Customs Committee in regard to Tax and Customs Policy matters.
Xenia Maranduc
Ensures the appropriate bookkeeping in accordance with the RM legislation. Ensures all the necessary entries into the EBA accounting registry. Carries accurate transfers and performs payroll calculation. Prepares reports for local authorities and Donor projects, EBA Board members, other reports on request.
EBA Members
All the EBA members are available on our website.
View all members
Business Environment

Key Business Environment indicators
Issues/ Areas approached
Achievements on Policy Agenda
Policy Documents
Business Environment statistics
Public Private Dialogue
National Platforms

– Parliamentary Commissions
– Economic Council to the Prime Minister
– Customs Service Advisory Committee
– Tax Inspectorate Advisory Committee
– State Commission on regulation of the entrepreneurial activity
– Ministry of Finance Technical Working Groups
– Tax & Customs Policy Development
– E-public Procurement
– Ministry of Agriculture, Regional Development and Environment Technical Working Groups

International Platforms

– European Business Organization Worldwide Network
– European Commission (DG Trade, DG Near, DG Energy)
– European Parliament
– World Bank

– German Economic Team
Common Business Breakfast with EU Ambassador and USA Ambassador
Meeting of the Economic Council to the Prime-minister on preseting the main priorities for 2020 identified by the private sector
Public discussion with Mr. Christian Danielsson, Director-General for European Neighbourhood Policy and Enlargement Negotiations, European Commission with members and CSOs
EBA collaboration with the Economic Council to the Prime Minister

The Economic Council to the Prime Minister is one of the main Public – Private Dialogue Platform where EBA is the chair of Trade Facilitation Committee. During the 2019, EBA has managed to address key issues faced by business environment through participation at the working groups and technical meetings organized within the Council.

Areas covered under the Economic Council to the PM:
  • Administration of tariff quota for import of meat from EU
  • Export of metal scrap
  • ANSA Nomenclature of services and tariffs
  • Food safety legislation
  • Tariff barriers for food safety control
  • RM-RO cross border cooperation
  • Walnuts export
  • Domestic trade
  • Labor legislation
  • Data protection
  • Customs valuation
  • Waste incineration
  • Sanitary regulations on tobacco products
  • Tax Policy
Meeting on the Presentation of the main priorities for 2020 identified by the private sector
Meeting on Economic Council Action Plan for 2019
Meeting on Digitization of public services, amending of Labor Code, revision of Compensation fee, Regulatory Impact Analysis.
Meeting on Government Decision 938
Meeting on informing the business community involved in the international trade of goods about tools to facilitate cross-border trade.
Meeting on the services provided by National Agency for Food Safety provided at the state border
Meeting with Mrs. Maia Sandu, former Prime Minister of the Republic of Moldovа
EBA Publications

EBA Sector Committees
EBA Moldova provides a platform to discuss with its Members all legal and policy initiatives aiming to improve the Moldovan legislation through its Sector Committees
Tax & Customs Committee
Tatiana Stavinschi
(Former) Senior Manager - PwC Moldova

With respect to the customs issues, the following topics were discussed:
  • export of walnuts
  • RM-RO cross border cooperation
  • new Customs Code
  • customs evaluation
With respect to the fiscal issues, the following topics were discussed:
  • Fiscal Policy for 2020
  • Fixed Assets Regulation
Agriculture & Environment Committee
Alexandru Gîncu
Public Affairs & Communications Manager - Coca-Cola HBC Moldova

Within the Agriculture & Environment Committee the following issues were approached:
  • export of animal origin products
  • import of meat from EU and quotas administration
  • export of honey with fillers, internal Trade Law
  • amendment of the GD 983/2018
  • ANSA nomenclature of services and tariffs
  • strengthening the institutional capacities of ANSA
  • amendment of food safety legislation
  • incineration and co-incineration
  • legislation on non animal by-products and derived products
  • amendment of the Law on wastes and Law on payment for environmental pollution
Human Resources Committee
Daniela Neagu
Partner - Vernon David
Eduard Gurin
Associate - Vernon David

The main issue discussed within the Human Resources Committee is the proper implementation of the Labor Legislation. Thus, the following amendments of the Labor Code, were approached:
  • individual labor contract
  • temporary transfer
  • payments for extra work
  • transfer of days off and non-working holidays
  • working through the temporary agency work
Automotive and Education Committee
Igor Corman
Director, SE Bordnetze SRL

The Committee is aimed at discussing the challenges of companies in the automotive sector in Moldova, such as:
  • Jobs Subsidy Regulation
  • Deductibility for expenses - Increase of the average ceiling of transportation expenses per each employee in deductibility purposes
  • Increase of the Norms of fuel consumption (ACHIEVED in 2020)

Regulatory Framework Committee
Oleg Efrim
Managing Partner - Efrim, Roşca și Asociaţii

The Regulatory Framework Committee of EBA deals with issues related to:
  • internal trade Law
  • data protection
  • justice sector reform
  • business ombudsman
  • unfair competition in certain areas of economic activity
  • implementation of the permissive acts and state control reforms
  • export of metal scrap
Infrastructure and Energy Committee
Mathias von Tucher
General Director, Danube Logistic
    Jose Luis Gomez Pascual
    Country Manager - Premier Energy

    The main topics covered by the respective committee:
    • road infrastructure
    • energy efficiency
    Other EBA topics approached
    • banking sector reform
    • AML legislation
    • tobacco sanitary regulations
    • MTender
    • industry Strategy
    • amendment to the land code
    • MCBI program
    All the EBA Members proposals are collected, examined by the EBA Sector Committees and later reflected in a series of Position Papers. The list of Position Papers elaborated and sent to public institutions by EBA Moldova, can be found here.
    EBA achievements
    Among the main tangible results achieved, the following can be listed:

    • The market of metal scrap export was liberalized
    • Amendments to the Law on food safety were approved
    • Waste incineration was legally allowed
    • Walnut kernel market became more transparent
    • Declaration of the value of goods in customs was improved
    • Labor Code provisions streamlined
    • GD on Food Safety Control was improved
    • The tariff quota for the import of meat from EU was increased
    • Amendment to Law 229/2018 regarding the postponement of the release of the electronic invoice in the course of the taxable delivery of public procurement was approved
    • Fixed Assets Regulation was approved
    • Draft Law on animal by-products and derived products that are not intended for human consumption was approved

    EBA Advocacy Products

    EBA launched a new product:

    quarterly review on the EBA Policy and Advocacy agenda

    This document contains all the legal initiatives submitted by EBA with the support of its members, for the period of 3 months, issued 4 times per year.

    Business Support
    Business Breakfasts and Meetings with EU Officials and Ambassadors

    European Commissioner for European Neighbourhood Policy and Enlargement Negotiations
    Ambassador of the European Union to the
    Republic of Moldova
    Director-General for European Neighbourhood Policy and Enlargement Negotiations, European Commission
    Head of Unit DG Trade
    Head of Unit C1- Georgia, Moldova and Neighborhood Cross-Border Cooperation
    Head of Unit and Mr. Jan BLOEMENDAL, Policy Officer, DG Sante
    US Ambassador
    Business Breakfasts and Meetings with Moldovan State Representatives

    President of RM
    President of Parliament of RM
    Prime-minister of RM
    Former Minister of Finance (Between December 2018 – June 2019)
    Deputy Prime Minister
    Minister of Finance
    Former Director of State Fiscal Service (Between 2016 – 14 Nov 2019)
    Former Prime-minister of RM (Government of 8th of June – 12th of November 2019)
    Former Minister of Economy and Infrastructure of RM
    (Government of 8th of June – 12th of November 2019)
    Former Minister of Finance of RM (Government of 8th of June – 12th of November 2019)
    Former Minister of Agriculture, Regional Development and Environment (Government of 8th of June – 12th of November 2019)
    State Secretary of the Ministry of Finance
    Former Head of Tax Policy Division, Ministry of Finance
    Deputy Director of State Fiscal Service
    Head of the Control Procedures Directorate, State Fiscal Service
    Head of the Direct Taxes Department
    State Fiscal Service
    Former Interim General Mayor of Chisinau

    Oana Mihaela Motoi
    Senior Partner
    Veronica Covalschi
    Tax Manager
    Irena Ratcov
    Tax Manager
    Sandra Mendas
    UltraFresh QA Expert Fruits & Vegetables, Germany
    Sergiu Botnaru
    Procurement Department
    Serghei Martinov
    General Manager
    Alexandru Panzari
    Head of Inspectorate
    General Police Inspectorate
    Marina Roscovan
    Senior officer of the Personal Data Protection Service
    General Police Inspectorate
    Iurie Cațer
    Head of Center
    Center for Combating Cyber Crime
    Sergiu Bozianu
    Privacy Research Association
    Andrei Sorochin
    Head of Information Security Department
    Daac System Integrator
    Constantin Vacarenco
    Specialist at Information Security Department, Data Protection Officer
    Daac System Integrator
    Diana Buciuscan
    Data Privacy Officer
    Olesea Chirica
    Senior Associate, Legal Services
    Ludmila Ciubaciuc
    Senior Associate, Legal Services
    Silvia Grosu
    Senior Associate, Legal Services
    Natalia Gontu
    Tax Manager
    Processing of personal data in the Human Resources Domain
    Oana Luisa Dumitru
    Expert Twinning UE
    EBA General Assembly
    Spring General Assembly
    Autumn General Assembly
    EBA Cooperation with development partners
    The "Local civil society contributes to the economic and social development in Moldova" Project implemented with the financial support of the European Union and co-financed by Sweden through the East Europe Foundation
    Objectives of the project:

    • Offer support to regional and local SMEs through Regional Business Support Hubs
    • Organize 3 matchmaking events for beneficiary companies in EU countries
    • Provide direct capacity development activities and support to 6 Regional Business Support Hubs

    Implementation period:

    • 1.02.2018 – 30.11.2020
    Results achieved within the project:

    • Technical meetings with sector experts and public authorities – 43
    • Workshops for executive team of business hubs – 2
    • Workshops for beneficiary companies (SMEs) of business hubs – 11
    • Matchmaking visits – 3 (Romania, Austria, Poland)
    • Workshops for regional companies and EBA members -3
    • Position Papers – 31
    • Issues and areas approached – 20
    • Initiatives under the Project - 12
    Regional Workshop at NEXT Business Association, Gagauzia, on Customs regulations and procedures for exports.
    Speaker: Viorel Sarghi, Expert on Customs regulations and procedures.
    Regional Workshop at Business Support Center – InnoHub from Ungheni, on Negotiation practices and sales strategies with international clients
    Speaker: Dan Nutiu, Negotiations and Sales practices Expert
    Regional Workshop on
    1. "The contractual aspects in the relations between providers and supermarket networks."
    2. "The law of accounting and financial reporting: new provisions and methods of application"
    Speakers: Stealian Andronachi, Business Intelligent Services
    Mariana Danilisin, Rodl & Partner
    EBA supporting its members through education programs
    Training & Internship Program ZOOM IN BANKING
    Program mission: training and development of professional skills in the area of banking management, in order to increase the employability of youth in general and reduce the training time of young people employed in entry level positions in financial-banking institutions, in particular.
    Workshops in 2019 – 4
    Workshop 1
    Workshop 2
    Workshop 3
    Workshop 4
    Organization of the compliance function in banking institutions
    Speakers: Diana Neagu and Charles Vernon, International experts in the area of banking & finance Vernon David Law Firm
    How to apply the legislation in the field of preventing money laundering and combating terrorist financing (AML & CFT) in banking institutions
    Speaker: Diana Elena Neagu, international expert, Vernon David Law Firm
    Particularities of taxing banking institutions
    Speaker: Lilia Bacioi, Head of Department Accounting Department, Taxes and Reports Section, Victoria Bank
    Protection of personal data in the banking financial field: realities, tendencies and challenges.
    Speaker: Sergiu Bozianu, President of Privacy Research Association
    Economic Journalism Academy
    Project Mission: aimed at enhancing the capacities and practical knowledge of journalists covering economic subjects.
    Workshop 1
    Workshop 2
    AA/ DCFTA Benefits and opportunities for Moldova. Bilateral agreements and their impact on the economic development
    Speakers: Vasile Plamadeala, Trade Officer within Delegation of the European Union to Moldova; Cristina Ceban, Deputy Chief of International Cooperation Direction within the Ministry of Economy
    Fiscal Policy
    Speakers: Tatiana Stavinschi – (Former) Senior Manager at PWC
    Nicolae Cretu – (Former) Tax Manager at PWC
    Summer School for Young Entrepreneurs
    A member support project, which for 8 consecutive years helped more than 350 young and future entrepreneurs to upgrade their managerial skills.
    Partners for 2019 Summer edition:
    Foreign outreach
    Financial Statements
    Independent Auditor's Report
    Grant Thornton Audit S.R.L. is a member firm of Grant Thornton International Ltd (Grant Thornton International). References to "Grant Thornton" are to the brand under which the Grant Thornton member firms operate and refer to one or more member firms, as the context requires. Grant Thornton International and the member firms are not a worldwide partnership. Services are delivered independently by member firms, which are not responsible for the services or activities of one another. Grant Thornton International does not provide services to clients.

    We have audited the accompanying financial statements of the European Business Association in Moldova (hereinafter the "Association"), which comprise the balance sheet as at 31 December 2019, the statement of income and expenses, the statement of changes in financing sources for the year then ended and notes to the financial statements, including a summary of significant accounting policies.

    In our opinion, the accompanying financial statements are prepared, in all material respects, in accordance with the National Accounting Standards (hereinafter "NAS"), the Methodical Indications regarding the Accounting Particularities for Non-Commercial Organisations and the accounting policies described in the Notes to the financial statements.

    Basis for opinion

    We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditor's responsibility for the audit of the financial statements section of our report. We are independent of the European Business Association in accordance with the International Ethics Standards Board for Accountants' Code of Ethics for Professional Accountants (IESBA Code) together with the ethical requirements that are relevant to our audit of the financial statements in the Republic of Moldova, including the law and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

    Material Uncertainty Related to Going Concern

    We draw attention to Notes 10 and 11 to the financial statements, which state the impact of the COVID 19 pandemic and the impossibility of estimating at this moment the impact on the financial position and results of the Association for future periods.

    The impossibility of estimating the impact of the COVID 19 pandemic over the Association's future operating activity indicates that a material uncertainty exists that may cast significant doubt on the entity's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

    Other matters

    Our report is intended solely for the information and use of the Board of directors of the European Business Association and for the Association's management. To the fullest extent permitted by applicable law, we do not accept and do not assume liability to anyone other than the Association and the Association's Board of director for our audit, for this report, or for our opinion.

    Responsibilities of management for the financial statements
    Management is responsible for the preparation and fair presentation of these financial statements in accordance with the National Accounting Standards, the Methodical Indications regarding the Accounting Particularities for Non-Commercial Organisations and the accounting policies described in the Notes to the financial statements, and for such internal control as management determines is necessary to enable the preparation of the financial statements that are free from material misstatement, whether due to fraud or error.

    In preparing the financial statements, management is responsible for assessing the Association's ability to continue as going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Association or to cease operations, or has no realistic alternative but to do so.

    Those charged with governance are responsible for overseeing the Association's financial reporting process.

    Auditor's responsibility for the audit of the financial statements

    The objectives of our audit are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with NAS will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

    As part of an audit in accordance with NAS, we exercise professional judgment and maintain professional scepticism throughout the planning and performance of the audit. We also:

    • Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
    • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Association's internal control.
    • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
    • Conclude on the appropriateness of management's use of accounting on a going concern basis and determine, based on audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Association's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Association to cease to continue as a going concern.
    • Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
    We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

    Grant Thornton Audit S.R.L.
    Chisinau, Republic of Moldova
    20 May 2020
    The balance sheet as at 31 December 2019 and the statement of income and expenses for the year ended 31 December 2019 are an extract from the full set of EBA financial statements prepared, in all material respects, in accordance with National Accounting Standards, Methodical Indications regarding the Accounting Particularities for Non-Commercial Organizations and accounting policies described in the Notes to the financial statements. The full set of financial statements comprise the balance sheet as at 31 December 2019, the statement of income and expenses and the statements of changes in financing sources for the year ended 31 December 2019, and a summary of significant accounting policies and other explanatory notes. The full set of the financial statements were audited by Grant Thornton SRL, independent auditor of the EBA, who issued an unmodified audit opinion on 20 May 2020 for the year ended 31 December 2019.
    Contact us
    European Business Association Moldova
    30 Vlaicu Pârcălab str., Chișinău, Republic of Moldova, MD2012
    Phone: +373-22-907025, Email:

    The presented photos can only be used for the informative purpose of studying the EBA Annual Review 2019.