By the end of the first half of 2026, the cumulative volume of foreign direct investment in Moldova had reached approximately €5.37 billion, an increase of 2.4% since the beginning of the year. However, the structure of foreign ownership in enterprises shows that nearly 58% of this capital is concentrated in the financial sector and trade, while the manufacturing sector—enterprises producing finished goods and processing raw materials— - accounts for 16%. Moreover, its share is declining: in March 2025, it stood at 19.8%, and by the end of the year, it had fallen to 17.7%.
These figures lend additional significance to the discussions at Moldova Business Week 2026, where new investment projects, the development of manufacturing and logistics, and Moldova's advantages for international business were discussed. The question is not only how much foreign capital the country is able to attract, but also to what extent these investments are changing the structure of the economy.
According to data from the National Bank of Moldova, of the total accumulated foreign direct investment of €3.66 billion, €3.66 billion was in the form of equity investments in enterprises and €1.71 billion in debt instruments. These are not new investments for the first half of the year, but rather investments accumulated over many years. Changes in their value may be due not only to the inflow of new capital but also to the reinvestment of profits, financial transactions, and revaluations.
In the structure of foreign equity holdings, financial and insurance activities lead the way at 34.2%, followed by wholesale and retail trade at 23.8%. The manufacturing sector accounts for 16%, real estate operations for 7.4%, and the information technology and communications sector for 6.9%.
According to NBM data, during 2025, the manufacturing sector's share declined from 19.8% in March to 17.7% in December. The figure for June 2026 indicates a further decline to 16%. However, a decline in the sector's share does not necessarily mean a reduction in investment in absolute terms. Capital in manufacturing enterprises may have continued to grow, albeit at a slower pace than in other sectors of the economy.
For Moldova, this trend is significant in the context of government policies aimed at stimulating manufacturing. The National Program for Attracting Investment and Promoting Exports for 2024–2028 provides for the development of industrial capacity. A regional state aid mechanism for investment projects in the manufacturing sector has been in effect since January 2025. Its initial budget was 2 billion lei (about €100 million), and in October 2025, the Ministry of Economic Development announced an increase in funding to 4 billion lei (about €200 million). Depending on the established conditions, the support may cover up to 60% of the relevant investment costs.
The program is open to both foreign and domestic investors, so its results cannot be directly compared with NBM statistics, which reflect foreign capital exclusively. Furthermore, years may pass between the investment decision, the construction of the facility, and the start of production. Therefore, given the current structure of accumulated investments, it is still too early to judge the effectiveness of the new support mechanism.
At the same time, it would be incorrect to pit industry against the financial sector or trade. Banks provide credit to the economy, while trading companies develop the infrastructure for the supply and distribution of goods. However, investments in manufacturing can further create export opportunities, demand for local raw materials and services, as well as new jobs.
The economic impact depends on the nature of production. A company that assembles products primarily from imported components and a company with a broad network of local suppliers can make different contributions to the economy even with the same level of investment. Therefore, it is not only the industry sector of the project that matters, but also the value added it generates.
Tax incentives and financial support alone are not enough to attract manufacturing investment. Companies evaluate the reliability of the energy supply, the availability of skilled workers, logistics costs, customs procedures, and the predictability of regulations. In these areas, Moldova competes with other countries in the region, each of which offers investors its own advantages and support programs.
Therefore, the results of investment policy cannot be assessed solely by the number of forums, signed agreements, and announced projects. It is far more important to consider how much investment has actually been implemented, what production capacity has been created, and to what extent labor productivity and exports have grown.
Current statistics do not provide grounds for claiming an outflow of foreign capital from the manufacturing sector, but they do show a decline in its relative share of accumulated investments. For Moldova, this is a fundamental distinction: growth in foreign capital does not in itself mean a strengthening of the industrial base. The main outcome of investment policy should be the transformation of attracted funds into new enterprises, added value, and competitive exports. // 09.10.2026 - InfoMarket.