Vadim Brinzan, was an invited speaker at the First Moldovan-American Convention, but unfortunately he could not attend. Nevertheless, he sent us the presentation that was included among materials to be handed to participants. You also have the chance to read it below: Mr. Moderator, Ladies and Gentlemen, At the outset, I would like to convey to the distinguished panelists and all participants my sincere regrets for not being able to join you on the memorable occasion of the First Moldovan – American Convention. Some urgent issues required my departure from Washington D.C. I hope that my apologies will be accepted and you will receive my message as I would have had the pleasure of sharing this room with you. Our first Session focuses on Post-Vilnius developments. This theme and the subsequent question of “Why does Moldova matter to the USA” imply a mostly political, I would even say a geo-political discussion. I could readily comment on this, but I presume that you would better listen to my opinions as a professional in economic and financial fields. As you might have heard, I am the Founder and Managing Partner of Logos Advisors, LLC, a private equity management firm with investments in financial and business services companies in the US, Europe and India. Prior to founding Logos Advisors LLC in 2007, I served as a Director in Merrill Lynch’s Principal Investing group in New York from 2001to 2007, where I helped manage a multi-billion dollar portfolio of Merrill Lynch global investments various sectors. In the 1990s, as a management consultant with PricewaterhouseCoopers, I helped lunch privatization projects in Moldova and Ukraine, as well provided advisory services to many companies in the CIS space. I graduated from Harvard Business School, while my first university degree was with the Moldovan State University. Moldova matters to the USA. It matters because it provides a positive example of a country with a totalitarian past moving towards a democratic system. Despite many hardships and setbacks we embraced the democratic values and joined the community of democratic and free states. We can share our experience and encourage other nations. We can prove that transformation and modernization processes can reach the desired outcomes. Donors and developing partners can learn that their help and assistance offered to Moldova found a fertile ground and brought positive changes to its population. Investors can find an attractive market and develop lucrative programs in Moldova. You have probably mentioned the many “can”-s that I have just used. Too many, if I would evaluate the situation from an investor’s point of view, only. The current investors have myriads of opportunities and the globalised financial and economic markets offer them huge prospects all around the world. Therefore, Moldova has to find its strong points and allure investors with highly competitive policies and offers. These have to be based on already well developed national areas and businesses and use the most successful practices applied in countries similar to Moldova. I consider that agriculture has yet to play an important role in Moldova’s economy. A new, fresh look is necessary on the perspective of this sector, in particular the intensive agriculture and agribusiness. The world population is on the constant rise, while the available agricultural areas are used to their maximum, not to mention the climate change and its impact on agricultural output. By using modern equipment and investing in advance technologies the Moldovan products can find their customers in many countries and regions. Another sector that would attract my attention as an investor is the IT and business outsourcing. Moldova has a convenient geographical, economic and political location, neighboring the EU. Sharing historical, cultural, educational affinities with many European countries and having, still, an impressive number of young, ambitious and educated youths, Moldova can compete with many developing countries that succeeded in offering attractive conditions to international corporations. The programs in these areas will require moderate investments but will generate significant outputs. By acting swiftly and with determination we can decrease and, hopefully, reverse the migration trend and generate jobs in the country and not search for them abroad. The above mentioned solutions are not new or revolutionary; they exist and are applied worldwide. What is at stake, in my opinion, is the political will and the firm desire to overcome all challenges and threats not to the political parties, group or individual interests, but to the country’s future and the wellbeing of its’ people. Without a drastic reform of the legal system, modernization of the bureaucratic apparatus and real fight with corruption all statements and promises are doomed. As a potential investor I cannot put my trust into a legal system that cannot protect neither local nor foreign businesses; I could not deal with officials who receive a salary that barely covers their minimum expenses but are responsible for deals of millions; I cannot convince my business partners to invest in my home country if we cannot find employees who will take pride of their jobs and not try to benefit from, destroy and deprive us from our investments. After Vilnius Moldova has to move forward, but not in delivering statements, drafting programs and attending meetings, but in deeds, actions and real programs. If Moldova succeeds in creating new jobs, attracting investors, raising salaries, consolidating its society, it will matter to the USA, EU, the entire world. The attention is on either champions or failures and the decision makers are to understand that there are no alternatives. I have tried to focus on economic issues, but they are heavily intertwined with politics in Moldova’s case. They cannot be dealt separately and no successes can be achieved in only one or another. We need a robust approach and a synergy of all efforts of political actors, businesses, civil society and individuals regardless of their location, in Moldova or abroad. If the positive spirit is lost and the ordinary citizen is turning away and tries to find a solution to his / her problems abroad then Moldova will matter neither to him, or to her family, or relatives, nor to the USA or other democratic states. It is an existentialist choice and it has to be made at all levels. I thank you for your attention.
Posted on: Fri, 14 Mar 2014 19:36:56 +0000
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