Foreign direct investments, according to the National Commission of Financial Market (NCFM), although still modest in volume, recorded a significant increase: from MDL 3.77 million in 2024 to MDL 132.79 million in 2025. Overall, they accounted for about 40.4% of the total volume of shares issued on the primary market last year.
Growth leaders
The most significant contribution (worth 124.53 million lei) was made to the share capital of SA Basarabia-Nord by investors from the UK. They were followed by investors from Romania with 7.28 million lei (Mixed Enterprise “Farmaco” SA), Germany with 0.68 million lei (SA “Dacia-LV”) and Italy with 0.3 million lei (SA “XVG Atlas Group”).
This development, according to NCFM, indicates that the reluctance of foreign investors to participate in the stock exchange capitalization of assets “is largely due to regional instability”. But it is “beginning to be overcome”. And this “indicates optimistic prospects for attracting new investments and increasing the attractiveness of the capital market in the Republic of Moldova”, NCFM believes.
The indifference of foreign investors to the Moldovan stock market is confirmed by the market’s structural problems, but the situation is beginning to change, thanks to the announced capital market reform.
Integration will change the situation
Historically, foreign investors’ interest in the Moldovan Stock Exchange has been extremely low due to low liquidity, limited number of available instruments and lack of integration with international venues.
The authorities hope that with the opening of the International Stock Exchange of Moldova this summer, using the infrastructure and experience of the Bucharest Stock Exchange, will fundamentally change the situation.
It has historically been reduced to a low volume of foreign investment per person (FDI per capita) and a modest volume of transactions. In 2023, foreign direct investment was only $1610 per capita, one of the lowest in Eastern Europe. Most exchange activity has long been confined to government bond (GSE) transactions and one-off large transactions in commercial bank shares, while the classical stock market has remained underdeveloped.
