This is reported by the Investment Agency in a new study “Foreign Direct Investment. Impact on Moldova’s Economy (2016-2025)”.
According to the source, the dynamics of inflows remains subdued: in 2025, net investment inflows amounted to 409 million euros, against 424 million euros in 2024 and 334 million euros in 2023. After the peak in 2022 (554 million euros), the market entered a stabilization phase – without sharp jumps, but also without a recovery to the highs.
The main inflow is from operating businesses
The main source of growth was not new investors, but existing businesses. Reinvested earnings in 2025 amounted to €414 million – almost at the level of 2024 (€416 million) – and in fact fully accounted for the capital inflow. New investments and intragroup financing remained limited.
The study captures a key shift in recent years: the pattern of foreign investment inflows in Moldova is shifting from expansion to consolidation. Foreign companies mostly do not enter with new projects, but retain and develop already established assets.
Structurally, this is also reflected in the sources of capital. In 2025, equity and equity-related investments amounted to around EUR 3.721 billion (approximately 69% of all foreign investments), while EUR 1.652 billion were debt instruments. This confirms the dominance of equity and reinvested earnings, with a decreasing role for intragroup loans.
Currency fluctuations were reflected in the growth of
The authors of the report note that the final amount of foreign capital was affected not only by real investment flows, but also by technical factors: currency fluctuations (-€220 million), revaluation of assets (-€27 million) and other adjustments (-€23 million), which partially “ate up” the growth.
As a result, the investment picture looks contradictory: the €5.37 billion base remains stable and is even growing, but this growth is primarily driven by existing companies rather than new capital inflows.
