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Indian Embassy, Bucharest asks exporters to share feedback on doing business in Moldova to improve export performance
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Shardul Nautiyal, Mumbai
May 19 , 2023
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Embassy of India, Bucharest has urged Indian exporters to share their feedback about doing business in Moldova towards improving export performance.
Moldova, an Eastern European country and part of former Soviet Republic, has been relying on imports for their pharmaceutical needs and imported pharmaceutical items of US$ 329 million in 2021 and US$ 277.12 million in 2022, respectively.
“India's trade with Moldova is primarily composed of pharmaceutical products. However, the Indian mission has expressed its concern about the recent trends in exports from India. In this regard, the Embassy of India, Bucharest would like to identify the problems and shortcomings that Indian exporters encounter in Moldova and is asking for support in doing so,” according to a Pharmexcil circular.
The circular further stated that member companies dealing with Moldova markets are requested to share the feedback on their experience of doing business, any obstacles they have faced and any suggestions that can be adopted for improving export performance in Moldova to the Indian Embassy (at com.bucharest@mea.gov.in and marketing.bucharest@mea.gov.in) with a copy to Pharmexcil (at regulatory@pharmexcil.com).
It is important to understand the issues and review the suggestions, which will subsequently be taken up by the Indian Mission, in order to counter market barriers and increase our exports to Moldova. The European region is currently the second-largest market for Indian pharma products and accounts for almost 20% of our total exports with exports over US$ 5 billion in FY23 and a growth rate of over 13%.
While the Moldovan market is dominated by European businesses, the Moldovan pharmaceutical sector presents an excellent opportunity to Indian exporters since the pharmaceutical sector in Moldova is not very developed, and it relies heavily on foreign drugs and pharma supplies. Furthermore, in terms of regulatory clearance, even if one drug is registered in EU, UK, Japan and USA, the Moldovan authorities will accept the registration certificate.
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