Exports of IT goods and services, primarily to EU member states, have multiplied fivefold in one of Europe’s poorest nations during the past five years: the Republic of Moldova. The IT industry is also significant in Romania, which employs many IT specialists. Compared to Moldova, IT developers take advantage of certain tax exemptions in Romania.
According to Euroactiv, Moldova’s economy ministry estimated the total annual IT export to be close to $350 million in 2021. At the same time, the European Union is Moldova’s largest export market for software and other information technology services.
One of the primary causes of this rapid growth, according to Economy Minister Sergiu Gaibu, is IT Park Moldova. More than 1,200 resident businesses are grouped under this virtual structure.
The sphere of information technologies is one of the most developed and dynamic in the Moldovan economy. The IT industry already provides 3.5% of the national GDP. Our country exports 85% of the products produced by Moldova IT Park residents. The main export countries are the European Union, the USA, Great Britain and Canada.Sergiu Gaibu, Economy Minister of Moldova
Moldova IT companies are successful because hiring staff programmers is far less expensive for the European business than buying software and other IT products.
The Republic of Moldova saw a great opportunity in this field, even though it’s a country with few resources. Now the country’s IT industry has grown fivefold in recent years. The EU’s inability to meet the rising demand for trained IT workers is one reason Moldova’s IT economy is booming.
There are drawbacks as well. The bulk of Moldovan IT businesses is tiny, making it difficult for them to fulfill significant orders. However, the Moldovan IT industry’s potential entry into the EU market could and probably will expand export opportunities and boost local market demand.
With the Republic of Moldova stepping on to joining the EU, the IT sector could prove a significant economic driver for the country’s economy. Either way, despite the advance in the IT sector, Moldova will still rely on agricultural exports, and that’s a fact.