The Measures to support Exporting Enterprises were discussed in the course of the meeting under the President

03/10/22 15:19

The Measures to support Exporting Enterprises were discussed in the course of the meeting under the President

The PMR President held a meeting dedicated to the work of large export-oriented enterprises of the republic. The situation outside of Pridnestrovie is complex and uncertain. It is not possible to predict the prospects for its stabilization. Economic entities, whose activities are directly linked to the state of affairs along the external perimeter of the country, turned out to be hostages of circumstances. The logistics of supplies of raw materials, materials and finished products has been disrupted. Traffic is limited. Some foreign enterprises and organizations with which Pridnestrovian industrialists cooperated ceased their activities and were declared bankrupt. Pridnestrovian companies in this regard cannot fully and timely fulfill their obligations. Not all partners expecting Pridnestrovian products really assess what is happening, demanding immediate fulfillment of contractual conditions at the same time. There are cases of cancellation by customers of the results of earlier tenders. The Head of the Elektromash plant in Tiraspol Vladimir Trandasir spoke about this. He spoke on behalf of big business at the meeting with the President. The entrepreneur informed about the state of affairs at the enterprise he heads, told what difficulties his colleagues faced, gave an assessment of the situation in the industrial sector of the Pridnestrovian economy as a whole. There are serious difficulties with the delivery of goods both by land transport and by aircraft. New directions are being developed. Previously unused routes are being laid and tested. While cars are on the way, it will be possible to draw conclusions and make further plans upon their return. The only thing that is clear now is that the change in logistics will significantly increase production costs. Available production resources will allow our facilities to operate at full capacity until the end of the month if not replenished. The heavy industry is most dependent on imports from Russia and Ukraine. In terms of providing raw materials in the light industry, the situation is slightly more favorable, since Pridnestrovian clothing and footwear manufacturers import materials and components mostly from European countries. If factories stop their production activities, it will be necessary to solve the problem of providing staff with wages.

The measures to support the country's large enterprises that find themselves in a hopeless situation were discussed in the course of the meeting. Chairman of the Government of the Pridnestrovian Moldavian Republic Alexander Martynov said that a working group was created at the end of February, which included representatives of the Government and the business sector. Current tasks are constant monitoring of the state of affairs in the world economy, assessment of the risks faced or may face by Pridnestrovian entrepreneurs, development of relevant support measures. Among the problems there are restriction of imports of raw materials and exports of finished products both in the eastern and western directions, the refusal of some banks to conduct operations, fluctuations in the exchange rate of the Russian ruble. According to Alexander Martynov, referring to the calculations of the Ministry of Economic Development of the PMR, Pridnestrovian production and exports may drop by 20-30%, which will lead to a loss of billions for the Pridnestrovian budget if the existing trends continue.

The Government in close cooperation with the business community is developing a package of state support measures now. For example, it was proposed to increase the term for the repatriation of proceeds, to prolong the validity of loan agreements, to provide exporters with loans to finance working capital at a subsidized interest rate. These and other initiatives are being discussed. There is a reserve of funds for assistance. It is possible if necessary to suspend the operation of state development programs and investment projects.

Vadim Krasnoselsky spoke in the course of the meeting that the collectives of plants and factories of the republic must be preserved. To this end, financial assistance from the state is being considered for the payment of wages to employees of foreign trade enterprises. It is important at the same time to focus as much as possible on the creation of products that are in demand on the domestic market, the President emphasized.

As for foreign partners, the terms of contracts with which conscientious Pridnestrovian producers cannot fulfill due to force majeure: letters signed by the PMR President Vadim Krasnoselsky will be sent to them.


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