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Feasibility Study for Establishing the Industrial Park on the territory of former Production Complex Tractor Plant in Chisinau

FinAsist Consulting SRL Tel: +37322 270035 e-mail: Stela.lavric@iuventus.md

CONTENTS1 Industrial Park concept ............................................................................................................................................... 7 1.1 1.2 1.3 1.4 Aims and objectives of the feasibility study .............................................................................................. 9 Methodology of the study ................................................................................................................................. 9 Types of resident enterprises of the industrial park .................................................................. 11010 Legal expertise on the Law provisions regarding the establishment of Industrial Parks ... 14 Incentives provided upon the creation and functioning of industrial parks .................. 16 Legal compliance of the industrial park management company ......................................... 16

1.4.1 1.4.2

2 Establishment of the Industrial Park on the territory of former Production Complex Uzina de tractoare din Chisinau ....................................................................................................................................................... 18 2.1 Defining the problem ....................................................................................................................................... 18 Net foregin investment flow ................................................................................................................ 21 2.1.1

2.2 Diagnostic analysis of the enterprises within the former Production Complex "Uzina de tractoare din Chisinau", territory set for the establishment of an industrial park ............................... 26 2.2.1 2.2.2 Historical evolution of the Production Complex Uzina de tractoare din Chisinau ... 26 Diagnostic analysis of JSC "Tractor Plant Tracom .................................................................... 29

2.3 Description of the economic activites performed in the region and possibility to attract residents in the industrial park.................................................................................................................................. 39 2.3.1 2.3.2 2.4 2.5 Industry........................................................................................................................................................ 41 Investment actvity ................................................................................................................................... 43

Human potential of the region necessary for the park activity ...................................................... 46 Regional infrastructure (zonal) required in the industrial park activity ................................... 51 Transport infrastructure ...................................................................................................................... 52 Drinking-water supply network ........................................................................................................ 53 Drainage network .................................................................................................................................... 54 Heating energy supply ........................................................................................................................... 55 Natural gas supply ................................................................................................................................... 55 Power energy............................................................................................................................................. 55 MIneral resources .................................................................................................................................... 55 Waste management ................................................................................................................................ 55

2.5.1 2.5.2 2.5.3 2.5.4 2.5.5 2.5.6 2.5.7 2.5.8 2.6

Technical and production infrastructure to be connected to the industrial park .................. 57

3 The strategy for the establishment of an industrial park within the former Production Complex Uzina de Tractoare din Chisinau................................................................................................................ 63

2

3.1 Establishment of the industrial park through the fiduciary management of the 10 joint stock companies created on the territory of former Production Complex Tractor Plant in Chisinau, following the privatization program in 1995 and 1999 ............................................................. 64 3.1.1 3.1.2 Public capital company.......................................................................................................................... 66 Public-private capital company ......................................................................................................... 67

3.1.3 Transfer of public goods destined for the creation of an industrial park to a company selected on a competitive basis compliant with Public Private Partnership Law............................ 67 3.2 The establishment of the industrial park through merger (merger and acquisition) of the 10 joint stock companies created on the territory of former Production Complex "Uzina de tractoare din Chisinau", following the privatizations in 1995 and 1999.................................................. 69 3.2.1 3.2.2 Procedure for merger through absorption ................................................................................... 71 Opinions ....................................................................................................................................................... 77

3.3 The establishment of the industrial park through the lease of assets of the ten joint stock companies created on the territory of former "Production Complex Tractor Plant in Chisinau", following the privatization program in 1995 and 1999 .................................................................................. 78 3.3.1 3.3.2 3.3.3 3.3.4 3.3.5 Lease of the assets of the joint stock companies......................................................................... 78 The effects of changing the owner of the leased estate............................................................ 81 The legal consquences of improvement of the leased assets ................................................ 82 The lease of assets where they are qualified as unused assets of the enterprises ....... 83 Opinions ....................................................................................................................................................... 84

3.4 The establishment of an industrial park by setting up a new joint stock company whose registered capital shall be formed by the contributions of the 10 joint stock companies created on the territory of former "Production Complex Tractor Plant in Chisinau", following the privatization program in 1995 and 1999 .............................................................................................................. 84 3.4.1 Opinions ....................................................................................................................................................... 88 3.5 The establishment of the industrial park by selling the share blocks to private investors, stat- owned stakes in the 10 joint stock companies created on the territory of former "Production Complex Tractor Plant in Chisinau", following the privatization program in 1995 and 1999 ....... 89 3.6 Steps in the establishment of the industrial park on the platform of former Production Complex Tractor Plant in Chisinau ...................................................................................................................... 91 4 The estimated value of the investment required for the establishment of the industrial park . 97 4.1 Elements of the investment plan for the renovation of technical and production infrastructure to be connected to the industrial park. ..................................................................................... 97 5 The economic and financial forecast of the activity performed by the management company 100 5.1 6 6.1 6.2 6.3 Operational activity of the management company of the industrial park ............................... 100 Impact assessment .......................................................................................................................................... 105 Indirect Impact forecast (multiplicative economic effect) ............................................................. 108 Investment appraisal ..................................................................................................................................... 108 3 Social and economic impacts of the industrial park on the regional development ....................... 105

6.3.1 7 7.1

Opinions ..................................................................................................................................................... 109

Environmental impact assessment upon the creation of an industrial park ................................... 110 Polluting indicators ........................................................................................................................................ 111

LIST OF TABLESTable 1: Comparative macroeconomic evolution of the Republic of Moldova, in relation to Europe and Central Asia region .............................................................................