Success Stories

Faqieh Fahar, a Jordanian entrepreneur of origin, has succeeded in putting a thriving business in the Republic of Moldova, which is dynamically developing and collating important markets such as that of the US and Europe, with the intention of extending to other markets.

With long experience in the frozen industry, business people wanted to leave a mark on the local market by launching its own brand. Thus, in 2004 its activity started to freeze local fruit, vegetables and stors, while in 2014 Kardel’s brand was born, whose name was inspired by the initials of his children.

From the outset, the entrepreneur has come with a clear business vision: offer high-quality congeated products with fresh ingredients and with a particular focus on the production process, using the most modern processing and freezing technologies as a shock on the market.

Even though Rikardel started modest, with only two products – dovleac and wears, the product portfolio expanded rapidly, reaching more than 100 different options. Since its subdued start-up to a small hall in the municipality of Hulboaca, the company has evolved significantly. Today, it operates with three high fridges, a packaging hall and a modern production hall. This growth path was underpinned by a clear vision and strategic investment of the entrepreneur. And in the purchase of product processing machines, an important support was provided via Programme of increasing Competitiveness, and Internationalisation of micro, small and medium-sized enterprises, funded by the Government of the Republic of Moldova and the World Bank, managed by the Organisation for the Development of Entrepreneurship (ODA).

Your business stifles that it has been difficult for them to grow their business. The lack of performing machinery did not allow it to achieve production volumes that would satisfy market requirements.

However, by resorting to funding programmes managed by the Organisation for the Development of Entrepreneurship, Rikardel obtained funds and investment grants that were essential for the development and expansion of the business.

One of the first projects benefiting the company was through the SME’s Export Competitiveness and Internationalisation Programme. The first large investment via ODA amounted to lei 1.2 million and allowed the purchase of modern machinery, which increased the company’s efficiency and production capacity.

“This grant has been a significant support for us. Of course, we also ensured the 50 % own contribution. We managed to deliver a shock and useful cleaning chamber. The Conguition Chamber has been in operation for a year already, and this this has allowed us to increase productivity by at least 20 % and become more competitive. We look forward to the fruit season to test the new vine cleaning equipment. Now we have the opportunity to respond to the increased demand on the external market and explore new markets. Overseas partners have requirements vis-à-vis volumes and we hope to be able to meet them”reported the business man.

Recently, the company has applied to another ODA funding programme for repowering and energy efficiency of Small and Medium-sized Enterprises (M & J) planning the acquisition of fruit and vegetables laundering machine. “We also want to develop a new direction and introduce new products – to make fruit gems. For this reason we have again made use of the ODA programme, and we hope to get this investment that will enable us to secure the gems production line”, reported from the entrepreneur’s plans.

The business man said that the implementation process to ODA was transparent and the Rikardel team received advice and support for the development of business plans and investment projects. Furthermore, ODA offered networking opportunities and access to additional resources, which contributed to internationalisation and diversification of business.

One of the most notable results of ODA support was the increase in exports. Through access to foreign markets, Rikardel strengthened its position on the international market by exporting its products to countries such as Romania, the USA and Norway. Investments in equipment modernisation have led to increased sales and profitability, and the company has become a successful example of the Moldovan food sector.

In addition to the positive economic impact, ODA investments also had a social one. Rikardel has created 13 stable jobs and seasonal jobs provide more than 30 jobs.

However, the road to success has not been challenging. The company manager recognises that Moldova’s business environment is still difficult and access to finance is limited. In this context, the support and support provided by the World Bank through ODA was welcome for company growth. However, he underlines the continued need for support and development opportunities to further strengthen the success of native businesses.

Rikardel’s history is one of determination, innovation and collaboration. With his vision and commitment, Faqieh Fahar has transformed a simple idea into a successful business and financial support has come to the right time in this development. Together, they demonstrate the inepvisible potential of entrepreneurship and investment in Moldova’s future.