The key purpose of this study is to analyze investments phenomenon in the Moldovan regions. The study begins by undertaking an analysis of the evolution and current economic situation of the regions. Using statistical data, we try to identify key factors attracting or declining the investments at regional level. The study also includes the investment performance rating of the Moldovan regions, which we aim to update every two years. The rating of the investment performance is based on indicators of current investment performance, dynamics of investments in the period 2003-2008, stability of the investment flows in this period and degree of diversification of investments across economic sectors. The study also assesses the policy framework, including the competences of the regional and local authorities in three key areas: business regulation, infrastructure and education. The study ends with a number of recommendations for the central and local authorities on how to attract more investments into the regions and how to encourage existing companies to invest more.