Macedonia: A Journey to Prosperity
The republic of Macedonia has come a long way to be the regions leader in trade and investment. From a robust business climate, supported by stable politic al and social systems is a sign that Macedonia is open and ready for business. Macedonia is at the heart of the Balkans, with Greece in the south, Kosovo to the North, to the east Bulgaria and west Albania. With a young populace of 2.1 million people and very urbane at that. It capital is Skopje.
But of most important is the facts and figures that are driving economic growth such as a steady 4.1% growth and stable currency trading at 61.5MKD TO 1. Some of the structures that are supporting trading an investment into Macedonia include;
Stable Macroeconomic policy…. Perhaps one of the best in South east Europe
Due to the overall effort of the Macedonian government, they have responded by developing a one stop shop and 4 hour company registration system to ease the rate starting a business. Also improved governmental relations with private sector has helped better the business climate. Further efforts such as continued efforts to streamline privatisation and public-private partnerships in developing governmental infrastructure projects, trade liberalization, ease of access to finance and tax incentive measures will help to strength the goals achieved. Many financial and investment companies have started to move their operations in the country.
Export is the most lucrative venture for European investors.
And this is why?
Efforts by government to increase exports to improve economic growth and increase international competiveness ranking.
Promotion of domestic products and services on foreign markets by invest Macedonia helping support Macedonian companies.
With increased output by the garment industry to EU countries. Developing of strong brand recognition for increased and bettered marketing efforts. Driving a competitive edge in the apparel industry through amazing design and texture design, efficient logistic efforts aiding to short waiting periods.
Also establishing EU as strong trading partnerships helping open a market of over 700 million people.
The establishment of Macedonia as low cost destination
| Balkan countries have a very long story of mining base and precious metals, copper mining started in the pre-historic sites and have struggled to break up all the numerous conflicts that have been taking place. |
| While investing in metal mining is considered a job for big venture capitalist who have the money, resources and experience to dive into this, you should know that it’s possible for you to invest in metal mining too. |
| A survey of the Doing Business report by the World Bank Group shows most of the Balkan states rank in the Upper half of the 183 countries surveyed. |
The contributing factors that has lead most western countries to take on to Macedonia would be;
Substantive market opportunities for the biggest outsourced products i.e. IT products and services.
Comparative advantage in terms of lowered labour costs and equally highly skilled.
The massive efforts to promote the software industry to drive productivity, efficiency and innovation.
And reiterating the magnitude of the software industry to Macedonian economy and hence increasing investor confidence in the destination.
Macedonia proximity, geographically makes it that much suitable to taking business way across the world to the south East Asia.
Summation of Reasons Making Macedonia the Place to Business wise
Through the SAA, EFTA, free trade area with Ukraine and Turkey and the CEFTA agreement all have opened doors to 650 million willing customers for Macedonia’s goods and services.
Low taxes at 10.0% personal income tax being one of the lowest in Europe.
Excellent infrastructure and support system. From improved telecommunication service to excellent connectivity to the rest of the world by air, land ad water.
Political, monetary and security stability making a safe haven for businesses to set anchor in.
