Frankfurt, 5 September 2023 (MIA) - Addressing a roundtable to present North Macedonia's investment potentials and benefits before representatives of over 20 German companies in Frankfurt on Tuesday, Deputy PM for Economic Affairs Fatmir Bytyqi said the country has a solid institutional framework that offers predictability and strong support for their businesses.

According to Bytyqi, such support includes various measures that provide subsidies for the creation of new jobs, in the area of ​​capital investments, for the implementation of research and development investment projects, amounting to 50 percent of acceptable costs, as well as support in the area of ​​exports. 

He told the participants in the roundtable that they can expect financial support to establish and promote cooperation with suppliers from the country through the law on financial support of investments.  

He noted that together with the help of fast-growing and globally established foreign companies, North Macedonia's economy technologically advances, grows and develops. These companies, according to him, do not base their economic success on cheap labor, but on human resources with advanced knowledge and innovation, and with built-in skills to be part of state-of-the-art production processes.

Bytyqi pointed out that Germany is an extremely important economic partner of North Macedonia in terms of total external trade volume, which reached EUR 4.8 billion in 2022. 

He noted that large German companies work at full capacity in the country, running a successful and growing business. Large and globally established German companies, including Dräxlmaier, Marquardt, ODW Elektrik, Kromberg & Schubert, among other, have also recognized a favorable economic environment for investments and production. Bytyqi added that they are just a part of more than 200 German companies that are developing, while providing competitive and regular wages to over 20,000 citizens. As of Monday, the German investment portfolio also includes an agreement with German battery manufacturer and innovation leader for high-tech battery systems BMZ, which is set to invest EUR 64.9 million in technological-industrial development zone Skopje 2 and create 775 new jobs.  

 
"The high level of trust of all these German companies in the Macedonian business environment, their experience, the growth and development they are achieving, should be recognized as an encouraging signal and incentive for investments in a country that has competitive and active government measures to support companies. We have established an economic structure that delivers results. Last year, we recorded a historically record value of foreign direct investments in the amount of EUR 753.8 million, which is twice as high as in 2016," said the Deputy PM.  

According to him, the Government has laid the systemic foundations of economic growth and development since 2018, and it gains the trust of investors through stable and transparent rules for supporting investments contained in the Economic Growth Plan. 

He noted that North Macedonia is a signatory to multilateral conventions on the protection of foreign investors and several agreements with Germany on economic relations.

In terms of support for investors, he also mentioned the AI-based investment digital assistant ADA, through which individuals and companies are able to receive detailed information about the conditions for investing in the country and the state aid. 

He also highlighted the activity and commitment of the Delegation of German Industry and Commerce (AHK) in North Macedonia in supporting German companies by enabling networking and finding business partners among domestic companies.

Bytyqi said he expects the roundtable to give a positive impulse in further aligning and deepening the economic interests between Germany and North Macedonia.   

Free Zones Authority Director Jovan Despotovski and Delegation of German Industry and Commerce (AHK) in North Macedonia manager Antje Wandelt will also address the roundtable organized by the network of German chambers of commerce.

Photo: MIA