Skopje, 29 March 2023 (MIA) – A possible expansion of two Austrian investments in the area of telecommunications and the automotive industry was announced Wednesday at the Macedonian-Austrian business forum at the Economic Chamber of North Macedonia.

Meetings between 25 Austrian and 60 Macedonian companies were held at the forum, with the goal of boosting cooperation and intensifying business talks.

According to the participants, the Austrian companies were quick to notice the potential of the Macedonian economy, with the country nearing EUR 1 billion in Austrian investments.

“We came with an intention to boost the business ties and cooperation between the two countries. We are the largest investor in North Macedonia, and here we have two companies that expressed a readiness to expand their investments in the area of the automotive components industry and telecommunications,” said the Regional Director for Southeast and East Europe and Central Asia at the Austrian Economic Chamber, Richard Bandera.

According to Jürgen Schroeder, the Trade Counselor at the Embassy of Austria, around 60 companies from Austria have investments and branches in North Macedonia, employing around 10.000 people.

“EVN, Sparkasse and A1 are leading companies in the domestic market and have been active for years. We are nearing a figure of EUR 1 billion of Austrian investments. Yesterday we visited the Magna company which is headquartered in Canada, but managed from Austria, and they noted their close ties and cooperation in North Macedonia. These are positive signals that we can use to motivate other Austrian companies to continue or begin their investments here,” said Schroeder.

Schroeder assessed that the trade exchange in 2022 showed very good results.

“Exports from Austria last year amounted to around EUR 160 million, while the imports were around EUR 140 million. The total exchange reached around EUR 300 million,” said the counselor.

The Executive Director of the Economic Chamber of North Macedonia, Antoni Peshev, indicated that Austria is the 20^th country when it comes to trade exchange with North Macedonia.

“Two years ago Austria was the second largest investor in the country in several important areas such as telecommunications, banking, energy trade, construction… Austria is our proven partner, but last year, unfortunately, North Macedonia recorded negative exchange, we exported 70 million less than we import. This is a sign that more work should be done in the area of investments that have a direct exit to the Austrian market. Which is why we are pushing for a situation in which instead of having Austrian companies investing here directly, they invest through joint ventures with our companies,” said Peshev.

The delegation which attended the forum in the Chamber was noted as the largest that has visited the country thus far. ad/sk/

Photo/MIA