Despite the challenges and difficulties during the transition period, the country has endured on the path of political and economic reforms towards building a democratic society and open market economy. The result is political and macroeconomic stability that are providing much room for growth.
Primary goals of the Republic of Macedonia are the following: economic growth and development, active participation in regional and global integration processes, maintenance of the macroeconomic stability and continuous structural reforms focused especially on promotion of the SME sector.
On 29th of July 2004, the International credit rating agency Standard & Poor's has assigned the first long-term credit rating of the Republic of Macedonia ‘BB/B’ FC, ‘BB+B’LC with positive outlook in the period to follow.
Very important event for the future development of the Macedonian economy is the candidate status for EU membership that Macedonia received on December 17, 2005.
Reasons to do business with Macedonia
- Market Access - Duty-free access to a market of over 650 million people including the EU, Eastern and South European markets and Turkey;
- Good Strategic Position – At the crossroads of Europe with major pan-European transportation corridors intersecting the country; Corridor 10 (North-South) and Corridor 8 (East-West);
- Low Costs – One of the most cost competitive locations in Europe with average monthly gross salaries of approximately 380 Euro ;
- Low Taxes – Corporate Income Tax rate moving down from 15% to 12% in 2007 and 10% in 2008; a ten year tax holiday is available in special Free Economic Zones;
- Great People – A young (45% under 30), loyal, and educated workforce available (unemployment rate of 37%) with a strong work ethic and excellent industrial relations record;
- Stable Democracy – A stable political and economic climate within a multi-party parliamentary democratic system and with official EU Candidate Country status;
- FDI a Top Priority – A new Government elected in July 2006 whose top priority is the attraction of more Foreign Direct Investment (FDI) to Macedonia; open door to two young and dynamic special Cabinet Ministers whose sole responsibility is the attraction of FDI;
- Negotiable Financial Incentives – An attractive package of support incentives can be negotiated on a case by case basis;
- Good Infrastructure – Excellent telecommunications system (100% digital), extensive WiFi coverage, motorway standard roads connecting main cities, plentiful supply of power, 10 international airlines serving the capital Skopje;
- Responsive University System – Universities willing to collaborate with incoming investors in finding ways to meet skills needs;
- Excellent Linguistic Skills – The major Balkan languages understood in Macedonia with English (widely spoken), French and German being compulsory at primary and secondary level of education;
- Good Living Environment – Highly attractive living and working conditions with good houses, apartments, hotels and restaurants available at very competitive rates.