New Delhi: “Macedonia could be the first gateway to the EU for the Indian companies which grants access to 650 million European consumers under the free-trade regime” said the Prime Minister of Republic of Macedonia, Mr. Nikola Gruevski in an event titled “Emerging Investment and Trade Opportunities in Macedonia” organized jointly by the three apex chambers, CII, FICCI and ASSOCHAM along with the Government of Macedonia and Invest-Macedonia. He further added that encouraging factors such as macroeconomic stability and low tax regime in Macedonia presents vital opportunity to explore huge business possibilities. Stating that Macedonia is the third best reformer in the World as per World Bank 2012 Doing Business Report, Mr. Gruevski highlighted upon prevailing tax exemption on investments and retained earnings in his country. s Calling upon Indian businessmen to invest in Macedonia, he urged business community from both the sides to optimally utilize their respective competitive advantages.
The Vice-Prime Minister of Macedonia Mr. Zoran Stavrevski in his elaborate presentation emphasized the massive investment opportunities Macedonia provides in sectors like road, railways, energy and mineral exploration. A senior Indian Government representative said that India sees great potential in pharmaceuticals, IT, hydropower and mineral exploration sectors of Macedonia. Both countries are also negotiating Bilateral Investment Treaty and Double Taxation Avoidance Agreement, which would provide a definite legal framework to do bilateral business.
Earlier, Mr. M. Ganapathi, Secretary (West), Ministry of External Affairs, Government of India, mentioned that true potential of economic and commercial relationship between the two countries is currently not being reflected in the quantum of trade figures. Stating that the trade basket between the two countries largely comprises of traditional items, he stressed upon the need to diversify the existing trade basket. Referring to India’s promising investment climate, he urged Macedonian investors to invest in sectors such as Food processing, Pharmaceutical, education and IT in India.
In his welcome remarks, Mr. Devin Narang, FICCI Executive Committee Member and Chairman, Freeplay Energy Ltd, said that there exists substantial scope to leverage upon India and Macedonia’s existing strengths, thereby boosting economic relationship between India and Macedonia.
Mr. S.C Aggarwal, Chairman, Capital Market Committee, ASSOCHAM and Chairman & Managing Director, SMC Global Securities Ltd., said that the visit of the Prime Minister along with the business leaders of Macedonia would essentially help in elevating economic and trade engagement between the two countries.
Applauding the visit of Macedonian Prime Minister at this opportune time, Mr. Deep Kapuria, Chairman, CII National Committee on Robotics & Automation and Chairman, Hi-Tech Gears Ltd., said that in this challenging business environment where all the countries are competing for FDI, Macedonia is rightly positioned to attract global investments. Exuding confidence in the Indian economy, he said that Indian companies are well equipped for acquisitions and investments in Macedonia.
