LA JOLLA — As part of The Ambassadorial Roundtable, which brings ambassadors from around the world to San Diego for cultural and business exchange, three representatives from the Republic of Macedonia were in La Jolla on Monday to speak at a luncheon hosted by La Valencia Hotel.
The speakers highlighted reasons why they believe Macedonia is an ideal location for manufacturing companies.
Introduced by Zoran Jolevski, Macedonia’s ambassador to the United States, Deputy Prime Minister and Minister of Finance Zoran Stavrevski explained how a conservative fiscal policy allows for low corporate taxes, making the country stable in macroeconomic terms and a competitive market for investors.
Macedonian Minister of Foreign Investments Bill Pavleski touted the country’s highly trained workforce.
Pavleski said Macedonians make up a qualified workforce because of the governmental emphasis on education in math, science and engineering, plus the fact that students begin learning English in first grade.
In addition to the investment incentives and skilled workforce, Pavleski said Macedonia’s geography is also on its side.
“Though we are landlocked, we are strategically located; you can have easy (access) to any western European market,” Pavleski said.
Stavrevski emphasized the favorable tax climate.
“One of our strongest selling points for investors is that we have the lowest taxes in Europe with a flat corporate tax of 10 percent,” Stavrevski said. “This tax is only paid if the profit is distributed as a dividend. If it is reinvested, then the tax rate is zero. If a company makes a profit and reinvests this profit for building new premises or buying machines, then they are not paying corporate tax.”
Further, he said, Macedonia has Free Economic Zones, which enable a company to apply for tax exemption for 10 years.
