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Economy

The Republic of North Macedonia has strong banking and trade ties with Europe and is therefore vulnerable to its economic developments and dependent on regional integration and progress toward EU membership for continued economic growth.

North Macedonia is a signatory of the multilateral agreements for free trade with the EFTA countries (2000) and CEFTA (2006). After signing the Agreement of Stabilization and Association with the European Union (2001), North Macedonia gained more favorable position on the EU market, achieved complete liberalization for the North Macedonian products entering the European market, as well as liberalization of the EU products for the domestic market.

Industry: food processing, beverages, pharmaceuticals, iron, steel, cement, coal, metallic chromium, lead, zinc, ferronickel, automotive parts, textiles, Information Communications Technology

Agriculture: Rice, tobacco, wheat, corn, beef

Exports: Food, beverages, tobacco, iron and steel, textiles, automotive parts

Major Export partners: Germany, Kosovo, Bulgaria and Greece.

Imports: food products, chemicals, fuels, machinery and equipment, automobiles

Major Import partners: Germany, UK, Greece, Serbia, Bulgaria, Turkey and Italy.

Economic facts about the Republic of North Macedonia

  • Strategically located for future business expansion
  • First country in South East Europe to sign the Stabilization and Association agreement with the European Union in 2001 
  • Excellent infrastructure
  • Member of NATO Alliance
  • EU  candidate country
  • Fast company registration
  • Modernized electronic Real Estate Cadaster- electronic Cadaster
  • “One Stop-Shop “system for border cross trading-One Stop-Shop
  • Electronic payment of Taxes
  • The Regulatory Guillotine project - cutting red tape-Regulatory Guillotine
  • Lowest taxes in Europe
  • Available skilled workforce
  • Political stability
  • Monetary stability
  • Macroeconomic stability
  • Fitch affirms North Macedonia at BB+ (stable credit rating 2015)- Fitch BB+
  • FTAs with EU, EFTA, CEFTA countries; Turkey and the Ukraine; providing access to over 650m customers
  • Two international airports: Skopje and Ohrid
  • Two Pan-European corridors: East-West Corridor 8 and North-South Corridor 10

For more information, please visit: http://www.investnorthmacedonia.gov.mk