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Friday, 30 November
2007
Source: www.mrt.com.mk
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World
Bank: Macedonia top
reformer in 2007
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Friday,
30 November 2007
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 Macedonia has had
a good year, making significant reform progress that speed up the
economic growth and put the country among the world's top
reformers, said outgoing and incoming World Bank Country Director
and Southeast Europe Regional Coordinator, Orsalia
Kalantzopoulos and Jane Armitage, after meeting President Branko Crvenkovski
on Thursday.
- It may be early for impressions, but it is clear
that Macedonia is on
the right track. The situation has been rather improved for the
last few years, particularly in 2007. You have had a very good
year and I hope that the World Bank will keep supporting the
Government, said Armitage, who will
take the office on January 1 next year.
Macedonia has
made significant progress in fiscal management and inflation
control, Kalantzopoulos said.
- Hard reforms, imposed by the international financial
institutions, are finally giving results. I think that the
Government should stick to this course. Some reforms are not
going to be easy, but you have political potential and courage to
move on, she added.
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Friday,
30 November 2007
Source:
www.vlada.mk
Germany to assist development
of Macedonia's tourism
Berlin , November 28 th
 Germany will assist the
development of Macedonia 's tourism and its
experience will be taken into consideration in the process for
setting up Macedonian National Tourist Agency, Economy Minister
Vera Rafajlovska said Wednesday after
meeting representatives of the Federal Association of the German
Tourism Industry (BTW).
The meeting
also defined the forms of cooperation and possibilities for upgrading
the standards of hotels and restaurants in Macedonia , Rafajlovska
said.
Statistical
data say that the number of German tourists that visited Macedonia in the last nine months
is insignificant, i.e. only 16,000 overnight guests. In 1990 Macedonia hosted at about 150,000
German tourists. By establishing the Tourist Agency, efforts will
be invested in promoting Macedonia and thus attracting
more tourists and tourist agencies that will bring foreign
investors in this sector, Rafajlovska
said.
BTW General
Secretary Michael Rabe said Germany would do its best to
help Macedonia to develop its tourism
sector, considering the excellent conditions for investing and the
country's cultural heritage.
Tomorrow, Rafajlovska will present the business climate
in Macedonia at the Macedonian
-German Business Forum in Berlin .
The event is
part of the Ministry of Economy's activities for improving the
competitiveness of Macedonia 's products on foreign
markets.
Monday, 5 November 2007
Source: www.vlada.mk
Stavreski: Tax reforms improve
business climate in Macedonia
Skopje, November 2 nd
 Modernization of Tax
Administration-Main Key for Successful Reforms for Each Country is
the topic of the first Balkan conference for modernization of the
tax administration, organized by the Public Revenue Office on
Friday.
The conference
aims at building partnerships and enhancement of cooperation among
Balkan tax administrations.
Vice Premier
for Economic Affairs Zoran Stavreski said in his welcoming address that
the Macedonian Government, guided by the basic priorities for
higher economic growth and increased employment, has implemented
large and comprehensive structural reforms, an important segment
being tax reforms, including the improvement of tax administration
operations.
"Citizens
and businessmen deserve a tax system where they would pay more, not
less than the things stipulated by the laws, through a transparent
and fair tax process. The complete reform of the tax system also
encompasses modernization of the tax administration. Contemporary,
simple and transparent tax system is a significant factor
contributing to the improvement of business climate, urging
domestic and foreign investments, reduction of unemployment, as
well as thwarting of gray economy", stressed Vice Premier Stavreski.
According to
him, as a result of implemented reforms in the past year, Macedonia enjoys an improved
business climate, which has been confirmed by the awarded 4th spot
in the latest World Bank report "Doing Business", while
one of the most significant segments where the state has registered
significant improvement is the procedure for tax collection.
Referring to
the crucial reform measures in the tax system in the past year, Stavreski emphasized that lower tax rates and
the simple calculation make the risk of tax evasion even greater,
rather than the payment costs.
"One
should also praise the Public Revenue Office (PRO) for the
35-percent increase in the VAT return, seen through its active
participation and role in stimulation of economic
development", stated Stavreski,
adding that the PRO has started to build a partnership relation
with taxpayers, changing the prior perception from a strictly
controlled body into a service-oriented and transparent
institution.
Finance
Minister Trajko Slaveski
saluted the initiative for holding such an international
conference, saying he believed in the fact that people have a
feeling of satisfaction when paying taxes in a just system, where
everyone bears the tax risk.
"When
deliberating several laws in the Parliament, I undertook the risk
to tell MPs that latest research of the so-called neuroeconomy has shown that people feel
satisfied when they pay taxes. Opposition MPs mocked this, but I
believe that in a just system, where everyone bears the risk of
paying taxes, people feel some kind of satisfaction when they
fulfill their obligation of paying taxes", added Slaveski.
The conference
includes representatives of tax administrations from Bosnia & Herzegovina , Albania , Serbia , Montenegro , Bulgaria , as well as high
representatives of international organizations in the Republic of Macedonia.
Monday, 5 November 2007
Source: www.vlada.mk
Stavreski: IMF, WB General Assembly
Chair, recognition and chance for Macedonia
Skopje , November 2nd
 Next year is most
significant for Macedonia, because as large as the challenges we
face, we are living the most beautiful period of our history,
awaiting the start of European Union accession talks and
acquiring of NATO membership invitation. It is also obvious that
the economic standard is gradually improving, but we expect more
economic results in the future, said Vice Premier Zoran Stavreski at
Friday's ceremony on occasion of his appointment as Chairman of the
World Bank and International Monetary Fund General Assembly in
2008.
Stavreski stated that his appointment to the post is a
big recognition for Macedonia , because it has been
supported by all European countries, USA , and all other IMF, WB
members.
"Is there
a bigger proof of Macedonia 's appreciation worldwide?
At the same time, this is a huge recognition for the economic
reforms and quality of their implementation", stressed Vice
Premier Stavreski.
He said that
the post would enable frequent contacts with IMF and the World Bank
heads, which would in practice represent a chance for Macedonia 's direct promotion.
"I will
get the opportunity to promote the interests of Macedonia and the region,
influence as much as I can on certain policies, and lobby through
personal contacts for the country's successful Euro-Atlantic
integration", underlined Stavreski.
World Bank
Resident Representative to Macedonia , Markus Repnik assessed that Stavreski's
appointment to the post represents a recognition for achieved
economic reforms, emphasizing Macedonia 's role in the region.
IMF Resident
Representative to Macedonia , Bert van Selm stated that IMF and the World Bank would
continue to support Macedonia in its efforts to
implement economic and social reforms.
The ceremony
was also attended by Prime Minister Nikola
Gruevski, Parliament Speaker Ljubisa Georgievski,
National Bank Governor Petar Gosev, EU Special Representative Erwan Fouere,
Government ministers, as well as representatives of the business
community, diplomatic corps, and representatives of domestic and
international institutions.
Thursday, 1 November 2007-11-01
Source: www.mrt.com.mk
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Banks
in Macedonia
marked 150% increase of profits
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Wednesday,
31 October 2007
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Banking
business in Macedonia
indicates a long-term stability, becomes increasingly attractive for
the foreign investors and the savers' confidence is continuously
growing. These are the main conclusions drawn from
the permanent analyses conducted by the National Bank of
Macedonia (NBM), which were presented by the NBM President Petar Gosev at a
press conference today.
"On 30
June, 2007, the overall semi-annual
profit of the Macedonian banks reached about 36 million euros,
which marks 148% increase compared with the same period in
2006," Gosev said, adding that the
active capital is also continuously increasing.
He informed that the productivity of the banking sector has
improved and the banks' financial potential totaled €3.36 billion
in late August 2007, marking an increase of 31.2% compared with
the same period last year.
President Gosev pointed out that on the
basis of the swelling deposits, the
loans approved to the private sector have jumped by 36.6%.
"If we are looking to identify the chief propellants of the
respectable growth of GDP, we cannot ignore the exceptional
support of the Macedonian banks to the economic activities,", Gosev said.
According to the projections for the next year, the banks should
be able to deliver a total of 800-900 million euros in credit
lines to the private sector.
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Macedonia and EC
to sign Financing Agreement
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Tuesday,
30 October 2007 –Source MRT
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Macedonia is the
first country of the region to sign Financing Agreement with the European
Commission, which will enable the country to use the funds of the
Instrument for Pre-accession Assistance (IPA). Macedonia's
Secretariat for European Affairs said Macedonia and the
European Commission will sign the Financing Framework Agreement on
Tuesday, October 30.
The Agreement will be signed in Skopje by
Deputy Prime Minister in charge of European integration, Gabriela Konevska-Trajkovska, and the EU Special
Representative and Head of the EC's Delegation to Skopje, Ambassador Erwan
Fouere.
The first Financing Agreement refers to the so-called rapid programme in relation to police reform project
and the support in the preparation of projects and programmes, worth 12 million euros.
The Framework Agreement covers the co-operation in terms of financial
assistance provided by European communities to Macedonia in the
framework of the implementation of programmes
under launched the IPA.
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British company "Crown
Agents" to assist Customs Administration in efficiency building
Skopje , October 18 th
 Efficiency building of the
Macedonian Customs Administration and increase of its institutional
capacity is the goal of the project, which a team of experts led by
British consultant company "Crown Agents" is to implement
in Macedonia in the next two years.
The agreement on
the project worth Euro 7,5 million has already been signed and its
realization is ongoing. Due to its transparency, agreement content
will be put at the websites of the Finance Ministry and the Public
Procurement Bureau on Friday.
"This is an
agreement of largest amount that I have signed on the Government's
behalf thus far. Envisaged funds will be provided from three state
budgets - this year's, as well as the ones of 2008 and 2009",
stressed Finance Minister Trajko Slaveski at Thursday's press conference.
According to him,
the project's implementation would significantly improve prior
practices of the Customs Administration, which refer to securing a
fast and secure flow of goods and services.
Minister Slaveski stated that the realization of envisaged
activities would significantly improve the public opinion on the
Customs Administration, as well as the public perception on the level
of corruption in this institution.
"The
project's realization is to establish a sustainable operational
system of the terrain administration based on the risk control
principle, increase of the operational capacity of the Customs
Administration on effective use of customs control, increased
capacity of Customs Administration mobile teams regarding effective
risk-based control, training of mobile teams in all relevant aspects
of customs control, training of customs staff in conducting effective
controls of commercial associations, developed customs intelligence
function, capable of providing effective collection, management,
analysis and distribution of intelligence information",
emphasized Slaveski.
Other objectives
to be achieved is developed and technically equipped customs
investigative and intelligence function, capable of responding to
detected irregularities, developed infrastructure for collection,
management, analysis and distribution of intelligence information,
agreed joint strategy for inter-agency cooperation, significantly
increased compelling capacity in the law's application, significantly
increased number of seizures of any type, as well as significant
increase of revenues from import taxes within the customs system.
Project
team-leader, Frank Ferguson of "Crown Agents", stressed
that objectives, although ambitious, would be met within the two-year
period.
"We have
compiled an exceptional 11-member team, experienced in consultant
services, which the Customs Administration lacks. They will start
their work in the next two weeks, while the first concrete step will
be implemented in one month. We are not here to preach, but to really
help the professional staff of the Customs Administration in the part
where it lacks experience", added Ferguson .
Customs
Administration Director Vanco Kargov said this would be a difficult task, but
one that will be completed.
"This is a
difficult task, taking into account that the starting base of the
Customs Administration is currently very high. Compared to the same
period last year, VAT collection in the first nine months of 2007 has
increased by about 30 percent, customs revenues have increased by 10
percent, along with 34-percent increase of revenues charged by the
customs. If we take into consideration other results coming from
seizures, we will really have a difficult task to enhance all of
this, and what is even more important, to establish a long-term
sustainable system, which yields results", said Kargov.
According to him,
these activities will significantly accelerate Administration's
activities in harmonization with EU standards of all types, but also
with the instruments adopted by the World Customs Organization.
MACOVEI: INVESTMENTS REQUIRE
CLEAN ENVIRONMENT FREE OF CORRUPTION
Former Romanian Justice Minister Monica Macovei, currently anticorruption advisor to
Macedonian Prime Minister Nikola Gruevski, yesterday stressed the importance of
the creation of an environment for investments that would be free of
corruption. "Corruption in Macedonia should be curbed and
reduced, because it is in the businesses' interest to develop in
clean environments free of corruption," Macovei
stressed. She participated in the meeting with journalists that was
organized by the British Business-group. She assessed that the
Macedonian Government has political will to fight corruption and that
it is open to cooperation. She recommended that the fight against
corruption be led in a number of places and that investigations
should be opened for all cases for which there is evidence,
regardless of whether the individuals involved are members of the
Government or the opposition. "The important thing is for clean
business people to work in a clean business environment," Macovei stressed. But she did not emphasize any
concrete cases of corruption in Macedonia, Utrinski
Vesnik reports.
At yesterday's presentation of the
activities of the British Business-group, the representatives of this
group stressed that they are satisfied with the conditions for
investment in the country. The British Business-group is an
independent body that functions as an association of companies. As of
March this year, this group has been providing support for
development of British businesses in Macedonia and it has supported
Macedonian companies that want to affirm themselves on the British
market. This group's activities so far include organizing of an
economic forum in Struga and submitting
recommendations regarding the regulatory guillotine to Deputy Prime
Minister Zoran Stavreski.
"I think that it is very important that
such partnership between the two countries is established via common
dialogue with the Macedonian Government. I hope that there will be
positive results from this dialogue," Andrew Key, ambassador of
Great Britain to Macedonia, said.
The representatives of the British group confirmed
that they are planning more activities for support of the British
community in the country, like supplying monthly economic reports and
news in English. There are no announcements for concrete investments
for now, but the representatives of this group said that it is more
and more certain that the Macedonian-British cooperation would
continue.
"I am an investor in this country and I
am well informed about the conditions on the Macedonian market. Thus,
I can say that there are good conditions for development of
businesses and drawing of foreign investments," Ray Power,
representative of the British Business-group in Macedonia, said at
yesterday's press conference.
Asked about the situation with British
company "Johnson Matthey", Power
stressed that there is no cause for concern. "I do not have
information from inside the company, but I do not think that there is
a danger of this company withdrawing from the country. This is just a
small postponement, which is normal for such big company," Power
said.
COMMISSION OF MILLION EUROS FOR
BROKERS
Brokerage houses and banks will be included
in the sale of 100 percent of the capital of the Negotino
thermoelectric power station, which should officially go through the
Macedonian Stock Exchange, once the sales agreement with Negotino's buyer, the Hatch Consortium, is
signed.
Vecer has
learned that the Government decided recently that the sale of the Negotino thermoelectric power plant should be
realized through mediators to make sure the procedure is transparent.
The buyer should pick the brokerage house and all the costs, as well
as the commission, will be covered by TTP Negotino's
new owner. This is the Government's latest decision, which has
recently been published in the Official Gazette, after it was previously
decided that these entities should not be included in the station's
sale.
"The Government changed that decision
so that the procedure may be realized more transparently. We have no
information what the commission for the brokerage house will be, because
that is an obligation of the buyer," Economy Ministry officials
explain.
Brokerage houses charge various commissions,
but the highest is up to 1.5 percent of the value of the sales deal.
This means that the brokerage house to be selected by TPP Negotino's potential buyer may be paid 927,000
euros at the most considering that the station was sold to Hatch for
61.8 million euros.
INDIANS INVEST $8.8 MN IN ZLETOVO
AND TORANICA
Gokul Binani, Indian investor and concession manager of
the lead and zinc mines Zletovo and Toranica of Kriva Palanka, has so far invested 8.8 million dollars
in mining equipment and machinery.
"This investment justifies the miners'
expectations and optimism for restarting Toranica
and resuming operations," company officials say.
Since being privatized to a foreign
investor, Toranica has hired 240 employees
and the management plans this figure to climb up to 500 by the end of
this year. Toranica will resume work in
early October.
DUTCH EXCELSIOR CAN BUILD HOTEL
IN OHRID
The Dutch company is allowed to start
building a hotel in the elite tourist complex Gorica-Istok
in Ohrid. The council members of the
municipality of Ohrid adopted Tuesday the
city plan for this part of the Ohrid Lake
region, where a hotel and residential buildings will be erected on 30
hectares of land.
Excelsior bought 4.5 hectares of land and
plans to invest 7-8 million euros in the hotel.
The opposition council members criticize the
local authorities of Ohrid over the
adoption of the building plan for the sporting and recreational
center Biljanini izvori.
"The municipality plans to put up a
'Chinese Wall' in Ohrid and line someone's
pockets well," opposition council members contend.
The head of the building sector, Branko Arnaudov, says that
in this region construction of two hotels and another five tourist
facilities, but not apartment buildings, is planned.
VAT TO DROP FROM 18% TO 5% ON 28 SEPTEMBER
The Public Revenue Office stated that the
modifications to the VAT law, stipulating a VAT drop from 18 to 5
percent, would become effective on 28 September this year.
The tax cut applies to medicines and medical
aids, computers and software, thermal solar systems and components,
and transportation.
The tax rate reduction will be equally applied
in all turnover stages - imports, retail, wholesale and rendering
services. Taxpayers will be calculating 5 percent VAT on all income
and report it as such in all documents issued for indicating and
recording turnover, such as invoices, bills, contracts and
declarations.
End
Public
Announcement
Government of the Republic of
Macedonia would like to inform all interested investment fund management
companies on the following:In 2007, the
Government intends to invest EUR 4.5 million in couple equity funds
to be established and to operate in the Republic of Macedonia.It is necessary for the equty funds to be established predominantly with
private capital, in which the Government of the Republic of Macedonia
would participate with not more than 30% in the capital.
Pursuant
to the Law on Investment Funds in the Republic of Macedonia, maximum
number
of investors in the private investment funds is 20, while the minimum
capital of the fund is EUR 500,000.Equty funds can be specialized (in
IT or agricultural activity) or universal.It
is necessary for the equty funds to be
managed by fund management company(ies).
Government
of the Republic of Macedonia would like to invite all fund management
companies
interested in conducting the process of establishment of private
investment funds in the Republic of Macedonia, in which the
Government will also participate in the capital, and to submit a
letter of interest by 01st September 2007 at the latest to:
Ms. Maja Parnargieva
Ministry of Finance of the Republic
of Macedonia
Dame Gruev 14
1000 Skopje
Republic of Macedonia
After
this deadline, Ministry of Finance will contact the interested
companies on the future activities.
Macedonia makes efforts to
harmonize its agricultural sector with EU standards
Ohrid, September 12
 By a series of laws
Macedonia has been making efforts to harmonize its agricultural-food
sector to the European Union standards, Minister of Agriculture,
Forestry and Water Supply Aco Spasenoski said late Wednesday in Ohrid addressing the Third International Cattle
Breeding Symposium.
- In the next
three years the Government will provide Euro 215 million for the
development of agriculture. Substantial sum of the EU
pre-accession funds is also taken into consideration, Spasenoski said.
The symposium
brings together about 150 experts from 15 countries, as well as
domestic and foreign scientists from 28 universities.
The event will
also refer to what European, international associations may do to
improve the cattle breeding in the countries of Southeast Europe .
Special attention
will be paid to the management of natural resources and environmental
protection.
L BANKS OKs MILESTONE'S ACQUISITION OF KUMANOVO BANK
National Bank Governor Petar
Gosev gave the holding company Milestone of
Iceland consent for acquiring Commercial and Investment Bank of Kumanovo. Central Bank officials stated Monday
that Milestone could take hold of the shares within three months of
receiving the consent.
Milestone will acquire 100 percent of the
ordinary shares of the Kumanovo bank, which
together with International Private Bank and Postenska
banka (Postal Service Bank) is in the group
of small banks licensed to do business only in Macedonia.
"The entrance of this strategic
investor into Commercial and Investment Bank, in line with the
provided business plan, is expected to be conducive to the bank's
financial and operative restructuring and help the bank solidify its
corporate management systems," representatives of Governor Gosev's Office said.
Vecer has
already reported that representatives of Milestone's Board of
Directors informed Governor Gosev on their
intention to invest in Macedonia's business sector. At their meeting
with the Governor, they said they wanted to invest in Macedonia's
financial and banking sectors, leasing and insurance.
Milestone's total financial potential at the
end of the first quarter of 2007 was 2.3 billion euros.
n UNEMPLOYMENT RATE STANDS AT 35.8%
The State Statistical Office said Monday that
the jobless in Macedonia in the first quarter of this year totaled
323,287 persons, accounting for 35.8 percent of the total
economically active population of 902,588. The employed totaled
579,301, or 64.2 percent.
Relative to the last quarter of 2006, the
economically active population stayed approximately on the same
level, while compared with the first quarter of 2006, it went up by
2.8 percent.
The number of the employed increased by 0.1
percent from the last quarter of 2006 and stepped up by 3.5 percent
from the same period of last year.
The number of the unemployed declined by 0.5
percent from the last quarter of 2006, the Statistical Office said.
nNEW TENDER INVITATION
FOR 27 SMALL POWER STATIONS
The Ministry of Economy is going to announce
a new invitation to tender for management concessions for 27 small
hydroelectric power stations. Water concessions will be granted for
production of electricity over a period of 20 years.
According to the Ministry of Economy, small
hydroelectric power stations can be put up at 400 locations across
the country with installed capacity of 5 MW and may meet only 10
percent of Macedonia's current needs for electricity.
Investors should build the power stations
within three years of receiving the management concessions and upon
their expiry they should return the facilities and the land to the
state.
At the first tender invitation for building
60 small hydroelectric power stations, eight domestic and foreign
companies and consortiums received concessions for building 41
stations.
End
FOUR COMPANIES INTERESTED IN TEC NEGOTINO
Four companies are interested in acquiring
the thermoelectric power plant Negotino. The
four companies that submitted offers are the Greek-American
consortium SENCAP, the consortium Hutch and McDonalds, Austrian EVN,
and another Austrian company Verbund. Utrinski Vesnik
reports that the main battle for TEC Negotino
most probably would be fought between SENCAP and the consortium
Hutch. These two companies submitted the best offers and they fully
meet the conditions stipulated in the tender, unlike the other two
companies.
SENCAP offered the highest price for the
thermoelectric power plant – 68 million euros – and it promised to
build a new power station with 600 megawatts of power.
The consortium Hutch, headed by Bulgarian
firm Finance Engineering, offered 61 million euros and a new power
station with 500 megawatts of power if it works on coal, 210
megawatts if it works on mazout, and 350
megawatts if it uses gas. EVN offered 20 million euros and a power
station with 790 megawatts of power, while Verbund
failed to submit an offer. It only provided a letter of intent and an
investment plan.
The Government is asking for at least 38
million euros for this thermoelectric power plant. The new owner of
TEC Negotino will be known by the end of
this month.
STRUMICA INSTITUTE TO PRODUCE
AGRICULTURAL SEED
The Institute for Southern and Field Crops in
Strumica plans to prevent smuggling of
seeds through the production of healthy seed material for gardening,
industrial, and other farm crop, Dnevnik
reports.
"The production of domestic classes of
seeds will significantly increase the crops and quality of
agricultural production. Some classes of seeds for tomatoes, peppers,
and cotton are already being produced in the institute.
Source:MIC
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IMF TO CORRECT PROGNOSIS FOR GDP GROWTH
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Mark Griffiths, head
of the IMF mission to Macedonia, expressed praise for the financial
stability of the country in Skopje
yesterday. He announced that the International Monetary Fund is
prepared to make a positive correction to the prognosis for the
growth of the GDP.
IMF is satisfied that the chief
macroeconomic objectives were accomplished. Macedonia increased its
foreign exchange reserves, even though it paid off its $300 million
debt ahead of time. IMF also praised the new law on banks and it
proposed measures intended to reduce unemployment and uphold the
fight against the gray economy.
Finance Minister Trajko
Slaveski said that the Government is
forecasting an annual growth of the GDP of 6 percent. National Bank
Governor Petar Gosev
said that by the end of this year, the inflation rate would drop
below the forecasted 2 percent and it would amount to 1.5 percent.
MACEDONIA'S
FOREIGN EXCHANGE RESERVES AMOUNT TO 1.4 BILLION EUROS
National Bank Governor Petar
Gosev said yesterday that the foreign
exchange reserves of the Republic of Macedonia amount to 1.4 billion
euros. He said that the foreign exchange reserves would increase by
130 million euros by the end of this year. The total public debt is
estimated at 1.9 billion euros, while the internal debt is 844
million euros.
nCROATIA ANNOUNCES INVESTMENTS IN MACEDONIA
A large number of Croatian businessmen
announced investments in Macedonia, encouraged by Agrokor's
intent to invest 200 million euros in the country. Croatian
Agriculture Minister Petar Cobankovic told Vecernji
List that Croatia's investments in Macedonia could soon exceed
the value of the investments in Serbia, Dnevnik
writes.
Macedonia is Croatia's third biggest trade
partner, after the EU and Serbia. But trade between these two
countries is still modest, amounting to $263.3 million last year, Makfax carries the comments from Zagreb.
Croatian businessmen believe that there is
room for expansion of this cooperation, especially in the agriculture
and the food industry.
MACEDONIA-SLOVENIA BUSINESS
COOPERATION ON HIGH LEVEL
I am very pleased that Macedonia's exports to
Slovenia and Slovenia's investments in Macedonia are rising, said
Slovenian Agriculture, Forestry and Food Minister Iztok
Jarc, at the Macedonian-Slovenian Business
Forum in Skopje on Friday.
According to Minister Jarc,
who paid a one-day official visit to the Republic of Macedonia, the
economic cooperation between the two countries is on a high level. He
said he agreed with his Macedonian counterpart Aco
Spasenovski to sign this year a memorandum
for cooperation whereby Slovenia would extend practical assistance to
Macedonia in joining the EU and share its experience of the process
it already completed.
The Slovenian delegation that attended the
Business Forum was made up of representatives of about 10 firms of
the meat, milk and wine industries.
"Trade between Macedonia and Slovenia
totals 120 million euros, 6-7 million euros of which is agriculture.
Our market is fairly open to the Macedonian fruit and vegetables and
the traditional export from Macedonia to Slovenia is on the increase.
We are ready to help Macedonian firms find partners in Slovenia and
promote themselves at our fair events," Minister Jarc says in his today's interview with Vecer.
Slovenian businessmen have already been offered
to invest in a Macedonian milk company.
"For the time being, we intend to
invest in technology and know-how. Only 2-3 percent of our production
is exported to Macedonia," said Marjan
Jakup, director of the second largest
Slovenian milk company, Mlekarna Celje.
The company producing meat products, Kras of Sepulje, is
considering opening a facility for half-durable meat products.
End
PRODUCTION IN
HYDROELECTRIC POWER PLANTS HALVED
In the first six
months of this year, the thermoelectric power plants Bitola and Oslomej
produced 1 percent more electric power than they did in the same
period last year, ELEM (Elektrani na Makedonija – Power
plants of Macedonia) informed.
But due to the unfavorable hydrological
conditions and the high temperatures, which further reduced the
quantity of the water in the accumulations, production of power in
the hydroelectric power plants has reduced drastically. By the end of
last month, the hydroelectric power plants produced approximately 439
million kilowatt-hours, which is 53.78 percent less than the power
produced in the same period last year, Dnevnik
cites MIA.
REK Bitola
produced 5 percent more power than what was initially planned. As ELEM's report states, the thermoelectric power
plants produced 2,3 billion kilowatt-hours, which is 84.22 percent of
the total production of power in the country in the first half of
this year. ELEM informed that production has increased, despite the
repair of blocks 1 and 3 in REK Bitola and
REK Oslomej. Oslomej
will be restarted in mid September.
End
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Trade on
Stock Exchange Reaches 20 Million Euros
|
There was a lot of activity on the
Macedonian Stock Exchange last week. Following the weeks-long
downward trend, the Stock Exchange experienced a leap in sales.
Transactions amounting to nearly 20 million euros were registered on
the Stock Exchange over the last five working days, which is 70
percent more than the previous week, Utrinski
Vesnik reports.
This increase in
trade on the Stock Exchange is mostly a result of the transactions in
Komercijalna Banka
and Telekom.
|
Three
Macedonian Factories to Produce Bio diesel Fuels Soon
|
In a few years
Macedonia will become a significant producer and exporter of bio diesel
fuel. This opens the possibility for bigger growth of the
agriculture. Vehicle owners will also benefit from this, seeing as
use of this type of fuel increases the vehicles' durability by 15-20
percent. It also protects the environment, considering that less
harmful gasses are emitted, Utrinski
Vesnik reports.
Three domestic
companies announced that they would start producing biodiesel fuel, which is gaining bigger
significance and application in the European and world markets,
primarily because of its ecological factor. The three companies
concerned are Makpetrol, Stip company Brilijant,
and Veles company Blagoj
Gjorev. These companies announced a total
annual production of 200,000 tons of bio fuel, part of which will be
sold on the domestic market and the other part will be exported
abroad. Makpetrol announced that it would
produce its fuel from rape oil; the Brilijant
refinery would produce its fuel from a number of vegetable oils,
rape, cotton, or sunflower; while Blagoj Gjorev would produce fuel from sunflower.
These three
firms' total investment in this type of production totals 25 million
euros.
|
Austrians interested in Macedonian's power sector
|
Austrian businessmen are interested in increasing their presence
on the Macedonian market through investments in the country's energy
sector. Twenty Austrian businessmen, trying to learn more about the
investment opportunities, were therefore part of the Austrian
delegation of top political representatives paying an official visit
to Macedonia.
"Austria wants to invest in Macedonia based on the
results achieved over the past period, such as the 7 percent GDP
growth rate, and the considerably improved investment environment.
Austria is particularly interested in making investments in
Macedonia's sectors of power, construction, and industry," said
Deputy Prime Minister Zoran Stavreski.
In his view, the Austrians were impressed by the liberal
approach and economic freedom
of businessmen, the fact that fair rules of game are being
established in the country, that certain monopolies are being
destroyed and that quality economic policies are being put into
practice.
"There are several Austrian firms operating in
Macedonia, including Knauf, EVN, and Grandsteten. Of course, we still have interest in
investing in Macedonia, primarily in the sectors of energy and
environment," Austrian businessmen said.
|
Age only retirement condition as of 1 September
|
As of 1 September age will be the only condition for
retirement. Only women aged 62 and men aged 64 will be allowed to
retire. The Government rejected the request of the Federation of
Trade Unions to extend the validity of the provision allowing women
to retire with 35 and men with 40 years of service, which expires on
30 August.
Under the temporary provision, which applies
until 1 September, people could retire based on both their age and their
years of service. The Government considers that this provision should
no longer apply, Local Government Minister Ljupco
Meskov said
|
Shares take precedence over bonds
|
Trading in shares, which has recently become a hit for both
firms and physical persons, cast shadow on bonds, which are getting
less attractive and do not earn major profits.
"The index of trading in shares notes staggering leaps,
while the index of trading in bonds stays low. Bond profit stands at
a mere 2 percent, which is almost identical with saving at banks, and
so there are not enough motivating elements for more extensive
trading in bonds," Macedonian Stock Exchange officials explain.
They further explain that the space for bonds to be used as a
favourable payment tool has shrunk.
"They could have been used for buying state shares and
stakes, but now that the privatization of state-owned capital almost
ended, they can only be used for buying state-owned land. The
discount on buying bonds is 80 percent, which practically means that
when buying land with bonds, the buyer can get 20 percent off,"
stock market officials say.
The declining interest in bonds is also ascribed to their
decreased quantity.
"Two years ago the private pension funds bought a
considerable amount of bonds and their price climbed up. The supply
is now much smaller and therefore the volume of trade is small
too," brokers say.
|
MBDP Credits energy projects
|
Projects for energy efficiency and renewable sources of
energy will be granted assistance from the Macedonian Bank for
Development Promotion (MBDP).
"The credits will start being approved in a month and a
half, while at the moment contracts are being signed with the banks
through which the loans will be channelled.
The credit line totals 6.2 million euros," MBDP officials say.
They further add that the second instalment
of the credit line for maintaining and increasing employment of 5
million euros will soon be disbursed.
MBDP has so far supported over 500 development projects and
cooperates with KfW of Germany, the World
Bank, the European Investment Bank, the European Bank for
Reconstruction and Development, etc.
MBDP officials say the advantages of their credit lines are
the low interest rates, ranging between 7 and 10 percent on an annual
basis, and the repayment period of 3 to 7 years.
|
Four Tikves wines win awards at
London wine contest
|
Four wines of the winery Tikves
from the Special Selection edition won top quality awards at this
year's International Wine and Spirit Competition in London, Great
Britain.
Tikves's
wines, Vranec Special Selection 2004 and Temjanika Special Selection 2006 won silver
medals and were proclaimed best in their class, while Chardonnay
Special Selection 2006 and Merlot Special Selection 2004 won bronze
medals. The four Macedonian wines won the awards in a competition of
over 5,000 wines from 50 countries across the world.
The general manager of Tikves, Gjorgji Petrusev, says
that these prestigious awards are yet another confirmation that the
winery produces top quality wine.
"The awards give us the motive to carry on investing in
first class wines, in whose development we have already put over 10
million euros," Petrusev says.
|
Bitola Milk Company to export cheese
to U.S. market
|
IMB, the Bitola milk company, will be
exporting cheese to the United States market from mid August to mid
September. Its management informs that this is IMB's
first export to the U.S. Exports for the next five years have already
been negotiated.
IMB will start its U.S. exports with the hard sheep cheese Pecorino Romano made by an Italian recipe through
a special and long process of fermentation.
The new deal is likely to result into a considerable increase
in the milk company's exports.
In addition, the export of unpacked milk to
Bulgaria and packed milk to Greece at a rate of one to two trailer
trucks a month continues
|
Energo sistem wins Bunardzik
gas network project
|
Energo
System of Skopje has three months to build
the internal gas supply network at the free economic zone Bunardzik.
Representatives
of the Directorate for Free Economic Zones told Total that Energo System won the tender competition for
building Bunardzik's gas supply system last
week.
The state-run
gas transmission company GA-MA is in charge of supplying gas to and from
Bunardzik and its deadline for completing
the works is 15 September.
The free
economic zone Bunardzik, which was renamed
into industrial and technological development zone Skopje 1 three months ago, covers an area of 140
hectares.
The greatest
investor in the zone is the U.S. company Johnson Controls, which
signed a deal with the Government in February for taking over the
land at a token price of one euro per sq. meter. The initial
investment is said to total 20 million euros.
|
Customs and Japan
tobacco international sign memorandum
for
understanding
|
The Macedonian
Customs Administration and Japan Tobacco International signed a
Memorandum for Understanding today.
The basic goal of the document, according to the director of
the Customs, Vanco Kargov,
and the vice president for corporate works at Japan Tobacco
International, Kent Brown, is promoting cooperation in dealing with
illegal trade in tobacco products, particularly as regards legal
trade protection, and taking of measures against smuggling of
original tobacco products and illegal production, trade and
distribution of fake tobacco products. "It's obvious that it is
in the best interest of the Macedonian Government and the Customs to
eradicate all the illegal activities in the region and we are happy
to be able to help," Mr. Brown said after signing the
Memorandum.
The Memorandum
binds the parties to cooperate in the execution of their future joint
processes, such as sharing of ideas relating to the control of illegal
trade in tobacco and tobacco products.
|
Construction
of Aquapura Macedonia to begin in Autumn
|
The Portuguese
company Aquapura, Hotels, Villas & Spa,
will lay the foundations of the elite tourist complex in Prespa, Aquapura Macedonia,
in the autumn. The diplomatic coordinator of the project, Jordan Plevnes, said construction would go underway
during the Portuguese presidency of the EU and after the adoption of
the building plan. The complex will be over by 2010.
"The
architectural project, designed by the winner of the Grand Prix of
Europe for architecture and professor at the University of Florence,
Manuel Aires Mateus, was presented in
December 2006. At the start of 2007, Aquapura
bought the hotel Evropa for 1.4 million euros,
and according to the project, this facility will be torn down so that
an elite tourist complex and a winter resort is built instead,"
Mr. Plevnes said.
Aquapura
intends to invest about 100 million euros in the construction of the
complex, as well as in environmental studies about the influence on
the environment, and the protection of all the nearby monuments,
monasteries and artifacts in the region of Prespa.
Mr. Plevnes explained that the center in Prespa would be a high class resort, such as
those Aquapura has built in Brazil,
Portugal and Italy, and will not be intended for mass tourism.
|
Johnson Matthey to help reduce trade deficit
|
The British
company producing car catalysts, Johnson Matthey,
should make official its decision for investment in Macedonia over
the next two weeks.
Foreign
Investment Minister Gligor Tashkovich said the company would invest 80
million euros in Macedonia, yet the greatest benefit from its
entrance will be the fact that thanks to its exports Macedonia's
trade deficit would climb down to zero.
"Macedonia's
trade deficit stands at about a billion euros and is one of the
country's gravest problems. Johnson Matthey
will secure exports of 4-5 billion dollars by 2013 and, including the
effect of the imported intermediate goods, the deficit will
practically cease to be a problem, Minister Tashkovich
said at the briefing with reporters on Wednesday.
In regard to the
criticisms that his colleague Vele Samak and he tour the world without any concrete
results, Minister Tashkovich says he has no
time for touring.
"Before I
became Minister in Macedonia, I visited 75 countries. Only three of
the cities I paid a visit to as Minister, were new to me," he
said.
Minister Tashkovich considers the entrance of Croatian Agrokor his greatest finished project so far.
|
Slovenian
and Austrian Banks take hold of Metalec
|
A few Slovenian
banks and one Austrian acquired 25 percent of the shares and became
co-owners of the capital of Metalec, the Prilep facility producing steel constructions,
for which they paid 1.3 million euros.
In the words of
the non-executive director of Metalec, Jandre Zdraveski, the
value of a share on the Stock Exchange peaked at 110 euros, and there
is also rising interest in buying shares from physical persons, who
hold 45 percent of the assets at the moment. Metalotehnika
is still a dominant shareholder with a 30 percent stake of the
capital.
Metalec
is working at full capacity and has secured work until the end of
2008. We have already won the two tender competitions for making
steel constructions for hydroelectric power stations in the region of
Krusevo and maximum efforts are being made
for capturing foreign markets too," manager Zdraveski
says.
At the moment deals
of about 5 million euros for building bridges for Albanian partners
in Vlora and Durres,
and a deal for building a shopping center for a partner in Montenegro
of one million euros are being carried out.
|
Macedonian
Railway Company splits up
|
The Macedonian
railway company (AD Makedonski zeleznici) officially split up into two
state-owned companies, for infrastructure and transport, JP MZ Infrastruktura and AD MZ Transport. The transport
company will later go private.
The manager of Makedonski zeleznici
will hereafter be manager of the infrastructure company, while Petre Delov has been
appointed manager of MZ Transport.
The new
companies have been entered into the Central Register, their assets
have been divided up, and as announced from the Government, the
activities have been completed in line with the timetable defined in
the plan on the railway company's transformation.
|
Alkaloid
applies new software for more competitive production
|
Alkaloid
put into effect the information system SAP, which should make this
company's production more competitive on a global scale. The
implementation of the software cost 2 million euros.
"The
software will improve the performance efficiency and fulfillment of
world standards in the pharmaceutical industry. Now we can set foot
on the United States market," Zivko Mukaetov, Alkaloid's general manager said.
The
SAP system will cover Alkaloid's financial operations, management of
intermediate goods and storage space, production and quality.
Mukaetov
stated that in the first half of this year, sale of medicines climbed
up by 20.5 percent.
|
Macedonia's
first domestic Investment
fund set up
|
Macedonia
obtained its first domestic investment fund. The Securities and
Exchange Commission issued an approval to Ilirika
Fund Management to set up a fund management company. The firm Ilirika of Slovenia is the founder.
"The
establishment of Ilirika Fund Management
traces out the path toward establishment of two open investment
funds, which as pioneers in this area will be collecting money from
investors, managing it and investing it in assorted financial
instruments," the Securities and Exchange Commission said.
Commission
officials believe that the investment funds will make it possible
primarily for small investors to invest their money in securities
thereby being protected from major individual risks.
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