Macedonia urges Turkish businesspeople to invest

ANKARA – Anadolu Agency

Macedonian Prime Minister Zoran Zaev has said the door is “always open to Turkish businesses,” which can invest in parts of the country tax-free for 10 years. 

Speaking at a business dinner hosted by the Turkish Union of Chambers and Commodity Exchanges (TOBB) in Ankara, Zaev said he hopes to more than double the bilateral trade volume from $475 million to $1 billion. 

Last year, Turkey’s exports to Macedonia totaled $360.6 billion and imports amounted to $101.6 billion, according to the Turkish Statistics Institute (TÜİK). 

Macedonia has several investment zones with up to 10-year tax holidays for corporate profits, employment income, VAT, customs duties and others, according to PricewaterhouseCoopers. 

“We also cover some personnel costs. As the prime minister, ministers, and parliamentarians, we invite Turkish businesspeople for collaboration,” Zaev said, describing Macedonia’s free trade zone as a possible “gateway to Europe.” 

“The area around Macedonia has a high potential, with particular opportunities in agriculture, construction and energy,” he added. 

TOBB board member Faik Yavuz said around 100 Turkish businesspeople currently have investments worth 1.2 billion euros ($1.47 billion) in Macedonia. 

He also underlined that a number of Turkish entrepreneurs are conducting feasibility studies on investing in the country. 

Appealing to visiting Macedonian officials, Yavuz said the free trade agreement between Macedonia and Turkey signed in 2000 should be updated.