Minoski at "Euromoney” Conference: More than 35% of Macedonian total export is produced in TIDZ

17th January 2017, ViennaMachinery and transport equipment sophisticated goods accounted for 5% of the total export in the period before, while now, they represent one third of the total export. More than 35% of Macedonian total export is produced in the technological industrial zones,. Minister of Finance Kiril Minoski pointed out at the annual ”Euromoney” Conference held in Vienna, also attended by the Governor of the National Bank Dimitar Bogov.

Talking about the benefits from the foreign investments in Macedonia, Minoski udnerlined the unemployment reduction, the growth and the diversification of export to higher value added goods, as well as the linkage of the foreign companies with the domestic ones.

- We have managed to reduce the unemployment from 38% to 23.4%. 160,000 new jobs have been created. Foreign direct investments play a significant role thereto, not only by direct employments, but also contributing to increased activity of the domestic companies. Export from the technological and industrial zones accounts for one third of the total export from the country, increasing continuously each year. Factories operating in the zones have contributed not only for export increase, but also for its diversification. Share of exported machinery and transport equipment, as higher value added goods, accounted for 5% of the total export before the entrance of FDIs, now it accounts for around 30%– of the total export.

I would also like to mention here the linkage of the foreign companies with the domestic ones, share of experience, know-how, better access for the Macedonian companies to the international markets.

Minister of Finance expects for the pace of entrance of foreign investments to be maintained in the coming period.

- Considering that unemployment rate in Macedonia is still high, policies and measures to attract foreign investments will be implemented in the coming period as well. A goal to achieve is to attract more capital intensive investments, which are more sustainable and do not rely only on labour cost. Such trend already exists at the new investments in Macedonia – Minoski said.

During his address, Minoski also mentioned the finance management.

- Fiscal policy will focus on ensuring substantial public investments, being a precondition for improvement of economic perspectives, as well as better and more quality life of the citizens.  I would, however, point out that, in the medium term, we will strive for the commitment to gradually consolidate public finances, which envisages significant reduction of the budget deficit below the Maastricht criterion of 3% of GDP – Minoski pointed out.

“Euromoney” is one of the biggest conference in the field of finance in Central and Eastern Europe, attended by Ministers of Finance, Governors of Central Banks, investors and banks. As for the region, apart from Macedonian Minister of Finance, Minister of Finance of Croatia Zdravko Marik, Minister of Finance of Serbia Dusan Vujovik, Minister of Finance of Hungary Agnes Hornung and Minister of Finance of Albania Arben Ahmetaj also took part therein.  Annual conference was inaugurated by Minister of Finance of Austria Hans Jörg Schelling.