BUSINESS CLIMATE AND INVESTMENT OPPORTUNITIES
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1 Republic of Macedonia BUSINESS CLIMATE AND INVESTMENT OPPORTUNITIES June, 2018
2 Why Macedonia? Competitive Location Excellent Infrastructure Competitive Workforce Investment Incentives Investor friendly Government Higher Profits & Increased Competitiveness All of Europe in 1 to 3 days via truck or rail 2 brand new international airports 1 to 3 hours to international seaports No trade barriers with Europe, Ukraine & Turkey Near to Middle East and North Africa Perfect entry point to Europe 2
3 Location and Transport Infrastructure Two Pan-European corridors: East-West Corridor 8 North-South Corridor 10 Road network: 9,205 km Railway network: 900 km Two international airports: Skopje Ohrid International ports*: Thessalonica (Greece): 250 km Durres (Albania): 300 km * Distance from Skopje 3
4 Your Advantages There has never been a better time to do business in Macedonia! Unbeatable tax benefits Lowest in Europe 10% Corporate & Personal income tax 0% Tax on retained earnings Wages Most competitive in Europe 571 average gross monthly salary (April, 2018) 389 average net monthly salary (April, 2018) Lowest operating costs in Europe - drive industry expansion Your investment is protected Government guarantees Macedonia member of MIGA Tax Free Economic Zones Manufacturing, Financial, Medical, Tourism for Greenfield projects Commercial buildings available Easy to start Brownfield projects 4
5 Continuous implementation of reforms Regulatory reforms One-Stop-Shop: 4 hours company registration Regulatory Guillotine Electronic One-Stop-Shop for customs permits and licenses Single window: Improving interoperability between government institutions Cadaster reforms Digital Cadaster covering 99% of the real estate in Macedonia Notaries and land surveyors have access to land register through online system Liberalization of real-estate market Foreigners free to purchase real estate and construction land Simplification of procedures for obtaining construction permits from 21 to 3 steps Liberalization of Labor Market Modern Labor Law Improved labor force flexibility 5 5
6 Small and medium enterprises - Support measures Equal conditions for domestic and foreign investors Transparent requirements and criteria Increased co-operation between domestic and foreign companies Support for micro, small and medium enterprises Higher wages New better-paying jobs Technology development and innovations Support for establishing technology development and research departments Increased competitiveness 6
7 SUPPORT FOR CREATING NEW JOBS 50 % MORE THAN THE MINIMUM NET WAGE 20% SUPPORT PER EACH PAID NET WAGE CRITERIA At least 75% of the newly-employed: 1. Have been registered for 3 months with the Agency for employment of the Republic of Macedonia active job seekers, or 2. Have been employed for the first time, or 3. Their previous employment was terminated due to liquidation or bankruptcy procedure, or 4. Are employees of the public or state administration Maximum amount: wage/monthly or support of up to for each new job/annually 7
8 Support measures SUPPORT FOR INCREASE OF CAPITAL INVESTMENTS & INCOMES 10% return of investments for purchase of new machines and equipment or investments in premises or land Maximum amount: 1M in a period of 5 years +10% for investors part of the Macedonian diaspora SUPPORT FOR ESTABLISHING TECHNOLOGY DEVELOPMENT AND RESEARCH DEPARTMENTS 50% of the total justified costs for industrial research or maximum amount of 1 million 5 years Justified costs: Costs for instruments and equipment, Buildings and land Contractual research, technical knowledge and patents, costs for consultative services Additional costs Operative costs CRITERIA: Primary activity: MANUFACTURING 8
9 Support measures SUPPORT FOR ESTABLISHING AND ENHANCEMENT OF THE COOPERATION WITH SUPPLIERS FROM THE REPUBLIC OF MACEDONIA 1% OF THE VALUE OF TOTAL PROCUREMENTS IF 15% OF THE PRODUCTION INPUTS ARE PRODUCED IN MACEDONIA Maximum amount: annually for a period of 5 years VALID FOR Companies located in TIDZ, Industrial zones, New greenfield investors 9
10 Support measures SUPPORT FOR INVESTMENT PROJECTS OF SIGNIFICANT ECONOMIC INTEREST FOR THE REPUBLIC OF MACEDONIA up TO 50% of the total costs, in accordance with the law on state aid control Criteria: Primary activity-manufacturing Investment over 20M Investment of at least 4M and at least 300 created new jobs POSSIBLE FORMS Exemption from paying income tax on the employees wages, citizens of the RM ( 10years) Exemption from paying income tax or return of paying income tax (10 years) Cash grant amounting to 10% of the investment, up to 61.5 million MKD ( 3 years) 10
11 Support measures SUPPORT FOR WINNING NEW MARKETS AND INCREASE IN SALES Continuous implementation-to exhaust the maximum amount per user 20% of justified costs for winning new markets ( up to ) SUPPORTING MICRO&SMALL ENTERPRISES WITH FAST GROWTH TENDENCY 30% OF THE DIRECT COSTS( up to ) 2 times a year public calls for financing projects for technology development od MSE Procurements/categories: Trade companies Micro, small & medium enterprises Enterprises with min. annual revenue of Paid off debts 11
12 Support measures SUPPORTING SMe FOR IMPROVEMENTS OF THE INNOVATION Up to 70% of the directs costs for investments, no more that euros CRITERIA: Trade company Micro, small and medium enterprises ( up to 250 employees) In majority ownership of individual citizens of the RM Debts must have been serviced SUPPORT FOR PROFESSIONAL UPGRADE AND PRACTICE FOR NEWLY-EMPLOYED YOUNG PEOPLE 30% OF THE COSTS FOR TRAINING AND PROFESSIONAL UPGRADE OR PU TO EUROS Activities: PROFESSIONAL UPGRADE AND PRACTICE IN THE COMPANY APPLICANT OR ANOTHER COMPANY CRITERIA: Trade companies Micro, small and medium enterprise with up to 250 employees At least 5 employees Revenue of euros Training and professional upgrade for people of up to 29 years of age who have been employed at least 6 months 12
13 12th EASE OF DOING BUSINESS World Bank s Doing Business 2016 Report 11th in STARTING A BUSINESS World Bank s Doing Business 2018 Report BEST FOR STARTING A BUSINESS IN THE REGION Based on the World Bank s Doing Business Report th EASE OF DOING BUSINESS IN THE WORLD World Bank s Doing Business 2017 Report 10th EASE OF DOING BUSINESS IN THE WORLD World Bank s Doing Business 2017 Report 13
14 Ease of Doing Business
15 Index of Economic Freedom World Rankings
16 Best Countries for Business Forbs Magazine Global Rankings
17 Economic Indicators GDP GROWTH(%) Q EXPORT BY YEAR (bn ) INFLATION Low inflation: 2013: 2.8%; 2014: - 0.3%; 2015:-0.3%; 2016:-0.2%; Q4 2017: 2.4 % CURRENCY Macedonian Denar pegged to the DM/ for the last 20 years ( 1= MKD 61.5) AVERAGE SALARY IN April per month (gross) 389 per month (net) Q FDI BY YEAR (million ) Source: National Bank of the Republic of Macedonia Q CREDIT RATINGS 2018 Standard & Poor s: BB-(stable outlook) Fitch: BB+(positive) STATE DEBT State Debt,Q1 2018: 39.7 % of GDP Source:Ministry of finance of the Republic of Macedonia 17
18 Unbeatable fiscal benefits and utility costs Utility costs Electricity: 5.9/100kWh (average price for users in the free zones in 2016) Natural gas: 0.26/Nm3 (Skopje 1 and Skopje 2 Free Zones) Water: 1.07/m3 Skopje area Corporate Income Tax General VAT Rates 10% Macedonia 16% Romania 18% Croatia 18% Ukraine 19% Czech 19% Poland 20% Turkey 21% Slovakia Turkey Macedonia Romania Slovakia Ukraine Czech Rep. Poland Croatia 18% 18% 19% 20% 20% 21% 23% 25% 18
19 Transportation costs to major European cities NORWAY SWEDEN Destination/Origin Distance Net Borders From Skopje ( ) (km) Hours 20 tons trucks Kraguevac, Serbia Pitesti, Romania Budapest, Hungary Gebze,Turkey Ljubljana/Novo Mesto, Slovenia Vienna, Austria 1, ,200 IRELAND Ostrava, Czech 1, ,300 Republic Munich, Germany 1, ,250 UNITED KINGDOM DENMARK NETHERLANDS GERMANY BELGIUM POLAND ESTONIA LATVIA LITHUANIA BELARUS RUSSIA Aksaray,Turkey 1, ,500 LUXEMBOURG CZECH REPUBLIC UKRAINE Milan, Italy 1, ,250 SLOVAKIA Stuttgart, Germany 1, ,400 FRANCE SWITZERLAND AUSTRIA HUNGARY MOLDOVA Frankfurt, Germany 1, ,450 SLOVENIA CROATIA ROMANIA Cologne, Germany 1, ,500 BOSNIA AND HERZ. SERBIA Batilly, France 2, ,800 ITALY MONTENEGRO KOSOVO BULGARIA MACEDONIA Source: Kuehne-Nagel, ViaMichelin, November 2017 PORTUGAL SPAIN ALBANIA GREECE TURKEY AFRICA MALTA 19
20 Social Security Contributions Macedonia - Social Security Contributions Comparison - Social Security Contributions Source:tradingeconomics.com 20
21 Sustainable Work Force Supply 10,000 college graduates each year are ready to bring their talents to area employers 41.5% of population under the age of 30 High intellectual capital 85% of high school graduates enroll in universities Multiple vocational high schools in each city Tailor-made training programs through Vocational Schools or Universities (e.g. JCI Case) 5% of GDP spent on education 60 million investment for 200 new laboratories in technical Universities 21
22 Sustainable Work Force Supply Number of enrolled students in Colleges and Universities Number of graduates in Colleges and Universities 9,802 10,392 9,480 9,863 8,458 8,247 Foreign Languages Studied Students in Primary Schools, % of Total Students in Secondary Schools, % of Total English 99% 96.5% French 0.6% 2.8% German 0.3% 0.5% Russian 0.1% 0.2% Excellent Language Skills Every child in Macedonia begins to learn English in the first grade of primary school Two foreign languages are mandatory in high school: English, and either German, French, or Russian English is also taught for two years at University level Regional languages (Serbian, Croatian, Bulgarian, Albanian and Greek) are widely spoken Source: State Statistical Office of the Republic of Macedonia (Education 2012/2013) and Ministry of Education and Science 22
23 INVESTMENT OPPORTUNITIES
24 Investment Opportunities Target Sectors Machine and Automotive components ICT Medical Devices and Pharmaceuticals Agribusiness and Food Processing Energy sector Real Estate & Construction Textile Tourism 24
25 Investment Opportunities Machine and Automotive Components Industry Existing engineering and manufacturing tradition Legacy of skills available to new investors Component production started in the 1960 s to supply Zastava, Serbia Companies primarily supply the aftermarket Johnson Controls, Johnson Matthey, Kemet, Teknohose, (Free Economic Zones), Kromberg & Schubert, Hi-Tech to supply OEM s, Van Hool Markets are Europe, Russia, Turkey, Africa, USA Most companies have ISO 9001 / TS quality certification 25
26 Investment Opportunities ICT Sector 4-hour company registration Electronic fee payments for government services Digital certificates for employers Legislation fully harmonized with the EU Free computer application training 26
27 Investment Opportunities ICT Sector Best telecommunication networks in the region the system is 100% digital Leading multinational hardware and software suppliers (Microsoft, HP, IBM) have local sales and support services in Macedonia IT skills shortage in Western economies and growing demand for outsourcing services Macedonia can be your solution! Availability of well-educated staff at competitive costs Quality assurance and standardization procedure intitialized 27
28 Investment Opportunities Healthcare Sector, Medical Devices and Pharmaceuticals Existing pharmaceutical industry, exports to over 30 countries worldwide Strong educational system, with an abundance of medical and pharmacy graduates Supportive regulatory environment Licensing arrangements in place with many of world s leading pharmaceutical companies Available sites at industrial and free economic zones Manufacturing tradition 28
29 Investment Opportunities Agribusiness and Food Processing Industry Unique combination of Continental and Sub- Mediterranean climates Environment friendly production practices Technologies for food processing Excellent access to regional markets Strong reputation for quality food products The greatest investment opportunities: fruits and vegetables production, storage distribution and processing industries (logistic centers) wine production sheep and goat cheese production 29
30 Investment Opportunities Energy Sector Government strongly committed to developing the energy sector through public and private investments National strategy based on diversifying the sources and types of energy use Focus on completing the strategy for the exploitation of renewable sources of energy (measurement of wind potential; preparation of a feasibility study) Study for Reliability of the Power System and Connection of Wind Power Plants Solar potential: the annual solar radiation is 1385 kwh/m 2 Climate characteristics - continental climate with hot and dry summers, and high intensity of solar radiation 30
31 Investment Opportunities Textile sector Esteemed reputation of Macedonian textile producers on the European Union market High flexibility and readiness to adapt to the demands of foreign markets Exceptional relation between product quality and costs Modern equipment 1-2 days distance to European Union markets Foreign investment welcomed in the readymade clothing and knit production industries 31
32 Investment Opportunities Tourism Summer Destinations Numerous tectonic, glacial and man-made lakes, 50 in total Large natural lakes: Ohrid, Dojran and Prespa Water sports, archeological, wine, eco and rural tourism Winter Destinations Over 45 mountain peaks exceeding m 70% of the territory is mountainous and many locations have more than 100 days of snow Opportunities for development and enhancements of hotels and spa resorts on many locations 32
33 Investment Opportunities Tourism Historical and Culture Heritage 4,293 archeological sites 992 churches and monasteries 23,000 icons (2nd most valuable collection in the world) 228 mosques, inns, Turkish baths and old bazaars, 47 towers and fortresses Spa tourism Territory rich with geothermal waters More than 60 thermal springs Identified locations for construction of new spa centers and hotels 33
34 Technological Industrial Development Zones - TIDZs
35 Free Zones TID Zone A special customs area, part of the territory of Macedonia, in which special customs and tax incentives prescribed by the Law on TIDZ are applied User of TID Zone Any domestic or foreign entity registered in accordance with the Company Law Incentives in the Zones are applied only for the following activities: Production activities IT and R&D activities Services related to the import of the goods 15 TID Zones are planned in the DTIDZ 3-year Program 3 fully operational (Skopje 1, Skopje 2 and Stip) 1 is undergoing PPP procedure (Tetovo) 11 others in different development stage 35
36 Global Free Zones of the Future 2012/2013 Winners fdi Magazine s Global Ranking of Economic Zones reported Technological Industrial Development Zones Skopje 1 & 2 in the top 50 Free Zones of the Future 2012/
37 Technological Industrial Development Zones Free Zone Rankovce Area Size: 40 ha; Corridor 8 Free Zone Tetovo (PPP) Area Size: 95 ha; Distance from Skopje - 35 km Free Zones Skopje 1, 2 & 3 Area Size: ha; E-75 Highway; Next to the Int l Airport Free Zone Stip Area Size: 208 ha; The largest Free Zone; Excellent logistic support Free Zones: Delcevo: 21 ha; Vinica: 26 ha; Berovo: 17 ha; Free Zone Radovis Area Size: 10 ha; Main Road M6 Free Zone Kicevo Area Size: 30 ha Free Zone Struga Area Size: 30 ha; Next to the Int l Airport; 170 km from Durres port Free Zone Gevgelija Area Size: 50 ha; 85 km from the port of Thessaloniki Free Zone Prilep Area Size: 68 ha; Between Prilep and Bitola (4 th and 2 nd largest city) Free Zone Strumica Area Size: 23 ha; 37
38 Fiscal Benefits No customs duties & No VAT on imported raw materials, equipment & construction materials TAX Corporate tax Personal income tax TIDZs 0% for the first 10 years 0% for the first 10 years TAX RATES Outside TIDZs 10% 10% Value added tax 0% 18% Property tax 0% 0.1% - 0.2% Excise taxes 0% 5% - 62% PRODUCT TIDZs CUSTOMS DUTY Outside TIDZs Raw materials 0% Up to 15% Equipment 0% 5% - 20% Connection to utilities, complete infrastructure is available Subsidy of up to 500,000 towards construction costs Green Customs Channel available at border for rapid export from Zone to EU countries Land in the TIDZ is available under long-term lease for a period of up to 99 years Training and job creation grants All incentives are in line with EU regulations 38
39 The team from INVEST IN MACEDONIA at Your Service Identification of project specific location factors Cost analysis Identification of supplier base Detailed due diligence Locations, operational costs and competitiveness One-stop-shop and project management approach Design and infrastructure approvals Issuing building and operational permits Customs outpost in the Zone Zone infrastructure maintenance and upgrade Business opportunities analysis One-stop-shop Our Services Creating linkages Aftercare University linkages Reference company linkages Recruitment agencies linkages Organization of meetings with legal advisors and financial partners Labor availability, HR companies and consulting Ensure success! Support with relevant tax and customs issues Assistance in acquiring visas/work permits Coordination and support in contacts with other state and local authorities 39
40 Thank You! AGENCY FOR FOREIGN INVESTMENTS AND EXPORT PROMOTION OF THE REPUBLIC OF MACEDONIA ul.nikola Vapcarov br , Skopje Republic of Macedonia Tel.: Fax: fdi@investinmacedonia.com
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