INVEST IN MACEDONIA. D eputy - CEO, Agency for FDI June, Agency for Foreign Investments and Export Promotion.
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1 INVEST IN MACEDONIA Kliment Sekerovski D eputy - CEO, Agency for FDI June,
2 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 2
3 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 506 per month 374 per month in manufacturing 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 3
4 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 4 4
5 3 rd BEST IN STARTING A BUSINESS IN THE WORLD World Bank s Doing Business 2015 Report 4 th FRIENDLIEST TO FOREIGNERS World Economic Forum 2013 BEST FOR STARTING A BUSINESS IN THE REGION Based on the World Bank s Doing Business Report st IN TOTAL TAX RATE IN THE WORLD PwC and World Bank Group Study th IN OVERALL PAYING TAXES PwC and World Bank Group Study
6 Economic Indicators GDP GROWTH(%) INFLATION Low inflation: <2% annually over the last 13 years 2013: 2.8%; 2014: - 0.3% CURRENCY EXPORT BY (billion YEAR (US$ ) bn) Macedonian Denar pegged to the DM/ for the last 20 years ( 1= MKD 61.6) AVERAGE GROSS SALARY IN per month 374 per month in manufacturing Q1-Q3 FDI BY YEAR (million ) CREDIT RATINGS 2014 Standard & Poor s: BB- (Stable) Fitch: BB+ (Stable) Source: National Bank of the Republic of Macedonia BUDGET DEFICIT & STATE DEBT Budget Deficit, 2014: 3.9 % of GDP State Debt, Q1 2014: 35.7 % of GDP 6
7 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 65% increase in total number of undergraduate degrees in 2009 compared to % 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) 6% of GDP spent on education 60 million investment for 200 new laboratories in technical Universities 7
8 Transportation costs to major European cities NORWAY SWEDEN ESTONIA RUSSIA LATVIA DENMARK LITHUANIA IRELAND BELARUS UNITED KINGDOM NETHERLANDS POLAND GERMANY BELGIUM LUXEMBOURG CZECH REPUBLIC UKRAINE SLOVAKIA FRANCE SWITZERLAND AUSTRIA HUNGARY MOLDOVA SLOVENIA CROATIA ROMANIA BOSNIA AND HERZ. SERBIA ITALY MONTENEGRO KOSOVO BULGARIA SPAIN ALBANIA MACEDONIA PORTUGAL GREECE TURKEY AFRICA MALTA 8
9 Corruption perception index Macedonia Romania Bulgaria Romania Montenegro Serbia Bosnia and Herzegovina 9
10 Technological Industrial Development Zones - TIDZs
11 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; 11
12 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 12
13 TIDZ Stip FORTUNE 100 COMPANY $40B Turnover PROJECT SCOPE 2 nd project in Macedonia Construction of cut & trim plant for car seats CONSIDERED COUNTRIES Macedonia, Moldova and Tunisia Macedonia was chosen because of its international competitiveness, because of our positive existing corporate experience here and above all because of the support and professionalism that we have received from all Government institutions during the analysis process. Steven Meylemans Project Manager Johnson Controls 13
14 TIDZ Skopje 1 55mn investment over 500 employees catalyst production $40mn automotive components plant; 150 employees initially increasing to 500; Integrated circuits JOHNSON MATTHEY VISTEON KEMET SIGNING OF THE AGREEMENT TEKNOHOSE ANNOUNCING and BEGINNING Export Promotion OF CONSTRUCTION WORK IN TIDZ SKOPJE 1 PRODIS GROUP ANNOUNCING BEGINNING OF CONSTRUCTION WORK IN TIDZ SKOPJE 1 VAN HOOL 14
15 Thank You! AGENCY FOR FOREIGN INVESTMENTS OF THE REPUBLIC OF MACEDONIA Nikola Vapcarov Skopje Republic of Macedonia Tel.: Fax: k.sekerovski@investinmacedonia.com web: 15
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