Macedonia 2025’s Board Members, Emil Hristov, Alex Kormushoff, Zoran Martinovski and Mike Zafirovski attended a closed, working session with the Economic Chamber of Commerce Foreign Investors Council to discuss current trends and challenges facing Macedonian companies in the competitive regional and global markets.
Mr. Antoni Pesev, President of the General Assembly of the Chamber, opened the event by expressing potential future challenges that may result from Macedonia’s exposure to the financial crisis in the Euro-zone. Anticipating difficult times ahead, he expressed the need for Macedonian companies to be innovative in dealing with the crisis through expansion into the global market.
Macedonian companies have to strengthen their business activities and be proactive in seeking new markets for their products- starting with nearby markets in Albania, Bulgaria, Greece, Kosovo and Serbia.
A push towards innovation and expansion are essential for growth; however, it has proven to be difficult for many local companies due to lack of capital and liquidity. Considering the instability of the global financial environment, many local Macedonian banks are hesitant to provide assistance to local companies.
Even though this conservative nature of Macedonia’s financial sector has helped the country avoid significant loss during the recent economic crisis, this continued attitude has proven to only make it more difficult for Macedonian companies to expand and grow.
Where many in the banking sector hesitate to provide assistance, Dragan Martinovski, CEO of the Macedonian Bank for Development Promotion, stated they have provided continuous support through credits for the development of small and medium sized enterprises, investment credits, and insurance of claims based on export performance against short-term commercial risk.
Other concerns discussed during this session were the lack of governmental support for the farming and agricultural sector, as well as difficulties faced in the hiring process of skilled managers and IT professionals in Macedonia.