Macedonia urges Turkish businesses to invest

Macedonia's door is always open to Turkish businesses, which can invest tax-free for 10 years, the country's Prime Minister, Zoran Zaev, said late Sunday. Zaev said he hopes to more than double the bilateral trade volume from $475 million to $1 billion at a business dinner hosted by the Turkish Union of Chambers and Commodity Exchanges (TOBB) in the capital Ankara.

Last year, Turkey's exports to Macedonia totaled $360.6 billion and imports $101.6 billion, according to the Turkish Statistical Institute (TurkStat).

Macedonia has several investment zones with up to 10-year tax holidays for corporate profits, employment income, value-added tax (VAT), customs duties and others, according to PricewaterhouseCoopers. Macedonia's free trade zone can be a gateway to Europe for Turkish businesspeople, he stressed, adding, "The area around Macedonia has a high potential, and there are opportunities, especially in agriculture, construction and energy." Some 100 Turkish businesspeople have investments worth 1.2 billion euros in Macedonia, said Faik Yavuz, a member of TOBB's board.

Zaev underlined that a number of Turkish entrepreneurs are doing feasibility studies on investing in the country.