Macedonia seeks Saudi investment

The visiting Macedonian Prime Minister Nikola Gruevski called on the Saudi businessmen in Riyadh on Monday to invest profusely in his country for attractive dividends.
The meeting with the Saudi businessmen was organized in cooperation with the Riyadh Chamber of Commerce and Industry (RCCI).
On behalf of the Saudi team, RCCI Chairman Abdul Rahman Al-Zamil led the discussions. Secretary-General of RCCI Mohamad bin Hamad Alketheri also took part in the discussions.
Stressing the depth of trade relations between the two countries, Al-Zamil said the two parties should identify viable trade opportunities in the two countries.
“Macedonia's government is committed to reforms and particularly friendly-oriented to developing business and investment activities, working regularly on improving the business climate, “ Gruevski told the local businessmen here. He added that the Macedonia's geographical location, agricultural and tourist potentials can open the doors for fruitful and profitable investment.
The World Bank Doing Business report considers Macedonia's business climate as the 30th best worldwide. According to the report, the country's business climate enjoys better ranking that the ones of 16 EU members, all East and South-East European countries, the PM said, pointing out that Macedonia has the lowest costs for doing business in Europe.
Besides the low taxes, Macedonia's free economic zones also offer favorable conditions to potential investors — they will not pay profit and personal income tax in the first ten years, being also exempted from payment of customs duties for import of raw materials.
Large companies form UK, US, Belgium, Germany and Russia, which are already present in Macedonia, may testify about their positive experience with the country's business climate, Vice-Premier and Finance Minister Zoran Stavreski said.
"They are also satisfied with the treatment they enjoy in relations with governmental institutions, which wraps up the whole picture of favorable business climate," Stavreski said.
Mansour Shafi Al-Ajmi, RCCI public relation manager, affirmed the chamber's interest in bolstering the business ties between Saudi Arabia and Macedonia.
Trading activities are the strongest link for bringing together two countries that wish to advance their relations. The existence of free economic zones, favorable and other attractive conditions for doing business will boost the trade exchange between Saudi Arabia and Macedonia, Al-Ajmi said.
Gruevski also called on Crown Prince Salman, deputy premier and minister of defense, on Monday. The meeting was the first one at this level since the establishment of diplomatic ties between the two countries.
During the meeting, the two dignitaries expressed readiness for further development of the bilateral relations and shared opinions for boosting the economic and political cooperation in all spheres of mutual interest.
Stavreski and Minister of Finance Ibrahim Al-¬Assaf, signed an agreement on avoiding double taxation, an additional step to facilitating the possible cooperation and trade exchange between the two countries .
"We have tackled numerous political and economic topics, including the possibilities for Saudi Arabian companies to invest in Macedonia. Saudi Arabia has been practicing to disperse its capital across the globe by buying stocks, investing in various projects and in this respect I have presented Macedonia as an excellent destination for doing business," Gruevski said after the meeting.