Doing business in Macedonia

Macedonia plays a modest role on the world economic stage. Yet this Balkan country also offers opportunities. But how do you do business in Macedonia? Whether you want to know what your business opportunities are, or how to do business in an internationally responsible way, we've got you started.

Residents and society

North Macedonia is located in the Balkan region and is a parliamentary republic. The population is growing slowly and numbers 1.8 million. About a quarter of them live in the capital Skopje. The different ethnic groups of the country can be found in this city. Mainly Macedonians, but also Albanians, Bosnians, Roma, Serbs and Turks.

The population in Macedonia is highly developed, according to the United Nations Human Development Index. This means that the country scores well on issues such as education level and general standard of living.

Do you want to know more about North Macedonia, such as the local currency, gross national product or demographics? Take a look at our North Macedonia Factsheet.

Economic situation

Macedonia's economy recovered strongly after the coronavirus pandemic. According to the World Bank, the economy grew by 2.1% in 2022. In 2023, this is likely to be 2.4%. The energy crisis and high food prices are dampening growth and causing very high inflation. Inflation is rising at a slower pace in 2023, but is still high.

The most important sector for the Macedonian economy is the service sector. It is responsible for more than half of the gross domestic product (GDP). In 2023, the services sector again contributed the most to the economy. Sectors such as manufacturing and construction had a much harder time.

The economic outlook for North Macedonia is positive. The World Bank expects growth of almost 3% per year in 2024 and 2025. This is partly due to large government investments and foreign investors who are focusing on nearshoring. Furthermore, Macedonia is on the path to becoming an EU member, which could also stimulate the economy. On the other hand, elections delay important economic reforms. Higher inflation could also curb economic growth.

Business Opportunities

The investment agency 'Invest Macedonia' provides information on what the government of North Macedonia itself sees as promising sectors. It summarises these sectors concisely on its website. Keep in mind that this information is written to promote doing business in Macedonia. You will read about the following sectors:

  • Automotive Parts
  • Information and Communication Technology (ICT)
  • Agriculture and Food Processing
  • Textiles & Clothing
  • Energy
  • Pharmaceuticals
  • Wine industry

Projects of the EBRD

The European Bank for Reconstruction and Development (EBRD) supports the development of a number of sectors in Macedonia. For example, they invest in projects and promote trade financing by other parties. This can lead to opportunities in areas such as energy efficiency, renewable energy and infrastructure. Search the overview of current tenders on the EBRD website for specific projects.

Doing business in Macedonia

The official investment agency Invest in North Macedonia helps foreign companies that want to do business in Macedonia. Among other things, it provides information on how to start a business. Keep in mind that this information is written to promote doing business in the country.

International Corporate Social Responsibility

International business offers opportunities, but also challenges. These require good preparation. Make sure that you do business abroad in a socially responsible manner. In this way, you can help improve the local situation, build a good reputation and a future-proof company.

As an entrepreneur, the Dutch government expects you to map out the risks to people and the environment in your business operations and in the international value chain. And that you prevent and address the negative consequences of this. You also need to communicate about this. This is called due diligence. In doing so, you will follow the OECD Guidelines for Multinational Enterprises on Corporate Social Responsibility.

 Investigate the risks

Entrepreneurship is not without risks. Every country presents challenges. The following sources will give you a first impression of possible IRBC risks. It is important that you research these yourself before doing business abroad. Also, keep up to date with local developments.

Export rules

Access2Markets: the most important export rules

The European Commission's online portal Access2Markets contains the most important export rules and practical tips for Macedonia. Haven't worked with Access2Markets before?

Documents, procedures and rules

The following resources also provide information about rules:

 Trade agreement with Macedonia

The EU has had a trade agreement with Macedonia since 2016. This includes agreements on government tenders and the abolition of import duties. Do you want to know if there are lower import duties for your product? Then enter your HS commodity code in the Access2Markets portal. This will help you find the specific rules for your product.

Want to know more?

Check out World Integrated Trade Solution (an initiative of the World Bank and UNCTAD) for statistics on North Macedonia.

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