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3.3.10

FYROMacedonia Greece Trade Plummets

Skopje
Sinisa-Jakov Marusic





The Bogorodica-Evzoni border crossing between FYROMacedonia and Greece









Trade between neighbours FYROMacedonia and Greece plummeted significantly last year, official data shows.

In the first nine months of 2008 FYROMacedonia’s exports to Greece totaled €340 million, while in the same period in 2009 it was only €160 million. The import also decreased from $290 million in 2008 to some $210 million last year.

The Greek economy, which currently faces extreme turmoil, will very likely influence the FYROMacedonian economy, Finance Minister Zoran Stavreski said on Monday after meeting representatives of Greek companies in the country.
However he said he was reassured that the Greek businesses were here to stay.

“I do not expect serious negative influences in that respect. FYROMacedonia, with its business environment and low taxes, provides good conditions for the Greeks and other investors,” Stavreski pointed out.

Data show that in the first nine months of last year over €70 million of Greek capital left the country. This mostly happened in the second quarter of 2009, when the Greek owners of the mobile operator Cosmofon and the marble quarry Prilep sold their shares and left the country.

With its vicinity to Greece, FYROMacedonia is seen as an attractive business destination for Greek investments.

During the past years Greek investments in the Skopje crude oil refinery “OKTA”, the cement factory “Usje”, the “Stopanska” bank, and several hundreds of smaller production facilities have made the country one of the top investors in FYROMacedonia.

http://www.balkaninsight.com/en/main/news/26244/

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