Greek investments in North Macedonia

Source: Wikipedia, the free encyclopedia.

North Macedonia generally has good business relations with Greece and enjoys substantial inward investment from Greece. However, the naming dispute had inhibited the establishment of full diplomatic relations so far but has not prevented both countries from engaging in military and security co-operation, cross-border investments, and cultural exchanges.[1]

Background

Since the end of the Greek embargo, which lasted between February 1994 and September 1995, Greece has become one of the most important business partners of North Macedonia. Greece is the fourth most important investor in the country (12.1% of total foreign direct investments), behind the Netherlands, Slovenia and Hungary.[2]

The acquisitions of

Cosmote Group are some of the largest Greek business undertakings in North Macedonia so far.[3]

According to an interview by then

Kosovo crisis
:

In the 1999 Kosovo crisis, Western investors and trading partners escaped. Greek investors, who know this region better, came in and picked up enterprises at bargain basement prices. I hope investors from other countries learned the lesson. Since the current crisis started, we have sold our biggest bakery – Zhito Lux – and our biggest fairgrounds – Skopski Saem – to Greek and Slovenian investors. The new owners of North Macedonia's largest bank, Stopanska Banka, (National Bank of Greece) are planning to increase the capital.[4]

By 1999 Greek exports to North Macedonia had reached an annual US$1.32 billion.[5]

2006 Developments

The November 2006

UN Security Council Resolutions (EEC) No 817/93 and (EEC) No 845/93, thereby contributing to regional co-operation and good neighbourly relations."[6]

2007 developments

The total value of Greek investment in North Macedonia in the three years to 2007 declined. In the first half of 2007 it reached $6 million, less than the corresponding amounts in previous years. Greek investment had peaked in 2004 at over $30 million a year. .[3] Nonetheless, according to newspaper Eleutheros Typos by the start of 2007 about US$263 million had been invested by Greeks. Of the 20 most sizeable investments in the country 17 are financed with Greek capital and over 20,000 (about 6% of the workforce) are employed in Greek-owned enterprises [1]. At the time 28% of Greek investments were in banking, 25% in the energy sector, 17% in telecommunications, 15% in industry and 10% in food.[citation needed]

Active Greek companies

Notes

  1. ^ "Greek firms thriving abroad". ekathimerini.com. Retrieved 15 August 2018.
  2. ^ "Agency for Foreign Investments and Export Promotion for the Republic of Macedonia". investinmacedonia.com. Retrieved 15 August 2018.
  3. ^ a b "Birn Article on Greek investments". birn.eu.com. Retrieved 15 August 2018.
  4. ^ http://samvak.tripod.com/nm095.html Gruevski interview
  5. ^ http://greekembassy.org/Embassy/content/en/Article.aspx?office=3&folder=319&article=7901 Fourth consecutive exhibition of Greek firms in Skopje
  6. ^ "EU, The former Yugoslav Republic of Macedonia 2006 progress report" (PDF). europa.eu. Retrieved 15 August 2018.