Skopje, 27 December 2021 (MIA) - Capital Market Development Council’s session chaired by Finance Minister Fatmir Besimi adopted on Monday strategy for capital market development which sets goals to dynamize the capital market in North Macedonia to the EU’s average level by increasing the level of market capitalization, liquidity of capital markets, the structure of the sources of financing of the projects in the companies, the structure of the investment portfolios of the individual investors as well as financial education. In addition to encouraging the processes for further development of the capital market, the strategy’s goal is additionally through modern regulation and proactive supervision to support sustainable development of the financial system to increase the contribution to accelerated GDP growth and protection of financial services users. “Capital market development is significant long-term economic factor that affects key economic developments. So far, activities for promotion of the capital market have been carried out in the Republic of North Macedonia, which were primarily initiated by a certain market participant and for a specific area. Therefore, through an inclusive process between all participants in the Council, a strategy for capital market development was prepared, which aims to present the key areas for development, with the main focus on determining the opportunities for expanding the supply of long-term securities, primarily by greater participation of households and domestic and foreign institutional investors,” Ministry of Finance said in a press release. This will mean greater opportunities for financing projects of companies, but also a greater offer of instruments for households and for domestic and foreign institutional investors. A more developed national capital market gives companies the opportunity to deal more easily and successfully with every new situation, they will not only depend on bank financing and will strengthen their international competitiveness. Moreover, the offer for household sector will increase which has deposit accounts, i.e. available funds for investment. “The strategy is excellent and we will actively commit ourselves to implementation of the proposed measures and activities in the period ahead, which I believe will greatly contribute to the further development of financial markets, especially the capital market,” Besimi said at the session of the Capital Market Development Council. The working group that prepared the strategy is made up of representatives of the Ministry of Finance, Ministry of Economy, National Bank of the Republic of North Macedonia, Securities and Exchange Commission of the Republic of North Macedonia, Macedonian Stock Exchange and Central Securities Depository. The Capital Market Development Council monitors the developments on the capital market and proposes measures to ensure its continuous growth and development. The Council comprises the Minister of Finance, Fatmir Besimi, as its chairman, while its members are representatives from the Ministry of Economy, Securities and Exchange Commission, National Bank of the Republic of North Macedonia, Insurance Supervision Agency, Agency for Supervision of Fully-Funded Pension Insurance, Macedonian Stock Exchange AD Skopje, Macedonian Banking Association – Skopje, as well as representatives from investment fund management companies, pension companies and representative of the large companies proposed by the Chamber of Commerce of North Macedonia, the Chamber of Commerce of North-West Macedonia and the Macedonian Chambers of Commerce.