Skopje, 12 October 2023 (MIA) – Macedonian and Austrian companies at a business forum on Thursday in Skopje discussed the opportunities for new investments and cooperation in energy sector as well as in telecommunication, engineering, design and environmental protection.

The event, which is organised by the Economic Chamber of North Macedonia and the Trade Office at the Austrian Embassy in Skopje, is attended by businessmen operating in the energy, telecommunications, gas valves, steam power plants and biomass manufacturers…

Austria’s total investments in North Macedonia exceeded €1 billion in the first half of the year the trade exchange recorded a growth of 14.58%, but there is room for even greater cooperation because the negative balance of bilateral trade amounted to US$49.4 million.

Jadranka Arizankovska, advisor for EU integration in the Economic Chamber of North Macedonia, underlined that there is great interest from Austrian companies in areas that are significant for the country.

“Austria is our long-standing and proven partner in economic cooperation. The total trade for the period January - July 2023 was US$164.3 million, which represents a growth of 14.58% compared to the same period in 2022. At the same time, exports rose to 10.23% amounting to US$57.4 million, and imports grew by 70.06% amounting to approximately US$106.8 million. According to the statistical data for the period January - July 2023, we see that there is room for even greater cooperation, since the negative balance of bilateral trade amounted to US$49.4 million,” Arizankovska said.

Although Austria is North Macedonia’s 20th trading partner this year, the data from the Central Registry show that Austria is the second-largest investor and the investments by Austrian companies amount to €146.66 million in 2022, she noted.

Jutta Walter, commercial attaché of Austria for Serbia, North Macedonia and Montenegro, said that there is a great potential for cooperation between Austrian and Macedonian companies. She expects the growth in trade and investments to continue.

“Trade Office is very proud to be able to say that the largest investors in Macedonia are Austrian companies and that investments from Austria already exceed a billion euros, which is an extraordinary figure. We are delighted about this. Regardless of this good news, we continue to work on further development and improvement,” Walter said.

Companies operating in several areas participate in the forum, but the key one, as she said, will be the energy sector, of which several companies from Austria are present and will have direct meetings with Macedonian companies.

“The energy sector is becoming one of the most important in business in a global context. I believe that the present companies will have a fruitful discussion which will result in activities and future business deals. This is a positive step in the direction of cooperation between the two countries,” Walter said.

Austria’s largest investments in North Macedonia are in energy, banking, financial and telecommunications sector.