Ohrid, 26 September 2025 (MIA) - The prospects of the Macedonian and regional economies, the opportunities and challenges faced by companies, the development of the capital market, trends in the digital transformation of businesses, as well as other topics in the field of finance and stock exchanges will be the focus of discussions at the 24th Annual Conference of the Macedonian Stock Exchange, traditionally held in Ohrid.

More than 240 participants from seven countries will have the opportunity over these two days to hear about the latest trends in corporate management, stock exchange operations, global capital movements, and the experiences of others through 36 planned interviews, presentations, lectures, and expert analyses on the relevant topics.

Ahead of the conference, the Chief Executive Officer of the Macedonian Stock Exchange, Ivan Shteriev, said during the first three quarters of 2025, the stock exchange turnover was at last year's level of around EUR 100 million, which, according to Shteriev, is a good achievement. 

"Price movements continued with a slow increase, and the main stock exchange index MBI10 has risen by 2.5 percent this year and is growing steadily. If we compare its value to that of the pre-pandemic year 2019, it has increased by 125 percent, which is an excellent performance. This shows that even though we live in a time of geopolitical turbulence and certain macroeconomic challenges, the stock exchanges and investors remain resilient, and this does not negatively affect their operations," Shteriev said.

Shteriev pointed out that initiating new public offerings and issuing new securities is the main development challenge for both the national and other stock exchanges in the broader region.

"Our view as a stock exchange is that this requires coordination among multiple institutions, including the state, the private sector, chambers of commerce... This process needs to be stimulated because banking operations here are relatively easy. The banking sector is hyper-liquid, and under normal circumstances, that is sufficient for companies. However, companies should keep in mind that in times of shocks, greater capitalization is necessary. Therefore, in that direction, a combination of education and incentives is needed, with a reminder that relying solely on debt financing is not always advisable," he said.

Minister of Finance Gordana Dimitrieska-Kochoska said the state and the Ministry are actively working on revitalizing the capital market in the country as a potential source of financing, primarily for companies that have limited access to traditional financing. 

"It is more difficult to secure financing for innovations through the banking sector, as they are always considered riskier. Precisely for these reasons, a Memorandum was signed with seven EU member states from the region, aiming to integrate capital markets in Southeast Europe. The signatory countries will attempt to coordinate a joint regional approach in discussions with European institutions. This is significant because, although the Macedonian market is stable, it is relatively small and often lacks liquidity, which is a key factor when companies seek long-term funding. By connecting the markets, smaller and medium-sized enterprises are given a chance to access capital more easily, increase competitiveness, and find partners beyond the country's borders. In this way, not only is the capital market strengthened, but we also encourage the economy to grow faster and more sustainably," Dimitrieska-Kochoska stressed.

The Minister said in the period to come, through changes to tax legislation and joint efforts with the Macedonian Stock Exchange via the issuance of shares and bonds, additional funds will be secured for companies.

Participants in the Macedonian Stock Exchange’s Annual Conference will be able to follow several engaging interviews, and among those speaking of various topics related to finance and stock exchange operations will be Blaž Brodnjak, CEO of NLB; Attila Tóth, head of Capital and Financial Market Development Team at the EBRD; the Governor of the National Bank, Trajko Slaveski; and Neotel’s Executive Director, Dame Cvetkovski.

The annual conferences of the Macedonian Stock Exchange gather hundreds of representatives from different segments of the financial sector and market institutions, companies, and government bodies, as well as all other entities whose activities are connected to securities trading or investment. The events offer a valuable opportunity for financial institutions to develop business strategies, improve efficiency, and stay aligned with global trends and developments. 

Photo: MIA