The land-locked State of Macedonia expects to close a double taxation avoidance treaty with India by the year-end. It sees this development providing a major boost for attracting inward investments.
The Vice-Prime Minister and Finance Minister of Macedonia, Zoran Stavreski, said, “Talks on taxation related issues are slated for later this month and we are confident of closing them and inking an agreement by the year-end or January next.”
The Vice-Prime Minister of Macedonia was in Hyderabad with a delegation that included Bill Pavleski, Minister for Foreign Investments and Viktor Mizo, Chief Executive Officer, Directorate for Technological Industrial Development Zones.
During his visit, he held an interactive session hosted by the Confederation of Indian Industry and wooed Indian companies, offering them all the necessary support.
Making a presentation, Stavreski said Free Trade Agreement arrangements with the European Union and an attractive low taxation regime make Macedonia an attractive destination for Indian companies who can leverage it as a gateway to Europe.
Already, more than 20 companies from the automotive sector, real estate, services and other manufacturing are engaged in discussions. An Indian auto ancillary company Motherson Sumi has had discussions. Some Indian automotive companies too have held parleys for locating their base, the Deputy Prime Minister said.
Macedonia is seeking to attract Indian companies to bid for hydel power generation projects, electricity transmission lines, setting up of IT special economic zones, tourism projects, manufacturing parks and a supply chain for agriculture.
The World Bank has rated Macedonia among the top three countries in terms of bringing about reforms. It was rating reforms in 186 countries.