AUTOMOTIVE COMPONENTS SECTOR. in the Republic of Macedonia

AUTOMOTIVE COMPONENTS SECTOR in the Republic of Macedonia

Contents Macedonia - The New Hub for Automotive Components Production... 3 Why Macedonia... 4 Favorable Location... 4 Availability of Workforce... 6 Operating Costs and Taxes... 10 Free Trade Agreements... 16 Good Track Record and Investment Opportunities... 18 Supplier Base... 19 Already Here... 22 Invest in the Technological Industrial Development Zones (TIDZs)... 24 Our Services... 26

MACEDONIA The New Hub for Automotive Components Production To gain a competitive advantage in a highly uncompromising automotive market driven by cost-cuts, take advantage of our strategic location with its proximity to assembly plants in Central and Eastern Europe and Turkey, and duty-free access to the European market. Macedonia is sure to be the ideal location for corporations looking to set up or relocate their business, with its winning combination of a cost-competitive environment, educated and accessible workforce, and unbeatable incentives offered in the Free Economic Zones. A few key figures for the automotive components sector in Macedonia are summarized in the graph below. Value-added 45.5m Cumulative FDI inflows 52m (2010) FDI inward stocks 126.8m (2005-2010) Employment Aprox. 2500 Number of firms Aprox. 50 Source: Automotive Cluster of Macedonia, Invest Macedonia Exports 195m (2010) Automotive Components Sector in Macedonia 3

AUT WHY MACEDONIA Favorable Location Macedonia s proximity to the rapidly growing automotive manufacturing base in Central and Eastern Europe and Turkey, which have become a regional superpower in the automotive industry, makes it an ideal location. The geographical proximity to these markets allows low distribution costs and just-in-time product delivery from Macedonia. BEL NED GER LUX SUI FRA ITA S Automotive production and assembly plants in Europe one factory more than one factory Source: Invest Macedonia 4 Automotive Components Sector in Macedonia

LTU BLR RUS POL UKR CZE SVK MDA VN HRV BIH HUN SRB ROU MNE KOS BGR ALB Macedonia TUR GRC Automotive Components Sector in Macedonia 5

Availability of Workforce Central European economies increasingly experience over-investment, leading to tight labour markets, rapidly growing costs and outbound labour migration. Macedonia offers a particularly cost competitive operating environment for automotive components manufacturing. The operating costs for the automotive components sector in Macedonia are among the lowest in Central and Eastern Europe due to its excess capacity and low average wages. With nearly half of the population under 30 years of age, companies operating out of Macedonia can rely on an ample source of trained and qualified professionals to contribute to the growth of their business. Sustainable Work Force Supply Number of Graduates in High Schools in Technical Fields 10000 5000 9,405 8,585 8,430 8,449 Source: State Statistical Office of the Republic of Macedonia 0 2007 2008 2009 2010 * Mechanical Engineering, Electrical Engineering and Computer Sciences, Technological Engineering and Metallurgy, Textile and Leather Processing, Transport Engineering Number of Graduates in Colleges and Universities in Technical Fields 2000 1,658 2,187 1,629 Source: State Statistical Office of the Republic of Macedonia 1000 1,168 0 2007 2008 2009 2010 ** Mechanical Engineering, Electrical Engineering and Computer Sciences, Technological Engineering and Metallurgy, Transport Engineering 6 Automotive Components Sector in Macedonia

Readily Available Labour Force Excess capacity of technically educated personnel secures ample workforce supply for the potential automotive industry investors. Unemployed Persons with Technical Skills a. with a high school education 8,329 Mechanical Engineering 5,497 Electrical Engineering 3,197 Chemical Engineering and Technology 1,915 Transport Engineering 2000 3000 4000 5000 6000 7000 8000 1,115 Metallurgy 1000 9000 99 Computer Science Source: Emplyment Service Agency of the Republic of Macedonia, August 2011 b. with a college and university education Computer Science 508 372 Transport Engineering Electrical Engineering 826 249 Metallurgy 300 400 500 600 700 800 900 Chemical Engineering and Technology 1,051 100 200 1000 1100 Mechanical Engineering 1,088 Source: Emplyment Service Agency of the Republic of Macedonia, August 2011 Automotive Components Sector in Macedonia 7

Excellent Language Skills Every child in Macedonia begins to learn English in the first grade of primary school. Two foreign languages are mandatory in high school as well: English, and either German, French, or Russian. English is also taught for two years at University level. Regional languages (Serbian, Croatian, Bulgarian, Albanian, Greek, and Turkish) are widely spoken. Source: State Statistical Office of the Republic of Macedonia, 2010 Foreign Languages Studied % of total students in: Primary Schools Secondary Schools English 98% 96% French 18% 32% German 6% 21% Italian - 2% Russian 1% 2% Turkish 3% 2% Tailor-Made Training Programs and Supportive Government Macedonia s traditionally strong technical schools provide an excellent human resource base for the automotive components sector. The Government is willing to aid investors with their labor force requirements by participating in customized vocational training programs. Specifically, the educational system is willing to collaborate with incoming investors by providing tailor-made training that meets the skill prerequisite for the personnel the organization wishes to employ. Mechanical Engineering is one of the oldest, broadest, and best established engineering disciplines. The Faculty of Mechanical Engineering as a part of the Ss. Cyril and Methodius University in Skopje offers a variety of study programs, which comprise disciplines from both the fundamental engineering sciences that represent the core of mechanical engineering, and the modern scientific disciplines dedicated to engineering analyses and concepts younger than two decades. Other than educational activities, the Faculty of Mechanical Engineering is the leader of scientific research activities within the domain of mechanical engineering. With its staff potential, it represents a center of scientific development, scientific thought, and science application in the industry. Throughout the years, the Faculty has been fruitfully cooperating with the automotive industry in Macedonia and the region, as well as with companies from other countries around the world. The cooperation is conducted through joint work on scientific research projects, scholarships for students and organization of lifelong learning courses. The Business Start-Up Centre is an institution that monitors, controls, and aids the development of business ideas by students and graduates from their conception to their ultimate development in stable companies, successful on the market. This is realized by direct support in the process of establishing a company, consulting services, provision of starting capital, infrastructure training, retraining of entrepreneurs, joint marketing promotions and fairs, continuous consulting services, along with consistent monitoring of the work and success of the companies. (www.bsc.ukim.edu.mk). 8 Automotive Components Sector in Macedonia

Centre of Excellence CIRKO was created in 2005 as a joint venture between the Faculty of Mechanical Engineering and the USAID e-biz Project. The Centre provides a variety of advanced engineering services for the machine industry in Macedonia. The Centre provides training in CAD, simulations and visualization of processes (www.cirko-mfs.com). The Jonson Controls Training Centre started operating in November 2005, as a result of the partnership between Johnson Controls, a worldwide leader in the production of vehicle interiors, components, and batteries, and the Faculty of Mechanical Engineering in Skopje. The Center trains prospective employees for work in companies that use advanced technology. It is located in the new building of the Institute of Engineering Design, Mechanization, and Motor Vehicles, and is equipped with modern computers, CATIA engineering software, along with additional equipment donated by Johnson Controls. Users of this Centre are scholars from the Johnson Controls Blue Sky Foundation and students of the Faculty of Mechanical Engineering. Location of Technical Education Centers Kumanovo Kriva Palanka Kratovo Tetovo Gostivar Skopje Veles Probistip Štip Delcevo Kocani Vinica Berovo Radovis Kicevo Prilep Kavadarci Negotino Strumica Struga Ohrid Bitola Source: Ministry of Education and Science of the Republic of Macedonia Universities and Faculties ICT Electrical Engineering Mechanical Engineering Technological Engineering and Metallurgy Upper Secondary Schools Mechanical Engineering Electrical Engineering Transport Textile and Leather Chemical Engineering Metallurgy Transport Automotive Components Sector in Macedonia 9

Operating Costs and Taxes Macedonia offers a particularly cost competitive operating environment for automotive components manufacturing. The operating costs for the automotive components sector in Macedonia are among the lowest in Central and Eastern Europe. Labour Costs Macedonia has a sustainable supply of young, highly skilled labour at a competitive cost. The average gross salary in 2010 was 491 per month across all sectors (see Graph 1), while in manufacturing the average gross salary was 352 per month (see Graph 2). Excess capacity and low average wages put Macedonia in an excellent position compared to other Central and Eastern European economies. 792 807 Slovakia Estonia Poland 941 1,054 1,495 Slovenia 765 Croatia 735 Czech Republic 715 Hungary Macedonia 622 Montenegro 491 Bosnia and Herzegovina 461 Serbia Graph 1: Average Gross Monthly Salary in Selected Countries in CEE in 2010 Source: The Vienna Institute for International Economic Studies (wiiw) Graph 2: Gross Monthly Salary in Manufacturing in Macedonia Source: State Statistical Office of the Republic of Macedonia 2005 10 2006 2007 2008 2009 2010 Automotive Components Sector in Macedonia

Graph 3: Hourly labor costs in the automotive industries, 2006 Bulgaria Macedonia Romania Poland Slovakia Hungary Croatia Czech Rep. Utility Costs Source: International Labor Organization Bureau of Statistics Utility prices for industry are among the lowest in Europe: Electricity 6.5/100 kwh (average sales price for all users) Natural gas 0.511/Nm3 Water 1.07/m3 (Skopje area) Source: Energy Regulatory Commission of the Republic of Macedonia; PE Vodovod Skopje Construction Costs Numerous Macedonian construction companies can build factories quickly to international standards and at the most competitive prices in Europe. The average cost of constructing a factory building shell is between 170/m 2-210/m 2. Chart below shows the Price Level Indices for construction in selected countries in Europe as well as EU27 average indexed at 100. The sale price of state-owned construction land for industrial and production facilities varies depending on the location, from 5/m 2 to 40/m 2. Source: Eurostat, December 2010 69 71 58 61 35 39 44 47 47 100 83 76 Serbia Bulgaria Hungary Czech Rep. Slovakia EU27 Avg. Macedonia Romania Turkey Croatia Poland Slovenia Automotive Components Sector in Macedonia 11

Transportation Costs and Delivery Times from Skopje With Macedonia s world-class transportation infrastructure, it takes less than a day to deliver goods to Central and Eastern Europe and Turkey, and a maximum of two days to Western Europe. Destination/Origin Distance (km) Net Hours Borders From Skopje( ) (20 ton truck) Kraguevac, Serbia 320 6 1 670 Pitesti, Romania 730 8 2 1,050 Budapest, Hungary 800 11 2 950 Gebze, Turkey 850 12 2 1,100 Ljubljana/Novo Mesto, Slovenia 950 15 3 1000 Vienna, Austria 1,200 14 2 1,200 Ostrava, Czech Republic 1,300 16 2 1,500 Munich, Germany 1,370 17 2 1,300 Aksaray, Turkey 1,470 18 2 1,500 Milan, Italy 1,500 19 3 1,250 Stuttgart, Germany 1,600 19 2 1,450 Frankfurt, Germany 1,700 20 2 1,400 Cologne, Germany 1,900 24 2 1,500 Batilly, France 2,000 26 2 1,600 Source: Kuehne-Nagel, ViaMichelin, September 2011 12 Automotive Components Sector in Macedonia

Proximity to Ports Due to Macedonia s proximity to the ports of Thessaloniki, Durres, Igoumenitsa and Burgas, goods can easily reach even the furthest destinations. Port of THESSALONIKA (Greece) Port of DURRES (Albania) 233 km 319 km 3 hours 4 hours 1 border 1 border Port of IGOUMENITSA (Greece) Port of BURGAS (Bulgaria) 529 km 619 km 5 hours 8 hours 1 border 1 border Name of port and location Net Hours Distance from Skopje Borders Crossed Automotive Components Sector in Macedonia 13

Taxes 0% tax on retained earnings 10% corporate & personal income tax Real estate taxes at 2% - 5% VAT at 18%, with 5% on specific items Double taxation and investment protection treaties with many European countries a. Corporate Income Tax 10% Macedonia Romania 16% Hungary 19% Poland 19% Slovakia 19% Czech Republic 19% Croatia 20% Turkey 20% Ukraine 25% b. Personal Income Tax Macedonia 10% * * Ukraine 30% Turkey 35% c. General VAT Rates Macedonia Hungary 25% 18% Czech Republic 20% Slovakia 20% Source: PricewaterhouseCoopers (Taxes at glance 2011), National IPAs * Flat rate 14 Automotive Components Sector in Macedonia

Social Security Contributions a. Social Security Contributions in Macedonia 2008 21.2% 9.2% 1.6% 0.5% = 32.5% 2009 2010 2011 2012 19% 7.5% 1.4% 0.5% 18% 7.3% 1.2% 0.5% 18% 7.3% 1.2% 0.5% 18% 7.3% 1.2% 0.5% = 28.4% = 27% = 27% = 27% Pension Insurance Health Insurance Employment Insurance Additional Health Insurance Source: PricewaterhouseCoopers (Taxes at glance 2011), National IPAs b. Social Security Contributions Compared to Other Countries 44% 45% 48.6% 31.2% 37.2% 33.5% 34.1% 35% 27% 39.8% 49.7% 44.5% 55.7% Macedonia Turkey Poland Serbia Croatia Hungary Czech Rep. Slovakia Ukraine Romania Source: PricewaterhouseCoopers (Taxes at glance 2011), National IPAs Automotive Components Sector in Macedonia 15

Free Trade Agreements Macedonia is a full member of WTO since April 2003, and our free trade agreements offer duty-free access to 650 million customers. NOR SWE IRL GBR NED BEL GER LUX CZE AUT FRA SUI ITA SVN HR PRT 3000 km ESP 2500 km 2000 km 1500 km 1000 km 5 k 16 Automotive Components Sector in Macedonia

Macedonia is a signatory of three multilateral Free Trade Agreements: SAA (Stabilization and Association Agreement) with the EU member-states; EFTA (Switzerland, Norway, Iceland and Liechtenstein), and CEFTA (Macedonia, Albania, Moldova, Croatia, Serbia, Montenegro, Bosnia and Herzegovina and Kosovo). and two bilateral Free Trade Agreements with Turkey and Ukraine EST LAT 650 million customers duty-free market LTU RUS FREE TRADE AGREEMENTS MARKET SIZE BY CUSTOMER BASE POL BLR EU - 500 million CEFTA - 30 million EFTA - 12,5 million Turkey - 74 million Ukraine - 46 million UKR SVK MDA HUN ROU V 00 m BIH SRB MNE KOS Macedonia BGR TUR ALB GRC Automotive Components Sector in Macedonia 17

Good Track Record and Investment Opportunities Macedonia has a history of automotive components manufacturing which started in the 1960s initially to supply the former Yugoslavian automotive producer Zastava. Today, the automotive components sector is comprised of a number of companies. Quality products produced in compliance with automotive standards TS 16040 and ISO 9001 assures that factories in the Macedonian automotive components sector will be able to export their goods. The country is particularly suitable as a location for the manufacture of high value to weight and labourintensive products such as safety systems (seat belts, airbags), electronics (controllers, sensors), precision engineered and plastic products, aluminium and zinc die-casting, and grey iron casting components. Growth Index of Automotive Components Export from Macedonia (2006=100) 100 124 84 87 535 2006 2007 2008 2009 2010 Source: ITC calculations based on UN COMTRADE statistics Export of Automotive Components by Type 3.48% 1.45% Clutches and parts 1.75% Printed Circuits Air brakes and parts 84.68% Catalysts Source: ITC UNCTAD/WTO, data for 2010 2.42% Safety seat belts 1.58% Electric Accumulators Other 4.63% Export of Automotive Components by Country China 3.39% Romania 4.51% Greece 7.36% Germany 21.38% Italy 3.02% Slovenia 4.03% Source: ITC UNCTAD/WTO, data for 2009 Russian Federation 6.56% Serbia 17.97% Other 31.79% 18 Automotive Components Sector in Macedonia

Supplier Base Macedonia has a strong engineering and manufacturing tradition. There is sub-contract capability in a range of processes such as machining, forging, aluminium die-casting and plastic injection moulding. Foundaries Other Automotive Parts Railway Vehicles BC Brake Components DC Die Casting Products B CCP Starter Batteries Clutches and Clutch Parts R Railway Vehicles and Components Seat Belts and Seat Belt Parts S Seats and Interior Parts SB Seat Belts SBP Seat Belt Parts EEP PC PCB SA SP AC Electrical and Electronic Parts Plastic Components Printed Circuit Boards Shock Absorbers Springs Air Conditioning Buses and Minibuses and Vehicle Bodies Upgrade BM Т VBU Buses and Minibuses Trailers Vehicle Bodies Upgrade AG Auto Glass M Mirrors BM SP CCP S DC PCB Skopje EEP VBU AC R PC Т R Veles Probistip B Kocani CCP M Struga DC SB Ohrid SBP BC SP Demir Hisar SBP Resen DC Prilep AG Т Bogdanci SA Nov Dojran Automotive Components Sector in Macedonia 19

Companies operating in the automotive componets sector Curently there are around 50 companies operating in Macedonia, covering seat belts and seat belt parts production, busses and coaches, various automotive and machine parts, and railway vehicles and components. Foundries Company Name City Description Aluminium and Zinc Foundry Resen Resen Aluminium pressure-die castings for the needs of automobile industry MZT Learnica Skopje Clutch parts LTH Learnica Ohrid Brake components and anti-vibration products for OEM Urum Skopje Metal parts Seat Belts and Seat Belt Parts Company Name City Description Sipo Ohrid Seat belts and seat belts parts Velmaks Ohrid Seat belt parts Eurotehnika Ohrid Seat belt parts Buses and Minibuses and Vehicle Bodies Upgrade Company Name City Description Brako Veles Cargo trailers KGL Systems Skopje Vehicle body upgrade IEV Skopje Design and production of coaches Marana Automotive Skopje Design and production of commercial vehicle bodies Machine Parts Company Name City Description RDV Faber Skopje Different kinds of tools and rear lights Alatnica SVEMEK Skopje Pneumatic and hydraulic parts by design: cylinders, valves, screws, implants, and other machine parts 20 Automotive Components Sector in Macedonia

Other Automotive Parts Company Name City Description Johnson Controls Skopje Printed circuit board components HI-TECH Corpotarion Skopje Multi-layer printed circuit boards for automotive, communication and electronics EIN-SOF Skopje Automotive diagnostic software Elko Elektromehanika Skopje Auto electrics STD Nov Dojran Shock absorbers for trucks and buses MZT Oprema za vozila RUEN International Technologies Sigurnosno Staklo (Izostaklo) Skopje Kocani Prilep Springs Clutches (clutch cover, clutch disk and release bearing), gears and gear elements for three types of vehicles: passenger cars, heavy duty (trucks and buses) and tractors Bent tempered and laminated glass for the needs of the automotive industry (a variety of windscreens) TE-TE Plast Skopje Moulds and plastic parts Vesna SAP Probistip Starter batteries Johnson Matthey Skopje Production of catalysts Miriplast Gostivar Plastic parts and car accessories Tehnoproduct Gevgelija Rubber parts, hoses, metal parts Railway Vehicles and Components Company Name City Description Factory for railway vehicles Veles MZT Hepos MZT Eka Veles Skopje Skopje Freight and passenger cars Pneumatic and brake systems for locomotives, freight and passenger cars Rail vehicle brake digital testing equipment, pressure and speed sensors Netcetera Skopje Software for railway traffic management Automotive Components Sector in Macedonia 21

ALREADY HERE Johnson Matthey chose Macedonia for its European megafactory in competition with 13 other countries, including the Czech Republic, Hungary and Slovakia, because of the quality and cost competitive labor force, government s incentives regarding the price of the land and taxes, but most of all because of the highly professional and effective approach of the Government. Colin Jaffray Director, Strategic Planning Johnson Matthey Macedonia was chosen because of its international competitiveness, because of our positive existing corporate experience here and above all because of the support and professionalism that we have received from all Government institutions during the analysis process. Steven Meylemans Project manager Johnson Controls The Macedonian government has been extremely committed and I would like to thank its officials for their work in supporting this effort. I have no doubt that our partnership will yield excellent results for both Johnson Controls and the Skopje community. John Barth Chairman and CEO Johnson Controls To be competitive on the clutch market requires highly qualified workers, technicians and engineers. We have found these skills here in Macedonia, in well trained, highly motivated and very responsible work force. Jacques Nassieu Maupas CEO Ruen Kocani 22 Automotive Components Sector in Macedonia

We believe that this factory will make us more competent on the market, having into consideration the fact that we would expand on European markets. The location is excellent and since we are close to the airport we can bring the clients here so they can personally see and make sure of our production. Per-Olof Loof CEO and Director Kemet Corporation We picked Macedonia as an investment destination due to the benefits the Government offered to foreign investors, and the country s strategic position and proximity to eastern markets and Russia, where we plan to export the entire range of products. Andrea Vitillo Owner Vitillo Group Samvardhana Motherson Reflectec Macedonia works hard on encouraging foreign companies to review it as a possible investment option. Macedonia offers very simple construction procedures, many fiscal advantages, cooperative state institutions, and, what is most important for us, high quality workforce. Vivek Chaand Sehgal Chairman Samvardhana Motherson Group We are satisfied from the support provided by the Macedonian Government and its institutions. The decision for investment in Macedonia represents an important step in our expansion as part of the strategy for international output. Martin Passern Managing Director Kromberg & Schubert Automotive Components Sector in Macedonia 23

INVEST IN THE TECHNOLOGICAL INDUSTRIAL DEVELOPMENT ZONES (TIDZs) The Technological Industrial Development Zones (TIDZs Free Economic Zones) are established by the Government of the Republic of Macedonia to provide favourable conditions for the development of business activities by offering prepared industrial sites, pre-built factories with completed physical infrastructure, support services and tax, customs and other incentives. Investment Incentives in the FEZs and Technology Parks 0% VAT AND CUSTOMS DUTIES FOR EXPORT PRODUCTION 0%FOR THE FIRST 10 YEARS (10% THEREAFTER) FREE * PERSONAL INCOME TAX CONNECTION TO UTILITIES* (PIPED NATURAL GAS, WATER AND SEWAGE) 0% EXCISE AND PROPERTY TAX 0% (10% THEREAFTER) SUBSIDY OF UP TO 500,000 LAND LEASE CORPORATE TAX FOR THE FIRST 10 YEARS TOWARDS BUILDING COSTS FOR UP TO AT ATTRACTIVE 99 CONCESSIONARY YEARS RATES ADVANTAGEOUS LOCATION ACCESS TO PAN-EUROPEAN CORRIDORS 8 AND 10, RAILROAD AND INTERNATIONAL AIRPORT 24 Automotive Components Sector in Macedonia

Tetovo Austria ~ 100 km Italy ~ 1200 km Germany ~ 1500 km France ~ 1700 km T 2 Skopje 1 10 Corridor Kumanovo Corridor 8 S Štip Bulgarian coast line ~ 700 km Turkey ~ 650 km Veles Corridor 8 Ohrid Corridor 10 Kavadarci Corridor 10 Gevgelija Albanian coast line ~ 150 km Bitola Greek coast line ~ 100km Greek coast line ~ 100 km TIDZ Skopje 1 (140 Ha) Adjacent to Alexander the Great Airport, Skopje Trans-European Network transport (Corridor 10) Thessalonika, Greece (220km) TIDZ Skopje 2 (95 Ha) Adjacent to Alexander the Great Airport, Skopje Trans-European Network transport(corridor 10) Thessalonika, Greece (220km) TIDZ Štip (208 Ha) Skopje (80km) Trans-European Network transport (Corridor 10-40km, Local station - 1 km) Thessalonika, Greece (220km) TIDZ Tetovo (97 Ha) Skopje (50km) Trans-European Network transport (Corridor 10-30km, Local station - 5 km) Thessalonika, Greece (280km) Automotive Components Sector in Macedonia 25

OUR SERVICES Business opportunity analysis Identification of project-specific location factors Identification of supplier base Cost analysis 1 PRE-INVESTMENT PHASE Site preselection Organization of meetings with state and local authorities Organization of meetings with legal advisors and financial partners 26 Automotive Components Sector in Macedonia

Site visit organization Detailed due diligence Final site decision support 2 DECISION AND INVESTMENT Incentives negotiations and establishment of formalities Facilitation of communication with potential Macedonian business partners 3 AFTERCARE Support with relevant tax and legal issues Coordination and support of negotiations with other state and local authorities Assistance in acquiring visas and work permits Automotive Components Sector in Macedonia 27

Invest Macedonia, the official Government agency responsible for attracting and developing foreign investments is a full service agency prepared to guide you throughout the decision-making process. As an institution dedicated to making this process as beneficial and effortless as possible, we are eager to lead you through the initial inquiry phase, arrange a suitable itinerary to visit Macedonia, and culminate with an objective evaluation of the potential success of your project in Macedonia in comparison to neighboring countries, based on the current business climate. If your business requires finding suitable local partners, we will aid you through the process and ensure that an open exploratory dialogue can take place. Meeting your business requirements is our primary goal. Our Aftercare program will provide assistance by mediating on your behalf with local authorities and the Government, supporting your expansion or reinvestment needs, aiding in obtaining required permits, and be at your disposal at all times to ensure the continued success of your business venture in Macedonia. Invest Macedonia understands the ever changing business needs as an operation grows, and to that effect, we pledge to collaborate closely with you to facilitate that growth in Macedonia. INTERNATIONAL OFFICES: Austria, Belgium, Croatia, France, Germany, Italy, Kosovo and Albania, The Netherlands, Poland, Russia, Serbia, Sweden, Turkey, United Kingdom, Canada, United States of America, South America, PR China, India, Japan, Qatar, Kazakhstan and Azerbaijan. Agency for Foreign Investments and Export Promotion of the Republic of Macedonia T: +389 2 3100 111 F: +389 2 3122 098 fdi@investinmacedonia.com www.investinmacedonia.com