NORMAK Investment Group to manage Tetovo free economic zone

Norwegian consortium Normak Investment Group is the consortium that will manage the Tetovo-based free economic zone, said Economy Minister Valon Saraqini at Friday's press conference.

An agreement for public-private partnership is to be signed 30 days upon publishing of the decision.

According to NORMAK's business plan, the company is obliged to build 40 percent of the zone within the first three years, whereas the projected activities should be completed in seven.

The minimum capital investment is EUR 7 million, while additional projected investments should reach EUR 150 million.

"The decision for management of Technological Industrial Development Zone Tetovo is of exceptional significance, not only for development of the Polog region, but also for Macedonian economy in general. This will not only open new jobs, but also enable the entry of new technologies", stressed Minister Saraqini.

Government opens investment zones across Macedonia

In an attempt to attract foreign investments, the Government at a session has reached a decision to establish new technological industrial zone in Strumica.

The zone, covering an area of 24.800 square meters, will be equipped with energy, telecommunications, water management systems, where an administrative building and a customs terminal will be also located, Government spokesman Aleksandar Gjorgiev told a press conference on Wednesday.

"The zone will be of great importance for the local economic development of the region of Strumica. After completing all procedures, activities to construct the zone will be launched in the first quarter of 2013," Gjorgiev said.

The Government in line with the action plan, he added, is carrying out procedures to open technological industrial zones in Kicevo, Tetovo, Prilep, Gevgelija, Rankovce, Struga and Radovis as well.

"The opening of these zones demonstrates the Government's clear commitment to attract investments across the whole state. It will bring fresh quality in the business life of these regions and aims at enabling conditions for balanced economic development, the spokesman said.

Indian Company Building Two Plants in Macedonia

Indian Samvardhana Motherson Group (SMG) will lay Wednesday a cornerstone for construction of two plants at the Technological and Industrial Development Zone Skopje 1.

Earlier, a memorandum of understanding and agreements for lease of land and for allocating state aid with regard to the two investments are set to be signed with the company.

The memo of understanding will be signed by SMG chairman Vivek Chaand Sehgal and Viktor Mizo - director of the Macedonian Agency for Foreign Investments and Export Promotion.

PM Nikola Gruevski, who is expected to meet with representatives of the Indian company, will also attend the signing of the contracts and the cornerstone laying ceremony.