Business: UK company invests 55m euros in Macedonia

16/05/2008

Macedonia received a 55m-euro investment from Johnson Matthey, a UK auto parts plant. Also in news this week: Montenegro's Economic Development Ministry delegation visits France, and a Bulgarian-Albanian commercial forum is held in Tirana.

British company Johnson Matthey presented their project for a car parts factory in Bunardzik industrial zone on Wednesday (May 14th). [Tomislav Georgiev]

UK-based company Johnson Matthey presented its 55m-euro investment project in Macedonia on Wednesday (May 14th). The auto parts plant will create 250 new jobs and construction is expected to start in two to three weeks. The plant is expected to open in a year.

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A delegation from Montenegro's Economic Development Ministry, headed by Minister Branimir Gvozdenovic, began a two-day visit to France on Wednesday (May 14th). The delegation met with State Secretary Ann-Marie Idrac, and attended a forum dedicated to investment opportunities in Montenegro, where French business people were introduced to the business climate and investment opportunities in Montenegro.

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Tirana hosted a forum for the development of commercial ties between Bulgaria and Albania on Wednesday (May 14th). The forum, initiated by the Bulgarian Embassy in Tirana, the Albanian Chamber of Commerce and Industry and Bulgaria's First Investment Bank, focused on trade opportunities between the two countries.

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The IMF is cautioning the Albanian government on rising public debt and is calling for an improved business climate in the country. According to the IMF office in Albania, the government should monitor the increasing foreign debt and create an easy-to apply fiscal system.

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Turkey completed its IMF stand-by programme on Saturday (May 10th), after the IMF board of directors completed its final review of Turkey's $10 billion stand-by loan that has spanned three years. Completion of the review allows Turkey immediately to draw the remaining balance under the arrangement, about $3.65 billion.

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The World Bank approved a 100m euros tranche under the Second Programmatic Adjustment Loan, after Croatian authorities completed the requirements. The government sent a bill on a common company registration number to the parliament. The new legislation will merge separate company and tax registration numbers into a single identification number.

(Various sources – 09/05/08 - 16/05/08)