‘Macedonia can be hub for Chennai businesses to tap European market’

Chennai:

Macedonia is wooing businesses in the city to use the country as a hub to tap the European market.

Speaking to reporters after an interactive session organized by Confederation of Indian Industry here on Tuesday, deputy prime minister and finance minister of Macedonia Zoran Stavreski said that Chennai is one of the centers of industry in India and industrialists in the city could use the country as gateway to Europe.

The deputy premier, who is heading a delegation that included Bill Pavleski, Minister for foreign direct investment and Viktor Mizo, general director, special economic zones in Macedonia, said that the preference to have closer ties with India was due to its phenomenal growth.

“By 2020, India will have 300 million people enter the middle class. There is a huge opportunity to diversify the portfolio and take it to Europe and Macedonia offers the benefits,” Stavreski, who is on a maiden visit to Chennai said.

He also said that Macedonia is expected to sign double taxation avoidance treaty with India in the next couple of months.  The move would boost trade between the two countries and investors would have to pay tax in only one country, said Stavreski.

He also urged Chennai-based companies to invest in hydro power plants, information technology, tourism, real estate, mining and agriculture. He said a north Indian company is planning a major investment in tourism and real estate and refused to divulge further details.

He said talks are also on with education institutions, who want to set up campus in Macedonia. Interestingly, Macedonia wants to boost the skills of its workforce and sees Indian companies can seize this opportunity. “We are planning to have more technical institutes and already have a tie-up with Boston University. Since, India is known for its educational institute, we encourage investment for refurbishing labs to get hands on training for businesses,” said Pavleski.