Greek investments in the Republic of Macedonia


Greek investments in the Republic of Macedonia

F.U.ROM generally has good relations with Greece and enjoys substantial inward investment from Greece. However, the naming dispute has inhibited the establishment of full diplomatic relations so far but has not prevented Greece and FU.R.OM from engaging in military and security co-operation, cross-border investments, and cultural exchanges. However, this was all before th whole name problem and the veto of Greece for the joining of F.U.ROM to NATO and the EU. [ [http://ekathimerini.com/4dcgi/news/content.asp?aid=84699 Greek firms thriving abroad] ]

Background

Since the end of the Greek embargo, which lasted between February 1994 and September 1995, Greece has become the most important business partner of F.U.ROM. Greece is the most important investor in the country (57% of the total foreign investments) and the trade has been constantly increasing. [For the official position of Greece on its trade relations with the (former Yugoslav) Republic of Macedonia, see [http://www2.mfa.gr/www.mfa.gr/en-US/Policy/Geographic+Regions/South-Eastern+Europe/Balkans/Bilateral+Relations/FYROM/FYROM.htm] .]

The acquisitions of Stopanska Bank by the National Bank of Greece, the OKTA refinery by Hellenic Petroleum, and the mobile operator Cosmofon by the Greek Cosmote Group are some of the largest Greek business undertakings in the Republic Macedonia so far. [http://www.birn.eu.com/en/106/15/5139/ Birn Article on Greek investments] ]

According to an inverview by then Finance Minister Nikola Gruevski Greek investment took off after other Western investors were scared off by the 1999 Kosovo crisis:

In the 1999 Kosovo crisis, Western investors and trading partners escaped. Greek investors, who know this region better, came in and picked up enterprises at bargain basement prices. I hope investors from other countries learned the lesson. Since the current crisis started, we have sold our biggest bakery – Zhito Lux – and our biggest fairgrounds – Skopski Saem – to Greek and Slovenian investors. The new owners of Macedonia's largest bank, Stopanska Banka, (National Bank of Greece) are planning to increase the capital. [ [http://samvak.tripod.com/nm095.html Gruevski interview] ]

Additionally by 1999 Greek exports to FUROM had reached the $1.32-billion mark. [ [http://greekembassy.org/Embassy/content/en/Article.aspx?office=3&folder=319&article=7901 Fourth consecutive exhibition of Greek firms in Skopje] ]

2006 Developments

The November 2006 European Commission report states that, "In December 2005 the two countries opened an Office for Consular, Economic and Trade Relations in Bitola and a Consulate in Thessaloniki respectively. Co-operation has developed in many areas, including transport, health, security, culture and customs. However, there has been no progress on the name issue which remains an open problem. Renewed efforts are needed, with a constructive approach, to find a negotiated and mutually acceptable solution on the name issue with Greece, under the auspices of the UN, within the framework of UN Security Council Resolutions (EEC) No 817/93 and (EEC) No 845/93, thereby contributing to regional co-operation and good neighbourly relations." [ EU, The former Yugoslav Republic of Macedonia 2006 progress report [http://ec.europa.eu/enlargement/pdf/key_documents/2006/Nov/fyrom_sec_1387_en.pdf] ]

2007 Developments

The total value of Greek investment in the FUROM] in the last three years has declined. In the first half of 2007 it reached $6 million, less than the corresponding amounts in previous years. Greek investment had peaked in 2004 at over $30 million a year.. Nonetheless according to newspaper "Eleutheros Typos" by the start of 2007 about 263 million USD had been invested by Greeks. Of the 20 most sizable investments in the country 17 are financed with Greek capital and over 20,000 (about 6% of the workforce) are employed in Greek-owned enterprises. At the time 28% of Greek investments were in banking, 25% in the energy sector, 17% in telecommunications, 15% in [industry] and 10% in food. [ [http://samvak.tripod.com/pp102.html Greeks bearing gifts] ]

Active Greek companies

*Cosmofon - Part of Cosmote Group
*Alpha Bank Skopje - subsidiary of the Greek bank, Alpha Bank.
*Germanos - subsidiary of the Germanos group.
*OKTA oil refinery - part of Hellenic Petroleum.
*Stopanska Banka - National Bank of Greece holds a majority stake of the company.
*Delta S.A. Dairy company.
*Titan Cement - Cement producing company from Athens.
*KAPNIKI MICHAILIDIS S.A - Tobacco industry.

Notes


Wikimedia Foundation. 2010.

Look at other dictionaries:

  • Foreign relations of the Republic of Macedonia — Republic of Macedonia This article is part of the series: Politics and government of the Republic of Macedonia Constit …   Wikipedia

  • Republic of Macedonia — For other uses, see Macedonia. Republic of Macedonia Република Македонија Republika Makedonija …   Wikipedia

  • Macedonia naming dispute — Macedonia (region)     Macedonia (Greece)    …   Wikipedia

  • Greek–Serbian relations — Serbian Greek relations (sometimes known as Serbo Greek friendship or Greco Serbian friendship; el. Ελληνοσερβική φιλία, Ellinoservikí Filía , sr. Српско Грчко Пријатељство, Srpsko Grčko prijateljstvo ) have traditionally been friendly due to… …   Wikipedia

  • The Story of Civilization —   Author(s) Will Durant Ariel Durant …   Wikipedia

  • Fall of the Ottoman Empire — issues cleanup=Sep 2008 refimprove=Sep 2008 wikify=Sep 2008 Republic of Turkey (superimposed upon modern borders). Some scholars argue the power of the Caliphate began waning by 1683, and without the acquisition of significant new wealth the… …   Wikipedia

  • People's Socialist Republic of Albania — Republika Popullore Socialiste e Shqipërisë Satellite state of the Soviet Union (Until 1961) …   Wikipedia

  • Stopanska Banka — Infobox Company company name = Stopanska Banka AD company company type = Bank foundation = 1944 location = 11 OKTOMVRI, 1000 Skopje, Republic of MacedoniaTel. +389 (0)2 3295 295 key people = Ioannis Pechlivanidis industry = Banking, Finance… …   Wikipedia

  • Legitimacy of NATO bombing of Yugoslavia — The Kosovo War Before March 1999 Kosovo Liberation Army Battle of Belacevac Mine Battle of Lodja Battle of Glodjane Battle of Junik Attack on Prekaz Lapušnik prison camp Gornje Obrinje massacre Massacre at Velika Kruša Račak incident NATO… …   Wikipedia

  • Greece — /grees/, n. 1. Ancient Greek, Hellas. Modern Greek, Ellas. a republic in S Europe at the S end of the Balkan Peninsula. 10,583,126; 50,147 sq. mi. (129,880 sq. km). Cap.: Athens. 2. a city in W New York. 16,177. * * * Greece Introduction Greece… …   Universalium


Share the article and excerpts

Direct link
Do a right-click on the link above
and select “Copy Link”

We are using cookies for the best presentation of our site. Continuing to use this site, you agree with this.