Working group on economy: Both Bulgaria and North Macedonia are aiming for 5% economic growth

First meeting of the working group on economy between Bulgaria and the Republic of North Macedonia was held on February 1. The two countries have the same goal to achieve about 5% economic growth this year, said Bulgaria’s Minister of Innovation and Growth Daniel Lorer. A mechanism for transparency of investments is being set up.

Skopje hosts the first meeting of the intergovernmental group on economy. An agreement has been reached in the coming weeks for teams from both sides to identify projects that can begin work immediately. Three expert working groups are starting work, one of which will work on the harmonization of economic standards between the two countries.

A working groups will be set up that will work on improving the investment environment (debt investments or other financial instruments), agriculture, and economic standards on either side of the border, Lorer said.

The two countries will also announce a mechanism for transparency of investments. It will enable the Bulgarian investors in North Macedonia and, respectively, the Macedonian ones in our country to submit alerts about problems or obstacles in case of suspicions of discrimination. These alerts will reach the highest political level.

North Macedonia's Finance Minister Fatmir Besimi explained that the idea is to have a mechanism for transparency of investments against possible discrimination. In addition, to know at the highest political level if an investor has a problem with administration and procedures.

For example, if a Bulgarian company that invests in North Macedonia thinks that a local government is delaying its construction permit, this is immediately reported to the Macedonian authorities. It automatically reaches us. It automatically reaches me. It automatically reaches Deputy Prime Minister Bitiki. As a result, we are starting to solve the problem, if there is one at all, " said Daniel Lorer..

The priorities for both countries are the same, Lorer said. It remains to be discussed how development banks in the two countries can finance projects together.