The UAE Minister of Economy Sultan Bin Saeed Al- Mansouri on Tuesday met representatives of the Government of the Republic of Macedonia led Gligor Tashkovich, minister of Foreign Investment, to discuss the enhancement of trade relations between the United Arab Emirates and the Republic of Macedonia . The meeting, which took place at the Al- Majlis Hall of the Emirates Palace , Abu Dhabi , was also attended by Khalid Ghanim Al-Ghaith, assistant undersecretary - Economic Affairs and International Cooperation, UAE Ministry of Economy. Al-Mansouri said bilateral trade between the two countries is still generally underdeveloped and should be further intensified to capitalize on the mutually beneficial trade environments and policies offered by both nations. He also encouraged swift mutual approval of a draft Agreement on Economic Trade and Technical Cooperation currently being reviewed by both parties. The agreement is expected to be signed on the visit of a high-ranking UAE government official to Macedonia . “The UAE government is highly committed to forging solid economic ties and exploring various potential direct investments with the Republic of Macedonia . We hope that stronger mutual trade will eventually lead to the establishment of a Macedonian diplomatic representation in the UAE. Today's productive meeting bodes well for stronger cooperation between our two countries,” said Al- Mansouri. During the meeting, Minister Tashkovich outlined his national vision, provided examples of reforms sweeping the Macedonian regulatory environment which favor businesses, and also revealed several incentives for UAE companies and governmental agencies to consider investing in the Republic of Macedonia . The incentives include, the lowest corporate and personal flat taxes in Europe at 10 percent; a zero percent corporate tax for the first 10 years and a 50 percent reduction in personal taxes for the first five years in Greenfield assembly or manufacturing activities in free economic zones; and a zero percent profit re-investment tax for companies outside of free economic zones. Minister Tashkovich, who was instrumental in assisting the transition of nine of the largest Macedonian companies to a market economy, also informed the UAE government that his country offers the lowest labor rate in Europe at 370 euros per person per month gross, inclusive of taxes, on top of supportive infrastructure. He further said that the Republic of Macedonia is the only European country maintaining free trade agreements with 40 countries. This figure includes all 27 European Union countries plus Turkey and Ukraine for a total market of 650 million people. “Our meeting today with Minister Tashkovich and his team enlightened us to the vast potential offered by Macedonia ‘s evolving economy." "We were particularly motivated by the country's growing industrial sector, which is a key focus area of the UAE Ministry of Economy. Macedonia ‘s rapidly developing market is definitely worth exploring and taking advantage of; we hope that the economic trade and technical cooperation agreement we are preparing will be approved soon so that we can expedite mutual investment plans,” Al-Mansouri said. Other Macedonian representatives present during the dialogue were Abdulkadar Memedi, head of the Department for Middle East and Africa ; and Ferki Demirovski, advisor to the minister. __
