A government team led by Premier Nikola Gruevski presented on Tuesday investment benefits offered by Macedonia at a business forum held in the Russian city of Vladimir before representatives of 20 Russian companies.

Vladimir is the administrative center of the Vladimir Region - the third most economically developed region in the Russian Federation with highly developed industries, such as metallurgy, mechanical engineering, construction, manufacturing and energy.

In his address, PM Gruevski voiced pledges for strengthening the relations between the two countries. The Russian Federation is the seventh most important trade partner of Macedonia. Bilateral trade in the past decade had risen fivefold, increasing by an average rate of nearly 17% per year.

"In addition to this, many more initiatives are expected from Russian and Macedonian entrepreneurs. That is the goal of this event," Gruevski said.

Macedonia, he added, offers the lowest tax package in Europe, an option for a non-tax profits in unlimited amount and years if not distributed as dividends, a market of 660 million consumers opened through free trade agreement with the European Union, EFTA and CEFTA countries. Macedonia has macroeconomic stability and as a result the country is 22nd amongst 183 countries according to World Bank's Doing Business report and it has the best ranking compared to any emerging economy in Southeast Europe.

Thanking for the visit, Vladimir Region Governor Nikolai Vinogradov in his speech encouraged activities enabling concrete cooperation between companies from both countries.

"We welcome your efforts and activities to attract investments. Our region is developing very fast, especially metallurgy, manufacturing and light industry as well as machinery. Cooperation could be established in these fields," Governor Vinogradov stated.

Vice PM Zoran Stavreski focused on presenting investment opportunities in the energy sector and on promoting benefits offered by tourism development zones.

Minister for foreign investments, Bill Pavleski and deputy director of the Agency for Foreign Investments and Export Promotion, Hristijan Delev presented investment benefits in the automotive industry and machinery and agriculture.

The government delegation led by PM Gruevski leaves for Nizhny Novgorod, where several meetings will be held on Wednesday with representatives of companies interested to invest in Macedonia. A business forum is also scheduled to be hosted by the city.