Today, a working meeting was held in the Government, attended by the Prime Minister of the Republic of North Macedonia, Hristijan Mickoski, representatives of the business community and Mohammad Ali Rashed Lootah, President and Chief Executive Officer of the Dubai Chambers.
At the meeting, Prime Minister Mickoski informed that the Government's priority is the economic stabilization of the country, that is, as he said, to bring in as much foreign direct investment as possible and, of course, to support domestic direct investors.
First, I would like to inform you that over the past four quarters, we have achieved a growth of our domestic product of 3%. This Government was elected about 15 months ago and from the very beginning our highest priority has been the economic stabilization of the country. We would like to present ourselves as a government that is business-oriented, that wants to support business and business opportunities. To bring in as much foreign direct investment as possible and of course to support domestic direct investors. The result of such activities is a significant growth in investments during the second half of last year and the first half of this year compared to the same period in previous years. In the third quarter of 2024, we reached 3% GDP growth, in the fourth quarter of 2024 and the first quarter of 2025, 3.2%, and in the second quarter, we reached 3.4% real GDP growth. We have a nominal growth of 7.8%, which is something very important for all of us because at the very beginning, when we were shaping our budget for this fiscal year, some of the international financial institutions were very concerned that we would not be able to reach 7.5% of nominal GDP. But we also reached above 7.5%, and that is particularly important for us. We are accelerating construction, tourism, agriculture, and we are paying special attention to the export of agricultural products produced by our farmers, and we are doing well so far. We have consolidated the economy and created a good business climate. There are no longer politicians who exert pressure on businesses. That was my first step, to free businesses from external political pressures, Mickoski emphasized and added:
If we analyse the European market, then we can conclude that we have an incredible achievement, because the European market is facing enormous challenges, especially when it comes to the automotive industry. I think that for now we offer good solutions, and I reckon that your idea to find another window of opportunity, especially on the African market when it comes to spare parts for cars, is a really good idea.
Regarding tourism, Prime Minister Mickoski underlined that in the past 7 months since the beginning of this year we have had a growth of 15% when it comes to visitors and 10% when it comes to overnight stays.
Furthermore, I would like to emphasize that tourism is also part of our priorities. In the past 7 months, since the beginning of this year, we have had a growth of 15% when it comes to visitors and 10% when it comes to overnight stays. We would like to reach 1.5 million tourists throughout the year and an increased number of overnight stays throughout the year. I would not be surprised if we reach a 4% increase in GDP by the end of the third quarter of this year. The budget consolidation is almost complete. I believe that the budget deficit will be less than 4%, capital expenditures are at a good level.
Mickoski pointed out that the Government is focused on building highways, expressways, schools, and other projects important to citizens.
Of course, the construction industry and capital expenditures are related to the construction of highways, expressways, schools, and other types of capital expenditures that are our priority, Mickoski emphasized and added:
The inflation rate in July was around 4% on an annual basis, monthly we have 0.2%. We expect to have an average inflation rate of around 4 or less than 4% by the end. We will continue to work on consolidating the inflation rate to 3%, which will be our goal in the short term. Therefore, I believe that these indicators can be a good recommendation.
Mohammad Ali Rashed Lootah, President and Chief Executive Officer of the Dubai Chambers, underlined the following:
The growing cooperation between Dubai and North Macedonia reflects our shared ambition to build resilient economies and foster sustainable development. Trade between our markets has reached a total of 495 million US dollars over the past five years, highlighting the long-term trend of positive engagement and growing opportunities. This momentum is also reflected in the growing presence of Macedonian companies in Dubai in various sectors.
His Excellency Mohammad Ali Rashed Lootah, President and Chief Executive Officer of Dubai Chambers, added: “Dubai Chamber of Commerce remains committed to strengthening ties between our business communities and promoting investment flows that advance our shared priorities. We see significant potential in this partnership and are determined to ensure that it delivers tangible results through expanded trade and deeper cooperation to shape the long-term prosperity of both markets.
