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BILATERAL TRADE RELATIONS INDIA AND MACEDONIA

The following table shows the bilateral trade of India and Macedonia during the last few years:

Year

India’s Exports to Macedonia (in US$ thousands)

India’ s Imports  from Macedonia (in US$ thousands)

Total Bilateral Trade
(in US$ thousands)

2003

4,347.9

200.0

4,547.9

2004

7,041.0

108.1

7,149.1

2005

10,247.0

1,294.5

11,541.5

2006

14,421.8

223.5

14,645.3

2007

23,614.6

602.0

24,216.6

2008

39,941.6

868.1

40,809.7

2009

30,829.2

33,533.7

64,362.9

2010

34,499.8

2,381.6

36,881.4

2011

47,412.2

18,143.5

65,555.7

2012

50,703.6

23,960.1

74,663.7

2013

68,711.9

28,734.1

97,446.0

2014

48,156.0

20,206.1

68,362.1

2015 (Jan-Mar)

10,581.2

1,549.3

12,130.5

(Source: State Statistical Office of the Republic of Macedonia)

Main items of Indian exports to Macedonia are: cotton yarn; sesamum seeds; coffee raw and decaffeinated; tractors; plastics, sheets, film, foil, strip of non-cellular plastics, not reinforced, laminated, supported or similarly combined with other materials; medicaments, consisting of mixed or unmixed products for therapeutic or prophylactic uses; ferrosilicomanganese; tobacco, partly or wholly stemmed or stripped otherwise unmanufactured; antibiotics; heterocyclic compounds with nitrogen heteroatoms only, etc.

Main items of Macedonian exports to India are: ferro-nickel; oil seeds; wood, sawn or chipped lengthwise, sliced or peeled, whether or not planed, sanded or end-jointed; paper, paperboard, cellulose wadding and webs of cellulose fibers, coated, impregnated, covered, surface-coloured; prepared foods obtained from unroasted cereal flakes; electrical capacitators, fixed, variable, or adjustable “pre-set”.

Commercial and Economic Relations

Indian investments in Macedonia are limited but show an upward trend. In 2004, Arcelor Mittal took over Balkan Steel and later also bought the state-owned shares, amounting to 90% of the ownership. However, it may be noted that though Arcelor Mittal is owned by a PIO, it is a Europe-based company.

A subsidiary of Bang Overseas Ltd., Mumbai, (Bang & Scott DOO, Macedonia) was incorporated in September 2011. The company is into trading of fabrics and garment manufacturing.

In 2013, Sahara Group announced its intention to build the ‘Saharayan Makeeduniya’ Complex at the Ohrid Lake shore [which was to include world class hotels, casinos, residential and re-creational facilities and an international standard golf course] and an integrated dairy, animal husbandry and allied agriculture farm. However, the projects do not seem to have progressed as envisaged due to various factors.

Macedonia got EU candidate status in December 2005 and is entitled to duty-free exports to EU member-countries. This has enhanced its attractiveness as a potential launching pad for the EU market. It has low profit tax, low income tax and zero tax on reinvested profit.

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