Promoting economic growth in North Macedonia

Project description

Title: EU for Economic Growth
Commissioned by: Federal German Ministry for Economic Affairs and Energy
Co-funded by: Delegation of the European Union to the Republic of North Macedonia
Country: North Macedonia
Overall term: 2021 to 2025

Overall term

The North Macedonian market is relatively small and dominated by micro, small and medium-sized enterprises (MSMEs) which are affected by low competitiveness, a lack of innovation and insufficient industry-specific export potential. Several regions suffer due to their disparity with the rest of the country. Moreover, emigration of graduates leads to a brain drain, which significantly affects economic growth potentials of weaker regions.

Opportunities to grow businesses in North Macedonia’s weaker regions must be identified and exploited. EU4EG is therefore committed to improving the growth opportunities for start-ups and SMEs. It also promotes concepts for the green economy and green growth, as well as innovative technologies and methods to improve businesses and increase competitiveness in the long term.

Context

North Macedonia is enabling start-ups and MSMEs in its weaker regions to better exploit opportunities to grow their business.

Approach

The main aims of the project are to:

• improve business support services for start-ups and MSMEs by effecting a knowledge transfer about best practices in business development through various development activities and technical assistance.
• consolidate the business support infrastructure through accelerators and mentorship programmes.
• support existing business initiatives with high added value in introducing innovative technology, technology lines and equipment. In addition, innovative production methods aim to improve business processes and production efficiency to increase competitiveness.

The economic activities cover the circular and green economy, innovation and IT and highly competitive economic sectors with growth potential.

Target businesses include those owned by or with a majority of employed people under 40 years, as well as women and vulnerable groups.

Last update: September 2021