Promoting economic growth in North Macedonia

Context

The North Macedonian market is relatively small and dominated by micro, small and medium-sized enterprises (MSMEs) that 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 in the region.

Business growth opportunities do exist in North Macedonia’s underdeveloped regions, and these need to be appropriately identified and utilised to promote more climate-sensitive and exponential economic growth.

Objective

Resilient business ecosystems are being built in economically weak regions of North Macedonia.

Approach

The project is improving growth opportunities for start-ups and SMEs with a focus on circular economy and green growth. It also promotes innovative technologies and methods for adding value to businesses and increasing competitiveness.

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 promote a 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: July 2023