BILATERAL TRADE RELATIONS INDIA AND MACEDONIA
The following table shows the bilateral trade of India and Macedonia during the last five years:
| (in US$ Millions) |
| Year |
India’s Exports to Macedonia |
India’s Imports from Macedonia |
Total Bilateral Trade |
| 2012 |
9.12 |
22.94 |
32.06 |
| 2013 |
10.79 |
19.92 |
30.70 |
| 2014 |
14.51 |
9.05 |
23.56 |
| 2015 |
12.87 |
7.08 |
19.95 |
| 2016 |
14.88 |
24.13 |
39.02 |
(Source: Department of Commerce, Ministry of Commerce & Industry, GOI)
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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