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Overview
The Republic of Macedonia enjoys relatively high economic openness and is highly dependent on external developments, making it particularly vulnerable to the global economic downturn. The country also inherited a legacy from the communist era of an inefficient socialist economy. That said, the country is establishing a market economy and attracting foreign investment, particularly in the banking sector. A crucial attraction for foreign investors in Macedonia is its strategic location in the centre of south-east Europe.
The prevailing economic crisis is particularly affecting the real estate sector and senior partners report they are beginning to feel the effects of the downturn. The banking sector is so far proving stable and resilient, but the government has made moves to minimize any adverse effects, and in November 2008 unveiled a €330m crisis bailout package.
Macedonia hopes to gain EU membership but, according to the EU Commission, substantial new law reforms are necessary first. The government is making steps in that direction, but the country remains tainted with high levels of corruption and bureaucracy, and a judicial system in dire need of reform.
In terms of infrastructure, the thermal plant TEC Negotino is being privatised – part of the overall privatisation of the energy sector, attracting much needed investment into the country.
Legal services are slowly developing but the legal market is small by Western standards with only a handful of the largest firms offering legal services to foreign clients. Firms are comparatively small and specialism by individual lawyers is atypical. Law firm partnerships are permitted and a number are taking advantage of the benefits.
The only foreign firm with a presence in Macedonia is Greek firm IKRP Rokas and Partners DOO which has a number of offices throughout the region, particularly advising in relation to large scale telecommunications, energy and banking projects and transactions. Serbian firm Mikijelj Jankovic & Bogdanovic represents clients before the Macedonian Intellectual Property Office
A handful of international firms undertake work in Macedonia including Hunton & Williams, which has advised Macedonian government entities and the regulator for five years on electricity matters. Norton Rose LLP advised EBRD, under the Western Balkans Facility on the €4m secured loan to Vitaminka, a joint stock company and other high value corporate transactions. In addition, White & Case LLP has a working relationship with Lawyers Antevski.