Despite this, Macedonia succeeded in attracting almost USD 192 million in the year 1997-8. Another USD 200 million will probably be invested in 1999, the year of Kosovo and the refugee crises. Macedonia is the first nation in transition to have legislated for free economic zones and it has an impressive array of tax and investment incentives in place. By implementing a one-stop shop concept, it is doing its utmost to isolate the prospective investor from red tape and potential official corruption. It is gradually but steadily injecting added transparency into the investment and procurement processes.
Investors believe that property rights in Macedonia are poorly developed and protected.
Unfortunately, this is still true, despite a discernible trend of improvement. Even though Macedonia has a fine legislation infrastructure, its courts, bureaucrats, banking system, collateral system and registrars systems are all poorly developed and dysfunctional to varying degrees. This is a top priority of the current administration. Legislation is being adapted, law enforcement agents especially judges are being educated and mortgage registration, collateral registration, company registrars are all being revamped. The aim is to provide the investors with maximum protection of their rights and property.