maja kadievska - vojnovik : foreign investment ’ s importance to the republic of macedonia ’ s economy speech by ms maja kadievska - vojnovik, vice - governor of the national bank of the republic of macedonia, at the presentation of the business climate survey in macedonia, macedonian - german economic association, skopje, 10 april 2014. * * * dear mr. martin knapp, dear guests, it is an honor and pleasure to have this opportunity today to attend the presentation of the business climate survey in the republic of macedonia, which is part of a regional survey of the representative offices of german chambers of industry and commerce in central and southeast european countries. namely, the survey provides significant information on the companies ’ perceptions about the macedonian economy, and i would like to keep to some of its important aspects. it is more than clear that there are tight connections between macedonian and german economy, which are being realized through several channels, such as : • trade channels • capital flows and • through the remittance channel. first, germany is and it raises its importance as the largest trade partner of the republic of macedonia. the share of the trade of goods with the eu member states in the total trade of rm of 52 % before the crisis, in 2008, reached 67 % in 2013. this significant strengthening of the trade relations with the eu member states is mostly a result of the intensified trade with germany, and moreover, such development is fully conditioned by the increase in the exports of rm to germany. thus the share of the export of goods to germany in the total export of goods of rm in 2008 equaled 14 %, while in 2013 it climbed to high 36 %, or in absolute amounts, from euro 383 million, for only five years, it reached euro 1, 154 million. it is a significant increase, a triple increase. it means that, despite the crisis in the euro area and its negative implications, the strong economy based on sound and solid economic fundaments – such as the german, proved to be our certain partner for placement of more than a third of the exports. besides the traditional export products, i. e. the export of the domestic textile and metal manufacturing industry, in the last two years, germany is important destination for export of the new capacities in the technological industrial development zones ( tidzs ), i. e. for the export of machinery and equipment and equipment of automotive industry. second, germany is our

leading industry - wide initiatives to operationalize the national retail payment system ( nrps ) to enable customers to make payments and transfer funds between and among accounts using any digital device. the goal is for us to transition into a cash - lite economy. we are seeing progress in this area. first, with the establishment of the payment system management body, incorporated as philippine payments management, inc., there is now an organized governance structure of retail payment systems in the country. we are also currently 3 / 5 bis central bankers'speeches working with the industry on the formation of two priority automated clearing houses ( achs ), the batch credit push eft ( called pesonet ), and the real - time eft credit ( called instapay ). the pesonet is set to launch on november 8, 2017. the bsp is also mindful that fintech also poses technology - related risks. with this in mind, the bsp follows a test - and - learn approach that allows an enabling environment for new collaborations to prosper. we encourage bank and non - bank partnerships with fintech startups to maximize the benefits of innovative digital platforms, efficiency of gains, and cost savings. we are also aware that new entrants may cause disruptions in the financial ecosystem since traditional players may be unable to immediately respond to increasing competition. hence, we monitor fintech activities to better understand their business models, processes and systems. moreover, the bsp has enhanced existing regulations to ensure that non - banks such as pawnshops and money service businesses are properly supervised as they compete in delivering bank - like services. relatedly, we regulate entities that use virtual currency as underlying instruments for remittance. the bsp has also provided guidelines on bsp - supervised financial institutions to ensure that risks resulting from usage of social media are adequately assessed and managed. lastly, the bsp is enhancing its information security framework to consider cybersecurity controls. while the term, “ financial infrastructure ” refers broadly to a system that allows for the effective operation of financial intermediaries, encompassing even the legal and regulatory framework... i would like to think of finfrastructure as one that addresses the very heart of why infrastructure exists : to connect people, to enable inclusion and to provide a network for more filipinos to enjoy the benefits of economic progress and development. leveraging on fintech fosters inclusion the bsp is committed to promoting financial inclusion. ( incidentally,