The President of the Economic Chamber of North Macedonia, Branko Azeski, took part in a panel discussion at the international conference “Business Angels and the Entrepreneurial Ecosystem in North Macedonia: Opportunities and Challenges,” organized by the Ministry of Economy and Labor.

Azeski spoke in the first panel discussion on Identifying Policy Needs to Increase Angel Investments in North Macedonia, where he stressed the importance of supporting innovative policies and entrepreneurship development as the main drivers of economic growth. He emphasized that, to achieve sustainable prosperity, the country needs to create an entrepreneurial ecosystem that facilitates the financing of innovative businesses, with a particular focus on the role of business angels.

Azeski underscored the significance of chambers of commerce in educating companies and individuals about the opportunities business angel investments offer. This, in turn, will contribute to accelerating economic flows and advancing innovation. Additionally, based on the experiences of EU countries, he noted the need for further tax and legal incentives to encourage business angels to invest in risky but innovative companies.

The role of business angels is essential, as in many countries they represent the second-largest source of external funding for start-up companies with high-risk business ideas. They are crucial as providers of venture capital and contribute to economic growth and technological advancement.

Their role is not just about providing capital but also about sharing experience and fostering partnerships, which is particularly important for small and start-up businesses. They offer an alternative source of financing that enables the realization of innovative but risky ideas for which banking instruments are not always available.