Speeches, Remarks & Statements in 2008

Ambassador Philip T. Reeker Talks to the Press after Visiting the Macedonian Stock Exchange

December 5, 2008

To see video file, please click here [WMV file - size 10.1MB].

Ambassador Reeker Talks to the Press at the Macedonian Stock Exchange  (LP) - size 10.1MB

I want to say how pleased I am to visit the Macedonian Stock Exchange, and I want to thank Ivan Steriev and his team for giving us a very interesting briefing today.  I learned a lot about the Macedonian Stock Exchange and I am very pleased to see the developments that have taken place at the Macedonian capital markets since I worked here ten years ago.  I have a long history of interest in these topics.  My grandfather was very involved in the stock market in New York many, many years ago and I myself studied, as part of my MBA studies, International Finance, so it’s fun for me to hear from these experts in Macedonia about this.

Obviously, we all know that the global financial crisis has had its effects even here in Macedonia, but we see that there is a bear market, as we call it, all over the world.  All of you are aware of that here, but the U.S. of course remains very bullish on Macedonia as a whole.  As you know I travelled recently in the United States, highlighting for some American companies and businesspeople opportunities here.  Obviously direct investment is something we looked at, but it is also important to think about the business environment more broadly and equity investment funds that are interested in investing broadly in Macedonia.  We’ll also want to take a look in the Macedonia Stock Exchange as the perfect place to do that.  We have to remember that Macedonia wants to be attractive not only to investors but to business people more widely and to do that, as I’ve said many times, we have to have a predictable business climate, with a strong basis in rule of law--and enforcement of those laws--stable legislation, prudent regulatory structure, enforcement of contracts, and a judicial system in which everybody can have a lot of confidence.  The types of reforms that Macedonia has been pursuing and which we have been helping with, along with others in the international community, will continue to be important. I am very pleased that the U.S., through our assistance program, can continue to help, including the assistance that we‘ve offered to the Macedonian Stock Exchange over the last ten years.  Thank you very much.