IFLR 1000
The Guide to the World's Leading Financial Law Firms

Macedonia has seen foreign investment tail-off since the double whammy of the global economic downturn and the blocking of the country's entry into Nato. The denial of Nato entry is mainly down to Greece, which Macedonia is in dispute with over the name of the country....

Macedonia has seen foreign investment tail-off since the double whammy of the global economic downturn and the blocking of the country's entry into Nato. The denial of Nato entry is mainly down to Greece, which Macedonia is in dispute with over the name of the country. Since Nato entry has stalled, partners report an almost instant decline in foreign investment into the country.

The result is that no new projects are predicted to launch in the near future, curtailing a profitable source of work for law firms. When investment does come back, it is expected to focus on energy, particularly renewable energy. Companies from countries such as Slovenia, Israel and Austria are expected to be the primary drivers of international investment.

The sale of Cosmofon to Telecom Slovenje is arguably the largest M&A deal of 2009 in the country. Some lawyers hope that the buyer might look to increase the mobile phone company's infrastructure, which could benefit some firms in the form of finance work.