North Macedonia’s new government is enacting a series of ambitious reforms focused on green energy, fair trade, and modern employment practices, including measures to stabilize electricity prices, incentivize energy efficiency, and regulate unfair trade practices, according to Bona Fide Law Firm Partner Aleksandar Kchev.
“Despite the current political situation in Europe, the new government in North Macedonia began its term this past summer with a strong focus on ambitious reform,” Kchev notes. “In recent months, it has passed several key laws related to inflation control, the energy sector, and other economic priorities, setting a proactive agenda for the near future.”
The government’s primary goal is a significant transition to green energy. “Some of the main updates include recent amendments to the energy law designed to prevent electricity price hikes,” Kchev says. “Notably, a draft proposal of the energy law was prepared last month to ensure alignment with the EU Clean Energy Package adopted by the Ministerial Council of the Energy Community, to which North Macedonia is a party. These changes are meant to respond to both global and local shifts in energy needs. Looking ahead, for 2024, the Ministry of Energy, Mining and Mineral Resources has also awarded vouchers for highly efficient air conditioner installations, reflecting an effort to promote energy-efficient consumer practices.”
Beyond the energy sector, Kchev highlights new legislation to combat unfair trade practices. “This law aims to curb activities that deviate from fair trade standards and will be enforced by authorities such as the Ministry of Economy and the Competition Agency.” He stresses that “while some legal professionals and private sector representatives are uncertain about how this law will be implemented, it is broadly seen as a positive move to protect suppliers, ensuring fair bargaining conditions when dealing with large buyers.”
Additionally, Kchev notes that “the government’s efforts to curb inflation also include trade regulations/decisions aimed at controlling prices, by providing maximum margins for wholesalers and retailers.”
Kchev also emphasizes that the legal community is preparing for long-awaited updates to employment law.”A major focus of this update is anticipated to be modernizing regulations to better address remote work and new employment trends,” he says. “An increase in the retirement age is also under discussion, aiming to balance the workforce as more people move abroad and the population of retired individuals grows. These changes seek to support both workers’ rights and create a clearer framework for employer-employee relations, as well as prepare the workforce for demographic shifts.”
Kchev also says that North Macedonia’s government is highly focused on energy transition. “This summer, it announced a significant new investment by Alcazar Energy, Luxemburg-based infrastructure fund, for the construction of wind farms, aiming to generate 1 terawatt-hour of power annually,” he says. “The construction is expected to begin next year, with production potentially starting by 2027.”
“Considering the new trends in investments, and partnership with private investors, it is fair to expect the support in drafting modern, tech-friendly laws,” Kchev continues. “This collaboration could help North Macedonia advance blockchain technology, digital infrastructure, and overall business law, aligning with fast-evolving global standards.” Currently, however, “outdated laws in these areas limit visibility and growth, and updates are essential to support the adoption of new technologies,” Kchev notes.
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Publish date : 2024-11-12 04:19:00
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