Macedonia has achieved a lot from the aspect of reforms over the past decade, but many challenges lie ahead, especially with regards to politics and economy, said European officials at conference "Improving the Economic Potential, Identifying the Future Sources of Growth", held in Skopje on Wednesday.

"The country has still not met the criteria of functional market economy and competitiveness. The unemployment rate is still high even after 20 years, grey economy assumes almost 20 percent of the GDP, the financial sector is still not sufficiently developed, foreign direct investments are low without any clear signs for their increase, there is no matching of education with the labor market requirements", said Alexandra Cas Granje, director at the Enlargement Directorate-General.

Still, she added, the macroeconomic policy is wisely administered, whereas the fiscal one is oriented towards stability.

Vice Premier for Economic Affairs Vladimir Pesevski said the Government took into consideration all European Commission remarks seriously and well-intentionally.

"The necessity for further steps is indisputable. We continue to work on reforms with the same commitment. We are convinced that Macedonia will soon fully meet economic criteria", said Pesevski, adding that Macedonia preserved its macroeconomic stability and implemented numerous reforms in time of crisis.

Economic unity is the idea that stands behind the EU's establishment and I wish for Macedonia to stick to these criteria, Pesevski said, pointing out that in this respect the country has done a lot.

"There is a room for further progress and we have been working hard to that effect," Pesevski said.

Referring to the 'road show' for promoting Macedonia as an attractive business destination, Pesevski said the project's results would become tangible by the number of companies coming to invest in Macedonia.

"We can't say whether 5, 10 or 50 companies will come, but we are making efforts to increase the inflow of foreign direct investments. In general, the policy for improving the business climate is aimed for both foreign and domestic investors," Pesevski said.

He also urged the EU Council to pass a decision over Macedonia's transfer into the second stage of the Stabilization and Association Agreement.

"Thus, EU will once again formally confirm its commitment to Macedonia's complete integration with the European family", emphasized Pesevski.

Vice-Premier for European Affairs Teuta Arifi considers the EU enlargement process as vital for Macedonia's economic development and thus overall progress.