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15th October 2021, Skopje – We need to focus on human capital development, not only declaratively, but also substantially, to the end of boosting the competitiveness of the Macedonian economy in the medium and long run. At present, the Government is preparing Human Capital Development Strategy, which is to provide for accelerated, inclusive and sustainable development. This was pointed out by Minister of Finance, Fatmir Besimi at the IMF/ World Bank Group Constituency Meeting, in which our country is a member, being held within the IMF/WB Autumn Meetings.

“People are the most important resource countries have at their disposal. Countries that have given high priority to human capital development are yielding excellent results as regards growth, employment, as well as in terms of reducing income inequality and alleviating poverty. We share the same vision, wherein people will be seen as the key factor behind inclusive and sustainable development. At present, we are working on a Human Capital Development Strategy, wherein this vison will be translated into related crosscutting policies and actions that will provide for better and more productive human capital,” Besimi said.

Human Capital Development Strategy, as Besimi stressed, rests upon four pillars: improved service quality in the fields of education, health and social protection; putting much stronger emphasis on the needs of the vulnerable categories; scaled up human capital investments coupled by increased investment efficiency and enhanced both management and capacities of the human development sectors.

“Investing in human capital is the most important factor for long-term economic growth. Secondly, making investments in quality human capital and wide access to high-quality health and education are incorporated in the principle of equal opportunities. And thirdly, it also help us in creating more equal distribution of the benefits stemming from the development, thus also providing for greater positive impact of other investments, such as for instance those in the physical infrastructure. These advantages does not happen forthwith, which is why the commitment thereto is of considerable importance”, Besimi said.

During the Constituency Meeting, the opening address was delivered by Deputy Prime Minister and Minister of Finance of Belgium, Vincent Van Peteghem, pointing out that public and private investments in modern physical and digital infrastructure, renewable energy, healthcare and education will help create new jobs, boost productivity and develop new engines of growth.

Such investments, as he stressed, will need to be flanked by structural reforms in areas like stimulating entrepreneurship and innovation, and active labour market policies.

“In Europe, the implementation of Next Generation EU’s Recovery and Resilience Plans will contribute to kick-starting the needed policy shift from fighting the pandemic to investments and reforms that strengthen the longer-term resilience of the EU economy”, he pointed out.

Also available in: Macedonian Albanian

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