• Languages:
  • mk македонски јазик
  • en English


Condevo MK DOOEL Shtip

In progress

Investment value


30.000.000 euro


2.651.610 euro






In March 2015, an announcement was made that Italian company Condevo, a manufacturer of heat exchangers for boilers, was going to build a factory in the Technological Industrial Development Zone Shtip.

Several months later, in September, former Prime Minister Nikola Gruevski attended the start of construction of the factory in Shtip.

On the website of the Technological Industrial Development Zone, it is stated that "the investment should result in the creation of 250 new jobs in the next 5 years,” and that the amount of the investment is 40 million euros.

However, on the website of the Government, the information specified is that the investment is estimated at over 30 million euros, and that Condevo is to employ at least 280 workers and professional staff.

For now, neither of these have been fulfilled.

According to data from the Central Register, the company currently has 1 employee and its non-current assets amount to 2.6 million euros. The company had revenues of only 15 thousand denars for 2015.

The official website of the Italian Condevo states that the company’s capital is estimated at 6.3 million euros.

The owner of Condevo, Raffaele Zenoni, at the beginning of the construction of the factory explained that the conditions offered by Minister Jerry Naumoff were crucial in making the decision to invest in Shtip.

"The Italian investment was agreed during a one-hour conversation in Italy with the owners of Condevo, the Zenoni family," Minister Zoran Stavreski told media. He did not mention what the conditions were under which the Italian company entered the industrial zone.

Before building the factory, on August 28, 2015 the Government, during a closed session, reached a decision to grant state aid to Condevo, which was approved on September 9, 2015 by the Commission for Protection of Competition. The agreed amount of assistance is not known as all amounts in official decision have been marked with XXX, except the amount of 30 million euros, which refers to the investment.

In the official decision of the Commission for Protection of Competition for granting state aid to Condevo, it states that the company is going to receive financial assistance on 8 items for 2017, 2018 and 2019, including:

- Exemption from profit tax for a period of 10 years

- Exemption from payment of personal income tax on salaries for a period of 10 years

- Exemption from payment of VAT on imports provided they are not intended for end use

- Customs exemptions and deductions

- Exemption from payment of fee for management of construction land

- Exemption from submitting a waiver of guarantee as an instrument for customs debt

- Cash grant to cover the shared costs for the construction of facilities in that area

- Cash grant for creating new jobs (even the number of jobs is marked with XXX)

In October, during a gathering of the party, VMRO DPMNE leader, Nikola Gruevski, mentioned the Italian Condevo investment while listing realised investments, claiming that the has been completed and that production will start in 2017.

Last update: 04 april 2017

Date of announcement

march 2015

State aid

Country of origin