As the President of the Chamber of Economy of Montenegro, one of 300 members of the Association of the Mediterranean Chambers of Commerce and Industry (ASCAME), which represents the interests of millions of companies, I am pleased to have an opportunity to present economic potentials of my country, one of the most prosperous tourist and investment destination of the Old Continent and beyond.

Since the restoration of its statehood, as a small and market-oriented economy, Montenegro has made significant progress measured by the increased national income and living standards of the population. The dynamic economic development is indicated by high rates of the real growth, which is expected in the medium run since it was strengthened by the implementation of investment projects in the energy, tourism and transport sectors.

The energy sector in Montenegro, as one of the drivers of the overall economic growth, has experienced significant changes, the results of which can be measured today by huge investments in the energy infrastructure. The construction of wind farms at Krnovo and Možura, and putting into function the energy submarine cable between Italy and Montenegro, which is expected in the forthcoming months, are just some of the projects indicating the strategic commitment of Montenegro to further valorise potentials in this area.

The importance of tourism as a strategic economic sector of the Mediterranean countries is well-known and Montenegro is no exception. The record results measured by the number of tourists, overnight stays and revenues strengthen Montenegro’s position as an increasingly attractive destination for tourists from Western Europe. According to the forecasts of the World Travel and Tourism Council (WTTC) for the next ten-year period, the revenues generated from tourism are expected to increase at an average rate of 3.9% per year.

The first “One & Only” hotel in Europe is being built in our country, while the attractiveness of the tourist destination is also confirmed by the presence of famous hotel brands, such as “Aman”, “Regent”, “Iberostar”, “Chedi”, “Hilton”, “Sheraton” and “Falkensteiner”. Montenegro is an attractive destination for investing in the construction of marinas, which is reflected in the new docks in our ports with an increasing number of berths and the offer which includes all the necessary facilities for boaters. The Porto Montenegro project, which is expanding its capacities by offering the accommodation for 850 boats, marked the beginning of Montenegro’s transformation into an elite travel destination. Montenegro is also becoming a leading cruise destination with the impressive port capacities, of which Kotor is ranked as the second top cruise destination worldwide.

It should be pointed out that Montenegro is committed to improving the road infrastructure which is reasonably regarded as the necessary prerequisite for social development. The Bar-Boljare highway, which construction is currently underway, will contribute to the better interconnection between the region and the EU. It will also help including Montenegro into the high-rank road network with a possibility of connecting all the transverse, main, regional and existing roads in our country into a modern transport system.

Recognizing the significance of foreign investments as an important prerequisite for the economic development of the country, the Government of Montenegro is continuously conducting activities to improve the position of investors. Reformed legal framework for investments, national treatment for foreign investors, as well as the favourable tax rates, are just some of the results of this commitment.

All these reasons, empowered by the fact that Montenegro is a NATO and WTO member, as well as a signatory of many multilateral and bilateral agreements on economic cooperation and mutual encouragement and protection of investments, provide a good insight into the safety of the business environment in Montenegro, which is also confirmed by investments from more than 125 countries.

Finally, I would like to point out that Montenegro is well aware of the competitive advantages offered by the Mediterranean region due to which it is dedicated to strengthening relations with other members of the ASCAME family, while investments and tourists from these countries are more than welcome.

07/08/2019