NewsMontenegro: A Realm of Potential and Opportunities Awaits

Montenegro: A Realm of Potential and Opportunities Awaits

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Montenegro is a land of possibilities and opportunities, as assessed at the Economic Summit of the Turkish Chamber of Commerce (TurkCham) in Montenegro, where the continuation of the partnership between the two countries in various areas was announced.

The event, held in Podgorica, brought together representatives from economic and political institutions from Turkey and Montenegro to present the results of their collaboration and to strategize for the ongoing partnership between the two countries.

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Mustafa Yigit Zeren, Deputy President of TurkCham, stated that they aim to boost investments in Montenegro and are taking steps in that direction.

“We also want to support the Turkish community in Montenegro. We are here to stay, and it is our pleasure to be in a country where we can collaborate with investors,” said Zeren.

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At the first economic summit organized by TurkCham in Montenegro, Nina Drakić, the president of the Montenegrin Chamber of Commerce (PKCG), addressed the attendees. She expressed satisfaction in hosting representatives of the Turkish business community and emphasized the importance of collaboration between the two countries. This event further affirmed Montenegro as an investment destination.

“The data indicate that of the total number of foreign companies, the majority are owned by Turkish businessmen, around five thousand, representing over a quarter of foreign companies in Montenegro. The assumption for better and more successful cooperation is improved transportation connectivity, so the emphasis should be placed on interconnection through the Bar port. With the revitalization of the railway and the construction of a highway, it is expected to become a logistics center linking Western and Southeastern Europe. The enhancement of our airports will also provide a positive stimulus to every economic sector and investment activity in Montenegro,” stated Drakić.

She emphasized the need to pay attention to Montenegro’s potential for accessing the international market through investments in green energy, a submarine cable with Italy, the construction of power lines for transmitting electricity from Southeastern to Western Europe, organic agriculture, the food industry, forestry and wood processing, year-round health tourism, and the digital transformation of society.

Special thanks for the cooperation achieved so far with Turkey were expressed by Mladen Grgić, the economic and economic diplomacy advisor to the President of Montenegro, to the Turkish ambassador in Montenegro, Bariş Kalkavan. He commented on the economic situation in Montenegro and the world.

“We ended the last year with two forecasts – a soft landing, which predicts that central banks and administrations will manage to control the situation and reduce inflation with their restrictions, so as not to damage the quite encouraging economic growth, which will probably materialize this year. We are moving towards price stabilization and growth that will not cause significant economic oscillations. On the other hand, we also have a scenario of a hard landing, which represents great instability due to external shocks, such as the conflict in Gaza,” said Grgić.

Positive impressions about Montenegro as a favorable investment destination were presented by Sadi Uzunoglu, a lecturer at Trakya University.

“Montenegro, as a Mediterranean country, is strategically and historically very important. One of the things we need to focus on is the budget deficit. Montenegro is a country of opportunities and chances, and we do not have problems related to the Eurozone, namely currency risk, as the country uses the euro. The nine percent corporate tax rate is also a very significant advantage for the Montenegrin economy compared to the average present in Turkey and Europe,” said Uzunoglu.

He added that they want Montenegro to become another effective tourism center for them.

“In addition to tourism, we want to support other sectors of the economy, establish an educational center, and a digital platform. Montenegro should be a center for digital transformation, inviting IT companies specializing in digitization to come to Montenegro. It is also essential to utilize the academy, universities, and establish a technological park,” emphasized Uzunoglu.

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