NewsFostering economic partnerships: Montenegro and Austria explore opportunities for growth

Fostering economic partnerships: Montenegro and Austria explore opportunities for growth

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Montenegro and Austria have the potential to bolster their economic ties, particularly in terms of Austrian investments and enhancing trade relations, stated Nina Drakić, President of the Chamber of Commerce (PKCG).

“Economic collaboration between Montenegro and Austria exists, yet trade balances remain relatively modest, especially concerning exports from Montenegro. Hence, there’s ample opportunity for enhancing economic relations,” Drakić remarked at a business forum organized by the PKCG in Podgorica, in collaboration with the Chamber of Commerce of Austria, the Trade Department of the Austrian Embassy, and Advantage Austria.

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The event coincided with the official visit of Austria’s Federal Ministers for Labor and Economy, Martin Kocher, and for the European Union and Constitutional Affairs, Karoline Edtstadler, to Montenegro.

Drakić highlighted several key economic sectors that could inject fresh dynamism into the Montenegro-Austria partnership. These include agriculture, with a focus on food quality, renewable energy sources within the energy sector, and advancements in information technology, all of which rank high on the priority list for development.

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Additionally, investments in Montenegro’s tourism sector, historically appealing to Austrian visitors, hold significant promise. Last year, Montenegro welcomed 2.6 million tourists, generating 16.4 million overnight stays, indicating promising prospects for the current year.

“We are confident that this business forum will contribute to enhancing existing business arrangements and paving the way for new avenues of economic cooperation, which must remain a top priority in the future,” stated Drakić.

The forum aimed to foster and develop economic collaboration between the two nations across various sectors, including sustainable agriculture, energy, environmental protection, health tourism, and information and communication technologies. It also provided a platform for showcasing economic potentials and fostering company collaboration through direct dialogue.

Drakić underscored the excellent bilateral political and economic relations between the two countries, with Austria’s steadfast support for Montenegro’s European integration process being evident.

Kocher expressed appreciation for the collaborative efforts of all institutions involved in organizing the event. He emphasized the need to seize the current moment, as bilateral trade between the two countries offers significant room for improvement, particularly in areas such as renewable energy sources, infrastructure, and tourism.

Edtstadler conveyed her confidence in Montenegro’s successful European future, stressing the importance of economic growth and strengthened ties. She expressed Austria’s commitment to supporting Montenegro and outlined the next steps to be taken, including discussions on the Western Balkans Growth Agenda.

The meeting concluded with discussions on potential partnerships between businessmen from both countries, exploring concrete project opportunities.

Drakić and Vice President Pavle D. Radovanović met Kocher on the sidelines of the forum to discuss further avenues for economic cooperation between the two countries, emphasizing the importance of political stability and a conducive business environment.

The ministers expressed particular interest in the functioning of the PKCG, its contribution to improving the business climate, and its role in international cooperation and European integration processes.

The meeting also addressed the business environment for Austrian brands in Montenegro, with a focus on excise policies.

The event was attended by Fixl-Pummer and Predrag Pavličić, owner/director of Montecco, representing the Austrian brand Rauch.

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