Since joining NATO, Montenegro has emerged as a popular destination for investments and business ventures, particularly among Turkish entrepreneurs. Last year alone, over a quarter of all foreign companies in Montenegro were owned by Turkish businesspeople.
In 2023, Montenegro recorded its highest total inflow of investments from Turkey, amounting to EUR 85.3 million.
This announcement was made by Nina Drakić, President of the Chamber of Commerce of Montenegro, during a conference on trade and investment opportunities in Montenegro, organized by the Chamber of Commerce of the Izmir region in Turkey.
The event aimed to strengthen trade cooperation between the two countries and inform Izmir’s entrepreneurs about investment opportunities and potential partnerships with Montenegrin companies.
President Drakić expressed confidence that the event would help connect business communities, increase trade exchanges, and boost investments from Turkey. She praised the interest of the Izmir Chamber and their initiative for deeper economic relations between the two countries.
She highlighted that the Montenegrin Chamber of Commerce collaborates closely with the Turkish Embassy in Montenegro, the Union of Chambers and Commodity Exchanges of Turkey, and other associations. This cooperation has resulted in frequent business meetings and the participation of Montenegrin entrepreneurs in Turkish fairs.
“We consider the opening of the Turkish Chamber of Commerce in Montenegro significant. Earlier this year, we signed a Memorandum of Cooperation to facilitate trade between our countries, promote investments, support companies entering the Montenegrin or Turkish market, and foster joint investments and strategic partnerships. This will contribute to developing a favorable business environment in both countries,” said Drakić.
She emphasized that foreign direct investments are crucial for Montenegro’s economic development. Since 2006, total inflows from more than 126 countries have amounted to EUR 14 billion, or about EUR 1,200 per capita annually. Turkish entrepreneurs have particularly recognized Montenegro as an attractive investment destination, especially since NATO membership. Official data shows that over a quarter of foreign companies were owned by Turkish businesspeople last year. From 2018 to 2023, total investments from Turkey amounted to EUR 312 million, with the highest inflow recorded last year at EUR 85.3 million.
Drakić also highlighted the potential for new investments across Montenegro.
“Investments in the manufacturing sectors will increase the resilience of our economy to frequent crises. Besides tourism, the greatest opportunities for growth and development lie in energy and green energy investments. Agriculture and the food industry are becoming increasingly attractive for investment, particularly due to the potential for product placement through tourism,” she said. She also noted infrastructure, ICT, wood processing, and other sectors as equally appealing for foreign capital.
Drakić concluded that there is significant potential for intensified cooperation between Montenegro and Turkey.
“I expect Izmir’s entrepreneurs to recognize the opportunities for business expansion in our country and take advantage of the current investment opportunities,” she said.
Other speakers at the event included Mahmut Erkoç from the Izmir Chamber of Commerce Board, ambassadors Yeşim Kebapçıoğlu and Periša Kastratović, Director of the Montenegro Investment Agency Snežana Đurović and her deputy Andrej Lakić, Chairman of the Board of Ziraat Bank Talha Dökülmez, and President of the Turkish Chamber of Commerce in Montenegro Burhan Genç.
