The Turkish Chamber of Commerce (TurkCham Montenegro) will present recommendations for improving the investment environment in Montenegro and thus attract new foreign investments, while the investors of that country are most interested in the sectors of agriculture, energy and education.
Burhan Genc, vice president of the Turkish Chamber of Commerce in Montenegro, said this in an interview.
He emphasized that according to their data, six thousand Turkish companies have been established in the country so far, and that only 10 percent are actively operating.
The Turkish Chamber of Commerce was opened in Podgorica at the end of June, where it was announced that the country is at the very top when it comes to direct foreign investments, and that the volume of bilateral cooperation with Montenegro has exceeded EUR 200 million.
Genc also emphasized that investors from Turkey are especially attracted by low tax rates, easy customs procedures, as well as Montenegro’s strategic location on the Adriatic.
How to strengthen economic cooperation between Turkey and Montenegro in the future and what role can the chambers of commerce of the two countries play in this?
– The Turkish Chamber of Commerce in Montenegro will prepare and present recommendations for improving the investment environment and thus attract new foreign investments in the country. We will work on increasing the qualified labor force and employment. “TurkCham Montenegro” will also serve as a guide for Montenegrin businessmen who have the desire to invest or do business with Turkey. In addition to all this, they will engage in social and cultural activities in order for the citizens of the two countries to get to know each other better and get closer.
For example, I have been living and doing business in Montenegro for seven years now, and we are contacted by large companies from Turkey that want to invest in tourism, agriculture, energy, education, health, infrastructure and are trying to gather information. Thanks to our chamber, they will now have quick access to the right information.
What initiatives have been taken to improve economic cooperation between Turkey and Montenegro, and what has been their effect so far?
– According to the social insurance contract signed in Ankara on March 15, 2012 between Turkey and Montenegro, citizens of both countries have the right to use hospital services free of charge with their insurance during their stay in another country. The free trade agreement between Turkey and Montenegro was signed on November 26, 2008 in Istanbul. With this agreement, the majority of imported and exported products are exempted from customs duties in trade between the two countries.
The fourth meeting of the Joint Economic Commission of Turkey and Montenegro (KEK) was held in Ankara in November 2017, and at the meeting, agreements on cooperation in the fields of agriculture, forestry and defense industry were signed between the two countries.
Commercial and economic agreements like these continue to be signed and efforts are being made to increase the scope of bilateral cooperation.
Do you have precise data on how many companies are present in Montenegro that were founded by Turkish citizens and their activity structure?
– According to our information, around six thousand Turkish companies were founded in Montenegro, but only 10 percent of that number are actively operating.
In which sector do you see an opportunity for joint projects and investments?
– We can say that there is great interest in the sector of agriculture, energy, education, health and infrastructure.
What are the advantages and disadvantages of the Montenegrin business environment?
– Montenegro is one of the most beautiful countries in Eastern Europe. Low tax rates, easy customs procedures, strategic location along the Adriatic coast and candidacy for membership in the European Union make this country attractive for Turkish investors.
