May 14, 2014

Sarajevo, President Vujanović Participates in the “Sarajevo Business Forum 2014”
President of Montenegro, Filip Vujanović, participated today in Sarajevo at the Fifth International Investment Conference “Sarajevo Business Forum 2014”.

President Vujanović expressed satisfaction over the organization of the Forum and pointed out his belief in its contribution to regional partnership.

“Montenegro has always been attaching special importance to regional cooperation, being aware that economic development of every state vitally depends on the regional cooperation. That is why we welcome all the regional initiatives and joint activities”, said President Vujanović, expressing his appreciation for the SEECP and its regional center, which is committed to fostering the values of our region.

President emphasized that regional cooperation is an indispensable factor of economic development.

“In order to use our natural and economic resources, it is necessary that we have investors and quality investments, so that an economy such as Montenegrin could provide further economic development. This entails that we ensure within our national economies the best prerequisites for regional cooperation and quality investments. Montenegro is committed to this and the effects of such development are evident”, said President Vujanović.

He reminded that during the first three years after regaining independence, Montenegro marked an average growth of eight per cent and was the fastest growing economy in the region, i.e. one of the three fastest growing economies in Europe.

“In the years of crises, we underwent one year of recession and the last year was marked by recovery with GDP growth of three and a half per cent and realistic estimate that the current year would be the year of higher growth. We earned this through a good cooperation within the region and it is our obligation to keep it up”, said the President.

He emphasized that the last year was record year when it comes to one of the important branches of Montenegrin economy – tourism.

“In addition to the record number of tourist arrivals, we marked a record revenue exceeding EUR 700 million, which significantly affected the GDP growth last year, through tourism and services.

President pointed out to significant investments in the Montenegrin coastal region, and investing has been announced in the northern region of Montenegro as well.

He stated that the company “Qatari Diar” was intending to build an elite tourism complex in an exclusive location in the Montenegrin coastal region, which will consist of 70 per cent hotels and 30 per cent apartments, and the entire investment will be worth around EUR 250 million.

He expressed his satisfaction over the strong presence of Turkish investors in Montenegro, who are present in the Container Terminal in the Port of Bar, as well as in the industrial sector, trade and hospitality.

He pointed out to a valuable tourism project implemented by the Azerbaijani company “Socar” in Kumbor worth half a billion Euros, adding that implementation of the project by investors from the United Arab Emirates was expected, which would additionally enhance the tourism offer of Montenegro.

President reminded of the Porto Montenegro project which used to be a military shipyard and now it is a tourism hotspot in the Mediterranean.

“All these projects are a good motive for investing into Montenegro”, Vujanović pointed out.

According to his words, another sector which offers opportunities for investing into Montenegro is energy.

“Only 17 per cent of water capacities are used for generation of electric power. Also, we have an excellent chance when it comes to thermal energy, and there is also a great chance when it comes to transfer of electricity from the entire region to Italy via a submarine cable from Montenegro. This project makes Montenegro an energy hub of the region”, said President Vujanović.

He mentioned production of healthy food also as a developmental opportunity of Montenegro.

“Offering all the benefits that Montenegro has, I wish to point out that Montenegro is worth investing and that Montenegro sees its future in partnership within the region, perceiving the countries from the region as friends and wishing to show by setting its own example that only through regional cooperation can we achieve a common success” emphasized the President.

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