Montenegro prioritises economic reforms and investment attraction
A meeting was recently held in Montenegro between the Deputy Prime Minister and Heads of Mission of EU countries, with Montenegrin Ministers of Finance and Economy also present. It was stipulated that the main priorities for the country are to attract further foreign investment and therefore boost the economy. Vujica Lazovic, the Montenegrin Deputy Prime Minister, explained that while economic stability was a challenge in these times of global economic uncertainty, it was certainly achievable and confirmed that Montenegro has put systems in place already to allow this to happen, particularly around decreasing their budget deficit and public expenditures.
Montenegro has long been seen as ‘investor friendly’ and Emerging Real Estate have been reporting on the ties the country has been building with its neighbours such as Turkey (http://www.emergingrealestate.com/blog/montenegro--turkey-strengthen-cultural-ties). The latest bilateral agreements have been signed with China.
Igor Luksic, the Prime Minister of Montenegro, recently met with Hui Liangyu, the Deputy Prime Minister of China, and signed several bilateral agreements intended to further develop relations between the countries, particularly in the areas of economic, political and cultural cooperation. Montenegro is actively encouraging overseas investment, and believes there are many opportunities open to China, especially around tourism, energy, agriculture and maritime interests.
At the Heads of Mission meeting it was agreed that more investments are needed for further economic growth and a willingness to work together to common goals was agreed, including fostering a more competitive investment-friendly atmosphere. Specific project ideas were presented by the EU Heads of Mission, the implementation of which would directly result in a growth in foreign investment and an increase in jobs.
Montenegro intends to become less dependent on the international market which has seen increased volatility and instability in the past few years. Building on their sound economic policies to create favourable business environments will help build a more sustainable long term development growth plan for the country, improving the living standards of the population at the same time.
To discuss property investments in Montenegro, please contact the team at Emerging Real Estate who would be delighted to help you.