Investments in Capital Projects in Montenegro Estimated at 3 Billion EUR

By , 15 May 2019, 23:07 PM Business
Investments in Capital Projects in Montenegro Estimated at 3 Billion EUR Copyrights: Government of Montenegro

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15 May 2019 - Pavle Radulović, Minister of Sustainable Development and Tourism of Montenegro spoke at the opening of the tenth, Jubilee Festival of Real Estate and Investment - FREI in Budva, and highlighted that the preconditions for investments and development are constantly being created in Montenegro, resulting in record revenues in tourism. The number of investors from foreign countries is continuously growing, as some of the most prestigious companies in the world, especially in the catering industry, open their businesses in Montenegro.

The Minister presented the most important projects in Montenegro, stressing that investments are the key development resource, while tourism is the main driving force.  Radulović explained that small countries, such as Montenegro, have to be extremely careful when allocating their resources and that skilled planning and thoughtful usage with the appropriate legal framework are a prerequisite for improvement.

The Minister reminded that the Government of Montenegro adopted new legal solutions that facilitate procedures and improve the investment environment. The adoption of new planning documents and significant investments in infrastructure created a good foundation for development.

"This is certainly a result of which we are very proud of. For the first time in its history, Montenegro achieved direct and indirect tourism revenues in the amount of more than 1 billion EUR! Also, our country was visited by 2,2 million tourists, and these tourists had almost 13 million overnight stays. We are constantly increasing our presence in the most important emitting markets in Europe. Montenegrin economy recorded growth at the rate of 5% last year, and the results achieved in tourism significantly contributed to this growth and stable credit rating," he said.

According to the Minister, the project of economic citizenship will also contribute to the overall business environment conditions in Montenegro. "By introducing economic citizenship, we want to buy excellence rather than “sell passports”. This project is intended for individuals and their families who have acquired money legally, and we want to impart knowledge and money into our country, "said Radulović.

The Minister reminded that the value of contracted investments on capital projects is estimated at around 3 billion EUR. He pointed out the biggest projects in Montenegro, which include Porto Montenegro in Tivat, Aman Sveti Stefan, Hotel Maestral and Queen's Beach in Miločer, and Hotel Durmitor, whose value is estimated at around 20 million EUR. Radulović also emphasize the complex Luštica Bay, Portonovi, Beyond Horizon, lease of Hotel and Tourism Enterprise Complex "Ulcinj Riviera" with Consortium "Karisma" etc.

Speaking about the projects in the north of Montenegro, Radulović emphasized the valorisation of some of the already existing ski centres and the construction of new ones, where the Government will invest around 100 million EUR through the Capital Budget between 2015 and 2023.

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