Chinese Company UTour Interested in Investing in Luxurious Hotel in Žabljak

By , 12 Oct 2019, 01:27 AM Business
Chinese Company UTour Interested in Investing in Luxurious Hotel in Žabljak Copyrights: Government of Montenegro, B. Ćupić

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12 October 2019 - Renowned Chinese company UTour is interested in investing in Northern Montenegro, primarily in Žabljak, where it wants to build a 100-room hotel according to the standards of the Marriott hotel chain, it was noted at the yesterday’s meeting between Prime Minister of Montenegro Duško Marković's and U-Tour Group Chairman Bin Feng.

"The Chinese tourism industry is very interested in Northern Montenegro, and given the number of the Chinese tourists visiting your country, we think it is a smart idea to have hotels in this part of the country," Mr Feng stressed, adding that the Chinese are increasingly appreciative of Montenegro’s beauty, and that when it comes to the north of the country, they find the Đurđevića Tara Bridge particularly interesting.

Noting that there have been no direct Chinese investments in Montenegro so far, that Chinese companies are present as contractors for the motorway project, Prime Minister Marković welcomed the interest and intention to invest in tourism. He added that the Government of Montenegro would create legal precondition to enable the realisation of the UTour's intention to build a hotel in Žabljak.

UTour is the largest private tour company in China, and in addition to tourism, they are engaged in international financing, as well as investment in hotel facilities. The group has invested in hotels in Japan, Norway, Switzerland, and they own a large number of travel agencies across Europe. According to Mr Feng, nearly 50,000 Chinese tourists come to Montenegro annually, and the number is expected to quadruple in the next five years.

“My Government's agenda is focused primarily on the North, which is a major construction site today. Through the Capital Budget, we have invested a lot in road, energy, utility and social infrastructure," said Prime Minister Marković.

The meeting also discussed opportunities for investment in other sectors, notably in energy, renewable energy and agriculture. Both sides assessed the good interstate relations between Montenegro and China as significant and positive.

Read more about the business environment in Montenegro at TMN's dedicated page.

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