Montenegro-Turkey economic ties deepen

Turkey invests in Montenegro

On Monday, Turkey’s Foreign Minister Hakan Fidan inaugurated the Turkish Chamber of Commerce in Montenegro’s capital, Podgorica, marking a significant milestone in the bilateral relations between the two countries. The event highlighted Montenegro’s emergence as an attractive destination for foreign direct investments (FDI) and the expanding economic cooperation between Turkey and Montenegro.

Strengthening ties

Minister Fidan emphasized Türkiye’s strong diplomatic presence, boasting one of the world’s largest networks with 260 representations. He expressed optimism about further bolstering this number in the near future, underscoring Türkiye’s commitment to strengthening ties with Montenegro. Fidan also highlighted the remarkable growth of Turkish investments in the country, which currently stand at €344 million ($375.20 million).

In terms of FDI, Montenegro ranks high on the list of preferred destinations for Turkish businesses. Minister Fidan pointed out that their robust bilateral trade volume exceeded $200 million last year, primarily due to the expansion of the free trade agreement between the two countries. He set an ambitious target of reaching $250 million by the end of this year, highlighting the mutual desire to foster even stronger economic ties.

Sectors of opportunities

Fidan encouraged business leaders from both nations to explore opportunities in various sectors such as energy, tourism, infrastructure, education, health, agriculture, forestry, communications, and information technology.

By diversifying investments across these fields, Montenegro and Turkey can unlock substantial economic potential.

The inauguration of the Montenegro-Turkish Chamber of Commerce signifies a significant step forward in enhancing trade and investment relations between the two countries. Prime Minister Dritan Abazović emphasized the deep political and fraternal ties between Montenegro and Türkiye, underscoring the warm welcome extended to Turkish companies. Abazović expressed a firm commitment to facilitating their participation in large-scale infrastructure, energy, and tourism projects within Montenegro.

Untapped potential

Despite its small size, Montenegro offers a wealth of opportunities for investors. Prime Minister Abazović emphasized the country’s untapped potential, making it an attractive destination for foreign businesses seeking growth and profitability.

The opening ceremony witnessed the presence of numerous Turkish and Montenegrin business representatives, further highlighting the growing interest and commitment from both sides to forge fruitful economic partnerships.

During his visit, Minister Fidan also held a meeting with Montenegrin Deputy Prime Minister and Bosniak Party Chair, Ervin Ibrahimović, emphasizing the importance of continued dialogue and collaboration between the two nations.

With the establishment of the Turkish Chamber of Commerce and the shared vision of expanding economic cooperation, Montenegro is positioning itself as an attractive investment hub for foreign businesses, particularly those from Türkiye.

The strengthened bilateral ties in trade and investment present promising opportunities for both Montenegro and Türkiye, as they work together to drive economic growth and prosperity.

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