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DPM Simović opens FREI: We see investment community as partner in achieving Government's objectives

DPM Simović opens FREI: We see investment community as partner in achieving Government
Published date 15.05.2017 21:47 | Author PR Service

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Budva, Montenegro (15 May 2017) – Deputy Prime Minister for Economic Policy and Financial System Milutin Simović opened late this afternoon in Budva eight Festival of Real Estate and Investments (FREI), listing concrete results that our country has made in the further improvement of competitiveness and stating that the Governments sees investors as partners in further reforms.

He said that investors from 113 countries are currently doing business in Montenegro, and that the total inflow of foreign direct investments of about EUR 687 million was achieved during 2017. According to him, FDI growth through the indicator of a significant increase in the net inflow of investments in the first quarter of this year is very encouraging, which best illustrates the efforts that Montenegro makes in the direction of constant improvement of the business environment.

Tourism

As DPM Simović explained, the tourism industry, one of the strategic industries which directly or indirectly participate with approximately 22% in GDP in Montenegro, has registered last year a record of physical and financial indicators – most visitors, most overnight stays and most revenue. In his words, the potential for development of tourism in Montenegro is confirmed by the current investment volume of over three billion euros and the potential for development of this sector in the North is being increasingly recognised.

He pointed out Montenegro is achieving continuous progress in the procedures for issuing building permits, in order to create a favorable environment for business and investment.

"Great potential for development are sectors that are complementary to tourism, primarily agriculture, because of its strategic advantages – possibility to sell through tourism,“ DPM Simović said.

Infrastructure

DPM Simović stressed an important role of transport infrastructure projects that are being realised in Montenegro. First of all, it is intensified construction of the motorway, as well as encouraging steps toward in the implementation of capital projects in the energy sector.

Taxes

The Deputy Prime Minister said that tax policy is a significant competitive advantage of the business environment in Montenegro, adding that the rate of tax on profits of legal entities and individuals is the lowest in the region, while the tax exemptions helped Montenegro to be characterised as the most attractive investment destination in Southeastern Europe and beyond.

Further improvement of business environment

Opening the eight Festival ov Real Estate and Investments, DPM Milutin Simović stated that the Government will resolutely work to eliminate all barriers to business in order to further improve the business environment as a condition of accelerated economic growth.

'Of particular importance is to build traffic, water, sewage, energy and telecommunications infrastructure, with a focus on business zones, according to the planning documents, development plans and strategies,“ DPM Simović stated.

Partner in new political environment

DPM Simović emphasised that all projects are implemented thanks to the strong foundation of the institutions, noting that the process of institution building is very demanding and complex in all democratic systems. European and Euro-Atlantic architecture of institutions that we have built has been reckognised by our international partners.

"We expect delivery of our ratification document to the State Department on 5 June and from that moment Montenegro will formally become a full member of NATO, the best global security framework, and exactly safety and security are necessary conditions for sustainable economic growth and development and the new significant encouragement for all investors,“ the Deputy Prime Minister said, stressing that Montenegro's joining to the family of 28 most developed countries represents the highest recognition of Montenegro's policy of progress.

'We believe that these steps forward made by Montenegro will simultaneously be an incentive for the entire region, but also an incentive for enlargement policy of the European Union,“ DPM Simović said concluding that the Government of Montenegro is committed to implement all necessary reforms in order to further strengthen the competitiveness of the business environment as a condition for the achievement of economic growth, creation of quality jobs and rising living standards.

PUBLIC RELATIONS SERVICE OF THE GOVERNMENT OF MONTENEGRO