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Economy Minister Dragica Sekulić at Western Balkans Summit: Montenegro is stable and safe investment destination

Economy Minister Dragica Sekulić at Western Balkans Summit: Montenegro is stable and safe investment destination
Published date 12.07.2017 16:00 | Author PR Service

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Trieste, Italy (12 July 2017) – Montenegro is safe, economically sustainable and politically stable country with a significant potential to continue pursuing its economic growth, Minister of Economy Dragica Sekulić highlighted during the Business Forum within the Western Balkans Summit which takes place in Trieste.

„Montenegro has recently become NATO member state, positioning the country high on the list of safe countries. Open economy is one of the core values of the country. Montenegro is a full – fledged member of the WTO and signatory state to the CEFTA and EFTA agreements on free trade. Following the current trade agreements, Montenegro is able to provide free trade with more than 800 million consumers,” Minister Sekulić explained. 

Speaking of the business environment, Minister Sekulić said that Montenegro has efficient, transparent and competitive tax system with a profit tax rate estimated at only 9%, personal income tax rate also at 9% and 11%.

When it comes to attracting foreign investments, Minister Sekulić stressed that a foreign investor can invest in any industry sector and make free transfer of capital, profits and dividends. In that regard, she outlined that the Government of Montenegro is currently implementing fiscal consolidation measures, adding that some of them are related to increasing taxes and none of them to increasing taxes for foreign investors.

In her address to the participants of the Forum, Minister Sekulić presented some of the most important incentives which are being implemented by the Government. Therefore, she mentioned Decree on boosting direct investments which is aimed at providing financial investments amounting form EUR 3 000 to EUR 10 000 per a new working place. This Decree is aimed at attracting investments and boosting employment, particularly in less developed municipalities in Montenegro, Minister Sekluić pointed out. 

The funds are allocated on the basis of a public call for investment projects, Minister Sekulić explained, adding that these funds should be amounting minimum EUR half a million for central region of the country and EUR 250 000 for northern region. A foreign investor can use these incentives after the establishment of a company in Montenegro, she outlined. 

The Government of Montenegro is also implementing a project related to declaring the business zones, which are entitled to 9 municipalities so far, thus allowing investors to invest under very favourable conditions, Minister Sekulić emphasised. 

Speaking of the infrastructure, Minister Sekulić said that Montenegro is on its way to become an energy hub of the region, mentioning several projects such as the construction of submarine cable to Italy and the construction of a 400KV transmission line between Montenegro, Serbia and Bosnia and Herzegovina which is co-financed by the EU through the Berlin Process. All these projects are pointing out that Montenegro is making efforts in building stable and secure infrastructure in the region, Minister Sekulić pointed out. 

EU Commissioner for Neighbourhood Policy & Enlargement Negotiations Johannes Hahn stressed that the Western Balkans Summit will define the progress of the Western Balkan countries within the Berlin Process, particularly when it comes to the Connectivity Agenda. He stressed that the WB countries have implemented almost the whole Agenda during 2017, adding that for the region should be focused on the small and medium sized enterprises in order to boost economic growth. It is important to create an atmosphere for enabling the exchange of experience between the Western Balkan countries and the EU in order to establish good economic cooperation and sharing of know-how, Commissioner Hahn pointed out.