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Tuesday, May 28, 2024
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Turkish investment in Montenegro: Prospects and challenges

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In Montenegro, a total of 6,000 companies are under Turkish ownership, predominantly operating in tourism, construction and energy sectors.

Entrepreneurs who have chosen to establish their ventures in our country cite its favorable geographical location and economic conditions as primary attractions. Despite facing hurdles such as bureaucratic procedures and infrastructure limitations, they assert that conducting business in Montenegro yields significant benefits.

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Ozlem Erdam Polat represents one of the 11,000 Turkish citizens residing in Montenegro. Many of these individuals either own their businesses or are employed within Turkish-owned enterprises. Ozlem’s family construction business transitioned to Montenegro, enticed by the nation’s rich culture, natural beauty, and shared historical heritage. They recognized Montenegro as a country brimming with growth potential, particularly appealing to small investors like themselves.

Their experience mirrors a broader trend. Montenegro hosts 6,000 registered companies owned by Turkish nationals. The enticing economic landscape and proximity to Turkey are pivotal factors in their decision to invest and reside here, as outlined by Turkchem – the Turkish Chamber of Commerce in Montenegro.

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However, despite the promising business environment, entrepreneurs face several challenges. These include political instability, bureaucratic red tape, a shortage of skilled labor, and the pressing need for infrastructure enhancement.

Despite these obstacles, there’s a shared sentiment that Montenegro’s trajectory presents ample opportunities for sustainable growth, especially in comparison to Turkey.

To maximize potential, Turkchem emphasizes the necessity of improving air connectivity, advocating for increased flights not only to Istanbul but also to other Turkish cities. Such enhancements would catalyze further development in tourism and bolster economic collaboration between the two nations.

Turkish investors identify tourism, energy, and construction as the most lucrative sectors for business endeavors. However, there’s a growing interest in agricultural investments, reflecting evolving market dynamics and emerging opportunities in Montenegro.

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