Montenegrin President Jakov Milatović announced that Montenegro is ready to support further investments and deepen its economic partnership with Turkey. Milatović is currently on an official visit to Turkey at the invitation of President Recep Tayyip Erdoğan. During the visit, he met with Turkey’s Minister of Treasury and Finance, Mehmet Şimşek, and representatives from the Turkish Foreign Economic Relations Board (DEIK) to discuss strengthening economic cooperation between the two countries.
In his address to the Turkish business community, Milatović emphasized that economic collaboration between Montenegro and Turkey has been growing year by year. He noted that direct Turkish investments in Montenegro reached nearly €76 million this year, accounting for 12% of the total foreign direct investments in the country. This marks a significant increase from €34 million in 2019, reflecting growing confidence among Turkish investors in Montenegro’s stability, potential, and strategic position in the heart of Europe.
Milatović also highlighted that trade between the two countries is thriving, having reached €210 million last year. He pointed out that the Turkish Chamber of Commerce has been operating in Montenegro since last year, playing an active role in strengthening business ties.
He further added that there are approximately 10,000 companies owned by Turkish nationals in Montenegro, which represents a quarter of all foreign-owned companies in the country. This reflects the dynamic role of Turkish entrepreneurs in shaping Montenegro’s economy and their commitment to innovation and growth.
Tourism has also been an area of growing cooperation. Milatović reported a significant increase in the number of Turkish tourists visiting Montenegro, from nearly 40,000 in 2019 to an expected 148,000 this year. Turkish tourists now represent about 6% of total arrivals and 4.4% of total overnight stays in Montenegro. This growth has been driven by increased direct flights and a more diversified tourism offer.
Milatović encouraged Turkish investors to focus on Montenegro’s northern region, where major tourism centers and modern infrastructure, including a highway connecting the capital to the north, are under development. He expressed optimism that despite the strong economic cooperation, there is still more potential for growth.
The President also stressed the importance of intensifying cooperation in the fields of green economy, renewable energy, and infrastructure development. He expressed confidence that both countries will continue to build relations based on mutual trust, solidarity, and shared goals, contributing not only to the stability and development of Montenegro and Turkey but also to the entire region.
Milatović concluded by thanking the Turkish business community for its significant contributions to Montenegro’s economy. He reaffirmed Montenegro’s readiness to support further investments and strengthen the economic partnership, saying that together, the two nations can achieve common economic goals, foster innovation, and further cement the friendship between their peoples.
