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Montenegro could become a regional hub for investments in energy and ICT

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Montenegro has significant potential for the development of renewable energy sources and a very well-developed network of interconnections, so it could become a regional hub for this type of investment, it was said during the B2B meetings of American and Montenegrin companies.
Namely, the Chamber of Commerce of Montenegro, the Embassy of the United States of America and the American Chamber of Commerce organized bilateral talks between representatives of Montenegrin and American companies in Podgorica. US Ambassador Judy Reising Reinke also took part in the meeting.
– Bilateral talks, more than 60 of them, were held as part of the first visit of the US trade mission to our region in the last 20 years, the aim of which was to bring together key economic decision makers, identify business opportunities and initiate talks with prominent business partners in strategic sectors: IT, energy and clean technologies – it was announced by the Chamber of Commerce (PKCG).
As they stated, the trade mission served as a step in the further development of economic cooperation between the USA and Montenegro.
Representatives of more than 40 Montenegrin companies from the aforementioned areas, as well as trade, tourism, consulting services and others, participated in the talks.
– Representatives of 20 American companies had the opportunity to meet potential partners from Montenegro and offer their services and products. A number of them are already operating in our market, have their own representative offices and cooperate with local distributors – it is stated in the announcement.
These are experts with extensive experience who transfer IT solutions and knowledge to states and companies, from multinational corporations that develop innovative solutions, network hardware, software, telecommunications equipment and other services and products, and are leaders in the field of public security, artificial intelligence, renewable energy sources and storage. Among them, the mission included senior representatives of giants such as IBM, Motorola Solutions, Cisco Systems, SAS Institute, Adtran, AlPha Technologies, AerialZeus, Oracle, Honeywell, Schweitzer Engineering Laboratories and others.
The event also offered insights into the IT and energy sectors, as well as talks from regional and US experts on how to face, adapt and respond to the new global perspective.
Vice President of the Chamber of Commerce, Nikola Vujović, said that this B2B event represents an additional step in bringing together the business communities of the two countries, with the assessment that partnerships between businesses imply a connection between peoples and countries, and the closeness of the values ​​they strive for.
– It is important to strengthen cooperation in all fields, especially in areas of critical infrastructure – which today are the energy and ICT sectors. Today’s economic situation, caused by COVID, and additionally complicated by Russian aggression against Ukraine, puts energy in focus. Energy is one of the greatest potentials for the development of Montenegro, especially clean energy sources – Vujović said.
He pointed out that the business community in Montenegro is aware of the need to diversify routes and sources in the energy sector. According to him, the current state of the energy sector in Europe shows how much dependence on one source or route is susceptible to malignant influence, which warns that there must be no more wrong assessments of strategic development directions – especially critical infrastructure.
– I see significant potential here for the USA and American investments, providing support and cooperation with Montenegrin companies, achieving the goal of greater participation of clean energy in our energy mix – said the vice president of the Chamber.
He reminded that the regulatory framework in the field of energy in Montenegro is almost 100% harmonized with EU regulations, that our country has significant potential for the development of renewable energy sources and a very well-developed network of interconnections, where he particularly emphasized the submarine cable to Italy.
– All this means that Montenegro can become a regional hub for this type of investment. When I talk about the diversification of routes and sources, I also mean the possibility of using the potential of the port area in Bar, as well as the construction of a smaller LNG terminal – he emphasized.
He expressed the expectation that fruitful talks between businessmen will enable a new partnership between the Montenegrin and American business communities, and expressed the readiness of the Chamber of Commerce to continue to be a partner in these activities.
Milan Marić, director of S&T Montenegro, assessed that ICT is the most promising sector in this country.
– ICT is recognized as the most important area of ​​economic development in Montenegro, which horizontally connects all sectors of our economy. The growth of ICT is about 30% per year and these are the data before the current war crisis in Ukraine, while now it is even higher. Thank you for recognizing this and for discussing how to valorize these potentials. Let’s go into that venture together – said Marić.
The moderator of the meeting was Walter Andonov from the Embassy of the United States of America, local media writes.
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