Turkish investors have become Montenegro’s largest source of foreign direct investment (FDI) in the first eight months of 2025, investing 92.2 million euros, or 21 percent of total FDI, according to data from the Central Bank of Montenegro and Monstat. Their capital is registered in about 14,500 companies, meaning one in every five firms in the country has Turkish ownership.
In 2024, tourists from Türkiye accounted for 6.7 percent of total arrivals and 4.9 percent of overnight stays, while 20 percent of passengers traveling through Montenegro’s two airports flew on routes between Montenegro and Türkiye. These figures confirm Türkiye’s significant economic presence in the country. However, recent incidents in Podgorica, including violent clashes and the government’s decision to revoke visa-free travel for Turkish citizens, have raised concerns about the possible impact on bilateral relations and economic growth.
Over the past six years, from 2019 to August 2025, Turkish investors have invested 451.7 million euros in Montenegro: 217.9 million euros in real estate, 35 million in direct company investments, and 193.7 million through intercompany loans from Türkiye to Montenegrin affiliates. In 2023, Türkiye ranked third for FDI with 85.4 million euros, behind Serbia and Russia. In 2024, it moved up to second place with 100.9 million euros, and as of August 2025, Türkiye leads the list, just ahead of Serbia with 91.8 million euros.
Burhan Genc, president of the Turkish Chamber of Commerce in Montenegro (TurkCham), said that while recent events may slow economic activity in the short term, investor confidence remains strong in the long run. He noted that Turkish investors are among Montenegro’s most active, primarily in construction, tourism, and real estate, but also in sectors such as banking, renewable energy, mining, healthcare, logistics, and manufacturing. The number of Turkish-owned companies has grown from around 10,000 in 2024 to about 12,500 by September 2025, with approximately 14,500 Turkish citizens owning or holding shares in Montenegrin firms.
According to Montenegro’s Ministry of Interior, around 100,000 foreigners currently hold residence permits in the country, including 13,500 Turkish citizens, who make up around two percent of the total population. Foreign residents contribute roughly 15 percent of Montenegro’s state budget revenues, or about 300 million euros annually, while the Turkish community contributes an estimated 40 million euros per year.
Genc explained that the introduction of the new visa regime could create temporary bureaucratic and operational challenges, particularly for business travel, project implementation, and workforce mobility. These issues could affect sectors such as construction and tourism, where Turkish companies are especially active.
He expressed optimism that the situation will be resolved through constructive cooperation between the two governments. “Our goal is to support dialogue and ensure that Turkish investors can continue their activities without disruption,” he said.
Genc emphasized that Türkiye remains a strong supporter of Montenegro’s path toward European integration, adding that the relationship between the two countries is based on mutual understanding and trust, which provides a solid foundation for the continued development of economic cooperation.
