Government adopts strategies for Montenegro's development, attracting foreign investment

Podgorica, Montenegro (29 March 2013) – At today's session, the Montenegrin Government adopted the Memorandum on Montenegro's Development for the period 2013-2016 and the Strategy for Attracting Foreign Direct Investment for the period 2013-2015.

Montenegro as an EU candidate country, is obliged to define its socio-economic vision, along with specific investments and development measures necessary for its implementation. The Memorandum on Montenegro's Development for the period 2013-2016 defines the strategic priorities and policies, along with concrete measures and public investments that contribute to economic and social development of the country. The policies will be funded from domestic and foreign funds, with particular emphasis on EU assistance that Montenegro gets through IPA funds.

According to the memorandum, the strategic priorities of Montenegro’s development are tourism, energy, agriculture and rural development. It also prescribes key measures, projects and funds needed for pursuing such policy, with total amount estimated at EUR 1164,7 million.

The Cabinet also adopted the Strategy for Attracting Foreign Direct Investment for the period 2013-2015, with the view of improving Montenegro’s image as an investment destination, upgrading the competitiveness of the Montenegrin business environment, increasing direct investment and transforming Montenegro into a leading platform for business development in the region.

The strategy envisages the creation of 10 000 new jobs, while the total impact will be at the level of 32 000 new jobs, through initiating a support shain for the investments, turning to rapid-growth markets and encouraging more balanced regional development that guarantees that at least 20% of investments will be directed to the northern part of Montenegro. For the period 2013-2015, the investments are estimated to total EUR 1.6 billion.