Prime Minister Đukanović takes part in EBRD conference on investing in Western Balkans in London

London, United Kingdom ( 24 February 2014) – Montenegro’s Prime Minster Milo Đukanović participated earlier today in London in the EBRD conference on investing in the Western Balkans.

Addressing the conference, Prime Minister Đukanović noted the support provided by the EBRD has made a significant contribution to building Montenegro’s dynamic market economy. Over the past seven years, the EBRD has supported 39 projects in Montenegro with more than EUR 340 million, which have mobilised investments in private and public sectors, PM Đukanović stressed.

PM Đukanović said that Montenegro has achieved notable progress regarding the increase in income, poverty reduction and implementation of structural reforms. Since 2003, the GDP per capita has trippled from 2.400$ to 7.160$ in 2012, PM Đukanović underlined.

Global crisis has discovered vunerabilities of the Montenegrin economy and emphasised the need of pursuing further reforms in order to improve fiscal and financial stability, business climate and fostering competetiveness, PM Đukanović pointed out.

Regardless of these shortcomings, the quality of the Montenegrin business enviroment has been recognised by referent investors, especially in areas of tourism and energy.

“Sustainable economic growth and development require openness of our economy and we believe they will strengthen Montenegro’s image as a reliable investment destination,” PM Đukanović stressed.

PM Đukanović particularly referred to the investments in tourism, namely Luštica-Bay project worth more than EUR 1 billion, Porto Montenegro - a full service marina located in the Bay of Kotor, the first “One and Only” resort in Europe in which Azerbaijan’s State Oil Company (SOCAR) will invest EUR 500 million, and continuation of the Aman Resorts’ investment cycle.

Prime Minister Đukanović also paid attention to infrastructure development, stressing the successful Montenegro-China cooperation in starting construction of Montenegro’s highway Bar – Boljare, as well as the construction of the the second block of the Thermal Power Plant Pljevlja worth EUR 300 million.

He also stressed the importance of launching the first bid for awarding concessions for oil and gas exploitation and production in the offshore of Montenegro, and the project of undersea transmission cable that will transfer electricity from Eastern Europe to Italy and other EU countries worth EUR 800 million.

“Together with our partners from Albania, Bosnia and Herzegovina, Croatia, and Azerbaijan we are engaged in discussing the construction of the IAP (Ionian Adriatic Pipeline), as well as the continuation of the Trans Adriatic Pipeline (TAP)”, he explained.

In order to overcome impediments related to business development, unemployment, foreign trade deficit and low level of income, Montenegro needs support from stable financial mechanisms of the EU and the EBRD, as well as strengthening of common regional initiatives, PM Đukanović said.

“I’m convinced that committed cooperation with our European partners will result in an action plan for accelerated pro-European development of the Western Balkans”, PM Đukanović concluded in London.