Construction site of future Montenegro's luxury tourist resort “Portonovi” officially opened in Kumbor

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Herceg Novi, Montenegro (6 March 2014) – Montenegro's Prime Minister Milo Đukanović and Azerbaijani Minister of Economy and Industry Shahin Mustagayev opened on Wednesday the construction site of the future luxury tourist resort “Portonovi” in Kumbor, in the bay of Kotor, Montenegro. 

The project, which is expected to be completed in 2016, came as a result of good interstate cooperation between Montenegro and Azerbaijan, PM Đukanović told the press. He thanked the Azerbaijani President, the Government and the SOCAR for their commitment to implementing the project that will appreciably boost Montenegro's tourist offer.

The Prime Minister said that Montenegro will face many challenges in the coming period, particularly referring to the need to improve the transport infrastructure through the Kumbor resort's better connection with airports in Dubrovnik and Tivat, and all destinations in Europe and beyond.

"But we are privileged, through our cooperation with high quality investors, to gain knowledge, build capacity and become ready for achieving our vision of Montenegro as one of the most developed tourist destinations in the world,” PM Đukanović stated.

He also underlined the significance of the centre for the training of workers, which the company "Azmont Investment" opened yesterday in Bijelo Polje for resolving some of the Montenegrin economy's critical issues, such as unemployment and introduction of new standards in Montenegro’s business environment.

Azerbaijani Minister of Economy and Industry Shahin Mustagayev said the Portonovi project testifies to excellent relations between the two countriesa and emphasised that the Government of Montenegro has created favourable environment for foreign investment, hoping it will attract many other investors from Azerbaijani in the time to come.
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Azmont Investments, a Montenegrin subsidiary of Azerbaijan’s State Oil Company (SOCAR), will invest EUR 500 million in the construction of the first One & Only resorts in Europe and a super luxurious complex in Kumbor in the Bay of Kotor, Montenegro.

Government of Montenegro has concluded a long-term lease agreement of the former military site “Orjen Battalion” in Kumbor for a period of 90 years with SOCAR, who made the best bid for the construction of a luxurious resort at the 60-acre site.

Located at the narrowest part of the entrance to Tivat Bay, less than an hour from Dubrovnik International Airport, the 60-acre project will command an enviable position between mountain and sea and will overlook 1.2 km of Adriatic coastline.