Minister Kavarić in Baku: Montenegro supports industry development through introducing incentives

Azerbaijan, Baku (26 November 2014) – Government of Montenegro supports development of the industry as an important branch of the economy through adopting different simulative measures for domestic and foreign investors and establishing the business zones, Montenegro’s Minister of Economy Vladimir Kavarić stressed in his address at a conference which takes place in Baku.

Minister Kavarić highlighted that by supporting industry the government aims to boost business, which includes the establishment of the business zones in order to provide investors with a wide range of tax and administrative incentives at local and national levels. He underlined that the industry will be backed up through the existing package of incentives and new legislative framework which the government will soon adopt.

Montenegro has achieved political and macroeconomic stability, efficient and transparent tax system, reformed its banking sector, introduced simple and quick company registration, as well as good legal basis and protection of foreign investors and equal treatment of domestic and foreign investors, Minister Kavarić emphasised, adding that Montenegro is a full-fledged member of the World Trade Organisation, signatory state of the EFTA and CEFTA agreements and free trade agreements with the EU, Russia and Turkey.

Regarding the energy sector, Minister Kavarić underlined that the implementation of the underwater energy cable between Montenegro and Italy will position Montenegro as an important energy hub in the region.