FM Žugić, President of Azmont Investments, pledge commitment to Portonovi luxory resort project implementation

Podgorica, Montenegro (12 June 2015) – Montenegro's Finance Minister Radoje Žugić met with President of the Azmont Investments company Ahmet Erentok.

The meeting confirmed the company’s commitment to continue, in cooperation with the Montenegro government, successful implementation of the Portonovi luxury resort  project near the municipality of Herceg Novi, which will be the first One & Only resort in Europe, thereby positioning Montenegro as an attractive tourist destination.

Commending the incentives the government is providing to all priority sectors of development, Mr Erentok informed Minister Žugića about the current situation at the construction site, and expressed his belief that the joint efforts will enable the project activities to develop in accordance with the planned dynamics. Mr Erentok also said that his company is willing to expansion its operation activities in Montenegro, which will be discussed in the coming period.

Minister Žugić stressed that the successful implementation of the major project will additionally valorise the important resource in Montenegro and contribute to attracting new credible investors. By pursuing an encouraging tax policy and ensuring predictability of the business environment, Montenegro is, as Minister Žugić added, on the right track to foster its economic growth and further promote competitiveness of the economy.

Noting that the two partners have developed excellent cooperation, and that its foundations are based on mutual trust, transparency and efficiency, both sides agreed to intensify efforts towards pursuing the joint objectives.
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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.