PM Marković pays visit to HG “Budva Riviera“: No additional burden on economy except Fiscal Strategy measures

Budva, Montenegro (11 June 2017) -- During today's meeting with the administration and management of the Hotel Group “Budva Riviera“, Prime Minister Duško Marković said that the Draft of the Fiscal Strategy of Montenegro 2017-2020 provides all the measures that the Government intends to initiate in the future.

“There will be no new burden on the economy. We did everything to preserve the business environment, but it was not easy. The new Government adopted a series of measures in just one month. However, the current results of measures are encouraging because we have a revenue increase of more than EUR 40 million, as well as ever growing interest of investors and ever more intense activity of investors. The Fiscal Strategy was essential – I think we have found a measure. Therefore, no new burdens, we can only reach the relaxation, which depends on the market,” Prime Minister Marković sad in Budva.

The management of the HG “Budva Riviera“ welcomed the Government’s decision not to raise the lower VAT rate, stating that the decision of the Government is encouraging and guarantees the preservation of the competitiveness of our country’s tourism industry.

“Thank you for the lower VAT rate for tourism remaining the same. I thank you on behalf of the tourism industry,” the Executive Director of the HG “Budva Riviera“ Katarina Kažanegra said to the Prime Minister.

Successful Company

During the visit, organised to mark the opening of the reconstructed Hotel “Aleksandar”, the administration and management of the HG “Budva Riviera“ presented the impressive results of business to the Prime Minister.

According to them, 2016 was one of the most successful business year with revenue over EUR 19 million and profit of EUR 1.012.356, and net profit increased by 84% compared to 2015. This year's preseason data are encouraging, capacities are full, occupancy rate is 98%, and according to current indicators, growth by 10% is expected this year.

An increasing number of guests of the HG “Budva Riviera” comes from the European Union, markets of the United Kingdom and the Scandinavian countries are opened, and there is a great cooperation with the national airline company “Montenegro Airlines”. The number of guests from the Western European market is expected to increase by around 15%.

The Prime Minister congratulated the HG “Budva Riviera” on a successful business and expressed satisfaction with the results. Prime Minister Marković said that the Government continues to resolutely implement development projects and launch the new ones, adding that he expects the projects that will further enhance the competitiveness of Montenegrin tourism to be launched in the coming period.

Hotel “Aleksandar” – four-star hotel and pool

The reconstructed Hotel “Aleksandar”, which was officially opened tonight, is adapted from the former three-star hotel into a four-star hotel with 187 rooms and suits. After completing the second phase of adaptation worth about EUR 5 million, Hotel “Aleksandar” got a swimming pool.

The Prime Minister also visited one of the rooms of the reconstructed hotel.

The meeting of the Prime Minister and the administration and management of the Hotel Group “Budva Riviera” was also attended by Minister of Sustainable Development and Tourism Pavle Radulović.

PUBLIC RELATIONS SERVICE OF THE GOVERNMENT OF MONTENEGRO