Podgorica to host Azerbaijani-Montenegrin Business Forum

Photo: Podgorica to host Azerbaijani-Montenegrin Business Forum / Economy news

Baku, Azerbaijan, Feb.20

By Emin Aliyev- Trend:

The Azerbaijani-Montenegrin Business Forum will be held in Podgorica (Montenegro) on March 5, the website of the Azerbaijani Fund Export and Investment Promotion (AZPROMO) reported on Feb. 19.

"The event, organized by AZPROMO with the support of Ministry of Economy and Industry of Azerbaijan, will be held during the visit of the Azerbaijani delegation to Montenegro, to be held on March 4-7 this year," the statement says.

The trade turnover between the two countries amounted to $11,850 in 2013. Azerbaijan exported $11,460 worth of goods to Montenegro, and imported $ 390, according to the State Customs Committee of Azerbaijan.

Although the export-import operations between the countries are at a low level, Montenegro is considered as one of the most promising markets for Azerbaijani investment. Azerbaijani investors in particular are planning to invest in the construction of a new resort in Montenegro. The new complex will be on the shores of the Bay of Kotor.

The total investment will amount to 500 million euros. SOCAR (State Oil Company of Azerbaijan), which won the tender in Montenegro, established a company "Azmont Investments" for this project.

The complex will include a network of resort One & Only, known for its orientation towards affluent customers.

In accordance with the Memorandum of Understanding signed in December 2013 on the future supply of Azerbaijani gas to Albania, Croatia and Montenegro, there are plans to construct a gas pipeline corridor passing through the Trans-Adriatic gas corridor that will allow the delivery of gas from Azerbaijan to Montenegro.

Gas will be delivered within the Southern Gas Corridor - a project that will allow Europe to diversify its supply sources and increase energy security and gives Azerbaijan a new market.
Translated by S.I.

Edited by C.N

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