Azerbaijan to invest more in Montenegro (Exclusive)

Business Materials 2 March 2018 19:47 (UTC +04:00)

Baku, Azerbaijan, March 2

By Gulgiz Muradova - Trend:

Azerbaijani company Azmont Investments plans to invest 290 million euros in the Portonovi project in Montenegro in 2018, Montenegrin Foreign Minister Srdjan Darmanovic said in an interview with Trend.

The minister noted that projects such as Portonovi, by Azmont Investments, which is a part of Azerbaijan Global Investments (AGI), add important value to Montenegro’s aspiration to position itself as a luxury travel destination, and the Government of Montenegro is committed to supporting and promoting such investments.

"Azmont Investments recently announced the investment of 290 million euros in Portonovi in 2018, which will be their biggest annual investment in Montenegro since entering the market in 2012. We hope that the success of this important investment will be a signal to other investors from Azerbaijan to come and explore the opportunities for successful business," he said.

Touching upon the investments of Montenegrin companies in Azerbaijan, Darmanovic noted that the Azerbaijani market is not yet fully familiar for the companies of Montenegro.

"When it comes to Montenegro’s businesses, I believe they have yet to discover Azerbaijan and its investment opportunities, which is what business forums are for. This is also a signal for our national Agencies for Promotion of Investment to work closer to promote opportunities our two countries clearly have in abundance," he noted.

The FM said that the two countries need to continue working to expand trade and business cooperation.

"Clearly, there is room for expanding trade. We welcome deepening of contacts between Montenegro’s Chambers of Economy and Azerbaijan’s Chamber of Trade and Industry, and we fully support organizing of business forums for Montenegrin and Azerbaijani companies, which would contribute to identifying concrete opportunities for business and trade," he said.

"We certainly welcome possibilities for Montenegrin companies to do business in Azerbaijan. It is important for Montenegro’s companies to be regularly informed about the developments in non-oil sectors of Azerbaijan’s economy and thus seize the opportunities for doing business when they present themselves."

According to the Central Bank of Montenegro, in 2017, Azerbaijan invested 66.09 million euros in the Montenegrin economy, taking the third place in the list of main investors in Montenegro. The share of Azerbaijan in the total volume of investments in Montenegro was 10.2 percent.

The entire volume of Azerbaijani investments accounted for Montenegrin companies and banks.