Turkish Investments in Montenegro on the Rise – Over 12,500 Turkish Companies Now Operating in the Country
Montenegro and Turkey continue to strengthen their economic ties, with growing interest from Turkish businesses in the Montenegrin market. According to the Turkish Chamber of Commerce in Montenegro (TurkCham Montenegro), direct investments from Turkey reached €100.9 million in 2023, while in the first eight months of this year they are already close to €92 million.
The President of TurkCham, Burhan Genc, stated that more than 12,500 Turkish companies are currently operating in Montenegro, which he described as a clear sign of trust and confidence in the Montenegrin economy.
Speaking at the first Business Talks event organized by TurkCham Montenegro, Genc emphasized that such gatherings are not merely consultative but serve as an opportunity to assess the current level of cooperation between the two countries and strengthen the foundation for future joint initiatives.
“Turkey has become one of the largest foreign investors in Montenegro, and our economic relations are gaining strong momentum. This meeting is an opportunity to solidify the foundations of our shared economic future,” Genc noted.
Strengthening Partnership and Dialogue
During the forum, Montenegrin and Turkish business representatives discussed ongoing projects, administrative challenges, and ways to further improve the investment environment. Special attention was given to construction, tourism, and trade, sectors where Turkish companies already play a significant role.
The Turkish Ambassador to Montenegro, Barıš Kalkavan, highlighted that despite recent challenges, the relations between the two countries remain stable and friendly.
“The friendship between the Turkish and Montenegrin people has proven stronger than any attempts to undermine it. Institutional cooperation continues smoothly and at the highest level, and we expect further meetings between our officials in the near future,” said Kalkavan.
Transparent Business Environment and Digital Reforms
From the Montenegrin side, Minister of Spatial Planning, Urbanism and State Property, Slaven Radunović, expressed gratitude to Ambassador Kalkavan and emphasized Montenegro’s commitment to creating a transparent and stimulating business environment.
“Turkish investors have proven to be reliable partners. Although a small country, Montenegro strives to offer a transparent and supportive environment for the private sector,” said Radunović.
He also announced the launch of a digital platform that allows investors to access all relevant information regarding state-owned property, purchasing procedures, and lease opportunities. The government’s goal, he explained, is to simplify administrative processes while protecting the interests of local communities.
“We have implemented several reforms to speed up privatization and align it with market needs. Our ambition is for Montenegro to become recognized as a safe and efficient place to do business,” the minister added.
Stable Relations Despite Challenges
Radunović also referred to recent challenges, describing them as a “test” of bilateral relations that both sides have successfully passed.
“We have demonstrated that relations between Montenegro and Turkey are strong and stable. The sudden influx of people caused some public concern, but our ties remain solid and friendly,” Radunović concluded.
The forum concluded with a shared commitment to further strengthening cooperation and exploring new opportunities for joint projects, particularly in infrastructure, construction, and tourism.