Montenegro may have a smaller market size, but it has a strategic position as a gateway to European and Balkan markets – Burhan Genç, president of the Turkish Chamber of Commerce (TurkCham) in Montenegro, said in an interview with Bankar.
He said that Turkish investments in Montenegro have been continuously growing in the last few years, and Turkish investors in Montenegro also benefit from strong bilateral relations between Turkiye and Montenegro, which encourage cooperation and facilitate investment activities. He reminded that Turkish investors are active in various sectors of the Montenegrin economy, but there are key areas where their presence is particularly noticeable. Particularly attractive sectors for investment are tourism and catering, construction and real estate development, but also energy and agriculture.
He mentioned infrastructure limitations in certain regions and fluctuations in regulatory frameworks, as well as a lack of qualified labor in some sectors, as challenges for Turkish investors.
Genç announced that TurkCham will implement targeted investment promotion campaigns to highlight attractive investment opportunities available in Montenegro in various sectors.
How would you describe the current state of Turkish investments in Montenegro? What are the key sectors where Turkish investors are most heavily investing?
Turkish investments have been steadily growing in Montenegro in recent years. Türkiye and Montenegro enjoy a strong and friendly relationship, which has facilitated increased investment activities.
Turkish investors are active in various sectors of Montenegro’s economy, but there are key areas where their presence is particularly notable. One such sector is tourism and hospitality. Another important sector is construction and real estate development. Turkish companies have been involved in numerous construction projects, including residential complexes, commercial buildings, and infrastructure development.
Agriculture as well presents an interesting field for Turkish investors in Montenegro, with opportunities for modernization, technology adoption, and sustainable practices to enhance productivity and contribute to food security.
Turkish investors have also shown interest in energy projects, such as renewable energy initiatives and infrastructure development in Montenegro. These investments not only contribute to the country’s energy security but also support its efforts towards sustainability and environmental conservation.
What are the main advantages and challenges that Turkish investor face when investing in Montenegro?
Turkish investors in Montenegro benefit from several advantages, including a strong bilateral relationship between Turkey and Montenegro, which fosters cooperation and facilitates investment activities. Additionally, Montenegro offers a strategic location with access to European markets, attractive investment incentives, and a favorable business environment characterized by political stability and a liberal economic policy.
However, Turkish investors may also encounter challenges when investing in Montenegro. Infrastructure limitations in certain regions and fluctuations in regulatory frameworks can also pose obstacles to investment.
The lack of skilled labor in some sectors is also a big problem for Turkish investors.
How does the TurkCham in Montenegro support its members and facilitate their activities in the country?
Firstly, TurkCham serves as a platform for networking and collaboration among its members, fostering connections and partnerships that can lead to business opportunities and synergies. Regular events, such as business forums, seminars, and networking gatherings, provide members with opportunities to exchange ideas, share experiences, and explore potential collaborations.
Secondly, TurkCham offers valuable information and resources to its members, including market insights, regulatory updates, and business intelligence specific to Montenegro. This information helps members make informed decisions and navigate the local business environment more effectively.
Additionally, TurkCham advocates on behalf of its members, representing their interests and concerns to relevant authorities and stakeholders in Montenegro. By engaging in advocacy efforts, TurkCham aims to create a more favorable business environment for its members and address any challenges they may encounter.
Overall, TurkCham plays a vital role in supporting its members and facilitating their activities in Montenegro by providing networking opportunities, valuable information, advocacy, and support services tailored to their needs.
How do you assess the business environment in Montenegro for Turkish investors compared to other countries in the region?
Compared to some other countries in the region, Montenegro may have a smaller market size and less developed infrastructure in certain areas. However, its strategic position as a gateway to both European and Balkan markets, coupled with its commitment to economic reforms and integration initiatives, continues to attract Turkish investors looking to capitalize on emerging opportunities in sectors such as tourism, real estate, construction, and energy.
Could you tell us something about the plans of the TurkCham in Montenegro and how you plan to further promote Turkish investments in the country?
TurkCham Montenegro is dedicated to further promoting Turkish investments in the country through strategic initiatives and partnerships. There are some plans that we are working on, such as
Organization of business networking events, seminars, and forums that bring together Turkish investors, Montenegrin businesses, government officials, and other stakeholders. These events provide valuable opportunities for networking, knowledge-sharing, and exploring potential investment opportunities.
Investment Promotion Campaigns that will launch targeted investment promotion campaigns to highlight the attractive investment opportunities available in Montenegro across various sectors. Through digital marketing, media outreach, and participation in international investment forums, we will showcase Montenegro’s potential and encourage Turkish investors to explore investment opportunities in the country.
We will enhance our efforts to reach out to Turkish investors interested in the Montenegrin market and provide them with personalized support and guidance throughout the investment process. This includes facilitating business matchmaking, offering investment advisory services, and assisting with legal and regulatory compliance.
TurkCham Montenegro will also seek to establish partnerships and collaborations with relevant government agencies, business associations, chambers of commerce, and investment promotion agencies in both Turkiye and Montenegro. By working together, we can leverage resources, share best practices, and create synergies to promote bilateral investment and economic cooperation.
We will actively engage in advocacy efforts to promote policies and reforms that support a conducive business environment for Turkish investors in Montenegro. This includes advocating for regulatory improvements, investment incentives, and measures to enhance transparency and investor protection.
We will also conduct market research and gather intelligence to provide Turkish investors with up-to-date information on market trends, regulatory changes, and investment opportunities in Montenegro. By staying informed, investors can make well-informed decisions and maximize the potential for success.
