Montenegro, expected to become a member of the European Union in 2028, has caught the attention of the Turkish business world as investments in the country have grown.
Over the past decade, investments in the country have strengthened, and Türkiye has risen to become the third-largest investor in Montenegro.
Highlighting the significant investment opportunities in the country ahead of its European Union accession, Ambassador to Podgorica Barış Kalkavan stated that Türkiye is positioning itself as a leader in these investments.
Kalkavan noted that there are more than 10,000 registered Turkish companies in Montenegro, ranging from large to medium and small enterprises. He added: "The annual revenue generated by these companies amounts to 85 million euros ($89.4 million), which is a very substantial figure for Montenegro."
Kalkavan also mentioned that they established the Turkish Chamber of Commerce (TURKCHAM) in Montenegro to help Turkish companies manage their operations more effectively and to provide support in case of any issues.
Drawing attention to the fact that Montenegro has many advantages for Turkish investors, Kalkavan further said: "The first advantage is its location. It is right on the opening to Europe on the North-South-East-West line. If you consider the Mediterranean basin to the north of the Black Sea, Montenegro is right in the middle."
"The Bar Port, the most important port in the country, is used by 14 different countries, from Hungary to Slovakia and Slovenia. This is the first country to become a member of the European Union. After entering the EU, the current opportunities will not exist. Therefore, we need to be fast and solid," he explained.
The latest investment move in the country, where the Turkish business world is accelerating its investments, came from PMTR Group, the report also said.
The company, which made a TL 1.31 billion (36 million euros) housing and hotel investment in the city of Bar in Montenegro, signed an agreement with Wyndham Group for this project. The leasing and operating processes of the three-block project consisting of 261 apartments, including a 120-room hotel, one-, two- and three-bedroom apartments, and a penthouse, will be carried out by Wyndham.
"We signed the 216 project in Fikirtepe, one of the most difficult urban transformation projects in Istanbul. In this project, which we implemented under very difficult conditions, we delivered the residences to their rightful owners in a short period of 18 months. After completing this investment, we accelerated our investments abroad and signed this project, which is the first Turkish investment in the city of Bar," PMTR Group Board Chairperson Şemsettin Aydın said.
Aydın also pointed out that Montenegro has recently become a center of attention for Turkish investors and went on to say that the city of Bar "is an undiscovered treasure of this country."
"Bar, which is a port city, is also the crossroads of the Balkans. Bar is 1.5 hours away from Europe and the Balkans by sea, land and air," he said.
Drawing attention to the fact that the potential of the city of Bar has not yet been discovered, he noted that Bar offers great opportunities for investors for this reason.
"A one-bedroom apartment starts from 100,000 euros. When similar projects in Türkiye are considered, they are very affordable. Because, while the return period of a housing investment in Türkiye is now 17-20 years, the return period of an investment here is 10-12 years. Thanks to our cooperation with Wyndham, we will be able to operate all the residences," he noted.
Aydın, who stated that the apartments in the project will be delivered to the investors with all their needs, from sofas to appliances, carpets to curtains, said: "We are bringing all the materials from Türkiye. For this project, we will import 10 million euros, approximately TL 400 million, from our country to Montenegro and contribute to our country's economy."
Moreover, he pointed out that Montenegro has a population of 680,000 and said: "It receives 6 million tourists annually. Since the bed capacity in the region is insufficient, there is a serious demand for housing. Russians and Ukrainians are the ones who buy housing the most here. This is followed by Poles, Germans and Turks."
