Minister of Economy explores new opportunities to expand economic partnership with Montenegro

H.E. Bin Touq holds meeting with Montenegrin ministers of economic development and finance

H.E. Abdulla bin Touq, the Minister of Economy, held a meeting with Jakov Milatović, Minister of Economic Development; and Milojko Spajić, the Minister of Finance of Montenegro and their accompanying delegation, in the presence of H.E. Abdulla Al Saleh, Undersecretary of the Ministry of Economy. During the meeting, H.E. Bin Touq asserted the UAE’s efforts to enhance the economic and trade partnership with Montenegro, which boasts one of the leading economies in Southeast Europe.

H.E. Bin Touq said that the UAE-Montenegrin ties are built on promising and robust economic fundamentals, thanks to the shared desire of the two countries to further enhance the cooperation, covering all areas of development, in a way that serves the future agendas and prospects of both sides. The UAE’s future economic growth agenda focuses on driving digital transformation, developing high-tech industries, and promoting the shift towards the green economy, he said, adding that the UAE has already laid down foundations for green economic growth. A comprehensive review of the procedures followed by UAE businesses has been conducted to further enhance the flexibility and openness of policies, in addition to consolidating the UAE’s position as the most preferred FDI destination, noted H.E. the Minister.

Furthermore, H.E. Bin Touq highlighted the amendments made to the UAE’s business regulations, the most important of which are the Commercial Companies Law, which was amended to allow foreign investors to own up to 100% of their mainland, and the commercial transactions law on the decriminalization of cheques. He also reviewed other laws that are aimed at enhancing intellectual property protection for innovators and inventors in the country. These amendments, he added, strengthen the position of the UAE as a safe environment for investments and business thanks to a more flexible economy that is open to new opportunities for development and interaction with global and regional markets.

In addition, H.E. Bin Touq reviewed the prospects to further diversify the trade and economic partnership between the UAE and Montenegro through the exchange of investment flows and exploration of more opportunities in new economic sectors.

During the meeting, H.E. Bin Touq invited Montenegro to participate in the UAE’s ‘Investopia’ investment summit, which will be held on 28 March 2022 at Expo 2020 Dubai, to benefit from this platform by using it to promote the investment opportunities in Montenegro’s markets during the coming period, as well as the incentives it offers to the investors.

The meeting further discussed the expansion of the economic partnership between the two countries by focusing on aspects of the new economic sectors including renewable energy, the advanced technology as well as the fourth industrial revolution technologies. Besides, the meeting highlighted the significance of acquainting the business sectors of both countries with the incentives, facilities, and the investment opportunities that best fit the prospects and agendas of the future.

Montenegrin Minister Jakov Milatović commended the UAE’s successful organization of Expo 2020 Dubai, which enhances the country’s presence in the global economic landscape. It highlights the UAE’s ability to withstand the challenges brought about by the pandemic and make this global event a success regardless of world-wide restrictions, he said.

Minister Jakov Milatović explained that Montenegro’s participation in Expo 2020 is a significant opportunity to highlight the country’s current economic development and its tourism, trade and investment capabilities.

He expressed Montenegro’s desire to work alongside the UAE to make this mutual collaboration a success on all levels, specifically on the economic and commercial fronts. He also highlighted his country’s interest in enhancing collaboration in the aviation industry and air connectivity between the countries in the future, which will promote trade and tourism exchanges.

Meanwhile, Minister Milojko Spajić underlined Montenegro’s efforts to accelerate development and elevate the quality of life for its people during the next stage. He further presented newly adopted policies to build a promising economic and business environment so that Montenegro can offer huge investment opportunities to foreign investors, mainly in the fields of infrastructure, renewable energy, transportation, and tourism. In addition, the Minister referred to the success achieved by UAE companies in Montenegrin markets during the last period, which further encourages them to consolidate their economic presence and pursue new partnerships that best serve Montenegro’s developmental agenda.

The meeting also witnessed the UAE and Montenegro discuss plans for this year, including the business gathering that will be held as part of Montenegro’s national day celebrations at Expo 2020 Dubai in February. They also agreed to hold the next meeting of the joint economic committee in Montenegro in 2023.

Both sides noted the significance of enhancing collaboration in the aviation sector, which will positively affect the development of trade, investment, and tourism ties between the two countries.

The UAE-Montenegro ties currently span the fields of renewable energy, logistic services, aviation, investment in hotels and tourism, the agricultural sector, real estate, information technology, communications, and financial technology.