Azerbaijan eyes to invest in Montenegro
By Leman Mammadova
Azerbaijani investors are interested in investing in Montenegro, Azerbaijani Ambassador to Montenegro Eldar Hasanov said at a meeting with country’s Prime Minister Dusko Markovic.
The meeting highlighted the possibility of enhancing ties between Azerbaijan and Montenegro through expanding investment in tourism, energy and infrastructure, Report informed.
The sides also touched on the organization of direct flights between Montenegro and Azerbaijan that will give the impetus to the growth of tourist flow between two countries.
The meeting also discussed Azerbaijan’s largest investment in Montenegro – the Portonovi resort. Hasanov said that Azerbaijani investors are interested in new investments in tourism resorts as well as in infrastructure strengthening projects.
Portonovi resort is one of the largest projects in the territory of Montenegro. The total cost of the project amounts to 650 million euros. The complex is comprised of a hotel, SPA-centre, yacht port, residences, villas, houses, and restaurants. The developer of the project is Azerbaijan’s Montenegro-based Azmont Investments company.
The Protocol about establishment of diplomatic relations between Azerbaijan and Montenegro signed in 2008 can be considered as the beginning of bilateral mutually beneficial cooperation. After the opening of the diplomatic mission of Azerbaijan in Montenegro and of the Honorary Consulate of Montenegro in Azerbaijan, bilateral relations have further developed.
The establishment of the Joint Commission on Economic Cooperation between the governments of Azerbaijan and Montenegro in 2013 is an indication of the importance of cooperation between the two countries.
Montenegro successfully cooperates with Azerbaijan in the energy sector. Montenegro’s cooperation with Azerbaijan in this sphere is currently based on activities related to the Ionian-Adriatic Pipeline (IAP). IAP, which is expected to be connected to the Trans Adriatic Pipeline (TAP), will pass through Montenegro as well.
IAP is a proposed natural gas pipeline in Southeastern Europe that will stretch from Albania through Montenegro and Bosnia and Herzegovina to Split in Croatia. The capacity of the pipeline will amount to 5 billion cubic meters of gas per year.
Montenegro is also interested in joint participation with Azerbaijan in renewable energy projects, particularly on the use of solar energy.
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Leman Mammadova is AzerNews’ staff journalist, follow her on Twitter: @leman_888
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