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Good economic cooperation with Hungary


Hungary is interested in knowledge transfer and more intensive business cooperation with the Montenegrin companies in the water management industry, it was said at the meeting of the Hungarian Ambassador Kristián Pośa with the President of the Chamber of Economy of Montenegro Vlastimir Golubović.

The interlocutors agree that the Chamber and the Embassy have a very efficient cooperation and it should be promoted in this direction.  

The President points out that Hungary is very important foreign trade partner to Montenegro and it was the third country to which Montenegro exported most in 2017. He also referred to the foreign direct investments from Hungary in the last ten years, mostly in the sectors of tourism and finances/banking as well as telecommunications.

He added that Hungarian tourists are increasingly coming to Montenegro, due to direct flights between Podgorica and Budapest established by the low-budget company Wizz Air.

- Due to the poor railway connections between the two countries, the Hungarian companies opt for other ports on the Adriatic, rather than the Bar port. Improving this type of transport would significantly lead to exploiting more the capacities of our port, says the President of the Chamber.  

According to him, the improvement of the railway infrastructure is the regional issue, which needs to be solved with various kinds of the EU support in order to establish closer connection between the countries of the Western Balkans.

The President has informed the Ambassador about the new Law on the Chamber of Economy of Montenegro, which entered into force on January 9, 2018 and is fully harmonized with the EU legislation. Speaking about the planned activities of this business association, he has emphasized that the Chamber will work on establishing stronger relations with the members, which will result in creating database of the domestic companies and presenting the benefits of the services offered by the Chamber.

The Ambassador Pośa says that Montenegro is the country with the highest Hungarian investments per capita. 

- In 2016 and 2017 Hungary was the country, with highest investments in Montenegro. I am very satisfied with the arrival of more Hungarian companies and tourists to Montenegro, says Pośa.

Ambassador reminds that Hungary actively supported the accession of Montenegro to NATO and pointed to benefits, which the membership brought to his country. 

- Investments are encouraged in the safe countries, which is being ensured through this framework, says the Ambassador. 

Speaking about the importance of the Hungarian Chamber to the economy he emphasizes the significant role of this association in the education system. The Chamber initiated introducing the dual education system, related to work-based learning. It also contributed to increased investments from Austria and Germany as well as development of the automotive industry. The Hungarians built the first trail in Central and Eastern Europe for testing the electric car.

According to the President, the Chamber of Economy of Montenegro is one of the strongest advocates of the work-based learning and in partnership with the Ministry of Education it began a project dual education.

The Ambassador emphasized that Hungary has a well developed water management system in terms of knowledge and successful companies. Through a number of projects it is active even in the distant Asian countries. Hungary is interested in transferring know how and enhancing the cooperation with the Montenegrin companies from this field. Therefore, business forum, which would include stakeholders from this sector, has been announced for this spring and would be organized by the Embassy and the Montenegrin Chamber. The Hungarian and Montenegrin enterprises have been working on similar projects, so the announced forum is expected to result in new partnerships. Montenegrin companies – members of the Communal Infrastructure Association Board are very interested in knowledge transfer, especially due to the obligations in the field of waste water treatment arising from the Chapter 27.

The Vice President of the Chamber Ivan Saveljić spoke about the past business meetings organized with the Hungarian Chamber, ministries of trade and foreign affairs of this country and with the support of the Embassy. He adds that the success has been confirmed with the improved trade between the two countries.

The Ambassador informed his hosts that Hungary announced a competition for 30 scholarships, which will provide an opportunity for young people from Montenegro to continue bachelor, master and doctoral studies in this country.

The President concluded that the Chamber will provide all necessary information to the Hungarian business community and investors regarding the business opportunities in Montenegro, especially in business zones as well as the free zone of the Port of Bar.