Hungary invested over €470m in Montenegro

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Hungarian companies have invested over €470m in Montenegro since 2004. When it comes to investment volume, Hungary is the fifth biggest Montenegrin partner, president Filip Vujanovic said.

After meeting with Hungarian counterpart Janos Ader, who is in a two-day official visit to Montenegro, he said that Hungarian companies invested more than €34m in Montenegro last year.

“In the field of foreign trade in the last two years, thanks to such relations, exports to Hungary have increased, and this has significantly contributed to the improvement of our foreign trade balance,” Vujanovic said.

According to him, there are very valuable and respectable Hungarian companies in the Montenegrin economy that are doing a very good job in Montenegro.

“In the ​​tourism sector, a large hotel chain Hungest Hotels has two hotels in Herceg Novi – Topla and Centar – which are very successful. Hungarian aluminium company MAL, which has been granted bauxite concession in Niksic, has contributed to significant increase in exports from Montenegro to Hungary,” said Vujanovic.

He also called to mind that OTP Bank privatised Crnogorska Komercijalna Banka (CKB), and that it has been very successful in Montenegro. Also, Magyar Telekom is present in telecommunication sector in Montenegro.

“Hungarian tourists visit Montenegro and it is in our interest to increase the number of Hungarian tourists in Montenegro and Montenegrin citizens travelling to Hungary,” Vujanovic said.

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