The individual investment program, which allows investors to apply for Montenegrin citizenship by investing in Montenegro, should have strong multiplier effects on the economy, become a significant source of income and a platform for investments, assessed Montenegrin President Milo Đukanović.
"With a well-designed campaign, it is possible to attract the attention of reputable business people who would agree to relocate their business headquarters," said Đukanović at the Global Conference on Residency and Citizenship in Dubai, organized by Henley & Partners.
This, as he assessed, would not only increase the amount of investments, but also improve the image of Montenegro and raise business standards.
Đukanović, as reported by his Information Service, said that it is the vital national interest of Montenegro to implement the program in such a way that, using the experiences of other countries, it eliminates all the risks that its implementation may bring.
"The program will enable applications only to those persons who have proven credibility in a personal and professional sense and will allow the inflow of funds that have an unquestionable legal origin," Đukanović said.
He said that he believes that any program can be long-term and stable only if both parties see the clear benefits of mutual cooperation.
"It is in the state's interest to further accelerate development, create new jobs, reduce the foreign trade deficit and transfer knowledge and new technologies through the application of the Individual Investment Program," Đukanović announced.
He said that the applicants will benefit from a favorable tax system, visa-free regime for countries in the Schengen zone and integration into the economic and political system of the country.
"The granting of citizenship will establish stronger ties between quality investors and Montenegro, because as good ambassadors they will further promote its economic potential and interests," said Đukanović.
He added that Montenegro has abundant resources, but that they are all limited.
"That's why we have to use them in such a way that we achieve not only the greatest economic reach, but also that the citizens of Montenegro feel the benefits of using resources", added Đukanović.
According to him, this means that the Individual Investment Program must enable better use and better valorization of natural resources for the state and local communities.
"This primarily refers to energy, agriculture and tourism, which represent some of the greatest development opportunities in Montenegro," said Đukanović.
He recalled the record growth of the gross domestic product (GDP) of Montenegro last year, as well as the fact that since independence, 12 years ago, wages and pensions have doubled.
Đukanović added that, at a time when the credit rating in the region is falling, it is rising in Montenegro, which speaks volumes about the focused economic policy of the country.
Đukanović stated that the started and planned infrastructure projects, as well as the economic and financial indicators in the first half of the year, confirm that the growth and progress of Montenegro is not a coincidence, but that it can be expected to be stable and dynamic in the future.
He reminded that since independence, Montenegro has had an inflow of six billion foreign direct investments and that in the previous year their inflow had grown by 30 percent, while in the first half of this year it was 47 percent.
Đukanović also said that in the year of membership in NATO, investments from member states have almost doubled.
"Based on the achieved results, it is clear that Montenegro intends to continue with the growth trend of direct foreign investments, which bring further GDP growth with the aim of reaching the European quality of life," said Đukanović.
He believes that the program envisioned by Montenegro must have strict criteria.
"We don't want a single mistake that could damage the reputation of the country, which is why strict criteria will have to be met for the possibility of obtaining Montenegrin citizenship, and that to a limited extent," said Đukanović.
He added that the only goal is the further improvement of the Montenegrin economy and the preservation of good business practices.
During the conference, Đukanović had a meeting with the operating director of Henley&Partners, Juerg Steffen, where they discussed the progress achieved by Montenegro in improving the business environment, as well as the advantages of the economic citizenship program for attracting foreign direct investments.
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