Montenegrin President Jakov Milatović invited businessmen from Montenegro and Bosnia and Herzegovina (BiH) to cooperate in order to contribute to the prosperity of the two countries with joint projects and investments.
As announced by his cabinet, Milatović, as part of his official visit to Sarajevo, opened a business forum of businessmen from Montenegro and BiH, which was organized on his initiative.
He pointed out that this meeting represents another significant step in strengthening friendly and economic ties between the two countries.
"Our countries are connected not only by geographical proximity, but also by deep historical, cultural and economic ties. And I believe that we are not using even a part of the potential we have," said Milatović.
As he said, as an EBRD economist, he was always impressed by how much BiH, despite the complicated political environment and the tragic consequences of the war, manages to maintain dynamic economic activity, low public debt and the competitiveness of its economy.
Milatović emphasized that Bosnia and Herzegovina can be proud of what it has achieved.
He stated that the Montenegrin economy has shown exceptional resilience through a quick and strong recovery after the COVID-19 pandemic.
Milatović said that, faced with one of the biggest economic downturns in Europe, Montenegro managed to achieve the fastest return to the path of growth.
"However, this crisis has taught us an important lesson: we must strengthen cooperation in the region, strengthen supply chains with neighboring countries and build a stable market base that relies on our closest partners. That's the only way we can ensure the resilience of our economy to future challenges," said Milatović.
He reminded that BiH is one of the most important foreign trade partners of Montenegro, pointing out that in terms of volume of trade, BiH occupies a significant place, with a share of about seven percent in the total turnover of Montenegro.
"The total inflow of foreign direct investments from BiH to our country in the last five years amounted to over 80 million euros. Hundreds of Bosnian companies are active in our country, some of which are among the most successful in their field," Milatović emphasized.
He added that there are also successful Montenegrin companies operating in Bosnia and Herzegovina, as well as Montenegrins who started their business careers there.
"During the time of the former state, many important positions in Bosnia and Herzegovina companies, as well as in public administration, were covered by Montenegrins and Bosniaks from Montenegro, and I believe that they made a great contribution to rebuilding the economy of Bosnia and Herzegovina after the war," said Milatović.
He also said that tourism is one of the areas in which cooperation between the two countries is of particular importance, bearing in mind that Bosnia and Herzegovina occupies the third place in the structure of overnight stays by foreign tourists in Montenegro, with a share of 8,5 percent.
"The opening of the Banja Luka - Tivat airline line by Air Montenegro during the summer months additionally contributed to the increase in the number of tourists from Bosnia and Herzegovina. I believe that this line will continue to function in the future, facilitating travel and strengthening tourist cooperation," Milatović pointed out.
He added that he also encourages the opening of a direct line with Sarajevo, which once connected the three main cities of Sarajevo, Podgorica and Skopje.
According to Milatović, these data indicate a great potential for the further development of trade relations and an increase in the volume of exchange.
"I believe that with joint efforts we can improve this cooperation to our mutual benefit. You, the representatives of the economic sector, have a key role in that," said Milatović.
As he said, creativity, innovation and entrepreneurial spirit are the driving force that can strengthen the economies of the two countries and deepen the ties between the peoples.
"You are the main factor that can turn our common potential into concrete projects and results," said Milatović.
He pointed out that the mentioned economic data are particularly significant, bearing in mind that they were achieved despite the poor infrastructure connectivity of our countries.
"I insisted on coming to Sarajevo by car in order to see for myself the state of our road infrastructure and the problems that exist," said Milatović.
He said that the road between Sarajevo and Podgorica is probably the biggest physical barrier that hinders closer economic cooperation.
"It is unacceptable that two friendly countries have such poor traffic connections. That's why I believe that the reconstruction project of the Foča - Šćepan Polje road, with a total length of 45,6 kilometers and worth close to EUR 79 million, is of strategic importance for both countries," said Milatović.
As he said, the reconstruction of that route must be accompanied by the establishment of a joint border crossing, as was done in the case of the Vraćenovići - Deleuša border crossing opened in 2020, with the support of the European Union (EU).
But, according to Milatović, we should not stop there.
"I really believe that the Port of Bar can be of great benefit to Bosnia and Herzegovina's industry and that we should put additional focus on the construction of the railway infrastructure, with joint projects with the help of EU funds," said Milatović.
He said that, historically speaking, the ports in Boka Kotorska were often the main ones for exporting products from Bosnia and Herzegovina.
Milatović said that Pljevlja and Nikšić were indispensable centers for the trade exchange of Herzegovina with the Adriatic coast and the east.
"This historical connection between our regions testifies to the deep economic ties that we can restore and improve," said Milatović.
He said that the geopolitical moment has brought the enlargement policy back into the focus of the EU and that the two countries must use it to strengthen their economies and work on creating a common market.
"That's why I invite all actors to work on joint projects that can attract additional European funds"; Milatovic said.
He stated that the two countries have great opportunities for further development and improvement of cooperation.
"I invite all present business people and investors to take advantage of these opportunities, to contribute to the economic growth and prosperity of our countries through joint projects and investments," said Milatović.
He said that the role of businessmen is of crucial importance in that process.
Governments, as Milatović emphasized, can and must create a favorable environment and conditions for cooperation.
"You are the ones who, with your work and vision, create real values and strengthen the ties between our countries. Your partnership and joint ventures are the foundation for the future progress and prosperity of our countries. I am convinced that with joint efforts we will achieve goals that will benefit our citizens," concluded Milatović.
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