The Government adopted the Information on the conclusion of a Memorandum of Understanding in the field of investment between the Ministry of Investment of the United Arab Emirates (UAE) and the Montenegrin Ministry of Public Works.
The information, with the proposed Memorandum, was adopted on Monday, in accordance with Article 10 of the Regulation on the Government, without holding a session, based on the obtained consent of the majority of its members.
The Information states that in order to further improve bilateral relations and deepen economic cooperation between Montenegro and the UAE, in communication between the Montenegrin Ministry of Public Works and the UAE Ministry of Investment, a mutual intention to conclude a Memorandum of Understanding in the field of investment was expressed.
"The Memorandum of Understanding on Investment Cooperation establishes a framework for the promotion and facilitation of investments, strengthening bilateral economic relations and encouraging mutual investments," the document states.
It envisages cooperation between relevant authorities, chambers of commerce and the private sector, through the exchange of information on investment legislation and procedures, identification and promotion of investment opportunities in sectors of common interest, organization of business forums and investment missions, improvement of coordination of investment facilitation measures, exchange of best practices, encouragement of joint investments/co-investments and capacity building and knowledge transfer programs.
"The conclusion of the Memorandum does not require amendments to existing regulations or the adoption of new regulations, nor does it in itself imply the assumption of additional financial obligations, given their non-binding character," the Information states.
Participants will seek to facilitate and encourage investment opportunities for the establishment of new data centers, including green data centers, that provide entities with secure cloud and safe and responsible AI solutions, among other things through a range of activities.
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