MONTENEGRO Investment Opportunities
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1 MONTENEGRO Investment Opportunities May 2016
2 MONTENEGRO FAST FACTS AREA: km2 (360 km2 of sea) CAPITAL: Podgorica OLD ROYAL CAPITAL: Cetinje POPULATION: OFFICIAL CURRENCY: Euro AIRPORTS: Podgorica, Tivat SEA PORTS: Bar, Tivat, Kotor, Zelenika
3 MONTENEGRO 11 REASON WHY TO CHOOSE MONTENEGRO AS INVESTMENT DESTINATION : Economically and politically stable economy Candidate for membership in EU and NATO Member of the World Trade Organization (WTO) Trade agreements with CEFTA, EFTA, Russia, Turkey and Ukraine Equal treatment for investors under the LoFI: No limit in terms of investing in any industry Free transfer of financial and other resources Current investors from around 100 countries Highest FDI per capita in the region Competitive business environment The lowest tax rates in the region Business Zones with incentives at the local level Financial grants by Government
4 FDI IN MONTENEGRO Total inflow of FDI in Montenegro in 2015 was 757 million million more than in By this indicator, Montenegro is still far ahead from countries in the region Increase of FDI result of unique investment opportunities, positive experience of existing investors and favoruable business environment No domination of any foreign investor Major investors are from Russia, Austria, Italy, Switzerland, Cyprus, Hungary, Great Britain, Middle East... FOREIGN DIRECT INVESTMENTS millions billions billions *source: Montenegro Central Bank and MIPA (Montenegrin Investment Promotion Agency)
5 AUSTRIAN FDI IN MONTENEGRO The highest FDI inflow in from Austria Investment value mill Investments in: Companies and Banks Insurance companies Construction In the last 15 years - Austria invested in Montenegro over 600 mill *source: Montenegro Central Bank
6 *source: World Bank - Doing Business Raport DOING BUSINESS REPORT
7 LOW TAX RATES Corporate profit tax (%) MNE 9% Value added tax (%) MNE 19%
8 PRIORITY SECTORS FOR INVESTMENT Tourism Energy Transport
9 TOURISM Tourism direct and indirect share in GDP in ,8 mill (22,1 %) Until ,9 mill is expected - (29,9% of total GDP) (source: WTTC) Total income from tourism in 2005 was 222 mill and in mill Montenegro is connected with 76 destinations Low-cost companies : Rayan Air Easy Jet Wiz Air
10 TOURISM THE DEVELOPMENT PATH IN THE HOTEL INDUSTRY ACCOMMODATION FACILITIES 386 hotels in Montenegro 38% beds in high category objects (4/5 *) 10 high quality mixed-used resorts Hotel Operators (One&Only, Aman, Hilton...) Construction of 76 new hotels with beds by 2024 year
11 TOURISM ONGOING PROJECTS PORTO MONTENEGRO Investment value: cca 420 mill Mixed used resort which includes luxury 5*hotel, restaurant, bars, cafes, galleries, nautical museum, green market, private health institutions, sports facilities established, luxury apartments Original investor: Adriatic Marinas Ltd. and PM Securities (Barbados) INC Investment Corporation of Dubai recently took over PORTONOVI/ONE & ONLY Investor: SOCAR, Azerbaijan Investment value: cca 500 mill Construction of luxury hotel with SPA and wellness center, luxury complex with 500 units and villas of the highest class, a world class marina with a capacity of 250 berths, large number of shops, cafes and restaurants
12 TOURISM ONGOING PROJECTS LUŠTICA DEVELOPMENT Investor: Orascom Development, Egypt and Switzerland Investment value: cca 1.1 billion Mixed use resort, includes construction of 8 hotels, golf course with 18 holes, 1,250 residential units (villas and apartments), 2 marinas and city center LASTAVICA ISLAND AND MAMULA FORTRESS HERCEG NOVI Investment value: cca 15 mill Long term use Redevelopment of the Mamula Fortress by preserving the cultural heritage and promoting the historic character of the island Investor: Orascom, Egypt and Switzerland
13 TOURISM POTENTIAL INVESTMENT NAUTICAL TOURIST CENTER VIP MARINA - KOTOR Investment value: cca 90 mill Tender preparation in progress land and aquatorium in Boka Bay marina berths with facilities and infrastructure, administrative building, commercial facilities, high category hotel complex NJIVICE HERCEG NOVI Land of 30,597 m² and aqatorium of 7,313 m² Planned for marina, business or congress hotel, apartment facilities, 5000 m² beach Tender documentation may be purchased until 15 July 2016.
14 TOURISM POTENTIAL INVESTMENTS ADA BOJANA - ULCINJ Investment value: cca 200 mill Public-private partnership - long term lease Area of about 100 ha planned tourist complex (from about 520 ha total area of island), which includes at least one 4-5* hotel, villas and other types of residential accommodation VRANJINA SITE WITH LESENDRO Skadar Lake Tender documentation may be purchased until 14 June Area: 13,132 m² for feature an ecolodge tourist resort 30 objects servicing visitors to the resort with a maximum capacity of 61 beds
15 TOURISM POTENTIAL INVESTMENTS BULJARICA LOCATION Purchase and long-term lease up to 90 years. International tender for valorization ispublished. Location: about 18 km from Budva and at the same distance from Bar The entire Buljarica location covers the area of around 17,000,000 m². The subject of the sale includes immovable properties with a total area of 4,898,216 m² and the subject of long-term lease 533,956 m² and aqua space with an area of around 585,772 m² Beach is approximately 2,500 meters long, and around 30 meters wide Investment value for the immovable property: minimum mill
16 TOURISM POTENTIAL INVESTMENTS SKI RESORT KOLAŠIN KOLAŠIN Investment value: cca mill Long term use - Call for bid submission is published Located in the south part of the Bjelasica, surface amounts to 27,19 ha MEDITERAN - ŽABLJAK Public-private partnership Tender documentation may be purchased until 3 June 2016 Construction of a new tourist resort at location of former military complex in Žabljak in the area of m² Located in 1456 m above the sea level, in the most attractive area of national park Durmitor
17 ENERGY PROJECTS Submarine cable Construction of submarine cable with energy of MW capacity between Italy and Montenegro Investment worth more than 800 mill (415 km long, 390km undersea and 25km of underground cable) Project realized by TO and TERNA, Italy Project will position Montenegro as regional energy hub, giving the investment opportunity for all region. II Block TPP Pjevlja Construction of the II Block TPP Pljevlja, installed power capacity of 250MW; total investment costs 338,5 mill Negotiation with potential investors in progress
18 ENERGY PROJECTS Hydro Power Plant Morača Technical Design encompases construction of 4 hydro-power plants with total installed power of some MW and an average annual production of 721 GWh. All technical documentation is available for investors insight. Hydro Power Plant Komarnica Beside construction of HPP Morača, construction of HPP Komarnica is planned, the annual production is about 232 GWh and total installed power of 178 MW. `
19 ENERGY PROJECTS Renewable energy Small hydropower streams Biomass potential Planned Contracted Remained Planned Contracted Remained 132 MW 73 MW 59 MW 39,0 MW none 39,0 MW Solar potential Wind potential Planned Contracted Remained Planned Contracted Remained 31,5 MW none 31,5 MW 189 MW 118 MW 71 MW Projects under construction: Wind farms on the site Krnovo and Mozura, total installed capacity of 120 MW Construction of 41 small hydro power plants is given throughout 21 concession contracts; total installed capacity 72 MW
20 ENERGY PROJECTS Maoče project Concession for the exploitation of coal from the basin of Maoče and the construction of a thermal power plant of the estimated capacity of 500 MW (2k250MW), 45 years concession, with a possibility of extension up to 22,5 years Concession fees for the exploitation of coal will be calculated as a percentage of revenues from the sales of electricity TAP - IAP Construction of gas pipeline from Albania to Croatia via Montenegro and B&H Total lenght 511 km (94 km in Montenegro) The project will enable gasification of MNE
21 TRANSPORT PROJECTS Construction of Highway Bar Boljare The highway Bar Boljare is included in SEETO comprehensive regional transport network for the Western Balkan, as SEETO route 4 and it will connect Montenegro with Europe, begining from the Adriatic coast via the Capital City Podgorica, to the border with Serbia The first Section, Smokovac-Uvac-Mateševo is currently under construction; estimated costs of this section mill The Project includes construction of additional sections: Mateševo Andrijevica, Bypass around Podgorica (Smokovac Tološi Farmaci), Djurmani-Farmaci and section Andrijevica-Boljare. ` Railway Line Belgrade (Vrbnica) Bar, Reconstruction and modernization of Railway line Modernization and reconstruction of the railway line in compliance with European and main international railway lines and achievement of interoperability of the railway lines along the Corridor X Total lenght is 454,8 km of which 167,1km in Montenegro and 287,4km in Serbia The value of the project is estimated in the amount of cca 250 mill
22 TRANSPORT PROJECTS Development of Airport Podgorica The project includes the construction of a new terminal building in capacity of 12,500 m², expansion and reconstruction of manoeuvring areas and apron, new fuel depot and parking with ground support facilities (including shelter) ` Estimated value of this project - 95 mill
23 EU SUPPORT TO INFRASTRUCTURE DEVELOPMENT Berlin process - initiative of EU and Western Balkans Countries in 2015 focused on the need for infrastructure and economy development in the Balkan Region. Co-financing of infrastructural investments projects within the Western Balkans Investment Framework (WBIF) implements via creation of Single Project Pipeline (SPP) at national level. WBIF - joint fund (allocated 1 billion for the region in period of ) of European Commission, International Financial Institutions and bilateral donors for allocation of financial suport for infrastructural project Funds can be allocated for projects from 4 sectors: Energy Transport Environment Social (Health, Justice and Education) The involvement of an International Financial Institutions such as EIB, EBRD, KfW, CEB, WB is a requirement.
24 EU SUPPORT TO INFRASTRUCTURE DEVELOPMENT National Investment Commission (NIC) established on 19 February 2015 Technical apparatus of National Investment Commission - Secretariat for Development Projects Single Project Pipeline (SPP) - adopted on 2 December 2015 SPP 64 projects: 10 projects in energy sector, 9 projects in transport, 30 in environment and 15 in social sector
25 INVESTMENT INCENTIVES BUSINESS ZONE A single entity within municipality that provides new investors tax and administrative incentives on state and local level, in addition to common space and infrastructure DECREE ON DIRECT INVESMENT INCENTIVES Further enhance business environment in less developed municipalities in Montenegro Stimulation of economic growth through increased inflow of direct investments and job creation
26 BUSINESS ZONE Incentives on state level Exemption from payment of social insurance contribution on wages of employees; Use of financial subsidies provided by the state on the basis on Decree on Direct Investments Incentives; Possibility to release income and corporate tax if the amount of tax for the first 8 years not exceeds ; Business incubator/technological park/idf loan for SMEs.
27 BUSINESS ZONE Incentives on local level Reducing costs of land lease; Reducing utility rates; Reducing the fee for construction equipment; Reducing of surtax on income; Reducing the tax rate on real estate; One stop shop
28 DECREE ON DIRECT INVESMENTS INCENTIVES Investors who realize their investment projects in Montenegro can receive financial incentives awarded by the Government Both Montenegrin and foreign legal entities can apply for investment incentives. Only legal entities with a registered office in Montenegro can be recipients of investment incentives Areas supported Manufacturing and Services - Introduction or expansion of business in various sectors of manufacturing and services. Hospitality and Hotel Industry - Construction or expansion of hospitality and hotel facilities.
29 DECREE ON DIRECT INVESMENTS INCENTIVES In accordance with the Decree on direct investment incentives, (Official Gazette of Montenegro, no. 80/2015), criteria for applying differs depending on region in which investor is planning to invest. CRITERIA FOR APPLYING Podgorica and South region North and Central region (ex.podgorica) Minimum investment value New jobs (opened within 3 years) 500, , new jobs 10 new jobs
30 DECREE ON DIRECT INVESMENTS INCENTIVES Amount of direct investments incentives awarded is determined in accordance with the following criteria: References of the business entity Extent of participation of other business entities from Montenegro during and after the completion of the investment project Value of the investment project Investment project impacts related to research and development Investment project impacts on human resources Investment project impacts on the environment Volume of international turnover Economic effects of the investment project Investment project impacts on the regional development Letter of intent from the local self-government
31 DECREE ON DIRECT INVESMENTS INCENTIVES Newly employed person shall be a person employed for an indefinite period of time on the jobs on which investment project is realized, which increases the number of the employees with the beneficiary of funds in Montenegro Amount of funds for fostering investments that may be awarded are in range from to per a new employee For capital investments greater than 10 mill that provide job creation for at least 50 new employees, incentives can be awarded in the amount of up to 17% of the total value of the investment project. Awarded funds shall be disbursed in three equal instalments Instalments must be backed up with bank guarantee Decree also provides for reimbursement for infrastructure incurred for purposes of the Investment project implementation.
32 DECREE ON DIRECT INVESMENTS INCENTIVES Total amount of awarded funds for fostering investments cannot exceed certain percent of the investment projects value depending on the size of the business entity: 50% 60% 70% Big Medium Small A small business entity is a company, which has less than 50 employees and annual turnover or total annual balance sheet not exceeding 10 mill A medium business entity is a company, which has from 50 to 250 employees and annual turnover not exceeding 50 mill or total annual balance sheet not exceeding 43 mill A large business entity is a company, which has more than 250 employees and total annual balance sheet exceeding 43 mill
33 DECREE ON DIRECT INVESMENTS INCENTIVES Second Public notice for participation in the procedure of awarding financial incentives for direct investment closed on 16th May Next Public notice for participation in the procedure of awarding financial incentives for direct investment is expected to be announced in September Secrtariat for Development Projects implements incentives program and provides operative suport during process of applying Decree on Direct Incentives, Public announcement, Application Form and supporting documentation can be downloaded on web site of Secretariat for Development Projects:
34 Thank you for your attention Secretariat for Development Projects Moskovska 2b, Podgorica tel/fax:
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