While prospect of tourism industry in most of the European countries are on fast decline with many Asian tourist destinations also struggling, Montenegro – a country in southeast Europe on the Adriatic coast, Albania to southeast, the Adriatic Sea and Croatia to the west – is becoming one of the top favorite destinations of tourist from around the world.
With a population of slightly above 630,000 and a land size of 13,812 square kilometers, Montenegro offers maximum prospect for investors, who are looking for a country with tremendous possibilities.
Classified by the World Bank as an upper middle-income country, Montenegro is a member of the UN, NATO, the World Trade Organization, the Organization for Security and Co-operation in Europe, the Council of Europe, and the Central European Free Trade Agreement. Montenegro is a founding member of the Union for the Mediterranean. It is also in the process of joining the European Union.
During the Early Medieval period, three principalities were located on the territory of modern-day Montenegro: Duklja, roughly corresponding to the southern half; Travunia, the west; and Rascia proper, the north. The Principality of Zeta emerged in the 14th and 15th centuries. The name Montenegro was first used to refer to the country in the late 15th century. After falling under Ottoman rule, Montenegro regained its independence in 1696 under the rule of the House of Petrović-Njegoš, first as a theocracy and later as a secular principality. Montenegro’s independence was recognized by the Great Powers at the Congress of Berlin in 1878. In 1910, the country became a kingdom. After World War I, it became part of Yugoslavia. Following the breakup of Yugoslavia, the republics of Serbia and Montenegro together proclaimed a federation. Following the independence referendum held in May 2006, Montenegro declared its independence and the confederation peacefully dissolved. Between 1990 and 2020, Montenegro was governed by the Democratic Party of Socialists and its minor coalition partners.
In today’s world of religious hatred and insanity, Montenegro stands as the best example of a country of peaceful interfaith coexistence. To the people of Montenegro – interfaith harmony is their best spirit and they firmly uphold the beautiful heritage of exhibiting secularism and peace.
The Constitution of Montenegro describes the state as a “civic”, democratic, ecological state of social justice, based on the “reign of law”. Montenegro is an independent and sovereign republic that proclaimed its new constitution on 22 October 2007.
After the promulgation of the Declaration of Independence in the Parliament of the Republic of Montenegro on 3 June 2006, following the independence referendum held on 21 May, the Government of the Republic of Montenegro assumed the competences of defining and conducting the foreign policy of Montenegro as a subject of international law and a sovereign state. The implementation of this constitutional responsibility was vested in the Ministry of Foreign Affairs, which was given the task of defining the foreign policy priorities and activities needed for their implementation. These activities are pursued in close cooperation with other state administration authorities, the President, the Speaker of the Parliament, and other relevant stakeholders.
Integration into the European Union is Montenegro’s strategic goal. This process will remain in the focus of Montenegrin foreign policy in the short term. The second strategic and equally important goal, but one attainable in a shorter time span, was joining NATO, which would guarantee stability and security for pursuing other strategic goals. Montenegro believes NATO integration would speed up EU integration. In May 2017 NATO accepted Montenegro as a NATO member starting 5 June 2017.
The economy of Montenegro is mostly service-based and is in late transition to a market economy. According to the International Monetary Fund, the nominal GDP of Montenegro was US$5.424 billion in 2019. The GDP PPP for 2019 was US$12.516 billion, or US$20,083 per capita. According to Eurostat data, the Montenegrin GDP per capita stood at 48 percent of the EU average in 2018. The Central Bank of Montenegro is not part of the euro system but the country is “Euroised”, using the euro unilaterally as its currency.
In 2007, the service sector made up 72.4 percent of GDP, with industry and agriculture making up the rest at 17.6 percent and 10 percent, respectively. There are 50,000 farming households in Montenegro that rely on agriculture to fill the family budget.
Growing tourism industry in Montenegro
Montenegro has both a picturesque coast and a mountainous northern region. The country was a well-known tourist spot in the 1980s. Yet, the Yugoslav wars that were fought in neighboring countries during the 1990s crippled the tourist industry and damaged the image of Montenegro for years.
With a total of 1.6 million visitors, Montenegro is the 36th most visited country (out of 47 countries) in Europe. The Montenegrin Adriatic coast is 295 km (183 mi) long, with 72 km (45 mi) of beaches and many well-preserved ancient old towns. National Geographic Traveler ranks Montenegro among the “50 Places of a Lifetime”, and the Montenegrin seaside Sveti Stefan was used as the cover for the magazine. Coast region of Montenegro is considered one of the great new “discoveries” among world tourists.
In January 2010, The New York Times ranked the Ulcinj South Coast region of Montenegro, including Velika Plaza, Ada Bojana, and the Hotel Mediteran of Ulcinj, among the “Top 31 Places to Go in 2010” as part of a worldwide ranking of tourism destinations.
Montenegro was also listed by Yahoo Travel among the “10 Top Hot Spots of 2009” to visit, describing it as being “currently ranked as the second fastest growing tourism market in the world (falling just behind China)”. It is listed every year by prestigious tourism guides like Lonely Planet as a top tourist destination along with Greece, Spain and other popular locations.
It was not until the 2000s that the tourism industry began to recover, and the country has since experienced a high rate of growth in the number of visits and overnight stays.
For anyone who is looking for starting a business in any prospective tourist destination – Montenegro certainly stands as the best destination, as the best choice. Moreover, Montenegro also offers citizenship to prospective those who can invest in its construction and other sectors.
My recommendation is – if you are planning to start a business in the tourism sector or if you are looking for a country which has tremendous possibilities and political stability – you need to visit Montenegro and witness the prospects, which definitely will help in taking the right decision.