Montenegro, the natural beauty and tourism paradise of the Adriatic/Mediterranean, gained its independence in 2006; having a population of 625 thousand, a small, but open economy. It is one of the leading candidates of the 2025 EU Accession process. As a member of the World Trade Organization (WTO), it provides access to a consumer market of 800 million. The official currency is Euro (€).
Its economic structure is mainly based on the service sector, including tourism, and is largely based on SMEs. The basis of the trade policy can be summarized by low customs duties and the absence of non-tariff barriers.
It is attractive for investors with its geographical location, convenient access to Europe and developing transportation network and infrastructure. Priority areas for investments are tourism and construction, agriculture and livestock, energy, banking and finance.
As of 2020, it has a gross national product of $5.54 billion.
In 2018, it imported a total of $3.00 billion. The country has to import almost everything. Products such as pharmaceuticals and chemicals, processed agricultural products, iron and steel and metal, electricity and electronics, agriculture and livestock are the leading import products. The leading supplier countries of the country are Serbia, China, Germany, Italy, Greece and Bosnia and Herzegovina.
It ranks 73rd among 141 countries in terms of global competitiveness, and 50th among 190 countries in terms of Ease of Doing Business (2019).
The rapidly developing country has to solve issues such as access to finance, inefficient public bureaucracy, business ethics, access to educated workforce, and infrastructural issues and logistics performance.
Referring to all these features, your main preference should be to enter the market with professional Organizations that know the country well.
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