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UKRAINAN-MONTENEGRIN ECONOMIC COOPREATION

According to data from the Ukrainian State Institute of Statistics in 2013, the overall trading turnover of goods and services amounted 15.8 million U.S. dollars, which is 60.41% of the indicators for 2012, including:

• Exports of goods and services - 8.1 million U.S. dollars (48.1%);
• Imports of goods and services - 7.6 million U.S. dollars (82.7%).
• Positive merchandise trade balance is 4.7 million U.S. dollars.

Whithin the structure of trade turnover, the basic position in Ukrainian exports are: petroleum products, oil, sugar, spare parts for cars and machinery, clothing, sunflower, paper and paper products, electronic devices. The basic position of Montenegrin imports are: spare parts for airplanes and cars, ammunition, alcoholic beverages, paper products.
The main factors which negatively affect trade development between Ukraine and Montenegro are: poor rating of potential possibilities of the Montenegrin market by Ukrainian businesses; Ukrainian companies do not participate in trade fairs in Montenegro; there is no Intergovernmental Committee / Commission for Trade and Economic Cooperation. Among the positive factors in this context are: a well-developed legal framework for bilateral trade and economic relations; visa-free regime; friendly character of bilateral relations between Montenegro and neighboring countries; developed transport network and infrastructure and logistics; the existence of economic zones with taxation benefits.

The total volume of Montenegrin investments in the economy of Ukraine on October 1 2013, amounted 2.57 million U.S. dollars which were invested in the food processing and agriculture, processing of rubber and plastic. For the period of five years, the economy of Montenegro has received 9.4 million Euro investments from Ukraine, mainly in the fields of tourism, real estate and manufacturing.

In 2013, the implementation of some projects started. Companies "Svitlo/servis" and NVP "Gegelj" ensured the shipment and installation of modern equipment for the lighting of the main central temple in Podgorica. In 2014, Company "Montelor" started with the production of confectionery products in Cetinje. Company "Omega-ecology" is considering the possibility for installation of water purification systems in one of the hotels on the Montenegrin coast. Company "Bilocerkivska Milk Factory " has established a joint venture for the production of dairy products according to Ukrainian technology.

In September 2013, the fourth Ukrainian-Montenegrin Business Forum was held in Podgorica attended by 10 representatives of Ukrainian companies and enterprises, such as : "Omega-ecology" (energy and water), "Promimpeks" (Building Materials), Ukrainian National Committee International Chamber of Commerce, the company "Sokolino" (confectionery), the Kiev Aviation Society. Throughout the event between the Ukrainian National Committee of the International Chamber of Commerce and the Chamber of Commerce of Montenegro, an agreement on cooperation and promoting international trade was entered.
 


 

 
 

Predrag Milović

Honorary Consul of Ukraine in Montenegro