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[WATCH] Muscat hails start of ‘closer investment relations’ between Malta, Montenegro

Energy minister Konrad Mizzi and Montenegro Economy minister Vladimir Kavaric sign declaration of co-operation, to invest in Montenegro's energy sector

Staff Reporter
11 January 2016, 4:15pm
Last updated on 11 January 2016, 7:02pm
Prime minister Joseph Muscat and Montenegro president Milo Djukanovic
 
Prime Minister, energy minister in Montenegro on state visit
Enemalta’s investment in a wind farm in Montengro will only be the start of closer investment relations between Malta and the Balkan state, Prime Minister Joseph Muscat said.

Speaking to national broadcaster PBS during a state visit to Montenegro, Muscat said that the two countries are well-placed to utilize each other’s market advantages.

“It is crucial that Malta and Montenegro don’t view each other as competitors,” he said. “The global market is large enough for us to be complementary. Montenegro’s geographical position renders it well-placed to tap into Balkan and Russian markets, while Malta is better placed to penetrate EU and African markets.

“If we cooperate in attracting investment, we will be able to provide a much better service to investors, who will have access to both these two different markets.”

He also said that Malta will support Montnegro's bid for EU accession  once the country fulfills its membership requirements.

Renewable Energy Development Ltd – a joint venture between Enemalta and Shanghai Electric Power – last year won a contract to develop a wind farm in Mozura. During the state visit, energy minister Konrad Mizzi and Montengro economy minister Vladimir Kavaric signed a declaration of co-operation in the Balkan country’s energy sector.

“Malta’s investment in wind farms in Montenegro is the first international investment by our country,” Muscat said, adding that the project would provide Montenegro with 3% of its renewable energy requirements.

Montenegro president Milo Djukanovic expressed optimism in the developing relations between the two countries, also claiming that they shouldn’t look as each other as competitors in the global market. 

Mizzi later told PBS that the wind farm project will only be the beginning of future joint projects between Malta and Montenegro.

“We want to cooperate in tourism, particularly with regards tourism training at the new ITS campus at Smart City,” he said. “We also want to welcome [Montenegran] medical students to Malta – to both the University of Malta and the upcoming Bart’s Medical School.”

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