Hungarian investors – significant factor in the Montenegrin economy for years

Published on 13. January 2023., News

The Foldana Group is the third largest invested capital among large Hungarian investors who have been a significant factor in the Montenegrin economy for years and has ambitious plans to expand its activities, said the President of Montenegro, Milo Đukanović.

At the official reception marking the 15th anniversary of the Foldana group in Budapest, he said that the company, although relatively young, is already well positioned on the respectable Hungarian market, and in recent years has been operating very successfully in Montenegro as well, reports Mina Business.

– Among the large Hungarian investors, who have been a significant factor in the Montenegrin economy for years, the Foldana group is already the third largest in terms of invested capital in our country, and it has ambitious plans to expand its activity – stated Đukanović.

As reported by the presidential information service, he said that there are 20 employees in their representative office in Montenegro, with realistic predictions for the creation of new jobs.

– On the financial market of Montenegro, the group is engaged in pioneering collection and purchase of receivables and plans in the near future to build the possibility of collective invoicing in the collection of costs, which will significantly improve the system of communal services – added Đukanović.

As he said, the value of purchased receivables, through the representation of almost all major utility companies and financial institutions, by the end of last year was about EUR 80 million.
According to Đukanović, accepting the invitation to participate in the celebration of that jubilee is an expression of respect for friendly Hungary, whose investors were among the first to come to Montenegro and encouraged others even before the restoration of independence less than 17 years ago.

As Đukanović said, in 2005 and 2006 Hungary ranked first on the list of foreign investors, as it did in 2019, and second in 2018.

– Since the restoration of statehood, EUR 12.7 billion of foreign investments have been invested in Montenegro, of which almost half a billion are Hungarian – said Đukanović.

He added that more than 50% falls on the countries of the European Union (EU), in which Hungary’s share is 9.1%.

– Out of all the EU members that invest in Montenegro, Hungary is in third place – said Đukanović.

He said that he used his stay in Budapest to meet with the presidents of the 4iG company and OTP Bank, Gellert Jasai and Sandor Čanji, who occupy the first two places ahead of the Foldan group on the list of Hungarian investors.