Voli Announces €80 Million Investment to Boost Montenegrin Economy

At a recent panel discussion focused on economic development in Montenegro, Dragan Bokan, the president of Voli, outlined an ambitious plan to invest approximately €80 million over the next three years. This investment aims to enhance the domestic economy through retail network expansion, logistical development, and strengthening local production, with backing from the European Bank for Reconstruction and Development (EBRD).

Bokan emphasized the critical link between tourism and domestic production, asserting that this connection is essential for the long-term stability of Montenegro’s economy. He expressed that a sustainable Montenegro is not merely a vision but a collective responsibility shared by the government, businesses, and financial institutions.

Future Plans and Collaborations

As Montenegro’s largest retail company, employing over 2,500 individuals and adhering to European Union standards, Voli is well-positioned to capitalize on the country’s potential EU membership. Bokan highlighted the importance of using the next three years to not only invest in new projects but also to enhance profitability and operational standards. He stated, “We are ready to seize the opportunity presented by Montenegro’s EU accession through new investments and strategies.”

Next month, Voli plans to sign a capital increase agreement allowing the EBRD to acquire a 10.7% stake in the company. The funds will also support the development of a third logistics center, covering approximately 27,000 square meters. This project aims to establish a robust retail and distribution network throughout the region.

Bokan devoted a significant portion of his presentation to the necessity of tying tourism investments to local production capabilities. He pointed out that current export levels cover only about 13% of imports, while local production fails to meet even 5% of the needs of Montenegro’s tourism sector. “We must urgently change this dynamic,” he warned.

Reducing Imports through Local Initiatives

Bokan noted that Voli is not alone in its ambitions. Other local companies are also preparing to leverage Montenegro’s entry into the EU. For instance, Agromont, a leader in its field, is ready to launch significant projects aimed at expanding its production and reducing imports while increasing exports. Similarly, Goranović Meat Industry is preparing a substantial initiative to enhance its market presence.

“Voli has a long-standing partnership with the EBRD, and we are committed to completing our capital projects,” Bokan asserted. He detailed that this €80 million investment initiative has been in development for seven years and involves a collaborative effort between Voli and Goranović Meat Industry. Once implemented, these projects are expected to fulfill at least 70% of domestic meat needs, significantly reducing meat imports in the near future.

Bokan expressed confidence that these joint investments could lead to an 80% reduction in meat imports into Montenegro, marking a significant contribution to the local economy. He reiterated that maintaining a sustainable Montenegro is a shared obligation among government, businesses, and financial institutions.

When asked about priority measures to accelerate tourism development, Bokan stressed that Montenegro is at a crossroads, with one path leading towards the European Union and the other towards instability. He noted the necessity for investments, logistical support, and a healthcare system where both public and private sectors collaborate effectively. Moreover, he called for a clear commitment from the government to avoid significant policy changes over the next three years.