Montenegro and The Global Financial Crises

1204 Words3 Pages

Background Facts

Part of many empires and republics in the past, Montenegro declared independence from former Yugoslavia to become a sovereign state on 3 June 2006. Montenegro classifies as a developed country on the Human Development Index and is a member of the Organization for Security and Co-Operation in Europe, the Council of Europe, and a founding member of the Union for the Mediterranean. It is an official candidate for membership in the European Union (EU) and the North Atlantic Treaty Organization (NATO). There are many languages, faiths, and ethnicities within the borders of Montenegro, providing a potential backdrop for ethnic clashes similar to those of the Yugoslav Wars. However, ethical ideals of humanity and gallantry bond all Montenegrins, uniting the country.

Montenegrin Foreign Policy

Montenegro is the crossroad between the Balkans and the Mediterranean and is as a stabilizing factor and a country with a bright prospect. It recognizes the merits of neighbourly relations and integration as the basis for its successful development. The foreign policy priorities of Montenegro are the integration into the EU and NATO, improving and maintaining neighbourly relations and regional cooperation, and developing bilateral and multilateral cooperation. Montenegro sees the integration and admittance into the EU and NATO because of taking initiative and an active role in regional development of communication and political, economic, security, cultural, and scientific cooperation. This country shares many foreign policy goals with its immediate neighbours, especially Serbia, due to historical, cultural and long-term economic ties.

Bilateral Relations

Relations with the United States are particularly important to Mo...

... middle of paper ...

...vice based and is currently in the process of an economic transition. The economy is recovering from the impact of the Yugoslav wars, the breakup of the Socialist Federal Republic of Yugoslav, and the former United Nations sanctions. Montenegro made significant efforts to attract foreign investors into tourism, Greenfield investments, and large infrastructure projects. Montenegro experienced a real estate boom in 2007 with wealthy Europeans purchasing property on the Montenegrin coast. The economy of this country is heavily based on foreign investment. The recession slowed down the growth of the economy and the construction of the Greenfield investments such as the Belgrade-Bar motorway, Jaz Beach, and new power plants. The recession is also hard hitting on the Podgorica Aluminum Plant, the single largest contributor to the GDP of Montenegro and a major exporter.

More about Montenegro and The Global Financial Crises

Open Document