In Montenegro, there were a total of 24,280 companies owned by foreigners last year, marking a 31.9 percent increase compared to 2022, as reported by MONSTAT.

“The highest number of active foreign-owned business entities was registered in Budva, with 7,840, accounting for 32.3 percent of the overall total,” said officials.

This was followed by the municipalities of Podgorica and Bar.

“The majority of foreign ownership is from Russia, with 7,790 entities or 32.1 percent, followed by Turkey at 28.3 percent, Serbia with 2,470 companies (10.2 percent), and Ukraine with 910 entities (3.7 percent),” noted the statisticians.

In terms of sectors, the foreign-owned businesses are predominantly in the electricity and retail sectors, including motorcycle repair, which encompasses 5,530 entities. This is followed by professional, scientific, technical activities, and construction sectors.