Implemenation of Submarine Cable Project will boost Montenegrin economy

    Podgorica, Montenegro (10 February 2015) – Finance Minister Radoje Žugić met yesterday with Executive Director of TERNA Montenegro Claudio Marchiori.

    The meeting discussed the implementation of TERNA projects on the Montenegrin soil, with a particular emphasis on the most important development energy project – the construction of submarine cable between Italy and Montenegro.
    Mr Marchiori informed Minister Žugić about ongoing activities on designing and constructing of the cable, adding that these activities are being implemented according to a planned schedule. He also commended the announced amendments to the legal regulations related to taxation of VAT electric transmission service according to the seat of recipient, which are important for the harmonisation of the national legislation with the EU standards. In that regard, Montenegro will meet all needed requirements for the efficient business-doing of TERNA in the country.

    Minister Žugić highlighted the importance of the projects’ implementation, adding that it will significantly boost Montenegrin economy.

    The meeting confirmed good cooperation and partnership between the two countries, stressing that communication related to this particular issue should be intensified in the coming period.

    Source: Government of Montenegro