PODGORICA (Montenegro), May 11 (SeeNews) – Montenegro's agriculture ministry said meat processing company Gradina plans to invest $3 million (2.7 million euro) in production capacity upgrades, aiming to expand its presence in the region.
The company intends to build a cattle farm, remove technology bottlenecks and introduce higher quality standards, agriculture minister Milutin Simovic said during a visit to the factory of Gradina in Rozaje, as quoted by the government in a statement on Thursday.
The investment will be ensured through a loan from the Abu Dhabi Fund for Development (ADFD), Simovic said.
The government is considering scrapping property tax for food producing companies in the municipality of Rozaje, as a result of the positive performance of the sector, he added.
Montenegro's exports of meat and meat products rose by 10.6% on the yearto 1.955 million euro in the first quarter of 2017, data by the country's statistical office showed.
($ = 0.9196 euro)