Montenegro and Azerbaijan launched a 500 million euro (686.97 million dollars) resort project, Reuters reported with the reference to Azerbaijan's Economic Development Minister Shahin Mustafayev.
The project envisages the turning of a former naval Kumbor base on the Adriatic coast into a coastal resort. It will be a big investment in Balkan republic.
State Oil Company of Azerbaijan Republic (SOCAR) and developer Azmont Investments want to transform it into a resort with marinas, hotels and villas, according to Mustafayev.
"Thanks to this project, investors in Azerbaijan now know that the Montenegrin government has secured a good investment climate and more projects will follow," Mustafayev told reporters.
The resort project is scheduled to be completed by 2016. It should create 6,500 jobs during its construction and 1,200 after completion.