Podgorica, (MINA-BUSINESS) – The Government has adopted a decision to support international summer music festivals this year, creating the conditions for Montenegro to become the new home of the EXIT festival.

According to the information reviewed by Government members today, Montenegro has a unique opportunity to make a significant breakthrough in international event tourism during the summer season.

“The organization of two major international music events under the joint name ‘EXIT to Montenegro’ in Ulcinj in the first half of July, and the Sea Dance festival in Budva at the end of August, has the potential to generate measurable economic benefits for the tourism industry and the wider economy, along with a very strong promotional effect globally,” the Government stated in a press release.

The two events together are expected to generate at least 210,000 overnight stays and more than €40 million in direct tourism spending.

The proposed public support amounts to €1.5 million from the state budget, with additional support from the municipalities of Budva and Ulcinj.

“By implementing this project, Montenegro aims to position itself as one of the leaders in event tourism in Europe, a sector that already generates more than €100 billion annually worldwide,” the press release reads.

EXIT is one of the most recognizable festival brands in the world, with an excellent international reputation, having already generated hundreds of millions of euros in local tourism spending.