Basic FactsPart of many past empires and republics, Montenegro declared independence from the former Yugoslavia to become a sovereign state on June 3, 2006. Montenegro ranks as a developed country in terms of Human Development Index and is a member of the Organization for Security and Co-operation in Europe, of the Council of Europe and a founding member of the Union for the Mediterranean. It is an official candidate for membership of the European Union (EU) and the North Atlantic Treaty Organization (NATO). There are many languages, faiths and ethnicities within Montenegro's borders, providing a potential setting for ethnic clashes similar to those of the Yugoslav wars. However, ethical ideals of humanity and gallantry unite all Montenegrins, uniting the country. Montenegrin Foreign Policy Montenegro is the crossroads between the Balkans and the Mediterranean and is a stabilizing factor and a country with a bright outlook. It recognizes the merits of neighborly relations and integration as the basis for its positive development. Montenegro's foreign policy priorities are integration into the EU and NATO, improving and maintaining neighborhood relations and regional cooperation, and developing bilateral and multilateral cooperation. Montenegro sees integration and admission into the EU and NATO thanks to the initiative and active role in the regional development of political, economic, security, cultural and scientific communication and cooperation. This country shares many foreign policy goals with its immediate neighbors, especially with Serbia, due to long-term historical, cultural and economic ties. Bilateral relationsRelations with the United States are particularly important for Mo..... . middle of paper ... ...based on vices and is currently in economic transition. The economy is recovering from the impact of the Yugoslav wars, the breakup of the Socialist Federal Republic of Yugoslavia, and former United Nations sanctions. Montenegro has made significant efforts to attract foreign investors in tourism, greenfield investments and large infrastructure projects. Montenegro experienced a real estate boom in 2007 with wealthy Europeans buying properties on the Montenegrin coast. This country's economy is heavily based on foreign investment. The recession has slowed the growth of the economy and the construction of greenfield investments such as the Belgrade-Bar highway, Jaz Beach and new power plants. The recession is also hitting the Podgorica aluminum plant hard, the largest contributor to Montenegro's GDP and one of the main exporters.