Thai Prime Minister Yingluck Shinawatra, who arrived to Podgorica, capital of Montenegro, on Saturday, has held bilateral talks with her Montenegrin counterpart Milo Djukanovic.
Both leaders have hailed the good bilateral relations since the two countries established diplomatic ties in 2007.
Ms Yingluck's trip marked the first visit of a Thai prime minister to Montenegro which could be a new potential market for Thai trade and investment.
The Thai and Montenegrin prime ministers said that both countries have agreed to be mutual gateways for trade and investment, to Balkan Peninsula and the Association of Southeast Asian Nations (ASEAN).
Both sides have also agreed to foster the establishment of partnerships for the tourism sector, fishery and agriculture.
Ms Yingluck and Mr Djukanovic have witnessed the signing of an agreement on visa exemptions for official and diplomatic passport holders between Thailand and Montenegro.
A Memorandum of Understanding (MOU) on economic promotion between Thailand and Montenegro was also signed.
Ms Yingluck was accompanied by 16 businessmen seeking new trade and investment opportunities.
At present, Thailand has exported products such as paper and paper products, textile, sugar, canned seafood, rubber products, rice, and canned and processed fruits to Montenegro.