The meetings took place at the Presidential Palace in former capital city of Cetnije.
Following the meetings, Turkey and Montenegro signed agreements on economic cooperation and transportation of passengers and cargo.
Speaking at the joint press conference, Gul said that he was pleased to be the first Turkish President ever to visit Montenegro.
I thank you for the hospitality displayed in Montenegro, Gul said.
During our meetings today, we discussed bilateral and regional developments. I pay importance to consultations and joint efforts with the regional countries for security and stability in the Balkans, Gul stressed.
Following the declaration of independence, Montenegro has gone a long way. Turkey will support Montenegro by all means, Gul said.
Montenegro moves forward on the way to NATO membership. Turkey supports Montenegro's membership in NATO, Gul noted.
Pointing out that Montenegro conducts entry negotiations with the European Union (EU), Gul said that he wished to see Montenegro within the EU.
We want to boost our economic relations with Montenegro, Gul said.
I will make a call to Turkish businesspeople to invest in Montenegro during Saturday's business forum, Gul also said.
Montenegron President Vujanovic, in his part, said that he was pleased to see Gul in their country.
Your visit is an historic one. For the first time in 130 years, a President is visiting our country, Vujanovic said.
We discussed with President Gul many issues openly. We pay high attention to regional stability, Vujanovic said.
Reminding the agreements signed between Turkey and Montenegro, Vujanovic said that he believed economic relations would be further developed.
There are important areas in Montenegro suitable for investments. Turkish businessmen may be interested in the airport project of Berane city, Vujanovic noted.
Vujanovic thanked President Gul for the contributions of the Turkish International Cooperation Agency (TIKA) to Montenegro.