Business

22 Feb 2019, 12:39 PM

Montenegro and the countries of the region, if they want to be competitive with the rest of the world and attract tourists from many countries, must have a common offer and promotion in these markets, said the Minister of Sustainable Development and Tourism Pavle Radulovic.

He presented opportunities for investment in Montenegro at the International Adria Hotel Forum, held in Belgrade, at one of the most important events for the promotion of investment potentials and tourist offer, and expressed readiness for regional cooperation in the field of tourism. "The point is that distant emitting markets, that is, much-populated countries, such as Asia, China, Canada, and America, hardly recognize the borders of small countries. For the Chinese, everything that is from the Urals to the Alps – is the Balkans. They travel nomadically for a few days and visit many countries. If we want to be competitive to the rest of the world, we have to work together," Radulovic said.


The Ministry of Sustainable Development and Tourism announced that Radulovic placed a special emphasis on the results achieved through the stimulating measures for the development of tourism in the last two years.

He reminded that the projects, whose total value is estimated at close to 150 million euros, include Mamula, Kolasin 1600, Mediterranean Zabljak and Ulcinj Riviera complex.

The Ministry said that Montenegro was also presented as a destination where projects are currently being realized, the value of which is worth three billion euros.

Radulovic, as an important instrument for stimulating investments in the field of tourism, listed the project of economic citizenship and announced an upcoming public tender for companies that meet the requirements to be included in the list of development projects.

"Montenegro is a country that has good airline links with emitting markets, and of special importance for the development of not only tourism but also the entire economy, is certainly the existence of a highway," said Radulovic.

Radulovic held bilateral meetings with colleagues from Bulgaria, Serbia and Croatia, while he said he expects cooperation with Albania and Macedonia.

"Joint projects that are under preparation are roads of wine, mountain routes and a project called “From the sky to the sea”," the statement said.

According to Radulovic, more tangible steps must be taken.

"We already have several joint projects, for example, the Ski Resorts of Serbia and the Ski Resorts of Montenegro have signed the Agreement where the ski pass applies to both territories. Also, we jointly participate in events in the emission markets with Croatia, Serbia, and Macedonia," Radulovic said.

The Adria hotel forum is an event that is organized for the seventh year in a row, and for the past two years has been sponsored by the Ministry of Sustainable Development and Tourism of Montenegro.

According to Radulovic, for the promotion of Montenegro, this is one of the biggest events in the Mediterranean, because it is an opportunity for Montenegro to present itself to investors, financiers and operators.

Text by MINA Business, on February 21st, 2019, read more at Vijesti

21 Feb 2019, 22:37 PM

21 February 2019 - State balance of payments at the end of 2018 was 793 million EUR in deficit. The key item that had an impact on such a result was the import that amounted to almost 2,49 billion EUR. On the other side, revenues generated in tourism that exceeded a billion and thus the expenditure part of the current account was alleviated.

As far as the revenues of the state are concerned, they amounted to 46,3 million EUR whereas the expenditures amounted 13,2 million EUR.

Total reserves of the Central Bank at the end of 2018 reached 203,1 million EUR. Preliminary data show that around 843,1 million EUR was brought into Montenegro thanks to foreign direct investments.

However, there has been an outflow of 515,5 million EUR.

The biggest part of foreign citizens investments was related to investments in various companies and banks. Slightly less than 300 million EUR is intercompany debt, that is, investments that do not increase the initial capital. Thanks to real estate, foreigners invested 182,6 million EUR and 23,2 million EUR in other activities.

Around 10,22 million EUR came with the reduction of capital in foreign banks and companies. Income generated from selling real estate abroad amounted to 677.775 EUR.

Italy takes the very first position on the list of states that brought most foreign direct investments (116,7 million EUR). Great Britain takes sixth place on the list (48,3 million EUR).

For the purposes of comparison, in 2017, most invested money came from the United Arab of Emirates, followed by Italy.

Thirty-nine, out of fifty-three citizens who invested in Montenegro, have invested amounts higher than one million.

Source: Cafe del Montenegro

21 Feb 2019, 22:26 PM

20 February 2019 - Deputy Prime Minister for Economic Policy and Financial System Milutin Simović recently hosted a delegation of the Western Balkans Chambers Investment Forum led by President of the Serbian Chamber of Commerce Marko Čadež, the Chairman of the Forum. 

As a regional association of chambers of commerce of the Western Balkans, the Western Balkans Chambers Investment Forum was established at the Vienna Summit in 2015 with the aim of strengthening regional cooperation, through joint chamber activity, cooperation and harmonisation of activities aimed at developing the competitiveness of the economy of the region. The founding of this Forum has highlighted the initiative for the active involvement of national chambers of commerce in achieving the concrete goals of the "Berlin Process."

The Deputy Prime Minister supported the Western Balkans Chambers Investment Forum concrete approach, which, in addition to monitoring the implementation of large regional infrastructure projects, approved by the European Commission, is dedicated to the implementation of smaller-scale projects. It expects the chamber to provide feedback from the market in a timely manner, along with recommendations to indicate to governments the norms that need to be made in order to create a more attractive business and investment environment. In that regard, DPM Simović called for regular two-way communication, exchange of opinions and consultations.

He concluded by saying that the ultimate goal of the chambers, business people and governments of the Western Balkan countries need to be reaching the level of success in which it will not be necessary for us to present the region's investment potentials, but that investors, through successful projects, invite other investors to start a business in this region.

21 Feb 2019, 22:20 PM

19 February 2019 - Montenegro and Turkey have developed strong and friendly relations that could be further enhanced by strengthening economic cooperation, Prime Minister of Montenegro Duško Marković and newly appointed Ambassador of Turkey Songul Ozan agreed at the meeting that recently took place in Podgorica.

Prime Minister Marković noted that Montenegro, in addition to its strategic priorities, is committed to developing the economy. He added that it is important to continue with high rates of economic growth, job creation and attracting foreign investment.

The increased interest of the Turkish investment companies in Montenegro was assessed as positive, and Ambassador Ozan said that Montenegro is becoming increasingly popular in Turkey, both in terms of its tourism and economic potential. She added that the Turkish companies are interested in investing in airports, agriculture, healthcare and the textile industry.

Both sides agreed that Montenegro has a constructive role in the region and that it always works towards reaching a compromise through dialogue. Ambassador Ozan highlighted the multi-ethnic and multireligious harmony traditionally fostered by Montenegro.

The two countries' partnership, as the Prime Minister said, will be further strengthened through activities in NATO, where, as allies, Montenegro and Turkey can contribute to the preservation of democratic attainments. PM Markovic emphasised that the mutual ties between the two countries are strengthened by the Montenegrin diaspora in Turkey.

"This is another powerful element that connects us and strengthens our ties," Marković concluded.

21 Feb 2019, 11:09 AM

To the public competition for the selection of the most successful managers and entrepreneurs in the past year published by the Association of Montenegrin Managers (AMM), 249 proposals arrived, out of which 82 were accepted.

The AMM announced that such a large number of nominations, but also accepted candidates, showed that the business community recognized the importance of affirmation of the results and provided a prominent prestige to the business prize awarded by the profession.

The public competition was officially closed on Monday.

The support of awarding the most successful managers and entrepreneurs is granted by the Government, the Chamber of Commerce (PKCG), the Council of Foreign Investors (SSICG), the Institute of Certified Accountants of Montenegro, the Human Resources Management Board, the Economic and Faculty for Mediterranean Studies and the Fund for Active Citizenship (FAKT).

The AMM said that before the committee, which will hold its first plenary session tomorrow and a final one on Monday in the hotel Hilton, there will be no easy task due to the great competition and interest of the business community.

Text by MINA Business, on February 20th, 2019, read more at Vijesti

21 Feb 2019, 11:03 AM

The project "100 Greatest in Montenegro 2019" is intended for companies that, despite numerous limitations, objective and subjective barriers in business, continuously achieve excellent results and as such deserve the recognition and respect of the wider community. This was announced at the press conference on the occasion of the start of the project "100 Greatest in Montenegro", which is being held this year for the second time, initiated by the company “BI Consulting”, as the leading agency in the field of business and credit information in partnership with the Ministry of Finance and Ministry of Economy, with the support of the Chamber of Economy of Montenegro and with the general sponsorship of the Société Générale Bank Montenegro.

The founder of BI Consulting, a provider of business information, Ratko Nikolic, reminded that the goal of the project is to promote positive business practice in Montenegro, to make it visible to the most important Montenegrin companies, the major taxpayers and the largest employers.

"Despite numerous limitations, objective and subjective barriers in business, it should be noted that in Montenegro there is a significant number of companies that continuously achieve excellent results. Such companies deserve recognition and respect of the wider community, which is why this Project is dedicated to them," Nikolic said.

On the basis of clear parameters from the financial statements for the business year 2018, he said that 100 major companies from micro, small and medium-sized enterprises, as well as all large companies will be selected.

"We will rank all of them according to clear and publicly available parameters from their duly submitted financial statements, based on total revenues, realized net profit and number of employees. We will also distinguish and rate 20 companies as per 12 key business activities and publish them all in a special annual publication, an exclusive, collector's edition, in which all the significant business achievements in the previous financial year will find its place," Nikolic said.

According to him, the criteria and parameters for ranking are public, clear and precise, and companies, as explained, are ranked by automation, depending on the results achieved, reported in the balance sheets.

"Only companies that submitted correct financial statements for 2018 will be on the lists, that were not blocked in the last 12 months, that regularly carry out tax obligations or regularly execute their commitments from the reprograms, operate for at least three years, have a capital higher than 100 thousand euros and more than three employees," Nikolic said.

He added that the first-ranked companies in these categories and one for the fastest growing company per the same parameters will be awarded at the ceremony at the end of May. CEO of the Directorate for Investments, Development of Small and Medium Enterprises and Management of EU Funds in the Ministry of Economy, Radosav Babic, said that in Montenegro there are about 26 thousand registered companies, which will be in the competition for the selection of the greatest and most profitable ones.

"Such a project will show existing and potential investors that in Montenegro they can find credible business opportunities and partners. It will additionally inspire and encourage start-up projects, especially in the category of micro and small enterprises. It is up to us as a government and the state to create entrepreneurs with a favorable business environment and support for growth and development," Babić explained.

He announced that the Ministry of Economy will implement the Program for improving the competitiveness of the economy this year, through ten different Program lines for improving the innovativeness, introduction of international standards, modernization of the processing industry, cluster development, support for the development of crafts, provision of mentoring services and entrepreneurship development.

"I am convinced that this kind of project is an additional incentive for domestic businessmen to use the Government's available support in order to continuously improve their business in the future and contribute to their efforts to find themselves on the list of the 100 greatest in Montenegro," Babic said.

The State Secretary at the Ministry of Finance, Nemanja Katnic, said that the participation of this sector, that is, the Government in the project will be very significant and that it will be an additional stimulus for domestic companies that want to achieve even better business results.

"This project also highlights the major taxpayers, which also shows how important financial reporting is for both businessmen and the state," Katnic said.

The 100 Greatest project, he explained, in cooperation with the Ministry of Finance, in the previous year, singled out and awarded the best Montenegrin companies in different categories, which, as he added, is a guarantee that Montenegro has quality business entities.

"We hope that the forthcoming period will produce new names on the Montenegrin market, which will contribute to the development of the economic sector, which will result in new jobs and increased export, as well as the development of entrepreneurship, which is ultimately one of the main goals of the Government," Katnic said.

Executive Director of the Business department and Vice president of the Société Générale Bank Montenegro, Samo Jovićević, said that, given the results and organization of the "100 Greatest in Montenegro" last year, that bank decided to be part of the project this year, which will additionally highlight and reward the largest, best and most successful Montenegrin companies.

"We at the Société Générale Montenegro believe that rewarding and highlighting companies that have made an outstanding contribution to the Montenegrin economy and the development of small and medium business is very important, primarily because it should  an example and show that along with persistent and committed work it is possible to achieve good results and contribute to the further development of the business environment and the economy as a whole," Jovicevic said.

He said that the Société Générale Bank Montenegro continued with strong credit support to the Montenegrin companies last year, which, as he added, is witnessed by the dynamic growth of the bank's loan portfolio in this segment of about ten percent.

"We are sure that many Montenegrin companies, with our many years of continuous support, achieved record results in 2018 and will deserve to be part of the club of the best and most successful Montenegrin companies," Jovicevic said.

More detailed information about conditions, criteria and categories is available on the site www.100najvecih.me 

Text by Promo, on February 20th, 2019, read more at Vijesti 

21 Feb 2019, 10:27 AM

February 21, 2019 - The two-day presentation of vacancies in the Lustica Development company in Tivat and the Chedi Hotel Lustica Bay for all interested candidates will be held on Friday and Saturday, 22 February and 23 February.

There are about 100 vacancies in the hotel and 15 in Lustica Development, which is developing a project for the construction of a tourist town Lustica Bay. These are operational and administrative engagements in the field of tourism and catering, and the highest percentage of seasonal character.

Negotiations with potential candidates will take place from 1 pm to 5 pm on Friday, or 10 am to 2 pm on Saturday. Organizers suggest applicants bring more copies of the resume, as personal interviews with the members of the companies are also expected. There will be organized free transport, in a limited number of places, from Tivat, Kotor, and Budva for interested candidates.
 
TRANSPORT DETAILS:
 
 
Friday, 22 February
 
TIVAT / KOTOR (Bus station - Franca Tivat / Bus station at the Pavgord gas station in Kotor)
 
Departure: 
 
Tivat/ Kotor - the Chedi:
12.15 pm/12.30 pm - 12.45 pm
1 pm/1.15 pm - 1.25 pm
1.45 pm/2 pm - 2.15 pm
 
Return:
 
The Chedi - Kotor/Tivat
3.30pm - 3.40 pm/ 4 pm
4.25 pm - 4.35 pm/ 4.50 pm
5.15 pm - 5.25 pm/ 5.40 pm
 
BUDVA (parking space by the “Akademija Znanja” at the detour)
 
Departure:
 
Budva - the Chedi
12.10 pm - 12.40 pm
1 pm - 1.30 pm
 
Return:
 
The Chedi - Budva
4 pm - 4.30 pm
5 pm - 5.30 pm
 
 
Saturday, 23 February 
 
TIVAT / KOTOR (Bus station - Franca Tivat / Bus station at the Pavgord gas station in Kotor)
 
Departure 
 
Tivat/ Kotor - the Chedi
9.15 am/9.30 am- 9.45 am
10 am/10.15 am- 10.25 am
10.45 am/11 am- 11.15 am
 
Return 
 
The Chedi - Kotor/Tivat
12.30 pm- 12.40 pm/1 pm
1.25 pm - 1.35 pm/1.50 pm
2.15 pm - 2.25 pm/2.40 pm
 
BUDVA (Academy of Knowledge at the Forwarders)
 
Departure:
 
Budva - the Chedi
9.10 am - 9.40 am
10 am - 10.30 am
 
Return:
 
The Chedi - Budva
1 pm - 1.30 pm
2 pm - 2.30 pm
 
20 Feb 2019, 12:30 PM

On behalf of the Ministry of Finance, the Central Bank sold these state securities in the total amount of EUR 24 million at the second auction of Treasury bills this year, while the total amount of submitted bids was EUR 27 million. The deadline for the records submission is 182 days, which is August 20th. At the first auction this year, all state bills worth 18 million euros were sold.

According to the Ministry of Finance, total state debt on the basis of government bonds is 214.13 million euros.

The Ministry of Finance with the issuance of government bills as short-term securities maintains the current liquidity of the budget, and official data shows that commercial banks are interested in investing in these state-owned securities and that their bids are higher than what the state asks for. According to data for the last year, six banks with the deadline of 182 days submitted bids in the amount of 270 million euros, while the total amount of accepted bids was 213.6 million euros.

The country plans to provide 190 million euros this year for the needs of financing the budget through the issuance of domestic Eurobonds. The projection is that the budget will lack €556 million this year. This amount will be provided by loans and credits from domestic and foreign sources in the amount of 370 million euros, as well as from deposits in the amount of 180 million euros. The Ministry of Finance explained that in the Economic Reform Program from this year until 2021 the country's internal debt grew during 2018 due to the issuance of government bills, in order to maintain current liquidity.

"Nevertheless, at the end of the third quarter of 2018, there was a decrease in the domestic debt in relation to the end of 2017, due to the repayment of government bonds to the level at the end of 2017, commercial loans taken with domestic banks, and the repayment of old foreign currency savings," said the ministry.

Text by Marija Mirjacic, on February 19th 2019, read more at Vijesti

19 Feb 2019, 15:31 PM

19 February 2019 - According to the investment and business plan of the company "Luka Kotor" A.D. (English: “Port of Kotor”) which is majority owned by the Municipality of Kotor, in the next five years the development of port infrastructure foresees investments of 4.678.440,00 EUR while the construction of pylons is the main and most expensive project worth 1,5 million EUR, the realization of which is planned in 2019.

According to the executive director of the company, marine captain Branko Kovačević, the implementation of the five-year investment plan will provide an amount of 1,1 million euros from the loan, and the rest will be the company’s own funds.

Port of Montenegro to Invest in Infrastructure in order to Receive Mega Cruisers 2

“The most important project is the construction of pylons, that is, the extension of the operational coast, which involves the construction of four pylons with a concrete block at about 80 to 100 metres from the beginning of the operational coast. This would create the conditions for the 330-meter-long mega cruiser to be connected to this site because boats up to 300 metres long can be connected, but with a limited bow that should not exceed eight metres," said Kovačević for Daily Newspapers Dan.

He emphasized that the realisation of this project is crucial because more and more boats are being built for the transport of tourists, and within the next year, 22 mega cruisers with a length of 330 metres will appear on the world market.

Port of Montenegro to Invest in Infrastructure in order to Receive Mega Cruisers

“The construction and putting into operation the pylons is one of the priority conditions for Kotor Port to be competitive for unlimited quantities of ships and to be operational throughout the year for mega cruisers. This investment is significant not only for Kotor but also for the entire state because the Port of Kotor is a gateway to Montenegro. Tourists from cruisers visit all interesting destinations, starting from Cetinje, Skadar Lake, Žabljak, Bay of Kotor, and this is a unique promotion of Montenegro in the world. We already have an announcement from one agency for the next year that, if we finish everything according to the plan regarding the construction of the pylon, one such Kotor mega cruiser will be the starting port for its first journey,” emphasized Kovačević.

Kotor is a cruising destination which is continuously gaining more popularity, which is confirmed with the reservations for the current year for the arrival of 530 cruisers. There are already positive predictions regarding the Port for the year 2020, and it is currently confirmed that the “Ancient City of Boka” will be visited by 478 boats next year.

Source: Boka News

19 Feb 2019, 12:57 PM

Company “Domaca trgovina” is continuing to expand its sales network according to the concept of a neighboring store. In the settlement Ljubovic near Radosav Buric street, a new Aroma market has been opened in an area of over 400 square meters. In a charming ambiance, per which Aroma Markets are recognizable, more than 8000 products of famous domestic and foreign manufacturers are offered. In addition to fresh fruits, vegetables, and a delicatessen, the selection of Italian products "Conad" has been extended, which can be purchased only in the markets of this company. Every day, there will be a variety of homemade dishes, and delicious pastries and fresh bread will be prepared according to carefully prepared recipes.

A new team of educated salesmen will take care of the customers, and Marija Cetkovic will provide support to colleagues, who in the past three years was promoted in Aroma from the product’s distribution in the store to the deputy manager: "I am pleased that new colleagues joined the Aroma team, who, with their service and kindness, will enable the customers to enjoy a pleasant shopping experience. My work in Aroma began in the position of the product’s allocation, then cashier, and thanks to the education and support of the management, I got the opportunity to make progress. I wish my colleagues happiness and I believe that our new Aroma will be a favorite place for shopping in this area."

"For over five years, we have been developing the concept of a good neighbor, where it is important to know what kind of trade the customers want and how to respect their habits. Consumer’s credibility is difficult to obtain, and we are very proud that every day more and more people see Aroma as a home brand, which offers them a favorable shopping experience through numerous discounts, quality service, and pleasant shopping. That's why we decided that our strategic route is to expand the network according to the concept of a domestic, neighborhood store where you can get to know our sellers, transfer their suggestions and make purchases in a pleasant environment," the company added.

Many customers welcomed the opening of the new store, and numerous gifts were provided for the first customers. In the coming days, all those who visit this market will find more than 800 products at discounted prices.

The doors of the Aroma Market in Radosav Buric street will be open every day from 7 am to 10 pm.

Text by Promo, on February 18th 2019, read more at Vijesti

18 Feb 2019, 22:16 PM

16 February 2019 - The information on the confirmation of the provision of support for the implementation of public calls within the IPARD II programme 2014-2020 has been approved by the Government of Montenegro. On this occasion, the Government adopted the conclusions concerning the provision of funds for national co-financing of projects under IPARD II Programme. Through the implementation of the IPARD II programme, a total of 51,816,473 euro grant will be available to the Montenegrin farmers, of which the EU funds amount to 39,000,000 euros, and the national co-financing amounts to 12,816,473 euros. The granting of non-refundable support to end-users will be paid according to the defined criteria and will be within the range of 50 to 70%, depending on the type of investment and the geographical location of the holdings and the location of the investment. The goal of the IPARD II programme is the restructuring and modernisation of the agricultural and processing sector, with the aim of creating competitive agricultural holdings and the processing sector, which will be ready for EU accession and the use of EU funds.

The Government also passed the Decision on the distribution of profits and the increase in the share capital of the Limited Liability Company "Montenegrin Electricity Market Operator" - Podgorica and the Decision Amending the Decision on the Establishment of a Limited Liability Company "Montenegrin Electricity Market Operator." These documents determined that the total profit of this company - 561,749.35 euros is allocated in the name of reserves (101,410.48 euros), while the rest of profit (460,338.87 euros) represents an increase in the company's share capital.

On the same occasion, the Information on the implementation of the Action Plan for the implementation of the recommendations of the State Audit Institution at the end of the third quarter of 2018 has been approved and adopted the Action Plan for the implementation of the recommendations of the State Audit Institution. On this occasion, the Government instructed specific budget users to coordinate activities to implement the recommendations and to submit to the Ministry of Finance quarterly reports for all the units they oversee.

The Cabinet within the Government of Montenegro session passed the Information on the activities of the Commission for Missing Persons in 2018, which provides an overview of all activities individually in the previous year. The Commission is seeking 57 Montenegrin citizens and persons whose applicants, at the time they reported their disappearance, were resident in Montenegro, of which 44 persons are being sought on the territory of Kosovo, ten on the territory of Bosnia and Herzegovina and three on the territory of Croatia. In cooperation with commissions and other associations in the countries of the region dealing with this issue, the Commission resolved and executed the handover of the remains of 27 persons missing in armed conflicts in the former Yugoslavia in the past period. It was emphasised that the Commission cooperates with relevant ministries, experts and forensics, and relevant international organisations and institutions, as well as with families of the missing, to provide a comprehensive, professional and systematic approach to address this issue.

The Government also passed the Information on signing the Agreement on the recognition of training and certification of sailors for service at ships registered in Saint Vincent and the Grenadines. By signing this document, sailors from Montenegro will be able to be hired on vessels operating under the flag of Saint Vincent and the Grenadines.

The Cabinet approved the Report on the Work of the Council for the Protection of Animals for 2018. When presenting the Report, it was pointed out that since the founding of the Council, some significant initiatives have been launched. Among other things, it started with the activities related to the protection of the welfare of dogs and the responsible ownership of their holders, as well as the issue of controlling the abandoned dog population, that is, the stray dogs. It was concluded that the establishment of central dog records, provided through the support of the World Bank, as well as the envisaged funds in the budget for the implementation of measures for identification and registration of dogs, will form the basis for the implementation of legislation and criminal policy in this area and the affirmation of responsible ownership.

Page 1 of 61

Photo galleries and videos