Business

25 Jul 2019, 00:08 AM

23 July 2019 - Prime Minister Duško Marković said that the working visit to the Municipality of Šavnik was successful, expressing satisfaction with the talks with President of the Municipality Mijomir Vujačić and his associates, saying that the Government will encourage the implementation of the development plans for this region.

"We had very substantive conversations on several topics. What really excites me is that the President of the Municipality and his team here have launched a series of activities that obviously change the face of Šavnik", the Prime Minister said at the end of the visit congratulating the Municipality Day, reported Public Relations Service within the Government of Montenegro.

PM Marković said that the local self-government, through its budget and in cooperation with the Government, launched a series of projects on the development of social and utility infrastructure.

Recalling the opening of new jobs, such as those opened in the Diva water bottling plant, which was put into operation, PM Marković expressed the belief that after the meeting and defined priorities on some major projects, Šavnik will continue the same pace of development.

Prime Minister Marković said that this meeting discussed the reconstruction of road infrastructure, further valorization of Šavnik's hydroelectric potential and the problem of building small hydropower plants in Bukovica. The Prime Minister noted that that the Government will give a strong impetus to the implementation of very important and realistic plans for the development of this municipality.

Earlier this week, PM Marković put into operation a new Durmitor spring water Diva factory.

Deputy Prime Minister for Economic Policy and Financial System and Minister of Agriculture and Rural Development Milutin Simović, Minister of Economy Dragica Sekulić, President of the Municipal Assembly of Šavnik Jugoslav Jakić, Vice President of the Municipality Vlatko Vuković and Chief Administrator of the Municipality Milijana Ašanin also attended the meeting.

Read more about business in Montenegro at TMN's dedicated page.

24 Jul 2019, 12:50 PM

Mayor Ivan Vukovic spoke with Montenegrin Telekom’s CEO Dina Tsybulskaya on the future joint activities and projects of city administration and Telekom.

During the meeting, Vukovic said that the capital is interested in cooperation with Telekom on all projects that contribute to the development of the city and to a higher quality of life for citizens, especially when it comes to environmental protection and Smart City solutions. 

The Mayor presented to the guests the planned city administration projects in which Telekom, as a socially responsible company, could be a partner to the Capital, emphasizing that in the forthcoming period intensification of cooperation will be strengthened in order to realize concrete agreed on activities. 

"Telekom's wish is to gain the title of the smart city through joint activities with the Capital, thus registering on the European map of cities that enable their citizens to experience the benefits of the digital society in practice. We will continue to cooperate with the Capital in the future because Telekom, as part of the Deutsche Telekom Group, has advanced smart solutions, standards, and expertise for transforming Podgorica into a European smart city," said Dina Tsybulskaya, executive director of the Montenegrin Telekom. Telekom and the City of Podgorica have so far implemented smart parking and a smart system for monitoring air quality and noise levels, so new projects that were discussed at the meeting were a natural continuation of good and successful cooperation, it was stated from the company.

Text by Promo, on July 22nd, 2019, read more at Vijesti

23 Jul 2019, 22:08 PM

22 July 2019 - In the first quarter of this year, the banking system was stable, solvent, profitable and highly liquid. Both non-performing loans and interest rates continued to decline, according to the Central Bank of Montenegro. Namely, the Central Bank of Montenegro Council passed today the Decision on Amendments to the Decision on Minimum Standards for Liquidity Risk Management in Banks. The Central Bank of Montenegro explained that the proposed amendments to the Decision refer to its further alignment with the relevant EU regulations and guidelines of the European Banking Authority, reported CdM.

“The main novelty refers to the elimination of collateral – even the one categorized as the firs-class – which has been a requirement for loans. This means that if other criteria for approving a loan classified as ‘non-performing’ are met, it must be categorized as non-performing regardless of the type of collateral used for securing it. The proposed amendments ensure that the data on non-performing and restructured loans in the Montenegrin banking system are completely aligned with the data of the EU member states,” it was stated after the meeting of the Central Bank of Montenegro Council.

The Council considered and adopted the Report on Business and the Implementation of Central Bank of Montenegro Policy for May 2019, and it was noted that the activities of the Central Bank in this period were implemented in line with planned obligations defined by the 2019 Central Bank of Montenegro Program of Work.

In addition, the Central Bank of Montenegro has prepared the Information on introduction of instant payments and further development of payment activities in Montenegro, along with a comprehensive description of an intention to additionally modernize Montenegro’s payment system.

At this session, the Council also discussed other relevant issues that fall under its competencies.

Read more news about business in Montenegro at TMN's dedicated page.

23 Jul 2019, 00:00 AM

21 July 2019 - Prime Minister Duško Marković opened a new Durmitor spring water factory Diva in Gornja Bukovica near Šavnik.

"Today, we attended the opening of the new factory Diva, worth EUR three million with the new production programme, which will be available not only on the domestic but also on the international market and which employs ten people from Šavnik. I believe that through today's meeting and defined priorities on some major capital projects, Šavnik will continue this pace of development," said Marković on the occasion of the opening of the spring water factory Diva.

The new factory is equipped with state-of-the-art equipment from the German manufacturer Krones, whose bottling capacity is 12,000 bottles per hour. About 3 million EUR were invested in the natural spring water factory, as reported by the Public Relations Service within the Government of Montenegro.

Durmitor Spring Water Factory Diva Opened in Šavnik1

Prime Minister Marković took the opportunity to congratulate President of the Municipality of Šavnik Mijomir Vujačić and its citizens on the Municipality Day, adding that a number of launched activities support the development of the city in order to improve the quality of life of all citizens.

During February 2019 Montenegrin Prime Minister Duško Marković also opened a new factory of carbonated water “Rada“ in Bijelo Polje.

On that occasion, the Prime Minister Duško Marković said that this is a factory that will contribute to the growth of the economy and production and that will substitute the import of carbonated water amounting to nearly 8 million EUR. He added that the saved money will remain in the country's economic system and contribute to the development of a better standard and that the Government is showing that it opens new, high-quality and sustainable jobs and makes the best use of the vast natural potentials.

Read more news about business in Montenegro at TMN's dedicated page.

22 Jul 2019, 13:22 PM

Taxi associations will have to clearly display their taxi driver's identification so that users of their services know who drives them and whether they have permission to operate the vehicle. In addition, the driver's duty will be to have special working clothes.


These novelties are envisaged by the amendments to the Law on Road Transport and are introduced to eliminate unfair competition and suppress the gray economy in this sector. Amendments to the law were discussed at the last session of the Government's Competitiveness Council in early July.

In the Ministry of Maritime Affairs and Transport, it was said that new legal solutions were prepared after taxi operators demanded the removal of the gray economy and unfair competition.

"The Montenegrin Trade Union - Union of Free Trade Unions of Montenegro addressed the Prime Minister Dusko Markovic, the Deputy Prime Minister for Economic Policy and Financial System Milutin Simovic, with the request to form working groups that will have the task of analyzing the problems in performing car taxi transport. After that, Osman Nurkovic, Minister of Transport, formed a working group composed of representatives of state authorities whose responsibilities relate to the activities of passenger car taxis and representatives of the Trade Union who prepared the Information on the analysis of the situation in the activity of the taxi transportation with proposals of measures and conclusions for solving the problem. The Government adopted this information at the end of December last year, and one of the proposed measures is drafting of amendments to the Law on Road Transport in order to eliminate unfair competition that is predominantly present in car taxis, but also in other forms of public passenger transport," it was explained from the Ministry.

The working group consisted of representatives of the Ministry, the Chamber of Commerce and car taxi companies who perform this activity as entrepreneurs and legal entities, and the draft law was announced at a public hearing on February 15th.

"The most important amendments are related to specifying the documentation that must be placed in the vehicle when performing a car taxi service.

Special attention is paid to documentation proving that the driver is employed and registered with the car taxi company (employment contract, tax registration), as well as the obligatory possession of driver's identification card, which must be displayed in a visible place in the vehicle so that transport users know who drives them and whether someone has permission to drive the taxi. In addition, a legal basis for prescribing work clothes for drivers is defined to avoid situations that certain car taxis companies are distorting reputation for their colleagues and Montenegro as a recognized tourist destination," the Ministry said.

The taxi identification card, according to the amendment proposal, must contain a driver's license for driving the vehicle, a certificate of medical capability, and passed exam on knowing around the city.

A novelty is also "rent a car" with the driver

The novelty in the law will be the introduction of the "rent a car" service with the driver. Such a mode of transport can only be carried out by a high-class passenger car or a luxury passenger vehicle under six years old, with a catalog value of more than 30,000 euros.

"We have identified a new mode of transport and defined the conditions under which it can be carried out, which is to rent a vehicle with a driver - a limo service. This mode of transport was recognized by the Law on Tourism, but it was not properly regulated and it represented largely unfair competition for car taxis and for companies operating long-distance regular and non-scheduled passenger services," the Ministry said.

The "rent a car" driver will have to be at least 21 years old and must have a driving license of category B for at least three years.

Dispatch centers are introduced into legal procedures

New solutions also define the dispatching centers that mediate in contracting car taxis and stipulate the conditions under which they perform the activity.

The Ministry explained that this was done in order to protect themselves from illegal entities that even at the global level were recognized as unfair competition and operating in the gray zone without the possibility of supervision.


"This phenomenon has not been largely identified in Montenegro, but we felt it necessary to prevent such deviant phenomena."

The dispatch center will have to have a work permit from the municipality on whose territory it operates, it will be obliged to provide services only to licensed car taxis and to allocate the driving only to vehicles with a valid copy of the license.

Text by Marija Mirjacic, on July 21st, 2019, read more at Vijesti

19 Jul 2019, 23:04 PM

19 July 2019 - A new five-star tourist complex is soon to be built in Ulcinj, on the Mavrijan hill, near Valdanos, and it will be able to receive between 3.000 and 5.000 guests. This was announced by the president of the municipality of Ulcinj, Ljoro Nrekić, during the public presentation of Mavrijan Luxury Resorts and Villas made by Ing-invest studio from Podgorica.

“This project is beneficial for both Ulcinj and Montenegro. The value of this investment would be between 600 million euros and 1 billion euros,” said Nrekić.

Interested investors from Qatar and Egypt have already scheduled meetings with the management of the municipality. The new exclusive resort will have bungalows and more than 2.900 accommodation units in four hotel facilities, as CdM reports.

As Chief Town Architect, Aleksandar Dabović, said, a marina with 147 berths was planned to be built on the Udovica bay. It will also have a promenade, helipad and panoramic restaurant, as well as access to amphibian and hydro-planes.

“The resort melts into the ambient, completely following the configuration of the terrain and a hotel, and in the middle of complex, it reminds you of a cruiser. Pools and sports fields are part of the resort and one of the hotels will be intended for a casino and guests who are keen on such kind of fun. They will have at least 100 exclusive accommodation units at their disposal, two separate panoramic lifts and a helipad at the hotel’s rooftop. Privacy will be guaranteed,” said Dabović.

Villas, 105 of them, positioned in three rows and covering 350 square meters each, have been designed for a family and they have all the necessary amenities, inclusive of parking places and pools.

“We will do our best to put this idea into effect,” said the first man of the municipality of Ulcinj.

Chief town Architect set out the details of this project and said it had an ideal positioning and also added that occupancy coefficient was very low. Green areas will make up 82%.

The complex will be situated outside the town core, while the first hotel, with 32.000 square meters gross, has 3.848 square meters of open pools and 2.675 square meters of open sport centers. Hotel B is s central resort with 652 accommodation units, 47.800 square meters of gross area and offers a 2.500 square meters of pools and 2.546 square meters of fields. Hotel C is a resort as well.

Read more news about business in Montenegro at TMN's dedicated page.

19 Jul 2019, 20:09 PM

19 July 2019 - European Projects, their writing and implementation make ten years of experience in Tivat Municipality, which can be characterized by many challenges and successes for the officials and associates. On the role of operational structures for the implementation of the IPA Cross-Border Cooperation Program BiH - Montenegro for the period 2014-2020 spoke secretary of the Secretariat for Tourism and Entrepreneurship of Tivat Municipality Petar Vujović at a promotional meeting organized by the Office for European Integration of the Government of Montenegro and the Directorate for European Integration of Bosnia and Herzegovina.

"The basic problem that existed at the beginning, and now to a lesser extent is the absence of an institutional framework in local self-government when it comes to European projects. It exists to some extent, but it is not institutionalized and unified at the level of Montenegro as a whole, so somewhere we have the office for writing European projects, somewhere there is a Service, and in some municipalities it is somewhat systematized in the Secretariat, as is the case in the municipality of Tivat. I believe that people who write projects can make their full contribution through institutionalization," Vujovic believes.

The second challenge has been the fluctuation of personnel, i.e., it was very difficult to find adequate motivation for writing and implementing projects, as the people who worked on the project worked through contract, though their permanent employment would have allowed them to have a more relaxed approach to work.

The third challenge and the problem in many municipalities, according to Vujovic, is the lack of technical documentation, which needs to be prepared for a particular project before writing. As an example, he mentioned the public lighting project which, for lack of technical documentation, almost did not fail.

"Looking at the side of success, I can say that Tivat has so far applied for more than 40 European projects, of which 17 have been approved. We managed to get around 3.5 million euros of grants for our local self-government. What has strengthened us in terms of administrative capacity is that we have been a leading partner in two projects. It has been a tremendous experience, the great and painstaking work behind this "unfortunate" function - to be a leading partner. " For the next period, Vujovic announced that the municipality would continue to strengthen administrative capacity, together with the partners, to raise awareness of the importance and benefits of European projects. Miodrag Račeta, Head of the Section for European Territorial Cooperation, Office for European Integration of the Government of Montenegro and Nada Bojanić, Head of the Service for Territorial Cooperation Programs, Directorate for European Integration of Bosnia and Herzegovina also spoke at the meeting.

Source: Radio Tivat

19 Jul 2019, 14:26 PM

A foreigner who invests two million euros in primary agricultural production, 3.5 million in the processing of agricultural and fish products or four million in wood processing, can apply for Montenegrin citizenship.

This was stated in the adopted rulebook on the conditions that should be fulfilled by development projects from agriculture and wood processing in the procedure of selecting investors who can acquire Montenegrin citizenship according to the project of economic citizenship.

As stated in this Government document, in addition to these conditions, the investor must employ at least ten workers if the investment relates to primary agricultural production or 20 workers, if it is dependent on the processing and wood industry.

An investor who wishes to obtain citizenship in this way must not apply for other incentive measures related to this investment. Priority will be given to those who enable this investment to substitute imports, utilize unused agricultural land, invest in underdeveloped municipalities, and encourage cooperation with hoteliers.

The government has adopted a decision adding port Kumbor - Porto Novi to the list of nautical tourism ports.

On the public ad for sale, the Government will offer its business premises about 1,100 square meters in the street Vojvoda Misic in Belgrade with an initial price of 916 thousand euros.

Text by Goran Kapor, on July 19th, 2019, read more at Vijesti

19 Jul 2019, 14:21 PM

Tivat, Cetinje and Pljevlja received the first public chargers for electric cars, for which Montenegrin Telekom developed a technical solution. The charger in Tivat was installed at the parking lot on Arsenal Street in cooperation with the company Parking Service Tivat. In Cetinje, it is owned by the restaurant "Konak", while two chargers in Pljevlja are provided by the restaurant "Taša". Telekom announces the installation of e-chargers at new 11 locations across Montenegro.

In March this year, Telekom placed the first public charger in St. Stefan, as part of the luxury resort "Aman Sveti Stefan", owned by Adriatic Properties. Telekom announced that the installation of new e-chargers in the three Montenegrin cities is a continuation of the e-mobility program, which would allow owners of electric cars to visit the whole of Montenegro, without fear that their car will remain without power while driving.

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E-charger in Tivat (Photo: Telekom)


"After St. Stefan, Tivat, Cetinje and Pljevlja received the chargers, and I am particularly glad that I can announce the installation of chargers at another 11 locations throughout Montenegro over the next period. By setting up the ecosystem of electric car chargers (e-mobility), we not only contribute to the sustainable development of Montenegro - at the same time encouraging the development of tourism and preserving the environment - but also upgrading the concept of a smart city that Telekom implements as the leader of the digitization process in the country. In this way, Montenegro expands its presence on the regional interactive map for electric vehicles - www.puni.hr

Thanks to that, tourists from all over Europe can continue their tour of the Mediterranean in our country, certain that they will have the support of car charging during the whole trip," said Vuk Vukasinovic, an expert in software solutions development at the Montenegrin Telekom.

Chargers are available to all citizens, and information about their locations is also available via iOS and Android PlugSurfing applications, as well as on the map https://www.plugsurfing.com/map. Telekom believes that there will be even more of such initiatives since there are more and more electric vehicles in Europe, but also that the private sector in Montenegro is increasingly open and the innovative solutions in that company are developing in accordance with the specific needs of clients.

"Telekom, besides installing electric chargers, also offers software that enables user registration, remote e-charging management, statistics and monitoring, and, if necessary, charging the service," Vukasinovic recalls.

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Telekom (Photo: Telekom)


E-cars are not the future but the present, and for their active use, adequate infrastructure is needed. That's why the Montenegrin Telekom, as the leader in the field of information and communication technologies (ICT) development, is working intensively on designing smart solutions for the Montenegrin market, and offers private and public sector expertise in their implementation.

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

19 Jul 2019, 01:41 AM

17 July 2019 - Prime Minister of Montenegro Duško Marković hosted Dragoljub Šćekić, Mayor of the Municipality of Berane, on the occasion of the forthcoming Municipality Day, reported the Public Relations Service within the Government of Montenegro.

Congratulating the citizens, councilors in the Municipal Assembly and the leadership of Berane on the Municipality Day, Prime Minister Duško Marković expressed satisfaction with the cooperation with the municipality in implementing development and other projects.

"We do not make a difference among municipalities, depending on who is in power. We are dedicated to the development and valorisation of resources, especially in the North Montenegro region, to provide better living standards of citizens. This is a common goal," said the Prime Minister of Montenegro Duško Marković.

In that context, Prime Minister of Montenegro Duško Marković expressed the Government's willingness to consider the request of the Berane Municipality to support the finalisation of an important project to improve water supply and the construction of a sewage network and wastewater treatment plants.

It was noted that development projects carried out in the Northern Montenegro region contribute to better prospects for young people in particular, with a view to reducing migration and creating new jobs.

The Prime Minister of Montenegro Duško Marković and the Berane Municipality leadership agreed to intensify contacts to implement development projects in North Montenegro, primarily the projects of the construction of a bridge in Haremi and the opening of the business zone.

Read more news about business in Montenegro at TMN's dedicated page.

18 Jul 2019, 14:53 PM

The Montenegro stock Board of Directors chose Milena Vucinic as the new executive director of the institution, it was confirmed by Vijesti".

Vucinic succeeded Mirko Markovic, who since the beginning of the year was the Acting Director of the Stock Exchange. By the end of last year, the previous director of the stock exchange was Gojko Maksimovic.

Vucinic was until recently director of the Atlas Mont Management Company, but her mandate expired in April.


She graduated from the Faculty of Economics in Podgorica and finished a master's and doctoral study at the Faculty of Organizational Sciences, University of Belgrade.

She has been present in the domestic capital market since 1996, and in the former broker-dealer house Monte Adria worked as a broker. She holds Diplomas of Investment Manager and Public Relations.

From June 2006 to March 2009, she had her own show at RTV Atlas "Business, Money and Profits". She is one of the lecturers at the Mediterranean University.

Text by Milorad Milosevic, on July 17th, 2019, read more at Vijesti

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