09 May 2019 - The Government of Montenegro will work to improve the business environment and enable foreign investors to have all the conditions for business, Prime Minister Duško Marković noted following the opening of the MAN Truck & Bus Centre in Danilovgrad.

The value of the investment is over 2.3 million EUR, and the building was built by MAN Truck & Bus AG Munich Germany, which has 260 years of tradition in industrial production and more than 100 years of experience in the production of commercial vehicles.

"First of all, I would like to express my satisfaction with the implementation of the project of the Germany-based MAN, which represents a significant impetus to the development of Danilovgrad and entire Montenegro. Having MAN in Montenegro and Danilovgrad is indeed not only a privilege, but a good indicator of the direction our economy is taking," Prime Minister Marković stressed.

He added that this sales and service centre would give an incentive to the sustainability of this investment, as well as the economy of the entire municipality of Danilovgrad.

The Prime Minister also referred to the development of the municipality and said that in the next few years over 30 million EUR would be invested in capital infrastructure in Danilovgrad. The reconstruction of the Danilovgrad - Podgorica road is planned to get a four-lane boulevard, as well as the completion of the old road between the capital city and this municipality, which will be a strong incentive for a new quality of life in Danilovgrad and investments.

"Our economy is growing. For the past two years, we have had average growth rates of 4.8%, which is among the top five growth rates in Europe. We do not want it to be a momentum, but continuity," PM Marković underscored.

The Prime Minister said that the indicators in the first quarter of this year show that Montenegro has significantly higher growth in all sectors compared to the fourth quarter of 2018, which means that this year will result in a high growth rate.

"This means new jobs, a better and more sustainable budget and a better life for citizens. The Government will work to maintain this tempo, improve the business environment and enable foreign investors to have all the conditions for business and maintenance of its operation," the Prime Minister of Montenegro concluded.

06 May 2019 - Montenegro’s Agency for the Protection of Competition has provided a positive opinion on the request for merging Crnogorska komercijalna Bank (CKB) and Societe Generale Bank Montenegro, and forwarded it to the Central Bank of Montenegro. Central Bank of Montenegro is going to make the final decision on the request for merging based on collected data, while the opinion of the Agency for the Protection of Competition is also one of the conditions even though it is not mandatory.

Vice-governor Miodrag Radonjić has been dealing with the merger issue as governor Radoje Žugić excluded himself from the decision to prevent a conflict of interest (his daughter, Jovana, has been working in CKB since July 2018).

On 28 February, OTP Bank Plc. announced that the Montenegrin subsidiary of OTP Bank, CKB, had signed an acquisition agreement on purchasing 90.56% shareholding of Societe Generale for 40,5 million EUR. According to the law, it is not possible to merge these two banks without prior approval of the Central Bank of Montenegro.

If the request is approved, CKB will purchase Societe Generale Bank via Montenegro Stock Exchange.

With a market share of 11.5%, Société General Bank Montenegro is the fourth largest bank in the Montenegrin market and as a universal bank is equally active in the segment of citizens and enterprises.

In the meantime, Société General Bank Montenegro continued to service the population and corporate clients with a high level of quality and commitment while preparing a smooth transition for clients while ensuring the stability of their relationship with the bank.

May 7, 2019 - The Harbor Master offices in Kotor and Bar should have a higher degree of autonomy, primarily financial, to the Ministry of Maritime Affairs and Transport, considered the Union of Seafarers of Montenegro - Kotor.

06 May 2019 - According to the data of the Statistical Office of Montenegro there were around 223.000 overnights in Montenegrin healthcare resorts. Tourists were mostly from Norway, the Netherlands, Sweden, and Germany, said Kenan Hrapović, Minister of Health, at the Third Conference of honorary consuls held in Podgorica.

Minister Hrapović particularly pointed out comparative advantages of health tourism in Montenegro. Apart from favorable geographical position and climate, natural resources of our country are necessary for the development of health tourism: healing mud, mineral water, and sand in Ulcinj that has biologically active mineral components.

“Montenegro can also be proud of its qualified medical staff, high-quality medical services, and competitive prices,” said Hrapović.

Minister of Sustainable Development and Tourism, Pavle Radulović, stressed the importance of the economic citizenship program.

Minister Radulović has pointed out that funds provided through this Program will be aimed at development projects that are expected to generate multiple benefits for the country – for the economic activities, employment, and improvement of the overall offer and competitiveness of the entire economy.

“Criteria in this model have been defined in such a way that every step, until the very end, is very transparent, and thus, any kind of manipulation is impossible,” said Radulović.

President of the Parliament, Ivan Brajović, thanked the honorary consuls for putting their time, reputation and acquaintances and resources in the service of Montenegro.

Minister of Foreign Affairs, Srđan Darmanović, has emphasized the important role honorary consuls play in positioning Montenegro as an attractive investment and tourist destination on the world market. He used the opportunity to thank them for their committed work and contribution to the expansion of the diplomatic network of Montenegro. Montenegrin diplomacy, he said, contributes to attracting FDI and promotion of the potentials of Montenegrin economy.

Minister of Culture of Montenegro, Aleksandar Bogdanović, has said that solutions for the key problems of nowadays should definitely be sought in the area of culture.

“What leads to solutions is the dialogue in all those differences. That dialogue can find its support in what today’s information era brings,” said Bogdanović.

Thanks to the information era, small cultures have greater possibilities of presenting their authentic values. That way, they can have a more efficient impact on the elimination of stereotypes that are a consequence of insufficient information.

Mayor of Podgorica, Ivan Vuković also spoke at the Conference. The focus was on the presentation of the current projects and development priorities of our country.

May 4, 2019 - Montenegro has a chance of being chosen for the location of the International Institute for Sustainable Technologies in Southeast Europe. However, we need the support of the entire system if we want to demonstrate our advantages and readiness to be the country where the Institute is going to be built, said Minister of Science, Sanja Damjanović.

The country where the Institute for Hadron cancer therapy with the use of heavy ions is supposed to be chosen by next year. One of the key requirements will be openness and accessibility of the Institute.

“The location should also be attractive for researchers and doctors since 50% of the time will be dedicated to research in this center. At least one-third of the employees will be from Western Europe. Our country has very attractive conditions especially when it comes to nature, but also our multi-ethnic harmony and good relations with neighbors. All that makes us great candidate”, says Mrs Damjanović.

One of the important elements for Montenegro’s competitiveness is certainly the construction of the highway.

Whether the project will be carried out depends on the political commitment and support of the region.

“The Management Board of the Institute has prepared the Draft Memorandum of Understanding and suggested that prime ministers from the region sign it”, said Mrs Damjanović.

Prime Minister, Duško Marković, has addressed the letter to the prime ministers from the region and invited them to sign the memorandum during the next Summit of the Berlin process at the beginning of July. Never before has our region had an initiative at such a high level.

As Minister Damjanović said, the importance of the Institute has been recognized by the European Commission.

“Former Director of the Division for Technological Development within CERN, Dr Horst Veninger, accepted in November invitation to be the coordinator of the phase of studio design. Three working groups have been formed and they all have clearly defined tasks”, said the Minister.

Design study requires €3 million. The money will be provided through Horizont 2020 program.

“It won’t be easy; only ten projects are going to be financed. We’re working on the preparation of an exquisite application for this contest”, said Minister of Science.

The had their first meetings in CERN during Easter holidays in order to create the network of the renowned institutions in Europe that will help this Institute to be launched among 10 best projects in Horizont 2020 program.

There won’t be any difficulties from the technological aspect, considering the support of CERN and GSI Fair Institute.

“We must not miss this chance. The Institute will enable the most contemporary way of cancer treatment, it will stimulate a high level of digitalization, enhance complementary technologies, use of renewable energy resources, and most importantly, it will make people who had left our region come back”, said Mrs Damjanović.

This regional project must be unique.

“That’s why an intense work of a professional team is required. The team would produce more advanced technological solution based on superconductive magnets and a faster system that would enable treatment of all types of cancer”, said Minister Damjanović.

One of the national activities important for the establishment of the Institute is the current review of the map of research infrastructure, so that the regional project could be joined to the ESFRI Roadmap.

Ministry of Science has started the implementation of the recommendations of the European expert team regarding the establishment of the innovation eco-system in our country. Ministry of Public Administration is managing the working group for tackling the issues of electronic payments from abroad.

“One of the most important projects in the area of innovation and research is the formation of Scientific and Technological Park. Tender for the adaptation program nears completion”, pointed out Mrs Damjanović.

Smart specialization strategy should be adopted soon. Minister Damjanović explains that this document will be a guideline for bridging the boundaries between traditional sectors, using modern technologies. She firmly believes that we have all the necessary potentials to increase export and attract wise people.

Text by CdM on 2, 2019, read more here. 

02 May 2019 - During its last session, the Government of Montenegro adopted the Information on the implementation of the project "Water Supply and Wastewater Disposal on the Adriatic Coast - Boka Kotorska Bay" and accepted the Financing and Project Agreement.

When presenting the Information, it was stated that the Municipality of Kotor, in cooperation with the Ministry of Sustainable Development and Tourism, KfW Bank and Vodacom, nominated this project for donor funds under the third call for project applications from the Western Balkans Investment Framework. The Western Balkans Investment Framework Steering Committee positively assessed the project and it was decided that the construction of the sewerage network in Risan and Perast will be financed with the amount of 4.58 million EUR, which will solve the priority issue of wastewater collection in these coastal areas, which represents the first phase of the entire project.

On the same occasion, the Government of Montenegro also approved the Proposal of the Decision Amending the State Study of the "Sector 36" location. It is an area that is in direct contact with the areas of a series of planning documents, which together form the tourist complex Luštica Development.

Bearing in mind the fact that the intensive realisation of activities in the Marina area of ​​the Luštica Bay project, which includes, among other things, the construction of the Chedi Hotel, the main marina, as well as the residential facilities within Phase I, requires a well balanced and realistic plan of all infrastructural and communal facilities services needed for the adequate functioning of future capacities, there was a need for additional planning of some of the infrastructure and service facilities in that zone.

Through amendments provides for valorisation of the area with respect to the guidelines deriving from the legislation and all documents related to the protection of nature and cultural heritage.

The Government of Montenegro also passed the Draft Amendments to the State Study of the Location "Arsenal" Tivat. The main goal of the amendments is to correct the essential elements of the functionality of the space indicated in the previous plan. In that sense, it was aimed at correcting the zoning of the tourist purpose and its positioning in an adequate location, increasing the free and public surfaces, linking the pedestrian surfaces and forming a few squares as the adequate spaces of the Mediterranean urbology.

Women's entrepreneurship is a significant segment of the overall economic development, whose progress contributes to strengthening its capacities, providing financial and non-financial support, as well as networking women entrepreneurs, it was stated from the Chamber of Commerce in Montenegro (PKCG).

"The development of women's entrepreneurship depends on its affirmation and capacity-building, as well as on improving the position and economic empowerment of women, which implies their greater participation in decision-making, more prosperous society, a healthier economy, and more complete gender equality," it was said by the PKCG to the agency Mina-business. They believe that for the development of women's entrepreneurship is the significant provision of financial and non-financial support, which includes credit lines with more favorable terms and interest rates, as well as organizing informational seminars and meetings and educating entrepreneurs in the area of ​​making the business plans, market research and marketing plan development. 

Additionally, networking between women entrepreneurs and networking through joint projects, as well as full co-operation between all collaborators in public, private and civil sectors is needed to enable women's entrepreneurial potential to make full use of the development of the economy and modern society," the PKCG said.

They added that the latest data show that more and more women are starting and running a business.

According to the Tax Administration data, the share of women who own micro, small and medium enterprises is 24.3 percent. These data show that there is an evident increase in the number of women entrepreneurs from 2011 to 2017, as much as 38.4 percent. In EU countries, the share of women in entrepreneurship is about 30 percent, so we can say that we are heading in the right direction," said PKCG.

They reported that women's entrepreneurship is the fastest growing category in the business world and that this trend had affected all countries the same, regardless of the degree of economic development.

"By developing women's entrepreneurship prerequisites for opening new job vacancies are being created, enabling the development of society as a whole," the representatives of PKCG said.

They argue that access to finance is a basic obstacle to business start-ups because women are in a worse position than men, especially because the majority in Montenegro do not own property and are not able to provide financial resources on their own.

"Women are considerably more concerned with dealing with the business also due to the alignment with the numerous household management and childcare obligations. The growth of total wealth of the society and women's entrepreneurship, as a part of the overall, gets in effect," they explained in PKCG.

They added that the Government and relevant institutions, through the implementation of policies, strategies and action plans, work on the development and full implementation of measures of gender equality and economic empowerment of women. "The Women's Entrepreneurship Development Strategy in Montenegro from 2015 is of great importance to support women's entrepreneurial potential as well as to create a favorable business environment for their inclusion in entrepreneurship," the PKCG said.

They said that a large number of activities that are part of the strategy have already been realized and have given positive results. Also, the Strategy for the Development of Micro, Small and Medium Enterprises in Montenegro from last year, special attention has been devoted to the promotion of women's, social and entrepreneurial of the youth.

The PKCG also stated that the Activity Plan for obtaining gender equality in Montenegro 2017-2021 represents a development document for the implementation of gender equality policy, and includes, among other things, also the gender equality in economy.

Text by MINA Business, on May 3rd, 2019, read more at Vijesti

May 3, 2019 - NATO membership, opening almost every chapter in the negotiations on the EU accession, stable macroeconomic environment, important infrastructure projects, as well as clear direction of the future development of the country, are the main reasons why a great number of world investors have started their businesses in Montenegro, said the President of Montenegro, Milo Đukanović.

Last night in London, during the working dinner in the organization of Porto Novi, Mr Đukanović discussed the number of renowned business people, the participants of Private Wealth Forum, the advantages of investing in Montenegro.

He pointed out that our country offered considerable advantages to foreign investors, thanks to its competitive business environment, significant potentials in the area of tourism, energy, and agriculture.

“We have harmonized legislation with the EU acquis communautaire, and we have strengthened the rule of law”, said the President.

He has stressed the importance of the initiatives and projects that contribute to raising living standards in Montenegro and creating new opportunities for young people.

“I’m happy to see that more and more investors acknowledge and appreciate the efforts we undertake in order to develop our country, change the way we think and acquire new knowledge and management skills”, said the President.

Mr Đukanović has invited many business people to visit Montenegro and consider the possibilities for the implementation of different ideas and projects in so many areas.

Text by CdM on May 3, 2019, read more here.