Business

02 Aug 2019, 15:33 PM

02 August 2019 - Energy Regulatory Agency acquired the status of a closed distribution electricity system for the Uniprom company and Luštica Development.

These companies thus gained the right to deliver electricity independently in the zone of the Aluminum Plant, that is, in the area of Luštica Development tourist complex.

The purpose of the closed distribution system is the delivery of the electricity in the geographically limited area for the complexes which have integration of work or production process, trade or service activities, such as Aluminum Plant and processing factories built by Uniprom within the Plant and Luštica Bay, as CdM reports.

“Uniprom Nikšić and Luštica Development Utilities Company are obliged to pay a fee for the use of the closed distribution system, following the law. Uniprom is obliged to provide special measuring sites for the users, before the contract is concluded,” read the decisions adopted by ERA in yesterday’s session.

The closed distribution system of Uniprom, which own Aluminum Plant, is connected to the transmission system through three connecting transmission lines. The closed distribution system of Luštica is connected to the distribution system managed by CEDIS Pržno substation. This institute was introduced three years ago.

Uniprom Group planned on the opening of the Uniprom KAP factory of aluminum billets/logs for December 2019. The planned value of this investment is approximately 15 million EUR. It is expected that these two factories will create 80 new jobs.

"In addition to the already installed silumin factory, which will produce 30,000 tons of special alloys of an outstanding foreign market value of 75 million USD, which will be opened soon, we are starting to implement the next project, which is the construction of a new factory of aluminum billets/logs," said owner of the company Veselin Pejović on this occasion.

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

02 Aug 2019, 15:24 PM

02 August 2019 - During the latest session, the Government of Montenegro adopted the Annex to the Contract on the Registration of domain names with the Procedure for the Assignment of domain names from the premium and reserved domain list.

The Annex defines the new manner of the assignment of domain names recognized as “domain of direct offer”. List of reserved domains now contains the following domain names: ocisti.me, s3.me, tuzi.org.me, komunaeulqinit.me, opstinaulcinj.me and golubovci.me, while the premium list consists of domains such as:  original.me, bike-with.me, enjoy.me, example.me, experience-with.me, golf-with.me, raft-with.me, surf-with.me… . The Government determined that a minimum price at which a domain can be sold shall be formed on the basis of expertise.

The Government also adopted amendments to the List of reserved domain names with international names with amended List. Following that, domains: ocisti.me, s3.me, tuzi.org.me, komunaeulqinit.me, opstinaulcinj.me and golubovci.me, were included on the list, whereas several domain names were relocated to the list of premium domains.

Since 2008, when the registration started, .me domain has been attracting attention thanks to its interesting meaning, diversity and, above all, possibility for personalization in accordance with the users’ needs.

“Before commercial registration of domains, the Government defined a list of premium and reserved domain names in cooperation with Domen LLC. The objective was to create active and relevant contents in the best .me premium and reserved domains which would establish total value of .me community and make domain globally recognizable. Names that attract attention and generate demand contribute to the transformation of total .me cyber space into a successful cyber community which becomes more attractive for new members,” stated the representatives of the Government.

In 2012, a Development program which envisages assignment of domains on the basis of project planned for the development in that particular domain was introduced. By the end of 2018, around 700 premium domain names have been allocated via auctions and over 200 premium domain names through Development program.

Quality of the domain name is determined in accordance with the number of visits to the so called pages specially created for every domain from premium and reserved list. Another important indicator of demand for a domain is the number of applications for the Development Program.

However, 2018 saw the evident decline in number and quality development program applications as a consequence of accessibility of premium names of other extensions after the decision of ICANN on opening market for new generic domains.

“Due to great competition, registers developed a new functionality of premium registrations and renewals, which enables registrars to be part of the premium registration chain. Registration chain has expanded significantly,” said the representatives of the Government.

Application of the new allocation approach entails defining the money value of the domain. A user who is ready to pay the amount following the principle “first come, first served” gets the right to use the domain.

Such an approach is very similar to the allocation of names in the secondary market. Premium and reserved domain names assignment procedure via direct offer

Direct offer is divided into two phases. The first phase involves getting in contact will all potential registrants who have expressed their interest in .me premium domains. This phase of the registration is going to be carried out via “Afternic” platform.

“Registration agent determines the proposal for minimum allocation prices, which is formed on the basis of expertise. After that, domains are segmented into a specific number of price groups,” reads the document, as CdM reports.

After independent expert had estimated the value of all premium .me domains, ten price groups are formed.

Every domain will be initially offered on the “Afternic” platform at maximum price in its belonging group, whereas minimum price at which domain can be sold is the price proposed by independent expert.

The difference between the published and minimum price will create room for negotiations with registrant, since the registrant can offer his own amount on the platform.

The second phase is expected to begin on 31 January 2020. In this phase, after prices had been formed on the basis of minimum registration prices, registrant will not be able to impact it anymore.

The second phase also entails testing two registration options: premium registration plus regular renewal and premium registration plus premium renewal.

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

02 Aug 2019, 12:23 PM
Regent Porto Montenegro has prepared an eclectic calendar of events for August - the month in which it marks its fifth anniversary of successful business in Tivat and Montenegro. Two exceptional themed dinners will mark the eighth month of the year. The Full Moon Dinner will be held on August 15th. It will be an evening under masks, enriched with the art of dancers with fire. The other will be organized on August 24th and created by Juan Amador, a chef crowned with 3 Michelin stars.
 

“It is an honour for our guests and visitors to refine their summer holidays in Tivat and Montenegro this August through these two glamorous occasions. The Full Moon Dinner is already a tradition, but this month's crown is nevertheless the gala dinner created by Juan Amador - a proud owner of 3 Michelin stars. These nights will push the border of gastronomic events at the Regent Hotel this summer, and the fifth anniversary of our work deserves that. It was preceded by a party honouring the completion of the Baia Wing,” Kai Dieckmann, general manager of the Regent Hotel said.

The third outdoor party will follow on August 22nd and will be hosted by Maso Cekic - an experienced gastronomic journalist from Tivat, who will reflect the cuisine of Tivat and Boka Kotorska on the terrace of Gourmet Corner through several types of pasta and risotto.

Gramophone and shisha lovers will have the opportunity to enjoy vinyl records with a special bar on the 9th and 23rd of August at the Regent Hotel's Italian Garden. The depths of the Adriatic are the inspiration for the grill party, which will take place on August 2nd and 16th and will feature mainly fish specialties on the menu.

Outdoor dinners will be held every Thursday at the Gourmet Corner, where live pastas and risotto will be prepared on the terrace - an ideal option for a light dinner after the beach and before sunrise. Gin lovers will have the chance to try their favourite combination at the gin bar, available daily from 6:00 pm. The innovative selection of cocktails this year is led by the Cocktail "Sunshine", which has been inspired by the sunrise in Boka Kotorska.

 
02 Aug 2019, 00:27 AM

01 August 2019 - Director of Public Works Administration, Rešad Nuhodžić, President of the Municipality of Bar, Dušan Raičević and Director of Public Enterprise for Coastal Zone Management, Predrag Jelušić, signed Contract on the Implementation of Project Construction of a square and a promenade in Sutomore – II phase.

This phase entails total reconstruction and square paving with hospitality terraces, as well as rebuilding part of the road in the hinterland of the square.

According to the provisions of the contract, works in this phase will cost 965.925,21 EUR. Professional supervision will cost 40.000 EUR, as CdM reported.

The Municipality of Bar will provide financial assistance with 100.000 EUR, Coastal Zone Management will provide 425.000 EUR and the Government of Montenegro will earmark the rest.

Public Works Administration will soon invite the tender for bidders for the execution of works on the construction of promenade and a square in Sutomore.

Rešad Nuhodžić pointed out that a significant project was to be implemented soon. It will be important for tourism and it will improve the standard of living in Sutomore.

“Sutomore has been one of the most popular tourist destinations for years. Therefore, it deserves new amenities. The total value of all four phases of the projects amounts to 5,4 million EUR,” said Nuhodžić.

Public Works Administration will publish tender documentation in the coming days.

“I would like to point out that this investment represents one of the Government’s strategic commitments and its endeavors to use tourist potentials of Montenegro as much as possible,” pointed out Nuhodžić.

President of the Municipality of Bar, Dušan Raičević, thanked Coastal Zone Management for successfully implementing the first phase.

“We are constantly trying to improve our tourist offer. Out town is becoming more and more important. Sutomore, as one of the generators of visits, deserves a different definition. Square and promenade will turn Sutomore into an elite tourist destination, which will contribute to the higher profit generated in tourism,” said Raičević.

Director of Coastal Zone Management, Predrag Jelušić, said that this project was one of the most important projects for the municipality of Bar and one of the greatest financed by Coastal Zone Management.

Jelušić also thanked the municipality of Bar for its dedication and Public Works Administration for taking over the works.

Jelušić announced the next great project – arrangement of the whole coastal zone in Budva and Bečići and international tender for the conceptual architectonic design.

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

01 Aug 2019, 23:35 PM

1 August 2019 - Rakcevic, the owner of Petrovac Villa Oliva, is expecting a second session of negotiations with government representatives in mid-September and agreeing on an agreement for the Dr Simo Milosevic Institute.

Zarko Rakcevic told Vijesti that, regardless of the differences, he believed that an acceptable deal would be reached for both parties.

A consortium of Czech company Philibert and Villa Oliva has offered 10 million euros for 56.48 percent of the state's shares in the Institute and 27.94 million euros in investments over the next five years.

Institute for physical medicine, rehabilitation, and rheumatology „Dr Simo Milosevic“ JSC Igalo, is one of the largest and most famous institutions for a multidisciplinary spa treatment in the Balkans. It is a pioneer of the modern physical and preventive medicine, rehabilitation, thalassotherapy and wellness, and became one of the leading international centers for rehabilitation of children, adults, and seniors.

Beyond initial expectations, negotiations with the Tender Commission were not conducted during July, with a summer break in August.

"The Tender Commission for Privatization has started negotiations with the consortium on the conclusion of the contract of sale, which is underway," Economy Minister Dragica Sekulic, who chairs the Tender Commission, told Vijesti.

At the end of March, the Privatization and Capital Projects Council approved the Tender Commission report on the results of the tender and tasked it with negotiating the contract.

Rakcevic said that the first round of negotiations was held on May 31, when some controversial issues related to land ownership, inherited and future litigation and guarantees were discussed. Regardless of the differences, he sees no reason or impediment to agree on all three topics.

Sekulic said the bidder would also be obliged to accept the Institute's disputes, whose financial outcomes cannot be predicted now.

She recalled that the aim of the tender is to provide, through privatization, an investor who will invest money in the company's core business, that is, in the restoration of health care and the provision of tourist services in health tourism.

31 Jul 2019, 20:53 PM

31 July 2019 - A company which fails to issue electronic fiscal receipt risks will pay fines of up to 40.000 EUR, which is a lot higher than the maximum envisaged by the law.

The Law on Electronic Fiscalization of Goods and Services defines fines ranging from 8.000 EUR to 40.000 EUR for a legal entity, 2.000 – 12.000 EUR for an entrepreneur and 1.300 – 4.000 EUR for a natural person who fails to issue a fiscal receipt. The law defines a fine ranging from 6.000 EUR to 20.000 EUR if VAT is not calculated immediately.

Representatives of the Ministry of Finance said that the decision on an increase in fines was a recommendation of the International Monetary Fund. They believe stricter fines will be more effective. Commenting on the expected effect of higher fines, President of the Assembly Committee on Economy, Predrag Sekulić, said that he had very high hopes for the effectiveness of higher fines.

“I believe this will have a positive impact on the reduction of the grey economy,” stated Sekulić, as CdM reports.

Economic analyst and Professor in the Faculty of Management, Vasilije Kostić, says that the number of fines could have an important role but only “under specific conditions”.

“Under given circumstances, the amount of fines is not an adequate instrument and will not result in any improvement. It is necessary to enable the functioning of the whole mechanism,” said Kostić

He also added that, this time, the International Monetary Fund and international institutions “are wrong”.

“Their opinion is based on consequential and consistent systems that exist in their countries,” explains Kostić.

“Parts of the mechanism prior to imposing fines do not function appropriately, in some cases they do not even exist. Those who have some “connections” always avoid paying fines. In a system like that, amount of fines can not improve anything, nothing’s going to change,” stressed out Kostić.

He also said that this would only sharpen the sense of social injustice.

“Punishment system in our country does not produce desired results and does not enjoy the majority support of the society. Everybody who violates a regulation shall be punished. But it is a social process and it takes time,” concluded Kostić.

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

30 Jul 2019, 17:23 PM

30 July 2019 - During the working visit to the city municipality of Golubovci, where he presented encouraging results of the Government's support to plant production, in particular to tillage and vegetable farming, Deputy Prime Minister and Minister of Agriculture and Rural Development Milutin Simović and his associates met with representatives of city municipality Golubovci headed by Tanja Stajović.

The meeting discussed the current Government policies focused on the further development of business, especially agricultural production and entrepreneurship, job creation and improvement of infrastructure and the living and working conditions in this area.

Deputy Prime Minister Milutin Simović particularly expressed satisfaction with the effects of the Government's capital development projects, such as the construction of a new boulevard from Podgorica to Golubovci and a secondary vocational school worth more than 10 million EUR.

Golubovci Development through Agriculture and Entrepreneurship1

Furthermore, the meeting discussed enhanced control in order to eliminate the illegal exploitation of gravel and sand in the lower stream of the Morača River, as stated in the announcement by the Ministry of Agriculture and Rural Development of Montenegro.

Finally, Deputy Prime Minister and Minister of Agriculture and Rural Development Milutin Simović stated that the Government of Montenegro has already allocated 1,23 million EUR of grants for 1.800 farmers from 21 municipalities for the development of tillage and vegetable farming, while the processing of requests for an additional 800.000 EUR is ongoing.

Golubovci Development through Agriculture and Entrepreneurship2

As a result of one of the measures – a public call for support to vegetable farming – a total of 384 agricultural producers from 14 municipalities were supported, who invested almost 1 million EUR and received non-refundable support of 415.000 EUR. Investments covered the purchase of seeds, seedlings, foils, while the support amounted to 40 to 50%. In Podgorica, 122 producers received 125.000 EUR, or 30% of the total amount of support.

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

29 Jul 2019, 17:58 PM

29 July 2019 - The political and economic climate in Montenegro provides realistic and tangible chances for new development, for the Diaspora's investment in profitable projects that can contribute to even higher rates of economic growth of Montenegro, Prime Minister Duško Marković said at the constituent session of the second convocation of the Council for Cooperation with Diaspora – Emigrants.

Speaking about the vision of the cooperation between the homeland and the Diaspora, the Prime Minister said that it exceeds in sending money to families, not ignoring its importance, given that in this way, Montenegro receives over half a billion euros annually. Pointing to the achieved significant economic growth, PM Marković said that such a result was largely contributed by foreign direct investment.

"I would really be happy if in the coming period, among the investors who came to Montenegro from nearly a hundred foreign countries, there would be a larger number of our successful people who have developed their businesses around the world," Prime Minister Marković said.

Days of Diaspora Investments Contributing to Economic Growth1

In this context, the Prime Minister urged the local self-governments to design and send development projects to the Government; to be cooperative and open to ideas from our Diaspora.

"There is enough money for all good business ideas and, as the Prime Minister, I guarantee that the Government will strongly support any such idea," said Marković in the official report made by his Office.

The Prime Minister pointed out that Montenegro is a big construction site, and that today's Montenegro and the Montenegro they left, even just a few years ago – they cannot recognize. In this transformation, he added, he sees a significant space for a greater presence of the emigrant community. He recalled that the support of the Diaspora was crucial in the renewal of independence, and that their vote YES on 21 May 2006 was YES to Montenegro, European and Euro-Atlantic, multi-confessional and anti-fascist, economically viable and prosperous. PM Marković thanked the previous members of the Council for their engagement in the past three years.

"Not only because it was our legal obligation arising from the Law on Cooperation of Montenegro with Emigrants, but also equally important I consider our moral obligation to all those generations of Montenegrin emigrants and their descendants scattered all over Europe and the world," Prime Minister Duško Marković stressed.

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

28 Jul 2019, 18:48 PM

28 July 2019 - Montenegro has significantly improved its position in a prestigious ranking of the world’s most innovative countries. After last year's ranking as the 52nd most innovative country worldwide by the Global Innovation Index, Montenegro has reached 45th place in the 2019 edition.

According to the Global Innovation Index 2019, which was released July 24th with the theme “Creating Healthy Lives – The Future of Medical Innovation”, Montenegro occupies the 45th position in the Global Innovation Index 2019 rankings. On the list of Innovation Input Sub-Index rankings, Montenegro is ranked 55th, while in terms of Innovation Output Sub-Index rankings, Montenegro occupies the 46th position.

Montenegro Rises in Worlds Most Innovative Countries Ranking 2

The Global Innovation Index 2019 by Cornell University, INSEAD and WIPO, provides detailed metrics about the innovation performance of 129 countries and economies around the world. Its 80 indicators explore a broad vision of innovation, including political environment, education, infrastructure and business sophistication. The GII 2019 analyses the medical innovation landscape of the next decade, looking at how technological and non-technological medical innovation will transform the delivery of healthcare worldwide. It also explores the role and dynamics of medical innovation as it shapes the future of healthcare, and the potential influence this may have on economic growth. Chapters of the report provide more details on this year’s theme from academic, business, and particular country perspectives from leading experts and decision-makers.

According to the report, “Thailand (43rd), Montenegro (45th), and the Russian Federation (46th) are among the upper-middle-income economies that are performing above high-income economies in selected GII pillars”. The publication also places Montenegro on the list of countries whose results exceeded “expectations for the level of development”.

Montenegro Rises in Worlds Most Innovative Countries Ranking 6

The Global Innovation Index confirms that Montenegro has maintained relatively stable ranking on the list of the world’s most innovative countries. “The following 18 economies are among the top 50, with most of them maintaining relatively stable rankings since 2014: the Czech Republic (26th), Malta (27th), Spain (29th), Italy (30th), Slovenia (31st), Portugal (32nd), Hungary (33rd), Latvia (34th), Slovakia (37th), Lithuania (38th), Poland (39th), Bulgaria (40th), Greece (41st), Croatia (44th), Montenegro (45th), the Russian Federation (46th), Ukraine (47th), and Romania (50th),” it is stated in the report.

The Global Innovation Index 2019 found that overall, “Switzerland is the world’s most-innovative country followed by Sweden, the United States of America (U.S.), the Netherlands and the United Kingdom (U.K.),” according to a World Intellectual Property Organization (WIPO) press release. Since 2011, Switzerland has ranked 1st in the GII every year.

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

28 Jul 2019, 12:18 PM

28 July 2019 - Prime Minister Duško Marković stated at Business Forum in Bijelo Polje that the Government invested more than 1 billion EUR from the beginning of the mandate by the end of this year, which makes it the biggest investor in Northern Montenegro. This way the Government paved the way for further development of the North, and now the synergy of the state, private companies and individuals should be proven in practice in order to make Montenegro, along with partnership with the diaspora, a place where people will live with the quality of a European citizen. 

"Today, it is no longer said that there needs to be an investment in the North. At the moment, dozens of projects are being implemented in the North, machines and builders are at every step and in Bijelo Polje in particular. That is why I am looking forward to the organization of this investment forum right here not only because of recognizing the potentials, possible new investment ideas, but also the necessary synergies between the state, private companies and individuals to raise the Montenegrin economy on its feet and make it a place where people will live with the quality of a European citizen. It is our duty to be the bearer of positive changes. To invest smartly and create preconditions for business development in all municipalities and all sectors," Prime Minister Marković said while addressing participants of the first business forum in Bijelo Polje, as stated in the announcement by the Prime Minister's Office.

Business Forum Bijelo Polje Government Invested 1 Billion EUR in North Montenegro1

Prime Minister Marković said that he does not address the attendees only as an official, but also a representative of the largest investor in the north - the Government of Montenegro.

"This is best confirmed by the fact that each day we are getting closer to the opening of the motorway section worth 809 million euros. That is why this is a good opportunity to repeat – it is not financed by either the Chinese company or the Chinese government. The motorway is financed by the state of Montenegro. And it is fully owned by the citizens of Montenegro," Prime Minister Marković said. 

The Forum, which brought together about a hundred business people from Montenegro and abroad, was attended by, among others, Minister of Economy Dragica Sekulić, President of the Chamber of Commerce of Montenegro Vlastimir Golubović and the President of the Bijelo Polje Municipality Petar Smolović. 

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

27 Jul 2019, 22:30 PM

26 July 2019 - The Government of Montenegro has already allocated 1,23 million EUR of grants for 1.800 farmers from 21 municipalities for the development of tillage and vegetable farming, while the processing of requests for an additional 800.000 EUR is ongoing, said Deputy Prime Minister and Minister of Agriculture and Rural Development of Montenegro Milutin Simović presenting the results during a working visit to the city municipality Golubovci.

At the press conference, Minister of Agriculture and Rural Development Milutin Simović presented the results of agribusiness measures to support investments in vegetable farming and direct payments in plant production, as Ministry of Agriculture and Rural Development stated.

As a result of one of the measures – a public call for support to vegetable farming – a total of 384 agricultural producers from 14 municipalities were supported, who invested almost 1 million EUR and received non-refundable support of 415.000 EUR. Investments covered the purchase of seeds, seedlings, foils, while the support amounted to 40 to 50%. In Podgorica, 122 producers received 125.000 EUR, or 30% of the total amount of support.

Presenting the results of the second measure of support to tillage and vegetable farming, the Minister of Agriculture and Rural Development Milutin Simović emphasised that the support was provided for 1.413 beneficiaries from 21 Montenegrin municipalities in the amount of 815.000 EUR, and that support covers almost 5.000 hectares of crops.

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

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