15 Sep 2019, 15:05 PM

15 September 2019 - Seventy-one individuals have well more than 1 million EUR on deposit at the end of August, the Central Bank of Montenegro (CBCG) told Dan daily. This data refers to both residents and non-residents.

The representatives of Central Bank also explained that the largest amount of money deposited was 31.9 million EUR, adding that the central bank didn’t collect data about the clients’ jobs.

At the end of 2018, as CdM reports, the number of individuals who had over a million euros on deposit was 69, which is by 2 per cent less compared to the situation in August 2019. "The total amount of the 10 largest deposits of individuals in Montenegro (residents and non-residents) amounted to 88,2 million EUR at the end of August this year, while the total amount of the 10 largest deposits of residents amounts to 32.4 million EUR," said the representatives of the Central Bank of Montenegro.

According to the data of CBM, the number of millionaires in Montenegro is increasing each year. In 2017, Montenegro boasted 64 millionaires, while in 2016 there were 54.

The CBM data also shows that in 2017, the largest amount of cash kept on deposit was 63.3 million EUR, while now it amounts to €31.9 million.

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

15 Sep 2019, 12:39 PM

15 September 2019 - The credit rating agency Standard and Poor’s recently published a new Report for Montenegro, which confirmed the previous outlook of the country that has been marked as "stable", while preserving the B + / B rating, reports Montenegrin Ministry of Finance.

Credit analysts of this agency confirmed that Montenegro is on the right track of development.

Assessing the trends in Montenegro’s economy, the Standard and Poor's emphasized the significant results achieved in the sectors of tourism and energy and the considerable inflow of Foreign Direct Investments (FDI). The strong performance of the tourism sector supported the real growth of almost 5% in 2018, which is the highest growth that Montenegro recorded in the past decade. This trend is continued in 2019 because tourist arrivals for the first six months increased by 20 % compared to the same period last year.

Significant foreign investments provide a great contribution to the rating. According to the projections of the Agency, the FDI will amount to an average of 10% of GDP per year in the next four years, and they are mainly concentrated in the real estate sector, hospitality, and the energy. The on-going projects in the hospitality sector include several high category coastal resorts and hotels for tourists with preferences in the area of mountain tourism.

At the same time, the representatives of this credit agency welcome the completion of several significant projects in the energy sector, such as the reconstruction and upgrading of power plants, the new capacities for the production of electricity and the Montenegro – Italy submarine cable that will enable Montenegro to export electricity. According to the report, the aforementioned sectors represent the base for further growth of Montenegro’s economy and the potential to boost Montenegro’s credit rating.

Furthermore, the Agency considers that the construction of the highway, as a public investment encouraged growth as well. After completion, the Government expects that the highway will connect the coast of the port of Bar and the border with Serbia, bringing together remote regions and improving road safety.

Standard and Poor's welcomes the Montenegro’s EU path as a candidate country, highlighting the important potential in the implementation of the reforms, which harmonise with the EU acquis and a large part of the population support to the EU integration, in addition to the stating that Montenegro has built relatively strong institutional frame in the regional context.

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

12 Sep 2019, 19:51 PM

12 September 2019 - Montenegro will establish two centres of excellence in the field of food science and biomedicine, worth 2,5 million EUR, of which the state will co-finance 1,8 million EUR in three years.

The Government of Montenegro has adopted the Information on Support for the Establishment of New Centres of Excellence, which elaborates the results of a new competition conducted this year. The competition resulted in two very high-quality proposals, according to which the Ministry of Science will enter into funding negotiations. The total value of the two projects is about 2,5 million EUR, of which co-financing from the state budget is 1,8 million EUR for three years.

The first-ranked centre is in the field of food science called: Centre of Excellence for Digitization in the Field of Food Safety and Food Authenticity – FoodHub by Prof. dr Aleksandra Martinović, reports the PR service of the Government of Montenegro.

The second-ranked centre refers to research in biomedicine. It is headed by Dr Vjeroslava Slavić.

The main features of this instrument of support of the Ministry of Science are:

- creating strong cores of the scientific and innovation ecosystem, bringing together researchers and experts who focus on full-scale research, recruiting and scholarships for young researchers;

- creating or significantly improving products or services for a well-defined industry that can help existing Montenegrin businesses improve their international competitiveness by integrating advanced knowledge, technology and innovation into traditional sectors of the economy and

- establishing international cooperation, which is a very important factor in the operation of the centres, as they should be the hubs through which we more effectively connect with Europe and the world.

Minister of Science, Sanja Damjanović congratulated the teams of both top-ranked projects on extremely well-prepared applications, but also praised other proposals through this competition which showed that there are many quality ideas in our community, that people are willing to work on implementing complex programs that can bring visible improvement in to our society and especially to the economy, with the expectation that negotiations with the two first-ranked teams will be successfully completed by the end of this year when their realization will begin.

12 Sep 2019, 16:00 PM

12 September 2019 - The Government of Montenegro will invest about 580 000 EUR in the construction of the water supply system at the site of the future ski resort Cmiljača in Bijelo Polje, it was specified in the contract, signed earlier this week by the Public Works Administration of Montenegro and the best bidder in the procurement procedure, Podgorica-based company "Vukotić Trade".

It is about one of the segments in order to put into operation new centre and the deadline for the completion of work is six months from the day of introducing contractors to work. 

For this site, the Public Works Administration has already contracted the construction of the six-seater cable car with the capacity of 2.600 skiers per hour and 3 kilometers of ski slopes, with a total value of 8 million EUR, reported the Government of Montenegro.

Recently, the construction works have begun the construction of electricity infrastructure in order to prepare for installation of substation 35/10 kV, which will power the ski centres Cmiljača and Žarski and the process of punching access roads in the length of about 16 kilometers is ongoing. 

The realisation of the investment in Cmiljača will allow the . valorisation of the tourism potentials of this mountain area in which the Government will invest around 23 million EUR in the next three years.

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

12 Sep 2019, 15:13 PM

12 September 2019 - OSCE mission in Montenegro has donated forensic 33.700 EUR worth equipment to the Forensic Center in Danilovgrad.

Equipment includes a station for forensic analyses, licensed software for monitoring Internet evidence and access to digital devices, mobile forensic equipment for collecting evidence at the crime scene and 10 vehicle identification number devices.

After the donation contract was signed with Director of Police Department Veselin Veljović and chief of OSCE mission in Montenegro Maris Davie, the officials said that this equipment would be helpful for criminal investigations.

"The equipment will enable Forensic Center to examine digital evidence and carry out data analyses at crime scene in order to save evidence," said Davie, as Cafe del Montenegro reports.

She reminded that OSCE supported Forensic center since its formation in 2008.

"The Center has been accredited at the international level. It is a giant step forward in the fight against regional and international crime. Evidence collected in the Center will be accepted by any court," pointed out Davie.

Veljović said that this donation was very important, not only because of its value but also because it would contribute to fight against all types of crime and assist criminal police in their activities.

"Forensic Center is a very serious institution now. It meets standards of renowned forensic centers," concluded Veljović adding that OSCE is their strategic partner.

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


10 Sep 2019, 19:55 PM

10 September 2019 - Montenegrin Deputy Prime Minister for Regional Development Rafet Husović recently hosted a delegation of the Federal Association for Economic Development and Foreign Trade from Germany - Bundesverband für Wirtschaftsförderung und Außenwirtschaft (BWA), led by Chairman of the Board of Directors Michael Schumann. The meeting discussed the tourism development potential of Montenegro with special emphasis on Ulcinj, a destination which arouses great interest of German guests.

DPM Husović presented the current work of the Government of Montenegro, investments and activities in the tourism and other branches of the economy, as well as potential investment opportunities in this area. He also expressed satisfaction that increasing number of German business people are interested in investing in Montenegro, which is also an indicator that business people from Germany and the European Union recognise this country as a destination for developing their business ideas.

Mr. Schumann informed the Deputy Prime Minister about the BWA's activities and plans to increase its presence in Montenegro in the coming period.

According to Schumann, the BWA is an exclusive, non-profit business association, solely funded by 1300 companies, members or partners supported by the BWA in various projects. The federal office of the association is located in Berlin.

The Federal Association for Economic Development and Foreign Trade (BWA) represents an association that connects solution-orientated individuals who are equally knowledgeable about both the economy and science, but also about research, politics, civil society and the media. The BWA promotes regional, national and international economic development, economic interests of its members, foreign trade, fair co-operation between businesses of all sizes and legal forms as well as state-run institutions and regional authorities.

The Association aims for better regulatory design, namely a global eco-social market economy that applies the best experience(s) of the European Union and its expansion processes. Simultaneously, its members are also working within Germany on intelligent and situation orientated adaptations to global challenges.

The objective targeted by all of the activities of the BWA is to work together with its members in order to contribute to making Germany and Europe fit for the future whilst simultaneously campaigning for a global eco-social market economy.

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

08 Sep 2019, 23:12 PM

08 September 2019 - The first layer of asphalt surfacing was laid yesterday on the 500 meters section of Moračica Bridge. Everything is done in accordance with the design and modern execution procedures.

The works are being overseen by Monteput, Ingerop, DKTP and competent laboratories. The asphalt surfacing is made in three layers 7+7+4 centimeters thick and is made of polymer modified bitumen.

The first BNS layer is completed today and a total of 950 tons were installed.

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

05 Sep 2019, 18:36 PM

05 September 2019 - During his official visit to London, Minister of Transport and Maritime Affairs Osman Nurković took part in the two – day International conference on road safety on the topic of technology and innovation in the field of road safety with special emphasis on reducing the number of traffic accidents that result in serious injury or death cases and new systems of security that can be applied in order to achieve mentioned goal. Therefore, the conference presented new developments in the area of autonomous vehicles, electric and environmentally friendly forms of transport, as well as best practice and expertise related to global challenges in the road safety area. The conference was opened by Baroness Vere of Norbiton, British Parliamentary Under Secretary of State at the Department for Transport Charlotte Vere. 

During his stay in London, Minister Nurković met with representatives of the British companies that are interested in investing and doing business in Montenegro. Special attention is given to the meeting with representatives of the Bechtel, a company that for years has been operating successfully in the Western Balkans region. During the meeting with Minister Nurković, representatives of this company expressed interest in the project of the remaining shares construction of Bar – Boljare highway, the project to build a high speed road along the coastline of the Adriatic - Ionian corridor, furthermore, the meeting discussed the possibilities related to the reconstruction of the Bar – Vrbnica railway, reports Ministry of Transport and Maritime Affairs of Montenegro.

In addition to the Bechtel, Minister Nurković also met with six British companies that are interested in offering its advisory and consulting services on the projects of strategic priorities for the Government of Montenegro. Minister Nurković emphasised that for Montenegro, tourism promotion is significantly important, which is directly related to the investments and transport infrastructure construction. After discussion of the priority projects in the area of infrastructure in Montenegro, Minister Nurković invited all interested British companies to invest and do business in Montenegro. The meeting organised by British Expertise International (BEI) with the support of the British Embassy in Montenegro, in addition to the representatives of BEI, representatives of the companies the WYG, the Roughton International, the IMC Worldwide Limited, the Beckett Rankine and the Strategy International also attended the meeting.

During the bilateral meeting, Ministar Nurković and Baroness Vere signed an Agreement on international road traffic and the Agreement relating to the air transport. 

Ambassador Borislav Banović and independent consultant Bilsana Bibić also attended the meeting.

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

05 Sep 2019, 00:09 AM

04 September 2019 - Montenegro has done a good job and I congratulate you on the results achieved on the fiscal side and in the financial sector, Executive Director of the Belgian – Dutch Constituency in the International Monetary Fund (IMF) Anthony De Lannoy stated at the meeting with Prime Minister Duško Marković.

“You've been successful and we hope you will continue to have success”, Executive Director De Lannoy said.

Prime Minister Duško Marković thanked the IMF for the continued support and partnership, noting some of the Government's successes in the last two and a half years, namely high rates of economic growth, deficit and public debt reduction, income growth, financing current spending from source revenues, as well as an increase in the number of employees and a significant decrease in unemployment.

IMFs De Lannoy Montenegro Achieved Good Results in Financial Development and Fiscal Policy 2

"We are aware that the long – term sustainability of the economy is based on healthy finances. In the next period, we will continue with the activities in order to achieve this goal," PM Marković stated.

According to the report by the Government of Montenegro, the Prime Minister pointed to the strong commitment and activities of the Government in combating the grey economy in all areas and the close cooperation of the competent authorities and the Prosecutor's Office in the prosecution of criminal offences in the area of economic crime.

The Government has achieved good results in the areas of tourism, energy, agriculture, and it is committed to the overall infrastructure strengthening, particularly in the North, as a key precondition for the development and better life for citizens, Prime Minister Marković stressed.

Speaking about the challenges the Government has been tackling, the Prime Minister emphasised that the focus will be placed on overall reforms in the areas of public administration, social and pension policy, and that a set of laws and activities that are under preparation should contribute to achieving better results in these areas.

04 Sep 2019, 14:31 PM

Certified halal companies from Montenegro will participate in the International Halal Industry Fair in Sarajevo at the end of the month.

In Montenegro, halal certificates are held by two companies, while several restaurants, hotels and companies are in the process of obtaining the certificate.

 “The Montenegrin market is slowly opening up to halal, which is very interesting to us. Our agency is interested in holding a presentation of Halal companies in cooperation with the Chamber of Commerce and the Islamic Community, which are interested in doing business according to this standard," said Nermin Hadzic from the Halal Certification Agency at “Sarajevo Halal Fair” presentation.

Sarajevo Halal Fair is the largest specialized halal industry fair organized for the second time by Bosnia Bank International in cooperation with the Islamic Development Bank Group (IsDB) and the Islamic Community in Bosnia and Herzegovina.

The Chamber of Commerce of Montenegro said that halal tourism is increasingly developing and occupies an important place in the overall tourism industry.

"The development of halal tourism is also present in our region, which, by improving tourism infrastructure, strong promotion and coordinated activities of employees of this industry, can be more significantly integrated into the flows of this market," said the Vice President Ljiljana Filipovic.

She also added that the projection is that by 2020, the value of the halal tourism market will be $200 billion. Bosnia Bank International said that the total value of the world halal market is $ 6.5 trillion, out of which 4.5 belongs to the financial sector.

The Ministry of Agriculture and Rural Development supports the introduction of halal standards, covering 50 percent of consultancy costs, with a maximum value of €8,000.

The fair will be held from 26 to 28 September at “Skenderija” and will bring together representatives of the halal industry from almost every continent, as well as multinational companies that are present in the global market with this type of products. Last year, the fair featured more than 10,000 visitors, 600 business participants, companies, public and private institutions, orgnizations, associations from more than 30 countries, as well as 91 exhibitors from 13 countries.

Text by Damira Kalac, on September 2nd, 2019, read more at Vijesti

04 Sep 2019, 14:29 PM

The new owner of the hotel “Piva” in Pluzine, located on the shore of Piva Lake and the only facility of its kind in the municipality, Dragan Bogdanovic, said that if everything goes according to plan, the doors of the facility, which closed on August 1, 2011, will be reopened within two years.

Born in Piva, Bogdanovic lives and works in Belgrade and became the owner of the hotel in July.

"I bought the hotel, primarily for emotional reasons, because I grew up with it. I plan to renovate the facility as much as possible, to meet all the required standards and to be at an appropriate level," Bogdanovic told “Vijesti”.

He bought the hotel at a public auction for 200 thousand euros. The starting price of the sale was 152,000 euros, and, according to the government's Auction Commission, in addition to Bogdanovic, Veselin Ivanovic from Belgrade and Zeljko Bakrac from Pluzine also submitted applications.

 “I plan to expand the range of offerings, but first we should prepare everything and do it right. I have the support of the local government and I hope that in a year and a half or two, the hotel will be put into operation," Bogdanovic said.

Both the local government and the Nature Park Piva (NP) are pleased that the hotel has acquired a new owner.

 “I am sure that putting the hotel in operation will contribute to even faster and better development of tourism and tourist offer in the municipality of Pluzine. In addition to the importance of tourism development, it is not negligible to mention the job vacancies that this facility will generate. In any case, a critical moment for tourism in Piva”, said the director of NP "Piva”, Slobodan Delic.

The 550-square-meter hotel, with associated land totaling 1,451 square meters, was built in 1976. The property has a basement, ground floor, two floors and attic, restaurant and 44 accommodation units.

The Riviera Budva bought the hotel in 2012 for 300,000 euros and leased the property for one year.

Text by Svetlana Mandic, on September 4th 2019, read more at Vijesti

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