Business

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.

27 Jul 2019, 22:21 PM

26 July 2019 - Prime Minister Duško Marković recently hosted Sándor Csányi, Chairman and CEO of OTP Group, which had recently acquired the Societe Generale Montenegro, thus strengthening its position as the leading bank in the country, as reported the Public Relations Service within the Government of Montenegro.

Congratulating the OTP Group on the successful acquisition, the Prime Minister noted that this is important for Montenegro, which has been given an even stronger partner for the continuation of successful cooperation primarily on development projects.

"I believe that the stronger position of your bank will have a positive effect on Montenegro and that you will be an even stronger player in the Montenegrin economy," said PM Marković, expressing his gratitude to the OTP Group for having had consideration, at each stage of the acquisition process, for the demands of the Montenegrin side.

The Prime Minister informed Mr Csányi about the excellent results of the Government's economic policy, which includes a high growth in GDP and strong investment activities with simultaneous fiscal consolidation and a reduction in public debt. The meeting also discussed the development projects the OTP Group could be interested in, as well as the forthcoming issue of securities announced by the Government.

On 16 July, CKB Bank purchased 87.602 shares (90.55%) of the Societe Generale Montenegro, at a total value of 35.629.692,37 EUR, at the Montenegro Stock Exchange.

The meeting was attended by Minister of Finance Darko Radunović, Deputy Chief Executive Officer of OTP Group Zsolt Barn, Deputy Chief Executive Officer of OTP Group László Wolf, Chairman of the Board of Directors of the Montenegrin Commercial Bank Miklós Németh, and CEO of the Montenegrin Commercial Bank Pál Kovács.

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

26 Jul 2019, 14:56 PM

26 July, 2019 - Baia, the new wing of the Regent Pool Club Residences has been opened, thus marking the final phase and completion of this glamorous building in the Porto Montenegro superyacht marina, situated in Tivat. The opening of the new wing was marked by a glamorous party at the hotel's pool, as announced by Regent Porto Montenegro. 

The Regent Pool Club Residences now consist of three wings, where the two, AQUA and BAIA, are taking waterfront living to a new level of elegance in a luxurious setting, joining the existing Venezia wing. BAIA’s 67 new units range from rooms, one to three-bedroom suites and penthouses. The leading London design consultancy WATG Architects and MHZ Paris are responsible for their design. Earthy shades of straw, beige and grass contrast harmoniously with sumptuous furniture in rich dark tones creating a calm oasis.

Each room will offer utmost privacy to guests with either sweeping views across the bay and marina, lush countryside or the dramatic Vrmac mountain range. Rooms and suites are surrounded by beautiful landscaping, where the infinity swimming pool and pool club take centre stage, with a clean and minimal design reflecting the Mediterranean beach style.

The architecture of the BAIA wing follows the Venezia and AQUA wings style, combining Venetian and Italian Riviera aesthetic with a rich palette of natural shades, that blend seamlessly with the adjacent luxury 5* Regent Porto Montenegro hotel. WATG worked closely with the internationally renowned designer Tino Zervudachi to create interiors which portray modern-day glamour with an art-deco feel.

Kai Dieckmann, General Manager at Regent Porto Montenegro, remarked: "The opening of the BAIA wing, in our 5th year of operation, is the finishing touch to Regent Porto Montenegro’s project and offers our guests a diverse selection of rooms, residences and penthouses to choose from. We want to offer a sense of unobtrusive luxury which has been brought to life through WATG and MHZ Paris’s contemporary designs, whilst tying into the existing aesthetic of our two other wings with the recognisable nautical design. Guests can experience stunning views from every room and exceptional Regent service and experiences – such as the excellent dining, the relaxing Regent Spa and a variety of activities in the destination.”

During their stay, guests will have access to the award-winning infinity pool, which was named one of the top 30 hotel pools in the world in 2018.

There is also the resident-only Pool Club with landscaped gardens, lap pool, children’s pool, poolside restaurant and sunbeds, gym, private walkway to AQUA and Venezia wings, elegant spa facilities and four restaurants.

“We’re delighted to round off the Regent project which falls coincidentally with the hotel’s fifth anniversary. In a short while, our homeowners will take the keys to their new residences, enriching the Porto Montenegro community and enjoy the fantastic lifestyle promise we offer all of our residents”, said David Margason, Managing Director of Porto Montenegro.

The total investment of the Baia hotel extension is 36 million euros.

 

26 Jul 2019, 13:24 PM

Company "Termoinzenjering" from Podgorica has offered 886.000 euros for the hotel "13. July "in Virpazar, announced by the bankruptcy administration of Atlas Bank, while there were no interested buyers for the attractive bank building in the center of Podgorica in the street “Stanko Dragojevic”.

The bankruptcy board of the bank owned by the president of Atlas Group who is on Interpol warrant Dusko Knezevic has authorized the law firm of Zorica Djukanovic for the sale of property that was announced on June 24th. The public tender was held yesterday.

The initial price for selling the hotel in Virpazar, which in the foundation has 862 square meters and a garden of 2.113 square meters, was 785 thousand euros, while the property in Podgorica was offered for 1.98 million euros.

The law office of Djukanovic opened the offer of "Termoinzenjering", whose activity is according to the data from the Central Register of Business Entities "Facility Maintenance Services". The owner and executive director is Ranko Scepanovic. “Termoinzenjering" was the only one who submitted the offer, while the second public tender for the sale of real estate in Podgorica was not held because there were no applications for participation.

The building in Podgorica in the foundation has 400 square meters plus a courtyard of 34 square meters, but it is built on four levels, of which one part includes a congress hall below the ground. One month and a half ago, the bankruptcy administration of Atlas bank already announced this property for sale together with the former headquarters of Atlas Bank in Atlas Capital Center, but this tender was canceled very quickly according to the decision of the Central Bank. The bankruptcy at Atlas Bank was introduced at the beginning of April this year. The acknowledged claims of the Atlas bank in bankruptcy amount to 133.07 million euros, but this is not the final figure due to appeals procedures initiated by bank customers dissatisfied with the amount of money recognized by the bankruptcy administration according to their basic claims.

The bankruptcy manager of Atlas Bank Mirko Radonjic said that appeals procedures are currently being conducted according to a number of decisions, and the appeal period is still ongoing for a certain number of verdicts, and certain procedures are terminated for legal reasons.

Text by Milorad Milosevic and Marija Mirjacic, on July 25th, 2019, read more at Vijesti

26 Jul 2019, 01:09 AM

25 July 2019 - Prime Minister of Montenegro Duško Marković met with Miguel Fluxa Rosselló, the owner and Executive President of the Iberostar Group that has been operating in our country for over ten years.

The meeting expressed mutual satisfaction with the cooperation between the Government of Montenegro and this world tourist giant, which has an annual income exceeding 2.4 billion EUR in 35 countries, generating 10% of total tourist nights in hotels and 25% in high-class hotels, as stated in the announcement by the Office of the Prime Minister of Montenegro.

The Prime Minister of Montenegro Duško Marković and the Executive President of Iberostar Miguel Fluxa Rosselló jointly assessed that the cooperation initiated at their first meeting almost three years ago is an example of the successful implementation of the vision of sustainable tourism development and an important step forward in enriching Montenegro's tourist offer and significantly expanding the offer of this renowned company.

Prime Minister of Montenegro Duško Marković informed the Iberostar Executive President Miguel Fluxa Rosselló about the extremely good results of this summer's tourist season saying that the number of guests in the hotels has increased and that financial indicators point to revenue growth.

The Executive President of Iberostar Miguel Fluxa Rosselló, whose company operates in Herceg Novi, Perast and Bečići, expressed interest in further improvement of the Montenegrin offer and expansion of business in our country and in the region. In that sense, concrete steps have been agreed on increasing the number of airlines flying to Montenegro and further improvement of our utility infrastructure.

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

26 Jul 2019, 00:41 AM

24 July 2019 - Representatives of the Government of Montenegro congratulated citizens, members of the Municipal Assembly and the leadership of Plav on the Municipality Day, stating that the Government of Montenegro and the Municipality management share development vision and continue joint work on projects, which goal is prosperity of northern region and better life for citizens, as stated in the announcement by the Public Relations Service within the Government of Montenegro.

"I am impressed with the way you look at the challenges and your courage and determination to tackle them. I perceive every your move forward as a great success. We will continue to work together on development," Prime Minister of Montenegro Duško Marković stated in front of the Government of Montenegro at the meeting with a delegation of Plav, led by Mayor of the Municipality Mirsad Barjaktarević. In that regard, they agreed on concrete actions to further optimisation of the local public administration.

The Plav leadership informed the representatives of the Government of Montenegro in details about all the development projects being implemented in the Municipality of Plav, expressing personal gratitude to the Prime Minister for his engagement and commitment to the northern region, noting that thanks to the projects launched and understanding of the Government, positive energy and good perspective can be felt in Plav. The meeting also addressed the future Plav – Dečani road, including tunnel punching.

The representatives of the Government of Montenegro and the leadership of Plav agreed that, among numerous projects, priority should be given to the revitalisation and protection of the Plav Lake and the reconstruction of the Plav - Vojno Selo - Gusinje road in the immediate future.

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

25 Jul 2019, 15:57 PM

Minister of Transport Osman Nurkovic (BS) spoke with the press about what the Proposal for the concession act of the state airports of Montenegro and draft concession contract contain.

He said that the future concessionaire which must be registered as a legal entity in Montenegro must pay at least 100 million euros in advance and will pay another 10 percent of the total budget revenues of the Airport to the state budget.

Nurkovic said that the airport Tivat will be given under concession in three phases. At the first stage, there will be a land area of ​​about 846,000 square meters and this transfer of land will be done until the entry into force of the concession act.

In the second phase, transfer of land will be on the surface of about 560,000 square meters within 24 months from the entry into force of this concession act, and in the third phase, the transfer will be about 170,000 square meters of land that will be transferred within 48 months from the entry into force of the concession act.

https://youtu.be/Nzc4tw0FrAk

Text by Marija Mirjacic, on July 25th, 2019, read more at Vijesti

25 Jul 2019, 15:52 PM

The government adopted the proposal of the concession acts for the state airports of Montenegro and the draft concession agreement, with the disagreement of the Social Democrats (SD).

Now there is a debate at the session on this subject.

The opinion by the Minister of Education Damir Sehovic (SD) was excluded, with sharp criticism and assessment that the document is not in line with the law, that certain solutions are not transparent.

Minister of Health Kenan Hrapovic (SD) was not present at the session. All other members of the Government supported the proposal. The Government's Economic Policy commission in May returned the proposal to the Ministry of Transport in order to align it with the law. Government members from the DPS and Minister of Transport Osman Nurkovic (BS) assessed that everything is in order and to continue the process towards the long-term concession of airports in Podgorica and Tivat. The dispute over the Airports lasts for a year. DPS and BS are in favor of the concessions, and SD, which has been running this state-owned company for years, is against it.

From the start, they claim that the department of Nurkovic is not doing this job legally. Minister Nurkovic announces the adoption of concession acts since October last year.

Text by Ivana Gudovic, on July 25th, 2019, read more at Vijesti

 

25 Jul 2019, 14:06 PM

“Butterfly finance” management company, owned by businessman Blagota Radovic, offered 401,000 euros to acquire the management of the open-end fund investment fund Atlas Mont, which, among other things, owns one-third of shares in Montenegro Stock Exchange, as “Vijesti” found out unofficially from several sources.

Atlas Bank's bankruptcy board opened two bids received yesterday and the competitive offer of the Management Company “Quantum Investments” amounted to 231 thousand euros. “Quantum investments” has been managed by OIF HLT for three years and is controlled by broker Aleksandar Jovovic and related persons.

Atlas Bank's bankruptcy board controls 59 percent of DZU Atlas Mont, which has been managed so far by OIF Atlas Mont.

That is why the bankruptcy administration of Atlas Bank, managed by Mirko Radonjic, announced this tender and asked for a new manager for the assets of the open-ended fund of the same name. The total liabilities of DZU Atlas Mont, the management companies of OIF, amounted to about 190 thousand euros.

One-third of the ownership of Montenegro Stock Exchange, the most important part of the OIF Atlas Mont, according to the last stock exchange price, is worth about 730 thousand euros. In addition to ownership in Atlas bank that has been bankrupt since the beginning of April, OIF Atlas Mont owns 29.6 percent of the company’s shares “Montenegroexpress” from Budva, a share in the CG broker-dealer and fewer shares in another 10 companies. Montenegro stock exchange, as well as the open and closed Atlas Mont fund, have been controlled by companies from Atlas Group owned by Dusko Knezevic, who is on Interpol's warrant.

The main speaker, among the authorized brokers on the stock exchange and the domestic market, was, in addition to two commercial banks, Jovovic with his broker company “Bull and Bear”. Radovic and Jovovic were once co-owners in that company, but Jovovic, in the end, paid off Radovic's ownership stake.

After a series of transactions on the stock exchange, Radovic became the largest shareholder of Atlas Hotels Group with 29% of the stake through his company “Zetagradnja”. This company owns significant properties in Bar, Petrovac, St Stefan and Podgorica. The largest shareholder of this hotel company with 75% of shares until recently was the closed investment fund Atlas mont.

Atlas Mont owes approximately 90,000 euros to employees

DZU Atlas Mont, according to the information from "Vijesti", from the sources close to the bankruptcy administration of the bank, owes mostly to the employees of that company, a little less than 90 thousand euros.

For services to two lawyers, they owe a little less than 22 thousand euros, Atlas bank in bankruptcy slightly less than 18 thousand, the Commission for the capital market 8.500 euros, while the other debt of the DZU Atlas Mont mainly refers to consulting services, small fees and other unpaid bills.

Text by Milorad Milosevic, on July 23rd, 2019, read more at Vijesti

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