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.

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15 September 2019 - The wastewater treatment plant in the capital will be completed in late 2022 or early 2023, Podgorica Water Supply Director Filip Makrid announced for Nova M.

In addition to building the collector, according to Director Makrid, around one and a half million euros will be spent on capital investment this year.

“We were able to secure a financial structure of around 45-46 million EUR. This financial structure consists of 11 million grants and 35 million funds received as a loan from Kfe Bank. We launched the implementation of this major project. What I can tell you now is that we did the preliminary reports as the first phase of consulting services,” Makrid said. According to him, the contractor for the wastewater treatment plant will be selected early next year.

“From now on, we hope that the project will be completed in about 30 months as planned, i.e. the contractor will have an obligation to build the main project or project documentation following the tender procedure and then to execute the project within 24 months. We expect that between the end of 2022 and the beginning of 2023, the citizens of Podgorica should have a new facility and that the facility will be ready to service the capital's services within the next 25 years, ”he added.

As CdM reports, Makrid also announced that, with the help of the Government of Montenegro, as well as with the funds of Podgorica Water Supply Enterprise, one and a half million euros will be spent on capital investments this year.

“We have launched the activities on realization of the project in Lješanska nahija, where we have contracted about 250 thousand euros, in the villages of Bigor, Brežine, on the rehabilitation of primary and secondary network. On the other hand, in the next seven days, a tender will be opened for the construction of the Kaluđerovo oko and Kamenica primary pipeline. The estimated value is around 300 thousand euros and we hope that in this way we will look at some 500-550 thousand euros to invest in some continuity in the area of ​​Lješanska nahija," he said.

The company is continuously working on expanding the sewage network and building atmospheric sewage. However, activities in the municipality of Golubovci are also not missing.

“With the construction of the water supply network for Breislavci settlement, we are actually completing activities on the construction of water supply network in Mahala settlement. Water Supply Podgorica has also reconstructed several rural waterworks that were technically defective. In doing so, they ensured that the water reached the outermost village. About four million euros have been invested in the past for these purposes. In the entire rural area, we have regular water supply starting from Bioče, Piperi, Vranjine, and Komani. Construction work for the building for the employees of the company is going on as planned. Eighty-two employees will receive keys to the apartment in early October," Makrid concluded.

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.

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14 September 2019 - Prime Minister of Montenegro Duško Marković hosted Director-General for Neigbourhood and Enlargement Negotiations at the European Commission Christian Danielsson. 

The meeting expressed satisfaction with the appointment of candidates as members of the European Commission, noting that the proposal to appoint more people from the region of Southeastern Europe to significant positions is a confirmation of the European perspective of the Western Balkan countries and an encouragement for further affirmation of European policies and values.

"I believe we will also take this opportunity. There is no dilemma that Montenegro, as a responsible state and leader of integration and reforms in the region, will further strengthen the integration process as a whole and will strengthen its commitment and efficiency in fulfilling its obligations, which must produce good results," Prime Minister of Montenegro Duško Marković noted in the announcement provided by his office.

Prime Minister of Montenegro Duško Marković pointed out that the success of the integration process depends not only on motivation and commitment but also on evaluating the results.

PM Marković informed Mr. Danielsson that the implementation of the Government's policies in the field of anti-corruption, rule of law and media freedom resulted in the corruption investigations within the system, a new Council of the Anti-Corruption Agency, termination of attacks on journalists and the media and the proposed set of media laws that were harmonized with the European Commission.

Furthermore, the Prime Minister and the Director-General for Neigbourhood and Enlargement Negotiations discussed issues of economic cooperation in the region and aspects of attracting European investment in specific Montenegrin strategic infrastructure projects. 

Head of the Delegation of the European Union to Montenegro, Ambassador Aivo Orav, and Head of the Mission of Montenegro to the EU, Ambassador Bojan Šarkić also attended the meeting.

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

13 September 2019 - Minister of Foreign Affairs Srđan Darmanović paid his first official visit to the Republic of Turkey recently, at the invitation of Foreign Minister Mevlüt Çavuşoğlu. 

Both sides assessed that the two countries cherish friendly and comprehensive relations, which are further strengthened by the alliance in NATO, and strongly connected through economic cooperation and numerous potentials for their further improvement.

The meeting emphasised the importance of further intensification of the political dialogue between the two countries, as well as intensive economic cooperation and continuous increase in trade in goods and an increase in the number of foreign direct investments.

The officials agreed that the two countries are cooperating well within NATO with a view to a more stable and secure environment.

Minister Darmanović said that the opening of the Consulate General of Montenegro in Istanbul, as well as the Turkish Consulate in Bijelo Polje, will contribute to the improvement of bilateral relations. He also stressed the continued contribution of the Turkish Cooperation and Coordination Agency (TIKA), adding that the country sees the scholarship of Montenegrin students as a valuable support in upgrading knowledge and development.

Minister Çavuşoğlu said the visit was a continuation of intense dialogue, which resulted in a high degree of mutual understanding and cooperation. He reiterated Turkey's commitment to strengthening relations between the two countries, agreeing that economic cooperation and trade were recognised as priority areas.

Foreign Minister Çavuşoğlu said that Turkey and Montenegro are intensively cooperating in the field of defence, culture and transport, and stressed the importance of its further improvement, both in the mentioned fields and in the field of health and education, reported the Ministry of Foreign Affairs of Montenegro.

Minister Darmanović also met with Speaker of the Grand National Assembly Mustafa Şentop and Vice President of Turkey Fuat Oktay. The interlocutors pointed to the importance of the multi-ethnic harmony by which Montenegro was recognised and discussed relations in the Western Balkans region, economic and parliamentary cooperation.

During his official visit to Turkey, the Minister laid a wreath on the eternal house of Mustafa Kemal Atatürk, and visited the mausoleum dedicated to the founder of the Republic of Turkey.

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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 September 2019 - Minister of Sports and Youth of Montenegro Nikola Janović opened the Regional Capacity Building Training for the winners of the projects under the RYCO Second Call for Proposals for project financing. Minister of Sports and Youth of Montenegro Nikola Janović expressed satisfaction with the fact that the regional training was being organised in Montenegro and emphasised that in this way it is confirmed that the regional cooperation is a priority of Montenegro, particularly in the area of youth policy.

"The Government of Montenegro and the Ministry of Sports and Youth from the beginning provide unambiguous support for the functioning of the Regional Office for the cooperation of young people, as so far the most visible product of the Berlin process. In the non-governmental and educational sector, we see a strong partner and we can influence the creation of enabling environmental activism and mobility of young people necessarily by joint efforts," Minister Janović pointed out.

12 September 2019 - New prices of taxi services will start to apply next year. Taxi drivers are expected to submit a price list for validation on 27 December. Price lists are forwarded to the Ministry of Transport and Maritime Affairs of Montenegro. So far, no legal entity or entrepreneur has done it, said Lazarela Kalezić in front of the Secretary for Transport reports Cafe del Montenegro.

New decision on taxi services stipulates introduction start ride price ranging from 0.50 EUR to 1 EUR.

"Decision on taxi services stipulates that entrepreneurs and legal entities should deliver a new price list to the Ministry of Transport within six months. Nobody has done it yet, we’ll introduce new prices next year," stressed out Kalezić.

Kalezić says they have prepared the program for the organization of a taxi ride in the territory of Podgorica. Mayor of the capital town Ivan Vuković should sign the program in the forthcoming days.

"We expect this program to be verified by the Mayor. We are considering if this program can be adopted for two years," pointed out Kalezić.

She adds that there are 966 taxi vehicles currently in Podgorica.

"For Podgorica, that is a lot. The Capital must find a . model to reduce the number of vehicles. Taxi drivers who decide to quit or those who retire should not be able to concede their licenses to someone else. It is difficult to tell what the optimal number of taxi vehicles would be. Anyway, they should be an alternative to public transport," concluded Kalezić.

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

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.

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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.