23 April 2019 - According to the conclusions from the first session of the Honorary Committee of the Games of the Small States of Europe 2019, chaired by the Committee Chairman Prime Minister Duško Marković, the Government of Montenegro, Podgorica Capital City, the Old Royal Capital Cetinje and the municipalities of Budva, Bar and Tivat, as well as the competent state authorities, are undertaking all necessary activities in order to organize the 13th Games of the Small States of Europe 2019, which will be held in Montenegro from 27 May to 1 June. These actions are being conducted to provide all necessary conditions for the organization of the games at the highest level, and to use them to promote Montenegro as a stable country and prestigious investment and tourist destination.

Mayors and presidents of municipalities in which the games will be held informed the Committee about the infrastructure preparation to hold the games, recognizing the importance of the competition that will gather more than 1,000 athletes, and numerous accompanying staff. They expressed their full readiness to financially contribute to the event by allocating budget funds, in addition to 605.000 EUR which the Government allocated for the event so far.

The Honorary Committee invited public companies and other sponsors to support the competition within the bounds of their possibilities, thus contributing to further affirmation of the country.

"The Games of the Small States of Europe do not only have significance in the aspect of sports. Taking into consideration that the participants of the games include small but successful countries of the European Union and since there are renowned sports organisations behind these countries, this is a real opportunity for Montenegro to present itself once again to the world in a high-quality manner and to confirm its economic, political and sporting commitments," PM Marković stressed.

The Games of the Small States of Europe, which have been held since 1985, currently bring together nine countries: Andorra, Montenegro, Iceland, Cyprus, Liechtenstein, Luxembourg, Malta, Monaco, and San Marino. The competitions are organised in athletics, bocce, volleyball, beach volleyball, basketball, swimming, judo, shooting, tennis and table tennis.

22 April 2019 - The European Bank for Reconstruction and Development will, after a feasibility study, decide on the co-financing of the Mateševo-Andrijevica motorway section.

This information was announced by the president of this institution Sir Suma Chakrabarti during an interview for TVCG. He also added that the EBRD is also prepared to finance the future concessionaire of the Airports of Montenegro.

The European Bank supports the efforts of the Government of Montenegro to improve the environment for business and investment. However, the grey economy must be reduced, and this also requires tax reduction.

"Energy, transport, infrastructure and the private sector - these are areas where we still want to invest. We are pleased that we can help Montenegro make the private sector more capable of fighting competition, and therefore achieve easier integration. We also support the efforts of the Government to improve the environment for business and investment, "he said.

The first section of the motorway is coming to an end, and preparations for the construction of the remaining sections are on-going. Chakrabarti commented on the plans to participate in the financing of the project of the century - the Bar-Boljare motorway: "Our bank has already helped to prepare the preliminary design of two sections of the motorway, as well as a feasibility study for the entire highway. After the assessment is finished, we will issue a final decision on co-financing and providing help to Montenegro for the Mateševo ​​- Andrijevica section".

Given that the European Bank is taking into consideration the development of road infrastructure, Chakrabarti revealed that the Airports of Montenegro are also in their focus.

"We are ready to consider the financing of the winners on the tender, which will be awarded the concession for Airports of Montenegro," he said.

Suma Chakrabarti also spoke about the methods to reduce and mitigate the negative effects of the grey economy: "During the conversations with business representatives, I have been told that high taxes are a huge burden that puts pressure on local companies. They also mentioned the Labour Law, as well as the necessity of improving skills. You need to focus on these areas to prevent the negative effects of the grey economy".

21 April 2019 - The exhibition of the National Museum of Montenegro entitled "European Fashion at the Montenegrin Palace - Reflection" was opened tonight at the Museum of Macedonian Struggle for Independence in Skopje. 

The event was attended by top officials of North Macedonia, including Prime Minister Macedonia Zoran Zaev, Speaker of the Parliament Talat Xhaferi and Minister of the Interior Oliver Spasovski, as well as numerous visitors and guests. 

Minister of Culture of Montenegro Aleksandar Bogdanović, Minister of Culture of the Republic of North Macedonia Asaf Ademi, Director of the National Museum of Montenegro Anastazija Miranović, and Director of the Museum of Macedonian Struggle for Independence Daniela Nikolova delivered speeches at the opening of the exhibition. 

Addressing the attendees, Minister Bogdanović emphasised that tonight's exhibition represents a new step towards the cultural integration of the two countries. Furthermore, he stressed the importance of the ongoing visit to North Macedonia, which is the basis for deeper cooperation in the coming period. 

The authors of the project are Anastazija Miranović, Tatjana Jović and Isidora Kovačević. The exhibition will be open until 1 July.

Minister of Culture Aleksandar Bogdanović and Minister of Culture of the Republic of North Macedonia Asaf Ademi also recently signed the 2019-2022 Cultural Cooperation Programme between the Ministry of Culture of Montenegro and the Ministry of Culture of the Republic of North Macedonia. 

The programme envisages, among other things, the promotion of cooperation in various fields of culture and cultural heritage, and Minister Bogdanović recalled that the Agreement on Cultural Cooperation between the two countries was signed in 2006. 

This document provides the basis for upgrading the relations that the two countries have in the field of culture, especially in the context of the implementation of joint projects and programmes. 

21 April 2019 - The Minister of Labour and Social Welfare Kemal Purišić met with Minister of Human Rights and Refugees of Bosnia and Herzegovina Semiha Borovac in Sarajevo, where they discussed the Law that covers the implementation of the Regional Housing Programme in these two countries. 

The ministers expressed satisfaction with the progress made in Bosnia and Herzegovina and Montenegro, as well as the belief that the planned construction of housing units for refugees and internally displaced persons will be completed within the specified deadline. 

Purišić and Borovac emphasised the common interest of Bosnia and Herzegovina and Montenegro to use all available funds through the Fund of the Regional Housing Programme. 

Minister Purišić stressed that one of the outcomes of the Regional Housing Programme in Montenegro is the Law on Social Housing, which the Government adopted last year. 

"The Law covers broader categories of population in social need. Given that Bosnia and Herzegovina do not have such a regulation, and the construction of apartments according to the model of social housing is in progress, Montenegro and the competent authorities can provide assistance and experience in this regard," Purišić said. 

Furthermore, Purišić and Borovac discussed the Agreement on the search for missing persons, which, after adoption by governments in both countries, should be signed soon. 

"After the signing of the Agreement, the planned activities for the search for missing persons will follow. According to the analysis of the working group that drafted the Agreement, we search about 300 missing persons in both countries. It is important to reliably exchange these data to avoid duplication of the search process in the countries of the region, which is prescribed by the Regional plan for the search for missing persons brought within the framework of the Berlin Process," Borovac said.

20 April 2019 - All available capacities of the protection and rescue system will be ready for the forthcoming fire season, as concluded at the meeting chaired by Minister of the Interior Mevludin Nuhodžić and attended by representatives of local protection, firefighters and rescue services, Institute for Hydrometeorology and Seismology, Armed Forces of Montenegro, Police, the Emergency Directorate, and other relevant institutions.

The meeting was organised to consider the situation regarding the capacity and readiness of the subjects of the protection and rescue system in Montenegro during the summer months that carry an increased risk of fire due to high temperatures.

As far as human and technical capacities are concerned, about 600 firefighters and two volunteer firefighters, 180 vehicles, three fire extinguishers, as well as helicopters of the Interior Ministry and the Armed Forces of Montenegro will be engaged this year, the meeting concluded.

"All subjects in the protection and rescue system have a common and equal responsibility, and that is the basis for a successful and high-quality response in case of major fires," said Minister Nuhodžić, adding that this season special attention will be paid to prosecuting persons charged with starting a fire.

The participants of the meeting called on the citizens to be responsible both for their own and others' property and to respect the recommendations of the competent services and authorities to reduce the risk of fire.

20 April 2019 - Electric Power Company of Montenegro and Gradir Montenegro have been given awards by the Chamber of Commerce on account of their successful performance. Glosarij company got the award for social responsibility, Montenegrin Commercial Bank got the prize for innovation, and CEO of Mercator-Montenegro, Ivan Karadžić, was awarded for the improvement of management. Awards were handed by the President of Montenegro, Milo Đukanović.

“We are facing the real possibility to become the next EU Member State. Contemporary Montenegro has a clear vision. We must move on. EU membership is not just a symbolic act; it is a hard process of adopting European values. Competitiveness is our greatest challenge today. Economic competitiveness above all. We want the European quality of life of our citizens,” said President Đukanović.

He said that Montenegro needed further education reform.

“One of the less developed countries of the former Yugoslavia is one of the fastest growing economies in Southeast Europe. Foreign Direct Investments have provided development. We have to change life quality. Citizens of other countries come to Montenegro to look for a job. It is a clear indicator. Entire Montenegrin economy plays a decisive role in the creation of a business environment,” said Mr Đukanović.

In the next ten years, some new resorts of world-known brands will be open.

“New investments stimulate the quality of life. I believe we can be proud of what we have achieved. However, we still know how to acquire,” said the President.

“Chamber of Commerce is putting a value on the true business elite of Montenegro and the leaders in business,” said the President of the Chamber of Commerce of Montenegro, Vlastimir Golubović.

He stressed that the Chamber had introduced numerous initiatives that had resulted in amendments to a significant number of regulations.

“We are planning to go on with working on the creation of incentive regulatory framework that will bring safer and more predictable business, increase in profitability and employment and provide Montenegro with better rating and position on the lists of renowned international organizations,” said Golubović.

In cooperation with the Government, the Chamber will keep insisting on finding commercial space for lower taxation of the economy.

“Grey economy and unfair competition are still the biggest obstacles to raising the competitiveness of the domestic economy. I am sure that with the synergy of the economy, the Government and competent authorities, we can reduce the grey economy to the lowest possible level,” concluded Mr Golubović.

Source: Cafe del Montenegro

21 April 2019 -As part of their tour, musical band Wings of Dixie will perform in the Montenegrin cities of Bar (April 21) and Kotor (April 22).

The U.S. Embassy Podgorica is excited to bring the musical band Wings of Dixie to Montenegro!

Wings of Dixie, which is part of the U.S. Air Forces in Europe Band, is an 8-member ensemble that epitomizes Americana with every performance.  The band’s repertoire covers the full spectrum of American music, including jazz, Dixieland, the blues, modern pop, and rock hits. 

The group provides a high-energy show that is instantly identifiable as American music.  The only ensemble of its kind representing the United States Air Forces in Europe, Wings of Dixie has been entertaining audiences for more than three decades. 

The band will perform in Bar on April 21 from 7 pm to 9 pm at the Promenade of King Nikola. The second performance will take place on April 22 in Kotor at the Square of Arms from 7 pm to 9 pm. The U.S. Embassy invites all locals and tourists to come and enjoy the wonderful music created by the ensemble.

20 April 2019 - The Government of the United Kingdom believes that there’s no need to change power in Montenegro, the UK Ambassador to Montenegro, Her Excellency Ms Alison Kemp, said in an interview with the CdM Portal. She emphasized that Montenegro is an ally, a partner and a friend of the United Kingdom. Ms Kemp declared that there are more British investors in Montenegro than it’s generally thought and that the British businesspeople always say that Montenegro is a great country in terms of investment. The Ambassador continuously encourages British tourists to come and visit Montenegro and get acquainted with the country’s beautiful land.

During the interview, Ambassador Kemp highlighted that as long as the UK is a member of the EU, it will constructively and actively assist Montenegro in the process of reforms, adding that even after leaving the EU, United Kingdom will continue to support Montenegro’s prosperity.

“Over the previous year, the United Kingdom invested over 1.4 million EUR in Montenegro by supporting a range of program activities. This year, we are increasing our investments besides the UK’s contribution to the European Union and the assistance programs that are being implemented in Montenegro, “said Her Excellency, ensuring that the United Kingdom will remain fully committed to improving the prosperity and security of the Western Balkans and Europe as well.

According to Ms Kemp’s words, the Government of the United Kingdom will remain committed to supporting Montenegro in implementing reforms to strengthen the rule of law, democracy and human rights.

Commenting on recent protests in Montenegro, the Ambassador emphasized that the United Kingdom supports the right to peaceful protests and that she supports the confirmation of such a statement by the Montenegrin Government, expressed during the in-country protests. “I do not think that the boycott of the parliament is the most effective way in which opposition parties can represent the interests of their voters. I consider it’s important that everyone advocating for better future and strengthening of democracy is committed to supporting meaningful reforms and strengthening independent institutions,” said Ms Kemp.

In terms of British investments in Montenegro, Her Excellency explained that the United Kingdom is fully aware of the potentials of Montenegro, which is why the UK export fund offers over 500 million EUR of export credit support to strengthen business relations between the United Kingdom and Montenegro. She also added that according to official data, over 130,000 Brits visited Montenegro last year and that she hopes that this season will be equally successful.

19 April 2019 - Hotel Group Budva Riviera finished last year with 2,6 million EUR of net profit. That is by a third better performance than in 2017. Palas, Castellastva, Aleksandar, Mogren, and Piva hotels, as well as Slovenska plaža tourist settlement, that operate within the group, have has a positive financial statement. Their profit has been by 14% higher than projected.

“Looking at the past ten-year period, the number of overnights has increased from 347.673 in 2009, to 487.357 last year. Business profit increased to 21,5 million EUR. Ten years ago, it amounted 11,5 million EUR,” reads the Information on the Performance of Companies.

Modernization and adaptation of hospitality facilities of Budva Riviera have cost more than 48 million EUR. Around 85% has been financed from the budget of the hotel group. Budva Riviera is on the White paper of the Tax Administration regarding the regularity of tax payments.

There were 487.557 overnights in the hotels of Budva Riviera last year. Hotel Aleksandar had the highest percent of overnights – 29%. Mogren and Slovenska plaža recorded the fall in the number of overnights.

Around 96% of guests were foreigners mostly from the countries of Eastern, Western and Northern Europe. There was a 30% increase in the number of guests from Northern Europe.

The group doesn’t run up any debts to the country of the municipality of Budva.

As far as the loans are concerned, the debt of Budva Riviera amounted 1,4 million EUR at the end of December last year. This hotel group falls within the category of low-indebted companies.

Budva Riviera has employed 386 persons. Average net wage amounted 500 EUR.

Yesterday the Government elected new members of the Board of Directors of Budva Riviera – Saša Radović and Petar Ivković.

Budva Riviera has been included in the Government’s Privatization Plan.

The group also owns Sveti Stefan and Miločer hotels which had been leased to Adriatic Properties company.

Source: Cafe del Montenegro

18 April 2019 -The Montenegro Stock Exchange announced the public call for the sale of the government bonds via an auction. The total value of the emissions amount to 190 million EUR and the auction will be held on 22 and 23 April 2019, as said by the company representatives.

The conclusions of the transactions will be done by the members of the Montenegro Stock Exchange – brokerage companies.

“Based on this, interested business entities and citizens can buy the government bonds via brokerage houses operating on the Montenegro Stock Exchange. The conclusions of transactions may also be done by the banks that have the permit and license for custody operations on the Montenegrin capital market,“ the public call suggests.

To be able to purchase stocks, potential investors should have a signed client contract with the bank or brokerage house, and they should also confirm or sign the order for buying bonds.

The Stock Exchange of Montenegro expects that response to the purchase of state bonds will be significant. Domestic and regional commercial banks, insurance agencies and other legal entities that would like to invest with minimum risk will show the greatest interest, said the acting CEO of the Montenegrin stock exchange, Mirko Marković.

He believes that this time, even the citizens’ interest will be huge, due to the situation in the banking market.

“Lower risk and interest rate higher than the rate on time deposits or savings in banks are the reasons why citizens will choose to buy bonds instead. Another advantage is that the funds invested in bonds are not “trapped”. In case of need, citizens can sell the bonds at the secondary stock exchange and make a profit before the maturity date,” said Marković.

Ministry of Finance has announced that they will issue bonds via Stock Exchange of Montenegro on 22 and 23 April. They are worth €190 million.

Price of one bond amounts 1.000 EUR. Maturity is five or seven years and the projected interest amounts are estimated at 3 and 3,5%.

The new price is ten times lower than the one offered previously.

“This is another good reason for the citizens to choose to buy bonds since the new price of a bond is much affordable,” says Marković.

Borrowing at the domestic market will provide cheaper means of budget financing and the capital market will extend its offer by two financial instruments.

“The impact that issue of state bonds will have on the capital market and the stock exchange itself is multiple positive,” said Marković.

According to him, extending the offer of the capital market will increase the interest of investors and restore trust when it comes to not only bonds but other financial instruments as well.