Mbo 47 mart 2014 1 1 by Ceed NVO

March 2014 / â&#x201E;&#x2013; 47

Economic Freedom WELCOME to the forty-seventh edition of Montenegro Business Outlook. MBO is quarterly publication of pertinent economic indicators presenting a comprehensive view of Montenegro’s business environment. This publication is intended to serve international business people seeking investment opportunity in Montenegro. We welcome your comments.

Economic freedom in Montenegro: The Index of Economic Freedom ranked Montenegro as 68th among 178 ranked states, with 63,6 points, one point more than last year. According to the Report, Montenegro is ranked in 31st place of a total of 43 countries from the European region and that total score is better than the worlds average. Macroeconomic outlook: During the fourth quarter of 2013, industrial production increased (27.6% during November). Inflation is showing a downward trend monthly (monthly decline of 0.6% during November). Foreign direct investments recorded a decrease (36.3% y-o-y decrease for first 11 month 2013). Observing the labor market, it was noticeable that salaries without taxes and contributions recorded a slight rise in November (amounting to €479), while the unemployment rate at the end of December was at a level of 14.88%. Banking sector: decreased by 0.6 % in comparison to October 2013. Total bank capital decreased by 1.4%. Almost every financial transaction in the banking sector for the end of November 2013 recorded an increase as a result of well planned actions, debt recovery and earning profit. Privatization and investment: The Council for Privatization and Capital Projects adopted the new Privatization Plan 2014, which is forwarded to the Government for adoption. The plan outlines the main privatization objectives, methods and principles of privatization along with the list of companies and percentage of share capital to be privatized. In addition, the Ministry of Tourism and Sustainable Development announced several public calls for long-term lease of tourist locations. Capital market: In 2013 year, the Montenegrin capital market was characterized by a decline in the volume of trade and decline in the number of transactions as well, when compared with 2012. In this year, the greatest turnover was recorded in the area of company shares (82%), followed by investment funds and bonds. In the spotlight: Montenegro in Circular Economy: Looking at the Glimpses of the New National Sustainable Development Strategy We introduce: EU Climate and Energy policy developments: What could recent changes bring to Montenegro?

Kralja Nikole 27a/4, BC “Čelebić“, Podgorica, Montenegro Tel/Fax: +382 (0) 20 633-855 +382 (0) 20 620-611

EU Corner: Besides the EU screening report for chapters 3,4, 8, 16, 22 and 32, main activities in the area of Montenegrin accession to EU is the adoption of Program accession of Montenegro to the EU 2014-2018.. Cross Border Cooperation Program Montenegro – Kosovo has been opened for the first time with the overall indicative amount or € 3,240,000. Also Operational Program Human Resources Development 2012-2013 (IPA IV) has been introduced for the first time.

E-mail: iper@t-com.me web site: www.iper.org.me

MBO Interview: Ms. Sandra Tinaj, General Manager of the University of Donja Gorica

Index shows economic freedom once again on the rise! The idea of economic freedom is presented as an option of individuals to do business, as well the belief that business is a key factor in the development of society and individual wealth. Economic freedom is a bridge to the global economy and the key to greater opportunity and an improved quality of life. From the very beginning this project was to clearly define and measure the consistency of institutions and policies with economic freedom for large sets of countries and territories. Freedom to choose how to produce, use your own resurces, sell, while respecting others. Living in a society with high levels of economic freedom leads to higher incomes, lower poverty, less unemployment, longer life expectancies, well-being and to a higher quality of life. Economic freedom, which includes clear property rights, limited regulation and taxation, and the freedom to trade, generates resources and opens up the space for researchers, entrepreneurs and businesses to achieve outcomes that previous generations would have considered impossible. In 2014, the countries that fully exploited the benefits of economic freedom are certainly Hong Kong with 90,1, right after is Singapore with 89,4 and in third place is Australia with 82,0 overall score.

Montenegro Montenegro has made progress in economic freedom. According to the Index of Economic Freedom issued by the American Heritage Foundation, Montenegro has achieved 68th place, among 178 ranked states, with

63,6 points, one point more than last year. According to the Report, Montenegro is ranked in 31st place of a total of 43 countries from the European region and that total score is better than the worlds average. Six of the 10 economic freedoms, including investment freedom, labor freedom, business freedom, and freedom from corruption, have improved, with investment freedom gaining 25 points. Tying its highest overall score ever, Montenegro remains “moderately free.” However, economic freedom is still curtailed by the lack of institutional commitment to the strong protection of property rights and an effective fight against corruption. The court system remains inefficient and vulnerable to political interference. In Europe, longestablished free-market institutions in many countries allow the region to score above the world averages in most categories of economic freedom. Taken as a whole, however, the region has been undergoing tumultuous and uncertain times epitomized by the ongoing sovereign debt crisis affecting the euro zone. Europe’s overall economic freedom rating remains undermined by weak scores in the management of public spending, reflecting the cost of expanding government services and transfer payments that plainly hinder both productivity growth and dynamic job creation. Stagnant growth has also exacerbated debt levels, leaving many European countries with no choice but to cut spending to reduce unsustainable fiscal deficits. When we look at countries in the region, in the Index of Economic Freedom in 2014, Serbia is ranked among the less free economies and despite

progress is below the regional average, with 59,4 points which puts it in 5th.place.. However, in 2014 Serbia has achieved the highest rating so far. Among countries in the region lower than Serbia is Bosnia and Herzegovina, which is 101th on the list. The highest-ranked country in the region is Macedonia in 43th place, while Croatia is in 87th place. ■

Countries

Overall score

Change from last year

Hong Kong

90.1

0,8

Singapore

89.4

1,4

Australia

82.0

-0,6

Switzerland

81.6

0,6

New Zealand

81.2

-0,2

Canada

80.2

0,8

Chile

78.7

-0,3

Mauritius

76.5

-0,4

Ireland

76.2

0,5

Denmark

76.1

0,0

Macroeconomic Outlook

Banking Sector

Macroeconomic Outlook REAL SECTOR

Latest available data regarding the quarterly amount of GDP shows that during the period July-September, it totaled € 1083 million, thus showing a real growth rate of 4%. This is the highest growth rate since the 2011, quarter IV.

Basic sectors Industrial production: Industrial output in November 2013 recorded a monthly growth of 27.6%, while during the period January-November 2013 (in comparison with the same period last year) it recorded a monthly growth of 10.2%. Major increases of industrial output were recorded in electricity, gas, stream and air conditioning supply (47.9%). Tourism: 268 965 tourists visited Montenegro during SeptemberOctober 2013, out of which 89.7% were foreigners. During the same period, 1 476 023 nights were recorded, with 91.2% share of foreigners. Budva was dominantly the most visited city, and guests coming from Russia and Serbia were the most numerous in the nights structure (26.3% and 8.2% respectively, during November). Construction: according to latest available data ( third quarter of 2013), the total value of finished construction works was €76.9 million, 25.3% above last years average, while anticipated new building work projects are expected to total €16.6 million.

Inflation During November 2013 the CPI index recorded a monthly decline of 0.6% and it was (along with Serbian’s one) the lowest one in the region. The annual value of the CPI index over the observed period was at a level of 0%, and it was below the EU 27 level (1%). The total value of minimal consumer basket for December 2013 amounted

€797.9, of which 30.1% was related to food and non-alcoholic beverages, 44.3% to non-food products and services and other to the value of imputed rent.

Montenegro ran a deficit of €4.1 million, whereas the deficit during January-November 2013 amounted to €122 million (3.7% of GDP). 31.6

2.8

1.3

4.6

0.2

59.5

Employment and Wages At the end of December 2013, there were 34 514 unemployed, out of which 48,9% were women. The unemployment rate over the same period was at a level of 14.88%.

Taxes

ContributionD

Other revenues

uties

Fees

Loans repayment revenues

INTERNATIONAL ECONOMIC RELATIONS Foreign Direct Investments (FDI) In the first eleven months of 2013, net FDI inflow amounted to €268.4 million, thus showing 36.3% y-o-y decrease.

With regard to salary recorded in August 2013, the gross average value was €727, while the average salary without taxes and contributions was €479, thus recording a slight rise after 2 months of stagnation. The highest number of people (about one fifth) were employed in the wholesale and retail trade sector, and public administration and defense, the compulsory social security sector was second ranked in this regard.

PUBLIC FINANCE Budget According to an estimation made by the Ministry of Finance, on November 2013, source revenues of the Budget of Montenegro and state funds amounted to €95.8 million (2.9% of the estimated GDP), thus being 1.2% lower than planned. In the structure of source revenues, tax revenues accounted for the main share of 59.5%, and their collection were 1.4% higher than planned. In the same period, consolidated budget expenditures amounted to €99.9 million (3.0% of GDP), and being 4.9% lower than planned. Consequently, in November 2013, the Budget of

• FDI inflow: €406.3 million, mostly in the form of investment in real estate (€ 181.0 million) and intercompany debt (€167.7 million) • FDI outflow: €137.9 million, mostly in the form of withdrawal of non-residents’ investments in Montenegro (€117.8 million)

External trade

BANKING SECTOR

Total Bank Assets and Liabilities

Total assets and liabilities of banks at the end of November 2013 amounted to € 2,975.0 million, recording a decrease of 0.6 % than in the previous month whereas in relation to December 2012, it is higher by 5.9%. When it comes to the structure of banks assets for the end of November 2013, loans and other receivables accounted for the main share (82.8%), followed by cash and deposits with central banks (11%) while the rest 6.2% relates to other asset items. As for the structure of banks liabilities, deposits accounted for the main share (70.1%) followed by capital (14.2%), while borrowings made up 11.5% and other banks’ liabilities items 4.2%. Graph 1: The structure of total banks’ assets and banks’ liabilities, in %

During the period January-November 2013, total exports totaled €340.9 million, , while imports totaled €1624.0 million, thus showing an export-import ratio of 20.9%. Montenegro is the most import dependent country with Serbia (28.6%), Greece (8.4%) and China (8.2%), and the most export dependent country with Serbia (35.5%), Croatia (15.9%) and Slovenia (10.1%). ■

(Source: The Central Bank of Montenegro, Monstat, Ministry of finance of Montenegro, Employment Agency of Montenegro)

Source: Bulletin of Central Bank of Montenegro, October 2013, November 2012 and December 2013.

Total bank capital amounted to € 422.6 million at the end ofNovember 2013 recording a monthly decrease of 1.4%, and annual growth of 46.4% in relation to December 2012.1 1 The reason for significant increase lies in the introduction of account provision for estimated losses under regulatory requirement which records provisions for written off loans from the off-balance and cancelled provisions for on-balance sheet items. In addition, growth of capital in the first ten months of 2013 resulted from the recapitalization of one bank at end-December 2012 (EUR 10.5 million), and two banks were recapitalized in 2013 (EUR 12.4 million), while positive financial result was recorded in the period 1 January – 30 November 2013 at the system level (EUR 31.8 million).

Deposits Total banks’ deposits amounted to € 2, 084.9 million for the month of November 2013 which is an increase of 0.9 % in comparison to the previous months while in comparison to December 2012, it is an increase of 5.3%. In total deposits’ maturity structure, time deposits accounted for 58.6 %, while demand deposits accounted for 41.3% of total deposits. The remaining 0.1% referred to funds at escrow account. In the structure of time deposits, the highest share was recorded by deposits with maturity from three months to one year (47.4 %) and deposits with maturity from one to three years (34.1%).

Household deposits Households’ deposits amounted to € 1,221.0 million at the end of November 2012, being 0.2 % higher in comparison to the previous month, while in relation to December 2012, households’ deposits increased by 6.5 %. In the maturity structure of households’ deposits, time deposits made up 68.2 %, demand deposits

31.8%, while funds at escrow account made up an insignificant portion of household deposits. Loans Total banks’ loans and other receivables amounted to € 2,463.9 million at the end of November 2013 which is a monthly decrease of 0.4% and an increase of 5.2% in relation to December 2012. Interest Rates From September to November 2013, the weighted average lending nominal interest rate increased from 9.31 to 9.33. The weighted average deposit effective interest rate (deposit interest rates) decreased from 2.73 to 2.6 in the same period. ■ Graph 2: Interest rates, period-end, in %

Source: Bulletin of Central Bank of Montenegro, October 2013, November 2012 and December 2013.

Privatization and Investments

Privatization & Investments Privatization Plan 2014 adopted The Council for Privatization and Capital projects, in its session determined and adopted the Privatization Plan for 2014 and forwarded it to the Government for consideration and adoption. The Privatization Plan will be implemented through the sale of shares and assets by public tender and through public private partnership models for part of the companies. Through the sale of shares and assets by public tender the following companies will be privatized: “Adriatic Shipyard Bijela“, “New Tobacco Company”, “Montecargo“, “Montenegro airlines“, HTP “Budvanska rivijera“, HTP “Ulcinjska rivijera“, “Institute for Ferrous Metallurgy”, Electrode Plant - Plužine, “Poliex” - Berane, Institute “Dr Simo Milošević” - Igalo, “Marina“ - Bar, “Montenegro Defense Industry“ Podgorica and Hotel “Park - Bijela. The projects to be implemented through a public-private partnership model are the following: Island “Lastavica” with fortress “Mamula“, “Mediteran” - Žabljak, location between Njivice and the mouth of the Sutorina river, Military-tourist complex “Bigovo”-Trašte, Tourist complex Ecolodge - Vranjina, Velika plaža, Ada Bojana, Camp Neptune - HTP “Ulcinjska rivijera”, NTC “Marina” - Kotor, Military-tourist complex “Valdanos”, Military-tourist complex “Flower island” and the land Prevlaka, Montenegro Post, ski resort “Savin kuk”, etc.

Open tenders Montenegro Adriatic Shipyard The Government of Montengro announced the invitation for participation in the international public tender for sale of 61.5749 % of the joint stock company “Adriatic Shipyard” AD Bijela. The tender procedure will be

conducted in two phases. The first phase of the tender procedure was determination of fulfillment of the qualifying criteria. The deadline for submitting documentaion for this phase was February 17 2014. In accordance with tender requirements, documentation was submitted by following companies: 1. Fincantieri S.p.A. , Italy 2. Damen Shipyards Group, Netherlands 3. Consortium Blotraco Shipping Ltd Cyprus, Roman Denkovych and UAB Litana ir KO Lithuania The second phase will involve invitation to parties which have fullfilled the eligibility crietria to deliver their bids. The deadline for submission of bids for the second phase is April 15, 2014 until 12h (local time). Tender for Long-term Lease of the Military Tourist Resort “Mediteran”, Žabljak The Government of Montenegro publicly announced the tender for the military tourist resort “Mediteran” in Žabljak. The Site is at an altitude of 1,456 m above sea level in the most attractive zone of the National Park “Durmitor”. The

tourist resort “Mediteran” is located in the settlement Otoka, in the direct vicinity of the road that leads from Žabljak to the Black Lake, which has so far been used as a military resort. The bids must be delivered no later than May 5, 2014 by 12.00 hours (local time). Tender for Long-term lease of Land and Sea Surface Area between Njivice and Sutorina River Mouth, Municipality of Herceg Novi

surface area (aqua space) of 17,313 m2. The Bids must be delivered no later than May 5, 2014, by 12.00 hours (local time). Tender for Sale of Former Military Barracks “Radoje Dakic”, in Žabljak The Government of Montenegro invited the tender for the purchase of land at the location of former military barracks “Radoje Dakic” in Zabljak. The location that is the subject-matter of the Tender includes state-owned land covering an area of 20,616 m². The Bids must be received by no later than April 7, 2014, by 12:00 hours (local time). Tender for Long-term Lease of Land for the Construction of “Eco-Lodge” Tourism Resort in Vranjina The Government of Montenegro invited the international public tender for long-term lease of land for the construction of an “Eco-Lodge” tourism resort in Vranjina, Montenegro. The location is part of an attractive zone in the Skadar lake National Park, within the coverage of the Special Purpose Spatial Plan for Skadar Lake National Plan and the Location Study for Vranjina and Lesendro. The lease is for a period of 31 to 90 years (with the possibility of extension). The Bids must be delivered no later than May 5, 2014, by 12.00 hours (local time).

Closed tenders

The Government of Montenegro invited the tender for the long-term lease for a period of a minimum 31 to maximum 90 years of land and sea surface area at a location between Njivice and the mouth of the Sutorina River, Municipality of Herceg Novi, including the construction and management of a tourism resort. The location that is the subject of the Tender includes land covering an area of 30,597 m 2 and the sea

Single Bid for Long-term Lease of the Site „BigovoTrašte“ Kotor For international tender for the long-term lease of the site “BigovoTrašte” Kotor only one bid was delivered. At the session held by the Tender Commission for Valorization of Tourism Localities, it was concluded that the bid was delivered timely and according to requirements set out in the tender documents and was submitted by investor – Robert Plazcek Holding Aktiengesellschaft, from Austria. Just to remind, the Government of

Montenegro announced the tender for long term lease, for a period of at least 31 years and up to 90 years most, of the site “Bigovo-Trašte”. The deadline for submission of bids was February 21, 2014 by 12.00 hours (local time). Tender for Long-term Lease of Island Lastavica with Fortress Mamula – Herceg Novi At the session of the Commission for Valorization of Tourism Localities that was held on January 31, 2014, two bids were delivered for the tender for long-term lease of locality tourist resort Lastavica Island with fortress Mamula – with surface of 31.848 m2. The bids were delivered by Orascom Development Holding AG from Switzerland and Vos Investment Group from Netherlands. In the search for investor for Aluminium Plant (KAP)

The Aluminium Plant Podgorica JSC owns and operates alumina and primary aluminium production plants, a cast house and secondary aluminium plant, an aluminium downstream processing plant, a forging plant, and a conductor plant. It casts molten aluminium into standard ingots and T–ingots. As of November 30, 2005, Aluminium Plant Podgorica JSC operates within Central European Aluminium Company - CEAC, established to manage property of EN+ Group in Central –Eastern Europe region. Since July 8th, 2013 the company has introduced the bankruptcy procedure. There were two public calls for the sale of company property. The first was on January 10th, 2014, where four bids were delivered: Uniprom,

Politropus, HGL and Alemani trade. The second call for the sale of assets of KAP was called on January 18, 2014 and Uniprom placed the sole bid offering a price of €28 million. Concession Agreement for Container Terminal and General Cargo Signed

Representatives of the Government of Montenegro and Container Terminal and General Cargo signed Concession Agreement for port activities, repair, financing and maintenance on the period of 30 years. The Concession Agreement was signed by director of Port Authority Mr. Mladen Lučić on behalf of the Government, i.e. the Ministry of Transport an Maritime Affairs and CEO of CTGC Mr. Andrija Radusinović. By signing the Concession Agreement and Purchase Sale Agreement (PSA) on the sale of state-owned shares with threcompany Global Ports from Turkey, prerequisities are created for Turkish partner to take over the management of CTGC. The representatives of the Government signed the PSA on the sale of 62,09 percent of CTGC’s capital with Global Ports in the middle of November 29013. The Government has sold 42,72 million shares of CTGC by the price of 18,89 cents per share or €08,07 million in total. ■

Capital Marktets

We introduce

CAPITAL MARKETS The value of the MONEXPIF index has declined steadily with just a few oscillations since January 2013, and the lowest point in this year was recorded on 30 May

Trade on the Stock Exchange

Stock Exchange Indices

During 2013, the turnover on the Montenegrin stock exchange amounted to € 30.77 million, thus showing a decline of 5.14% in comparison with 2012. The average monthly turnover during 2013 was € 2.56 million, which is lower in comparison with the average monthly turnover in 2012 (€ 2.70 million). The decline in the turnover of the stock exchange during 2013 was followed by a decline in executed transactions. During 2013, a total number of 6.420 transactions were completed, and this was 9.74% less in comparison with the same period in 2012 (7.113transactions).

The Montenegrin stock exchange uses the two indices, MONEX20 and MONEXPIF. The value of the Montenegrin Stock Exchange, MONEX20, upon which MSE’s 20 most liquid companies are traded, had started 2013 with a growth and reached its peak of 10.247 points on 16th of January 2013, after which it began to fall.. The lowest value of 8.974 points was on October, 28th. Variations in index value have influenced all of the changes shown by shares represented in this index. In particular, the following were most affected: Telekom Montenegro, Prva Banka, Montenegrin Electric Transmission System and 13 July Plantaže.

During 2013, three types of securities were traded: company shares, privatization-investment fund shares and bonds which included Government bonds and Ministry of Finance bonds. The greatest turnover was recorded in the area of company shares (82.0 %), followed by privatization-investment fund shares (11, 9%) and bonds (6.2%). The shares of companies (17.40%) and investment funds (9.04%) recorded an increase, while bonds recorded a decrease in comparison with the same period in 2012 (75.09% respectively). Looking at shares on an individual company basis, the highest monthly trade volume was recorded in September, during 2013; Montenegrin Electric Transmission System shares reached a volume of 1.73 million on the A list.

The value of the MONEXPIF index has declined steadily with just a few oscillations since January 2013, and the lowest point in this year was recorded on 30 May with 2.145 points. After May, 30, when this index reached its lowest value, it started to grow and reached its highest value in 2013. On December, 19, it amounted to 3.650 points. The index value was influenced in such a way that a similar trend was evident in all of the privatization investment funds.

Privatization – Investment Funds on the Stock Exchanges The total volume of trade involving PIF shares during 2013 amounted to € 3.646.998, which is 9.04% more in comparison with 2012. In total, 1.595 transactions were made during 2013. The most actively traded shares during this period were Trend (33.665 million shares), while the least traded were those of HLT (just 1 share). ■ MONEX 20

MONEXPIF

TURNOVER STRUCTURE

MONTENEGRO IN CIRCULAR ECONOMY:

Looking at the Glimpses of the New National Sustainable Development Strategy Back in 2007, Montenegro was the first country in the region to adopt a National Sustainable Development Strategy. Although this document presented many good ideas and was rooted in the legislative frameworks set by the European Union and the United Nations, it had not managed to deliver a significant proportion of the proposed measures. Undoubtedly, one of the key obstacles that led to this outcome was the economic crisis of 2009 that negatively affected further economic growth, both globally and nationwide. However, it appears there were other reasons as well, since individuals participating in the consultation process indicated that reluctance towards the Strategy existed even at the time of its adoption. At the global level, the crisis was a wake-up call for the economic experts, as structural inadequacies of the current linear economic model were exposed. Thus, gradually, new paradigms developed; Firstly, the concept of a green economy was presented. This pathway is still a dominant one in Europe and it has put human wellbeing and social equity at the core of its interest, emphasising the need to reduce environmental risks and ecological scarcities, leading to decoupling of economic growth from environmental damages. However, certain authors realised that this was not enough, since a very important factor was left out of the equation. It was the issue of waste, and more broadly the entire life cycle of a product and its impact on the environment. Based on this, and inspired by natural principles, other economic models evolved. Some of them include blue economy, industrial ecology and cradle-to-cradle. Finally, the idea of circular economy emerged and is now incorporated in the guiding principles of the EU policy through the European Resource Efficiency Platform.

model in practice in countries such as Montenegro. Namely, since waste is being treated as the central issue of this new economic model, an established waste management system is required.

THE PRINCIPLE OF THE CIRCULAR ECONOMY (Source: http://www.waste-management-world.com/ articles/2013/02/reuse-recycing-targetef-by-circulareconomy-100.html)

Circular economy shifts waste management into the centre of its framework and allows for an holistic, systems thinking approach, where waste is perceived as a resource, not a merely discarded material. It proposes a system where the waste is recycled, while the non-recyclables are used for energy generation. The latest report of the Ellen Mc Arthur foundation Towards the circular economy presents staggering figures indicating substantial potential benefits for companies accepting circular business models. Moreover, additional benefits such as higher land productivity and job creation are highlighted, together with increased competitiveness and efficiency of the economy. Following recent developments in the EU regarding this issue, a similar approach is envisaged to be applied when revising the National Sustainable Development Strategy of Montenegro. The revision process is currently underway and is expected to offer a framework for sustainable development till 2020. However, there are numerous impediments for implementing such a

Countries of the EU already have such systems in place, which are often highly sophisticated, with significant shares of recycling or other types of waste processing (such as waste to energy technology). Unfortunately, Montenegro is not one of these countries, therefore facing a more complex task. We are experiencing increased volumes of waste disposed at unsanitary landfills, causing severe consequences to human health and the environment, and eventually even social unrest, as in the latest case of Beranselo. Being a barrier to circular economy, these occurrences simultaneously present an important opportunity for Montenegro; they make the case for circular economy even stronger, as it should be perceived as a tool to tackle two major issues – waste management and sustainable development. The recent presentation of the Bases of the revised National Sustainable Development Strategy calls for optimism, as the authors accepted these principles and accounted for waste management in economic analysis, leaving enough space for the environmental and social objectives to be met. Hopefully, in the upcoming months a more detailed pathway for achieving this will be unveiled, through coordinated processes of relevant national ministries and the UN system. Stay tuned as we will keep reporting on the development of the process and analyze prospective business implications! ■

In The Spotlight

EU Climate and Energy policy developments: What could recent changes bring to Montenegro? January 22nd was a long-awaited day in Brussels as the European Commission published a Communicque and several reports regarding its climate and energy policies. The issues in question are concerning the upcoming 2030 framework, which should, similarly to 2020 goals and Third climate and energy policy package, set binding targets for greenhouse gasses emissions reduction, and share of renewable energy as well as energy efficiency. Since the EU is generally positioned as one of the global leaders in climate action, 2030 targets were expected to be equally ambitious. Finally, the Commission came out with proposing a 40% reduction of greenhouse gasses below 1990 levels. Also, the share of renewables was tightened to at least 27%, while the energy efficiency target remained unspecified and is something that the Commission is yet to decide, in accordance with the new Energy Efficiency Directive, adopted in 2012. Crucial change relates to the governance framework. The targets fulfillment will now be strictly limited to domestic sources, meaning that Member States will not be able to rely on credits from international trading schemes. However, national targets for renewable energy will not be specified for Member States as before, which is found to be very risky if the targets are about to be achieved and truly deliver sustainable, competitive and affordable energy.

With this new framework, Member States will develop their own national energy plans, that will be further scrutinized by the Commission. The proposed targets have been received with disappointment by the majority of the EU-active non-governmental organisations, since they do not guarantee that the European vision to shift to a low carbon economy and green growth will be achieved. In order to secure low carbon and a sustainable future for Europe, the targets needed are estimated to be 55% for greenhouse reduction gasses, 45% for renewable and 40% for energy efficiency. Moreover, the International Renewable Energy Agency (IRENA) simultaneously launched a study on employment in the renewable energy sector and its corresponding industries. Their figures predict that new jobs created in this area by 2030 will amount to about 11 million globally, with a significant share of it being within the EU. In addition, the sectors where the most new jobs are being generated are biofuels and solar PV, both suitable for further research, development as well as training in Montenegro. Unfortunately, current decision making at the EU level is taking place without considering the stances of the candidate countries, such as Montenegro. However, if the existing doubts about the targets are valid, current decisions could not only be compromising Montenegro’s sustainable development vision but could also

result in increasing climate change impacts that Montenegro might face. Namely, the latest reports of the Intergovernmental Panel on Climate Change (IPCC) imply that it is crucial to keep the level of the rising temperature below 2°C if we intend to avoid potentially devastating consequences of climate change. Since Montenegro is one of the Mediterranean countries, these potential impacts are usually qualified as severe, and could come though significant hydrological variations (droughts and floods) but can also manifest themselves through increasingly hot summers, cold winters, or extreme weather events such as snow surges and storms. All together, these impacts could significantly affect the economy and cause predictable and quantifiable risks to investors. It is important to note that this is not yet a final decision but will be further scrutinized by the heads of states at the European Council and the European Parliament. Consequently, further debate development is something to keep an eye on, especially since Montenegro is expected to become a fully-fledged EU member well before 2030 and shall be expected to comply with the EU acqui, once at the doorstep of accession. Thus, it is essential to follow and engage into the EU Climate and Energy policy debate now, before they jeopardize development plans for the country and affect negatively potential investments. ■

Tiny and proud, Montenegro – “Black Mountain” – has something of the fairy tale about it. The land seems put together by magic. A cobalt-blue fjord, a dark tor, fishermen’s huts in a sunny cove, a rocky path disappearing into woods, palaces, a church in a cave, an island built on the wrecks of enemy boats – all stitched closely into patchwork, with a logic of its own. The Telegraph

Jovana Tomasevica 2A 81000 Podgorica Montenegro

• • • • • • •

Free access to EU markets and Russia; The Euro (EUR) has been ofﬁcial currency since 2001; Political stability; Developed telecommunication infrastructure; Reformed according to the EU legal framework for investment; One of the most competitive corporate tax regimes in Europe; A set of incentives established at national and local level, primarily in form of tax exemptions, for investments in the northern part of the country and in newly established business zones; • Other investment incentives and subsidies given at local level in form of utility fees exemptions, favorable land rental/purchase price, reduction of property tax rate, construction of infrastructure facilities, etc. • No restrictions on proﬁt, dividend or interests; • Land laws that give foreign investors equal status with locals, i.e. with full deeds and titles to land and real estate;

Phone/Fax: (+382 20) 203 140; 203 141; 202 910; 202 911 www.mipa.co.me info@mipa.co.me

EU Corner

Border Cooperation Program Montenegro - Kosovo Cross-Border Cooperation Program Montenegro-Kosovo, 2011-2013 (hereinafter ‘the Program) is the result of joint planning efforts made by the governments and other stakeholders of the two countries. The Program analyses the socio-economic situation of the border region, sets out a common strategy for remedying problems identified and formulates joint priorities and measures for development.

EU Corner

MONTENEGRIN STEPS TOWARDS EU

Measures Besides the EU screening report for chapters 32, 4, 16, 8, 22 and 3, main activities in the area of Montenegrin accession to the EU is the adoption of the accession of Montenegro to the EU 2014-2018 and the negotiation position for chapters 23 and 24. Cross Border Cooperation Program Montenegro – Kosovo has opened for the first time with the overall indicative amount or € 3,240,000. Also the Operational Program on Human Resources Development 2012-2013(IPA IV) has been introduced for the first time. The identified priority area refers to the support of human resources development, the implementation of effective and inclusive measures of an active employment policy, improvement of skills, knowledge and competencies for employability and competitiveness and improvement of social inclusion.

Priority Axis will be implemented through three different measures. Each of them is specifically targeted on the specific objectives identified above: Measure 1.1 Measure 1.2 Measure 1.3

Measures Environment protection Sustainable economic development Social cohesion and peopleto-people initiatives

Size of grants (EU contribution)

Overall objective of the Programme The global objective of the programme is the socio economic development of the program area by fostering cooperation and joint initiatives.

EU funds

EU screening report for chapters 32, 4, 16, 8, 22 and 3 In the last four months, bilateral screening of EU legislation was held on the following topics: Chapter 32 (Financial supervision), Chapter 4 (Free Movement of Capital), Chapter 16 (Taxes), Chapter 8 (Competition policy), Chapter 22(Regional policy and coordination of Structural Instruments) and Chapter 3 (Right of Establishment and Freedom to Provide Services) Screening reports are available on the web page of the Ministry of Foreign Affairs and European Integration. Program accession of Montenegro to the EU 2014-2018 13.01.2014 Program accession of Montenegro to the EU 2014-2018 is a document that defines the European agenda of Montenegro in the coming four year period. This efficient model of data gathering, reporting and planning serves also for a common presentation of the overall country report and defines volume and dynamics of reforms necessary for Montenegro’s adjustment towards the EU legislation system. The entire document contains 580 pages and should facilitate monitoring of fulfillment of the strategic objectives. Adopted negotiation position for chapters 23 and 24 18.12.2013 The Ministry of Foreign Affairs and European integration published the negotiation position of Montenegro for the International Conference of Montenegro accession towards EU for Chapter 23 – Judiciary and Fundamental Rights and Chapter 24- Justice, Freedom and Security. Both of the negotiation positions are available on the web page of the Ministry of Foreign Affairs and European Integration. ■ Source: www.mvpei.gov.me

The overall indicative amount made available under this call for proposals is € 3,240,000 (out of which € 1,620,000 is for Montenegro and € 1,620,000 for Kosovo). The application (project proposal) should have two separate budgets for the financial contribution, which is sought from each of the participating countries (for each grant).  Minimum amount: Euro 80.000  Maximum amount: Euro 250.000 The minimum and maximum amounts refer to the value of each of the two grants separately, i.e. not to the sum of the two grants. ■ Deadline for submission of proposals: 25 March 2014 Source: http://www.delmne.ec.europa.eu/

In Focus:

New Operational Program “Human Resources Development” 2012-2013 presented National IPA coordinator Ambassador Aleksandar Andrija Pejović and Director-General for coordination of EU assistance program Ivana Petričević participated at a conference promoting the Operational Program “Human Resources Development” 2012-2013, organized by the Ministry of Labor and Social Welfare. The identified priority area within the Operational Program Human Resources Development 2012-2013 refer to the support of human resources development, the implementation of effective and inclusive measures of active employment policy, improvement of skills, knowledge and competencies for employability and competitiveness and improvement of social inclusion (IPA program IV component). This project will be financed by the European Union, according to the following priorities:  Priority 1. Efficient, inclusive and active employment policy measures  Measure 1.1. Supporting the implementation of the most productive labor policy measures in order to raise quality and employability of the work force  Priority 2. Improving skills, knowledge and competencies for employability and competitiveness  Measure 2.1 Improving of conditions for the qualifications development in vocational education  Measure 2.2. Support for improving innovative capacity in higher education, research and industry. The National IPA coordinator Ambassador Aleksandar Andrija Pejović during the opening conference underlined that the IPA IV component – human resources development – serves to prepare Montenegro for future access to the European Social Fund, and is therefore the main instrument for implementing the EU policies in the areas of employment and human resources development. In that context, he underlined the importance of promoting sustainable HR development through modernization and development of the system of education, training, and research in accordance with EU policies and standards, with a special emphasis on youth employment. In that regard he underlined the importance of the Operational Program “Human Resources Development” 2012-2013. ■

MBO Interview

Interview with

Ms. Sandra Tinaj General Manager of the University of Donja Gorica

Bearing in mind that you are a new university how do you assess your current level of development? Despite being a young University, UDG has already become recognized in the region by its unique multidisciplinary study programs and its success in motivating students. All activities at UDG are oriented to the development of character and the way of thinking of each student. Knowledge and skills acquired at UDG are easily implemented in practice, as the curricula put an emphasis on the development of student’s skills to learn fast, perceive and solve problems efficiently. The knowledge acquired at UDG is flexible - curricula are developing the interest of students to keep up with the changes. In practice, these goals are being achieved through the development of fundamental disciplines (nice literature, arts, religion, philosophy, mythology, mathematics, physics, anthropology and national history), on one hand, and, emphasizing the role of skills (foreign languages, computer skills, communication skills, writing skills and nice manners), on the other hand. Would you say that UDG is more “research” or “teaching” oriented? All UDG study programs are research oriented, innovative and entrepreneurial. This also strengthens the importance of practical work and internship, so a large number of students are working during studies, in this country and abroad. A very important element

of UDG curricula is the development of individual responsibility - developing a student’s ability to manage her/his personal freedom and to take responsibility for her/his actions. In practice, the sense of responsibility of each student is strengthened through “dictatorship of rules” - strict implementation of rules defined in UDG,s formal acts and regulations. All of this is implemented through a new education model expressed through the equation S=z∙i2. The current education system is evidently becoming inefficient in the new global environment. The essence of transforming it lies in the relation between knowledge on one hand, and competence of an individual student on the other hand. UDG moves the approach of higher education from the current model expressed through S=P+V (S - goal of education is knowledge), to the model S=z∙i2 (S - goal of education is individual competence and ability of each student). This model is invented by professor Veselin Vukotic, rector of the University Donja Gorica. Professor’s Equation as Vector Model

[S]= [z]x[i]2 Individual competence of the student - Elements of matrix [S] in UDG practice

Knowledge of the student Elements of matrix [z] in UDG practice

Intensity of Life of the student Elements of matrix [i]in UDG practice

That’s why all curricula and extracurricular activities at UDG are oriented to the development of working capacities and compe-

What are the priorities of development of UDG?

tence of a student and the business sector, not only in Montenegro, recognizes UDG graduated students as independent and self-confident, entrepreneurial and energetic, decisive and willing to learn, work and invest in themselves.

The direction of UDG future development will further improve research, innovative and entrepreneurial components of curricula; promote a global system of values along with the emphasis on national uniqueness; keep up the development of interdisciplinary study programs and combination of fundamental and specialist disciplines, knowledge and skills demanded by the global market. Strict following of rules and clear procedures, professionalism of student-professor relation and high standards for appointing teaching staff will enable the long-term success of the University.

Do first year students get help to adjust to university life at UDG? Students are a very heterogeneous group according to their expectations, goals, needs, and educational experience. They are, especially immediately after enrollment, facing many difficulties in adapting, and after early failure they lose motivation for studying. An individual approach to students implies continuous monitoring of their work during the first year, both by experts and professors as well as by the manager and his cooperative team. UDG has built an ambience in which students, through a process of direct communication are able to schedule a meeting with the Dean/manager, and through the Dean/managers or other professional services, every student’s problem will be adequately addressed. There is a large number of Student Organizations at UDG. Some of these are: Student Parliament, Student Business Club, Association of Students of the University of Donja Gorica, Sport Society, Student Debate Club, Rhetorical Sections, Entrepreneurial Seminar ¥ € $, Latin Club, ELSA UDG, Student Advisory Office for support to students with disabilities etc. Students have also launched two student magazines: Euronerv and E-ssay. How many lecturers do you currently have at the University of Donja Gorica and what are the selection criteria? There is a total of 289 lecturers with academic degrees who are engaged at higher education institutions within the University of Donja Gorica. When comparing to OECS’s ratio of students to teaching staff in tertiary educational institutions, it can be seen that UDG has almost a twice lower ratio of students to teaching staff- 7.61.

While following the strict rules defined in laws regulating higher education in Montenegro, UDG is very much focused on the market and employers’ needs. We research their demands and adjust curricula to that and professor Vukotic, rector of the UDG, often organizes round tables for students and staff members. Our student is our main “product”, therefore we will continue to gauge our success measuring their employability and employment. ■ About UDG

Criteria for selection of personnel in academic titles at faculties within UDG meet all requirements required by laws and regulations. Compared to some formal criteria for selection of academic titles in similar institutions of higher education in the region, it is evident that UDG’s selection criteria are somewhat stricter, such as the rules set minimum number of points at a higher level, which is certainly commendable for teaching staff must take into account how much it invests in improving their work. Consistent application of these criteria provides engagement of teachers and recognized experts in their fields of study, who

are known for their pedagogical skills. Staff with higher academic degrees, through a kind of mentorship work with colleagues in teaching, imparting their knowledge and experience of junior staff and give them recommendations and guidelines for the development of teaching approaches, and gives them directions for improvement of pedagogical skills. Besides that, every associate and professor at the UDG obtains teaching materialAlmanac of teaching, prepared by professor Veselin Vukotic, which aims reach thoughtful and practical operationalization from the classical model of teaching to a new innovative model.

The University of Donja Gorica was founded on February 12, 2010 as a private higher education institution. Its forerunner faculties were the Faculty of International Economics, Finance and Business and the Faculty of Law, founded in 2007. Over the course of the next two years, the Faculty of Information Systems and Technologies (2008), Humanistic Studies (2008), and the Faculty of Arts (2009) were founded, and, a year later, constituted the youngest of three universities in Montenegro. Other faculties are: Faculty of Food Technology, Food Safety and Ecology, Faculty of Design and Multimedia and Faculty of Sport Management. The university is located in Donja Gorica a suburb of Podgorica, Capital of Montenegro.

Business News

Business News Montenegro Opens Toughest EU Chapters

In December, Montenegro opened talks with the EU on Chapters 23 and 24, which represents the most challenging phase of the accession talks so far, tackling organized crime and corruption. The two chapters deal with the establishment of an independent and efficient judiciary, and issues such as border control, visas, external migration, asylum, police cooperation, the fight against organized crime and terrorism. The EU’s new approach to membership negotiations, which is being implemented for the first time with Montenegro, means that Chapters 23 and 24 are to be kept open until the negotiations end. www.balkaninsight.com

Montenegro Sets New Date for Highway After selecting a Chinese consortium to build it, it is announced that the work on the long-delayed highway that will connect coastal and northern Montenegro to Serbia should start on February 25. This is the third time since 2008 that the Government has set a precise date for a start to construction of the Bar-Boljari highway. After

six years of negotiations with various international companies and numerous announcements of a date for construction, the Government selected China Communications Construction Company and China Road and Bridge Corporation as the winning bidders for the project.

The highway will cross Montenegro from the Adriatic coast to the border with Serbia and includes difficult mountainous areas. It will be 169.2 kilometers long. Priority will be given to the SmokovacUvce-Mateševo section, near Podgorica, which will cost nearly 810 million euro alone, due to the inaccessible terrain. www.balkaninsight.com

Montenegro Must Join NATO The Montenegrin Foreign Minister said there was no alternative to joining NATO at some point. It is the guarantor of every kind of safety for a country and it is important that the people of Montenegro understand that this is the best option for our children and for future development. Montenegro is already in the Membership Action Plan (MAP), and full membership

is considered to be the next step. The government plans to intensify dialogue with citizens on the subject of integration into NATO and offer sufficient arguments so that they understand the benefits of membership. Most Montenegrins, according to polls, remain opposed to joining the alliance. After opening new chapters in the EU membership talks, Montenegro showed itself to be a serious partner for the European Union and also capable of meeting the demanding obligations on the road to European integration. www.balkaninsight.com

Montenegro Offers Flag Freedom for Ethnic Minorities The Montenegrin government is supporting legislation to reverse a ban and allow the country’s minorities to display their flags and symbols on public buildings during celebrations. The legislation, which will be on the agenda at the first 2014 sitting of parliament in February, regulates the use and display of state and ethnic minority or ‘national’ symbols. It will replace the current law, adopted in 2000, which banned the public use of the flag and coat of arms of ethnic minority groups, except on minorities’ national holidays in municipalities where these groups are “substantially present”. The new law will liberalize the situation and allow the displays

of Serbian, Albanian, Bosnian and other flags at city halls for weddings but also in other local public institutions. They are also forbidden at international meetings and political, scientific, cultural, artistic, sporting and other events at which Montenegro is represented. The penalties for violating the new law will be tough, with fines ranging from 2,000 to 20,000 EUR www.balkaninsight.com

Doing business, 2014, economy profile

According to the World Bank report “Doing Business 2014 Economy profile” Montenegro confirmed its position in the list of business conditions compared to last year and is now in 44th. Place. The speed of issuing building permits was achieved with greater progress and Montenegro is now in 106 th position. 44th position is good but small country such as Montenegro must do more to further improve it because basic competitiveness should be efficient, quick and quality administration. Just as a reminder it was necessary for more than a year for issuing building permits and that progress of 70 positions is a huge success. Now, the time limit for obtaining urban and technical conditions is 30 days and more if the impact on the environment is done. So, the procedures for obtaining permits are simplified and issued without any cost. www.vijesti.me

Turkish Ziraat Bank will seek a license to operate in Montenegro

The general manager of International Banking Ziraat Bank arrived in Montenegro to formally address the Central Bank of Montenegro requesting a license that will allow Ziraat Bank to start operations in Montenegro. Ziraat Bank is a state bank of the Republic of Turkey, which has been established as one of the most experienced and widely organized banks in Turkey, with more than 1,600 branches across the country and more than 80 abroad. Opening Ziraat Bank in Montenegro will significantly contribute to the improvement of entrepreneurship and small and medium businesses, as well as affect the rapid implementation of largescale development projects and investments in our country. Also, the opening of bank will contribute to the business expansion of Turkish investors in Montenegro. www.kodex.me

Montenegro in 44th. place on the Forbes list of the 100 best countries for business

Montenegro is on the Forbes list of 100 countries with the best business conditions ranked in 44th place. Regionally, better business conditions are present in Macedonia (36th) and Slove-

nia (17th). Croatia is right behind Montenegro, in 45th place, while Bosnia and Herzegovina is in 82nd and Serbia is 86th. In the analysis of the magazine, it is stated that the Montenegrin economy turns toward a market system, but the public sector remains large and that they need further institutional changes. In the opinion of Forbes, unemployment and regional disparities in development are key political and economic problems for Montenegro, which has privatized its large aluminum complex as the dominant part of the industry. The dissolution of the loose political union between Serbia and Montenegro in 2006 led to separate membership in several international financial institutions such as the European Bank for Reconstruction and Development, the World Bank (WB), International Monetary Fund (IMF), the World Trade Organization (WTO). www.vijesti.me

Montenegro - a country of mobile phones Montenegro has more active SIM cards than citizens. According to some analysise, Montenegrins, on average, have most mobile phones in the world. Currently, there are around 1.1 million active SIM cards. Since mobile services have been provided in Montenegro, the largest number of users was registered in August, 2008, and amounted to 1.357,712, which is 219 % of users in relation to the number of citizens. Operators were required to complete registration to the end of November 2011. After that period, all unregistered SIM cards are deactivated. It was announced from the Agency for Telecommunications. www.bih.banke-biznis.com

39 Fro 9, m 0 0 0 €

...FEEL THE BREEZE...

SEA BREEZE ESTATE - MONTENEGRO www.seabreeze.me

Snaga povjerenja! UNIQA started its activities in Montenegro in February 2008 by over-taking Zepter Insurance. UNIQA Life Insurance company started to work in February 2008, and UNIQA Non-Life company in June 2008. During the second half of 2012, UNIQA assumed complete portfolio of Delta Generali Life Insurance. UNIQA Montenegro has 2 companies, 14 sub-offices and support of 157 employees. Reliability, high quality of service and innovative programs are synonyms for the previous five years of UNIQA business activities on Montenegrin market. Our mission is to offer solutions for our customers in the given continuously, changing economic and social environment, so they could enjoy full and safe life. Preliminary results for 2013 show that total written premium of UNIQA Montenegro reached app Euro 12 million, 26.5 percent more than in the last year. By each company, in 2013, growth of UNIQA Montenegro is seen in: UNIQA Life insurance achieved growth of 2.7 percent (app

Euro 1.6 million), and UNIQA Non-life insurance achieved growth of 31.3 percent (app Euro 10 million). In 2013, UNIQA Montenegro growth was 17.8 percentage points above the market growth (Total market growth 8.8 percent, UNIQA Montenegro growth 26.5 percent). Thanks to achieved results in 2013, UNIQA according to preliminary results, has reached second place on Montenegrin market, taking 16.3 percent share in the Montenegrin Insurance Market (share in 2012 was 14 percent). By each UNIQA company, UNIQA share in Life segment is 14.9 percent and 16.5 percent in Non-life insurance segment. UNIQA will continue to base its strategy on work with citizens and S&M enterprises. As in previous five years, education of citizens about insurance in general, as well as development of the concept of social responsibility by supporting the development of sport, culture and education in Montenegro, will be one of the priorities of UNIQA team in 2014.

Plav KOTOR

UNIQA Montenegro: Branch offices

Companies: UNIQA life insurance UNIQA non-life insurance Legal type of the entity: Joint Stock insurance company Year of establishment: UNIQA life - 2008. UNIQA non-life - 2008. Owners UNIQA life: UNIQA International Beteiligungs-Verwaltungs GmbH UNIQA a.d.o. Beograd Owners UNIQA non-life: UNIQA International Beteiligungs- Verwaltungs GmbH UNIQA International Versicherungs Holding GmbH Executive directors: Mrs Nela Beleviæ, UNIQA non-life Mr Željko Laboviæ, UNIQA life Number of employees: 157 Number of branch offices: 14 Main activity: Life and non-life insurance Accounts: UNIQA life insurance: 555-1915-30 UNIQA non-life insurance: 555-738-69

Address: Ul. Svetlane Kane Radeviæ 3, 81000 Podgorica, Montenegro Phone: +382(0)20 444 700; Fax: +382(0)20 244 340; E-mail: info@uniqa.me; Internet: www.uniqa.me

Now with 50% credit available

Coming Up! Editor in chief: Darko Pekić iper@t-com.me MBO Team: Dragana Radević Mihailo Zečević Vesna Bojanović Biljana Janković Jovana Stojković Ana Filipović ASSOCIATES Charles Brogden, Editor Marko Mihailović, graphic designer Front page picture: MBO archive

High Level Conference on Coastal and Maritime Tourism and Blue Growth A conference named “High Level Conference on Coastal and Maritime Tourism and Blue Growth” will be hosted by the Hellenic Presidency of the European Union- Ministry of Tourism in Athens, Greece on 10 March 2014. This event will be hosted by: Mr Antonio Tajani, Vice-President of the European Commission responsible for Industry and Entrepreneurship, Ms. Maria Damanaki and, Ms. Olga Kefalogianni, Minister of Tourism of the Hellenic Republic. The Conference will be followed by an International Business-to-Business (B2B) Matchmaking event on 11 March 2014. The B2B event aims to promote business partnerships and investments between Greek and international SMEs active in sectors identified as key contributors to growth for the country. You can register via the following website: http://www.b2match.eu/m4g-Greece2014

UDG has opened the admissions for the Fourth Stock Market of Entrepreneurial Ideas

The goal of the Stock Market of Entrepreneurial Ideas is to promote development of entrepreneurial and business ideas, especially among university students and high school students coming from various schools across Montenegro. This type of stock market is a place where students make a presentation of their business ideas (“idea supply”). Ideas are structured according to the methodology UDG proposes. Submitted business ideas are forwarded to the Organizer who makes a preliminary selection. On the official quotation, the top 10 business ideas are presented according to the Rules of the quotation of business ideas on the Stock Market of Entrepreneurial Ideas. The Stock Market will be held on 9 May 2014. For more information contact: http://www.udg.edu.me/berzaideja/apply-now.html

(Anti) Liberalism and the economy The Center for Economic Research, will host a scientific conference on the theme: “(Anti) Liberalism and the economy.” The meeting will be held on 29 May of 2014. in the Institute of Social Sciences, in the conference room on the first floor. • Applications from 10 March of 2014 • Deadline for entries: by 25 April of 2014 Contact person in Podgorica:, Orlandić Marija, University of Donja Gorica, e-mail: marija.orlandic@udg.edu.me