Guide to Montenegrin Foreign Investors Council 2025
MILOJKO SPAJIĆ, PRIME MINISTER OF MONTENEGRO; TAMÁS KAMARÁSI, PRESIDENT OF THE BOARD OF DIRECTORS OF THE MONTENEGRIN FOREIGN INVESTORS COUNCIL (MFIC); CHAIRPERSON OF CKB BANK MANAGEMENT BOARD; DR IRENA RADOVIĆ, GOVERNOR OF THE CENTRAL BANK OF MONTENEGRO; MARTIN LEBERLE, PRESIDENT OF THE MANAGEMENT BOARD NLB BANKA AD PODGORICA; NOVICA VUKOVIĆ, MINISTER OF FINANCE OF MONTENEGRO; SIMONIDA KORDIĆ, MINISTER OF TOURISM OF MONTENEGRO; VELIMIR RADOJEVIĆ, GENERAL MANAGER, COCA-COLA HBC MONTENEGRO; MAIDA GORČEVIĆ, MINISTER OF EUROPEAN AFFAIRS OF MONTENEGRO; ZORAN MILOVANOVIĆ, CEO, MTEL CRNA GORA; ADMIR ŠAHMANOVIĆ, MINISTER OF ENERGY AND MINING OF MONTENEGRO; DR NINA DRAKIĆ, PRESIDENT OF MONTENEGRIN CHAMBER OF ECONOMY; CHRISTOPHER SHELDON, WORLD BANK COUNTRY MANAGER FOR BOSNIA AND HERZEGOVINA, AND MONTENEGRO; ARIJANA NIKOLIĆ VUČINIĆ, MA, EXECUTIVE DIRECTOR OF MFIC; BRANKO MITROVIĆ, MFIC BOD MEMBER, CHAIRPERSON OF IT, ECONOMIC AND INFRASTRUCTURAL DEVELOPMENT COMMITTEE (CEO OF ONE MONTENEGRO); VASILIS PANAGOPOULOS, MFIC BOD MEMBER, CHAIRPERSON OF THE RULE OF LAW AND TAXATION COMMITTEE (JUGOPETROL, EXECUTIVE DIRECTOR); REMON ZAKARIA, MFIC BOD MEMBER, CHAIRPERSON OF THE GREEN ECONOMY TRANSITION (ESG) COMMITTEE (EBRD HEAD OF MONTENEGRO); ANA IVANOVIĆ, CHAIRPERSON OF THE MFIC LEGAL COMMITTEE; NEMANJA Z. BOLJEVIĆ, MFIC COMMUNICATIONS AND PUBLIC RELATIONS MANAGER
MONTENEGRIN FOREIGN INVESTORS COUNCIL
MONTENEGRIN FOREIGN INVESTORS COUNCIL GUIDE 2025 MONTENEGRO AT THE EU’S DOORSTEP
EDITOR IN CHIEF
Neda Lukić n.lukic@aim.rs
DESIGN
Jasmina Laković
PHOTOS
Zoran Petrović
COPY EDITOR
Mark Pullen m.pullen@aim.rs
OFFICE MANAGER
Svetlana Petrović s.petrovic@aim.rs
SPECIAL THANKS TO Arijana Nikolić Vučinić MFIC Executive Director
Nemanja Boljević
MFIC Communications and Public Affairs Manager
SALES MANAGERS
Biljana Dević b.devic@aim.rs
Mihailo Čučković m.cuckovic@aim.rs
Vesna Vukajlović v.vukajlovic@aim.rs
FINANCE
Gordana Novčić finance@aim.rs
DIRECTOR
Ana Novčić a.novcic@aim.rs
PUBLISHER
Ivan Novčić i.novcic@aim.rs
PRINTING
Rotografika d.o.o.
Segedinski put 72, Subotica, Serbia
GUIDE TO MONTENEGRIN FOREIGN INVESTORS COUNCIL 2025
Published by:
alliance international media in association with Montenegrin Foreign Inevstors Council (MFIC)
Resavska 1/III, 11111 Belgrade 17, PAK 126909, Serbia
All rights reserved alliance international media 2025
06 WE ARE BUILDING A PROSPEROUS AND EUROPEAN MONTENEGRO
MILOJKO SPAJIĆ PRIME MINISTER OF MONTENEGRO
08 REFORMS BRING AND KEEP INVESTORS
TAMÁS KAMARÁSI PRESIDENT OF THE BOARD OF DIRECTORS OF THE MONTENEGRIN FOREIGN INVESTORS COUNCIL (MFIC); CHAIRPERSON OF CKB BANK MANAGEMENT BOARD
12 A THOUGHTFUL APPROACH TO DEVELOPMENT POLICIES
NIK GJELOSHAJ DEPUTY PRIME MINISTER FOR ECONOMIC POLICY AND MINISTER OF ECONOMIC DEVELOPMENT OF MONTENEGRO
16 EUROPEAN FINANCIAL STANDARDS, A STEP FORWARD FOR CITIZENS
DR IRENA RADOVIĆ GOVERNOR OF THE CENTRAL BANK OF MONTENEGRO
19 WE ARE HERE TO SERVE PEOPLE
MARTIN LEBERLE PRESIDENT OF THE MANAGEMENT BOARD NLB BANKA AD PODGORICA
20 RESPONSIBLE POLICIES DELIVER RESULTS NOVICA VUKOVIĆ MINISTER OF FINANCE OF MONTENEGRO
24 PARTNERSHIP FOR SUSTAINABLE TOURISM
SIMONIDA KORDIĆ MINISTER OF TOURISM OF MONTENEGRO
28 TRANSFORMING GLOBAL STRENGTH INTO MEASURABLE LOCAL VALUE
VELIMIR RADOJEVIĆ GENERAL MANAGER, COCA-COLA HBC MONTENEGRO
30 CONSISTENT ON THE EUROPEAN PATH
MAIDA GORČEVIĆ MINISTER OF EUROPEAN AFFAIRS
34 LEADERSHIP THAT LEAVES A LASTING MARK ZORAN MILOVANOVIĆ CEO, MTEL CRNA GORA
36 BUILDING A STABLE AND GREEN ENERGY SYSTEM ADMIR ŠAHMANOVIĆ MINISTER OF ENERGY AND MINING OF MONTENEGRO
40 STRENGTHENING ECONOMIC RESILIENCE DR NINA DRAKIĆ PRESIDENT OF MONTENEGRIN CHAMBER OF ECONOMY
44 EU ACCESSION STRONGEST REFORM ANCHOR CHRISTOPHER SHELDON WORLD BANK COUNTRY MANAGER FOR BOSNIA AND HERZEGOVINA, AND MONTENEGRO
48 DRIVING MONTENEGRO’S EU FUTURE ARIJANA NIKOLIĆ VUČINIĆ, MA EXECUTIVE DIRECTOR, MONTENEGRIN FOREIGN INVESTORS COUNCIL
50 ARE THE KEY TO THE DIGITAL FUTURE
TELECOMMUNICATIONS
BRANKO MITROVIĆ MFIC BOD MEMBER, CHAIRPERSON OF IT, ECONOMIC AND INFRASTRUCTURAL DEVELOPMENT COMMITTEE (CEO OF ONE MONTENEGRO)
52 LEADING BY EXAMPLE VASILIS PANAGOPOULOS MFIC BOD MEMBER, CHAIRPERSON OF THE RULE OF LAW AND TAXATION COMMITTEE (JUGOPETROL, EXECUTIVE DIRECTOR)
53 TOWARD GREATER INVESTORS CONFIDENCE REMON ZAKARIA MFIC BOD MEMBER, CHAIRPERSON OF THE GREEN ECONOMY TRANSITION (ESG) COMMITTEE (EBRD HEAD OF MONTENEGRO)
54 REFORMS THAT STRENGTHEN TRUST ANA IVANOVIĆ CHAIRPERSON OF THE MFIC LEGAL COMMITTEE
55 RESPONSIBILITY, INVESTING IN PEOPLE AND SUSTAINABLE BUSINESS NEMANJA Z. BOLJEVIĆ MFIC COMMUNICATIONS AND PUBLIC AFFAIRS MANAGER
58 COMPANY REGISTER
63 KEY MESSAGES
We
want to transform Montenegro into a society of opportunity for all citizens – a country in which reforms, development and European integration create equal prospects for the progress of individuals, the economy and the community
Montenegro is currently undergoing its most significant transformative process, focused on implementing reforms aimed at improving the quality of life, securing full EU membership and building a society grounded in the rule of law
Although small in territory, Montenegro – with its favourable geographic position, natural resources and stimulating tax policy – is ready, through reforms, to unlock its full economic potential and ensure prosperity for its citizens. On this path, we see our size as an advantage: to turn our specificities into strength and, with a clear vision and decisive action, transform Montenegro into a society of opportunity for accelerated economic growth and development.
That is why, from the very beginning of the mandate of the 44th Government, we have been creating the foundations for economic development and for attracting credible investors, in order to diversify Montenegro’s economy and ensure long-term, sustainable growth. Full EU membership, infrastructure development, and a predictable and stimulating tax policy are the pillars on which we build the investment climate.
Full EU membership, infrastructure development and a predictable and stimulating tax policy are the foundations on which we build our investment climate
With accession to the European Union, Montenegro will become part of the EU single market, opening opportunities to access a market of nearly half a billion people. This requires continuous strengthening of our economy’s competitiveness. The first benefits of the single market have already been achieved through Montenegro’s entry into the SEPA area, which enables faster, simpler and significantly cheaper banking transactions. By establishing the Development Bank and the Credit Guarantee Fund, we are creating conditions for greater access to credit for business investment.
Infrastructure development is a key prerequisite for Montenegro’s further progress. For that reason, a major investment cycle has been launched, which will gain full momentum as early as next year, through the construction of the second section of the motorway, the Budva bypass, the reconstruction of the Podgorica–Bar railway, improvements to the airports, and completion of works on the Tivat–Jaz boulevard. These projects will provide a strong boost to tourism – our most important economic sector – while investments in the energy sector will ensure that Montenegro becomes the energy hub of the Balkans, basing development on sustainable energy sources and preserving our comparative advantage of low-cost electricity as one of the most important production inputs.
Today, Montenegro has one of the most attractive tax systems, based on reducing fixed costs for businesses. Combined with the digitalisation of public services and attracting qualified labour, our economy will continue to strengthen its position not only regionally, but also in the global market.
The time to invest in Montenegro is now!
TAMÁS KAMARÁSI President
of the Board of Directors of the Montenegrin Foreign Investors Council (MFIC);
Chairperson
of CKB bank Management Board
Reforms Bring and Keep Investors
Montenegro has the knowledge and the opportunity to transform its reform experience into lasting progress, with the focus now on translating reforms into predictability, confidence and sustainable growth
by:
Photo
N. Pejović
The White Book has become a continuous record of dialogue and measurable change, a document that tells the story of Montenegro’s progress through the eyes of investors
As Montenegro continues to progress towards EU membership, it is vital for the country to refine its approach to foreign direct investment (FDI) and strengthen its business environment. The Montenegrin Foreign Investors Council (MFIC) plays a crucial role in driving this transformation. In its latest report, Trends in Foreign Direct Investment in Montenegro (2018–2024), MFIC outlines a significant shift in investment patterns, with a noticeable pivot from traditional sectors such as banking and the real economy towards real estate. While this shift has brought benefits, it also underscores the need for a more balanced investment structure that focuses on long-term, productive growth.
“This report comes at a crucial time, when Montenegro is decisively moving towards EU membership and new opportunities are opening for the country’s economy and its people. It provides not only an overview of FDI flows over the past six years, but also a deeper understanding of the structural shifts shaping the investment landscape,” says Tamás Kamarási, President of the Board of Directors of the Montenegrin Foreign Investors Council (MFIC).
The findings show that, while total net FDI inflow grew compared to the previous year, it still remains significantly below the record levels reached two years earlier. What is even more important is the change in structure: investments in the banking sector and the real economy have dropped sharply, while real estate continues to dominate.
While such investments are certainly beneficial, sustainable growth depends on a stronger balance between real-sector projects and real estate projects, says Kamarási. “That is why the true value of this report lies in its analytical perspective; it provides a clear foundation for creating policies and decisions that can help Montenegro make the most of this moment, drawing on the lessons and experiences of previous years to strengthen productive sectors, diversify the economy and ensure lasting development.”
Investors often stress that they do not seek
The Declaration on Sustainable Investments marks a key step in strengthening public-private partnerships and highlights nearly two decades of MFIC’s work
privileges, but stability, legal certainty, efficient institutions and consistent respect for contracts. How close is Montenegro to meeting these expectations, and what further reforms are needed to attract long-term, productive investment?
This has always been the core message of the MFIC: investors are not asking for preferential treatment, but for predictability and trust. In recent years, Montenegro has made significant progress in aligning its legislation with EU standards and in improving the overall investment climate, clearly demonstrating the
MFIC addressed the shortage of qualified labour by organising the first Conference on Human Capital Development, with the aim of aligning education with labour-market needs and strengthening workforce
development
government’s commitment to reforms. At the same time, there is still work to be done to ensure that regulations are applied consistently and efficiently in practice.
Legal certainty, timely decisions and equal treatment before the law remain the foundations of a competitive economy. Strengthening the judiciary, simplifying administrative procedures and fostering transparent and predictable policymaking will be key to building on the progress already achieved. We recognise the steps taken, and we are confident that continued dialogue between institutions and the business community will lead to even more tangible results.
In this context, the development of alternative dispute resolution mechanisms, especially
EU accession opens new resources, partnerships and opportunities, helping Montenegro and its citizens fully benefit from the potential of future membership
arbitration and mediation, plays an important role. A credible and accessible system for resolving disputes outside the courts is a strong signal of institutional maturity, and one that significantly influences investor confidence and risk assessment.
What does your Ease of Doing Business index show about improvements in Montenegro’s business environment over the years? And are you satisfied with the results of your joint efforts with the government to make the Montenegrin economy a fully functional market economy?
– Over the past fifteen years, the White Book has grown beyond the boundaries of an annual publication. It has become a continuous record of dialogue and measurable change – a document that tells the story of Montenegro’s progress through the eyes of investors. Alongside it, the Ease of Doing Business Index serves as a consistent indicator, reflecting both achievements and areas where further effort is needed.
The past decade and a half has been complex, marked by many transformations, challenges and new beginnings. Much has been achieved, and there are plenty of examples of reforms that have strengthened the economy and institutions. At the same time, it is fair to say that some valuable opportunities may have been missed along the way. Yet this is precisely what gives perspective and maturity to the reform process – learning from the past while moving forward with greater determination and focus. The real value of these tools lies in their continuity.
I wouldn’t focus on individual cases or short-term fluctuations. What matters is the overall direction and the experience we have built over time. Montenegro today has the knowledge and the chance needed to turn that experience into lasting progress. The task ahead is to translate reforms into predictability, confidence and sustainable growth.
One of the major challenges is the shortage of labour. What concrete
measures can address this in the short term, and what longer-term policies are needed to ensure a sustainable workforce?
– Labour shortages, particularly of qualified workers, have become one of the key challenges for Montenegro’s economy. In the short term, it is important to make labour migration procedures more efficient and predictable, as many sectors – especially tourism, construction and services – depend on seasonal and skilled foreign workers. In the long term, the key lies in education reform and closer alignment between the education system and labour market needs. We must invest more in retaining young talent by creating clear career paths and opportunities for professional growth within Montenegro.
Recognising the importance of this issue, the MFIC this year organised the first Conference on Human Capital Development, in partnership with the Chamber of Economy of Montenegro. This initiative aims to encourage closer cooperation between the government, the business community and educational institutions, helping to translate strategic discussions into practical measures that will strengthen workforce development and support sustainable economic growth.
How well is Montenegro aligning with the European Union in implementing the reforms needed to benefit from the EU Growth Plan and advance towards accession?
– Montenegro has made an important step forward as one of the first countries in the region to start using funds from the EU Growth Plan – a programme that directly connects reforms with financial support. The country has already received an initial pre-financing package of €26.8 million, which includes €12.5 million in concessional loans and €14.3 million for infrastructure projects. This is both a sign of trust and an incentive to continue the reform process with the same determination.
In total, Montenegro can access up to €383 million by 2027 to strengthen infrastructure, boost competitiveness and support social and economic reforms. The first disbursement, based on the European Commission’s assessment of the Reform Agenda, confirmed that several measures have already been implemented while others are still underway. The more progress is achieved,
Legal certainty, timely decisions and equal treatment are key to a competitive economy.
Strengthening the judiciary and fostering transparency will build on progress and drive further results
the greater the opportunities will be to unlock additional funding and accelerate development.
This is one of the main advantages of the EU accession process: every step forward opens access to new resources, partnerships and possibilities that will help Montenegro and its citizens fully benefit from the path towards membership.
How can MFIC support the government and companies in reaching these goals?
– MFIC brings together companies whose experience and contribution have already shaped much of Montenegro’s modern economy. We are guided by our official strategy, which defines a clear vision of Montenegro becoming the most advanced and competitive economy in the SEE region, where investors and talent achieve their goals together.
Collectively, our members account for 21% of the country’s GDP and employ over 6,000 people, representing a pool of knowledge and
expertise that we are always ready to share with decision-makers. We see our role not only as a connector between institutions and investors, but as an active partner in translating reform goals into practice.
Where has the Montenegrin government excelled most in reforms, and what are the key messages of these achievements for both the government and for MFIC’s support going forward?
– In recent years, Montenegro has shown notable progress in fiscal and regulatory stability. The adoption of SEPA standards, for instance, demonstrates institutional capacity to deliver complex reforms in partnership with the banking sector, the majority of which are MFIC members. This is a good example of how collaboration can produce tangible results.
At the same time, further reforms should reinforce the foundations of Montenegro’s green transition. The adoption of the new Energy Law and the forthcoming Climate Change Law are encouraging signs of progress towards closer alignment with EU standards and a more integrated approach to low-carbon growth.
It is also encouraging that the Declaration on Sustainable Investments in Montenegro, signed at the Investment Conference “Smart Growth, Green Future: Accelerating Investments in Montenegro” in Luštica Bay, represents an important step in strengthening public-private partnerships. We are pleased to have been part of an initiative that further acknowledges nearly two decades of MFIC’s efforts to improve the business environment and promote sustainable investments.
NIK GJELOSHAJ Deputy Prime Minister for Economic Policy and Minister of Economic Development of Montenegro
A Thoughtful Approach to Development Policies
Ensuring long-term growth and economic resilience requires a coordinated approach to reforms, the strengthening of domestic production, investment in education and innovation, and the reinforcement of institutions and infrastructure
The strategic objective of Montenegro’s economic policy is to achieve smart, sustainable and inclusive growth that will enhance the quality of life of all its citizens. Given that the 44th Government is committed to Montenegro becoming a full member of the European Union by 2028, the coming period is expected to see an intensification of reform processes, says Nik Gjeloshaj, Deputy Prime Minister for Economic Policy and Minister of Economic Development. Additionally, he explains, under the EU Growth Plan for the Western Balkans, Montenegro will have close to €400 million available in the 2025–2028 period to implement structural reforms and invest in infrastructure.
Minister Gjeloshaj notes that projections indicate GDP growth of 3.5% in 2025, driven by robust private consumption, a strong investment cycle, stable and low inflation, and increased spending on infrastructure projects, while measures under the Reform Agendas will further enhance competitiveness and economic sustainability.
The Ministry of Economic Development is working intensively to devise long-term solutions through various support programmes that enable the introduction of modern business processes and facilitate adaptation to new market conditions.
A key segment of these activities is the implementation of the 2025 Competitiveness Enhancement Programme, which provides a strategic framework for modernising and strengthening the business sector.
In order to establish a modern, secure and stimulating institutional framework for
Photo by Đ. Cmiljanić
Montenegro aims to position itself as a reliable partner and a regional digital hub, thereby further enhancing its investment appeal and long-term development capacity
the creation and development of free zones, the Ministry has also initiated the drafting of a new Law on Free Zones. The primary aim of this Law is to combat illicit trade within free zones, increase transparency and improve business standards, thereby encouraging high-quality investments that contribute to sustainable economic growth and enhanced competitiveness.
Furthermore, through the Industrial Policy 2024–2028, four key objectives are being pursued: digital and green transition, investment growth and the development of financial models, encouragement of innovation, and access to the EU Single Market through strengthened regional cooperation.
What are the most important steps in the process of European integration and alignment of Montenegro’s legislative framework with EU economic standards?
‒ The process of European integration represents a strategic priority for Montenegro and requires a thorough and gradual alignment of the national legislative framework with the EU acquis.
This process entails institutional strengthening, improved interdepartmental coordination, and the consistent implementation of reforms that contribute to the creation of a competitive, stable and sustainable economic system.
Particular emphasis is placed on the harmonisation of regulations governing the free movement of goods, services, capital and labour, as well as on the areas of competition, state aid and public procurement. Successful implementation of these reforms will help open markets, attract investment, and better prepare the economy to operate within the EU Single Market.
In your opinion, what are the main challenges Montenegro faces in maintaining economic growth?
As a small and open economy, Montenegro faces a number of challenges in maintaining
Cooperation with business associations is of great importance to us, as they provide valuable feedback and proposals for advancing reform processes
The development of modern and resilient infrastructure directly contributes to attracting new investments in the IT, financial and telecommunications sectors, while also strengthening the domestic economy
stable and sustainable growth. Chief among them are boosting productivity and competitiveness, as the economy still largely relies on tourism and services. Therefore, it is essential to diversify the economy, develop industrial and agricultural production, and adopt new technologies and digital solutions.
Another major challenge lies in strengthening legal certainty and the rule of law, as investors seek a stable and predictable business environment. In addition, Montenegro faces the outflow of young and skilled labour, which calls for aligning education policies
We promote Montenegro as an investment destination, strengthen cooperation with international financial institutions and utilise their funds to co-finance major development projects
with labour market needs. There are also infrastructural constraints – particularly in the energy, transport and digital sectors – which may slow down investment.
How will the planned construction of a data centre and the strengthening of digital infrastructure contribute to the development of Montenegro’s economy and the attraction of new investment?
‒ Enhancing digital infrastructure represents a key prerequisite for sustainable economic growth and the strengthening of Montenegro’s competitiveness. The planned construction of a data centre holds strategic importance, as it will provide secure capaci-
ties for data storage and processing, stable network resources and reliable services for citizens, businesses and state institutions. Strengthening digital infrastructure lays the foundation for accelerated digitalisation, better access to public and commercial e-services, and improved business efficiency.
The development of modern and resilient infrastructure directly contributes to attracting new investments in the IT, financial and telecommunications sectors, while also empowering the domestic economy by enabling small and medium-sized enterprises to access modern technologies and reduce operational costs.
What role do the 2025 Competitiveness Enhancement Programme and the 2025 Handicraft Development and Promotion Programme play in this process, and what effects do you expect from their implementation?
‒ The Competitiveness Enhancement Programme represents a key segment of the Ministry of Economic Development’s strategy aimed at strengthening the productive capacities of the domestic economy, encouraging innovation and facilitating access to new markets.
Special attention is devoted to the inclusion of women, young people and vulnerable groups in business development, as their engagement can significantly contribute to greater transparency and strengthen the entrepreneurial sector to successfully adapt to modern economic trends.
With extensive support from the Ministry, amounting to €3.5 million made available to domestic enterprises in 2025, we expect positive effects in terms of increased productivity, diversification of economic activities and a higher overall level of competitiveness among small and medium-sized enterprises.
Alongside activities focused on improving the institutional and legislative framework, the Ministry of Economic Development continues to provide financial support to
craftsmen through the Handicraft Development and Promotion Programme. The key objective of this Programme is to foster the growth of Montenegrin artisans by providing financial support for the purchase of equipment, tools and raw materials necessary for craft activities, thereby contributing to the development of this important economic segment. The budget for the implementation of the 2025 Programme amounts to €300,000.
It is also important to highlight that the Ministry is implementing the Programme for Stimulating Innovation in the Function of Energy Efficiency in Industry – an important policy instrument aimed at supporting the transition towards sustainable and energy-efficient production models. The Programme is being implemented in cooperation with the Ministry of Energy and Mining and the Ministry of Education, Science and Innovation, through the Innovation Fund of Montenegro. It holds multiple benefits for the development of Montenegro’s economy, particularly in terms of enhancing competitiveness, sustainability and alignment with European standards.
How do you assess the Government’s cooperation with institutions representing domestic businesses and foreign investors?
‒ The cooperation between the Government, as well as the Ministry of Economic Development, and organisations representing domestic entrepreneurs and foreign investors is marked by openness and constructiveness.
The Ministry continuously strengthens these relations through the organisation of public–private dialogue, which contributes to better alignment of policies with market needs. Open dialogue with the business community enables the constructive exchange of views on key reform issues. Such an approach builds trust and ensures the active participation of all relevant stakeholders in the process of creating a favourable business environment.
The Government has established regular dialogue through various advisory boards and economic forums, where concrete problems and proposals for improving the business environment are discussed. Furthermore, through numerous initiatives, the adoption of legislative measures, strategic documents and support programmes, we strive to ensure
The process of alignment with the EU must not be reduced to a mere technical fulfilment of obligations, but should represent a genuine transformation of our economic system towards greater growth, innovation and sustainable development
that the voice of the business community is heard and respected in decisions that shape the overall economic environment.
What measures are the Government and the Ministry taking to encourage greater inflow of domestic and foreign investment into productive sectors?
‒ The Government of Montenegro and the Ministry of Economic Development are implementing a series of strategic measures to stimulate greater inflows of both domestic and foreign investment into productive sectors, by strengthening the business environment and aligning national policies with EU industrial strategies. The main priorities include green and digital transition, innovation, sustainable industrial development, education and technological progress.
Particular focus is placed on enhancing productivity and export orientation, modernising production processes, reducing costs, and developing new products and services. Through financial and programme-based support, we are fostering innovation, competitiveness and the integration of Montenegrin companies into the EU Single Market.
We are actively promoting Montenegro as an attractive investment destination at international investment forums, strengthening cooperation with international financial institutions and utilising their funds to co-finance major development projects.
All these measures form part of our broader reform agenda aimed at sustainable development and economic diversification, with the goal of ensuring long-term stability and growth.
by
Photo
F. Buruzović
DR IRENA RADOVIĆ Governor of the Central Bank of Montenegro
European Financial Standards, a Step Forward for Citizens
Through a number of processes, we are strengthening the stability and resilience of the financial system and laying solid foundations for membership in the European System of Central Banks and deeper integration into European financial flows, to the benefit of our economy and citizens
Just as visa liberalisation in 2009 opened borders for the free movement of people, SEPA and TIPS are today opening borders for the free movement of capital and business
There is a broad consensus among international institutions and the domestic public that Montenegro’s accession to SEPA represents a historic milestone on the country’s path towards full economic and financial integration with the European Union.
“This confirms that our payment system operates in line with the highest European standards, and that Montenegro is recognised as part of the European financial community,” says Dr Irena Radović, Governor of the Central Bank of Montenegro. “Institutionally, it means we have fully adopted the European rules of the game, thereby further strengthening trust, stability and the predictability of the business environment – a strong signal to investors and international partners.”
In preparation for SEPA, the CBCG implemented a comprehensive modernisation of the national payment infrastructure, aligning the domestic regulatory framework with SEPA rules and EU legislation.
“We have established a new generation of the payment system – RTS/X (with online clearing), which is fully aligned with the international ISO 20022 standard. We have extended system operating hours to 8 p.m., and since 20 October, payment transactions have been processed even on weekends and holidays, ensuring the availability of payment services at the level of the most advanced European markets,” notes Radović.
The next phase is the introduction of a national instant payment system based on the TIPS model in July 2026, in partnership with the European Central Bank and the Bank of Italy. This system, fully interoperable with EU standards, will enable transactions to be executed within seconds, at any time of day, 365 days a year. “We estimate the combined effect of SEPA and TIPS at around €160 million annually, or about 2.3% of our GDP,” says the Governor. “Just as visa liberalisation in 2009 opened borders for the free movement of people, SEPA and TIPS are today opening borders for the free movement of capital and business. Montenegro is gaining
As both operator of the payment infrastructure and regulator, we will continue to serve as a key pillar in safeguarding the stability, security and resilience of our financial system
a modern, efficient and fully European payment system – a strong foundation for more dynamic economic development, greater competitiveness and investment security.”
How will SEPA and the new payment rules change the functioning of the domestic market, transaction costs and the daily operations of citizens and businesses?
– We see SEPA as a strategic reform that improves the quality of life for citizens and strengthens our economy, bringing us closer to European business standards.
For citizens, SEPA means that everyday payments become faster, cheaper and more
Our ambition is clear: for Montenegro to be the next EU Member State, with the CBCG fully prepared for its role within the European System of Central Banks
secure. For businesses, especially those operating in international markets, SEPA brings more stable and predictable business conditions, greater competitiveness and the removal of barriers that have so far made them less equal compared to EU-based companies.
Until recently, the average fee for a transfer to the EU was as high as €73.04. Since October, fees have been significantly reduced: free for transfers up to €200, €1.99 for electronic payments up to €20,000, and a maximum of €25 for electronic transfers – resulting in annual savings of over €10 million for businesses and nearly €14 million for citizens and companies combined. Moreover, by extending the payment system’s operating hours, the average transaction time has been shortened by more than ten hours.
Montenegro’s accession to SEPA represents a historic step towards full integration with the EU, confirming the functionality of its payment system in line with European standards
What measures is the CBCG taking to strengthen cyber security and protect the payment infrastructure in the context of digitalisation and new risks?
– One of the CBCG’s strategic goals is the digital transformation of the financial sector, aligning the regulatory framework in this area with that of the EU. This is most visible through the modernisation of the national payment system, accession to the SEPA zone, the introduction of the TIPS clone instant payment system, implementation of the PSD2 Directive and the development of Open Banking services.
The CBCG pays particular attention to strengthening cyber security and resilience. We continuously monitor and assess risks, strengthen human resources, and enhance processes and technologies, relying on international standards and best practices, as well as support from colleagues at the World Bank and the European System of Central Banks.
The CBCG has adopted a number of regulatory decisions harmonised with the guidelines of the European Banking Authority (EBA), ensuring their implementation through continuous supervision.
However, prevention alone is no longer sufficient. Incidents will occur, and the key question is how capable the system is of maintaining operations and recovering quickly. Therefore, our focus is on resilience.
Following the relevant European regulation (DORA), the CBCG has prepared a draft Law on the Digital and Operational Resilience of the Financial Sector. After its adoption, we will prepare secondary legislation in line with the regulatory and implementing standards (RTS and ITS) developed by the European supervisory authorities (EBA, EIOPA and ESMA) for DORA.
As both the operator of the payment infrastructure and regulator, we will continue to serve as a key pillar in protecting the stability, security and resilience of our financial system.
What are the next key regulatory reforms that the CBCG must implement
INTERVIEW
to further align with the European framework and prepare for ESCB membership?
– Within the EU accession process, Montenegro has achieved significant progress over the past two years in harmonising its financial system regulation. During 2024, the CBCG, in cooperation with the Capital Market Commission and the Insurance Supervision Agency, prepared and submitted 16 systemic laws for further parliamentary procedure. This marks an essential step towards meeting the final benchmarks in negotiation chapters 4 and 9, bringing our regulatory framework in the areas of banking, payment systems, and anti-money laundering fully into line with the EU acquis.
Furthermore, in March this year, we transposed the rules relating to capital requirements for banks – CRR III, while the new Law on Credit Institutions, through which the CBCG aligned with CRD VI, has already been submitted to the Government for further procedure. This task was completed well ahead of the deadline applicable to EU Member States (10 January 2026). With such an approach, we are demonstrating our seriousness and ability to meet all obligations that EU and ESCB membership entail.
To ensure operational readiness for ESCB membership, we have launched a Needs Assessment project, which includes a detailed evaluation of the CBCG’s alignment with ESCB and Eurosystem standards. Based on the findings, we will implement all recommendations so that, upon Montenegro’s accession to the EU, the CBCG will be fully prepared to assume all responsibilities arising from ESCB membership. The credibility of this process is confirmed by the fact that it is being led by two renowned Eurosystem central banks – De Nederlandsche Bank and the National Bank of Belgium – with the Bundesbank joining in the second phase.
Our ambition is clear: for Montenegro to be the next EU Member State, with the CBCG fully ready to assume its role within the European System of Central Banks. Therefore, the continuation of regulatory improvements, institutional modernisation and strengthening remain the CBCG’s priorities. Through these processes, we are enhancing the stability and resilience of the financial system and laying firm foundations for ESCB membership and
deeper integration into European financial flows, to the benefit of our economy and citizens.
How does the CBCG assess current macroeconomic risks and in what ways can the central bank contribute to maintaining stability in the period ahead?
– The main external macroeconomic risk is linked to global uncertainty, driven by geopolitical conflicts and the potential escalation of trade tensions worldwide.
The CBCG monitors macroeconomic developments and undertakes measures aimed at preserving the stability of the financial system, primarily through bank supervision, ensuring regulatory compliance, and tracking key indicators of liquidity, solvency and asset quality. When necessary, we apply appropriate measures to mitigate cyclical risks and safeguard sectoral stability.
Our contribution also lies in the aforementioned alignment of the regulatory framework with European standards, which strengthens the resilience of the banking system and ensures its reliability.
How important are international partnerships and cooperation with European and global institutions for strengthening the credibility of the CBCG and Montenegro’s entire financial system?
– The CBCG maintains active partnerships with the European Central Bank, the Euro-
pean Commission, the European Banking Authority (EBA), the IMF, the World Bank and numerous other international institutions. Through joint projects and the exchange of experience, we enhance the credibility and capacity of our institution.
This cooperation provides us with access to the latest expertise, knowledge and best practices, which we then transfer and integrate into our own system.
How does the CBCG plan to integrate sustainable development and climate risk considerations into the financial system and supervisory policies?
– The development of a financial system that supports sustainable growth is one of the CBCG’s strategic priorities. We played a leading role in drafting the Roadmap for the Transition of the Financial Sector towards Sustainable Finance, with the aim of aligning Montenegro’s financial system with European and global sustainable development standards and ESG principles.
The Roadmap, whose implementation is overseen by the Financial Stability Council, places emphasis on strengthening institutional capacity, enhancing intersectoral cooperation, and creating an enabling environment for managing climate- and nature-related risks and adopting ESG practices.
In parallel, together with the Government and other regulators, we are working on establishing a regulatory framework that encourages sustainable investment. The banking sector is already incorporating ESG principles into its policies, creating scope for further development of green financial instruments that are competitive with traditional ones.
The CBCG is also active internationally, through its participation in the Network for Greening the Financial System (NGFS) and the Sustainable Finance and Banking Network (SFBN).
At the same time, we are transforming our own institution – appointing the Governor’s Adviser for ESG and Innovation, integrating sustainability principles into the CBCG Strategic Plan 2025–2028, initiating the Zero Waste Europe certification process, and, through the Green Award, promoting research and innovation in the fields of climate change and finance.
MARTIN LEBERLE President of the Management Board
NLB Banka AD Podgorica
We are Here to Serve People
What we need is a paradigm shift – a collective understanding that we are merely borrowing this planet from future generations, and that we must treat it with much greater care and responsibility
In our conversation with Martin Leberle, President of the Management Board of NLB Banka AD Podgorica, we discussed the importance of energy efficiency in Montenegro’s green transition, the future of digital banking, and the significance of SEPA integration for the Montenegrin economy and its citizens.
NLB Bank recently concluded a credit arrangement with the European Bank for Reconstruction and Development (EBRD), aimed at improving energy efficiency in residential buildings. How significant are such projects for Montenegro, and when can citizens expect tangible results?
– Energy efficiency and a sustainable approach – not only in construction, but in life as a whole – are essential if we want to ensure a good quality of life today and a better future for our children. This is not only a Montenegrin issue, it is a global one.
In Montenegro, the challenge is that we still do not dedicate enough focus to
environmental priorities. One can see this in the way we discuss waste management, the traffic situation, or the long overdue sewage treatment system in Podgorica. Many investors ask, “Why should I build in a more energy-efficient way if there is no demand for it?” What we need is a paradigm shift – a collective understanding that we are merely borrowing this planet from future generations, and that we must treat it with much greater care and responsibility.
You often emphasise the future of banking, digitalisation, and strategic investments in technology. What digital innovations will NLB Bank implement in the next few years, given changing client behaviour and growing fintech competition?
– In all the talk about digitalisation and modernisation of the financial sector, we must not forget two fundamental truths:
1. We are here to serve people – our clients – to understand their needs and improve their lives.
While technology is important, it must always serve the real purpose: building trust, creating value, and making everyday life easier and better for our clients
2. Trust is the cornerstone of our relationship with them.
Every step we take in the field of digitalisation must reflect these principles. Of course, progress also depends on the broader ecosystem. For example, if Montenegro were to adopt a nationwide solution for electronic signatures, we could eliminate queues at bank branches, significantly reduce paper consumption, and make services faster, simpler, more sustainable, and more cost-efficient. So, while technology is important, it must always serve the real purpose: building trust, creating value, and making everyday life easier and better for our clients.
The introduction of the SEPA payment system is a major step for Montenegro’s financial sector. What benefits will it bring to the economy and citizens?
– SEPA is a great example of how a process can be made faster, better, and cheaper – all at once. Money transfers are now real-time, more convenient, and far less costly. This alone will encourage more business activity, more investments, and more opportunities.
Having spent 30 years working outside of my native Germany, mostly in developing markets, and witnessing the EU integration processes of several countries, I see SEPA as much more than a technical improvement. For Montenegro, it is a milestone – a clear signal of our integration into the European economic space. It is, in a way, an entry ticket to the “Champions League of Nations” that is the EU. SEPA is extremely important. It is not the final step, but it is certainly a big one on our path forward.
Minister of Finance of Montenegro
Responsible Policies Deliver Results
Current economic indicators and assessments by international institutions confirm that, thanks to prudent economic policies and the strong contribution of tourism, Montenegro continues to demonstrate resilience and consistent progress
Through the issuance of retail government bonds, we are sending a clear message: the state has confidence in its citizens, and citizens have an even stronger reason to trust their state
Despite ongoing geopolitical uncertainties and challenges in global trade policy, the Montenegrin economy is recording dynamic growth while maintaining resilience and macroeconomic stability.
“All domestic economic indicators illustrate a stable and robust economy, with clear signs of significant potential for further development,” says Novica Vuković, Minister of Finance of Montenegro.
The Minister notes that the latest data on gross domestic product (GDP) confirm that Montenegro’s economy stands out both in the regional and the European context.
“Following economic growth of 2.8% in the first quarter, in the second quarter of this year we achieved an even more dynamic real growth rate of 3.5%, which ranks among the highest in Europe. This continues the positive trends from the previous year, when economic growth stood at 3.2%,” says Vuković.
Key parameters of the Montenegrin economy – including declining inflation, growth in employment and wages, and increased inflows of foreign investment – all point to positive trends this and last year.
With the support of the OECD, the Ministry of Finance has launched a spending review project as a tool to modernise budgetary practices and strengthen fiscal discipline. How will this project contribute to optimising public expenditure management and ensuring long-term fiscal sustainability?
– This project significantly contributes to optimising public expenditure management and ensuring long-term fiscal sustainability by strengthening fiscal discipline and improving the efficiency of public finances.
A spending review is an instrument for evaluating public expenditure with the aim of identifying opportunities for savings, increasing efficiency and improving the al-
Investors recognise Montenegro’s macroeconomic stability and believe in its future development – a confidence that gives us optimism for future bond issues
We are fulfilling our European agenda with responsibility and dedication, and we are pleased that our progress is recognised at the highest European and international levels
location of resources. The process involves a detailed analysis of budget programmes or spending areas to determine which expenditures are most effective and which can be optimised or redirected to other programmes or priority sectors.
By applying OECD best practices, the project will enhance the capacity of the Ministry of Finance and line ministries to conduct thorough spending analyses.
Montenegro successfully balances domestic challenges and international dynamics, maintaining steady economic growth, controlled inflation and a continuous improvement in citizens’ living standards
deposits today to ensure that tomorrow’s budget remains sustainable. This is an example of forward-looking, responsible financial management that contributes to the country’s fiscal resilience.
What inspires confidence is the fact that Montenegro has proven itself on international capital markets as a serious and reliable partner. Let me remind you that in March this year we successfully issued bonds worth €850 million, with a seven-year maturity, supported by more than 100 renowned global investors.
– Moreover, last year we achieved remarkable success with Montenegro’s first-ever US dollar-denominated bond issue, where the final order book reached a record high of $4.7 billion – the largest investor demand the country has ever recorded.
This clearly demonstrates that investors recognise our macroeconomic stability and have confidence in Montenegro’s future development.
You recently presented the idea of retail government bonds aimed at citizens. To what extent do you expect this instrument to change the public’s perception of public finances and savings?
The Government has left room for additional borrowing of up to €500 million. Following last year’s highly successful bond issue on the international market, what are your expectations for a potential new issue?
– As debt from previous periods totalling around €2.1 billion, along with interest payments of around €565 million, falls due between 2025 and 2027, the decision foresees the possibility of additional borrowing of up to €500 million – but solely for the purpose of refinancing existing debt and creating a fiscal reserve for the coming years, particularly 2026 and 2027, when the largest obligations mature.
In doing so, we are demonstrating proactivity and responsible planning – creating
– In recent months, the Ministry of Finance has been actively working to create an environment that will enable the smooth implementation of a retail bond issuance process through the network of commercial bank branches.
By introducing government bonds for citizens, we are opening an entirely new chapter in the relationship between the state and its people. Until now, public finances have been, for most citizens, something abstract –numbers in budgets and reports. Now, citizens have the opportunity to directly participate in financing their state and to gain clear and measurable benefits from doing so.
Given that more than two billion euros in citizens’ deposits are held in accounts with commercial banks, the planned issue
amount of €50 million will not affect the liquidity of the banking system. At the same time, the state is offering an interest rate that is more competitive than traditional savings accounts, providing citizens with an attractive opportunity for higher returns.
In essence, through this project we are sending a clear message: the state has confidence in its citizens, and citizens have an even stronger reason to trust their state.
In the long term, our goal is to increase the share of domestic bonds in the overall debt portfolio and thereby further develop the local capital market. This means that, in addition to retail issues for citizens, we will also introduce issues for professional investors, as well as short-term treasury bills, which will further strengthen our financial system.
In recent months, the Ministry of Finance has initiated the adoption of 22 laws. Considering Montenegro’s ambition to join the EU and the Eurozone by 2028, have all the tasks within your remit been completed through this legislative activity, or are additional steps planned to achieve this goal?
– The Ministry of Finance recently closed the first negotiating chapter within its competence and expects to close at least one more by the end of the year. We are the lead institution and an active participant in one third of the
remaining chapters. We are fulfilling our European agenda responsibly and with full dedication, and we are pleased that our progress is being recognised at the highest European and international levels.
In relation to Chapter 17 – Economic and Monetary Union – a few important steps still lie ahead, primarily concerning amendments to the legal framework, since constitutional changes are required to define price stability as the primary objective of the Central Bank of Montenegro. On the other hand, most of the legislative measures and activities necessary to close this chapter have already been adopted or are under way.
One of the key activities is the establishment of the Fiscal Council – one of the European Commission’s main recommendations – as an independent body that will assess
tor base and secure the most favourable borrowing conditions while strengthening Montenegro’s position on the global capital market. This not only enhances confidence but also ensures the stability and predictability of our financial system.
One of the central components of “Europe Now 2” is the increase in the minimum wage, the reduction of pension contributions, and the rise in all pensions. Which measures beyond these would you highlight as key to improving citizens’ living standards, and how sustainable are they in a fiscally constrained environment?
– The key measures for improving living standards are those implemented through the “Europe Now 1” and “Europe Now 2”
Employment and wages are rising, while Montenegro has the lowest labour taxation in Europe – a strong incentive for competitiveness and sustainable growth
the credibility of macroeconomic and fiscal policy and issue opinions on the Government’s economic strategies. The proposal for two of the Council’s three members, as provided by law, is currently in parliamentary procedure, and we expect this matter to be resolved by the end of next month.
What steps is the Ministry taking to ensure transparent communication with domestic and foreign investors and to maintain market confidence?
– Investor confidence is crucial for successful public debt management. The previous two bond issues have demonstrated that Montenegro enjoys significant trust among international investors – a fact that gives us confidence for future issuances.
In the coming period, in addition to direct meetings with key investors and banks, we plan to participate in international conferences and forums, as well as to organise online presentations and webinars. In this way, we aim to further broaden our inves-
programmes. By abolishing health insurance contributions, introducing a non-taxable portion of income, and applying progressive taxation, we have reduced the burden on lower incomes, which has directly increased citizens’ disposable income while protecting those on the lowest earnings.
Following this, the 2024 Fiscal Strategy implemented the reform of increasing the minimum wage, reducing pension contributions and raising pensions. Together with active employment policies encouraging job creation and retraining, these measures have resulted in the lowest unemployment rate to date – 9.03% in July – while Montenegro currently has the lowest labour taxation in Europe, providing a strong boost to competitiveness and sustainable development.
All implemented measures are proceeding as expected, and several have already exceeded targets set in the Fiscal Strategy, resulting in favourable fiscal outcomes while maintaining the stability and sustainability of public finances.
SIMONIDA KORDIĆ Minister of Tourism of Montenegro
Partnership for Sustainable Tourism
The state, the business community and tourists together shape tourism, and our goal is to build — through partnership — an authentic, high-quality and sustainable offer that reflects the pride of Montenegro
Although the final results of the tourist season in Montenegro will be known only at the end of this year, Simonida Kordić, Minister of Tourism, believes that the increase in tourist arrivals during the first eight months, together with record figures from Airports of Montenegro, gives reason for optimism. Considering that tourism represents Montenegro’s most important economic sector, accounting for more than
30% of GDP, this is indeed welcome news, as revenues from tourism directly affect the availability of funds for pensions, social welfare, healthcare, security, infrastructure and many other areas crucial to the country’s prosperity.
What key lessons have you drawn for the future?
– One of the most important lessons we have learned is that we must not rely on a single
market. That is why we are investing in strengthening regional and international connections. As a result, in the first eight months of this year, Montenegro recorded a 14% increase in visitors from the United States compared to the same period last year. We have also seen significant growth from China (+46%), Azerbaijan (+63%) and Israel (almost +50%).
We have worked to achieve balanced development — the north of Montenegro had a record summer, while preparations for the winter season are already under way. We visited numerous rural households, which are becoming an increasingly important part of our authentic offer, while luxury hotels and resorts along the coast also reported excellent occupancy rates.
We are also devoting great attention to
Chairing the UN World Tourism Organization’s Commission for Europe strengthens Montenegro’s visibility and influence in shaping European tourism policies
regional cooperation. Our initiative to create a joint tourism package for distant markets has been supported by the countries of Southeast Europe. The first ministerial meeting on this initiative was held this summer in Rome. The idea aims to promote joint participation that will stimulate economic growth not only in our region, but also in the global tourism sector.
Another piece of good news is that, for the first time, Montenegro is chairing the UN World Tourism Organization’s Commission for Europe. This represents great recognition for Montenegro and the efforts of our Ministry, as well as an opportunity to contribute actively to future policies and the sustainable development of tourism across Europe.
What are the main priorities of the Tourism Development Strategy until 2030, and how will you ensure that tourism contributes to sustainable development and local communities, rather than only to major centres?
– Our current Tourism Development Strategy, adopted in 2022, expires at the end of this year. It was primarily focused on recovery following the COVID crisis, while the new, longer-term strategy will be developmental and far more ambitious. It will reflect the real situation on the ground and set out realistic, achievable objectives.
One of the key goals is to promote Montenegro as a single tourism region that connects the north and the south, thereby reducing seasonality and extending the tourist season to a full 365 days through the introduction of new, high-quality experiences.
In order to develop a year-round tourism product and make it resilient to crises, we are working intensively on diversifying our offer. We are combining urban and rural tourism, with a special emphasis on developing all-season attractions in northern Montenegro. Luxury resorts and hotels remain an important segment of our offer — proof of which is the growth from 27 five-star hotels in 2019 to 43 today.
Everything we build is rooted in sustainability – preserving nature, safeguarding cultural identity and ensuring economic benefit – because only balance among these values brings long-term results
At the same time, we are supporting small businesses and rural households, as modern tourists increasingly seek authentic experiences, local food and culture.
What measures are planned for the development of new segments such as conference, health and rural tourism, in order to extend the season and make the offer more resilient to crises?
– Montenegro is truly exceptional — within a small territory it offers an incredible diversity of experiences. In just 15 minutes by cable car between Lovćen and Kotor, visitors cross two climate zones. In a single day, one can
Together with investors, we are building Montenegro as an authentic and sustainable destination through partnership and joint participation at international fairs, enhancing both our reputation and theirs
tourism — meetings, incentives, conferences and exhibitions. This segment is particularly strong during the off-season months of March, October and November, and has the potential to fill the so-called “quiet” months. That is why we need investments in modern congress centres and supporting infrastructure capable of hosting a larger number of participants for various events. This would enable Montenegro to position itself as a regional centre for business tourism, contributing further to economic growth and job creation.
How does the Ministry view the role of foreign investors in the further development of tourism, and what barriers
Tourism depends on multiple sectors – such as transport, environmental protection and education – and only through coordinated action can we deliver projects that bring lasting benefits to Montenegro
literally ski in the morning and enjoy the seaside in the afternoon. Our proximity to European capitals — no more than a twohour flight away — further enhances the destination’s accessibility.
Today’s tourists seek quality, active holidays enriched with authentic experiences that include culture, history, gastronomy, pristine nature and genuine encounters with the lifestyle of local communities. In northern Montenegro, through the development of rural tourism, we are offering precisely that — the opportunity for visitors to engage in the daily life of their hosts, enjoy organic food and pure spring water, and experience genuine hospitality, which has become a rare and precious asset.
To extend the season and make the offer more resilient to external shocks, one of our priorities is the development of MICE
need to be removed to ensure safer and more predictable investments?
– Foreign investors are much more than a source of capital – they are partners in shaping a new, modern vision of Montenegro’s tourism. They bring not only financial resources, but also knowledge, experience and global standards that make our offer more competitive. Our ambition is clear – to combine natural beauty and authenticity with top-quality infrastructure and service. This can only be achieved through open and long-term cooperation with investors. Montenegro is currently the most advanced country in the Western Balkans in negotiations on EU accession, which further confirms our investment readiness. This is the ideal moment to invest, as EU membership will boost tourist flows and arrivals. Investors today have a unique early-bird opportunity
INTERVIEW
to position themselves in a growing market. Our geographical location and reputation as a safe destination are already recognised – Montenegro hosts strong international brands in several destinations, such as Porto Montenegro in Tivat, Portonovi in Herceg Novi, Luštica Bay in Tivat, and many others.
Beyond the coastal areas, we are devoting particular attention to northern Montenegro – still a largely undiscovered tourism gem –where we wish to encourage sustainable investment in winter, adventure and rural tourism.
The Government of Montenegro has so far invested more than €130 million in capital projects that improve infrastructure and raise the quality of the tourism offer. These investments reduce barriers for private investors, strengthen confidence, and clearly demonstrate that the state is actively supporting the development of the sector.
However, to make investments safer and more efficient, we must remove obstacles such as unpredictable regulations and complex administrative procedures. Legal certainty, stable rules, digitalisation and transparency are crucial. The Ministry maintains constant dialogue with the Foreign Investors Council to jointly create the most favourable possible business environment.
implemented in cooperation with UNOPS, through which we are developing a centralised digital system for tourism management. This will enable better data monitoring and smarter planning of development. We are also working on a project with UNIDO and Slovenian partners to use 3D models and virtual tours to present Montenegro’s
The Ministry of Tourism maintains continuous dialogue with the Foreign Investors Council to jointly create the most favourable environment for foreign investment
How can digital technologies and artificial intelligence enhance Montenegro’s tourism offer, and how do you plan to attract visitors from new international markets?
– Digital technologies and artificial intelligence are bringing a genuine revolution to tourism. They help destinations become more visible and accessible, improve the tourist experience, facilitate resource management, and make promotion more effective – even in distant markets.
We have already launched several important projects. One of them is “Support for Digital Transformation in Montenegro”,
cultural heritage to visitors around the world.
When it comes to attracting tourists from distant markets, we have already achieved significant progress thanks to active diplomatic engagement. Over the past year, I have met with representatives of more than 20 countries, opening doors to new markets and increasing the number of visitors from long-haul destinations.
To the same end, we have launched a regional cooperation initiative, bringing together the countries of Southeast Europe interested in developing a joint tourism package based on the principle “your guest is my guest”. The idea is to offer tourists the opportunity
to visit several countries during a single trip, as modern travellers no longer wish to spend their holidays in just one place.
How does the Ministry plan to integrate the goals of the green transition into tourism development and ensure that new investments meet sustainability standards?
– Sustainable development lies at the core of the kind of tourism we want to build in Montenegro – tourism that protects nature, respects local communities and generates economic benefit. Our strategy is based on a comprehensive approach that includes preserving natural resources and cultural identity, while developing the economy in ways that bring tangible benefits to local people.
Nature is our greatest asset, but we also value the authenticity of our cultural heritage, gastronomy and lifestyle, as we believe that the long-term success of tourism depends on combining all these elements. Our vision goes beyond physical construction – it focuses on investing in energy efficiency, the rational use of resources and responsible spatial planning.
To make this possible, we are providing support to investors through tax incentives and favourable credit lines for introducing “green” technologies, as well as developing a certification system for sustainable tourism.
Transforming Global Strength into Measurable Local Value
With the broadest 24/7 portfolio and continuous innovation, Coca-Cola HBC Montenegro has recorded yet another successful season on our market. Sales results over the past season, a clear vision of consumer needs and a dedicated team in the field are the common denominator that strengthens the company’s position as a leader in the beverage industry
In conversation with Velimir Radojević, General Manager of Coca-Cola HBC Montenegro, we summed up the results, spoke about the strength of the 24/7 portfolio, reflected on the local economic and social value that the Coca-Cola system contributes throughout the value chain, and discussed priorities for the coming period.
How would you describe the tourist season from the market perspective?
– Summing up the impressions and results we achieved during the season, it can be said that it was very successful for us, particularly in the HoReCa segment. Our focus, as always, was on ensuring the reliable availability of our 24/7 portfolio and on supporting our partners and customers throughout Montenegro. A combination of the most diverse portfolio in the beverage industry, quality service in the field, close cooperation with customers and a sound understanding of consumer needs has once again brought results we can be proud of. In the first nine months of this year, we recorded growth compared to the same period last year, most notably in our carbonated drinks
portfolio, led by Coca-Cola Original and CocaCola Zero, with strong performance of 330ml can packaging. Rosa water, both still and sparkling, has also achieved excellent results with steady growth across different sales channels. The results indicate that consumers increasingly choose quality “on-the-go” solutions, in line with modern lifestyles — and we are there to meet their needs with an offering that comprehensively responds to their expectations.
What underpins the strength of the Coca-Cola HBC portfolio in Montenegro?
– If I were to single out one example that best illustrates our strength — global expertise combined with local value — it would certainly be Rosa. Exactly two decades ago, the Rosa “Vlasinka” bottling plant became part of the Coca-Cola system, and year after year it has reaffirmed its success in both regional and Montenegrin markets, proving our premise that this is a product far beyond bottled water. Recognised for its quality and consistent growth in both still (Vlasinska Rosa) and sparkling (Rosa Homolje) formats, it has become the first choice of our consumers, as confirmed by the sales results, especially during the summer months.
Naturally, the strength of our entire portfolio lies in its breadth throughout the day — the 24/7 approach — from refreshing carbonated beverages (Coca-Cola, Coca-Cola Zero, Fanta, Schweppes, Sprite) to Next juices and Fuze Tea iced teas. We also offer energy drinks such as Monster and Ultra, as well as the alcoholic beverages we distribute, alongside brands we own, like Finlandia vodka. Interest in sugar-free products continues to grow, while we are also strengthening our position in the sports drinks segment, with Powerade leading the way.
We are also paying particular attention to the coffee category, deeply rooted in our everyday life. We concluded the summer season on a positive note with our partners from the Vergnano team, supporting the opening of the first Caffè Vergnano 1882 coffee shop in Porto Montenegro. In this way, we offer consumers a blend of traditional coffee enjoyment with modern trends and the quality our brands bring.
How is the strength of a large system translated into local value for the Montenegrin economy and community?
– We have been operating on the domestic market for more than 20 years, and last year,
through the presentation of our first Study on Socio-Economic Impact in Montenegro, we demonstrated that at the core of our operations we are, in essence, a domestic company. This is something we take great pride in, as throughout the entire value chain we create opportunities for mutual growth and improvement of the business environment.
To give you an example, as part of the Coca-Cola system in 2022, we generated a total of €63 million, accounting for one per
“Recycle, Donate, Win”, within which citizens of Podgorica collected more than 50,000 pieces of packaging in just 20 days — a clear sign of strong ecological awareness and readiness for change that protects the environment. We are also particularly committed to youth programmes — the ninth season of the Coca-Cola Youth Empowerment initiative is underway, through which more than 5,000 participants have already acquired concrete knowledge and skills.
We continue to build stable, sustainable growth based on a relevant offer, strong brands, and partnerships that deliver measurable results
cent of Montenegro’s GDP. Over 2,200 jobs were supported, while numerous programmes and initiatives aimed at youth development and environmental protection confirm that a large system can drive even stronger community progress. Our contribution is visible through sustainability, youth empowerment and support for culture. This summer, we once again partnered with the KotorArt Festival, an event of national importance.
In the field of environmental protection, together with the organisation Zeleni talas, we are currently implementing the campaign
In short, we transform global strength into measurable local impact — today and in the long term — for the benefit of the Montenegrin economy and society as a whole.
What are the key priorities and plans for the coming year?
– We continue to build stable, sustainable growth based on a relevant offer, strong brands, and partnerships that deliver measurable results. This means reliable availability across all channels, further development of our 24/7 portfolio, as well as advanced commercial and analytical tools that enable us to plan assortments by location more precisely and respond more quickly to shifts in demand. We will also remain focused on strengthening the “on-the-go” formats, on the growth of sugar-free, water and sports drink categories, and on developing our coffee offering through both hospitality and retail channels. Equally important, we continue to invest in our people and their skills, and to build partnerships with key customers — as strong relationships with them, alongside investing in the capabilities of our teams, represent the greatest value of our business.
Consistent on the European Path
We remain strongly committed to achieving our goal of completing accession negotiations by the end of 2026 and becoming a full member of the European Union by 2028. Our focus is on continuing reforms and, in particular, on strengthening the rule of law
Montenegro is currently undergoing the most intensive reform cycle since the start of its EU negotiations – particularly in the area of the rule of law
At the meeting of the EU General Affairs Council in Brussels, Maida Gorčević, Montenegro’s Minister of European Affairs, stated that the rule of law is “the key pillar of Montenegro’s European path.” These are not just words. Montenegro is currently undergoing the most intensive reform cycle since the start of its EU negotiations – particularly in the field of the rule of law.
“In the previous period, we implemented a number of key changes confirming that the state is fully committed to strengthening institutions, the independence of the judiciary and equality before the law. It is encouraging that we are achieving tangible results in the fight against corruption and organised crime, with an increased number of investigations and indictments, including those at the highest level. This clearly shows that institutions are functioning and that no one is above the law,” says the Minister.
She points out that electoral law reform is also underway, which will strengthen citizens’ trust in democratic processes, alongside the modernisation of the public procurement system to make procedures more transparent and efficient and to prevent any misuse of public funds.
“We are also placing special emphasis on digital transformation – developing digital infrastructure and investing in education focused on digital skills. This will allow citizens easier access to information, enable them to monitor institutional work and actively participate in social processes. In this way, we contribute to building a society where transparency and accountability are not just ideals, but daily practice,” explains Gorčević.
All these reforms, she concludes, “collectively confirm that Montenegro, with full dedication and concrete results, is advancing on its European integration path and remains firmly committed to European values.”
Montenegro has set an ambitious goal to complete negotiations by 2026 and
Some of the reforms we must implement may not be popular, but they are vital for the long-term benefit of our society. That is why I expect us to remain united around this common goal
join the EU by 2028. Which steps do you consider crucial to achieving this objective?
– Achieving EU membership by 2028 requires strategic and well-coordinated action. This includes strengthening an independent and efficient judiciary, maintaining a consistent fight against corruption and organised crime, accelerating the harmonisation of legislation with EU standards, reinforcing administrative capacities and ensuring effective coordination across all levels of government, followed by full implementation.
Equally important are economic and infrastructure projects that enhance competitiveness and citizens’ quality of life while
The European agenda, economic progress and improving citizens’ living standards are the Government’s top priorities, and we are determined to achieve them
aimed at improving the business environment, which will indirectly support small and medium-sized enterprises – the backbone of Montenegro’s economy – by encouraging their development, innovation and competitiveness on both regional and European markets.
It is expected that greater access to financial resources, digitalisation of public services and the removal of business barriers will enable companies to expand operations and create new jobs, thus having a positive impact on reducing unemployment.
A significant portion of the funds will also be channelled towards infrastructure modernisation, with a particular focus on digital and green transition. Investments in renewable
The Government’s goal is to use EU Growth Plan funds for the Western Balkans transparently and efficiently to accelerate Montenegro’s economic transformation and lay the foundations for long-term development
improving the country’s overall position. The development of digital and green infrastructure and the strengthening of regional connectivity are also crucial.
An open dialogue with citizens and the private sector, as well as a transparent approach to all reform processes, will enable Montenegro to build a strong, sustainable and stable foundation for EU membership.
You recently announced that €383 million has been secured under the EU Growth Plan for the Western Balkans. How do you expect these funds to contribute most concretely to Montenegro’s economic and social development?
– In line with priority reforms under the accession process, the funds from the Growth Plan will be directed towards financing reforms in key policy areas defined through the Reform Agenda. These primarily include measures
energy sources, energy efficiency and digital infrastructure are essential steps in aligning with EU standards and global sustainability trends. This approach will not only enhance the competitiveness of the economy but also contribute to environmental protection and the adoption of EU ecological standards.
Furthermore, these funds will have a positive impact on the social dimension of development, particularly through strengthening the sectors of education, research and innovation, along with key infrastructure. Improving the quality of these services increases human capital and social cohesion – both vital factors of sustainable development.
The Government’s goal is for the implementation of the EU Growth Plan for the Western Balkans to significantly accelerate Montenegro’s economic transformation and ensure that reforms are carried out through transparent and efficient governance mechanisms. This investment, integrated within the
INTERVIEW
broader framework of European integration, opens up new opportunities for Montenegro’s long-term growth and stability.
Montenegro is the only country in the region that has opened all negotiation chapters and provisionally closed seven. Do you believe that slower progress by other countries could delay Montenegro’s own path, or do you expect the processes to advance independently?
– As you know, the key principle of the EU accession process remains the regatta principle, which means progress towards membership in accordance with individual merit and achieved results. This is the approach advocated by the European Commission, and one that Montenegro also fully supports.
Montenegro supports the regatta principle: progress towards membership depends on results. This is only logical, as we have advanced the furthest in accession negotiations and are fully aligned with the EU’s Common Foreign and Security Policy
Given that Montenegro has advanced the furthest in the accession negotiations and is a country 100 per cent aligned with the EU’s Common Foreign and Security Policy, our position in this regard is clear.
Of course, I believe that faster reforms and positive results in other Western Balkan countries would send a strong message to EU member states and help accelerate the integration of this part of Europe into the community of nations to which we all aspire. However, I do not believe that slower progress by any candidate country could affect Montenegro’s own path.
In this respect, we remain firmly committed to the goal we have set together with our partners from the European Commission – to complete accession negotiations by the end of 2026 and to become an EU member by 2028.
Alongside economic progress and improving citizens’ living standards, this is the Government’s key priority, and we will do everything in our power to achieve it.
Which external and domestic circumstances in the coming period could have the greatest influence on Montenegro’s European path?
– Over the past 20 years, the EU has faced numerous challenges – both globally (the migration and economic crises, and Russia’s aggression against Ukraine) and internally (Brexit, among others). These developments have at times affected the enlargement policy, shifting it away from the Commission’s central agenda.
These are circumstances that Montenegro cannot influence. However, what we can – and will – influence is the pace and quality of
implementing reforms and accelerating our European path. This is why it is crucial that, by the end of next year, all actors in Montenegrin society remain fully committed to fulfilling their obligations under the negotiation process.
A great deal of work lies ahead as we move towards finalising the process. Some of the reforms we must implement may not be popular, but they are essential and beneficial in the long term. I therefore expect that all of us – the Government, the Parliament, the judiciary and civil society – will remain united around this common goal: Montenegro’s membership of the European Union.
I believe there is a strong awareness in Montenegro that each of us must give our full contribution to ensure this project succeeds – and that it succeeds within the timeframe we have set. A better life for our citizens cannot wait
Leadership That Leaves a Lasting Mark
Leadership is not just about the number of users – it is much more than that. Being a leader is not about figures on paper, but about continuous care for both customers and employees, listening to their needs, having the courage to turn numerous ideas into reality, the readiness to respond to challenges at any given moment, and the vision to recognise them in time
At a time when digital transformation is shaping everyday life and opening new avenues for development, MTEL has become a synonym for stability, innovation and social responsibility in Montenegro. Zoran Milovanović, CEO of MTEL Montenegro, stresses that true leadership does not lie solely in market share, but in the ability to provide citizens with security, support and a vision of a future in which technology serves people and the community.
MTEL is today the leading operator in Montenegro. What are the key reasons behind such success?
– Innovation, dedication, vision, constant investment in the network and creativity are just some of the key elements of MTEL’s great success. Today, our company holds over 40 per cent of the market share across all segments – mobile telephony, television and internet. Behind that achievement lies the continuous and diligent work of our employees, which represents the foundation
upon which MTEL stands firmly and continues to write new pages in the history of telecommunications in Montenegro. Being the youngest operator with such a market share is, I can freely say, an accomplishment. The number of users, which grows day by day, is both a source of pride and a responsibility, which is why the company I lead will continue to set trends, innovate, invest and open the doors of a new future – one full of opportunities offered by the era of digital transformation – not only to our customers, but also to all citizens of Montenegro.
At the end of August, MTEL held a 42.9 per cent market share in mobile telephony, 44.2 per cent in internet services and 41.8 per cent in television services.
What does it mean to you to be a leader in telecommunications?
– Leadership is not just about the number of users – it is much more than that. Being a leader is not about figures on paper, but about continuous care for both customers and employees, listening to their needs, having the courage to turn numerous ideas into reality, the readiness to respond to challenges at any given moment, and the vision to recognise them in time. A leader earns trust – and I am very proud of that. We are leaders in terms of user numbers, business results and innovative services, but what makes me particularly proud is
the fact that we have shown true leadership in social responsibility, through continuous investment in the community. MTEL is both the initiator and the driver of Montenegro’s technological revolution, which we have demonstrated through our Digital Factory and services such as the MOVE platform, SiguranNET and many others. One of the best examples is our SiguranNET project. As leaders in internet services, we felt an obligation to provide citizens with complete safety online – so that their children, families and all our users could be protected in the digital space. That is why we organised the M:CYBER conference and launched the website Sigurannet.me, where all citizens can access free education on online safety. We also brought a completely new experience in the field of digital television with our most advanced streaming OTT platform, MOVE.
Leadership is not just about the number of users – it is also about the duty to introduce innovations and new services that change people’s lives.
Public education seems to be an important pillar of your strategy?
– Absolutely. At MTEL we believe that investing in knowledge is just as important as investing in technology. We recently signed an agreement, together with the President of Montenegro, Jakov Milatović, to sponsor ten of the best students from Montenegro to study abroad. By doing so, we demonstrated that MTEL is a friend of knowledge and education. We are also the only operator to have opened a branch office at a university, fully tailored to students.
We are the only operator, not only in Montenegro but also in this part of Europe, to have invested in establishing a HUB – our Digital Factory – which, besides being a centre for developing technological entrepreneurship, has also become a centre for education. We organised the first start-up academy in the Balkans, trained over 700 young entrepreneurs, and even invested in some of their products. We gathered the entrepreneurial community and, in the heart of Podgorica, provided them with a free coworking space that is now full, giving all aspiring entrepreneurs their first investment. Since the founding of the Factory, more than 600 lectures, info days, sessions and various entrepreneurial and educational programmes have been held – all free of charge.
Our educational programme in the Digital Factory covers all generations – from primary school pupils and secondary school students to university students. For the past year and a half, we have been organising interactive workshops on internet safety across Mon-
At the end of August, MTEL held a 42.9 per cent market share in mobile telephony, 44.2 per cent in internet services and 41.8 per cent in television services
MTEL is also known for its social responsibility, particularly in sport and culture.
– We believe that it is the responsibility of a leader to invest in the community. We are proud to be partners of the Basketball Federation of Montenegro, the “Jadran” Water Polo Club and the “Budućnost” Football Club, and to invest continuously in sport through the MTEL Arena in Morača. At the same time, we support cultural, entertainment and scientific events throughout Montenegro. In this way, we demonstrate that MTEL is not only a leader in terms of user numbers, but also in the social role we build every day. For years we have been the main partner of the Book Fair, and we have continuously supported humanitarian initiatives such as “The Right Story”, which raises awareness about the importance of preventive screenings for breast cancer. We also equip hospitals with state-of-the-art technology. Our actions speak for themselves.
How do you see the company’s future and the role of your customers in it?
– Our direction is clear – we are paving our own path, designing and developing new services that transform people’s lives. Our customers know that MTEL is an operator that takes care of them, and it is also very important that they recognise that in us, just as our slogan says, they have a friend. We are proud that our customers recognise this, as official data from the Agency for Electronic Communications month after month show that the largest number of transferred numbers end up in our network. We are a company that grows day by day, and our customers grow with us. Every idea, every action, everything we do, design and create has always been, and always will be, for our customers.
What is your message to the customers and citizens of Montenegro?
tenegro, for primary and secondary school pupils. We are especially proud of another project, “m:Robotics Without Borders”, where we introduce primary school pupils to the basics of robotics. On 10th November, the MTEL Arena in Morača will host a major robotics competition – the first of its kind in Montenegro – with all 162 schools in the country set to take part.
– I want them to know that MTEL is here for them – to take care of their needs today, but also of the future of their children. We will continue to invest in the network, but also in education, sport, culture, healthcare and online security. Leadership is not measured only by market share, but also by the legacy we leave in society. Customer trust is best demonstrated by the fact that our self-care app “Moj m:tel” counts more than 230 thousand active users today.
Building a Stable and Green Energy System
A reliable energy system is the foundation of economic and social security, which is why we approached this goal systematically – aligning with the European framework, setting ambitious green transition targets and ensuring that the transition takes into account the interests of all citizens
Through a strategic partnership with the United Arab Emirates, Montenegro is opening a new chapter in connecting energy with financial technologies and artificial intelligence
In the previous period, Montenegro has made significant progress both institutionally, by aligning with European policies, and through the implementation of projects designed to provide continuous and stable electricity supply and a shift towards renewable energy sources. Although these are long-term measures, the electricity supply issues that affected Montenegro – and some EU countries – during the summer of 2024 highlighted a crucial point: the development of distribution and transmission networks must keep pace with the growth of renewable electricity generation, particularly solar.
“We strengthened oversight of production and transmission capacities, accelerated the development of new projects and the integration of RES. The crisis was successfully overcome, but it was a serious warning that we must build a more stable energy mix and reinforce infrastructure. We also communicated openly with the public about the measures taken, because a reliable energy system is the foundation of economic and social security,” says Admir Šahmanović, Minister of Energy and Mining of Montenegro.
Your goal is 70% renewables by the end of the decade. How realistic is this target, and what are the key steps to get there?
– The 70% renewables target by the end of the decade is ambitious, but achievable. Since the beginning of my mandate in April 2025, we have achieved considerable progress and concrete results leading us towards that goal.
A new Energy Law has been adopted, fully aligned with EU standards. The dayahead electricity market is operational, and a Memorandum of Understanding with Italy on market coupling has been signed, with discussions under way for a second undersea cable and a doubling of transmission capacity.
We are working intensively with Italian and regional partners for Montenegro to become a full participant in the European market with modern infrastructure and a harmonised legal framework
The first auction for solar power plants totalling 250 MW has been launched, while the Gvozd wind farm project (55 MW) is progressing according to plan, and Gvozd 2 is under development. Work on the Trans-Balkan Electricity Corridor (400 kV Pljevlja–Serbia border) has accelerated, giving Montenegro stronger integration with regional and European markets. The target for energy renovation of public buildings has been increased from 1% to 3%, the energy certification register has been introduced, and laws on the security of oil derivatives supply and offshore hydrocarbons exploration and exploitation have been adopted.
Geological research for the Kruševo HPP has begun, two national household solarisation programmes have been implemented,
Alignment with the EU acquis in the field of energy is a central pillar of our strategy. Modern legislation has been adopted, regulatory institutions strengthened and market transparency increased
Montenegro’s pathway to 2030 with clear targets for renewables, energy efficiency and emissions reduction.
I would particularly highlight the strategic partnership with the United Arab Emirates, through which Montenegro is opening a new chapter linking energy with financial technologies and artificial intelligence. At a time when energy has become a pillar of every country’s independence, Montenegro aims to position itself as a regional centre for innovation, digital transformation and energy transition.
How well is Montenegro institutionally aligned with the EU in the energy sector, and how attractive is it for foreign investment in energy?
Montenegro is advancing in implementing the Green Agenda, but – like all other states – faces challenges of financing, permitting and finding the best ways to secure a just transition, create green jobs, modernise the grid and increase investment
and they have significantly increased the number of domestic solar systems.
SCADA and ADMS systems have been introduced in CEDIS, enabling digital grid management and consumption monitoring. With World Bank support, a €33.8 million decarbonisation programme is under implementation, focused on energy efficiency in public buildings and the distribution network.
CGES is expanding and modernising the transmission network through new transmission lines and substations, while a new A8 generator is being installed in the Perućica HPP, increasing capacity and efficiency in the country’s oldest hydro plant.
We are finalising the National Energy and Climate Plan (NECP), which defines
– We have made significant institutional progress. Alignment with the EU acquis in the field of energy is a central pillar of our strategy. Modern legislation has been adopted, regulatory institutions strengthened and market transparency increased.
Montenegro today offers a stable and reformed business environment, exceptional natural potential and a strategic position on the Adriatic, which makes it attractive for foreign investors. We promote competitive and transparent procedures and remain open to strategic partnerships with global players.
The European Commission’s report acknowledged progress in Chapter 15 – Energy, particularly in the adoption and implementation of legislation. We have realistic condi-
tions to close this chapter by the end of 2026, confirming that the Government’s reform policy is delivering concrete results.
How are preparations advancing for integration into the EU electricity market through the Italy connection, and is 2027 still a realistic milestone?
– Preparations for integration with the EU electricity market through the Italy connection are progressing according to plan. The 2027 deadline is ambitious, but achievable with continued coordination and a steady pace of activities.
We are working intensively with Italian and regional partners for Montenegro to become a full participant in the European market with modern infrastructure and a harmonised legal framework.
The Memorandum of Understanding on market coupling with Italy is an important step in that direction. We also expect the adoption of the Law on Cross-border Exchange of Electricity and Natural Gas, which will further align our legislation with European standards and enable Montenegrin producers and traders to access new markets.
We have realistic conditions to close Chapter 15 – Energy by the end of 2026, confirming that the Government’s reform policy is delivering concrete results
EU countries have invested enormous resources in infrastructure and new technologies for decades, while our states are only now moving quickly to catch up. This is why a more flexible EU approach is essential. We will continue to advocate, through EU institutions and the Energy Community, for models that take into account the specific circumstances of the Western Balkans.
What should the National Energy and Climate Plan
(NECP) deliver?
– NECP is a key strategic document covering policies and measures in five areas: decarbonisation, energy efficiency, energy security, the internal energy market and innovation.
The Plan defines how Montenegro will, by 2030, increase the share of renewable energy, improve the grid, develop storage capacity, protect consumers and strengthen energy efficiency.
It confirms our commitment to decarbonisation and to combating climate change, while ensuring that economic and social stability are preserved. A particular challenge remains replacing the baseload energy from TPP Pljevlja, which will be a central task in the coming years.
How far has Montenegro advanced in implementing the Green Agenda, and what do you see as major challenges and opportunities for the country?
– Montenegro is making visible progress in implementing the Green Agenda. We are conducting auctions for renewable energy, improving energy efficiency in buildings and supporting the development of lowcarbon industries.
How ready is Montenegro to adapt to CBAM, with its new costs and opportunities?
– The Carbon Border Adjustment Mechanism (CBAM) is a challenge for Montenegro and for the region. Although we are carefully following and fulfilling requirements on the path to EU membership, I believe the deadlines and models are partly unrealistic given the different starting positions and levels of development between Western Balkan states and EU member states.
Challenges remain: securing financing for major projects, speeding up permitting and grid connection procedures, and ensuring social acceptance of projects in sensitive areas. A just transition in communities dependent on fossil-based capacity is also crucial.
Yet every challenge contains an opportunity – to create new “green” jobs, modernise infrastructure, attract international investment and position Montenegro as a regional centre for sustainable energy. With commitment, responsible management and cooperation across society, these opportunities can become reality.
Strengthening Economic Resilience
The key lesson from all recent crises is that resilience is built by reducing vulnerability – through strengthening food and energy security, fostering strategic investments, and empowering local value chains. These are precisely the areas on which Montenegro should now focus intensively
Over the next four years, the focus will be on three key goals: representing business interests, enhancing competitiveness and modernising services
The Chamber will launch the EU Info Desk – Path to the Single Market and the EU Ready tool to help companies adapt to European standards and strengthen their competitiveness
We have launched the transition towards a green, circular economy through the Roadmap and the HUB, which connects businesses, institutions and partners in advancing sustainable development
In times of crises and geopolitical tensions –from disrupted supply chains and inflationary pressures to tightened trade relations between the world’s largest economies – predictability and stability have become universal challenges. In Montenegro, these global pressures have been compounded by the pandemic and domestic political instability, both of which have affected the continuity of economic policies and the institutional framework more broadly, thus having a negative impact on the business environment, explains Dr Nina Drakić, President of the Chamber of Economy of Montenegro.
Still, this is beginning to change. “Today, the intensification of activities in Montenegro’s EU accession process is helping to create a more attractive business environment,” Drakić notes. The Chamber’s research on the business climate shows that the longstanding negative trend was halted in 2025, though the overall rating remains below a satisfactory level.
“The business community recognises certain improvements regarding the legislative framework and intellectual property protection, but dissatisfaction persists with the efficiency of the judiciary and with the cost and duration of bankruptcy proceedings,” says Drakić. “This points to the need to establish a long-term development strategy and ensure its consistent implementation through government policies and legislation, thereby contributing to the stability and predictability of business conditions. It is also necessary to improve administrative efficiency, reduce unnecessary burdens on the economy, facilitate access to finance, and address the chronic challenges that have slowed growth and development for years.”
How can Montenegro leverage its strong trade and tourism ties to attract more foreign direct invest-
ment and foster long-term business cooperation?
– Montenegro is a relatively small market, but its economic reality extends far beyond its demographic size. As a tourism-oriented country, Montenegro welcomes over 2.5 million visitors annually, who account for more than 14 million overnight stays. This seasonal expansion of the market provides a strong stimulus for domestic businesses, boosting demand for goods – especially food and beverages – as well as for various services.
For this reason, both domestic and foreign investors should be made aware of Montenegro’s specific advantage: the opportunity for simple and profitable market
in terms of labour taxation, which remains among the lowest in the region and beyond.
To further boost investment appeal and encourage long-term business cooperation, it is crucial to direct support towards sectors with strong development potential – above all, manufacturing, tourism and energy. Through carefully designed support measures and fiscal incentives, Montenegro can attract investments that will help diversify its economy, create jobs, and increase exports.
How resilient is the Montenegrin economy to external shocks, given its reliance on tourism, imports, and global market conditions?
To strengthen investment appeal and long-term cooperation, support should be directed towards industry, tourism and energy – sectors that drive growth, employment and exports
access through tourism – a form of “export at one’s doorstep.”
Moreover, thanks to free trade agreements with regional and global partners – CEFTA, the European Union, EFTA countries, Turkey and Ukraine – products of Montenegrin origin can be exported with partial or complete customs exemptions. This means that by investing in production in Montenegro, investors gain access to local, regional and EU markets free from customs barriers. Once Montenegro joins the EU, these processes will become even simpler, further enhancing the country’s attractiveness as an investment destination.
Investment security is reinforced by Montenegro’s membership in NATO and the World Trade Organization, which guarantees equal treatment for domestic and foreign investors. The tax policy is competitive, particularly
– The structure of Montenegro’s economy – its strong dependence on tourism – makes it particularly vulnerable to external shocks, requiring additional efforts to strengthen its resilience.
As a country integrated into international trade and financial flows, Montenegro cannot completely avoid the effects of global crises. However, it can mitigate their impact by strengthening internal capacities and diversifying its economy. In this context, the development of sustainable agriculture, energy, health and sustainable tourism, alongside information and communication technologies, can significantly stimulate and accelerate growth across all sectors.
It is important to underline Montenegro’s comparative advantage in electricity generation through the combination of hydro, wind and solar sources. Its interconnection
with the EU market via the undersea cable to Italy positions Montenegro as a future net exporter of green energy, contributing to the region’s overall energy security.
Tourism will continue to play a key role in Montenegro’s economy, but strengthening resilience requires broadening the offer, extending the tourist season, and ensuring that tourism benefits are distributed evenly across the country – especially in the northern regions. Tourism should also serve as a platform for promoting and marketing domestic products, thereby further stimulating the growth of agriculture and the agri-food industry.
What role do strategies such as promoting domestic production and investing in agriculture play in strengthening competitiveness and reducing import dependence?
– Investment in domestic production, particu-
larly in the agricultural sector, is of multiple importance for Montenegro’s economy – both in terms of competitiveness and in strengthening economic resilience and stability.
Despite its significant potential, Montenegro remains highly import-dependent, especially when it comes to food products, which makes it additionally vulnerable. In this context, strengthening domestic production directly contributes to improving food supply security, price control, and overall market stability.
Agriculture and the processing industry are sectors with considerable development potential, particularly in ensuring more balanced regional growth. Investment in these areas creates new jobs, stimulates local economies, and lays the groundwork for export growth – especially of organic and traditional value-added products that can compete on international markets. Available
EU funding and the growth of the national agri-budget present opportunities to further strengthen these sectors.
Beyond their economic dimension, there is also a broader strategic one – reducing import dependence contributes to macroeconomic stability and narrows the trade deficit, while increasing domestic production supports greater economic diversification, directly enhancing resilience to shocks.
As you continue your leadership of the Chamber of Economy of Montenegro, what priorities will you focus on to support economic resilience and competitiveness?
– There are institutions in Montenegro whose continuity is not tied to a single mandate, project or moment – they are the pillars of society. The Chamber of Economy of Montenegro belongs to that category, and
it is a great honour to have been given the opportunity to lead it for another four years.
Over the next four years, our activities will focus on three key goals: representing the interests of the business community before decision-makers, strengthening competitiveness and promoting the economy, and modernising services in line with contemporary requirements.
We will continue to implement activities that contribute to creating a stable, predictable and stimulating business environment, with strong advocacy for our members before competent institutions. Our focus will be on improving the economic system through shaping economic policy measures. In this process, the active involvement of business representatives in the Chamber’s work will play a key role, as they, being direct market participants, best understand the challenges they face and the growth and development potential that exists.
In 2028, we will celebrate the 100th anniversary of the Chamber of Economy of Montenegro. Strengthening the Chamber’s role and influence in the years ahead, while building upon its historical reputation through modernisation and adaptation to current trends, is the best preparation for marking this significant jubilee.
As Montenegro advances on its path to EU membership, how can the Chamber help companies adapt and thrive during this transition?
– EU accession opens numerous opportunities but also brings concrete obligations for businesses as they align with European
Although a small market, Montenegro expands severalfold each year thanks to tourism. The sector offers investors a unique opportunity for profitable product placement through the “export-at-home” model
standards. In this process, the Chamber plays an important role in preparing Montenegrin companies for participation in the single market. In addition to our traditional services (education, internationalisation, project work, promotion and advisory support), we plan to introduce new services.
We will launch the platform EU Info Desk – Path to the Single Market, offering practical information, tools and advice related to EU regulations, customs procedures, standards, and access to financial programmes such as Horizon Europe, COSME, Erasmus+, LIFE and others. The digital tool EU Ready, for instance, will enable companies to assess their readiness for the EU market, receive recommendations for improvement, and be directed towards relevant training and support services. The platform will serve as a central
point for information, advice and networking – empowering Montenegrin businesses to enter the European market better prepared, enhance their competitiveness, and turn challenges into opportunities for development.
In particular, how do you see the Chamber’s role in helping companies align with the Green Agenda and ESG standards?
– The Chamber’s role as a business association is to help companies understand, adopt and implement sustainability principles through concrete initiatives and partnerships – in ways that strengthen their competitiveness, innovation, and long-term stability.
We have recognised that the transition towards a green and circular economy is a process that requires a systemic approach, cooperation and a clear vision. That is why we developed Montenegro’s Roadmap towards a Circular Economy, which defines key directions, priority measures and mechanisms to support businesses in this transformation.
We also established the Circular Economy HUB – a platform bringing together representatives of companies, institutions, academia and international partners – with the aim of promoting best practices, enabling the exchange of knowledge and experience, and connecting enterprises with experts and potential investors in the field of sustainable development.
We believe that sustainability is far more than an obligation – it represents an opportunity for modernisation, innovation and economic growth based on knowledge and responsibility.
CHRISTOPHER SHELDON World Bank Country Manager for Bosnia and Herzegovina, and Montenegro
EU Accession Strongest Reform Anchor
Looking ahead, reinforcing fiscal prudence, accelerating structural reforms, and strengthening resilience will be essential to sustain inclusive growth and fully seize the opportunities of EU membership
According to the latest assessment by the World Bank, Montenegro’s economy is stable but is entering a period of more moderate growth. GDP expanded by 3.2 percent in 2024 and is projected to maintain a similar pace in 2025, supported by private consumption, rising real wages, and continued investment in infrastructure and renewable energy. Nonetheless, as a small, open, and euroized economy without its own monetary policy, Montenegro relies on prudent fiscal management to safeguard stability, which makes sustained fiscal discipline and reform implementation especially important, says Christopher Sheldon, World Bank Country Manager for Bosnia and Herzegovina, and Montenegro.
What factors should be watched closely in the period ahead?
– The country has made notable progress in recent years, reducing public debt from over 100 percent of GDP in 2020 to about 60 percent today, while preserving strong growth and employment gains. However, vulnerabilities remain. Inflation has been stronger than expected, external imbalances are widening, and financing needs remain high amid lumpy debt repayments and still high external borrowing costs. Tourism, though still a key growth driver, has softened, underscoring the need for greater economic diversification and productivity growth.
The country has made notable progress in recent years, reducing public debt from over 100 percent of GDP in 2020 to about 60 percent today, while preserving strong growth and employment gains
EU accession is Montenegro’s main reform anchor. To sustain inclusive growth and realise EU gains, it must reinforce fiscal discipline, accelerate reforms and build resilience
Developing higher value-added, year-round tourism, alongside growth in other tradable sectors, would help reduce exposure to external shocks and make growth more resilient
What measures do you see as helpful for maintaining fiscal discipline while at the same time ensuring that key social spending is protected, given the increase in public debt?
– Maintaining fiscal discipline is especially important for Montenegro, given the absence of independent monetary policy. Fiscal policy therefore carries greater responsibility for ensuring macroeconomic stability than in most other countries. And while Montenegro made solid progress in recent years challenges remain, including exposure to external shocks, a lumpy debt repayment profile, and the need to balance new spending pressures with fiscal sustainability.
The World Bank is supporting Montenegro through its Development Policy Loan series, which promotes reforms to strengthen both macroeconomic and environmental resilience. An important element is the establishment of a strong and independent Fiscal Council to enhance transparency, accountability, and fiscal discipline. Although legally established in February 2023, its full operationalization has been delayed, and Parliament still needs to appoint its members.
What structural reforms are most urgent to reduce external vulnerabilities and make the economy more resilient?
– Maintaining prudent fiscal policies will remain essential to safeguard stability, but fiscal discipline alone is not enough. Montenegro also needs to accelerate structural reforms that broaden its economic base, raise productivity, and strengthen public sector efficiency. Diversifying the economy – both beyond and within tourism – is particularly important. Developing higher value-added, year-round tourism, alongside growth in other tradable sectors, would help reduce exposure to external shocks and make growth more resilient.
I mproving productivity, especially among small and medium enterprises, will be key. This means better access to finance, a more predictable business environment, and stronger support for innovation and skills. Enhancing public sector efficiency is also vital to these efforts.
As Montenegro approaches EU membership, continued alignment with EU fiscal, regulatory, and environmental standards will reinforce investor confidence and anchor
Montenegro can turn its natural assets into sustainable growth, with World Bank support through the Country Climate and Development Report to embed climate goals in national development planning
reforms. Additionally, accelerating the green transition and protecting natural assets will be crucial to ensure that future growth is both sustainable and inclusive.
From the World Bank’s perspective, which reforms are most important for improving Montenegro’s business climate and supporting alignment with EU standards?
– Montenegro has attracted substantial foreign investment over the past two decades, particularly in real estate and tourism. The next step is to direct more of this investment to productive and tradable sectors through a coordinated, forward-looking
strategy. The energy sector offers major potential – the new Renewable Energy Law and the first competitive solar auctions are important milestones for attracting private capital into clean energy and strengthening regional integration.
Tourism will remain central to FDI, but the focus should shift to higher value-added, sustainable, and year-round segments that create stronger links with local businesses. At the same time, improving the business environment requires progress on rule of law, contract enforcement, and regulatory predictability, alongside continued alignment with EU competition, procurement, and state aid standards.
EU accession remains the main thread running through all aspects of Montenegro’s economic life. Progress in aligning with EU frameworks reinforces investor confidence and policy stability. Complementary efforts to improve public sector efficiency, strengthen SOE governance, and digitalize public services, supported by the World Bank through technical assistance and lending operations, will further enhance transparency, reduce costs, and make doing business easier.
How is the World Bank planning to support the country in turning tourism and natural resource protection into concrete opportunities for growth and investment?
– O ur Country Partnership Framework centers on two mutually reinforcing pillars: (i) macroeconomic resilience and stability – the foundation for inclusive, sustainable growth; and (ii) environmental resilience –which complements the first by unlocking green, climate-smart investment. Under this approach, we combine Development Policy Loans that advance fiscal, competitiveness, and climate reforms with investment projects that translate those policies into tangible results.
T he policy program is paired with investments in sectors that can create high-quality, green jobs – forestry, waste management, energy sector decarbonization, water services, fisheries, and agriculture. For example, new waste sector project aligned with EU standards is expected to start in 2026, while an energy sector decarbonization operation approved in December 2024 supports the energy transition and low-carbon growth. Agriculture and fisheries support tied to EU acquis alignment strengthens competitiveness and market access. Additionally, we aim to support enhancement of water management and climate resilience by modernizing water services infrastructure, improving hydrological regimes, and strengthening sector governance.
To support government reforms focused on improving climate resilience, the World Bank has developed the Country Climate and Development Report, a flagship analytical document, designed to assist countries, including Montenegro, in
renewable energy auctions are opening the door to private investment, as well as in advancing modern waste management, enhancing water supply and promoting sustainable forestry. Equally important is embracing the mindset that green and climate-resilient investments are not just a global priority, but a necessity – especially for a country whose prosperity depends so deeply on its natural resources. The World Bank is fully committed to supporting Montenegro in these efforts, as reflected in our Country Partnership Framework, which places the green transition and environmental resilience at the heart of our cooperation.
The World Bank has just approved an €8 million loan to help Montenegro modernize its digital payments system and align with EU SEPA standards. How will this project expand access to financial services, especially for the unbanked population, and what benefits do you expect it to bring for businesses, consumers, and regional integration?
Building on the success of joining SEPA, the World Bank will support Montenegro in modernising payments, expanding access to accounts and deepening financial inclusion
integrating climate change considerations into their development strategies.
Our policy and lending work is complemented by targeted technical assistance, including support for Montenegro’s carbon-pricing framework and low-carbon development strategy.
Where do you see the most promising opportunities for Montenegro to advance a green growth agenda?
– Montenegro’s path to green growth lies in turning its natural endowments into engines of sustainable development. The most promising opportunities are in the energy sector where recent reforms and
– On 7 October 2025, Montenegro officially became operationally part of the Single Euro Payments Area (SEPA), marking a major step in the country’s financial integration with Europe. The new €8 million World Bank–financed project will further modernize Montenegro’s digital payments infrastructure and introduce near-instant euro transactions into everyday use. For the roughly 15 percent of the population that remains unbanked, the project will expand access to affordable transaction accounts and digital payment tools, helping bring more people into the formal financial system and enabling their participation in digital commerce.
ARIJANA
Driving Montenegro’s EU Future
By sharing knowledge and initiatives with its partners, MFIC helps Montenegro advance towards becoming a stable, modern and sustainable economy, ready for EU membership
Photo by: D. Ljajevič
When we look back at almost two decades of the Montenegrin Foreign Investors Council (MFIC), we see a community that has shaped Montenegro’s modern economy in many ways, says Ms Arijana Nikolić Vučinić, the Council’s Executive Director.
MFIC members generate 21 per cent of Montenegro’s GDP, employ nearly 6,000 people and are present across almost all key sectors. However, the figures are only part of the story, notes Nikolić Vučinić. “What truly defines us is continuity – almost twenty years of presence, dialogue and partnership with institutions. Over all these years, we have built a reputation as a reliable partner that brings concrete, professionally grounded proposals to improve the business environment. That is why MFIC today has an important role in connecting stakeholders and encouraging changes that make Montenegro a better place to invest and to live.”
Yet, our interlocutor adds, the world has changed significantly in recent years and has shown how crucial rapid adaptation has become. “Bearing that in mind, when I assumed this position, I wanted to place even greater focus on serving our members and ensuring that MFIC operates quickly, precisely and professionally – in step with market developments.”
In practice, this means clearer planning of activities, more transparent communication and a greater emphasis on expert content. The work of our five expert committees has advanced in particular – today they function as one of the foundations of our organisation, she explains. They analyse legislation, exchange experience and prepare initiatives that are increasingly becoming part of the institutional dialogue.
“Although our executive office is not large, we manage to maintain significant dynamics – from organising events and preparing analyses to strengthening the Council’s visibility and presence in the public arena,” says Nikolić Vučinić. “Still, I am confident that we can do more, especially when it comes to different challenges and barriers identified by our members and outlined in the White Book.”
Illustrating MFIC’s role, the Executive Director notes that she recently had the pleasure of signing the Declaration on
Sustainable Investments in Montenegro on behalf of the Council, together with the Prime Minister of Montenegro, Milojko Spajić, the Head of the EU Delegation, Oleg Sadžakov (if needed adjust), and the Head of the EBRD office, Remon Zakaria. “I see this Declaration not only as formal recognition of the Council’s achievements, but also as an excellent platform for deeper cooperation in the period ahead,” Nikolić Vučinić says.
In your view, what is the greatest value MFIC provides to its members, and how do you plan to further strengthen that value in the future?
– MFIC brings leading companies from key industries to the same table – banking, energy, tourism, IT and telecommunications. These are companies that bring not only capital, but also a tremendous knowledge base, European and global business practices, standards and pro -
in this combination of experience and vision that we see the greatest strength of the Council and its members.
MFIC has built a long-standing tradition with the White Book, and has now presented a new study on foreign direct investment. How do these instruments strengthen MFIC’s influence and relevance in Montenegro?
– The White Book is, one might say, our key publication, and this November we will present its fifteenth edition. There are very few publications in Montenegro that have existed for so long and continue to attract significant attention from both experts and the wider public.
We like to say that the White Book is not only an analysis, but also a record of the country’s development through the eyes of investors who have helped shape it. Many of the recommendations
We are proud that our members have launched projects that have transformed Montenegro, becoming examples of successful investment and demonstrating that investors have found their second home
cesses that have already proven effective in far more developed economies.
When we place these capacities in the context of Montenegro’s EU accession process, it becomes clear that both the country and the business community have a unique opportunity to maximise the benefits of this moment. And when I say that, I am not referring only to harmonising legislation, but also to the efficient use of accession funds and development programmes that can bring very tangible benefits to the economy and to citizens.
Our member companies have experience in applying EU regulations, ESG standards, sustainable business models and digital transformation. This knowledge is something MFIC intends to put even more strongly at the service of reforms, modernisation and Montenegro’s long-term development. It is precisely
and positive changes that have been achieved apply to the entire economy, not just foreign investors.
The Report on Trends in Foreign Direct Investment in Montenegro (2018–2024), authored by economist and MFIC associate Mr Mirza Mulešković, was created out of a need to examine experiences, flows and potential. As we emphasised upon its presentation, the collected data and analysed trends can serve as a reliable foundation for policies that will strengthen the country’s investment reputation.
I would also highlight the Conference on Human Capital Development, organised in partnership with the Chamber of Economy of Montenegro. The event opened an important discussion on education, the labour market and talent retention, and we are already planning its second edition.
BRANKO MITROVIĆ MFIC BoD Member, Chairperson of IT, Economic and Infrastructural Development Committee (CEO of One Montenegro)
Telecommunications are the Key to the Digital Future
The telecommunications sector is crucial for the further development of digitalization in Montenegro, but in order to make its full contribution it requires state support through stable rules, less bureaucracy and investment in both people and networks
The White Book of the Foreign Investors Council of Montenegro shows that the telecommunications sector is the highest rated, with an index of 7.2, but at the same time highlights challenges in sector regulation, cyber security and the pace of digitalization. We discussed these topics with Branko Mitrović, Member of the Board of Directors of the Foreign Investors Council and CEO of One Montenegro.
What do you see as the key steps for strengthening this sector further?
– Telecommunications form the foundation of every modern economy – without a stable and innovative network there can be no digital transformation. IoT, AI and cloud are not trends, but the basis of the future economy.
For Montenegro to keep pace with this development, the regulatory framework needs to be predictable and sufficiently flexible to enable investment and innovation. The new Law on Electronic Communications is already aligned with European standards, and ahead of us lies the development of 5G and 5G+, while
globally the focus is already shifting to 6G. For maximum effect, it is important that the state and operators function as partners. Telecommunications operators do not bring only networks, but also knowledge and capacities that can assist in the development
of e-government, smart cities and digital services that benefit the entire community.
At the same time, the sector continues to face higher costs compared to EU markets and complex procedures for IT and network infrastructure.
In your opinion, what improvements could make the environment more competitive and attractive for investors?
– Predictability is key – clear rules and a stable environment. When there is confidence that rules will not change overnight, it becomes easier to make decisions about major investments.
It is essential to reduce administrative barriers, particularly in procedures for the development of network and IT infrastructure, where much time is still lost.
A third important element is regional and broader connectivity, as the digital economy knows no borders. To ensure innovation and quality services, it is necessary to secure technical integration with operators beyond Montenegro, under market conditions. That is the best way to keep our market competitive and open to new investment.
What are the biggest challenges facing Montenegro’s telecommunications market today?
– The market is small, but expectations are high. Users in Montenegro want the same standards as in Berlin or Oslo, and at the same time they demand affordable prices. That is why we invest just as heavily as much larger markets, and this is our strategic commitment. In our industry these investments are never small, and the obligation to meet sustainability goals is always before us. It is not always easy, but our team is characterized by knowledge and the responsibility to make rational decisions.
The second challenge is digital transition – today a telecommunications operator is not just a signal carrier, but a driver of society’s digitalization: from e-government and e-education, to e-healthcare.
T he third challenge is people – how to retain experts and show that a career in cutting-edge technology can be built in Montenegro. This is precisely why we launched the One Business Skills Academy, as the first and only company in Montenegro to offer such a program in cooperation with the University of Montenegro. We did this because we know that university provides the foundations, but that work often looks very different. We want students to connect theory with practice and work alongside people who successfully face these challenges every day.
One has undergone various transformations – from ProMonte, through Telenor, to today’s One brand. How have you maintained a leading position for almost three decades in a constantly changing market?
– The first mobile call in Montenegro was made on our network. That was the moment that marked the beginning of a new era, and since then we have remained synonymous with reliability and innovation. As ProMonte we introduced the first mobile network and the 069 prefix, which people still remember today. As Telenor we brought global knowledge and digital services that transformed the way people communicate. And as One, we restored a strong local identity and raised the bar of quality. Today we have a network that has been named the best in Montenegro twice in a row by the independent agency umlaut.
Next year we celebrate 30 years since the first mobile call in Montenegro, which further obliges us to maintain our leadership
campaigns we encourage girls to enter STEM and build careers in technology. The number of women in these fields increases year by year. Progress is not fast enough, but One has certainly contributed to this change through its campaigns – and we will continue to do so.
In the context of this year’s fires and the need to care for nature, we are launching the largest corporate reforestation in Montenegro in cooperation with the Scouts Association, within the Boranka platform. In this way we want to show that technology and nature go hand in hand, and that a responsible operator thinks about both the digital and ecological future of the country.
What do you consider to be your greatest personal challenge as a leader, and how do you overcome it?
– My greatest challenge is balancing current results with a long-term vision. Telecommunications is a sector in which innovations quickly become standards, while user expectations grow by the day. This requ-
For Montenegro to harness the development of 5G and 5G+ networks, state-operator partnership is essential, as operators bring not only networks but also the knowledge needed for community-focused digital services
and continue investing in the network and innovations. It is precisely this combination of experience, trust and continuous progress that ensures we remain market leaders even after almost three decades.
How do you balance commercial profitability and social responsibility in a small but demanding market such as Montenegro?
– For us these two goals are not mutually exclusive. To be able to invest in networks and technology and remain leaders in quality, the company must be profitable. But we equally believe that success should be shared with the community.
Our social responsibility also encompasses sport – we support the Water Polo Federation and the ‘Budućnost One’ club, as well as culture through the Underhill Fest and Wild Beauty Art festivals. Through traditional
ires me to be both operationally precise and strategically focused at the same time. I overcome this by building a team that shares the vision and passion for innovation. I bring together people who, in some areas, know more than I do, and I give them space to take the initiative, to experiment and to grow. My task is to set the direction, remove obstacles and inspire, because leadership is not only about decision-making, but about creating a culture in which people give their best and the company succeeds.
I am especially motivated when I see our vision – the most reliable network, digital services, youth education and community contribution – becoming reality through the work of the team. The role of a leader is to recognize these moments, strengthen trust and ensure that every decision contributes to the company’s long-term growth and transformation.
VASILIS PANAGOPOULOS
MFIC BoD Member, Chairperson of the Rule of Law and Taxation Committee (Jugopetrol, Executive Director)
Leading by Example
MFIC members can play a key role by sharing best practices, setting high standards, and cooperating with the government to integrate Environmental, Social and Governance principles into both regulation and practice
The challenges in Montenegro’s energy and production sectors are real, but they also reveal opportunities. A key area is stable, clear regulation – as frequent changes, delays or ambiguities hinder long-term planning. Predictability in fuel supply, environmental compliance and security of supply is essential. Administrative inefficiency adds cost and risk; therefore, simplifying licensing procedures and shortening approval processes are priorities for joint action.
A key challenge – and simultaneously an opportunity – for Montenegro lies in the shortage of skilled personnel. Addressing this gap requires not only investment in vocational training, continuous skills upgrading, and stronger alignment between education and industry, but also a dedicated approach to talent scouting and recruitment to attract the right expertise.
Infrastructure and supply security also require modernisation – storage terminals, reserves, and cleaner technologies such as vapour recovery, EV charging and renewables – all supported by appropriate incentives and funding. The way forward lies in stronger public–private dialogue, stable regulation, streamlined administration and joint investment in sustainable infrastructure.
By combining resources and expertise, Montenegro can ensure supply security and a smooth energy transition. Jugopetrol AD is fully committed to that process.
The Environmental, Social and Governance (ESG) agenda is essential to how businesses operate, invest and engage with communities. In Montenegro, aligning with EU standards and pursuing sustainable growth make it particularly relevant. For Jugopetrol,
ESG principles are embedded in our strategy, as long-term resilience depends on responsible environmental management, transparent governance and positive social impact.
Jugopetrol embeds ESG in its strategy, investing €9 million to modernise the Bar terminal with vapour recovery and improved loading systems, cutting emissions and raising standards
We have launched a €9-million ecological reconstruction of our Bar terminal, including vapour recovery and modernised loading systems – reducing emissions and raising standards.
Since 2003, Jugopetrol has invested over €75 million in infrastructure and modernisation, proving that sustainability and competitiveness go hand in hand. We are expanding renewable initiatives – solar panels at service stations, EV chargers in Podgorica, Budva, Tivat, Bijelo Polje and other key areas. Our employees are key to success – we invest in their training to ensure safe, efficient and sustainable operations.
Financially, Jugopetrol recorded a €3.44-million net profit in the first half of 2025 (up 24%), proving that ESG is a foundation for growth.
Over the past decade, we have invested more than €2.5 million in corporate social responsibility initiatives, focusing on key areas such as road safety, sport, education and healthcare.
MFIC members can play a key role by sharing best practices, setting high standards, and cooperating with the government to integrate ESG – reducing impact and strengthening governance and human capital. Together, we can make Montenegro a competitive, sustainable and attractive investment destination.
Investor confidence depends not only on regulation and infrastructure but also on values and people. Capital flows where opportunity meets sustainability, transparency and community impact. Montenegro must demonstrate that projects deliver both social and financial returns. A skilled workforce, clear ESG standards and visible community benefits reassure investors of long-term value.
REMON ZAKARIA MFIC BoD member, Chairperson of the Green Economy Transition (ESG) Committee (EBRD head of Montenegro)
Toward Greater Investors Confidence
EBRD is actively supporting Montenegro’s EU path through strategic infrastructure financing, policy advice, and private sector engagement to drive reforms and attract investment
Plitical stability, a predictable regulatory framework, and a strong commitment to reform are essential for attracting investments and advancing on the EU accession path. It is particularly important to continue strengthening the rule of law, ensuring transparent and accountable institutions, and enhancing the efficiency of public administration. At the same time, progress on reforms that improve the business environment - such as digitalisation of services, streamlining procedures, and further enhancing governance - will not only create greater investor confidence but also demonstrate Montenegro’s readiness to fully integrate into the European Union. These are major and complex tasks, where the experience of international companies, members of the MFIC operating in Montenegro, can play a significant role in meeting these expectations. In this sense, one of the MFIC’s greatest values lies in contributing to these efforts through knowledge, expertise, and constructive dialogue.
The EBRD can contribute to reform processes in line with the EU accession requirements and the EU Growth Plan for the region in several important ways. One is through financing infrastructure projects that are strategically significant for Montenegro’s development and can directly enable further private sector investment. For example, strengthening the electricity grid creates space for new renewable energy projects, while improvements in transport infrastructure can unlock additional potential in tourism. Another crucial contribution lies in
policy advice and technical assistance, helping to align legislation and practice with EU standards. Recently, we supported the Government of Montenegro in drafting a new renewable energy law (adopted in August 2024) and accompanying by-laws, as well as in launching a 250 MW renewable energy auction (July 2025) that we expect will attract strong investor interest. Equally important, we work closely with both the domestic and international business community to mobilise private investment, demonstrate Montenegro’s commitment to reform, and build confidence among long-term, credible investors. It is precisely this combination of financial support, policy dialogue, and private sector engagement that will be critical to ensuring the success of the EU Growth Plan.
The expansion of the Gvozd wind farm is a flagship project that demonstrates how Montenegro’s green transition goes hand in hand with the EU Growth Plan. While the plan focuses on reforms in areas such as
MFIC’s expertise and constructive dialogue with the stakeholders are vital in advancing reforms essential for investment and Montenegro’s EU integration
renewable energy legislation, competitive auctions, and grid integration, projects like Gvozd show how these reforms translate into tangible results. By helping EPCG diversify and decarbonise its energy mix, the wind farm not only marks the Company’s first major renewable capacity of this kind, but also builds its capabilities in managing wind assets and sets a strong example for future investment. This combination of regulatory reform, institutional capacitybuilding, and concrete infrastructure is precisely what strengthens Montenegro’s credibility with partners and investors, while aligning the country with EU climate and integration objectives.
T
ANA
Reforms That Strengthen Trust
here has been visible progress in aligning the national regulatory framework with European standards. Strengthening transparency in decision-making and ensuring the consistent implementation of regulations would further reinforce investor confidence
In the previous period, visible progress was achieved in harmonising the national regulatory framework with European standards, which significantly contributes to strengthening the rule of law and ensuring legal certainty. Such processes represent the foundation for building investor trust and for the long-term improvement of the business environment. However, transparency in decision-making, consistent implementation of regulations and the timely resolution of administrative and judicial proceedings remain key challenges in creating a stable and reliable investment environment.
I would like to underline that foreign investors do not expect a privileged position, but rather a functional institutional framework that guarantees equal, predictable and efficient conduct by the competent authorities. I believe that, for further strengthening of system stability, it is necessary to develop more effective mechanisms for monitoring the application of adopted regulations.
We have also repeatedly stressed the importance of timely involvement of investors in the process of adopting and amending regulations, especially those that are systemic in nature or may significantly impact the business environment. However, in practice, it is often evident that dialogue between the public and private sectors is predominantly formal, without real opportunity to influence final legislative solutions.
I am certain that the key lies in open, continuous and partnership-based dialogue between the public and private sectors. In this process, the use of modern technologies can play a decisive role. Digital platforms for public consultations, interactive forums and tools based on artificial intelligence can contribute to creating
The task of the Legal Committee is to provide its members with the space and opportunity for their views, opinions and recommendations to be presented to the competent institutions and taken into account in the decision-making process
a more inclusive, transparent and efficient dialogue among all relevant stakeholders.
Additionally, the adoption of a particular regulation should not mark the end of dialogue between the public and private sectors. Unfortunately, the business community is currently not sufficiently involved in monitoring their implementation, nor does a system exist that would enable the exchange of feedback on the real impact of legislative solutions on business and investment activities. Therefore, I believe it is necessary to develop institutional platforms that would ensure continuous communication, timely identification of obstacles and joint definition of corrective measures after regulations enter into force.
I am proud to lead a Committee that brings together experts from leading international companies in Montenegro – professionals who deeply understand the domestic legal and institutional system, while at the same time bringing the experience and best practices of their headquarters. It is precisely this synergy of local knowledge and international perspective that gives additional weight to our recommendations and makes them an important contribution to further development of the legal framework and the improvement of the investment climate.
The members of the MFIC Legal Committee are highly engaged, proactive and consistent in their efforts to contribute to establishing a stable and transparent business environment. In our work, we are guided by the principle of contribution, not criticism. Our goal is to use the experience and expertise of our members to offer concrete solutions that facilitate the implementation of regulations, strengthen legal certainty and increase the predictability of the regulatory system.
Photo by: D. Ljajevič
Responsibility, Investing in People and Sustainable Business
Over almost two decades, Council members have contributed to building a business culture grounded in knowledge, responsibility and investment in people, thereby permanently advancing standards of leadership, ethics and sustainable business in the country
The role of the Council’s members has been far deeper than merely transferring foreign business models. For years, our member companies have been setting standards that change the way business is conducted, managed and communicated in Montenegro. We take pride in the fact that many have, through everyday work and practical example, promoted a system of values in which knowledge, initiative, creativity and responsibility are valued as highly as the result achieved.
They brought experience that places the accent on people – on employee development, clear communication, team spirit and a supportive working environment. Such an approach has gradually reshaped the country’s business landscape: from management practices and treatment of employees to the way leadership, ethics and social responsibility are perceived today. I am pleased that more and more companies in Montenegro recognise that sustainable business is not a trend and that long-term success stems from trust and investment in people. I consider this shift in business culture one of the most important contributions our members have made in the past two decades.
One of the most significant changes has been the dialogue between institutions and investors. Today, it is more mature and substantive than before, with greater readiness for open communication and acknowledgment of the business sector’s arguments – a sign that trust is being built. Nevertheless, dialogue must lead to concrete changes that will be visible to the business community and, ultimately, to society as a whole.
The dialogue between institutions and investors is today more mature and open, yet it must continue to improve if it is to lead to concrete changes that strengthen trust and bring real benefits to the economy and society
In this process, the Foreign Investors Council has a particular role, as it does not advocate for individual interests but relies on facts and practical experience. It is essential that dialogue be aligned with political will and a stable institutional framework, becoming a development policy aimed at growth, a stronger economy and a modern, competitive society.
As a PRO PR Globe People Achievement Award laureate and a professional engaged in communications for many years, I can say that today’s global communication landscape is more dynamic and complex than ever. We are witnessing an extraordinary volume of information and an increasing presence of fake news, while relevant global research shows that public trust in institutions, media and companies is stagnating or declining. This trend places a strong focus on the communications industry, and I hope its importance – especially in these circumstances – will be more widely recognised in Montenegro.
The decline in trust is, in my view, the greatest challenge. It tasks communicators with building relationships that are both authentic and meaningful, in a time when truth often competes with perception and attention spans last only a few seconds.
That is why we must remain committed to consistency, responsibility and transparency as fundamental values of our work. With the support of decision-makers across all sectors, communicators have a responsibility to nurture trust and turn it into a lasting social value. In the end, trust is not something to be taken for granted – it is built long-term, through actions, consistency and a willingness to take responsibility.
Photo by: D. Ljajevič
MFIC Regatta 2025
With the support of member companies – Erste Bank, Hipotekarna Banka, m:tel, Jugopetrol, Porto Montenegro, Kotor–Lovćen Cable Car and Lovćen Insurance – the Montenegrin Foreign Investors Council once again organised the MFIC Regatta, bringing together representatives of member companies, the Government and the diplomatic corps in a spirit of cooperation and camaraderie.
ADDIKO BANK A.D. PODGORICA
Bulevar Džordža Vašingtona 98
81000 Podgorica
Tel: 020 408 600
E-mail: info.me@addiko.com
Web: www.addiko.me
ADRIATIC ADVISORS MONTENEGRO D O O
Bulevar Džordža Vašingtona 79
81000 Podgorica
Tel: 020 235 319
E-mail: montenegro@ adriatic-advisors.com
Web: www.adriatic-advisors.com
ADRIATIC MARINAS D.O.O.
Blaža Jovanovića 1
85320 Tivat
Tel: 032 660-700
E-mail: info@portomontenegro.com
Web: www.portomontenegro.com
AXIANS CRNA GORA D.O.O.
Ankarski bulevar 14
81000 Podgorica
Tel: 020 202 150
E-mail: info@axians.me
Web: www.axians.me
AZMONT INVESTMENTS
Portonovi – Kumbor bb
85340 Herceg Novi
Tel: 031 355 300
E-mail: info@azmont.com
Web: www.azmont.com
BIG CEE
Bulevar Kjaza Danila bb
81000 Podgorica
Tel: +382 20 410 803
E-mail: zorica.miskovic@big-cee.com
COMPANY REGISTER
COCA-COLA HBC CRNA GORA D.O.O.
Slobode br.43, 81000 Podgorica
Tel: 020 443 600
E-mail: nina.elezovic@cchellenic.com
Web: www.coca-colahellenic.rs
CRNOGORSKA KOMERCIJALNA BANKA A.D.
Bulevar revolucije 17
81000 Podgorica
Tel: 020 415560
E-mail: info@ckb.me
Web: www.ckb.me
CRNOGORSKI TELEKOM A.D. PODGORICA
Moskovska 29
81000 Podgorica
Tel: 020 433 709
E-mail: Biba.Radonjic@telekom.me
Web: www.telekom.me
DHL EXPRESS, KINGSCLIFFE
DISTRIBUTION MONTENEGRO
XLII ulica, broj 46. Aerodrom Golubovci, Zeta, 81304. Tel: 020 872 460
E-mail: dhlme@dhl.com
Web: www.dhl.me
DOMEN LTD
Vojvode Maše Đurovića, Lamela 3-1
81000 Podgorica
Tel: 077 300 070
E-mail: info@domain.me
Web: www.domain.me
EKONOMIK ACCOUNTANTS D.O.O.
Trg Božane Vučinić 10/1
81000 Podgorica
Tel: 020 238 730
Email: contact@ekonomik.me
Web: www.ekonomik.me
EBRD
Moskovska 2B
81000 Podgorica
Tel: 020 237 173/174/175
E-mail: perovicm@ebrd.com
Web: www.ebrd.com
ERSTE BANK A.D.
Arsenija Boljevića 2A, 81000 Podgorica
Tel: 020 440 440
E-mail: alstojkovic@erstebank.me
Web: www.erstebank.me
FINVEO
Cetinjska 11
81000 Podgorica
Tel: 020 436 698
E-mail: info@finveo.mn
Web: www.finveo.mn
GENERALI OSIGURANJE MONTENEGRO A.D.
Kralja Nikole 27a
81000 Podgorica
Tel: 020 444 800
E-mail: kontakt@generali.me
Web: www.generali.me
HENLEY&PARTNERS MONTENEGRO D.O.O.
Bulevar Knjaza Danila Petrovića 11, 7 sprat
81000 Podgorica
Tel:020 674 074
Email: montenegro@henleyglobal.com
Web: www.henleyglobal.com
HIPOTEKARNA BANKA
Josipa Broza Tita 67
81000 Podgorica
Tel: 077 700 001
E-mail: hipotekarna@hb.co.me
Web: www.hipotekarnabanka.com
JUGOPETROL A.D.
Stanka Dragojevića bb
81000 Podgorica
Tel: 020 401 800
E-mail: jpk@jugopetrol.co.me
Web: www.jugopetrol.co.me
KARANOVIĆ & PARTNERS
Cetinjski put 11, The Capital Plaza
IV floor , 81000 Podgorica
Tel: 020 238 991
E-mail: montenegro@karanovicpartners.com
Web: www.karanovicpartners.com
LOVĆEN OSIGURANJE A.D.
Slobode 13a 81000 Podgorica
Tel: 020 404 400
E-mail: info@lo.co.me
Web: www.lo.co.me
LUŠTICA DEVELOPMENT AD TIVAT
Novo Naselje, bb. Radovići 85323 Tivat
Tel: 077 200 100
E-mail: info@lusticabay.com
Web: www.lusticabay.com
MASTERCARD
Repsentative Office Bulgaria, 2A Saborna Street, Sofia 1000,Bulgaria
Tel: +359 2 926 42 54
E-mail: srbija@mastercard.com
Web: www.mastercard.com
HOTELS GROUP MONTENEGRO STARS D.O.O. BUDVA
Hotel Splendid, Bečići bb, 85310 Budva
Telefon: 033 773 777
E-mail: reservations@montenegrostars.com
Web-site: www.montenegrostars.com
MORAVČEVIĆ VOJNOVIĆ AND PARTNERS IN COOPERATION WITH SCHOENHERR
Baku 140, prvi sprat, 81000 Podgorica
Tel: +382 20 228 137
E-mail: office@schoenherr.me
Web: www.schoenherr.me
MTEL D.O.O.
Bulevar Svetog Petra Cetinjskog 143
81000 Podgorica
Tel: 078 100 341
E-mail: officeinfo@mtel.me
Web: www.mtel.me
NLB BANKA A.D.
Bulevar Stanka Dragojevića br. 46
81000 Podgorica
Tel: 19888
E-mail: info@nlb.me
Web: www.nlb.me
OCEAN MONTENEGRO
Put JNA bb
8500 Bar, Crna Gora
Tel: 030 311 575
E-mail: info@ocean-montenegro.com
Web: www.ocean-montenegro.com
ONE MONTENEGRO
Bulevar Džordža Vašingtona 83
81000 Podgorica
Tel: 020 235 000
E-mail: pr@1.me
Web: www.1.me
PAYTEN D.O.O.
Serdara Jola Piletića 3
81000 Podgorica
Tel: 020 651 951
E-mail: office@asseco-see.com
Web: www.payten.com
PORT OF ADRIA
Barskih logoraša 2
85 000 Bar, Crna Gora
Tel: 030 301 100
E-mail: kabinet@portofadria.me
Web: www.portofadria.me
PRICEWATERHOUSECOOPERS D.O.O.
Bulevar Džordža Vašingtona 98
81000 Podgorica
Tel: 020 234 352
E-mail: me_pwc_office@pwc.com
Web: www.pwc.com/mne
SAVA OSIGURANJE A D
Svetlane Kane Radević 1 81000 Podgorica
Tel: 020 40 30 20
E-mail: info@sava.co.me
Web: www.sava.co.me
TERNA CRNA GORA D.O.O.
Bulevar Svetog Petra Cetinjskog 130 81000 Podgorica
Tel: 077 300 000
E-mail: gordana.stevovic@terna.it
Web: www.terna.it
VAS INVEST
Dositijeva 57 85310 Budva
E-mail: v.verhovk@smokvabay.com
Web: www.smokvabay.com
VISA SEE
Milutina Milankovića 11V, 11070 Novi Beograd, Beograd, Srbijatel +381114553913
E-mail: atrifuno@visa.com
Web adresa: https://rs.visa.com
ZAPAD BANKA
Moskovska 2b, VII sprat, 81000 Podgorica, Crna Gora
Tel. 020 690 000
E-mail: info@zapadbanka.me
Web: www.zapadbanka.me
KOTOR CABLE CAR
Ulica Baku 140, 81000, Podgorica, Crna Gora
Telefon: +382 67 071 333
E-mail: legal@kotorcablecar.me
Web: www.kotorcablecar.me
KEY MESSAGES
MILOJKO SPAJIĆ
PRIME MINISTER OF MONTENEGRO
We are Building a Prosperous and European Montenegro
We want to transform Montenegro into a society of opportunity for all citizens – a country in which reforms, development and European integration create equal prospects for the progress of individuals, the economy and the community
Reforms Bring and Keep Investors
Montenegro has the knowledge and the opportunity to transform its reform experience into lasting progress, with the focus now on translating reforms into predictability, confidence and sustainable growth
TAMÁS KAMARÁSI
PRESIDENT OF THE BOARD OF DIRECTORS OF THE MONTENEGRIN FOREIGN INVESTORS COUNCIL (MFIC); CHAIRPERSON OF CKB BANK MANAGEMENT BOARD
NIK GJELOSHAJ
DEPUTY PRIME MINISTER FOR ECONOMIC POLICY AND MINISTER OF ECONOMIC DEVELOPMENT OF MONTENEGRO
A Thoughtful Approach to Development Policies
Ensuring long-term growth and economic resilience requires a coordinated approach to reforms, the strengthening of domestic production, investment in education and innovation, and the reinforcement of institutions and infrastructure
European Financial Standards, a Step Forward for Citizens
Through a number of processes, we are strengthening the stability and resilience of the financial system and laying solid foundations for membership in the European System of Central Banks and deeper integration into European financial flows, to the benefit of our economy and citizens
DR IRENA RADOVIĆ
GOVERNOR OF THE CENTRAL BANK OF MONTENEGRO
NOVICA VUKOVIĆ
MINISTER OF FINANCE OF MONTENEGRO
Responsible Policies Deliver Results
Current economic indicators and assessments by international institutions confirm that, thanks to prudent economic policies and the strong contribution of tourism, Montenegro continues to demonstrate resilience and consistent progress
Partnership for Sustainable Tourism
The state, the business community and tourists together shape tourism, and our goal is to build — through partnership — an authentic, high-quality and sustainable offer that reflects the pride of Montenegro
MINISTER OF TOURISM OF MONTENEGRO
MINISTER OF EUROPEAN AFFAIRS
Consistent on the European Path
We remain strongly committed to achieving our goal of completing accession negotiations by the end of 2026 and becoming a full member of the European Union by 2028. Our focus is on continuing reforms and, in particular, on strengthening the rule of law
Building a Stable and Green Energy System
A reliable energy system is the foundation of economic and social security, which is why we approached this goal systematically – aligning with the European framework, setting ambitious green transition targets and ensuring that the transition takes into account the interests of all citizens
MINISTER OF ENERGY AND MINING] OF MONTENEGRO
MAIDA GORČEVIĆ
SIMONIDA KORDIĆ
ADMIR ŠAHMANOVIĆ
DR NINA
DRAKIĆ
PRESIDENT OF MONTENEGRIN CHAMBER OF ECONOMY
Strengthening Economic Resilience
The key lesson from all recent crises is that resilience is built by reducing vulnerability –through strengthening food and energy security, fostering strategic investments, and empowering local value chains. These are precisely the areas on which Montenegro should now focus intensively
EU Accession Strongest Reform Anchor
Looking ahead, reinforcing fiscal prudence, accelerating structural reforms, and strengthening resilience will be essential to sustain inclusive growth and fully seize the opportunities of EU membership
WORLD BANK COUNTRY MANAGER FOR BOSNIA AND HERZEGOVINA, AND MONTENEGRO
ARIJANA NIKOLIĆ VUČINIĆ, MA
EXECUTIVE DIRECTOR, MONTENEGRIN FOREIGN INVESTORS COUNCIL
Driving Montenegro’s EU Future
By sharing knowledge and initiatives with its partners, MFIC helps Montenegro advance towards becoming a stable, modern and sustainable economy, ready for EU membership
Telecommunications are the Key to the Digital Future
The telecommunications sector is crucial for the further development of digitalization in Montenegro, but in order to make its full contribution it requires state support through stable rules, less bureaucracy and investment in both people and networks
MFIC BOD MEMBER, CHAIRPERSON OF IT, ECONOMIC AND INFRASTRUCTURAL DEVELOPMENT COMMITTEE (CEO OF ONE MONTENEGRO)
CHRISTOPHER SHELDON
BRANKO MITROVIĆ
KEY MESSAGES
VASILIS PANAGOPOULOS
MFIC BOD MEMBER, CHAIRPERSON OF THE RULE OF LAW AND TAXATION COMMITTEE (JUGOPETROL, EXECUTIVE DIRECTOR)
Leading by Example
MFIC members can play a key role by sharing best practices, setting high standards, and cooperating with the government to integrate Environmental, Social and Governance principles into both regulation and practice
Toward Greater Investors Confidence
EBRD is actively supporting Montenegro’s EU path through strategic infrastructure financing, policy advice, and private sector engagement to drive reforms and attract investment
ANA IVANOVIĆ
CHAIRPERSON OF THE MFIC LEGAL COMMITTEE
REMON ZAKARIA
MFIC BOD MEMBER, CHAIRPERSON OF THE GREEN ECONOMY TRANSITION (ESG) COMMITTEE (EBRD HEAD OF MONTENEGRO)
Reforms That Strengthen Trust
There has been visible progress in aligning the national regulatory framework with European standards. Strengthening transparency in decision-making and ensuring the consistent implementation of regulations would further reinforce investor confidence
Responsibility, Investing in People and Sustainable Business
Over almost two decades, Council members have contributed to building a business culture grounded in knowledge, responsibility and investment in people, thereby permanently advancing standards of leadership, ethics and sustainable business in the country
NEMANJA Z. BOLJEVIĆ
MFIC COMMUNICATIONS AND PUBLIC AFFAIRS MANAGER
Free-of-charge cash withdrawal on your holiday
Now available at our ATMs in 9 countries for OTP Group customers. The discount is available in 9 countries (Albania, Bulgaria, Croatia, Hungary, Moldova, Montenegro, Serbia, Slovenia and Ukraine) at ATMs operated by the OTP Group, using HUF denominated debit cards and Retail Mastercard Foreign Currency Cards issued by our Bank to private individuals. The discount is available without a transaction number or limit on the amount of cash you can withdraw. The Bank will grant a waiver of the fee under this promotion until withdrawn, but no later than 28/02/2026. For further details, please refer to the general business regulations and announcements available in the branches or published on the website (https://www.otpbank.hu/portal/en/atm-zero-fee) of OTP Bank.
