MONTENEGRO
Milo Đukanović, Prime Minister of the Republic of Montenegro ■ Igor Lukšić Deputy Prime Minister and Minister of Foreign Affairs and European Integration of Montenegro ■ Vladimir Kavarić, Minister of Economy of Montenegro ■ Petar Ivanović, Minister of Agriculture and Rural Development of Montenegro ■ Branimir Gvozdenović, Minister of Sustainable Development and Tourism of Montenegro ■ Milojica Dakić, Governor of the Central Bank of Montenegro ■ Velimir Mijušković, President of the Montenegrin Chamber of Commerce ■ Miloš Jovanović, Director of the Montenegrin Investment Promotion Agency
Montenegro Business Sector 2014
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MONTENEGRO BUSINESS SECTOR 2014 | 3
Montenegro Business Sector 2014
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R EGIONAL LEADER MIŠA BRKIĆ, journalist
EDITORIAL aim team
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I NTEGRATION IS A GUARANTEE OF REFORMS
CONTENTS
ART DIRECTOR Ilija Petrović i.petrovic@aim.rs
MILO DJUKANOVIĆ Prime Minister of the Republic of Montenegro
PHOTOS Zoran Petrović TRANSLATORS Snežana Bjelotomić LECTURE Mark Pullen, m.pullen@aim.rs PROJECT MANAGERS Biljana Dević b.devic@aim.rs Darko Novaković d.novakovic@aim.rs Milica Pajić m.pajic@aim.rs Marija Savić m.savic@aim.rs Ivana Krsmanović i.krsmanovic@aim.rs
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S USTAINABLE ECONOMIC PROSPERITY IGOR LUKŠIĆ, Deputy Prime Minister and Minister of Foreign Affairs and European Integration of Montenegro
EXECUTIVE DIRECTOR Ruža Ristanović r.ristanovic@aim.rs GENERAL MANAGER Ivan Novčić i.novcic@aim.rs
OFFICE MANAGER Nataša Nešić n.nesic@aim.rs
22 S TABLE FISCAL AND FINANCIAL SYSTEM VLADIMIR KAVARIĆ Minister of Economy of Montenegro
PRINTING Rotografika d.o.o. Segedinski put 72, Subotica, Serbia Montenegro Business Sector 2014 Published by: alliance international media
BRANIMIR GVOZDENOVIĆ Minister of Sustainable Development and Tourism of Montenegro
34 B UREAUCRACY STILL BURDENS BUSINESS
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PETAR IVANOVIĆ Minister of Agriculture and Rural Development of Montenegro
DUŠKO KNEŽEVIĆ, President of Atlas Group
48 P OWER OF SYNERGIES PROKOPIJE PERIĆ, Director for Economic & Commercial Affairs at Rokšped Group Podgorica
50 U NDERSEA CABLE FOR THE FUTURE
38 S PURRING AND MAINTAINING STABILITY
42 T HREE PILLARS OF DEVELOPMENT MILOŠ JOVANOVIĆ Director of the Montenegrin Investment Promotion Agency
26 I NVESTOR INTEREST GROWING
Makenzijeva 67, 11111 Belgrade 17, PAK 126909, Serbia Phone: +(381 11) 2450 508 Fascimile: +(381 11) 2450 122 E-mail: office@aim.rs www.allianceinternationalmedia.com ISSN no: 1451-7833 All rights reserved alliance international media 2014 THIS PUBLICATION IS FREE OF CHARGE
46 T HE FUTURE IS IN THE REGION’S COOPERATION
VELIMIR MIJUŠKOVIĆ President of the Montenegrin Chamber of Commerce
MILOJICA DAKIĆ Governor of the Central Bank of Montenegro
FINANCIAL DIRECTOR Ana Besedić a.besedic@aim.rs EDITORIAL MANAGER Tanja Banković t.bankovic@aim.rs
30 M EETING INVESTORS REQUIREMENTS
IVAN BULATOVIĆ, Executive Director of CGES – The Montenegrin Electrical Transmission System
52 C ONNECTING FOR THE FUTURE ZORAN SEKULIĆ, Executive Director of the Montenegrin Agency for Electronic Communications and Postal Services
54 E VERYTHING POINTS TO PROGRESS Analysis
56 T HE PEARL OF THE MEDITERRANEAN 45 S AFETY ABOVE ALL ELSE BORIS ŠABAN Executive Director of the National Insurers Bureau of Montenegro
Tourism
generali.rs
COMMENT
Regional
LEADER
I
f there were any sceptics until now – after the opening of the Re- every year, where investors feel comfortable, forming a favourable gent Hotel and Residences – there shouldn't be any longer, be- business climate for the “growth” of profits. Dedication to reforms is reflected in often painful fiscal adjustcause it is without doubt that the luxurious super yacht marina Porto Montenegro, with all its amenities, has definitely changed ments (mostly focused on reducing public expenditure and carrythe perception of Montenegro. ing out structural reforms), strengthening the rule of law in all Nowhere else – not Budva and not even Sveti Stefan – has de- aspects, WTO membership etc. The negotiation processes with the fined the new tourism position of Montenegro as Porto Montenegro. EU and NATO have been used to make significant internal modThis marine-business-residential complex cured all the “doubting ernisation, extending community, economic and political reforms Thomases” of their provincial complex, because whoever strolls that also enabled significant progress in all areas. The euro was there can assure themselves that Montenegro has become part of introduced as the official currency, a very competitive tax system the modern and developed world. was created, a skilled and relatively cheap workforce exists, there If this is the model according to which Montenegro will develop is a liberal legal framework, the free flow of goods and capital, good – and similar projects following this model are already being imple- transport links etc. The result of all of these efforts is stable economic growth, public mented (or are in the final stages of preparation) Luštica Bay, PortoNovi, Queen's Beach (Kraljičina plaža), Long Beach (Velika plaža), finances in better shape than many economies in the region, and a very open and competitive economy. Ada Bojana, Valdanos, Maljevik-Bar, This has not gone unnoticed. EcoLodge Vranjina, Bigovo-Trašte, The result of all of these Today Montenegro is ranked 44th Flower Island (Ostrvo cvijeća) – then efforts is stable economic out of 189 economies rated on the there's no doubt that better days and growth, public finances in basis of the World Bank’s Doing economic prosperity are coming for Business Report. And this report is Montenegro. better shape than many Among other factors, three billion economies in the region, and one of the most serious indicators for investors regarding where it is of announced and initiated investa very open and competitive best to invest their capital. ments were a sufficiently convincing economy However, the Montenegrin govargument for global business tourism circles to define Montenegro as the ernment does not satisfy the accomfastest growing investment destination in the field of tourism. plished – new “fashion” of Montenegrin civil servants to be more However, tourism it is not the only economic branch to be going subservient to investors, to go further to meet the needs of investhrough an investment boom. According to announcements from tors, and for the system to be set up in such a way that the inthe business community, Montenegro is also becoming an attrac- vestor is offered all kinds of benefits. By listening carefully to the tive destination for investments in energy, infrastructure and agri- impressions and suggestions of foreign investors, the Montenegro authorities realised the need for additional systemic measures to culture, while there are also intentions to invest in the IT business. While the economic crisis is still raging in the region of South- improve conditions for doing business. And they are not working east Europe, Montenegro is profiling itself as a country blooming diligently in that. That’s why it is unrealistic to expect that in the next two-year with economic growth and attracting FDI as the only actual “properiod net FDI will grow significantly and could reach 15.7 per cent ducers” of new jobs. The credit for its leadership position in the region is not accidental. of GDP. This is not yet like the period of great economic expansion The Government of Montenegro, persistently and with dedica- (25% of GDP), but in Montenegro they believe it is worth committion, creates an increasingly stimulating business environment ting to reforms, modernisation and Euro-Atlantic integration. ■
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Montenegro is a country blessed with the best of nature. Its 293km stretch of coastline is dotted with scenic beaches that cover a good 73 km.
The Crnojević printing house, or Obod printing house, was the first printing house in Southeast Europe; the facility operated between 1493 and 1496 in Cetinje, Zeta. It was founded by Đurađ Crnojević, the ruler of Zeta between 1490 and 1496.
The major Montenegrin industries are tourism, steelmaking, aluminum and food processing. The country's major trading partners are Serbia, Italy, Croatia, Hungary and Germany.
The name Montenegro comes from the Italian translation of Monte Negro, meaning Black Mountain, originally named Crna Gora after a small strip of land of the Pastrovici in the late 14th century.
‘Oro’’ – traditional Montenegrin dance originates from Old Montenegro, while Montenegrin national costume is counted as one of the most luxurious in the world.
The largest city and capital is Podgorica, with about 160,000 inhabitants, followed by Nikšić, Bijelo Polje, Pljevlja, Herceg Novi, Bar, Cetinje, Berane and Ulcinj.
Lake Skadar is a cryptodepression, which means that its bigger portion is below sea level. It is known for lake nutmeg, so called kasaronji, that grows only in its water, which is also the case with a type of carp and bleak.
According to a study conducted by the World Tourism and Trade Council a few years back, the country of Montenegro is fast emerging as one of the most popular tourist destinations in the world today.
INTERVIEW
Integration is a Guarantee of
REFORMS
MILO DJUKANOVIĆ PRIME MINISTER OF THE REPUBLIC OF MONTENEGRO
We can already say now that, with the realisation of initiated and planned projects, Montenegro will be one of the fastest growing investment destinations in the region. I am primarily directed towards such optimism by an awareness of unused resources in the fields of infrastructure, energy, tourism and food production. Likewise, my optimism also stems from the presence of renowned investors in Montenegro, already signed contracts and already launched projects that are being implemented here
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he economies of a large number of countries in the world and Europe are slowly emerging from the crisis, while in the region it continues unabated. Montenegro, as a small and open economy, is highly exposed to exogenous shocks, but regardless of that, we're talking about a country that is working on the process of Euro-Atlantic integration and in that it is perhaps the fastest in the region. To discuss the economic situation in Montenegro, its European and Euro-Atlantic future, further aspirations and prospects, we speak to the country's Prime Minister, Milo Djukanović. ■ How would you assess economic trends in Montenegro today? - The world's economy is recovering. Global economic growth will
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be higher than in previous years. It is estimated that it will reach 3.6% in 2014. Of course, the biggest contribution to global growth "comes" from emerging economies (emerging markets) such as China and India, while growth in the most developed economies is more moderate. Although risks are still present, the eurozone economy is on the road to recovery. It is estimated that after last year's recession - a drop of 0.5% - this year the eurozone economy will increase by 1.2%. Those are also encouraging indicators for our region - the Western Balkans and the Montenegrin economy, which to a large extent is dependent on global, and particularly European, economic developments. The Montenegrin economy and our entire region – through trade, investment and tourism flows - mostly address the
CRISIS
MAASTRICHT
INFRASTRUCTURE
Now I can announce with certainty that Montenegro has weathered the economic storm without major consequences.
From this year already Montenegro will be within the Maastricht rules and thus further strengthen its fiscal position and financial market reputation.
High quality infrastructure will not only bind us together better economically and bring us closer to bigger markets, but will also contribute to political stability.
European market. Thus, as a result of the financial crisis, reduced small open economy that is predominantly service orientated. Also, investments, freezes on credit and deposit withdrawals, 2009 was the need for infrastructure investment means higher government one of the worst years in recent economic history, with a drop in real spending, but also more imports of materials, equipment and other GDP of 5.7%. The following year was marked by efforts to stabilise products most of which are not produced in the small Montenegrin the macroeconomic situation, to adapt to public policy in the new economy. Therefore, major public and private investments in the fucontext and to undertake necessary reforms that will strengthen ture will certainly mean pressure on government spending and presand accelerate economic development. sure on the current account deficit. For us, as decision makers, it is Now I can announce with certainty that Montenegro has much more important how and on which projects public money is weathered the economic storm without major consequences. spent. It is crucial that government investments are sustainable and Economic substance has been preserved, the loss has been offset contribute to economic development. It is also important whether or – unemployment did not increase signot we've created an environment for the private sector to focus their spendnificantly with the decline of GDP in 2009. We used the time, recognised ing on productive investments. the new situation and, through fiscal However, I want to point out that consolidation measures, structural rethe Government has recognised the budget deficit problem and the risk form and improving the business enof public debt growth and last year, vironment, made ourselves stronger through fiscal consolidation measand more competitive. Last year economic growth was restored and stood ures, reduced the budget deficit to at 3.5%, which is expected to be up below 4% of GDP. This year it is estiagain this year. mated that the deficit will amount to In the following medium term, less than 2% of GDP, while our intenuntil 2017, we will come to faster tion is for the budget to be in surplus growth of the Montenegrin economy, in the medium-term. At the end of due to strong growth in investment April 2014 public debt totalled 56% activity and engagement of local of GDP and, according to the public potential, primarily in the construcdebt strategy, it will not exceed the amount of 60% in the coming years. tion and related trade sectors, transThis means that from this year alport and extraction of minerals and stones. In this period we envisage a ready Montenegro will be within the Dynamic economic growth strong contribution of the tourism Maastricht rules and thus further usually carries with it sector and complementary sectors, strengthen its fiscal position and fiimbalances, especially in alongside a reliance on agriculture nancial market reputation. terms of the current account from domestic sources. A moderate increase in lending activity is also ■ Are you satisfied with the pace deficit and particularly for expected. The average GDP growth at which Montenegro is fulfilling a small open economy that rate for the 2014-2017 period will be the requirements of European inis predominantly service 3.7%. In the current context, this is a tegration? orientated good result, but I believe we have the - Montenegro, eight years after the resresources and know-how to create toration of independence, can boast of the conditions for the Montenegrin economy to reach a potential the fact that today it is the only country which is both in the final growth rate of 5% in the coming period. stages of the process of integration into NATO and a successful negotiation process for EU membership. ■ The EBRD and IMF have warned that the country is still We have completed the negotiating structure, which includes suffering from a high current account deficit and rising pub- civil society, and we have successfully completed the screening lic debt. How do you see that problem and what is the Gov- phase. So far we have opened negotiations on nine chapters, two of which we have temporarily closed. We exert maximum effort in orernment doing to reduce them? - Dynamic economic growth usually carries with it imbalances, es- der to continue our good trend in the negotiation process. We expect pecially in terms of the current account deficit and particularly for a to be in a position to open all negotiation chapters in which we have MONTENEGRO BUSINESS SECTOR 2014 | 11
no initial criteria i.e. the remaining 13 chapters, by the end of 2014. The government has also adopted the Programme for the Accession of Montenegro to the European Union for the 2014-2018 period (PPCG), which represents the basic strategic document in the field of European integration. This is a document that envisages, in a thorough and comprehensive manner, the measures necessary in order to fully comply with the EU acquis, administrative capacity building for its effective implementation, devising an appropriate strategic framework for all the chapters of the acquis, as well as calculating the costs of achieving these activities. Considering this, we can express our complete satisfaction with the pace of progress towards the EU, especially bearing in mind that through deadlines we have always confirmed the quality of our reform process.
compared to last year and an improvement of over 40 places compared to a few years ago. What is even more important, the inspiring business environment in Montenegro is recognised by both local and foreign investors. The number of investors from over 100 countries around the world, and the amount of their investments, rank Montenegro among the countries with the largest amount of investment per capita and as a share of GDP. Credit for this result certainly goes to our geographical position and the resources we possess, but it primarily goes to the institutions we are building and the political stability and security that we have managed to preserve even in the most difficult times in regional conflicts. Furthermore, we are improving the business environment, reducing transaction costs, removing barriers and bureaucratic costs. The Euro, as our official currency, the free trade agreements we have signed and the free flow of capital, ensure we are much bigger than the local market. We have recognised the problems faced by investors, especially in the area of insufficiently developed infrastructure, a lack of connectivity and the availability of Montenegro as an investment and tourist destination, inefficient government, especially local Porto Montenegro is the administration, and barriers that exist in the area of contract enforcement, isfirst major new project in suing building permits and the cadasMontenegro when it comes tre system. We are working systematito tourism and we could say, cally and continuously to eliminate all with the entry of Aman to these restrictions and problems.
■ How much has the European integration process helped Montenegro to stabilise as a society and stabilise its economy? - The issue of Montenegro's membership in the EU is perhaps the only issue characterised by general social consensus and agreement of all political entities in the country, which results in high public support for the realisation of this important foreign policy priority. We perceive integration into the EU and NATO as the best framework for implementing necessary reforms, which are a prerequisite for further economic development and achieving a European quality of life for our citizens. Sveti Stefan and Miločer, In the first half of its term, in tan■ You have announced that the that it in fact represents a government is this year focused on dem with the implementation of the milestone in the nation's eliminating barriers to doing busiEU and NATO agendas, the governstatus as a high-quality ment has also been focused on mainness. What does that mean exactly and how much progress has been taining stable public finances, structourist destination made so far? tural reforms, improving the business environment – all with the aim of securing strategically important - The Government of Montenegro, led by the current economic foreign investments. We are convinced that comprehensive reforms policy, and considering its role in facilitating the growth of the priand harmonisation with EU standards will contribute to further vate sector through incentives in the regulatory environment, has strengthening our institutions, creating a faster and more efficient launched radical reforms to encourage businesses to invest and administration and general progress in all spheres of society. grow. The state sector is aware that increasing the cost of doing business will mean entrepreneurs find it difficult to succeed on the ■ How do you see the economic environment in Montenegro; market. Montenegro's efforts to implement reforms in the area of how enticing is it for investors and what does it lack in order creating a stable business environment have also been recognised to be more attractive? in international reports. - According to the evaluations of relevant institutions like the World An improved position in the international context provides Bank and the World Economic Forum, the economic environment enough room for the promotion of Montenegro, particularly in the in Montenegro is constantly improving. Thus, for example, the context of a better picture of the investment climate for foreign inWorld Bank's latest report on the ease of doing business ranked vestment. In this field significant reform steps have been achieved Montenegro 44th in the world, which is an improvement of 7 places that are aimed at strengthening competitive advantages, primarily 12 | MONTENEGRO BUSINESS SECTOR 2014
in regional terms. Reports have identified low or critical areas that should be the focus of attention for the next period, which is certainly in line with commitments to our economic policy. The reforms that have been implemented by the government, and those currently being implemented with the aim of eliminating barriers to doing business, relate to the improvement of procedures for business registration, construction permits, accessing credit, paying taxes, registering property, enforcing contracts, administrative procedures, and the like. In addition to this, another recognised priority is the obligation to establish a more efficient state administration, which will accelerate the realisation of all aforementioned activities, and which was officially set as a task of the government through the adoption of the document "Plan for the reorganisation of the public sector."
now represents an insoluble problem without the help of developed countries. Logically, this means primarily the EU, because we are part of European security and economic frameworks. Montenegro, once the least developed country in the former Yugoslavia, is today at the forefront of the region, as illustrated primarily by the tripling of GDP, increasing foreign direct investment and the stage of the integration process in which we have moved ahead of our neighbours, if we exclude Croatia, which is already a member of NATO and the EU. However, we are only at 20 per cent of the average living standard in the developed countries of the EU. NATO and EU integration are political priorities and strategic objectives for Montenegro, but not in and of themselves. Rather, this is precisely so we can confirm our security, strengthen stability and improve the rule of law and institutional effectiveness. We understood NATO and EU integration as a tool - an instrument to accelerate our economic development. Here we must consider that membership in the European Union and NATO is not being imposed on Montenegro, rather that's our choice, primarily because Montenegro and the region are a natural part of Europe, Mutual agreements on free which should be referred to in the first person plural. So, "us" Europeans. The trade, but also free trade European Union is our choice, while agreements with the EU, we perceive the standards we should make trade and investment achieve on that road as an added value flows easier and with lower and not as an "imposed task."
■ What needs to be done in order for Montenegro to achieve higher than conventional growth rates? - We need to work more and with more quality; to attract as many reputable foreign investors as possible in a competitive environment; to promote the further development of domestic entrepreneurship and SMEs by eliminating recognised limitations, the hardest of which is the level of entrepreneurial culture. Only then will valuable foreign investments be fully effectuated. And the most crucial step in this direction is further thoughtful and courageous education reform. Of course, we must improve institutional transaction costs, while our effectiveness on a daily basis, continue ■ Despite being initially chalindividual local markets with structural reforms and improve lenged and viewed with suspicion, become part of a much larger the Porto Montenegro project the business environment. With conEuropean market has become a globally recognised tinuous investment in infrastructure brand. Following this example, development and sustainable exploitation of real development resources, I am convinced Montenegro other similar projects are planned. How far advanced are the implementations of the projects Plavi Horizonti, Kumbor will realise very dynamic growth and development in the future. etc.; and what's next after that? ■ Do you agree with the Wall Street Journal's John Fund, - Porto Montenegro is the first major new project in Montenegro who assessed Montenegro as the economic leader in the when it comes to tourism and we could say, with the entry of Aman region, but said that the EU could help improve the coun- to Sveti Stefan and Miločer, that it in fact represents a milestone in the nation's status as a high-quality tourist destination, while the try's legal system? - The EU can also assist in improving the legal system and in encour- project also serves as an example of the successful conversion of miliaging the development of Montenegro and the region of the Western tary property into a resort and is often a topic of conversation among Balkans. I'm afraid that the European integration strategy for our professionals in the real estate sector. region is too defensive. From this follows a reduced and therefore Right after the successful implementation of this really impreserroneous plan of establishing legal order in the Balkans as an au- sive project, the implementation of other projects began and these tonomous target. The Balkans are not predetermined for crime, cor- are now also important projects for Montenegro in the field of tourruption and violence, but rather this is all a result of economic and ism and real estate. democratic backwardness that deepened so much over time that it With the goal of further developing existing projects and MONTENEGRO BUSINESS SECTOR 2014 | 13
launching new ones, Montenegro is striving to attract investors who raise the standards and who, as operators, follow the trends of well-known hotel brands. The more significant tourism projects that are underway or are in the final stages of preparation are: Luštica, PortoNovi, the Aman resort, Queen's Beach, Blue Horizons, Maljevik – Bar, EcoLodge Vranjina, Bigovo-Trašte, Bjelasica and Komovi. Here the stand-out project is first and foremost the Luštica Bay project, where the investor is the Swiss-Egyptian concern Orascom and where the total investment is around €1 billion. Next is PortoNovi in Herceg Novi, which has a value of over €500 million and, of particularly importance, when the complex opens in 2016 the operator will be one of the world's most prestigious brands: One and Only.
awareness of untapped resources in the fields of infrastructure, energy, tourism and food production. Likewise, my optimism also stems from the presence of renowned investors in Montenegro, already signed contracts and already launched projects that are being implemented here
■ What needs to be done within Montenegro to reduce the gap in the level of development between the north and south of the country? - The gap between the north and south of Montenegro is one of the few constants and is a result of social industrialisation, which does not mean that at some point there won't be a reversible process in the sense that the northern region, which is extremely rich in energy, agriculture and tourism potential, could capitalise on its comparative advantages. What the state can and should do is build high-quality infrastructure in order for the north to be more accessible and closer to not only the centre and south of Montenegro, but also a larger market. State and local government must arrange planning documents and create the conditions for investment. Moreover, through strategic partnerships, public-private partnerships and concession arrangements, the state and local governments must put into operation the natural resources that the north possesses. And it is precisely in these areas that the efforts of the government are focused. We will soon start a highway project that needs to connect the north of the Also of great importance is the proWith the vast natural state, and Montenegro as a whole, to key transject Plavi horizonti (Blue Horizons) in Tivat, where the investor is renowned resources we possess, port corridors. We are in the process of choosing global company Qatari Diar. Open but also good policies partners for the construction of block II of the property issues have been overcome thermal power plant and have selected dozens of in terms of institution and planning documentation is harmoconcessionaires for small hydro power plants in building and a good the north. Through spatial plans and investment nised, so that conditions have been created for the effective implementation of business environment, in infrastructure, we are creating the precondithis important project. tions for private investment, especially in the I am sure we can I would also mention implementourism and food production sectors. become the most I certainly have no illusions that regional tation of the future Kraljičina plaža dynamic part of the differences can be completely "ironed out", de(Queen's Beach) project, where the investor will be the Royal Group from the spite all the efforts and strategies we are making. European continent UAE, which will undoubtedly signifiThere will always be more or less developed recantly raise the overall level of the tourist offer of Montenegro. gions and municipalities. All forms of administrative equalisation In the tourism development plan additional attention is paid usually come at the expense of overall backwardness and impovto the north, so a significant part of public works planned for the erishment. The EU has also defined dozens of regional strategies, next year are directed towards that region. We have intensified our yet the differences between the EU's most developed and least deactivities aimed at improving and building transportation, utilities veloped regions are still huge. However, in Montenegro we can and and energy infrastructure in this part of Montenegro and we believe must create conditions in order to make better use of the resources the time is right, following that state investment, for high-quality we have in the north and, as I said previously, this is part of governprivate investors, primarily foreign, to show interest in investing in ment policy and the efforts we are exerting. that part of our development resources in tourism and agriculture. Considering all of the aforementioned, we can already say that ■ How would you assess regional stability and cooperation, with the realisation of initiated and planned projects, Montenegro as an important prerequisite for attracting new investment will become one of the fastest growing investment destinations in to the region? the region. I am primarily directed towards such optimism by an - As being critically important. Regional stability and good neigh14 | MONTENEGRO BUSINESS SECTOR 2014
■ On what do you base your optimism that the Balkans can be the economically most dynamic part of the European continent? - The Western Balkans sadly missed out on the "golden transitional years" that were used by the countries of Central and Eastern Europe. And while Poland, the Czech Republic, Slovakia and other transition countries developed economically and joined the EU, our region stumbled into regional disputes and conflicts. ■ Does it seem to you that the region That's why, despite a short period of dylacks joint projects that would, on the namic economic growth, we were left with The Western Balkans one hand, raise the competitiveness low and middle-income countries "in the sadly missed out on the process" of integration. However, never of individual countries, while on the other hand being easier to attract main history has the Western Balkans been "golden transitional jor foreign investors? years" that were used by more developed and stable. I would say that it's also never had better prospects - That's right. And that's why I advocated the countries of Central of approaching the standards of the most at the regional investment conference and Eastern Europe developed countries. Intergovernmental in London, which was organised by the cooperation has advanced. All states are EBRD at the beginning of the year, for better and closer regional co-operation, but also for the support in the process of EU integration. Mutual agreements on free trade, of international institutions, especially the EU, EIB and EBRD, in but also free trade agreements with the EU, make trade and indefining and financially supporting the implementation of priority vestment flows easier and with lower transaction costs, while our infrastructure projects in the region. This is because high quality individual local markets become part of a much larger European infrastructure will not only bind us together better economically market. With the vast natural resources we possess, but also good and bring us closer to bigger markets, but will also contribute to policies in terms of institution building and a good business envipolitical stability. I think Europe also needs to recognise its political ronment, I am sure we can become the most dynamic part of the and economic interests in this. European continent. ■ bourly relations are a prerequisite for investment and economic development. I always highlight this fact – both in conversations with my colleagues from the region and in talks with representatives of the international community. I am pleased that everyone recognises Montenegro as a good example of a state that managed, even in the most difficult times, to maintain stability and multi-ethnic harmony and as a country that builds the best relations with its neighbours.
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INTERVIEW
Sustainable Economic
PROSPERITY IGOR LUKŠIĆ DEPUTY PRIME MINISTER AND MINISTER OF FOREIGN AFFAIRS AND EUROPEAN INTEGRATION OF MONTENEGRO
Both integration processes – with the EU and NATO – mean a better quality of life for our citizens, increased safety and security and, thus, political stability and more opportunities for sustainable economic prosperity in the long term. All this negotiating work has been followed by extensive social, political and economic reforms, which also enabled significant improvement in all areas
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his spring Montenegro was alive with diplomatic activity. First Deputy Prime Minister Responsible for European Integration, Igor Lukšić, visited the United States, Canada, Germany etc. and he sees nothing extraordinary in that, as diplomatic activity is always of a high intensity as a result of the integration agenda that is dynamic and the circumstance of Montenegro being a small country, which implies the need to more frequently present its views. The road towards the EU and NATO is conditioned by the need to work increasingly towards individual member states and in that way secure from all relevant addresses a full understanding of Montenegro's results and efforts of Montenegro on the internal reform front. "In this regard our recent conversations in Romania, Germany, Italy, the United States, Canada and elsewhere, although only part of a continuous dialogue at all levels with these and other countries, during these months have a certain specific gravity for Montenegro and realizing the priority objectives of our foreign policy, i.e. membership in NATO and the European Union. Undoubtedly, the result is undivided understanding and support for Montenegro from these and other countries and, more importantly, their clearly stated intention, precisely due to their recognition of the importance of the
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results achieved at the national level, to continue strengthening European and transatlantic partnership with our country, through all meaningful programmes of bilateral and multilateral cooperation," says Igor Lukšić, First Deputy Prime Minister of Montenegro Responsible for European integration. ■ Could you assess the integration journey to date and tell us what EU and NATO integration means for Montenegrin society? - When it comes to the EU, we have opened and provisionally closed negotiations on two negotiating chapters and opened nine, including two of the most challenging. By improving the negotiation process, the EU has changed the bargaining strategy and insists on starting negotiations on the chapters relating to the rule of law. We are dealing with that, responsibly and in accordance with the deadlines, always insisting that we are very aware that the rule of law is one of the biggest challenges for our internal development and, as such, we should not see it as an imperative someone is imposing on us, but rather as an obligation to secure a higher quality of life for our citizens. When it comes to NATO, we strive to meet the prerequisites in order to encourage debate on enlargement at the summit in Wales.
INVESTMENT
NATO
UKRAINE
Investors increasingly perceive the advantages of Montenegro, because it is a new, open market.
During the past few years we have worked diligently on four priorities that our NATO partners insisted on.
Montenegro is committed to peaceful resolution between the parties in dispute and the conflict.
■ What are the further activities in 2014 when it comes to the realisation of measures from the action plans for negotiating chapters 23 and 24, and what do you expect as a reaction from Brussels on the submitted negotiating positions? - As a key activity by the end of the year, I can single out adoption of the Law on Prevention of Corruption, which will be the basis for further establishment of an anti-corruption agency, adoption of a law that will govern the issue of caring for seized assets, which will create conditions for the establishment of a body to deal with these issues, ■ Can you more tangibly explain the fields of Euro-Atlantic while we are also planning the establishment of the Special Prosecuintegration where Montenegro tor's Office for the fight against organhas made progress? ised crime and corruption, for which - Montenegro is currently successfully legislation that will regulate this issue implementing the IV Annual National has been drafted. Programme (ANP) in the framework By the end of the year we also exof the Membership Action Plan (MAP), pect to complete the legislative framewhich was presented to NATO in Bruswork for a number of areas, such as the judiciary, where the final amendments sels on 28th October 2013. We are fully of the four laws governing the organicommitted to the implementation of reforms in key areas for integration into sation of the judiciary will create conNATO, in order for us to show clear ditions for the full independence and progress and readiness for memberaccountability of the judiciary. In the area of anti-corruption, we ship: the rule of law, public support, as expect adoption of the Law on Public well as further reform of the security Procurement, the General Adminsector. We expect NATO’s report on Montenegro’s progress in the IV ANP istrative Procedure Act, the Law on to be positive and clearly confirm our Combating Conflict of Interest and the The EU's negotiating strategy progress in all fields. Law on Lobbying. We also expect the has changed and it insists strengthening of the capacity of ceron starting negotiations ■ The anniversary of the formatain institutions – such as the Ombudstion of the negotiating strucman for Human Rights and Freedoms, on the chapters relating the Police Administration and the ture for talks on the accession to the rule of law. We are Prosecutor's Office – to follow. of Montenegro to the EU was handling that responsibly recently marked. What results and in accordance with the have been achieved? ■ You recently mentioned that - During the first two years of nethere are challenges ahead for Mondeadlines gotiations we established a quality tenegro. What are those challenges? negotiating structure that comprises 1,300 people from various - I would say that our foreign policy challenges simultaneously also professional profiles and who come from all social groups, as well represent our chance for a better, safer and more prosperous future as completing the so-called screening process. All this negotiat- for our citizens. This year will be packed with such challenges for us. ing work was followed by extensive social, political and economic First, we will strive to open as many negotiating chapters as possible, reforms, which also enabled significant improvement in all ar- in order to maintain the pace of our accession negotiations, but also eas. The results of our work have been recognised by EU member to implement the necessary internal reforms. We understand fully states and have enabled us to temporarily close two negotiating the responsibility we have as the first country to start negotiations chapters and open negotiations on seven chapters. It is particu- under a new approach, as Montenegro can influence other aspiring larly significant that in the framework of the new approach we countries to start the reform of their society and accelerate progress opened Chapter 23 - Judiciary and fundamental rights and Chap- towards the EU. What awaits us at the NATO summit in September ter 24 - Justice, freedom and security, which represent the foun- in Wales is no less important, for which still do not know if there will dation of the rule of law. In the near future I expect the opening of be a summit on enlargement. Our Euro-Atlantic ambitions are motivated primarily by the need to another number of chapters.
We set our goal very ambitiously. In 2006 we embarked on the road of cooperation through the Partnership for Peace and now we are currently implementing the fourth annual action plan. During the past few years we have worked diligently on four priorities that our NATO partners insisted on, as the priorities of our integration agenda. Both integration processes mean a better quality of life for our citizens, increased safety and security and, thus, political stability and more opportunities for sustainable economic prosperity in the long term.
MONTENEGRO BUSINESS SECTOR 2014 | 17
ensure the future of our citizens, not only in the area of security, but also in the economic and political fields. That is important for our region. ■ How do you evaluate the results of the National Convention on European Integration project? - The NCEI Project has a long-term, positive impact on reform processes in Montenegro. Primarily, it has contributed to the networking of experts from the public, private and civil sectors and a constructive exchange of views, which was its purpose. This contributed to the strengthening and better use of human resources in the activities of the working group, as well as identifying challenges in certain areas in the direction of achieving the highest possible quality of implementation of the strategic national policy on the road to full EU membership. What is most important is that this project has contributed to unifying the most important resources we have, people, and to directing our knowledge, experience and energy towards achieving common goals.
contributes additionally to the security of the region. Certainly today there is nothing else that could have such a favourable effect on our political stability and security, while simultaneously providing a strong contribution to regional stability. ■ On the basis of the entire introduction you have, what are your expectations for the September Summit and the chances that Montenegro will receive an invitation to join NATO at the summit in Wales? - Montenegro plays a very important role in promoting regional peace and stability, which is recognised by our NATO partners, along with our commitment to carrying out reforms in four key areas. At this moment, the nature of the summit has not yet been determined, i.e. whether it will be a summit on expansion or consolidation. If NATO allies decide to include the topic of expansion on the agenda, we believe that Montenegro, as the most prepared candidate, can expect adequate affirmation of our efforts.
■ How much truth is there in the ■ How do Montenegro’s European claim that adjusting to Euro-Atand international partners assess lantic standards is more important The messages we receive, the country’s progress toward than receiving a formal invitation? and the strong support on building a society that adheres to - It is certain that receiving an inviEU standards? tation for membership is important our road towards the EU - Montenegro has very seriously and in itself. But the essential process of and NATO, tells us that the responsibly approached reform activiadaptation to NATO standards both international community is promotes and enhances our interties in the European and Euro-Atlancounting on Montenegro as a nal reform, which is important from tic integration processes. Although we are still confronted by an importhe aspect of European integration, credible partner especially in the context of chapters tant part of the road and a huge job, we can praise ourselves for carrying out all previous phases efficient- 23 and 24. Of course, it is important that our progress is also ly and effectively. It is precisely the results achieved, both in terms of recognised at the most important events that will follow and that the implementation of essential reforms in the fields of politics and we believe we are ready to receive an invitation, but we are not economics, and all others, as well as in terms of strengthening good implementing reforms because of form, but rather because of neighbourly relations and regional cooperation, that have formed their essential nature, which means a safer and more prosperous the basis for the advancement of Montenegro on its European path. future for our society. Our efforts in this direction have also been recognised by European and international partners. The messages we receive, and the ■ In Washington you participated in a debate on the consolistrong support on our road towards the EU and NATO, tells us that dation of southern Europe and you stressed that "the job in the international community is counting on Montenegro as a cred- the Balkans is not yet finished." What in your opinion still ible partner and that it wants to see us in the company of the most remains to be done in the Balkans? - I think the experience in the Western Balkans shows that, historideveloped countries. cally speaking, the key issue in this region is the issue of securing sta■ How would Montenegro's membership in NATO impact on bility. From this problem arise problems of insufficient economic and the country’s political stability and security? democratic development and then from that, of course, all that we can - For a country like Montenegro, participation in a collective se- see on the surface - crime, corruption, violence and everything else. curity system is the only logical way to improve security. NATO With this in mind, we must return to solving the underlying problems. membership is a long-term guarantee of sovereignty and territorial For us there is an equals sign between the stability of the Balkans and integrity, security of citizens and a prerequisite for sustainable eco- its integration, but also economic development. There can be no Euronomic development that also opens the door to EU membership and pean and economic stability without stability in the Balkans. 18 | MONTENEGRO BUSINESS SECTOR 2014
MONTENEGRO BUSINESS SECTOR 2014 | 19
■ As Minister of Foreign Affairs you are also in a position to - Good neighbourly relations are an essential element of the stabilispeak with business communities worldwide. What are their sation and association of the Western Balkans. They are maintained impressions of Montenegro as a destination for doing business? and developed not only at the bilateral level, but also in the regional - I think investors increasingly perceive the advantages of Montene- format. There are a large number of regional initiatives in which gro, because it is a new, open market, with predispositions: the euro the countries of the region work together, but we evaluate that taras the official currency, an extremely competitive tax system, quali- geting their improvement should be encouraged. There needs to be fied and relatively cheap labour, a liberal legal framework, the free a focus on issues of common interest: the fight against corruption flow of goods and capital, goods transport links. On the other hand, and crime, improving infrastructure links in the region and promotEuropean and Euro-Atlantic integraing trade cooperation between states, through project-orientated cooperation favours us in this, because both processes bring the security and stabiltion agreed at the highest political levity that investors seek. el, without creating new bureaucratic We have undertaken a number structures. Such an approach would of activities and made progress in imgive a higher degree of legitimacy to the demands of our country when it proving the business environment. comes to the EU and its support for inToday Montenegro is positioned 44th of 189 ranked economies according tegration processes. to the World Bank’s Doing Business With a view to already proven Report. Also confirming that Montemodels, such as the Visegrad group, this kind of format would have its full negro today is an attractive location meaning not only in the integration for foreign investors is the inflow of process, but also after all the Western foreign direct investment since the Balkan countries become full members gaining of independence in 2006. of the Union. I am glad that such ideas Despite the global economic crisis, of ours are recognised as constructive for years Montenegro has occupied a in the region and the EU and that the leading position in the region when framework for cooperation in the stabiit comes to the amount of foreign inFor us there is an equals sign lisation and association process can be vestments per capita. between the stability of the further utilised. This is also supported by recent talks at the Thessaloniki Con■ What is needed to be done in Balkans and its integration, Montenegro in order to improve ference and the interest of EU countries but also economic the business environment, which to support the implementation of infradevelopment will contribute to strengthening structure projects in the region. the competitiveness of the country’s economy? ■ Montenegro recently found itself the focus of interest re- In the years of economic and fiscal challenges, reforming the ad- garding the crisis in Ukraine. Would you like to use this occaministrative system and regulatory framework are key steps to sion to clarify the stance and position of your country? improving the investment climate as a prerequisite for economic - Without wanting to go into a deeper evaluation of the complexgrowth. Reform processes are especially important for smaller ity of the current situation in Ukraine, Montenegro is committed to countries and open economies such as Montenegro’s, in the sense peaceful resolution between the parties in dispute and the conflict, of strengthening entrepreneurial initiatives and attractiveness for in which numerous lives have been lost and considerable damage foreign investment. inflicted. Montenegro, as a country that has opened EU accession Creating a simple procedure, modernising public administra- negotiations, fully and as has been the case to date and in line with tion, as well as creating an efficient administration, are all goals expectations, joined the resolutions of the EU with regard to the of the reform measures coordinated by the Council for Improving Ukrainian crisis. Montenegro certainly does not pretend that the the Business Environment, regulatory and structural reforms. For resolution of the crisis depends on its role, but it fully supports the efexample, in the improvement of business environment, the critical forts undertaken by the international community to de-escalate the areas that will be the focus of attention for the next period are areas situation, intensify dialogue and reduce economic repercussions. in which Montenegro is ranked most poorly in the DB Report, and We fully support the peaceful settlement of disputes by legal those are: "enforcing contracts" (136th) "building permits" (106th), means, while preserving the sovereignty and territorial integrity of "registering property" (98th) and "paying taxes" (86th). We carefully Ukraine. It should be noted that the restrictive measures joined by listen to the impressions and suggestions of foreign investors and are Montenegro are in no way directed against the Russian people and aware that additional systemic measures are needed in the aim of the Russian state or reduce our ambition to build friendly relations with Russia, as has been the case throughout the history of relations improving conditions for doing business, which we will work on. between the two countries. They themselves clearly express a diver■ How would you assess regional cooperation? sity of views on this issue within the EU. ■ 20 | MONTENEGRO BUSINESS SECTOR 2014
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INTERVIEW
Stable Fiscal and
FINANCIAL SYSTEM VLADIMIR KAVARIĆ MINISTER OF ECONOMY OF MONTENEGRO
Our estimates are that in the next three years Montenegro could mark economic growth of between 3.5 and 3.8 per cent. I think few economies in this kind of global atmosphere, especially small countries like Montenegro, can boast such large investor interest Our estimates are that in the next three years Montenegro could record economic growth of between 3.5 and 3.8 per cent. However, we do not need to be satisfied with this and there is no need to stop. Rather, we will continue with activities on the continuous improvement of the business environment.
A
s an emerging young country, Montenegro has built its economic system in periods of economic expansion, with an average growth rate of 8.7 per cent and the highest amount of foreign direct investment per capita in Europe of €1,600 or a total amount of 25 per cent of GDP. As in other European countries, building the institutional framework in Montenegro also went through a phase of crisis, falling GDP and rising budget deficits and debt. The period of exiting the crisis was followed by painful fiscal adjustments, mainly focused on reducing public spending and structural reforms. We discussed the current economic and political situation, chances and opportunities ahead for the Montenegrin economy and the reform of the sector with Montenegrin Economy Minister Vladimir Kavarić. ■ How would you assess the current economic situation and what measures should be taken in order to achieve faster growth of the Montenegrin economy? - The aim of reforms is a stable fiscal and financial system. Today we are on the road to economic recovery with estimated real GDP growth in 2014 of 3.6 per cent, compared to 2.6 per cent in 2013.
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■ Considering the IMF‘s estimate that economic growth will be lower than originally planned (2.4 per cent instead of 2.9 per cent), what do you think the chances are of achieving this relatively high growth? - The International Monetary Fund has done another revision of forecasts which improved the prediction of growth for the Montenegrin economy from 2.4 to 2.8 per cent for this year. According to the new forecasts, the Montenegrin economy will continue its growth trend by 2.9 per cent in 2015 and 3.1 per cent in 2016, which is encouraging. However, when it comes to small and highly exposed economies like Montenegro‘s, forecasts of any kind are thankless, because just one major investment can drastically impacting on the GDP level. On the horizon is the start of the implementation of several large projects in the areas of transport and energy, so this year I expect some large investments to begin implementation and for Montenegro to complete the process of restructuring large systems. I think few economies in this kind of global atmosphere, especially small countries like Montenegro, can boast such large investor interest. ■ The energy sector is one of the priorities of the government for this year. What are the strategic steps that will lead to the realisation of this priority?
FISCAL POLICY
RULE OF LAW
ENERGY
Through the fiscal policy it is envisaged that the majority of revenues from oil (80 per cent) will be directed to the petroleum fund, like Norway does.
Montenegro is committed to strengthening the rule of law in all its aspects, including when it comes to improving the business and investment environment.
Energy is recognised as a strategic sector of the Montenegrin economy and in this part we had significant activity in the last year.
- Energy is recognised as a strategic sector of the Montenegrin econ- still in the race to build the second block, one Czech and two Chinese, omy and in this part we had significant activity in the last year, both and submission of their final bids and proposals for the implementaat the international and national levels. tion of the contract is expected, after which the selection of the best I will remind you that Montenegro has been a member of the En- bid will follow. In accordancewith this, the beginning of the project‘s ergy Community for almost a decade, which is committed, among implementation is expected this year. The development plan envisages Block Two of TPP Pljevlja as other things, to the harmonisation of its energy sector with the regulatory and legal framework from European flows. In line with the having a power range of 220-300MW and for location of the excommitment of the European Union, Montenegro’s aims in the field isting units of TPP Pljevlja to have electrical efficiency of not less of energy are to increase the security of the energy supply, increase than 38 per cent. The project also envisages a heating system for the use of renewable energy, improve energy efficiency, attract in- the town, in cooperation with the Municipality of Pljevlja, while the new block will be constructed with vestment and develop market competithe use of the latest technology and in tion in the energy sector. In accordance compliance with the latest environwith that, this year the government plans to adopt the Energy Development mental protection requirements. Strategy of Montenegro to 2030. Constructing Block Two of TPP Confirming the strategic projects Pljevlja would realise a strategic obof the government in this area is the jective in the energy sector - ensuring great interest of investors for the conthe electrical energy independence of the state, eliminating the current elecstruction of TPP Pljevlja and, furthermore, investor interest in projects in tricity deficit, improving the security Montenegro and the region has also of the supply to consumers, as well as increased because of the project to inimproving the stability and sustainterconnect Montenegro and Italy with ability of the power system of Montea direct link. Another must-mention negro. The implementation of TEP-II, are small hydro projects, through the with joint production from both units, planned construction of which will would result in a significant surplus continue to utilise the hydro potential of electricity, which represents a very of the country. good starting position for the time after The IMF has done another Other projects relevant to the eninstalling an undersea cable between revision of forecasts which Italy and Montenegro. ergy sector of Montenegro are TPP Maoče, HPP Morača and HPP Komarimproved the prediction of ■ The undersea cable between nica and in this regard the government growth for the Montenegrin Italy and Montenegro is a project is open to cooperation with all investors economy from 2.4 to 2.8 per in its infancy. What does this prowho show interest in these projects. cent for this year There are also plans to build two ject mean for Montenegro and its wind farms in the locations of Krnovo economy, and what will be its sigand Možura, while there is growing interest in the construction of nificance for the region? solar power plants. - The undersea cable, the installing of which is expected no later So, our energy policy enables the energy sector to develop as an than 2017, will be a bridge connecting the power supply system of open system in accordance with the energy system of the EU and the the European Union and the Balkans, a technologically state of the Energy Community, open to private, domestic and foreign investment. art undersea connection, which will position Montenegro as an important energy hub in the region. ■ How far have you progressed in the implementation of the The accreditation of Montenegro as a reliable partner in accepting project to construct the second block at the Thermal Power and developing major international investments also means creating Plant Pljevlja and what does that project mean for Montenegro? a favourable environment to entice new investment in energy pro- Confirming the Montenegrin government’s strategic projects in the duction, through possible partnerships with local and foreign invesenergy field is the great interest of investors in constructing the sec- tors, aimed at utilising the significant energy resources of the country ond block of TPP Pljevlja, with applications coming from nine com- and the region, primarily in significant renewable hydro potential. From an international perspective, the undersea interconnecpanies/consortiums from around the world. Three companies are MONTENEGRO BUSINESS SECTOR 2014 | 23
implementation? - It is known that, unlike the rest of Europe, in our country there is no gas infrastructure and the gas market is very limited. The intention of the EU is to carry out gasification of the whole region, because natural gas, due to its characteristics, is slowly but surely becoming the number one energy source, primarily ■ In May the deadline expired for companies interested in because of the low price, but also the fact that this energy does submitting bids for the awarding of concessions for the ex- not adversely affect the environment. Montenegro, with 600,000 inhabitants and very little demand ploration and production of oil and gas on the Montenegrin coast. Which companies applied, how much money can Mon- for gas, cannot itself be a target for the gasification of a large gas tenegro expect annually from this area and when will exploi- company. Instead our only chance is to find ourselves on the route of an international gas pipeline. In this sense, the decision of the Shah tation begin? Deniz Group, operator of the largest - With great satisfaction I can say that gas deposits in the Caspian Sea, for this the public call for proposals for the energy resource to be transported via awarding of the contract on concesTAP and IAP, as one of its branches in sions for the production of hydrocarEurope, is a great chance for Montenebons in offshore Montenegro, which was open until 15th May, attracted apgro, because there is a realistic prosplications from six companies that subpect that natural gas will come to us and thereby reduce our dependence on mitted three bids. These are companies other energy sources. from the U.S., Austria, Italy, Russia, The final version of the IAP FeasiGreece and the UK, which had combined revenues in 2013 of over $70 bility Study is over and it is also imporbillion, profit of over $10 billion and tant to point out that Montenegro, untogether they have operations in over der the auspices of the 10th round of 80 countries worldwide. the WBIF (Western Balkan Investment Considering the global nature of Framework) received a grant in the From an international this business, as well as global referencamount of €550,000 for the creation perspective, the undersea of the Master Plan for the Gasification es of these companies, we can say that interconnection with Italy of Montenegro, which will be done by the first phase was completed successwill make Montenegro the the end of this year. fully and that the Montenegrin institutional system in the oil and gas seconly Balkan country that is ■ Has the structure of investors tor passed its exam. The expectations directly linked with Europe, changed in Montenegro? Which are that the government will choose a contributing tangibly to countries have the highest interpartner, or several, for the awarding of the process of political and the concession by the end of the year. est and which of your economic Theoretically, they could all be awardsectors are the most attractive? energy integration in the EU - Experience to date shows that invesed the concession. The state's interest is the efficient use of resources which we all tors have recognised energy, tourism, transport and agriculture as hope exist. I will remind you that the tender specified 13 blocks of a the key economic sectors in which Montenegro has comparative total area of 3,191 square kilometres and with this project Montene- geographical and other advantages. We can be proud of the fact gro has positioned itself as the first country in the Balkans to launch that we collaborate just as successfully with investors from the EU as those from beyond the Union. such an endeavour. Considering the geographical positioning of Montenegro and its It is also important to note that the Government of Montenegro, with the adoption of a set of laws and regulations, completed most of connection with the entire region, the structure of investors has not the regulations in this area. When it comes to the income Montene- significantly changed, and in this sense the most investors who are gro will have from this endeavour, it is tough to talk about money, still present are from EU countries. However, proof that Montenegro but we can talk about percentages. We have defined the scope of is on the right track when it comes to investment policy is the interest state intervention and all told the state should get 60 to 70 per cent of investors from countries such as China, Turkey, Azerbaijan, the of the total profits of the concessionaire. Through the fiscal policy it United Arab Emirates (UAE) and Russia, with which we have already is envisaged that these are not budget funds, but rather the majority started major development projects or will do so in the near future. I will remind you that Montenegro is a full member of the WTO, of revenues from oil (80 per cent) will be directed to the petroleum a signatory of the CEFTA and EFTA free trade agreements and being fund, like Norway does. applied are also free trade agreements with the EU, Russia, Turkey ■ What is the significance of the IAP project for Montenegro and Ukraine. Membership in the WTO, together with signing of free and what does the Montenegrin Government expect from its trade agreements, indicates that Montenegro is not just a destination tion with Italy will make Montenegro the only Balkan country that is directly linked with Europe, contributing tangibly to the process of political and energy integration in the EU and providing further recognition of the state as a reliable partner that can host major initiatives of international cooperation and development .
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with clearly defined trading rules, but also that investors have cheaper access to other markets of around 800 million people. ■ The government is expected to strengthen the capacity of the judicial system, in the area relating to contract enforcement. How much will this impact on the improvement of the business climate? - Montenegro is committed to strengthening the rule of law in all its aspects, including when it comes to improving the business and investment environment. Therefore, in parallel with systemic activities in the area of justice, the Montenegrin administration is working on projects which the attractiveness of the business environment is directly dependent on. During this year the Council for Improving the Business Environment will be especially committed to improving the situation in the execution of contracts and will do so by simplifying the process by increasing efficiency, reducing costs and the duration of the procedure, or the beginning of public enforcement. All of this will contribute to improving the climate for doing business in Montenegro.
Montenegro is a full member of the WTO, a signatory of the CEFTA and EFTA free trade agreements and being applied are also free trade agreements with the EU, Russia, Turkey and Ukraine ■ What is envisaged by the Action Plan for the implementation of the Strategy for the Development of the Manufacturing Industry of Montenegro 2014-2018, and how do you evaluate it? - The manufacturing industry is a very important branch for the overall economic development of every modern country that‘s not only because of its participation in the GDP of the country, but also because of its importance in the field of employment and the creation of conditions for balanced regional development. Accordingly, the Strategy for the Development of the Manufacturing Industry of Montenegro 2014-2018, which was prepared by the Economy Ministry, states the objectives that it is essential to achieve in the future, such as increasing employment and competitiveness, strengthening export opportunities and the growth of GDP. The Action Plan defines the general priorities to achieve these goals, such as improving the business and investment environment, completing the privatisation process and enterprise restructuring, then strengthening the offer and availability of financial resources, strengthening of human resources and adapting to the demands of the labour market, as well as improving the entrepreneurial infrastructure. Thus, the Strategy and associated Action Plan are the fundamental planning documents for the future industrial policy to be adopted in accordance with the negotiation process with the EU. ■
INTERVIEW
Investor Interest
GROWING PETAR IVANOVIĆ MINISTER OF AGRICULTURE AND RURAL DEVELOPMENT OF MONTENEGRO
Montenegro has a lot of agricultural land that is not cultivated, thus every parcel given to someone who wants to work, to till the land, represents a victory over the bureaucrats who have prevented entrepreneurs with their own negligence
T
he Montenegrin Ministry of Agriculture and Rural of young people to the villages and for us to more intensively conDevelopment recently presented its programme at the nect agriculture with tourism and insurance,” says Agriculture headquarters of the European Union. Among the most and Rural Development Minister Petar Ivanović, adding: "The proimportant values the Ministry is dedicated to, and gress is visible and measurable – the number of people employed in which were presented in Brussels, is agriculture is growing, investment is a shift from the concept of socio-agincreasing, the area of land planted is The first days of my tenure growing, livestock funds are increasricultural policies to a concept based were marked by a problem on agri-business. ing, young people are talking more "With hard work and major comand more about agriculture as an opwith aflatoxin, so I did not mitment, I believe agriculture can hesitate to ban the import of portunity for business, links with tourbe profitable. In addition to that, we ism and insurance are growing etc. " milk and even milk production strive to modernise production by in Montenegro introducing new technologies. With ■ Does this mean a shift in relation the application of new technologies, to the agrarian policy of the past ? innovation, the most up-to-date knowledge and skills in agricul- - No. I think this is a logical phase of the process. We may recall that ture, we can create significant added value and create the basis during the period of industrialisation a large number of agriculture for profits and new investments. Moreover, we are also seeking to workers moved to the cities. It was necessary to provide the missing strengthen the food safety system, create conditions for the return workforce in factories. However, the breakup of the former Yugo-
26 | MONTENEGRO BUSINESS SECTOR 2014
TRANSPARENCY
AGRICULTURE
SUBSIDIES
We have significantly increased the transparency of the utilisation of funds from the agriculture budget.
We have a good climate, excellent soil quality, water resources for irrigation and, very importantly, a market.
Subsidies are provided with the intention of encouraging and further developing certain sectors of agriculture.
slavia and the collapse of individual industries, and partly the introduction of new technologies, all contributed to the creation of excess employees in industry. This stage of the process was characterised by policies that encouraged people to return to the village and which were based on the social component. In the meantime, polarisation has been created between those who have devoted themselves to agriculture and increased its holdings and those who do not intend to be seriously involved in agriculture, but rather primarily use what they create on their estates. Hence, the characteristic of the current phase is focusing on agricultural commodity producers, and the policies that will help them become more competitive. And there the logic is different. ■ What concrete objectives do you want to achieve in 2014? - We strive to lead policies, measures, initiatives and activities that will contribute to the creation of new jobs, higher production, greater participation of agriculture in GDP, reduce the trade deficit, reduce the grey economy and better educate farmers. Specifically, the goals for 2014 are: 500 new jobs, increase in agricultural production by two percentage points, lowering the deficit of agricultural products by two percentage points, reducing the grey economy in agriculture by five percentage points and realising at least five educational campaigns.
- Yes, they are provided with the intention of encouraging and further developing certain sectors of agriculture, which now not aren’t competitive. All support measures are determined by the agro budget, which this year we adopted in January. Two years ago the agriculture budget was adopted in June and last year in early April. I emphasise the dynamics of the adopted support measures because it is very important for farmer in order to be able to plan on time. Support measures are diverse. Beef premiums amounted to €70 per head, sheep and goat farmers received €8 per head, while the premium for organising fattening steers, bulls and oxen is €120 per head. In the dairy area, the basic premium is €0.065. To this amount €0.01 is added for given quantities exceeding 5,000 litres, as well as an additional €0.01 for extra and first class milk. This means that the total premium for milk has reached 8.5 euro cents. In the area of field crop farming support for mercantile production totals €160/ ha, while for roughage it is €150/ha. Support for seed production of potato is €700/ha and for cereals is €300/ha. Likewise, with €50,000 we support tobacco production, with €150,000 for the development of beekeeping, we We strive to lead policies, give €200,000 to support insurance in the domain of agriculture. We supmeasures and activities port viticulture with €300,000, fruit that will contribute to cultivation with €400,000, vegetable the creation of new jobs, crops with €200,000, olive groves higher production, greater with €100,000 etc.
■ Can the agricultural business in participation of agriculture in Montenegro be profitable? In early May the Ministry of AgGDP, reduce the trade deficit, ■riculture - Of course. We have a good climate, issued a call for applireduce the grey economy and cations to receive support for inexcellent soil quality, water resources better educate farmers for irrigation and, very importantly, vestments in processing on family a market. Year after year there is a farms. What kind of funding are growing number of tourists. This year we expect 1.5 million visitors. we talking about, are there any interested parties and what In addition, in the world there's growing demand for organic prod- are you seeking to achieve with this? ucts. If farmers don’t think about profit, it will not come. If they are - We have significantly increased the transparency of the utilisaconstantly waiting for someone from the state to give them money, tion of funds from the agriculture budget. Last year, for the first the chances will be lost. As Ivo Andrić said: you will best meet a man time, we launched public advertising and public calls for specific if you observe how he behaves when something is being distributed measures . We had a total of eight open calls. Prior to that there free of charge. I believe that agriculture based on free handouts is were no public calls at all. part of the past. We simply must think about investments and profits. This year we will strive to double the number of calls . So far we have published eleven. One of the public calls related to processing on ■ However, the state provides subsidies for agricultural pro- family farms. The main objective of this measure is to provide agriduction. How much are they are which areas do they go to? cultural holdings engaged in primary agricultural production to go a MONTENEGRO BUSINESS SECTOR 2014 | 27
step further – in processing, all with the aim of creating greater added value to the farm. If a household produces milk, why not start the production of cheese, for example, and bring additional value? The funds available amount to a total of €400,000 and interest is high.
fishing on the lake, which is the second largest in Europe, and rivers that are unpolluted.
■ Can Montenegro use EU accession funds as support for agribusiness? ■ Why did you qualify the recent signing of the lease on state- - The screening process is complete and we gained the benchowned land on the Kapino Polje site as a "victory of labour marks for opening chapters 11, 12 and 13. We are now working over non-work"? to meet the standards and my expectations are that during 2015 - Because that’s the way it is. First, in we will begin negotiations on two of Montenegro there’s a lot of agricultural the three chapters. land that is not cultivated, so each parWhen it comes to funds, we are already using resources from the EU cel that is given to someone who wants and the World Bank. We have imto work, to till the land, represents a victory over the bureaucrats who preventplemented four public calls for the so-called MIDAS programme. We ed entrepreneurs through their own have prepared a two-year IPARD-like negligence. And second, how do we programme and, from 2016, we will celebrate Labour Day? By not working begin implementation of the IPARD on that day. Well, it was on that very programme. Until 2015 we are placday that we signed an agreement that allows the lessee to operate. The syming the emphasis on strengthening primary agricultural production and bolism is important, because many from 2016 the emphasis will be on farmers work on Labour Day, while supporting the strengthening of promany others cannot wait to not work. cessing capacities. We have also se■ Can Montenegrin farmer benecured additional loans, so that Montefit from the fact that Montenegro In recent years it is increasingly negrin agriculture can count on about is recognised worldwide as a tour€100 million for investments in 2020. being recognised how much I hope there will be enough projects. ist destination? sustainable agricultural - Yes. As I already said, linking ag■ Your ministry is working on a riculture and tourism is one of the production is linked to the lot of the regulations relating to imperatives. Last year we connected dietary issues of a growing food safety, what are you seeking two families registered with the unpopulation, the battle for to achieve in that? employment bureau who own arable poverty reduction and - We want to protect the health of the land with two hotels for which they citizens of Montenegro. You know how began exclusively producing vegetainvestments people say “better to prevent than to bles by order. The hotels’ guests can go out inot the fields in the morning and choose what to eat for lunch treat”. The first days of my tenure were marked by a problem with aflatoxin. I did not hesitate to ban the import of milk and even milk or dinner. You know, sometimes small steps make a big difference. production in Montenegro, because I figured that the health of the people was compromised. There is no compromise there. In addi■ Do you see an export opportunity from agribusiness? - Of course, but do not forget that wine is currently our number one tion, meeting the demanding food safety standards of the open EU export product. market for Montenegrin farmers. And that is an opportunity for greater profits, which capable farmers must not miss out on. ■ Is there interest from investors in the region, the EU and the world to invest in Montenegrin agriculture? ■ What is the biggest challenge when it comes to agriculture? - There is! I am pleased to note that interest is constantly increasing. - In recent years it is increasingly being recognised how much sustainable agricultural production is linked to the dietary issues of a ■ Montenegro is also a maritime country that so far has not growing population, the battle for poverty reduction and investmade much use of fishing. Will something change in that re- ments, without which there is no further development of agriculspect in the future? ture and rural development. Climate change, pests, large fluctua- We'll try. The aim is to strengthen the fishing fleet. We are already tions in prices of agricultural products on domestic and internaworking on that. At the same time, we are addressing a number of tional markets... all this impacts significantly on the quantity and issues of importance to fishermen: from equipment used for fish- quality of agricultural production. I believe there are at least three ing, through aqua-culture projects, to the first landing port and major challenges ahead of us: educating farmers and the public, marketing of fish. Montenegro's advantage is that in parallel with better managing risk and strengthening standards and thereby our the development of marine fisheries it can also develop freshwater food safety system. ■ 28 | MONTENEGRO BUSINESS SECTOR 2014
MONTENEGRO BUSINESS SECTOR 2014 | 29
INTERVIEW
Meeting Investors
REQUIREMENTS BRANIMIR GVOZDENOVIĆ MINISTER OF SUSTAINABLE DEVELOPMENT AND TOURISM OF MONTENEGRO
We are focused on operational and daily monitoring of the progress of large foreign investments. To the extent possible, we go out of our way to meet the requirements of investors and overcome common challenges faced in the implementation of projects. In 2014 an increase by 3-4 per cent of all tourism business is forecast
T
he efforts of the Ministry of Sustainable Development and Tourism are to ensure that, following the strategic goal of developing tourism, Montenegro is recognised as a year-round destination. In order to achieve this goal, work is going on in Montenegro to create a diversified offer, with authorized institutions in all municipalities comprising summer 2014 work programmes. "Certainly we are happy for the development of projects covering adventure tourism and nature-based tourism, which are also continuing this year, primarily with the project 'Hiking and biking". Then there's the project 'Balkan Peaks', which aims to develop mountain tourism in the border area of Montenegro, Albania and Kosovo. The 'Panoramic Roads of Montenegro' project, linking the tourist offer of the coast and the north, as well as 'Ethno-gastronic paths'. A special attraction is represented by the offer for lovers of kitesurfing, rafting, canyoning etc. Likewise, notable activities of tourism workers are also directed towards improving the event and convention segment of tourism. In the period from May to September 2014 Montenegro will see the organizing of 17 international and regional music festivals, while numerous carnivals and cultural events will also be organized. A significant part of the offer is made up of the offers of national
30 | MONTENEGRO BUSINESS SECTOR 2014
parks and activities are being implemented extensively aimed at the development of that product segment, which refers inter alia to the marina and golf course," says Branimir Gvozdenović, Minister of Sustainable Development and Tourism of Montenegro, responding to the question of whether Montenegro is ready for this year's tourist season and what it has new to offer guests. And then he adds: "We believe that the tourist destination that seeks to occupy, and hold on to, its own position on the world tourism map must have in their offer various segments of tourism products of sufficient quality in order to successfully meet and surpass the expectations of tourists, thus building their loyalty towards the destination itself. ■ What kind of tourist season do you expect and how much revenue from tourism will come this year compared to last? - We expect a continuation of the positive trend in terms of tourist arrivals, overnight stays and revenue from tourism, alongside constant improvements in the quality of services. The first group of tourists from France already began coming to the country at the beginning of April and this trend will continue, not only with the French, but also including Germans, British and other important
FUTURE
DEVELOPMENT
CHALLENGES
Most future tourism development in Montenegro will be driven by greenfield investments.
We are happy for the development of projects covering adventure and naturebased tourism.
We strive to overcome challenges with new regulations and increasing administrative efficiency.
source markets, in cooperation with tour operators. Another positive trend also expected to continue in 2014 relates to the prognosis of all indicators of the tourist business increasing by 3-4 per cent. Our optimism is based on information that we obtain precisely from representatives of the tourist industry in Montenegro and based on the positive experiences and established cooperation with a number of tour operators at tourism fairs we visited this year. We have stepped up promotion on international markets. Also, the National Tourism Organisation of Montenegro is implementing activities to promote our products, in collaboration with tourism workers from the region, as part of participation on the markets of China, Japan and India. A Cooperation Agreement has been signed with the low-budget airline Ryanair for the next four-year period and the arrangement with airline Air Berlin was also extended. According to the World Council for Travel and Tourism, Montenegro is in first place according to longterm growth forecasts for the 20142024 period.
the direction of the acceleration of investment activities that are a prerequisite for tourism and overall development. Advances in Montenegrin tourism are evident in the quality of deals, quantitative data and financial effects. In 2013 the number of facilities of a higher level of quality (4 and 5 stars) increased by 17 per cent compared to the previous year, which also led to the extending of the tourist season. Most future tourism development in Montenegro will be driven by greenfield investments and it is to be expected that they will gradually contribute to a far higher standard of hospitality facilities. This will, in turn, increase the number of high-end tourists and generate more revenue - both from tourists' spending and tax increases, as well as induced consumption due to an increase in employment, better jobs and higher living standards. Investments in tourism and travel in 2013, according to the Report of the World Travel and Tourism Council, were €208.3 million or 28 per cent of total investment. A rise of 14.3 per cent is projected in 2014 and growth of an average of 8.7 per cent per year over the next ten years - €549.6 million in 2024, or 52.3 per cent of total investment.
■ Do you expect a change in the structure of guests and where do you expect the greatest number of tourists to come from? According to the World - In the structure of foreign tourists ■ Large-scale projects are underCouncil for Travel and who visited Montenegro in 2013, visway in Montenegro that should significantly improve the tourist itors from the European Union were Tourism, Montenegro is in What new projects do you the most numerous and accounted first place according to long- offer. have in mind and where do the infor 25 per cent of the total number, term growth forecasts for the vestors come from? followed by tourists from Serbia and 2014-2024 period Russia, with 23 per cent each. We ex- Major tourism projects that are unpect there will be a further increase in derway or planned are Porto Montethe number of tourists from the EU this year, after last year recording negro, Luštica, Portonovi, Queen's Beach, Long Beach, Ada Bojana, an increase of four per cent compared to 2012. Valdanos Maljevik-Bar, EcoLodge Vranjina, Bigovo-Trašte, Cvijeća We expect growth in the number of visitors from EU countries Island, Bjelasica and Komovi and others, in accordance with the due to better air connections and promotional activities, a higher 2014 Plan of privatisation. level of service quality, increasing numbers of accommodation faThe country's tourism development is focused on attracting forcilityies in primary and complementary forms. eign investment in order to ensure long-term tourism development in Montenegro, so some attractive locations on the Montenegrin ■ In the current economic climate, how does Montenegro's coast have been successfully valued. The Porto Montenegro project in Tivat is positioned high on the strategic commitment to being a tourism destination for world map of yachting tourism. Even though only the first phase of high-end visitors function? - Montenegro needs greenfield investments that will ensure fur- this project has been implemented, which includes Tivat Bay and ther development and be multiplier effects on the economy of the the town itself, is has breathed into life a new soul and internationstate. Montenegro strives to attract investors to improve the quality ally recognised brand image. The total investment is worth about of existing projects and develop new ones, to attract investors who €600 million. bring the best brands and standards. In this sense, through greenImplementation of the Luštica Bay complex has also began, with field investments, Montenegro aims to improve competitiveness in an investor appearing in the form of the Swiss-Egyptian Orascom.
MONTENEGRO BUSINESS SECTOR 2014 | 31
On this site in a couple of years there is expected a brand new town projects, top mountain resorts that would be orientated towards yearwith exclusive tourist facilities and an atmosphere of homogenised round business in accordance with international standards of planarchitecture. The future settlement will contain 8 hotels with 2,200 ning, construction, management and tourism infrastructure. In order rooms, 1,600 apartments, 750 villas, a town centre with all the to achieve these goals, activities have been intensified on improving necessary facilities, two marinas, a golf course etc. The total value and constructing transportation, utilities and energy infrastructure of the investment amounts to around a billion euros. This year a in the northern part of Montenegro and a significant portion of public building permit has been issued for a golf course - the first in Monte- works planned for next year will be directed to this region. The most important project are Bjelasica and Komovi, which negro, while construction of a marina worth €44 million is expected was identified as the region with the to start soon. This year we also expect greatest resources and potential in the completion of 10 buildings with 72 the north. Planning documents have apartments. been adopted and a draft Action Plan A project that has been expected for has been prepared which defines the a long time is Kraljičina plaža (Queen's activities to implement the tourist valBeach), while a potential investor is the Royal Group. Envisaged is the conorization of these sites. The total value of investments in mountain resorts in struction of a luxury tourism complex, the Bjelasica and Komovi region is below-density and low construction, namely the construction of a 5-star tween €800 million and €1 billion. hotel, with a capacity of 100 rooms Likewise, public calls have also and an international hotel managebeen announced for a number of tourment, construction of the Destination ism projects, such as the former miliSpa Centre, 30 Spa villas, up to 200 tary and tourist complex Mediteran villas, mooring with 50 berths mainly and the former Radoje Dakić military for yachts, De Lux villas and casinos, barracks in Žabljak. This is a prime which should operate 365 days a location in the heart of the Durmitor year. The total value of investment is National Park, where the construction about €180 million. of a 4-star tourist resort is envisaged. Visitors from the European In the coming years, in the Herceg Then there is the Ecolodge - VranUnion were the most Novi part of the Bay of Kotor, in Kumjina tourism complex within the Skabor, we will have the tourist resort dar Lake National Park, which is connumerous in 2013 and Portonovi. The value of this project, ceived as a resort in the traditional accounted for 25 per cent of which is being funded by Azerbaijani style, with 30 facilities offering hospithe total number, followed oil company Socar, exceeds half a biltality facilities of at least 4 stars. by tourists from Serbia and lion euros, and it is characterised by the fact that its hotel facilities will opRussia, with 23 per cent each ■ What kinds of incentives are beerate under the brand name of one of ing offered to investors in tourism? the world's most famous hotel chains: One&Only. It will be the first - Montenegro is characterised by a stable political situation, it is a operational exposure for famous companies in Europe. The investor good partner of the EU in the accession process, is fulfilling requirehas announced the implementation of a super luxury hotel with a ments for membership in NATO and has a good investment policy spa and wellness centre, a marina with 250 berths for yachts and as a basis for overcoming the consequences of the global economic a beach club, with a large number of shops, cafes and restaurants. crisis on the national economy. We have the euro as our official curThe Ministry of Sustainable Development and Tourism regular- rency, a Stabilisation and Association Agreement with the EU, free ly monitors the activities of the construction of the tourist complex trade agreements with the EU, the countries of the region, Russia, in Kumbor and continuously provides full support for its implemen- Ukraine and many other countries, an improved legal framework tation, in order to monitor investments, a special working body has for investors and an appropriate institutional framework. According to the World Bank's latest "Ease of doing business" rebeen formed at the highest level. The realisation of this project will involve the employment of about 4,000 people. port for 2014, Montenegro is ranked 44th, while just a few years ago Another very interesting project is that of Qatari company Qa- it was not even among the top 80 countries. Our projections that tari Diar on Plavi Horizont, worth about €250 million. Relevant we would further improve our position from the 2013 report after institutions are dealing with property rights issues and adopting the adoption of the new Law on Spatial Planning and Construction UP Pržno, so that the hard work of institutions, together with the proved to be justified. We have made enormous progress when it comes to issuing investor, will create conditions for the effective implementation of building permits. In the report for 2014, we have progressed 70 this important project. places, so we are now in 106th position. I am sure that in the next re■ What is planned for northern Montenegro? port we will be in the top 100, given the continuation of the reforms - The plan provides for the implementation of eight new greenfield carried out in this area. 32 | MONTENEGRO BUSINESS SECTOR 2014
At the same time, the key activity in the implementation of In order to achieve our development objectives, the government is committed to improving our competitiveness and creating an en- priority investment projects is the tracking of the requirements, vironment that will attract investors and ensure the transfer of new evaluations and specific suggestions of investor in Montenegro, in knowledge and experiences in the projects that we plan to implement. order to facilitate their implementation and attract new investors. We are continuing to look for a sustainable solution with which So, we are focused on the operational and daily monitoring of the progress of major foreign investments we would stimulate their interest by and we are practically in daily comproviding benefits in the area of tax Our optimism is based policy, but also in the form of incenmunication with, and providing assison information that we tives for the acquiring of citizenship, tance to, investors. obtain precisely from residence status etc. For most projects, which are at an early stage, we have joint operational representatives of the tourist teams at the highest level which deal ■ What do investors most comindustry in Montenegro with resolving outstanding issues. monly suggest that Montenegro and based on the positive These are mostly inherited problems, improves, in a regulatory and sysexperiences and established such as property rleations, the restitutemic sense, in order to increase investments in tourism? cooperation with a number of tion process and, in some cases, plan- The global economic crisis inning documents. We strive to overtour operators creased investor caution and significome these systemic challenges with cantly halted the upward trend of FDI from a few years ago. The new regulations and increasing administrative efficiency, but also to latest research shows that investment portfolios are willing to in- use practical interventions in order to avoid delays caused by waitvest in classic luxury 5-star hotels, due to the slow rate of return ing for these systemic solutions. on basic investments. In this context, mixed-use complexes have According to the available data, at this point 107 countries become the investment trend, which effectively valorize the capital worldwide are investing in Montenegro. This fact speaks for itself. invested. In this regard, in an effort to adapt to this trend, in Mon- Also, investors are very satisfied with their cooperation with our tenegro we are conducting the modification of key legislation, of state, that is, to the extent possible, we meet their requirements course, provided that is economically justified and is in the interest and together overcome common challenges faced in the impleof the state and its citizens. mentation of projects. ■
• It is located only 500 metres from the sea and has its own blue flag beach, “Safari”, which is characterised by the finest healing sand. • Hotel Laguna has 29 stylishly furnished and comfortable rooms and suites • The rooms have under-floor heating, air conditioning, LCD TV with satellite channels and a balcony with beautiful views of our garden • Hotel Laguna guests have free wireless internet access • We offer the option of bed and breakfast, half board or full board • The hotel has its own private parking • Another reason to be our guest is the entire Ulcinj Riviera, which is characterised by its unspoilt nature, pine forests, olive groves and ideal destinations for day trips in the vicinity.
Donji Štoj bb. Ulcinj 85360, Crna Gora - Montenegro MONTENEGRO BUSINESS SECTOR 2014 | 33 Tel: +382 30 455-300 • Fax: +382 30 455-334 • E-mail: info@hotellaguna.me • Web: www.hotellaguna.me • www.safaribeach.me
INTERVIEW
Bureaucracy still Burdens
BUSINESS VELIMIR MIJUŠKOVIĆ
PRESIDENT OF THE MONTENEGRIN CHAMBER OF COMMERCE
There is considerable scope for reducing the degree of bureaucratisation at the local and state level. Commercial banks perhaps indiscriminately exaggerate on perceived risks, thereby contributing to high quality programmes and healthy companies being uncompetitive and vulnerable in the existing policy interest. The key factors that limit the growth of exports are an economic structure dominated by the service sector, small capacities, fragmentation of production and a lack of competitiveness
I
n its so-called spring forecasts, the European Commission recently raised its estimate of growth in the Montenegrin economy this year to 2.9 per cent from 2.7, which was predicted in February. It is estimated that the recovery will be generated by the launch of several large-scale investments, which in the years ahead will initiate activities primarily in the construction sector. The European Commission's new economic forecasts also increase the estimate of GDP growth in Montenegro in the following year from three per cent to 3.6 per cent. Public finances, which are very important, have been consolidated in the past year and the growth of the public debt has been slowed, due to the decline of the budget deficit. In addition to GDP growth, it can be expected that employment, exports and imports will also grow in the coming years. It is expected that in the next two-year period net foreign direct investment will increase significantly as a result of the announced investment activ-
34 | MONTENEGRO BUSINESS SECTOR 2014
ities, so that they will amount to an average of 15.7 per cent of GDP. All this is encouraging, but there is still even more room for growth. That’s why we ask Velimir Mijušković, president of the Montenegrin Chamber of Commerce, the following questions. ■ What are the priorities for improving the business environment and which suggestions to improve the business environment do you most commonly receive from companies? - There is no doubt that there is still considerable scope for reducing the degree of bureaucratisation that burdens business at the local and national level. The problems that businessmen continually complain about are the high level of illiquidity, access to finance, labour legislation, insufficient competitiveness of the economy and individual regulations and administrative procedures. The problem of illiquidity and mutual debts are increasingly burdening our economy. If you look at the period prior to the crisis,
GROWTH
REGION
PRODUCTION
The European Commission recently raised its growth estimate for the Montenegrin economy this year to 2.9% from 2.7.
It is worth noting that the first initiative to renew ties between the markets of the former Yugoslavia came precisely from the region’s chambers of commerce.
The model based on imports, consumption and borrowing must be replaced with a solid production base orientated towards export, which will create many jobs.
you will see that this was not pronounced. After the outbreak of the registry with relevant business data, in order to support the resolucrisis, the situation completely reversed and, both directly and very tion of outstanding debts and prevent their recurrence. The Chamquickly, problems manifested through a sudden threat to liquidity. ber of Commerce of Montenegro is in the process of negotiating with That showed great weaknesses on the part of the economy which, the tax authority on data exchange, on the basis of which our instidue to poor corporate governance, immobilised large amounts of tutions would start to issue prudential statements. capital in real estate and often speculative activities on the stock exMoreover, the segment addressing this problem is not small change, which unfortunately comprises the highest percentage of when it comes to the recoverability of bills. We believe it is necessary to remove obstacles in the process of collection of receivables secured loans from our banks. When it comes to mutual debt, the situation has deteriorated so by a promissory note and bill of exchange authorisation in the case that an increasing amount of arrears threaten the balance of oth- of non-acceptance of bills. Access to finance is recognized as erwise healthy companies. In addition a major constraint to business operato that, this development threatens to lead to a general breakdown of discitions and the growth of our company, due to high interest rates and collatpline in payment, which also impact on fiscal developments, leading to a eral requirements. I would say more slowdown of investment and economic that commercial banks may perceive activity in the country. the risks too indiscriminately, viewing So, the continuous growth of debt all companies generally, thereby conis the biggest risk to growth and develtributing to high quality programmes and healthy companies being uncomopment of the Montenegrin economy and overall economic growth in the fupetitive and vulnerable in the existing policy interest. ture. Unfortunately, this problem has Another major problem facing the reached a dangerous level and condomestic economy is the length and tinues to affect creditworthiness and outcome of commercial disputes before jeopardise the balance of otherwise regular courts, which in several resolid companies and banks. ThereThe problems that fore, one should distinguish between spects is very expensive for individual those companies that are solvent in companies. businessmen continually economic terms and can cover their This is the reason that the Chamcomplain about are the high running costs from those that are inber has been very dedicated to the adlevel of illiquidity, access to solvent because they cannot cover the vancement and promotion of Arbitrafinance, labour legislation, cost of on-going operations from profit tion at the Chamber in recent years. or on the basis of their property. insufficient competitiveness In the first case financial consoli■ Do you agree with the assessof the economy and dation is necessary, for example by ments that high interest rates, individual regulations and converting debt into shares, while small company sizes and protecadministrative procedures also changing ownership structures, tionism are the key obstacles to while in the second case it is necessary the significant growth of Monteto continue with the introduction of bankruptcy, in order to allow a negrin exports? thorough restructuring and eventual shutdown of such businesses. - The balances of the national economy show a continued and growThis requires, among other things, intensifying trade in corporate ing deficit in trade in goods with foreign countries. These trends are debt or encouraging their conversion into shares. In this respect one visible in those industries in which Montenegro has rich natural reshould consider the possible effects on banks, since part of bad debts sources, significant production capabilities and a long tradition of would have to be cancelled at the expense of bank capital. All of this producing high quality products. These trends are unsustainable should, of course, be well considered and professional analysis of the and require long-term support for the better utilisation of available effects of such measures should be conducted. resources, enabling local companies to adapt quality management Policies in this area should be directed in the short term to pro- and overall business requirements of high competitiveness on the tect creditors, strengthen financial discipline through advance- national and especially international level. The large deficit has been partly covered to date by foreign inments in the quality of regulation, transparency and access to the MONTENEGRO BUSINESS SECTOR 2014 | 35
Our labour legislation produces negative effects on the labour vestments, which have rarely gone into production sectors capable of creating an export product. With this in mind, I think it is market and therefore radical steps must be taken to reduce the cost primarily necessary to encourage investment in the manufactur- of relieving workers, simplify dismissal procedures and limit the ing sector and export-orientated production. Chances exist, since number of protected groups. Unfortunately, drafting a new labour there is interest from investors to invest in energy production, law has been left behind again this year, despite the fact that busiagricultural production, the agro-industry, wood processing and ness has been very argumentatively insisting on that for a long time. the metal industry. The key factors limiting the growth of exports are the eco- ■ You advocate for a clear strategy of economic development nomic structure which is dominated through an economic structure by the service sector, small capacities, that ensures economic growth, production fragmentation and a lack employment and balanced regionof competitiveness. Montenegro also al development. This differs slightimports those products that are proly from the current model, which is based on the development of duced, or can be produced, in quanservices. What is needed for this tities sufficient to meet domestic deother model? mand. Such a situation and trends are - The economic model based on imunsustainable and require a systematic approach and the commitment of ports, consumption and borrowing the public and private sectors. must be replaced with a solid producIn recent years the Chamber of tion base orientated towards export, Commerce of Montenegro, in accordwhich will create many jobs. Monteance with its role and capabilities, negro is too small a country to impact has created and worked on the impleon the global economic economy, but conducting economic policy must be mentation of a series of projects that based exclusively on one’s own interaim to aid in the training of compaNot advanced in the right nies for successful exporting. This ests. Different instruments exist that direction, the Labour Law especially applies to the project "Good allow an active policy to stimulate defrom Montenegro", the content of velopment and export, while retaining contributes significantly to which is the national branding of locontrol over natural resourchindering business, reducing national cal products of above average quales in key sectors. the quality of the business The only healthy reduction in pubity. In addition to strategic support, environment, illiquidity, the Montenegro Chamber of Comlic debt is possible through an increase in domestic production, which is also merce also organises, in support of increasing unemployment, far the most important goal of all the growth of exports, a series of conthe grey economy, weakening by governments and the economic policrete activities: education, exhibition foreign direct investment, performances, promotion of products cies they create. budget crises etc. and services, business forums and B2B meetings, informing exporters, ■ How do you evaluate the Action issuing documents accompanying the goods in international trade Plan for Implementation of the Strategy for the Development and transport and continuously working on improving and promo- of the Manufacturing Industry in Montenegro 2014 - 2018? - The strategy for the development of the manufacturing industry tion of foreign trade arbitration. of Montenegro from 2014-2018 is a document whose adoption ■ What would be the most significant changes in the Labour was initiated by the Montenegrin Chamber of Commerce’s ComLaw? mittee of the Association of Metallurgy and Metal Processing In- According to the opinion of business leaders, regulation in the field dustries at the beginning of 2010. My opinion is that this developof labour relations is a burning issue. Therefore, in order to com- ment strategy has broadly defined what should be done well, but ply with the requirements of the economy and create conditions that the original version of the Action Plan is insufficiently specific for a more flexible labour market, we need to modify the existing in terms of stakeholders or deadlines for implementation. That was labour legislation and ensure its consistent application. Primarily, the reason for holding a meeting at the Ministry of the Economy in it is necessary to adopt a new labour law that will strive for greater which representatives of the aforementioned Board of the Associajob market flexibility and remove barriers to the regulation of labour tion of the Chamber participated. Representatives of the Chamber relations on the side of the employer. Not advanced in the right di- gave clear suggestions which we believe will improve the Action rection, the Labour Law contributes significantly to hindering busi- Plan related to the Strategy. I would note that by the end of the year material should be deness, reducing the quality of the business environment, illiquidity, increasing unemployment, the grey economy, weakening foreign veloped for the FUNDAMENTALS OF THE INDUSTRIAL POLICY OF direct investment, budget crises etc. MONTENEGRO 2015-2020, which should indicate synthesis of all 36 | MONTENEGRO BUSINESS SECTOR 2014
measures and activities for consolidation, recovery and development of the domestic metal industry, both in terms of the primary production of base metal resources and, even more, their further processing to finalisation.
fleet from Bar is also in the process of buying two ships. Given that maritime activities were previously one of the priorities, they will also be so in the future and it should be noted that Montenegro has excellent schools and training centres for educating and training seafarers, which is also an important element for the development of maritime affairs.
■ Earlier this year you estimated that Montenegro would reach €600 million of foreign investment in 2014. How would you evaluate the results af■ How would you assess cooperater the first quarter? tion between the Montenegrin We believe it is necessary to - This refers to, it could be said, official Chamber of Commerce and similar remove limits in the process data. There is no doubt that work is chambers in the region? of collecting receivables being done actively on projects: Por- It is worth noting that the first initiatonovi, Luštica, further construction tive to renew ties between the markets secured by a promissory of facilities at Porto Montenegro etc. of the former Yugoslavia came prenote and bills of exchange Investments in highway construction cisely from the region’s chambers of authorization in the case of are also absolutely certain. However, commerce. Today our work is focused non-acceptance of bills these are on-going processes and time on improving economic relations, exis needed for their results to be easily changing experiencing regarding Eunoticeable. What is most important is that there is no delay in the ropean integration, other integrations and similar things. When implementation of these investments. CEFTA was signed in 2006, the chambers formed the Forum CEFTA Chamber, which has a working body that’s almost constantly ■ What are your predictions when it comes to the develop- in session and, as such, is recognised and respected by the CEFTA Secretariat in Brussels, considering that it continuously moniment of Montenegro’s merchant marine fleet? - I rate as very positive the fact that the state decided to establish a tors implementation of the Agreement. There is no doubt that our Montenegrin fleet that operates positively, as well as the purchase of members can rely on excellent relations with the chambers of the two ships. These vessels are employed, which also provides for the region, which the Montenegrin Chamber of Commerce carefully good performance of the Montenegrin fleet. Moreover, the maritime nurtures and advances. ■
DISTRIBUCIJA. LOGISTIKA. MARKETING.
CETINJSKI PUT BB 81000 PODGORICA + 382 20 261 920 WWW.NEREGELIA.ME
MONTENEGRO BUSINESS SECTOR 2014 | 37
INTERVIEW
Spurring and Maintaining
STABILITY
MILOJICA DAKIĆ GOVERNOR OF THE CENTRAL BANK OF MONTENEGRO
Overall, the picture for Montenegro’s banking sector is a fairly positive one. Nearly all of the country’s commercial banks are turning a profit and the Central Bank of Montenegro is taking reform steps to improve transparency in business operations and deal with issues such as non-performing loans
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ccording to the Central Bank of Montenegro, the country’s banking system is stable. All commercial banks are supervised continuously and treated in compliance with supervisory strategies. Liquidity is satisfactory. The solvency ratio was at an aggregate level of 14.44% at the end of last year, above the legally required minimum of 10%. Last year, the banking system was recapitalised substantially. The need for fresh capital is ascertained through direct supervision and based on the results of stress tests conducted once a year by the Central Bank. In late December 2013, the profit generated by the Montenegrin banking system stood at €2 million. Just two of a total 11 banks had negative financial results, with the remaining nine profitable. “If irregularities in banking operations are noticed, they are eliminated in line with the Central Bank’s rules and regulations, and within the Central Bank’s scope of activities,” says Central Bank governer Milojica Dakić, with whom lies much of the responsibility for the solvency of the Montenegrin banking system. ■ How willing are banks to lend money to businesses? Do commercial banks still exercise a cautious lending policy? - Commercial banks are stable, liquid and willing to support good
38 | MONTENEGRO BUSINESS SECTOR 2014
projects and investments at any given time. The Montenegrin banking sector is affected by the ongoing situation in the real economy and the potential of companies to instigate economic growth and development with their production activities and new projects. However, the banks are faced with lack of quality demand in the economy and a high percentage of non-performing loans as in neighbouring countries. That’s why the banks are still focusing on cautious risk management and lending. It is highly unlikely that banks will reduce this level of caution in their lending policies over the following period. ■ What is the share of non-performing loans in the banking sector? Do you believe they are putting the Montenegrin banking sector is in jeopardy? - The high percentage of non-performing loans in relation to the total number of loans is the key problem in Montenegrin banking. In late 2013, the share of non-performing loans of total loans granted was 18.38%. Regardless of the high level of capitalisation in the banking sector, which actually helped banks to fight this problem, the number of non-performing loans remains the main challenge in bank supervision, given the end goal is to maintain the stability
TRANSPARENCY
CAUTION
INTEREST RATES
Following the amendments to the Montenegrin Law on Payment Operations from June 2012, the operations of companies and entrepreneurs have become much more transparent.
It is highly unlikely that banks will reduce the level of caution in their lending policies over the following period.
The average effective weighted interest rate in Montenegro in April was 9.45%.
and safety of the banking system. Also, with the help of the World Bank and its Financial Sector Advisory Centre based in Vienna, we have come up with a new conceptual approach to improving the quality of lending portfolios by applying the principle of voluntary financial and corporate lending restructuring – the so-called ‘Podgorica approach’.
taining a healthy banking system and safe and efficient payment operations. The Central Bank’s key role is to issue operational permits and approvals for banks and financial institutions in line with the regulations, supervise the operations of banks and financial institutions, draft regulation and other legal acts that regulate the work of banks and financial institutions, and set standards for their stable and safe operations. The Central Bank exercises direct and indirect control of the ■ Some countries in the region suggest that high interest rates on corporate loans are a big problem for their econo- banks and micro-credit financial institutions operating in Montemies. What is the situation like in Montenegro? negro. When conducting its direct control, the Central Bank has - In the course of its regular operathe right to check all of the documentions, the Central Bank of Montenegro tation of banks and financial institutracks fluctuations in the interest rates tions, as well as the documentation of the country’s commercial banks. pertaining to the work done by other The average effective weighted intersubjects under supervision. The Cenest rate here in April was 9.45%. The tral Bank also determines the type of financial crisis that has been affecting data, information and reports banks global economies over the last few and financial institutions are required years did not bypass the Montenegrin to submit to us, as well as deadlines banking sector either. This is noticefor their submission – this comes unable by the rather expensive financder the ‘direct control’ area. In order to improve its supervisory activities, ing sources for banks and by limited the Central Bank collaborates with access to foreign funding. Also, the other, foreign institutions authorised unfortunate experiences the banks to control the operations of banks and have had and the situation in the financial institutions. Montenegrin economy are important Following the amendments to the factors affecting interest rates. Montenegrin Law on Payment OpAs a result of this situation, corThe Central Bank has been porate loans come with high interest erations from June 2012, the operacooperating with the World rates, which companies simply have tions of companies and entrepreneurs to accept. Although there is a risk inBank on the implementation have become much more transparvolved in companies making investent. The law’s regulations state that of the so-called ‘Podgorica the Central Bank of Montenegro is ments, the interest rates portray an approach’ for amicable outobliged to provide a monthly list of all economic situation that is not as bad of-court restructuring of companies and entrepreneurs whose as it seems. Temporary measures to curb interest rates, which the Central corporate debt in companies bank accounts have been frozen for more than 30 days because they Bank implemented in the previous that are struggling with owe more than €10,000. This will period and are no longer in force, did illiquidity increase business transparency, imstabilise interest rates and eliminate the really high ones. But they did not prove financial discipline and benefit have a significant effect on reducing the system’s average effective companies, entrepreneurs, state and workforce alike. weighted interest rate. Although interest rate policies are an internal issue for every commercial bank, the Central Bank of Montene- ■ What is the Central Bank’s role when it comes to the pregro will pay due attention to the issue over the following period also. vention of money laundering? - As part of its regular control activities, the Central Bank’s au■ What role does the Central Bank play in supervising and thorised controllers check a bank’s capability to manage money laundering risk and the risks associated with funding terrorist regulating the banking system? - The main goal of the Central Bank is spurring and maintaining activities by applying a risk-based approach. The Central Bank the stability of the financial system, including supporting and sus- possesses the legal tools to penalise any banks or financial instiMONTENEGRO BUSINESS SECTOR 2014 | 39
in 000 EUR
tutions that don’t adhere to the relevant money-laundering and menting relevant macroeconomic policies, improving the regulaterrorism-funding regulations. tory framework and the balance of payment statistics. It is important to mention that the Central Bank has been acIn line with changes to the global financial architecture and tively collaborating with the Administration for the Prevention of modern banking trends, our bank’s priorities in terms of technical Money Laundering and the Financing of Terrorism, as well as other assistance have changed. At the Central Bank’s meeting with high regulators and supervisors within the Montenegrin financial system IMF officals at the spring summit in Washington, we agreed for fuframework. We have been also cooperating with the Interior Min- ture assistance to be based on improving the Central Bank’s anaistry following the signing of a memolytical potential by developing an early warning system that tracks the overall randum of cooperation. As far as interbanking system’s level of sensitivity. national cooperation goes, the Central Additionally, the growing exposure Bank has been cooperating on banking of banks to market risks is one of the controls with foreign regulators and areas we and IMF experts are going to supervisors based on signed memoranwork on to improve the management da of cooperation for supervision. policy framework. Given Montenegro has been a member of the Council of Europe’s ■ The Central Bank’s forecast put Committee of Experts on the Evaluathis year’s national GDP growth tion of Anti-Money Laundering Measbetween 3.2% and 3.8%, and the ures and the Financing of Terrorism inflation rate between -0.5% and (MONEYVAL) since 2007, a Central 3%. Do these forecasts remain Bank representative is a standing close to the current situation? member of the delegation that attends Many unforeseeable - As soon as we get the data for the MONEYVAL’s meetings, which take circumstances occurred first half of this year, we are going to place in Strasbourg three times a year. once we had made this revise our forecasts. Many unforeseeyear’s economic projections, able circumstances occurred once we ■ Could you tell us something about the technical assistance had made these projections, such as such as the escalation of the International Monetary the escalation of the Ukrainian crisis the Ukrainian crisis and the Fund (IMF) has given to the Cenand the regional floods. Bearing in regional floods… I would not mind just how important the countral Bank? rule out a correction of our - Apart from regular annual consultatries affected are to the Montenegrin economy, I would not rule out a cortions with the International Monetary forecasts Fund, in accordance with article four rection of our forecasts. of the IMF’s articles of association, the Central Bank of Montenegro has an intensive cooperation with the IMF experts who provide ■ The Central Bank released a report recently about frotechnical and advisory assistance to our institution. After the Cen- zen accounts and debts. How much of a problem is this in tral Bank became an IMF member, the IMF’s support to us has been Montengro? based mainly on providing expert knowledge, creating and imple- - The problem with late payments is one of the most pronounced
18,000 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2,000 0
600,000 500,000 400,000 300,000 200,000 100,000 0
2010
2011
2012
2013
2014
Total debt in frozen bank accounts (left column) Total number of companies and entrepreneurs with frozen bank accounts (right column)
40 | MONTENEGRO BUSINESS SECTOR 2014
problems in the Montenegrin economy, creating additional difficul- comprises representatives of the Ministry of Finance, the Ministry ties that prevent the normal functioning of our internal market. The of Economy, the Ministry of Justice, the Central Bank, the Commernumber of companies that have had their bank accounts frozen, as cial Court and a foreign expert. Among the results of the task force’s well as the volume of their debt, has been rising constantly. Statis- work is draft Law on Voluntary Financial Restructuring, which is tical data (see graph) shows that illiquidity and insolvency are the in the process of being adopted, and which we believe is going to significantly reduce the level of debt in the economy. Montenegrin economy’s biggest problems. As well as the taskforce, the CenThe number of companies with frozen bank accounts grew sigtral Bank has been cooperating with After the Central Bank the World Bank on the implementanificantly from 2010 to June 2012, became a member, IMF when the central account records, tion of the so-called ‘Podgorica apsupport has been based maintained at the Central Bank, proach’ for amicable out-of-court were sychronised with the records restructuring of corporate debt in mainly on providing of the Central Company Registry companies that are struggling with knowledge, creating and of the Tax Administration and the illiquidity. The aim of the Podgorica implementing relevant Commercial Court, leading to said approach is to reduce the amount of macroeconomic policies, companies and entrepreneurs being non-performing bank loans and inerased from the registry. The numcrease liquidity in the economy. improving the regulatory Considering everything I have ber of companies with frozen bank framework and the balance mentioned, our future work will be accounts, as well as the debts that of payment statistics based on amending existing or adoptresulted in their accounts being frozen, has been growing steadily since ing new regulation in accordance with the beginning of 2014. a new EU directive, which refers primarily to the setting of deadlines Apart from implementing the relevant regulation, Montenegrin for the payment of debts, with the goal of reducing illiquidity in an institutions have been attempting other solutions to resolve the is- economy. Additionally, we need to define tools for reducing the volsue of illiquidity and late payments. This is one of the reasons we ume of existing debt and the number of companies with frozen bank have set up an inter-ministerial taskforce, which has been work- accounts in order to ensure our internal market functions normally ing to resolve the illiquidity problem in our economy. The taskforce and to raise business competitiveness. ■
MONTENEGRO BUSINESS SECTOR 2014 | 41
INTERVIEW
Three Pillars of
DEVELOPMENT MILOŠ JOVANOVIĆ DIRECTOR OF THE MONTENEGRIN INVESTMENT PROMOTION AGENCY
Having left his position in the private sector to help oversee Montenegro’s potential as an FDI destination, MIPA director Miloš Jovanović has big ideas for the future of one of Europe’s smallest countries. Montenegro has already come a long way, but to kick on it will need further expertise from abroad
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nvestment in the tourism, agriculture and renewable energy sectors are the Montenegrin government's strategic priority points. These three sectors offer Montenegro a competitive advantage not only in the region, but also over a much wider area too. Effort has been exerted to tie these three sectors into one entity, with the aim of producing the best results at the lowest cost. If we factor in Montenegro's geo-strategic position, we can say these advantages are not only competitive, but also represent Montenegro’s comparative advantages in relation to other countries, says Miloš Jovanović, director of the Montenegrin Investment Promotion Agency (MIPA). There aren't many places in the world that can offer this. Our long beach, Velika Plaza (Big Beach), is 13 km long. The highest peak is Zla Kolata (in the Prokletije mountain range) at an altitude of 2,354m. The biggest lake is Lake Skadar, the second largest lake in Europe. The deepest canyon is the canyon of the of the River Tara, which is the second deepest canyon in the world. Biologically speaking, Montenegro is a hot spot for European and global biodiversity. The index of species per territorial unit is 0.837, which is the highest index in Europe. Regarding tourism, we are currently implementing around 10 large-scale projects, all of which are being developed
42 | MONTENEGRO BUSINESS SECTOR 2014
along the Montenegro coastline. Once implemented, these projects will bring investments worth around €3 billion. You have to bear in mind that we are only talking about the south of Montenegro, while the north is also appealing to foreign investors. With regard to agriculture, foreign investors have expressed interest in organic production. When it comes to renewable energy, I would say that we are still in the initial stages. We are currently using only 20% of the country's hydro potential. There are many projects in the process, such as construction of small hydro-power plants and a few bigger ones. Solar energy is still in the initial phase of implementation, as is wind energy. We have already allocated several locations suitable for the implementation of wind energy projects. The Government of Montenegro offers competitive prices that guarantee fair conditions for purchasing energy, with the aim of reducing costs and increasing efficiency. ■ Which Montenegrin state companies are being offered to foreign investors through the privatisation process? - The 2014 privatisation plan has been prepared on the basis of suggestions from ministries in the economic sector, state funds and
POTENTIAL
PROBLEMS
PROJECT
Montenegro is currently using only 20% of its hydro-energy potential, with projects in the pipeline to build additional hydroelectric power plants.
The problems identified by investors are especially pronounced when it comes to insufficiently developed infrastructure.
MIPA is currently assisting a Middle Eastern company in developing an IT city in Montenegro.
Council tender commissions. The main aim of privatisation is to boost competitiveness and efficiency, while encouraging foreign investment and entrepreneurship in all areas. The privatisation of the companies Montenegro is offering foreign investors is mostly done through the sale of shares and assets via public tenders. The companies currently being offered to interested investors are: Jadransko brodogradilište AD Bijela (Adriatic shipyard JSC BIjela ), Novi Duvanski Kombinat AD Podgorica (New Tobacco Company JSC Podgorica), AD Montecargo Podgorica, Montenegro Airlines Podgorica, Fabrika elektroda Piva (Piva Electrode Factory) Pluzine, Poliex AD Berane, DR Simo Milošević Institute JSC Igalo, Institute of Ferrous Metallurgy JSC Nikšić, HG Budvanska Rivijera AD Budva and HTP Ulcinjska Rivijera AD Ulcinj. ■ And which finished projects would you suggest to foreign investors? - I would stress projects related to several ski resorts in the north and the tobacco factory, as well as large and small hydro power plants and the thermo power plant in Pljevlja.
tions, I expect additional growth in tourism to also be registered in the north of the country. Major investors who have been developing projects in southern Montenegro are also interested in investing in the north. Their strategy is to have tourists spending a few days in the north, staying at their catering facilities, before spending an hour or so heading down to the seaside to enjoy a totally different experience without ever leaving the country. The imminent construction of a highway will give this idea even more impulse.
■ Is Montenegro set on attracting more investors by offering subsidies for utility infrastructure, tax exemptions and job subsidies? - Of course it is. Almost every country in the world has an agency that deals with these or similar issues, as does MIPA. The rationale is that all countries are competing with each other to bring in as much foreign capital as possible, with the aim of increasing economic growth. Large economies are also competing with both undeveloped and emerging economies, and this competition is tough. I think the government is doing a good job if you consider the fact that Montenegro was the least developed republic of the former Yugoslavia and is now the regional leader in many asas a young country. The benefits I think the government is doing pects, that foreign investments bring cannot a good job, if you consider the always be fully measured, because they have multiplying effects. fact that Montenegro
■ Which areas of the Montenegrin business environment have received the most criticism from foreign investors and what do you believe should be done to rectify these issues? - The problems identified by investors are especially pronounced when it was the least developed comes to insufficiently developed in■ Aside from greenfield investrepublic of the former frastructure, because there is a lack of ments, has any thought been given Yugoslavia and is now a transport links and inadequate access to brownfield investments, mergto Montenegro as an investment and ers, acquisitions and joint investregional leader tourist destination. There are also obments. Do you have any projects stacles when it comes to issuing building permits and inefficiencies along these lines in the pipeline? in the land registry system. The government has been working con- - Over the last decade, foreign direct investments have proven to be stantly and systematically to eliminate these problems. Reforms can more efficient when it comes to the reconstruction and restructurinvolve doing business, company registration procedures and the ing of companies. The reason for this is that domestic entrepreneurs issuance of construction permits. It also helps with obtaining loans, and managers lack either the know-how or the capacity to become taxation regulation and registering property. One of the govern- long-term partners of the state. These reforms have to be conducted ment’s priorities is to improve the efficiency of state administration, by people who are knowledgeable, have capital and can become which will facilitate implementation of the aforementioned activi- mentors to Montenegrin managers. Greenfield investments are by far the best type of investment. ties. Montenegro’s tourism industry is very appealing to investors. Furthermore, considering that global estimates have shown They bring brand new facilities, which would probably never Montenegro as one of the world’s fastest growing tourist destina- have been built if it weren’t for these investments. They also use MONTENEGRO BUSINESS SECTOR 2014 | 43
brand new resources, create jobs and have a greater output, as well as increasing capital within the country, boosting real GDP and living standards. In other words, they contribute to a better standard of living. ■ Does MIPA identify certain projects for implementation at a regional level? - Currently we are trying to realise a project to build an IT city in Montenegro. A large Middle Eastern company wants to build an information technology city in the country and, by so doing, attract the biggest global IT companies to the country, which will choose Montenegro – as a country with favourable tax rates, subsidies and locations – as their IT hub in Europe. Of course, this city would be built in accordance with the requirements of the biggest IT companies, complying with the highest standards. This project will have an effect on the entire region around Montenegro. ■ In order to increase business efficiency, an increasing number of investors are using a regional approach to different markets. How is this reflected in Montenegro? - MIPA’s activities are those you mentioned in your question. I can say that we have carefully considered the regional approach to the markets of both potential and existing investors and have planned our activities accordingly. This makes sense to us, given that no large investor would be willing to invest in Montenegro alone, considering this is a rather small market. In the agency’s publications we have mentioned Montenegro’s potential as a hub for the European market. This potential is based on stability, tax policy, the treatment of foreign investors and the country’s geographical position.
ing and updating professional promotional publications on an annual basis, organising stands for fairs such as PRODEXPO Moscow, MIPIM Cannes and EIRE Milan, among others, and conducting promotional activities at business fairs conferences, forums etc. Our appearances are in the form of public-private partnerships and these fairs are used to promote the integral offer of Montenegro as an investment destination. This means that a substantial share of the costs associated with attending fairs is covered by the companies being promoted. MIPA initiates, organises and co-organises promotional investment gatherings in line with the requirements and needs of foreign and domestic companies. Promotional gatherings are organised abroad and in Montenegro, mostly in collaboration with business associations, Montenegrin ministries or embassies and strategic and institutional investors. The bottom line is that we are constantly thinking of ways to approach people and companies with available investment capital. The creativity of MIPA employees is of crucial importance in this regard, along with our communication skills.
■ What motivated you to leave a lucrative managerial position at a renowned company to become director of a state institution at the time of the global economic crisis? - I graduated in international economics at Bocconi University in Greenfield investments are by Milan, where I also earned my master’s degree in corporate finance. I far the best type of investment. was given an opportunity to work They bring brand new facilities, either in Milan or London, in investment banking. When I came back which would probably never to Montenegro I was offered a job by have been built if it weren’t two international companies, Ernst & for these investments. They Young and A2A. I chose the former, also use brand new resources, where I learned a lot about the system. At the same time I was working create jobs and a greater on my Ph.D. thesis. As Montenegro is output, as well as increasing a small place, I was soon noticed by capital within the country and people who offered me the opportu■ What are MIPA’s main activiboosting the real GDP and ties when it comes to promoting nity to work for my country. Montenegro as an investment You asked me why I accepted a living standards destination? job in a state institution at the time of - We are giving our best to be of service to any potential investor in- the global economic crisis and left a job at a renowned company, terested in our country. We have a professional approach, efficiency well it’s because this is a greater challenge. All of us at MIPA are in our responses to the requirements of potential investors and we young and it is a privilege to have a positive influence on our counalso provide support for existing investors. The experiences of exist- try and be involved in the process of developing Montenegro. Based ing investors are the best marketing for Montenegro, and they come on economic and social parameters, we are currently the regional leader, despite having been the most undeveloped former Yugoslav directly from their positive opinions. The agency’s main activities to promote Montenegro are: publish- republic not so long ago. ■ 44 | MONTENEGRO BUSINESS SECTOR 2014
INTERVIEW
BORIS ŠABAN, EXECUTIVE DIRECTOR OF THE NATIONAL INSURERS BUREAU OF MONTENEGRO
Safety above ALL ELSE The region has sustained horrific material damage caused by the risks associated with adverse weather conditions. What bubbled up to the surface was a rather careless attitude that people had towards their property, which proved to be insured to a very insufficient extent
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lthough a small market, Montenegro is obviously a potent one, with a substantial number of international players, particularly in the insurance segment. During the relatively short period of is operations, the association called the National Insurers Bureau of Montengero (NBOCG) has instigated collaboration between insurance companies with a view to setting up common goals. “For example, the market laws have led to de-monopolisation which, in turn, resulted in constant growth of the overall insurers’ portfolio”, says Boris Šaban, Executive Director of the National Insurers Bureau of Montenegro.
Merkur Osiguranje, UNIQA Životno Osiguranje, Lovćen Životna Osiguranja, Wiener Stadtische and Atlas Life. We can also notice that these renowned insurers come from Slovenia, Italy, Austria and Montenegro, which leads us to the conclusion that everybody is counting on the potential of this small market and its stability, along with constant growth and expansion. Regulation is another factor that is important for stability, while cooperation with the supervisory state authorities, like the Insurance Supervision Agency, have helped us to be fully harmonised (with the regulation) and have eliminated those companies that were too nonchalant about the regulation.
motor insurance, followed by life insurance, with 14.94%, property insurance, 13.85%, accident insurance, 11.18%, total coverage motor insurance, 6.94%, health insurance, 1.23%, and other types of insurance with 6.33%. The region sustained horrific material damage caused by the risks associated with adverse weather conditions which, unfortunately, also caused fatalities. What bubbled up to the surface was a rather careless attitude of the people towards their property, which proved to be insured to a very insufficient extent. In the future the insurance branch will have to come up with a global response to such extreme weather conditions.
■ NBCOG is a relatively young institution and during its short existence you ■ Just like other regional countries, have managed to achieve impressive the share of mandatory insurance in results in international cooperation. the insurers’ portfolio is also domiAre you satisfied with the results? - As far as international cooperation goes, nant in Montenegro. Has the bureau I would say it is excellent, as in just a short period we have managed to As far as international become a full-fledged member of all ■ Could you tell us something cooperation goes, I would say relevant international forums and about conditions on the insurit is excellent, as in just a short institutions, as well as being deemed ance market today? trustworthy to organise international - Today we are witnessing very cutperiod we have managed to throat competition, since there are become a full-fledged member gatherings in Montenegro at which the bureau can deal with many com11 insurance companies on a marof all relevant international ket as small as Montenegro’s. In acmon problems. both in the region and forums and institutions the broader insurance community. cordance with the relevant regulaThe most important result is certions, these companies are divided into life insurers and non-life insurers. been working towards changing this tainly full membership in the international Five companies sell non-life insurance – situation? Green Card motor insurance system. At the Lovćen Osiguranje, Sava-Montenegro Osi- Of course, we are aware of the situation General Assembly of this organisation held and have been working together to make in Dubrovnik in May 2011, Montenegro beguranje, Delta Generali Osiguranje, UNIQA qualitative changes to the insurance culNeživotno Osiguranje and Swiss Osigucame a full member of the Green Card Sysranje, while six companies are engaged in ture. The current situation is such that tem, an institution which brings together sales of life insurance: Grawe Osiguranje, 45.53% of the total insurance policies are 46 countries from Europe and the region. ■ MONTENEGRO BUSINESS SECTOR 2014 | 45
INTERVIEW
DUŠKO KNEŽEVIĆ, PRESIDENT OF ATLAS GROUP
The Future is in the Region’s
COOPERATION
ATLAS GROUP PRESIDENT DUŠKO KNEŽEVIĆ WAS THE GUEST OF SHEIKH NAHYAN BIN MUBARAK AL NAHYAN AT THE ROYAL PALACE IN ABU DHABI IN AUGUST 2013
Atlas Group began projects with the Al Nahyan royal family of Abu Dhabi already back in 2007. That’s how we, together with the Abu Dhabi Capital Group, implemented the Atlas Capital Centre in Podgorica, which in investment and design terms is one of the largest and technologically and architecturally most modern projects in the Western Balkans
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tlas Group operates in a number of countries in the world, from the Middle East to the U.S., from the UK to Russia. To discuss how Montenegro looks as an investment destination from this international perspective, we speak to the president of Atlas Group, Duško Knežević. In his opinion, the advantage of Montenegro, which is well-known in international business circles, is in various foreign investments, diversified in terms of their region of origin and the industries in which they are realised. “UAE actually launched its first investments in this region in Montenegro, Azerbaijan has started implementing a tourism project worth half a billion euros, Turkish investments are in infrastructure and industry, while Chinese investments will also be realised in infrastructure. If we add to that the significant investments from the EU in the field of telecommunications, energy and tourism, as well as those from Russia, Montenegro is confirmed as an open and very attractive destination for investors from around the world,” says Knežević: “All this contributes to the country's image as being open
46 | MONTENEGRO BUSINESS SECTOR 2014
and attractive for investment, particularly in strategic key areas of tourism, energy and agriculture. It is also very important to preserve that image, enable a business environment in which investors will be able to promptly and effectively implement projects, with the adequate participation of local communities. " ■ Which legislative and other measures of the Government of Montenegro would you rate as being a priority for boosting foreign investment? - As I have pointed out for years, in order to improve the business environment with the aim of generating a greater inflow of investments, it is necessary to work on reducing administrative barriers and accelerating the centralisation of procedures at the level of the state and local communities, as well as providing a higher level of training and efficiency for human resources. Just in these last few days the Foreign Investors Council in Montenegro published its White Book with recommendations for improving our business environment that best
summarises recommendations for the sustainable development of the Montenegrin economy. And the president of that Council, and CEO of Telekom Montenegro, Mr Rudiger Schultz, highlighted the most important thing: administrative procedures that take too long; predictability in tax assessments, property or comprehensive rule of law; greater flexibility of regulations concerning the labour market. Otherwise, I am also of the opinion that this sort of thing should be viewed as much as possible from the perspective of foreign investors, who can always compare their experiences with the countries they come from. A good experience can attract many new investors, but a bad one can deter many more potential investors.
concrete results in the form of the projects of regional construction consortium Phoenix. It is also evident that at the level of government there are also more and more initiatives to strengthen cooperation and intensify economic ties. However, I think more work is needed on awareness that we will all benefit more from cooperation than from a competitive relationship. The floods in Serbia and Bosnia-Herzegovina have shown a great de facto connection and solidarity in the region. I'm certain that, speaking in my own name and the name of Atlas Group, that the help we directed at that time was also done on behalf of many others. Because of the way in which the creation of a common good with benefits that we share with the society in which we create them, a principle we stick to in business, is that helping our fellow citizens in the region is a model we have tried to incorporate in all aspects of the activities of Atlas Group.
■ Montenegro is in the process of joining the EU, but significant investment is coming from the East. Do you see this position of Montenegro as an advantage or a hindrance under current global political circumstances? - The experience of the global economic crisis has shown us how ■ You recently said that in such quickly and dramatically world cenconsolidation "Montenegro tres of economic power can change should be positioned on the inand that’s why it’s very important for economies that are largely dependent ternational stage as a regional on foreign direct investment for that centre of connection and interFDI to be from different business circles action within SE Europe and the and geographic spheres. Balkans", as well as between this Tangibly, Atlas Group began proregion and Europe and the world. How do you see the role of other jects with the Al Nahyan royal family countries in the region? of Abu Dhabi already back in 2007. - Each country in the region has its own That’s how we, together with the Abu SUMMIT - 100 BUSINESS LEADERS OF SOUTHEAST advantages, which can simultaneously Dhabi Capital Group, implemented EUROPE: AGREEMENT FOR A NEW ERA, 23RD AND 24TH MAY 2013, HOTEL SPLENDID, BUDVA, MONTENEGRO also contribute to the individual prosthe Atlas Capital Centre in Podgorica, which in investment and design terms perity of those states and the entire reTo improve the business is one of the largest and technologigion. To date for Montenegro that was environment it is necessary in terms of position and nature and cally and architecturally most modern to work on reducing the need to strengthen that position projects in the Western Balkans. Motithrough connection and interaction. vate by cooperation in this important administrative barriers Serbia, with significant wealth of natuproject for the city, Podgorica also and accelerating the received a street named after Sheikh ral and human resources, positions itcentralisation of procedures Al Nahyan, founder of the UAE. And, self as an industrial power, which thus at the level of the state and through its partnership with us, invesstrengthens the development of the entors from that country expressed their tire region - let us take the example of aclocal communities interest in other investments in Moncelerating vital infrastructure projects. tenegro and the region, and we can now see the extent to which Serbia is linking its future economic development with investments from ■ Considering that CEFTA agreements have not met expectathe UAE, in particular through the Belgrade on the Water project. tions for years, in which direction should we think in order to establish a more effective foundation for interstate re■ You have advocated for the consolidation of the regional gional cooperation? economy for years, in order to achieve efficient operations - I think the way to establish more efficient and sustainable interstate and the use of compatible resources. How do you assess co- cooperation is in the greater integration of financial markets. Very operation between the countries of the Western Balkan re- specifically, that would mean the establishment of a common region today? gional stock exchange, which is a project we are already working on - In the business community there is great interest in strengthen- with our partners in the Istanbul Stock Exchange, because it is a fact ing regional market ties and reducing business barriers. This is also that for some integration processes you need a strong partner who is confirmed by the Summit 100 Business Leaders of Southeast Europe in a position to help us overcome some of our traditional differences. The sooner we realise that our individual markets are too small project, the third gathering of which is being preparing right now in Cavtat and will be held on 14th and 15th July under the patronage and inadequate for any serious development, the sooner we can of Croatian President Josipović. This initiative has already yielded catch up with global integration. ■ MONTENEGRO BUSINESS SECTOR 2014 | 47
INTERVIEW
PROKOPIJE PERIĆ, DIRECTOR FOR ECONOMIC & COMMERCIAL AFFAIRS AT ROKŠPED GROUP PODGORICA
Power of SYNERGIES "A large system for the logistics and distribution of newspapers, cigarettes and other consumer goods, as well as a large retail network, allows us to make highly successful sales of all products we represent on the entire Montenegrin market"
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ness, thus through major reorganisation we have succeeded in placing the optimal number of qualified people who can conduct business. Introducing new, unique software solutions for the whole Group enabled us to also gain access to the faster flow of information, which enables us to react in a timely manner."
Our business partners and customers are opting for cars from our gamut of Audi, VW and Seat, because they know that, in addition to the quality they receive by purchasing any of the mentioned brands, they will also receive a superior service for the maintenance of their vehicle within our service network. This is also illustrated by the fact that in 2013 we won the prestigious VW "Quality Service Award", which is awarded to only the top 100 service centres in Europe in competition between more than 6,500 service centres. Thus, quality and consistency are the two words that adorn our business.
hile most companies in the region that are engaged in similar activities have financial problems, Rokšped ■ What sets Rokšped apart from other continues to realise its lofty goals, expand its similar companies in the region? operations and hire new workers. Speaking - The Rokšped Group is one of the largest about the basis for its successful business private companies in Montenegro and is strategy, Prokopije Perić, the company’s 100% owned by the Stanaj family, which director for economic commercial affairs, has successfully led the company for many ■ Which development projects do you says: "Introducing the Quality Manageyears. The commitment of all of us who have planned for this year and next? work in the Group, coupled with simplicity - We plan expansion of the distribution of ment System ISO 9001 in 2008 proved to and flexibility to adapt to any change that mass consumer goods, opening new retail be a good investment, because it improved occurs on the domestic and foreign marchannels with the expansion of existing the operations system without which channels and placing our tradiRokšped would not have been able to survive and quickly adapt to busitional Bom coffee on the regional Expansion in the region is market under the auspices of the ness difficulties caused primarily by certainly one of our long-term existing business. The construction the financial crisis. Rokšped bases it goals, but we are very careful in of the Galeb luxury hotel, covering business on the principle of PDCA (Plan-Do-Check-Act) and strong this because we want to protect more than 45,000m2 in Ulcinj, is synergy between companies within definitely one of the biggest projects our business on the domestic the Group. Today we are representwe are planning to start in the next market, which is currently the period, in cooperation with potenatives of large international brands most important for us in several industries: automotive, tial foreign investors. That will certobacco, food, publishing, retail and tainly be one of the most luxurious construction. hotels on the Adriatic coast and our goal kets, are of great importance to our busiWe're big proponents of cost optimisais to return and entice more tourists from ness. A large system for the logistics and Western Europe. distribution of newspapers, cigarettes and tion, but not cost reduction that could imother consumer goods, as well as a large repact negatively on the existing business and ■ To what extent does the Montenefurther development. Investing in profestail network, allows us to make highly sucsional training of employees is certainly one cessful sales of all products we represent on grin government support the counof the most important segments of our busithe entire Montenegrin market. try’s biggest companies?
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- The Government of Montenegro is a very important partner for our group. Certainly, as one of the biggest taxpayers, we contribute greatly to state revenue. I will only mention the fact that in 2013 we paid more than €30 million into the budget of Montenegro in various taxes and customs duties. Organising a legal framework to facilitate the functioning of the economy is certainly one of the biggest supports provided by the government and this ensures the security and longevity of operations.
from banks would also make the climate for doing business much more favourable than it is today. ■ Do you believe there is a difference in the state’s attitude towards domestic and foreign investors and companies? - My personal opinion is that there is no difference in support, because the Government of Montenegro has a very transparent relationship with all businesses. Per-
nies and investors can only be of benefit to all businesses, because that is connected to a chain that is beneficial to everyone, particularly in terms of increasing the number of jobs in Montenegro.
■ Today you employ over 1000 workers in Montenegro. Do you plan expansion on the markets of the region? - Expansion in the region is certainly one of our long-term goals, considering the limited size of the Montenegrin market. However, we are very careful in this, primarily because we want to protect ■ Today, after more than 20 years in 2013 we paid more than of operations, how would you as€30 million into the budget of our business on the domestic market, which is currently the most imporsess the business environment in Montenegro in various taxes Montenegro? tant for us. It is also very important to and customs duties - Great changes have taken place in choose an expansion model, because the last few years, largely due to the that has a major impact on stability at economic crisis that has certainly also had home. We do not want careless expansion haps, as a local company, we would prean impact on business. What I must point to endanger our operations in Montenegro fer the state to treat domestic companies out as the biggest problem is that borrowbecause, as you said, we employ over 1100 more favourably, but the attitude of the workers and that is a great social responstate is completely understandable for us, ing to finance operations is currently very because as we approach the European Unexpensive. Today it is very difficult to find sibility. The first step in our expansion is an industry where you can make margins placing our Bom coffee on the Serbian marion it is impossible to expect any benefits greater than seven per cent. The cheapcompared to foreign enterprises. In any ket, because the quality is such that it will case, and regardless of that fact, I believe position the product at the very top of the est loans in Montenegro have precisely strongly that the arrival of foreign compamarket and lure customers in the region. ■ that percentage. I think that more support
MONTENEGRO BUSINESS SECTOR 2014 | 49
INTERVIEW
IVAN BULATOVIĆ, EXECUTIVE DIRECTOR OF CGES – THE MONTENEGRIN ELECTRICAL TRANSMISSION SYSTEM
Undersea Cable for
THE FUTURE The integration of national energy markets into a single European market is a rapidly expanding trend, so it is expected that the cooperation of our market operators in this segment, COTEE and DBaga, must result in the creation of a functioning market in Montenegro
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■ What does the recently agreed Memorandum of Understanding for the establishment of a balanced electricity market mean for Montenegro? - Deutsche Borse (DBag) is one of Europe's largest capital market organisers. As the largest single owner of the EEx Stock Exchange, the Central European energy exchange, DBag’s experience in establish-
expanding trend, so it is expected that the cooperation of our market operators in this segment, COTEE and DBag, must result in the creation of a functioning market in Montenegro. A balanced market is the first step in establishing the principle of organised trade.
ompany CGES - CRNOGORSKI ELEKTROPRENOSNI SISTEM (meaning Montenegrin Electrical Transmission System) earned net operating profits of €4,443,716 ■ How are the operations and develin the first quarter of this year. Revenues opment of the company influenced were up on the same period last year by the fact that the minority sharemainly due to the realisation of revholder has a large foreign comenue from fees for electricity producpany? - Cooperation with the Italian parters to the use of the transmission Apart from investments in network and due to increased transit ner, which owns 22 per cent of infrastructure and projects at the borders as a result of congesCGES shares, can generally be asbeing financed via the loan tion. As for the operating results for sessed as utterly satisfactory, espethe whole of 2013, CGES operated cially if we consider that this is a agreements with the EBRD with a net profit of €2,643,792. This and KfW Bank, CGES will also partnership relationship between profit is significantly down on 2012 one of the largest transmission sysinvest in regular maintenance tem operators in Europe and one results, but according to CGES execuof transmission infrastructure of the smallest. Due to these differtive director Ivan Bulatović: "If we recall the conditions under which this ences in the sizes of the companies, result was achieved, here I’m primarily such cooperation faces many challenges ing organised markets can make a posithinking of all the problems caused by the that we, in my opinion, are overcoming tive contribution to the development of largest consumer of electricity in Montesuccessfully, taking into account all the our energy market. Simultaneously, the cultural and sociological differences in integration of national energy markets negro, due to unregulated work, we must the environments we come from. into a single European market is a rapidly certainly be satisfied."
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I think it’s very good for CGES to have a strong strategic partner like Terna, especially if we consider the project connecting the electric power systems of Montenegro and Italy via an undersea cable aimed at strengthening the Montenegrin transmission network. In addition to the joint commitments we have on the implementation of this project, this partnership is very important for CGES because we expect it to bring us additional value in terms of the development of the company and human resource, as well as in the application of modern European experience and practices.
this year and will invest another €20 million, which certainly represents significant resources. The Montenegrin part of the in-
EBRD and KfW. Preliminary work on the construction of TS Lastva has already begun, which certainly confirms the start of the biggest investments in the energy sector in Montenegro. When it comes to building a 400kV transmission line along the route Lastva-Čevo, here activities are also taking place at a satisfactory pace, the contractor is preparing project documentation, we have received a building permit and our teams are working intensively.
■ What will CGES allocate investments for this year? When it comes to building Apart from investments in infrastructure linked with the implementation a 400kV transmission line ■ How much progress has been along the route Lastva-Čevo, of the undersea cable, which is being financed via the loan agreements with made on the project to connect here activities are also taking the EBRD and KfW Bank, CGES will Montenegro with Italy via a seaplace at a satisfactory pace also invest in regular maintenance of bed cable and what does the start transmission infrastructure, as well as of construction of the substation the reconstruction and modernisation of in Lastva mean to that project? vestment is over €100 million, while the the existing network, increasing the avail- The project to install an undersea cable total investment is worth around a billion is at an advanced stage. CGES has already euros. As a reminder, funds for this proability of transmission capacity and coninvested over €10 million in this project ject have already been secured from banks structing new substations. ■
MONTENEGRO BUSINESS SECTOR 2014 | 51
INTERVIEW
ZORAN SEKULIĆ, EXECUTIVE DIRECTOR OF THE MONTENEGRIN AGENCY FOR ELECTRONIC COMMUNICATIONS AND POSTAL SERVICES
Connecting for
THE FUTURE
Considering the number of subscribers, level of competition, diversity of services and progressiveness of technology, we can say that mobile communication networks and services are the most developed segment of the electronic communications market
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he Agency for Electronic Communications and Postal Ser- with the technical rules stated in the agency’s acts. The prices of vices is an internationally respected regulatory body in the most services rendered in Montenegro are much lower than those electronic communications and postal services segment. in other regional countries, which was also confirmed in a report The Agency became operational on 8th March 2001 as an compiled by Brussels-based company Cullen International on beindependent regulatory body in the area of electronic communica- half of the European Commission. Montenegro is a specific market. tions and postal services. The agency’s main guiding principles this The biggest operators are either entirely or mostly owned by foreign year are ensuring a safe and predictable environment for operators, companies, while the users are fastidious. They demand and utilise creating conditions for the implementation and development of tech- the latest technology and services provided by operators. All of this would not be possible without good, timenology and services, as well as encouraging competition while preventing breachly regulation that is adhered to by both Montenegro’s transition development policymakers, i.e. the Mones in market competition rules, resolving from analogue to digital disputes between operators and improvtenegrin government, and regulators, i.e. terrestrial broadcasting the agency. Since the very beginning, the ing customer protection procedures. will be completed on 17th agency’s management has focused on “The results we have achieved are recontinuously training its staff. And our ally extraordinary,” says Zoran Sekulić, June 2015 entire staff, all 71 of them, are absolutely Executive Director of the Agency. “This is corroborated by numerous indicators. Sixty-three electronic com- dedicated to their work and have a very professional approach to all munications operators and eight postal services operators have been challenges faced by the agency, which has been, and remains, proof registered with the Operators’ Registry, which the agency runs. The that the agency has positioned itself as an independent regulator.” agency has also devised a system to control and monitor the radio frequency spectrum, which is the basis for rational and efficient use ■ Could you tell us something about the environment in the of radio frequencies by the users of this limited resource, all in line electronic communications sector in Montenegro?
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- The environment for doing business in Montenegro has been very favourable for quite some time now. Let me remind you that in 2007 M:Tel d.o.o., which is owned by Telekom Serbia, acquired all necessary approvals to build a network and start offering commercial services within about 70 working days, which was – and I think still is – the world’s fastest implementation of a network. The favourable business climate in the electronic communications sector, advanced regulation, competency in decision making, as well as efficient resolution of disputes between operators, are all prerequisites necessary for successful operations in Montenegro. If a company wants to engage in electronic communications, based on the Law on Electronic Communications, they can start doing so and provide public electronic communications services based on the application they file with the agency. The utilisation of electronic communications infrastructure and related equipment, along with the development of mechanisms and procedures in negotiating network access and interconnection, i.e. the agency’s activities in the event of disputes between operators, have really taken hold in Montenegro. The Law regulates other mechanisms which facilitate the work done by operators in Montenegro.
Since 2009 the agency has been conducting analyses of relevant markets and, taking into the account the results, setting requirements for the operators with significant market power. Most of these requirements relate to the obligations that operators have in terms of operator access and interconnection, i.e. in the wholesale segment. The existing regulatory measures have improved conditions for developing efficient and sustainable market competition, both through strengthening the position of existing alternative operators and through the arrival of new operators on the Montenegrin market. ■ Which of your future activities do you expect to be the most challenging? - Montenegro’s transition from analogue to digital terrestrial broadcasting will be completed on 17th June 2015. Completion of the broadcasting digitisation will free a total of 72 MHz of the spectrum with very good propagation characteristics, which will allow for the further development of mobile radio communications services. With this in mind, the agency has already carried out certain activities with the goal of achieving a maximum value for these radio frequency resources, which will enable further development and implementation of mobile broadband access networks. A public competition for allocation of these and other available frequency resources for the implementation of mobile communication system will be launched in 2015.
■ Do you think there is still sufficient room for new operators and at what level of development have electronic communication networks in the country attained? - The total revenue in 2013 generated by the provision of public electronic communications services and concessions for the use of electronic The agency has devised a communications networks, electronsystem to control and monitor ■ Last but not least, could you tell ic communications infrastructure us about the situation in the postal the radio frequency spectrum, services sector? and associated equipment amounted which is the basis for rational - Apart from the Montenegrin Post Ofto €236.4 million. Considering the number of subscribers, level of comfice, as the country’s universal postal and efficient use of radio services operator, there are seven petition, diversity of services and frequencies by the users of other operators providing postal serprogressiveness of technology, we this limited resource, all in can say that mobile communication vices in Montenegro. In 2013 postal line with the technical rules networks and services are the most services operators carried out a total developed segment of the electronic of 19,752,585 deliveries. The physical stated in the agency’s acts communications market in Montevolume of certain rendered postal sernegro. All three mobile communications networks operate in line vices shows that letter mail services and money transfer operations with the harmonised standards of the second and third genera- have had the biggest share in the overall activities of the Montenetion. Telenor and Montenegrin Telekom have implemented LTE grin Post Office. In terms of courier services, the Montenegrin Post technology which, in commercial terms, is considered a 4G mobile Office has the biggest share of 29.1%, followed by Kingscliffe Districommunication technology. Montenegro’s electronic communi- bution Montenegro – DHL with 28.2%, while the remaining share is cations infrastructure is well developed, which means that only distributed among six other operators. In package delivery services, the latest technology is used in the provision of electronic commu- City Express has a dominant position, with a share of 38.8%, folnication services. Thanks to this kind of infrastructure, subscrib- lowed by the Montenegrin Post Office, with 31.8%, while the rest of ers in Montenegro can use almost all electronic communication the market share is distributed among other operators. We expect services that exist in the rest of the world, which also satisfy all changes to be made in this sector, namely in the segment of uniof their needs. Bigger operators have migrated, or are currently versal postal services and with the arrival of new postal service opmigrating, their networks towards the All-IP environment, which erators. Moreover, growing e-commerce will have an impact on the means that voice and data transfer, along with the distribution of volume of postal services provided in Montenegro, especially after AVM content, can be carried out via a single IP network. the country joined the PayPal system. ■ MONTENEGRO BUSINESS SECTOR 2014 | 53
ANALYSIS
Everything Points to
PROGRESS
A small economy is a nimble one, and with a booming tourism sector and investor-friendly laws, Montenegro has fast become an attractive destination for businesses and wealthy individuals. It may be one of Europe’s newest independent states and among the smallest, but Montenegro punches above its weight – with the promise of more to come Words: PREDRAG DRECUN, economic analyst 54 | MONTENEGRO BUSINESS SECTOR 2014
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lmost every reputable economic expert and businessman agrees that Montenegro is one of the most attractive investment destinations in the region, and this is a stance that has nothing to do with patriotic bias. In the World Economic Forum’s (WEF) Global Enabling Trade Report 2014, Montenegro was ranked 49th in the list of 138 countries covered. Of the former Yugoslav republics, only Slovenia scores more highly than Montenegro. In 2012, Montenegro’s rank was 39th. Tourism, energy, agricultural production and services are areas where Montenegro has a huge comparative advantage over its regional competitors. And given Montenegro’s economy is relatively small, every important investment or growth in production results in an immediate and significant rise in national GDP. Equally, GDP falls dramatically whenever the opposite occurs, a characteristic of small systems. Mathemati-
cally speaking, a €300 million investment is equal to a 7% hike to 100,000 by 2020. in GDP, which is why it is vital that Montenegro uses the opTourism is considered an ‘invisible export’, but what Monteneportunities presented in the following period. Political stability, gro needs is more domestic producers participating in the tourism which is an important factor, will grow once Montenegro has sector. The process has begun, with an increasing number of caterbeen admitted to NATO and the EU. ers offering domestic products to foreign tourists. Product quality Montenegro is also one of the Adriatic region’s most appealing is certified by HACCP and KOD NATO. The possibilities for organic areas for property investors. Large-scale investments such as Porto food production are numerous. In 1895, Montenegro’s sheep popuMontenegro, a creation of Peter Munk, the Rothschild family and lation was 900,000; today it is half that number. This is mostly a a number of Russian tycoons, have put the country on the map for consequence of the deterioration of agriculture during the time of the international business community. The unspoiled Valdanos, socialism, but it also speaks volumes about the agricultural sector’s Buljarica, Jaz and the long beach in Ulcinj mean the existing touruntapped potential. Just 25-30% of the country’s hydro-potential is currently ism and real estate potential is even greater. being utilised, so huge investment opportunities remain. An unFive merchant and ferry ports (Bar, Herceg Novi, Tivat, Kotor and Zelenika) help to derground electricity cable make Montenegro an imporstretching from Montenegro to Italy will open access to tant economic location. With the southern Italian market, its big harbour, sea links to which is made attractive by its the rest of the world and good longstanding electricity defitransport network, the town of Bar is a particularly appealcit. Wind energy, small hydro power plants and solar energy ing location for logistics. And projects enjoy the support of based on existing trade agreemultilateral international fiments with the EU and Russia, as well as membership in nancial organisations, adding the EFTA and the CEFTA free to Montenegro’s substantial trade associations, Montenepotential, particularly when it comes to the construction gro has access to a market of small hydro power plants. of 650 million consumers. The coal mines of Maoče, PetFollowing its independence Good IT infrastructure, in 2006, Montenegro joined njik and Polica, meanwhile, international institutions have enough coal to sustain favourable taxation and equal such as the World Bank and another 50 years of electricity treatment for foreign and domestic WTO, and today is an EU production. investors help to boost Montenegro’s candidate and the only nonEco-tourism, adventure status as an investment destination. EU country to use the euro as tourism, the possibility of both its national currency. swimming in the sea and skiVAT is among the lowest in Europe, Montenegrin tourism’s ing down a mountain in a while the 9% tax on profits is the contracted investments cursingle day, beautiful river canlowest in the region rently stand between €2.5 yons and stunning mountain billion and €3.5 billion, aclakes also feature among Moncording to National Tourist Organisation director Saša Radović, tenegro’s tourism opportunities. The state has been working hard who adds that, in terms of tourism investments per capita, Monto promote these areas, with the Wild Beauty campaign yielding positive results. tenegro is the leader in Europe. It is also leading the way when Construction of the Montenegro-Serbia motorway is the it comes to the speed of tourism development, according to the most important long-term investment, though. For MonteneWorld Tourism Organization. The country has several ongoing large-scale projects, such as gro, the Bar-Belgrade motorway will be the country’s link to phases two and three in the construction of the Porto Montenegro western Europe, given Belgrade’s own connection with Budaand Porto Novi projects respectively, as well as the construction of pest via motorway. One&Only, an exclusive resort being built at the site of Kumbor’s Meanwhile, good IT infrastructure, favourable taxation and former army barracks. A dozen small four-star hotels will have equal treatment for foreign and domestic investors all help to boost been finished by the end of 2014. Another resort is to be built at Montenegro’s status as an investment destination. VAT is among Queen’s Beach between Bar and Budva, which represents the bigthe lowest in Europe, while the 9% tax on profits is the lowest in the wider region with the exception of offshore destinations. When gest project by Luštica Development on the Luštica peninsula, entaking into account all of the factors an investor is likely to consider tailing the construction of a brand-new tourist complex featuring when making an investment decision, Montenegro announces iteight four- and five-star hotels. The current capacity of Montenegro’s hotels is 40,000 beds, but the goal is to increase that number self as one of the world’s top investment destinations. ■ 56 | MONTENEGRO BUSINESS SECTOR 2014
ALUMIL MONTENEGRO D.O.O Igor Globarević Mahala b.b., Podgorica Montenegro Tel: +382 20 872 104 alumil.cg@t-com.me www.alumil.com
MONTENEGRO
Photo: Radoje Burzan
Facts & FIGURES
M
ontenegro (Black Mountain) is beautiful tiny country of Southeast Europe and a Central Mediterranean country of rich natural, architectural and cultural heritage. Montenegro features diversity of stunning landscapes, climates and the well preserved natural environment of “black” mountains, awesome canyons, the blue Adriatic Sea and green blossoming meadows and idyllic lakes. Montenegro is a country where
the mountains descend almost directly into the sea, creating a surreal atmosphere. It has a wonderful coast on the Adriatic Sea and borders Croatia to the west, Bosnia-Herzegovina to the northwest, Serbia to the northeast and Albania to the southeast. Th total surface area of Montenegro is 13,812 km2, while its 293km coast comprises 117 beaches. It includes Boka Kotorska Bay, one of the ten most beautiful bays in the world, which is also the most southerly fyord in Europe.
LOCATION: Southeast Europe BORDERED BY: Croatia, Bosnia-Herzegovina, Serbia, Kosovo, Al-
tinental and mountain. Montenegro's coastal areas enjoy the Mediterranean climate, with dry summers and mild, rainy winters; LAKES: There are 40 lakes in Montenegro and 8% of the territory is comprised of forests, natural pasturelands and meadows. Lake Scadar is the largest lake on the Balkan Peninsula NATIONALITY: Montenegrin POPULATION: (2013 est): 653,474 CAPITAL: Podgorica LARGEST CITY: Podgorica (180,000) ETHNIC GROUPS: Montenegrin, Serbian, Bosniak, Albanian RELIGIONS: Orthodox, Muslim, Catholic LANGUAGES: Montenegrin (official) INDEPENDENCE:FromtheStateUnionofSerbiaandMontenegro-3rd June, 2006; Admitted as a member of the UN by General Assembly Resolution 60/264 of 28th June, 2006. PRESENT CONSTITUTION: Adopted 19th October, 2007 FLAG OF MONTENEGRO: Red field bordered by a narrow goldenyellow stripe with the Montenegrin coat of arms centred NATIONAL HOLIDAY: National Day, 13th July (1878)
bania AREA: 13,812 sq km COASTLINE: 293 km (117 beaches) HIGHEST POINT: Bobotov Kuk; 2,522m LOWEST POINT: Adriatic Sea; sea level CLIMATE: Extremely diverse, with three climate zones: coastal, con-
SLANSKO LAKE NEAR NIKSIC,
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ECONOMY NATURAL RESOURCES: bauxite, hydropower, coal, wood, agri-
FILIP VUJANOVIĆ, PRESIDENT OF MONTENEGRO
PRESIDENT OF MONTENEGRO: Filip Vujanović (since 6th April, 2008) GOVERNMENT
Semi-presidential system, Parliamentary republic, Republic GOVERNMENT OFFICIALS: Milo Đukanović, Prime Minister Igor Lukšić, Deputy Prime Minister and Minister of Foreign Affairs and European Integration Duško Marković, Deputy Prime Minister and Justice Minister Vujica Lazović, Deputy Prime Minister and Minister for Information Society and Telecommunications Rafet Husović, Deputy Prime Minister Žarko Šturanović, Secretary-General of the Government Raško Konjević, Minister of the Interior Milica Pejanović-Đurišić, Defence Minister Radoje Žugić, Minister of Finance Slavoljub Stijepović, Minister of Education and Sports Branislav Mićunović, Minister of Culture Vladimir Kavarić, Minister of Economy Ivan Brajović, Minister of Transport Petar Ivanović, Minister of Agriculture and Rural Development Branimir Gvozdenović, Minister of Sustainable Development and Tourism Miodrag Radunović, Minister of Health Suad Numanović, Minister of Human and Minority Rights Predrag Bošković, Minister of Labour and Social Welfare Sanja Vlahović, Minister of Science Marija Vučinović, Minister without Portfolio LEGISLATIVE FRAMEWORK: Civil law system. The Parliament is the supreme legislator JUDICIARY CONSTITUTIONAL COURT: Supreme Court LOCAL ADMINISTRATION: 21 municipalities CURRENCY: Euro PER CAPITA INCOME: $11,700
culture, tourism INDUSTRIES: tourism, steelmaking, aluminium, agricultural processing, consumer goods... AGRICULTURAL PRODUCTS: tobacco, potatoes, citrus fruits, olives, grapes; sheep EXPORT COMMODITIES: Raw aluminium (41%), scrap iron (4.0%), wine (3.8%), other steel bars (3.5%), and sawn wood (3.0%)… IMPORT COMMODITIES: Refined petroleum (9.3%), cars (3.9%), packaged medicines (2.4%), raw aluminium (2.3%), pork meat (2.2%)… BUSINESS CLIMATE In the past few years Montenegro has shown strong commitment to establishing a modern market economy and entering European markets. Substantial reforms have been initiated, particularly in terms of creating a business-friendly environment. These include legal and economic reforms in all areas, aimed at ensuring legal security and harmonisation with EU legislation and economic policies. FOREIGN INVESTMENTS Montenegro guarantees national treatment for foreign-owned companies, meaning that foreign companies and local companies receive equal legal treatment. Foreign investors may operate either as legal entities or as individuals. Foreign investors are allowed to invest in any industry and freely transfer all financial and other assets, including profits and dividends. • Foreign investments may take the following forms: • Establishing a new company (either single-handedly or with other investors) • Investing in existing companies • Establishing a branch of a foreign company • Buying a company PRIVATISATION The privatisation process is described as one of the most successful of all transition countries. The main body in charge of the privatisation process is the Ministry of Economy through its Privatisation Council. Source pwc DOING BUSINESS 2014: Rank 44 AVERAGE MONTHLY EARNINGS (GROSS): €726 (May 2014) DEALING WITH CONSTRUCTION PERMITS: Montenegro made dealing with construction permits easier by introducing a onestop shop and imposing strict time limits for the issuance of approvals. REGISTERING PROPERTY: Montenegro made registering property easier by introducing a notary system.
15/10/2007 Montenegro signs the EU Stabilisation and Association Agreement. 15/12/2008 Formal application for EU membership is submitted. 12/04/2010 Montenegro submits answers to the European Commission's Questionnaire. 09/11/2010 The European Commission replies to the answers of the Questionnaire with a positive opinion (Avis). 17/12/2010 Montenegro receives official EU Membership Candidate status. 12/10/2011 The European Commission recommends the commencement of accession negotiations. 26/03/2012 Screening starts. 26/06/2012 The European Council sets a target date of 29th June for the beginning of accession negotiations. 29/06/2012 Accession negotiations begin with the screening process. 15/04/2013 The first accession conference is held in Brussels. 27/06/2013 Screening is completed. 18/12/2013 Five chapters are opened. 31/03/2014 Two chapters are opened.
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TOURISM
The Pearl of the
MEDITERRANEAN Montenegro, the pearl of the Mediterranean, is unique in many ways. Nowhere else can you find so much natural wealth, beauty, mild beaches, clear lakes, fast rivers and gorgeous mountains in such a compact area as in Montenegro RIVER TARA
In the morning you can wake up along the beautiful Adriatic coast, have lunch on the banks of Skadar Lake, and enjoy an evening walk in the Montenegrin mountains. Montenegro cannot leave you indifferent. Not only an excellent choice for holidays, Montenegro has many other remarkable characteristics: history, culture, tradition, good weather conditions, clean air, beautiful nature, the blue Adriatic Sea.... This country combines features of both the Balkans and the Mediterranean. Despite its small size, Montenegro offers great diversity and abundant natural beauty. RIVER TARA The Tara Canyon, the deepest river canyon in Europe and second only to the Grand Canyon worldwide, offers adventures from mild to wild for individuals and groups. The canyon is 93km long and its bottom reaches a depth of 1,300m in some places. High-spirited, wild, pure - this is the River Tara, a mighty flood made by snow and rain. The canyon attracts tourists seeking adventure and thrilling and direct contact with nature. NATIONAL PARK SKADAR LAKE National Park Skadar Lake is one of five national parks in Montenegro and the biggest lake in the Balkans. Due to its geographic position and sub-Mediterranean climate, it is one of the most important habitats for swamp birds in Europe, right after the River Danube delta. The southern hinterland of the lake (Crmnica) is famous for the best wine in Montenegro. Together with the lake carp, this will satisfy even the most demanding lovers of good food and drink. 60 | MONTENEGRO BUSINESS SECTOR 2014
LAKE SKADAR
BOKA KOTORSKA BAY
PORTO MONTENEGRO
BOKA KOTORSKA BAY The Bay of Boka Kotorska is the southernmost fjord in Europe! It is naturally divided into four smaller parts - Herceg Novi Bay, Risan Bay, Kotor Bay and Tivat Bay. Kotor has one of the best preserved medieval old towns in the Adriatic and is a UNESCO world heritage site. No matter whether you enter Boka by land or sea, your experience will be the same - Boka will fascinate you! CANYON NEVIDIO Canyon Nevidio is where the mountains of Durmitor and Vojnik crashed into each other millions of years ago. The River Komarnica cut this canyon deep into the severe rock long ago. This is the last conquered canyon in Europe. Its cliffs are so close to each other that at some points they prevent the light from getting in.
CANYON NEVIDIO
PORTO MONTENEGRO Porto Montenegro is a luxury yacht marina and adjacent waterfront development under construction in Tivat, Montenegro. Porto Montenegro is being built on the site of a former AustroHungarian naval arsenal known as the Naval-Repair Institute in Tivat, founded in 1889 in the sheltered Boka Bay, which is under the protection of UNESCO and is the deepest natural harbour on the Mediterranean. The total project includes construction of 630 berths for yachts of all sizes, of which 130 will be for yachts of a length exceeding 30 metres. BUDVA
BUDVA Budva is a coastal town in Montenegro and the coastal area around the town, called the Budvanska Riviera, is the centre of Montenegrin tourism and is well known for its sandy beaches, diverse nightlife and examples of Mediterranean architecture. Budva is 3,500 years old, which makes it one of the oldest settlements on the Adriatic coast. MONTENEGRO BUSINESS SECTOR 2014 | 61
ADA BOJANA
CRNO JEZERO
ADA BOJANA Ada Bojana is a famous tourist jewel of Montenegro, with a beautiful sandy beach and specific landscape, skilfully hidden from curious eyes and surrounded by the beautiful River Bojana on two sides and the cleanest sea water ever on the third side. The River Bojana is the only one in the world that flows both downstream and upstream. The most valuable resource of the Ulcinj Riviera is Velika plaža (Long Beach), which is a 13 km long strip of sandy beach - the longest on the Montenegrin coastline.
CRNO JEZERO (BLACK LAKE), DURMITOR MOUNTAIN At 1,442 metres above sea level, just two and a half kilometres from the centre of Žabljak, is Crno jezero (Black Lake). It was named “black” because of the reflection of tall coniferous trees in the lake. The lake actually consists of two lakes, Veliko (Large) and Malo (Small), connected by a narrow isthmus. It is 1,155m long and 810m wide and the large lake has a maximum depth of 26m, while the small lake is twice as deep, around 50m! In winter the lake is covered by a layer of ice for a long time. UNESCO has declared Durmitor National Park a "world heritage of mankind" within the Biosphere Resource Network, an important acknowledgement which attests to its natural, scientific, cultural and landscape values. PODGORICA Besides being the country’s capital, Podgorica is also the country's largest city, with a population of around 150,000. The city is situated in central Montenegro, in the scarce Montenegrin lowlands between Dinaric Alps and Lake Scutari. Despite being among the hottest city’s in Europe, Podgorica is rich in greenery. Up to one thousand two hundred different floral species find their habitat here. As such, it is recommended to visit the city in the company of a close person and share the joy of a fresh morning next to the River Ribnica or bathing under the moon in the River Morača.
GOSPA OD ŠKRPJELA
PERAST AND GOSPA OD ŠKRPJELA Gospa od Škrpjela Church was built in 1630 on an artificially formed islet in front of Perast in Boka Kotorska Bay. According to legend, after a shipwreck fishermen from Perast found the icon of the Virgin Mary with Christ on the sea cliff and vowed to build a church on that spot, dedicated to this icon, the patron of seamen and fishermen. 62 | MONTENEGRO BUSINESS SECTOR 2014
PODGORICA
LOVĆEN MAUSOLEUM Lovćen Mausoleum is situated in Lovćen National Park. On clear mornings you can see Italy from here. At the summit of this mountain is the Mausoleum of Petar Petrović Njegoš, the great Montenegrin poet, philosopher and ruler. LOVĆEN
CETINJE
CETINJE Cetinje is Montenegro’s main cultural centre. The Cetinje Monastery keeps the relicts of the Right Hand of St. John the Baptist (the hand that baptized Jesus Christ) and particles of the Holy Cross (the cross on which Jesus Christ was crucified). Also, the icon of Our Lady of Philermos is kept in the Blue Chapel in the building of the Government House. These items are among the most famous Christian relics. SVETI STEFAN Sveti Stefan is an island of unusual appearance surrounded by high stone walls. It carries the title of the most beautiful building on the Montenegrin coast for good reason. Sveti Stefan is a luxury resort as well as a beautiful restoration project on the coast of Montenegro, which incorporates the historic island of Sveti Stefan attached to the coast by a narrow causeway.
OSTROG MONASTERY Less than two hours from the sea, high in the rocky mountain range, often obscured by clouds and mist, is perched Ostrog Monastery - the most famous pilgrim site in Montenegro. It was built in the 17th century by Metropolitan Bishop Vasilije from Herzegovina, who lies buried in the monastery’s grounds and has been proclaimed a miracle working saint. It is one of three most visited Christian destinations on the planet, with its cave-like chapel and monastery complex preserving the sanctity of Saint Basil, the Orthodox Christian Saint of Miracles.
SVETI STEFAN
OSTROG
National Tourist Organisation of Montenegro Bulevar Svetog Petra Cetinjskog 13; 81000 Podgorica, Montenegro Tel.: +382 (0) 77 100 001; Fax: +382 (0) 77 100 009 E-mail: info@montenegro.travel • www. montenegro.travel MONTENEGRO BUSINESS SECTOR 2014 | 63
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www.cordmagazine.com MONTENEGRO BUSINESS SECTOR 2014 | 65
COMPANY REGISTER
8. marta 55, Podgorica 13. JUL PLANTAŽE Montenegro Verica Maraš Put Radomira Ivanovića 2, Tel: +382 20 662 640 e-mail: uprava@albona.me Podgorica www.albona.me Montenegro ALFA - TRADE DOO Tel: +382 20 658 024 Radenko Jovanović Fax: +382 20 658 027 verica.maras@plantaze.com Dušana Tomovića bb, Mojkovac www.plantaze.com Montenegro 8. MARTA Tel: +382 50 472 968 Jovan Raičević Jovana Tomaševića 32, Bar Fax: +382 50 470 124 alfatrade@t-com.me Montenegro ALFA SOUND Tel: +382 30 313 326 Miloš Kalinić Fax: +382 30 314 720 e-mail: 8mart@t-com.me, Sarajevska 2, Igalo Montenegro raicevic.radomir@yahoo. Tel: +382 31 331 153 com Mob.tel: +382 69 345 926 ADRIATIC MARINAS www.slusni-aparati.me D.O.O./PORTO MONTEALKOM - TRADE D.O.O. NEGRO Aleksandar Pejović Danilo Kalezić, Matthew Serdara Šćepana bb, Nikšić Morley Montenegro 85320 Tivat ALLIANCE D.O.O. Montenegro Ratko Pavićević +382 32 660 700 Cetinjski put bb Fax: +382 32 674 656 press@portomontenegro. Podgorica Montenegro com tel. +382 20 892 040 www.portomontenegro. fax: +382 20 892 050 com AERODROMI CRNE GORE alliance@renault.me Milovan Djuričković, Gorica www.renault.me ALPET Raičević Mehmed Djombalaj Aerodrom Podgorica, Brezojevice bb, Plav Podgorica Montenegro Montenegro Tel: +382 51 255 220 Tel: +382 20 444 244 Fax: +382 51 255 221 Fax: +382 20 444 221 e-mail: alpet@t-com.me e-mail: info@apm.co.me www.montenegroairports. ALTER MODUS Luka Đurović com AGENCIJA ZA ELEKTRON- Beogradska 37, Podgorica Montenegro SKE KOMUNIKACIJE I POSTANSKU DJELATNOST Tel: +382 20 655 240 Fax: +382 20 655 260 Zoran Sekulić info@altermodus.me Šaleta Đurović www.altermodus.me Bul. Džordža Vašingtona ALUMIL MONTENEGRO kula C, I/56, Podgorica D.O.O Montenegro Igor Globarević Tel: Tel: +382 20 406 700 Mahala b.b., Podgorica Fax: +382 20 406 702 Montenegro ekip@ekip.me Tel: +382 20 872 104 www.ekip.me alumil.cg@t-com.me AGENCIJA ZA NADZOR www.alumil.com OSIGURANJA AMAN SVETI STEFAN mr Biljana Pantović, 85315 Sveti Stefan Ivana Šaranović Jovićević Moskovska bb, Podgorica Montenegro Tel: +382 33 420 000 Montenegro Fax: +382 33 420 222 Tel: +382 20 513 501 amansvetistefan@amanreFax: +382 20 513 502 e-mail: agencija@ano.co.me sorts.com www.ano.me www.amanresorts.com AGROMARKET CG D.O.O AMAR COMPANY Miodrag Bogdanović Samir Kalač Mahala bb, Podgorica Koljeno bb, Rožaje Montenegro Montenegro Tel: +382 20 872 165 Tel: +382 51 274 105 Mob: +382 69 300 844 Fax: +382 51 274 105 bogdanovic.m@agroe-mail: amarcompany@tcom.me market.rs ANSASTRADE D.O.O www.agromarket. Andrija GošovićZlatica bb, rssrb/5/33/Kontakt/AgroPodgorica market-Crna-Gora Montenegro Mob: +382 69 021 504 AKRILPLAST D.O.O ARAGANA Milorad Lukovac Hamza Đenčić 8. marta 55, Podgorica Tomba bb,Stari Bar, Bar Montenegro Montenegro Tel:+382 20 663 045 Tel: +382 30 340 055 Fax: +382 20 663 046 Fax: +382 30 340 057 akrilplast@t-com.me e-mail: aragana@t-com.me AKTIVA INTEGRA www.aragana-art.com Žarko Ðuranović, ARCO - IRIS Mladen Kuzman Bul. Džordža Vašingtona bb, Igor Begović, Sanja Čukić Podgorica Bul. Sv. Petra Cetinjskog 1a, Montenegro Podgorica Tel: +382 20 22 80 10 Montenegro Fax: +382 20 22 80 11 Tel: +382 67 609 444 e-mail: aktiva@t-com.me e-mail: polarstar@polarstar. www.aktiva.co.me me ALBONA www.polarstar.me Miroslav Marinković, ARSO MILIĆ D.O.O DAVIT ARUTYUNYAN
Željko Milić Branka Radičevića 12, Podgorica Montenegro Tel: +382 20 628 412,627 500 arsomilic@t-com.me ART BETON CO Danko Jevrić Jelena Jevrić Partizanski put bb, Podgorica Montenegro Tel: +382 20 281 145 Fax: +382 20 281 157 e-mail: artbet@t-com.me www.artbeton.co.me ATLAS BANKA Mihailo Banjević Đorđe Đurđić Vaka Đurovića bb, Podgorica Montenegro Tel: +382 20 407 200 Fax: +382 20 665 451 e-mail: info@atlasbanka. com www.atlasbanka.com ATLAS CAPITAL CENTARCAPITAL REAL ESTATE D.O.O. Aleksandra Golubović ul. SKOJ-a 57, Podgorica Montenegro Tel: + 382 20 409 822 Fax: +382 20 409 808 office@c21cre.me www.atlascentar.com ATLAS FONDACIJA Duško Knežević Meliha Ramusović Stanka Dragojevića 4, Podgorica Montenegro Tel: +382 20 406 172 Fax: +382 20 406 150 info@atlasfoundation.me www.atlasfondacija.me ATLAS HOTELS GROUP Svetlana Đakonović Mihailo Banjević Jovana Tomaševića 59, Bar Montenegro Tel: +382 30 300 100 Fax: +382 30 312 510 e-mail: reservations@ atlashotelsgroup.com www.hotelprincess.me ATLAS LIFE Slobodan Manojlovic Darko Čabarkapa Stanka Dragojevića 4, Podgorica Montenegro Tel: +382 20 40 61 12 Fax: +382 20 40 61 56 e-mail: info@atlaslife.net www.atlaslife.me AUREL HOTEL Bul. Josipa Broza Tita bb,Podgorica Montenegro Tel: +382 78 11 33 33 Fax: +382 78 11 33 34 info@hotel-aurel.com www.hotel-aurel.com AUTO ČAČAK-PODGORICA Željko Rajković Milenko Kostic Cijevna bb, Podgorica Montenegro Tel:+382 69 04 04 03,069 04 04 06 zeljko.rajkovic@skoda. co.me www.skoda-auto.me AUTOBOKA Veselin Salamadija Miloš Kaluđerović Put prvoborca bb, Autobuska stanica, Kotor Montenegro Tel: +382 82 322 111 Fax: +382 82 325 126 e-mail: autoboka@tcom.me
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Tel: +382 20 235 599 e-mail: office@celebic.com Ranko Jovović www.autoboka.com com Fax:+382 77 272 040 www.celebic.com Glibavac bb, Nikšić AVALA RESORT & VILLAS BOJ - COMMERCE email: office@bullandbear. Montenegro ČIKOM Zoran Bećirović Dragan Bojović me Nenad Vraneš Tel: +382 83 218 746 Budva Branka Deletića bb, www.bullandbear.me Dalmatinska 78, Podgorica Faks: +382 83 218 746 Montenegro Andrijevica CARINE D.O.O Montenegro comp-comerc@cg.me Tel: +382 33 441 339 Montenegro Čedomir Popović Tel: +382 20 218 181 COMTRADE - IT SOLUMob: +382 69 369 115 Tel: +382 51 243 918 Ulica Slobode br.43, Fax: +382 20 218 182 dosm@avalaresort.com Fax: +382 51 243 423 TIONS AND SERVICES Podgorica e-mail: prodaja@cikom.com www.avalaresort.comavala/ e-mail: bojutma@sezamHaris Čečo Montenegro www.cikom.com BAR-KOD Serdara Jola Piletića 28, pro.rs Tel: +382 20 402 400 DAIDO METAL Ilhan Čičić Podgorica BONESA Fax: +382 20 402 403 CHIKARA KAWAHARA Jelene Savojske 15, Montenegro Nedeljko Čović carine@t-com.me NICOLA JANE GREEN Podgorica Tel: +382 20 212 335 Tržni centar bb, Bar CASTELLO MONTENEGRO Fax: +382 20 212 340 Industrijska zona bb, Kotor Montenegro Montenegro Dušan Milović Montenegro Tel: +382 20 260 730 e-mail: snezana.calasan@ Tel: +382 85 313 193 Radosavac bb, Pljevlja Tel: +382 32 331 513 Fax: +382 20 260 884 comtrade.com Fax: +382 85 346 250 e-mail: aleksandar.zivkovic@ e-mail: bar-kod@t-com.me e-mail: bonesa@t-com.me Montenegro www.comtrade.com daidokotor.com www.bar-kod.com CRNAGORACOOP NB www.hranaipice.net/bonesa Tel: +382 52 300 078 Fax: +382 52 300 076 www.daidokotor.com BARSKA PLOVIDBA Nedeljko Babić BOOSTER e-mail: castellomont@tDATALINK Dragana Mašanović Landža bb, Danilovgrad Aleksandar Božović com.me Predrag Janković Obala 13. jula bb, Bar Montenegro Aleksandar Minić 27. marta b.b. G7, Podgorica Montenegro Dvorište bb, Budoš, Nikšic CENTRALNA BANKA CRNE Tel: +382 20 812 8287 GORE Montenegro Tel: + 382 30 303 469 Fax: +382 20 812 287 Montenegro Milojica Dakić, Guverner Tel: +382 20 643 510 Fax: + 382 30 312 366 e-mail: crnagoracoop@tTel: +382 40 232 123 Bojana Šupeljak Fax: +382 20 643 511 e-mail: online@barplov.com Fax: +382 40 212 485 com.me e-mail: datalink@t-com.me www.montenegrolines.net/ e-mail: booster@t-com.me Bul. Svetog Petra Cetinjskog www.crnagoracoop.com 6, Podgorica www.datalink.me BAST DOO CRNAGORAPUT BORDID D.O.O Montenegro DEC CORPORATION Staniša Bakrač Željko Leković Dušan Boričić Tel: +382 20 664 140 Podgorički put bb, Nikšić Zetskih vladara 5, Podgorica (PEPSICO) Danilovgradska 9, e-mail: bojana.supeljak@ Nenad Terzić Montenegro Montenegro Podgorica cbcg.me Beogradska 22, Podgorica Tel: +382 40 212 881 Tel: +382 20 448 300 Montenegro www.cb-mn.org/ Montenegro Fax: +382 40 212 882 Fax: +382 20 448 333 Tel: +382 20 270 748 CENTRALNA DEPOZIwww.bastcg.com e-mail: office@crnagoraput. Tel: +382 20 881 028 Fax: +382 20 270 672 pepsi@t-com.me BELLA VISTA HOTEL me E mail: bordid@t-com.me TARNA AGENCIJA DELTA GENERALI OSIGUMarina Bečića b.b, Bečići www.crnagoraput.me BOY ELECTRONIC DOO Vladimir Kašćelan Montenegro CRNOGORSKA KOMERCI- RANJE AD Slobodan Bojović Novaka Miloševa 29, Tel: +382 33 471-377 Bracana Bracanovića 58, Podgorica Dejan Bajić JALNA BANKA Fax: +382 33 471-320 Podgorica Montenegro Szabolcs HorvatMoskovska Kralja Nikole 27/VI, VI sprat, E-mail: bellavista@tMontenegro Tel: +382 20 230 056 Podgorica bb, Podgorica com.me Tel: +382 20 648 612 Fax: +382 20 230 053 Montenegro Tel: +382 19894 www.bellavista.me Mob: +382 69 063 030 e-mail: cda@t-com.mewww. e-mail: info@ckb.me Tel: +382 20 444 800 BEMAX bojovic@t-com.me cda.me Fax: +382 20 444 810 www.ckb.me Veselin Kovačević www.boyelectronic.co.me CENTROJADRAN CRNOGORSKA PLOVIDBA kontakt@deltagenerali.me Moskovska 2/b, Podgorica BOŽUR Darije PajkovićJNA 4, Bar deltagenerali.me Slobodan Starović Montenegro Radivoje Kovačević Montenegro DELTA M CG D.O.O Škaljari bb, ( P.O. Box 90), Tel: +382 20 265 346 Mitra Bakića 14, Podgorica Tel: +382 30 346 341 Zorica M.Pavićević Kotor e-mail: vesko.kovacevic@ Montenegro Fax: +382 30 346 345 Cetinjski put bb, Podgorica Montenegro bemaxcg.me Tel: +382 20 633 807 e-mail: centrojadran@tMontenegro Tel: +382 32 304 165 BEPPLER & JACOBSON Fax: +382 20 622 295 com.me Tel: +382 20 410 803 Fax: +382 32 304 167 MONTENEGRO DOO e-mail: busbozur@tcentrojadran.me zmpavicevic@deltacity.me e-mail: info@crnogorskaZoran Bećirović com.me CENTROMOBIL www.deltacity.me plovidba.com Mediteranska 2 P.F.44, www.bozur.net/ Olga Bulatović www.crnogorskaplovidba. DELTA SITY PODGORICA Budva BRAVERA D.O.O. Industrijska bb, Bijelo Polje com Cetinjski put bb, Podgorica Montenegro Vladimir Veličković Montenegro Montenegro CRNOGORSKI ELEKTOTel: +382 33 441 560 Resnik bb, Podgorica Tel: +382 50 478 339 Info tel: +382 68 878 637 PRENOSNI SISTEM Fax: + 382 33 441 567 Montenegro Fax: +382 50 478 341 deltacity.pg@gmail.com Dragan Laketić sekretarica@avalaresort. Tel: +382 20 633 001 e-mail: centromobil@tBulevar Sv.Petra Cetinjskog www.deltacity.me com E-mail: bravera@t-com.me; com.me DELTA SPORT MONTE18, Podgorica www.avalaresort.com sportvision@t-com.me CG BROKER – DILER Montenegro NEGRO www.biancaresort.com www.bravera.me Aco Aleksić Tel: +382 20 407 605 Mihailo Kažić BIANCA RESORT & SPA BREZNA Novaka Miloševa 12/2, e-mail: olgica.ivanovic@ Cetinjski put bb, Podgorica HOTEL Radovan Aleksić Podgorica cges.me Montenegro Zoran Bećirović Donja Brezna, Plužine Montenegro www.cges.me Tel: +382 20 410 213 Kolašin Montenegro Tel: +382 20 230 490 CRNOGORSKI TELEKOM nebojsa.kontic@deltasport. Montenegro Tel: +382 40 738 004 Fax: +382 20 230 497 Rüdiger J. Schulz, com Tel: + 382 20 863 077 Fax: +382 40 212 881 e-mail: cgbroker@t-com.me Vladimir Beratović www.deltasport.com Fax:+ 382 20 863 159 e-mail: bast@t-com.me CHIP Moskovska 29, Podgorica DELTA DMD sales@biancaresort.com www.bastcg.com Radovan Lalević Montenegro Zoran Milašević www.biancaresort.com BROADBAND MONTEMiladina Popovica 193, Tel: +382 20 433 433 Donja Gorica bb, Podgorica SKUPŠTINA OPŠTINE Podgorica Fax: +382 20 225 752 Tel: +382 20 891 393,891 NEGRO BIJELO POLJE Montenegro www.telekom.me 394 Predrag Jovanović Džemal Ljušković, predsjed- Bul. revolucije 66, Podgorica Tel: +382 20 669 123, +381 CT COMPUTERS ME DOO Fax:+382 20 89 11 71 20 669 223 Sveto Batljan office@dmddelta.com Montenegro nik Skupštine Fax: +381 20 669 223 Dalmatinska 130 D, www.deltadmd.rs Tel: +382 20 247 458 Slobode bb, Bijelo Polje e-mail: chip@t-com.me Podgorica DENI TRADE DOO Fax: +382 20 247 459 Montenegro www.chipcomp.com Montenegro Nikola Purović e-mail: pjovanovic@ Tel: +382 50 432 270 CIJEVNA KOMERC Tel: +382 20 212 335, Rudarska bb, Nikšić bbm.me Fax: +382 50 478 512 Danilo Petrović 212 340 Montenegro www.bbm.me skupstina@bijelopolje. Ulica Crnogorskih serdara Fax: +382 20 264 077 Mob: +382 68 306 734 BUDUĆNOST D.O.O co.me b.b., Podgorica email: servis@ctcomputddjelatnosti@t-com.me Edin Ramdedović www.skupstinabp.me Montenegro DIGIT MONTENEGRO Rudeš 1, Berane BLUE LINE ers.me Tel: +382 20 622 216 Dusko Petrovic Montenegro Ivan Lučić www.comtrade.com Fax: +382 20 621 313 8.marta lamela 105, Tel: +382 51 231 998 Boško Lučić CVILIN-POPOVIĆ D.O.O. e-mail: office@cijevnaPodgorica Trebinjska 48, Herceg Novi budim@t-com.me Željko Popović Tel: +382 20 662 616 BULATOVIĆ TRGOPOLJE - komerc.com Montenegro Franca Rozmana bb, e-mail: dusko.petrovic@ BLT D.O.O. Tel: +382 31 335 100 www.cijevna-komerc.com Podgorica digit.me Božo Bulatović7 marta bb, CODEX D.O.O Fax: +382 31 336 003 Montenegro www.digit.me Podgorica e-mail: office@bluelineMob: +382 69 073 438 Vesna Rečević DINAMIKCOM D.O.O Montenegro mne.com popovic.vesko88@gmail. Ul. Bratstva jedinstva bb Dragiša Gošović Tel: +382 81 687062 BLUE STAR HOTEL com Blok 7,Stan 1, Podgorica Nikole Tesle bb, Podgorica blt.podgorica@gmail.com Montenegro Mainski put bb ,Budva ČELEBIĆ Montenegro BULL AND BEAR AD Montenegro Tomislav Čelebić Tel: +382 20 655 413, Pavle Gegaj Tel: +382 33 423 100 Kralja Nikole 27, Podgorica Tel: +382 20 272 077 602 075 dinamikcomdoo@t-com.me Marka Miljanova 46/14, reservations@monteneMontenegro Fax: +382 20 602 076 DIT "D U G A" D.O.O. Podgorica Tel: +382 20 444 400 codexpg@t-com.me grostars.com Petar Milić Montenegro Fax: +382 20 444 402 COMP - COMERC D.O.O www.montenegrostars.
Tel: +382 40 271 900 EMI COM Kočanska 1, Nikšic e-mail: fep-prodaja@tBranislav Brajović Montenegro I Proleterske 78, Podgorica com.me Tel: +382 40 256 467 www.fep.co.me Montenegro e-mail: duga1@t-com.me FABRIKA SOKOVA Tel: +382 20 611 488 DODING PIRELLA Fax: +382 20 611 360 Branko Pejović Slavko Petričević e-mail: emi@t-com.me Majevačka 18, Podgorica Novo Selo, Danilovgrad ENERGOGAS Montenegro Montenegro Zoran Gogić, Tel: +382 20 262 277 Tel: +382 20 883 350 Slobodan Mladenović Fax: +382 20 262 288 e-mail: pirella@t-com.me e-mail: doding@t-com.me Dajbabe bb, Podgorica www.pirellajuices.com Montenegro www.doding.co.me FABRIKA VODE LIPOVO DOMAĆA TRGOVINA DOO Tel: +382 20 644 333 e-mail: zoran@energogas. Goran Rakočević Ivan Šćepanović Nebojša Šorvan net Josipa Broza Tita 23a, Trg boraca bb, Kolašin www.energogas.net Podgorica EPSTURS DOO BEOGRAD- Montenegro Tel: +382 20 440 800 Tel: +382 20 867 571 TC BUDVA DOMEN D.O.O. Fax: +382 20 867 573 Branko Petričević Predrag Lešić Bul. Džordža Vašingtona bb Slovenska obala bb, Budva e-mail: aquamonta@tcom.me Montenegro Tel:+382 20 269 740 FAF & CO Tel: +382 33 451 971,452 Fax: +382 20 269 741 Nurije Husić 866 contact@domen.me Solanski put bb, Ulcinj tcbudva.epsturs@gmail. DON SECURITY DOO Montenegro com Ivan Korać Tel: +382 30 407 010 www.epsturs.com Serdara Jola Piletića bb, Fax: +382 30 407 011 ERC SYSTEM DOO Nikšić e-mail: info@faf-co.com Krsto Spaic Montenegro Prizrenska 19, Herceg Novi www.faf-co.com Tel: +382 40 244 881 FAGUS ELEMENTI D.O.O. Montenegro Fax: +382 40 244 881 Radisav Janković Tel: +382 31 331 860 ivan.korac@gmail.com Buče bb, Berane Fax:+382 31 331 950 www.donsecurity.me Montenegro krsto.spaic@ercltd.me DULOVIĆ D.O.O. Telefon: +382 51 232 102 www.ercltd.me Zoran Dulović Fax: +382 51 232 102 ERSTE BANK Podbišće bb, Mojkovac E mail: fagusba@t-com.me Aleksa Lukić, Tel: +382 50 472 615 FARMONT M.P.D.O.O. Nataša Šćepanović Mob: +382 67 631 654 Momčilo Popović Marka Miljanova 46, e-mail: hoteldulovic@tKOSIĆ - STARI PUT BB, Podgorica com.me Danilovgrad Montenegro www.hoteldulovic.me Montenegro Tel: + 382 20 440 440 ĐURKOVIĆ COMPANY Tel: +382 20 663 075 Fax: + 382 20 440 432 D.O.O e-mail: info@erstebank.me Fax:+382 20 663 068 Slobodan Đurković farmont.co.me www.erstebank.me Skolska bb, Nikšić FIDH D.O.O. ETG GRUPA Tel: +382 40 252 015,252Fikret Ahmetović Mladen Bajković, 016 VI crnogorska 12, Podgorica Svetlana Bajković Fax:+ 382 83 252015 Montenegro 8. marta 36, Podgorica djurkovic-co@t-com.me Tel: +382 20 627 058 Tel: +382 20 241 064 EKO - MEDUZA e-mail: office@etging.com Fax: +382 20 656 947 Jelica Vujičić e-mail: ficoa@t-com.me Industrijska bb, Bijelo Polje www.etggrupa.me EUROFAST GLOBAL DOO FIDIJA Montenegro Joko Blagojević Jelena Živković Tel: + 382 50 478 086 Bul. Sv. Petra Cetinjskog 112, Stara Varoš blok 7, Fax: + 382 50 478 602 Podgorica e-mail: info@eko-meduza. Podgorica Montenegro Montenegro me Tel: +382 20 621 140 Tel: +382 20228 490 www.eko-meduza.me Fax: +382 20 621 144 Fax: +382 20 228 491 EKO-VLADOŠ e-mail: fidija@t-com.me e-mail: podgorica@ Divna Milošević www.fidija.co.me eurofast.eu Vladoš 1, Kolašin FIRST FINANCIAL BANK www.eurofast.eu Tel: +382 20 860 840 Predrag Drecun, e-mail: milosavbulatovic@t- EUROFLEX Branka Aničić Bećir Hodžić com.me 19. decembra 5 - Gradski Totoši bb, Ulcinj EL - PROMM stadion, Podgorica Tel: +382 30 458 338 Damir MujevićKoljeno bb, Montenegro Fax: +382 30 458 334 Rožaje e-mail: euroflex@t-com.me Tel: +382 20 481 481 Tel: +382 51 273 326 Fax: +382 20 481 482 EUROKOTEKS Fax: +382 51 273 326 e-mail: info@ffbank.org Saša Jevrić e-mail: elpromod@gmail. www.ffbank.org Skopska bb, Masline, com FLORES D.O.O Podgorica www.facebook.com Veselin Vučinić Montenegro ELEKTRON D.O.O Gojakovići bb, Mojkovac Tel: +382 20 645 189 Hafiz Novalić Montenegro Mojsija Zečevića 26, Berane e-mail: eurokoteks@tTel: +382 50 470 092, com.me Montenegro Fax: +382 50 470 093 EUROŠPED CO Tel: +382 51235000 flores@t-com.me Zoran Ćupić doo-elektron@t-com.me ELEKTRON D.O.O. EXPORT Mitra Bakića 144, Podgorica www.flores.co.me FRAGMAT CG Montenegro - IMPORT Radonja Smolović Tel: +382 20 601 820 Ljiljana Braletić Podanje bb, Danilovgrad e-mail: eurosped@tTaraboška 1, Podgorica Montenegro com.me Montenegro EXPO COMMERCE D.O.O Tel: +382 20 881 166 Tel: +382 20 669 332 e-mail: fragmatcg@tMiloš Kaluđerović e-mail: elektron.pg@tcom.me Ivan Šćepanović com.me ELEKTROPRIVREDA CRNE Industrijska bb Radanovići, GALENIKA CRNA GORA Miodrag Ivanović Kotor GORE Gorica Gogić Montenegro Mr Enrico Malerba, 8.marta 55, Podgorica Tel: +382 20 269 902 Srdjan Kovacevic Montenegro Fax: +382 32 331 670 Vuka Karadžića 2, Nikšic www.expocommerce.com Tel: +382 20 662 345 Montenegro FABRIKA ELEKTRODA PIVA Fax: +382 20 662 341 Tel: +382 20 408 410 e-mail: galenikacg@tDragoslav Čabarkapa, Direkcija za odnose sa com.me Radenko Pejović javnošću www.galenikacg.me Goransko 55, Plužine Rajko Šebek GEBRÜDER WEISS D.O.O. Montenegro www.epcg.co.me
Nikola Vasiljevic Tel: +382 78 101 440 Tel: +382 33 421 100 Elvedin Hajrović Tel: +382 20 622 203 Mahala bb - Golubovci vesna@eliksir.co.me Fax: +382 33 421 300 IBARSKA 1, ROŽAJE e-mail: grafocrnagora@tMontenegro www.eliksir.co.me hotelpalas@t-com.me Montenegro com.me Tel: +382 77 273 276 www.hgbudvanskarivijera. INA CRNA GORA Tel: +382 51272 426 GRAND Fax:+382 77 273 277 Ivan Brusić com 19. decembra 5, Podgorica elvedin.cako@yahoo.com office.podgorica@gwHOTEL PRINCESS ATLAS Jovana Popovića- Lipovca HIPOTEKARNA BANKA Montenegro world.com 24, Podgorica HOTELS Esad Zaimović Tel: +382 20 664 666 www.gw-world.com Jovana Tomaševića, Topolica Montenegro Saša Masoničić Fax: +382 20 667 671 GEOTEHNIKA MONTENE- e-mail: grand@grand.co.me Ulica Slobode 91, Podgorica Montenegro Tel: +382 20 268 253 Fax: +382 20 268 288 Tel: +382 (0) 30 300 100 Montenegro www.grand.me GRO D.O.O. reservations@atlashotels- e-mail: ognjen.dragovic@ Tel: +382 77 700 001 GRAND PLUS D.O.O Vukašin Gredić inacg.me Fax: +382 77 700 071 Dragan Petrović Njegoševa bb, Nikšić group.com www.inacg.me Kolašinska br 2, Podgorica e-mail: hipotekarna@ Montenegro www.hotelprincess.me INEX ZLATNA OBALA hb.co.me Montenegro Tel:+382 67 443 512 HOTEL SLOVENSKA Ivo Kaloštrović www.hipotekarnabanka. Fax: +382 40 243 584 PLAŽA Tel: +382 20 660 643 Ratac-Sutomore, Bar com GIOVANNI TRADE Trg Slobode 1, Budva grand-plus@t-com.me Montenegro HIT MONTENEGRO Marko Škrelja Montenegro GRAS D.O.O Tel: +382 30 353 972 Marija Martinović Donji Štoj bb, Ulcinj Tel: +382 33 451 640 Mirko Ivanović Fax: +382 30 353 973 Danijel Mlečnik Montenegro Fax: +382 33 451 143 POSLOVNI CENTAR inex-zo@t-com.me Hotel Maestral, Pržno, Tel: +382 30 457 356 slplaza@t-com.me "KRUŠEVAC", Podgorica Budva Fax: +382 30 405 001 www.hgbudvanskarivijera. www.inexhoteli.com Montenegro INFORMATIKA MONTEMontenegro e-mail: giovanni@t-com.me Mob: +382 69 016 809 com Tel: +382 33 410 100 www.giovanni.co.me HOTEL"BELLEVUE" GRAWE OSIGURANJE NEGRO Fax: +382 33 410 190 GLOBAL BROKER - DILER Georg Schneider Velika plaža bb , Ulcinj Zoran Sekulović e-mail: hotel@maestral.info Tel: +382 30 412 610 AD Maja Pavličić Save Kovačevića 123, www.maestral.info Sašo Sajko ulrivijera@t-com.me Novaka Miloševa 6, Podgorica HOTEL ALEKSANDAR Njegoševa 14, Podgorica www.ulcinjska-rivijera.com Montenegro Podgorica Trg Slobode 1, Budva Montenegro HOTELS GROUP MONTE- Tel: +382 20 623 141 Montenegro Montenegro Tel:+382 20 667 280 Tel: +382 20 210 960 Fax: +382 20 623 121 NEGRO STARS Tel: +382 33 451 658 Fax: +386 59 942 186 Fax: +382 20 210 963 e-mail: zorans@informatika. Maja Vukićević Fax: +382 33 455 711 info@global-montenegro. e-mail: office.podgorica@ com Žarko Radulović E-mail: sales.aleksandar@t- Hotel Splendid, Bečići com grawe.at www.informatika.com com.me GLUŠICA www.grawe.me INPEK A.D. Montenegro www.hgbudvanskarivijera. Tel: +382 33 773 777 Boro Glušica H.T.P. "ULCINJSKA RIVIRadivoje Bakić com Nada Drašković Veselin Vukčević e-mail: reservations@ JERA" A.D. HOTEL CASA GRANDE Baja Pivljanina 7A, Nikšic Put Radomira Ivanovica 10, montenegrostars.com Radomir Zec Donji Štoj bb, Ulcinj Montenegro Podgorica www.montenegrostars. Velika plaža bb / Hotel Tel: +382 30 457 560 Tel: +382 40 200 555 Montenegro com "Bellevue" Fax: +382 30 457 570 Fax: +382 40 200 556 HOTELSKA GRUPA BUD- Tel: +382 20 658 074 Montenegro E-mail: casagrande@ e-mail: glusicab@t-com.me Telefon : +382 30 411 864 e-mail: inpek@t-com.me VANSKA RIVIJERA casagrande-mne.com www.glusica.me www.inpekcg.com Fax: +382 30 455 374 Sanela Kahrović GORANOVIĆ INSTITUT "DR SIMO e-mail: ulrivijera@t-com.me www.casagrande-mne.com Vule Tomašević Đorđe Goranović MILOŠEVIĆ" www.ulcinjska-rivijera.com HOTEL CASTELLASTVA Trg Slobode 1, Budva Trg Slobode 1, Budva Nikola Goranović Marietta Kazalac HARRISONS Tel: +382 33 402 456, Montenegro Poštanski fah 48, Zoran Kovačević Mark Harrison 402 457 Straševina bb, Nikšic Sava Ilića 6, Igalo, Herceg Bul. Sv. Petra Cetinjskog 1A Tel: +382 33 461 418 Fax: +382 33 402 459 Fax: +382 33 461 222 Montenegro Novi 81000 Podgorica brsales@t-com.me E-mail: hotelcastellastva@t- www.hgbudvanskarivijera. Montenegro Tel: +382 77 400 000 Montenegro com.me Fax: +382 77 400 003 Tel: +382 31 658 555 tel. +382 20 246 166 com www.hgbudvanskarivijera. HTP MIMOZA e-mail: info@migoranovic. fax. +382 20 246 167 Fax: +382 31 332 725 com e-mail: inig.mark@t-com.me office@harrison-solicitors. com Marko Petričević HOTEL CITY www.migoranovic.com www.igalospa.com com Obala Pine, Tivat Podgorica GORBIS INSTITUT ZA CRNU METAwww.harrison-solicitors. Tel: +382 32 671 305 Montenegro Goran Čolović com Fax: +382 32 671 867 LURGIJU Tel. +382 20 441-507 Njegoševa 64, Herceg Novi HAS e-mail: htpmimozaad@tMiraš Đurović Fax. +382 20 441-520 Montenegro Smail Avdić com.me Mara Čolaković e-mail: prodaja@cityhoTel: +382 31 350 800 Harun Hadžić www.htpmimoza.me Vuka Karadžica bb, Nikšic Fax: +382 31 322 085 Sarajevska bb, Rožaje HUNGUEST HOTEL SUN Montenegro telmn.com e-mail: gorbis@gorbis.com Montenegro RESORT Tel: +382 40 203 240 www.cityhotelmn.com www.gorbis.com Tel: +382 51 233 815 Herceg Novi Fax: +382 40 203 203 HOTEL CONTE GRADINA COMPANY e-mail: dixyba@t-com.me Obala Kapetana Marka Montenegro e-mail: kom@icm.co.me Džemal Škrijelj HEC – MANAGEMENT Tel: +382/31-355-022 www.icmcg.org Martinovića BB, Perast Ibarska 2, Rožaje COMPANY www.hunguesthotels.hu/ INVEST BANKA MONTEMontenegro Montenegro Anita Mitrović-Milić HYPO ALPE - ADRIA Tel: +382 32 373 687 NEGRO Tel: +382 51 271 202 PODLIČAK BB - PRŽNO BANK Fax: +382 67 257 387 Sonja Burzan e-mail: gradinaco@tMontenegro Christoph Schoen E-mail: hotel-conte@tPredrag Dašić com.me Tel: +382 33 427 100 Mina Vojinović com.me Bul. Sv. Petra Cetinjskog 115, GRADIR MONTENEGRO Fax: +382 33 427 111 Bul. Svetog Petra Cetinjskog Podgorica hotel-conte.com Petar Vraneš, e-mail: sales@hecmonte143, Podgorica HOTEL CRNA GORA Montenegro ANDRZEJ JERZY SZARY Montenegro Jelena Burić Tel: +382 20 407 900 negro.com Novaka Ramova 17, Nikšic www.hecmontenegro.com Bul. Sv. Petra Cetinjskog 2, Tel: +382 20 408 600 Fax: +382 20 407 956 Tel. +382 40 213 503 Fax: +382 20 408 680 Podgorica www.invest-banka.com HELADA MONT DOO fax +382 40 212 709 www.hypo-alpe-adria.co.me INVESTICIONO - RAZVOJNI Montenegro Vojo Milović e-mail: info@gradirmonte- Dragovolučka 8/3, Nikšić IBEROSTAR BELLEVUE Tel: +382 20 443 443 FOND CRNE GORE A.D. HOTEL Fax: +382 20 634 294 Zoran Vukčević Montenegro negro.com e-mail: recepcija@hotelcg. Budva Bulevar Svetog Petra CetinGRADNJA-PROMET D.O.O. Tel: +382 32 331 631 Montenegro com heladamont@t-com.me Radomir Kalezić jskog 126/I, Podgorica Tel: +34 971 99 80 60 www.hotelcg.com www.heladamont.com Spuž bb -P.FAX BR.8, Montenegro www.iberostar.com HOTEL LAGUNA HEMKO Danilovgrad Tel: +382 20 229 570 IBEROSTAR OTRAND Petar Delić Slavko Rakočević Montenegro e-mail: info@irfcg.me BEACH HOTEL Lješkopoljska bb, Podgorica Donji Štoj bb. , Ulcinj Tel: +382 20 881 345,346, www.irfcg.me Ulcinj Montenegro Montenegro 932, IVA PUT D.O.O Montenegro Tel: +382 30 455-300 Tel: +382 20 261 120 Fax: +382 20 881 944 Jovan Marjanović Tel: +34 971 99 80 60 Fax: +382 30 455-334 milica.gradnja@t-com.me Fax: +382 20 260 812 Luke Tomanovića 3, Tivat e-mail: hemko@t-com.me E-mail: info@hotellaguna. www.iberostar.com GRAĐEVINAR D.O.O. Montenegro IMLEK BOKA D.O.O me www.hemko.net Miloš Šušković Tel: +382 32 670 375 Nikola Kesler www.hotellaguna.me HEMOMONT D.O.O 4. jul br. 54, Podgorica Fax: +382 32 670 377 Zelenika bb, Herceg Novi HOTEL OLYMPIC Želimir Cerović Montenegro ivaput@t-com.me Montenegro Velika plaža bb , Ulcinj Anđelka Novaković Tel: +382 20 633 853 ivaput.com Tel: +382 32 331 646 Montenegro 8. mart 55 a, Podgorica gradjevinar@t-com.me J.P. VODOVOD I KANALInikola.kesler@imlekboka. Tel: +382 30 412 382 Montenegro GRAFO CRNA GORA ZACIJA com ulrivijera@t-com.me Tel: +382 20 662 306 Mijodrag Novović Vladan Vučelić www.ulcinjska-rivijera.com IN SPE DOO Fax: +382 20 662 305 Mirko Rakočević Irena Građević Vesna Orlandić HOTEL PALAS e-mail: aco.markovic@ ul. Vojislavljevića 25, Zetskih vladara bb, Vladimira Rolovića 4/9, Bar Podgorica Trg Slobode 1, Budva hemofarm.com Podgorica Montenegro Montenegro HILTON D.O.O Montenegro Montenegro
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com.me e-mail: office@kips.me KONTEJNERSKI TERMINAL Dobrica Adžić Kralja Nikole 27a, Podgorica Tel: +382 20 440 306 www.kalamper.com Milivoje Pejović www.kips.me I GENERALNI TERETI Montenegro e-mail: vikpg@t-com.me KAMEKS D.O.O Podgorički put bb, Nikšic KLIKLOAN D.O.O. Andrija Radusinović Tel: +382 78 100 508 www.vikpg.co.me Milutin Ljumović Montenegro Sandra Kliklovac Danijela Cejović Petar Popović JADRAN MONTENEGRO Velimira Terzića 1, Podgorica Bracana Bracanovića br. 49, Obala 13. jula, Bar Tel: +382 40 213 413 e-mail: kabinet@mtel.me Ilija Radojević Fax: +382 40 251 249 Podgorica Montenegro www.mtel-cg.com Mirošica 2, Sutomore, Bar Montenegro Tel: +382 20 219 104 e-mail: lisina-nk@t-com.me MARADOM Montenegro Tel: +382 40 200 980 Montenegro Fax: +382 20 219 106 LIVNICA "PJASTERA"Tel:+382 20 633 953 Fax: +382 30 300 442 Vuko Marić Tel: +382 68 023 529 KARIPIDIS BROSS CO NIKŠIĆ klikloan@t-com.me e-mail: info@ctgc.me ul. Ratnih vojnih invalida JADRANSKI SAJAM - SPAIK Dragoslav Manojlović KLIKOVAC D.O.O KOSOR DOO bb, Pljevlja Rajko Bujković Eirini Kaiypidou Kosara Perović Vladimir Klikovac Zoran Petrović Montenegro Aleksandar Radović Žarko Velimirović Vuka Karadžića bb, Nikšic Mahala bb,Podgorica Zlatica bb, Podgorica Tel: +382 52 353 442 Trg slobode 5, Budva Klještine bb, Žabljak Montenegro Montenegro Montenegro e-mail: maradompv@tMontenegro Montenegro Tel: +382 67 251 000 Tel: +382 20 660 648 com.me Tel: +382 33 410 403 Tel: +382 40 200 980 Tel: +382 52 366 002 Fax: +382 20 872 667 kosor@t-com.me Fax: +382 33 452 132 e-mail: pjastera@t-com.me MARSHAL KOVINIĆ COMPANY Partizanski put bb, Nikšic e-mail: jadranskisajam@t- e-mail: info@spaik-zabljak. vladimirk.klikovac@tlivnica-pjastera.com com com.me Dejan Kovinić Montenegro com.me LOLA TRADE D.O.O KARTONAŽA M&V www.klikovacdoo.comSnežana Krgović Tel: +382 40 223 504 JADRANSKO Milivoje Šakota Marko Vujović Industrijska zona Račica, Fax: +382 40 223 505 BRODOGRADILIŠTE AD Jadranski put bb, Budva novisajt/ Humci bb, Cetinje Tivat reception@marshalgroup. BIJELA Montenegro KNJAZ Montenegro Tel: +382 32 673 802 me Petar Tušup, Đorđe Vukić Tel: +382 33 463 430 Slobodan Knežević Tel: +382 41 233 488 e-mail: kovinic@t-com.me e-mail: lolatrade@t-com.me www.marshalgroup.me Bijela, Herceg Novi Trg Save Kovačevića 11, Fax: +382 41 232 590 www.ben-kov.com Montenegro LOVĆEN OSIGURANJE A.D. MARTEX Nikšic e-mail: kartgraf@t-com.me Montenegro KROLING Marko Martinović Tel: +382 31 671 080 Radenko Purić KASTEX Igor Đuranović Jabučka bb, Cetinje Fax: +382 31 671 108 Nebojša Tepavčević Tel: +382 20 658 450 Natalija Karadaglić Montenegro e-mail: marketing@ Slobode 13a, Podgorica e-mail: knjazpg@gmail.com Željko Mišković Željko Uljarević Crnogorskih serdara bb, Tel: +382 41 232 399 asybijela.com Montenegro KNJAZ MILOŠ Vuka Karadžića 11, Podgorica Željko Maslovar Podgorica Fax: +382 41 230 891 www.asybijela.com Tel: +382 20 404 400 Montenegro Montenegro e-mail: martex@t-com.me JADROAGENT BAR e-mail: info@lo.co.me Industrijska zona, Tel: +382 20 231 315 Tel: +382 20 601 320 www.martex.co.me Vojo Banović, www.lo.co.me Radanovići, Kotor e-mail: kastex@t-com.me Montenegro e-mail: kroling@t-com.me LOVĆENINVEST MATKOTURS D.O.O Dragana Radović www.kastex.me www.kroling.me Vukosav Marjanovic Obala 13. Jula 2, Bar Milenko Radmilovic Tel: +382 32 331 685, KATEL D.O.O Vojske Jugoslavije bb, Montenegro Vesna Aranđelović zeljko.knjazmm@t-com.me KRONUS MN CETERING Petar Đurišić EQUIPMENT Pljevlja Tel: +382 30 315 996 Drugog crnogorskog www.knjaz.co.rs Desanke Maksimović bb, Montenegro e-mail: jadroagentbar@ bataljona 21, Podgorica KOMBINAT ALUMINIJUMA Radovan Bato Vujović Donja Gorica, Podgorica Milena VujovićLovćenska Tel: +382 68 812 121 jadroagentbar.com Montenegro Goran Škatarić Montenegro as.marjanovic@t-com.me www.jadroagentbar.com Tel: +382 20 237 303 Dajbabe bb, poštanski fah bb, Cetinje Tel: +38220644220 Montenegro MAZOR DOO JASEN e-mail: ip@t-com.me 94, Podgorica KATENA D.O.O Tel: +382 41 235 410 Raičević Radmil Savo Stevanović LUKA BAR Montenegro Enis Jevrić e-mail: kronusmn@tDr Nika Miljanića 6, Nikšić Danica Đačić Slobo Pajović Tel: + 382 20 644 234 Hercegovačka 49, com.me Montenegro Karađorđeva12, Pljevlja Žaklina Miranović Fax: + 382 20 644 326 Podgorica www.kronus-mn.com Tel: +382 40 242 332 Montenegro Obala 13. jula, Bar e-mail: goran.skataric@ Montenegro KVADRAT KOMERC mazor@t-com.me Tel: +382 52 353 453 Montenegro kap.me Mob: +382 69 666-622 Željko Medojević www.mazor.me Fax: +382 52 353 453 Tel: +382 30 300 400 www.kap.me restoran.volat@gmail.com KOMERC KEKA Miloša Obilića, Stari aeroMB BITEX e-mail: igor77@t-com.me Fax: +382 30 300 402 KAVARIĆ GROUP D.O.O Biljana Obradović JELA KOMERC e-mail: milijana.simovic@ Žarko Vukčević drom S2B, Danilovgrad Aleksandar Kavarić Nedeljka Merdovića 38, Dedeić Muamer lukabar.me Bul. JNA, Bar Montenegro Bijelo Polje Naselje Koljeno bb, Rožaje Cetinjski put bb, Donja www.lukabar.me Montenegro Tel: +382 20 810 412 Gorica, Podgorica Montenegro Montenegro LUKOIL MONTENEGRO Tel: +382 30 313 276 Fax: +382 20 810 411 Montenegro Tel: +382 50 484 771 Tel: +382 51 278 605 Fax: +382 30 312 537 e-mail: spinpg@gmail.com Andrej M.Kuku Tel: +382 20 261 015 e-mail: bitex@t-com.me Fax: +382 51 272 229 Danijela Panov e-mail: info@komerckeka. LA VISTA Fax: + 382 20 261 015 MCCANN ERICKSON e-mail: montenegroBul. Sv. Petra Cetinjskog me Irena Adrović e-mail: aco.k@t-com.me Marijana Kovačević brvnare@t-com.me 130, Podgorica www.komerckeka.me Petnjica bb, Berane Serdara Jola Piletica 8, www.montenegrobrvnare. www.bavaria-yachtbau.com KOMERCIJALNA BANKA Montenegro Montenegro KFW BANKENGRUPPE Podgorica com Tel: +382 20 219 412 A.D. BUDVA Tel: +382 51 238 288 Željko Uljarević JKP “ LIM “ Goran Knežević e-mail: la-vista@t-com.me e-mail: sfatic@lukoil.co.me Montenegro Bul. Džordža Vašingtona bb Marija Perović Tel: +382 20 247 310 Sabro Čindrak www.lukoil.co.me www.la-vista.me (ulaz V), Podgorica office@mccann.co.me Ulica Živka Žižića br. 24, LUNA MONTENEGRO Poslovni centar Podkošljun LALATOVIĆ TRAVEL Montenegro www.mccann.co.me Bijelo Polje D.O.O bb, Budva Vladan Laltović Tel: +382 20 22 81 70 MEDITERAN HOTEL Montenegro Montenegro Prva proleterska bb, Budva Stanka Ćeranić Fax: +382 20 22 82 40 Bečići bb Tel: +382 50 487 045 Marka Milanova 3, Tel: +382 33 426 300 Montenegro Montenegro JP KOMUNALNO BERANE kfw.podgorica@kfw.de Podgorica Fax: +382 33 426 302 Tel: +382 33 403 456 https://www.kfw-entwick- e-mail: office@kombank. Tel:+382 33 424 383 Milijana Vučeljić e-mail: lalatovictravelbd@ Montenegro Fax: +382 33 471 845 Dragiše Radevića bb, Berane lungsbank.de/ Tel: +382 69 032 451 co.me yahoo.com bd@maestraltours.com Montenegro stanka.c@t-com.me www.kombankbd.com lalatovictravelbd.co.nr KINGS & CO www.hotelmediteran.info/ Tel: +382 51 233 338 www.fashion-luna.com KOMISIJA ZA HARTIJE OD LANCER Milan Doderović Fax: +382 51 237 099 LUŠTICA DEVELOPMENT MEGAPROMET VRIJEDNOSTI Mira Bulatović Ilija Aleksić Miodrag Mitrović e-mail: jpkomba@t-com.me Crnogorskih serdara bb, Ihab Kamel – izvršni Zoran Đikanović Blatina bb, Kolašin Tržni centar, Budva www.berane.me direktor Amir Nurković Montenegro Podgorica Montenegro JUGODATA Radovići bb, Tivat Kralja Nikole 27a/III, Tel: +382 20 860 240 Montenegro Tel: +382 33 451 883 Aleksandar Prelević Montenegro Podgorica e-mail: lancer@t-com.me Tel: +382 20 624 625 Fax: +382 33 451 818 Dijana Kojan Tel: +382 77 200 101 Montenegro LASTA MONTENEGRO Fax: +382 20 624 623 Bratstva jedinstva 69, e-mail: info@lusticabay.com e-mail: megapromet@tTel: +382 20 442 800 Vidak Mitrović e-mail: drazen@kingsmn. com.me Podgorica www.lusticabay.com e-mail: info@scmn.me Trg Golootockih žrtava 1, com MERCATOR-CG Montenegro LJETOPIS AUTOMOTIVE www.scmn.me Podgorica www.kingsmn.com Ivan Karadžić Tel: +382 20 624 833 Borislav Mijović KOMUNALNO - STAMMontenegro Andrijana Bandović Fax: +382 20 624 844 Silvija Mijović Tel: +382 20 625 627 KINGS CATERING BENO JP "BUDVA" e-mail: prodaja@jugodata. Put Radomira Ivanovića 2, Đorđe Medin Kralja Nikole 357, Podgorica Put Radomira Ivanovića 2, lasta.rs Podgorica co.me Montenegro LEDO D.O.O. Podgorica Radovan Bauk Montenegro www.jugodata.co.me Tel: +382 20 648 841 Miomir Marković Montenegro Trg Sunca 1, Budva Tel: +382 20 442 403 JUGOPETROL Fax: +382 20 648 849 Liješnje bb. Podgorica Tel: +382 20 658 160 Tel: +382 33 451 511 e-mail: info@mercator.me Ioannis Geroulanos e-mail: borislav.mijovic@ Montenegro kingsmn.com www.ksjp.me Vesna Spaić ljetopisautomotive.co.me www.roda.me Tel: +382 20 404 700 KINGS TRAVEL KONI-KONFEKCIJA MERKUR OSIGURANJE Trg Mata Petrovića 2, Kotor Ulica Ivana Vujoševića 20, www.ljetopisautomoFax: +382 20 404 705 Senad Šabanović Marko Ivanović Montenegro ledo.co.me Podgorica Vuka Karadžica bb, Nikšic tive.com Bul. Džordža Vašingtona 2a, Tel: +382 32 301 800 LIMŠPED Montenegro Montenegro LJETOPIS AUTOMOTIVE Podgorica e-mail: jpk@jugopetrol. Elvana Franca Tel: +382 20 242 242 Tel: +382 40 234 141 (MERCEDES) Tel: + 382 20 205 465 co.me Industrijska bb, Bijelo Polje Borislav Mijović Fax: +382 20 202 800 Fax: +382 40 234 161 e-mail: info@merkurosiguwww.jugopetrol.co.me Montenegro kingsmn.com e-mail: koni@t-com.me Silvija Mijović KALAMPER Tel: +382 50 480 708 KIPS KONTAKT AD Tel:+382 20 648 841 ranje.me Emin Kalamperović e-mail: limsped@t-com.me borislav.mijovic@ljetopisau- www.merkurosiguranje.me Risto Drekalović Aleksandra Popović Elvir Kalamperović LIPKA HOTEL Stefan Mišković Bul. Džordža Vašingtona MERMER A.D. tomotive.co.me Dobra voda bb, Bar Veljka Vlahovića 90, kula C, I sprat 56, Podgorica Mojkovačka 20, Kolašin dijana.mijovic@ljetopisau- Denis Garzotto, Drago Montenegro Montenegro Podgorica Montenegro Kerševan tomotive.co.me Tel: +382 30 341 833 Tel:+382 81 863 200 Montenegro Tel: +382 20 205 410 II Dalmatinske bb, DaM:TEL e-mail: kalamper@tTel: +382 20 442 300 e-mail: info@mfikontakt.me LISINA Vladimir Lučić nilovgrad
68 | MONTENEGRO BUSINESS SECTOR 2014
e-mail: info@miraimn.com Montenegro www.mirai-montenegro. Tel: +382 20 812 719 com Fax: +382 20 812 491 MLJEKARA NIKA e-mail: drago.k@mermer. Tomislav Žižić co.me Aleksandar Božović www.maljat.com Partizanski put bb, Nikšic MESO-PROMET Montenegro Hatema Franca Ivona BoškovićRasovo bb, Tel: +382 40 222 012 Fax: +382 40 231 302 Bijelo Polje e-mail: nika-nk@t-com.me Montenegro www.mljekara-nika.com Tel: +382 50 478 488 MNBUS COMPANY D.O.O. e-mail: mesopromet@tBoško Uskoković com.me Njegoševa 157, Kotor www.franca.co.me Montenegro METALAC MARKET Tel: +382 69 050 789 Ralević Čedomir MONA DOO PODGORICA 8. marta 55, Podgorica Jovanka Obradović Montenegro Ulica Slobode 32, Podgorica Tel: +382 20 662 590, Montenegro 662 580 ralevicmetalac@t-com.me Tel: +382 20 231 180 obradovicolja@t-com.me www.metalac.com www.mona.rsprodajniMETALIK objekti/ Dragomir Miljanić MONTAVAR - METALAC Trebješka VI/26, Nikšic Nikola Furundžić Montenegro e-mail: metalik@t-com.me Bul. 13.jul bb, Nikšic Montenegro MEZON Tel: +382 40 212 010 Nada Kovačević, e-mail: vladan.vucurovic@ Bandići bb, Danilovgrad metalac.co.me Tel: +382 77 272 022 e-mail: mezon@t-com.me MONTE CREDIT D.O.O. Josip Pecirep MG SOFT 27. marta G7 S13, Zabjelo Goran Miljević Montenegro Kosta Smićević Mitra Bakića bb, Podgorica Tel: +382 20 643 520 Fax: +382 20 643 521 Montenegro www.agroinvest.rs Tel: +382 20 601 770 MONTE LOGISTICS DOO Fax: +382 20 624 930 e-mail: mg-soft@t-com.me Zoran Novković Vojvode Mirka Petrovića , MIB EXPORT Blok 8 - Br.C1 / 4, Podgorica Dragan Patić, Jovan Patić Montenegro Bistrička VI 5, Nikšic MONTE PUT Montenegro Goran Vujovic Tel: +382 40 242 678 Anja Milic e-mail: dpatic@t-com.me Bul. revolucije 9, Podgorica MICROSOFT MONTEMontenegro NEGRO Tel: +382 20 224 493 Oliver Obradović PC Čelebić, Kralja Nikole 27a/ Fax: +382 20 224 419 e-mail: monteput@tIV, Podgorica com.me Montenegro www.monteput.me Tel: +382 20 602 210 MONTE:CASA:DESIGN www.microsoft.com D.O.O. MIKRO - MONT Slavica Ćeranić Ljuca Muzafer 8. marta 55, Podgorica Kruševo bb, Bijelo Polje Montenegro Tel: +382 50 488 533 Tel: +382 20 662 319 Fax: +382 50 488 534 E mail: info@porfira.me e-mail: mikromont@twww.porfira.me com.me MONTECARGO www.mikromont.me Milivoje Pavićević MIKROMONT PLUS Trg golootočkih žrtava 13, Isah Omerović Podgorica Baza bb Tel: +382 20 441 307 Tel: +382 69 677 226 e-mail: kabinet@monteMILS D.O.O. Milenko Milović cargo.me Alekse Backovica 96, Nikšic www.montecargo.me Montenegro MONTEFARM Tel: +382 40 200 390 Budimir Stanišić e-mail: mils@t-com.me Milica Popivoda MILŠPED MONTENEGRO Ljubljanska bb, Podgorica Zoran Pavlović Montenegro Nebojša Iković Tel: +382 20 405 901 Ćemovsko polje bb, Fax: +382 20 235 086 Podgorica e-mail: montefarmcg@tMontenegro com.me Tel: +382 78 114 200 www.montefarm.co.me Fax: +382 78 114 205 MONTELOX-LUX DOO e-mail: office.mn@milsped. Davor Lakić com Tuzi bb, Podgorica www.milsped.com/milsped- Montenegro montenegro-doo Tel: +382 20 265 459 MIMA B DOO e-mail: lakicdavor@tMilica Bošković com.me Buče, Berane MONTE MILK DOO Montenegro Milica Marjanović Tel: +382 52 234 998 Bracana Bracanovića 45, MI-RAI GROUP Podgorica Branko Mićković Montenegro Kočani bb, Nikšic Tel: +382 20 623 938 Montenegro Fax: +382 20 633 803 Tel: +382 40 256 123 montemilk@t-com.me Fax: +382 40 256 901 MONTENEGRIN INVEST-
www.nparkovi.me Montenegro www.nlb.me Fax: +382 20 623 978 e-mail: poliex@t-com.me Tel/fax:+382 83 213 094 MENT PROMOTION NACIONALNO UDRUŽENJE NORMAL - COMPANY Tel: +382 20 245 999 www.mdipg.comPoliex/Sr/ www.ptting.com E-mail: mhidromont@tAGENCY-MIPA VINOGRADARA I VINARA Mile Gujić e-mail: ozmontpg@tPUT A.D. BAR Index.asp com.me Miloš Jovanović com.me Žarko Burić Milenko Lero POLIMLJE www.montex-hidromont. CRNE GORE Jovana Tomaševića 2a, Slobo Janković Bul. Svetog Petra Cetinjskog P.S FASHION D.O.O Naselje Popovići bb, Bar Milovan Gojković co.me Podgorica Put Radomira Ivanovića 2, 130, Podgorica Ivanka Dragić Montenegro Dragoslav Bojović MONT-IMPREX Montenegro Podgorica Hercegovačka 52, Podgorica Rudeš bb, Berane Montenegro e-mail: adput@t-com.me Rade Radunović Tel: +382 20 203-141 Montenegro Montenegro Tel: +382 20 219 341 PUT-GROSS Montenegro Crnogorskih serdara bb, Fax: +382 20 202-910 Tel: +382 20 658 055 Tel: +382 20 665 195 Fax: +382 20 219 342 Sinan Alić Tel: +382 51 235 257 Podgorica info@mipa.co.me www.crnogorskavina.com e-mail: normalc@t-com.me Mob: +382 68 111 763 Munir Lukač Fax: +382 51 236 359 Montenegro www.mipa.co.me NALL INTERNATIONAL normalcompany.me Tržni centar S-4, Bijelo Polje e-mail: poliwood@tMONTENEGRO AIRLINES Tel: +382 20 601 420 ivanka.dragic@ps.rs Jovan Lekić NOVI DUVANSKI KOMBI- www.ps.rs Montenegro com.me Fax: +382 20 601 420 Petar Glomazić Vesna Vuković Tel: +382 50 480 645 e-mail: montimprex@tAleksandra Gardašević PACORINI MONTENEGRO www.polimlje.me NAT A.D. SKOJ-a 57, Podgorica Fax: +382 50 478 632 POPOVIĆ ELEKTRO com.me -Slavuljica Aleksandar Adamović Dejana Šuškavčević Montenegro e-mail: put-gross@tSISTEM D.O.O. Beogradska 10, Podgorica www.montimprex.com Silva Vidič Branimir Vujačić Tel: + 382 20 280 030 com.me Slobodan Popović MONTORA SOFTWARE Montenegro Obala 13. jula bb, Bar Kruševac bb, Podgorica Fax: + 382 20 280 031 QUEEN OF MONTENEGRO Vasa Raičkovićsa 37, D.O.O. Tel: +382 20 405 500 Montenegro Montenegro e-mail: office@nall.me Jovana Mićunović Podgorica Ljubomir I Tatjana Fax: +382 20 405 548 Tel: +382 30 317 253 Tel: +382 20 243 228 www.nall-international.com Fax: +382 20 243 173 Narodnog fronta bb, Bečići, Montenegro www.montenegroairlines. Rađenović Fax: +382 30 317 252 NATRONKA Budva Tel: +382 20 246 802 Crnogorskih serdara bb, com e-mail: info@pacorini.me e-mail: noviduvanski@tDušan Domazetović Montenegro Fax: +382 20 247 802 Podgorica MONTENEGRO BEACH www.pacorini.com com.me Branelovica bb, Danilovgrad www.noviduvanski.me e-mail: p.elektro-sistem@t- Tel: +382 33 662 662 Montenegro RESORT PANONIJA Tel: +382 20 813 141 Fax: +382 33 662 633 com.me Tel: +382 20 621 926 Montenegro Vasilije Rogošić NOVI VOLVOX EXPORTNEKSAN www.popovicelektrosistem. e-mail: hotel@queenofFax: +382 20 620 003 Tel: +382 33 773 777 Ćemovsko polje bb , IMPORT D.O.O. co.me e-mail: ljubomir.radjenovic@ Miodrag Davidović e-mail: reservations@ Podgorica Momir Raonić montenegro.com Vuka Karadžića bb, Nikšic PORFIRA D.O.O. montora.com montenegrostars.com Montenegro Put Vojislavljevica 81, www.queenofmonteneMontenegro www.montora.com montenegrostars.com Tel./Fax: + 382 20 620 014 Slavica Ćeranić Podgorica gro.com Tel: +382 40 246 875 Svetog Petra Cetinjskog, MORSKO DOBRO MONTENEGRO BONUS panonija.pg@gmail.com Montenegro RALEX RRB Fax: +382 40 244 994 Rajko L. Barović Aleksandar Kašćelan www.panonija.co.rsindex. Podgorica Tel: +382 78 108 582 Julija Prelević e-mail: vinarija@neksan. Montenegro Sandra Radulović Darko Uskoković php/predstavnistva Fax: +382 78 106 837 Željka Burić co.me Tel: +382 20 662 319 Popa Jola Zeca bb, Budva Donje polje bb, Cetinje PANONKA D.O.O NTC D.O.O Đoka Miraševića 17, www.neksan.co.me e-mail: info@porfira.me Montenegro Montenegro Uroš Novaković Ranko Jovović Podgorica NEREGELIA Tel: +382 33 452 709 Tel: +382 41 230 260 Veselina Masleše 13, Nikšić Ulica 4 jula br.62, Podgorica www.porfira.me Montenegro Ljilja Pižurica POS4.ME D.O.O. Fax: +382 33 452 685 Fax: +382 41 230 271 Montenegro Montenegro Tel: +382 20 265 136 Milan Radunovic e-mail: jpmdcg@t-com.me Paunković Jelena e-mail: mnb@monteneTel: +382 20 625 237 Tel: +382 40 218 620 Fax: +382 20 268 453 Cetinjski put bb, Podgorica ntc-nk@t-com.me Jelene Ćetković bb Blok9, www.morskodobro.com Fax: +382 20 625 619 e-mail: ralexrrb@t-com.me grobonus.me Montenegro Podgorica MPM DOO panonka@live.com www.ntcshop.meonama. RAMADA montenegrobonus.me Tel: +382 20 261 920 Montenegro Zoran Đorđević www.panonka.me asp Bul. Save Kovacevica 74, MONTENEGRO INVESTTel: +382 20 221 750 Bracana Bracanovića br. 38, Fax: +382 20 261 930 PANTOMARKET HOTEL OAZZA DOO Podgorica MENTS CREDIT D.O.O. e-mail: neregelia@nelt.com Nikola Ajduković e-mail: info@pos4.me Podgorica Branko Bojanić Montenegro Predrag Ćetković www.neregelia.me www.pos4.me Panto Vučurović Rvi bb, Pljevlja Tel: +38 22 0622623 Bul. Svetog Petra Cetinjskog Montenegro NESPA COMPUTERS POŠTA CRNE GORE Tel: +382 20 663 180, Zelenika bb, Herceg Novi Montenegro Fax: +38 22 0625040 141, Podgorica Sreten Šćepanović Milan Martinović 663 181 Montenegro Tel: +382 52 353 049 reservation@ramadapodMontenegro Ulica Slobode broj 1 e-mail: office@mpm.co.me Neven Šćepanović e-mail: hoteloazza@gmail. Tel: +382 31 682 000 Tel: +382 20 234 771 gorica.me Steva Boljevića bb, www.cosmetics-market. e-mail: radivoje.popovic@ 81 000 Podgorica com Fax: +382 20 234 773 www.ramadapodgorica.me Podgorica Montenegro com pantomarket.com ODRŽAVANJE e-mail: info@micredit.me RAMEL D.O.O. Montenegro tel: +382 20 403 960 MUGOŠA TRANS PERLA HOTEL ŽELJEZNIČKIH VOZNIH www.micredit.me Marinko Radulović Tel: +382 20 643 150 fax: +382 20 66 44 40 Igor Popović SREDSTAVA MONTENEGRO METROPO- Željko Mugoša Hercegovačka 17, Nikšic e-mail: info@postacg.me Lješkopoljska bb, Podgorica Fax: +382 20 643 152 Šetalište 5 Danica 98, Vuković Milorad Montenegro LIS MEDIA D.O.O e-mail: nespa@t-com.me www.postacg.me Montenegro Herceg Novi Žoržeta Dragović Tel: +382 40 201 040 Boris Kovač NEVLADINA FONDACIJA PREMIER HOTEL MONe-mail: mugosa.zeljko@ Trg golootočkih žrtava 13, Montenegro Fax: +382 40 201 046 8. Marta 74, Podgorica ĆANO KOPRIVICA gmail.com Tel: +382 (0) 31 345-700 Podgorica e-mail: office@ramel.me Montenegro TENEGRO Jelena Žižić Fax: +382 (0) 31 344-094 Montenegro ramel.me Tel: +382 20 663 125 Ranko Petrović Setaliste Ćana Koprivice bb Tel: +382 20 634 205 MULTIPRINT e-mail: hotel@perla.me RASTER OFFICE D.O.O Fax: +382 20 662 158 Svetog Petra Cetinjskog Tel: +382 67 830 826 Vesna Ilić www.perla.me Fax: +382 20 634 224 Đuro Ražnatović e-mail: metropolis146, Podgorica e-mail: cginfo@nvfcanoko- e-mail: kabinet@ozvs.me Marko Vukčević PHILIP MORRIS MONTE- Montenegro Oktobarske Revolucije 10, media@t-com.me www.ozvs.me Podgorica www.metropolis-media.me Bul. 24.novembra H 22, Bar privica.org; jelenazizic@ Tel: +382 20 406 510 NEGRO D.O.O. Montenegro OKOV Montenegro MONTENEGROBERZA Fax: +382 20 406 599 nvfcanokoprivica.org Svetlana Vuksanović Tel: +382 30 303 299 Tel: +382 20 620053 Gojko Maksimović e-mail: montenegro@ www.nvfcanokoprivica.org/ Gojko Bajović Josipa Broza Tita 68, e-mail: multiprint@tStanka Bajović Fax: +382 20 620285 Suzana Drinčić bestwestern-ce.com NICOLAS D.O.O Podgorica com.me Josipa Broza Tita 26, Moskovska 77, Podgorica www.bestwestern-ce.com www.rasterdoo.com Nataša Dobrović Montenegro www.multiprint.co.me Podgorica REAL ESTATE & CO Montenegro PRIMAT D.O.O Marka Miljanova 17, Tel: +382 20 238 984 NACIONALNA TURISTIČKA Podgorica Montenegro Ćazim Rasulbegović Tel: +382 20 229 710 Slavko Pajović www.pmi.com ORGANIZACIJA CRNE Tel: +382 20 658 501 e-mail: info@mnse.me Cetinjski put bb, Podgorica 26. novembra bb, Ulcinj Montenegro POBJEDA AD GORE Fax: +382 20 658 502 Montenegro www.montenegroberza. Montenegro Tel: +382 20 230 741 Ljiljana Burzan – Nikolić Jelena Popović e-mail: okov@okov.me com nicolasco@t-com.me Radule Novović, Lav Lajović Telefon: +382 20 260 502 Tel: +382 30 421 609 Saša Radović www.okov.me Fax: +382 30 421 612 MONTENOMAKS CONwww.nicolas.rs Bul. revolucije 11, Podgorica Fax: +382 20 261 835 Bul. Svetog Petra Cetinjskog NIKSEN-TRADE-ČAVOR OPTIMUM COMPANY e-mail: realestate@tprimat@t-com.me Montenegro TROL & LOGISTICS 130, Podgorica Radivoje Orlandić com.me PRIMORJE - HOTELS & D.O.O. Tel: +382 20 244 443 Radovan Radulovic Montenegro Jovana Tomaševića G-9/ www.realestate-travel.com Dragan Čavo e-mail: pobjeda@t-com.me RESTAURANTS Ćurilac bb, Danilovgrad Tel: +382 77 100 001 III, Bar RECREATOURS-HOTEL Miroslava Kankaraš Božo Kapetanović www.pobjeda.me Montenegro Fax: +382 77 100 009 Montenegro ŠUMADIJA -RAFAILOVIĆI Dragan Bućin Dobrota bb, Kotor PODGORICA tel. +382 77 200 001, e-mail: info@montenegro. Montenegro Tel: +382 30 318 384 Vlado Franeta 21. novembra bb, Tivat Svetlane Kane Radević 1, fax +382 77 200 009 Fax: +382 30 312 017 Rafailovići,Sv.Stefan,Bečići Montenegro Tel: +382 32 332 159 Podgorica e-mail: office@montenom- travel www.montenegro.travel e-mail: optimum@tMontenegro Tel: +382 32 671 277 e-mail: niksentrade@tMontenegro aks.co.me NACIONALNI BIRO com.me Tel: +382 33 471-001, Fax: +382 32 672 261 com.me Tel: +382 20 402 500, www.montenomaks.com OSIGURAVAČA CRNE ORION-ŠPED e-mail: primorje@t-com.me Fax: +382 33 471-012 www.niksentrade.com Fax: +382 20 402 501 MONTER - KOD GORE Goran Filimonović e-mail: sumadijarecrea@ NIKŠIĆKI MLIN e-mail: recepcija@hotelpod- www.primorje.me Ljubiša Ćurčić Boris Šaban Olivera Radulović gmail.com PLUS PROGRES MONT Mitar Jokić Radosavac bb, Pljevlja gorica.co.me Bul. Svetog Petra Cetinjskog Mirjana Burić Mitra Bakića 16b, Podgorica www.hotelpodgorica.co.me DOO recreatours.rs Montenegro 1A/II, Podgorica REGIONALNA RAZVOJNA Velimir Radulović Hercegovački put 5, Nikšic Montenegro Tel: +382 89 321-551 PODRAVKA D.O.O. Montenegro Tel: +382 20 634 970 AGENCIJA BJELASICA, Trg Božane Vučinić, Montenegro Faks: +382 89 321526 David Habijan e-mail: orionsped@tKOMOVI I PROKLETIJE Podgorica Tel: +382 40 231 811 MONTEX - ELEKTRONIKA Tel: +382 20 243 440 Cijevna b.b., Podgorica Fax: +382 20 243 446 com.me Jelena Krivčević Montenegro Fax: +382 40 231 808 Aleksandar Radulović Montenegro PRVA BANKA CRNE GORE IV crnogorske brigade bb, e-mail: office@niksickimlin. OSVIT- VULAŠ Bul. revolucije 18, Podgorica e-mail: nbocg@t-com.me Tel: +382 20 872 188 www.nbocg.me Miodrag Vulaš Berane Darko Radunović com Montenegro Fax: +382 20 872 878 NACIONALNI PARKOVI Baja Pivljanina 18 B , Cetinje podravkacg@t-com.me Bulevar Svetog Petra Cetin- Montenegro NLB MONTENEGRO Tel: +382 20 225 900 CRNE GORE Montenegro Tel: +382 (0) 51 237 004 BANKA Fax: +382 20 248 192 www.podravka.hr/komjskog 141, Podgorica Zoran Mrdak Tel: +382 41 234 008 Fax: +382 (0) 51 237 005 Aleksandar Vukotić e-mail: aleksandar.raduMontenegro panija/trzista/crna-gora Nela Vešović Dubak Fax: +382 41 231 175 office@bjelasica-komovi. Jelena Vujovic Tel: +382 19891 POLIEX A.D. BERANE lovic@montexel.com Trg Bećir-bega Osmanagića Bul. Stanka Dragojevića 46, e-mail: osvit@t-com.me co.me www.prvabankacg.com Slavko Vujisić www.montexel.com 16, Podgorica www.osvit-vulas.com www.bjelasica-komovi.me Podgorica PTT INŽENJERING Petar Trifunović MONTEX-HIDROMONT Montenegro OZMONT D.O.O. REMID VIS DOO Montenegro Radivoje Čavić Police bb, Berane Radivoje Jovović Tel: +382 20 601 015 Esad Harović Tel: +382 19888 Mitra Bakića bb, Podgorica Slobodan Stanić Montenegro Milovana Pekovića 64, Fax: +382 20 601 016 Vuka Karadžića bb, Velje brdo bb, Podgorica Fax: +382 20 402 250 Montenegro Tel: +382 51 241 634 Nikšić e-mail: npcg@nparkovi.me e-mail: info@nlb.me Podgorica Montenegro Tel: +382 20 622 594 Fax: +382 51 241 634 Montenegro
Tel:+38267501400 e-mail: remid@t-com.me REPRESENT COMMUNICATIONS MONTENEGRO Ivana Čađenović Džordža Vašingtona 65, Podgorica Montenegro Tel:+382 20 234 446 Fax: +382 20 234 447 office@represent.co.me represent.co.me RESIDENCE HOTEL -MILOČER Miločer, Montenegro Tel: +382 33 427 100 Fax: +382 33 427 111 www.residencemontenegro.com RIBNICA COMMERCE Miroslav Mališić Zelenika bb, Podgorica Montenegro Tel: +382 20 669 316 Fax: +382 20 669 318 e-mail: ribnica@ribnicacommerce.com ribnicacommerce.com HOTEL RIVIJERA Obala bb, Petrovac na Moru Montenegro Tel: +382 86 422 100 www.hotel-rivijera-montenegro.com RM KOMERC D.O.O. Dejan Lončar S. Kovačevića bb, Pljevlja Montenegro Tel: +382 52 322 979 ROAMING MONTENEGRO D.O.O. Dalibor Milović Trg slobode 27, Nikšić Tel:+382 40 212 800 Fax: +382 40 213 136 roamingm.com ROKŠPED D.O.O Dragan Mihailović Prokopije Perić Josipa Broza Tita 67, Podgorica Montenegro Tel: +382 20 445 500 Fax: +382 20 608 095 Email: roksped@roksped. com www.roksped.com R-TOURS MONTENEGRO Slavica Martić Jadranski put bb, Budva Montenegro Tel: + 382 33 451 502 Fax: + 382 33 402 121 e-mail: booking@rtours.me www.r-tours.me RTV PLJEVLJA Milan Knežević, direktor Ulica Zekerijaha Ćinare bb, Pljevlja Montenegro Tel :+382 (0)52 321 886 Fax :+382 52 321 152 e-mail: rtvpljevlja@tcom.me RUDNICI BOKSITA Milorad Đurović Goran Martinović 13. jula 30, Nikšic Montenegro Tel: +382 40 214 521 RUDNIK UGLJA Vuk Roćen Velimir Janjić Velimira Jakića 6, Pljevlja Montenegro Tel: +382 52 321 274 Fax: +382 52 321 475 e-mail: rupv@t-com.me www.rupv.me S&T CRNA GORA D.O.O Milan Marić Bul. Revolucije 5, Podgorica Tel: +382 20 202 150 Fax: +382 20 243 535 milan.maric@snt.me www.snt.me
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Montenegro Montenegro Tel: +382 20 227 746 ŠIMŠIĆ-MONTMILK Mila Vuković Montenegro Podgorica GRANIT- BERANE Tel: +382 20 625 802 Tel: +382 20 445 000 Fax: +382 20 227 766 Dragan Šimić Kralja Nikole 12, Podgorica Tel: +382 20 231 530 Montenegro Tomislav Vasiljević e-mail: tehnoput@tFax: +382 20 445 002 Lazine bb, Danilovgrad Montenegro Fax:+ 382 20 210 545 Mob:+382 69 324 409, Gradinsko polje bb, Berane e-mail: siing@t-com.me com.me VOLI TRADE DOO www.siing.com Montenegro Tel: +382 20 62 46 64 e-mail: infomontenegro@ 339 100 Montenegro www.tehnoput.me Dragan Bokan SIMON VOYAGES Tel: +382 20 815 313 e-mail: zeptercg@t-com.me trenkwalder.com Fax: +382 20 634 969 Tel: +382 51 230 184/185 TEHNOŠPED Bul. Josipa Broza 27, Fax: +382 20 815 312 rs.zepter.comTreeMenu/ https://www.trenkwalder. UTIP "CRNA GORA" A.D. E-mail: granit.vt@t-com.me Simon Bernard Velibor Milatović Podgorica Mehmed Adrović e-mail: simsic@t-com.me Contact.aspx comme Žarko Burić www.granitvt.com Dejan Gazivoda Montenegro Rudeš BB, Berane ŠIŠKOVIĆ D.O.O. ZETA ENERGY TRUDBENIK D.O.O. Jelena Burić SAGA CG D.O.O. PODPetra Dedića 20, Podgorica Vuksan Radonjić Tel: +382 20 445 000 Montenegro Laketa Đurović SOTBERG OVE BERTIL Crnogorskih serdara 5, GORICA Montenegro e-mail: info@volivasvoli. Tel: +382 51 230 570 Ilija Šišković Momčilo Džarić Polja bb, Mojkovac Podgorica Goran Đaković Tel: +382 20 651 800 com Fax: +382 51 230 571 Pažići bb, Danilovgrad Glavica bb, Danilovgrad Montenegro Montenegro Igor Pavlica e-mail: tehnosped@twww.volivasvoli.com e-mail: simonvoyages@tMontenegro Montenegro Tel: +382 50 472 909 Tel: +382 20 441 500 Sv. Petar Cetinjski 1a, com.me INSTITUT „VRMAC”- INcom.me Tel: +382 20 812 310 Tel: +382 20 813 311 e-mail: trudbenik@trudFax: +382 20 441 520 Podgorica TELEMONT D.O.O simonberane.me Fax: +382 20 812 761 recepcija@cityhotelmn.com STITUT ZA REHABILITACIJU e-mail: maja@zeta-energy. Montenegro benik.net Željko Savović SIMPO www.siskovic-online.com me www.cityhotelmn.com Tel: +382 (0) 20 201 160 www.trudbenik.net SRBIJE Dragan Grubor Anka Radojević ŠLJUKIĆ CO D.O.O. ZETAGRADNJA VARDAR HOTEL Fax: +382 (0) 20 201 161 TURISTIČKA AGENCIJA Milica Lazović Vijenci Danila Kiša 2, Cetinjski put bb, Donja Radovan Šljukić Ivan Stojanović Stari Grad 476, Kotor e-mail: office@saga.me "GRAND" Markov Rt bb, Prčanj Podgorica Gorica, Podgorica Trebješka bb, Nikšić Željko Vučeković Montenegro www.saga.me Sreten Kankaras Montenegro Montenegro Montenegro Montenegro V proleterske bb, Podgorica Tel: +382 32 325 084 SAGAR Milija Bojović Tel: +382 32 306 273 Tel: +382 20 206 010 Tel:+382 20 261 012 Tel: +382 40 258 161 Montenegro Vesko Popović, 19. decembra 5, Podgorica Fax: +382 32 325 074 Fax: +382 32 306 272 e-mail: telemont@tana.namjestaj@gmail.com e-mail: mljeksrna@tTel: +382 20 610 115 e-mail: info@hotelvardar. Tatjana Popović Montenegro rehabilitacija.direktor@ com.me www.simpo.me com.me Fax: +382 20 610 155 com Nikole Tesle 5, Podgorica Tel: + 382 20 664 666 gmail.com www.telemont.me SIMTEX ŠLJUKIĆ CO-MLJEKARA e-mail: zetagradnja@twww.hotelvardar.com Montenegro e-msil: grand@grand.me www.rehabilitacija.com TELENOR Nataša Mastilović SRNA com.me VARIOC D.O.O. Tel: +382 20 272 719 www.grand.me VUKOTIĆ TRADE Michael Malvebo Andrea Miličić Zorka Šljukić www.zetagradnja.com Leka Đurđić SAMCOMMERC TURISTIČKA AGENCIJA Danilo Vukotić Stevan Milić Grbe bb, Danilovgrad Ozrinići bb, Nikšic ZETATRANS Vuka Karadžića bb, Nikšic Petar Samardžić ELITE TRAVEL OF MON8. marta 68, Podgorica Bul. Džordža Vašingtona 83, TENEGRO Tel: +382 20 886 105 Montenegro Anton Turk Montenegro Kukoljina b.b., Tivat Montenegro Podgorica e-mail: simtexmonteneTel: +382 40 258 161 Dragan Racković Tel: +382 40 241 270 Montenegro Tel: +382 20 662 453 Popa Jola Zeca bb, Budva Montenegro e-mail: mljeksrna@tĆemovsko polje bb, VEKTRA - JAKIĆ Tel: +382 32 674 622 e-mail: vtch@t-com.me Montenegro gro@gmail.com Tel: +382 20 235 000 com.me Podgorica Radosavac bb, Pljevlja Fax: +382 32 674 623 WIENER STAEDTISCHE Tel:+382 (33) 455 706 simtex.me Fax: +382 20 401 405 ŠPEDICIJA PETROVIĆ Montenegro Montenegro samcommerc@t-com.me SLOLES MONTENEGRO Ljubo Mitrović Fax: +382 (33) 452 419 e-mail: info@telenor.me Vukoman Petrović Tel: +382 20 441 900 samcommerc.me Andrija Pešić e-mail: elite@elitetravel.me Tel: +382 52 322 577 Željko Brajović www.telenor.me Ul. Maršala Tita 23/1, Bar Fax: +382 20 441 952 Fax: +382 52 323 152 SAMMS D.O.O. Rimski trg 47, Podgorica TURISTIČKA AGENCIJA Miodrag Stanišić TELENOR DIRECT MNE Montenegro e-mail: zetatrans@ e-mail: vektra-jakic@tSreten Radonjić Montenegro EASTWESTVOYAGE Pažici b.b., Danilovgrad DOO Tel: +382 30 311 295 zetatrans.com Bul. Džordža Vašingtona bb, Montenegro Tel: +382 20 205 150 Pilota Cvetkovića i Milojevića com.me Miodrag Dedić Fax: +382 30 314 378 www.zetatrans.com www.vektra.co.me Podgorica Fax: +382 20 205 151 14, Stari Aerodrom, Tel: +382 20 811 060 Kuće Rakića bb, Podgorica Podgorica e-mail: sped.petrovic@tVEKTRA MONTENEGRO - e-mail: office@wiener.co.me ZIP D.O.O. Montenegro Fax: +382 20 881 066 Montenegro Nikola Tomašević POSLOVNICA BAR Tel: +382 20 234 909 www.wiener.co.me Montenegro e-mail: slolesmontenegro@ com.me e-mail: office@DirectŠTAMPARIJA OBOD Ratko Tomašević Obala 13. jula 6, Bar Fax:+382 20 234 907 WIR-METALOPRERADA Tel:+382 20 657 446 slolesmonenegro.me Group.Com Jastreb bb, Danilovgrad Montenegro samms@t-com.me Darko Đondović Fax:+382 20 657 448 www.slolesmontenegro.me Slobodan Borozan www.direct-group.com Rajko Mijušković Montenegro www.samms.co.me Nikšićki put industrijska E-mail: eastwestvoyage@ Tel: +382 30 312 401 SOCIETE GENERALE TERI ENGINEERING D.O.O gmail.com Njegoševa 3, Cetinje Fax: +382 30 317 205 SANTEX zona Mareza bb, Podgorica Tel: +382 20 815 004 BANKA MONTENEGRO Ratko Ivanović Montenegro Fax: +382 20 815 005 Sait Šahman Montenegro www.eastwestvoyage.com e-mail: spedvektrabar@tFranck De Giorgio Bul. Svetog Petra Cetinjskog ULCINJSKA RIVIJERA Tel: +382 41 231 577 e-mail: zip-doo@t-com.me com.me Nedeljka Merdovića 79, Tel: +382 78 103 444 Branka Pavlović 149/31, Podgorica GP ZLATIBOR-GRADNJA www.vektra.me Bijelo Polje Fax: +382 78 103 003 Nikola Damjanović Bul. Revolucije 17, Podgorica Fax: +382 41 231 411 e-mail: stampobod1494@t- Montenegro VELETEX Montenegro e-mail: office@wirmatalo- Saša Ćosović Velika plaža bb / Hotel Montenegro Tel: +382 20 268 757 com.me 27.marta G-7, Podgorica Miloš Golubović e-mail: santexbp@t"Bellevue", Ulcinj Tel: +382 20 415 500 prerada.com ratkoi@terieng.co.rs Montenegro Vlastimir Golubović com.me Montenegro e-mail: info.sgme@socgen. TABACCO SHOP D.O.O. www.wirmetaloprerada. www.terieng.co.rs Veselin Mugoša Tel: +382 20 641 407, Cijevna b.b., Podgorica SAVA MONTENEGRO Tel: +382 30 411 864 com com TODOR MONT D.O.O Vladike Danila 44, Podgorica 641-405 Montenegro OSIGURANJE A.D. Fax: +382 30 455 374 www.societegenerale.me WURTH D.O.O. Predrag Mugoša Mob: +382 69 538 865 Nebojša Šćekić e-mail: ulrivijera@t-com.me Tel: +382 20 606 260 SOTTO LA COLLINA D.O.O Montenegro Nenad Macanović Igor Todorović Mob: +382 67 315 638 Valentina Kutlača www.ulcinjska-rivijera.com Fax: +382 20 606 261 Vlatko Popović Ludvika Kube 6, Podgorica zlatiborgradnja@t-com.me Slobode br.2, Podgorica Fax:+382 20 260 884 ZORNIĆ D.O.O Rimski trg 70, Podgorica UNIJA POSLODAVACA CG e-mail: veletex@veletex. Mareza bb, Podgorica Montenegro Montenegro e-mail: office@tobaccoZornić Nail com Montenegro Predrag Mitrović Tel: +382 20 280 890 Tel: +382 20 643 465 Tel: +382 20 230 708 shop.me Velje polje bb, Tutin Tel: +382 20 40 30 20 IX Crnogorske brigade br. 11, www.veletex.com Fax: +382 20 280 805 Fax: +382 20 643 466 todor-mont@t-com.me www.bar-kod.com VELMONT D.O.O Fax: +382 20 234 008 Podgorica slc@sottolacollina.com e-mail: nenad.macanović@ Tel: +382 20 540 20 76 TOSCELIK NIKŠIC A.D.TANIŠPED e-mail: mlekara.zornic@ Saša Sekulović e-mail: info@sava.co.me Montenegro sottolacollina.com wurth.rs ŽELJEZARA NIKŠIĆ Pavle Bbobić gmail.com IX Crnogorske br. 45, sava.co.me Tel: +382 20 209 250 SPARK www.wuerth.com LESLAW KWASIK Aleksandar Đukanović ZRNOŽIT Podgorica SAVA TRANS Fax: +382 20 209 251 Petar Miković XANADU HOTEL (PERLA Jovan Kaluđerović Montenegro Miodrag Lješković E-mail: upcg@t-com.me Serdara Šćepana bb, Nikšic Mitra Bakića 16b, Podgorica Vuka Karadžića bb, Nikšic D.O.O.) Montenegro Montenegro Donji kraj 3, Cetinje Tel: +382 20 893 283 Zagrablje bb, Cetinje www.poslodavci.org/ Montenegro Kumbor, Herceg Novi Tel: +382 40 202 222 Tel: +382 20 633 226 Montenegro velmontpg@t-com.me Montenegro UNIPROM PEKARA Tel: +382 40 244 808 Montenegro Fax: +382 40 202 023 Fax: +382 20 633 226 Tel: +382 41 230 495 VG SERVIS D.O.O Tel: +382 41 231 736 Milan Nikčević Fax: +382 40 242 135 Tel: +382 31 684 748 Fax: +382 41 232 649 Grgić Nela e-mail: info@savatrans.me e-mail: sparknk@t-com.me e-mail: tanisped@t-com.me e-mail: dzvicer@znk.co.me Podgorički put bb, Nikšic Fax: +382 31 344 092 www.toscelikniksic.me TARA PERFECTION Naselje Čeluga bb, Bar SENTIDO TARA HOTEL Montenegro spark-cg.com e-mail: info@hotelxanadu. e-mail: zrnozit@t-com.me TRAFOMONT D.O.O. HEINRCH THOMET ŽDRIJEPČEVA KRV D.O.O Montenegro Bečići, Budva Tel: +382 40 253 323 SPILA D.O.O me Boris Mićić Dejan Marković Zoran Laković Call centar: 19606 Montenegro Fax: +382 40 253 305 Pero Papan www.hotelxanadu.me Serdara Jola Piletića bb, Vojislava Šćepanovića bb, Tel: +382 33 404 196 e-mail: uniprompekara@t- vgvlado@t-com.me Jovana Tomaševića G-9, YUHOR COMPANY D.O.O Sergeja Jesenjina 7, Nikšić Mojkovac Podgorica www.vggroup.me Fax: +382 33 471 865 com.me lokal 7, Bar (DELTA AGRAR) Tel:+382 83 200 540 Montenegro Montenegro www.hoteltara.me www.uniprompekara.com VIB-BAS Montenegro Veselin Milačić Fax: +382 83 213125 Tel: +382 50 472 984 Tel: +382 20 669 729 Vasilije Blečić SIEMENS D.O.O. UNIQA NEŽIVOTNO Tel: +382 30 31 280 Trg kralja Nikole 15, TREBJESA D.O.O. NIKŠIĆ OSIGURANJE Fax: +382 50 472 384 e-mail: zdrijepčevakrv@tBul. 13.jul bb, Nikšic Snežana Ivanović, STADION Podgorica www.tara-perfection.com Natalija Milić com.me Montenegro Tanja Ljumović Nela Belević Vojin Žugić Montenegro Sanja Ćaslan TAREX DOO ŽELJEZNIČKA INTel: +382 40 252 662 Bul. Sv. Petra Cetinjskog Iva Vukotić Snežana Šćepanović Tel: +382 20 218 391 Njegoševa 18, Nikšic Fax: +382 40 252 662 149, Podgorica Svetlane Kane Radević Put Radomira Ivanovića bb, Dragutin Gošović e-mail: veselin.milacic@ FRASTRUKTURA CRNE Montenegro Balšića 17, Podgorica e-mail: vib-bas@t-com.me deltaagrar.rs Montenegro 3(Euro Point zgrada), Podgorica GORE Tel: +382 40 204 988 Montenegro VILE OLIVA HOTEL (ŠAJO ZAVOD ZA IZGRADNJU Tel.: +382 20 205 710 Podgorica Montenegro Milan Čolaković Fax: +382 40 204 967 Tel: +38220 230 740/750 GRUPA) Fax: +382 20 235 075 Montenegro Tel: +382 20 622 570 BARA Lucija Filipović e-mail: pivara@starbev.com Tel: +382 20 444 700 e-mail: gosovictarex@tPetrovac, Montenegro office-pga.me@siemens. 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70 | MONTENEGRO BUSINESS SECTOR 2014
72 | MONTENEGRO BUSINESS SECTOR 2014