09 July 2019 - According to the fDi Report – the annual assessment of crossborder investment based on the fDi Markets service from the Financial Times, Montenegro attracted 11 foreign greenfield investments in 2018.

A green field investment is a type of foreign direct investment (FDI) where a parent company creates a subsidiary in a different country, building its operations from the ground up. In addition to the construction of new production facilities, these projects can also include the building of new distribution hubs, offices and living quarters. The term “green field investment” gets its name from the fact that the company launches a venture from the ground up – plowing and prepping a green field. These projects are FDI that provide the highest degree of control for the sponsoring company.

The findings of the fDi Report for Montenegro suggest that the possibilities of an increase in the number of foreign greenfield investments should be exploited in strategic planning and policies aiming to stimulate future growth and avoid transactions associated with economic decline.

The Report also states that the Western Balkans recorded the largest inflow of greenfield direct investment (FDI) in the decade of 9.36 billion USD in 2018.

Despite the fact that Western Balkan countries have attracted significantly less Greenfield SDI projects from rivals in central, eastern and western Europe, the outcome of this region is very good having in mind its share in global GDP, it is stated in the fDi Report.

The analysis states that, despite political tensions that have hit the region since the fall of communism, there has recently been a move towards greater regional economic integration and co-operation.

fDi Intelligence provides customised reports and data research which deliver vital business intelligence to corporations, investment promotion agencies, economic development organisations, consulting firms and research institutions.  Clients benefit from the proprietary data of fDi Intelligence and the global insight, integrity and credibility of The Financial Times Ltd.

Read more about business environment in Montenegro at TMN's dedicated page.

08 July 2019 - The meeting of the participating countries of the Southeast European Cooperation Process Summit is currently being held in Sarajevo. This meeting ends the one-year chairmanship of Bosnia and Herzegovina of this initiative.

During this summit, president of Montenegro Milo Đukanović met with the President of Northern Macedonia, Stevo Pendarovski.

President Đukanović congratulated Pendarovski on his election as President of Northern Macedonia, saying that this is one of a series of positive news from that country and a chance to improve relations and further cooperation on the realization of a common European and Euro-Atlantic perspective. Đukanović stressed that the relations of the two countries are on an enviable level and can serve as an example of cooperation that did not have a standstill even during the 90s.

He congratulated North Macedonia on the progress achieved and the Prespa Agreement, and in that sense expressed the full support of Montenegro for further integration of Northern Macedonia.

"Montenegro is a country that shares the same strategic goals, a NATO member, and we hope that you will soon be in that society," Đukanović said. He concluded that the interest of the WB and the EU is a united and competitive Europe.

The President of Northern Macedonia thanked Montenegro for its support to the EU and NATO.

"You are the voice of reason in the region and your support is very important for us," Pendarovski said.

According to the announcement by the Cabinet of the president of Montenegro, Đukanović and Pendarovski exchanged views on the European perspective of the EU and the need for EU incentives to keep the issue of enlargement high on the agenda.

The interlocutors assessed that Montenegro and North Macedonia can strengthen their excellent cooperation in the field of economy. During the talks in Sarajevo, President Đukanović's visit to Northern Macedonia was also agreed.

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

8. July 2019 - "Murano" Restaurant, Regent Porto Montenegro’s newest addition, has won two "World Luxury Restaurant Awards" in the category "Best Food Styling / Presentation - Global" and in the category "Boutique Hotel Restaurant in South Europe" (Luxury Boutique Hotel Restaurant - Southern Europe).

"We are honored by the prizes we perceive as a privilege and we are pleased to continuously improve the level of service and content. The mentioned awards, especially recognition for the best presentation of food in the world, is an exceptional confirmation of the quality of our work so far and the support of the positioning of Montenegro as a quality (gastronomic) destination. On this occasion, we would like to thank everyone who voted for the restaurant Murano in the period up to April 7th and enabled us to win prestigious awards. "Jovana Spaić, Manager of Murano Restaurant, declared this occasion.

"Murano" restaurant, situated in Regent Porto Montenegro Hotel in Tivat, is the only one from Montenegro that has been nominated and awarded. 

It brings casual, unhurried luxury to the forefront, with expertly crafted dishes that showcase the very best seasonal produce. Taking inspiration from its position next to the glittering superyacht marina and Boka Bay, the menu centers around fresh seafood, prepared with locally sourced and organic herbs – all offering a distinctive take on the regional Adriatic cuisine.

The World Luxury Restaurant Awards ™ is a global organization that promotes excellence and fosters healthy competition in the luxury restaurant industry. The award is awarded in different categories, with the aim of improving existing and promoting outstanding standards within the segment of luxury restorations. The vision of the organization is to recognize the specificity of the restaurant through numerous categories, promote the quality of the service, the quality of the food and the presentation of food.

07 July 2019 - President of Montenegro Milo Đukanović received a delegation of the Italian Terna Group, led by chief executive officer Luigi Ferraris.

With gratitude for the reception, Ferraris presented the results of the project for the construction of an undersea cable between Montenegro and Italy, and announced the commissioning of the cable by the end of the year. Appreciating that this is a historic moment in which a bridge will be established between Italy and Montenegro, but also the EU and the Western Balkans, Ferraris invited President Đukanović to be a guest at a ceremony on that occasion.

"The biggest benefit of this investment is that the project will enable Montenegro to become an energy center for the Balkan countries," Ferraris said.

Also, conditions will be created for attracting other investments into renewable energy sources, energy and digitalization Ferraris expressed readiness to continue cooperation on the welfare of Montenegro and its development, reported the Office of the President of Montenegro.

President Đukanović thanked Terna Group for a professional and responsible attitude towards the project which is one of the most significant for Montenegro and the region, as well as respecting the deadlines for construction.

"This joint project is one of the most important for the development of Montenegro, but also for the development of the region. Through serious investments in road, energy and digital infrastructure, Montenegro will continue economic growth and development. We want to not only establish partnerships because of the investments that are needed by Montenegro, but also through the development of partnership relations we achieve European standards and quality," said Đukanović.

In this regard, he expressed high marks for strategic partnership with the Italian company, as a credible partner, whose knowledge and experience is precious.

The project of submarine cable construction, assessed President Đukanović, is a good example of how the EU and the Western Balkans can cooperate. One of the most significant and most demanding projects in the Mediterranean will have 450 km of cables, of which as many as 420 km under water are placed at a depth of 1.100 m. It will transfer 600 megawatts of electricity and as much as that by the end of the second phase. Terna Group invested 60 million EUR in the development of local communities in Montenegro during the realization of the project.

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

Tivat Airport officials announced the beginning of the primary repair of the runway where the damage is larger. The aim is to make it even safer, although it is safe enough, said Tivat Airport director Radovan Marić.

"The track is completely safe, but the remedy will be at the most vulnerable spots and we will make it even safer. That the runway is safe has been confirmed by numerous air companies whose airplanes land at Tivat Airport, but it has to be maintained," Marić said.

There are 40 to 44 airline companies whose aircraft fly to Tivat Airport, connecting Montenegrin coast with 46 destinations throughout Europe, and most of them will fly until the beginning of autumn. This year, there are 5 new companies that operate to and from this airport, and the most important is Lufthansa.

The repair will be done by the Podgorica-based company "Asfalt Beton", which according to the contract should finish this job in six nights.

"The job will start at the end of the working day, and the runway will be ready for normal operation on the next day after the official inspection, which will be done in the morning. So there will be no traffic disruption," said the director.

The runway is 2, 5 km long, and the reconstruction, calculated from the very threshold, will be 600 meters long, 12 meters wide or 6 meters from the central line. Marić pointed out that it would be an acceptable solution for the next years. All this is recognizable management of JP Aerodromi of Montenegro and in order to improve the quality of services, much has already been done.                                                                                                                                                                                                                                                                                                                                                                                                    The runway rehabilitation is the basic means of operation for every airport, and for almost 40 years on this runway, there have not been any major interventions. It will be done on the part of the track in the so-called "touch down" zone, which implies that the progressive speed at which the planes land and take off leads to the point that any damage cannot cause a serious safety risk.

"The general reconstruction of the maneuvering runway and the total viewing of the operational area requires a serious study and, of course, an enormous investment involving light and any other security. These are investments that involve higher levels of decision-making and planning," Maric pointed out, reminding that he had three goals with the arrival at the airport: the construction of a sewerage network, the rehabilitation of the runway and the introduction of a night-time launch."

All this is due to the recognizable management of JP Aerodromi of Montenegro and in order to improve the quality of services, much has already been done.

"The runway rehabilitation is one of my goals after coming to the airport because it is the basic means of operation for every airport, and almost 40 years on the summer runway that represents the window into the world has not been any major interventions," explained Maric, referring to the rehabilitation to the part of the path in the so-called "point-to-point" zone, which implies that the progressive speed at which the planes fly and fly leads to the point that any damage cannot cause a serious safety risk.

"The general reconstruction of the maneuvering summer runway and the total viewing of the operational area requires a serious study and, of course, an enormous investment involving light and any other security. These are investments that involve higher levels of decision-making and planning, "Maric pointed out, reminding that he had three goals with the arrival at the airport: the construction of a sewerage network, the rehabilitation of the runway and the introduction of a night-time launch."

Source Radio Tivat

Tax Administration (PU) and director Miomir M. Mugosa are the winners for the results achieved last year in the category of public finances and state administration.

The acknowledgment to PU and Mugosa was awarded by the European Association of Managers - Directorate for the selection and promotion of the most successful businessmen and companies of Bosnia and Herzegovina, South East and Central Europe.

"Recognition has been awarded because of the excellent results achieved in the implementation of the Tax Administration reform, the collection of public revenues and the increase of the level of respect for tax regulations, and the strengthening of cooperation at the level of the tax authorities in the region," the statement said.

Mugosa, addressing the audience at the award ceremony held in Sarajevo, said that the fact that the efforts of the Tax Administration are recognized at an international level are affirmative and encouraging, but it certainly increases the responsibility for further investment in PU development in accordance with its strategic orientation and good international practice.

Mugosa pointed out that it was even closer to regional cooperation, not only for the exchange of information and experiences but also for the establishment of a unified approach to dealing with common challenges, such as the fight against the gray economy and tax evasion, by welcoming established bilateral and multilateral relations with tax administrations of the Western Balkans.

He said that the PU expects more intense activities in the further realization of comprehensive tax administration reforms, which include modernizing business processes and investing in information technology, all in order to establish a modern tax administration that can respond to market demands and provide a high level of public revenue collection.

The Independent Management Association was established in 1995 in Zenica and deals with the selection of the most successful business and management representatives on the basis of results, achievements, and their ratings.

The award ceremony was preceded by an international business forum featuring Regional Economic Cooperation and Development, which was also attended by the Montenegrin Tax Administration.

Prizes were given in various categories to the owner of the restaurant “Jadran” and “Beer & Bike Club” Krsto Niklanović, as well as the directors of hotel “Splendid” Mirjana Mrkalj, and the Airports of Montenegro Danilo Orlandic.

The winners of the award are the directors of Uniprom Vesko Pejovic, Sava osiguranje, Nebojsa Scekic, and AMC Communications, Velibor Zolak.

President of Slovenia Borut Pahor won the prize for the person of the year.

Ambassador of Slovenia in North Macedonia, Milan Jazbec is the best ambassador and the best mayor is Vili Basanese from Umag.

Text by MINA Business, on July 5th, 2019, read more at Vijesti

06 June 2019 - After the development of the Spatial Urban Plan of Herceg Novi, the local administration started developing the Herceg Novi Investment Map, in order to “open” the city to investors and new projects. The completion of the spatial urban plan means that now all interested investors can have access to the necessary planning documentation and can build objects which are necessary for the development of the city in various parts Herceg Novi.

According to the statement that the Advisor of the President of the Municipality of Herceg Novi Tamara Vujović made for Radio Jadran, one of the most important capital projects within the Herceg Novi Investment Map that the local administration wants to implement is the Bus Station in Igalo.

“Aside from the Bus Station in Igalo, we also want to build business-residential buildings in various parts of the city, a business centre with a market in Igalo and a cable car from Njivice to Žvinja. There is also the construction of a bypass, i.e. the map covers projects from those who don’t require major investments to the crucial capital projects, which Herceg Novi does not currently have,” said Vujović.

The investment map is in the final stages of development and will be presented at the first next business forum, which means that Herceg Novi is ready to open its doors to investors and people who want to beautify the city.

The investment map is based on the Spatial Urban Plan of Herceg Novi, which was adopted at the end of last year.

The local government also plans to develop the City Development Strategy for the period 2020-2027. The Advisor of the President of the Municipality told Radio Jadran that the local government is currently gathering a team to develop this strategy.

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

06. July 2019- The Herceg Novi – Tivat speed boat line started last week, bringing passengers from one side to the other of the Boka Bay in twenty minutes. Nataša Bajat, the owner of Montenegro Boat Company, launched this interesting offer. She has lived and worked in New York since 1997, but she spent the last summers at her home in Herceg Novi.

What inspired her was the long time she had to spend to get to Herceg Novi from Tivat Airport by land:                                                                              "It was not difficult to come to this idea since I travel frequently. Always, when I would land at Tivat airport, I thought that it would be nice to get to Novi faster, and this is what I wanted to achieve," Nataša says.

Currently, a Sea Ray 240 Sundeck - "Wizard", with a capacity of 10 seats, is operating on that sea line, but from next week, another with 7 seats will be included. The route is covered every hour in each direction. From Herceg Novi to the airport, a speedboat arrives in about 20 minutes. Departures from Herceg Novi are at odd hours, starting at 7 a.m and from Tivat Airport from 8 a.m. It is necessary to make reservations via phone, e-mail, Viber or WhatsApp to service passengers and guests from abroad. One way ticket costs 19 euros, but discounts are planned for return tickets, as well as benefits for regular travellers and guests. People usually don’t believe that the price is so low for this sea line, Bajat said.

"The emphasis is on transporting passengers and tourists to the airport in order to avoid traffic jams from Herceg Novi to Tivat, but we stop and transport to all locations according to the requirements of passengers, including Tivat Bay, Krašići, Krtole, the complete left and right side of the bay to Igalo, as well as Rose and Njivice. Upon request, we are open to including Perast, or that part of the bay and add it to our sea line," explains the owner of the company. This service is open not only for airport passengers, but also for people who want to come to Tivat from Herceg Novi, or vice versa by this connection.

The boat stand is 350 meters away from the airport, which is a 4-5 minute walk from the Airport Terminal to the Marina Restaurant. The cooperation with Taxi drivers - Car Pool option has been arranged. The ride, which lasts less than a minute, is 5 euros, and the car can take five passengers who share the cost of transport.

"This season is a pilot project to make sure that all of this works and it would certainly be nice to have a service like this in the bay. It would be a good way to reduce pressure on road traffic," Bajat said.

The company currently has five employees, a female and male captain, a hostess who welcomes passengers at the airport and sends them to the mole where the boat is seated, as well as two sailors.

Nataša Bajat came to New York as an exchange student from Novi Sad, where she studied philosophy. She worked in tourism for sixteen years, for a world corporation of restaurants and hotels, where she remained a consultant, now she is in real estate. As philosophy remains in every segment of our lives: the philosophy of tourism, statehood, real estate, it will always stay a part of her life, too. However, boats have been her love since childhood, and she desires to return one day from New York to Herceg Novi and Boka.

05 July 2019 - The main project audit for the first, second and the third phase of works for construction of a square and promenade in Sutomore has been finished and the construction has been approved by the residents. Total estimated projection values of the works on the reconstruction of the coastal zone is 5.357.808,09 EUR.

Works on traffic signalization are estimated at 4.142,80 EUR. Professional supervision will cost 200.000 EUR. Estimated investment value which entails the execution of works on the construction of a square and esplanade in Sutomore, with professional supervision amounts 5.557.808,09 EUR, reported CdM.

The reconstruction of the coastal zone project – roads, squares and esplanades in Sutomore has been designed on the grounds of project task of the municipality of Bar and in accordance with urban and technical requirements. The execution of works will be organized in four phases.

The first phase includes a square with green areas and recreational zones (5.300 square meters). The total projection value of this first phase is estimated at 1.102.415,48 EUR.

The second phase entails functional hinterland and parts of “2a” road and esplanade (4.800 square meters). The total estimated values of the second phase amount to 965.925,21 EUR.

The third phase includes three different functions: a road, coastal esplanade and widening coastal esplanade (7.600 square meters). The total estimated value of the works in the third phase amounts to 2.537.553,27 EUR.

The fourth phase covers “Đurića potok” with public green areas and parts of “1a” and “1b” roads and esplanade (8.700 square meters). The total estimated value of the works in the fourth phase amounts to 747.771,37 EUR.

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

04 July 2019 - The recent visit of Prime Minister, Duško Marković, to Azerbaijan was very important in the context of promoting friendship, enhancing cooperation and partnership between two Governments, said the Director of Cultural and Economic Center of Azerbaijan and Montenegro, Sejran Mirzazada. He hopes that opening Montenegrin diplomatic mission in Azerbaijan will stimulate expanded cooperation, as CdM reported.

“Our states have stable mutual relations. Azerbaijan gives the development of relations with Montenegro special importance. Today, our states have efficient cooperation and we are constantly finding ways to expand it,” Mirzazada and added that Azerbaijan was currently the greatest investor in Montenegro.

Marković was in his official visit to Azerbaijan from 23 June to 25 June, at the invitation of the Prime Minister of Azerbaijan, Novruz Mamadov.

“I firmly believe that very soon this visit and our priceless meetings will make a positive contribution to the advancement of our relations,” said Mirzazada.

He pointed out that the Montenegrin delegation had had the opportunity to present numerous tourist potentials of Montenegro.

“Parties exchanged views on the possibilities of expanding cooperation in the energy sector, tourism, construction, agriculture, and transport. It was highlighted that the business environment and economic interests had to be mutually examined,” said Mirzazada.

He added that Montenegrin delegation had called on Azerbaijani investors to invest in agriculture, transport and infrastructure projects, as well as development projects in northern parts of Montenegro.

“In that context, they had considered the possibilities for the cooperation within Trans Adriatic and Ionian pipeline,” pointed out Mirzazada.

The second meeting of Joint Commission for Economic Cooperation between the Governments of two friendly countries took place on 25 June in Baku.

“It was stated in the meeting that two governments should consider the possibilities for export of industrial and agricultural products in Montenegro as well as import of high-quality products from Montenegro to Azerbaijan. The turnover between our countries is expected to grow. In his address, Marković pointed out that government support to investors encouraged Azerbaijani investors,” said Mirzazada who expects positive results in the future.

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