Business
11 February 2019 - The energy sector in Montenegro has great development potential, especially in the field of renewable energy sources, Prime Minister Duško Marković and representatives of the German WPD Group underscored at the meeting which took place in Podgorica.
Pointing to encouraging economic indicators and achievements of the Government's economic policy, Prime Minister Marković said that, through attracting credible foreign investments, Montenegro wants to make the best use of its energy potential, stressing as valuable the interest of the WPD group, a team that is dominantly focused on the development and financing of wind power plants.
The meeting noted that the entire Montenegrin hinterland has the potential to build wind power plants and that the Government will work towards identifying locations and creating opportunities for development.
"Montenegro is becoming a regional energy hub," the Prime Minister said, adding that the Government has imposed a moratorium on the policy of subsidising electricity from renewable sources.
Chief Executive Officer of WPD Group for Europe said that they want to invest in Montenegro and that they have the knowledge and capabilities since they installed around 4,500 megawatts of wind turbines all over Europe. He pointed out the benefits of wind energy utilisation with regard to technological innovations in that area and lowering the cost of production of such energy.
Prime Minister Marković also stated that Montenegro wants to develop an overall strategic partnership with Germany, both at political and economic levels. German Ambassador to Montenegro Robert Weber, who also attended the meeting, agreed with the Prime Minister's commitment.
February 12, 2019 - Flight Control of Serbia and Montenegro SMATSA Belgrade and European Satellite Service Providers (ESSP) have signed two EGNOS work contracts, which is the first step towards the implementation of access procedures based on the EGNOS service at airports in the Republic of Serbia and Montenegro.
11 February 2019 - Podgorica will get another residential-business complex on the site of the current Hotel City under Ljubović, and the potential investor, Company UTIP Montenegro, does not reject the possibility that one part of the building could be left for a different hotel category than the existing one.
Hotel City is owned by the joint-stock company UTIP Montenegro, whose majority owner is businessman Žarko Burić. His "Normal Company" with 80,4 percent of the shares is running UTIP.
The demolition of the current City Hotel in Podgorica started February 11. The representative of UTIP Montenegro, Nemanja Nikolić, said that the destruction would take about 40 days. He added that they had already announced the construction of a multi-purpose residential and business facility.
UTIP Montenegro has previously announced that due to significant changes in the hotel market in Podgorica, which are primarily reflected in a significant drop in the price of the service due to the opening of a large number of hotels in the city and a bad situation in which Hotel City was generally in, investor JSC UTIP Montenegro made a decision on the construction of a multifunctional residential-business facility on the location of the Hotel City at the Assembly of Shareholders held on November 10, 2017.
According to the project that is being completed by the Podgorica architectural bureau, only the residential business building that would have a little less than 25,000 square meters is mapped to the place where the City Hotel today is located. Six floors, ground floor, and underground garage are projected.
"A multipurpose business residential building is planned on the plot. In addition to housing, the business segment is planned on the ground floor, and in one part of the building, the investors plan a construction of a city hotel that will have a separate entrance and which can be stretched vertically through the entire height of the building, "report the representatives of Detailed Urban Plan of Podgorica.
Preparatory works on the Fortress Mamula, or the Island Lastavica at the entrance of Boka Kotor Bay, will be completed by March, along with a mock-up room at the same time as a presentation of the capacities for the future hotel.
That is, as written by “Dnevne novine” cited in the annual report on the realization of the long-term lease agreement of this site in the Herceg Novi municipality.
It also clarifies that construction works will begin in the second quarter of this year, i.e. after the end of March. According to the information provided by the investor, Orascom Hotels Management Mamula Montenegro, four million euros will be invested during the works.
This year, an adaptation and expansion of the port in Mirište are planned, with the projected investments of 160,000 euros. Works on the power supply will be carried out and the necessary electrical power connections to nearby Arza, for which it will be allocated another half a million euros.
Last year, preparatory works for the tourist complex at Lastavica continued, more precisely for the five-star hotel "Mamula", which received the status of the object of general interest.
When it comes to financial obligations and investments over the same period, the Lessee paid an annual rent of 47,772 euros, and another 869,932 euros were invested. Since the start of the project's activities, 2,103 million euros have been spent, mostly for project documentation, equipment procurement, preparatory works, payrolls for employees and consultants' engagement.
The Orascom Development Holding company, headquartered in Switzerland, signed in February 2015 with the Government a contract for a 49-year lease of 31,848 square meters with the exclusive right to use the sea property to which it belongs.
"The Lessee’s investment obligation amounts to EUR 15 million, and the deadline for the completion of the works is 18 months from the date of commencement of the works. The investment program defines reconstruction of 23 hotel rooms, four catering facilities, a memorial room for visitors, a reception desk, a spa center, a dock, two pools, two cascades with recycled water, a water sports club, a centralized kitchen and infrastructure facilities, tank for drinking water and wastewater, substation with aggregate, as well as other accompanying facilities," as is detailed in the project that will generate 200 jobs.
As mentioned, the project managed by Orascom Hotels Management Mamula Montenegro is required to bring 7.5 million euros of different revenues to the Government, in the first ten years, not counting the rent.
Text by Dnevne novine, on February 11th 2019, read more at CdM
10 February 2019 - By launching the postage stamp dedicated to the 50th anniversary of the Mimosa Festival, the Montenegro Post honours the tradition of this exceptional festival, of Herceg Novi and the development of tourism in the city, it was announced at the presentation of the stamp. By creating a special postage stamp, Mimosa Festival is listed among the important events in the history of Montenegro, which have earned a valuable postage stamp.
"The Mimosa Festival, by which Herceg Novi is known and recognized, is in a way the tourist ambassador of Montenegro. Therefore, it really deserves to be presented with a postage stamp, "said Aleksandra Perović, head of the Philatelic and International Relations Department of the Post of Montenegro. She invited everyone to send a letter from Herceg Novi to their loved ones, and the letters will bring a flower of mimosa on the postage stamp.
The postage stamp, apart from its primary role, has an important promotional function because "the shipment and its stamp travel the world and carry the message of the country from which they come. The postage stamp represents a symbol of culture and remains in the legacy for generations," said PR manager of Post of Montenegro Vesna Goljević Novović. As she said, the theme for the stamp is always carefully chosen because it promotes the state of Montenegro.
Postage Stamps Dedicated to Jubilee Mimosa Festival are printed on a sheet of 20 stamps. It has a stylized mimosa flower and the mark of the Jubilee 50th anniversary of the festival. The colours that are dominant on the stamp are white, green and yellow. The nominal value is 0,50 EUR.
The ceremonial promotion of the postage stamp issue "50 Years of the Mimosa Festival" was held on February 8 at 12 pm in the Park Hall in Herceg Novi.
February 10, 2019 - A consortium made by Adriatic Marinas - Porto Montenegro from Tivat and Damen, a Dutch company that deals globally with the construction of ships and superyachts, launched a program for recruiting engineers in shipbuilding and overhauling yachts, who will work in the new shipyard in Bijela.
09 February 2019 - Montenegro and the Republic of Korea have common interests both at bilateral and global levels, Prime Minister Duško Marković and newly appointed Ambassador of the Republic of Korea Hyoung-chan Choe noted at today's meeting.
Both sides agreed that there are numerous opportunities and a mutual interest in boosting economic cooperation, in particular in the areas of tourism, energy, agriculture, IT and improvement of the overall infrastructure.
"The goals of this Government are strong growth of the economy, sustainable development and more and better-paid jobs," said Prime Minister Marković, stressing the importance of the arrival of Korean investors in Montenegro to invest not only capital but also knowledge and skills and create new value for Montenegro.
In the context of international cooperation, as well as in terms of preserving global peace and stability, PM MarkoviĆ reiterated that Montenegro, as a NATO member, can contribute more actively to these goals, adding that Montenegro understands and supports efforts to overcome challenges on the Korean peninsula.
"We appreciate the support for the Republic of Korea in maintaining peace and stability," Ambassador of the Republic of Korea highlighted, adding that bilateral relations between Montenegro and Korea are at a high level.
Prime Minister Duško Marković also recently met with business people of Montenegro and they noted that the excellent results of the Government's economic policy and the implemented reforms provided a quality basis for further business development, job creation and improvement of the quality of life of citizens.
Business people have said that the government has done a lot to improve the business environment, but that there are still specific challenges to be addressed. Prime Minister Marković and business people agreed that an intense fight against the gray economy is necessary for the areas of tourism, construction, trade and the labor market. Prime Minister Marković also talked with business people about the necessity of increasing salaries and improving the working conditions of private sector employees and how this can be achieved.
08 February 2019 - Minister of Science of Montenegro Sanja Damjanović paid an official visit to Brussels, where she met with Commissioner for Research, Innovation and Science Carlos Moedas.
Minister of Science Damjanović presented the current status of activities on the regional project "Establishment of the South East European International Institute for Sustainable Technologies – SEEIIST", pointing to preparatory activities for the start of the next phase of the project – the phase of the development of a detailed Design Study, which the European Commission - Directorate General for Research and Innovation (DG RTD) will support with 1 million EUR.
Minister Damjanović invited Commissioner Moedas to attend the Kick-off meeting marking the beginning of the Design Study phase, which will be held in Montenegro in mid-2019. Sanja Damjanović also presented the progress in the process of developing the Smart Specialisation Strategy, stressing Montenegro's full commitment to this important task, which is implemented with the support of the Directorate General of the Joint Research Center (JRC).
In the end, she pointed to the importance of the European Commission's Policy Support Facility (PSF), through which Montenegro is working to improve the national innovative ecosystem, with a special focus on innovative start-ups.
Commissioner for Research, Innovation and Science Carlos Moedas thanked the Minister Damjanović for the detailed information on the progress of the preparatory phase of the SEEIIST project. He praised Montenegro's progress in the process of preparing the Smart Specialisation Strategy, noting in particular that Montenegro, in a very short time, managed to prepare a quality strategic document, thus gaining the conditions to become the first associated country to adopt this strategy.
Commissioner Carlos Moedas expressed satisfaction that Montenegro has made the best use of the Policy Support Facility instrument for the creation of a national framework for creating a better environment for innovative activities in the country.
Minister of Finance Darko Radunovic and his associates met with the head of the office for Montenegro and Bosnia and Herzegovina, Emanuel Salinas, to discuss projects from the World Bank portfolio and future activities, it was stated from the Ministry.
"Today's meeting, which represents the continuity of the meeting with representatives of the World Bank, was an opportunity for Minister Radunovic to address the significance of tax administration reform with electronic fiscalization, in the context of current projects with the World Bank, and emphasized the importance of funds received thanks to the World Bank’s first warranty for the development policy - PBG1, in the context of refinancing part of the public debt, as well as activities to meet the requirements for obtaining another guarantee - PBG2," the statement states.
As he adds, Salinas stressed that there are no open issues regarding the implementation of investment projects and he has introduced the activities of World Bank working teams to the project "Employment and Growth".
"He also presented the World Bank's initiative for credit support to the regional project of linking the Western Balkan countries through trade and transport facilitation, which is in the function of regional economic integration," as stated by the Ministry of Finance.
Text by MINA News, on February 6th 2019, read more at Vijesti
08 February 2019 - The Municipality of Tivat received a donation worth 30.000,00 EUR from the company Qatari Diar Real Estate.
The Qatari Diar Real Estate Company was established in 2005 by the Qatar Investment Authority, the sovereign wealth fund of the State of Qatar. The company is headquartered northeast of capital Doha on the coast of the Arabian Gulf. Qatari Diar has established itself as one of the world’s most trusted and respected real estate companies because of its commitment to quality, local community, partnership and sustainability. As of January 2018, Qatari Diar has a shared capital of US $8 billion, with 60 investment projects under development or held in 24 countries around the world, combining a value of over US$35 billion.
Qatari Diar has also launched a construction project in Montenegro - the company acquired the rights to the Blue Horizon hotel complex for €24 million, and it is in their plan to develop a five-star luxury hotel that will include sports resorts and villas. As stated by the representatives of the company, “the Plavi Horizonti Project, based upon the principles of an exclusive resort atmosphere, with reference to the natural setting of the Montenegrin landscape character, historic heritage and elements of an authentic Montenegrin village, is located ideally on the Luštica Peninsula, facing towards the magnificent Adriatic Sea. The mixed-use resort will include a 200-room world-class luxury resort hotel, a spa, a beach club, more than 140 residential villas, apartments and townhouses, and traditional village-style retail and recreation areas.”
This respected real estate company has decided to donate funds to support the development of Tivat Municipality. The donation will be directed towards the realisation of the second phase of asphalting the local road to Radovići Village on the peninsula Luštica. The segment of the road to Radovići that will be constructed is the road section Rogač-Radovići.
The Municipality of Tivat previously financed the reconstruction and asphalting of the section from the Đuraševići coast to the end of the Radovići Village, worth around 94.000,00 EUR.
On the Luštica peninsula, the construction of the second phase of the MR1 is underway, which will connect the local road to Radovići (from the natural reserve Tivatska solila) and the second phase of MR1. This road represents a direct traffic link to the development of tourism projects which are being built on the Luštica peninsula. The MR1 road will also greatly facilitate traffic in this part of the peninsula, which is of particular importance for the locals of the surrounding local communities.
08 February 2019 - A great deal of business success comes down to its advertising, and while large companies spend millions on advertising and marketing, that doesn’t mean it’s the only way to get a quality promotion. A recent example of free advertising of Sveti Stefan in Montenegro can be seen on a flyer by the Bank of America!
Today, the luxury resort Sveti Stefan has received yet another confirmation of quality. The last in the series of Sveti Stefan’s promotions took place on the advertising flyer created for the Bank of America, one of the leading banking groups in the United States.
Namely, during its advertising campaign for the Bank of America Cash Rewards Credit Card, this bank used a photograph of the fairy-tale-like destination Sveti Stefan to attract the potential clients of the card. As mentioned on the flyer, a visit to luxury destinations is a reward for the right choices in life, and the one destination that has been highlighted is exactly the luxury resort in Montenegro. "Choose the rewards that are right for you", the Bank of America states on the flyer, while the picturesque Sveti Stefan glows to enchant all those who read the promotional material.
The jewel of the Budva Riviera - charming extraordinary island village Sveti Stefan is a picturesque fortification of 15th-century stone villas that overlook the most beautiful pink-sand beach and tempting turquoise waters. Located in the centre of Montenegro’s sun-drenched coastline, a short drive or sail from Budva or the Unesco-protected Bay of Kotor, the resort offers private access to Queen’s Beach, set in front of the Aman Spa and accessible via foot or boat transfer from the island.
According to News Agency Boka News, the presence of Sveti Stefan within the flyer was first noted by a citizen of Budva, Ljubo Filipović, who currently resides in the United States. He and his friends shared a photo of the flyer and expressed their enthusiasm that Montenegro had gained such a valuable promotion.
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