Montenegro, The ease of doing business index recorded a slight drop compared to 2021

Published on 23. April 2023., News

The ease of doing business index in Montenegro for 2022 was 6.7, which is a drop of 0.3 points compared to 2021, when it was at a record high level. The decline in the index is the result of barriers recognized by foreign investors, primarily the instability and unpredictability of the business environment, which illustrates a certain concern when it comes to the investment climate in Montenegro.

This was announced at today’s presentation of the “White Book – Investment Climate in Montenegro 2022”, by President of the Council of Foreign Investors Tamas Kamaraši.

Kamaraši stated that the index for last year warns of the sensitivity of the economic situation in Montenegro and indicates for the umpteenth time that without long-term strategic reforms, which are in accordance with international standards, the stability of the business environment cannot be achieved.

He particularly pointed out that Montenegro must work on the rule of law, and on suppressing the gray economy, and especially on achieving the introduction of a greater degree of digitization.

Investors who create new opportunities for the economic growth of Montenegro are needed. Foreign investors understand how complex this process is – he stated.

Minister of Finance Aleksandar Damjanović stated that the Government is ready for cooperation with the Council of Foreign Investors, that is, that they are on a joint task to create a more favorable environment and stated that the Government absolutely accepts responsibility for the situation.

He pointed out that last year’s decline in the index reflected the growth of activities in tourism and energy. If there should be growth somewhere, let it be in those strategic branches – said Damjanović.

The Minister also indicated that the Government has already started implementing the recommendations from the “White Book”, stating that changes to the Law on Business Companies are being prepared, which will go to Parliament very soon.

The largest number of inputs from the White Book should be included in that law – said Damjanović. Damjanović pointed out that the decrease in the index was also influenced by the global crisis.

The Minister of Economic Development and Tourism, Goran Đurović, referred to the evaluation of the Council of Foreign Investors that not enough has been done regarding the rule of law.

If this Government did anything in the previous period, it was to strengthen the rule of law. I think you are witnessing every day how much our institutions are changing in that regard – said Đurović.

Đurović said that the financial balance sheet for last year shows that the economy had the best results in history. All businessmen can say that the year 2022 was repeated in terms of business and results – said Đurović.

He also pointed to the GDP growth of 6.4% for last year and the growth of 73% when it comes to the inflow of foreign direct investments. He is optimistic about the upcoming tourist season, stating that he expects the income from tourism for the whole year to be over EUR 1.3 billion.