The Montenegrin Foreign Investors Council (MFIC) presented the 15th anniversary edition of the White Book – Investment Climate in Montenegro 2025 during a dedicated panel discussion featuring MFIC Board members Tamás Kamarási (CKB), Branko Mitrović (One Montenegro), David Margason (Porto Montenegro), Vasilis Panagopoulos (Jugopetrol), as well as MFIC Executive Director Arijana Nikolić Vučinić.
Remon Zakaria (EBRD) joined the event through a video message.
The new edition shows that the MFIC Ease of Doing Business Index remains at 6.5, the same as the previous year. Telecommunications continue to hold the highest score, while banking, manufacturing, energy and trade recorded moderate growth. Tourism, as Montenegro’s key economic sector, is the only one that registered a decline.
Key findings of the White Book
Presenting the publication, Arijana Nikolić Vučinić, MFIC Executive Director, highlighted that the White Book provides a comprehensive overview of the business environment through four chapters: international assessments, national policy frameworks, the MFIC Index, and recommendations for improving the investment climate.
The MFIC Index remains stable at 6.5, while member companies rated the overall business environment with an average score of 6.3. Telecommunications once again achieved the highest sectoral score (7.2), followed by banking (7.0). Tourism recorded a decrease of 0.2 points, dropping to 4.3, signalling the need for targeted improvements in the years ahead.
Manufacturing and energy increased to 6.1, trade improved by 0.3 points, while transport stagnated due to lower ratings in infrastructure. Out of 15 parameters, nine improved, two declined and one remained unchanged. The Human Capital Index rose to 5.6, while the Rule of Law Index increased to 5.3, supported by progress in EU integration.
This year’s edition introduces three new indices: Public Administration Efficiency, Regulatory Framework, and Innovation and Technology Transfer, with public administration receiving the lowest score (4.8).
Progress on recommendations
Of the 56 recommendations included in the previous edition, state institutions provided responses for 40. Three recommendations were fully implemented, three saw no action, while 34 recorded partial progress. Fourteen new recommendations were added, along with ten key measures that had the greatest positive impact and ten priority barriers requiring urgent attention.
Messages from the MFIC Board
Opening the event, Tamás Kamarási, President of the MFIC Board of Directors, emphasised the importance of the White Book as a long-term record of dialogue between investors and institutions, and as a practical tool for policymakers.
MFIC Board members shared their insights on sectoral developments and priorities for the period ahead:
- Branko Mitrović (One Montenegro) underlined the importance of legal and regulatory stability, as well as continuous investment in human capital and digital skills.
- David Margason (Porto Montenegro) highlighted the need for stronger international visibility and closer cooperation between the Government and the private sector to enhance competitiveness.
- Vasilis Panagopoulos (Jugopetrol) pointed to significant progress in alignment with EU standards and in public administration digitalisation, while noting that regulatory implementation must advance more rapidly.
- Remon Zakaria (EBRD) emphasised in his video message that the White Book remains an essential tool for shaping policies that support Montenegro’s EU accession process and improve the overall investment climate.
Strengthening dialogue for future growth
MFIC reiterated its commitment to supporting constructive dialogue between the public and private sectors, recognising that a strong and predictable business environment is crucial for attracting investments, encouraging innovation and ensuring sustainable economic growth.
