The Montenegrin Foreign Investors Council has published the thirteenth edition of the “White Book – Investment Climate in Montenegro 2023.” This publication, contributed by 43 MFIC members accounting for over 30% of the domestic GDP, evaluates the business environment and highlights key challenges they face.
“The White Book has served as a reliable guide over the years, providing comprehensive analyses of market trends, opportunities, and challenges. The 2023 results are based on an improved methodology for data collection and analysis,” stated Tamás Kamarási, President of the Montenegrin Foreign Investors Council.
Based on the results of a comprehensive survey, the ease of doing business index in Montenegro for 2023 has declined for the second consecutive year, now standing at 6.4. A decline in the ease of doing business index was also recorded in individual industries, with the exception of the banking sector, which saw improvements, and the telecommunications sector, which remained at the 2022 level.
In 2023, tourism and trade experienced a decline of 0.4, resulting in ease of doing business indexes of 6.7 and 6.6, respectively. The index for transport and logistics is 6.0, with a recorded drop of 0.6. Members of the Council operating in the manufacturing and energy sectors rated the ease of doing business in 2023 at 5.5, a decrease of 0.7 compared to 2022.
Improvements in the ease of doing business index for 2023 were noted in the banking sector, which was rated at 6.7, thanks to rise of 0.4. The telecommunications sector’s index remained the same as in 2022, at 7.2.
“Although the research shows a decline in the ease of doing business index for the second consecutive year, current communication with decision-makers leaves room for optimism. In this regard, I believe we have the opportunity to record some progress in the 2024 White Book edition, which we will publish in November. We hope for even more intensive cooperation with the Government and ministries to jointly implement the recommendations we have highlighted,” said Tamás Kamarási.
The Minister of Finance in the Government of Montenegro, Novica Vuković, announced that the ministry would thoroughly review the recommendations mentioned in the White Book, considering that creating an attractive business environment for existing and new credible foreign investors is one of the Government’s priorities.
“The Ministry of Finance will carefully consider and take into account the recommendations of this important document, as it is very important for us that foreign investors operating in Montenegro are satisfied with the conditions and overall business environment. Our goal is to further improve it and provide the necessary prerequisites for attracting credible investors. Therefore, together with the Investment Agency and other involved institutions, we will work on further encouraging modern and sustainable business models. We look forward to future partnerships with businesspeople and the positive effects of new projects on the state budget and the overall economic landscape of Montenegro.”
The “White Book – Investment Climate in Montenegro 2023” for the first time included an evaluation of specific indexes and a more detailed examination of factors affecting the ease of doing business in all observed sectors. Furthermore, five key development areas for improving the business environment were identified, as well as an assessment of the level of investor involvement in the decision-making process.
The White Book for 2024 will be presented in November. The new publication date for the White Book provides the Government with adequate time to review and incorporate the recommendations and analyses of foreign investors into their work program.
