The Montenegrin Foreign Investors Council presented the “White Book – Investment Climate in Montenegro 2024,” an annual publication in which the MFIC’s member companies evaluate the ease of doing business, as well as the overall business and investment environment in the country.
The event opened with remarks from Tamás Kamarási, Chairman of the Council’s Board of Directors, who emphasized the importance of the White Book.
“The White Book is much more than a report – it is a publication that reflects the experiences and goals of our member companies, as well as the wider business community. For a long time, it has served as a foundation for shaping policies and decisions that define Montenegro’s business environment. This year, we have made a strategic shift by publishing the White Book in November. This change will give the government and decision makers more time to analyze the recommendations. At the MFIC, we believe this adjustment can better address the needs of the business community and accelerate the results that the real sector expects,” said Kamarási.
He expressed satisfaction that after two years of decline, the MFCI Ease of Doing Business Index for 2024 recorded a slight increase, reaching 6.5.
“Although the index growth is modest, it indicates progress in addressing some key business challenges. It also demonstrates that joint efforts, from policy improvements to strengthening public-private cooperation, can give results. However, we must remain realistic and honest. The progress is positive but symbolic – to continue this path of positive changes, we must deepen the dialogue between the government, foreign investors, and the broader business community,” Kamarási added.
He also presented the impact of the MFIC’s member companies on Montenegro’s economy.
“Together, we provide for approximately 23% of the country’s GDP. Our members generated €202 million in profits and paid €72 million in taxes. We employ around 5,700 people, and last year, MFIC members donated about €2 million to projects aimed at supporting the local community and society as a whole. Everything you’ve heard confirms that our members are responsible companies and drivers of Montenegro’s economic development. In this context, it is advisable that decisions affecting these business entities be made with special care.”
The key points of the new White Book were presented by Arijana Nikolić Vučinić, Executive Director of the Montenegrin Foreign Investors Council.
“This year, we have 23 new recommendations divided into four areas identified in the Council’s Strategy. In the area of talent and human capital, six recommendations were made, while the rule of law has two recommendations. Tax policy and public administration have four recommendations, economic and infrastructure development have eight new recommendations, and the transition to a green economy has three. We hope that relevant institutions will incorporate some of these recommendations into their work plans for the next year. As for previous recommendations, no action has been taken on 11 of them, while certain steps or activities have been recorded for 26 recommendations. However, it is concerning that none of the recommendations have been fully implemented,” she said.
Minister of Finance Novica Vuković acknowledged the importance of the recommendations from foreign investors and the challenges of maintaining stable and sustainable public finances, which are a prerequisite for the country’s overall macroeconomic stability.
“The Ministry of Finance prioritizes the demands arising from the integration process, including the new growth plan and reform agenda, all aimed at accelerating Montenegro’s path to the EU single market and eventual membership. Our main goal is to create a better and more prosperous Montenegro, which will be achieved through a strong partnership between public administration and the business community. This partnership will enable more effective identification of business barriers and prompt actions to eliminate them. Our mission is to make Montenegro a desirable place to live, work, and invest,” said the Minister.
He emphasised that over the past year, the Ministry of Finance has strived to remain fully open to the business community.
“One of the key objectives in economic policy is ensuring a predictable and incentivizing fiscal policy that enhances Montenegro’s attractiveness as an investment destination. To this end, we have worked intensively in the past period on developing fiscal policy measures aimed at improving the business environment and strengthening the competitiveness of the economy on one hand, while enhancing the standard of living on the other, all while maintaining macroeconomic and fiscal stability. In line with this commitment, we highlight the importance of measures implemented through the Fiscal Strategy, which outlines key tax policy objectives, including securing additional budget revenues, aligning tax policies with EU directives, and improving the business environment. With the implementation of this tax reform, Montenegro has become one of the countries with the lowest labor tax burdens,” Vuković explained.
White Book for the 2024 is available on the following link.
