Vujica Lazović, Deputy Prime Minister and Minister for Information Society and Telecommunications of ■ Vladimir Kavarić, Minister of ■ Ivan Brajović, Minister of Transport and Maritime Affairs of Montenegro ■ Petar Ivanović, Minister of Agriculture and Rural Development of Montenegro ■ Pavle Goranović, Minister of ■ Aleksandar Andrija Pejović, State Secretary at the Ministry of Foreign Affairs and European Integration – Chief Negotiator for Montenegro’s EU Accession ■ Milojica Dakić, Governor of the Central Bank of Montenegro ■ Velimir Mijušković, President of the Montenegrin Chamber of Economy ■ Miloš Jovanović, Director of the Montenegrin Investment Promotion Agency ■ Ruediger Schulz, President of the Montenegrin Foreign Investors Council MONTENEGRO BUSINESS SECTOR 2015 Bjelasica is one of Montenegro's most beautiful The cave in Đalovića Gorge near is one of the mountains, with excellent opportunities for skiing most beautiful caves in the world. Speleologists are still discovering its underground passages

The Printing House of When senior foreign officials are CrnojevićI was built in 1492 received in , they are officially and had great importance saluted by the Honour Guard for Montenegrin culture

Kotor, Montenegro’s most-visited destination, has UNESCO World Heritage site status

Famous cheeses from Njeguši, made exclusively in the area around Njeguši, are genuine contributions to

Montenegro has 29 glacial mountain lakes . The most famous are At the UNCED conference (in Brazil in Crno Jezero on Mount Durmitor, Plavsko, which sits at the foot of is the only river in the 1992), Montenegro was declared the first Visitor Mountain and Biogradsko on Bjelasica Mountain world that runs upstream environmental state in the world MONTENEGRO CONTENTS BUSINESS SECTOR 2015 6 SUCCESSES THAT 24 MONTENEGRIN 43 EVERY SECOND OBLIGE CULTURE IN TOURIST FLIES

EDITOR Comment THE EUROPEAN TO MONTENEGRO Ana Novčić MAINSTREAM WITH US [email protected] 8 ACCEPTING PAVLE GORANOVIĆ ŽIVKO BANJEVIĆ DESIGN EUROPEAN Minister of Culture of Montenegro Airlines CEO Jelena Rmandić STANDARDS Montenegro j. [email protected] VUJICA LAZOVIĆ PH.D 44 PARTNERSHIP PHOTOS Deputy Prime Minister and 28 EXCELLENT THAT BRINGS aim archive Minister for Information Society INTEGRATION VALUE TRANSLATORS and Telecommunications of RESULTS DUŠKO KNEŽEVIĆ Snežana Bjelotomić Montenegro ALEKSANDAR ANDRIJA Atlas Group President

LECTURE PEJOVIĆ Mark Pullen, [email protected] State Secretary at the Ministry

PROJECT MANAGERS of Foreign Affairs and European Biljana Dević Integration; Chief Negotiator [email protected] for Montenegro’s EU accession Maja Vidaković [email protected] negotiation Aleksandra Ebilji [email protected] Mila Oreščanin [email protected] 12 ON THE RIGHT TRACK 46 IMPROVING VLADIMIR KAVARIĆ THE BUSINESS EXECUTIVE DIRECTOR Ruža Ristanović Minister of Economy of CLIMATE [email protected] Montenegro RUEDIGER SCHULZ

GENERAL MANAGER MFIC President and CEO Ivan Novčić of Crnogorski Telekom [email protected] 32 REVIVAL OF

FINANCIAL DIRECTOR ECONOMIC ACTIVITY Gordana Obradović MILOJICA DAKIĆ [email protected] Governor of the Central Bank EDITORIAL MANAGER of Montenegro Tanja Banković [email protected] 16 SUSTAINABLE 36 GOVERNMENT OFFICE MANAGER INFRASTRUCTURE AND CHAMBER Nataša Nešić [email protected] DEVELOPMENT COOPERATING 49 GREAT IVAN BRAJOVIĆ SUCCESSFULLY POTENTIAL PRINTING Minister of Transport and VELIMIR MIJUŠKOVIĆ Economy Službeni glasnik Maritime Affairs of Montenegro President of the Chamber Montenegro of Economy of Montenegro 52 TWENTY Business Sector 2015 Published by: 20 CHANCES ARE SUCCESSFUL alliance international media THERE FOR US YEARS TO UTILISE SNEŽANA PEROVIĆ Makenzijeva 67, 11111 17, PAK 126909, PETAR IVANOVIĆ Director of Hemomont Phone: +(381 11) 2450 508 Minister of Agriculture and Fascimile: +(381 11) 2450 122 mi povezujemo ljude u evropi E-mail: [email protected] Rural Development of 54 DEVELOPMENT www.allianceinternationalmedia.com Montenegro IN LINE WITH GLOBAL ISSN no: 1451-7833 TRENDS Izaberite dnevnu ili nedjeljnu kartu i surfujte bezbrižno! All rights reserved alliance international media 2015 40 CREDIBLE PARTNER ZORAN SEKULIĆ www.telekom.me/roming THIS PUBLICATION IS FREE OF CHARGE FOR INVESTORS Executive Director of MILOŠ JOVANOVIĆ the Agency for Electronic CEO of the Montenegrin Communications and Investment Promotion Postal Services of Agency (MIPA) Montenegro

4 | MONTENEGRO BUSINESS SECTOR 2015 COMMENT Successes that OBLIGE

ontenegro is reaping the benefits of a deliberate policy while on the list of the Fraser Institute it has improved from a rank and economic reforms and has reason to believe that it of 49th to 38th and according to the standards of the World Economic is on a stable path of progress, but there is no room to Forum, which ranks countries according to competitiveness, it has Mrelax in the face of new challenges. advanced from 72nd to 67th place among 148 ranked countries. Unlike many other countries that have recorded recent stagna- It would be good if these developments were also noted in the tion or only cursory economic growth, Montenegro has behind White Book of the Foreign Investors Council - which concluded it and, more importantly, in front of it, figures that show positive in its latest sixth edition that the investment climate and business economic conditions. environment in Montenegro have not significantly changed in the Many external and internal factors contribute to this result: last year compared to the previous one. Montenegro has taken seriously the opportunity provided to the Ambitious infrastructure projects of a regional character – in the countries of the region by the “Berlin Initiative” and participates spheres of transport, energy and intensive investment in the tourism actively in initiatives aimed at strengthening political and economic sector – represent the single most important factor, with a 20 per cent stability, as well as engaging in cross-border infrastructure projects share of GDP, while incentives for the processing industry – based on in the region – as part of the broader European integration process a stable macroeconomic situation and backed by political stability – that formed the basis to attract capital to the Western . provide the basis to conclude that Montenegro is on the right track. Its European perspective is the fruit of dedicated long-term work However, that doesn’t mean that political and economic decision on European integration, acknowledging the fact that Montene- makers find themselves on a road without obstacles. Large infra- gro has opened 20 EU accession ne- structure projects provide a powerful gotiation chapters and provisionally Each success achieved by the impetus for the development of other closed two of them, with the possi- parts of the economy, but also present bility for even faster future progress serious challenges when it comes to in this politically, professionally and in the previous period is maintaining a low budget deficit and financially demanding process. The transparent and measurable: sustainable trade balance. This is a high chance of joining NATO also from economic growth, via the particular problem because, as was contributes to the understanding of pace of European integration, well detected by the Government of Montenegro as a factor of stability in Montenegro, the country lacks wider, the region and a destination that is a to the improvement of the stronger and more diversified produc- safe haven for business. business climate tion, especially for export. Although The commitment to reform is also Montenegro is a small country, the visible in the documents on long-term policies in the spheres of examples of equally small economies show that it can be much monetary, fiscal and economic development and the sphere of more successful in the production of goods and services with high everyday life – in the implementation of measures that lead to the added value, which is still a rarity in Montenegro. The agriculture improvement of the business climate. sector, which is slowly changing, and the energy sector where, in Montenegro’s advantage lies in the fact that its progress can be addition to using domestic energy resources, Montenegro has an documented: via economic growth forecasts of international finan- opportunity to become a regional hub for the transfer of energy cial institutions, progress in European integration and progress on all from the Balkans to the EU, represent opportunities that should be relevant ranking lists that measure economic freedom, improving the taken advantage of, while tourism – potentially the most important business climate and competitiveness. On the World Bank’s “Doing export branch, according to the examples in the neighbourhood – is Business” list, Montenegro has advanced eight places in one year, extremely sensitive to political, economic and climatic turbulence. from 44th to 36th place. According to economic freedom measured In other words, accomplishments to date cannot be used as an by the Heritage Foundation, it has progressed from 68th to 66th place, excuse to relax.

6 | MONTENEGRO BUSINESS SECTOR 2015 INTERVIEW ■ In this context, how do you see the role of Montenegro, work of all departments. We have collaborated for years with ex- which is the most advanced in the European integration pro- perts from the Energy Community and they were involved in all cess among all the region’s countries? activities related to the reform of this sector. Through its strategic - Connecting the region and strengthening ties with the EU are im- orientation, which is wholly consistent with the energy strategy portant preconditions for further progress and the full integration of of the EU, Montenegro has indirectly been part of the European Accepting European the region. Accepting European standards should result in economic energy community for almost ten years. growth and improvement of the quality of life of citizens, which The Energy Community accepted a list of priority infrastruc- the Government of Montenegro has recognised as a priority and ture projects in line with the EU practice, where there are three it is focused on fulfilling the obligations defined by national and projects nominated by Montenegro and approved by the Energy European strategic documents. During a recent visit to Brussels, in Community. These projects are: construction of the Adriatic - STANDARDS discussions with senior officials from the European Commission we Ionian gas pipeline, construction of the Lastva – Pljevlja and emphasised the role of Montenegro in Pljevlja – Bajina Basta transmission VUJICA LAZOVIĆ PH.D the European integration process, as lines, as well as the project to build well as support in the process of im- a series of small hydropower plants DEPUTY PRIME MINISTER AND MINISTER plementation and the achievement of on the river Lim. FOR INFORMATION SOCIETY AND concrete results. In this regard, Mon- TELECOMMUNICATIONS OF MONTENEGRO tenegro will continue cooperation and ■ What is the stance of the govern- intensify the fulfilment of obligations ment of Montenegro regarding the and the definition of further guidelines pace of construction of another ther- ensuring the smooth flow of the Euro- mal power plant (TPP) in Pljevlja? Connecting the region and pean agenda. - The Government's stance on the is- strengthening ties with the EU are sue of Block 2 is clear! All activities ■ In your opinion, how important have to be accelerated. It is known important preconditions for further was the meeting in Riga at which that the basic precondition to con- progress and the full integration of the the roads that are being built in the tinue cooperation with A2A is the Western Balkans joined the plan of construction of Block 2. The nego- region. Accepting European standards European corridors? tiations and compliance of the con- should result in economic growth and - The meeting in Riga is of crucial tract with Skoda are in the final stage importance for the future of the and that is a very good sign. We are improvement of the quality of life of Montenegrin economy. By linking implementing some intensive activi- citizens, which the Government of the roads of the Western Balkans, ties on the harmonisation of the inter- which are now built into the plan of state agreement between the Czech Montenegro has recognised as a priority European corridors, we are build- Republic and Montenegro, as an ing the infrastructure necessary to instrument to further accelerate the better connect and integrate with creation of conditions necessary for the European market. The main net- the realisation of this important pro- work (Core network) connects the ject. The Government recognises the he summit in should define the key infrastruc- region, is realised together with the European Commission and capitals of the Western Balkans, the importance of the moment in which ture projects and generate greater interest in other EU EU Member States. This cooperation primarily relates to better main economic centres and ports. Montenegro has indirectly the project is implemented, particu- member states to engage in the process as potential in- infrastructure links between the region countries, but also between Through the implementation of large been part of the European larly in terms of the expected growth Tvestors in priority infrastructure projects, and as a future them and EU countries which will create conditions for better trade infrastructure, road and rail projects, energy community for in electricity prices in the region. In "sponsors" of the process which is contacts, tourism, and the movement we gain a prerequisite for economic almost ten years order to meet the prescribed stand- the guarantor of lasting stability in The meeting in Riga is of people and goods. growth and development. Montene- ards, large investments in the ecol- the region and its integration into the Another important infrastructure gro, as a Mediterranean country, will ogy of thermal capacity in the region EU, says the Montenegrin Deputy of crucial importance priority is the energy, which in our be one of the arms that connect the Orient and the Mediterranean, will result in increased prices and many plants will be shut down. Prime Minister Vujica Lazovic for the future of the region is a huge untapped potential, and through the major network it gains a chance to be part of the Montenegrin economy especially the hydro, solar and wind European market in the real sense. Although the highway is an ■ News is arriving from the region regarding an interest in ■ How do you assess the effects of energy, which the countries in the re- expensive project and there are a few who disapprove, all criti- pooling capacities, i.e. taking over the EPCG. What is the the "Berlin Initiative" in a political, gion, jointly networked in the power cism falls to pieces when you become part of such a network of government’s opinion on the privatisation of strategic state security and economic sense, and what do you think the next transmission systems, can export to the EU countries. Of course, transport and roads. enterprises? 23rd August summit in Vienna should bring? there is a potential in the sites of natural gas in the waters of the - In the agreement on recapitalisation and privatisation, the gov- - The Berlin process plays an important role in the pace of econom- , including the part of the Montenegrin sea, which ■ What does Montenegro expect when it comes to developing ernment had the option to purchase the shares of A2A. Let me ic development in our region. As a practical expression of informal together with the project Ionian-Adriatic Pipeline, as a continua- a unique European energy policy and how does it adapt its remind you that the Parliament predicted, with the conclusion in political initiatives by the Western Balkans sextet (WB6) that Mon- tion of the Trans-Adriatic Pipeline, aims to diversify the sources projects to the EU’s new strategic objectives? 2012, the protection of national interest by preserving majority tenegro initiated with the aim of intensifying practical cooperation of natural gas supplies by transferring gas from Azerbaijan, and - Montenegro has been a member of the Energy Community of ownership in EPCG. Now the government estimates that EPCG, in the sectors of the greatest importance for the development of the reducing dependence on one single supplier. Southeast since 2006. and it participates actively in the as a strategic company, should remain under state ownership.

8 | MONTENEGRO BUSINESS SECTOR 2015 MONTENEGRO BUSINESS SECTOR 2015 | 9 That doesn’t mean that we are not interested in the proposals tenegro is particularly interested in exporting wine, minerals, that can contribute to better efficiency of the company, as long meat and other products. as the strategic goal of retaining majority ownership is not com- promised. The Government of Montenegro is ready for dialogue ■ How strong is the “.me” domain today as an export brand of with companies that have the strength for that. Montenegro, following the fantastic success recorded when it was launched? ■ In which areas do you intend to expand cooperation with - The first .ME domain was registered in 2008, after which it be- Chinese investors after the very successful beginning of the came one of the fastest growing state ccTLD (country code Top project to build the priority sec- Level Domain). With annual growth tions of the Bar-Boljare highway? of 6.14% and reconstruction percent- - Montenegro successfully launched age of 63.2%, we now have more cooperation with Chinese compa- than 800,000 domains! The domain nies even before the conclusion of .ME is a kind of Internet Ambassador construction and design of the first of Montenegro in the world, which section of the Bar-Boljare highway. helps the country build a national Certainly good cooperation has con- identity in the virtual world, as well tinued through this, currently the as a global brand and the most per- biggest, infrastructure project in the sonalised domain on the internet. . The priceless strength of our As a main project, I would em- brand export .ME is reflected in the phasise the reconstruction of the established cooperation with internet railway from Bar to Belgrade, and giants such as Facebook, Wordpress, further on to Budapest. The estimat- Mercedes, Al Jazeera, Google, The ed value of the project for the part New York Times and others. Mil- that would go through Montenegro lions of internet users from over 200 is around €140 million. Moreover, countries around the world are faced the Montenegrin port of Bar, with with various amenities originated the its capacities and free customs zone, .ME domain every day. Established deserves to be utilised more by Chi- cooperation with 212 accredited nese partners and recognised in the registers and over 169M of indexed future as one of the entry points to pages on Google are certificates of a Europe for Chinese products. This good policy, which was conducted in project is of regional significance, a mission to popularise and build the because from this port we can dis- The .ME domain is a kind brand of our national .ME domain. tribute goods in all directions in Eu- of internet Ambassador of rope. Soon we will start the proce- ■ How do you view the continua- dure for establishing the first char- Montenegro in the world tion of initiatives in the region in ter flights between Montenegro and the field of telecommunications, China, which would certainly impact on growth in the number which brought cheaper roaming tariffs? Have the countries of tourists from China. in the region angered mobile operators who operate in their countries, or have they contributed to enhancing the quality ■ Are you satisfied with the pace of growth in foreign trade of life of their citizens? with China and what do you expect in the coming period? - The agreement on reducing the price of roaming services was - Economic relations between these two countries have for years signed in September 2014, and it began to be implemented on boiled down to Montenegrin imports from China. This coopera- 30th June this year in all countries of the region. It is anticipated tion will begin to have a different form in the near future, when that the prices of roaming services should be on a similar level as Chinese companies and bankers show interest in some of the those for domestic traffic, which is why the price of SMS should development projects in Montenegro. This was particularly sup- be half cost and data transfer rates should be nine times lower. ported through the regional initiative "16+1", which represents The cheapening of roaming tariffs for countries in the region is cooperation between China and the countries of Central and planned to take place over a period of three years: lowering prices Eastern Europe. In this context, economic relations between in June this year and then on 30th June 2016, and then the last these two countries are starting to be increasingly meaningful. price reduction of roaming services the year after. At this pace, The trade exchange is constantly growing, but, unfortunately, the prices of roaming services in the region for three years will imports from China still account for more than 90 per cent of be reduced to a level that is determined by the directive of the total trade, while exports from Montenegro are negligible. How- European Commission, to which the countries of the region have ever, potential exists for the development of cooperation. Mon- committed themselves by signing the interstate agreements.■

10 | MONTENEGRO BUSINESS SECTOR 2015 MONTENEGRO BUSINESS SECTOR 2015 | 11 INTERVIEW pointed out, gave a more optimistic prognosis, but it was in part ing the interest of investors in Montenegro? also based on the assumption of an earlier start to construction of - Montenegro opened EU accession negotiations in June 2012. the first section of the Bar-Boljare motorway. We are already negotiating on 20 chapters, two of which have been closed temporarily. By the end of the year we expect an ■ How satisfied are you with the pace of implementation of invitation for NATO membership. On the large projects that were prepred during the last year? European and Euro-Atlantic integration contribute significant- - The pace of implementation of planned projects in key develop- ly to further increasing the competitiveness of the economy and ment areas of the Montenegrin economy in the first half of this year the attractiveness of Montenegro as an investment destination. is satisfactory. For the beginning of construction of the first sec- Moreover, increasing the interest of investors has contributed tion of the Bar-Boljare motorway, €206 million allocated from the to the constant improvement of the business environment when RIGHT TRACK budget for 2015, while for the start of it comes to attracting investment, the connecting of the power systems which has been recognised by rele- VLADIMIR KAVARIĆ of Montenegro and via subma- vant international institutions. Thus, rina cable we have this year set aside Montenegro further improved its po- MINISTER OF ECONOMY OF MONTENEGRO €20 million – of the total of €105 mil- sition on the World Bank’s “Doing lion that the Electric Transmission Business” list by eight places, from System of Montenegro is obliged to 44th to 36th. Improvements have also European and Euro-Atlantic integration contribute. Moreover, a project has been recognised on other reference also be initiated to build wind farms lists measuring economic freedom: contribute significantly to further on Krnovo, and work has started on Heritage Foundation, from 68th to increasing the competitiveness of another small hydropower plant. 66th position, and the Fraser Institute, Preconditions have been created for from 49th to 38th position, and accord- the economy and the attractiveness construction of Block II at the Pljev- ing to the World Economic Forum's of the country, and the government lja power plant, a project worth over global competitiveness indicator our €300 million. Activities have contin- position improved from 72nd to 67th of Montenegro strives to further ued related to oil and gas exploration. among a total of 148 countries. All strengthen these positive trends We should add to this investments in this has resulted, among other things, tourism, such as Luštica Bay, Porto in increased interest in investing in through a series of reform moves Montenegro, Kumbor-Porton, Qatari Montenegro. Diar at Plavi Horizont, initial invest- ment in the construction of ski resorts ■ The Programme of economic re- in the north, etc., as well as invest- forms for Montenegro from 2015 ments in agriculture. to 2017 has devised a plan for con- ducting reforms and boosting eco- In previous years Montenegro nomic development in the period has been able to count on foreign ahead. What measures would you investments of just under €500 In order to accelerate single out as the most important y combining macroeco- - Projections for the economic growth million a year. What are your ex- Montenegro’s economic for promoting economic growth? Thanks to its openness pectations for this year? nomic policy measures, of Montenegro in 2015 and the com- growth in the medium term, - The economic reform programme structural reforms and the and high degree of economic ing medium term are largely based on - Thanks to its openness and high de- 2015-2017, within the framework of it is necessary to achieve B removal of barriers to the freedom, Montenegro has the inflow of foreign direct investment gree of economic freedom, Montene- economic governance of the state, in entry of investments, Montenegro and infrastructure projects. Accord- gro has for years been among the top systematic expansion of addition to fiscal policy as the main for years been among has laid the foundations for strong ing to the government’s conservative countries in Europe in terms of FDI the economy’s production instrument of economic policy and the top countries in Europe in and continuous economic growth, estimate, more than €400 million is in relation to population. Their aver- and export base structural reforms with a macro-fis- as confirmed by many international terms of FDI in relation expected to be invested in the sectors age share of GDP over the past dec- cal influence, places the emphasis on reference indicators and forecasts, to population of tourism, transport, industry and ade was about 19%, which is more sector-based and structural reforms says Vladimir Kavarić, Economy agriculture in 2015, in order to reach than in all neighbouring countries. If the trend continues from the with the aim of removing obstacles to economic growth and de- Minister of Montenegro. projected economic growth of 3.5%. first quarter of 2015, when net FDI amounted to €86 million, or velopment and, consequently, increasing competitiveness. All projects that are taken into account in the design of economic 9.3% more than in the same period of the previous year, then it The programme envisages real economic growth of 3.5% in ■ The IMF reduced its GDP growth estimate for Montenegro growth for 2015 are implemented according to the planned sched- can be expected that the net inflow of FDI in 2015 will be at least 2015, 3.8% in 2016 and four per cent in 2017. With the aim of for last year (2%), but increased the expected growth rate ule. Likewise, other indicators in the real sector, such as employ- 11-12% of GDP. This is supported by the fact that we continued to achieving the projected economic growth, the most important for this year (4.6%) above your own initial expectations, ment and earnings, show that real GDP growth in the first quarter preserve a business environment that’s attractive for investments, structural reform measures with macro fiscal impact are those in while analysts at the Vienna Institute for Comparative Eco- of 2015 could be between 3.2 to 3.5 per cent, which is in line with here I primarily mean in terms of the tax environment. the areas of the manufacturing market and the business environ- nomic Studies estimate growth at 2.3%. Given the results annual growth projections. The European Commission has also ment, financial stability, education, labour markets and public in the first half of the year, what can be considered realistic improved its forecast for Montenegro in this respect, projecting ■ How much has Montenegro’s progress in EU integration finances. In addition to this, other important measures for the in your opinion? real economic growth of 3.3% for this year, while the IMF, as you and the expected accession to NATO contributed to increas- further growth of the economy are those at the sectoral level in

12 | MONTENEGRO BUSINESS SECTOR 2015 MONTENEGRO BUSINESS SECTOR 2015 | 13 the fields of physical capital, such as construction of the first development. In addition to this, investors who realise the ef- Novi Call centar section of the Bar-Boljare motorway, improving other transport, fects of investment projects on human resources, evaluations of energy and utility infrastructure, human capital through reforms environmental impact, volume of international trade exchange, Elektroprivrede Crne Gore in the education system and its harmonisation with labour market and the effects of investment projects on the development of less needs, improving industrial structures, advancing the business developed local government units, can expect financial incentives environment and trade integration... in accordance with the regulation.

■ How much has the impact of the financial crisis and the ■ What are the projects in the energy sector which have been BESPLATNI POZIVI prema broju 19100 long recession in Europe changed the profile of foreign inves- announced can be considered operational this year? tors in Montenegro? - Late last year and earlier this year saw the completion of the (iz svih mobilnih i fiksnih mreža u Crnoj Gori). - The impact of the global and Euro- construction of seven small hydro pean economic crisis, which has last- power plants, with usage permits ed for six years, and the slowing of issued for four of these small hydro economic growth in Europe, caused plants. This year also sees the start an increased level of investor caution of construction works for wind farms Operateri rade svakog radnog dana od 8 do 20h. when it comes to making new deci- in Krnovo and Možura. There is also sions about the placement of capital, the aforementioned project linking especially in countries outside the Montenegro and Italy via an under- EU. Montenegro is characterised water cable, for which more than 140 by investments from over a hundred kilometres of cable has already been countries, and in the last few years laid from the Italian side. Govorni automat svakog dana, 24 sata. there has been an increasing share of FDI from EU countries and Swit- ■ Considering the structure of the zerland in total FDI inflows, while Montenegrin economy, how fea- we have a slight reduction in inflows sible is further economic diversi- on this basis from the Russian Fed- fication and which sectors would eration. Furthermore, Montenegro is you single out as possible new car- also characterised by FDI from other riers of economic growth? countries, such as the U.S., , - In order to accelerate Montenegro’s UAE and so on, but their share is still economic growth in the medium relatively low. Montenegro further improved term, it is necessary to achieve sys- its position on the World tematic expansion of the economy’s ■ Earlier this year you announced production and export base. Exports special incentives for investors, Bank’s “Doing Business” of goods, especially if we exclude in addition to the already existing list by eight places, while metals, has a very small share of the favourable tax treatment. What improvements have also been country's GDP and is significantly kinds of incentives does this relate recognised on other reference lower than in many developed small to specifically? countries. In this sense, our country - In addition to the existing favour- lists measuring economic has a great need for the product di- able tax and business environment, freedom: Heritage Foundation, versification of the economy, in order the Montenegrin government has Fraser Institute and the for us to reduce the rather high cur- also adopted the Regulation on World Economic Forum rent account deficit, which accounts stimulating direct investments, with for around 15% of GDP. We have CALL which we have secured additional significant room for diversification CENTAR incentives in the form of subsidies for newly created jobs. The of export-oriented production in the food industry and energy. Regulation stipulates that the investor may, depending on the When it comes to participation of services in export, the greatest 19100 satisfying of criteria, gain a financial incentive in the amount significance for its increase, naturally, is in the further develop- of 3,000 to 10,000 euros, on condition that they invest at least ment of tourism. €500,000 and create at least 20 new jobs over a period of three years, or in the period considered as the investment period. ■ In your opinion, what is the optimal model for investing in We expect that, through the criteria defined for receiving Montenegro’s business zones? funds, we will attract investors whose investment projects will - Business zones are a project designed to attract investment, impact on the productivity of suppliers and other business enti- by offering investors land partially or fully equipped in terms ties from Montenegro who operate in the same sector of industry, of infrastructure and a range of incentives at the state and local then influencing the sustainability of the investment project, as level, alongside all other measures we have taken to ensure an well as the effects of investment projects related to research and attractive environment for investment.■

14 | MONTENEGRO BUSINESS SECTOR 2015 MONTENEGRO BUSINESS SECTOR 2015 | 15 INTERVIEW are also going to be built. A total of 56.5km of access roads are Adriatic and Ionian seas – from Trieste in Italy to Kalamata in being constructed, with 40km of roads to be used for construction Greece. The estimated length of the motorway is approximately purposes and 16.5km for geotechnical surveys. 1,550km. The plan is for the priority infrastructure to be ready for implementation and co-funding by 2020, and for the main ■ How much is the ‘Berlin Initiative’ contributing to speeding transport grid in the Western Balkans to be finished by 2030. Sustainable Infrastructure up the creation of transport links in the Balkans? Once completed, the Western Balkan region will have its rightful - It is very important that all the projects for which we are applying to place in the Trans-European Transport Network. receive funds are of a regional nature, just like the projects Montene- gro proposed when the concept of the main transport network in the ■ Could you tell us something about the results of invest- Balkans was being devised. Such prioritisation is important for ex- ments in Montenegrin railway infrastructure to date? You DEVELOPMENT tending trans-European corridors to encompass the Western Balkan have discussed the possibility of reconstructing infrastruc- region; corridors like the Orient – East- ture along the Belgrade-Bar rail- IVAN BRAJOVIĆ ern Mediterranean, the Mediterranean way with Chinese partners. What and the Rhone-Danube, both of which opportunities are available to fur- MINISTER OF TRANSPORT AND MARITIME pass through Montenegro. ther fund these projects? AFFAIRS OF MONTENEGRO Montenegro has presented its pri- - As far as the Montenegrin rail net- ority segments in terms of extending work goes, the Ministry of Transport the TEN-T main transport grid to in- and Maritime Affairs and railway The Berlin Initiative, which kicked clude the Western Balkans. They are companies have been working hard the SEETO Travel Route 4, the Bar – to improve the existing state of the off with the meeting between the Boljare motorway (to the border with railways in the country, as well as prime ministers of six Western Balkan ), the SEETO Trav- improving the rail zone and the qual- el Route 1, the Adriatic-Ionian Cor- ity of transport. To that end, we have countries upon the initiative of German ridor (coastal segment / high-speed begun implementation of projects Chancellor Angela Merkel and with the route running along the Montene- funded by the EBRD, EIB, the Czech grin coastline), the SEETO Railway Export Bank and the European Com- support of the German Government and Route 4, the Bar-Vrbnica railway (to mission’s Assistance to the State of the European Commission, provides the border with the Republic of Ser- Montenegro, in a total amount of bia), the SEETO Railway Route 2, around 150 million euros. a special incentive, paving the way the – Tirana railway (link We have achieved the following to developing infrastructure in the to the Republic of ), the Port results from investments to date in of Bar and . infrastructure projects: we have re- Western Balkans We are especially encouraged by habilitated approximately 40 per cent the news of a billion euros being in- One of the most important of the Belgrade-Bar railway which vested in the main regional transport aspects of construction of passes through the territory of Monte- he Vienna summit of the Western Balkan Six, with EU offi- satisfied with the dynamics of the preparation works. In just over and energy infrastructure in the re- negro; we have increased the average cials, which will take place at the end of the year, will serve two months, since the official commencement of works, several gion in the following few years. This the Bar-Boljare motorway speed of trains on the rebuilt railway as a forum at which the details of the main transport grid camps, halls and concrete bases have been built in locations like money will come from the Western (Smokovac-Uvacˇ- segments from 30 to 80kph, meaning Tin the region will be finalised and large-scale infrastruc- Moračica, Jabuka and Pelev Brijeg, which will be the base for Balkans Investment Framework and Mateševo section) is hiring trains are less frequently late and we ture projects considered. The EU’s confirmation of the fact that the geodetic and geotechnical surveying. other EU financing instruments. Montenegrin subcontractors have increased rail transport safety. Bar-Boljare motorway is the key transport corridor for Montenegro I am especially happy to report that Montenegrin subcontrac- The Montenegrin Government is further validates the necessity of investing in these projects, which tors and the local population have been hired to do the work ■ In this context, one of the key open to talks with all partners inter- are of utmost importance because they even at this early stage. The effects routes is the Adriatic-Ionian Corridor (coastal segment) and ested in this very important regional railway route. The govern- are in the best interest of all Monte- It is very important that all are already visible in terms of rent- the Port of Bar. When can we expect the first concrete moves ment is open to the idea of implementing future infrastructure negrin citizens – says Ivan Brajović, ing locations and land. Some 267 to be made on the elaboration of these plans? arrangements through public-private partnerships, concessions Montenegrin Minister of Transport the projects for which we machines, including construction - The EU recommends and requires projects that are applying or similar funding formats, and this is what we will be focusing and Maritime Affairs. are applying to receive funds machinery, worth $20.4 million have for funds to be regionally networked. Montenegro and the Re- on in the following period. are of a regional nature, just been brought in to the Port of Bar public of Albania have agreed to have a meeting about a fea- ■ The construction of the Bar- like the projects Montenegro from three Chinese ports – Shanghai, sibility study for the Adriatic-Ionian Corridor. This motorway/ ■ Which effects is the implementation of currently the big- Boljare motorway section was Qingdao and Tijanjin. On the section high-speed transport route is one of the strategic projects impor- gest infrastructure project – construction of the Smokovac- launched recently. The project is proposed as priorities I visited, Chinese partners are build- tant for Southeast Europe and the Balkans. Once constructed, the Uvač-Mateševo segment (on the Bar-Boljare motorway) – being implemented together with ing five camps, with the camp in motorway will be a high capacity and high quality corridor that going to have? Chinese partners. Are you satisfied with the continuing dy- Jabuka alone spanning 45,000 square metres. Apart from halls, will serve as a link between Central Europe and Northern Italy, - One of the most important aspects of construction of the Bar- namics of the work? factories and separation facilities, quite a few pieces of equip- on one side, and the Ionian peninsula on the other, via , Boljare motorway is hiring Montenegrin subcontractors. Accord- - After recently visiting priority section of the Bar-Boljare motor- ment and machinery will be located there. Accommodation for , Bosnia-Herzegovina, Montenegro, Albania and Greece. ing to the Design and Construction Agreement, at least 30 per way, the Smokovac-Uvač-Mateševo section, I can say that I am 600 workers and construction experts and recreational facilities The Adriatic-Ionian motorway stretches along the coast of the cent of the value of the agreement should be assigned to sub-

16 | MONTENEGRO BUSINESS SECTOR 2015 MONTENEGRO BUSINESS SECTOR 2015 | 17 contractors from Montenegro, provided the main investor has - The general situation with the maritime freight fees is pretty bad given its consent. There is also a possibility of hiring additional and it would cost approximately 6,000 euros a day to rent the type subcontractors from neighbouring countries. Again, the main of ships that the Montenegrin fleet has. The ships operated by investor needs to give consent. It is absolutely imperative that companies Crnogorska Plovidba and Barska Plovidba are rented these projects are implemented in accordance with the highest for 8,725 euros on average, which is quite affordable. However, standards and rules of engagement, as well as for the quality of the statistical data shows that around 300 of such ships (suit- executed works to be high and fully able for transporting bulk cargo) are compliant with the relevant national not hired because there is no cargo and international regulations. to transport. Considering all of the So far, the investor has given his aforementioned, we are going to consent to hiring nine domestic sub- postpone the purchase of new ships contractors who are going to draw for better times, when freight fees are technical documents and execute higher which, in turn, will justify the preparatory works. Once the Works acquisition of new ships. Programme is completed, large Montenegrin construction compa- ■ The world’s leading operator of nies will be brought in. Over 100 container ships – Danish company local people of various professions Maersk – established a new trans- – from engineers and economists, port line with the Port of Bar early to accountants, lawyers, translators, this year. What importance does administrative personnel and driv- this have for the entire logistical ers – have been hired to work on the route leading to Bar? project. Also, 212 local construction - Considering modern container workers have been hired. The resi- shipment is based on existing Medi- dents of nearby villages are already terranean lines, as well as transport feeling individual benefits like sell- It is etimated that, at lines that connect the Mediterranean ing or renting land, renting accom- the peak, construction with the Far East, Northern Europe modation, expanding logistics chains works will require around and America, the Port of Bar has and similar. These are the positive ef- been given a chance to become a fects of the motorway project, which 3,700 workers at about Mediterranean trans-shipment cen- will only multiply once the volume 20 locations. According tre for towns like Valencia, Gioia of work increases. to Chinese partners' Tauro, Fos, Piraeus, La Spezia and announcements, 2,000 of similar. The Port of Bar has the ■ You have signed a memorandum predispositions for this in terms of of understanding about drafting an those workers will be locals the capacity to store a substantial infrastructure plan for Montenegro number of containers and adequate with Chinese partners. When can we expect the implementa- depth, which reaches 14 metres around certain berths. Addi- tion of this project to start? tional interest will be sparked by the continuing construction - The Memorandum of Understanding and Cooperation on draft- of the motorway, which will improve Montenegro’s transport ing the infrastructure plan for Montenegro was signed between links to the regional countries drastically and, in turn, lead to the Montenegrin Ministry of Transport and Maritime Affairs and higher import and export – all of which warrant the opening of the China Communications Construction Company Ltd. in De- a new trans-shipment centre. cember 2014, and it is valid for three years. This infrastructure plan encompasses analysis of the existing transport grid, analysis ■ Once the motorway grid is constructed, this Montenegrin of transport links with the main European roads and neighbour- port will have links to the ports on the Danube and an entire ing countries, and planning of future development of the priority network of European transport corridors. What are the dead- transport infrastructure. The number one infrastructure project, to lines for possible implementation of these plans? which we are fully committed, is construction of the Bar-Boljare - If maritime companies are interested in opening a trans-shipment motorway, which should be the driving force behind Montenegrin centre in the Port of Bar, containers from distant lands (the Far economic development and should lead to an improved general East, Northern Europe and America) would be unloaded in the transport system in Montenegro. Port of Bar and then transported via rail and road to the regional countries, where they would continue their journey towards Cen- ■ You recently bought four ships from the Chinese. However, tral Europe along the Danube. The Port of Bar would also have the Montenegrin fleet remains quite small. What are realistic better connectivity to smaller Mediterranean ports, where the expectations regarding the development of maritime trans- goods from the trans-shipment centre would be transported by port in the next period? smaller, feeder boats. ■

18 | MONTENEGRO BUSINESS SECTOR 2015 MONTENEGRO BUSINESS SECTOR 2015 | 19 INTERVIEW ■ Last year saw pretty good results achieved in exports and between the agricultural sector and tourism recognised in total coverage of imports by exports in the agricultural sec- Montenegro? tor. What do you expect this year and how important is the - Not enough. The good news is that we have prepared an IPARD Russian market for achieving the goals set? programme which envisages financing projects that can signifi- - Every market is important. However, our goal mustn’t be just cantly stimulate rural tourism and processing on family farms. Chances are there for us opening up to some market, but rather remaining on that market. With this we will strengthen our systemic approach. On the other And this can only be achieved through quality and long-term hand, in order to reinforce tangible links between farmers it is commitment. This year will be very challenging when it comes necessary to change their way of thinking. I often mention Nikola to maintaining the trend achieved in 2014. We showed that we Đonović, who published a book in 1936 entitled “Demands of have a new spirit, ability, skills and willingness to tackle every Montenegro – economic and political”, in which he wrote, among TO UTILISE problem. But our real challenge is not problems, but rather the other things: “Rivalry in heroism and national martyrs, once so solutions we need to reach. necessary, did not go without leaving PETAR IVANOVIĆ deep traces on the psyche and nation- ■ To what extent do Montenegrin al character. Because of these innate MINISTER OF AGRICULTURE AND RURAL agricultural products find their characteristics, people approach one DEVELOPMENT OF MONTENEGRO way to the markets of the region, another with distrust, measured, shy, CEFTA and EU? often envious, fearing the prestige - High quality products find their of others, prefering to remain lonely There is no room in agriculture for way to customers. We had a signifi- in the belief that nobody under the cant increase of 62.4% in exports of sun is equal to them, rather than ap- lamentations about “yesterday” and water. Products of the milling indus- proaching cooperation and being “tomorrow”. The ministry is trying to try have already been identified for subordinate to the general demands their good quality, especially organic and needs of association. This disas- secure a chance for farmers to develop grain. We increased exports of beer sociation and unwillingness to com- and market their produce – today. In and wine, by 7.8% and 6.3% respec- municate is a serious impediment to tively. There is also slow growth in the organisation of economic life in order for this approach to provide even exports of cheese, honey, olive oil this region. This resistance should be better results, the government must and medicinal herbs. However, we defeated through organised work of must realise that at this stage of the the intelligentsia in this direction.” recognise the importance of investment development of Montenegrin agri- and science in this sector. culture, a large part of production is ■ By 2013 less than 160 producers realised through so-called quiet ex- of organic agricultural products port, or through tourism. had been registered, with only 21 of them certified. Thanks to the ■ You identified the Middle East measures of the Ministry, how as a geographical area where much has the number of these Montenegro previously exported farms increased? lthough more was achieved last year in agriculture than ed value in agriculture, forestry and fisheries increased by 15%, agricultural products. How much - A slight increase was recorded in the had been planned by the ministry, there is no place for or by €34.9 million. Exports increased by €36.7 million or 58.7%. of a chance is there to return to People don’t realise that number of registered organic produc- taking a break and enjoying achievements in satisfac- The export-import ratio is 6.8 percentage points higher - from this market today? agriculture is 95% science ers. At the end of 2014, the Register A tion, because in this area, and on the EU integration 13.8% recorded in 2013 to 20.6% in 2014. More than 700 new - You know, there are two days in the and 5% work. As a country, contained 169 producers, of which front, and in terms of raising com- jobs have been created. We imple- year we often concern ourselves with, 30 were newly registered, while 21 petitiveness and linking agriculture mented a very intensive educational even though we can do absolutely we will be making a big were removed from the register. The and tourism, there is still much to What next? An even campaign for farmers, which in 2014 nothing with them. Those days are mistake if we don’t increase number of certified producers for a be done, says Petar Ivanović Ph.D., faster pace, with special included over 250 seminars, training “yesterday” and “tomorrow”. That spending on research transitional period has increased. At Montenegrin Minister of Agriculture sessions, roundtables, lectures and is why we strive to create chances and development. present, there are 30 certified, while and Rural development. emphasis on investment, numerous study visits of Montene- for our farmers today. We hope they in 2013 there were 21. Thus, you will as well as strengthening grin farmers to other countries. What will know how to take advantage of notice that those who are unable to ■ In 2014 you set ambitious tar- the system of quality and comes next is an even faster pace, them, especially after we recently signed a favourable long-term cope with the demanding criteria of organic production leave the gets with regard to raising the food safety systems. with special emphasis on investment, credit agreement with the Abu Dhabi Development Fund. The system, while the interest of new ones increases simultaneously. share of agriculture in GDP, re- as well as strengthening the system market of the Middle East has changed a lot in recent decades. It ducing the trade deficit, creating of quality and food safety systems. has become very demanding. Making a breakthrough on such a ■ Of all the EU regulations that Montenegro should imple- jobs and educating farmers. What kind of results have you I expect 2015 will be predominantly shaped by the fulfilling of market certainly represents great success. ment, around 45 per cent relate to agriculture. How sub- achieved and what further steps do you foresee? criteria for the opening of negotiations with the EU on chapters stantial a body of work does that represent for the govern- - We have achieved more than planned. The share of agriculture 11, 12 and 13. I would say that it is realistic for us to fully open ■ In terms of the level of systemic measures and concrete ment and the ministry; and are you are satisfied with the in GDP increased from 7.4% in 2013 to 8.0% in 2014. Gross add- two of the three chapters by year’s end. connections, to what extent is the importance of symbiosis progress made?

20 | MONTENEGRO BUSINESS SECTOR 2015 MONTENEGRO BUSINESS SECTOR 2015 | 21 - I believe the majority of the government are still not aware of ing done in agriculture in Montenegro than was the case two the scope of norms that need to be adopted in the agriculture years ago. We took a big step forward with the House of Honey, sector. This is not a mechanical job. Application is much more we opened a market for organic products, we’re working on a important than the adoption of the law. Last year, at the pro- project of reorganisation that will continue to encourage the posal of the Ministry of Agriculture and Rural Development, the production of wine, we’re strengthening the quality of connec- Government adopted fourteen laws and over 40 bylaws. Four tions and started the House of Fruit. All this will contribute laws were also prepared that have to the creation of a brand, but also been adopted this year. In addition strengthening our awareness of the to the laws themselves, last year we importance of its preservation. prepared, and have so far adopted, I recently visited New Zealand, strategies and action plans for all which exports over 90% of its ag- three negotiation chapters, which ricultural products, although farm- was a very demanding job. All laws ers do not receive subsidies. It was got a green light from the European a pleasure to talk with those people Commission. who are highly educated and aware that the most important brand they ■ Where is there room to secure have is actually New Zealand. the planned balanced rural devel- opment in the context of agricul- ■ How hard has Montenegro been tural development (IPARD pro- hit by the redirecting of surplus gramme) on the agenda of talks food from the EU to the markets of between Podgorica and Brussels? the region (as a result of sanctions - We have already sent the IPARD against Russia), and how prepared programme to Brussels. The docu- are Montenegrin farmers to han- ment is currently in the phase of dle competition from the EU? harmonisation between the various - Surpluses lead to price disturbances directorates of the European Com- and we have certainly been hit by a mission. We expect a positive re- wave of cheap food from the EU. sponse, the continuation of work on We fight as much as we can, using the accreditation programme and the investment to strengthen agricultural start of its implementation as soon as producers. However, it is realistic to next year. Through the IPARD pro- say that, at this moment, the majority gramme Montenegrin farmers will of Montenegrin farmers are not yet have €39 million at their disposal. The best assessment ready for competition from the EU. As this amount represents half of the of progress is given by That is why the majority of our activ- total investment – with grant support people from neighbouring ities are aimed towards strengthening totalling 50% – this means that, with their competitiveness. Agriculture is the help of the IPARD programme, countries who come more revolutionary than industry. at least €78 million will be invested to Montenegro and People don’t realise that agriculture in Montenegrin agriculture by 2020. see what we don’t see: is 95% science and 5% work. As a progress achieved. country, we will be making a big ■ To what extent has Montenegro mistake if we don’t increase spend- succeeded in branding products ing on research and development, where it has a comparative advantage, such as honey, medic- particularly in the area of food production. inal herbs, meat products and organic products; how much can the successful experience of exporting wine serve as a ■ In the context of the recent call to join NATO, we would like lesson for the better placement of these products? to ask you how plans are progressing relating to the involve- - We’re advancing step by step. We cannot achieve everything ment of NATO in some projects where the ultimate benefi- at once or in a short period of time. The best assessment of pro- ciaries will be farmers (demining, decontamination, etc.)? gress is given by people from neighbouring countries who come - We are ready. We have prepared and submitted project propos- to Montenegro and see what we don’t see: progress achieved. als. We hope and believe that NATO’s response will be positive, But, of course, that must not satisfy us. The future is a space and focused on faster resolving of the problem you mention. In of possibilities and a space for our freedom. A lot of work is the meantime, the number of agricultural products covered by required in order to utilise the potential for agricultural develop- NATO codification is increasing. Although they did not initially ment, achieve new standards, introduce new technologies and believe it, more and more farmers are now recognising the op- make all links in the system even stronger. More work is be- portunity to sell their products in this system.■

22 | MONTENEGRO BUSINESS SECTOR 2015 MONTENEGRO BUSINESS SECTOR 2015 | 23 INTERVIEW ognised the importance and the potential of culture and, as such, cinematography, while ahead of us are the establishment of a we have a special responsibility and obligation ahead of us, as do national Film Centre and the formation of Film Fund. Finally, all other culture workers. the next stage awaiting us will begin with the creation of a new National Programme for the Development of Culture. It will ■ Montenegro has numerous cultural events – such as “City of recognise new opportunities, duties and activities. My wish is Montenegrin Culture in the Theatre”, “ Art” and others – that are widely respected for the many and varied initiatives of young Montenegrin artists in the region. In terms of the austerity measures imposed on to be among the priorities of the Ministry. all countries by the financial crisis, how does the government manage to maintain the high artistic level of these events? ■ To what extent do local governments recognise the impor- - Festival activities are very numerous in Montenegro, as a spe- tance of cultural events and how do you cooperate with them? EUROPEAN cific model of presentation of the Montenegrin culture. Almost -At the local level culture is an indicator of overall develop- every town has its own festival char- ment, therefore it is very important acter, which is based on inherited for us to maintain good coopera- values, but also corresponds with tion with local governments. I can MAINSTREAM current cultural trends. This trend say that the municipalities have is not only Montenegrin, but also definitely recognised the importance a regional phenomenon. The ambi- of culture and cultural events, and PAVLE GORANOVIĆ tion is to thereby bring events in the that we have very good cooperation field of culture closer to all citizens, with them. For the last for years, the MINISTER OF CULTURE OF MONTENEGRO as well as to tourists, by promoting Ministry has been implementing its the cultural identity of the state. It’s Programme of protection and conser- particularly important to reinforce vation of cultural property, through Within the context of the integration regional cooperation and estab- which the activities of municipal in- of the Montenegrin culture in European lish cultural relations, which are, I stitutions are financed, among other would say, more durable and more things. There are also the programme development trends, we started the important than formal relations. Let of cultural development in the north Creative Europe Programme and Europe me remind you that in Montenegro and the programme of support for there are four festivals of special the development of culture in Nikšić, for Citizens, and we are members of significance the culture. The Minis- which have contributed to improv- many other international associations. try is co-financing these events with ing cultural life in these areas. After annual competitions for the alloca- taking the place of the minister, I tion of funds, which we are aware started visiting all the municipalities are insufficient, but they are certainly Montenegro has been a and the impression is that much has significant for them, and each year member of the Forum been done, but there is still room for we fight for their place in the budget. of Slavic cultures since the improvement of cooperation. Our wish is to acknowledge the needs of ■ The action plan for the implemen- its foundation and we all municipalities, their uniqueness he consistent management of cultural policy involves cultural policy implies equal and balanced development of all its tation of the National Programme participate in many of and, according to that, assist in the the development of all activities. The team I head has activities. The team I head will have the difficult task of proving for the Development of Culture in its programmes creation of a cultural policy for each to prove the importance of the culture and affirm that the importance of culture in the entire system, and confirming 2015 also includes significant work local community in the future. We Tculture is one of the most important factors of the inter- that culture is one of the most important factors for the inter- on passing laws and regulations, will initiate other models of coopera- national recognition of Montenegro, national recognition of Montenegro. as well as carrying out institutional reforms. What will these tion among the municipalities, in order to develop a more power- said Pavle Goranović, Montenegrin After all, Prime Minister Đukanović, changes bring in practice? ful dialogue and facilitate the exchange among institutions from Culture Minister. I haven’t experienced with whom I have worked in the cab- - The five-year programme cycle, based on the National Pro- different parts of the country. the role of a writer in this inet for many years, constantly, and gramme for the Development of Culture, which was dedicated ■ You recently took on the function region as a person who with unusual sensibility, indicates to reforms in culture, comes to an end this year. The legisla- ■ Croatia and Montenegro have cooperated on the nomination of minister of culture. How did you the necessity of reinforcing cultural tive framework was innovated by adopting ten laws that are of the Fortresses and the medieval tombstones “stec- view the priorities of culture as a is separated from all the institutions in the process of achiev- in complete accord with the EU acquis. Institutional reforms ci” for the UNESCO list. How satisfied are you with efforts writer and how do you view them streams and can remain in ing the European standards, as well were conducted, with the reorganisation of existing institutions exerted so far to include the tangible and intangible heritage now, from the perspective of the the solitude of his creativity as maintaining and developing our and the establishing of new ones, adapted to contemporary in- of Montenegro on the UNESCO list? government? identity. The Ministry of Culture in ternational trends in culture. The new regulations introduced - I am satisfied with the progress achieved in this field, because - The positions are clearly different, the past, especially during the man- significant innovations both in the field of cultural heritage pro- UNESCO is an internationally recognized brand, and his contin- as are the challenges. Now I am in the position and obligation to date of Minister Mićunović, also made some great strides from tection and the field of creative work. In the following period, ued presence in Montenegro is preferable. In addition to Kotor follow all the activities with the same attention, without giving determining the lowest rate in the overall budget dedicated to after the Law on Cinematography comes into force, we expect and the Durmitor National Park, which are already inscribed on an advantage to either them, because each is essential to evaluate culture (in an amount no less than 2.5%) to passing legislation some important activities in this area, which will for the first the UNESCO list, on the tentative list there are six cultural and the cultural values of Montenegro. The consistent management of adapted to good international practices. In a word, the state rec- time allow adequate development and financing of Montenegrin natural goods for which it is recognized to have universal value

24 | MONTENEGRO BUSINESS SECTOR 2015 MONTENEGRO BUSINESS SECTOR 2015 | 25 and that the state has committed as a priority for the inscription. ganise them or they are realised through the synergy of the private The nomination dossiers for registration of historical core of Ce- and public sectors. I'm very glad that Vargas Llosa, during his tinje and medieval tombstones “stecci” have been submitted. We visit to Cetinje and our museums, expressed his excitement while are particularly proud that the medieval tombstones and the Vene- visiting Montenegro and that we could recognise the familiarity tian fortresses of defence in Montenegro between the fifteenth and immediacy of that simple man and literary genius, on whom and seventeenth century, on which we are currently working, are our country made a strong impression, I am sure. multinational nominations, which UNESCO especially empha- sizes in the last years. The cooperation with major international ■ One of the priorities of the Ministry is also to join the Crea- institutions, but also with the neighbouring countries must be a tive Europe programme and launching procedure for the mem- priority. That is why we have intensified our cooperation with bership in Eurimages. How does Montenegro now use the ca- numerous embassies and other entities that can help us with a pabilities of European funds for the development of culture better positioning of Montenegro on and where are opportunities still the international cultural scene, and underutilised? UNESCO is certainly an important - Within the context of the integra- partner in this mission. tion of the Montenegrin culture in European development trends, we ■ Montenegro is a member of the started the Creative Europe Pro- Forum of Slavic cultures. In your gramme and Europe for Citizens, opinion, over the past decade how and we are members of many other much has this foundation managed international associations. Pass- to reinforce and cultivate the inter- ing the Law on cinematography we est of the audience for the new pro- expect the accession to the support duction of Slavic writers? fund of the Council of Europe's Eu- - Montenegro is a member of the rimages. When it comes to the use Forum since its foundation and of international funds, the interest of we participate in many of its pro- the cultural sector is growing, but I grammes with great commitment, still think that is not enough. There- and we have given an unequivocal fore, we take continuous and mean- contribution to the presentation of ingful promotional campaigns, with Slavic culture. At the beginning of the participation of regional and Eu- my term, I met with Mrs Andreja Ri- ropean experts, aimed at educating hter, who manages the Forum, and and providing the necessary informa- we reached agreement regarding the tions. Montenegro has a vested inter- active participation of Montenegro est to properly exploit the potential in this association. And I've been a of European programs and we will member of the Programme Council work on that in the future. of the Forum and I appreciate the significance of this and similar ini- ■ How much does tourism encour- tiatives through which Montenegro The link between culture age the efforts of Montenegro to can present its values. and tourism is essential introduce foreign visitors to its cul- for creating a unique tural potential and is the country ■ You recently received Peruvian tourist attraction seeking additional protection of writer and Nobel laureate Mario cultural monuments? Vargas Llosa. How much are small - The link between culture and countries able to provide citizens with first-class cultural tourism is essential for the creating a unique tourist attraction. events, such as Llosa’s visit, and what does Montenegro do in Therefore we have an excellent cooperation with the Ministry of order to maintain the high level of cultural offerings? Sustainable Development and Tourism. Defining and developing - The visit of Nobel laureate Vargas Llosa was a first-class cul- sustainable cultural tourism product is a common priority and the tural event, an exceptional experience and a unique opportunity, subject of cooperation between institutions at local and national for the readers and audience, as well as for the promotion of Mon- level, and cultural tourism is recognised as a generator of devel- tenegro. Montenegro has previously hosted world-renowned and opment and promotion of both areas, which contributes to the recognised individuals, not only in the sphere of the arts, which is overall socio-economic development. Of course, larger number very important to us in order to be recognised in the world as an of visitors requires additional activities to protect our cultural attractive destination in every aspect. When it comes to this kind property, but the cooperation between the two ministries treats of event in culture, the Ministry, in accordance with its capabili- this issue with particular care, and I believe that so far it proved ties, is a reliable partner for support, whether the institutions or- to be a good solution in practice. ■

26 | MONTENEGRO BUSINESS SECTOR 2015 MONTENEGRO BUSINESS SECTOR 2015 | 27 INTERVIEW By the end of the year, we expect to complete the establish- and efficient system for managing structural funds, which will be ment of the Agency for the Prevention of Corruption. A Chief gradually introduced until the date of accession. The experiences of Special Prosecutor has been appointed and the establishment of Croatia, but also other EU member states, suggest that it is neces- the Secretariat of the Prosecutorial Council is underway. In the sary to pay special attention to the timely and high quality prepara- coming years we expect the best possible results in fighting cor- tion of projects for financing from European funds, in order to be Excellent Integration ruption and organised crime. more successful in withdrawing money after the accession.

■ Whose experiences were the most valuable for Montene- ■ With the exception of Montenegro, very few countries from gro to prepare the administration for negotiations and how this region have made significant progress in European inte- much of the governments’ capacities have been “spent” on gration. Do you expect Montenegro will have to wait for them RESULTS the chapters opened to date? to catch up or will the country’s ac- - The Montenegrin administration cession depend on its own pace of ALEKSANDAR ANDRIJA PEJOVIĆ has good cooperation with colleagues negotiations? from the countries that joined the EU - The European Union recognises and STATE SECRETARY AT THE MINISTRY in 2004 and 2007. We’ve received a advocates for the principle that each OF FOREIGN AFFAIRS AND EUROPEAN lot of expert advice and learned some country progresses towards member- INTEGRATION; CHIEF NEGOTIATOR valuable lessons from them, but the ship depending on individual efforts FOR MONTENEGRO’S EU ACCESSION Croatian example is the most useful to and results achieved. This was the us. The specificity of the Montenegrin case in previous rounds of enlargement NEGOTIATIONS accession process, and what makes us and I am confident that the EU will not different from the previous ones, is change this approach in the future. the new approach to conducting ne- However, the important thing is We have achieved excellent gotiations that places the rule of law that all states continue implementing at the centre. Montenegro, as well as reforms and maintaining their Euro- results in negotiations with the the European Commission itself, did pean course. The European Union and European Union not have a previous model or lessons Member States make great contribu- learned that could be useful. With sup- tions – through technical, expert and port of the European Commission, but financial support – to maintain the primarily with the knowledge, quality continuity of the European integration ontenegro’s progress to date in European integration lot has been done since the latest enlargement processes, as opening and dedication of its administration During the previous period process of the Western Balkans. It’s represents a major achievement for a country that will chapters is always a result of significant efforts. Simultaneously and civil society, Montenegro com- up to us to intensify and accelerate the next year celebrate ten years since the restoration of with the work we put into the opening, we also work intensively pleted all previous stages of the acces- we implemented significant European perspective of our country, Mindependence, and a country that has successfully on the final standards required for all 18 open chapters. sion process, from the formation of the actions to improve the through intensification of internal re- passed all stages of the European integration process so far with negotiating structure, implementation business environment, such as form activities and regional coopera- its internal capacities and qualities and, thus, earned trust and ■ According to the EU’s new approach, accession negotiation of screening meetings, to the opening reducing building permit fees tion models. To this end, Montenegro, respect, says Montenegro’s State Secretary at the Ministry of chapters 23 and 24 will remain open until the end of negotia- of 20 negotiating chapters so far, as as the most advanced country in the Foreign Affairs and European Integration. tions. How demanding are these chapters for Montenegro and well as preparing to open new ones. accession process, is ready to put its what progress has been made? This was all a great test for the small Montenegrin administra- experience and lessons learned at the disposal of our colleagues ■ Montenegro has recently opened two new chapters in ac- - Those chapters are the foundation of the rule of law and they tion that, if we look at the results, we have passed successfully. from the region. We are confident that this will contribute not only cession negotiations with the EU, bringing the total number of have a great impact on all the other negotiation chapters. Mon- to a better dynamic of the accession process, but also to the overall open chapters to 20. How would you assess Montenegro’s Euro- tenegro is aware of their weight and the importance of the nego- ■ In the context of continuing EU accession negotiations, development of this part of Europe. pean integration progress to date? tiating process and, accordingly, we Montenegro is looking to the experiences of Croatia in order - In just over three years, Montenegro We have created detailed have exerted special efforts in order to prepare for the successful use of cohesion funds. Why are ■ One of the new requirements for membership is also to devel- has achieved excellent integration re- to meet the obligations in these areas. Croatia’s experiences the most interesting for you? op an efficient and open market economy. In your opinion, did sults. Twenty open chapters, two of action plans that we are We have created detailed action - In preparation for the use of structural and cohesive funds, Montenegro make progress in accomplishing these conditions? which have been closed temporarily, now implementing, in plans that we are now implementing, the experience of EU member states, including Croatia, is very - Within the 20th negotiating chapter, we are preparing a com- as well as a number of those that are order to respond to the in order to respond to the obligations valuable for Montenegro. It is already clear that the process of prehensive strategy of industrial competitiveness that will en- ready to be opened, represent valida- obligations contained in contained in these chapters. In early preparation for the use of structural funds will be specific for able us to create a framework for thinking and acting, like the tion of the intensive work carried out July, the government accepted the IV Montenegro, due to the size of the state, its geographical loca- European one. During the previous period we implemented some by Montenegro during the previous negotiation chapters semi-annual report on their imple- tion and new additions to the EU regulations. For us this is very significant actions to improve the business environment, such as period on internal transformation mentation, having achieved 77 per important, because we are dealing with enormous resources that reducing fees for the issuing of building permits, continuing the advancing towards the EU. Comprehensive reforms have been cent of planned measures in Chapter 23 and 88 per cent in Chap- go seven or eight times beyond the current financial support the Regulatory Guillotine Project, accepting the Action Plan for the implemented in all social areas, in the legislative area, as well as ter 24. During the two years of implementing the action plans, EU provides to Montenegro. reform of local government etc. When it comes to fiscal policy, in establishing new institutions and reinforcing existing ones, in- we have achieved significant results in improving the legislative In this phase of the negotiating process, we are already sig- we are focused on reinforcing fiscal discipline and continuously creasing staff levels and achieving specific measurable results. It framework. We have conducted constitutional changes and have nificantly utilising the experiences of Croatia, , Latvia, implementing austerity measures. From 2013 to date, we have de- should be noted that the very act of opening chapters means that a passed or amended about 40 laws. Finland and Slovenia, so we have tried to come up with a simple creased the rate of inflation, while there is a surplus in the services

28 | MONTENEGRO BUSINESS SECTOR 2015 MONTENEGRO BUSINESS SECTOR 2015 | 29 account. Developments in the external sector are characterised and lower prices that occur as a result of increased competition. by the growth of exports and imports, as well as the net inflow Finally, Montenegro is a very liberal and open economy for years, of foreign direct investment. which allows us to be ready for the future membership and the For example, in order to reduce administrative procedures, impact of forces of the EU internal market on our market. we created a draft law on services and are planning to change around 80 regulations, while we will eliminate all the discrimina- ■ Montenegro is the only country to have the euro as its tory provisions and the services market will be fully liberalised. national currency before joining the EU and the Eurozone. The establishment of enterprises and How important is this factor in the provision of services will be fa- membership negotiations and do cilitated to the level of the EU; we you expect to be able to keep this will provide education in the EU currency? framework and Montenegrin service - The specificity of the monetary re- providers will have a share in the Eu- gime and the use of the euro as the ropean market. official currency in Montenegro is an issue that will be discussed after the ■ Is Montenegro ready to respect country's entry to the EU. Since 2002 the agreements reached so far Montenegro introduced the use of the (such as SBA), according to which euro as the official currency before the the government cannot finance Council of Ministers of Economy and state enterprises? Finance of the EU accepted a decision - Montenegro has largely harmo- to ban unilateral euroisation in 2007. nised its national legislation with the From the beginning of negotiations, EU acquis in the field of state aid. we have made it clear that we want In addition to the Law on State Aid to keep the euro and that Montene- Control, we are continuously aligning gro does not consider the fact that the with “soft EU regulations”, in order to Apart from the EU, euro is already in use as the official fully comply with EU state aid rules. Montenegro is preparing currency abolishes from the obliga- Montenegro has also established for membership in the tions under the negotiation. On the a Commission for State Aid Control, European Economic contrary, it imposes on us even bigger which deals with prior and subsequent responsibility in the process of con- control, so that the government could and Monetary Union vergence. We will therefore use the not have passed a law based on the pos- period up to accession to the EU in sibility of assigning illegal state aid. It is further prevented from modi- order to improve macroeconomic stability, the stability of public fying the Rules of the Government of Montenegro, which obliges all finances and enhance the economy's competitiveness. institutions, prior to nominating a legislative act to the government, to previously obtain the opinion of the Commission for State Aid Con- ■ The Governor of the Central Bank of Montenegro said that trol. We have already launched measures to reinforce this department he expects Montenegro to fulfil all the obligations for mem- in order to further improve the area of state aid control. As such, we bership in the Eurozone after joining the EU. Is this just wishful can say that Montenegro is fully prepared to respect the SAA in this thinking or is it part of a developed operational plan devised field, although it is still necessary to improve capacity and achieve by the government and the central bank? results in practice, which we are effectively working towards. - Apart from EU membership, Montenegro is preparing for mem- bership in the Economic and Monetary Union. The government ■ To what extent has the Montenegrin economy felt the influx and the Central Bank shall take all measures necessary to improve of European goods that did not find their market in Russia and financial stability. The central place of the economic policy of where, in your opinion, is the balance between the protection of Montenegro will focus on the removal of barriers to economic domestic production and fostering open market competition? growth and development, with the aim of increasing the competi- - Montenegro is a country with a primarily service-orientated econ- tiveness of the economy. omy. Industry and production sectors are still insufficiently explored The Government of Montenegro accepted the programme of and exploited in terms of potential. The adaptation of domestic leg- economic reforms for the 2015-2017 period. The government islation, the application of European standards and open market has also accepted guidelines on macroeconomic and fiscal policy competition may be stimulating for attracting foreign investors who for the 2015-2018 period, a strategy for the implementation of could further develop the manufacturing sector in our country. ESA 2010 in the statistics of Montenegrin public finances, which A larger influx of European goods cannot directly affect the will significantly facilitate progress on chapters 17 and 18. All domestic economy because we don’t have a developed produc- the measures taken, as well as plans for next period, confirm the tion in most parts of this area. On the other hand, it might be con- responsible and professional approach of the Montenegrin Gov- venient for final consumers in terms of greater choice of products ernment and the Central Bank on this issue. ■

30 | MONTENEGRO BUSINESS SECTOR 2015 MONTENEGRO BUSINESS SECTOR 2015 | 31 INTERVIEW ulate the level of the highest permitted contractual interest rates has been granted €190.3 million of new loans, or 54%, and private on all basis of establishing debtor-creditor relations. The main retail clients have taken out €130.4 million, or 37% of the total goal of this solution is to eliminate the possibility of contracting amount of new loans in this period. Both sectors recorded annual interest rates that do not have market justification. Extensive ap- growth in new loans. plication of this institute in practice is confirmed by data from Revival of Economic the World Bank’s October 2014 research, which shows that 76 ■ How much did the “Podgorica Approach” contribute to solv- countries around the world limit the level of interest rates. ing the problem of non-performing loans in Montenegro? In I wouldn’t agree with your statement that the banks did not this context, what could be brought by the proposed Law on accept the Central Bank’s recommendation to lower interest rate consensual financial restructuring of debts? levels. According to the data for May, the average weighted ef- - The innovative nature of the proposed solution is reflected in ACTIVITY fective interest rate on new bank loans was 9.14%, which is 1.52 the introduction of the institute of voluntary extrajudicial debt re- percentage points lower than in the structuring between creditors - banks, MILOJICA DAKIĆ same period last year. The applica- MFIs and leasing companies and sol- tion of recommendations was based vent debtors with an extensive prob- GOVERNOR OF THE CENTRAL BANK on the principle of volunteering, lem of lack of liquidity - companies OF MONTENEGRO while the application of the law will and entrepreneurs. The subject of be based on the principle of manda- restructuring are the loans classified tory and criminal provisions in the into categories B and C, or those up The activities of the Central Bank are event of a violation of regulations. to 270 days in arrears, with the possi- bility to include accounts receivable, directed towards the creation of a ■ Three banks are in the process and all other interested domestic and stimulating regulatory environment. of entering the Montenegrin mar- foreign creditors, in this process. The ket. What makes the Montenegrin same possibility is given to individu- The Central Bank is committed to banking market attractive? als for mortgage loans. passing a law that would regulate - The attractiveness of the Montene- The implementation of the ac- grin banking system stems from its cepted solutions will contribute to the level of the highest permitted stability, which is based on the nor- stimulating the recovery of debt- contractual interest rates on all basis of mative regulation and application of ors or users of mortgage loans that the Basel business standards and the are in financial difficulties, thereby establishing debtor-creditor relations. best banking practices, continuous maintaining the stability of the finan- and effective supervisory oversight cial system and providing access to and the implementation of the euro The International Monetary new means of financing. Within the as the official payment currency. In Fund, World Bank and same project, in 2014 we started to a broader context, one should con- apply the Decision on amendments sider the geostrategic positioning of European Commission to the Decision on minimum stand- Montenegro, its stability and leading supported a stimulating ards for credit risk management in position in the European integration regulatory environment banks, which the Central Bank used he entry of three new banks onto the market, the im- ing experienced a growth trend in 2014, the banks were advised process in the region, as well as the that CBM created to solve to pledge the banks to accept a three- plementation of major investment projects in the field to reduce their level, which they largely accepted. country’s richness and diversity of year strategy and annual operational of energy and tourism, FDI inflows and effective im- During 2015 we started drafting a new law with which we natural resources. the problem of NPLs objectives for the management of Tplementation of the Law on Consensual Financial Re- would determine the level of the highest permitted contractual non-performing loans (NPL) and to structuring, are the modalities that contribute to the revival of interest rate. The revival of the credit activity of banks under ■ Montenegro records one of the highest GDP growth rates in report on their implementation on a quarterly basis. economic activity and fostering the more favourable conditions should the region. Is this growth accompanied by an increase in the development of small and medium- primarily contribute to a high level volume of loans to Montenegrin companies? ■ In your opinion, how could the problems in Greece impact on sized enterprises in Montenegro. The Central Bank is of liquid assets. It is in the interest - The Montenegrin economy is recording a slight recovery at a the stability of the banking system in Montenegro and lead to committed to passing a law of every bank to have healthy, stable rate of 3.3% in 2013 and 1.5% in 2014. Growth is also evident increased risk in the region? ■ You said recently at a summit in that would regulate the level and loyal customers, because that’s in most sectors of the economy in the first quarter of the current - Both domestic and international analyses indicate that Monte- Bečići that the central bank’s pri- of the highest permitted the only way to establish and main- year. Economic growth in 2015 could amount to 3.5%, due to the negro will be in the group of countries that will not significantly mary objective is to reduce inter- tain good business relations for the start of implementation of large investment projects in transport, feel the effects of the Greek crisis. Estimates suggest that there est rates on the domestic market. contractual interest rates benefit of both sides. energy and tourism, with positive multiplier effects on related ac- will almost be no direct effect, because the Montenegrin bank- Which factors could contribute to tivities. In addition to investment loans for highway construction ing system is not connected to the Greek, exports from Mon- cheaper loans for the businesses and the population? ■ You are advocating for the passing of a law on limiting inter- and accumulated assets, growth is partially based on new banking tenegro to Greece are insignificant, as is FDI from Greece in - In this direction, the Central Bank has been active since Novem- est rates. Since banks have not to date accepted your recom- sector loans. During the first five months of 2015, banks approved Montenegro. However, we cannot rule out indirect effects. The ber 2012, when it prescribed a temporary measure to limit lending mendations to lower interests, how certain is it that they will a total of €352.2 million in loans, which represents an increase of negative indirect effects are manifested through the negative rates, which yielded positive results. The Central Bank continued respect the law? 49.7 million, or 16.4% over a one-year period. Intensifying credit impact of the Greek crisis on some of our partners (EU countries to monitor movements actively, and when interest rates on lend- - The Central Bank is committed to passing a law that would reg- activity is an encouraging fact, especially given that the economy and regions), which are more closely linked to Greece. Positive

32 | MONTENEGRO BUSINESS SECTOR 2015 MONTENEGRO BUSINESS SECTOR 2015 | 33 indirect effects are also possible, as it is likely that a number ity. All CESEE countries have expressed unreserved support for of tourists will cancel their holidays to Greece because of the the functioning of the banking union, which would contribute to instability, which creates the possibility of attracting more tour- strengthening the soundness and stability of the financial system ists to Montenegro. of the EU, and thus the candidate countries and potential candi- dates for EU membership. ■ The Greek problems have shown the vulnerability of the Eurozone. To what extent did that influence your stance ■ Last year saw the launching of a programme of coopera- that Montenegro should also seek tion of the European Central Bank membership in the Eurozone im- (ECB), the Euro system and the mediately after gaining member- Central Bank of Montenegro, with ship in the EU? the goal of harmonisation with the - The long-term strategic goal of standards of the European System Montenegro, as a country committed of Central Banks (ESCB). What to the process of European integration does this project mean for the cen- is, first of all, membership in the EU, tral bank and Montenegro’s Euro- and then – after fulfilling all the pre- pean integration? scribed criteria – membership in the - By entering into a new and more EMU. Recent events in Greece, as intense stage of cooperation between well as previous crisis developments the Central Bank, the European Cen- in the countries of the so-called PIGS tral Bank (ECB) and the European zone (Portugal, Italy, Greece and System of Central Banks (ESCB), Spain), have no impact on our Eu- a programme of technical coopera- ropean commitment. Our experience tion was initiated with the aim of has shown that the introduction of the strengthening the institutional capac- euro had a significant positive impact ity of the Central Bank of Montene- on our economic development. gro. Experts from 10 EU Member ■ During the course of your Euro- States carried out comprehensive pean integration process to date, analysis of the degree of compliance how much mention has been made between the standards of operations of the specific issue of Montene- of the CBM and the central banking gro, in terms of the fact that the standards of the EU in the following euro is already the country’s offi- We will persist in activities areas: financial stability, statistics, -fi cial currency? on the harmonisation of nancial and banking operations, ac- - It is an indisputable fact that the the regulatory framework counting, operational risk, business euro has been the official currency in the field of banking continuity and European integration. of payment in Montenegro since It was noted in the report they drafted 2002, which was concluded during with the EU acquis that the CBM has made progress in the bilateral screening for Chapter 17 aligning its practices and policies - economic and monetary policy. However, discussions on this with EU standards in several areas, and they provided specific topic will begin after the opening of this chapter. recommendations for further improvement and preparation for future active participation in the ESCB. ■ You recently participated in the sixth conference for central, eastern and southeast Europe – “challenges of old and new ■ What are the CBM’s priorities in the coming period? policies”. What kinds of tasks do new policies imply for the - The priorities of the Central bank are to preserve monetary and central banks of the region? financial stability and the functioning of the banking system. This - The conference included discussion of three topics that are of year the Central Bank will take all the necessary actions and ap- importance to the countries of Central, Eastern and Southeast ply all available instruments and measures under its jurisdiction, Europe (CESEE), namely: experience in conducting monetary in order to promptly identify and minimise the negative impacts policy and exchange rate policy through various frameworks and and risks to the state of monetary and financial stability. Special current challenges; fiscal and structural policies to support con- attention will be paid to monitoring the implementation of regu- vergence and balance; supervisory policies after the start of the latory solutions that aim to reduce the level of non-performing European banking union - early experiences and perspectives loans, as well as prescribing the highest permitted contractual for CESEE. For our country, as for all CESEE countries, it is of interest rate. We will persist in activities on the harmonisation particularly important that the fiscal policy and structural poli- of the regulatory framework in the field of banking with the EU cies work towards rapid and balanced economic harmonisation acquis, which entails drafting and passing the new Law on Banks with the EU, which includes providing macroeconomic stabil- by the end of 2016. ■

34 | MONTENEGRO BUSINESS SECTOR 2015 MONTENEGRO BUSINESS SECTOR 2015 | 35 INTERVIEW - Drafting of the new Labour Law is expected to be launched soon services (direct participation in works) and how much could by a working group established by the Ministry of Labour and So- they create a basis for the medium-term growth of the Mon- cial Welfare, in which the Chamber will participate. The economy tenegrin economy? expects the new law to lead to progress in the field of defining labour - For the next few years there has been agreement on the realisa- Government and Chamber relations, flexibility and a simpler application of the provisions of the tion of new investments worth around four billion euros. These are, Law under real market conditions. above all, investments in the tourism sector: the “Portonovi” project, Adequate regulation of the labour market will have a direct im- the exclusive “One and Only” resort, Luštica, then investment in pact on more effectively controlling the grey economy, greater pub- infrastructure projects: project on the submarine power cable be- lic income, eliminating unfair competition and increasing economic tween Italy and Montenegro, which will be worth around 800 million COOPERATING competitiveness, while increasing the number of employees within euros; construction of the second block of the thermal power plant legal economic flows. in Pljevlja, followed by construction of the Bar-Boljare motorway. ■ Do you think the economic policy These investment projects certainly SUCCESSFULLY of the government equally encour- include greater involvement of the ages the inflow of foreign invest- local economy, especially the manu- VELIMIR MIJUŠKOVIĆ ment and the development of the facturing sector, primarily the sectors domestic sectors of the economy, of construction and the production of PRESIDENT OF THE CHAMBER and what do you see as the most construction materials, transport, agri- OF ECONOMY OF MONTENEGRO significant obstacles to achieving culture and the food industry. In par- these goals? ticular, when it comes to construction - Montenegro represents an attractive of the motorway, the participation of The measures being taken by the location for both foreign and domestic domestic construction operators has investors, because of clearly discern- been ensured to an extent of 30 per Government of Montenegro to ible natural potential for the develop- cent, which will stimulate construction improve the business environment, ment of tourism and energy, as well as and other related sectors. numerous opportunities for investment It is realistic to expect the imple- the defining of which includes in other sectors. The Chamber of Economy mentation of this investment to have representatives of the Chamber The net inflow of foreign direct in- a multiplying effect on the economy vestments in 2014 increased by 9.3% of Montenegro works as a whole, creating a good basis for of Economy of Montenegro, compared to the previous year. Dur- continuously to identify the the medium-term growth of the Mon- provides the basis for greater ing the first three months of this year problems that the economy is tenegrin economy. the investment trend continued with facing, as well as monitoring domestic and foreign investments a growth rate of about nine per cent, ■ In your opinion, how much has which shows that we managed to main- and initiating solutions to Montenegro succeeded in making tain a high level of investment. those problems effective use of its comparative ad- he Chamber of Economy of Montenegro is a constructive financial and institutional support to entrepreneurship development The Montenegrin government’s vantages in its tourist offer? interlocutor of the government when it comes to defining and the SME sector. policy is focused on creating a favourable business environment for - Tourism occupies an increasingly significant place in the overall measures for improving conditions for doing business All proposals of the Chamber, which represent the sublimate investment, regardless of whether that relates to domestic or foreign economy of Montenegro. The successful development of tour- Tand its contribution is increasingly appreciated in work- stances, opinions and demands of the Montenegrin economy, are investors, and to this end the Regulation on stimulating direct invest- ism has a multiplying effect on other economic sectors - trade, ing groups for drafting laws and other regulations pertaining to the considered with due care by the Government of Montenegro and ments was introduced at the beginning of the year. agriculture, transport and other activities. Due to the importance economy, says Velimir Mijušković, president of the Chamber of are greatly appreciated. However, obstacles identified when it comes to the greater in- of generating employment, increasing the living standards of the Economy of Montenegro. flow of investments should also be noted. These are: market size, population and balancing regional development, tourism has been ■ How do you rate the quality of the debate between the govern- fragmented economic space, lack of spatial planning, lack of ad- recognised as a priority industry. Positive growth impacts on this ■ At the end of last year the Chamber released a document en- ment and businesses when it comes to passing laws that impact equate infrastructure etc. sector have been initiated by investments in infrastructure, a pro- titled “Montenegrin economy in 2014 with proposals for meas- on the creation of the business environment? motional campaign, the ever increasing presence of international ures to improve the business environment”. Do you think the - There is evident improvement in the quality of dialogue between ■ How much do EU and Euro-Atlantic integration contribute brands on the Montenegrin market, the development of modern government gives sufficient consideration to the proposals of the Government and the Chamber of Economy of Montenegro when to enhancing the attractiveness of Montenegro for foreign marine tourism and rural tourism. the economy when it comes to the creation of its current and it comes to developing regulations. Business representatives and ex- investments? The overall, i.e. both direct and indirect, contribution of travel medium-term policies? perts in specific areas who are employed at the Chamber of Economy - The positive direction in which the EU and NATO integration is be- and tourism to Montenegro’s gross domestic product in the last year - The Chamber of Economy of Montenegro works continuously to participate as members of working group for drafting laws and other ing realised certainly represents a sound basis for further enhancing was at the level of 20 per cent, while the direct contribution of travel identify the problems that the economy is facing, as well as monitor- regulations that pertain to the economy. However, there is still room the attractiveness of Montenegro as an investment destination, given and tourism accounted for 9.5% of GDP. According to estimates, in ing and initiating solutions to those problems. In this respect, we con- for cooperation in this segment to better for the benefit of all. that it represents confirmation of political and economic security. the next ten years this growth will grow at an annual rate of 7.7 per duct activities that are focused on: creating an adequate regulatory cent, reaching a level of 31.9% of GDP in 2025. framework for the development of business and new investment; re- ■ How much would a more modern labour law impact on in- ■ How much could planned and launched investment pro- ducing the level of the shadow economy; more effectively collecting creasing the efficiency of enterprises and lead to new employ- grammes (Portonovi, Luštica, motorways, etc.) encourage ■ Do you think the medium-term plans of the government receivables; incentive measures for balanced regional development; ment in Montenegro? greater activity in the domestic manufacturing sector and have created the basis for Montenegro’s GDP to become

36 | MONTENEGRO BUSINESS SECTOR 2015 MONTENEGRO BUSINESS SECTOR 2015 | 37 less dependent on the work of large companies and weather ■ How much does Montenegro use industrial zones as a factor conditions? for attracting new investments and which country do you look - Montenegro’s economic policy in the 2015-2018 period is de- to when it comes to this domain? termined by a number of factors, from trends at the global and - The government has adopted a programme of incentives for regional levels, and obligations of the EU accession process, to business development, with which it wants to encourage the de- the need to create conditions for strengthening economic growth velopment of micro and small enterprises on land equipped in and development. terms of infrastructure, thereby increasing employment in less As I mentioned earlier, the key drivers of the Montenegrin developed areas, as well as activating the capital of domestic economy in this year and those ahead and foreign investors. Business zones should be the agreed four-year con- provide significant benefits for- at struction of the motorway, works tracting new investments, especially already launched on several tourist in less developed areas, which are resorts, which will reduce the depend- still not exploited sufficiently. Busi- ence of economic growth on the op- ness incentives in business zones erations of large systems and possible refer to paying utilities charges or impacts of the elements. other fees; favourable costs for leas- ing/purchasing premises within busi- ■ To what extent does the grey ness zones; reductions or exemptions economy represent a problem from payment of personal income for entrepreneurs who operate taxes; reducing the tax rate on real es- legally and which branches of il- tate; the ability to define a favourable legal flows of business cause the model of public-private partnerships. biggest problems? In the last year the Montenegrin - The grey economy directly harms Chamber of Economy carried out the competitiveness of businesses comprehensive analysis of existing and that operate legally. Well thought-out potential zones in Montenegro’s mu- continuous activities of the Tax Ad- nicipalities, which have realistic pre- ministration, as well as other services conditions to be put into operation at whose scope includes combating this full capacity. We promote these zones phenomenon, have yielded progress through all of our activities, which im- in the last two years, which deserves During the first quarter of this plies meetings with potential investors. to be highlighted. year the investment trend The chamber continuously con- continued with a growth rate ■ To what extent is the Montene- ducts activities aimed at eliminating grin education system tailored to illegal business, actively participating of about nine per cent meet the needs of the economy in the work of the Inter-ministerial and how would you assess the po- Commission to combat the grey economy, which is tasked with tential effects of introducing dual education in secondary contributing to increasing transparency, objectivity and coordina- schools in Montenegro? tion in the work of state bodies, with the ultimate aim of ending Through the application of reform activities, Montenegro has suc- operations in the grey zone. ceeded in improving the balance between the education system and the needs of the labour market, but it is still far from the European ■ In your opinion, how much will the Law on Deadlines for Ful- average (EU28), so it is essential to continue to take measures that filling Financial Obligations help in resolving the economy’s il- bring us closer to the standards of the EU. liquidity problem? With the aim of reducing the disharmony of the education system - It is known that the law itself cannot solve the problem of a lack with the real needs of the economy, the Chamber of Economy has of liquidity and lack of competitiveness among certain commercial established a scholarship fund for students of secondary vocational entities. The aim of the law is to define a payment deadline period schools with education profiles for qualifications that are lacking. in the case that contractual parties have not themselves agreed. In Moreover, the greater involvement of employers in the education this way we prevent the non-defining of currencies, which can cause system would create better interaction and numerous advantages. damage to certain businesses, especially SMEs. The application of Because of that a special challenge in the coming period will be rep- the law is particularly important in commercial transactions where resented by the improvement of practical education among employ- the state is the buyer, as it precisely and irrefutably establishes pay- ers. The practice of developed countries shows the active involve- ment deadlines for public expenditure. In this way, in the case of the ment of employers in the work of schools, particularly in the area of irresponsible utilisation of previously secured budget funds, corrup- education for employers, not only among students, but also teachers. tion and the possibility of a negative impact on market competitive- Dual education is very important in the education process and repre- ness is prevented. sents one of the ways of combatting youth unemployment. ■

38 | MONTENEGRO BUSINESS SECTOR 2015 MONTENEGRO BUSINESS SECTOR 2015 | 39 INTERVIEW pexmetal, Uniprom'. What does this recognition mean when it - Recoma is one of the largest companies in the world dealing with comes to attracting investors from the Middle East? the distribution and transportation of compressed, liquefied and - The award ceremony was organised within the context of the dissolved gases. The owner and director of the company came to largest annual investment conference in Dubai, under the patron- Montenegro, at the invitation of MIPA, to attend a meeting with the age of the UAE Ministry of Economy. I think that this award, director of the Port of Bar, in order to discuss possible investment Credible Partner for along with other effects, sparked interested to explore the invest- in the free zone of the Port of Bar. According to their conclusions, ment potential of our country among a large number of potential Montenegro could be a hub for the distribution and transport of investors from the Middle East. Good marketing is crucial in gas. In other words, our country is seen as a potential centre for every aspect. There are not many people in the world how know the entire region regarding this activity. The new situation on the about Montenegro. Next year Montenegro will celebrate 10 years geopolitical scene can only favour Montenegro, considering our INVESTORS since the restoration of independence. In a time of recovery from strategic position in this part of Europe, but also the culture of good the economic crisis, when the com- neighbourly policies that we have MILOŠ JOVANOVIĆ petition to attract more investment with the countries of the region, but is big and the capital for investment also with other countries, which are CEO OF THE MONTENEGRIN INVESTMENT in marketing is insufficient, we are the biggest players in the world when PROMOTION AGENCY (MIPA) trying to promote our newly recon- it comes to gas. Let me remind you structed country in the right way. I that Italian company Terna is working think that in these circumstances we on a submarine energy cable between We succeed in attracting and realising have succeed in that respect, and this Montenegro and Italy, with a capac- is only one of the awards that our ity of 1000 MW. By exploiting other the greatest amount of foreign direct ministries and other state institutions forms of renewable energy, the energy investment in the region. Our country have received as proof of their com- produced could be transported via ca- mitment to promoting the country in ble to Italy and the EU. manages to be a credible partner for their departmental tasks. real investors. Within the framework of ■ How many days did Chinese in- ■ MIPA recently opened a repre- vestors spend in Montenegro, and the capital that has arrived for projects sentative office for the Middle how much did the Belgrade meet- in Montenegro, we managed to ensure East. How would you assess the ing between China and the 16 CEE long-term possibilities of attract- countries lead to an increase of in- that a large part of that capital is, and ing investments from this area and terest in Montenegro among Chi- will be, from credible, world-renowned which sectors of the Montenegrin nese investors? economy do you consider as being - Chinese investors are very interest- investors. most attractive for Arab investors? ed in entering and investing in our - Companies from the Middle East region. The meeting in Belgrade had have been among the world’s most some great effects, which can only credible investors in recent years. A lot of potential increase in the long term. Chinese They invest in all parts of the world, investors show interest in companies that are also investing he comparative advantages of Montenegro are reflected invested will be safe and that their investment can develop posi- in projects that enable them to pre- investing in our country in numerous countries of the world in tourism, agriculture and renewable energy. All of the tively, so the country and the investor can both benefit from the new serve and increase previously earned should discover the potential of world’s countries are competing to attract foreign inves- investment. Our country manages to be a credible partner for real capital. We have proved to be a reli- on their own initiative our region, especially in Serbia and Ttors, especially credible and reputable investors. There investors. Within the framework of the capital that has arrived for able partner to countries all around Montenegro. For this reason, we are are many factors that have contrib- projects in Montenegro, we managed the world. We already have investors from the UAE who have working together to attract investors from China. We have formed uted to the fact that little Montene- to ensure that a large part of that capital successfully implemented projects in our country, but we also a separate department that consists of employees of various in- gro has managed to attract such an The award “Best Investment is, and will be, from credible, world- have some potential investors. They are mostly interested in stitutions in Montenegro and is developing a strategy to attract amount of foreign capital. Project in 2014” is proof renowned investors. This is because sectors that our government estimated as sectors in which our investments from China. In other words, it is important to create of the commitment to we prefer investors who are credible country has a comparative advantage, such as tourism, agricul- a strategy in order to properly and accurately present the potential ■ Which factors have led to Mon- promoting Montenegro and already proven as investors, while ture and energy. Members of the UAE Chamber of Commerce of our countries. After that, we are certain that new investments tenegro becoming the leading investors are seeking a country where come to Montenegro and are interested in projects in these areas. will continue to arrive from that region. country in the region in terms of they want to place their money. The Moreover, many potential investors show interest in investing in the amount of foreign investment attracted in the last eight countries in this part of Europe historically went through a lot of our country based on their own initiative. ■ We are witnessing all countries in the region struggling to years, a total of €5.5 billion? negative happenings and are still considered underdeveloped, which attract foreign investments with lower labour costs and often - Maybe we should start with the factors that have contributed to the gives priority to some EU countries, but we manage to deal with the ■ Italy’s Recoma Group recently assessed that Montenegro very suitable fiscal measures, among other things. How does country that was the least developed of the former Yugoslav coun- others and attract and achieve foreign direct investment. could be a future hub for the distribution and transport of Montenegro approach the attracting of foreign investors? tries becoming one of the most developed countries in the region. gas in the region. How much have new geopolitical divisions - It is more difficult for countries in our region, because they are In order to attract and achieve foreign direct investment, a country ■ MIPA was recently ranked second in the category of "Best regarding gas created room for Montenegro to review its still ranked as transition countries. It is expected for a potential should instil confidence among investors that the capital they have investment project in 2014" in Dubai, with the project 'Im- energy policy? investor to believe his investment will be safer in a country that

40 | MONTENEGRO BUSINESS SECTOR 2015 MONTENEGRO BUSINESS SECTOR 2015 | 41 has a higher rating. Some of the largest investment funds will not untapped potential. Processing in the timber industry, as well as INTERVIEW ŽIVKO BANJEVIĆ, MONTENEGRO AIRLINES CEO even consider the potential of the countries in our region, because the production of biomass, are other sectors with great potential. they are ranked as countries in transition. Nevertheless, we manage The fisheries sector is developing at an accelerated pace lately. to attract and achieve the greatest amount of foreign direct invest- Energy, or rather renewable energy, is a sector with great po- ment in the region, if we view the amount as a percentage of GDP. tential. We utilise only about 20 per cent of our hydro potential. Every Second Tourist Flies We recently adopted the Decree on stimulating direct invest- Solar energy is only in the initial stage, as is wind energy, for ments, in order to encourage foreign and domestic investors. We which we are exploring new locations. For the aforementioned, also have a public call for proposals but also for all other forms of renew- TO MONTENEGRO that can be found on the website of able energy, the government offers the Secretariat for development pro- stimulating prices to enable produc- jects in Montenegro. Local mayors ers to be profitable. WITH US are able to negotiate directly and pro- For over 20 years, Montenegro Airlines has been fostering vide incentives to foreign investors. ■ How much did the structure of Depending on the business activity, investors arriving in Montenegro the development of tourism, as one of the main economic value of investment and number of change since the global econom- branches in our country new jobs provided, an investor may- ic crisis? be exempted from income tax and - Montenegro has investors from ver a seventh-month period, How have you manage to remain the stantly adapting to the needs of tourism and tax on workers’ salaries for a specific around 110 different countries. Since more than 300,000 people flew leader among the 47 companies that use tourism development. We have been work- period of time. Thus, we are trying to the time of the crisis there has been a with Montenegro Airlines, rep- Montenegrin air space? ing diligently to overcome the problem of be more competitive in attracting in- noticeable reduction in the number of Oresenting an increase of four per - Montenegro Airlines flies approximately seasonality, which arises from the fact that vestments. In addition to these, there investors from Russia, but the number cent compared to the same period last year. 40 per cent of all people who visit Mon- hotels are not fully booked for the whole are other forms of aid and incentives, of investors from EU countries and The biggest increase in the number of pas- tenegro each year, which speaks volumes year, and by extending the tourist season with the aim of creating new job op- the Middle East is increasing. Foreign sengers was recorded in July – when there about our stable market position and our through offering promotional prices and portunities, increasing production investments are one of the sectors that were 48 per cent more passengers from the reliability as partners. Montenegro is in- packages. In collaboration with the Monte- and, consequently, increasing gross contribute to the overall development UK and over 30 per cent more passengers creasingly becoming an attractive tour- negrin Ministry of Tourism and the Nation- domestic product. of our country. Accordingly, our main from and Denmark relative to last ist destination and the interest shown by al Tourism Board, we have been working preference to rate foreign investors is year. We have also been recording growth travel agencies and other airlines has been on moulding the markets which we should ■ What are the comparative ad- in terms of their reliability and ex- in the number of passengers from nearly all growing. Out of 47 airlines which fly to focus on in the future. These are the markets vantages of Montenegro when it perience. We are trying as much as countries we fly from and to, and this tenden- and from Montenegro, only 10 do so year- that can ensure a longer tourist season for comes to attracting foreign invest- possible to meet the needs of existing cy will continue in August too – says Živko round. Other airlines fly exclusively dur- Montenegro. We are also slowly winning ment, compared to the rest of the and potential foreign investors who, Banjević, CEO of Montenegro Airlines. ing the peak of the summer tourist season. back tourists from Western Europe – Ger- region? in addition to making capital in our Montenegro Airlines has always had to many, France, Scandinavia and the UK. We - Tourism in southern Montenegro is country for accomplished projects, How important is your company to battle stiff competition, both fair and un- expect the first results to be noticeable in the already evolving on its own. We have contribute by transferring knowledge overall ? fair. In order to raise efficiency in all our next few years. projects that are being developed, and technology, which is very impor- - For over 20 years, Montenegro Airlines has business segments, we had to make sure or have already been agreed, in the The countries in this region tant for our region, which was shook been fostering the development of tourism, that we planned our flights well, that we What are your future development plans? amount of almost €2.5 billion. We are working intensively to by wars and other negative events as one of the main economic branches in our have an excellent fleet consisting of six - As usual, Montenegro Airlines will con- have some known and proven global only two decades ago. country. In the last few years, we have been operational planes (four Embraers and tinue to be committed to improving the investors, but also well-known brands maintain good neighbourly working hard on attaining our goal of accessibility of our country via air in southern Montenegro. The con- relations, and that will ■ In your opinion, is it realistic establishing a link between Montene- We have provided the citizens and flying in as many foreign guests centration of attracting investments lead to an increase in to expect the countries of the gro and as many towns in Europe as of Montenegro with a safe air as possible, all in accordance with in tourism refers to the north, which new opportunities region to work together on joint possible, thereby making Montenegro the needs of our tourist industry. has no less potential than the south of projects in order to attract more more accessible to everybody who link to the biggest European Our current capacities are sufficient Montenegro. Until now the south has investments? wants to get better acquainted with and global cities to meet the requirements of the been developed much more, but we expect the north to enter the - In this period of globalisation, foreign investments have become the country. We have also provided growing tourist demand and, if this stage of full development in the near future. domestic investments. This especially refers to geographically Montenegro citizens with a safe air link to the two Fokkers), exceptionally well-trained tendency continues, Montenegro Airlines Agriculture is a sector currently developing at high speed in contiguous lands, and therefore our region. We already work biggest European and global cities. Most of pilots and that our technical services are will keep a close eye on development Montenegro. People used to look at agriculture as being part of together to attract investment in some situations, because it is our passengers are tourists and this is hugely highly operable, which all contributed to trends and meet its development plans. We the social economy, as a sector that serves to feed the family. But evident that for an investor who is, for example, already present important to the tourist industry in Monte- our excellent commercial results and that, have been working on expanding the num- now they see it as the agro business. It created new job opportu- in Serbia, it would be easier and faster for them to show inter- negro. On the other hand, the exceptional in turn, have made us regional leaders. ber of destinations we fly to, which now nities; there are many new manufacturers, while existing manu- est in investing in Montenegro, and vice versa. The countries in development potential and favourable busi- includes the city of Baku in Azerbaijan. facturers have expanded by investing in their own production or this region are working intensively to maintain good neighbourly ness environment have made Montenegro a Do you have a plan of how to increase the We have over 20 charter flights to and through mergers. Organic food is one potential that binds agri- relations, and that will lead to an increase in new opportunities very interesting country for investing. Since number of passengers during summer? from Baku. We are also going to have 70 culture and tourism. Capital projects in Montenegro are mostly and strategies for attracting the right investments, which will con- Montenegro has been declared a marked air - Through its network of direct flights from charter flights to Germany, while we are projects for high-budget clientele primarily seeking organic pro- tribute, among other factors, to the development of our countries, transport destination, it makes sense to claim Montenegro to the biggest European cen- hoping to establish regular flights to Berlin duce. The commercialisation of water is a sector that has a lot of as well as the region as a whole. ■ that we have contributed greatly. tres, Montenegro Airlines has been con- and Munich in 2016.

42 | MONTENEGRO BUSINESS SECTOR 2015 MONTENEGRO BUSINESS SECTOR 2015 | 43 INTERVIEW DUŠKO KNEŽEVIĆ, ATLAS GROUP PRESIDENT tions, such as the Abu Dhabi Capital Group, owned by the UAE estimates and regulations on property rights, the rule of law, the royal family, Bursa Istanbul, Mace , Piraeus Bank, EBRD, flexibility of regulations relating to labour markets, a lack of cen- Century 21 Real Estate, Real Estate Turner USA etc. tralised procedures at the state level and local community, as well In this context, I would highlight Atlas Capital Centre, which as the level of efficiency of human resources. we built in very challenging times when smaller investment pro- I think we have to be even faster in the regulations and opera- Partnership jects in the region often had to be halted. We are proud that we tions which enable a larger and more intense approach to global were able, in the midst of two successive recessions, to realise an capital. A significant step in this direction would be the introduc- that investment of 150 million euros and use it to draw the attention of tion of MiFID and PSD regulations, which would harmonise the the UAE to our region. We are witnessing how important capital capital market with EU regulations. For Montenegro, there is a from this country is, and we are pleased that we could contribute great chance of introducing economic citizenship. Many coun- to the development of the region. tries, including the UK, Malta and BRINGS We are proud that we managed to Cyprus, increased the number of build a facility in Podgorica that investments and the dynamics of would be the envy of many cit- their economy in this way. VALUE ies in the world, and we will have the opportunity to see some of the ■ You personally often emphasise Banking and finance have always been world’s great brands for the first the need to harmonise the educa- time in the region. tion system and labour market our core business and, despite constant requirements. What are your spe- challenges, we continually achieve results ■ The last time we spoke was cific objections in that area? that allow us to develop further precisely a year ago. What would - We live in times when things you note as the biggest commer- change much more often and much tlas Group was founded in 1989 in Belgrade and over all claims in Atlas Bank and thus broke all business cial success of your group during faster. Also, borders are less real the course of two and a half decades, operating in Mon- activities in Moscow. Because of our international operations and the intervening period? boundaries. The digital economy tenegro, Serbia, the wider region and Europe, it has credibility, it is important to us that we succeeded in overturn- - The principle of Atlas Group’s is an excellent example of this, Agrown into an international consortium that comprises ing the decision of the Central Bank of the Russian Federation operations has always been part- wherein a company in Estonia may 25 companies engaged in finance, banking, education, media, on the withdrawal of the license to operate with the Court of nership that brings value both for be a competitor to a firm here in real estate and project management. “We are also founders of the Arbitration of Moscow, which evidently proved that the decision a project and for the community. In cooperation with our partners Podgorica selling web design ser- , the first private university in Monte- was politically motivated as a result of the imposing of European The double-dip recession in the from Asia and the Middle vices, online trading. Thus, in order negro, and the Belgrade Banking Academy in Serbia. We have sanctions against Russia. Our legal teams are preparing charges global economy reduced the num- East, we are in the final stages to keep our economy competitive endeavoured to set Atlas Group as an open system that quickly for international arbitration for damages. ber of potential partners and their and our citizens successful in the responds to trends and changes in the market, says Atlas Group willingness to invest. This signifi- of preparation of the Punta intensely interconnected world of President Duško Knežević. ■ Atlas Group represents a model of high-quality and success- cantly slowed down planned de- Mimosa project today, we must make a more in- ful operations in Southeast Europe. What is to thank for that velopment dynamics, especially tensive and interactive relationship ■ Atlas Group comprises over 25 member companies in Ser- and what is your business philosophy? in real estate projects, but it helped us to reorganise the business between the labour market and the education system. We must bia and Montenegro. Explain to us how a system with such a - In our business we have never been motivated by purely eco- in such a way that we could quickly and adequately react to the also find a regulatory framework which will allow for greater large number of members is organised. Which areas are all nomic interests. Our stance is that prosperity is only possible if challenges of the contemporary economy. mobility, first in education and then in the sphere of the labour the members engaged in and which are the most successful it is divided and that is why we always wanted to help our fellow Currently, in cooperation with our partners from Asia and the market, between the countries of the region. among them? citizens and to contribute to a better Middle East, we are in the final stages of preparation of the Punta - Atlas Capital, our Cypriot com- We are proud that we were able, future for our society. We are happy Mimosa project. This project is inspired by the highly successful ■ What are the future business plans of Atlas Group? pany that operates under MIFID in the midst of two successive when we see the exact results of that and – for the development of Montenegro as a yachting destina- - We are currently developing a project with Borsa Istanbul that regulations, records very good aim, such as 200 Atlas Scholarship tion – important Porto Montenegro project, as well as future Porto would allow double quotation in Turkish lira and euro, and thus results on the global capital mar- recessions, to realise an alumni, and I am extremely happy Novo and Luštica Bay projects. This is one of the most effective attract a significant portion of trading with the Turkish capital ket in online trading through the investment of 150 million euros with the new, young, great people concepts in the Mediterranean when it comes to mixed use resorts markets, and we expect to obtain a license in Cyprus for Atlas Pay ACFX brand. In cooperation with who will join them next year. We that fully respect the principles of sustainable development, the EMI (electronic banking). Through the Mediterranean University our partner, Borsa Istanbul, we develop the business of the Mon- will continue, as we have to date, to promote Montenegro and the preservation of local traditions and architecture, as well as cul- we are strengthening our international cooperation with the aim tenegrin Stock Exchange, and our banks in Montenegro develop region through our operations and through the international initia- tural and historical values. of establishing a regional education centre that will attract stu- themselves towards new technology platforms. Atlas Bank has tives we are members of, such as the Summit100 Business Leaders dents from Ex-Yugoslav countries, but also students from Turkey also developed a network of representative offices in Belgrade, of Southeast Europe and the Clinton Global Initiative. ■ We also discussed the quality of the Montenegrin business and the Middle East. Mediterranean University has already been and Cyprus – all markets with a traditionally dynamic environment. How would you assess it today, and how satis- accredited by Turkish higher education institutions and is current- turnover of capital with Montenegro. In real estate we are devel- ■ Atlas Group has business partners from the Middle East to fied are you with the business environment and regulatory ly negotiating with American universities for partnership through oping new luxury mix-resort projects that we are sure will con- the United States. How do you manage to balance and suc- measures that apply to it in Montenegro? the creation of an American college. We are pleased to have with tribute to enhancing the quality of the tourist offer of Montenegro cessfully operate, given the political and security tensions - In this context, Montenegro shares the destiny of the region. us on the Board of the University of the Mediterranean Ambas- in a significant way. between these two parts of the world? Entrepreneurship development and FDI inflows are slowing down sador Robert Gelbard, Fatmir Mediu, as well as Amer Bukvic, The situation with Atlas Bank in Moscow has slowed down - From the very beginning we have invested a lot in building in all countries of the Western Balkans, due too overly drawn- founder of the Business Forum, whose substantial ex- the pace of growth, but Atlas Bank AD Podgorica recently sold strong business relations and partnerships with financial institu- out administrative procedures, a lack of predictability in taxation perience and connections are helping us realise this project. ■

44 | MONTENEGRO BUSINESS SECTOR 2015 MONTENEGRO BUSINESS SECTOR 2015 | 45 INTERVIEW predictability than the EU when it comes to the playing field Book. In general, the feedback we received from them, as well as for doing business. our previous successful cooperation with the government, gives us reason to believe that our constructive partnership will further ■ As the Foreign Investors Council, what do you see as the key develop, considering we share the same goal. obstacles to, and biggest advantages of, doing business in Mon- Improving the Business tenegro when it comes to investors already in the country? ■ Last year you released a new edition of the White Book with a - The positive thing about Montenegro is macroeconomic and total of 92 recommendations. How would you assess progress political stability, as well as the great investment potential that in the previous year as measured according to this indicator? this country has, especially in the areas of tourism, agriculture - Considering the suggestion of the prime minister, we made our and energy. European integration is in progress and that’s evi- recommendations specific and presented concrete solutions to the CLIMATE dent through harmonisation with international laws and rules, issues we raised. So far, the government has responded to 52 of which is good. them and committed to reviewing RUEDIGER SCHULZ However, our members see the or accepting 17 of them, rejected 22 other side of the coin reflected mostly and provided general feedback on MFIC PRESIDENT AND CEO in the slowness of the administration, 13 of them. That’s not so bad for the OF CRNOGORSKI TELEKOM long legal disputes, inflexibilities of time being, especially given that not the Labour Law (rigid provisions in- enough time has passed to provide hibiting labour market development precise responses to certain recom- and indirectly protecting inadequate- mendations. It shows the MFIC is Only with joint effort we can make a ly performing employees) and an seen as a valuable partner in improv- unique and good business environment. unpredictable taxation environment, ing the business environment, and to mention just a few. Our members that our work and suggestions are The positive thing about Montenegro is did recognise the progress made in appreciated. Of course, we strive macroeconomic and political stability and the labour market, taxation and cor- to increase the number of accepted porate governance, but, on the other and implemented recommendations. big investment potentials this country has, hand, the rule of law and property However, we will continue to keep especially in areas of Tourism, Agriculture development decreased compared to track of how the recommendations the previous year. Those are things are implemented and next year we in- and Energy. European integrations are that have to be improved if we want tend to add the “completed” category. in progress and it’s visible through the to continue seeing Montenegro as a leader in the region in the area of for- ■ The FIC’s plans for this year in- harmonization with international laws eign investments. clude the organising of a large num- and rules ber of meetings between investors ■ How would you rate the quality of and relevant public administration dialogue between the Government bodies, including local authorities. am am glad that Montenegro’s EU accession process is being government to continue with reforms, resulting in the realisation of Montenegro and investors? MFIC made an additional What are the most urgent tasks of carried out according to plan, with 20 of 35 chapters opened and of our common goal: improving the business climate in Monte- - We have quite good cooperation step forward in the the administrative apparatus if it significant progress achieved, says Ruediger Schulz, President negro and, thus, accelerating economic growth and improving with the government. In the previous evaluation of the local wants to attract more investors? Iof the Montenegrin Foreign Investors Council (MFIC) and CEO quality of life for the citizens of Montenegro. period, the MFIC organised several business environment by - The regulatory framework of any of Crnogorski Telekom. I am particularly happy to see that the whole government events at which the highest state and modern economy should be designed shares the view that EU accession is important to Montenegro local officials were special guests, developing its own index to stimulate market development and ■ How much has Montenegro’s European integration process not because of accession itself, but in order to adopt European for example, Prime Minister Milo productivity, and to attract invest- contributed to the introduction of European rules for doing values and standards. However, in a positive mood for all, there Đukanović, Economy Minister Vladimir Kavarić, and Chair- ment. As part of this, an effective Labour Law should provide for business on the domestic market? is still a lot of work to be done. man of the BoD of the Union of Municipalities of Montenegro, basic fairness and protection for employees, whilst also promot- - In my role as MFIC President, Aleksandar Bogdanović. These meetings were an important op- ing healthy competition for skilled, long-term jobs by facilitating but also as CEO of Crnogorski Tel- MFIC organised several ■ In which policies do you see the portunity for the MFIC’s members to communicate directly with flexibility and labour mobility. In the field of property develop- ekom, I am glad that Montenegro’s events at which the highest greatest deviation from the usual government representatives, presenting their views and sugges- ment, also one of the White Book’s focus areas, the potential EU accession process is being car- state and local officials European business practice? tions towards improvement of the business environment in terms this area holds to boost Montenegro’s economy should be uti- ried out according to plan, with 20 were special guests - In my opinion, the issue is how of transparency, stability, efficiency and predictability. They are lised much better, meaning establishing a genuine relationship of 35 chapters opened and signifi- the existing law is implemented open for investors’ suggestions, considering we are the ones who between planning documents and market opportunity (real estate cant progress achieved in terms of and enforced, and how reliable and work on a daily basis in Montenegro’s business environment and development projects need to find “buyers”), improvement of the institutions and legislative terms, reflected in the harmonisation sustainable it is. Even if we have adapted more and more to we witness all the advantages and disadvantages of the system. cadastral practise, introduction of low and fixed fees for property of regulations with the EU acquis, new institutions being estab- European Business practice, when checking existing law there We are trying to point out the problems we face regularly and transfers, provision of more regular updates of the real estate lished and constant education of human resources. This recon- is very often an issue of the interpretation of law, the creation propose possible solutions to the government. We did that exact administration’s database etc. firms that Montenegro is fostering a spirit of Euro-optimism and of bylaws and how they are enforced. There are quite a few dif- thing with the presenting of 92 recommendations in the previous Our members noticed a gap between the adoption and applica- European values. I hope these achievements will stimulate the ferences that can be described overall as providing much less White Book and 24 new recommendations in the 2014 White tion of the law, like the situations where a law exists but is not

46 | MONTENEGRO BUSINESS SECTOR 2015 MONTENEGRO BUSINESS SECTOR 2015 | 47 being applied consistently. Also, tax policy is one of the things - The beginning of highway construction, expected in September, is ECONOMY investors pay attention to when deciding whether to invest in a a big thing for Montenegro and will contribute to better connection country or not. Still, it is very important this policy is stable, with through the countries in the region, and beyond. The progress of no regular changes that would threaten investors. Now Montene- the country is much harder when there is inadequate infrastructure, gro should benefit more from recognition as a low-tax area, which so this is one very good step for Montenegro. I expect the long- is the case compared with other countries in this region. term effects to be shown in the following years, but we need to be patient. One more positive effect is providing new jobs and using Great POTENTIAL ■ In your opinion, to what extent do different global indices the potential possessed by the local workforce. of operations, such as the Doing However, aviation and rail transport Business list and others (where shouldn’t be neglected either. In or- Montenegro is progressing), rep- der to continue its progress, Monte- resent a realistic indicator of the negro must work in parallel to force quality of operations and are they all means of transport and roads, able to measure the factors that because that will bring multiple are really important to investors benefits for the country. If we talk deciding whether or not to come to about tourism, as one of the main a country? economic sectors, we need to realise - We highly appreciate those indica- the importance of well-connected tors and are very happy that Montene- transport for its development. Tour- gro has received recognition from the ists should get the easiest and fast- international community in the form est way to Montenegro, and goods to of an improved position in the rank- its market, based on affordable and ings measuring the ease of doing busi- available logistics. ness, which is also reflected in the fact that Montenegro has been the leader in ■ What do you consider as the cru- attracting foreign investments among cial contribution of the FIC in the transition countries. area of building a better business We are particularly encouraged by environment in Montenegro? the fact that Montenegro significantly - Our crucial and most practical con- improved its ranking in the area of tribution is the White Book itself, dealing with construction permits, and the recommendations contained Our crucial and most which definitely shows the govern- therein. When publishing the latest Apart from tourism and agriculture, major infrastructure projects ment’s strong commitment to persist practical contribution is edition of our key publication, we in reforms in this very important field the White Book itself, and acted more proactively towards es- in the areas of transport and energy, as well as ambitious plans for foreign investors. Still, the MFIC tablishing a more stimulating busi- to provide incentives for the processing industry, all hold great views this area as problematic and the recommendations ness environment in our country and in need of additional improvements, contained therein offered specific proposals in that re- potential and represent very important sources of economic growth first of all in terms of costs and the gard, including the exact wording of duration of procedures, as stated by many of our members. certain articles of the most problematic laws and other regula- MFIC made an additional step forward in its evaluation of tions. We are trying not to only criticise, but also to support the ourism, energy, agriculture, rural development and the taneously causing a foreign trade imbalance due to the increased the local business environment and developed its own index. government’s efforts by offering suggestions in the most concrete processing industry have priority when it comes to Mon- import of required construction materials. The construction of the Although it is very basic in terms of methodology, it is still il- way. When it comes to other concrete contributions, we are also tenegro's development. In the first five months of this motorway is expected to result in a wider engagement of all eco- lustrative enough when it comes to the simplicity and effective- preparing, together with the other most influential business as- Tyear, economic develop- nomic factors which, in turn, bolsters ness of doing business in Montenegro, as based exclusively on sociations in Montenegro, proposals for the new Labour Law and ments in Montenegro were charac- The construction of the investment cycles and has a positive the perception of our members. Apart from the overall rating, amendments to the Law on Foreigners, and we sincerely hope that terised by growth in industrial pro- influence on competitiveness, elimi- we are also rating certain industries represented in the MFIC. the government will take this into consideration seriously and duction, the tourism industry, FDIs, Bar-Boljare motorway nating the existing problem of insuf- Namely, our members consider how easy or difficult their daily incorporate it into the future legal solution in this area. construction services, retail and most is expected to result in ficient and inadequate infrastructure. operations are due to the general business climate and regulatory Finally, being fully aware of the importance of the con- of the transport segments, in addition a wider engagement of According to the statistics of the environment, and other factors, such as the administration, the tribution of the investments of MFIC member companies to to increased employment and stability all economic factors Montenegrin Central Bank, Q1 2015 legal framework, including laws and institutions, as well as other economic development and growth, as well as the standards of the banking and financial sector. In saw the country's industrial produc- business infrastructure areas, such as roads, education etc. and best international practices introduced by MFIC member Q1 2015 the Montenegrin economy is tion grow by seven per cent com- companies for Montenegrin companies entering international expected to have grown between 3.2 and 3.5%, while the World pared to the same period of 2014. Production also grew in all ■ One of the factors burdening the activities of investors is markets, we never miss an opportunity to offer the knowledge Bank's estimates from January 2015 show GDP growth of 3.4%, three sectors – coal and ore extraction by 16.2%, power, gas and underdeveloped infrastructure. How much have your pro- and expertise accumulated in our member companies to the 2.9% and 3% in 2015, 2016, and 2017 respectively. steam supply by 9.7% and the processing industry by 3.5%. At jects been delayed as a result of the need to overcome ob- government, as a valuable resource ready to support its institu- The launch of construction of the Bar-Boljare motorway will the annual level, overall industrial production grew by 19.3% as stacles of this kind? tions in their reform activities. ■ provide additional impetus to economic activities, while simul- a result of growing production in all three sectors – ore and stone

48 | MONTENEGRO BUSINESS SECTOR 2015 MONTENEGRO BUSINESS SECTOR 2015 | 49 extraction by 38.9%, power, gas and steam supply by 31.7% and with the EU practice, which also includes three projects nomi- FINANCIAL SECTOR million less than in the previous year. Gross the processing industry by 9.2%. nated by Montenegro and approved by the Energy Community. According to the latest data from the Monte- retail loans and claims stood at €847.1 mil- The ore and stone extraction sector has been recording growth These are: construction of the Ionian-Adriatic Pipeline, construc- negrin Central Bank, the country’s banking lion, which is €20.4 million more, while due to an increase in metal ore mining by 109.7%, which is a tion of the Lastva-Pljevlja and Pljevlja-Bajina Bašta power lines, system recorded positive results in late May banks approved €1.34 billion worth of corpo- result of low bases, i.e. lower production of metal in Q1 2014. and construction of a series of small hydro-plants on the River 2015. Profits, expressed at the system level, rate loans, which is €50.9 million less com- Growth has also been recorded in other mining segments (20.1%) Lim. By year’s end, Montenegro will also compile a list of energy amounted to €6.1 million. At the end of May, pared to year’s end 2013. At the end of 2014, and in coal extraction (0.7%). projects that will comply with EU regulations in this segment, in five banks in the country's banking system restructured loans amounted to €378.6 mil- Considering the favourable hydrological situation, Q1 this year terms of their features and degree of preparedness. had negative financial results. lion, which represents a drop of €46.5 mil- saw the power, gas and steam supply Construction of the second block The economic cri- lion, or a 10.9% drop sector record 9.7% growth compared of the Pljevlja thermal power plant, sis, coupled with the relative to the same to the same period last year. construction of several small hydro inadequate credit poli- period last year. The biggest growth was recorded power plants, continuing research of cy of the banks in the Banks in Montene- in production of rubber products, oil and gas deposits in the Adriatic pre-crisis period, led gro last year recorded plastic and metal goods, excluding and better utilisation of green pow- to substantial reduc- positive financial re- machinery and devices. Growth was er sources, such as construction of tions in banks’ credit sults amounting to recorded in the following segments wind farms on Krnovo and Možura, activities. In the last €23.8 million. At the too - production of chemicals and are also considered strategic goals few years, negative end of 2014, total bank chemical products (90.9%), produc- by Montenegro. tendencies were nota- capital amounted to tion of tobacco products (88.3%), The Montenegrin Government ble in corporate loans, €444 million, which repair and installation of machin- wants Block II of the Pljevlja Ther- though loan activities is €46.2 million more ery and equipment (75%), clothing mal Plant (TEP) to have a capacity of Montenegrin banks compared to 2013. production (18.8%), machinery and of between 220 and 300MW. This have increased during Banks in Montenegro equipment not mentioned elsewhere block would be built in the same lo- the first five months of borrowed less money (17.9%), production of wood, cork cation as the existing unit. If Block 2015. The Montenegrin last year (€74.4 million and similar (11.3%), manufacture II of Pljevlja TEP is built, this would Central Bank expects The Montenegrin to be precise) from their of basic metals (6%) and other non- Some of the most important ensure the meeting of strategic ener- this trend to continue, banking system is parent banks, with the metallic minerals (4.8%). gy goals, namely the country becom- particularly because total amount standing at In March 2015, the government energy projects include the ing independent of external power three new banks have characterised by €248.7 million. Banks adopted its Action Plan for the Im- construction of the Ionian- suppliers, while the current power become operational in high liquidity and also had €214.9 million plementation of the Strategy for Adriatic Pipeline, construction supply deficit would be eliminated, Montenegro in the last solvency, which worth of mandatory Development of the Processing of the Lastva-Pljevlja and power supply security would be in- year, and because credit supports the security reserves, which is €18 Industry from 2014 to 2018. The creased and the stability and sustain- activity has increased million more than in the Plan notes activities that need to be Pljevlja-Bajina Bašta power ability of the Montenegrin energy and economic develop- and stability of this previous year. carried out in order to advance the lines and construction of grid would be improved. ment is predicted. most important There are nine in- business and investment environ- a series of small hydro- If the TEP-II project is imple- Lovćen Banka came segment of the surance companies op- ment, continue the privatisation pro- plants on the River Lim mented, and the power production to the Montenegrin financial market erating in Montenegro. cess and the reconstruction of com- starts in both blocks, a substantial market last year, while Non-life insurance still panies from this economic segment, electricity surplus would be gen- the Montenegrin Cen- dominates the insur- improving the product offer and increasing the availability of erated, providing a solid foundation for underground energy tral Bank also issued an operating licence ance segment, with an 82.66% share, while financial means, improving HR and ensuring better adaptation cables that would stretch between Italy and Montenegro. This to Ziraat Bank Montenegro in April. Za- the share of life insurance stands at 17.34%. to labour market requirements and activities to improve the project entails the two countries being connected via a subma- pad Bank, founded with Ukrainian capital, According to the 2014 Report on the Situ- small business infrastructure in this area. rine cable covering a length of over 140km. The first section of is also expected to become operational in ation in the Capital Market, compiled by the the pipeline through which electrical cables connecting Mon- Montenegro soon. Securities Commission, the overall turnover ENERGY tenegro to Italy should be laid was installed by the Italians in During the first five months of 2015, liquid- of the Montenegrin Stock Exchange was Untapped hydro, solar and wind energy that the regional countries February. This project, implemented by the Terna Company, ity and solvency indicators were above the €108,157,203. This turnover was generated – which are connected via power transfer grids – could export to encompasses not only laying the cable, which will serve as an state regulated levels, while positive financial through 6,285 transactions. Compared to EU countries, still remains one of the key infrastructure priorities energy link between the two countries, but also the construction results were accomplished at the aggregate 2013, the turnover was 251 per cent higher, of Montenegro and the rest of the region. Substantial untapped of energy conversion facilities and a mainland transmission line level. Although the share of non-performing while the number of executed transactions potential lies in extracting natural gas from the Adriatic seabed, that would be 70km long. loans is still high, these loans were fewer in dropped by 2.5%. The biggest turnover was including the Montenegrin part, which – together with the con- In addition to the second block of the Pljevlja Plant and the late May compared to the same period last generated through trading with Montenegrin tinuing project to install the Ionian-Adriatic Pipeline – should di- submarine cable, the third most important energy project is con- year. Credit activity and deposits have both bonds, in the amount of €43,150,000, or versify natural gas resources via a transfer of gas from Azerbaijan struction of a hydro power plant on the River Morača, which been growing, which means there are many 39.90% of total turnover. and reduced dependence on a single gas supplier. was mentioned in the Energy Strategy to 2030. The Montenegrin reasons to positively assess the situation – rep- In terms of public finances, public debt Montenegro has been a member of the Energy Community Government has been looking seriously for an investor in this resentatives of the Central Bank agree. continues to grow, although it still remains of Southeast Europe since 2006. This Energy Community has project, as well as for projects like the Maoče Thermal Plant and Total loans and claims amounted to €2.38 well below the debt of the majority of Euro- agreed to a list of priority infrastructure projects in accordance Komarnica Hydro Plant. billion at year’s end 2014, which is €45.4 zone countries. ■

50 | MONTENEGRO BUSINESS SECTOR 2015 MONTENEGRO BUSINESS SECTOR 2015 | 51 INTERVIEW SNEŽANA PEROVIĆ, DIRECTOR OF HEMOMONT With strategic support from STADA Group and Hemofarm, dustry is known for its strict standards for each new product, so Hemomont will continue developing the pharmaceutical market expanding the company’s portfolio required strategic planning through its partnership with the Montenegrin Government and based on real market needs, harmonised with quality assurance the entire healthcare system. requirements, which has been the company’s imperative since the very beginning. Twenty ■ Most of Hemomont’s annual production – between 85 and Hemomont has been continuously developing and so far the 90 per cent – is exported. How demanding is it to comply company has managed to increase the number of products it with the export standards, particularly in terms of export- manufactures fivefold, as well as increasing the number of em- ing to Europe? ployees. Now, with 140 employees, the company manufactures a SUCCESSFUL YEARS - There has been a lot of talk in Montenegro in the last few years total of 54 products – from drips, ophthalmic compositions, and about the export potential of domestic producers in the context of nasal drops, to syrups, capsules, tablets and film tablets – cepha- To be number one, and at the the European markets. Hemomont, losporin antibiotics. We are proud which exports to eight countries, is of the fact that Hemomont is one same time one of the founders a fine example of a domestic pro- of the very few companies in Mon- of a very serious and sensitive duction company complying with tenegro that continues hiring new industry like pharmaceuticals, the best European standards. employees and has been maintain- This is not easy to achieve, be- ing production continuity despite is not easy and requires cause a good export position is not external factors not always being continuous commitment, huge built overnight. For that, we owe the favourable to the pharmaceutical responsibility, determination most thanks to the people in Hemo- industry. This just validates the fact mont, namely to the commitment that, despite circumstances, a com- and perseverance and expertise of our employees. We pany can become successful if all export to Serbia, Russia, Bosnia & employees share a common goal. Herzegovina, Macedonia, Albania, Romania, Azerbaijan and Ukraine. ■ As the architect of the phar- We are known as “ambassadors maceuticals industry in Monte- of quality” on all of these mar- negro, Hemomont has managed kets. My advice would be to allow To be number one, and at to become a successful company only top quality products to reach the same time one of the and market leader over the years. regional and European markets. What are the most memorable At Hemomont, our products have founders of a very serious company events from the past he pioneer of Montenegro’s pharmaceutical industry – SNUP for our parent company STADA. I would especially like been certified to the highest stand- and sensitive industry like two decades? Hemomont from Podgorica – is celebrating its 20th an- to mention the good energy and the will of all proprietors of ards – ISO quality assurance and pharmaceuticals, requires - Continuous growth and develop- niversary and the position of market leader. As a member Hemomont, including Hemofarm, which is celebrating its 55th the European Union Good Manu- continuous commitment, huge ment have been the trademarks of of Germany’s STADA Group, Hemomont employs 140 anniversary this year, the Montenegrin Government and the Mon- facturing Practices (GMP). Hemomont in the last two decades. T responsibility, determination people and plans to invest over €5 million by year’s end. This com- tenegrin National Health Insurance Fund, because all of them We continued evolving even under pany is number one not only in the pharmaceuticals industry. In the recognised the importance and significance of this joint project. ■ Hemomont was acquired IN and perseverance the most challenging of economic male-dominated world of business, as of a year ago, Hemomont has The planned production volume will range from between 17 2006 by the German pharma- circumstances. To be number one, had a woman at its helm – econo- and 44 million units. The total invest- ceutical group STADA. If you had to compare, how has the and at the same time one of the founders of a very serious and mist Snežana Perović. With strategic support from the ment will amount to 5.2 million euros company’s position changed since the acquisition by STADA? sensitive industry like pharmaceuticals, requires continuous com- “Not everything is in man’s STADA Group and Hemofarm, and the project will be completed by - STADA Group is one of the biggest manufacturers of generic mitment, huge responsibility, determination and perseverance. muscles. There is something in the end of 2015. The sprays will be medication in the world, operating on five continents. This year, We all know just how complex and turbulent the atmosphere in woman’s intelligence too,” says we will continue developing sold in Russia and the EU and we ex- STADA celebrated 120 years of successful operations. This ac- the Western Balkans was two decades ago, and one needed a lot a smiling Snežana Perović, Di- the pharmaceuticals market pect to increase production by at least quisition brought us new knowhow and the well-known German of courage in such an environment to launch a very complex, of Hemomont, who also through partnership with the 170 per cent in the first year. quality that is over a century old. Also, our production and busi- pioneering endeavour like the production of medication in Mon- announces ambitious plans for Montenegrin Government and In addition to advancing our pro- ness processes were improved thanks to over four million euros tenegro. However, time has shown that this was the right decision the end of this year. duction, we are also focusing on the worth of investments. I believe that we have met the expectations to take. Continuous growth year-on-year has turned Hemomont the entire healthcare system project to construct a waste water and justified our place in the Group, in synergy with the top ex- into the market leader, with a 12.2% market share and 10 million ■ This investment, represent- filtering system. Through this pro- pertise of our people and excellent knowledge of the local market. units of medication produced annually. The credit for this goes ing a very important project for Hemomont, exceeds five ject we would like to raise awareness about the importance of to all of our employees who have been committed from the very million euros. In that context, could you tell us how big the doing business in accordance with the principles of sustainable ■ At the very beginning of Hemomont’s operations, in 1994, beginning to realising our joint vision – producing quality, safe production volume will be? development, while taking care of natural resources for future you had around 30 employees producing ten basic drip solu- and available medication, which is something that people asso- - This is a joint project implemented by everybody who has a generations. Both Hemomont and STADA Group’s strategic tions. What is Hemomont’s production range like today? ciate with us the most. We will continue along the same path, share in Hemomont’s ownership and who, in accordance with the direction is to set an example of how to responsibly treat the - Around 30 employees began developing Hemomont 20 years because that is the only real path to perpetuating this successful size of that share, has participated in launching and implementing environment, the community in which we operate and the peo- ago. Through a series of small but solid steps, they have built business story and our operations, which have been consistently this valuable project, which entails producing sterile nasal sprays ple who make our company. a new brand in the healthcare system. The pharmaceuticals in- developing for over two decades now. ■

52 | MONTENEGRO BUSINESS SECTOR 2015 MONTENEGRO BUSINESS SECTOR 2015 | 53 INTERVIEW ZORAN SEKULIĆ, EXECUTIVE DIRECTOR OF THE AGENCY FOR ELECTRONIC services, which is reflected in the constant increase in the number and corresponds to the prices of the same Regulation on roaming COMMUNICATIONS AND POSTAL SERVICES OF MONTENEGRO of users of broadband internet acces. Trends from the rest of the that is applied in the European Union. We had in mind that 67.8% world are present on our market, namely: a slight fall in the vol- of respondents in Montenegro noted that they do not use roaming ume of fixed telephony traffic, a slight increase of traffic in mobile services due to high prices, as well as the fact that mobile operators networks, decline in SMS messaging and a significant increase in in Montenegro are owned by the companies in EU that already ap- Development in Line with the amount of transferred data. Although there is a notable increase ply the aforementioned Regulation on roaming at the level of the in the number of users and total volume of generated traffic, since European Union. Lower roaming prices will encourage users to use 2010 there has been a downward trend in total revenue in this sec- voice and data services more intensively while roaming, so we do tor. A reduction in the prices of services, which, in turn, has been a not expect a decline in operators’ revenues on this basis. GLOBAL TRENDS result of stiffer market competition and the Agency’s regulatory de- cisions, has lead to the decline in revenue. Despite falling revenue, The forthcoming process of awarding radio frequency resourc- Trends from the rest of the world are present the income generated by the electronic communications sector as es has generated great interest. Where are you with this process? on our market, namely: a slight fall in the a total share of GDP is over seven per cent, which is significantly - Taking into account the characteristics of the current state of the above the average in the European electronic communications market in volume of fixed telephony traffic, a slight Union, which is about four per cent. Montenegro, the Agency set the fol- increase of traffic in mobile networks, decline lowing objectives in relation to the in SMS messaging and a significant increase in Which price reductions in elec- forthcoming procedure for awarding tronic communications services the amount of transferred data radio frequency resources: would you highlight in particular? • preserving / promoting competition - During last year and this, as a re- in the electronic communications sult of the regulatory activities of market in Montenegro, including the the Agency, there has been a signifi- possibility of a new mobile operator cant reduction in the prices of some entering; services. Within the framework of • creating conditions for further un- statutory powers, in order to protect disturbed development of mobile competition, the Agency conducted electronic communications networks analysis of relevant wholesale mar- and services; kets and imposed appropriate obli- • contributing to achieving the objec- t the time of establishment of the Agency for Electronic were reduced and predictable regulation is in full compliance gations on operators with significant tives of the Strategy for Information Communications and Postal Services in Montenegro in with European Union regulations. market power. I would particularly Society Development in the 2012- 2001, Montenegro had only one operator providing fixed Users have access to all modern electronic communication highlight the price reduction of the 2016 period; Atelephony services, two operators provide mobile network services. Larger operators conduct, or have conducted, migrating wholesale termination services, We want the people of • enabling maximum revenue for the services and a single operator that provided internet access services. their networks to a full IP environment, so that a single IP network leased lines and cable ducts, which budget of Montenegro from the one- Indicators of market development were such that the penetration of can provide voice, data and AVM content. In fixed broadband led to a strengthening of competition Montenegro to be able to off fee for granting authorisations for fixed telephony amounted to 29 per cent, with 53 per cent in mobile access networks, optical access networks FTTx have been devel- on retail markets in certain segments. use the most modern, high- the use of radio frequencies. and only three per cent in internet, while the number of cable TV oping and continue to be developed as the most advanced form of The results achieved and the de- quality and economically The Agency shapes the process of connections was negligible. To see how things have changed since access networks, while the number of FTTx connections during gree of competition in certain retail affordable services awarding signals in accordance with then, we talk with Zoran Sekulić, executive director of this agency. 2014 grew by over 30 per cent compared to 2013. markets demanded the implementa- the objectives to be achieved, whilst Given the number of users, the degree of competition, diver- tion of analysis of these markets at fully respecting the characteristics What conclusions can be drawn when comparing electronic sity of services and technology advancement, it can be said that the retail level, so that the Agency determined the price reductions of the market through a transparent procedure based on the best communications from the period mobile communications networks of Montenegrin Telekom at the retail level, such as a reduction comparative practices. Bearing in mind all the complexity of the of establishment of the Agency and services represent the most de- in the prices of phone calls (local, national, international) and process of allocation of the signals, it is envisaged that a specific for Electronic Communications Citizens very quickly accept veloped segment of Montenegro’s reductions in the prices of ADSL internet access at the retail level auction procedure be conducted in the first quarter of 2016. and Postal Services and now? the advantages of new electronic communications market. (on average 35 per cent), which began to be applied as of 2014. - In the past 14 years of regulation, technologies. In accordance with All three operators emphasise pop- The latest reductions the Agency ordered for operators of mobile Which activities does the Agency consider particularly im- the market for electronic commu- that, there is a steady rise in the ulation coverage by GSM signal of services relate to the price of roaming services, which began to portant for implementation in the coming period? nications has developed greatly. over 98 per cent. 3G signal cover- be applied as of 1st July this year. We want the people of Montenegro to be able to use the most The number of operators has in- number of modern services age of the population ranges from modern, high-quality and economically affordable services, and creased ten times. Penetration in 85 – 97 per cent, while LTE (4G) All of the aforementioned price cuts brought great benefits for existing operators to operate and provide services in a totally fixed telephony totals 26.5%, while the average in mobile com- technology is currently available in urban areas of the municipali- for customers, but public attention was mostly drawn to low- predictable ragulatory environment, as well as to create good munications is 163 per cent and internet penetration is at 64 per ties with the level of population coverage over 60 per cent. ering the prices of roaming services. conditions for the entry of new operators on to the market. To this cent. Penetration of fixed broadband is 17 per cent and the pen- - Since the Agency deemed the fact that the Montenegrin users end, some of the future priorities will be to create conditions for etration of mobile broadband is 48 per cent. Almost 80 per cent of What trends are present on the electronic communications pay several times higher prices for roaming services as unwar- further and more intensive development of broadband, increasing households use the service of distribution of audio-visual media. market in Montenegro? ranted, we initiated the International Agreement on the Regulation the security of the electronic communications networks, further The latest technology is implemented in Montenegro, there is a - Citizens very quickly accept the advantages of new technologies. of Roaming Services for countries in the region. The application promoting competition and increasing the level of protection and dissection of service, developed competition, prices of services Accordingly, there is a steady rise in the number of users of modern of reduced prices for roaming services started as of 1st July 2015 informing users of electronic communications.

54 | MONTENEGRO BUSINESS SECTOR 2015 MONTENEGRO BUSINESS SECTOR 2015 | 55 TOURISM Visitors to the church can also see an amazing tapestry which inscription that reads “Prefect Prvoslav, son of Great Prefect Tihomir, took 25 years to weave. The tapestry was made by Jacinta Kunić- nephew of St. Simeon Nemanja and founder of this place”. Mijović while she awaited the return of her beloved man from The church and the first parvis were built in the first half of the sea. Jacinta weaved her hair – blonde when she was young and 13th century, although the exact date of construction is unknown. Secluded Spots of grey when she grew older – into the tapestry. Apart from plaques written in Latin that are built into the church, Every 22nd July, the citizens of Boka celebrate the tradition of there are also three old Serbian stone plaques which are an integral continuous reconstruction of the island's base with an event called part of the monastery's bell. The belfry was built much later than fašinada. During the celebration they use barges to transport rocks the church, because the plaques built into its walls and dating back THE ADRIATIC BRIDE to the island, where they sink them to make sure that the Old Lady to the 13th century were originally tombstone inscriptions. The of the Rocks remains in place. outer walls are made of stone blocks, arranged in horizontal lines To view Montenegro solely as a beach, sun and which alternate in an irregular pattern consisting of rows of darker sea county is the biggest mistake a tourist can limestone and lighter hard stone which, in turn, create a harmonious polychrome façade. The Monastery's official icon painter was very make. Montenegro is full of ‘gems’ with beauty talented, but the icons he painted were severely damaged in various that will leave inquisitive visitors speechless armed conflicts, particularly due to artillery fire from Jasikovac. It is assumed that the frescoes were painted during the reign of Emperor Dušan and that the parvis was painted by Strahinja Bu- ontenegro is a tourist country and most of the visi- dimljanin. In 1219, St. Sava founded the Budimljani Diocese at the tors here usually come to see the country's beaches, monastery, thanks to which no population was converted to Islam beautiful coastline and the mountains of Durmitor until the mid-17th century. Mand Lovćen. However, to view Montenegro solely as a beach, sun and sea county is the biggest mistake a tourist can KOMOVI make. Montenegro is full of ‘gems’ with beauty that will leave The Komovi Mountains are one of the three most impressive PERAST inquisitive visitors speechless. VERIGE mountain ranges in Montenegro and the . The Ko- movi rise above southeast Montenegro, along the state border PERAST OUR LADY OF THE ROCKS VERIGE with Albania, between the most remote parts of the River Lim The small town of Perast lies at the foot of St. Ilija Hill, opposite Not far from Perast is the man-made island called Gospa od Verige is the narrowest (250m) strait in Kotor Bay. The strait is the Verige sea strait, at the point of divergence between the Ko- Škrpjela (Our Lady of the Rocks), with the namesake shrine once located at the spot where , Risan and Kotor bays converge, KOMOVI tor and Risan bays. As far as we know, this is the oldest human used by seamen. Legend has it that on 22nd July 1452 sailors found right between the Đinović and Đurić capes, at the foot of St. Ilija settlement in the Boka Kotor Bay. Archaeologists have found the an icon depicting the Virgin Mary with a child on a rock in the Hill. The name Verige dates back to the time of King Lajos, who remnants of Neolithic culture here (3500BC), as well as many middle of the sea. Since then seamen have always laid rocks on blocked the strait with chains (verige means chains) in order to other archaeological artefacts which bear witness to the fact that the island's coast, as an offering of thanks for successful voyages. stop Venetian galleys from entering Kotor Bay and attacking the this area has been populated since the Illyrian, Romanian and It took centuries to build this man-made island. Its base, buried town of Kotor, which was a Hungarian protectorate at the time. The early Christian eras. deep in the seabed, and hidden bays are home to hundreds of Đinović and Đurić capes lie on each tip of the bay and are home The architecture of today’s Perast dates back to the 17th and sunken ships, which were filled with stones and sank to the bot- to the remnants of the watchtowers from the King Lajos era. The 18th centuries and this town remains one of the most beautiful tom to enable the island to stand firmly above the water. ferry connecting Kamenar and Lepetane sails through this strait. examples of Baroque architecture on the Adriatic coast. However, The first building ever to be built on the island was a Ser- the original environmental values of this area have been severely bian Orthodox Church dating from 1452. In 1632 the church was ĐURĐEVI STUPOVI ruined during a long economic agony, coastal road construction and overtaken by Roman Catholics, who remodelled it to create its In 1213, the master of Budimlje – Prefect Stefan Prvoslav, the son sometimes very crude interventions on ancient towers and . contemporary look. of Great Prefect Tihomir and nephew of Serbian King Stefan Ne- Although the Venetians did not give Perast a line of defensive The church is home to many paintings by Tripo Kokolja, a manja – built the Đurđevi Stupovi Monastery, under Rastovac, on walls, they did build a fortress (St. Cross, 1570) situated right famous painter from Kotor, as well as the icon of the Lady of the Stupovi Plateau, which has a cold water spring. Stefan Prvoslav to the east, the River Drčka to the north and Prokletije Moun- above the village. There are also 10 towers (or čardak) that were Škrpjel painted by Lovro Dobričević in 1452. is also buried in the Monastery's right nave. Above the grave is an tain to the south. The mountain's beauty is enchanting and it is devised as checkpoints and used to protect the village from at- home to many animal and plant species, as well as numerous tacks, while simultaneously giving it a distinctive appearance GOSPA OD ŠKRPJELA ĐURĐEVI STUPOVI cultural monuments, churches and monasteries. Komovi's peaks and charm. are surrounded by dangerous rugged ravines created around water There is also the lavish Bujovića Palace, built in 1694, which springs. According to legend, fairies used to be called down from today houses the Museum of the Town of Perast and has a monu- the mountain's slopes. Because of its outstanding natural beauty, mental portico with five arches and five identically decorated the range has also been called “The King of Mountains” and balconies hanging from three palace walls. Although the new “The Divine Giant”. The summits of Komovi Kučki (standing at coastline embankment gives the impression that the palace has 2,487m) and Komovi Vasojevički (2,461m) tower over nearby somehow sank, thus reducing its visual appeal, this is still one of rocks and ravines. Komovi offer beautiful views of the Adriatic the most beautiful palaces on the entire coastline. Perast’s skyline coast, Mount Lovćen, Mountain, Durmitor Mountain is graced with the contours of yet another palace – Smekja Palace and the mountain ranges of and Albania. Nature has been – which has two large balconies, balustrades and a narrow third kind to this mountain range, gracing it with magnificent shapes. In floor which resembles a lookout. between the mountains are numerous placid valleys and a lake. ■

56 | MONTENEGRO BUSINESS SECTOR 2015 MONTENEGRO BUSINESS SECTOR 2015 | 57 CULTURE NATIONAL MUSEUM OF MONTENEGRO Epic Tradition and MODERN POETRY Montenegro was home to some of the most prominent artists of the former Yugoslavia. First and foremost among them is Petar Lubarda while modernist writer Risto Ratkovic´ was the first Montenegrin writer to break from the epic and romantic tradition of Montenegrin literature PETAR PETROVIĆ NJEGOŠ

– Theatre City is a synonym for theater life of Montenegrin Gospel (XII century), to the literary works (in the formal printed Lubarda. Born in Ljubotinje near Cetinje, Lubarda was one of the coast during the summer. Theater city lasts for already 20 years, form) printed by Obod Printers (Crnojević printing house). most renowned painters of the 20th century. The artistic life of and it usually starts in July, and it ends in the middle of August. One of the most important Montenegrin writers is certainly Petar Lubarda started in his birthplace – the Montenegrin karst Cetinje Biennale is very important fine art manifestation both Petar Petrović Njegoš, whose books “Mountain Wreath” (“Gorski rocks and hills which became permanently embedded in his crea- for Cetinje and for Montenegro. his prestigious manifestation is Vijenac”) and “The Light of Microcosm” (“Luča Mikrokozma”) tive memory. Everything that he painted was reminiscent of the held on Cetinje every two years. Artists, creators, and critiques are among the most important literary works of the South Slavs. first visual landscapes that surrounded him as a child. His painting from all over the world gather on Cetinje to, while enjoying in Modernist writer Risto Ratković (1903 – 1954) was the first style is called realistic, with a light and dark relationship in search beauties of this town, present their works, and often to organizes Montenegrin author to break from the epic and romantic tradi- of a pronounced expression of the painting core. The drama of the themselves various painting and artistic work shops. tion of Montenegrin literature. Although he lived and worked painter’s expression was even more pronounced in the late 1930s in Belgrade, Ratković was the first Montenegrin writer to write and early ‘40s, which can be symbolically seen in his painting MUSIC a novel (‘Nevid-Bog’ written in 1933), while his books of po- ‘Slaughtered Lamb’ (1940) depicting the cruelty pointing to the Montenegrin music is closely linked to South Slavic creativity etry – ‘Dead Gloves’ (1927), ‘Leviathan’ (1927) and ‘Touches’ cataclysm of World War II. and determined by the folklore traditions that were – thematically (1952) – tested the limits of oneiric expressionism. Between the Another important Montenegrin painter and sculptor is Vojo KOTOR CARNIVAL, Photo: Ivana Popović Miljenović and in terms of content – absolutely vital for the development of two world wars, Montenegrin literature took on a social connota- Stalnić. Born in Podgorica, he graduated from the Belgrade Montenegrin artistic and musical creativity. In terms of musical tion which continued after World War II in the shape of Socialist Academy of Sculpture and then moved to . He later he action plan for the implementation of the National Pro- expression, Montenegrin folk songs are usually short with repeti- Realism, a literary style that emerged in the early 1960s. One turned to painting, which enabled him to better express his peace- gramme for the Development of Culture in 2015 includes tive lyrics. These are patriotic songs filled with pride, sorrow and of the most prominent Socialist Realism writers was Radovan loving Mediterranean spirit and illustrate his interest in people. significant work on passing laws and regulations. Institu- joy, which also paint the tumultuous history of Montenegro richly. Zogović (born 1907). On the other side of the literary spectrum His paintings resemble small drama stories from everyday life, Ttional reforms were conducted, with the reorganisation Considering that these songs originate from rural areas and small was the calm, melancholic lyrical style of Aleksandar Ivanović brimming with spirit. They bring back to life the spirit of Renais- of existing institutions and the establishing of new ones, adapted towns, the range of tones in three- or four-part Montenegrin songs (1911 – 1965). Short stories and novels written by 20th century sance comedies, representing human weaknesses, while at the to contemporary international trends in culture. The new regula- usually end on the second tone. The most typical group of these chronicler Mihailo Lalić (1914 – 1992) focused on the historical same time Stalnić showed his deep understanding for them. His tions introduced significant innovations both in the field of cultural songs are short and of a rural character. The connection between tension in Montenegro, with an emphasis on the two world wars. painted scenes from café bars, sea or home often include a mix- heritage protection and the field of creative work. Montenegro is a these songs and those originating from the Dinaric mountain range Lalić’s work is an example of a broad-based epic chronicle shed- ture of surreal details or an imaginative relationship of characters member of the Forum of Slavic culture. Within the context of the is very strong and expressed mainly through lyrics which portray ding light on historical forces and human destiny. and objects. Stalnić is a member of the Montenegrin Academy of integration of the Montenegrin culture in European development feelings or important historical events. Lamentation / wailing / epic Sciences and Arts and has had several individual exhibitions. His trends, Montenegro started the Creative Europe Programme and folk songs, which are accompanied by the fiddle, are the best ex- PAINTING most important exhibition was at the Venice Biennale in 1997. His Europe for Citizens. ample of the similarity between folklore songs of the area. There Montenegro was home to some of the most prominent artists of paintings hang in many galleries in Montenegro and he also has are also typical Montenegrin melodies that are longer, where the the former Yugoslavia. First and foremost among them is Petar a permanent exhibit at the Art Museum in Cetinje. ■ FESTIVALS music quality is seen in lyrics being adapted to suit the rhythm and Festival activities are very numerous in Montenegro, as a specific melody. The melodies are usually lyrical love songs that are sang in model of presentation of the Montenegrin culture. Almost every a wider voice range – from five-, six- and octave ranges. town has its own festival character, which is based on inherited values, but also corresponds with current cultural trends. This LITERATURE trend is not only Montenegrin, but also a regional phenomenon. Montenegrin literature comprises the collection of all written and There are several festivals in Montenegro of special significance oral literary heritage of today's Montenegro. It encompasses writings the culture: Boka Night – Kotor is one of the most famous tour- in several different languages that changed due to historical circum- ist manifestations, recognizable by the defile of boats, which stances: Old Slavic, Serbian, Serbo-Croatian, Russian, Czech, Slo- decorated take part in the competition; Kotor Carnival is meant vak, German, Albanian, Icelandic, Indonesian, Slovenian, Turkish, for fun and party on the streets and squares of Kotor; Festival Polish, Arabic, Spanish, Portuguese, as well as the literary language Mimoze – Herceg Novi, Tivat, Kotor is the manifestation which of Dubrovnik. The oral form of Montenegrin literature is ancient, lasts for over three decades and which lasts for several weeks while the written form dates back to the earliest syncretic, handwrit- today is the main part of the tourist offer of Herceg Novi; ten forms, from the writings of the Priest of and Miroslav’s

58 | MONTENEGRO BUSINESS SECTOR 2015 MONTENEGRO BUSINESS SECTOR 2015 | 59 MONTENEGRO : Filip Vujanović (since 6th INDUSTRIES: tourism, steelmaking, aluminium, agricultural April, 2008) processing, consumer goods... GOVERNMENT AGRICULTURAL PRODUCTS: tobacco, potatoes, citrus Semi-presidential system, Parliamentary republic, Republic fruits, olives, grapes; sheep GOVERNMENT OFFICIALS EXPORTS: EUR 338 million (2014). Facts & Figures Milo Đukanović, Prime Minister IMPORTS: EUR 1.78 billion (2014). Igor Lukšić, Deputy Prime Minister and Minister of Foreign TECHNOLOGY: 13.90% ahead of the global average (42.90%) Affairs and European Integration in internet usage Duško Marković, Deputy Prime Minister for Political System, CELL PHONE USE: 160 mobile plans for every 100 people. Internal and Foreign Policy BUSINESS CLIMATE In the past few years Montenegro has shown strong commitment to establishing a modern market economy and entering European mar- kets. Substantial reforms have been initiated, particularly in terms of creating a business-friendly environment. These include legal and economic reforms in all areas, aimed at ensuring legal security and harmonisation with EU legislation and economic policies.

INVESTMENTS Montenegro has proved to be a safe, politically stable and eco- nomically viable state with the potential to grow rapidly. About 500km from , 1,500km from , Berlin and about 2,000km from Moscow, Montenegro lies on the Balkan Penin- sula in the very heart of Europe. Montenegro has the potential to become a magnet for investment because of its business-focused economic system. It enjoys great economic freedom and mon- ontenegro (Black Mountain) is beautiful tiny Southeast country where the mountains descend almost directly into the sea, cre- Vujica Lazović, Deputy Prime Minister and Minister for Infor- etary stability. In recent years, foreign direct investment inflows Europe and a Central Mediterranean country, rich of natu- ating a surreal atmosphere. It has a wonderful coast on the Adriatic Sea mation Society and Telecommunications more than doubled, before entering a phase of decline in 2009. ral, archiculturural and cultural heritage. Despite being a and borders Croatia to the west, Bosnia-Herzegovina to the northwest, Rafet Husović, Deputy Prime Minister In 2014, net FDI flows increased by 9.3% compared to 2013, small country, Montenegro shows significant economic Serbia to the northeast and Albania to the southeast. Th total surface Žarko Šturanović, Secretary-General to the Government reaching more than USD 400 million. M 2 potential, especially in tourism. It boasts 117 beaches along the Adri- area of Montenegro is 13,812 km with 293km of coast which includes Zoran Pažin, Minister of Justice The sectors attracting most of the FDI are finance, tourism, en- atic coast, mountain ski resorts, blossoming meadows and idyllic lakes, Kotor Bay (Boka Kotorska), one of the ten most beautiful bays in the Raško Konjević, Minister of the Interior ergy, health care and real estate. The main investing countries are the medieval city of Kotor and other cultural sites. Montenegro is a world, which is also the most southerly fyord in Europe. Milica Pejanović-Đurišić, Defence Minister Switzerland, Norway, Austria and Russia. The country also counts Radoje Žugić, Minister of Finance Egyptian and Italian investors in the tourism and energy sectors. Predrag Bošković, Minister of Education and Sports (SOURCE: Global Investment Trade Monitor published by the LOCATION: Southeast Europe LAKES: There are 40 lakes in Montenegro and 8% of the terri- Pavle Goranović, Minister of Culture United Nations Conference on Trade and Development - UNCTAD) BORDERED BY: Croatia, Bosnia-Herzegovina, Serbia, Kosovo, tory is comprised of forests, natural pasturelands and meadows. Vladimir Kavarić, Minister of Economy Albania Lake Scadar is the largest lake on the Balkan Peninsula Ivan Brajović, Minister of Transport PRIVATISATION AREA: 13,812 sq km NATIONAL PARKS: Durmitor, Lovćen, Biogradska Gora, Ska- Petar Ivanović, Minister of Agriculture and Rural Development The privatisation process is described as one of the most suc- COASTLINE: 293 km (117 beaches) dar Lake and Prokletije. Branimir Gvozdenović, Minister of Sustainable Development cessful of all transition countries. The main body in charge of HIGHEST POINT: Bobotov Kuk; 2,522m UNESCO WORLD HERITAGE SITES: Durmitor and and Tourism the privatization process is the Ministry of Economy through its LOWEST POINT: Adriatic Sea; sea level River Canyon, old city of Kotor. Budimir Šegrt, Minister of Health Privatisation Council. CLIMATE: Extremely diverse, with three climate zones: coastal, NATIONALITY: Montenegrin Suad Numanović, Minister of Human and Minority Rights continental and mountain. Montenegro's coastal areas enjoy the POPULATION: 653,474 birth rate: 10.59/1000; death rate: Zorica Kovačević, Minister of Labour and Social Welfare EASE OF DOING BUSINESS: 36 Mediterranean climate, with dry summers and mild, rainy winters; 9.3/1000 Sanja Vlahović, Minister of Science CAPITAL: Podgorica Marija Vučinović, Minister without Portfolio LARGEST CITY: Podgorica (180,000) LEGISLATIVE FRAMEWORK: Civil law system. The Parlia- ETHNIC GROUPS: Montenegrin, Serbian, Bosnian, Albanian ment is the supreme legislator RELIGIONS: Orthodox, Muslim, Catholic JUDICIARY CONSTITUTIONAL COURT: Supreme Court LANGUAGES: Montenegrin (official) LOCAL ADMINISTRATION: 21 municipalities INDEPENDENCE: From the State Union ofSerbia and Mon- CURRENCY: euro tenegro - 3rd June, 2006; Admitted as a member of the UN by PER CAPITA INCOME: GDP per capita PPP $ 14,357.74 General Assembly Resolution 60/264 of 28th June, 2006. NATIONAL HOLIDAY: National Day, 13th July ECONOMY FLAG OF MONTENEGRO: Red field bordered by a narrow NATURAL RESOURCES: bauxite, hydropower, coal, wood, goldenyellow stripe with the Montenegrin coat of arms centred agriculture, tourism

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JNA 4, Bar CRNOGORSKA PLOVIDBA [email protected] Divna Milošević Bećir Hodžić stadion, Podgorica Fax: +382 31 322 085 Tel: +382 51 233 815 HOTEL CONTE Tel: +382/31-355-022 INVEST BANKA Milovan Djuričković, Gorica Tel: +382 51 255 220 Fax: +382 Duško Knežević http://www.bellavista.me/ co.me/ Montenegro Slobodan Starović http://www.deltacity.me/ Vladoš 1, Kolašin Totoši bb, Ulcinj Montenegro e-mail: [email protected] e-mail: [email protected] Obala Kapetana Marka http://www.hunguestho- MONTENEGRO Raičević 51 255 221 e-mail: alpet@t- Meliha Ramusović BEMAX BOŽUR Tel: +382 30 346 341 Škaljari bb, ( P.O. Box 90 DELTA SPORT Tel: +382 20 860 840 Tel: +382 30 458 338 Tel: +382 20 481 481 http://www.gorbis.com HEC – MANAGEMENT Martinovića BB, Perast tels.hu/ Sonja Burzan Aerodrom Podgorica, com.me Stanka Dragojevića 4, Veselin Kovačević Radivoje Kovačević Fax: +382 30 346 345 ), Kotor MONTENEGRO e-mail: milosavbulatovic@t- Fax: +382 30 458 334 Fax: +382 20 481 482 GRADINA COMPANY COMPANY Montenegro HYPO ALPE - ADRIA - BANK Predrag Dašić Podgorica ALTER MODUS Podgorica Moskovska 2/b, Podgorica Mitra Bakića 14, Podgorica e-mail: centrojadran@t- Montenegro Zoran Milošević com.me e-mail: [email protected] e-mail: [email protected] Džemal Škrijelj Anita Mitrović-Milić Tel: +382 32 373 687 Christoph Schoen Bulevar Sv. Petra Cetinjskog Montenegro Luka Đurović Montenegro Montenegro Montenegro com.me Tel: +382 32 304 165 Cetinjski put bb, Podgorica EL - PROMM EUROKOTEKS http://www.ffbank.org/ Ibarska 2, Rožaje PODLIČAK BB - PRŽNO Fax: +382 67 257 387 Mina Vojinović 115, Podgorica Tel: +382 20 444 244 Beogradska 37, Podgorica Tel: +382 20 406 172 Tel: +382 20 265 346 Tel: +382 20 633 807 http://centrojadran.me Fax: +382 32 304 167 Montenegro Damir Mujević Saša Jevrić FLORES D.O.O Montenegro Montenegro E-mail: hotel-conte@t- Bulevar Svetog Petra Cetin- Montenegro Fax: +382 20 444 221 Montenegro Fax: +382 20 406 150 e-mail: vesko.kovacevic@ Fax: +382 20 622 295 CENTROMOBIL e-mail: info@crnogorskaplov- Tel: +382 20 410 213 Koljeno bb, Rožaje Skopska bb, , Veselin Vučinić Tel: +382 51 271 087 Tel: +382 33 427 100 com.me jskog 143, Podgorica Tel: +382 20 407 900 e-mail: [email protected] Tel: +382 20 655 240 [email protected] bemaxcg.me e-mail: [email protected] Olga Bulatović idba.com nebojsa.kontic@deltasport. Tel: +382 51 273 326 Podgorica Gojakovići bb, Mojkovac e-mail: [email protected] Fax: +382 33 427 111 http://hotel-conte.com/ Montenegro Fax: +382 20 407 956 http://www.montenegroair- Fax: +382 20 655 260 http://www.atlasfondacija. BEPPLER & JACOBSON http://www.bozur.net/ Industrijska bb, Bijelo Polje http://www.crnogorskaplov- com Fax: +382 51 273 326 Montenegro Montenegro GRADIR MONTENEGRO e-mail: sales@hecmontene- HOTEL CRNA GORA Tel: +382 20 408 600 http://www.invest-banka. ports.com [email protected] me/ MONTENEGRO DOO BRAVERA D.O.O. Montenegro idba.com http://www.deltasport.com/ e-mail: [email protected] Tel: +382 20 645 189 Tel: +382 50 470 092, Petar Vraneš, gro.com Jelena Burić Fax: +382 20 408 680 com/ AGENCIJA ZA http://www.altermodus.me/ ATLAS HOTELS GROUP Zoran Bećirović Vladimir Veličković Tel: +382 50 478 339 CRNOGORSKI DELTA DMD http://www.facebook.com/ e-mail: eurokoteks@t- Fax: +382 50 470 093 ANDRZEJ JERZY SZARY http://www.hecmontenegro. Bulevar Sv. Petra Cetinjskog 2, http://www.hypo-alpe-adria. INVESTICIONO - RAZVOJNI ELEKTRONSKE ALUMIL MONTENEGRO Svetlana Đakonović Mediteranska 2 P.F.44, Budva Resnik bb, Podgorica Fax: +382 50 478 341 ELEKTOPRENOSNI SISTEM Zoran Milašević ELEKTRON D.O.O com.me [email protected] Novaka Ramova 17, Nikšic com/ Podgorica co.me FOND CRNE GORE A.D. KOMUNIKACIJE I D.O.O Mihailo Banjević Montenegro Montenegro e-mail: centromobil@t- Ljubo Knežević Donja Gorica bb, Podgorica Hafiz Novalić EUROŠPED CO http://www.flores.co.me Tel. +382 40 213 503 HELADA MONT DOO Montenegro IBEROSTAR Predrag Poček POSTANSKU DJELATNOST Igor Globarević Jovana Tomaševića 59, Bar Tel: +382 33 441 560 Tel: +382 20 633 001 com.me Bulevar Sv.Petra Cetinjskog Tel: +382 20 891 393,891 394 Mojsija Zečevića 26, Berane Zoran Ćupić FRAGMAT CG fax +382 40 212 709 Vojo Milović Tel: +382 20 443 443 BELLEVUE HOTEL Nemanja Nikolić Zoran Sekulić Mahala b.b., Podgorica Montenegro Fax: + 382 33 441 567 E-mail: [email protected]; CG BROKER – DILER 18, Podgorica Fax:+382 20 89 11 71 Montenegro Mitra Bakića 144, Podgorica Radonja Smolović e-mail: info@gradirmonte- Dragovolučka 8/3, Nikšić Fax: +382 20 634 294 Budva Bulevar Svetog Petra Cetin- Šaleta Đurović Montenegro Tel: +382 30 300 100 [email protected] [email protected] Aco Aleksić Montenegro [email protected] Tel: +382 51235000 Montenegro Podanje bb, Danilovgrad negro.com Montenegro e-mail: recepcija@hotelcg. Montenegro jskog 126/I, Podgorica Bulevar Džordža Vašingtona Tel: +382 20 872 104 Fax: +382 30 312 510 http://www.avalaresort.com http://www.bravera.me/ Novaka Miloševa 12/2, Tel: +382 20 407 605 http://www.deltadmd.rs/ [email protected] Tel: +382 20 601 820 Montenegro GRADNJA-PROMET D.O.O. Tel: +382 32 331 631 com Tel: +34 971 99 80 60 Montenegro kula C, I/56, Podgorica [email protected] e-mail: reservations@atlasho- http://www.biancaresort.com BREZNA Podgorica e-mail: dragan.laketic@ DENI TRADE DOO ELEKTRON D.O.O. e-mail: [email protected] Tel: +382 20 881 166 Radomir Kalezić [email protected] http://www.hotelcg.com http://www.iberostar.com/ Tel: +382 20 229 570 Montenegro www.alumil.com telsgroup.com BIANCA RESORT Radovan Aleksić Montenegro sges.me Nikola Purović EXPORT - IMPORT EXPO COMMERCE D.O.O e-mail: [email protected] Spuž bb -P.FAX BR.8, http://www.heladamont.com/ HOTEL LAGUNA IBEROSTAR OTRAND BEACH e-mail: [email protected] Tel: Tel: +382 20 406 700 AMAN SVETI STEFAN http://www.hotelprincess.me & SPA HOTEL Donja Brezna, Plužine Tel: +382 20 230 490 http://cges.me Rudarska bb, Nikšić Ljiljana Braletić Miloš Kaluđerović GALENIKA CRNA GORA Danilovgrad HEMKO Petar Delić Hotel http://www.irfcg.me/ Fax: +382 20 406 702 85315 Sveti Stefan ATLAS LIFE Zoran Bećirović Montenegro Fax: +382 20 230 497 CRNOGORSKI TELEKOM Montenegro Taraboška 1, Podgorica Ivan Šćepanović Aleksandar Šćepanović Montenegro Slavko Rakočević Donji Štoj bb. , Ulcinj Ulcinj IVA PUT D.O.O [email protected] Montenegro Slobodan Manojlovic Kolašin Tel: +382 40 738 004 e-mail: [email protected] Rüdiger Schulz Mob: +382 68 306 734 Montenegro Industrijska bb Radanovići, Gorica Gogić Tel: +382 20 881 345,346, 932, Lješkopoljska bb, Podgorica Montenegro Montenegro Jovan Marjanović http://www.ekip.me/ Tel: +382 33 420 000 Darko Čabarkapa Montenegro Fax: +382 40 212 881 CHIP Moskovska 29, Podgorica [email protected] Tel: +382 20 669 332 Kotor 8.marta 55, Podgorica Fax: +382 20 881 944 Montenegro Tel: +382 30 455-300 Tel: +34 971 99 80 60 Luke Tomanovića 3, Tivat AGENCIJA ZA NADZOR Fax: +382 33 420 222 Stanka Dragojevića 4, Tel: + 382 20 863 077 e-mail: [email protected] Radovan Lalević Montenegro DIGIT MONTENEGRO e-mail: elektron.pg@t-com. Montenegro Montenegro [email protected] Tel: +382 20 261 120 Fax: +382 30 455-334 http://www.iberostar.com/ Montenegro OSIGURANJA amansvetistefan@amanre- Podgorica Fax:+ 382 20 863 159 http://www.bastcg.com Miladina Popovica 193, Tel: +382 20 433 433 Dusko Petrovic me Tel: +382 20 269 902 Tel: +382 20 662 345 GRAĐEVINAR D.O.O. Fax: +382 20 260 812 E-mail: [email protected] IMLEK BOKA D.O.O Tel: +382 32 670 375 mr Biljana Pantović, sorts.com Montenegro [email protected] BROADBAND Podgorica Fax: +382 20 225 752 8.marta lamela 105, Podgorica ELEKTROPRIVREDA Fax: +382 32 331 670 Fax: +382 20 662 341 Miloš Šušković e-mail: [email protected] www.hotellaguna.me Nikola Kesler Fax: +382 32 670 377 Ivana Šaranović Jovićević http://www.amanresorts. Tel: +382 20 40 61 12 http://www.biancaresort. MONTENEGRO Montenegro http://www.telekom.me Tel: +382 20 662 616 CRNE GORE http://www.expocommerce. e-mail: [email protected] 4. jul br. 54, Podgorica http://www.hemko.net HOTEL OLYMPIC Zelenika bb, Herceg Novi [email protected] Moskovska bb, Podgorica com/ Fax: +382 20 40 61 56 com/ Predrag Jovanović Tel: +382 20 669 123, +381 CT COMPUTERS ME DOO e-mail: dusko.petrovic@ Stefano Pastori, com/ http://www.galenikacg.me Montenegro HEMOMONT D.O.O Velika plaža bb , Ulcinj Montenegro http://ivaput.com/ Montenegro AMAR COMPANY e-mail: [email protected] SKUPŠTINA OPŠTINE Bulevar revolucije 66, 20 669 223 Sveto Batljan digit.me Srdjan Kovacevic FABRIKA ELEKTRODA PIVA GEBRÜDER WEISS D.O.O. Tel: +382 20 633 853 Želimir Cerović Montenegro Tel: +382 32 331 646 J.P. VODOVOD I Tel: +382 20 513 501 Samir Kalač http://www.atlaslife.me BIJELO POLJE Podgorica Fax: +381 20 669 223 Dalmatinska 130 D, Podgorica http://www.digit.me Vuka Karadžića 2, Nikšic Dragoslav Čabarkapa, Nikola Vasiljevic [email protected] Anđelka Novaković Tel: +382 30 412 382 [email protected] KANALIZACIJA Fax: +382 20 513 502 Koljeno bb, Rožaje AUREL HOTEL Džemal Ljušković, predsjednik Montenegro e-mail: [email protected] Montenegro DINAMIKCOM D.O.O Montenegro Radenko Pejović Mahala bb - GRAFO CRNA GORA 8. mart 55 a, Podgorica [email protected] IN SPE DOO Vladan Vučelić e-mail: [email protected] Montenegro Bulevar Josipa Broza Tita Skupštine Tel: +382 20 247 458 http://www.chipcomp.com/ Tel: +382 20 212 335, Dragiša Gošović Tel: +382 20 408 410 Goransko 55, Plužine Montenegro Mijodrag Novović Montenegro http://www.ulcinjska-rivijera. Vesna Orlandić Irena Građević http://www.ano.me/ Tel: +382 51 274 105 bb,Podgorica Slobode bb, Bijelo Polje Fax: +382 20 247 459 CIJEVNA KOMERC 212 340 Nikole Tesle bb, Podgorica Direkcija za odnose sa Montenegro Tel: +382 77 273 276 Mirko Rakočević Tel: +382 20 662 306 com/ Vladimira Rolovića 4/9, Bar Zetskih vladara bb, Podgorica AGROMARKET CG D.O.O Fax: +382 51 274 105 Montenegro Montenegro e-mail: [email protected] Danilo Petrović Fax: +382 20 264 077 Montenegro javnošću Tel: +382 40 271 900 Fax:+382 77 273 277 ul. Vojislavljevića 25, Fax: +382 20 662 305 HOTEL PALAS Montenegro Montenegro Miodrag Bogdanović e-mail: amarcompany@t- Tel: +382 78 11 33 33 Tel: +382 50 432 270 http://www.bbm.me Ulica Crnogorskih serdara b.b., email: servis@ctcomput- Tel: +382 20 272 077 Rajko Šebek e-mail: fep-prodaja@t- office.podgorica@gw-world. Podgorica e-mail: aco.markovic@ Trg Slobode 1, Budva Tel: +382 78 101 440 Tel: +382 20 440 306 Mahala bb, Podgorica com.me Fax: +382 78 11 33 34 Fax: +382 50 478 512 BUDUĆNOST D.O.O Podgorica ers.me [email protected] http://www.epcg.co.me com.me com Montenegro hemofarm.com Montenegro [email protected] e-mail: [email protected] Montenegro ANSASTRADE D.O.O [email protected] [email protected] Edin Ramdedović Montenegro www.comtrade.com DIT "D U G A" D.O.O. EMI COM http://www.fep.co.me http://www.gw-world.com/ Tel: +382 20 622 203 HILTON D.O.O Tel: +382 33 421 100 http://www.eliksir.co.me/ http://www.vikpg.co.me/ Tel: +382 20 872 165 Andrija Gošović http://www.hotel-aurel.com/ http://www.skupstinabp.me/ Rudeš 1, Berane Tel: +382 20 622 216 CVILIN-POPOVIĆ D.O.O. Petar Milić Branislav Brajović FABRIKA SOKOVA PIRELLA GENERALI OSIGURANJE AD e-mail: grafocrnagora@t- Elvedin Hajrović Fax: +382 33 421 300 INA CRNA GORA JADRAN MONTENEGRO Mob: +382 69 300 844 Zlatica bb, Podgorica AUTO ČAČAK-PODGORICA BLUE LINE Montenegro Fax: +382 20 621 313 Željko Popović Kočanska 1, Nikšic I Proleterske 78, Podgorica Slavko Petričević Dejan Bajić com.me IBARSKA 1, ROŽAJE [email protected] Ivan Brusić Ilija Radojević bogdanovic.m@agromarket. Montenegro Željko Rajković Ivan Lučić Tel: +382 51 231 998 e-mail: office@cijevnakomerc. Franca Rozmana bb, Montenegro Montenegro Novo Selo, Danilovgrad Kralja Nikole 27/VI, VI sprat, GRAND Montenegro http://www.hgbudvanskari- Jovana Popovića- Lipovca 24, Mirošica 2, , Bar rs Mob: +382 69 021 504 Milenko Kostic Boško Lučić [email protected] com Podgorica Tel: +382 40 256 467 Tel: +382 20 611 488 Montenegro Podgorica 19. decembra 5, Podgorica Tel: +382 51272 426 vijera.com Podgorica Montenegro http://www.agromarket.rs/ ARAGANA Cijevna bb, Podgorica Trebinjska 48, Herceg Novi BULATOVIĆ TRGOPOLJE http://www.cijevna-komerc. Montenegro e-mail: [email protected] Fax: +382 20 611 360 Tel: +382 20 883 350 Montenegro Montenegro [email protected] HOTEL PRINCESS Montenegro Tel: +382 68 023 529 srb/5/33/Kontakt/Agromar- Hamza Đenčić Montenegro Montenegro - BLT D.O.O. com Mob: +382 69 073 438 DODING e-mail: [email protected] e-mail: [email protected] Tel: +382 20 444 800 Tel: +382 20 664 666 HIPOTEKARNA BANKA ATLAS HOTELS Tel: +382 20 268 253 JADRANSKI SAJAM ket-Crna-Gora Tomba bb,, Bar Tel:+382 69 04 04 03, Tel: +382 31 335 100 Božo Bulatović CODEX D.O.O [email protected] Branko Pejović ENERGOGAS http://www.pirellajuices.com/ Fax: +382 20 444 810 Fax: +382 20 667 671 Esad Zaimović Jovana Tomaševića, Topolica Fax: +382 20 268 288 Rajko Bujković AKRILPLAST D.O.O Montenegro 069 04 04 06 Fax: +382 31 336 003 7 marta bb, Podgorica Vesna Rečević ČELEBIĆ Majevačka 18, Podgorica Zoran Gogić, FABRIKA VODE LIPOVO [email protected] e-mail: [email protected] Saša Masoničić Montenegro e-mail: ognjen.dragovic@ Aleksandar Radović Milorad Lukovac Tel: +382 30 340 055 [email protected] e-mail: office@blueline-mne. Montenegro Ul. Bratstva jedinstva bb Blok Tomislav Čelebić Montenegro Slobodan Mladenović Goran Rakočević http:// generali.me/ http://www.grand.me Ulica Slobode 91, Podgorica Tel: +382 (0) 30 300 100 inacg.me Trg slobode 5, Budva 8. marta 55, Podgorica Fax: +382 30 340 057 http://www.skoda-auto.me/ com Tel: +382 81 687062 7,Stan 1, Podgorica Kralja Nikole 27, Podgorica Tel: +382 20 262 277 Dajbabe bb, Podgorica Nebojša Šorvan GEOTEHNIKA GRAND PLUS D.O.O Montenegro reservations@atlashotels- http://www.inacg.me Montenegro Montenegro e-mail: [email protected] AUTOBOKA BLUE STAR HOTEL [email protected] Montenegro Montenegro Fax: +382 20 262 288 Montenegro Trg boraca bb, Kolašin MONTENEGRO D.O.O. Dragan Petrović Tel: +382 77 700 001 group.com INEX ZLATNA OBALA Tel: +382 33 410 403 Tel:+382 20 663 045 http://www.aragana-art.com Veselin Salamadija Mainski put bb ,Budva BULL AND BEAR AD Tel: +382 20 655 413, 602 075 Tel: +382 20 444 400 e-mail: [email protected] Tel: +382 20 644 333 Montenegro Vukašin Gredić Kolašinska br 2, Podgorica Fax: +382 77 700 071 http://www.hotelprincess.me/ Ivo Kaloštrović Fax: +382 33 452 132 Fax: +382 20 663 046 ARCO - IRIS Miloš Kaluđerović Montenegro Pavle Gegaj Fax: +382 20 602 076 Fax: +382 20 444 402 http://www.doding.co.me e-mail: [email protected] Tel: +382 20 867 571 Njegoševa bb, Nikšić Montenegro e-mail: hipotekarna@ HOTEL SLOVENSKA PLAŽA Ratac-Sutomore, Bar e-mail: jadranskisajam@t- [email protected] Igor Begović, Put prvoborca bb, Autobuska Tel: +382 33 423 100 Marka Miljanova 46/14, [email protected] e-mail: [email protected] DOMAĆA TRGOVINA DOO http://www.energogas.net Fax: +382 20 867 573 Montenegro Tel: +382 20 660 643 hb.co.me Trg Slobode 1, Budva Montenegro com.me AKTIVA INTEGRA Sanja Čukić stanica, Kotor reservations@montene- Podgorica COMP - COMERC D.O.O http://www.celebic.com Ivan Šćepanović EPSTURS DOO e-mail: aquamonta@t- Tel:+382 67 443 512 [email protected] http://www.hipotekarna- Montenegro Tel: +382 30 353 972 JADRANSKO Žarko Ðuranović, Bulevar Sv. Petra Cetinjskog Montenegro grostars.com Montenegro Ranko Jovović ČIKOM Josipa Broza Tita 23a, BEOGRAD- TC BUDVA com.me Fax: +382 40 243 584 GRAS D.O.O banka.com/ Tel: +382 33 451 640 Fax: +382 30 353 973 BRODOGRADILIŠTE Mladen Kuzman 1a, Podgorica Tel: +382 82 322 111 http://www.montene- Tel: +382 20 235 599 Glibavac bb, Nikšić Nenad Vraneš Podgorica Branko Petričević FAF & CO GIOVANNI TRADE Mirko Ivanović HIT MONTENEGRO Fax: +382 33 451 143 [email protected] AD BIJELA Bulevar Džordža Vašingtona Montenegro Fax: +382 82 325 126 grostars.com/ Fax:+382 77 272 040 Montenegro Dalmatinska 78, Podgorica Tel: +382 20 440 800 Slovenska obala bb, Budva Nurije Husić Marko Škrelja POSLOVNI CENTAR Marija Martinović [email protected] http://www.inexhoteli.com/ Petar Tušup, Đorđe Vukić bb, Podgorica Tel: +382 67 609 444 e-mail: [email protected] BOJ - COMMERCE email: [email protected] Tel: +382 83 218 746 Montenegro DOMEN D.O.O. Montenegro Solanski put bb, Ulcinj Donji Štoj bb, Ulcinj "KRUŠEVAC", Podgorica Danijel Mlečnik http://www.hgbudvanskari- INFORMATIKA Bijela, Herceg Novi Montenegro e-mail: polarstar@polarstar. http://www.autoboka.com/ Dragan Bojović http://www.bullandbear.me/ Faks: +382 83 218 746 Tel: +382 20 218 181 Predrag Lešić Tel: +382 33 451 971,452 866 Montenegro Montenegro Montenegro Hotel Maestral, Pržno, Budva vijera.com MONTENEGRO Montenegro Tel: +382 20 22 80 10 me AVALA RESORT & VILLAS Branka Deletića bb, CARINE D.O.O [email protected] Fax: +382 20 218 182 Bulevar Džordža Vašingtona [email protected] Tel: +382 30 407 010 Tel: +382 30 457 356 Mob: +382 69 016 809 Montenegro HOTEL"BELLEVUE" Zoran Sekulović Tel: +382 31 671 080 Fax: +382 20 22 80 11 http://www.polarstar.me Zoran Bećirović Andrijevica Čedomir Popović COMTRADE - IT e-mail: [email protected] bb http://www.epsturs.com/ Fax: +382 30 407 011 Fax: +382 30 405 001 GRAWE OSIGURANJE Tel: +382 33 410 100 Velika plaža bb , Ulcinj Save Kovačevića 123, Fax: +382 31 671 108 e-mail: [email protected] Budva Montenegro Ulica Slobode br.43, Podgorica SOLUTIONS AND SERVICES http://www.cikom.com Tel: +382 20 269 740 ERC SYSTEM DOO e-mail: [email protected] e-mail: [email protected] Georg Schneider Fax: +382 33 410 190 Tel: +382 30 412 610 Podgorica e-mail: marketing@asybijela. http://www.aktiva.co.me/ ARSO MILIĆ D.O.O Montenegro Tel: +382 51 243 918 Montenegro Haris Čečo DAIDO METAL Fax: +382 20 269 741 Krsto Spaic http://www.faf-co.com/ http://www.giovanni.co.me/ Maja Pavličić e-mail: [email protected] [email protected] Montenegro com ALBONA Željko Milić Tel: +382 33 441 339 Fax: +382 51 243 423 Tel: +382 20 402 400 Serdara Jola Piletića 28, CHIKARA KAWAHARA [email protected] Prizrenska 19, Herceg Novi FAGUS ELEMENTI D.O.O. GLOBAL BROKER Novaka Miloševa 6, Podgorica http://www.maestral.info http://www.ulcinjska-rivijera. Tel: +382 20 623 141 http://www.asybijela.com Miroslav Marinković, Branka Radičevića 12, Mob: +382 69 369 115 e-mail: [email protected] Fax: +382 20 402 403 Podgorica NICOLA JANE GREEN DON SECURITY DOO Montenegro Radisav Janković - DILER AD Montenegro HOTEL ALEKSANDAR com/ Fax: +382 20 623 121 JADROAGENT BAR DAVIT ARUTYUNYAN 8. marta Podgorica [email protected] BONESA [email protected] Montenegro Industrijska zona bb, Kotor Ivan Korać Tel: +382 31 331 860 Buče bb, Berane Sašo Sajko Tel: +382 20 210 960 Trg Slobode 1, Budva HOTELS GROUP e-mail: zorans@informatika. Vojo Banović, 55, Podgorica Montenegro Montenegro http://www.avalaresort. Nedeljko Čović CASTELLO MONTENEGRO Tel: +382 20 212 335 Montenegro Serdara Jola Piletića bb, Nikšić Fax:+382 31 331 950 Montenegro Njegoševa 14, Podgorica Fax: +382 20 210 963 Montenegro MONTENEGRO STARS com Dragana Radović Tel: +382 20 662 640 Tel: +382 20 628 412,627 500 com/avala/ Tržni centar bb, Bar Dušan Milović Fax: +382 20 212 340 Tel: +382 32 331 513 Montenegro [email protected] Telefon: +382 51 232 102 Montenegro e-mail: office.podgorica@ Tel: +382 33 451 658 Maja Vukićević http://www.informatika.com Obala 13. Jula 2, Bar

62 | MONTENEGRO BUSINESS SECTOR 2015 MONTENEGRO BUSINESS SECTOR 2015 | 63 COMPANY REGISTER Fax: +38220231279 Tel: +38220231315 Montenegro Vuka Karadžića 11,Podgorica Željko Uljarević Natalija Karadaglić KASTEX e-mail: [email protected] Fax: +38241232590 Tel: +382 41233488 Montenegro Humci bb,Cetinje Marko Vujović KARTONAŽA M&V com e-mail: info@spaik-zabljak. Tel: +38252366002 Montenegro Klještine bb,Žabljak Žarko Velimirović Eirini Kaiypidou CO -SPAIK KARIPIDIS BROSS Fax: +38220219106 Tel: +38220219104 Montenegro Velimira Terzića 1,Podgorica Milutin Ljumović KAMEKS D.O.O http://www.kalamper.com e-mail: [email protected] Fax: +38230341855 Tel: +38230341833 Montenegro Dobra vodabb,Bar Elvir Kalamperović Emin Kalamperović KALAMPER http://www.jugopetrol.co.me e-mail: [email protected] Tel: +38232301800 Montenegro Trg MataPetrovića2,Kotor Vesna Spaić Ioannis Geroulanos JUGOPETROL http://www.jugodata.co.me/ co.me e-mail: prodaja@jugodata. Fax: +38220624844 Tel: +38220624833 Montenegro Podgorica Bratstva jedinstva69, Dijana Kojan Aleksandar Prelević JUGODATA http://www.berane.me/ e-mail: [email protected] Fax: +38251237099 Tel: +38251233338 Montenegro Dragiše Radevićabb,Berane Milijana Vučeljić JP KOMUNALNO BERANE Tel: +38250487045 Montenegro Bijelo Polje Ulica ŽivkaŽižićabr. 24, Sabro Čindrak JKP “LIM“ brvnare.com http://www.montenegro [email protected] e-mail: montenegro- Fax: +38251272229 Tel: +38251278605 Montenegro Naselje Koljeno bb,Rožaje Dedeić Muamer JELA KOMERC e-mail: [email protected] Fax: +38252353453 Tel: +38252353453 Montenegro Karađorđeva12, Pljevlja Danica Đačić Savo Stevanović JASEN com http://www.jadroagentbar. jadroagentbar.com e-mail: jadroagentbar@ Fax: +38230311005 Tel: +38230315996 Montenegro - e-mail: [email protected] Fax: +38220658458 Tel: +382 20658450 Montenegro Trg Save Kovačevića 11,Nikšic Slobodan Knežević KNJAZ novisajt/ http://www.klikovacdoo.com/ [email protected] Fax: +38220872667 Tel: +38267251000 Montenegro Mahala bb,Podgorica Vladimir Klikovac KLIKOVAC D.O.O [email protected] Tel:+382 20633953 Montenegro Podgorica Bracana Bracanovića br. 49, Sandra Kliklovac KLIKLOAN D.O.O. http://www.kips.me e-mail: [email protected] Fax: +38220442302 Tel: +38220442300 Montenegro Veljka Vlahovića90,Podgorica Stefan Mišković Risto Drekalović KIPS http://kingsmn.com/ Fax: +38220202800 Tel: +38220242 Montenegro Podgorica Ulica IvanaVujoševića 20, TRAVEL KINGS http://kingsmn.com/ Fax: +38220658161 Tel: +38220658160 Montenegro Podgorica Put Radomira Ivanovića2, CATERING KINGS http://www.kingsmn.com/ e-mail: [email protected] Fax: +38220624623 Tel: +38220624625 Montenegro Podgorica Crnogorskih serdara bb, Ilija Aleksić Milan Doderović KINGS &CO lungsbank.de/ https://www.kfw-entwick [email protected] Fax: +38220228240 Tel: +38220228170 Montenegro bb (ulazV),Podgorica Bulevar DžordžaVašingtona Željko Uljarević KFW BANKENGRUPPE com/ http://www.bavaria-yachtbau. e-mail: [email protected] Fax: +38220261015 Tel: +38220261015 Montenegro Podgorica Cetinjski putbb,DonjaGorica, Aleksandar Kavarić KAVARIĆ GROUPD.O.O [email protected] Mob: +38269666-622 Montenegro Hercegovačka 49,Podgorica Enis Jevrić KATENA D.O.O Tel:+38220644220 Montenegro Donja Gorica,Podgorica Desanke Maksimovićbb, Petar Đurišić KATEL D.O.O Tel: +38232331685, Montenegro Kotor Industrijska zona,Radanovići, Željko Maslovar KNJAZ MILOŠ http://www.kastex.me e-mail: [email protected] - e-mail: [email protected] e-mail: [email protected] Tel: +38241235410 Montenegro bb, Cetinje MilenaVujović Lovćenska Radovan BatoVujović EQUIPMENT KRONUS MNCETERING http://www.kroling.me e-mail: [email protected] Fax: +38220601340 Tel: +382 20601320 Montenegro Podgorica Crnogorskih serdara bb, Željko Mišković Igor Đuranović KROLING http://www.ben-kov.com/ e-mail: [email protected] Fax: +38232673722 Tel: +38232673802 Industrijska zonaRačica,Tivat Snežana Krgović Dejan Kovinić KOVINIĆ COMPANY [email protected] Tel: +38220660648 Montenegro Zlaticabb,Podgorica Zoran Petrović KOSOR DOO e-mail: [email protected] Tel: +38220205410 Montenegro kula C,Isprat 56,Podgorica Bulevar DžordžaVašingtona Aleksandra Popović KONTAKT AD e-mail: [email protected] Fax: +38240234161 Tel: +38240234141 Montenegro Vuka Karadžica bb,Nikšic Senad Šabanović KONI-KONFEKCIJA http://www.ksjp.me/ Tel: +38233451511 Trg Sunca1,Budva Radovan Bauk Đorđe Medin STAMBENO JP"BUDVA" KOMUNALNO - http://www.scmn.me/ e-mail: [email protected] Fax: +38220442810 Tel: +38220442800 Montenegro Kralja Nikole27a/III,Podgorica Amir Nurković Zoran Đikanović VRIJEDNOSTI OD KOMISIJA ZAHARTIJE http://www.kombankbd.com co.me e-mail: office@kombank. Fax: +38233426302 Tel: +38233426300 Montenegro bb, Budva Poslovni centarPodkošljun Marija Perović Goran Knežević BANKA A.D.BUDVA KOMERCIJALNA http://www.komerckeka.me/ e-mail: [email protected] Fax: +38230312537 Tel: +38230313276 Montenegro Bulevar JNA,Bar Žarko Vukčević KOMERC KEKA http://www.kap.me kap.me e-mail: goran.skataric@ Fax: +38220644326 Tel: +38220644234 Montenegro Podgorica Dajbabe bb,poštanskifah94, Goran Škatarić KOMBINAT ALUMINIJUMA http://www.knjaz.co.rs/ [email protected] Fax: +38232331687 http://livnica-pjastera.com e-mail: [email protected] Fax: +38240200980 Tel: +38240200980 Montenegro Vuka Karadžića bb,Nikšic Kosara Perović Dragoslav Manojlović NIKŠIĆ LIVNICA "PJASTERA"- e-mail: [email protected] Fax: +38240251249 Tel: +38240213413 Montenegro Podgorički putbb,Nikšic Milivoje Pejović Dobrica Adžić LISINA Tel:+382 81863200 Montenegro Mojkovačka 20,Kolašin HOTEL LIPKA e-mail: [email protected] Tel: +38250480708 Montenegro Industrijska bb,BijeloPolje Elvana Franca LIMŠPED http://ledo.co.me/ Fax: +38220404705 Tel: +38220404700 Montenegro Liješnje bb.Podgorica Miomir Marković LEDO D.O.O. mesta/u-inostranstvu/ http://lasta.rs/prodajna- Tel: +38220625627 Montenegro Podgorica Trg Golootockihžrtava1, Vidak Mitrović LASTA MONTENEGRO e-mail: [email protected] Tel: +38220860240 Montenegro Blatina bb,Kolašin Mira Bulatović LANCER http://lalatovictravelbd.co.nr yahoo.com e-mail: lalatovictravelbd@ Fax: +38233403459 Tel: +38233403456 Montenegro Prva proleterskabb,Budva Vladan Laltović LALATOVIĆ TRAVEL http://www.la-vista.me e-mail: [email protected] Tel: +38251238288 Montenegro Petnjica bb,Berane Irena Adrović LA VISTA e-mail: [email protected] Fax: +38220810411 Tel: +38220810412 Montenegro S2B, Danilovgrad Miloša Obilića,Stariaerodrom Željko Medojević KVADRAT KOMERC Milenko Radmilovic LOVĆENINVEST http://www.lo.co.me e-mail: [email protected] Tel: +382 20404400 Montenegro Slobode 13a,Podgorica NebojšaTepavčević Radenko Purić LOVĆEN OSIGURANJEA.D. Montenegro sprat/56, Podgorica Bulevar DžordžaVašingtona I direktor Aleksandra Popović,izvršni LOVĆEN BANKAAD e-mail: [email protected] Tel: +38233463430 Montenegro Jadranski putbb,Budva Milivoje Šakota LOLA TRADED.O.O http://www.kronus-mn.com Montenegro Vojske Jugoslavijebb, Pljevlja Vukosav Marjanovic MATKOTURS D.O.O http://www.martex.co.me e-mail: [email protected] Fax: +38241230891 Tel: +382 41232399 Montenegro Jabučka bb,Cetinje Marko Martinović MARTEX http://www.marshalgroup.me [email protected] Fax: +38240223505 Tel: +38240223504 Montenegro Partizanski putbb,Nikšic MARSHAL com.me e-mail: maradompv@t- Tel: +38252353442 Montenegro bb, Pljevlja ul. Ratnihvojnihinvalida Vuko Marić MARADOM http://www.mtel-cg.com e-mail: [email protected] Popović Petar Tel: +38278100508 Montenegro Kralja Nikole27a,Podgorica Vladimir Lučić M:TEL motive.co.me dijana.mijovic@ljetopisauto motive.co.me borislav.mijovic@ljetopisauto Fax:+382 20648849 Tel:+382 20648841 Mijović Silvija Borislav Mijović (MERCEDES) LJETOPIS AUTOMOTIVE tive.com/ http://www.ljetopisautomo ljetopisautomotive.co.me e-mail: borislav.mijovic@ Fax: +38220648849 Tel: +38220648841 Montenegro Kralja Nikole357,Podgorica Silvija Mijović Borislav Mijović LJETOPIS AUTOMOTIVE http://www.lusticabay.com e-mail: [email protected] Tel: +38277200101 Montenegro Radovići bb,Tivat BojanaFilipovic Samuel Meyer LUŠTICA DEVELOPMENT www.fashion-luna.com [email protected] Tel: +38269032451 Montenegro Marka Milanova3,Podgorica Stanka Ćeranić LUNA MONTENEGROD.O.O http://www.lukoil.co.me e-mail: [email protected] Tel: +38220219412 Montenegro 130, Podgorica Bulevar Sv. Petra Cetinjskog Danijela Panov Andrej M.Kuku LUKOIL MONTENEGRO http://www.lukabar.me lukabar.me e-mail: milijana.simovic@ Fax: +38230300402 Tel: +38230300400 Montenegro Obala 13.jula,Bar Žaklina Miranović Slobo Pajović LUKA BAR e-mail: [email protected] Tel: +38220237303 Montenegro jona 21,Podgorica Drugog crnogorskogbatal Vesna Aranđelović - - - - MEZON MEZON e-mail: [email protected] Montenegro Trebješka VI/26,Nikšic Dragomir Miljanić METALIK http://www.metalac.com/ [email protected] 580 662 Tel: +382 20662590, Montenegro 8. marta55,Podgorica Ralević Čedomir METALAC MARKET http://www.franca.co.me com.me e-mail: mesopromet@t- Fax: +38250478588 Tel: +38250478488 Montenegro Bijelo Polje Ivona BoškovićRasovobb, Hatema Franca MESO-PROMET http://www.maljat.com/ co.me e-mail: drago.k@mermer. Fax: +38220812491 Tel: +38220812719 Montenegro II Dalmatinske bb,Danilovgrad Kerševan Denis Garzotto,Drago MERMER A.D. ranje.me http://www.merkurosigu ranje.me e-mail: info@merkurosigu Fax: +38220205466 Tel: +38220205465 2a, Podgorica Bulevar DžordžaVašingtona Marko Ivanović MERKUR OSIGURANJE http://www.roda.me/ e-mail: [email protected] Fax: +38220442472 Tel: +38220442403 Montenegro Podgorica Put Radomira Ivanovića2, Andrijana Bandović Ivan Karadžić MERCATOR-CG com.me e-mail: megapromet@t- Fax: +38233451818 Tel: +38233451883 Montenegro Tržni centar, Budva Miodrag Mitrović MEGAPROMET info/ http://www.hotelmediteran. [email protected] Fax: +38233471845 Tel:+382 33424383 Montenegro Bečići bb HOTEL MEDITERAN http://www.mccann.co.me/ [email protected] Fax: +38220247303 Tel: +38220247310 Montenegro Podgorica Serdara JolaPiletica8, Marijana Kovačević MCCANN ERICKSON e-mail: [email protected] Tel: +38250484771 Montenegro Bijelo Polje Nedeljka Merdovića38, Biljana Obradović MB BITEX http://www.mazor.me/ [email protected] Tel: +38240242332 Montenegro Dr NikaMiljanića6,Nikšić Raičević Radmil MAZOR DOO [email protected] Fax: +38252300140 Tel: +38268812121 - - Nikola Furundžić Nikola Furundžić MONTAVAR -METALAC objekti/ http://www.mona.rs/prodajni- [email protected] Tel: +382 20231180 Montenegro Ulica Slobode32,Podgorica Jovanka Obradović MONA DOOPODGORICA Tel: +382 69050789 Montenegro Njegoševa 157,Kotor Boško Uskoković MNBUS COMPANY D.O.O. com http://www.mljekara-nika. e-mail: [email protected] Fax: +38240231302 Tel: +38240222012 Montenegro Partizanski putbb,Nikšic Aleksandar Božović Tomislav Žižić MLJEKARA NIKA gro.com http://www.mirai-montene e-mail: [email protected] Fax: +38240256901 Tel: +38240256123 Montenegro Kočani bb,Nikšic Branko Mićković MI-RAI GROUP Tel: +38252234998 Montenegro Buče, Berane Milica Bošković MIMA BDOO milsped-montenegro-doo/ http://www.milsped.com/ com e-mail: office.mn@milsped. Fax: +38278114205 Tel: +38278114200 Montenegro Ćemovsko poljebb,Podgorica Nebojša Ivković Zoran Pavlović MILŠPED MONTENEGRO e-mail: [email protected] Fax: +38240200393 Tel: +38240200390 Montenegro Alekse Backovica96,Nikšic Milenko Milović MILS D.O.O. Tel: +38269677226 Baza bb Isah Omerović MIKROMONT PLUS http://www.mikromont.me com.me e-mail: mikromont@t- Fax: +38250488534 Tel: +38250488533 Kruševo bb,BijeloPolje Ljuca Muzafer MIKRO -MONT http://www.microsoft.com Tel: +38220602210 Montenegro Podgorica PC Čelebić,Kralja Nikole27a/IV, Oliver Obradović MICROSOFT MONTENEGRO e-mail: [email protected] Fax: +38240246566 Tel: +38240242678 Montenegro Bistrička VI5,Nikšic Dragan Patić,JovanPatić MIB EXPORT e-mail: [email protected] Fax: +38220624930 Tel: +38220601770 Montenegro Mitra Bakićabb,Podgorica Kosta Smićević Goran Miljević MG SOFT e-mail: [email protected] Fax: +38220883266 Tel: +38277272022 Bandići bb,Danilovgrad Nada Kovačević, - http://www.porfira.me E mail:[email protected] Tel: +38220662319 Montenegro 8. marta55,Podgorica Slavica Ćeranić D.O.O. MONTE:CASA:DESIGN http://www.monteput.me/ e-mail: [email protected] Fax: +38220224419 Tel: +38220224493 Montenegro Podgorica Bulevar revolucije9, Anja Milic Goran Vujovic MONTE PUT Montenegro 8 -Br.C1 /4,Podgorica Vojvode MirkaPetrovića,Blok Zoran Novković MONTE LOGISTICSDOO http://www.agroinvest.rs/ Fax: +38220643521 Tel: +38220643520 Montenegro 27. martaG7S13,Zabjelo Josip Pecirep MONTE CREDITD.O.O. Aleksandar Kašćelan MONTENEGRO BONUS http://montenegrostars.com/ negrostars.com e-mail: reservations@monte Tel: +382 33773777 Montenegro BEACH RESORT MONTENEGRO lines.com http://www.montenegroair Fax: +38220405548 Tel: +38220405500 Montenegro Beogradska 10,Podgorica Živko Banjević MONTENEGRO AIRLINES http://www.mipa.co.me/ [email protected] Fax: +38220202-910 Tel: +38220203-141 Montenegro Podgorica Jovana Tomaševića 2a, Miloš Jovanović AGENCY-MIPA INVESTMENT PROMOTION MONTENEGRIN [email protected] Fax: +38220633803 Tel: +38220623938 Montenegro Podgorica Bracana Bracanovića 45, Milica Marjanović MONTE MILKDOO e-mail: [email protected] Tel: +38220265459 Montenegro bb,Podgorica Davor Lakić MONTELOX-LUX DOO co.me/ http://www.montefarm. com.me e-mail: montefarmcg@t- Fax: +38220235086 Tel: +38220405901 Montenegro Ljubljanska bb,Podgorica Milica Popivoda Budimir Stanišić MONTEFARM http://www.montecargo.me me e-mail: kabinet@montecargo. Tel: +38220441307 Podgorica Trg golootočkihžrtava13, Milivoje Pavićević MONTECARGO metalac.co.me e-mail: vladan.vucurovic@ Tel: +38240212010 Montenegro Bulevar 13.julbb,Nikšic - - http://www.montora.com montora.com e-mail: ljubomir.radjenovic@ Fax: +38220620003 Tel: +382 20621926 Montenegro Podgorica Crnogorskih serdara bb, Ljubomir ITatjana Rađenović D.O.O. SOFTWARE MONTORA http://www.montimprex.com/ com.me e-mail: montimprex@t- Fax: +38220601420 Tel: +38220601420 Montenegro Podgorica Crnogorskih serdara bb, Rade Radunović MONT-IMPREX hidromont.co.me/ http://www.montex- com.me E-mail: mhidromont@t- Tel/fax:+382 83213094 Montenegro Milovana Pekovića64,Nikšić RADIVOJE JOVOVIĆ MONTEX-HIDROMONT http://www.montexel.com montexel.com e-mail: aleksandar.radulovic@ Fax: +38220248192 Tel: +38220225900 Montenegro Podgorica Bulevar revolucije18, Aleksandar Radulović MONTEX -ELEKTRONIKA Faks: +38289321526 Tel: +38289321-551 Montenegro Radosavac bb,Pljevlja Ljubiša Ćurčić MONTER -KOD com http://www.montenomaks. co.me e-mail: office@montenomaks. Fax: +38277200009 Tel: +38277200001 Montenegro Ćurilac bb,Danilovgrad IvanMaksimović Radovan Radulović CONTROL &LOGISTICS MONTENOMAKS erza.com/ http://www.montenegrob e-mail: [email protected] Tel: +38220229710 Montenegro Moskovska 77,Podgorica SuzanaDrinčić Gojko Maksimović MONTENEGROBERZA www.metropolis-media.me com.me e-mail: metropolis-media@t- Fax: +38220662158 Tel: +38220663125 Montenegro 8. Marta74,Podgorica Boris Kovač METROPOLIS MEDIAD.O.O MONTENEGRO http://www.micredit.me/ e-mail: [email protected] Fax: +38220234773 Tel: +38220234771 Montenegro jskog 141,Podgorica Bulevar SvetogPetra Cetin Predrag Ćetković CREDIT D.O.O. INVESTMENTS MONTENEGRO http://montenegrobonus.me nus.me e-mail: mnb@montenegrobo Fax: +38241230271 Tel: +38241230260 Montenegro Donje poljebb,Cetinje DarkoUskoković - - - Vuka Karadžića bb,Nikšic Mladen Karadžić Miodrag Davidović NEKSAN 20 812810 Tel: +382 20813141Fax: +382 Branelovica bb,Danilovgrad Dušan Domazetović NATRONKA com http://www.nall-international. e-mail: [email protected] Fax: +38220280031 Tel: +38220280030 Montenegro SKOJ-a 57,Podgorica Vesna Vuković Jovan Lekić NALL INTERNATIONAL com http://www.crnogorskavina. Tel: +38220658055 Montenegro Podgorica Put Radomira Ivanovića2, Slobo Janković VINARA CRNEGORE VINOGRADARA I NACIONALNO UDRUŽENJE http://www.nparkovi.me e-mail: [email protected] Fax: +38220601016 Tel: +38220601015 Montenegro 16, Podgorica Trg Bećir-begaOsmanagića NelaVešović Dubak Zoran Mrdak CRNE GORE NACIONALNI PARKOVI http://www.nbocg.me e-mail: [email protected] Fax: +38220243446 Tel: +38220243440 Montenegro jskog 1A/II,Podgorica Bulevar SvetogPetra Cetin Boris Šaban OSIGURAVAČA CRNEGORE NACIONALNI BIRO www.montenegro.travel travel e-mail: info@montenegro. Fax: +38277100009 Tel: +38277100001 Montenegro jskog 130,Podgorica Bulevar SvetogPetra Cetin SašaRadović Jelena Popović ORGANIZACIJA CRNEGORE NACIONALNA TURISTIČKA http://www.multiprint.co.me e-mail: [email protected] Tel: +38230303299 Montenegro 22, Bar Bulevar 24.novembra H Marko Vukčević Vesna Ilić MULTIPRINT gmail.com e-mail: mugosa.zeljko@ Montenegro Lješkopoljska bb,Podgorica Željko Mugoša MUGOŠA TRANS market.com/ http://www.cosmetics- e-mail: [email protected] Tel: +38220663180,181 Montenegro Podgorica Bracana Bracanovića br. 38, Zoran Đorđević MPM DOO com http://www.morskodobro. e-mail: [email protected] Fax: +38233452685 Tel: +38233452709 Montenegro Popa JolaZecabb,Budva Sandra Radulović Rajko L.Barović MORSKO DOBRO - - Fax: +38278106837 Tel: +38278108582 Montenegro Podgorica Put Vojislavljevica 81, Momir Raonić IMPORT D.O.O. NOVI VOLVOX EXPORT- http://www.noviduvanski.me/ com.me e-mail: noviduvanski@t- Fax: +38220243173 Tel: +38220243228 Montenegro Kruševac bb,Podgorica Branimir Vujačić Dejana Šuškavčević KOMBINAT A.D. NOVI DUVANSKI http://normalcompany.me/ e-mail: [email protected] Fax: +38220219342 Tel: +38220219341 Montenegro jskog 130,Podgorica Bulevar SvetogPetra Cetin Žarko Burić Mile Gujić NORMAL -COMPANY http://www.nlb.me/ e-mail: [email protected] Fax: +38220402250 Tel: +38219888 Montenegro 46, Podgorica Bulevar StankaDragojevića JelenaVujovic Aleksandar Vukotić NLB MONTENEGROBANKA com e-mail: office@niksickimlin. Fax: +38240231808 Tel: +38240231811 Montenegro Hercegovački put5,Nikšic Mirjana Burić Mitar Jokić NIKŠIĆKI MLIN http://www.niksentrade.com com.me e-mail: niksentrade@t- Tel: +38232332159 Montenegro Dobrota bb,Kotor Božo Kapetanović Dragan Čavo D.O.O. ČAVOR NIKSEN-TRADE- http://www.nicolas.rs/ [email protected] Tel: +38220230741 Montenegro Marka Miljanova17,Podgorica Nataša Dobrović NICOLAS D.O.O privica.org/ http://www.nvfcanoko nvfcanokoprivica.org privica.org; jelenazizic@ e-mail: cginfo@nvfcanoko Tel: +38267830826 Setaliste ĆanaKoprivice bb Jelena Žižić Ćano Koprivica NEVLADINA FONDACIJA e-mail: [email protected] Fax: +38220643152 Tel: +38220643150 Montenegro Steva Boljevićabb,Podgorica NevenŠćepanović Sreten Šćepanović NESPA COMPUTERS http://www.neregelia.me/ e-mail: [email protected] Fax: +38220261930 Tel: +38220261920 Montenegro Cetinjski putbb,Podgorica Ljilja Pižurica NEREGELIA http://www.neksan.co.me e-mail: [email protected] Fax: +38240244994 Tel: +38240246875 Montenegro - - - Tel: +38220625237 Montenegro Ulica 4julabr.62, Podgorica Uroš Novaković PANONKA D.O.O index.php/predstavnistva http://www.panonija.co.rs/ [email protected] Tel./Fax: +38220620014 Montenegro Podgorica Ćemovsko poljebb, Vasilije Rogošić PANONIJA http://www.pacorini.com e-mail: [email protected] Fax: +38230317252 Tel: +38230317253 Montenegro Obala 13.julabb,Bar SilvaVidič Aleksandar Adamović PACORINI MONTENEGRO http://www.ps.rs/ [email protected] Mob: +38268111763 Tel: +38220665195 Montenegro Hercegovačka 52,Podgorica Ivanka Dragić P.S FASHION D.O.O e-mail: [email protected] Tel: +38220245999 Montenegro Vuka Karadžića bb,Podgorica Esad Harović OZMONT D.O.O. http://www.osvit-vulas.com e-mail: [email protected] Fax: +38241231175 Tel: +38241234008 Montenegro Baja Pivljanina18B,Cetinje Miodrag Vulaš OSVIT- VULAŠ e-mail: [email protected] Tel: +38220634970 Montenegro Mitra Bakića16b,Podgorica Olivera Radulović Goran Filimonović ORION-ŠPED e-mail: [email protected] Fax: +38230312017 Tel: +38230318384 Montenegro Jovana Tomaševića G-9/III,Bar Radivoje Orlandić OPTIMUM COMPANY http://www.okov.me e-mail: [email protected] Fax: +38220658502 Tel: +38220658501 Montenegro Podgorica Josipa BrozaTita26, Stanka Bajović Gojko Bajović OKOV http://www.ozvs.me e-mail: [email protected] Fax: +38220634224 Tel: +38220634205 Montenegro Podgorica Trg golootočkihžrtava13, ŽoržetaDragović Vuković Milorad SREDSTAVA ŽELJEZNIČKIH VOZNIH ODRŽAVANJE com e-mail: hoteloazza@gmail. Tel: +38252353049 Montenegro Rvi bb,Pljevlja Nikola Ajduković HOTEL OAZZADOO onama.asp http://www.ntcshop.me/ [email protected] Tel: +38240218620 Montenegro Veselina Masleše13,Nikšić Ranko Jovović NTC D.O.O Svetog Petra Cetinjskog, Svetog Petra Cetinjskog, Slavica Ćeranić PORFIRA D.O.O. sistem.co.me/ http://www.popovicelektro com.me e-mail: p.elektro-sistem@t- Fax: +38220247802 Tel: +382 20246802 Montenegro Podgorica Vasa Raičkovićsa37, Slobodan Popović D.O.O. SISTEM POPOVIĆ ELEKTRO http://www.polimlje.me e-mail: [email protected] Fax: +38251236359 Tel: +38251235257 Montenegro Rudeš bb,Berane Dragoslav Bojović Milovan Gojković POLIMLJE Poliex/Sr/Index.asp http://www.mdipg.com/ e-mail: [email protected] Fax: +38251241634 Tel: +38251241634 Montenegro Police bb,Berane Petar Trifunović Slavko Vujisić POLIEX A.D.BERANE kompanija/trzista/crna-gora http://www.podravka.hr/ [email protected] Fax: +38220872878 Tel: +38220872188 Montenegro Cijevna b.b.,Podgorica David Habijan PODRAVKA D.O.O. co.me/ http://www.hotelpodgorica. gorica.co.me e-mail: recepcija@hotelpod Fax: +38220402501 Tel: +38220402500, Montenegro Podgorica SvetlaneKaneRadević1, PODGORICA http://www.pobjeda.me e-mail: @t-com.me Tel: +38220244443 Montenegro Podgorica Bulevar revolucije11, RaduleNovović,LavLajović Ljiljana Burzan–Nikolić POBJEDA AD Montenegro Trg BožaneVučinić, Podgorica Velimir Radulović MONT DOO PLUS PROGRES www.pmi.com Tel: +38220238984 Montenegro Podgorica Josipa BrozaTita68, Svetlana Vuksanović MONTENEGRO D.O.O. PHILIP MORRIS http://www.perla.me/ e-mail: [email protected] Fax: +382(0)31344-094 Tel: +382(0)31345-700 Montenegro Novi Šetalište 5Danica98,Herceg Igor Popović PERLA HOTEL pantomarket.com e-mail: radivoje.popovic@ Fax: +38231682001 Tel: +38231682000 Montenegro Zelenika bb,HercegNovi Panto Vučurović Branko Bojanić PANTOMARKET http://www.panonka.me/ [email protected] Fax: +38220625619 - - Fax: +38233662633 Tel: +38233662 Montenegro Budva Narodnog frontabb,Bečići, Jovana Mićunović QUEEN OFMONTENEGRO e-mail: [email protected] Fax: +38250478632 Tel: +382 50480645 Montenegro Tržni centarS-4, BijeloPolje Munir Lukač Sinan Alić PUT-GROSS e-mail: [email protected] Montenegro Naselje Popovićibb,Bar Milenko Lero PUT A.D.BAR http://www.ptting.com/ Fax: +38220623978 Tel: +38220622594 Montenegro Mitra Bakićabb,Podgorica Radivoje Čavić PTT INŽENJERING com/ http://www.prvabankacg. Tel: +38219891 Montenegro jskog 141,Podgorica Bulevar SvetogPetra Cetin Jelena Pavićević Milan Perović PRVA BANKACRNEGORE http://www.primorje.me e-mail: [email protected] Fax: +38232672261 Tel: +38232671277 Montenegro 21. novembra bb,Tivat Dragan Bućin Miroslava Kankaraš & RESTAURANTS PRIMORJE -HOTELS [email protected] Fax: +38220261835 Telefon: +38220260502 Montenegro Cetinjski putbb,Podgorica Slavko Pajović PRIMAT D.O.O ce.com/ http://www.bestwestern- bestwestern-ce.com e-mail: montenegro@ Fax: +38220406599 Tel: +38220406510 Montenegro Podgorica Svetog Petra Cetinjskog146, Ranko Petrović MONTENEGRO PREMIER HOTEL http://www.postacg.me e-mail: [email protected] Tel: +38219895 Montenegro Slobode 1,Podgorica Vesna GoljevićNovović Milan Martinović POŠTA CRNEGORE http://www.pos4.me/ e-mail: [email protected] Tel: +38220221750 Montenegro Podgorica Jelene ĆetkovićbbBlok9, Milan Radunovic POS4.ME D.O.O. http://www.ctgc.me/ me e-mail: kabinet@portofadria. Fax: +38230301105 Tel: +38230301100 Montenegro Obala 13.jula,Bar Danijela Cejović Andrija Radusinović PORT OFADRIAAD http://www.porfira.me e-mail: [email protected] Tel: +38220662319 Montenegro Podgorica - http://represent.co.me/ [email protected] Fax: +38220234447 Tel:+382 20234446 Montenegro Podgorica Džordža Vašingtona 65, Ivana Čađenović MONTENEGRO COMMUNICATIONS REPRESENT e-mail: [email protected] Tel:+38267501400 Montenegro Velje brdobb,Podgorica Slobodan Stanić REMID VISDOO me http://www.bjelasica-komovi. co.me office@bjelasica-komovi. Fax: +382(0)51237005 Tel: +382(0)51237004 Montenegro Berane IV crnogorske brigade bb, Jelena Krivčević KOMOVI IPROKLETIJE AGENCIJA BJELASICA, REGIONALNA RAZVOJNA http://recreatours.rs/ gmail.com e-mail: sumadijarecrea@ Fax: +38233471-012 Tel: +38233471-001, Montenegro Rafailovići,Sv.Stefan,Bečići Vlado Franeta ŠUMADIJA -RAFAILOVIĆI RECREATOURS-HOTEL travel.com http://www.realestate- e-mail: [email protected] Fax: +38230421612 Tel: +38230421609 Montenegro 26. novembra bb,Ulcinj Ćazim Rasulbegović REAL ESTATE &CO http://www.rasterdoo.com/ Fax: +38220620285 Tel: +38220620053 Montenegro Podgorica Oktobarske Revolucije10, Đuro Ražnatović RASTER OFFICED.O.O http://ramel.me e-mail: [email protected] Fax: +38240201046 Tel: +38240201040 Montenegro Hercegovačka 17,Nikšic Radulović Marinko RAMEL D.O.O. gorica.me/ http://www.ramadapod gorica.me reservation@ramadapod Fax: +38220625040 Tel: +38220622623 Montenegro Podgorica Bulevar SaveKovacevica 74, RAMADA e-mail: [email protected] Fax: +38220268453 Tel: +38220265136 Montenegro Đoka Miraševića 17,Podgorica Željka Burić Julija Prelević RALEX RRB negro.com/ http://www.queenofmonte gro.com hotel @queenofmontene Fax: +38233662633 Tel: +38233662 Narodnog frontabb,Bečići Jovana Mićunović QUEEN OFMONTENEGRO negro.com http://www.queenofmonte tenegro.com e-mail: hotel@queenofmon ------E-mail: [email protected] Tel: +38251230184/185 Montenegro Gradinsko polje bb,Berane Tomislav Vasiljević GRANIT- BERANE http://www.snt.me/ [email protected] Fax: +38220243535 Tel: +382 20202150 Podgorica Bulevar Revolucije5, Milan Marić S&T CRNAGORAD.O.O http://www.rupv.me e-mail: [email protected] Fax: +38252321475 Tel: +38252321274 Montenegro Velimira Jakića6,Pljevlja Velimir Janjić Vuk Roćen RUDNIK UGLJA Tel: +38240214521 Montenegro 13. jula30,Nikšic Goran Martinović Milorad Đurović RUDNICI BOKSITA e-mail: [email protected] Fax :+38252321152 Tel :+382(0)52321886 Montenegro Pljevlja Ulica Zekerijaha Ćinarebb, Milan Knežević,direktor RTV PLJEVLJA http://www.r-tours.me/ e-mail: [email protected] Fax: +38233402121 Tel: +38233451502 Montenegro Jadranski putbb,Budva Slavica Martić R-TOURS MONTENEGRO http://spress.roksped.com/ Email: [email protected] Fax: +38220875774 Tel: +38220875771 Montenegro Tuzi bb,Podgorica Danijela Peruničić S PRESSD.O.O http://www.roksped.com/ Email: [email protected] Fax: +38220608095 Tel: +38220445500 Podgorica Josipa BrozaTita67, Vesko Nikolić S PRESSDOO ROKŠPED TOBACCO http://roamingm.com/ Fax: +38240213136 Tel:+382 40212800 Trg slobode27,Nikšić Dalibor Milović MONTENEGRO D.O.O. ROAMING Tel: +38252322979 Montenegro S. Kovačevića bb,Pljevlja Dejan Lončar RM KOMERC D.O.O. montenegro.com/ http://www.hotel-rivijera- Tel: +38286422100 Montenegro Obala bb,PetrovacnaMoru RIVIJERA HOTEL http://ribnicacommerce.com/ merce.com e-mail: @ribnicacom Fax: +38220669318 Tel: +38220669316 Montenegro Zelenika bb,Podgorica Miroslav Mališić RIBNICA COMMERCE negro.com/ http://www.residencemonte Fax: +38233427111 Tel: +38233427100 Miločer, Montenegro -MILOČER RESIDENCE HOTEL - - http://www.granitvt.com/ Tel: +382 51 230 570 Montenegro Podgorica Montenegro Žana Fejzovic Podgorica ZEPTER INTERNATIONAL SAGA CG D.O.O. Fax: +382 51 230 571 Tel: +382 20 815 313 Montenegro Tel: +382 20 231 530 Ul.Mitra Bakica br. 74, Montenegro MONTENEGRO PODGORICA e-mail: simonvoyages@t- Fax: +382 20 815 312 Tel: +382 20 625 802 Fax:+ 382 20 210 545 Podgorica Tel: +382 20 445 000 Mila Vuković Goran Đaković com.me e-mail: mljekara.lazine@ e-mail: [email protected] e-mail: infomontenegro@ Montenegro Fax: +382 20 445 002 Kralja Nikole 12, Podgorica Igor Pavlica http://simonberane.me yahoo.com http://www.tehnoput.me trenkwalder.com Mob:+382 69 324 409, VOLI TRADE DOO Montenegro Sv. Petar Cetinjski 1a, SIMPO http://www.mljekaralazine. TEHNOŠPED https://www.trenkwalder. 339 100 Dragan Bokan Tel: +382 20 62 46 64, 62 Podgorica Anka Radojević me/ Velibor Milatović com/me/ Fax: +382 20 634 969 Bulevar Josipa Broza 27, 45 50 Montenegro Cetinjski put bb, Donja Gorica, ŠIŠKOVIĆ D.O.O. Dejan Gazivoda TRUDBENIK D.O.O. UTIP "CRNA GORA" A.D. Podgorica Fax: +382 206 249 88 Tel: +382 (0) 20 201 160 Podgorica Laketa Đurović Petra Dedića 20, Podgorica Vuksan Radonjić Žarko Burić Montenegro e-mail: [email protected] Fax: +382 (0) 20 201 161 Montenegro Ilija Šišković Montenegro Polja bb, Mojkovac Jelena Burić Tel: +382 20 445 000 http://rs.zepter.com/Tree- e-mail: [email protected] Tel:+382 20 261 012 Pažići bb, Danilovgrad Tel: +382 20 651 800 Montenegro Crnogorskih serdara 5, Fax: +382 20 445 002 Menu/Contact.aspx http://www.saga.me/ [email protected] Montenegro e-mail: [email protected] Tel: +382 50 472 909 Podgorica e-mail: [email protected] ENERGY

COMPANY REGISTER COMPANY SAGAR http://www.simpo.me/ Tel: +382 20 812 310 TELEMONT D.O.O e-mail: trudbenik@trudbenik. Montenegro http://www.volivasvoli.com SOTBERG OVE BERTIL Vesko Popović, SIMTEX Fax: +382 20 812 761 Željko Savović net Tel: +382 20 441 500 INSTITUT „VRMAC”- Momčilo Džarić Tatjana Popović Nataša Mastilović http://www.siskovic-online. Dragan Grubor http://www.trudbenik.net Fax: +382 20 441 520 INSTITUT ZA Glavica bb, Danilovgrad Nikole Tesle 5, Podgorica Andrea Miličić com/ Vijenci Danila Kiša 2, TURISTIČKA AGENCIJA [email protected] REHABILITACIJU Montenegro Montenegro Grbe bb, Danilovgrad ŠLJUKIĆ CO D.O.O. Podgorica "GRAND" http://www.cityhotelmn.com SRBIJE Tel: +382 20 813 311 Tel: +382 20 272 719 Tel: +382 20 886 105 Radovan Šljukić Montenegro Sreten Kankaras VARDAR HOTEL Milica Lazović e-mail: [email protected] Fax: +382 20 272 719 e-mail: simtexmontenegro@ Trebješka bb, Nikšić Tel: +382 20 206 010 Milija Bojović Stari Grad 476, Kotor Markov Rt bb, Prčanj ZETAGRADNJA SAMCOMMERC gmail.com Montenegro Fax: +382 20 206 013 19. decembra 5, Podgorica Montenegro Montenegro Ivan Stojanović Petar Samardžić http://simtex.me/ Tel: +382 40 258 161 e-mail: [email protected] Montenegro Tel: +382 32 325 084 Tel: +382 32 306 273 Željko Vučeković Kukoljina b.b., Tivat SLOLES MONTENEGRO e-mail: [email protected] http://www.telemont.me Tel: + 382 20 664 666 Fax: +382 32 325 074 Fax: +382 32 306 272 V proleterske bb, Podgorica Montenegro Željko Brajović ŠLJUKIĆ CO- TELENOR Fax: + 382 20 667 671 e-mail: [email protected] rehabilitacija.direktor@ Montenegro Tel: +382 32 674 622 Miodrag Stanišić MLJEKARA SRNA Michael Malvebo e-msil: [email protected] http://www.hotelvardar.com/ gmail.com Tel: +382 20 610 115 Fax: +382 32 674 623 Pažici b.b., Danilovgrad Zorka Šljukić Stevan Milić http://www.grand.me/ VARIOC D.O.O. http://www.rehabilitacija.com/ Fax: +382 20 610 155 [email protected] Montenegro Ozrinići bb, Nikšic Bulevar Džordža Vašingtona TURISTIČKA AGENCIJA Leka Đurđić VUKOTIĆ TRADE e-mail: zetagradnja@t- http://samcommerc.me/ Tel: +382 20 811 060 Montenegro 83, Podgorica ELITE TRAVEL OF Vuka Karadžića bb, Nikšic Danilo Vukotić com.me SAMMS D.O.O. Fax: +382 20 881 066 Tel: +382 40 258 161 Montenegro MONTENEGRO Montenegro 8. marta 68, Podgorica http://www.zetagradnja.com Sreten Radonjić e-mail: slolesmontenegro@ e-mail: [email protected] Tel: +382 20 235 000 Popa Jola Zeca bb, Budva Tel: +382 40 241 270 Montenegro ZETATRANS Bulevar Džordža Vašingtona slolesmonenegro.me ŠPEDICIJA PETROVIĆ Fax: +382 20 401 405 Montenegro VEKTRA - JAKIĆ Tel: +382 20 662 453 Anton Turk bb, Podgorica http://www.slolesmonte- Vukoman Petrović e-mail: [email protected] Tel:+382 (33) 455 706 Radosavac bb, Pljevlja e-mail: [email protected] Dragan Racković Montenegro negro.me Ul. Maršala Tita 23/1, Bar http://www.telenor.me Fax: +382 (33) 452 419 Montenegro WIENER Ćemovsko polje bb, Podgorica Tel: +382 20 234 909 SOCIETE GENERALE Montenegro TELENOR DIRECT MNE DOO e-mail: [email protected] Tel: +382 52 322 577 STAEDTISCHE Montenegro Fax:+382 20 234 907 BANKA MONTENEGRO Tel: +382 30 311 295 Miodrag Dedić TURISTIČKA AGENCIJA Fax: +382 52 323 152 Ljubo Mitrović Tel: +382 20 441 900 [email protected] Franck De Giorgio Fax: +382 30 314 378 Kuće Rakića bb, Podgorica EASTWESTVOYAGE e-mail: vektra-jakic@t- Andrija Pešić Fax: +382 20 441 952 http://www.samms.co.me/ Branka Pavlović e-mail: sped.petrovic@t- Montenegro Pilota Cvetkovića i Milojevića com.me Rimski trg 47, Podgorica e-mail: zetatrans@zetatrans. SANTEX Bulevar Revolucije 17, com.me e-mail: office@Direct-Group. 14, Stari Aerodrom, Podgorica http://www.vektra.co.me/ Montenegro com Sait Šahman Podgorica ŠTAMPARIJA OBOD Com Montenegro VEKTRA MONTENEGRO Tel: +382 20 205 150 http://www.zetatrans.com Nedeljka Merdovića 79, Montenegro Slobodan Borozan http://www.direct-group. Tel:+382 20 657 446 - POSLOVNICA BAR Fax: +382 20 205 151 ZIP D.O.O. Bijelo Polje Tel: +382 20 415 500 Rajko Mijušković com/ Fax:+382 20 657 448 Obala 13. jula 6, Bar e-mail: [email protected] Nikola Tomašević Montenegro e-mail: info.sgme@socgen. Njegoševa 3, Cetinje TERI ENGINEERING D.O.O E-mail: eastwestvoyage@ Montenegro http://www.wiener.co.me Ratko Tomašević e-mail: [email protected] com Montenegro Ratko Ivanović gmail.com Tel: +382 30 312 401 WIR-METALOPRERADA bb, Danilovgrad SAVA MONTENEGRO http://www.societegen- Tel: +382 41 231 577 Bulevar Svetog Petra Cetin- http://www.eastwestvoy- Fax: +382 30 317 205 Darko Đondović Montenegro OSIGURANJE A.D. erale.me Fax: +382 41 231 411 jskog 149/31, Podgorica age.com/ e-mail: spedvektrabar@t- Nikšićki put industrijska zona Tel: +382 20 815 004 Nebojša Šćekić SOTTO LA COLLINA D.O.O e-mail: stampobod1494@t- Montenegro ULCINJSKA RIVIJERA com.me bb, Podgorica Fax: +382 20 815 005 Valentina Kutlača Vlatko Popović com.me Tel: +382 20 268 757 Nikola Damjanović http://www.vektra.me Montenegro e-mail: [email protected] Rimski trg 70, Podgorica Mareza bb, Podgorica TABACCO SHOP D.O.O. 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