The Ministry of Economic Development, in cooperation with the World Bank Group and state institutions, has finished updating the Register of Incentive Measures for Investments for this year.
"The register presents a comprehensive overview of available financial and non-financial support measures from the Government and state institutions, intended for domestic and foreign investors," the announcement states.
The register, as it is added, is primarily intended for entrepreneurs and the sector of micro, small and medium enterprises, but also for craftsmen and the private sector in order to obtain information on incentive measures for the improvement of economic activity for this year.
"The purpose of creating the Register of Incentive Measures for Investments is recognized by the Action Plan of the Regional Agenda for Investment Reforms (RIRA), which is implemented within the multi-year Action Plan for the Regional Economic Area in the Western Balkans (MAP REA)," the announcement states.
The goal of the Regional Investment Reform Agenda is to improve the attractiveness of the Western Balkans region for foreigners, as well as for regional investors, which would enable a greater inflow of investments and achieve a greater degree of entrepreneurial activity, trade, as well as the creation of new jobs. From 2021, this activity is incorporated as a framework of the Common Regional Market CRM (2021-2024).
"The Ministry of Economic Development has completed the Register of incentive measures for investments for this year, which contains 62 incentive measures of various forms. These investment incentives target different segments of the economy and sectors of economic activity," said Vada's department.
It is added that this primarily refers to financial and non-financial support, up to tax and other fiscal incentives/facilities. Financial and non-financial incentives refer to the purchase of equipment, machinery, incentives for agriculture, science, the tourism sector, incentives for innovation and innovative activity, sustainable economic development, as well as incentives for renewable and hybrid energy.
"With the intention of ensuring the long-term benefits of using the data available in the Register, the Ministry of Economic Development will plan and coordinate with relevant ministries, public institutions, national funds and the World Bank Group to regularly update the register annually so that potential investors, interested parties and the public have accurate and complete information about the Registry in real time, which would further encourage investment activity in Montenegro", the announcement concludes.
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