The Ease of Doing Business Index in Montenegro for last year was rated at 6,4 and for the second year in a row it has been declining, according to the latest edition of the White Book, prepared by the Council of Foreign Investors (SSICG).
In the 13th edition of the White Book - Investment Climate in Montenegro 2023, published today, it is stated that the decline in the ease of doing business index was also recorded within individual industries.
"The exception is the banking sector, where improvement was achieved, as well as the telecommunications sector, which remained at the level of 2022", according to the publication in which the 43 members of the Council, which generate more than 30 percent of the gross domestic product (GDP), evaluate the state of the business environment and state the key challenges they face.
The President of the Board of Directors of SSI, Tamaš Kamaraši, said that the White Book during the past years provided analyzes of market trends, opportunities and challenges, showing the direction in which the business environment in Montenegro should be developed.
"The results we presented and which refer to last year were based on an improved methodology of data collection and analysis," said Kamaraši.
The publication states that in the last year, tourism and trade recorded a decrease of 0,4, so the indices of ease of doing business in these two sectors were evaluated with 6,7 and 6,6. The index related to transport and logistics stands at six with a recorded decrease of 0,6.
Members of the Council who operate in the production and energy sector rate the ease of doing business last year with 5,5, which is 0,7 lower compared to 2022.
"The improvement of the index of ease of doing business last year was recorded in the banking sector, which was rated at 6,7 thanks to a growth of 0,4. The index of ease of doing business in telecommunications is the same as in 2022 and amounts to 7,2", the announcement states.
Kamarasi stated that, although research shows a decline in the ease of doing business index for the second year in a row, current communication with decision makers leaves room for optimism.
"On that track, I believe we have an opportunity to record some progress in the 2024 edition of the White Paper. We hope for even more intense cooperation with the Government, in order to implement the recommendations we have stated together," said Kamaraši.
Minister of Finance Novica Vuković announced that the Ministry will consider the recommendations from the White Book in detail, given that one of the Government's priorities is the creation of a business environment that is attractive for existing as well as new credible foreign investors.
"The Ministry of Finance will carefully consider and consider the recommendations of this important document, since it is very important for us that foreign investors operating in Montenegro are satisfied with the conditions and the overall business environment," said Vuković.
He said that their goal is to further improve it and provide the necessary prerequisites for attracting credible investors, therefore, together with the Investment Agency and other involved institutions, they will work on additional encouragement of modern and sustainable business models.
"We are looking forward to future partnerships with businessmen and the positive effects of new projects on the state budget and the overall economic picture of Montenegro," said Vuković.
The White Paper - Investment Climate in Montenegro 2023, for the first time, includes an evaluation of specific indices and explores in more detail the factors that influence the ease of doing business in all observed sectors. Furthermore, five key development areas for improving the business environment were recognized, and an assessment of the level of investor involvement in the decision-making process was introduced.
The white paper related to this year will, as announced, be presented during November.
"The new deadline for publishing the White Paper leaves adequate space for the Government to timely consider and include the recommendations and analyzes of foreign investors in the work program," SSICG concluded.
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