The ease of doing business index for this year recorded, after two years of decline, a slight increase and amounts to 6,5, according to the latest edition of the White Book, prepared by the Council of Foreign Investors (SSICG).
The President of the Board of Directors of the Council, Tamaš Kamaraši, said that he was satisfied that after two years of decline, the MFCI ease of doing business index recorded a slight increase.
"Although the growth of the index is mild, it indicates a shift in solving some key business challenges. Also, the growth shows that joint efforts, from improving policies to strengthening cooperation between the public and private sectors, can yield results," Kamarasi said.
He stated that, however, we must remain realistic and honest, reports Mediabiro.
"Progress is a positive, but symbolic signal - in order to continue on the path of positive changes, it is necessary to deepen the dialogue between the Government, foreign investors and the wider business community," said Kamaraši at the presentation of the White Book edition.
The White Book - Investment Climate in Montenegro 2024 is an annual publication in which member companies of the Council evaluate the ease of doing business, as well as the business and investment environment in the country.
"The white paper is much more than a report - it is a publication that represents the experiences and goals of our member companies, as well as the business community. For a long time, it has served as the basis for the creation of policies and decisions that shape the business environment of Montenegro," said Tamaraši.
He stated that this year they made a strategic step forward and are publishing the White Book in November.
“This change will give the Government and decision makers more time to analyze the recommendations. In the Council, we believe that the mentioned change can serve to provide a better response to the needs of the business community, as well as to achieve the results expected by the real sector faster", stated Kamaraši.
He presented the influence of Council members on the economy of Montenegro.
"Together we make up about 23 percent of the gross domestic product (GDP). Our members made 202 million euros in profit and paid 72 million euros in taxes. We employ approximately 5,7 thousand people and last year the members of the Council donated about two million for the implementation of projects aimed at supporting the local community and society as a whole. Everything you heard confirms that the members of the Council are responsible companies and initiators of the development of the Montenegrin economy", said Kamaraši.
He stated that, in this regard, it is advisable that decisions affecting the operations and position of these economic entities be made with special care.
The executive director of SSI, Arijana Nikolić Vučinić, said that this year they have 23 new recommendations, which are divided according to four areas that they recognized through the Council's Strategy.
"Within talent and human capital, six recommendations were given, the rule of law has two recommendations, while tax policy and public administration have four recommendations, economic and infrastructural development eight new recommendations, and the transition to a green economy three new recommendations. We hope that the competent institutions will include some of these recommendations in the work plan for the next year in the coming period," said Nikolić Vučinić.
According to her, for the recommendations from the previous period, no activity was initiated for 11 recommendations, while certain steps or activities were recorded for 26 recommendations.
"What is not a good signal is the fact that none of the recommendations have been fully resolved," said Nikolić Vučinić.
The Minister of Finance, Novica Vuković, said that they are aware of how important the mentioned recommendations of foreign investors are, and how big a challenge it is to have stable and sustainable public finances, which is a prerequisite for the country's overall macroeconomic stability.
"The Ministry of Finance prioritizes the requirements from the integration process, including especially the new growth plan and the reform agenda, all with the aim of getting closer to the single European market and eventual membership of Montenegro in the European Union as quickly as possible. Our main goal is to create a better and more prosperous Montenegro, which will be achieved through a strong partnership between the public administration and the business community, and which will enable significantly more effective identification of business barriers and urgent action in the direction of their elimination," stated Vuković.
The task, as he assessed, is to make Montenegro a desirable place to live, work and invest.
He reminded that the Ministry of Finance in previous years tried to be absolutely open to the economy.
"One of the key goals in conducting economic policy is to ensure a predictable and stimulating fiscal policy that contributes to increasing the attractiveness of Montenegro as an investment destination. To this end, in the previous period, we worked intensively on designing fiscal policy measures aimed at improving the business environment and strengthening the competitiveness of the economy on the one hand and improving the standards of citizens on the other hand, while preserving macroeconomic and fiscal stability," said Vuković.
According to him, in accordance with that determination, they point to the importance of the measures implemented by the fiscal strategy, which recognized the main goals of the tax policy related to the provision of additional budget revenues, continued compliance of the tax policy with EU directives and the improvement of the business environment.
"With the implementation of such a tax reform, Montenegro has become a country with one of the lowest tax burdens for work," Vuković added.
SSI brings together 41 companies operating in Montenegro. The members of the Council generate a significant percentage of the domestic GDP and are counted among some of the largest employers in the country.
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