AmCham Montenegro: The Law on Strategic Investments is an important step towards creating a more favorable investment environment

The adoption of the Law on Strategic Investments represents an important step towards creating a more favorable investment environment, showing the clear intention of the state to recognize and support projects that have the potential to transform the economy, announced the American Chamber of Commerce in Montenegro.

"We see the Law on Strategic Investments as an indicator that the state recognizes the need to create the conditions for Montenegro to be an investment destination, but also that it is aware that the processes in public administration are inefficient," Mina-business from AmCham Montenegro was told.

Precisely because of this, as they stated, in addition to the introduction of the concept and status of strategic investments, one of the key novelties of the law is the acceleration of the administrative procedures of competent authorities necessary for the realization of investments that receive the aforementioned status in accordance with the law.

"In addition, the law provides that both the state and private investors can recognize and propose strategic investments, which we consider a good approach," said AmCham Montenegro.

They also noted that in a dynamic global environment, a country's ability to attract significant investment often depends on its legislative framework and the efficiency of its administrative processes.

The Ministry of Finance recently put the Draft Law on Srateski Investments for public discussion, which will last until the end of the year.

When asked what the benefits of that law are for the state and investors, AmCham Montenegro said that they are convinced that for the long-term sustainability of the Montenegrin economy, as well as its intensive growth and development, crucial investments, i.e. investors who bring with them, in addition to capital, knowledge and business best practices.

"Montenegro is already recognized as a country with attractive tax policies, so the question arises why we don't have many more such investors, especially from developed countries. The answer to that question should be sought in the need to establish a predictable and transparent business environment, based on the rule of law, but also in the need for significantly greater efficiency of public administration, which must provide fast and better service to investors," AmCham Montenegro stated.

As they explained, precisely in the part of improving the efficiency of the administration for investments that receive the status of strategic investments, this law can make it easier to make investment decisions.

"However, intensive work should be done to improve the efficiency of the administration in general", according to AmCham Montenegro.

Commenting on the fact that the professional public could hear that this law prescribes urgent actions by the competent authorities and the state and actions according to shortened procedures when it comes to processes related to the realization of strategic investments, AmCham Montenegro announced that it must be understood that for development of the Montenegrin economy and society of crucial importance to create an attractive environment for investors who bring with them knowledge, experience and care for the community.

"In order to succeed in this, the efficiency of the actions of state authorities is extremely important, although not the only condition. If an investment is defined as strategic, then, all the more, public officials should be aware of the need for the service they provide in the process of its realization to be fast and of high quality. Of course, it is important that all actions are in accordance with the legal system in Montenegro, of which the Law on Strategic Investments is a part," said AmCham Montenegro.

They believe that in the process of public consultations, precisely with the help of the professional public, the proposed deadlines will be reviewed, and in the end, solutions will be adopted that enable greater efficiency and speed of implementation, while respecting the standards that guarantee quality treatment and decision-making.

When asked what the experiences of the countries of the region are when it comes to the area of ​​strategic development investments, AmCham Montenegro answered that many countries, even those closest to us, create various policies and legal solutions in order to improve their economies and use their competitive advantages.

"What Montenegro must be aware of is that we are a small market, and that we must be, not better, but much better than others, in order to attract the most renowned investors from developed countries. Therefore, we welcome every step in the direction of improving Montenegro as an investment destination focused especially on attracting investments from developed countries, such as the USA and EU countries," said AmCham Montenegro.

They believe that this law is a step in that direction, but it is also important that, after its adoption, the implementation is of high quality.