Clear rules for foreign investments, which must be equal for all, legal amendments, the cessation of signing non-transparent bilateral agreements, enabling the principle of competition and an effective fight against corruption and organized crime are prerequisites for Montenegro to have adequate protection when it comes to foreign investments.
This was concluded at the conference Montenegrin Legal Framework, Foreign Investments and the Country's Strategic Goals, organized by the Center for Investigative Reporting of Montenegro (CIN-CG).
Teacher Časlav Pejović assessed that the agreement with the United Arab Emirates (UAE) is very problematic and contrary to the Constitution, and warned that any company registered in countries with which Montenegro has signed agreements containing the most-favoured-nation clause can sue Montenegro if it does not receive the same conditions that companies from the UAE now have. Professor Pejović pointed out that Serbia and the Netherlands have signed agreements with Montenegro, which contain this clause.
Bilateral agreements, signed by Montenegro, Pejović said, allow foreign companies and investors to sue the state. These agreements do not contain a clause that would protect the country. "The worst foreign investment is real estate investment, it is dead capital," explains Professor Pejović.
Speaking about how these agreements do not necessarily bring in capital, he cited the example of Russia. "Montenegro does not have a bilateral agreement with Russia, and that country is the main investor in our country."
"Brazil has signed only three bilateral agreements, and it is at the top in terms of foreign investment," added Pejović.
"I have reason to believe that our agreements deliberately lack this clause that protects the state from abuse. The authorities prefer bilateral agreements, in order to circumvent procedures, so that the wealth thus acquired can later be used for political purposes," he said. Mladen Grgić from the University of Montenegro.
"Unfortunately, we have zero government sessions discussing foreign investment issues," Grdinić added.
Minister of Justice Bojan Božović stated that it is discouraging for investments if we do not have adequate protection and if our proceedings last indefinitely and announced the imminent amendment of the Arbitration Law, as well as the laws relating to the efficiency of court proceedings, which will be harmonized with the European legislative framework and practice.
"Strict respect for the Constitution and domestic regulations is important. Montenegro is a country that wants clear and concrete investments, but also a country that wants to preserve its vital interests," said the Minister of Justice.
Executive Director of CZIP Jovana Janjušević He assesses that our country suffers from split personality syndrome, because it does not want to comply with the regulations it has itself adopted and which are essentially good, emphasizing that protected areas are not taken into account due to the interests of foreign investors.
She warned that after Velika Plaza, investments in Buljarica are now being negotiated through direct negotiations behind closed doors, without transparency. "The mayor of Budva is holding secret talks with Alabara," Janjušević pointed out.
President of CIN-CG Milka Tadic Mijović assessed that our country does not have a clear strategy for foreign investment, and that according to research conducted by CIN-CG, it can be concluded that the countries from which the most investment has been made since independence do not share our strategic goals.
Among the first, she points out, are Russia, Serbia, Azerbaijan and the United Arab Emirates (UAE), and the problem is that most of the investment goes into real estate, and not into new technologies, industry, agriculture and other sectors that would contribute to development.
Last year, the leading investments, she added, were from Serbia, Russia and Turkey, accounting for more than a third of total foreign direct investment last year.
"Since the restoration of independence, the country has also been developing with the money of hidden investors, from offshore destinations, behind which our political, economic and criminal structure, which laundered hundreds of millions of euros here, often hid. Agreements like the one with the UAE, which are otherwise considered the largest money laundering facility, could endanger some of the most valuable remaining areas that have not yet been devastated by suspicious money," concluded Tadić Mijović.
President of the Chamber of Commerce Nina Drakić points out that the main challenges include the origin of investments, stating that if money is paid from Switzerland it does not mean that it is a Swiss investment.
However, she states that Montenegro has attracted diverse capital over the past 18 years, and that the most important thing is a clear and consistent policy, clear rules of the game, open dialogue and adequate incentives for sectors that we recognize as important for development.
Grgić assessed that it was not the same contract that was signed with France for the construction of a hospital or with Hungary for the railway, and that such contracts differ from commercial agreements.
"In essence, it doesn't matter where the investors are from, but what kind of investors they are and what kind of legal framework you create here," Grgić concluded.
Professor Gordana Đurović stated that we have managed to create a high dependence on foreign direct investment, and have not created the conditions for export competitiveness.
"The rules are not clear, equal for all and sustainable, there is no innovation, and investors from developed countries do not feel safe," Đurović added.
She pointed out that the investment in real estate that is dominant here is actually a capital freeze, and added that, although the chapter dealing with public procurement is conditionally closed, the EU is demanding that we amend the Public Procurement Law in the first half of 2026, which will eliminate the signing of such bilateral agreements.
CEO of Fidelity Consulting Miloš Vuković stressed that a good investor does not run away from the rules, but from disorder. He pointed out that the Draft Law on Strategic Investments is very harmful for Montenegro. "In its current form, it legalizes corruption, there are no guarantees, clear obligations, and there was no comprehensive public debate."
He also assessed that the current story surrounding the investment in Slovenska plaža raises suspicions of corruption, and requires the involvement of the prosecutor's office.
Economic analyst Dejan Mijović assessed that there was more corruption than ignorance in all these deals.
"We had a huge number of experts and the help of foreign experts, so it's not a matter of ignorance, it's corruption, lack of commitment to the public interest and proclaimed development goals, we don't even have relevant institutions that should deal with investments," Mijović emphasized, stressing that it would be important to strengthen the Foreign Investment Agency, which should be the first and main address for foreign investors.
This event is part of the multi-year project "Promoting Accountability through Online Media", which CIN-CG is implementing with the support of the National Endowment for Democracy (NED) from Washington.
Government to support establishment of cancer treatment center
Former Minister of Science Sanja Damjanovic She emphasized the importance of the project of the South-Eastern Europe International Institute for Sustainable Technologies (SEEIIST), on which she has been working for years, which would deal, among other things, with the most modern methods for treating cancer. The project should be on the list of important infrastructure projects of the Government. If this project were to be implemented, Montenegro would become a regional center for treating cancer using the most modern methods, but also a center for research in this field. This project has the support of the European Union with as much as 80 percent of the funds, Damjanović emphasized, which is about 200 out of a total of 250 million euros, but the Government of Montenegro has not yet nominated it for support from Brussels, which, as she said, is incomprehensible.
Vice President of the Assembly Mirsad Nurković promised that he would do his best to let his colleagues know how important this project is for Montenegro.
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