Chamber of Commerce: Investments in production capacities strengthen competitiveness

Additional investments in production capacities will contribute to strengthening the competitiveness of the domestic economy and creating new development opportunities for companies, according to the Chamber of Commerce (PKCG).

Today, at this economic institution, the members of the board of the Association of Small and Medium-Sized Enterprises and Entrepreneurs and the Metallurgy and Metal Processing Industry were presented with the economic support programs prepared for this year by the Ministry of Economic Development.

The board members were also presented with the University of Montenegro program "Scholarships for the Best. Jobs with the Best", as well as the initiative to form a Group of Accounting Firms.

The Director General of the Directorate for Improving Economic Competitiveness at the Ministry of Economic Development, Anđela Gajević, said that this year's program is fully aligned with the Government's economic development policy, with a special focus on strengthening competitiveness and resilience, and diversifying the economy.

The goal of the program, according to her, is to reduce import dependence, increase the share of domestic production, and modernize technological processes through investments in modern equipment.

"Around 3,5 million euros have been allocated for the implementation of the program this year, of which 2,9 million are intended for improving production capacities, while 600 thousand are directed towards the development of women's entrepreneurship," Gajević specified.

Special focus is on regional development, through additional support for companies from less developed municipalities, as well as on continuing digitalization and reducing administrative procedures for businesspeople.

The Head of the Directorate for Small and Medium-sized Enterprises at the Ministry of Economic Development, Ivana Zečević, announced that the novelties in the program, which relate to improving competitiveness, are the result of requests from the economy and surveys conducted among companies.

"There is particular interest in strengthening the metal processing industry, which has shown significant potential for growth and creation of added value in the previous period," said Zečević.

She added that the criterion related to export results was removed this year at the request of smaller businesses, in order to allow smaller companies with growth potential to be equally included in the process.

"An important novelty has also been introduced, relating to the extension of the deadline for equipment delivery, which allows companies to deliver equipment no later than March of next year due to the challenges of procurement from distant markets, with the mandatory submission of a bank guarantee," Zečević specified.

Independent Advisor at the Ministry of Economic Development, Marina Šaković, said that the goal of the program is to increase the number of women-owned businesses, while providing additional support for their development.

"A positive trend in the growth of female entrepreneurship is being observed, and the intention is to further strengthen this trend and provide women entrepreneurs with incentives for independent growth and development," said Šaković.

She explained that the range of grants ranges from five to 30 thousand euros, while non-financial support is integrated through a mentoring program that was previously separate.

Šaković added that the financial support relates to the adaptation of space and the procurement of new equipment that is in the function of carrying out activities, including audio, IT and video equipment, in accordance with the activity codes for which procurement is permitted.

The committee members stated that they were satisfied with the decision to include the metal processing industry among the support priorities, as a sector with significant potential for productivity growth, import substitution, and stronger inclusion of domestic companies in regional value chains.

Advisor to the Rector for Financial and Economic Affairs at the University of Montenegro, Marina Banović, presented the program "Scholarships for the Best. Jobs with the Best", which has been successfully implemented for the second year in a row with the aim of connecting the economy and the academic community.

The program allows companies and institutions to provide scholarships to the best students in areas of importance to their business, with mandatory professional internships with the employer during their studies.

"The scholarships amount to 300 euros per month during the ten months of the academic year, while the selection of candidates includes academic success, innovation, participation in international programs and scientific research work," said Banović.

The program, according to her, contributes to the creation of quality domestic personnel and represents one of the answers to the challenge of the outflow of young and highly educated people from Montenegro.

The session also concluded that it is necessary to continue strengthening cooperation between institutions, the economy and the academic community, with further support for production sectors that contribute to long-term economic development.