AmCham’s fifth Business Climate Report presented at the event “Openly with the Prime Minister”

AmCham’s fifth Business Climate Report presented at the event “Openly with the Prime Minister”



AmCham’s fifth Business Climate Report presented at the event “Openly with the Prime Minister”

The overall business climate in Montenegro has been improved over the past two years, although there is significant space for further progress – it is one of the conclusions of the American Chamber of Commerce’s fifth Business Climate Report, which was presented at the Conference “Openly with the Prime Minister” on March 4, 2019. An interview, regarding key findings and recommendations of the Report, was held with the Prime Minister, H.E. Duško Marković.

The overall average grade of the business climate in Montenegro for the period 2017-2018 is 6.29, which represents an improvement compared to the assessment from the previous Report for the period 2015-2016, when it was 5.57.

AmCham’s President, Ms.Katarina Bulatović,presented to the participants key findings and recommendations, in order to create conditions for improving the business environment. 

-Representatives of the private sector need to be involved in the process
of drafting and adopting the laws and other regulations which influence the business environment at an early stage. Public hearings should be obligatory for decision-makers and should be done in a timely manner. Furthermore, fighting grey economy should be done in a more resolute manner, especially towards the subjects which are not registered for performing commercial activities, and the Labor Law should be harmonized with the best practice in the area of the EU labor regulations, said Ms. Bulatović.

One of the key findings refersto Digitalization of the public administration which should be set, as American Chamber of Commerce suggests, as one of the key priorities of the Government. By modernization of the state administration, through introduction of e-services, savings would be enabled through elimination of the parallel and overlapping processes; time needed for processing would be shortened; efficiency and
availability would be increased, as well as transparency and quality of the services provided to citizens and economy.

When it comes to creating a stable and predictable tax policy, it is expected from the decision-makers to timely announce tax changesin order to enable entrepreneurs to adapt themselves to the newly created conditions, the Report concludes.

In an interview between the Prime Minister, H.E. Duško Marković, and AmCham’s President Ms. Katarina Bulatović further findings of the Report were discussed. Prime Minister said to the business community that the economic results of the Government in the past two years are impressive; the most important thing is creating almost 11,000 new jobs, tourism is breaking records, and the Government is considering reducing the taxes and, at the same time, increasing the minimum wages.

-Since then, I personally undertook coordination with the inspection services in opposing the grey economy and the informal market. It gives results not only in the numbers and indicators, but also in the creation of a new motivational environment, where professionalism comes in focus and where people understand how important it is for the future of Montenegro and its citizens, the Prime Minister said.

Speaking about the fight against the grey economy, the Prime Minister pointed out that a successful economic and financial policy is a result of increased work of inspections, despite the lack of capacity.

Also, H.E. Judy Rising Reinke, the U.S. Ambassador to Montenegro,gave a speech on the Conference. The Ambassador pointed out that new road construction, renewable energy projects, projects in the tourism sector and new initiatives to encourage innovation – are all encouraging signs that the Montenegro’s economic future is bright, and added that AmCham has an excellent opportunity to provide a critical role linking the private sector with the Government.  

AmCham Business Climate Report in 2019, which covers a two year – period, is the fifth report of this kind that the American Chamber of Commerce prepared since it was founded in 2008.

The Conference was attended by representatives of the private sector, Government and diplomatic corps.

Full Report you can read HERE.