The Montenegrin ICT sector is one of the most dynamic and fastest-growing branches of the economy, showing continuous growth and outstanding results according to all available indicators, stated Nina Drakić, the president of the Chamber of Commerce (PKCG).
She mentioned, as reported by the PKCG, that the ICT sector has been achieving excellent results year after year.
The PKCG and the ICT Cortex cluster organized a presentation of the ICT sector analysis based on financial statements for the previous year.
The focus of the event was the ICT market over the past year, with particular attention to key trends and the potential for positioning the IT industry as a crucial development branch of the economy.
“Data from financial statements confirm this trend and indicate the immense potential the ICT sector has for the future development of our economy,” said Drakić.
The Chamber is committed to supporting all initiatives that contribute to the development of ICT and the digital transformation of the Chamber, public institutions, and the economy, recognizing that this is the key to sustainable growth and development.
“Our companies can develop advanced technological solutions that are competitive in the global market, increasing exports and reducing the need to import similar solutions. This not only strengthens our economy but also enhances Montenegro’s image as a technologically advanced country. Digitalization is an essential factor in modern business, and we are determined to restore Montenegro to a leading position in this process in the region,” stated Drakić.
The PKCG analysis reveals that a total of 2,860 companies operated in the sector last year, marking a 25% increase compared to 2022. These companies employ 9,590 workers, which is a 24% increase compared to the same period. They generated a revenue of 705.1 million EUR, an 18% increase, and a profit of 87.3 million EUR, which is a 13% increase.
Nada Rakočević, the Secretary of the Chamber’s Association Board, noted that there is significant potential for the government to stimulate the development of the ICT sector.
“This is a highly potent branch that can become a vertical branch of the economy,” Rakočević assessed.
Milena Aković, the Marketing Director of the ICT Cortex cluster, mentioned that one of the challenges in analyzing statistical data is that many IT companies are listed under the wrong business code and therefore are not part of the official ICT statistics.
“The ICT sector constitutes 11% of the gross domestic product (GDP) and employs 2.75% of the workforce. It is the fastest-growing sector in the past ten years, accounting for 25% of total exports and providing the fastest return on investment,” said Aković.
To create insight into potential results beyond statistics, certain companies were mapped, and the analysis was supplemented, which ultimately indicated that total revenue in the ICT sector exceeded 750 million EUR last year.
The event included a panel discussion on the topic “ICT – From Horizontal to Vertical Sector.”
Valentina Radulović, the moderator and director of the Science and Technology Park, stated that the ICT sector is making impressive progress.
“It is enough to say that it accounts for 25% of exports, while a decade ago this figure was ten times smaller. Now is the right time to consider what our next steps in its development should be,” Radulović said.
Ratko Nikolić, the Executive Director of BI Consulting, said that the ICT sector has quadrupled in terms of the number of companies and revenue compared to 2019.
“In 2020, the ICT sector surpassed trade in terms of revenue and was the only sector that did not experience a decline during the crisis. It is an industry that can ‘smooth out’ economic fluctuations in times of crisis,” Nikolić said.
Branimir Bukilić, the President of the ICT Association of the Chamber of Commerce, stated that the IT sector could grow further if it creates and exports its own products instead of “raw knowledge.”
“The idea is to convert the existing knowledge in our IT companies, which predominantly work on exporting raw knowledge for designers and innovators from other countries, into innovative projects and product creation. Let’s try to find ways to encourage them to develop and sell their own products,” Bukilić suggested.
During the panel, the importance of the S3 strategy was emphasized, as well as the need to create infrastructure for innovations and initiate a new cycle of entrepreneurial discovery.
