The Business Ease Index in Montenegro declined for the second consecutive year, reaching 6.4 according to the latest edition of the White Book published by the Foreign Investors Council (FICCG).
In the newly released 13th edition of the White Book – Investment Climate in Montenegro 2023, it is reported that this decline in the business ease index was evident across various industries.
There were exceptions, however, notably in the banking sector where improvements were noted, and the telecommunications sector which maintained its 2022 level. This publication, where 43 Council members representing over 30% of Montenegro’s GDP assess the business environment and identify key challenges, underscores the strategic insights provided over the years.
Tamaš Kamaraši, President of the FICCG Board, highlighted that the White Book has consistently provided analyses of market trends, opportunities, and challenges, guiding the development of Montenegro’s business environment.
The findings presented for the previous year were based on an enhanced methodology for data collection and analysis, Kamaraši emphasized.
The publication reveals that tourism and trade experienced a 0.4 decline last year, resulting in business ease indices of 6.7 and 6.6, respectively. The index for transport and logistics stood at six, reflecting a decrease of 0.6.
Council members in the manufacturing and energy sectors rated the ease of doing business at 5.5 for the past year, a 0.7 decrease from 2022.
There was noted improvement in the banking sector with a business ease index of 6.7, attributed to a 0.4 growth. The telecommunications sector maintained its index at 7.2, consistent with 2022 levels.
Kamaraši expressed optimism despite the consecutive decline in the business ease index, citing positive communication with decision-makers.
Looking ahead, he believes there is an opportunity for progress in the 2024 edition of the White Book, urging closer cooperation with the Government to implement outlined recommendations.
Finance Minister Novica Vuković announced that the Ministry will thoroughly review the recommendations from the White Book, emphasizing the Government’s commitment to fostering a business environment that attracts both existing and new credible foreign investors.
Vuković reiterated their goal to enhance the business environment, ensuring it supports modern and sustainable business models. Collaborating with the Investment Agency and other institutions, they aim to stimulate economic growth through new projects benefiting Montenegro’s state budget and overall economic landscape.
