On November 13, Montenegro’s President Jakov Milatović attended the Entrepreneurship Day ceremony, where he presented awards recognizing business achievements in areas such as innovation, social responsibility and management improvements. The ceremony was hosted by the Chamber of Commerce of Montenegro.
Milatović expressed his pleasure at being among individuals dedicated to pushing forward toward greater success and new victories. He highlighted the record-breaking performance of Montenegro’s economy in 2023, noting significant profits by companies, tourism revenues exceeding pre-pandemic levels and a revived optimism for new investments. Milatović also emphasized the positive outcomes of reforms aimed at economic recovery, following the country’s severe downturn during the pandemic. The president noted that thanks to responsible management, Montenegro had achieved historic budgetary revenues and remarkably low national debt.
He stressed that all Montenegrins should be proud of the achievements, especially given the challenges faced by the economy, including labor shortages, infrastructure deficits, and difficult international conditions. Milatović acknowledged the added difficulties faced by businesses, citing administrative obstacles, lack of understanding from decision-makers, and new burdens that hindered growth. He emphasized his political mission to create a business environment where competition, knowledge, and determination drive success.
The president pointed out that the lack of substantial reforms leaves Montenegro’s economy vulnerable. He criticized state-owned enterprises, which, rather than driving development, often become economic burdens. He highlighted that the 50 largest state companies generated 1.2 billion euros in revenue and employed nearly 15,000 people, but many still drain public finances and create unfair competition.
Milatović also discussed the underperformance of this year’s summer tourist season, noting a decline in tourism revenues in the first three quarters of 2024, marking the first time since Montenegro’s independence (excluding the pandemic year of 2020) that tourism revenues have fallen compared to the previous year. He expressed concern that the government’s response to these challenges has been an increase in taxes, which could further jeopardize the country’s largest economic sector, while regional competitors are advancing.
He also addressed the manufacturing sector, which remains underdeveloped despite its vast potential, and lamented that the wine industry, a symbol of Montenegro’s economic and cultural pride, was being taxed under claims of its harm to health. Milatović reiterated that wine production is part of the nation’s Mediterranean tradition and identity.
The president expressed concerns over the proposed budget for the coming year, stating that it lacks a developmental focus. He argued that the capital budget, which should be 7% of GDP to accelerate economic alignment with developed European economies, was far below this threshold. He also pointed out that the realization of this year’s capital budget was only 50% of the planned amount for 2024, indicating inefficiency in infrastructure planning and investment.
Milatović concluded that the challenges facing Montenegro require collective action and bold decisions, stressing that the country’s economic resilience and commitment to European integration are key to overcoming difficulties. He urged everyone to continue working together to achieve Montenegro’s ultimate goal of full EU membership, which would be a pivotal step toward creating a modern, democratic, and prosperous state.
Finally, Milatović congratulated the award recipients, commending them for their leadership and vision. He emphasized that their success demonstrates that achievement is not about luck, but hard work and foresight. He expressed gratitude on behalf of the people of Montenegro for their contributions and closed by wishing success to Montenegro’s economy and its people.
