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Business news Montenegro and China Sign Cooperation Agreements on Economy, Agriculture, Culture, Wine Export Montenegro and China signed agreements on agriculture, economy, wine export and culture, on 30th March, in Podgorica. These agreements are expected to lead to even closer relations between the two countries and reflect a strong determination to boost already good and friendly mutual relations at all levels. It is an important fact that China’s foreign investments amounted to US $ 68 billion in 2011, and represented China as the world's fastest-growing major economy. Montenegro is, therefore, very interested in attracting Chinese investors; many have already been invited to take part in projects related to thermal and hydro power plants, tourism, maritime and road infrastructure. The Chinese Vice-Premier said that Montenegro had been a great partner to date, both politically and economically. Source: www.gov.me
IPA 2011 Financing Agreement Signed in Podgorica The Chief Negotiator for EU accession and the Director for Montenegro, Croatia, Macedonia, Turkey and Iceland at the Directorate General for Enlargement, signed the IPA 2011 Financing Agreement worth €43 million. It consists of €25.5 million in grant aid from the EU and €16.5 million contributed by the Government. The agreement envisages the implementation of 16 projects, all in areas that are of significant importnace regarding Montenegro’s EU bid. The IPA programme for Montenegro includes 3 priorities and 16 projects; all of these are to be enforced in the areas of rule of law, public administration reform, environmental protection, transport, agriculture and rural development, and social issues. The biggest project within the agreement, which is worth €9 million, is the construction of a waste-water treatment system for the municipalities of Bijelo Polje and Cetinje. Source: www.seenews.com
Set of Trainings within the Network of Mentors for Women Entrepreneurs With the purpose of supporting entrepreneurship and private sector development in Montenegro, the center for Entrepreneurship and Economic Development (CEED) in partnership with the Montenegrin Chamber of Commerce, financially supported by the EU (DG Enterprise and Industry), have started the project “Network of Mentors for Women Entrepreneurs in Montenegro”. The objective of the national network of mentors for women entrepreneurs is to encourage and inspire women to develop their own businesses through personal and professional development. Within the project, a set of trainings aimed to improve business skills are planned to be held by the end of the year. The next training Employment and Motivation of Key People in a Company is to be held on 28th of April, 2012 in Podgorica. Source: www.visit-ceed.org.me
Montenegro and Azerbaijan to Strengthen Cooperation Bilateral cooperation between Montenegro and Azerbaijan is very good; it should, however, be strengthened in the near future in areas such as the economy, culture and tourism. The appointment of a non-resident Montenegrin ambassador to Azerbaijan and the opening of an Azerbaijani diplomatic office will contribute to enhancing political dialogue and to promoting overall cooperation between the two countries. Azerbaijani investors are interested in Montenegro which has become a very attractive business destination. Source: www.gov.me
Gross Premiums for Insurance Amounted to €4.557 Million Gross premiums for insurance in Montenegro, in January 2012, amounted to €4.557 million. The dominant share of insurance that is not life insurance was still the major component of the gross premium total and represented 89.78%. The figure represented by life insurance was 10.22%. In the overall structure of gross premiums, the largest share was held by Lovćen which represented 44.4%. This was followed by Sava Montenegro with 17.18% and then Delta Generali with 12.88%. The three insurance companies that represented the highest total premiums on 31st January 2012, collectively held 74.47% of the market share. Source: www.portalanalitika.me
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April 2012
Business news International Food Fair in Budva During the three days of the International Food Fair in Budva, which took place from 21st24th March, a number of small and medium enterprises were introduced, as well as companies engaged in the food industry, hotels and other numerous entrepreneurs. The diversity and quality of products presented at the International Food Fair confirmed that agriculture is one of the most important sectors for the economic development of Montenegro, and that organic production definitely does have a future. Source: www.mipco.me
Montenegro Supports the Entrepreneurial Spirit of Young People The Prime Minister recently awarded the Best Ideas Prize for the project ‘Your IdeaYour Business’. The inititive was organized by the Small and Medium-sized Enterprise Development Directorate, the Employment Agency of Montenegro and the InvestmentDevelopment Fund, and was supported by T-com. The Prime Minister stated that the ‘Your Idea, Your Business’ Project proved that Montenegro, as a society, was aware of the value, innovativeness, creativity and entrepreneurial spirit of young people. Projects like this inspire future generations to be self-confident, capable and ambitious in order to succeed in a fastchanging global economy. Source: www.gov.me
Montenegro Ranked 46th in ICT Global Listing According to the latest ICT report, published by the World Economic Forum (WEF), Montenegro was awarded 46th place out of 142 countries. Out of a total of ten areas, Montenegro achieved its best result in the area of skills in sub-index readiness; here it took 28th place. This shows that Montenegro is one of the regional leaders in ICT, together with other ex-Yu countries; Slovenia 37th place, Croatia 45th place, Bosnia and Herzegovina 84th place, Serbia 85th place, Macedonia 66th place and Albania 68th place. Source: www.gov.me
Montenegro joins WTO
The First Building Society in Montenegro
On 29 April 2012, Montenegro became the 154th country to join the World Trade Organization (WTO) after the protocol signed on 17 December entered into power. WTO membership will certainly send a positive signal to foreign investors, cementing Montenegro as a place where rules and practices of international trade and commercial law are respected.
Italy's Intesa is ready to support the establishment of the first building society in Montenegro, according to the Chairman of the Board of Directors of the Montenegrin Fund for Solidarity Housing Development. One of the largest banks in the world, Intesa, is ready to become a shareholder of the future building society with a 30 percent stake.
Source: www.gov.me
Source: www.balkans.com
Montenegro and India are Ready to Cooperate India is ready to cooperate with Montenegro in all fields, especially in the field of politics and economy. In addition, officials from India were impressed with the progress Montenegro had made during its six years of independence; this also confirmed the progress it had made towards reaching its goals of EU and NATO membership. It is important for both countries to improve bilateral relations through the enhancement of economic cooperation, primarily in the areas of tourism and agriculture, and also in the energy sector. It was also emphasized that the formation of a mixed economic committee with India, including a framework for the intensification of economic contacts, was very important. Source: www.balkans.com
Fuel Prices Reach Record High The price of all fuel was most recently changed in Montenegro on 27th March; new record levels were reached. Petrol has gone up by six cents and diesel by five cents per liter. Unleaded Eurosuper 98 has risen to €1.52 per liter and Eurosuper 95 is now €1.49 per liter. Eurodizel and Eurodizel, both of which are intended for commercial purposes, will be sold at €1.36 or €1.15. Heating oil will be sold at €1.07. Maximum retail fuel prices in Montenegro will be harmonized every second Monday, and will depend on changes in the prices of petroleum products on international markets (Mediterranean Platt’s Ground) and on the currency exchange rates between the Euro and the American dollar. Source: www.portalanalitika.me
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