MONTENEGRO BUSINESS SECTOR 2014 by CorD Magazine

MONTENEGRO

Milo Đukanović, Prime Minister of the Republic of Montenegro ■ Igor Lukšić Deputy Prime Minister and Minister of Foreign Affairs and European Integration of Montenegro ■ Vladimir Kavarić, Minister of Economy of Montenegro ■ Petar Ivanović, Minister of Agriculture and Rural Development of Montenegro ■ Branimir Gvozdenović, Minister of Sustainable Development and Tourism of Montenegro ■ Milojica Dakić, Governor of the Central Bank of Montenegro ■ Velimir Mijušković, President of the Montenegrin Chamber of Commerce ■ Miloš Jovanović, Director of the Montenegrin Investment Promotion Agency

Montenegro Business Sector 2014

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MONTENEGRO BUSINESS SECTOR 2014

Montenegro Business Sector 2014

R EGIONAL LEADER MIŠA BRKIĆ, journalist

EDITORIAL aim team

I NTEGRATION IS A GUARANTEE OF REFORMS

CONTENTS

ART DIRECTOR Ilija Petrović i.petrovic@aim.rs

MILO DJUKANOVIĆ Prime Minister of the Republic of Montenegro

PHOTOS Zoran Petrović TRANSLATORS Snežana Bjelotomić LECTURE Mark Pullen, m.pullen@aim.rs PROJECT MANAGERS Biljana Dević b.devic@aim.rs Darko Novaković d.novakovic@aim.rs Milica Pajić m.pajic@aim.rs Marija Savić m.savic@aim.rs Ivana Krsmanović i.krsmanovic@aim.rs

S USTAINABLE ECONOMIC PROSPERITY IGOR LUKŠIĆ, Deputy Prime Minister and Minister of Foreign Affairs and European Integration of Montenegro

EXECUTIVE DIRECTOR Ruža Ristanović r.ristanovic@aim.rs GENERAL MANAGER Ivan Novčić i.novcic@aim.rs

OFFICE MANAGER Nataša Nešić n.nesic@aim.rs

22 S TABLE FISCAL AND FINANCIAL SYSTEM VLADIMIR KAVARIĆ Minister of Economy of Montenegro

PRINTING Rotografika d.o.o. Segedinski put 72, Subotica, Serbia Montenegro Business Sector 2014 Published by: alliance international media

BRANIMIR GVOZDENOVIĆ Minister of Sustainable Development and Tourism of Montenegro

34 B UREAUCRACY STILL BURDENS BUSINESS

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PETAR IVANOVIĆ Minister of Agriculture and Rural Development of Montenegro

DUŠKO KNEŽEVIĆ, President of Atlas Group

48 P OWER OF SYNERGIES PROKOPIJE PERIĆ, Director for Economic & Commercial Affairs at Rokšped Group Podgorica

50 U NDERSEA CABLE FOR THE FUTURE

38 S PURRING AND MAINTAINING STABILITY

42 T HREE PILLARS OF DEVELOPMENT MILOŠ JOVANOVIĆ Director of the Montenegrin Investment Promotion Agency

26 I NVESTOR INTEREST GROWING

Makenzijeva 67, 11111 Belgrade 17, PAK 126909, Serbia Phone: +(381 11) 2450 508 Fascimile: +(381 11) 2450 122 E-mail: office@aim.rs www.allianceinternationalmedia.com ISSN no: 1451-7833 All rights reserved alliance international media 2014 THIS PUBLICATION IS FREE OF CHARGE

46 T HE FUTURE IS IN THE REGION’S COOPERATION

VELIMIR MIJUŠKOVIĆ President of the Montenegrin Chamber of Commerce

MILOJICA DAKIĆ Governor of the Central Bank of Montenegro

FINANCIAL DIRECTOR Ana Besedić a.besedic@aim.rs EDITORIAL MANAGER Tanja Banković t.bankovic@aim.rs

30 M EETING INVESTORS REQUIREMENTS

IVAN BULATOVIĆ, Executive Director of CGES – The Montenegrin Electrical Transmission System

52 C ONNECTING FOR THE FUTURE ZORAN SEKULIĆ, Executive Director of the Montenegrin Agency for Electronic Communications and Postal Services

54 E VERYTHING POINTS TO PROGRESS Analysis

56 T HE PEARL OF THE MEDITERRANEAN 45 S AFETY ABOVE ALL ELSE BORIS ŠABAN Executive Director of the National Insurers Bureau of Montenegro

Tourism

generali.rs

COMMENT

Regional

LEADER

f there were any sceptics until now – after the opening of the Re- every year, where investors feel comfortable, forming a favourable gent Hotel and Residences – there shouldn't be any longer, be- business climate for the “growth” of profits. Dedication to reforms is reflected in often painful fiscal adjustcause it is without doubt that the luxurious super yacht marina Porto Montenegro, with all its amenities, has definitely changed ments (mostly focused on reducing public expenditure and carrythe perception of Montenegro. ing out structural reforms), strengthening the rule of law in all Nowhere else – not Budva and not even Sveti Stefan – has de- aspects, WTO membership etc. The negotiation processes with the fined the new tourism position of Montenegro as Porto Montenegro. EU and NATO have been used to make significant internal modThis marine-business-residential complex cured all the “doubting ernisation, extending community, economic and political reforms Thomases” of their provincial complex, because whoever strolls that also enabled significant progress in all areas. The euro was there can assure themselves that Montenegro has become part of introduced as the official currency, a very competitive tax system the modern and developed world. was created, a skilled and relatively cheap workforce exists, there If this is the model according to which Montenegro will develop is a liberal legal framework, the free flow of goods and capital, good – and similar projects following this model are already being imple- transport links etc. The result of all of these efforts is stable economic growth, public mented (or are in the final stages of preparation) Luštica Bay, PortoNovi, Queen's Beach (Kraljičina plaža), Long Beach (Velika plaža), finances in better shape than many economies in the region, and a very open and competitive economy. Ada Bojana, Valdanos, Maljevik-Bar, This has not gone unnoticed. EcoLodge Vranjina, Bigovo-Trašte, The result of all of these Today Montenegro is ranked 44th Flower Island (Ostrvo cvijeća) – then efforts is stable economic out of 189 economies rated on the there's no doubt that better days and growth, public finances in basis of the World Bank’s Doing economic prosperity are coming for Business Report. And this report is Montenegro. better shape than many Among other factors, three billion economies in the region, and one of the most serious indicators for investors regarding where it is of announced and initiated investa very open and competitive best to invest their capital. ments were a sufficiently convincing economy However, the Montenegrin govargument for global business tourism circles to define Montenegro as the ernment does not satisfy the accomfastest growing investment destination in the field of tourism. plished – new “fashion” of Montenegrin civil servants to be more However, tourism it is not the only economic branch to be going subservient to investors, to go further to meet the needs of investhrough an investment boom. According to announcements from tors, and for the system to be set up in such a way that the inthe business community, Montenegro is also becoming an attrac- vestor is offered all kinds of benefits. By listening carefully to the tive destination for investments in energy, infrastructure and agri- impressions and suggestions of foreign investors, the Montenegro authorities realised the need for additional systemic measures to culture, while there are also intentions to invest in the IT business. While the economic crisis is still raging in the region of South- improve conditions for doing business. And they are not working east Europe, Montenegro is profiling itself as a country blooming diligently in that. That’s why it is unrealistic to expect that in the next two-year with economic growth and attracting FDI as the only actual “properiod net FDI will grow significantly and could reach 15.7 per cent ducers” of new jobs. The credit for its leadership position in the region is not accidental. of GDP. This is not yet like the period of great economic expansion The Government of Montenegro, persistently and with dedica- (25% of GDP), but in Montenegro they believe it is worth committion, creates an increasingly stimulating business environment ting to reforms, modernisation and Euro-Atlantic integration. ■

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Montenegro is a country blessed with the best of nature. Its 293km stretch of coastline is dotted with scenic beaches that cover a good 73 km.

The Crnojević printing house, or Obod printing house, was the first printing house in Southeast Europe; the facility operated between 1493 and 1496 in Cetinje, Zeta. It was founded by Đurađ Crnojević, the ruler of Zeta between 1490 and 1496.

The major Montenegrin industries are tourism, steelmaking, aluminum and food processing. The country's major trading partners are Serbia, Italy, Croatia, Hungary and Germany.

The name Montenegro comes from the Italian translation of Monte Negro, meaning Black Mountain, originally named Crna Gora after a small strip of land of the Pastrovici in the late 14th century.

‘Oro’’ – traditional Montenegrin dance originates from Old Montenegro, while Montenegrin national costume is counted as one of the most luxurious in the world.

The largest city and capital is Podgorica, with about 160,000 inhabitants, followed by Nikšić, Bijelo Polje, Pljevlja, Herceg Novi, Bar, Cetinje, Berane and Ulcinj.

Lake Skadar is a cryptodepression, which means that its bigger portion is below sea level. It is known for lake nutmeg, so called kasaronji, that grows only in its water, which is also the case with a type of carp and bleak.

According to a study conducted by the World Tourism and Trade Council a few years back, the country of Montenegro is fast emerging as one of the most popular tourist destinations in the world today.

INTERVIEW

Integration is a Guarantee of

REFORMS

MILO DJUKANOVIĆ PRIME MINISTER OF THE REPUBLIC OF MONTENEGRO

We can already say now that, with the realisation of initiated and planned projects, Montenegro will be one of the fastest growing investment destinations in the region. I am primarily directed towards such optimism by an awareness of unused resources in the fields of infrastructure, energy, tourism and food production. Likewise, my optimism also stems from the presence of renowned investors in Montenegro, already signed contracts and already launched projects that are being implemented here

he economies of a large number of countries in the world and Europe are slowly emerging from the crisis, while in the region it continues unabated. Montenegro, as a small and open economy, is highly exposed to exogenous shocks, but regardless of that, we're talking about a country that is working on the process of Euro-Atlantic integration and in that it is perhaps the fastest in the region. To discuss the economic situation in Montenegro, its European and Euro-Atlantic future, further aspirations and prospects, we speak to the country's Prime Minister, Milo Djukanović. ■ How would you assess economic trends in Montenegro today? - The world's economy is recovering. Global economic growth will

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be higher than in previous years. It is estimated that it will reach 3.6% in 2014. Of course, the biggest contribution to global growth "comes" from emerging economies (emerging markets) such as China and India, while growth in the most developed economies is more moderate. Although risks are still present, the eurozone economy is on the road to recovery. It is estimated that after last year's recession - a drop of 0.5% - this year the eurozone economy will increase by 1.2%. Those are also encouraging indicators for our region - the Western Balkans and the Montenegrin economy, which to a large extent is dependent on global, and particularly European, economic developments. The Montenegrin economy and our entire region – through trade, investment and tourism flows - mostly address the

CRISIS

MAASTRICHT

INFRASTRUCTURE

Now I can announce with certainty that Montenegro has weathered the economic storm without major consequences.

From this year already Montenegro will be within the Maastricht rules and thus further strengthen its fiscal position and financial market reputation.

High quality infrastructure will not only bind us together better economically and bring us closer to bigger markets, but will also contribute to political stability.

European market. Thus, as a result of the financial crisis, reduced small open economy that is predominantly service orientated. Also, investments, freezes on credit and deposit withdrawals, 2009 was the need for infrastructure investment means higher government one of the worst years in recent economic history, with a drop in real spending, but also more imports of materials, equipment and other GDP of 5.7%. The following year was marked by efforts to stabilise products most of which are not produced in the small Montenegrin the macroeconomic situation, to adapt to public policy in the new economy. Therefore, major public and private investments in the fucontext and to undertake necessary reforms that will strengthen ture will certainly mean pressure on government spending and presand accelerate economic development. sure on the current account deficit. For us, as decision makers, it is Now I can announce with certainty that Montenegro has much more important how and on which projects public money is weathered the economic storm without major consequences. spent. It is crucial that government investments are sustainable and Economic substance has been preserved, the loss has been offset contribute to economic development. It is also important whether or â&#x20AC;&#x201C; unemployment did not increase signot we've created an environment for the private sector to focus their spendnificantly with the decline of GDP in 2009. We used the time, recognised ing on productive investments. the new situation and, through fiscal However, I want to point out that consolidation measures, structural rethe Government has recognised the budget deficit problem and the risk form and improving the business enof public debt growth and last year, vironment, made ourselves stronger through fiscal consolidation measand more competitive. Last year economic growth was restored and stood ures, reduced the budget deficit to at 3.5%, which is expected to be up below 4% of GDP. This year it is estiagain this year. mated that the deficit will amount to In the following medium term, less than 2% of GDP, while our intenuntil 2017, we will come to faster tion is for the budget to be in surplus growth of the Montenegrin economy, in the medium-term. At the end of due to strong growth in investment April 2014 public debt totalled 56% activity and engagement of local of GDP and, according to the public potential, primarily in the construcdebt strategy, it will not exceed the amount of 60% in the coming years. tion and related trade sectors, transThis means that from this year alport and extraction of minerals and stones. In this period we envisage a ready Montenegro will be within the Dynamic economic growth strong contribution of the tourism Maastricht rules and thus further usually carries with it sector and complementary sectors, strengthen its fiscal position and fiimbalances, especially in alongside a reliance on agriculture nancial market reputation. terms of the current account from domestic sources. A moderate increase in lending activity is also â&#x2013; Are you satisfied with the pace deficit and particularly for expected. The average GDP growth at which Montenegro is fulfilling a small open economy that rate for the 2014-2017 period will be the requirements of European inis predominantly service 3.7%. In the current context, this is a tegration? orientated good result, but I believe we have the - Montenegro, eight years after the resresources and know-how to create toration of independence, can boast of the conditions for the Montenegrin economy to reach a potential the fact that today it is the only country which is both in the final growth rate of 5% in the coming period. stages of the process of integration into NATO and a successful negotiation process for EU membership. â&#x2013; The EBRD and IMF have warned that the country is still We have completed the negotiating structure, which includes suffering from a high current account deficit and rising pub- civil society, and we have successfully completed the screening lic debt. How do you see that problem and what is the Gov- phase. So far we have opened negotiations on nine chapters, two of which we have temporarily closed. We exert maximum effort in orernment doing to reduce them? - Dynamic economic growth usually carries with it imbalances, es- der to continue our good trend in the negotiation process. We expect pecially in terms of the current account deficit and particularly for a to be in a position to open all negotiation chapters in which we have MONTENEGRO BUSINESS SECTOR 2014

no initial criteria i.e. the remaining 13 chapters, by the end of 2014. The government has also adopted the Programme for the Accession of Montenegro to the European Union for the 2014-2018 period (PPCG), which represents the basic strategic document in the field of European integration. This is a document that envisages, in a thorough and comprehensive manner, the measures necessary in order to fully comply with the EU acquis, administrative capacity building for its effective implementation, devising an appropriate strategic framework for all the chapters of the acquis, as well as calculating the costs of achieving these activities. Considering this, we can express our complete satisfaction with the pace of progress towards the EU, especially bearing in mind that through deadlines we have always confirmed the quality of our reform process.

compared to last year and an improvement of over 40 places compared to a few years ago. What is even more important, the inspiring business environment in Montenegro is recognised by both local and foreign investors. The number of investors from over 100 countries around the world, and the amount of their investments, rank Montenegro among the countries with the largest amount of investment per capita and as a share of GDP. Credit for this result certainly goes to our geographical position and the resources we possess, but it primarily goes to the institutions we are building and the political stability and security that we have managed to preserve even in the most difficult times in regional conflicts. Furthermore, we are improving the business environment, reducing transaction costs, removing barriers and bureaucratic costs. The Euro, as our official currency, the free trade agreements we have signed and the free flow of capital, ensure we are much bigger than the local market. We have recognised the problems faced by investors, especially in the area of insufficiently developed infrastructure, a lack of connectivity and the availability of Montenegro as an investment and tourist destination, inefficient government, especially local Porto Montenegro is the administration, and barriers that exist in the area of contract enforcement, isfirst major new project in suing building permits and the cadasMontenegro when it comes tre system. We are working systematito tourism and we could say, cally and continuously to eliminate all with the entry of Aman to these restrictions and problems.

■ How much has the European integration process helped Montenegro to stabilise as a society and stabilise its economy? - The issue of Montenegro's membership in the EU is perhaps the only issue characterised by general social consensus and agreement of all political entities in the country, which results in high public support for the realisation of this important foreign policy priority. We perceive integration into the EU and NATO as the best framework for implementing necessary reforms, which are a prerequisite for further economic development and achieving a European quality of life for our citizens. Sveti Stefan and Miločer, In the first half of its term, in tan■ You have announced that the that it in fact represents a government is this year focused on dem with the implementation of the milestone in the nation's eliminating barriers to doing busiEU and NATO agendas, the governstatus as a high-quality ment has also been focused on mainness. What does that mean exactly and how much progress has been taining stable public finances, structourist destination made so far? tural reforms, improving the business environment – all with the aim of securing strategically important - The Government of Montenegro, led by the current economic foreign investments. We are convinced that comprehensive reforms policy, and considering its role in facilitating the growth of the priand harmonisation with EU standards will contribute to further vate sector through incentives in the regulatory environment, has strengthening our institutions, creating a faster and more efficient launched radical reforms to encourage businesses to invest and administration and general progress in all spheres of society. grow. The state sector is aware that increasing the cost of doing business will mean entrepreneurs find it difficult to succeed on the ■ How do you see the economic environment in Montenegro; market. Montenegro's efforts to implement reforms in the area of how enticing is it for investors and what does it lack in order creating a stable business environment have also been recognised to be more attractive? in international reports. - According to the evaluations of relevant institutions like the World An improved position in the international context provides Bank and the World Economic Forum, the economic environment enough room for the promotion of Montenegro, particularly in the in Montenegro is constantly improving. Thus, for example, the context of a better picture of the investment climate for foreign inWorld Bank's latest report on the ease of doing business ranked vestment. In this field significant reform steps have been achieved Montenegro 44th in the world, which is an improvement of 7 places that are aimed at strengthening competitive advantages, primarily 12 | MONTENEGRO BUSINESS SECTOR 2014

in regional terms. Reports have identified low or critical areas that should be the focus of attention for the next period, which is certainly in line with commitments to our economic policy. The reforms that have been implemented by the government, and those currently being implemented with the aim of eliminating barriers to doing business, relate to the improvement of procedures for business registration, construction permits, accessing credit, paying taxes, registering property, enforcing contracts, administrative procedures, and the like. In addition to this, another recognised priority is the obligation to establish a more efficient state administration, which will accelerate the realisation of all aforementioned activities, and which was officially set as a task of the government through the adoption of the document "Plan for the reorganisation of the public sector."

now represents an insoluble problem without the help of developed countries. Logically, this means primarily the EU, because we are part of European security and economic frameworks. Montenegro, once the least developed country in the former Yugoslavia, is today at the forefront of the region, as illustrated primarily by the tripling of GDP, increasing foreign direct investment and the stage of the integration process in which we have moved ahead of our neighbours, if we exclude Croatia, which is already a member of NATO and the EU. However, we are only at 20 per cent of the average living standard in the developed countries of the EU. NATO and EU integration are political priorities and strategic objectives for Montenegro, but not in and of themselves. Rather, this is precisely so we can confirm our security, strengthen stability and improve the rule of law and institutional effectiveness. We understood NATO and EU integration as a tool - an instrument to accelerate our economic development. Here we must consider that membership in the European Union and NATO is not being imposed on Montenegro, rather that's our choice, primarily because Montenegro and the region are a natural part of Europe, Mutual agreements on free which should be referred to in the first person plural. So, "us" Europeans. The trade, but also free trade European Union is our choice, while agreements with the EU, we perceive the standards we should make trade and investment achieve on that road as an added value flows easier and with lower and not as an "imposed task."

■ What needs to be done in order for Montenegro to achieve higher than conventional growth rates? - We need to work more and with more quality; to attract as many reputable foreign investors as possible in a competitive environment; to promote the further development of domestic entrepreneurship and SMEs by eliminating recognised limitations, the hardest of which is the level of entrepreneurial culture. Only then will valuable foreign investments be fully effectuated. And the most crucial step in this direction is further thoughtful and courageous education reform. Of course, we must improve institutional transaction costs, while our effectiveness on a daily basis, continue ■ Despite being initially chalindividual local markets with structural reforms and improve lenged and viewed with suspicion, become part of a much larger the Porto Montenegro project the business environment. With conEuropean market has become a globally recognised tinuous investment in infrastructure brand. Following this example, development and sustainable exploitation of real development resources, I am convinced Montenegro other similar projects are planned. How far advanced are the implementations of the projects Plavi Horizonti, Kumbor will realise very dynamic growth and development in the future. etc.; and what's next after that? ■ Do you agree with the Wall Street Journal's John Fund, - Porto Montenegro is the first major new project in Montenegro who assessed Montenegro as the economic leader in the when it comes to tourism and we could say, with the entry of Aman region, but said that the EU could help improve the coun- to Sveti Stefan and Miločer, that it in fact represents a milestone in the nation's status as a high-quality tourist destination, while the try's legal system? - The EU can also assist in improving the legal system and in encour- project also serves as an example of the successful conversion of miliaging the development of Montenegro and the region of the Western tary property into a resort and is often a topic of conversation among Balkans. I'm afraid that the European integration strategy for our professionals in the real estate sector. region is too defensive. From this follows a reduced and therefore Right after the successful implementation of this really impreserroneous plan of establishing legal order in the Balkans as an au- sive project, the implementation of other projects began and these tonomous target. The Balkans are not predetermined for crime, cor- are now also important projects for Montenegro in the field of tourruption and violence, but rather this is all a result of economic and ism and real estate. democratic backwardness that deepened so much over time that it With the goal of further developing existing projects and MONTENEGRO BUSINESS SECTOR 2014

launching new ones, Montenegro is striving to attract investors who raise the standards and who, as operators, follow the trends of well-known hotel brands. The more significant tourism projects that are underway or are in the final stages of preparation are: Luštica, PortoNovi, the Aman resort, Queen's Beach, Blue Horizons, Maljevik – Bar, EcoLodge Vranjina, Bigovo-Trašte, Bjelasica and Komovi. Here the stand-out project is first and foremost the Luštica Bay project, where the investor is the Swiss-Egyptian concern Orascom and where the total investment is around €1 billion. Next is PortoNovi in Herceg Novi, which has a value of over €500 million and, of particularly importance, when the complex opens in 2016 the operator will be one of the world's most prestigious brands: One and Only.

awareness of untapped resources in the fields of infrastructure, energy, tourism and food production. Likewise, my optimism also stems from the presence of renowned investors in Montenegro, already signed contracts and already launched projects that are being implemented here

■ What needs to be done within Montenegro to reduce the gap in the level of development between the north and south of the country? - The gap between the north and south of Montenegro is one of the few constants and is a result of social industrialisation, which does not mean that at some point there won't be a reversible process in the sense that the northern region, which is extremely rich in energy, agriculture and tourism potential, could capitalise on its comparative advantages. What the state can and should do is build high-quality infrastructure in order for the north to be more accessible and closer to not only the centre and south of Montenegro, but also a larger market. State and local government must arrange planning documents and create the conditions for investment. Moreover, through strategic partnerships, public-private partnerships and concession arrangements, the state and local governments must put into operation the natural resources that the north possesses. And it is precisely in these areas that the efforts of the government are focused. We will soon start a highway project that needs to connect the north of the Also of great importance is the proWith the vast natural state, and Montenegro as a whole, to key transject Plavi horizonti (Blue Horizons) in Tivat, where the investor is renowned resources we possess, port corridors. We are in the process of choosing global company Qatari Diar. Open but also good policies partners for the construction of block II of the property issues have been overcome thermal power plant and have selected dozens of in terms of institution and planning documentation is harmoconcessionaires for small hydro power plants in building and a good the north. Through spatial plans and investment nised, so that conditions have been created for the effective implementation of business environment, in infrastructure, we are creating the precondithis important project. tions for private investment, especially in the I am sure we can I would also mention implementourism and food production sectors. become the most I certainly have no illusions that regional tation of the future Kraljičina plaža dynamic part of the differences can be completely "ironed out", de(Queen's Beach) project, where the investor will be the Royal Group from the spite all the efforts and strategies we are making. European continent UAE, which will undoubtedly signifiThere will always be more or less developed recantly raise the overall level of the tourist offer of Montenegro. gions and municipalities. All forms of administrative equalisation In the tourism development plan additional attention is paid usually come at the expense of overall backwardness and impovto the north, so a significant part of public works planned for the erishment. The EU has also defined dozens of regional strategies, next year are directed towards that region. We have intensified our yet the differences between the EU's most developed and least deactivities aimed at improving and building transportation, utilities veloped regions are still huge. However, in Montenegro we can and and energy infrastructure in this part of Montenegro and we believe must create conditions in order to make better use of the resources the time is right, following that state investment, for high-quality we have in the north and, as I said previously, this is part of governprivate investors, primarily foreign, to show interest in investing in ment policy and the efforts we are exerting. that part of our development resources in tourism and agriculture. Considering all of the aforementioned, we can already say that ■ How would you assess regional stability and cooperation, with the realisation of initiated and planned projects, Montenegro as an important prerequisite for attracting new investment will become one of the fastest growing investment destinations in to the region? the region. I am primarily directed towards such optimism by an - As being critically important. Regional stability and good neigh14 | MONTENEGRO BUSINESS SECTOR 2014

■ On what do you base your optimism that the Balkans can be the economically most dynamic part of the European continent? - The Western Balkans sadly missed out on the "golden transitional years" that were used by the countries of Central and Eastern Europe. And while Poland, the Czech Republic, Slovakia and other transition countries developed economically and joined the EU, our region stumbled into regional disputes and conflicts. ■ Does it seem to you that the region That's why, despite a short period of dylacks joint projects that would, on the namic economic growth, we were left with The Western Balkans one hand, raise the competitiveness low and middle-income countries "in the sadly missed out on the process" of integration. However, never of individual countries, while on the other hand being easier to attract main history has the Western Balkans been "golden transitional jor foreign investors? years" that were used by more developed and stable. I would say that it's also never had better prospects - That's right. And that's why I advocated the countries of Central of approaching the standards of the most at the regional investment conference and Eastern Europe developed countries. Intergovernmental in London, which was organised by the cooperation has advanced. All states are EBRD at the beginning of the year, for better and closer regional co-operation, but also for the support in the process of EU integration. Mutual agreements on free trade, of international institutions, especially the EU, EIB and EBRD, in but also free trade agreements with the EU, make trade and indefining and financially supporting the implementation of priority vestment flows easier and with lower transaction costs, while our infrastructure projects in the region. This is because high quality individual local markets become part of a much larger European infrastructure will not only bind us together better economically market. With the vast natural resources we possess, but also good and bring us closer to bigger markets, but will also contribute to policies in terms of institution building and a good business envipolitical stability. I think Europe also needs to recognise its political ronment, I am sure we can become the most dynamic part of the and economic interests in this. European continent. ■ bourly relations are a prerequisite for investment and economic development. I always highlight this fact – both in conversations with my colleagues from the region and in talks with representatives of the international community. I am pleased that everyone recognises Montenegro as a good example of a state that managed, even in the most difficult times, to maintain stability and multi-ethnic harmony and as a country that builds the best relations with its neighbours.

MONTENEGRO BUSINESS SECTOR 2014

INTERVIEW

Sustainable Economic

PROSPERITY IGOR LUKŠIĆ DEPUTY PRIME MINISTER AND MINISTER OF FOREIGN AFFAIRS AND EUROPEAN INTEGRATION OF MONTENEGRO

Both integration processes – with the EU and NATO – mean a better quality of life for our citizens, increased safety and security and, thus, political stability and more opportunities for sustainable economic prosperity in the long term. All this negotiating work has been followed by extensive social, political and economic reforms, which also enabled significant improvement in all areas

his spring Montenegro was alive with diplomatic activity. First Deputy Prime Minister Responsible for European Integration, Igor Lukšić, visited the United States, Canada, Germany etc. and he sees nothing extraordinary in that, as diplomatic activity is always of a high intensity as a result of the integration agenda that is dynamic and the circumstance of Montenegro being a small country, which implies the need to more frequently present its views. The road towards the EU and NATO is conditioned by the need to work increasingly towards individual member states and in that way secure from all relevant addresses a full understanding of Montenegro's results and efforts of Montenegro on the internal reform front. "In this regard our recent conversations in Romania, Germany, Italy, the United States, Canada and elsewhere, although only part of a continuous dialogue at all levels with these and other countries, during these months have a certain specific gravity for Montenegro and realizing the priority objectives of our foreign policy, i.e. membership in NATO and the European Union. Undoubtedly, the result is undivided understanding and support for Montenegro from these and other countries and, more importantly, their clearly stated intention, precisely due to their recognition of the importance of the

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results achieved at the national level, to continue strengthening European and transatlantic partnership with our country, through all meaningful programmes of bilateral and multilateral cooperation," says Igor Lukšić, First Deputy Prime Minister of Montenegro Responsible for European integration. ■ Could you assess the integration journey to date and tell us what EU and NATO integration means for Montenegrin society? - When it comes to the EU, we have opened and provisionally closed negotiations on two negotiating chapters and opened nine, including two of the most challenging. By improving the negotiation process, the EU has changed the bargaining strategy and insists on starting negotiations on the chapters relating to the rule of law. We are dealing with that, responsibly and in accordance with the deadlines, always insisting that we are very aware that the rule of law is one of the biggest challenges for our internal development and, as such, we should not see it as an imperative someone is imposing on us, but rather as an obligation to secure a higher quality of life for our citizens. When it comes to NATO, we strive to meet the prerequisites in order to encourage debate on enlargement at the summit in Wales.

INVESTMENT

NATO

UKRAINE

Investors increasingly perceive the advantages of Montenegro, because it is a new, open market.

During the past few years we have worked diligently on four priorities that our NATO partners insisted on.

Montenegro is committed to peaceful resolution between the parties in dispute and the conflict.

■ What are the further activities in 2014 when it comes to the realisation of measures from the action plans for negotiating chapters 23 and 24, and what do you expect as a reaction from Brussels on the submitted negotiating positions? - As a key activity by the end of the year, I can single out adoption of the Law on Prevention of Corruption, which will be the basis for further establishment of an anti-corruption agency, adoption of a law that will govern the issue of caring for seized assets, which will create conditions for the establishment of a body to deal with these issues, ■ Can you more tangibly explain the fields of Euro-Atlantic while we are also planning the establishment of the Special Prosecuintegration where Montenegro tor's Office for the fight against organhas made progress? ised crime and corruption, for which - Montenegro is currently successfully legislation that will regulate this issue implementing the IV Annual National has been drafted. Programme (ANP) in the framework By the end of the year we also exof the Membership Action Plan (MAP), pect to complete the legislative framewhich was presented to NATO in Bruswork for a number of areas, such as the judiciary, where the final amendments sels on 28th October 2013. We are fully of the four laws governing the organicommitted to the implementation of reforms in key areas for integration into sation of the judiciary will create conNATO, in order for us to show clear ditions for the full independence and progress and readiness for memberaccountability of the judiciary. In the area of anti-corruption, we ship: the rule of law, public support, as expect adoption of the Law on Public well as further reform of the security Procurement, the General Adminsector. We expect NATO’s report on Montenegro’s progress in the IV ANP istrative Procedure Act, the Law on to be positive and clearly confirm our Combating Conflict of Interest and the The EU's negotiating strategy progress in all fields. Law on Lobbying. We also expect the has changed and it insists strengthening of the capacity of ceron starting negotiations ■ The anniversary of the formatain institutions – such as the Ombudstion of the negotiating strucman for Human Rights and Freedoms, on the chapters relating the Police Administration and the ture for talks on the accession to the rule of law. We are Prosecutor's Office – to follow. of Montenegro to the EU was handling that responsibly recently marked. What results and in accordance with the have been achieved? ■ You recently mentioned that - During the first two years of nethere are challenges ahead for Mondeadlines gotiations we established a quality tenegro. What are those challenges? negotiating structure that comprises 1,300 people from various - I would say that our foreign policy challenges simultaneously also professional profiles and who come from all social groups, as well represent our chance for a better, safer and more prosperous future as completing the so-called screening process. All this negotiat- for our citizens. This year will be packed with such challenges for us. ing work was followed by extensive social, political and economic First, we will strive to open as many negotiating chapters as possible, reforms, which also enabled significant improvement in all ar- in order to maintain the pace of our accession negotiations, but also eas. The results of our work have been recognised by EU member to implement the necessary internal reforms. We understand fully states and have enabled us to temporarily close two negotiating the responsibility we have as the first country to start negotiations chapters and open negotiations on seven chapters. It is particu- under a new approach, as Montenegro can influence other aspiring larly significant that in the framework of the new approach we countries to start the reform of their society and accelerate progress opened Chapter 23 - Judiciary and fundamental rights and Chap- towards the EU. What awaits us at the NATO summit in September ter 24 - Justice, freedom and security, which represent the foun- in Wales is no less important, for which still do not know if there will dation of the rule of law. In the near future I expect the opening of be a summit on enlargement. Our Euro-Atlantic ambitions are motivated primarily by the need to another number of chapters.

We set our goal very ambitiously. In 2006 we embarked on the road of cooperation through the Partnership for Peace and now we are currently implementing the fourth annual action plan. During the past few years we have worked diligently on four priorities that our NATO partners insisted on, as the priorities of our integration agenda. Both integration processes mean a better quality of life for our citizens, increased safety and security and, thus, political stability and more opportunities for sustainable economic prosperity in the long term.

MONTENEGRO BUSINESS SECTOR 2014

ensure the future of our citizens, not only in the area of security, but also in the economic and political fields. That is important for our region. ■ How do you evaluate the results of the National Convention on European Integration project? - The NCEI Project has a long-term, positive impact on reform processes in Montenegro. Primarily, it has contributed to the networking of experts from the public, private and civil sectors and a constructive exchange of views, which was its purpose. This contributed to the strengthening and better use of human resources in the activities of the working group, as well as identifying challenges in certain areas in the direction of achieving the highest possible quality of implementation of the strategic national policy on the road to full EU membership. What is most important is that this project has contributed to unifying the most important resources we have, people, and to directing our knowledge, experience and energy towards achieving common goals.

contributes additionally to the security of the region. Certainly today there is nothing else that could have such a favourable effect on our political stability and security, while simultaneously providing a strong contribution to regional stability. ■ On the basis of the entire introduction you have, what are your expectations for the September Summit and the chances that Montenegro will receive an invitation to join NATO at the summit in Wales? - Montenegro plays a very important role in promoting regional peace and stability, which is recognised by our NATO partners, along with our commitment to carrying out reforms in four key areas. At this moment, the nature of the summit has not yet been determined, i.e. whether it will be a summit on expansion or consolidation. If NATO allies decide to include the topic of expansion on the agenda, we believe that Montenegro, as the most prepared candidate, can expect adequate affirmation of our efforts.

■ How much truth is there in the ■ How do Montenegro’s European claim that adjusting to Euro-Atand international partners assess lantic standards is more important The messages we receive, the country’s progress toward than receiving a formal invitation? and the strong support on building a society that adheres to - It is certain that receiving an inviEU standards? tation for membership is important our road towards the EU - Montenegro has very seriously and in itself. But the essential process of and NATO, tells us that the responsibly approached reform activiadaptation to NATO standards both international community is promotes and enhances our interties in the European and Euro-Atlancounting on Montenegro as a nal reform, which is important from tic integration processes. Although we are still confronted by an importhe aspect of European integration, credible partner especially in the context of chapters tant part of the road and a huge job, we can praise ourselves for carrying out all previous phases efficient- 23 and 24. Of course, it is important that our progress is also ly and effectively. It is precisely the results achieved, both in terms of recognised at the most important events that will follow and that the implementation of essential reforms in the fields of politics and we believe we are ready to receive an invitation, but we are not economics, and all others, as well as in terms of strengthening good implementing reforms because of form, but rather because of neighbourly relations and regional cooperation, that have formed their essential nature, which means a safer and more prosperous the basis for the advancement of Montenegro on its European path. future for our society. Our efforts in this direction have also been recognised by European and international partners. The messages we receive, and the ■ In Washington you participated in a debate on the consolistrong support on our road towards the EU and NATO, tells us that dation of southern Europe and you stressed that "the job in the international community is counting on Montenegro as a cred- the Balkans is not yet finished." What in your opinion still ible partner and that it wants to see us in the company of the most remains to be done in the Balkans? - I think the experience in the Western Balkans shows that, historideveloped countries. cally speaking, the key issue in this region is the issue of securing sta■ How would Montenegro's membership in NATO impact on bility. From this problem arise problems of insufficient economic and the country’s political stability and security? democratic development and then from that, of course, all that we can - For a country like Montenegro, participation in a collective se- see on the surface - crime, corruption, violence and everything else. curity system is the only logical way to improve security. NATO With this in mind, we must return to solving the underlying problems. membership is a long-term guarantee of sovereignty and territorial For us there is an equals sign between the stability of the Balkans and integrity, security of citizens and a prerequisite for sustainable eco- its integration, but also economic development. There can be no Euronomic development that also opens the door to EU membership and pean and economic stability without stability in the Balkans. 18 | MONTENEGRO BUSINESS SECTOR 2014

MONTENEGRO BUSINESS SECTOR 2014

■ As Minister of Foreign Affairs you are also in a position to speak with business communities worldwide. What are their impressions of Montenegro as a destination for doing business? - I think investors increasingly perceive the advantages of Montenegro, because it is a new, open market, with predispositions: the euro as the official currency, an extremely competitive tax system, qualified and relatively cheap labour, a liberal legal framework, the free flow of goods and capital, goods transport links. On the other hand, European and Euro-Atlantic integration favours us in this, because both processes bring the security and stability that investors seek. We have undertaken a number of activities and made progress in improving the business environment. Today Montenegro is positioned 44th of 189 ranked economies according to the World Bank’s Doing Business Report. Also confirming that Montenegro today is an attractive location for foreign investors is the inflow of foreign direct investment since the gaining of independence in 2006. Despite the global economic crisis, for years Montenegro has occupied a leading position in the region when it comes to the amount of foreign inFor us there is vestments per capita.

- Good neighbourly relations are an essential element of the stabilisation and association of the Western Balkans. They are maintained and developed not only at the bilateral level, but also in the regional format. There are a large number of regional initiatives in which the countries of the region work together, but we evaluate that targeting their improvement should be encouraged. There needs to be a focus on issues of common interest: the fight against corruption and crime, improving infrastructure links in the region and promoting trade cooperation between states, through project-orientated cooperation agreed at the highest political level, without creating new bureaucratic structures. Such an approach would give a higher degree of legitimacy to the demands of our country when it comes to the EU and its support for integration processes. With a view to already proven models, such as the Visegrad group, this kind of format would have its full meaning not only in the integration process, but also after all the Western Balkan countries become full members of the Union. I am glad that such ideas of ours are recognised as constructive in the region and the EU and that the framework for cooperation in the stabian equals sign lisation and association process can be between the stability of the further utilised. This is also supported by recent talks at the Thessaloniki ConBalkans and its integration, ference and the interest of EU countries but also economic to support the implementation of infradevelopment structure projects in the region.

■ What is needed to be done in Montenegro in order to improve the business environment, which will contribute to strengthening the competitiveness of the country’s economy? - In the years of economic and fiscal challenges, reforming the administrative system and regulatory framework are key steps to improving the investment climate as a prerequisite for economic growth. Reform processes are especially important for smaller countries and open economies such as Montenegro’s, in the sense of strengthening entrepreneurial initiatives and attractiveness for foreign investment. Creating a simple procedure, modernising public administration, as well as creating an efficient administration, are all goals of the reform measures coordinated by the Council for Improving the Business Environment, regulatory and structural reforms. For example, in the improvement of business environment, the critical areas that will be the focus of attention for the next period are areas in which Montenegro is ranked most poorly in the DB Report, and those are: "enforcing contracts" (136th) "building permits" (106th), "registering property" (98th) and "paying taxes" (86th). We carefully listen to the impressions and suggestions of foreign investors and are aware that additional systemic measures are needed in the aim of improving conditions for doing business, which we will work on. ■ How would you assess regional cooperation? 20 | MONTENEGRO BUSINESS SECTOR 2014

■ Montenegro recently found itself the focus of interest regarding the crisis in Ukraine. Would you like to use this occasion to clarify the stance and position of your country? - Without wanting to go into a deeper evaluation of the complexity of the current situation in Ukraine, Montenegro is committed to peaceful resolution between the parties in dispute and the conflict, in which numerous lives have been lost and considerable damage inflicted. Montenegro, as a country that has opened EU accession negotiations, fully and as has been the case to date and in line with expectations, joined the resolutions of the EU with regard to the Ukrainian crisis. Montenegro certainly does not pretend that the resolution of the crisis depends on its role, but it fully supports the efforts undertaken by the international community to de-escalate the situation, intensify dialogue and reduce economic repercussions. We fully support the peaceful settlement of disputes by legal means, while preserving the sovereignty and territorial integrity of Ukraine. It should be noted that the restrictive measures joined by Montenegro are in no way directed against the Russian people and the Russian state or reduce our ambition to build friendly relations with Russia, as has been the case throughout the history of relations between the two countries. They themselves clearly express a diversity of views on this issue within the EU. ■

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INTERVIEW

Stable Fiscal and

FINANCIAL SYSTEM VLADIMIR KAVARIĆ MINISTER OF ECONOMY OF MONTENEGRO

Our estimates are that in the next three years Montenegro could mark economic growth of between 3.5 and 3.8 per cent. I think few economies in this kind of global atmosphere, especially small countries like Montenegro, can boast such large investor interest Our estimates are that in the next three years Montenegro could record economic growth of between 3.5 and 3.8 per cent. However, we do not need to be satisfied with this and there is no need to stop. Rather, we will continue with activities on the continuous improvement of the business environment.

s an emerging young country, Montenegro has built its economic system in periods of economic expansion, with an average growth rate of 8.7 per cent and the highest amount of foreign direct investment per capita in Europe of €1,600 or a total amount of 25 per cent of GDP. As in other European countries, building the institutional framework in Montenegro also went through a phase of crisis, falling GDP and rising budget deficits and debt. The period of exiting the crisis was followed by painful fiscal adjustments, mainly focused on reducing public spending and structural reforms. We discussed the current economic and political situation, chances and opportunities ahead for the Montenegrin economy and the reform of the sector with Montenegrin Economy Minister Vladimir Kavarić. ■ How would you assess the current economic situation and what measures should be taken in order to achieve faster growth of the Montenegrin economy? - The aim of reforms is a stable fiscal and financial system. Today we are on the road to economic recovery with estimated real GDP growth in 2014 of 3.6 per cent, compared to 2.6 per cent in 2013.

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■ Considering the IMF‘s estimate that economic growth will be lower than originally planned (2.4 per cent instead of 2.9 per cent), what do you think the chances are of achieving this relatively high growth? - The International Monetary Fund has done another revision of forecasts which improved the prediction of growth for the Montenegrin economy from 2.4 to 2.8 per cent for this year. According to the new forecasts, the Montenegrin economy will continue its growth trend by 2.9 per cent in 2015 and 3.1 per cent in 2016, which is encouraging. However, when it comes to small and highly exposed economies like Montenegro‘s, forecasts of any kind are thankless, because just one major investment can drastically impacting on the GDP level. On the horizon is the start of the implementation of several large projects in the areas of transport and energy, so this year I expect some large investments to begin implementation and for Montenegro to complete the process of restructuring large systems. I think few economies in this kind of global atmosphere, especially small countries like Montenegro, can boast such large investor interest. ■ The energy sector is one of the priorities of the government for this year. What are the strategic steps that will lead to the realisation of this priority?

FISCAL POLICY

RULE OF LAW

ENERGY

Through the fiscal policy it is envisaged that the majority of revenues from oil (80 per cent) will be directed to the petroleum fund, like Norway does.

Montenegro is committed to strengthening the rule of law in all its aspects, including when it comes to improving the business and investment environment.

Energy is recognised as a strategic sector of the Montenegrin economy and in this part we had significant activity in the last year.

- Energy is recognised as a strategic sector of the Montenegrin econ- still in the race to build the second block, one Czech and two Chinese, omy and in this part we had significant activity in the last year, both and submission of their final bids and proposals for the implementaat the international and national levels. tion of the contract is expected, after which the selection of the best I will remind you that Montenegro has been a member of the En- bid will follow. In accordancewith this, the beginning of the project‘s ergy Community for almost a decade, which is committed, among implementation is expected this year. The development plan envisages Block Two of TPP Pljevlja as other things, to the harmonisation of its energy sector with the regulatory and legal framework from European flows. In line with the having a power range of 220-300MW and for location of the excommitment of the European Union, Montenegro’s aims in the field isting units of TPP Pljevlja to have electrical efficiency of not less of energy are to increase the security of the energy supply, increase than 38 per cent. The project also envisages a heating system for the use of renewable energy, improve energy efficiency, attract in- the town, in cooperation with the Municipality of Pljevlja, while the new block will be constructed with vestment and develop market competithe use of the latest technology and in tion in the energy sector. In accordance compliance with the latest environwith that, this year the government plans to adopt the Energy Development mental protection requirements. Strategy of Montenegro to 2030. Constructing Block Two of TPP Confirming the strategic projects Pljevlja would realise a strategic obof the government in this area is the jective in the energy sector - ensuring great interest of investors for the conthe electrical energy independence of the state, eliminating the current elecstruction of TPP Pljevlja and, furthermore, investor interest in projects in tricity deficit, improving the security Montenegro and the region has also of the supply to consumers, as well as increased because of the project to inimproving the stability and sustainterconnect Montenegro and Italy with ability of the power system of Montea direct link. Another must-mention negro. The implementation of TEP-II, are small hydro projects, through the with joint production from both units, planned construction of which will would result in a significant surplus continue to utilise the hydro potential of electricity, which represents a very of the country. good starting position for the time after The IMF has done another Other projects relevant to the eninstalling an undersea cable between revision of forecasts which Italy and Montenegro. ergy sector of Montenegro are TPP Maoče, HPP Morača and HPP Komarimproved the prediction of ■ The undersea cable between nica and in this regard the government growth for the Montenegrin Italy and Montenegro is a project is open to cooperation with all investors economy from 2.4 to 2.8 per in its infancy. What does this prowho show interest in these projects. cent for this year There are also plans to build two ject mean for Montenegro and its wind farms in the locations of Krnovo economy, and what will be its sigand Možura, while there is growing interest in the construction of nificance for the region? solar power plants. - The undersea cable, the installing of which is expected no later So, our energy policy enables the energy sector to develop as an than 2017, will be a bridge connecting the power supply system of open system in accordance with the energy system of the EU and the the European Union and the Balkans, a technologically state of the Energy Community, open to private, domestic and foreign investment. art undersea connection, which will position Montenegro as an important energy hub in the region. ■ How far have you progressed in the implementation of the The accreditation of Montenegro as a reliable partner in accepting project to construct the second block at the Thermal Power and developing major international investments also means creating Plant Pljevlja and what does that project mean for Montenegro? a favourable environment to entice new investment in energy pro- Confirming the Montenegrin government’s strategic projects in the duction, through possible partnerships with local and foreign invesenergy field is the great interest of investors in constructing the sectors, aimed at utilising the significant energy resources of the country ond block of TPP Pljevlja, with applications coming from nine com- and the region, primarily in significant renewable hydro potential. From an international perspective, the undersea interconnecpanies/consortiums from around the world. Three companies are MONTENEGRO BUSINESS SECTOR 2014

implementation? - It is known that, unlike the rest of Europe, in our country there is no gas infrastructure and the gas market is very limited. The intention of the EU is to carry out gasification of the whole region, because natural gas, due to its characteristics, is slowly but surely becoming the number one energy source, primarily ■ In May the deadline expired for companies interested in because of the low price, but also the fact that this energy does submitting bids for the awarding of concessions for the ex- not adversely affect the environment. Montenegro, with 600,000 inhabitants and very little demand ploration and production of oil and gas on the Montenegrin coast. Which companies applied, how much money can Mon- for gas, cannot itself be a target for the gasification of a large gas tenegro expect annually from this area and when will exploi- company. Instead our only chance is to find ourselves on the route of an international gas pipeline. In this sense, the decision of the Shah tation begin? Deniz Group, operator of the largest - With great satisfaction I can say that gas deposits in the Caspian Sea, for this the public call for proposals for the energy resource to be transported via awarding of the contract on concesTAP and IAP, as one of its branches in sions for the production of hydrocarEurope, is a great chance for Montenebons in offshore Montenegro, which was open until 15th May, attracted apgro, because there is a realistic prosplications from six companies that subpect that natural gas will come to us and thereby reduce our dependence on mitted three bids. These are companies other energy sources. from the U.S., Austria, Italy, Russia, The final version of the IAP FeasiGreece and the UK, which had combined revenues in 2013 of over $70 bility Study is over and it is also imporbillion, profit of over $10 billion and tant to point out that Montenegro, untogether they have operations in over der the auspices of the 10th round of 80 countries worldwide. the WBIF (Western Balkan Investment Considering the global nature of Framework) received a grant in the From an international this business, as well as global referencamount of €550,000 for the creation perspective, the undersea of the Master Plan for the Gasification es of these companies, we can say that interconnection with Italy of Montenegro, which will be done by the first phase was completed successwill make Montenegro the the end of this year. fully and that the Montenegrin institutional system in the oil and gas seconly Balkan country that is ■ Has the structure of investors tor passed its exam. The expectations directly linked with Europe, changed in Montenegro? Which are that the government will choose a contributing tangibly to countries have the highest interpartner, or several, for the awarding of the process of political and the concession by the end of the year. est and which of your economic Theoretically, they could all be awardsectors are the most attractive? energy integration in the EU - Experience to date shows that invesed the concession. The state's interest is the efficient use of resources which we all tors have recognised energy, tourism, transport and agriculture as hope exist. I will remind you that the tender specified 13 blocks of a the key economic sectors in which Montenegro has comparative total area of 3,191 square kilometres and with this project Montene- geographical and other advantages. We can be proud of the fact gro has positioned itself as the first country in the Balkans to launch that we collaborate just as successfully with investors from the EU as those from beyond the Union. such an endeavour. Considering the geographical positioning of Montenegro and its It is also important to note that the Government of Montenegro, with the adoption of a set of laws and regulations, completed most of connection with the entire region, the structure of investors has not the regulations in this area. When it comes to the income Montene- significantly changed, and in this sense the most investors who are gro will have from this endeavour, it is tough to talk about money, still present are from EU countries. However, proof that Montenegro but we can talk about percentages. We have defined the scope of is on the right track when it comes to investment policy is the interest state intervention and all told the state should get 60 to 70 per cent of investors from countries such as China, Turkey, Azerbaijan, the of the total profits of the concessionaire. Through the fiscal policy it United Arab Emirates (UAE) and Russia, with which we have already is envisaged that these are not budget funds, but rather the majority started major development projects or will do so in the near future. I will remind you that Montenegro is a full member of the WTO, of revenues from oil (80 per cent) will be directed to the petroleum a signatory of the CEFTA and EFTA free trade agreements and being fund, like Norway does. applied are also free trade agreements with the EU, Russia, Turkey ■ What is the significance of the IAP project for Montenegro and Ukraine. Membership in the WTO, together with signing of free and what does the Montenegrin Government expect from its trade agreements, indicates that Montenegro is not just a destination tion with Italy will make Montenegro the only Balkan country that is directly linked with Europe, contributing tangibly to the process of political and energy integration in the EU and providing further recognition of the state as a reliable partner that can host major initiatives of international cooperation and development .

24 | MONTENEGRO BUSINESS SECTOR 2014

with clearly defined trading rules, but also that investors have cheaper access to other markets of around 800 million people. ■ The government is expected to strengthen the capacity of the judicial system, in the area relating to contract enforcement. How much will this impact on the improvement of the business climate? - Montenegro is committed to strengthening the rule of law in all its aspects, including when it comes to improving the business and investment environment. Therefore, in parallel with systemic activities in the area of justice, the Montenegrin administration is working on projects which the attractiveness of the business environment is directly dependent on. During this year the Council for Improving the Business Environment will be especially committed to improving the situation in the execution of contracts and will do so by simplifying the process by increasing efficiency, reducing costs and the duration of the procedure, or the beginning of public enforcement. All of this will contribute to improving the climate for doing business in Montenegro.

Montenegro is a full member of the WTO, a signatory of the CEFTA and EFTA free trade agreements and being applied are also free trade agreements with the EU, Russia, Turkey and Ukraine ■ What is envisaged by the Action Plan for the implementation of the Strategy for the Development of the Manufacturing Industry of Montenegro 2014-2018, and how do you evaluate it? - The manufacturing industry is a very important branch for the overall economic development of every modern country that‘s not only because of its participation in the GDP of the country, but also because of its importance in the field of employment and the creation of conditions for balanced regional development. Accordingly, the Strategy for the Development of the Manufacturing Industry of Montenegro 2014-2018, which was prepared by the Economy Ministry, states the objectives that it is essential to achieve in the future, such as increasing employment and competitiveness, strengthening export opportunities and the growth of GDP. The Action Plan defines the general priorities to achieve these goals, such as improving the business and investment environment, completing the privatisation process and enterprise restructuring, then strengthening the offer and availability of financial resources, strengthening of human resources and adapting to the demands of the labour market, as well as improving the entrepreneurial infrastructure. Thus, the Strategy and associated Action Plan are the fundamental planning documents for the future industrial policy to be adopted in accordance with the negotiation process with the EU. ■

INTERVIEW

Investor Interest

GROWING PETAR IVANOVIĆ MINISTER OF AGRICULTURE AND RURAL DEVELOPMENT OF MONTENEGRO

Montenegro has a lot of agricultural land that is not cultivated, thus every parcel given to someone who wants to work, to till the land, represents a victory over the bureaucrats who have prevented entrepreneurs with their own negligence

he Montenegrin Ministry of Agriculture and Rural of young people to the villages and for us to more intensively conDevelopment recently presented its programme at the nect agriculture with tourism and insurance,” says Agriculture headquarters of the European Union. Among the most and Rural Development Minister Petar Ivanović, adding: "The proimportant values the Ministry is dedicated to, and gress is visible and measurable – the number of people employed in which were presented in Brussels, is agriculture is growing, investment is a shift from the concept of socio-agincreasing, the area of land planted is The first days of my tenure growing, livestock funds are increasricultural policies to a concept based were marked by a problem on agri-business. ing, young people are talking more "With hard work and major comand more about agriculture as an opwith aflatoxin, so I did not mitment, I believe agriculture can hesitate to ban the import of portunity for business, links with tourbe profitable. In addition to that, we ism and insurance are growing etc. " milk and even milk production strive to modernise production by in Montenegro introducing new technologies. With ■ Does this mean a shift in relation the application of new technologies, to the agrarian policy of the past ? innovation, the most up-to-date knowledge and skills in agricul- - No. I think this is a logical phase of the process. We may recall that ture, we can create significant added value and create the basis during the period of industrialisation a large number of agriculture for profits and new investments. Moreover, we are also seeking to workers moved to the cities. It was necessary to provide the missing strengthen the food safety system, create conditions for the return workforce in factories. However, the breakup of the former Yugo-

26 | MONTENEGRO BUSINESS SECTOR 2014

TRANSPARENCY

AGRICULTURE

SUBSIDIES

We have significantly increased the transparency of the utilisation of funds from the agriculture budget.

We have a good climate, excellent soil quality, water resources for irrigation and, very importantly, a market.

Subsidies are provided with the intention of encouraging and further developing certain sectors of agriculture.

slavia and the collapse of individual industries, and partly the introduction of new technologies, all contributed to the creation of excess employees in industry. This stage of the process was characterised by policies that encouraged people to return to the village and which were based on the social component. In the meantime, polarisation has been created between those who have devoted themselves to agriculture and increased its holdings and those who do not intend to be seriously involved in agriculture, but rather primarily use what they create on their estates. Hence, the characteristic of the current phase is focusing on agricultural commodity producers, and the policies that will help them become more competitive. And there the logic is different. ■ What concrete objectives do you want to achieve in 2014? - We strive to lead policies, measures, initiatives and activities that will contribute to the creation of new jobs, higher production, greater participation of agriculture in GDP, reduce the trade deficit, reduce the grey economy and better educate farmers. Specifically, the goals for 2014 are: 500 new jobs, increase in agricultural production by two percentage points, lowering the deficit of agricultural products by two percentage points, reducing the grey economy in agriculture by five percentage points and realising at least five educational campaigns.

- Yes, they are provided with the intention of encouraging and further developing certain sectors of agriculture, which now not aren’t competitive. All support measures are determined by the agro budget, which this year we adopted in January. Two years ago the agriculture budget was adopted in June and last year in early April. I emphasise the dynamics of the adopted support measures because it is very important for farmer in order to be able to plan on time. Support measures are diverse. Beef premiums amounted to €70 per head, sheep and goat farmers received €8 per head, while the premium for organising fattening steers, bulls and oxen is €120 per head. In the dairy area, the basic premium is €0.065. To this amount €0.01 is added for given quantities exceeding 5,000 litres, as well as an additional €0.01 for extra and first class milk. This means that the total premium for milk has reached 8.5 euro cents. In the area of field crop farming support for mercantile production totals €160/ ha, while for roughage it is €150/ha. Support for seed production of potato is €700/ha and for cereals is €300/ha. Likewise, with €50,000 we support tobacco production, with €150,000 for the development of beekeeping, we We strive to lead policies, give €200,000 to support insurance in the domain of agriculture. We supmeasures and activities port viticulture with €300,000, fruit that will contribute to cultivation with €400,000, vegetable the creation of new jobs, crops with €200,000, olive groves higher production, greater with €100,000 etc.

■ Can the agricultural business in participation of agriculture in Montenegro be profitable? In early May the Ministry of AgGDP, reduce the trade deficit, ■riculture - Of course. We have a good climate, issued a call for applireduce the grey economy and cations to receive support for inexcellent soil quality, water resources better educate farmers for irrigation and, very importantly, vestments in processing on family a market. Year after year there is a farms. What kind of funding are growing number of tourists. This year we expect 1.5 million visitors. we talking about, are there any interested parties and what In addition, in the world there's growing demand for organic prod- are you seeking to achieve with this? ucts. If farmers don’t think about profit, it will not come. If they are - We have significantly increased the transparency of the utilisaconstantly waiting for someone from the state to give them money, tion of funds from the agriculture budget. Last year, for the first the chances will be lost. As Ivo Andrić said: you will best meet a man time, we launched public advertising and public calls for specific if you observe how he behaves when something is being distributed measures . We had a total of eight open calls. Prior to that there free of charge. I believe that agriculture based on free handouts is were no public calls at all. part of the past. We simply must think about investments and profits. This year we will strive to double the number of calls . So far we have published eleven. One of the public calls related to processing on ■ However, the state provides subsidies for agricultural pro- family farms. The main objective of this measure is to provide agriduction. How much are they are which areas do they go to? cultural holdings engaged in primary agricultural production to go a MONTENEGRO BUSINESS SECTOR 2014

step further – in processing, all with the aim of creating greater added value to the farm. If a household produces milk, why not start the production of cheese, for example, and bring additional value? The funds available amount to a total of €400,000 and interest is high.

fishing on the lake, which is the second largest in Europe, and rivers that are unpolluted.

■ Can Montenegro use EU accession funds as support for agribusiness? ■ Why did you qualify the recent signing of the lease on state- - The screening process is complete and we gained the benchowned land on the Kapino Polje site as a "victory of labour marks for opening chapters 11, 12 and 13. We are now working over non-work"? to meet the standards and my expectations are that during 2015 - Because that’s the way it is. First, in we will begin negotiations on two of Montenegro there’s a lot of agricultural the three chapters. land that is not cultivated, so each parWhen it comes to funds, we are already using resources from the EU cel that is given to someone who wants and the World Bank. We have imto work, to till the land, represents a victory over the bureaucrats who preventplemented four public calls for the so-called MIDAS programme. We ed entrepreneurs through their own have prepared a two-year IPARD-like negligence. And second, how do we programme and, from 2016, we will celebrate Labour Day? By not working begin implementation of the IPARD on that day. Well, it was on that very programme. Until 2015 we are placday that we signed an agreement that allows the lessee to operate. The syming the emphasis on strengthening primary agricultural production and bolism is important, because many from 2016 the emphasis will be on farmers work on Labour Day, while supporting the strengthening of promany others cannot wait to not work. cessing capacities. We have also se■ Can Montenegrin farmer benecured additional loans, so that Montefit from the fact that Montenegro In recent years it is increasingly negrin agriculture can count on about is recognised worldwide as a tour€100 million for investments in 2020. being recognised how much I hope there will be enough projects. ist destination? sustainable agricultural - Yes. As I already said, linking ag■ Your ministry is working on a riculture and tourism is one of the production is linked to the lot of the regulations relating to imperatives. Last year we connected dietary issues of a growing food safety, what are you seeking two families registered with the unpopulation, the battle for to achieve in that? employment bureau who own arable poverty reduction and - We want to protect the health of the land with two hotels for which they citizens of Montenegro. You know how began exclusively producing vegetainvestments people say “better to prevent than to bles by order. The hotels’ guests can go out inot the fields in the morning and choose what to eat for lunch treat”. The first days of my tenure were marked by a problem with aflatoxin. I did not hesitate to ban the import of milk and even milk or dinner. You know, sometimes small steps make a big difference. production in Montenegro, because I figured that the health of the people was compromised. There is no compromise there. In addi■ Do you see an export opportunity from agribusiness? - Of course, but do not forget that wine is currently our number one tion, meeting the demanding food safety standards of the open EU export product. market for Montenegrin farmers. And that is an opportunity for greater profits, which capable farmers must not miss out on. ■ Is there interest from investors in the region, the EU and the world to invest in Montenegrin agriculture? ■ What is the biggest challenge when it comes to agriculture? - There is! I am pleased to note that interest is constantly increasing. - In recent years it is increasingly being recognised how much sustainable agricultural production is linked to the dietary issues of a ■ Montenegro is also a maritime country that so far has not growing population, the battle for poverty reduction and investmade much use of fishing. Will something change in that re- ments, without which there is no further development of agriculspect in the future? ture and rural development. Climate change, pests, large fluctua- We'll try. The aim is to strengthen the fishing fleet. We are already tions in prices of agricultural products on domestic and internaworking on that. At the same time, we are addressing a number of tional markets... all this impacts significantly on the quantity and issues of importance to fishermen: from equipment used for fish- quality of agricultural production. I believe there are at least three ing, through aqua-culture projects, to the first landing port and major challenges ahead of us: educating farmers and the public, marketing of fish. Montenegro's advantage is that in parallel with better managing risk and strengthening standards and thereby our the development of marine fisheries it can also develop freshwater food safety system. ■ 28 | MONTENEGRO BUSINESS SECTOR 2014

MONTENEGRO BUSINESS SECTOR 2014

INTERVIEW

Meeting Investors

REQUIREMENTS BRANIMIR GVOZDENOVIĆ MINISTER OF SUSTAINABLE DEVELOPMENT AND TOURISM OF MONTENEGRO

We are focused on operational and daily monitoring of the progress of large foreign investments. To the extent possible, we go out of our way to meet the requirements of investors and overcome common challenges faced in the implementation of projects. In 2014 an increase by 3-4 per cent of all tourism business is forecast

he efforts of the Ministry of Sustainable Development and Tourism are to ensure that, following the strategic goal of developing tourism, Montenegro is recognised as a year-round destination. In order to achieve this goal, work is going on in Montenegro to create a diversified offer, with authorized institutions in all municipalities comprising summer 2014 work programmes. "Certainly we are happy for the development of projects covering adventure tourism and nature-based tourism, which are also continuing this year, primarily with the project 'Hiking and biking". Then there's the project 'Balkan Peaks', which aims to develop mountain tourism in the border area of Montenegro, Albania and Kosovo. The 'Panoramic Roads of Montenegro' project, linking the tourist offer of the coast and the north, as well as 'Ethno-gastronic paths'. A special attraction is represented by the offer for lovers of kitesurfing, rafting, canyoning etc. Likewise, notable activities of tourism workers are also directed towards improving the event and convention segment of tourism. In the period from May to September 2014 Montenegro will see the organizing of 17 international and regional music festivals, while numerous carnivals and cultural events will also be organized. A significant part of the offer is made up of the offers of national

30 | MONTENEGRO BUSINESS SECTOR 2014

parks and activities are being implemented extensively aimed at the development of that product segment, which refers inter alia to the marina and golf course," says Branimir Gvozdenović, Minister of Sustainable Development and Tourism of Montenegro, responding to the question of whether Montenegro is ready for this year's tourist season and what it has new to offer guests. And then he adds: "We believe that the tourist destination that seeks to occupy, and hold on to, its own position on the world tourism map must have in their offer various segments of tourism products of sufficient quality in order to successfully meet and surpass the expectations of tourists, thus building their loyalty towards the destination itself. ■ What kind of tourist season do you expect and how much revenue from tourism will come this year compared to last? - We expect a continuation of the positive trend in terms of tourist arrivals, overnight stays and revenue from tourism, alongside constant improvements in the quality of services. The first group of tourists from France already began coming to the country at the beginning of April and this trend will continue, not only with the French, but also including Germans, British and other important

FUTURE

DEVELOPMENT

CHALLENGES

Most future tourism development in Montenegro will be driven by greenfield investments.

We are happy for the development of projects covering adventure and naturebased tourism.

We strive to overcome challenges with new regulations and increasing administrative efficiency.

source markets, in cooperation with tour operators. Another positive trend also expected to continue in 2014 relates to the prognosis of all indicators of the tourist business increasing by 3-4 per cent. Our optimism is based on information that we obtain precisely from representatives of the tourist industry in Montenegro and based on the positive experiences and established cooperation with a number of tour operators at tourism fairs we visited this year. We have stepped up promotion on international markets. Also, the National Tourism Organisation of Montenegro is implementing activities to promote our products, in collaboration with tourism workers from the region, as part of participation on the markets of China, Japan and India. A Cooperation Agreement has been signed with the low-budget airline Ryanair for the next four-year period and the arrangement with airline Air Berlin was also extended. According to the World Council for Travel and Tourism, Montenegro is in first place according to longterm growth forecasts for the 20142024 period.

the direction of the acceleration of investment activities that are a prerequisite for tourism and overall development. Advances in Montenegrin tourism are evident in the quality of deals, quantitative data and financial effects. In 2013 the number of facilities of a higher level of quality (4 and 5 stars) increased by 17 per cent compared to the previous year, which also led to the extending of the tourist season. Most future tourism development in Montenegro will be driven by greenfield investments and it is to be expected that they will gradually contribute to a far higher standard of hospitality facilities. This will, in turn, increase the number of high-end tourists and generate more revenue - both from tourists' spending and tax increases, as well as induced consumption due to an increase in employment, better jobs and higher living standards. Investments in tourism and travel in 2013, according to the Report of the World Travel and Tourism Council, were €208.3 million or 28 per cent of total investment. A rise of 14.3 per cent is projected in 2014 and growth of an average of 8.7 per cent per year over the next ten years - €549.6 million in 2024, or 52.3 per cent of total investment.

■ Do you expect a change in the structure of guests and where do you expect the greatest number of tourists to come from? According to the World - In the structure of foreign tourists ■ Large-scale projects are underCouncil for Travel and who visited Montenegro in 2013, visway in Montenegro that should significantly improve the tourist itors from the European Union were Tourism, Montenegro is in What new projects do you the most numerous and accounted first place according to long- offer. have in mind and where do the infor 25 per cent of the total number, term growth forecasts for the vestors come from? followed by tourists from Serbia and 2014-2024 period Russia, with 23 per cent each. We ex- Major tourism projects that are unpect there will be a further increase in derway or planned are Porto Montethe number of tourists from the EU this year, after last year recording negro, Luštica, Portonovi, Queen's Beach, Long Beach, Ada Bojana, an increase of four per cent compared to 2012. Valdanos Maljevik-Bar, EcoLodge Vranjina, Bigovo-Trašte, Cvijeća We expect growth in the number of visitors from EU countries Island, Bjelasica and Komovi and others, in accordance with the due to better air connections and promotional activities, a higher 2014 Plan of privatisation. level of service quality, increasing numbers of accommodation faThe country's tourism development is focused on attracting forcilityies in primary and complementary forms. eign investment in order to ensure long-term tourism development in Montenegro, so some attractive locations on the Montenegrin ■ In the current economic climate, how does Montenegro's coast have been successfully valued. The Porto Montenegro project in Tivat is positioned high on the strategic commitment to being a tourism destination for world map of yachting tourism. Even though only the first phase of high-end visitors function? - Montenegro needs greenfield investments that will ensure fur- this project has been implemented, which includes Tivat Bay and ther development and be multiplier effects on the economy of the the town itself, is has breathed into life a new soul and internationstate. Montenegro strives to attract investors to improve the quality ally recognised brand image. The total investment is worth about of existing projects and develop new ones, to attract investors who €600 million. bring the best brands and standards. In this sense, through greenImplementation of the Luštica Bay complex has also began, with field investments, Montenegro aims to improve competitiveness in an investor appearing in the form of the Swiss-Egyptian Orascom. MONTENEGRO BUSINESS SECTOR 2014

On this site in a couple of years there is expected a brand new town projects, top mountain resorts that would be orientated towards yearwith exclusive tourist facilities and an atmosphere of homogenised round business in accordance with international standards of planarchitecture. The future settlement will contain 8 hotels with 2,200 ning, construction, management and tourism infrastructure. In order rooms, 1,600 apartments, 750 villas, a town centre with all the to achieve these goals, activities have been intensified on improving necessary facilities, two marinas, a golf course etc. The total value and constructing transportation, utilities and energy infrastructure of the investment amounts to around a billion euros. This year a in the northern part of Montenegro and a significant portion of public building permit has been issued for a golf course - the first in Monte- works planned for next year will be directed to this region. The most important project are Bjelasica and Komovi, which negro, while construction of a marina worth €44 million is expected was identified as the region with the to start soon. This year we also expect greatest resources and potential in the completion of 10 buildings with 72 the north. Planning documents have apartments. been adopted and a draft Action Plan A project that has been expected for has been prepared which defines the a long time is Kraljičina plaža (Queen's activities to implement the tourist valBeach), while a potential investor is the Royal Group. Envisaged is the conorization of these sites. The total value of investments in mountain resorts in struction of a luxury tourism complex, the Bjelasica and Komovi region is below-density and low construction, namely the construction of a 5-star tween €800 million and €1 billion. hotel, with a capacity of 100 rooms Likewise, public calls have also and an international hotel managebeen announced for a number of tourment, construction of the Destination ism projects, such as the former miliSpa Centre, 30 Spa villas, up to 200 tary and tourist complex Mediteran villas, mooring with 50 berths mainly and the former Radoje Dakić military for yachts, De Lux villas and casinos, barracks in Žabljak. This is a prime which should operate 365 days a location in the heart of the Durmitor year. The total value of investment is National Park, where the construction about €180 million. of a 4-star tourist resort is envisaged. Visitors from the European In the coming years, in the Herceg Then there is the Ecolodge - VranUnion were the most Novi part of the Bay of Kotor, in Kumjina tourism complex within the Skabor, we will have the tourist resort dar Lake National Park, which is connumerous in 2013 and Portonovi. The value of this project, ceived as a resort in the traditional accounted for 25 per cent of which is being funded by Azerbaijani style, with 30 facilities offering hospithe total number, followed oil company Socar, exceeds half a biltality facilities of at least 4 stars. by tourists from Serbia and lion euros, and it is characterised by the fact that its hotel facilities will opRussia, with 23 per cent each ■ What kinds of incentives are beerate under the brand name of one of ing offered to investors in tourism? the world's most famous hotel chains: One&Only. It will be the first - Montenegro is characterised by a stable political situation, it is a operational exposure for famous companies in Europe. The investor good partner of the EU in the accession process, is fulfilling requirehas announced the implementation of a super luxury hotel with a ments for membership in NATO and has a good investment policy spa and wellness centre, a marina with 250 berths for yachts and as a basis for overcoming the consequences of the global economic a beach club, with a large number of shops, cafes and restaurants. crisis on the national economy. We have the euro as our official curThe Ministry of Sustainable Development and Tourism regular- rency, a Stabilisation and Association Agreement with the EU, free ly monitors the activities of the construction of the tourist complex trade agreements with the EU, the countries of the region, Russia, in Kumbor and continuously provides full support for its implemen- Ukraine and many other countries, an improved legal framework tation, in order to monitor investments, a special working body has for investors and an appropriate institutional framework. According to the World Bank's latest "Ease of doing business" rebeen formed at the highest level. The realisation of this project will involve the employment of about 4,000 people. port for 2014, Montenegro is ranked 44th, while just a few years ago Another very interesting project is that of Qatari company Qa- it was not even among the top 80 countries. Our projections that tari Diar on Plavi Horizont, worth about €250 million. Relevant we would further improve our position from the 2013 report after institutions are dealing with property rights issues and adopting the adoption of the new Law on Spatial Planning and Construction UP Pržno, so that the hard work of institutions, together with the proved to be justified. We have made enormous progress when it comes to issuing investor, will create conditions for the effective implementation of building permits. In the report for 2014, we have progressed 70 this important project. places, so we are now in 106th position. I am sure that in the next re■ What is planned for northern Montenegro? port we will be in the top 100, given the continuation of the reforms - The plan provides for the implementation of eight new greenfield carried out in this area. 32 | MONTENEGRO BUSINESS SECTOR 2014

At the same time, the key activity in the implementation of In order to achieve our development objectives, the government is committed to improving our competitiveness and creating an en- priority investment projects is the tracking of the requirements, vironment that will attract investors and ensure the transfer of new evaluations and specific suggestions of investor in Montenegro, in knowledge and experiences in the projects that we plan to implement. order to facilitate their implementation and attract new investors. We are continuing to look for a sustainable solution with which So, we are focused on the operational and daily monitoring of the progress of major foreign investments we would stimulate their interest by and we are practically in daily comproviding benefits in the area of tax Our optimism is based policy, but also in the form of incenmunication with, and providing assison information that we tives for the acquiring of citizenship, tance to, investors. obtain precisely from residence status etc. For most projects, which are at an early stage, we have joint operational representatives of the tourist teams at the highest level which deal ■ What do investors most comindustry in Montenegro with resolving outstanding issues. monly suggest that Montenegro and based on the positive These are mostly inherited problems, improves, in a regulatory and sysexperiences and established such as property rleations, the restitutemic sense, in order to increase investments in tourism? cooperation with a number of tion process and, in some cases, plan- The global economic crisis inning documents. We strive to overtour operators creased investor caution and significome these systemic challenges with cantly halted the upward trend of FDI from a few years ago. The new regulations and increasing administrative efficiency, but also to latest research shows that investment portfolios are willing to in- use practical interventions in order to avoid delays caused by waitvest in classic luxury 5-star hotels, due to the slow rate of return ing for these systemic solutions. on basic investments. In this context, mixed-use complexes have According to the available data, at this point 107 countries become the investment trend, which effectively valorize the capital worldwide are investing in Montenegro. This fact speaks for itself. invested. In this regard, in an effort to adapt to this trend, in Mon- Also, investors are very satisfied with their cooperation with our tenegro we are conducting the modification of key legislation, of state, that is, to the extent possible, we meet their requirements course, provided that is economically justified and is in the interest and together overcome common challenges faced in the impleof the state and its citizens. mentation of projects. ■

• It is located only 500 metres from the sea and has its own blue flag beach, “Safari”, which is characterised by the finest healing sand. • Hotel Laguna has 29 stylishly furnished and comfortable rooms and suites • The rooms have under-floor heating, air conditioning, LCD TV with satellite channels and a balcony with beautiful views of our garden • Hotel Laguna guests have free wireless internet access • We offer the option of bed and breakfast, half board or full board • The hotel has its own private parking • Another reason to be our guest is the entire Ulcinj Riviera, which is characterised by its unspoilt nature, pine forests, olive groves and ideal destinations for day trips in the vicinity.

Donji Štoj bb. Ulcinj 85360, Crna Gora - Montenegro MONTENEGRO BUSINESS SECTOR 2014 | 33 Tel: +382 30 455-300 • Fax: +382 30 455-334 • E-mail: info@hotellaguna.me • Web: www.hotellaguna.me • www.safaribeach.me

INTERVIEW

Bureaucracy still Burdens

BUSINESS VELIMIR MIJUŠKOVIĆ

PRESIDENT OF THE MONTENEGRIN CHAMBER OF COMMERCE

There is considerable scope for reducing the degree of bureaucratisation at the local and state level. Commercial banks perhaps indiscriminately exaggerate on perceived risks, thereby contributing to high quality programmes and healthy companies being uncompetitive and vulnerable in the existing policy interest. The key factors that limit the growth of exports are an economic structure dominated by the service sector, small capacities, fragmentation of production and a lack of competitiveness

n its so-called spring forecasts, the European Commission recently raised its estimate of growth in the Montenegrin economy this year to 2.9 per cent from 2.7, which was predicted in February. It is estimated that the recovery will be generated by the launch of several large-scale investments, which in the years ahead will initiate activities primarily in the construction sector. The European Commission's new economic forecasts also increase the estimate of GDP growth in Montenegro in the following year from three per cent to 3.6 per cent. Public finances, which are very important, have been consolidated in the past year and the growth of the public debt has been slowed, due to the decline of the budget deficit. In addition to GDP growth, it can be expected that employment, exports and imports will also grow in the coming years. It is expected that in the next two-year period net foreign direct investment will increase significantly as a result of the announced investment activ-

34 | MONTENEGRO BUSINESS SECTOR 2014

ities, so that they will amount to an average of 15.7 per cent of GDP. All this is encouraging, but there is still even more room for growth. That’s why we ask Velimir Mijušković, president of the Montenegrin Chamber of Commerce, the following questions. ■ What are the priorities for improving the business environment and which suggestions to improve the business environment do you most commonly receive from companies? - There is no doubt that there is still considerable scope for reducing the degree of bureaucratisation that burdens business at the local and national level. The problems that businessmen continually complain about are the high level of illiquidity, access to finance, labour legislation, insufficient competitiveness of the economy and individual regulations and administrative procedures. The problem of illiquidity and mutual debts are increasingly burdening our economy. If you look at the period prior to the crisis,

GROWTH

REGION

PRODUCTION

The European Commission recently raised its growth estimate for the Montenegrin economy this year to 2.9% from 2.7.

It is worth noting that the first initiative to renew ties between the markets of the former Yugoslavia came precisely from the regionâ&#x20AC;&#x2122;s chambers of commerce.

The model based on imports, consumption and borrowing must be replaced with a solid production base orientated towards export, which will create many jobs.

you will see that this was not pronounced. After the outbreak of the registry with relevant business data, in order to support the resolucrisis, the situation completely reversed and, both directly and very tion of outstanding debts and prevent their recurrence. The Chamquickly, problems manifested through a sudden threat to liquidity. ber of Commerce of Montenegro is in the process of negotiating with That showed great weaknesses on the part of the economy which, the tax authority on data exchange, on the basis of which our instidue to poor corporate governance, immobilised large amounts of tutions would start to issue prudential statements. capital in real estate and often speculative activities on the stock exMoreover, the segment addressing this problem is not small change, which unfortunately comprises the highest percentage of when it comes to the recoverability of bills. We believe it is necessary to remove obstacles in the process of collection of receivables secured loans from our banks. When it comes to mutual debt, the situation has deteriorated so by a promissory note and bill of exchange authorisation in the case that an increasing amount of arrears threaten the balance of oth- of non-acceptance of bills. Access to finance is recognized as erwise healthy companies. In addition a major constraint to business operato that, this development threatens to lead to a general breakdown of discitions and the growth of our company, due to high interest rates and collatpline in payment, which also impact on fiscal developments, leading to a eral requirements. I would say more slowdown of investment and economic that commercial banks may perceive activity in the country. the risks too indiscriminately, viewing So, the continuous growth of debt all companies generally, thereby conis the biggest risk to growth and develtributing to high quality programmes and healthy companies being uncomopment of the Montenegrin economy and overall economic growth in the fupetitive and vulnerable in the existing policy interest. ture. Unfortunately, this problem has Another major problem facing the reached a dangerous level and condomestic economy is the length and tinues to affect creditworthiness and outcome of commercial disputes before jeopardise the balance of otherwise regular courts, which in several resolid companies and banks. ThereThe problems that fore, one should distinguish between spects is very expensive for individual those companies that are solvent in companies. businessmen continually economic terms and can cover their This is the reason that the Chamcomplain about are the high running costs from those that are inber has been very dedicated to the adlevel of illiquidity, access to solvent because they cannot cover the vancement and promotion of Arbitrafinance, labour legislation, cost of on-going operations from profit tion at the Chamber in recent years. or on the basis of their property. insufficient competitiveness In the first case financial consoliâ&#x2013; Do you agree with the assessof the economy and dation is necessary, for example by ments that high interest rates, individual regulations and converting debt into shares, while small company sizes and protecadministrative procedures also changing ownership structures, tionism are the key obstacles to while in the second case it is necessary the significant growth of Monteto continue with the introduction of bankruptcy, in order to allow a negrin exports? thorough restructuring and eventual shutdown of such businesses. - The balances of the national economy show a continued and growThis requires, among other things, intensifying trade in corporate ing deficit in trade in goods with foreign countries. These trends are debt or encouraging their conversion into shares. In this respect one visible in those industries in which Montenegro has rich natural reshould consider the possible effects on banks, since part of bad debts sources, significant production capabilities and a long tradition of would have to be cancelled at the expense of bank capital. All of this producing high quality products. These trends are unsustainable should, of course, be well considered and professional analysis of the and require long-term support for the better utilisation of available effects of such measures should be conducted. resources, enabling local companies to adapt quality management Policies in this area should be directed in the short term to pro- and overall business requirements of high competitiveness on the tect creditors, strengthen financial discipline through advance- national and especially international level. The large deficit has been partly covered to date by foreign inments in the quality of regulation, transparency and access to the MONTENEGRO BUSINESS SECTOR 2014

Our labour legislation produces negative effects on the labour vestments, which have rarely gone into production sectors capable of creating an export product. With this in mind, I think it is market and therefore radical steps must be taken to reduce the cost primarily necessary to encourage investment in the manufactur- of relieving workers, simplify dismissal procedures and limit the ing sector and export-orientated production. Chances exist, since number of protected groups. Unfortunately, drafting a new labour there is interest from investors to invest in energy production, law has been left behind again this year, despite the fact that busiagricultural production, the agro-industry, wood processing and ness has been very argumentatively insisting on that for a long time. the metal industry. The key factors limiting the growth of exports are the eco- ■ You advocate for a clear strategy of economic development nomic structure which is dominated through an economic structure by the service sector, small capacities, that ensures economic growth, production fragmentation and a lack employment and balanced regionof competitiveness. Montenegro also al development. This differs slightimports those products that are proly from the current model, which is based on the development of duced, or can be produced, in quanservices. What is needed for this tities sufficient to meet domestic deother model? mand. Such a situation and trends are - The economic model based on imunsustainable and require a systematic approach and the commitment of ports, consumption and borrowing the public and private sectors. must be replaced with a solid producIn recent years the Chamber of tion base orientated towards export, Commerce of Montenegro, in accordwhich will create many jobs. Monteance with its role and capabilities, negro is too small a country to impact has created and worked on the impleon the global economic economy, but conducting economic policy must be mentation of a series of projects that based exclusively on one’s own interaim to aid in the training of compaNot advanced in the right nies for successful exporting. This ests. Different instruments exist that direction, the Labour Law especially applies to the project "Good allow an active policy to stimulate defrom Montenegro", the content of velopment and export, while retaining contributes significantly to which is the national branding of locontrol over natural resourchindering business, reducing national cal products of above average quales in key sectors. the quality of the business The only healthy reduction in pubity. In addition to strategic support, environment, illiquidity, the Montenegro Chamber of Comlic debt is possible through an increase in domestic production, which is also merce also organises, in support of increasing unemployment, far the most important goal of all the growth of exports, a series of conthe grey economy, weakening by governments and the economic policrete activities: education, exhibition foreign direct investment, performances, promotion of products cies they create. budget crises etc. and services, business forums and B2B meetings, informing exporters, ■ How do you evaluate the Action issuing documents accompanying the goods in international trade Plan for Implementation of the Strategy for the Development and transport and continuously working on improving and promo- of the Manufacturing Industry in Montenegro 2014 - 2018? - The strategy for the development of the manufacturing industry tion of foreign trade arbitration. of Montenegro from 2014-2018 is a document whose adoption ■ What would be the most significant changes in the Labour was initiated by the Montenegrin Chamber of Commerce’s ComLaw? mittee of the Association of Metallurgy and Metal Processing In- According to the opinion of business leaders, regulation in the field dustries at the beginning of 2010. My opinion is that this developof labour relations is a burning issue. Therefore, in order to comment strategy has broadly defined what should be done well, but ply with the requirements of the economy and create conditions that the original version of the Action Plan is insufficiently specific for a more flexible labour market, we need to modify the existing in terms of stakeholders or deadlines for implementation. That was labour legislation and ensure its consistent application. Primarily, the reason for holding a meeting at the Ministry of the Economy in it is necessary to adopt a new labour law that will strive for greater which representatives of the aforementioned Board of the Associajob market flexibility and remove barriers to the regulation of labour tion of the Chamber participated. Representatives of the Chamber relations on the side of the employer. Not advanced in the right di- gave clear suggestions which we believe will improve the Action rection, the Labour Law contributes significantly to hindering busi- Plan related to the Strategy. I would note that by the end of the year material should be deness, reducing the quality of the business environment, illiquidity, increasing unemployment, the grey economy, weakening foreign veloped for the FUNDAMENTALS OF THE INDUSTRIAL POLICY OF direct investment, budget crises etc. MONTENEGRO 2015-2020, which should indicate synthesis of all 36 | MONTENEGRO BUSINESS SECTOR 2014

measures and activities for consolidation, recovery and development of the domestic metal industry, both in terms of the primary production of base metal resources and, even more, their further processing to finalisation.

fleet from Bar is also in the process of buying two ships. Given that maritime activities were previously one of the priorities, they will also be so in the future and it should be noted that Montenegro has excellent schools and training centres for educating and training seafarers, which is also an important element for the development of maritime affairs.

■ Earlier this year you estimated that Montenegro would reach €600 million of foreign investment in 2014. How would you evaluate the results af■ How would you assess cooperater the first quarter? tion between the Montenegrin We believe it is necessary to - This refers to, it could be said, official Chamber of Commerce and similar remove limits in the process data. There is no doubt that work is chambers in the region? of collecting receivables being done actively on projects: Por- It is worth noting that the first initiatonovi, Luštica, further construction tive to renew ties between the markets secured by a promissory of facilities at Porto Montenegro etc. of the former Yugoslavia came prenote and bills of exchange Investments in highway construction cisely from the region’s chambers of authorization in the case of are also absolutely certain. However, commerce. Today our work is focused non-acceptance of bills these are on-going processes and time on improving economic relations, exis needed for their results to be easily changing experiencing regarding Eunoticeable. What is most important is that there is no delay in the ropean integration, other integrations and similar things. When implementation of these investments. CEFTA was signed in 2006, the chambers formed the Forum CEFTA Chamber, which has a working body that’s almost constantly ■ What are your predictions when it comes to the develop- in session and, as such, is recognised and respected by the CEFTA Secretariat in Brussels, considering that it continuously moniment of Montenegro’s merchant marine fleet? - I rate as very positive the fact that the state decided to establish a tors implementation of the Agreement. There is no doubt that our Montenegrin fleet that operates positively, as well as the purchase of members can rely on excellent relations with the chambers of the two ships. These vessels are employed, which also provides for the region, which the Montenegrin Chamber of Commerce carefully good performance of the Montenegrin fleet. Moreover, the maritime nurtures and advances. ■

DISTRIBUCIJA. LOGISTIKA. MARKETING.

CETINJSKI PUT BB 81000 PODGORICA + 382 20 261 920 WWW.NEREGELIA.ME

MONTENEGRO BUSINESS SECTOR 2014

INTERVIEW

Spurring and Maintaining

STABILITY

MILOJICA DAKIĆ GOVERNOR OF THE CENTRAL BANK OF MONTENEGRO

Overall, the picture for Montenegro’s banking sector is a fairly positive one. Nearly all of the country’s commercial banks are turning a profit and the Central Bank of Montenegro is taking reform steps to improve transparency in business operations and deal with issues such as non-performing loans

ccording to the Central Bank of Montenegro, the country’s banking system is stable. All commercial banks are supervised continuously and treated in compliance with supervisory strategies. Liquidity is satisfactory. The solvency ratio was at an aggregate level of 14.44% at the end of last year, above the legally required minimum of 10%. Last year, the banking system was recapitalised substantially. The need for fresh capital is ascertained through direct supervision and based on the results of stress tests conducted once a year by the Central Bank. In late December 2013, the profit generated by the Montenegrin banking system stood at €2 million. Just two of a total 11 banks had negative financial results, with the remaining nine profitable. “If irregularities in banking operations are noticed, they are eliminated in line with the Central Bank’s rules and regulations, and within the Central Bank’s scope of activities,” says Central Bank governer Milojica Dakić, with whom lies much of the responsibility for the solvency of the Montenegrin banking system. ■ How willing are banks to lend money to businesses? Do commercial banks still exercise a cautious lending policy? - Commercial banks are stable, liquid and willing to support good

38 | MONTENEGRO BUSINESS SECTOR 2014

projects and investments at any given time. The Montenegrin banking sector is affected by the ongoing situation in the real economy and the potential of companies to instigate economic growth and development with their production activities and new projects. However, the banks are faced with lack of quality demand in the economy and a high percentage of non-performing loans as in neighbouring countries. That’s why the banks are still focusing on cautious risk management and lending. It is highly unlikely that banks will reduce this level of caution in their lending policies over the following period. ■ What is the share of non-performing loans in the banking sector? Do you believe they are putting the Montenegrin banking sector is in jeopardy? - The high percentage of non-performing loans in relation to the total number of loans is the key problem in Montenegrin banking. In late 2013, the share of non-performing loans of total loans granted was 18.38%. Regardless of the high level of capitalisation in the banking sector, which actually helped banks to fight this problem, the number of non-performing loans remains the main challenge in bank supervision, given the end goal is to maintain the stability

TRANSPARENCY

CAUTION

INTEREST RATES

Following the amendments to the Montenegrin Law on Payment Operations from June 2012, the operations of companies and entrepreneurs have become much more transparent.

It is highly unlikely that banks will reduce the level of caution in their lending policies over the following period.

The average effective weighted interest rate in Montenegro in April was 9.45%.

and safety of the banking system. Also, with the help of the World Bank and its Financial Sector Advisory Centre based in Vienna, we have come up with a new conceptual approach to improving the quality of lending portfolios by applying the principle of voluntary financial and corporate lending restructuring – the so-called ‘Podgorica approach’.

taining a healthy banking system and safe and efficient payment operations. The Central Bank’s key role is to issue operational permits and approvals for banks and financial institutions in line with the regulations, supervise the operations of banks and financial institutions, draft regulation and other legal acts that regulate the work of banks and financial institutions, and set standards for their stable and safe operations. The Central Bank exercises direct and indirect control of the ■ Some countries in the region suggest that high interest rates on corporate loans are a big problem for their econo- banks and micro-credit financial institutions operating in Montemies. What is the situation like in Montenegro? negro. When conducting its direct control, the Central Bank has - In the course of its regular operathe right to check all of the documentions, the Central Bank of Montenegro tation of banks and financial institutracks fluctuations in the interest rates tions, as well as the documentation of the country’s commercial banks. pertaining to the work done by other The average effective weighted intersubjects under supervision. The Cenest rate here in April was 9.45%. The tral Bank also determines the type of financial crisis that has been affecting data, information and reports banks global economies over the last few and financial institutions are required years did not bypass the Montenegrin to submit to us, as well as deadlines banking sector either. This is noticefor their submission – this comes unable by the rather expensive financder the ‘direct control’ area. In order to improve its supervisory activities, ing sources for banks and by limited the Central Bank collaborates with access to foreign funding. Also, the other, foreign institutions authorised unfortunate experiences the banks to control the operations of banks and have had and the situation in the financial institutions. Montenegrin economy are important Following the amendments to the factors affecting interest rates. Montenegrin Law on Payment OpAs a result of this situation, corThe Central Bank has been porate loans come with high interest erations from June 2012, the operacooperating with the World rates, which companies simply have tions of companies and entrepreneurs to accept. Although there is a risk inBank on the implementation have become much more transparvolved in companies making investent. The law’s regulations state that of the so-called ‘Podgorica the Central Bank of Montenegro is ments, the interest rates portray an approach’ for amicable outobliged to provide a monthly list of all economic situation that is not as bad of-court restructuring of companies and entrepreneurs whose as it seems. Temporary measures to curb interest rates, which the Central corporate debt in companies bank accounts have been frozen for more than 30 days because they Bank implemented in the previous that are struggling with owe more than €10,000. This will period and are no longer in force, did illiquidity increase business transparency, imstabilise interest rates and eliminate the really high ones. But they did not prove financial discipline and benefit have a significant effect on reducing the system’s average effective companies, entrepreneurs, state and workforce alike. weighted interest rate. Although interest rate policies are an internal issue for every commercial bank, the Central Bank of Montene- ■ What is the Central Bank’s role when it comes to the pregro will pay due attention to the issue over the following period also. vention of money laundering? - As part of its regular control activities, the Central Bank’s au■ What role does the Central Bank play in supervising and thorised controllers check a bank’s capability to manage money laundering risk and the risks associated with funding terrorist regulating the banking system? - The main goal of the Central Bank is spurring and maintaining activities by applying a risk-based approach. The Central Bank the stability of the financial system, including supporting and sus- possesses the legal tools to penalise any banks or financial instiMONTENEGRO BUSINESS SECTOR 2014

in 000 EUR

tutions that don’t adhere to the relevant money-laundering and menting relevant macroeconomic policies, improving the regulaterrorism-funding regulations. tory framework and the balance of payment statistics. It is important to mention that the Central Bank has been acIn line with changes to the global financial architecture and tively collaborating with the Administration for the Prevention of modern banking trends, our bank’s priorities in terms of technical Money Laundering and the Financing of Terrorism, as well as other assistance have changed. At the Central Bank’s meeting with high regulators and supervisors within the Montenegrin financial system IMF officals at the spring summit in Washington, we agreed for fuframework. We have been also cooperating with the Interior Min- ture assistance to be based on improving the Central Bank’s anaistry following the signing of a memolytical potential by developing an early warning system that tracks the overall randum of cooperation. As far as interbanking system’s level of sensitivity. national cooperation goes, the Central Additionally, the growing exposure Bank has been cooperating on banking of banks to market risks is one of the controls with foreign regulators and areas we and IMF experts are going to supervisors based on signed memoranwork on to improve the management da of cooperation for supervision. policy framework. Given Montenegro has been a member of the Council of Europe’s ■ The Central Bank’s forecast put Committee of Experts on the Evaluathis year’s national GDP growth tion of Anti-Money Laundering Measbetween 3.2% and 3.8%, and the ures and the Financing of Terrorism inflation rate between -0.5% and (MONEYVAL) since 2007, a Central 3%. Do these forecasts remain Bank representative is a standing close to the current situation? member of the delegation that attends Many unforeseeable - As soon as we get the data for the MONEYVAL’s meetings, which take circumstances occurred first half of this year, we are going to place in Strasbourg three times a year. once we had made this revise our forecasts. Many unforeseeyear’s economic projections, able circumstances occurred once we ■ Could you tell us something about the technical assistance had made these projections, such as such as the escalation of the International Monetary the escalation of the Ukrainian crisis the Ukrainian crisis and the Fund (IMF) has given to the Cenand the regional floods. Bearing in regional floods… I would not mind just how important the countral Bank? rule out a correction of our - Apart from regular annual consultatries affected are to the Montenegrin economy, I would not rule out a cortions with the International Monetary forecasts Fund, in accordance with article four rection of our forecasts. of the IMF’s articles of association, the Central Bank of Montenegro has an intensive cooperation with the IMF experts who provide ■ The Central Bank released a report recently about frotechnical and advisory assistance to our institution. After the Cen- zen accounts and debts. How much of a problem is this in tral Bank became an IMF member, the IMF’s support to us has been Montengro? based mainly on providing expert knowledge, creating and imple- - The problem with late payments is one of the most pronounced

18,000 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2,000 0

600,000 500,000 400,000 300,000 200,000 100,000 0

2010

2011

2012

2013

2014

Total debt in frozen bank accounts (left column) Total number of companies and entrepreneurs with frozen bank accounts (right column)

40 | MONTENEGRO BUSINESS SECTOR 2014

problems in the Montenegrin economy, creating additional difficul- comprises representatives of the Ministry of Finance, the Ministry ties that prevent the normal functioning of our internal market. The of Economy, the Ministry of Justice, the Central Bank, the Commernumber of companies that have had their bank accounts frozen, as cial Court and a foreign expert. Among the results of the task force’s well as the volume of their debt, has been rising constantly. Statis- work is draft Law on Voluntary Financial Restructuring, which is tical data (see graph) shows that illiquidity and insolvency are the in the process of being adopted, and which we believe is going to significantly reduce the level of debt in the economy. Montenegrin economy’s biggest problems. As well as the taskforce, the CenThe number of companies with frozen bank accounts grew sigtral Bank has been cooperating with After the Central Bank the World Bank on the implementanificantly from 2010 to June 2012, became a member, IMF when the central account records, tion of the so-called ‘Podgorica apsupport has been based maintained at the Central Bank, proach’ for amicable out-of-court were sychronised with the records restructuring of corporate debt in mainly on providing of the Central Company Registry companies that are struggling with knowledge, creating and of the Tax Administration and the illiquidity. The aim of the Podgorica implementing relevant Commercial Court, leading to said approach is to reduce the amount of macroeconomic policies, companies and entrepreneurs being non-performing bank loans and inerased from the registry. The numcrease liquidity in the economy. improving the regulatory Considering everything I have ber of companies with frozen bank framework and the balance mentioned, our future work will be accounts, as well as the debts that of payment statistics based on amending existing or adoptresulted in their accounts being frozen, has been growing steadily since ing new regulation in accordance with the beginning of 2014. a new EU directive, which refers primarily to the setting of deadlines Apart from implementing the relevant regulation, Montenegrin for the payment of debts, with the goal of reducing illiquidity in an institutions have been attempting other solutions to resolve the is- economy. Additionally, we need to define tools for reducing the volsue of illiquidity and late payments. This is one of the reasons we ume of existing debt and the number of companies with frozen bank have set up an inter-ministerial taskforce, which has been work- accounts in order to ensure our internal market functions normally ing to resolve the illiquidity problem in our economy. The taskforce and to raise business competitiveness. ■

MONTENEGRO BUSINESS SECTOR 2014

INTERVIEW

Three Pillars of

DEVELOPMENT MILOŠ JOVANOVIĆ DIRECTOR OF THE MONTENEGRIN INVESTMENT PROMOTION AGENCY

Having left his position in the private sector to help oversee Montenegro’s potential as an FDI destination, MIPA director Miloš Jovanović has big ideas for the future of one of Europe’s smallest countries. Montenegro has already come a long way, but to kick on it will need further expertise from abroad

nvestment in the tourism, agriculture and renewable energy sectors are the Montenegrin government's strategic priority points. These three sectors offer Montenegro a competitive advantage not only in the region, but also over a much wider area too. Effort has been exerted to tie these three sectors into one entity, with the aim of producing the best results at the lowest cost. If we factor in Montenegro's geo-strategic position, we can say these advantages are not only competitive, but also represent Montenegro’s comparative advantages in relation to other countries, says Miloš Jovanović, director of the Montenegrin Investment Promotion Agency (MIPA). There aren't many places in the world that can offer this. Our long beach, Velika Plaza (Big Beach), is 13 km long. The highest peak is Zla Kolata (in the Prokletije mountain range) at an altitude of 2,354m. The biggest lake is Lake Skadar, the second largest lake in Europe. The deepest canyon is the canyon of the of the River Tara, which is the second deepest canyon in the world. Biologically speaking, Montenegro is a hot spot for European and global biodiversity. The index of species per territorial unit is 0.837, which is the highest index in Europe. Regarding tourism, we are currently implementing around 10 large-scale projects, all of which are being developed

42 | MONTENEGRO BUSINESS SECTOR 2014

along the Montenegro coastline. Once implemented, these projects will bring investments worth around €3 billion. You have to bear in mind that we are only talking about the south of Montenegro, while the north is also appealing to foreign investors. With regard to agriculture, foreign investors have expressed interest in organic production. When it comes to renewable energy, I would say that we are still in the initial stages. We are currently using only 20% of the country's hydro potential. There are many projects in the process, such as construction of small hydro-power plants and a few bigger ones. Solar energy is still in the initial phase of implementation, as is wind energy. We have already allocated several locations suitable for the implementation of wind energy projects. The Government of Montenegro offers competitive prices that guarantee fair conditions for purchasing energy, with the aim of reducing costs and increasing efficiency. ■ Which Montenegrin state companies are being offered to foreign investors through the privatisation process? - The 2014 privatisation plan has been prepared on the basis of suggestions from ministries in the economic sector, state funds and

POTENTIAL

PROBLEMS

PROJECT

Montenegro is currently using only 20% of its hydro-energy potential, with projects in the pipeline to build additional hydroelectric power plants.

The problems identified by investors are especially pronounced when it comes to insufficiently developed infrastructure.

MIPA is currently assisting a Middle Eastern company in developing an IT city in Montenegro.

Council tender commissions. The main aim of privatisation is to boost competitiveness and efficiency, while encouraging foreign investment and entrepreneurship in all areas. The privatisation of the companies Montenegro is offering foreign investors is mostly done through the sale of shares and assets via public tenders. The companies currently being offered to interested investors are: Jadransko brodogradilište AD Bijela (Adriatic shipyard JSC BIjela ), Novi Duvanski Kombinat AD Podgorica (New Tobacco Company JSC Podgorica), AD Montecargo Podgorica, Montenegro Airlines Podgorica, Fabrika elektroda Piva (Piva Electrode Factory) Pluzine, Poliex AD Berane, DR Simo Milošević Institute JSC Igalo, Institute of Ferrous Metallurgy JSC Nikšić, HG Budvanska Rivijera AD Budva and HTP Ulcinjska Rivijera AD Ulcinj. ■ And which finished projects would you suggest to foreign investors? - I would stress projects related to several ski resorts in the north and the tobacco factory, as well as large and small hydro power plants and the thermo power plant in Pljevlja.

tions, I expect additional growth in tourism to also be registered in the north of the country. Major investors who have been developing projects in southern Montenegro are also interested in investing in the north. Their strategy is to have tourists spending a few days in the north, staying at their catering facilities, before spending an hour or so heading down to the seaside to enjoy a totally different experience without ever leaving the country. The imminent construction of a highway will give this idea even more impulse.

■ Is Montenegro set on attracting more investors by offering subsidies for utility infrastructure, tax exemptions and job subsidies? - Of course it is. Almost every country in the world has an agency that deals with these or similar issues, as does MIPA. The rationale is that all countries are competing with each other to bring in as much foreign capital as possible, with the aim of increasing economic growth. Large economies are also competing with both undeveloped and emerging economies, and this competition is tough. I think the government is doing a good job if you consider the fact that Montenegro was the least developed republic of the former Yugoslavia and is now the regional leader in many asas a young country. The benefits I think the government is doing pects, that foreign investments bring cannot a good job, if you consider the always be fully measured, because they have multiplying effects. fact that Montenegro

■ Which areas of the Montenegrin business environment have received the most criticism from foreign investors and what do you believe should be done to rectify these issues? - The problems identified by investors are especially pronounced when it was the least developed comes to insufficiently developed in■ Aside from greenfield investrepublic of the former frastructure, because there is a lack of ments, has any thought been given Yugoslavia and is now a transport links and inadequate access to brownfield investments, mergto Montenegro as an investment and ers, acquisitions and joint investregional leader tourist destination. There are also obments. Do you have any projects stacles when it comes to issuing building permits and inefficiencies along these lines in the pipeline? in the land registry system. The government has been working con- - Over the last decade, foreign direct investments have proven to be stantly and systematically to eliminate these problems. Reforms can more efficient when it comes to the reconstruction and restructurinvolve doing business, company registration procedures and the ing of companies. The reason for this is that domestic entrepreneurs issuance of construction permits. It also helps with obtaining loans, and managers lack either the know-how or the capacity to become taxation regulation and registering property. One of the govern- long-term partners of the state. These reforms have to be conducted ment’s priorities is to improve the efficiency of state administration, by people who are knowledgeable, have capital and can become which will facilitate implementation of the aforementioned activi- mentors to Montenegrin managers. Greenfield investments are by far the best type of investment. ties. Montenegro’s tourism industry is very appealing to investors. Furthermore, considering that global estimates have shown They bring brand new facilities, which would probably never Montenegro as one of the world’s fastest growing tourist destina- have been built if it weren’t for these investments. They also use MONTENEGRO BUSINESS SECTOR 2014

brand new resources, create jobs and have a greater output, as well as increasing capital within the country, boosting real GDP and living standards. In other words, they contribute to a better standard of living. ■ Does MIPA identify certain projects for implementation at a regional level? - Currently we are trying to realise a project to build an IT city in Montenegro. A large Middle Eastern company wants to build an information technology city in the country and, by so doing, attract the biggest global IT companies to the country, which will choose Montenegro – as a country with favourable tax rates, subsidies and locations – as their IT hub in Europe. Of course, this city would be built in accordance with the requirements of the biggest IT companies, complying with the highest standards. This project will have an effect on the entire region around Montenegro. ■ In order to increase business efficiency, an increasing number of investors are using a regional approach to different markets. How is this reflected in Montenegro? - MIPA’s activities are those you mentioned in your question. I can say that we have carefully considered the regional approach to the markets of both potential and existing investors and have planned our activities accordingly. This makes sense to us, given that no large investor would be willing to invest in Montenegro alone, considering this is a rather small market. In the agency’s publications we have mentioned Montenegro’s potential as a hub for the European market. This potential is based on stability, tax policy, the treatment of foreign investors and the country’s geographical position.

ing and updating professional promotional publications on an annual basis, organising stands for fairs such as PRODEXPO Moscow, MIPIM Cannes and EIRE Milan, among others, and conducting promotional activities at business fairs conferences, forums etc. Our appearances are in the form of public-private partnerships and these fairs are used to promote the integral offer of Montenegro as an investment destination. This means that a substantial share of the costs associated with attending fairs is covered by the companies being promoted. MIPA initiates, organises and co-organises promotional investment gatherings in line with the requirements and needs of foreign and domestic companies. Promotional gatherings are organised abroad and in Montenegro, mostly in collaboration with business associations, Montenegrin ministries or embassies and strategic and institutional investors. The bottom line is that we are constantly thinking of ways to approach people and companies with available investment capital. The creativity of MIPA employees is of crucial importance in this regard, along with our communication skills.

■ What motivated you to leave a lucrative managerial position at a renowned company to become director of a state institution at the time of the global economic crisis? - I graduated in international economics at Bocconi University in Greenfield investments are by Milan, where I also earned my master’s degree in corporate finance. I far the best type of investment. was given an opportunity to work They bring brand new facilities, either in Milan or London, in investment banking. When I came back which would probably never to Montenegro I was offered a job by have been built if it weren’t two international companies, Ernst & for these investments. They Young and A2A. I chose the former, also use brand new resources, where I learned a lot about the system. At the same time I was working create jobs and a greater on my Ph.D. thesis. As Montenegro is output, as well as increasing a small place, I was soon noticed by capital within the country and people who offered me the opportu■ What are MIPA’s main activiboosting the real GDP and ties when it comes to promoting nity to work for my country. Montenegro as an investment You asked me why I accepted a living standards destination? job in a state institution at the time of - We are giving our best to be of service to any potential investor in- the global economic crisis and left a job at a renowned company, terested in our country. We have a professional approach, efficiency well it’s because this is a greater challenge. All of us at MIPA are in our responses to the requirements of potential investors and we young and it is a privilege to have a positive influence on our counalso provide support for existing investors. The experiences of exist- try and be involved in the process of developing Montenegro. Based ing investors are the best marketing for Montenegro, and they come on economic and social parameters, we are currently the regional leader, despite having been the most undeveloped former Yugoslav directly from their positive opinions. The agency’s main activities to promote Montenegro are: publish- republic not so long ago. ■ 44 | MONTENEGRO BUSINESS SECTOR 2014

INTERVIEW

BORIS ŠABAN, EXECUTIVE DIRECTOR OF THE NATIONAL INSURERS BUREAU OF MONTENEGRO

Safety above ALL ELSE The region has sustained horrific material damage caused by the risks associated with adverse weather conditions. What bubbled up to the surface was a rather careless attitude that people had towards their property, which proved to be insured to a very insufficient extent

lthough a small market, Montenegro is obviously a potent one, with a substantial number of international players, particularly in the insurance segment. During the relatively short period of is operations, the association called the National Insurers Bureau of Montengero (NBOCG) has instigated collaboration between insurance companies with a view to setting up common goals. “For example, the market laws have led to de-monopolisation which, in turn, resulted in constant growth of the overall insurers’ portfolio”, says Boris Šaban, Executive Director of the National Insurers Bureau of Montenegro.

Merkur Osiguranje, UNIQA Životno Osiguranje, Lovćen Životna Osiguranja, Wiener Stadtische and Atlas Life. We can also notice that these renowned insurers come from Slovenia, Italy, Austria and Montenegro, which leads us to the conclusion that everybody is counting on the potential of this small market and its stability, along with constant growth and expansion. Regulation is another factor that is important for stability, while cooperation with the supervisory state authorities, like the Insurance Supervision Agency, have helped us to be fully harmonised (with the regulation) and have eliminated those companies that were too nonchalant about the regulation.

motor insurance, followed by life insurance, with 14.94%, property insurance, 13.85%, accident insurance, 11.18%, total coverage motor insurance, 6.94%, health insurance, 1.23%, and other types of insurance with 6.33%. The region sustained horrific material damage caused by the risks associated with adverse weather conditions which, unfortunately, also caused fatalities. What bubbled up to the surface was a rather careless attitude of the people towards their property, which proved to be insured to a very insufficient extent. In the future the insurance branch will have to come up with a global response to such extreme weather conditions.

■ NBCOG is a relatively young institution and during its short existence you ■ Just like other regional countries, have managed to achieve impressive the share of mandatory insurance in results in international cooperation. the insurers’ portfolio is also domiAre you satisfied with the results? - As far as international cooperation goes, nant in Montenegro. Has the bureau I would say it is excellent, as in just a short period we have managed to As far as international become a full-fledged member of all ■ Could you tell us something cooperation goes, I would say relevant international forums and about conditions on the insurit is excellent, as in just a short institutions, as well as being deemed ance market today? trustworthy to organise international - Today we are witnessing very cutperiod we have managed to throat competition, since there are become a full-fledged member gatherings in Montenegro at which the bureau can deal with many com11 insurance companies on a marof all relevant international ket as small as Montenegro’s. In acmon problems. both in the region and forums and institutions the broader insurance community. cordance with the relevant regulaThe most important result is certions, these companies are divided into life insurers and non-life insurers. been working towards changing this tainly full membership in the international Five companies sell non-life insurance – situation? Green Card motor insurance system. At the Lovćen Osiguranje, Sava-Montenegro Osi- Of course, we are aware of the situation General Assembly of this organisation held and have been working together to make in Dubrovnik in May 2011, Montenegro beguranje, Delta Generali Osiguranje, UNIQA qualitative changes to the insurance culNeživotno Osiguranje and Swiss Osigucame a full member of the Green Card Sysranje, while six companies are engaged in ture. The current situation is such that tem, an institution which brings together sales of life insurance: Grawe Osiguranje, 45.53% of the total insurance policies are 46 countries from Europe and the region. ■ MONTENEGRO BUSINESS SECTOR 2014

INTERVIEW

DUŠKO KNEŽEVIĆ, PRESIDENT OF ATLAS GROUP

The Future is in the Region’s

COOPERATION

ATLAS GROUP PRESIDENT DUŠKO KNEŽEVIĆ WAS THE GUEST OF SHEIKH NAHYAN BIN MUBARAK AL NAHYAN AT THE ROYAL PALACE IN ABU DHABI IN AUGUST 2013

Atlas Group began projects with the Al Nahyan royal family of Abu Dhabi already back in 2007. That’s how we, together with the Abu Dhabi Capital Group, implemented the Atlas Capital Centre in Podgorica, which in investment and design terms is one of the largest and technologically and architecturally most modern projects in the Western Balkans

tlas Group operates in a number of countries in the world, from the Middle East to the U.S., from the UK to Russia. To discuss how Montenegro looks as an investment destination from this international perspective, we speak to the president of Atlas Group, Duško Knežević. In his opinion, the advantage of Montenegro, which is well-known in international business circles, is in various foreign investments, diversified in terms of their region of origin and the industries in which they are realised. “UAE actually launched its first investments in this region in Montenegro, Azerbaijan has started implementing a tourism project worth half a billion euros, Turkish investments are in infrastructure and industry, while Chinese investments will also be realised in infrastructure. If we add to that the significant investments from the EU in the field of telecommunications, energy and tourism, as well as those from Russia, Montenegro is confirmed as an open and very attractive destination for investors from around the world,” says Knežević: “All this contributes to the country's image as being open

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and attractive for investment, particularly in strategic key areas of tourism, energy and agriculture. It is also very important to preserve that image, enable a business environment in which investors will be able to promptly and effectively implement projects, with the adequate participation of local communities. " ■ Which legislative and other measures of the Government of Montenegro would you rate as being a priority for boosting foreign investment? - As I have pointed out for years, in order to improve the business environment with the aim of generating a greater inflow of investments, it is necessary to work on reducing administrative barriers and accelerating the centralisation of procedures at the level of the state and local communities, as well as providing a higher level of training and efficiency for human resources. Just in these last few days the Foreign Investors Council in Montenegro published its White Book with recommendations for improving our business environment that best

summarises recommendations for the sustainable development of the Montenegrin economy. And the president of that Council, and CEO of Telekom Montenegro, Mr Rudiger Schultz, highlighted the most important thing: administrative procedures that take too long; predictability in tax assessments, property or comprehensive rule of law; greater flexibility of regulations concerning the labour market. Otherwise, I am also of the opinion that this sort of thing should be viewed as much as possible from the perspective of foreign investors, who can always compare their experiences with the countries they come from. A good experience can attract many new investors, but a bad one can deter many more potential investors.

concrete results in the form of the projects of regional construction consortium Phoenix. It is also evident that at the level of government there are also more and more initiatives to strengthen cooperation and intensify economic ties. However, I think more work is needed on awareness that we will all benefit more from cooperation than from a competitive relationship. The floods in Serbia and Bosnia-Herzegovina have shown a great de facto connection and solidarity in the region. I'm certain that, speaking in my own name and the name of Atlas Group, that the help we directed at that time was also done on behalf of many others. Because of the way in which the creation of a common good with benefits that we share with the society in which we create them, a principle we stick to in business, is that helping our fellow citizens in the region is a model we have tried to incorporate in all aspects of the activities of Atlas Group.

■ Montenegro is in the process of joining the EU, but significant investment is coming from the East. Do you see this position of Montenegro as an advantage or a hindrance under current global political circumstances? - The experience of the global economic crisis has shown us how ■ You recently said that in such quickly and dramatically world cenconsolidation "Montenegro tres of economic power can change should be positioned on the inand that’s why it’s very important for economies that are largely dependent ternational stage as a regional on foreign direct investment for that centre of connection and interFDI to be from different business circles action within SE Europe and the and geographic spheres. Balkans", as well as between this Tangibly, Atlas Group began proregion and Europe and the world. How do you see the role of other jects with the Al Nahyan royal family countries in the region? of Abu Dhabi already back in 2007. - Each country in the region has its own That’s how we, together with the Abu SUMMIT - 100 BUSINESS LEADERS OF SOUTHEAST advantages, which can simultaneously Dhabi Capital Group, implemented EUROPE: AGREEMENT FOR A NEW ERA, 23RD AND 24TH MAY 2013, HOTEL SPLENDID, BUDVA, MONTENEGRO also contribute to the individual prosthe Atlas Capital Centre in Podgorica, which in investment and design terms perity of those states and the entire reTo improve the business is one of the largest and technologigion. To date for Montenegro that was environment it is necessary in terms of position and nature and cally and architecturally most modern to work on reducing the need to strengthen that position projects in the Western Balkans. Motithrough connection and interaction. vate by cooperation in this important administrative barriers Serbia, with significant wealth of natuproject for the city, Podgorica also and accelerating the received a street named after Sheikh ral and human resources, positions itcentralisation of procedures Al Nahyan, founder of the UAE. And, self as an industrial power, which thus at the level of the state and through its partnership with us, invesstrengthens the development of the entors from that country expressed their tire region - let us take the example of aclocal communities interest in other investments in Moncelerating vital infrastructure projects. tenegro and the region, and we can now see the extent to which Serbia is linking its future economic development with investments from ■ Considering that CEFTA agreements have not met expectathe UAE, in particular through the Belgrade on the Water project. tions for years, in which direction should we think in order to establish a more effective foundation for interstate re■ You have advocated for the consolidation of the regional gional cooperation? economy for years, in order to achieve efficient operations - I think the way to establish more efficient and sustainable interstate and the use of compatible resources. How do you assess co- cooperation is in the greater integration of financial markets. Very operation between the countries of the Western Balkan re- specifically, that would mean the establishment of a common region today? gional stock exchange, which is a project we are already working on - In the business community there is great interest in strengthen- with our partners in the Istanbul Stock Exchange, because it is a fact ing regional market ties and reducing business barriers. This is also that for some integration processes you need a strong partner who is confirmed by the Summit 100 Business Leaders of Southeast Europe in a position to help us overcome some of our traditional differences. The sooner we realise that our individual markets are too small project, the third gathering of which is being preparing right now in Cavtat and will be held on 14th and 15th July under the patronage and inadequate for any serious development, the sooner we can of Croatian President Josipović. This initiative has already yielded catch up with global integration. ■ MONTENEGRO BUSINESS SECTOR 2014

INTERVIEW

PROKOPIJE PERIĆ, DIRECTOR FOR ECONOMIC & COMMERCIAL AFFAIRS AT ROKŠPED GROUP PODGORICA

Power of SYNERGIES "A large system for the logistics and distribution of newspapers, cigarettes and other consumer goods, as well as a large retail network, allows us to make highly successful sales of all products we represent on the entire Montenegrin market"

ness, thus through major reorganisation we have succeeded in placing the optimal number of qualified people who can conduct business. Introducing new, unique software solutions for the whole Group enabled us to also gain access to the faster flow of information, which enables us to react in a timely manner."

Our business partners and customers are opting for cars from our gamut of Audi, VW and Seat, because they know that, in addition to the quality they receive by purchasing any of the mentioned brands, they will also receive a superior service for the maintenance of their vehicle within our service network. This is also illustrated by the fact that in 2013 we won the prestigious VW "Quality Service Award", which is awarded to only the top 100 service centres in Europe in competition between more than 6,500 service centres. Thus, quality and consistency are the two words that adorn our business.

hile most companies in the region that are engaged in similar activities have financial problems, Rokšped ■ What sets Rokšped apart from other continues to realise its lofty goals, expand its similar companies in the region? operations and hire new workers. Speaking - The Rokšped Group is one of the largest about the basis for its successful business private companies in Montenegro and is strategy, Prokopije Perić, the company’s 100% owned by the Stanaj family, which director for economic commercial affairs, has successfully led the company for many ■ Which development projects do you says: "Introducing the Quality Manageyears. The commitment of all of us who have planned for this year and next? work in the Group, coupled with simplicity - We plan expansion of the distribution of ment System ISO 9001 in 2008 proved to and flexibility to adapt to any change that mass consumer goods, opening new retail be a good investment, because it improved occurs on the domestic and foreign marchannels with the expansion of existing the operations system without which channels and placing our tradiRokšped would not have been able to survive and quickly adapt to busitional Bom coffee on the regional Expansion in the region is market under the auspices of the ness difficulties caused primarily by certainly one of our long-term existing business. The construction the financial crisis. Rokšped bases it goals, but we are very careful in of the Galeb luxury hotel, covering business on the principle of PDCA (Plan-Do-Check-Act) and strong this because we want to protect more than 45,000m2 in Ulcinj, is synergy between companies within definitely one of the biggest projects our business on the domestic the Group. Today we are representwe are planning to start in the next market, which is currently the period, in cooperation with potenatives of large international brands most important for us in several industries: automotive, tial foreign investors. That will certobacco, food, publishing, retail and tainly be one of the most luxurious construction. hotels on the Adriatic coast and our goal kets, are of great importance to our busiWe're big proponents of cost optimisais to return and entice more tourists from ness. A large system for the logistics and Western Europe. distribution of newspapers, cigarettes and tion, but not cost reduction that could imother consumer goods, as well as a large repact negatively on the existing business and ■ To what extent does the Montenefurther development. Investing in profestail network, allows us to make highly sucsional training of employees is certainly one cessful sales of all products we represent on grin government support the counof the most important segments of our busithe entire Montenegrin market. try’s biggest companies?

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- The Government of Montenegro is a very important partner for our group. Certainly, as one of the biggest taxpayers, we contribute greatly to state revenue. I will only mention the fact that in 2013 we paid more than €30 million into the budget of Montenegro in various taxes and customs duties. Organising a legal framework to facilitate the functioning of the economy is certainly one of the biggest supports provided by the government and this ensures the security and longevity of operations.

from banks would also make the climate for doing business much more favourable than it is today. ■ Do you believe there is a difference in the state’s attitude towards domestic and foreign investors and companies? - My personal opinion is that there is no difference in support, because the Government of Montenegro has a very transparent relationship with all businesses. Per-

nies and investors can only be of benefit to all businesses, because that is connected to a chain that is beneficial to everyone, particularly in terms of increasing the number of jobs in Montenegro.

■ Today you employ over 1000 workers in Montenegro. Do you plan expansion on the markets of the region? - Expansion in the region is certainly one of our long-term goals, considering the limited size of the Montenegrin market. However, we are very careful in this, primarily because we want to protect ■ Today, after more than 20 years in 2013 we paid more than of operations, how would you as€30 million into the budget of our business on the domestic market, which is currently the most imporsess the business environment in Montenegro in various taxes Montenegro? tant for us. It is also very important to and customs duties - Great changes have taken place in choose an expansion model, because the last few years, largely due to the that has a major impact on stability at economic crisis that has certainly also had home. We do not want careless expansion haps, as a local company, we would prean impact on business. What I must point to endanger our operations in Montenegro fer the state to treat domestic companies out as the biggest problem is that borrowbecause, as you said, we employ over 1100 more favourably, but the attitude of the workers and that is a great social responstate is completely understandable for us, ing to finance operations is currently very because as we approach the European Unexpensive. Today it is very difficult to find sibility. The first step in our expansion is an industry where you can make margins placing our Bom coffee on the Serbian marion it is impossible to expect any benefits greater than seven per cent. The cheapcompared to foreign enterprises. In any ket, because the quality is such that it will case, and regardless of that fact, I believe position the product at the very top of the est loans in Montenegro have precisely strongly that the arrival of foreign compamarket and lure customers in the region. ■ that percentage. I think that more support

MONTENEGRO BUSINESS SECTOR 2014

INTERVIEW

IVAN BULATOVIĆ, EXECUTIVE DIRECTOR OF CGES – THE MONTENEGRIN ELECTRICAL TRANSMISSION SYSTEM

Undersea Cable for

THE FUTURE The integration of national energy markets into a single European market is a rapidly expanding trend, so it is expected that the cooperation of our market operators in this segment, COTEE and DBaga, must result in the creation of a functioning market in Montenegro

■ What does the recently agreed Memorandum of Understanding for the establishment of a balanced electricity market mean for Montenegro? - Deutsche Borse (DBag) is one of Europe's largest capital market organisers. As the largest single owner of the EEx Stock Exchange, the Central European energy exchange, DBag’s experience in establish-

expanding trend, so it is expected that the cooperation of our market operators in this segment, COTEE and DBag, must result in the creation of a functioning market in Montenegro. A balanced market is the first step in establishing the principle of organised trade.

ompany CGES - CRNOGORSKI ELEKTROPRENOSNI SISTEM (meaning Montenegrin Electrical Transmission System) earned net operating profits of €4,443,716 ■ How are the operations and develin the first quarter of this year. Revenues opment of the company influenced were up on the same period last year by the fact that the minority sharemainly due to the realisation of revholder has a large foreign comenue from fees for electricity producpany? - Cooperation with the Italian parters to the use of the transmission Apart from investments in network and due to increased transit ner, which owns 22 per cent of infrastructure and projects at the borders as a result of congesCGES shares, can generally be asbeing financed via the loan tion. As for the operating results for sessed as utterly satisfactory, espethe whole of 2013, CGES operated cially if we consider that this is a agreements with the EBRD with a net profit of €2,643,792. This and KfW Bank, CGES will also partnership relationship between profit is significantly down on 2012 one of the largest transmission sysinvest in regular maintenance tem operators in Europe and one results, but according to CGES execuof transmission infrastructure of the smallest. Due to these differtive director Ivan Bulatović: "If we recall the conditions under which this ences in the sizes of the companies, result was achieved, here I’m primarily such cooperation faces many challenges ing organised markets can make a posithinking of all the problems caused by the that we, in my opinion, are overcoming tive contribution to the development of largest consumer of electricity in Montesuccessfully, taking into account all the our energy market. Simultaneously, the cultural and sociological differences in integration of national energy markets negro, due to unregulated work, we must the environments we come from. into a single European market is a rapidly certainly be satisfied."

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I think it’s very good for CGES to have a strong strategic partner like Terna, especially if we consider the project connecting the electric power systems of Montenegro and Italy via an undersea cable aimed at strengthening the Montenegrin transmission network. In addition to the joint commitments we have on the implementation of this project, this partnership is very important for CGES because we expect it to bring us additional value in terms of the development of the company and human resource, as well as in the application of modern European experience and practices.

this year and will invest another €20 million, which certainly represents significant resources. The Montenegrin part of the in-

EBRD and KfW. Preliminary work on the construction of TS Lastva has already begun, which certainly confirms the start of the biggest investments in the energy sector in Montenegro. When it comes to building a 400kV transmission line along the route Lastva-Čevo, here activities are also taking place at a satisfactory pace, the contractor is preparing project documentation, we have received a building permit and our teams are working intensively.

■ What will CGES allocate investments for this year? When it comes to building Apart from investments in infrastructure linked with the implementation a 400kV transmission line ■ How much progress has been along the route Lastva-Čevo, of the undersea cable, which is being financed via the loan agreements with made on the project to connect here activities are also taking the EBRD and KfW Bank, CGES will Montenegro with Italy via a seaplace at a satisfactory pace also invest in regular maintenance of bed cable and what does the start transmission infrastructure, as well as of construction of the substation the reconstruction and modernisation of in Lastva mean to that project? vestment is over €100 million, while the the existing network, increasing the avail- The project to install an undersea cable total investment is worth around a billion is at an advanced stage. CGES has already euros. As a reminder, funds for this proability of transmission capacity and coninvested over €10 million in this project ject have already been secured from banks structing new substations. ■

MONTENEGRO BUSINESS SECTOR 2014

INTERVIEW

ZORAN SEKULIĆ, EXECUTIVE DIRECTOR OF THE MONTENEGRIN AGENCY FOR ELECTRONIC COMMUNICATIONS AND POSTAL SERVICES

Connecting for

THE FUTURE

Considering the number of subscribers, level of competition, diversity of services and progressiveness of technology, we can say that mobile communication networks and services are the most developed segment of the electronic communications market

he Agency for Electronic Communications and Postal Ser- with the technical rules stated in the agency’s acts. The prices of vices is an internationally respected regulatory body in the most services rendered in Montenegro are much lower than those electronic communications and postal services segment. in other regional countries, which was also confirmed in a report The Agency became operational on 8th March 2001 as an compiled by Brussels-based company Cullen International on beindependent regulatory body in the area of electronic communica- half of the European Commission. Montenegro is a specific market. tions and postal services. The agency’s main guiding principles this The biggest operators are either entirely or mostly owned by foreign year are ensuring a safe and predictable environment for operators, companies, while the users are fastidious. They demand and utilise creating conditions for the implementation and development of tech- the latest technology and services provided by operators. All of this would not be possible without good, timenology and services, as well as encouraging competition while preventing breachly regulation that is adhered to by both Montenegro’s transition development policymakers, i.e. the Mones in market competition rules, resolving from analogue to digital disputes between operators and improvtenegrin government, and regulators, i.e. terrestrial broadcasting the agency. Since the very beginning, the ing customer protection procedures. will be completed on 17th agency’s management has focused on “The results we have achieved are recontinuously training its staff. And our ally extraordinary,” says Zoran Sekulić, June 2015 entire staff, all 71 of them, are absolutely Executive Director of the Agency. “This is corroborated by numerous indicators. Sixty-three electronic com- dedicated to their work and have a very professional approach to all munications operators and eight postal services operators have been challenges faced by the agency, which has been, and remains, proof registered with the Operators’ Registry, which the agency runs. The that the agency has positioned itself as an independent regulator.” agency has also devised a system to control and monitor the radio frequency spectrum, which is the basis for rational and efficient use ■ Could you tell us something about the environment in the of radio frequencies by the users of this limited resource, all in line electronic communications sector in Montenegro?

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- The environment for doing business in Montenegro has been very favourable for quite some time now. Let me remind you that in 2007 M:Tel d.o.o., which is owned by Telekom Serbia, acquired all necessary approvals to build a network and start offering commercial services within about 70 working days, which was – and I think still is – the world’s fastest implementation of a network. The favourable business climate in the electronic communications sector, advanced regulation, competency in decision making, as well as efficient resolution of disputes between operators, are all prerequisites necessary for successful operations in Montenegro. If a company wants to engage in electronic communications, based on the Law on Electronic Communications, they can start doing so and provide public electronic communications services based on the application they file with the agency. The utilisation of electronic communications infrastructure and related equipment, along with the development of mechanisms and procedures in negotiating network access and interconnection, i.e. the agency’s activities in the event of disputes between operators, have really taken hold in Montenegro. The Law regulates other mechanisms which facilitate the work done by operators in Montenegro.

Since 2009 the agency has been conducting analyses of relevant markets and, taking into the account the results, setting requirements for the operators with significant market power. Most of these requirements relate to the obligations that operators have in terms of operator access and interconnection, i.e. in the wholesale segment. The existing regulatory measures have improved conditions for developing efficient and sustainable market competition, both through strengthening the position of existing alternative operators and through the arrival of new operators on the Montenegrin market. ■ Which of your future activities do you expect to be the most challenging? - Montenegro’s transition from analogue to digital terrestrial broadcasting will be completed on 17th June 2015. Completion of the broadcasting digitisation will free a total of 72 MHz of the spectrum with very good propagation characteristics, which will allow for the further development of mobile radio communications services. With this in mind, the agency has already carried out certain activities with the goal of achieving a maximum value for these radio frequency resources, which will enable further development and implementation of mobile broadband access networks. A public competition for allocation of these and other available frequency resources for the implementation of mobile communication system will be launched in 2015.

■ Do you think there is still sufficient room for new operators and at what level of development have electronic communication networks in the country attained? - The total revenue in 2013 generated by the provision of public electronic communications services and concessions for the use of electronic The agency has devised a communications networks, electronsystem to control and monitor ■ Last but not least, could you tell ic communications infrastructure us about the situation in the postal the radio frequency spectrum, services sector? and associated equipment amounted which is the basis for rational - Apart from the Montenegrin Post Ofto €236.4 million. Considering the number of subscribers, level of comfice, as the country’s universal postal and efficient use of radio services operator, there are seven petition, diversity of services and frequencies by the users of other operators providing postal serprogressiveness of technology, we this limited resource, all in can say that mobile communication vices in Montenegro. In 2013 postal line with the technical rules networks and services are the most services operators carried out a total developed segment of the electronic of 19,752,585 deliveries. The physical stated in the agency’s acts communications market in Montevolume of certain rendered postal sernegro. All three mobile communications networks operate in line vices shows that letter mail services and money transfer operations with the harmonised standards of the second and third genera- have had the biggest share in the overall activities of the Montenetion. Telenor and Montenegrin Telekom have implemented LTE grin Post Office. In terms of courier services, the Montenegrin Post technology which, in commercial terms, is considered a 4G mobile Office has the biggest share of 29.1%, followed by Kingscliffe Districommunication technology. Montenegro’s electronic communi- bution Montenegro – DHL with 28.2%, while the remaining share is cations infrastructure is well developed, which means that only distributed among six other operators. In package delivery services, the latest technology is used in the provision of electronic commu- City Express has a dominant position, with a share of 38.8%, folnication services. Thanks to this kind of infrastructure, subscrib- lowed by the Montenegrin Post Office, with 31.8%, while the rest of ers in Montenegro can use almost all electronic communication the market share is distributed among other operators. We expect services that exist in the rest of the world, which also satisfy all changes to be made in this sector, namely in the segment of uniof their needs. Bigger operators have migrated, or are currently versal postal services and with the arrival of new postal service opmigrating, their networks towards the All-IP environment, which erators. Moreover, growing e-commerce will have an impact on the means that voice and data transfer, along with the distribution of volume of postal services provided in Montenegro, especially after AVM content, can be carried out via a single IP network. the country joined the PayPal system. ■ MONTENEGRO BUSINESS SECTOR 2014

ANALYSIS

Everything Points to

PROGRESS

A small economy is a nimble one, and with a booming tourism sector and investor-friendly laws, Montenegro has fast become an attractive destination for businesses and wealthy individuals. It may be one of Europe’s newest independent states and among the smallest, but Montenegro punches above its weight – with the promise of more to come Words: PREDRAG DRECUN, economic analyst 54 | MONTENEGRO BUSINESS SECTOR 2014

lmost every reputable economic expert and businessman agrees that Montenegro is one of the most attractive investment destinations in the region, and this is a stance that has nothing to do with patriotic bias. In the World Economic Forum’s (WEF) Global Enabling Trade Report 2014, Montenegro was ranked 49th in the list of 138 countries covered. Of the former Yugoslav republics, only Slovenia scores more highly than Montenegro. In 2012, Montenegro’s rank was 39th. Tourism, energy, agricultural production and services are areas where Montenegro has a huge comparative advantage over its regional competitors. And given Montenegro’s economy is relatively small, every important investment or growth in production results in an immediate and significant rise in national GDP. Equally, GDP falls dramatically whenever the opposite occurs, a characteristic of small systems. Mathemati-

cally speaking, a €300 million investment is equal to a 7% hike to 100,000 by 2020. in GDP, which is why it is vital that Montenegro uses the opTourism is considered an ‘invisible export’, but what Monteneportunities presented in the following period. Political stability, gro needs is more domestic producers participating in the tourism which is an important factor, will grow once Montenegro has sector. The process has begun, with an increasing number of caterbeen admitted to NATO and the EU. ers offering domestic products to foreign tourists. Product quality Montenegro is also one of the Adriatic region’s most appealing is certified by HACCP and KOD NATO. The possibilities for organic areas for property investors. Large-scale investments such as Porto food production are numerous. In 1895, Montenegro’s sheep popuMontenegro, a creation of Peter Munk, the Rothschild family and lation was 900,000; today it is half that number. This is mostly a a number of Russian tycoons, have put the country on the map for consequence of the deterioration of agriculture during the time of the international business community. The unspoiled Valdanos, socialism, but it also speaks volumes about the agricultural sector’s Buljarica, Jaz and the long beach in Ulcinj mean the existing touruntapped potential. Just 25-30% of the country’s hydro-potential is currently ism and real estate potential is even greater. being utilised, so huge investment opportunities remain. An unFive merchant and ferry ports (Bar, Herceg Novi, Tivat, Kotor and Zelenika) help to derground electricity cable make Montenegro an imporstretching from Montenegro to Italy will open access to tant economic location. With the southern Italian market, its big harbour, sea links to which is made attractive by its the rest of the world and good longstanding electricity defitransport network, the town of Bar is a particularly appealcit. Wind energy, small hydro power plants and solar energy ing location for logistics. And projects enjoy the support of based on existing trade agreemultilateral international fiments with the EU and Russia, as well as membership in nancial organisations, adding the EFTA and the CEFTA free to Montenegro’s substantial trade associations, Montenepotential, particularly when it comes to the construction gro has access to a market of small hydro power plants. of 650 million consumers. The coal mines of Maoče, PetFollowing its independence Good IT infrastructure, in 2006, Montenegro joined njik and Polica, meanwhile, international institutions have enough coal to sustain favourable taxation and equal such as the World Bank and another 50 years of electricity treatment for foreign and domestic WTO, and today is an EU production. investors help to boost Montenegro’s candidate and the only nonEco-tourism, adventure status as an investment destination. EU country to use the euro as tourism, the possibility of both its national currency. swimming in the sea and skiVAT is among the lowest in Europe, Montenegrin tourism’s ing down a mountain in a while the 9% tax on profits is the contracted investments cursingle day, beautiful river canlowest in the region rently stand between €2.5 yons and stunning mountain billion and €3.5 billion, aclakes also feature among Moncording to National Tourist Organisation director Saša Radović, tenegro’s tourism opportunities. The state has been working hard who adds that, in terms of tourism investments per capita, Monto promote these areas, with the Wild Beauty campaign yielding positive results. tenegro is the leader in Europe. It is also leading the way when Construction of the Montenegro-Serbia motorway is the it comes to the speed of tourism development, according to the most important long-term investment, though. For MonteneWorld Tourism Organization. The country has several ongoing large-scale projects, such as gro, the Bar-Belgrade motorway will be the country’s link to phases two and three in the construction of the Porto Montenegro western Europe, given Belgrade’s own connection with Budaand Porto Novi projects respectively, as well as the construction of pest via motorway. One&Only, an exclusive resort being built at the site of Kumbor’s Meanwhile, good IT infrastructure, favourable taxation and former army barracks. A dozen small four-star hotels will have equal treatment for foreign and domestic investors all help to boost been finished by the end of 2014. Another resort is to be built at Montenegro’s status as an investment destination. VAT is among Queen’s Beach between Bar and Budva, which represents the bigthe lowest in Europe, while the 9% tax on profits is the lowest in the wider region with the exception of offshore destinations. When gest project by Luštica Development on the Luštica peninsula, entaking into account all of the factors an investor is likely to consider tailing the construction of a brand-new tourist complex featuring when making an investment decision, Montenegro announces iteight four- and five-star hotels. The current capacity of Montenegro’s hotels is 40,000 beds, but the goal is to increase that number self as one of the world’s top investment destinations. ■ 56 | MONTENEGRO BUSINESS SECTOR 2014

ALUMIL MONTENEGRO D.O.O Igor GlobareviÄ&#x2021; Mahala b.b., Podgorica Montenegro Tel: +382 20 872 104 alumil.cg@t-com.me www.alumil.com

MONTENEGRO

Photo: Radoje Burzan

Facts & FIGURES

ontenegro (Black Mountain) is beautiful tiny country of Southeast Europe and a Central Mediterranean country of rich natural, architectural and cultural heritage. Montenegro features diversity of stunning landscapes, climates and the well preserved natural environment of “black” mountains, awesome canyons, the blue Adriatic Sea and green blossoming meadows and idyllic lakes. Montenegro is a country where

the mountains descend almost directly into the sea, creating a surreal atmosphere. It has a wonderful coast on the Adriatic Sea and borders Croatia to the west, Bosnia-Herzegovina to the northwest, Serbia to the northeast and Albania to the southeast. Th total surface area of Montenegro is 13,812 km2, while its 293km coast comprises 117 beaches. It includes Boka Kotorska Bay, one of the ten most beautiful bays in the world, which is also the most southerly fyord in Europe.

LOCATION: Southeast Europe BORDERED BY: Croatia, Bosnia-Herzegovina, Serbia, Kosovo, Al-

tinental and mountain. Montenegro's coastal areas enjoy the Mediterranean climate, with dry summers and mild, rainy winters; LAKES: There are 40 lakes in Montenegro and 8% of the territory is comprised of forests, natural pasturelands and meadows. Lake Scadar is the largest lake on the Balkan Peninsula NATIONALITY: Montenegrin POPULATION: (2013 est): 653,474 CAPITAL: Podgorica LARGEST CITY: Podgorica (180,000) ETHNIC GROUPS: Montenegrin, Serbian, Bosniak, Albanian RELIGIONS: Orthodox, Muslim, Catholic LANGUAGES: Montenegrin (official) INDEPENDENCE:FromtheStateUnionofSerbiaandMontenegro-3rd June, 2006; Admitted as a member of the UN by General Assembly Resolution 60/264 of 28th June, 2006. PRESENT CONSTITUTION: Adopted 19th October, 2007 FLAG OF MONTENEGRO: Red field bordered by a narrow goldenyellow stripe with the Montenegrin coat of arms centred NATIONAL HOLIDAY: National Day, 13th July (1878)

bania AREA: 13,812 sq km COASTLINE: 293 km (117 beaches) HIGHEST POINT: Bobotov Kuk; 2,522m LOWEST POINT: Adriatic Sea; sea level CLIMATE: Extremely diverse, with three climate zones: coastal, con-

SLANSKO LAKE NEAR NIKSIC,

58 | MONTENEGRO BUSINESS SECTOR 2014

ECONOMY NATURAL RESOURCES: bauxite, hydropower, coal, wood, agri-

FILIP VUJANOVIĆ, PRESIDENT OF MONTENEGRO

PRESIDENT OF MONTENEGRO: Filip Vujanović (since 6th April, 2008) GOVERNMENT

Semi-presidential system, Parliamentary republic, Republic GOVERNMENT OFFICIALS: Milo Đukanović, Prime Minister Igor Lukšić, Deputy Prime Minister and Minister of Foreign Affairs and European Integration Duško Marković, Deputy Prime Minister and Justice Minister Vujica Lazović, Deputy Prime Minister and Minister for Information Society and Telecommunications Rafet Husović, Deputy Prime Minister Žarko Šturanović, Secretary-General of the Government Raško Konjević, Minister of the Interior Milica Pejanović-Đurišić, Defence Minister Radoje Žugić, Minister of Finance Slavoljub Stijepović, Minister of Education and Sports Branislav Mićunović, Minister of Culture Vladimir Kavarić, Minister of Economy Ivan Brajović, Minister of Transport Petar Ivanović, Minister of Agriculture and Rural Development Branimir Gvozdenović, Minister of Sustainable Development and Tourism Miodrag Radunović, Minister of Health Suad Numanović, Minister of Human and Minority Rights Predrag Bošković, Minister of Labour and Social Welfare Sanja Vlahović, Minister of Science Marija Vučinović, Minister without Portfolio LEGISLATIVE FRAMEWORK: Civil law system. The Parliament is the supreme legislator JUDICIARY CONSTITUTIONAL COURT: Supreme Court LOCAL ADMINISTRATION: 21 municipalities CURRENCY: Euro PER CAPITA INCOME: $11,700

culture, tourism INDUSTRIES: tourism, steelmaking, aluminium, agricultural processing, consumer goods... AGRICULTURAL PRODUCTS: tobacco, potatoes, citrus fruits, olives, grapes; sheep EXPORT COMMODITIES: Raw aluminium (41%), scrap iron (4.0%), wine (3.8%), other steel bars (3.5%), and sawn wood (3.0%)… IMPORT COMMODITIES: Refined petroleum (9.3%), cars (3.9%), packaged medicines (2.4%), raw aluminium (2.3%), pork meat (2.2%)… BUSINESS CLIMATE In the past few years Montenegro has shown strong commitment to establishing a modern market economy and entering European markets. Substantial reforms have been initiated, particularly in terms of creating a business-friendly environment. These include legal and economic reforms in all areas, aimed at ensuring legal security and harmonisation with EU legislation and economic policies. FOREIGN INVESTMENTS Montenegro guarantees national treatment for foreign-owned companies, meaning that foreign companies and local companies receive equal legal treatment. Foreign investors may operate either as legal entities or as individuals. Foreign investors are allowed to invest in any industry and freely transfer all financial and other assets, including profits and dividends. • Foreign investments may take the following forms: • Establishing a new company (either single-handedly or with other investors) • Investing in existing companies • Establishing a branch of a foreign company • Buying a company PRIVATISATION The privatisation process is described as one of the most successful of all transition countries. The main body in charge of the privatisation process is the Ministry of Economy through its Privatisation Council. Source pwc DOING BUSINESS 2014: Rank 44 AVERAGE MONTHLY EARNINGS (GROSS): €726 (May 2014) DEALING WITH CONSTRUCTION PERMITS: Montenegro made dealing with construction permits easier by introducing a onestop shop and imposing strict time limits for the issuance of approvals. REGISTERING PROPERTY: Montenegro made registering property easier by introducing a notary system.

15/10/2007 Montenegro signs the EU Stabilisation and Association Agreement. 15/12/2008 Formal application for EU membership is submitted. 12/04/2010 Montenegro submits answers to the European Commission's Questionnaire. 09/11/2010 The European Commission replies to the answers of the Questionnaire with a positive opinion (Avis). 17/12/2010 Montenegro receives official EU Membership Candidate status. 12/10/2011 The European Commission recommends the commencement of accession negotiations. 26/03/2012 Screening starts. 26/06/2012 The European Council sets a target date of 29th June for the beginning of accession negotiations. 29/06/2012 Accession negotiations begin with the screening process. 15/04/2013 The first accession conference is held in Brussels. 27/06/2013 Screening is completed. 18/12/2013 Five chapters are opened. 31/03/2014 Two chapters are opened.

MONTENEGRO BUSINESS SECTOR 2014

TOURISM

The Pearl of the

MEDITERRANEAN Montenegro, the pearl of the Mediterranean, is unique in many ways. Nowhere else can you find so much natural wealth, beauty, mild beaches, clear lakes, fast rivers and gorgeous mountains in such a compact area as in Montenegro RIVER TARA

In the morning you can wake up along the beautiful Adriatic coast, have lunch on the banks of Skadar Lake, and enjoy an evening walk in the Montenegrin mountains. Montenegro cannot leave you indifferent. Not only an excellent choice for holidays, Montenegro has many other remarkable characteristics: history, culture, tradition, good weather conditions, clean air, beautiful nature, the blue Adriatic Sea.... This country combines features of both the Balkans and the Mediterranean. Despite its small size, Montenegro offers great diversity and abundant natural beauty. RIVER TARA The Tara Canyon, the deepest river canyon in Europe and second only to the Grand Canyon worldwide, offers adventures from mild to wild for individuals and groups. The canyon is 93km long and its bottom reaches a depth of 1,300m in some places. High-spirited, wild, pure - this is the River Tara, a mighty flood made by snow and rain. The canyon attracts tourists seeking adventure and thrilling and direct contact with nature. NATIONAL PARK SKADAR LAKE National Park Skadar Lake is one of five national parks in Montenegro and the biggest lake in the Balkans. Due to its geographic position and sub-Mediterranean climate, it is one of the most important habitats for swamp birds in Europe, right after the River Danube delta. The southern hinterland of the lake (Crmnica) is famous for the best wine in Montenegro. Together with the lake carp, this will satisfy even the most demanding lovers of good food and drink. 60 | MONTENEGRO BUSINESS SECTOR 2014

LAKE SKADAR

BOKA KOTORSKA BAY

PORTO MONTENEGRO

BOKA KOTORSKA BAY The Bay of Boka Kotorska is the southernmost fjord in Europe! It is naturally divided into four smaller parts - Herceg Novi Bay, Risan Bay, Kotor Bay and Tivat Bay. Kotor has one of the best preserved medieval old towns in the Adriatic and is a UNESCO world heritage site. No matter whether you enter Boka by land or sea, your experience will be the same - Boka will fascinate you! CANYON NEVIDIO Canyon Nevidio is where the mountains of Durmitor and Vojnik crashed into each other millions of years ago. The River Komarnica cut this canyon deep into the severe rock long ago. This is the last conquered canyon in Europe. Its cliffs are so close to each other that at some points they prevent the light from getting in.

CANYON NEVIDIO

PORTO MONTENEGRO Porto Montenegro is a luxury yacht marina and adjacent waterfront development under construction in Tivat, Montenegro. Porto Montenegro is being built on the site of a former AustroHungarian naval arsenal known as the Naval-Repair Institute in Tivat, founded in 1889 in the sheltered Boka Bay, which is under the protection of UNESCO and is the deepest natural harbour on the Mediterranean. The total project includes construction of 630 berths for yachts of all sizes, of which 130 will be for yachts of a length exceeding 30 metres. BUDVA

BUDVA Budva is a coastal town in Montenegro and the coastal area around the town, called the Budvanska Riviera, is the centre of Montenegrin tourism and is well known for its sandy beaches, diverse nightlife and examples of Mediterranean architecture. Budva is 3,500 years old, which makes it one of the oldest settlements on the Adriatic coast. MONTENEGRO BUSINESS SECTOR 2014

ADA BOJANA

CRNO JEZERO

ADA BOJANA Ada Bojana is a famous tourist jewel of Montenegro, with a beautiful sandy beach and specific landscape, skilfully hidden from curious eyes and surrounded by the beautiful River Bojana on two sides and the cleanest sea water ever on the third side. The River Bojana is the only one in the world that flows both downstream and upstream. The most valuable resource of the Ulcinj Riviera is Velika plaža (Long Beach), which is a 13 km long strip of sandy beach - the longest on the Montenegrin coastline.

CRNO JEZERO (BLACK LAKE), DURMITOR MOUNTAIN At 1,442 metres above sea level, just two and a half kilometres from the centre of Žabljak, is Crno jezero (Black Lake). It was named “black” because of the reflection of tall coniferous trees in the lake. The lake actually consists of two lakes, Veliko (Large) and Malo (Small), connected by a narrow isthmus. It is 1,155m long and 810m wide and the large lake has a maximum depth of 26m, while the small lake is twice as deep, around 50m! In winter the lake is covered by a layer of ice for a long time. UNESCO has declared Durmitor National Park a "world heritage of mankind" within the Biosphere Resource Network, an important acknowledgement which attests to its natural, scientific, cultural and landscape values. PODGORICA Besides being the country’s capital, Podgorica is also the country's largest city, with a population of around 150,000. The city is situated in central Montenegro, in the scarce Montenegrin lowlands between Dinaric Alps and Lake Scutari. Despite being among the hottest city’s in Europe, Podgorica is rich in greenery. Up to one thousand two hundred different floral species find their habitat here. As such, it is recommended to visit the city in the company of a close person and share the joy of a fresh morning next to the River Ribnica or bathing under the moon in the River Morača.

GOSPA OD ŠKRPJELA

PERAST AND GOSPA OD ŠKRPJELA Gospa od Škrpjela Church was built in 1630 on an artificially formed islet in front of Perast in Boka Kotorska Bay. According to legend, after a shipwreck fishermen from Perast found the icon of the Virgin Mary with Christ on the sea cliff and vowed to build a church on that spot, dedicated to this icon, the patron of seamen and fishermen. 62 | MONTENEGRO BUSINESS SECTOR 2014

PODGORICA

LOVĆEN MAUSOLEUM Lovćen Mausoleum is situated in Lovćen National Park. On clear mornings you can see Italy from here. At the summit of this mountain is the Mausoleum of Petar Petrović Njegoš, the great Montenegrin poet, philosopher and ruler. LOVĆEN

CETINJE

CETINJE Cetinje is Montenegro’s main cultural centre. The Cetinje Monastery keeps the relicts of the Right Hand of St. John the Baptist (the hand that baptized Jesus Christ) and particles of the Holy Cross (the cross on which Jesus Christ was crucified). Also, the icon of Our Lady of Philermos is kept in the Blue Chapel in the building of the Government House. These items are among the most famous Christian relics. SVETI STEFAN Sveti Stefan is an island of unusual appearance surrounded by high stone walls. It carries the title of the most beautiful building on the Montenegrin coast for good reason. Sveti Stefan is a luxury resort as well as a beautiful restoration project on the coast of Montenegro, which incorporates the historic island of Sveti Stefan attached to the coast by a narrow causeway.

OSTROG MONASTERY Less than two hours from the sea, high in the rocky mountain range, often obscured by clouds and mist, is perched Ostrog Monastery - the most famous pilgrim site in Montenegro. It was built in the 17th century by Metropolitan Bishop Vasilije from Herzegovina, who lies buried in the monastery’s grounds and has been proclaimed a miracle working saint. It is one of three most visited Christian destinations on the planet, with its cave-like chapel and monastery complex preserving the sanctity of Saint Basil, the Orthodox Christian Saint of Miracles.

SVETI STEFAN

OSTROG

National Tourist Organisation of Montenegro Bulevar Svetog Petra Cetinjskog 13; 81000 Podgorica, Montenegro Tel.: +382 (0) 77 100 001; Fax: +382 (0) 77 100 009 E-mail: info@montenegro.travel • www. montenegro.travel MONTENEGRO BUSINESS SECTOR 2014

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www.cordmagazine.com MONTENEGRO BUSINESS SECTOR 2014

COMPANY REGISTER

13. JUL PLANTAŽE Verica Maraš Put Radomira Ivanovića 2, Podgorica Montenegro Tel: +382 20 658 024 Fax: +382 20 658 027 verica.maras@plantaze.com www.plantaze.com 8. MARTA Jovan Raičević Jovana Tomaševića 32, Bar Montenegro Tel: +382 30 313 326 Fax: +382 30 314 720 e-mail: 8mart@t-com.me, raicevic.radomir@yahoo. com ADRIATIC MARINAS D.O.O./PORTO MONTENEGRO Danilo Kalezić, Matthew Morley 85320 Tivat Montenegro +382 32 660 700 Fax: +382 32 674 656 press@portomontenegro. com www.portomontenegro. com AERODROMI CRNE GORE Milovan Djuričković, Gorica Raičević Aerodrom Podgorica, Podgorica Montenegro Tel: +382 20 444 244 Fax: +382 20 444 221 e-mail: info@apm.co.me www.montenegroairports. com AGENCIJA ZA ELEKTRONSKE KOMUNIKACIJE I POSTANSKU DJELATNOST Zoran Sekulić Šaleta Đurović Bul. Džordža Vašingtona kula C, I/56, Podgorica Montenegro Tel: Tel: +382 20 406 700 Fax: +382 20 406 702 ekip@ekip.me www.ekip.me AGENCIJA ZA NADZOR OSIGURANJA mr Biljana Pantović, Ivana Šaranović Jovićević Moskovska bb, Podgorica Montenegro Tel: +382 20 513 501 Fax: +382 20 513 502 e-mail: agencija@ano.co.me www.ano.me AGROMARKET CG D.O.O Miodrag Bogdanović Mahala bb, Podgorica Montenegro Tel: +382 20 872 165 Mob: +382 69 300 844 bogdanovic.m@agromarket.rs www.agromarket. rssrb/5/33/Kontakt/Agromarket-Crna-Gora

8. marta 55, Podgorica Montenegro Tel: +382 20 662 640 e-mail: uprava@albona.me www.albona.me ALFA - TRADE DOO Radenko Jovanović Dušana Tomovića bb, Mojkovac Montenegro Tel: +382 50 472 968 Fax: +382 50 470 124 alfatrade@t-com.me ALFA SOUND Miloš Kalinić Sarajevska 2, Igalo Montenegro Tel: +382 31 331 153 Mob.tel: +382 69 345 926 www.slusni-aparati.me ALKOM - TRADE D.O.O. Aleksandar Pejović Serdara Šćepana bb, Nikšić Montenegro ALLIANCE D.O.O. Ratko Pavićević Cetinjski put bb Podgorica Montenegro tel. +382 20 892 040 fax: +382 20 892 050 alliance@renault.me www.renault.me ALPET Mehmed Djombalaj Brezojevice bb, Plav Montenegro Tel: +382 51 255 220 Fax: +382 51 255 221 e-mail: alpet@t-com.me ALTER MODUS Luka Đurović Beogradska 37, Podgorica Montenegro Tel: +382 20 655 240 Fax: +382 20 655 260 info@altermodus.me www.altermodus.me ALUMIL MONTENEGRO D.O.O Igor Globarević Mahala b.b., Podgorica Montenegro Tel: +382 20 872 104 alumil.cg@t-com.me www.alumil.com AMAN SVETI STEFAN 85315 Sveti Stefan Montenegro Tel: +382 33 420 000 Fax: +382 33 420 222 amansvetistefan@amanresorts.com www.amanresorts.com AMAR COMPANY Samir Kalač Koljeno bb, Rožaje Montenegro Tel: +382 51 274 105 Fax: +382 51 274 105 e-mail: amarcompany@tcom.me ANSASTRADE D.O.O Andrija GošovićZlatica bb, Podgorica Montenegro Mob: +382 69 021 504 AKRILPLAST D.O.O ARAGANA Milorad Lukovac Hamza Đenčić 8. marta 55, Podgorica Tomba bb,Stari Bar, Bar Montenegro Montenegro Tel:+382 20 663 045 Tel: +382 30 340 055 Fax: +382 20 663 046 Fax: +382 30 340 057 akrilplast@t-com.me e-mail: aragana@t-com.me AKTIVA INTEGRA www.aragana-art.com Žarko Ðuranović, ARCO - IRIS Mladen Kuzman Bul. Džordža Vašingtona bb, Igor Begović, Sanja Čukić Podgorica Bul. Sv. Petra Cetinjskog 1a, Montenegro Podgorica Tel: +382 20 22 80 10 Montenegro Fax: +382 20 22 80 11 Tel: +382 67 609 444 e-mail: aktiva@t-com.me e-mail: polarstar@polarstar. www.aktiva.co.me me ALBONA www.polarstar.me Miroslav Marinković, ARSO MILIĆ D.O.O DAVIT ARUTYUNYAN

Željko Milić Branka Radičevića 12, Podgorica Montenegro Tel: +382 20 628 412,627 500 arsomilic@t-com.me ART BETON CO Danko Jevrić Jelena Jevrić Partizanski put bb, Podgorica Montenegro Tel: +382 20 281 145 Fax: +382 20 281 157 e-mail: artbet@t-com.me www.artbeton.co.me ATLAS BANKA Mihailo Banjević Đorđe Đurđić Vaka Đurovića bb, Podgorica Montenegro Tel: +382 20 407 200 Fax: +382 20 665 451 e-mail: info@atlasbanka. com www.atlasbanka.com ATLAS CAPITAL CENTARCAPITAL REAL ESTATE D.O.O. Aleksandra Golubović ul. SKOJ-a 57, Podgorica Montenegro Tel: + 382 20 409 822 Fax: +382 20 409 808 office@c21cre.me www.atlascentar.com ATLAS FONDACIJA Duško Knežević Meliha Ramusović Stanka Dragojevića 4, Podgorica Montenegro Tel: +382 20 406 172 Fax: +382 20 406 150 info@atlasfoundation.me www.atlasfondacija.me ATLAS HOTELS GROUP Svetlana Đakonović Mihailo Banjević Jovana Tomaševića 59, Bar Montenegro Tel: +382 30 300 100 Fax: +382 30 312 510 e-mail: reservations@ atlashotelsgroup.com www.hotelprincess.me ATLAS LIFE Slobodan Manojlovic Darko Čabarkapa Stanka Dragojevića 4, Podgorica Montenegro Tel: +382 20 40 61 12 Fax: +382 20 40 61 56 e-mail: info@atlaslife.net www.atlaslife.me AUREL HOTEL Bul. Josipa Broza Tita bb,Podgorica Montenegro Tel: +382 78 11 33 33 Fax: +382 78 11 33 34 info@hotel-aurel.com www.hotel-aurel.com AUTO ČAČAK-PODGORICA Željko Rajković Milenko Kostic Cijevna bb, Podgorica Montenegro Tel:+382 69 04 04 03,069 04 04 06 zeljko.rajkovic@skoda. co.me www.skoda-auto.me AUTOBOKA Veselin Salamadija Miloš Kaluđerović Put prvoborca bb, Autobuska stanica, Kotor Montenegro Tel: +382 82 322 111 Fax: +382 82 325 126 e-mail: autoboka@tcom.me

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www.autoboka.com AVALA RESORT & VILLAS Zoran Bećirović Budva Montenegro Tel: +382 33 441 339 Mob: +382 69 369 115 dosm@avalaresort.com www.avalaresort.comavala/ BAR-KOD Ilhan Čičić Jelene Savojske 15, Podgorica Montenegro Tel: +382 20 260 730 Fax: +382 20 260 884 e-mail: bar-kod@t-com.me www.bar-kod.com BARSKA PLOVIDBA Dragana Mašanović Obala 13. jula bb, Bar Montenegro Tel: + 382 30 303 469 Fax: + 382 30 312 366 e-mail: online@barplov.com www.montenegrolines.net/ BAST DOO Staniša Bakrač Podgorički put bb, Nikšić Montenegro Tel: +382 40 212 881 Fax: +382 40 212 882 www.bastcg.com BELLA VISTA HOTEL Marina Bečića b.b, Bečići Montenegro Tel: +382 33 471-377 Fax: +382 33 471-320 E-mail: bellavista@tcom.me www.bellavista.me BEMAX Veselin Kovačević Moskovska 2/b, Podgorica Montenegro Tel: +382 20 265 346 e-mail: vesko.kovacevic@ bemaxcg.me BEPPLER & JACOBSON MONTENEGRO DOO Zoran Bećirović Mediteranska 2 P.F.44, Budva Montenegro Tel: +382 33 441 560 Fax: + 382 33 441 567 sekretarica@avalaresort. com www.avalaresort.com www.biancaresort.com BIANCA RESORT & SPA HOTEL Zoran Bećirović Kolašin Montenegro Tel: + 382 20 863 077 Fax:+ 382 20 863 159 sales@biancaresort.com www.biancaresort.com SKUPŠTINA OPŠTINE BIJELO POLJE Džemal Ljušković, predsjednik Skupštine Slobode bb, Bijelo Polje Montenegro Tel: +382 50 432 270 Fax: +382 50 478 512 skupstina@bijelopolje. co.me www.skupstinabp.me BLUE LINE Ivan Lučić Boško Lučić Trebinjska 48, Herceg Novi Montenegro Tel: +382 31 335 100 Fax: +382 31 336 003 e-mail: office@bluelinemne.com BLUE STAR HOTEL Mainski put bb ,Budva Montenegro Tel: +382 33 423 100 reservations@montenegrostars.com www.montenegrostars.

com BOJ - COMMERCE Dragan Bojović Branka Deletića bb, Andrijevica Montenegro Tel: +382 51 243 918 Fax: +382 51 243 423 e-mail: bojutma@sezampro.rs BONESA Nedeljko Čović Tržni centar bb, Bar Montenegro Tel: +382 85 313 193 Fax: +382 85 346 250 e-mail: bonesa@t-com.me www.hranaipice.net/bonesa BOOSTER Aleksandar Božović Aleksandar Minić Dvorište bb, Budoš, Nikšic Montenegro Tel: +382 40 232 123 Fax: +382 40 212 485 e-mail: booster@t-com.me BORDID D.O.O Dušan Boričić Danilovgradska 9, Podgorica Montenegro Tel: +382 20 270 748 Fax: +382 20 270 672 E mail: bordid@t-com.me BOY ELECTRONIC DOO Slobodan Bojović Bracana Bracanovića 58, Podgorica Montenegro Tel: +382 20 648 612 Mob: +382 69 063 030 bojovic@t-com.me www.boyelectronic.co.me BOŽUR Radivoje Kovačević Mitra Bakića 14, Podgorica Montenegro Tel: +382 20 633 807 Fax: +382 20 622 295 e-mail: busbozur@tcom.me www.bozur.net/ BRAVERA D.O.O. Vladimir Veličković Resnik bb, Podgorica Montenegro Tel: +382 20 633 001 E-mail: bravera@t-com.me; sportvision@t-com.me www.bravera.me BREZNA Radovan Aleksić Donja Brezna, Plužine Montenegro Tel: +382 40 738 004 Fax: +382 40 212 881 e-mail: bast@t-com.me www.bastcg.com BROADBAND MONTENEGRO Predrag Jovanović Bul. revolucije 66, Podgorica Montenegro Tel: +382 20 247 458 Fax: +382 20 247 459 e-mail: pjovanovic@ bbm.me www.bbm.me BUDUĆNOST D.O.O Edin Ramdedović Rudeš 1, Berane Montenegro Tel: +382 51 231 998 budim@t-com.me BULATOVIĆ TRGOPOLJE BLT D.O.O. Božo Bulatović7 marta bb, Podgorica Montenegro Tel: +382 81 687062 blt.podgorica@gmail.com BULL AND BEAR AD Pavle Gegaj Marka Miljanova 46/14, Podgorica Montenegro

Tel: +382 20 235 599 Fax:+382 77 272 040 email: office@bullandbear. me www.bullandbear.me CARINE D.O.O Čedomir Popović Ulica Slobode br.43, Podgorica Montenegro Tel: +382 20 402 400 Fax: +382 20 402 403 carine@t-com.me CASTELLO MONTENEGRO Dušan Milović Radosavac bb, Pljevlja Montenegro Tel: +382 52 300 078 Fax: +382 52 300 076 e-mail: castellomont@tcom.me CENTRALNA BANKA CRNE GORE Milojica Dakić, Guverner Bojana Šupeljak Bul. Svetog Petra Cetinjskog 6, Podgorica Montenegro Tel: +382 20 664 140 e-mail: bojana.supeljak@ cbcg.me www.cb-mn.org/ CENTRALNA DEPOZITARNA AGENCIJA Vladimir Kašćelan Novaka Miloševa 29, Podgorica Montenegro Tel: +382 20 230 056 Fax: +382 20 230 053 e-mail: cda@t-com.mewww. cda.me CENTROJADRAN Darije PajkovićJNA 4, Bar Montenegro Tel: +382 30 346 341 Fax: +382 30 346 345 e-mail: centrojadran@tcom.me centrojadran.me CENTROMOBIL Olga Bulatović Industrijska bb, Bijelo Polje Montenegro Tel: +382 50 478 339 Fax: +382 50 478 341 e-mail: centromobil@tcom.me CG BROKER – DILER Aco Aleksić Novaka Miloševa 12/2, Podgorica Montenegro Tel: +382 20 230 490 Fax: +382 20 230 497 e-mail: cgbroker@t-com.me CHIP Radovan Lalević Miladina Popovica 193, Podgorica Montenegro Tel: +382 20 669 123, +381 20 669 223 Fax: +381 20 669 223 e-mail: chip@t-com.me www.chipcomp.com CIJEVNA KOMERC Danilo Petrović Ulica Crnogorskih serdara b.b., Podgorica Montenegro Tel: +382 20 622 216 Fax: +382 20 621 313 e-mail: office@cijevnakomerc.com www.cijevna-komerc.com CODEX D.O.O Vesna Rečević Ul. Bratstva jedinstva bb Blok 7,Stan 1, Podgorica Montenegro Tel: +382 20 655 413, 602 075 Fax: +382 20 602 076 codexpg@t-com.me COMP - COMERC D.O.O

Ranko Jovović Glibavac bb, Nikšić Montenegro Tel: +382 83 218 746 Faks: +382 83 218 746 comp-comerc@cg.me COMTRADE - IT SOLUTIONS AND SERVICES Haris Čečo Serdara Jola Piletića 28, Podgorica Montenegro Tel: +382 20 212 335 Fax: +382 20 212 340 e-mail: snezana.calasan@ comtrade.com www.comtrade.com CRNAGORACOOP NB Nedeljko Babić Landža bb, Danilovgrad Montenegro Tel: +382 20 812 8287 Fax: +382 20 812 287 e-mail: crnagoracoop@tcom.me www.crnagoracoop.com CRNAGORAPUT Željko Leković Zetskih vladara 5, Podgorica Montenegro Tel: +382 20 448 300 Fax: +382 20 448 333 e-mail: office@crnagoraput. me www.crnagoraput.me CRNOGORSKA KOMERCIJALNA BANKA Szabolcs HorvatMoskovska bb, Podgorica Tel: +382 19894 e-mail: info@ckb.me www.ckb.me CRNOGORSKA PLOVIDBA Slobodan Starović Škaljari bb, ( P.O. Box 90), Kotor Montenegro Tel: +382 32 304 165 Fax: +382 32 304 167 e-mail: info@crnogorskaplovidba.com www.crnogorskaplovidba. com CRNOGORSKI ELEKTOPRENOSNI SISTEM Dragan Laketić Bulevar Sv.Petra Cetinjskog 18, Podgorica Montenegro Tel: +382 20 407 605 e-mail: olgica.ivanovic@ cges.me www.cges.me CRNOGORSKI TELEKOM Rüdiger J. Schulz, Vladimir Beratović Moskovska 29, Podgorica Montenegro Tel: +382 20 433 433 Fax: +382 20 225 752 www.telekom.me CT COMPUTERS ME DOO Sveto Batljan Dalmatinska 130 D, Podgorica Montenegro Tel: +382 20 212 335, 212 340 Fax: +382 20 264 077 email: servis@ctcomputers.me www.comtrade.com CVILIN-POPOVIĆ D.O.O. Željko Popović Franca Rozmana bb, Podgorica Montenegro Mob: +382 69 073 438 popovic.vesko88@gmail. com ČELEBIĆ Tomislav Čelebić Kralja Nikole 27, Podgorica Montenegro Tel: +382 20 444 400 Fax: +382 20 444 402

e-mail: office@celebic.com www.celebic.com ČIKOM Nenad Vraneš Dalmatinska 78, Podgorica Montenegro Tel: +382 20 218 181 Fax: +382 20 218 182 e-mail: prodaja@cikom.com www.cikom.com DAIDO METAL CHIKARA KAWAHARA NICOLA JANE GREEN Industrijska zona bb, Kotor Montenegro Tel: +382 32 331 513 e-mail: aleksandar.zivkovic@ daidokotor.com www.daidokotor.com DATALINK Predrag Janković 27. marta b.b. G7, Podgorica Montenegro Tel: +382 20 643 510 Fax: +382 20 643 511 e-mail: datalink@t-com.me www.datalink.me DEC CORPORATION (PEPSICO) Nenad Terzić Beogradska 22, Podgorica Montenegro Tel: +382 20 881 028 pepsi@t-com.me DELTA GENERALI OSIGURANJE AD Dejan Bajić Kralja Nikole 27/VI, VI sprat, Podgorica Montenegro Tel: +382 20 444 800 Fax: +382 20 444 810 kontakt@deltagenerali.me deltagenerali.me DELTA M CG D.O.O Zorica M.Pavićević Cetinjski put bb, Podgorica Montenegro Tel: +382 20 410 803 zmpavicevic@deltacity.me www.deltacity.me DELTA SITY PODGORICA Cetinjski put bb, Podgorica Montenegro Info tel: +382 68 878 637 deltacity.pg@gmail.com www.deltacity.me DELTA SPORT MONTENEGRO Mihailo Kažić Cetinjski put bb, Podgorica Montenegro Tel: +382 20 410 213 nebojsa.kontic@deltasport. com www.deltasport.com DELTA DMD Zoran Milašević Donja Gorica bb, Podgorica Tel: +382 20 891 393,891 394 Fax:+382 20 89 11 71 office@dmddelta.com www.deltadmd.rs DENI TRADE DOO Nikola Purović Rudarska bb, Nikšić Montenegro Mob: +382 68 306 734 ddjelatnosti@t-com.me DIGIT MONTENEGRO Dusko Petrovic 8.marta lamela 105, Podgorica Tel: +382 20 662 616 e-mail: dusko.petrovic@ digit.me www.digit.me DINAMIKCOM D.O.O Dragiša Gošović Nikole Tesle bb, Podgorica Montenegro Tel: +382 20 272 077 dinamikcomdoo@t-com.me DIT "D U G A" D.O.O. Petar Milić

Kočanska 1, Nikšic Montenegro Tel: +382 40 256 467 e-mail: duga1@t-com.me DODING Branko Pejović Majevačka 18, Podgorica Montenegro Tel: +382 20 262 277 Fax: +382 20 262 288 e-mail: doding@t-com.me www.doding.co.me DOMAĆA TRGOVINA DOO Ivan Šćepanović Josipa Broza Tita 23a, Podgorica Tel: +382 20 440 800 DOMEN D.O.O. Predrag Lešić Bul. Džordža Vašingtona bb Tel:+382 20 269 740 Fax: +382 20 269 741 contact@domen.me DON SECURITY DOO Ivan Korać Serdara Jola Piletića bb, Nikšić Montenegro Tel: +382 40 244 881 Fax: +382 40 244 881 ivan.korac@gmail.com www.donsecurity.me DULOVIĆ D.O.O. Zoran Dulović Podbišće bb, Mojkovac Tel: +382 50 472 615 Mob: +382 67 631 654 e-mail: hoteldulovic@tcom.me www.hoteldulovic.me ĐURKOVIĆ COMPANY D.O.O Slobodan Đurković Skolska bb, Nikšić Tel: +382 40 252 015,252016 Fax:+ 382 83 252015 djurkovic-co@t-com.me EKO - MEDUZA Jelica Vujičić Industrijska bb, Bijelo Polje Montenegro Tel: + 382 50 478 086 Fax: + 382 50 478 602 e-mail: info@eko-meduza. me www.eko-meduza.me EKO-VLADOŠ Divna Milošević Vladoš 1, Kolašin Tel: +382 20 860 840 e-mail: milosavbulatovic@tcom.me EL - PROMM Damir MujevićKoljeno bb, Rožaje Tel: +382 51 273 326 Fax: +382 51 273 326 e-mail: elpromod@gmail. com www.facebook.com ELEKTRON D.O.O Hafiz Novalić Mojsija Zečevića 26, Berane Montenegro Tel: +382 51235000 doo-elektron@t-com.me ELEKTRON D.O.O. EXPORT - IMPORT Ljiljana Braletić Taraboška 1, Podgorica Montenegro Tel: +382 20 669 332 e-mail: elektron.pg@tcom.me ELEKTROPRIVREDA CRNE GORE Mr Enrico Malerba, Srdjan Kovacevic Vuka Karadžića 2, Nikšic Montenegro Tel: +382 20 408 410 Direkcija za odnose sa javnošću Rajko Šebek www.epcg.co.me

EMI COM Branislav Brajović I Proleterske 78, Podgorica Montenegro Tel: +382 20 611 488 Fax: +382 20 611 360 e-mail: emi@t-com.me ENERGOGAS Zoran Gogić, Slobodan Mladenović Dajbabe bb, Podgorica Montenegro Tel: +382 20 644 333 e-mail: zoran@energogas. net www.energogas.net EPSTURS DOO BEOGRADTC BUDVA Branko Petričević Slovenska obala bb, Budva Montenegro Tel: +382 33 451 971,452 866 tcbudva.epsturs@gmail. com www.epsturs.com ERC SYSTEM DOO Krsto Spaic Prizrenska 19, Herceg Novi Montenegro Tel: +382 31 331 860 Fax:+382 31 331 950 krsto.spaic@ercltd.me www.ercltd.me ERSTE BANK Aleksa Lukić, Nataša Šćepanović Marka Miljanova 46, Podgorica Montenegro Tel: + 382 20 440 440 Fax: + 382 20 440 432 e-mail: info@erstebank.me www.erstebank.me ETG GRUPA Mladen Bajković, Svetlana Bajković 8. marta 36, Podgorica Tel: +382 20 241 064 e-mail: office@etging.com www.etggrupa.me EUROFAST GLOBAL DOO Jelena Živković Bul. Sv. Petra Cetinjskog 112, Podgorica Montenegro Tel: +382 20228 490 Fax: +382 20 228 491 e-mail: podgorica@ eurofast.eu www.eurofast.eu EUROFLEX Bećir Hodžić Totoši bb, Ulcinj Tel: +382 30 458 338 Fax: +382 30 458 334 e-mail: euroflex@t-com.me EUROKOTEKS Saša Jevrić Skopska bb, Masline, Podgorica Montenegro Tel: +382 20 645 189 e-mail: eurokoteks@tcom.me EUROŠPED CO Zoran Ćupić Mitra Bakića 144, Podgorica Montenegro Tel: +382 20 601 820 e-mail: eurosped@tcom.me EXPO COMMERCE D.O.O Miloš Kaluđerović Ivan Šćepanović Industrijska bb Radanovići, Kotor Montenegro Tel: +382 20 269 902 Fax: +382 32 331 670 www.expocommerce.com FABRIKA ELEKTRODA PIVA Dragoslav Čabarkapa, Radenko Pejović Goransko 55, Plužine Montenegro

Tel: +382 40 271 900 e-mail: fep-prodaja@tcom.me www.fep.co.me FABRIKA SOKOVA PIRELLA Slavko Petričević Novo Selo, Danilovgrad Montenegro Tel: +382 20 883 350 e-mail: pirella@t-com.me www.pirellajuices.com FABRIKA VODE LIPOVO Goran Rakočević Nebojša Šorvan Trg boraca bb, Kolašin Montenegro Tel: +382 20 867 571 Fax: +382 20 867 573 e-mail: aquamonta@tcom.me FAF & CO Nurije Husić Solanski put bb, Ulcinj Montenegro Tel: +382 30 407 010 Fax: +382 30 407 011 e-mail: info@faf-co.com www.faf-co.com FAGUS ELEMENTI D.O.O. Radisav Janković Buče bb, Berane Montenegro Telefon: +382 51 232 102 Fax: +382 51 232 102 E mail: fagusba@t-com.me FARMONT M.P.D.O.O. Momčilo Popović KOSIĆ - STARI PUT BB, Danilovgrad Montenegro Tel: +382 20 663 075 Fax:+382 20 663 068 farmont.co.me FIDH D.O.O. Fikret Ahmetović VI crnogorska 12, Podgorica Montenegro Tel: +382 20 627 058 Fax: +382 20 656 947 e-mail: ficoa@t-com.me FIDIJA Joko Blagojević Stara Varoš blok 7, Podgorica Montenegro Tel: +382 20 621 140 Fax: +382 20 621 144 e-mail: fidija@t-com.me www.fidija.co.me FIRST FINANCIAL BANK Predrag Drecun, Branka Aničić 19. decembra 5 - Gradski stadion, Podgorica Montenegro Tel: +382 20 481 481 Fax: +382 20 481 482 e-mail: info@ffbank.org www.ffbank.org FLORES D.O.O Veselin Vučinić Gojakovići bb, Mojkovac Montenegro Tel: +382 50 470 092, Fax: +382 50 470 093 flores@t-com.me www.flores.co.me FRAGMAT CG Radonja Smolović Podanje bb, Danilovgrad Montenegro Tel: +382 20 881 166 e-mail: fragmatcg@tcom.me GALENIKA CRNA GORA Miodrag Ivanović Gorica Gogić 8.marta 55, Podgorica Montenegro Tel: +382 20 662 345 Fax: +382 20 662 341 e-mail: galenikacg@tcom.me www.galenikacg.me GEBRÜDER WEISS D.O.O.

Nikola Vasiljevic Mahala bb - Golubovci Montenegro Tel: +382 77 273 276 Fax:+382 77 273 277 office.podgorica@gwworld.com www.gw-world.com GEOTEHNIKA MONTENEGRO D.O.O. Vukašin Gredić Njegoševa bb, Nikšić Montenegro Tel:+382 67 443 512 Fax: +382 40 243 584 GIOVANNI TRADE Marko Škrelja Donji Štoj bb, Ulcinj Montenegro Tel: +382 30 457 356 Fax: +382 30 405 001 e-mail: giovanni@t-com.me www.giovanni.co.me GLOBAL BROKER - DILER AD Sašo Sajko Njegoševa 14, Podgorica Montenegro Tel:+382 20 667 280 Fax: +386 59 942 186 info@global-montenegro. com GLUŠICA Boro Glušica Nada Drašković Baja Pivljanina 7A, Nikšic Montenegro Tel: +382 40 200 555 Fax: +382 40 200 556 e-mail: glusicab@t-com.me www.glusica.me GORANOVIĆ Đorđe Goranović Nikola Goranović Poštanski fah 48, Straševina bb, Nikšic Montenegro Tel: +382 77 400 000 Fax: +382 77 400 003 e-mail: info@migoranovic. com www.migoranovic.com GORBIS Goran Čolović Njegoševa 64, Herceg Novi Montenegro Tel: +382 31 350 800 Fax: +382 31 322 085 e-mail: gorbis@gorbis.com www.gorbis.com GRADINA COMPANY Džemal Škrijelj Ibarska 2, Rožaje Montenegro Tel: +382 51 271 202 e-mail: gradinaco@tcom.me GRADIR MONTENEGRO Petar Vraneš, ANDRZEJ JERZY SZARY Novaka Ramova 17, Nikšic Tel. +382 40 213 503 fax +382 40 212 709 e-mail: info@gradirmontenegro.com GRADNJA-PROMET D.O.O. Radomir Kalezić Spuž bb -P.FAX BR.8, Danilovgrad Montenegro Tel: +382 20 881 345,346, 932, Fax: +382 20 881 944 milica.gradnja@t-com.me GRAĐEVINAR D.O.O. Miloš Šušković 4. jul br. 54, Podgorica Montenegro Tel: +382 20 633 853 gradjevinar@t-com.me GRAFO CRNA GORA Mijodrag Novović Mirko Rakočević ul. Vojislavljevića 25, Podgorica Montenegro

Tel: +382 20 622 203 e-mail: grafocrnagora@tcom.me GRAND 19. decembra 5, Podgorica Montenegro Tel: +382 20 664 666 Fax: +382 20 667 671 e-mail: grand@grand.co.me www.grand.me GRAND PLUS D.O.O Dragan Petrović Kolašinska br 2, Podgorica Montenegro Tel: +382 20 660 643 grand-plus@t-com.me GRAS D.O.O Mirko Ivanović POSLOVNI CENTAR "KRUŠEVAC", Podgorica Montenegro Mob: +382 69 016 809 GRAWE OSIGURANJE Georg Schneider Maja Pavličić Novaka Miloševa 6, Podgorica Montenegro Tel: +382 20 210 960 Fax: +382 20 210 963 e-mail: office.podgorica@ grawe.at www.grawe.me H.T.P. "ULCINJSKA RIVIJERA" A.D. Radomir Zec Velika plaža bb / Hotel "Bellevue" Montenegro Telefon : +382 30 411 864 Fax: +382 30 455 374 e-mail: ulrivijera@t-com.me www.ulcinjska-rivijera.com HARRISONS Mark Harrison Bul. Sv. Petra Cetinjskog 1A 81000 Podgorica Montenegro tel. +382 20 246 166 fax. +382 20 246 167 office@harrison-solicitors. com www.harrison-solicitors. com HAS Smail Avdić Harun Hadžić Sarajevska bb, Rožaje Montenegro Tel: +382 51 233 815 e-mail: dixyba@t-com.me HEC – MANAGEMENT COMPANY Anita Mitrović-Milić PODLIČAK BB - PRŽNO Montenegro Tel: +382 33 427 100 Fax: +382 33 427 111 e-mail: sales@hecmontenegro.com www.hecmontenegro.com HELADA MONT DOO Vojo Milović Dragovolučka 8/3, Nikšić Montenegro Tel: +382 32 331 631 heladamont@t-com.me www.heladamont.com HEMKO Slavko Rakočević Lješkopoljska bb, Podgorica Montenegro Tel: +382 20 261 120 Fax: +382 20 260 812 e-mail: hemko@t-com.me www.hemko.net HEMOMONT D.O.O Želimir Cerović Anđelka Novaković 8. mart 55 a, Podgorica Montenegro Tel: +382 20 662 306 Fax: +382 20 662 305 e-mail: aco.markovic@ hemofarm.com HILTON D.O.O

Elvedin Hajrović IBARSKA 1, ROŽAJE Montenegro Tel: +382 51272 426 elvedin.cako@yahoo.com HIPOTEKARNA BANKA Esad Zaimović Saša Masoničić Ulica Slobode 91, Podgorica Montenegro Tel: +382 77 700 001 Fax: +382 77 700 071 e-mail: hipotekarna@ hb.co.me www.hipotekarnabanka. com HIT MONTENEGRO Marija Martinović Danijel Mlečnik Hotel Maestral, Pržno, Budva Montenegro Tel: +382 33 410 100 Fax: +382 33 410 190 e-mail: hotel@maestral.info www.maestral.info HOTEL ALEKSANDAR Trg Slobode 1, Budva Montenegro Tel: +382 33 451 658 Fax: +382 33 455 711 E-mail: sales.aleksandar@tcom.me www.hgbudvanskarivijera. com HOTEL CASA GRANDE Donji Štoj bb, Ulcinj Tel: +382 30 457 560 Fax: +382 30 457 570 E-mail: casagrande@ casagrande-mne.com www.casagrande-mne.com HOTEL CASTELLASTVA Trg Slobode 1, Budva Montenegro Tel: +382 33 461 418 Fax: +382 33 461 222 E-mail: hotelcastellastva@tcom.me www.hgbudvanskarivijera. com HOTEL CITY Podgorica Montenegro Tel. +382 20 441-507 Fax. +382 20 441-520 e-mail: prodaja@cityhotelmn.com www.cityhotelmn.com HOTEL CONTE Obala Kapetana Marka Martinovića BB, Perast Montenegro Tel: +382 32 373 687 Fax: +382 67 257 387 E-mail: hotel-conte@tcom.me hotel-conte.com HOTEL CRNA GORA Jelena Burić Bul. Sv. Petra Cetinjskog 2, Podgorica Montenegro Tel: +382 20 443 443 Fax: +382 20 634 294 e-mail: recepcija@hotelcg. com www.hotelcg.com HOTEL LAGUNA Petar Delić Donji Štoj bb. , Ulcinj Montenegro Tel: +382 30 455-300 Fax: +382 30 455-334 E-mail: info@hotellaguna. me www.hotellaguna.me HOTEL OLYMPIC Velika plaža bb , Ulcinj Montenegro Tel: +382 30 412 382 ulrivijera@t-com.me www.ulcinjska-rivijera.com HOTEL PALAS Trg Slobode 1, Budva Montenegro

Tel: +382 33 421 100 Fax: +382 33 421 300 hotelpalas@t-com.me www.hgbudvanskarivijera. com HOTEL PRINCESS ATLAS HOTELS Jovana Tomaševića, Topolica Montenegro Tel: +382 (0) 30 300 100 reservations@atlashotelsgroup.com www.hotelprincess.me HOTEL SLOVENSKA PLAŽA Trg Slobode 1, Budva Montenegro Tel: +382 33 451 640 Fax: +382 33 451 143 slplaza@t-com.me www.hgbudvanskarivijera. com HOTEL"BELLEVUE" Velika plaža bb , Ulcinj Tel: +382 30 412 610 ulrivijera@t-com.me www.ulcinjska-rivijera.com HOTELS GROUP MONTENEGRO STARS Maja Vukićević Žarko Radulović Hotel Splendid, Bečići Montenegro Tel: +382 33 773 777 e-mail: reservations@ montenegrostars.com www.montenegrostars. com HOTELSKA GRUPA BUDVANSKA RIVIJERA Sanela Kahrović Vule Tomašević Trg Slobode 1, Budva Tel: +382 33 402 456, 402 457 Fax: +382 33 402 459 brsales@t-com.me www.hgbudvanskarivijera. com HTP MIMOZA Marko Petričević Obala Pine, Tivat Tel: +382 32 671 305 Fax: +382 32 671 867 e-mail: htpmimozaad@tcom.me www.htpmimoza.me HUNGUEST HOTEL SUN RESORT Herceg Novi Montenegro Tel: +382/31-355-022 www.hunguesthotels.hu/ HYPO ALPE - ADRIA BANK Christoph Schoen Mina Vojinović Bul. Svetog Petra Cetinjskog 143, Podgorica Montenegro Tel: +382 20 408 600 Fax: +382 20 408 680 www.hypo-alpe-adria.co.me IBEROSTAR BELLEVUE HOTEL Budva Montenegro Tel: +34 971 99 80 60 www.iberostar.com IBEROSTAR OTRAND BEACH HOTEL Ulcinj Montenegro Tel: +34 971 99 80 60 www.iberostar.com IMLEK BOKA D.O.O Nikola Kesler Zelenika bb, Herceg Novi Montenegro Tel: +382 32 331 646 nikola.kesler@imlekboka. com IN SPE DOO Vesna Orlandić Vladimira Rolovića 4/9, Bar Montenegro

Tel: +382 78 101 440 vesna@eliksir.co.me www.eliksir.co.me INA CRNA GORA Ivan Brusić Jovana Popovića- Lipovca 24, Podgorica Montenegro Tel: +382 20 268 253 Fax: +382 20 268 288 e-mail: ognjen.dragovic@ inacg.me www.inacg.me INEX ZLATNA OBALA Ivo Kaloštrović Ratac-Sutomore, Bar Montenegro Tel: +382 30 353 972 Fax: +382 30 353 973 inex-zo@t-com.me www.inexhoteli.com INFORMATIKA MONTENEGRO Zoran Sekulović Save Kovačevića 123, Podgorica Montenegro Tel: +382 20 623 141 Fax: +382 20 623 121 e-mail: zorans@informatika. com www.informatika.com INPEK A.D. Radivoje Bakić Veselin Vukčević Put Radomira Ivanovica 10, Podgorica Montenegro Tel: +382 20 658 074 e-mail: inpek@t-com.me www.inpekcg.com INSTITUT "DR SIMO MILOŠEVIĆ" Marietta Kazalac Zoran Kovačević Sava Ilića 6, Igalo, Herceg Novi Montenegro Tel: +382 31 658 555 Fax: +382 31 332 725 e-mail: inig.mark@t-com.me www.igalospa.com INSTITUT ZA CRNU METALURGIJU Miraš Đurović Mara Čolaković Vuka Karadžica bb, Nikšic Montenegro Tel: +382 40 203 240 Fax: +382 40 203 203 e-mail: kom@icm.co.me www.icmcg.org INVEST BANKA MONTENEGRO Sonja Burzan Predrag Dašić Bul. Sv. Petra Cetinjskog 115, Podgorica Montenegro Tel: +382 20 407 900 Fax: +382 20 407 956 www.invest-banka.com INVESTICIONO - RAZVOJNI FOND CRNE GORE A.D. Zoran Vukčević Bulevar Svetog Petra Cetinjskog 126/I, Podgorica Montenegro Tel: +382 20 229 570 e-mail: info@irfcg.me www.irfcg.me IVA PUT D.O.O Jovan Marjanović Luke Tomanovića 3, Tivat Montenegro Tel: +382 32 670 375 Fax: +382 32 670 377 ivaput@t-com.me ivaput.com J.P. VODOVOD I KANALIZACIJA Vladan Vučelić Irena Građević Zetskih vladara bb, Podgorica Montenegro

MONTENEGRO BUSINESS SECTOR 2014

Tel: +382 20 440 306 e-mail: vikpg@t-com.me www.vikpg.co.me JADRAN MONTENEGRO Ilija Radojević Mirošica 2, Sutomore, Bar Montenegro Tel: +382 68 023 529 JADRANSKI SAJAM Rajko Bujković Aleksandar Radović Trg slobode 5, Budva Montenegro Tel: +382 33 410 403 Fax: +382 33 452 132 e-mail: jadranskisajam@tcom.me JADRANSKO BRODOGRADILIŠTE AD BIJELA Petar Tušup, Đorđe Vukić Bijela, Herceg Novi Montenegro Tel: +382 31 671 080 Fax: +382 31 671 108 e-mail: marketing@ asybijela.com www.asybijela.com JADROAGENT BAR Vojo Banović, Dragana Radović Obala 13. Jula 2, Bar Montenegro Tel: +382 30 315 996 e-mail: jadroagentbar@ jadroagentbar.com www.jadroagentbar.com JASEN Savo Stevanović Danica Đačić Karađorđeva12, Pljevlja Montenegro Tel: +382 52 353 453 Fax: +382 52 353 453 e-mail: igor77@t-com.me JELA KOMERC Dedeić Muamer Naselje Koljeno bb, Rožaje Montenegro Tel: +382 51 278 605 Fax: +382 51 272 229 e-mail: montenegrobrvnare@t-com.me www.montenegrobrvnare. com JKP “ LIM “ Sabro Čindrak Ulica Živka Žižića br. 24, Bijelo Polje Montenegro Tel: +382 50 487 045 JP KOMUNALNO BERANE Milijana Vučeljić Dragiše Radevića bb, Berane Montenegro Tel: +382 51 233 338 Fax: +382 51 237 099 e-mail: jpkomba@t-com.me www.berane.me JUGODATA Aleksandar Prelević Dijana Kojan Bratstva jedinstva 69, Podgorica Montenegro Tel: +382 20 624 833 Fax: +382 20 624 844 e-mail: prodaja@jugodata. co.me www.jugodata.co.me JUGOPETROL Ioannis Geroulanos Vesna Spaić Trg Mata Petrovića 2, Kotor Montenegro Tel: +382 32 301 800 e-mail: jpk@jugopetrol. co.me www.jugopetrol.co.me KALAMPER Emin Kalamperović Elvir Kalamperović Dobra voda bb, Bar Montenegro Tel: +382 30 341 833 e-mail: kalamper@t-

com.me www.kalamper.com KAMEKS D.O.O Milutin Ljumović Velimira Terzića 1, Podgorica Montenegro Tel: +382 20 219 104 Fax: +382 20 219 106 KARIPIDIS BROSS CO - SPAIK Eirini Kaiypidou Žarko Velimirović Klještine bb, Žabljak Montenegro Tel: +382 52 366 002 e-mail: info@spaik-zabljak. com KARTONAŽA M&V Marko Vujović Humci bb, Cetinje Montenegro Tel: +382 41 233 488 Fax: +382 41 232 590 e-mail: kartgraf@t-com.me KASTEX Natalija Karadaglić Željko Uljarević Vuka Karadžića 11, Podgorica Montenegro Tel: +382 20 231 315 e-mail: kastex@t-com.me www.kastex.me KATEL D.O.O Petar Đurišić Desanke Maksimović bb, Donja Gorica, Podgorica Montenegro Tel: +38220644220 KATENA D.O.O Enis Jevrić Hercegovačka 49, Podgorica Montenegro Mob: +382 69 666-622 restoran.volat@gmail.com KAVARIĆ GROUP D.O.O Aleksandar Kavarić Cetinjski put bb, Donja Gorica, Podgorica Montenegro Tel: +382 20 261 015 Fax: + 382 20 261 015 e-mail: aco.k@t-com.me www.bavaria-yachtbau.com KFW BANKENGRUPPE Željko Uljarević Bul. Džordža Vašingtona bb (ulaz V), Podgorica Montenegro Tel: +382 20 22 81 70 Fax: +382 20 22 82 40 kfw.podgorica@kfw.de https://www.kfw-entwicklungsbank.de/ KINGS & CO Milan Doderović Ilija Aleksić Crnogorskih serdara bb, Podgorica Montenegro Tel: +382 20 624 625 Fax: +382 20 624 623 e-mail: drazen@kingsmn. com www.kingsmn.com KINGS CATERING Put Radomira Ivanovića 2, Podgorica Montenegro Tel: +382 20 658 160 kingsmn.com KINGS TRAVEL Ulica Ivana Vujoševića 20, Podgorica Montenegro Tel: +382 20 242 242 Fax: +382 20 202 800 kingsmn.com KIPS Risto Drekalović Stefan Mišković Veljka Vlahovića 90, Podgorica Montenegro Tel: +382 20 442 300

e-mail: office@kips.me www.kips.me KLIKLOAN D.O.O. Sandra Kliklovac Bracana Bracanovića br. 49, Podgorica Montenegro Tel:+382 20 633 953 klikloan@t-com.me KLIKOVAC D.O.O Vladimir Klikovac Mahala bb,Podgorica Montenegro Tel: +382 67 251 000 Fax: +382 20 872 667 vladimirk.klikovac@tcom.me www.klikovacdoo.comnovisajt/ KNJAZ Slobodan Knežević Trg Save Kovačevića 11, Nikšic Montenegro Tel: +382 20 658 450 e-mail: knjazpg@gmail.com KNJAZ MILOŠ Željko Maslovar Industrijska zona, Radanovići, Kotor Montenegro Tel: +382 32 331 685, zeljko.knjazmm@t-com.me www.knjaz.co.rs KOMBINAT ALUMINIJUMA Goran Škatarić Dajbabe bb, poštanski fah 94, Podgorica Montenegro Tel: + 382 20 644 234 Fax: + 382 20 644 326 e-mail: goran.skataric@ kap.me www.kap.me KOMERC KEKA Žarko Vukčević Bul. JNA, Bar Montenegro Tel: +382 30 313 276 Fax: +382 30 312 537 e-mail: info@komerckeka. me www.komerckeka.me KOMERCIJALNA BANKA A.D. BUDVA Goran Knežević Marija Perović Poslovni centar Podkošljun bb, Budva Montenegro Tel: +382 33 426 300 Fax: +382 33 426 302 e-mail: office@kombank. co.me www.kombankbd.com KOMISIJA ZA HARTIJE OD VRIJEDNOSTI Zoran Đikanović Amir Nurković Kralja Nikole 27a/III, Podgorica Montenegro Tel: +382 20 442 800 e-mail: info@scmn.me www.scmn.me KOMUNALNO - STAMBENO JP "BUDVA" Đorđe Medin Radovan Bauk Trg Sunca 1, Budva Tel: +382 33 451 511 www.ksjp.me KONI-KONFEKCIJA Senad Šabanović Vuka Karadžica bb, Nikšic Montenegro Tel: +382 40 234 141 Fax: +382 40 234 161 e-mail: koni@t-com.me KONTAKT AD Aleksandra Popović Bul. Džordža Vašingtona kula C, I sprat 56, Podgorica Montenegro Tel: +382 20 205 410 e-mail: info@mfikontakt.me

68 | MONTENEGRO BUSINESS SECTOR 2014

KONTEJNERSKI TERMINAL I GENERALNI TERETI Andrija Radusinović Danijela Cejović Obala 13. jula, Bar Montenegro Tel: +382 40 200 980 Fax: +382 30 300 442 e-mail: info@ctgc.me KOSOR DOO Zoran Petrović Zlatica bb, Podgorica Montenegro Tel: +382 20 660 648 kosor@t-com.me KOVINIĆ COMPANY Dejan Kovinić Snežana Krgović Industrijska zona Račica, Tivat Tel: +382 32 673 802 e-mail: kovinic@t-com.me www.ben-kov.com KROLING Igor Đuranović Željko Mišković Crnogorskih serdara bb, Podgorica Montenegro Tel: +382 20 601 320 e-mail: kroling@t-com.me www.kroling.me KRONUS MN CETERING EQUIPMENT Radovan Bato Vujović Milena VujovićLovćenska bb, Cetinje Montenegro Tel: +382 41 235 410 e-mail: kronusmn@tcom.me www.kronus-mn.com KVADRAT KOMERC Željko Medojević Miloša Obilića, Stari aerodrom S2B, Danilovgrad Montenegro Tel: +382 20 810 412 Fax: +382 20 810 411 e-mail: spinpg@gmail.com LA VISTA Irena Adrović Petnjica bb, Berane Montenegro Tel: +382 51 238 288 e-mail: la-vista@t-com.me www.la-vista.me LALATOVIĆ TRAVEL Vladan Laltović Prva proleterska bb, Budva Montenegro Tel: +382 33 403 456 e-mail: lalatovictravelbd@ yahoo.com lalatovictravelbd.co.nr LANCER Mira Bulatović Blatina bb, Kolašin Montenegro Tel: +382 20 860 240 e-mail: lancer@t-com.me LASTA MONTENEGRO Vidak Mitrović Trg Golootockih žrtava 1, Podgorica Montenegro Tel: +382 20 625 627 lasta.rs LEDO D.O.O. Miomir Marković Liješnje bb. Podgorica Montenegro Tel: +382 20 404 700 Fax: +382 20 404 705 ledo.co.me LIMŠPED Elvana Franca Industrijska bb, Bijelo Polje Montenegro Tel: +382 50 480 708 e-mail: limsped@t-com.me LIPKA HOTEL Mojkovačka 20, Kolašin Montenegro Tel:+382 81 863 200 LISINA

Dobrica Adžić Milivoje Pejović Podgorički put bb, Nikšic Montenegro Tel: +382 40 213 413 Fax: +382 40 251 249 e-mail: lisina-nk@t-com.me LIVNICA "PJASTERA"NIKŠIĆ Dragoslav Manojlović Kosara Perović Vuka Karadžića bb, Nikšic Montenegro Tel: +382 40 200 980 e-mail: pjastera@t-com.me livnica-pjastera.com LOLA TRADE D.O.O Milivoje Šakota Jadranski put bb, Budva Montenegro Tel: +382 33 463 430 e-mail: lolatrade@t-com.me LOVĆEN OSIGURANJE A.D. Radenko Purić Nebojša Tepavčević Slobode 13a, Podgorica Montenegro Tel: +382 20 404 400 e-mail: info@lo.co.me www.lo.co.me LOVĆENINVEST Milenko Radmilovic Vesna Aranđelović Drugog crnogorskog bataljona 21, Podgorica Montenegro Tel: +382 20 237 303 e-mail: ip@t-com.me LUKA BAR Slobo Pajović Žaklina Miranović Obala 13. jula, Bar Montenegro Tel: +382 30 300 400 Fax: +382 30 300 402 e-mail: milijana.simovic@ lukabar.me www.lukabar.me LUKOIL MONTENEGRO Andrej M.Kuku Danijela Panov Bul. Sv. Petra Cetinjskog 130, Podgorica Montenegro Tel: +382 20 219 412 e-mail: sfatic@lukoil.co.me www.lukoil.co.me LUNA MONTENEGRO D.O.O Stanka Ćeranić Marka Milanova 3, Podgorica Montenegro Tel: +382 69 032 451 stanka.c@t-com.me www.fashion-luna.com LUŠTICA DEVELOPMENT Ihab Kamel – izvršni direktor Radovići bb, Tivat Montenegro Tel: +382 77 200 101 e-mail: info@lusticabay.com www.lusticabay.com LJETOPIS AUTOMOTIVE Borislav Mijović Silvija Mijović Kralja Nikole 357, Podgorica Montenegro Tel: +382 20 648 841 Fax: +382 20 648 849 e-mail: borislav.mijovic@ ljetopisautomotive.co.me www.ljetopisautomotive.com LJETOPIS AUTOMOTIVE (MERCEDES) Borislav Mijović Silvija Mijović Tel:+382 20 648 841 borislav.mijovic@ljetopisautomotive.co.me dijana.mijovic@ljetopisautomotive.co.me M:TEL Vladimir Lučić

Kralja Nikole 27a, Podgorica Montenegro Tel: +382 78 100 508 Petar Popović e-mail: kabinet@mtel.me www.mtel-cg.com MARADOM Vuko Marić ul. Ratnih vojnih invalida bb, Pljevlja Montenegro Tel: +382 52 353 442 e-mail: maradompv@tcom.me MARSHAL Partizanski put bb, Nikšic Montenegro Tel: +382 40 223 504 Fax: +382 40 223 505 reception@marshalgroup. me www.marshalgroup.me MARTEX Marko Martinović Jabučka bb, Cetinje Montenegro Tel: +382 41 232 399 Fax: +382 41 230 891 e-mail: martex@t-com.me www.martex.co.me MATKOTURS D.O.O Vukosav Marjanovic Vojske Jugoslavije bb, Pljevlja Montenegro Tel: +382 68 812 121 as.marjanovic@t-com.me MAZOR DOO Raičević Radmil Dr Nika Miljanića 6, Nikšić Montenegro Tel: +382 40 242 332 mazor@t-com.me www.mazor.me MB BITEX Biljana Obradović Nedeljka Merdovića 38, Bijelo Polje Montenegro Tel: +382 50 484 771 e-mail: bitex@t-com.me MCCANN ERICKSON Marijana Kovačević Serdara Jola Piletica 8, Podgorica Montenegro Tel: +382 20 247 310 office@mccann.co.me www.mccann.co.me MEDITERAN HOTEL Bečići bb Montenegro Tel:+382 33 424 383 Fax: +382 33 471 845 bd@maestraltours.com www.hotelmediteran.info/ MEGAPROMET Miodrag Mitrović Tržni centar, Budva Montenegro Tel: +382 33 451 883 Fax: +382 33 451 818 e-mail: megapromet@tcom.me MERCATOR-CG Ivan Karadžić Andrijana Bandović Put Radomira Ivanovića 2, Podgorica Montenegro Tel: +382 20 442 403 e-mail: info@mercator.me www.roda.me MERKUR OSIGURANJE Marko Ivanović Bul. Džordža Vašingtona 2a, Podgorica Tel: + 382 20 205 465 e-mail: info@merkurosiguranje.me www.merkurosiguranje.me MERMER A.D. Denis Garzotto, Drago Kerševan II Dalmatinske bb, Danilovgrad

Montenegro Tel: +382 20 812 719 Fax: +382 20 812 491 e-mail: drago.k@mermer. co.me www.maljat.com MESO-PROMET Hatema Franca Ivona BoškovićRasovo bb, Bijelo Polje Montenegro Tel: +382 50 478 488 e-mail: mesopromet@tcom.me www.franca.co.me METALAC MARKET Ralević Čedomir 8. marta 55, Podgorica Montenegro Tel: +382 20 662 590, 662 580 ralevicmetalac@t-com.me www.metalac.com METALIK Dragomir Miljanić Trebješka VI/26, Nikšic Montenegro e-mail: metalik@t-com.me MEZON Nada Kovačević, Bandići bb, Danilovgrad Tel: +382 77 272 022 e-mail: mezon@t-com.me MG SOFT Goran Miljević Kosta Smićević Mitra Bakića bb, Podgorica Montenegro Tel: +382 20 601 770 Fax: +382 20 624 930 e-mail: mg-soft@t-com.me MIB EXPORT Dragan Patić, Jovan Patić Bistrička VI 5, Nikšic Montenegro Tel: +382 40 242 678 e-mail: dpatic@t-com.me MICROSOFT MONTENEGRO Oliver Obradović PC Čelebić, Kralja Nikole 27a/ IV, Podgorica Montenegro Tel: +382 20 602 210 www.microsoft.com MIKRO - MONT Ljuca Muzafer Kruševo bb, Bijelo Polje Tel: +382 50 488 533 Fax: +382 50 488 534 e-mail: mikromont@tcom.me www.mikromont.me MIKROMONT PLUS Isah Omerović Baza bb Tel: +382 69 677 226 MILS D.O.O. Milenko Milović Alekse Backovica 96, Nikšic Montenegro Tel: +382 40 200 390 e-mail: mils@t-com.me MILŠPED MONTENEGRO Zoran Pavlović Nebojša Iković Ćemovsko polje bb, Podgorica Montenegro Tel: +382 78 114 200 Fax: +382 78 114 205 e-mail: office.mn@milsped. com www.milsped.com/milspedmontenegro-doo MIMA B DOO Milica Bošković Buče, Berane Montenegro Tel: +382 52 234 998 MI-RAI GROUP Branko Mićković Kočani bb, Nikšic Montenegro Tel: +382 40 256 123 Fax: +382 40 256 901

e-mail: info@miraimn.com www.mirai-montenegro. com MLJEKARA NIKA Tomislav Žižić Aleksandar Božović Partizanski put bb, Nikšic Montenegro Tel: +382 40 222 012 Fax: +382 40 231 302 e-mail: nika-nk@t-com.me www.mljekara-nika.com MNBUS COMPANY D.O.O. Boško Uskoković Njegoševa 157, Kotor Montenegro Tel: +382 69 050 789 MONA DOO PODGORICA Jovanka Obradović Ulica Slobode 32, Podgorica Montenegro Tel: +382 20 231 180 obradovicolja@t-com.me www.mona.rsprodajniobjekti/ MONTAVAR - METALAC Nikola Furundžić Bul. 13.jul bb, Nikšic Montenegro Tel: +382 40 212 010 e-mail: vladan.vucurovic@ metalac.co.me MONTE CREDIT D.O.O. Josip Pecirep 27. marta G7 S13, Zabjelo Montenegro Tel: +382 20 643 520 Fax: +382 20 643 521 www.agroinvest.rs MONTE LOGISTICS DOO Zoran Novković Vojvode Mirka Petrovića , Blok 8 - Br.C1 / 4, Podgorica Montenegro MONTE PUT Goran Vujovic Anja Milic Bul. revolucije 9, Podgorica Montenegro Tel: +382 20 224 493 Fax: +382 20 224 419 e-mail: monteput@tcom.me www.monteput.me MONTE:CASA:DESIGN D.O.O. Slavica Ćeranić 8. marta 55, Podgorica Montenegro Tel: +382 20 662 319 E mail: info@porfira.me www.porfira.me MONTECARGO Milivoje Pavićević Trg golootočkih žrtava 13, Podgorica Tel: +382 20 441 307 e-mail: kabinet@montecargo.me www.montecargo.me MONTEFARM Budimir Stanišić Milica Popivoda Ljubljanska bb, Podgorica Montenegro Tel: +382 20 405 901 Fax: +382 20 235 086 e-mail: montefarmcg@tcom.me www.montefarm.co.me MONTELOX-LUX DOO Davor Lakić Tuzi bb, Podgorica Montenegro Tel: +382 20 265 459 e-mail: lakicdavor@tcom.me MONTE MILK DOO Milica Marjanović Bracana Bracanovića 45, Podgorica Montenegro Tel: +382 20 623 938 Fax: +382 20 633 803 montemilk@t-com.me MONTENEGRIN INVEST-

MENT PROMOTION AGENCY-MIPA Miloš Jovanović Jovana Tomaševića 2a, Podgorica Montenegro Tel: +382 20 203-141 Fax: +382 20 202-910 info@mipa.co.me www.mipa.co.me MONTENEGRO AIRLINES Petar Glomazić Aleksandra Gardašević -Slavuljica Beogradska 10, Podgorica Montenegro Tel: +382 20 405 500 Fax: +382 20 405 548 www.montenegroairlines. com MONTENEGRO BEACH RESORT Montenegro Tel: +382 33 773 777 e-mail: reservations@ montenegrostars.com montenegrostars.com MONTENEGRO BONUS Aleksandar Kašćelan Darko Uskoković Donje polje bb, Cetinje Montenegro Tel: +382 41 230 260 Fax: +382 41 230 271 e-mail: mnb@montenegrobonus.me montenegrobonus.me MONTENEGRO INVESTMENTS CREDIT D.O.O. Predrag Ćetković Bul. Svetog Petra Cetinjskog 141, Podgorica Montenegro Tel: +382 20 234 771 Fax: +382 20 234 773 e-mail: info@micredit.me www.micredit.me MONTENEGRO METROPOLIS MEDIA D.O.O Boris Kovač 8. Marta 74, Podgorica Montenegro Tel: +382 20 663 125 Fax: +382 20 662 158 e-mail: metropolismedia@t-com.me www.metropolis-media.me MONTENEGROBERZA Gojko Maksimović Suzana Drinčić Moskovska 77, Podgorica Montenegro Tel: +382 20 229 710 e-mail: info@mnse.me www.montenegroberza. com MONTENOMAKS CONTROL & LOGISTICS Radovan Radulovic Ćurilac bb, Danilovgrad Montenegro tel. +382 77 200 001, fax +382 77 200 009 e-mail: office@montenomaks.co.me www.montenomaks.com MONTER - KOD Ljubiša Ćurčić Radosavac bb, Pljevlja Montenegro Tel: +382 89 321-551 Faks: +382 89 321526 MONTEX - ELEKTRONIKA Aleksandar Radulović Bul. revolucije 18, Podgorica Montenegro Tel: +382 20 225 900 Fax: +382 20 248 192 e-mail: aleksandar.radulovic@montexel.com www.montexel.com MONTEX-HIDROMONT Radivoje Jovović Milovana Pekovića 64, Nikšić Montenegro

Tel/fax:+382 83 213 094 E-mail: mhidromont@tcom.me www.montex-hidromont. co.me MONT-IMPREX Rade Radunović Crnogorskih serdara bb, Podgorica Montenegro Tel: +382 20 601 420 Fax: +382 20 601 420 e-mail: montimprex@tcom.me www.montimprex.com MONTORA SOFTWARE D.O.O. Ljubomir I Tatjana Rađenović Crnogorskih serdara bb, Podgorica Montenegro Tel: +382 20 621 926 Fax: +382 20 620 003 e-mail: ljubomir.radjenovic@ montora.com www.montora.com MORSKO DOBRO Rajko L. Barović Sandra Radulović Popa Jola Zeca bb, Budva Montenegro Tel: +382 33 452 709 Fax: +382 33 452 685 e-mail: jpmdcg@t-com.me www.morskodobro.com MPM DOO Zoran Đorđević Bracana Bracanovića br. 38, Podgorica Montenegro Tel: +382 20 663 180, 663 181 e-mail: office@mpm.co.me www.cosmetics-market. com MUGOŠA TRANS Željko Mugoša Lješkopoljska bb, Podgorica Montenegro e-mail: mugosa.zeljko@ gmail.com MULTIPRINT Vesna Ilić Marko Vukčević Bul. 24.novembra H 22, Bar Montenegro Tel: +382 30 303 299 e-mail: multiprint@tcom.me www.multiprint.co.me NACIONALNA TURISTIČKA ORGANIZACIJA CRNE GORE Jelena Popović Saša Radović Bul. Svetog Petra Cetinjskog 130, Podgorica Montenegro Tel: +382 77 100 001 Fax: +382 77 100 009 e-mail: info@montenegro. travel www.montenegro.travel NACIONALNI BIRO OSIGURAVAČA CRNE GORE Boris Šaban Bul. Svetog Petra Cetinjskog 1A/II, Podgorica Montenegro Tel: +382 20 243 440 Fax: +382 20 243 446 e-mail: nbocg@t-com.me www.nbocg.me NACIONALNI PARKOVI CRNE GORE Zoran Mrdak Nela Vešović Dubak Trg Bećir-bega Osmanagića 16, Podgorica Montenegro Tel: +382 20 601 015 Fax: +382 20 601 016 e-mail: npcg@nparkovi.me

www.nparkovi.me NACIONALNO UDRUŽENJE VINOGRADARA I VINARA CRNE GORE Slobo Janković Put Radomira Ivanovića 2, Podgorica Montenegro Tel: +382 20 658 055 www.crnogorskavina.com NALL INTERNATIONAL Jovan Lekić Vesna Vuković SKOJ-a 57, Podgorica Montenegro Tel: + 382 20 280 030 Fax: + 382 20 280 031 e-mail: office@nall.me www.nall-international.com NATRONKA Dušan Domazetović Branelovica bb, Danilovgrad Tel: +382 20 813 141 NEKSAN Miodrag Davidović Vuka Karadžića bb, Nikšic Montenegro Tel: +382 40 246 875 Fax: +382 40 244 994 e-mail: vinarija@neksan. co.me www.neksan.co.me NEREGELIA Ljilja Pižurica Paunković Jelena Cetinjski put bb, Podgorica Montenegro Tel: +382 20 261 920 Fax: +382 20 261 930 e-mail: neregelia@nelt.com www.neregelia.me NESPA COMPUTERS Sreten Šćepanović Neven Šćepanović Steva Boljevića bb, Podgorica Montenegro Tel: +382 20 643 150 Fax: +382 20 643 152 e-mail: nespa@t-com.me NEVLADINA FONDACIJA ĆANO KOPRIVICA Jelena Žižić Setaliste Ćana Koprivice bb Tel: +382 67 830 826 e-mail: cginfo@nvfcanokoprivica.org; jelenazizic@ nvfcanokoprivica.org www.nvfcanokoprivica.org/ NICOLAS D.O.O Nataša Dobrović Marka Miljanova 17, Podgorica Montenegro Tel: +382 20 230 741 nicolasco@t-com.me www.nicolas.rs NIKSEN-TRADE-ČAVOR D.O.O. Dragan Čavo Božo Kapetanović Dobrota bb, Kotor Montenegro Tel: +382 32 332 159 e-mail: niksentrade@tcom.me www.niksentrade.com NIKŠIĆKI MLIN Mitar Jokić Mirjana Burić Hercegovački put 5, Nikšic Montenegro Tel: +382 40 231 811 Fax: +382 40 231 808 e-mail: office@niksickimlin. com NLB MONTENEGRO BANKA Aleksandar Vukotić Jelena Vujovic Bul. Stanka Dragojevića 46, Podgorica Montenegro Tel: +382 19888 Fax: +382 20 402 250 e-mail: info@nlb.me

www.nlb.me NORMAL - COMPANY Mile Gujić Žarko Burić Bul. Svetog Petra Cetinjskog 130, Podgorica Montenegro Tel: +382 20 219 341 Fax: +382 20 219 342 e-mail: normalc@t-com.me normalcompany.me NOVI DUVANSKI KOMBINAT A.D. Dejana Šuškavčević Branimir Vujačić Kruševac bb, Podgorica Montenegro Tel: +382 20 243 228 Fax: +382 20 243 173 e-mail: noviduvanski@tcom.me www.noviduvanski.me NOVI VOLVOX EXPORTIMPORT D.O.O. Momir Raonić Put Vojislavljevica 81, Podgorica Montenegro Tel: +382 78 108 582 Fax: +382 78 106 837 NTC D.O.O Ranko Jovović Veselina Masleše 13, Nikšić Montenegro Tel: +382 40 218 620 ntc-nk@t-com.me www.ntcshop.meonama. asp HOTEL OAZZA DOO Nikola Ajduković Rvi bb, Pljevlja Montenegro Tel: +382 52 353 049 e-mail: hoteloazza@gmail. com ODRŽAVANJE ŽELJEZNIČKIH VOZNIH SREDSTAVA Vuković Milorad Žoržeta Dragović Trg golootočkih žrtava 13, Podgorica Montenegro Tel: +382 20 634 205 Fax: +382 20 634 224 e-mail: kabinet@ozvs.me www.ozvs.me OKOV Gojko Bajović Stanka Bajović Josipa Broza Tita 26, Podgorica Montenegro Tel: +382 20 658 501 Fax: +382 20 658 502 e-mail: okov@okov.me www.okov.me OPTIMUM COMPANY Radivoje Orlandić Jovana Tomaševića G-9/ III, Bar Montenegro Tel: +382 30 318 384 Fax: +382 30 312 017 e-mail: optimum@tcom.me ORION-ŠPED Goran Filimonović Olivera Radulović Mitra Bakića 16b, Podgorica Montenegro Tel: +382 20 634 970 e-mail: orionsped@tcom.me OSVIT- VULAŠ Miodrag Vulaš Baja Pivljanina 18 B , Cetinje Montenegro Tel: +382 41 234 008 Fax: +382 41 231 175 e-mail: osvit@t-com.me www.osvit-vulas.com OZMONT D.O.O. Esad Harović Vuka Karadžića bb, Podgorica

Montenegro Tel: +382 20 245 999 e-mail: ozmontpg@tcom.me P.S FASHION D.O.O Ivanka Dragić Hercegovačka 52, Podgorica Montenegro Tel: +382 20 665 195 Mob: +382 68 111 763 ivanka.dragic@ps.rs www.ps.rs PACORINI MONTENEGRO Aleksandar Adamović Silva Vidič Obala 13. jula bb, Bar Montenegro Tel: +382 30 317 253 Fax: +382 30 317 252 e-mail: info@pacorini.me www.pacorini.com PANONIJA Vasilije Rogošić Ćemovsko polje bb , Podgorica Montenegro Tel./Fax: + 382 20 620 014 panonija.pg@gmail.com www.panonija.co.rsindex. php/predstavnistva PANONKA D.O.O Uroš Novaković Ulica 4 jula br.62, Podgorica Montenegro Tel: +382 20 625 237 Fax: +382 20 625 619 panonka@live.com www.panonka.me PANTOMARKET Branko Bojanić Panto Vučurović Zelenika bb, Herceg Novi Montenegro Tel: +382 31 682 000 e-mail: radivoje.popovic@ pantomarket.com PERLA HOTEL Igor Popović Šetalište 5 Danica 98, Herceg Novi Montenegro Tel: +382 (0) 31 345-700 Fax: +382 (0) 31 344-094 e-mail: hotel@perla.me www.perla.me PHILIP MORRIS MONTENEGRO D.O.O. Svetlana Vuksanović Josipa Broza Tita 68, Podgorica Montenegro Tel: +382 20 238 984 www.pmi.com POBJEDA AD Ljiljana Burzan – Nikolić Radule Novović, Lav Lajović Bul. revolucije 11, Podgorica Montenegro Tel: +382 20 244 443 e-mail: pobjeda@t-com.me www.pobjeda.me PODGORICA Svetlane Kane Radević 1, Podgorica Montenegro Tel: +382 20 402 500, Fax: +382 20 402 501 e-mail: recepcija@hotelpodgorica.co.me www.hotelpodgorica.co.me PODRAVKA D.O.O. David Habijan Cijevna b.b., Podgorica Montenegro Tel: +382 20 872 188 Fax: +382 20 872 878 podravkacg@t-com.me www.podravka.hr/kompanija/trzista/crna-gora POLIEX A.D. BERANE Slavko Vujisić Petar Trifunović Police bb, Berane Montenegro Tel: +382 51 241 634 Fax: +382 51 241 634

e-mail: poliex@t-com.me www.mdipg.comPoliex/Sr/ Index.asp POLIMLJE Milovan Gojković Dragoslav Bojović Rudeš bb, Berane Montenegro Tel: +382 51 235 257 Fax: +382 51 236 359 e-mail: poliwood@tcom.me www.polimlje.me POPOVIĆ ELEKTRO SISTEM D.O.O. Slobodan Popović Vasa Raičkovićsa 37, Podgorica Montenegro Tel: +382 20 246 802 Fax: +382 20 247 802 e-mail: p.elektro-sistem@tcom.me www.popovicelektrosistem. co.me PORFIRA D.O.O. Slavica Ćeranić Svetog Petra Cetinjskog, Podgorica Montenegro Tel: +382 20 662 319 e-mail: info@porfira.me www.porfira.me POS4.ME D.O.O. Milan Radunovic Jelene Ćetković bb Blok9, Podgorica Montenegro Tel: +382 20 221 750 e-mail: info@pos4.me www.pos4.me POŠTA CRNE GORE Milan Martinović Ulica Slobode broj 1 81 000 Podgorica Montenegro tel: +382 20 403 960 fax: +382 20 66 44 40 e-mail: info@postacg.me www.postacg.me PREMIER HOTEL MONTENEGRO Ranko Petrović Svetog Petra Cetinjskog 146, Podgorica Montenegro Tel: +382 20 406 510 Fax: +382 20 406 599 e-mail: montenegro@ bestwestern-ce.com www.bestwestern-ce.com PRIMAT D.O.O Slavko Pajović Cetinjski put bb, Podgorica Montenegro Telefon: +382 20 260 502 Fax: +382 20 261 835 primat@t-com.me PRIMORJE - HOTELS & RESTAURANTS Miroslava Kankaraš Dragan Bućin 21. novembra bb, Tivat Montenegro Tel: +382 32 671 277 Fax: +382 32 672 261 e-mail: primorje@t-com.me www.primorje.me PLUS PROGRES MONT DOO Velimir Radulović Trg Božane Vučinić, Podgorica Montenegro PRVA BANKA CRNE GORE Darko Radunović Bulevar Svetog Petra Cetinjskog 141, Podgorica Montenegro Tel: +382 19891 www.prvabankacg.com PTT INŽENJERING Radivoje Čavić Mitra Bakića bb, Podgorica Montenegro Tel: +382 20 622 594

Fax: +382 20 623 978 www.ptting.com PUT A.D. BAR Milenko Lero Naselje Popovići bb, Bar Montenegro e-mail: adput@t-com.me PUT-GROSS Sinan Alić Munir Lukač Tržni centar S-4, Bijelo Polje Montenegro Tel: +382 50 480 645 Fax: +382 50 478 632 e-mail: put-gross@tcom.me QUEEN OF MONTENEGRO Jovana Mićunović Narodnog fronta bb, Bečići, Budva Montenegro Tel: +382 33 662 662 Fax: +382 33 662 633 e-mail: hotel@queenofmontenegro.com www.queenofmontenegro.com RALEX RRB Julija Prelević Željka Burić Đoka Miraševića 17, Podgorica Montenegro Tel: +382 20 265 136 Fax: +382 20 268 453 e-mail: ralexrrb@t-com.me RAMADA Bul. Save Kovacevica 74, Podgorica Montenegro Tel: +38 22 0622623 Fax: +38 22 0625040 reservation@ramadapodgorica.me www.ramadapodgorica.me RAMEL D.O.O. Marinko Radulović Hercegovačka 17, Nikšic Montenegro Tel: +382 40 201 040 Fax: +382 40 201 046 e-mail: office@ramel.me ramel.me RASTER OFFICE D.O.O Đuro Ražnatović Oktobarske Revolucije 10, Podgorica Montenegro Tel: +382 20 620053 Fax: +382 20 620285 www.rasterdoo.com REAL ESTATE & CO Ćazim Rasulbegović 26. novembra bb, Ulcinj Montenegro Tel: +382 30 421 609 Fax: +382 30 421 612 e-mail: realestate@tcom.me www.realestate-travel.com RECREATOURS-HOTEL ŠUMADIJA -RAFAILOVIĆI Vlado Franeta Rafailovići,Sv.Stefan,Bečići Montenegro Tel: +382 33 471-001, Fax: +382 33 471-012 e-mail: sumadijarecrea@ gmail.com recreatours.rs REGIONALNA RAZVOJNA AGENCIJA BJELASICA, KOMOVI I PROKLETIJE Jelena Krivčević IV crnogorske brigade bb, Berane Montenegro Tel: +382 (0) 51 237 004 Fax: +382 (0) 51 237 005 office@bjelasica-komovi. co.me www.bjelasica-komovi.me REMID VIS DOO Slobodan Stanić Velje brdo bb, Podgorica Montenegro

Tel:+38267501400 e-mail: remid@t-com.me REPRESENT COMMUNICATIONS MONTENEGRO Ivana Čađenović Džordža Vašingtona 65, Podgorica Montenegro Tel:+382 20 234 446 Fax: +382 20 234 447 office@represent.co.me represent.co.me RESIDENCE HOTEL -MILOČER Miločer, Montenegro Tel: +382 33 427 100 Fax: +382 33 427 111 www.residencemontenegro.com RIBNICA COMMERCE Miroslav Mališić Zelenika bb, Podgorica Montenegro Tel: +382 20 669 316 Fax: +382 20 669 318 e-mail: ribnica@ribnicacommerce.com ribnicacommerce.com HOTEL RIVIJERA Obala bb, Petrovac na Moru Montenegro Tel: +382 86 422 100 www.hotel-rivijera-montenegro.com RM KOMERC D.O.O. Dejan Lončar S. Kovačevića bb, Pljevlja Montenegro Tel: +382 52 322 979 ROAMING MONTENEGRO D.O.O. Dalibor Milović Trg slobode 27, Nikšić Tel:+382 40 212 800 Fax: +382 40 213 136 roamingm.com ROKŠPED D.O.O Dragan Mihailović Prokopije Perić Josipa Broza Tita 67, Podgorica Montenegro Tel: +382 20 445 500 Fax: +382 20 608 095 Email: roksped@roksped. com www.roksped.com R-TOURS MONTENEGRO Slavica Martić Jadranski put bb, Budva Montenegro Tel: + 382 33 451 502 Fax: + 382 33 402 121 e-mail: booking@rtours.me www.r-tours.me RTV PLJEVLJA Milan Knežević, direktor Ulica Zekerijaha Ćinare bb, Pljevlja Montenegro Tel :+382 (0)52 321 886 Fax :+382 52 321 152 e-mail: rtvpljevlja@tcom.me RUDNICI BOKSITA Milorad Đurović Goran Martinović 13. jula 30, Nikšic Montenegro Tel: +382 40 214 521 RUDNIK UGLJA Vuk Roćen Velimir Janjić Velimira Jakića 6, Pljevlja Montenegro Tel: +382 52 321 274 Fax: +382 52 321 475 e-mail: rupv@t-com.me www.rupv.me S&T CRNA GORA D.O.O Milan Marić Bul. Revolucije 5, Podgorica Tel: +382 20 202 150 Fax: +382 20 243 535 milan.maric@snt.me www.snt.me

MONTENEGRO BUSINESS SECTOR 2014

GRANIT- BERANE Tomislav Vasiljević Gradinsko polje bb, Berane Montenegro Tel: +382 51 230 184/185 E-mail: granit.vt@t-com.me www.granitvt.com SAGA CG D.O.O. PODGORICA Goran Đaković Igor Pavlica Sv. Petar Cetinjski 1a, Podgorica Montenegro Tel: +382 (0) 20 201 160 Fax: +382 (0) 20 201 161 e-mail: office@saga.me www.saga.me SAGAR Vesko Popović, Tatjana Popović Nikole Tesle 5, Podgorica Montenegro Tel: +382 20 272 719 SAMCOMMERC Petar Samardžić Kukoljina b.b., Tivat Montenegro Tel: +382 32 674 622 Fax: +382 32 674 623 samcommerc@t-com.me samcommerc.me SAMMS D.O.O. Sreten Radonjić Bul. Džordža Vašingtona bb, Podgorica Montenegro Tel: +382 20 234 909 Fax:+382 20 234 907 samms@t-com.me www.samms.co.me SANTEX Sait Šahman Nedeljka Merdovića 79, Bijelo Polje Montenegro e-mail: santexbp@tcom.me SAVA MONTENEGRO OSIGURANJE A.D. Nebojša Šćekić Valentina Kutlača Rimski trg 70, Podgorica Montenegro Tel: +382 20 40 30 20 Fax: +382 20 234 008 e-mail: info@sava.co.me sava.co.me SAVA TRANS Miodrag Lješković Zagrablje bb, Cetinje Montenegro Tel: +382 41 231 736 e-mail: info@savatrans.me SENTIDO TARA HOTEL Bečići, Budva Montenegro Tel: +382 33 404 196 Fax: +382 33 471 865 www.hoteltara.me SIEMENS D.O.O. Snežana Ivanović, Tanja Ljumović Bul. Sv. Petra Cetinjskog 149, Podgorica Montenegro Tel.: +382 20 205 710 Fax: +382 20 235 075 office-pga.me@siemens. com https://www.cee.siemens. com SIGILLUM CO Rade Vujošević Franca Rozmana bb, Podgorica Montenegro Tel: +382 20 612 300 Fax: +382 20 611 823 e-mail: sigillumco@tcom.me SI-ING Ivan Suhin Trg kralja Nikole 8, Podgorica Montenegro

Tel: +382 20 227 746 Fax: +382 20 227 766 e-mail: siing@t-com.me www.siing.com SIMON VOYAGES Simon Bernard Mehmed Adrović Rudeš BB, Berane Montenegro Tel: +382 51 230 570 Fax: +382 51 230 571 e-mail: simonvoyages@tcom.me simonberane.me SIMPO Anka Radojević Cetinjski put bb, Donja Gorica, Podgorica Montenegro Tel:+382 20 261 012 ana.namjestaj@gmail.com www.simpo.me SIMTEX Nataša Mastilović Andrea Miličić Grbe bb, Danilovgrad Tel: +382 20 886 105 e-mail: simtexmontenegro@gmail.com simtex.me SLOLES MONTENEGRO Željko Brajović Miodrag Stanišić Pažici b.b., Danilovgrad Montenegro Tel: +382 20 811 060 Fax: +382 20 881 066 e-mail: slolesmontenegro@ slolesmonenegro.me www.slolesmontenegro.me SOCIETE GENERALE BANKA MONTENEGRO Franck De Giorgio Branka Pavlović Bul. Revolucije 17, Podgorica Montenegro Tel: +382 20 415 500 e-mail: info.sgme@socgen. com www.societegenerale.me SOTTO LA COLLINA D.O.O Vlatko Popović Mareza bb, Podgorica Tel: +382 20 280 890 Fax: +382 20 280 805 slc@sottolacollina.com sottolacollina.com SPARK Petar Miković Serdara Šćepana bb, Nikšic Montenegro Tel: +382 40 244 808 Fax: +382 40 242 135 e-mail: sparknk@t-com.me spark-cg.com SPILA D.O.O Pero Papan Jovana Tomaševića G-9, lokal 7, Bar Montenegro Tel: +382 30 31 280 STADION Vojin Žugić Snežana Šćepanović Put Radomira Ivanovića bb, Podgorica Montenegro Tel: +382 20 622 570 Fax: +382 20 622 568 e-mail: stadion-doo@tcom.me www.stadion-doo.co.me SWISLLION MARKETI D.O.O Đorđe Kovačević Donja Gorica bb, Podgorica Montenegro Tel: +382 20 891 002 sltakovo@t-com.me ŠAJO HOTEL (ŠAJO GRUPA) Rakčević Žarko Jadranski put b.b., Budva Montenegro Tel: +381 86 460 243 www.sajohotel.com

ŠIMŠIĆ-MONTMILK Dragan Šimić Lazine bb, Danilovgrad Montenegro Tel: +382 20 815 313 Fax: +382 20 815 312 e-mail: simsic@t-com.me ŠIŠKOVIĆ D.O.O. Laketa Đurović Ilija Šišković Pažići bb, Danilovgrad Montenegro Tel: +382 20 812 310 Fax: +382 20 812 761 www.siskovic-online.com ŠLJUKIĆ CO D.O.O. Radovan Šljukić Trebješka bb, Nikšić Montenegro Tel: +382 40 258 161 e-mail: mljeksrna@tcom.me ŠLJUKIĆ CO-MLJEKARA SRNA Zorka Šljukić Ozrinići bb, Nikšic Montenegro Tel: +382 40 258 161 e-mail: mljeksrna@tcom.me ŠPEDICIJA PETROVIĆ Vukoman Petrović Ul. Maršala Tita 23/1, Bar Montenegro Tel: +382 30 311 295 Fax: +382 30 314 378 e-mail: sped.petrovic@tcom.me ŠTAMPARIJA OBOD Slobodan Borozan Rajko Mijušković Njegoševa 3, Cetinje Montenegro Tel: +382 41 231 577 Fax: +382 41 231 411 e-mail: stampobod1494@tcom.me TABACCO SHOP D.O.O. Veselin Mugoša Vladike Danila 44, Podgorica Montenegro Mob: +382 67 315 638 Fax:+382 20 260 884 e-mail: office@tobaccoshop.me www.bar-kod.com TANIŠPED Pavle Bbobić Aleksandar Đukanović Mitra Bakića 16b, Podgorica Montenegro Tel: +382 20 633 226 Fax: +382 20 633 226 e-mail: tanisped@t-com.me TARA PERFECTION HEINRCH THOMET Dejan Marković Vojislava Šćepanovića bb, Mojkovac Montenegro Tel: +382 50 472 984 Fax: +382 50 472 384 www.tara-perfection.com TAREX DOO Dragutin Gošović Balšića 17, Podgorica Montenegro Tel: +38220 230 740/750 e-mail: gosovictarex@tcom.me TDS D.O.O Darko Jelić Dalmatinska 10, Podgorica Montenegro Tel: +382 20 660 357 tds.pgd@gmail.com TE PLJEVLJA Luka Jovanović Kalusici bb, Pljevlja Tel: +382 52 330 101 luka.jovanovic@epcg.com www.epcg.com TEHNOPUT D.O.O. Saša Aćimić, Goran Vuletić Oktobarske revolucije 130, Podgorica

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Montenegro Tel: +382 20 625 802 e-mail: tehnoput@tcom.me www.tehnoput.me TEHNOŠPED Velibor Milatović Dejan Gazivoda Petra Dedića 20, Podgorica Montenegro Tel: +382 20 651 800 e-mail: tehnosped@tcom.me TELEMONT D.O.O Željko Savović Dragan Grubor Vijenci Danila Kiša 2, Podgorica Montenegro Tel: +382 20 206 010 e-mail: telemont@tcom.me www.telemont.me TELENOR Michael Malvebo Stevan Milić Bul. Džordža Vašingtona 83, Podgorica Montenegro Tel: +382 20 235 000 Fax: +382 20 401 405 e-mail: info@telenor.me www.telenor.me TELENOR DIRECT MNE DOO Miodrag Dedić Kuće Rakića bb, Podgorica Montenegro e-mail: office@DirectGroup.Com www.direct-group.com TERI ENGINEERING D.O.O Ratko Ivanović Bul. Svetog Petra Cetinjskog 149/31, Podgorica Montenegro Tel: +382 20 268 757 ratkoi@terieng.co.rs www.terieng.co.rs TODOR MONT D.O.O Predrag Mugoša Igor Todorović Slobode br.2, Podgorica Montenegro Tel: +382 20 230 708 todor-mont@t-com.me TOSCELIK NIKŠIC A.D.ŽELJEZARA NIKŠIĆ LESLAW KWASIK Vuka Karadžića bb, Nikšic Montenegro Tel: +382 40 202 222 Fax: +382 40 202 023 e-mail: dzvicer@znk.co.me www.toscelikniksic.me TRAFOMONT D.O.O. Boris Mićić Serdara Jola Piletića bb, Nikšić Tel:+382 83 200 540 Fax: +382 83 213125 TREBJESA D.O.O. NIKŠIĆ Natalija Milić Sanja Ćaslan Njegoševa 18, Nikšic Montenegro Tel: +382 40 204 988 Fax: +382 40 204 967 e-mail: pivara@starbev.com www.niksickopivo.com TRENKWALDER OUTSOURCING D.O.O. Veliša Stamatović Jadranski put b.b. (Zgrada Neksan 1), Budva Montenegro Tel: +382 33 452 063, e-mail: infomontenegro@ trenkwalder.com https://www.trenkwalder. comme TRENKWALDER KADROVSKE USLUGE D.O.O. Tijana Stamatović Ulica Slobode 74, Podgorica

Montenegro Tel: +382 20 231 530 Fax:+ 382 20 210 545 e-mail: infomontenegro@ trenkwalder.com https://www.trenkwalder. comme TRUDBENIK D.O.O. Vuksan Radonjić Polja bb, Mojkovac Montenegro Tel: +382 50 472 909 e-mail: trudbenik@trudbenik.net www.trudbenik.net TURISTIČKA AGENCIJA "GRAND" Sreten Kankaras Milija Bojović 19. decembra 5, Podgorica Montenegro Tel: + 382 20 664 666 e-msil: grand@grand.me www.grand.me TURISTIČKA AGENCIJA ELITE TRAVEL OF MONTENEGRO Popa Jola Zeca bb, Budva Montenegro Tel:+382 (33) 455 706 Fax: +382 (33) 452 419 e-mail: elite@elitetravel.me TURISTIČKA AGENCIJA EASTWESTVOYAGE Pilota Cvetkovića i Milojevića 14, Stari Aerodrom, Podgorica Montenegro Tel:+382 20 657 446 Fax:+382 20 657 448 E-mail: eastwestvoyage@ gmail.com www.eastwestvoyage.com ULCINJSKA RIVIJERA Nikola Damjanović Velika plaža bb / Hotel "Bellevue", Ulcinj Montenegro Tel: +382 30 411 864 Fax: +382 30 455 374 e-mail: ulrivijera@t-com.me www.ulcinjska-rivijera.com UNIJA POSLODAVACA CG Predrag Mitrović IX Crnogorske brigade br. 11, Podgorica Montenegro Tel: +382 20 209 250 Fax: +382 20 209 251 E-mail: upcg@t-com.me www.poslodavci.org/ UNIPROM PEKARA Milan Nikčević Podgorički put bb, Nikšic Montenegro Tel: +382 40 253 323 Fax: +382 40 253 305 e-mail: uniprompekara@tcom.me www.uniprompekara.com UNIQA NEŽIVOTNO OSIGURANJE Nela Belević Iva Vukotić Svetlane Kane Radević 3(Euro Point zgrada), Podgorica Montenegro Tel: +382 20 444 700 Fax: +382 20 244 340 e-mail: info@uniqa.me www.uniqa.co.me UNIQA ŽIVOTNO OSIGURANJE Marija Vujović Željko Labović Svetlane Kane Radević 3(Euro Point zgrada), Podgorica Montenegro Tel: +382 20 444 700 e-mail: info@uniqa.me www.uniqa.co.me UNISTAR DOO Žana Fejzovic Ul.Mitra Bakica br. 74,

Podgorica Montenegro Mob:+382 69 324 409, 339 100 Fax: +382 20 634 969 UTIP "CRNA GORA" A.D. Žarko Burić Jelena Burić Crnogorskih serdara 5, Podgorica Montenegro Tel: +382 20 441 500 Fax: +382 20 441 520 recepcija@cityhotelmn.com www.cityhotelmn.com VARDAR HOTEL Stari Grad 476, Kotor Montenegro Tel: +382 32 325 084 Fax: +382 32 325 074 e-mail: info@hotelvardar. com www.hotelvardar.com VARIOC D.O.O. Leka Đurđić Vuka Karadžića bb, Nikšic Montenegro Tel: +382 40 241 270 VEKTRA - JAKIĆ Radosavac bb, Pljevlja Montenegro Tel: +382 52 322 577 Fax: +382 52 323 152 e-mail: vektra-jakic@tcom.me www.vektra.co.me VEKTRA MONTENEGRO POSLOVNICA BAR Obala 13. jula 6, Bar Montenegro Tel: +382 30 312 401 Fax: +382 30 317 205 e-mail: spedvektrabar@tcom.me www.vektra.me VELETEX Miloš Golubović Vlastimir Golubović Cijevna b.b., Podgorica Montenegro Tel: +382 20 606 260 Fax: +382 20 606 261 e-mail: veletex@veletex. com www.veletex.com VELMONT D.O.O Saša Sekulović IX Crnogorske br. 45, Podgorica Montenegro Tel: +382 20 893 283 velmontpg@t-com.me VG SERVIS D.O.O Grgić Nela Naselje Čeluga bb, Bar Montenegro Call centar: 19606 vgvlado@t-com.me www.vggroup.me VIB-BAS Vasilije Blečić Bul. 13.jul bb, Nikšic Montenegro Tel: +382 40 252 662 Fax: +382 40 252 662 e-mail: vib-bas@t-com.me VILE OLIVA HOTEL (ŠAJO GRUPA) Petrovac, Montenegro Tel: +382 33 461 194 Fax: +382 33 461 198 e-mail: vileoliva@t-com.me vileoliva.com VIVAMAX NOVAKOVIĆ D.O.O Vanja Novaković Cetinjski put bb, Podgorica Montenegro Tel: +382 67 276 276 grandnamjestaj@grand. co.me www.grand.co.me VOLI MOTORS D.O.O. Aleksandra Bokan Bul. Josipa Broza 27, Podgorica

Montenegro Tel: +382 20 445 000 Fax: +382 20 445 002 VOLI TRADE DOO Dragan Bokan Bul. Josipa Broza 27, Podgorica Montenegro Tel: +382 20 445 000 e-mail: info@volivasvoli. com www.volivasvoli.com INSTITUT „VRMAC”- INSTITUT ZA REHABILITACIJU SRBIJE Milica Lazović Markov Rt bb, Prčanj Montenegro Tel: +382 32 306 273 Fax: +382 32 306 272 rehabilitacija.direktor@ gmail.com www.rehabilitacija.com VUKOTIĆ TRADE Danilo Vukotić 8. marta 68, Podgorica Montenegro Tel: +382 20 662 453 e-mail: vtch@t-com.me WIENER STAEDTISCHE Ljubo Mitrović Andrija Pešić Rimski trg 47, Podgorica Montenegro Tel: +382 20 205 150 Fax: +382 20 205 151 e-mail: office@wiener.co.me www.wiener.co.me WIR-METALOPRERADA Darko Đondović Nikšićki put industrijska zona Mareza bb, Podgorica Montenegro Tel: +382 78 103 444 Fax: +382 78 103 003 e-mail: office@wirmataloprerada.com www.wirmetaloprerada. com WURTH D.O.O. Nenad Macanović Ludvika Kube 6, Podgorica Montenegro Tel: +382 20 643 465 Fax: +382 20 643 466 e-mail: nenad.macanović@ wurth.rs www.wuerth.com XANADU HOTEL (PERLA D.O.O.) Kumbor, Herceg Novi Montenegro Tel: +382 31 684 748 Fax: +382 31 344 092 e-mail: info@hotelxanadu. me www.hotelxanadu.me YUHOR COMPANY D.O.O (DELTA AGRAR) Veselin Milačić Trg kralja Nikole 15, Podgorica Montenegro Tel: +382 20 218 391 e-mail: veselin.milacic@ deltaagrar.rs ZAVOD ZA IZGRADNJU BARA Danijela Krković Danijela Ratković Vladimira Rolovića F2, Bar Montenegro Tel: +382 30 311 855 Fax: +382 30 312 810 e-mail: zib-bar@t-com.me www.zib-bar.me ZENŠPED Branislav Zenović Duško Lalatović Jovana Tomaševića 39, Bar Montenegro Tel: +382 30 302 381 e-mail: zensped@t-com.me www.zensped.co.me ZEPTER INTERNATIONAL MONTENEGRO

Mila Vuković Kralja Nikole 12, Podgorica Montenegro Tel: +382 20 62 46 64 e-mail: zeptercg@t-com.me rs.zepter.comTreeMenu/ Contact.aspx ZETA ENERGY SOTBERG OVE BERTIL Momčilo Džarić Glavica bb, Danilovgrad Montenegro Tel: +382 20 813 311 e-mail: maja@zeta-energy. me ZETAGRADNJA Ivan Stojanović Željko Vučeković V proleterske bb, Podgorica Montenegro Tel: +382 20 610 115 Fax: +382 20 610 155 e-mail: zetagradnja@tcom.me www.zetagradnja.com ZETATRANS Anton Turk Dragan Racković Ćemovsko polje bb, Podgorica Montenegro Tel: +382 20 441 900 Fax: +382 20 441 952 e-mail: zetatrans@ zetatrans.com www.zetatrans.com ZIP D.O.O. Nikola Tomašević Ratko Tomašević Jastreb bb, Danilovgrad Montenegro Tel: +382 20 815 004 Fax: +382 20 815 005 e-mail: zip-doo@t-com.me GP ZLATIBOR-GRADNJA Saša Ćosović 27.marta G-7, Podgorica Montenegro Tel: +382 20 641 407, 641-405 Mob: +382 69 538 865 zlatiborgradnja@t-com.me ZORNIĆ D.O.O Zornić Nail Velje polje bb, Tutin Tel: +382 20 540 20 76 e-mail: mlekara.zornic@ gmail.com ZRNOŽIT Jovan Kaluđerović Donji kraj 3, Cetinje Montenegro Tel: +382 41 230 495 Fax: +382 41 232 649 e-mail: zrnozit@t-com.me ŽDRIJEPČEVA KRV D.O.O Zoran Laković Sergeja Jesenjina 7, Podgorica Montenegro Tel: +382 20 669 729 e-mail: zdrijepčevakrv@tcom.me ŽELJEZNIČKA INFRASTRUKTURA CRNE GORE Milan Čolaković Lucija Filipović Trg golootočkih žrtava 13, Podgorica Montenegro Tel: +382 20 441 403 e-mail: kabinet@zicg.me www.zicg.me ŽELJEZNIČKI PREVOZ CRNE GORE Milojica Zindović Neda Radulović Trg golootočkih žrtava13, Podgorica Montenegro Tel: +382 20 441 400 Fax: +382 20 441 403 e-mail: uprava@zcg-prevoz. me www.zcg-prevoz.me

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