Montenegro’s Cabinet meeting

    Podgorica, Montenegro (29 January 2015) – Montenegro’s Cabinet, at today’s session, adopted the analysis of macroeconomic developments and structural reforms in 2014.

    Based on available data on economic activity, the analysis estimates that Montenegro, in conditions of slow growth in the region and euro zone, achieved GDP growth rate of 2% in 2014.

    Having in mind that long-term financial stability is a prerequisite of overall economic stability and long-term economic growth, the Government concluded that the policy of public finance consolidation and implementation of proper measures for additional investment spending has been conducting successfully, stressing its determination to continue activities aimed at achieving priorities of the fiscal policy.

    In 2014, significant activities were carried out with a view to advancing business environment, financial and institutional support for entrepreneurship development, labour legislation, pension system, health care, education, as well as achieving greater efficiency and productivity of public administration. Today’s meeting also highlighted importance of implementing infrastructure projects, particularly in transport and energy sectors.

    Government also adopted today the 2015 Government agenda, which envisages the implementation of 17 priority development projects and 231 commitments. The agenda specifies duties and responsibilities of relevant ministries concerning the implementation of the strategic objectives from the four-year programme based on EU and NATO accession, creation of conditions for dynamic economic development and strengthening of the rule of law.

    Within a wide range of activities undertaken in order to accelerate Montenegro’s economic growth, the Government adopted the Regulation on encouraging direct investment, which prescribes for that financial incentives, on the basis of precise criteria, are to be given to foreign and domestic companies intending to invest at least EUR 500,000 and create at least 20 new jobs over a 3-year period. The regulation specifies that beneficiaries of the funds are required to maintain the level of investment and the same number of newly created jobs at least five years after the completion of the investment project,

    Source: Government of Montenegro