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MFIC Retrospective: Years To Be Remembered

Here is a non-comprehensive list of some of MFIC’s milestones, major achievements and activities in the period between 2009 and 2020.

The Montenegrin Foreign Investors Council – MFIC – was established in 2009 as an association of leading foreign investors in the country by five companies: Crnogorski Telekom A.D., NLB Montenegro Banka A.D., Montenegro Stars Hotel Group d.o.o., KAP A.D. and Daido Metal A.D. Today it has 40 members from different sectors and industries that have a combined turnover which accounts for more than 25 per cent of Montenegro’s GDP. The Council was established as a non-governmental and non-profit organisation aimed at improving the investment climate and supporting business development in Montenegro.

2020


White Book: Investment Climate in Montenegro 2019

According to the latest edition of the annual White Book, 2019 was marked by the improvement of the business environment, which is reflected in growth on the overall MFIC Ease of Doing Business Index, pointing to the implementation of reforms aimed at improving economic conditions and the business climate.

Meeting with EU Commission representatives

Representatives of MFIC met with EU Commission representatives during their 2021 ERP preparatory mission to Montenegro.


Meeting with the new EU Ambassador

The EU Delegation to Montenegro and MFIC decided to intensify cooperation in the areas of improving the business environment, strengthening the rule of law and the EU integration process, according to an announcement made after the meeting between MFIC representatives and the new EU Ambassador to Montenegro, Mrs Oana-Cristina Popa.


MFIC donates to the Institute for children’s diseases

MFIC focused its CSR activities on the youngest members of the society, especially those in a precarious health condition.

“Working for and with children always ennobles and provides an additional motive for our further social engagement. We are proud that, through the procurement of new beds, we have contributed to improving conditions of staying in hospital for the youngest patients and their parents,” said MFIC President Christoph Schön.


2019



MFIC 10th Anniversary

MFIC celebrated its tenth anniversary with 40 members from different sectors and industries that have a combined turnover accounting for more than 25% of Montenegro’s GDP.



Exchange of opinions with EU Commission representatives

MFIC Members met with European Commission representatives during their mission to assess Montenegro’s Economic Reform Programme 2019-2021, sharing experiences with regard to public-private dialogue, the regulatory framework and business environment conditions.



White Book: Investment Climate in Montenegro 2018

The year 2018 marked a period of stability “with a slight increase on the ease of doing business index”, what provided reason to be optimistic in terms of the improvement of economic conditions and the business climate, but it was also noted that further attention needs to be paid to the implementation of reform processes suggested by the MFIC White Book.



MFIC joins Commission for suppression of the grey economy

MFIC representatives met with the Commission for the suppression of the grey economy, chaired by Deputy Prime Minister for Economic Policy and Financial System Milutin Simović.

The meeting included discussion of the need to strengthen the capacities of the competent inspection authorities, while emphasis was placed on the need to address the lack of selectivity in their approach, thus enabling the consistent implementation of relevant laws.



MFIC Guide Published

According to the latest edition of the annual White Book, 2019 was marked by the improvement of the business environment, which is reflected in growth on the overall MFIC Ease of Doing Business Index, pointing to the implementation of reforms aimed at improving economic conditions and the business climate.



MFIC Annual Assembly 2019

MFIC held its annual assembly in 2019 to celebrate a decade of work in Montenegro


2018



White Book scope increases to cover more sectors

In addition to areas that have traditionally been evaluated since 2011 – such as the labour market and employment, property development, taxation/contributions, corporate governance and the rule of law – the eighth edition of the White Book (2016- 2017) included several new categories:

the grey market and inspections, regulations on public-private partnerships, public procurement, the digitalisation of public services, regulations on personal data protection and human resources.




Closer Cooperation Agreed with the Chamber of Commerce of Montenegro

MFIC and the Chamber of Commerce of Montenegro decided to intensify their cooperation and utilise their synergy to improve the business environment in Montenegro. The agreement was reached at a meeting held between the presidents of these institutions on 14th March 2018.



MFIC GUIDE 2018 Published

MFIC published its third investment guide, in which it evaluates the business environment and investment climate in the country and highlights areas requiring additional intensive work.



2017



MFIC and the Prime Minister: Together for a Better Business Environment

At a meeting between MFIC representatives and Montenegrin Prime Minister Duško Marković the PM expressed his government’s readiness and openness to cooperate with foreign investors, emphasising the importance of direct foreign investments for GDP growth and the improvement of living standards for all citizens of Montenegro.



MFIC Reaches 35 Members

MFIC had attracted 35 members by the beginning of 2017, accounting for around 8,000 jobs and around 30 per cent of the country’s GDP.



Banking Committee Established

The MFIC Banking Committee was established with the idea of creating a unified platform for all members from the banking industry to exchange opinions internally, but also to facilitate their communication towards different external stakeholders, with the purpose of improving the business environment in the banking sector.



Education Minister Meets with MFIC Members

It was on 17th March 2017 that Montenegrin Education Minister Damir Šehović Ph.D. presented the directions of education reforms at all levels to MFIC members, stating that major changes are expected in higher and secondary education – both fields in which the support of industry would be appreciated.


MFIC and Capital City Podgorica Sign Joint Cooperation Protocol

At the initiative of the Bureau for Economic Cooperation and Support to the Business Community of the Capital City of Podgorica, a Protocol on joint cooperation for the improvement of the investment environment in Podgorica was signed by numerous business associations in Montenegro, including MFIC.


2016


MFIC Reaches 33 Members

MFIC gained its 33rd member in 2016 and thus accounted for around 8,300 jobs in the country and a combined annual turnover representing around 29 per cent of Montenegro’s estimated GDP.



Foreign Investors Council Publishes Second Guide to MFIC

In cooperation with Belgrade-based regional publisher alliance international media (aim), the Guide to MFIC was published for the first time in 2016, with the aim of providing an opportunity for MFIC members to evaluate the business environment and investment climate in the country, as well as to highlight those areas requiring additional intensive work.



ICT Committee Established

The MFIC ICT Committee was established in order to have “one strong voice” towards relevant stakeholders, with the purpose of improving the business environment (transparency and predictability) for the ICT industry in Montenegro and maximising the ICT sector’s potential to contribute to Montenegro’s development.



2015



MFIC Gains More Members

MFIC reached 25 members in 2015, ensuring that the association accounted for around 5,730 local jobs and an annual turnover equating to for around 19% of GDP.




Memorandum on Cooperation Signed Between MIPA and MFIC

MFIC reached 25 members in 2015, ensuring that the association accounted for around 5,730 local jobs and an annual turnover equating to for around 19% of GDP.


Mayor Bogdanović Joins MFIC Meeting as Special Guest

The Montenegrin Foreign Investors Council session of 15th March 2015 included a special guest speaker in the form of Aleksandar Bogdanović, President of the Executive Board of the Union of Municipalities of Montenegro and Mayor of the Old Royal Capital of Cetinje.



Prime Minister Đukanović Participates in MFIC Meeting

The Montenegrin Foreign Investors Council session of 15th March 2015 included a special guest speaker in the form of Aleksandar Bogdanović, President of the Executive Board of the Union of Municipalities of Montenegro and Mayor of the Old Royal Capital of Cetinje.


2014



Prime Minister Đukanović Participates in MFIC Meeting

Prime Minister Milo Đukanović was a guest at the MFIC regular meeting of 4th December 2014, where he spoke with representatives of the investment community about economic trends and the investment environment in Montenegro, development projects and plans for the coming period.


Number of MFIC Members Rises to 22

MFIC amassed 22 members by the end of 2014, with the association’ members accounting for around 4,792 local jobs and with a combined annual turnover equating to around 19 per cent of GDP.



Economy Minister Participates in MFIC Meeting

Montenegrin Economy Minister Dr Vladimir Kavarić participated in the MFIC meeting of 7th May 2014.

Minister Kavarić used this opportunity to inform MFIC members that the Montenegrin Government’s economic policy places a strong emphasis on supporting investment and the implementation of capital projects.


Ambassador Drobnič Participates in MFIC Meeting

Head of the Delegation of the European Union to Montenegro, Ambassador Mitja Drobnič, participated in an MFIC meeting. Ambassador Drobnič used this meeting as an additional channel to communicate directly with the leading representatives of the Montenegrin business community in the area of his potential influence on improving the country’s investment climate.


MFIC Publishes First Investment Guide

The first edition of the MFIC Investment Guide was published with the aim of encouraging foreign investment in the country and providing potential investors, as well as investors just launching their operations in Montenegro, with information that they might find useful.



2013



MFIC Meeting Attended by the Minister of Development and Tourism

Montenegrin Minister of Sustainable Development and Tourism Branimir Gvozdenović attended an MFIC meeting as a special guest. The meeting included discussion of the business climate in Montengero.


Minister of Justice discusses the state of rule of law with MFIC representatives

At a meeting with MFIC members, Justice Minister Duško Marković said that the key goals of his ministry are rationalisation of the judicial network, advancing notaries, introducing public executors to the legal system of Montenegro, strengthening alternative dispute resolution options and regulating lobbying as an anti-corruption activity.

MFIC Member and UPCG meet to discuss economic challenges

The implementation of sustainable policies and measures that support the operations of companies (domestic and foreign) and the development of business is vital for the economic recovery of Montenegro and the creating and preserving of jobs, as was concluded at the meeting of the President of the Union of Employers of Montenegro (UPCG) Predrag Mitrović and the President of the MFIC Assembly and Board of Directors Ruediger Schulz.



2010


First White book Published

The key document of MFIC is the White Book, an annual publication that informs the general public and all stakeholders about the business environment and hindrances to doing business as experienced by foreign investors in Montenegro and, more importantly, provides recommendations for removing the obstacles identified with the aim of increasing the attractiveness and competitiveness of the Montenegrin economy. The first MFIC White Book was published in 2010.


2009



Montenegrin Foreign Investors Council Established

The Montenegrin Foreign Investors Council – MFIC – was established in 2009 as an association of the leading foreign investors in the country by five companies: Crnogorski Telekom A.D., NLB Montenegro Banka A.D., Montenegro Stars Hotel Group d.o.o., KAP A.D. and Daido Metal A.D.

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