Transparent procedures and the greater involvement of the business sector in policymaking will ensure more effective reforms, contributing to a stable and predictable business environment
While the Government of Montenegro has shown openness to dialogue with the business community, more intensive and structured engagement is needed, says MFIC board member and Jugopetrol CEO Vasilis Panagopoulos.
“It is very indicative that the Foreign Investors Council’s White Book for 2023 reported negative trends for the second consecutive year,” he explains.
“There is room for improvement in areas such as transparency in decision-making, legislative changes supported by economic impact assessments, administrative processes, political stability, and infrastructure. Addressing these issues could enhance effective business planning and operations,” adds Panagopoulos.
In order to address these challenges, our interlocutor insists that closer collaboration between the government and the business community is essential. Transparent procedures and greater business sector involvement in policymaking will ensure more effective reforms, contributing to a stable and predictable business environment.
It is important to invest in human capital for foreign investments in Montenegro to continue growing steadily despite global challenges
“Foreign investments bring capital, knowledge and experience from other countries, benefiting the government and driving economic growth. The expertise and best practices introduced by foreign investors can streamline processes, improve transparency and foster innovation, leading to a more competitive and resilient economy,” says Panagopoulos.
How does MFIC align its business climate improvement activities with other participants in the business community?
— MFIC is a steadfast ally of Montenegro, dedicated to advancing its economic prosperity. MFIC embodies this commitment by striving to cultivate a dynamic and supportive business environment. Our approach is holistic and inclusive. By engaging regularly with government agencies, local businesses and international investors, we ensure that diverse perspectives are integrated into our strategies. We organise forums, workshops and networking events, fostering dialogue and cooperation.
Through these efforts, we ensure that every stakeholder has a voice in shaping Montenegro’s economic future.
What measures would you consider necessary for foreign investments in Montenegro to continue growing steadily despite global challenges?
— Several key measures are necessary to ensure that foreign investments in Montenegro continue to grow steadily despite continuing global challenges. I would highlight in particular the importance of developing human capital, ensuring system predictability and enhancing inclusiveness in policymaking.
Strengthening human capital through education and training, ensuring consistent and fair investment rules allowing business community to make long-term business decisions, and involving businesses in the regulatory process are crucial for creating a skilled workforce and supporting economic growth.
Enhancing infrastructure and digital connectivity, along with offering attractive incentives like tax breaks or grants, can further boost foreign investments.