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Thursday, May 23, 2024
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Montenegro’s economic competitiveness enhancement program secured with 3 million euros for 2024

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The Montenegrin government has approved a 2024 Economic Competitiveness Enhancement Program valued at 3 million euros, tasking the Ministry of Economic Development with issuing a public call.

Outlined in the program are initiatives to provide further financial and non-financial support for economic development. This aims to enable the creation of additional value through innovative and competitive products and services, essential for both domestic and international markets.

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During discussions, emphasis was placed on the pivotal role of micro, small, and medium-sized enterprises (MSMEs) in Montenegro’s economic growth. MSMEs constitute a significant portion of economic activity in the country and the wider Western Balkans region, with a strong focus on the European Union’s single market.

To implement the Economic Competitiveness Enhancement Program, 3 million euros in budgetary funds have been allocated. These funds will be distributed across four support program categories:

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  • Enhancing production capacities (totaling 2 million euros)
  • Supporting small-scale investments (totaling 500,000 euros)
  • Promoting digitalization efforts (totaling 300,000 euros)
  • Providing vouchers for women and youth in business (totaling 200,000 euros)

According to MONSTAT data cited in the material, the number of business entities in Montenegro grew to 54,094 in 2023 from 45,675 in 2022, representing an 18.4% increase.

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