The Government of Montenegro has approved the Innovation Promotion Program aimed at enhancing energy efficiency in the industry for 2024, as announced by the Ministry of Economic Development.
This program is a vital support tool for implementing the new Industrial Policy for 2024-2028 and the associated Action Plan for 2024. It aligns with the Smart Specialization Strategy and the Energy Development Strategy. Developed through inter-ministerial collaboration, it continues the coordination of sectoral policies among the Ministry of Economic Development, the Ministry of Education, Science, and Innovation, and the Ministry of Energy. The implementation will be managed by the Innovation Fund of Montenegro, in partnership with relevant ministries, as outlined in their cooperation agreement.
Building on the 2023 pilot program, which funded seven projects in the manufacturing sector with €1.28 million, the new initiative aims to introduce innovative technologies, digital devices, energy monitoring systems and create new jobs.
The financial framework for the 2024 program is set at €2.3 million. Non-repayable financial support will range from €50,000 to €200,000 for purchasing production equipment, implementing smart solutions, and improving energy management standards, covering up to 80% of eligible project costs.
This funding will enable micro, small, and medium-sized enterprises in the manufacturing sector to achieve significant improvements with a minimum co-investment of 20%.
Deputy Prime Minister and Minister of Economic Development Nik Gjeloshaj highlighted the program’s expected positive impacts, including enhanced production processes, diversification of products, reduced production costs, and energy savings. The program will also facilitate feasibility studies and expert assistance for equipment procurement, and it includes provisions for financing salaries of two new employees and training for current staff.
Following today’s approval, the next steps include a public call for program implementation by the Innovation Fund, with details on the application process to be shared shortly. Additionally, information days will be held in municipalities across Montenegro to familiarize interested businesses with the program.
The government anticipates strong interest from the private sector, enabling manufacturers to invest in modernization, innovation, and energy efficiency, thereby boosting production diversity and enhancing overall competitiveness.
