The Ministry of Economic Development will work on improving the business environment to attract foreign investments and support domestic entrepreneurs, stated the Minister Nik Gjeloshaj. Speaking at the Student Economic Forum 2023, themed “Montenegro on the Path to European Integration: Opportunities and Challenges,” he identified key challenges facing Montenegro’s economic sector as a high level of the informal economy, limited production, and an oversized and inefficient public administration.
Gjeloshaj announced during the forum’s panel that his department is actively working on crafting a new industrial policy strategy fully aligned with EU directives. He emphasized that diversification of the production structure, centered on digital transformation, is crucial for the economy’s long-term development.
He further mentioned plans for creating an Action Plan to remove barriers, which will be part of the reform agenda related to the New Growth Agenda for the Western Balkans. This agenda allocates support of six billion EUR for the Western Balkan countries, with 413 million EUR designated for Montenegro.
Gjeloshaj urged support for the “Buy Domestic” initiative, emphasizing that by choosing domestic products, citizens demonstrate love for their country and contribute to supporting the local economy. He highlighted the potential impact, stating that if everyone spends just ten EUR per month on domestic products, nearly 60 million EUR could stay in Montenegro annually, benefiting various sectors such as education and healthcare.
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