Montenegro joins EU Programme for Competitiveness of Enterprises and Small and Medium-sized Enterprises (COSME)

Brussels, Belgium (25 June 2014) – Montenegro’s Minister of Economy Vladimir Kavarić and Vice President of the European Commission Antonio Tajani signed earlier today in Brussels the agreement on Montenegro's participation in the EU programme “Competitiveness of Enterprises and Small and Medium-sized Enterprises” (COSME 2014-2020).

Vice President Tajani commended Montenegro’s efforts and results achieved within the previous Competitiveness and Innovation Programme (CIP) and voiced his belief that in the next seven years the results will be more visible concerning the use of available instruments of the COSME programme.

Having in mind the importance of the small and medium-sized enterprises for the Montenegrin economy, Minister Kavarić highlighted that Montenegro’s involvement in the COSME programme is extremely significant for strengthening competitiveness and development of small and medium-sized enterprises.

Montenegro is one of the first non EU member states to join the COSME 2014-2020 programme and to met all required criteria to nominate projects aimed at providing support to development of competitiveness and innovation capacities on an equal basis with the EU member states. The COSME programme and the programme HORIZON 2020 will provide small and medium-sized enterprises access to financial instruments and enable investing in the first start-up and early phase oriented towards research and innovation.

COSME Programme has the budget worth EUR 2,3 billion and is aimed at continuing activities of the previous CIP Programme, with a particular emphasis on financial mechanisms and support for small and medium-sized enterprises through Enterprise Europe Network (EEN), as well as the activities related to tourism, improving conditions for business within the clusters, promotion of entrepreneurship and fostering entrepreneurial culture and internationalisation of small and medium-sized enterprises.

One of the main objectives of the COSME programme is to boost competitiveness and sustainability of small and medium-sized enterprises, to promote their entrepreneurial culture and growth through the four main components:

- Access to financial instruments for the SMEs;
- Access to the market within the EU and beyond;
- Business environment for doing business;
- Promotion of entrepreneurship an entrepreneurial culture.