New jobs creation incentives to amount to EUR 3.000 – 10.000

Podgorica, Montenegro (1 July 2015) -- Secretariat for Development Projects of the Government of Montenegro announced earlier today the Public announcement for participation in the procedure of awarding funds for fostering direct investmnts, based on the Regulation on fostering direct investments.

"The public announcement applies to all domestic and international entrepreneurs. We are trying to encourage development of industry and create new jobs, in particular in northern Montenegro," Economy Vladimir Kavarić noted.

He stressed this approach will enable Montenegro to "become recognised as the country with the best business environment in this part of the world."

"The public announcement will last until 1 September 2015. All those who are able to invest over EUR 500,000 in industrial plants and to employ over 20 people will have an opportunity to obtain subsidies amounting to EUR 3.000 – 10.000 per new job," Minister Kavarić explained.

Minister Kavarić recalled of all Montenegro’s competitive advantages for investment from the business environment perspective and the free trade agreements with the EU, CEFTA, EFTA, Turkey, Ukraine and Russia.

"All those who invest in Montenegro can count on a market of over 800 million people, bearing in mind all the benefits provided by these agreements," Minister Kavarić concluded.

Funds for encouraging direct investment may be used for financing investment projects which generate the opening of new jobs and contribute to economic and regional development of Montenegro.

Criteria for awarding funds for fostering investment are: references of the investor; effects on investment project on productivity of suppliers and other business entities from Montenegro who operate in the same industrial sector; sustainability of investment project; effects of investment project related to research and development; effects of investment project on human resources; environmental impact assessment; international trade volume; effects of investment project on the development of less developed local government units and letter of intent of the local government where the investor intends to invest.

The public announcement is open until 1 September 2015.