Montenegro opens new opportunities – New support for faster development

Montenegro is constantly progressing and developing its capacities, in order to create as much as better conditions for development of fast growing companies and further development of the digital industry, while a modern infrastructure support and the new legislative frameworks are a great step forward on that path. By creating favourable conditions, through the support for faster development, Montenegro indeed opens new possibilities and that is a conclusion which all attendees may make at the event organized by the Ministry of Science of Montenegro and Innovation and Entrepreneurship Centre Tehnopolis.

This event was organized with the aim of presenting new support defined by the new regulatory framework, as well as the development of infrastructure segments of the Science and Technology Park of Montenegro and IPC Technopolis. In addition, two reform laws in the field of innovation and technological development namely the Law on Innovation Activity and the Law on Incentives for Development of Research and Innovation Development, voted within the Third Package of Socio-Economic Measures, were presented during the event. With these laws, the Government of Montenegro has created a basic measure for strengthening the IT economy and the functioning of the national innovative ecosystem, and provided a wide range of benefits and incentives that apply equally to domestic and international companies. Also, it was presented the "S3 strategy of smart specialization," a national i.e. regional innovation strategy that sets development priorities, and which aims to build a competitive advantage by connecting its own forces in research and innovation with the needs of the economy, thus responding in a coherent way to the growing opportunities and development of the markets.

At the very beginning, the Minister of Science of Montenegro, Dr. Sanja Damjanović, addressed the audience, talking about the opportunities that Montenegro provides to development teams, companies and startup companies, and whose creation has opened new opportunities.

"The Government of Montenegro strongly supports the development of an innovative economy, and its key foundations for this development are: modern infrastructure, a modern incentive legislative framework for technological development and our human capacity," said Damjanović.

She especially praised the IPC Technopolis, saying that its path was not easy at all, because Montenegro did not have a functional innovation ecosystem.

"The incentive legislative framework is exactly what Montenegro lacked. The Government, together with the innovative community, managed to pass two great laws that will bring a revolution in the domestic market. One of the great measures within the mentioned laws is the exemption of startups from paying taxes in the first 5 years of existence, but also a measure that no one in Europe has, and that is the exemption from profit tax in case of reinvestment or investment in innovations and startups," Minister Damjanović explained.

For full press release in Montenegrin, please click here. 

Ministry of Science