At the opening of the Fourth World Entrepreneurs Congress in Podgorica, President of Montenegro Jakov Milatović emphasized the crucial role of entrepreneurs in driving economic development and forming the foundation of a progressive society. He stated that their efforts not only create jobs but also contribute to overall economic growth.
Milatović highlighted that the energy, innovation, and success of entrepreneurs cannot thrive in isolation. Their achievements depend significantly on how willing decision-makers are to foster an environment conducive to free action, creation, and growth. He stressed the need for stable, functional, and inclusive institutions that support entrepreneurial endeavors and ensure fair returns for hard work.
He referenced the recent awarding of the Nobel Prize in Economics to researchers Daron Acemoglu, Simon Johnson, and James Robinson, noting their findings on the pivotal role of inclusive institutions in societal and economic development. “Their work reminds us that the success of a society relies not just on individual capabilities, but on how institutions are structured to support these individuals. Inclusive institutions are the backbone of long-term economic growth,” he asserted.
Milatović warned against the pitfalls of politicized institutions that can lead to stagnation when a small elite controls resources, resulting in a lack of opportunities for the broader population. He emphasized the obligation of policymakers to establish strong, independent institutions that can bolster the economy and serve citizens.
In this context, he described Montenegro’s EU accession process not merely as a political goal but as an opportunity to strengthen institutions, improve legislative frameworks, and create a stable, transparent, and inclusive business environment. “Our European path is not just about receiving positive evaluations from Brussels; it is a fundamental chance to build an environment where every company has an equal chance to succeed,” he stated.
Looking ahead, Milatović noted that four negotiation chapters are expected to be provisionally closed by the end of the year. However, he stressed the need for intensified reform efforts to meet the target of Montenegro’s EU membership by 2028. “By the end of 2026, we must fulfill all obligations outlined in the European agenda. Strengthening the rule of law is essential, and we anticipate significant changes in the functioning of the judiciary as well as measures to effectively combat corruption and organized crime,” he explained.
He underscored the importance of regional cooperation on the path to meeting high European standards and full EU membership, pointing out Montenegro’s involvement in over 40 regional initiatives. He highlighted the joint regional market as a comprehensive project with the potential to enhance economic cooperation and drive growth.
Milatović also announced the strategic significance of Montenegro joining the euro payment area on January 1, 2025, marking a vital step towards deeper institutional and market synergy with the European single market.
As he concluded his remarks, Milatović stated that Montenegro is at a crossroads and entering a critical phase of its societal development. He acknowledged the challenges faced over the past year, including the adoption of laws without adequate public discussion, which has hindered participation from business associations in shaping the business environment. He stressed the need to stop this trend and ensure that success is based on merit rather than political connections.
He called for immediate action to address issues in key sectors, highlighting the energy sector’s declining profitability despite an increase in employment. He stressed the necessity of enhancing efficiency and sustainability, particularly in state-owned enterprises, to drive future economic development.
Milatović concluded by reiterating that the success of Montenegro lies in the strength of its institutions and commitment to reforms, emphasizing the invaluable role of entrepreneurs in achieving this vision. “Through genuine partnership and mutual understanding between the state and the business sector, we can secure a future in which Montenegro, alongside its neighbors, will prosper with a strong and stable economic foundation,” he said.
