Đurović: Montenegro is making significant progress in improving the investment environment and attracting foreign direct investments
The working meeting called “Collaborative Innovation Club: Advancing Renewable Energy in Montenegro”, organized as part of the pilot phase of the “Investment Acceleration in Montenegro” project, gathered key players in the energy sector from Montenegro today in Podgorica.
The event was opened by Snežana Đurović, director of the Investment Agency (MIA), who pointed out that the project “Acceleration of Investments in Montenegro”, which is implemented by the Investment Agency on behalf of the Government of Montenegro with the expert and financial assistance of the European Commission, was launched as part of assistance to Montenegro in accelerating and implementing the measures provided for in the Reform Agenda, which are aimed at increasing the attractiveness of Montenegro as an investment destination.
“Montenegro has achieved significant progress in recent years in improving the investment environment and attracting foreign direct investments in key sectors such as tourism, energy and real estate. By continuously working to strengthen the rule of law and harmonize regulatory frameworks with EU standards as well as investments in large infrastructure projects such as the continuation of highway construction and energy diversification, the Government of Montenegro shows its determination to further improve the business environment, especially in the priority areas identified by the Smart Specialization Strategy,” stated Đurović.
She reminded that the Strategy for Smart Specialization aims to improve economic growth through innovation and development in four priority sectors – sustainable agriculture, energy and energy efficiency, sustainable health tourism and information and communication technologies as a horizontal priority. The segment of energy and energy efficiency was selected for the realization of the pilot phase of the project. The project is implemented in a period of 12 to 14 months with a pilot phase lasting three months.
The topic of today’s working meeting was the establishment of a collaborative innovation hub for the energy sector.
Head of the Cooperation Sector, EU Delegation to Montenegro, Yngve Engstroem pointed out that they believe that the renewable energy sector is not sufficiently used, and that is why they decided to focus on it in this phase of the project.
“There is interest in investments in this sector, which could double, triple or quadruple energy production in Montenegro. This could bring enormous benefits and income that could lead to growth in investments in other sectors. But for this to happen, there must be regulatory changes. What we offer from the EU side is a clear perspective on EU membership. We believe that it can be an anchor that will create stability for doing business and for investment partnerships. We are very happy to be able to support the attempts to bring more investors to Montenegro, but that does not come for free. Access to the EU comes with necessary reforms,” Engstroem pointed out.
The Minister of Mining, Oil and Gas, Admir Šahmanović pointed out that he sees today’s event as a strong signal of European support, but also a confirmation of the determination to create a competitive business environment.
“Energy is one of the key pillars of the economic development of every country, and we recognize significant potential for new investments, strategic partnerships and sustainable growth in this sector. We want Montenegro to become recognizable as a reliable destination for foreign investors, especially in the areas of green energy and energy efficiency. The Ministry of Energy is working intensively on harmonizing the legislative framework with EU standards, improving the regulatory environment and removing administrative barriers. At the same time, our focus is on creating additional value for local communities, investments that bring new jobs, transfer knowledge, they strengthen the domestic value chain and contribute to the development of local communities,” said Šahmanović.
He pointed out that Montenegro has the vision and capacity to be a reliable partner in the region’s energy transition.
“At a time when global attention is increasingly directed towards sustainable energy and green policies, Montenegro has a unique chance to become a leader in the region, with the support of strategic partners, but also with a clear commitment to reforms and responsible management. We look forward to jointly building the foundations of development that brings security and new opportunities for both investors and all citizens of Montenegro,” said the minister.
In the continuation of the working meeting, important speakers from the energy sector in Montenegro made an overview of current projects, laws and market trends in Montenegro.
The Executive Director of the Directorate for Energy Management in the Electric Power Company of Montenegro, Darko Krivokapić, emphasized the great importance of the thermal power plant.
“In order to replace the production from the thermal power plant, we need solar, wind and hydro projects, and again we cannot reach the 1,300 gigawatt-hours of energy that is needed. Perhaps we are not aware of how important and essential the thermal power plant is in this system. We all know that there will come a period when it must be shut down, but in order to cover it we must work on all these projects,” said Krivokapić.
Dragan Perunović, Director of the Development and Investment Sector at CGES, announced that they are currently working on a ten-year development plan.
“We have some 30 substations in the system, we have some 1,500 kilometers of transmission lines. It is planned to double the network in the coming period so that we can meet the goals of the green transition, which is the replacement of energy from large traditional energy sources, primarily from thermal power plants, with a large number of distributed sources. That is a huge number of facilities that need to be built, and our investment plan is at the level of over 200 million euros, and that is at the current level of the value of our company,” he said. Perunović.
Remon Zakaria, head of the European Bank for Reconstruction and Development (EBRD) office in Montenegro, points out that they believe that renewable energy is the greatest potential for the financial development of Montenegro.
“With rich sources of energy, Montenegro can export renewable energy to Europe and make a profit that can contribute to the economy. We are actively working with CGES to prepare new projects because we believe that if we want to develop renewable energy, the key is to network. Also, from the investor side, we are very active with EPCG, and in the past we were also involved in the first private wind farm Krnovo. We believe that such projects are important for the economic development of the country,” said Zakaria.
During the working meeting, international investor in renewable energy, Bertrand Fazio, senior adviser for renewable energy at BT2i, Serge Galant, Marko Radulović from Alcazar Energy and Jean Francois Lengelle discussed new technologies and presented case studies of positive examples of cooperation in the energy sector, and encouraged the gathered representatives of the Montenegrin energy sector to talk about future potential cooperation and projects that can be implemented in Montenegro.
“Through an open discussion of all parties, we will gain an opportunity for a comprehensive insight into the energy sector, as well as the goals and possibilities for the realization of investment plans and projects. We will present the concrete results of the pilot phase and new investment opportunities in Montenegro, as well as the realized partnerships, at the investment conference in October 2025,” announced Snežana Đurović, director of the Investment Agency (MIA).
