Doing Business with Montenegro

Basic data
Capital Podgorica
Population 628,000
Language Montenegrin
Religion Orthodox Christianity
State system parliamentary republic
Head of State President Milo Djukanović
Head of government Prime Minister Dritan Abazović
Currency name EUR
Time shift 0
Economy 2021
Nominal GDP (billion USD) 14.2
Economic growth (%) 10.2
Inflation (%) 4.6%
Unemployment (%) 24.75%

Montenegro is the second smallest country in the Western Balkans region with an area of ​​13,812 km2 and a population of 628,000. The country is a secular parliamentary republic with a prime minister and a 20-member government, a president and a unicameral 81-member parliament. Even after the break caused by Covid-19, the country is a significant tourist destination with five national parks, mountains up to a height of 2500 m and 294 km of Adriatic coast with the tourist centers of Boka Kotorská, Budva, Bar and Ulcinj. Almost a third of the population lives in the capital Podgorica, the rest of the territory is sparsely populated. The country has a long tradition of coexistence of different nationalities and people of different faiths: 75% of the population profess the Orthodox faith, 19% to Islam, 3% to the Roman Catholic faith. 45% of the population describes themselves as Montenegrins, 28.7% as Serbs, 8.6% as Bosniaks and 4.9% as Albanians. The country has been an EU candidate country since 2012 and a NATO member country since 2017. The country’s foreign policy has long been 100% aligned with the common foreign and security policy of the EU, and the current government is striving to speed up the reform process of accession to the EU, including strengthening the rule of law and the fight against corruption and organized crime.

The country’s economy remains heavily dependent on tourist services, which account for over 20% of GDP. Thanks to the “Europe Now” program, the income of the population increased significantly in 2022, when the minimum wage was increased by a jump from €250 to €450, this increased household consumption should drive the expected further growth of the economy this year, but it will be slowed down by sanctions against Russia. The country exports raw aluminum and bauxite, electricity, dried vegetables, medicines. The main trading partners to which it exports are neighboring Serbia, as well as Slovenia, Pakistan, Germany and China. It imports petroleum products, electricity, automobiles, medicine, food. The main importers are Serbia, China, Croatia, Bosnia and Herzegovina and Italy. The government would like to expand the scope of the local economy to smart technologies and publish a number of priority projects for the further construction of transport infrastructure.



Practical telephone numbers (emergency services, police, firemen, information lines, etc.)

Practical telephone numbers (emergency services, police, firemen, information lines, etc.)

First aid – 124

Firefighters – 123

Police: Traffic police – 122

Emergency call EU – Emergency Call – 112

Information lines: Information – 1181

Information on phone numbers – 1180

Hospital: Klinički centar Crne Gore (Ljubljanska bb, 81 000 Podgorica, tel. +382 20 412 412)

Emergency service: Urgentni centar (Ljubljanska bb, 81 000 Podgorica, tel. +382 20 412 267)

Important web links and contacts

Websites and contacts for all ministries, the government, the president, local chambers of commerce and further for consideration by country (e.g. major media, central bank, economic analysis, tax administration…)

President MiloĐukanović

the government of Montenegro and all ministries

Chamber of Commerce of Montenegro


Pobjeda diary

Vijesti newspaper

Dan ‘s diary

Cafedel Montenegro information portal

information portal Analytics

Other useful contacts:

National Tourist Organization – Nacionalna turistička organizacija

Automobile Association of Montenegro – Auto-moto savez MNE

Railways of Montenegro – Željeznički prevoz Crne Gore

Airport of Montenegro – Aerodrom Crne Gore


PaulSourcing: Ten Commandments for doing business with Montenegro

The PaulSourcing agency has prepared ten recommendations for doing business with this territory for Czech entrepreneurs interested in business relations with Černá Hora.

  1. Differences within the state Montenegro was created as a successor state of the former state of Serbia and Montenegro after the declaration of its independence. In the past, it was ruled by the Ottoman Empire, while the seaside area belonged to Austria-Hungary, so even today there are significant differences between the north and the south of the country, between the central and the seaside area.
  2. Attention to payment ethics Montenegro is a young independent state, with little competition in trade and economy. The payment morale of Montenegrin economic entities is problematic.
  3. Don’t get caught You should be careful when negotiating. Do not trust dubious companies and individuals who “can arrange everything and have contacts everywhere”.
  4. It doesn’t pay to underestimate Don’t underestimate Montenegrin partners. They are attentive at meetings, easily promise cooperation, but implementation is slow, often delayed for no reason.
  5. Deal fairly Do n’t inflate prices and deal openly. Inflating prices is understood as frivolous conduct. Montenegrin partners often come to meetings well informed about your products, your prices and the prices of your competitors.
  6. Patience pays off The Montenegrin market is small, promising, but requires patience.
  7. Have a translator When presenting the product and services, your partner will expect communication in the Montenegrin language in the presence of a translator. However, negotiations in English are also possible.
  8. Prepare a financing offer When presenting technologies, works and products, an offer for financing (banks, funds) is also expected. Payment morale has recently deteriorated due to the global financial crisis. Advance payments are not recommended.
  9. Personal negotiations are still conducted in writing, and e-mail communication is inefficient and long. Establishing personal ties is necessary.
  10. Negotiate over a meal Successful negotiations often take place over a so-called working lunch or dinner. An informal invitation to lunch or dinner may also follow the negotiations, which is not refused. Don’t forget to return the invitation when the opportunity is right.


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