Montenegro - Country Commercial Guide
Market Challenges
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Private Sector Development

Since the beginning of the privatization process in 1999, nearly 90 percent of formerly state-owned enterprises (SOEs) have been privatized.  The most prominent SOEs still in operation include the Port of Bar, Montenegro Railways, Airports of Montenegro, Plantaze Vineyards, several companies in the tourism industry, including Ulcinjska and Budvanska Rivijera, and the newly established national carrier ToMontenegro that had its inaugural flight in June 2021.  More information and details about these SOEs can be found on the Privatization and Capital Investment Council’s webpage:

Regulatory Framework

Montenegro is working to amend legislation in line with international standards (primarily with the EU) and create institutions necessary to attract investment.  As Montenegro moves towards EU accession, it will be required to improve implementation and enforcement of existing legislation.


Prevalent in many of the countries of the region, corruption is a concern, and routinely ranks high on the list of business impediments.  Montenegro ranked 64th in Transparency International’s (TI) 2021 Corruption Perception Index list.  The government’s goal of integrating with European and Euro-Atlantic institutions has spurred official efforts to counter corruption.  An improved legal framework to help combat corruption and organized crime has been in force since the adoption of the Law on Prevention of Corruption in 2014 and the Law on the Special State Prosecution in 2015.  The government has also taken substantial steps to strengthen the Rule of Law, including the establishment of a special police unit focused on corruption and organized crime, the creation of the Agency for the Prevention of Corruption, the creation of the independent Office of the Special State Prosecutor that handles major cases including organized crime and corruption, and the appointment of the Special State Prosecutor. The government also updated its legislation on public procurement, the treasury and budget system, and the courts in an effort to reduce corruption.