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Utilising Vital Green Expertise

MFIC is prioritising the green economy in 2024, as one of the core policy domains in which member companies will contribute through the Green Economy Transition (ESG) Committee

For more than 15 years, the dedicated efforts of the Montenegrin Foreign Investors Council have served to significantly advance the business environment in Montenegro, establishing MFIC as a pivotal link between foreign investors and national decision-makers, but also extending its influence beyond those roles.

By introducing and promoting the world’s best business practices, MFIC member companies have contributed significantly to transforming business and management standards in the country. I believe that this is one of the key values of our organisation: MFIC represents a vast knowledge base and expertise that can be utilised to make strategically important shifts in the country’s development. There is no doubt that the green economy is one of them, and that achieving goals in this area will prove significantly more successful if our members’ potential is utilised. The importance of this issue for our organisation was confirmed by last year’s adoption of the MFIC Strategy for 2024- 2026, which we developed with the assistance of the prestigious Boston Consulting Group. Transitioning to a green economy is indeed one of four focus areas that will be our priority in the coming period.

With support from the Boston Consulting Group, we last year adopted the 2024-2026 MFIC Strategy, which prioritises shifting to a green economy among four key focus areas

Our members, who represent diverse sectors such as banking, telecommunications, energy and tourism, bring a wealth of experience in implementing advanced ESG standards. Our most valuable contributions lie in sharing comprehensive ESG strategies, promoting the development of renewable energy and enhancing sustainable practices across industries. By leveraging our members’ enviable expertise, we aim to facilitate a robust green transition in Montenegro, ensuring that the knowledge transfer aligns with local needs and global sustainability goals. When it comes to the policy domains that are relevant to MFIC, by driving structural reforms in the Montenegrin economy that further the transition to a green economy, we will focus on energy market development and green energy transition, the sustainable management of mineral resources, the promotion of the agriculture and fishery sectors through sustainable resources, sustainable water management etc.

MFIC is prioritising the green economy in 2024, as one of the core policy domains in which member companies will contribute to driving this initiative through the Green Economy Transition (ESG) Committee. This MFIC committee’s main goal for 2024 is to identify key ESG reforms to promote and to propose specific reforms/ best practices for MFIC. Our efforts are concentrated on formulating precise recommendations for government policies, shaping legislative frameworks and championing specific green initiatives. Key contributions will include advancing ESG policy integration, fostering the development of a sustainable energy market and promoting the responsible management of natural resources, including minerals, agriculture and fisheries.

We will also establish MFIC sustainability principles and adopt an internationally acknowledged ESG framework for members. Launching annual ESG reporting on the MFIC members’ decarbonisation efforts is also planned to motivate the entire business sector to follow our example.

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