Two banking leaders examine the choices that could determine Montenegro’s economic future, from stronger institutions and European integration to productivity, investment and the country’s greatest asset — its people
A Business Model for Montenegro
AFTER TEN YEARS OF LIVING AND WORKING IN MONTENEGRO, I am often asked what could drive the country’s next major step forward. My answer is simple: people, supported by strong institutions and a clear vision.
Montenegro has advantages that larger countries often envy: extraordinary natural beauty, a strategic location and, most importantly, talented and ambitious people. I have seen a new generation of internationally minded, highly educated and digitally skilled professionals emerge, eager to contribute to their country’s future. They are among Montenegro’s greatest competitive advantages.
But talent reaches its full potential only in an environment that rewards initiative and provides certainty. Investors can accept business risk; what they struggle to accept is unpredictable institutional risk.
Efficient public administration, stronger rule of law and consistently applied rules are therefore not merely requirements for EU membership. They are foundations for investment, innovation and sustainable growth.
EU integration offers Montenegro a historic opportunity. Yet alignment with European standards should be accompanied by a broader question: what kind of economy does the country want to build? Montenegro needs its own “Business Model Montenegro”, focused on areas where it can offer distinctive value rather than compete through scale. Sustainable tourism, renewable energy, modern agriculture, digital services and smart infrastructure all offer considerable potential.
Montenegro’s size can be an advantage, allowing it to move quickly, test new ideas and bring institutions, businesses and people together around shared goals.
Montenegro should not try to become a smaller version of someone else. Its next leap forward will come from becoming the best version of itself: European, innovative and open, while preserving the authenticity and quality of life that make it unique.
From Investment to Lasting Value
Lesia Vykhodtseva
Chairwoman of the Board of Directors Zapad Banka
THE REGION’S NEXT LEAP FORWARD WILL NOT BE DRIVEN by one major investment or another record tourism season. It will come from a more fundamental shift: from growth based on consumption and assets to growth based on productivity, innovation and competitive businesses.
Three changes matter most. The first is predictable institutions. Investors need clear, consistently applied rules and efficient public services. Digital identity, connected registries and simpler administrative processes are not merely IT projects; they are economic infrastructure.
The second is genuine integration with European markets. Montenegro’s introduction of SEPA payments is a practical example of how alignment with European standards can deliver lower transaction costs and easier cross-border business even before EU membership.
The same ambition should extend to trade, services and investment.
Third, capital must reach businesses that create lasting value. Our economies need more investment in SMEs, technology, export capacity and skills, rather than concentrating predominantly on real estate and established sectors. Banks have a responsibility to support viable projects, but financing works best alongside transparent information, strong governance and entrepreneurs prepared to scale.
The region has talent, proximity to the EU and considerable untapped potential. What it needs now is less emphasis on announcing reforms and more focus on making them work.
The real measure of progress will not be how much investment we attract, but how much sustainable value we create with it.
