In the upcoming year, Montenegro’s economy is set to receive 3.5 million euros, which will be distributed as subsidies through various support programs.

This was announced by Ivana Zecevic, the Chief of the Directorate for the Development of Small and Medium Enterprises within the Ministry of Economic Development.

At the recent two-day conference titled “Power of SMALL: EU Projects and Business Growth of Micro, Small, and Medium Enterprises (MSMEs),” held at the Avala in Budva, Zecevic highlighted that MSMEs constitute a significant segment of Montenegro’s economy, playing a vital role in employment and economic growth, as reported by eKapija.

The conference brought together representatives from the private sector, government departments, and the European Union (EU) to collaboratively discuss the challenges and opportunities for the advancement of MSMEs in Montenegro.

This event was part of the Advanced Business Development Project aimed at enhancing MSME capabilities, funded through the donor resources of the European Delegation in Montenegro, in collaboration with the Ministry of Economic Development and Weglobal.

During the event, the importance of fostering an environment where MSMEs can realize their full potential as drivers of economic growth was emphasized.

The head of the EU Delegation to Montenegro, Yngve Engstrom, pointed out the EU’s crucial role in boosting competitiveness and ensuring sustainable development for MSMEs.

The project team leader from Weglobal, Spark of Days, introduced key activities and results of the project, which included enhancing service development, providing institutional support, and tools for accessing EU funds.

Participants were provided with practical knowledge and tools aimed at improving their businesses during the conference.

A manual for MSMEs was unveiled, offering an overview of available EU financial support programs and guidelines for applications.

Through an interactive workshop, attendees brainstormed ideas for EU projects, using successful examples from Horizon 2020 and Horizon Europe as sources of inspiration for future initiatives.

An exclusive segment of the conference, known as Help Desk, provided tailored guidance and solutions to address the specific needs of the attending companies.

“This event highlighted the significance of EU support in enhancing the sustainability of this sector in Montenegro. Through projects focused on business modernization, capacity building, and sustainable growth, we aim to strengthen competitiveness and promote greater participation in EU funding programs,” the statement read.

The conference concluded with the establishment of a framework to enhance collaboration between the Montenegrin government, the private sector, and the EU with the goal of unlocking the full potential of MSMEs.

“Acquiring knowledge, tools, and access methods to resources has positioned this event as a pivotal step towards creating a stronger, more innovative, and competitive economic system in Montenegro,” the statement concluded.