mia - mne business climate 2010

8/8/2019 MIA - MNE Business Climate 2010

1/18

Mont-Invest Advisory Group

Montenegro Investment

Climate Overview

2010

www.mont-invest.com

ADVISORY | INVESTMENT |DEVELOPMENT


2/18

Mont-Invest Advisory

www.mont-invest.com


In this paperOpenness to Foreign Investment

Conversion and Transfer Policies

Expropriation and Compensation

Dispute Settlement

Performance Requirements and Incentives

Rights to Private Ownership and Establishment

Protection of Property Rights

Transparency of Regulatory System

Efficient Capital Markets and Portfolio Investment

Competition from State-Owned Enterprises

Corporate Social Responsibility

Political Violence

Corruption

Bilateral investment Agreements

OPIC and Other Investment Insurance Programs

Labor

FDI Statistics

3

7

7

7

9

9

9

1

1

1

1

1

1

1

1

1

1


3/18


Recent political events

The referendum on Montenegrinindependence was held on May21, 2006, and 55.5 percent ofMontenegro's voters choseindependence from Serbia.Montenegrin independence hasled to further opening of themarket and an increase ininvestor awareness andconfidence. Montenegro'sConstitution was ratified andadopted by the Parliament ofMontenegro on October 19, 2007.Montenegro and the EU signed aStabilization and AssociationAgreement (SAA) on October 15,2007, boosting Montenegrinhopes of becoming a full EUmember. Montenegro and the EUalso signed the so-called InterimAgreement (allowing for the earlyimplementation of trade andtrade-related provisions of theSAA) which took effect on January1, 2008. Almost all EU memberstates have already ratified theSAA. Montenegro's Application forEU Membership was submitted onDecember 15, 2008. NATO invitedMontenegro to participate in itsMembership Action Plan (MAP) onDecember 4, 2009. The EUCouncil of Ministers' decision infavor of visa-free travel toSchengen-zone countries forcitizens of Montenegro came intoeffect on December 19, 2009.

Montenegro's answers to theEuropean Commission's "Avis"Questionnaire were presented onDecember 9, 2009, and theGovernment of Montenegro isexpecting the country to begranted EU candidate countrystatus in 2010.

Foreign investments

Montenegro is establishing a liberal

investment regime. Although the

continuing transition has not yet

eliminated all structural barriers,

the Government recognizes the

need to remove impediments,

reform the business environment,

and open the economy to foreign

participation. The attitude towardsforeign investors is generally

favorable. Since becoming

independent in 2006, the

government has adopted a liberal

investment framework to

encourage growth, employment

and exports. There are no

distinctions made between

domestic and foreign companies.

Foreign companies can own 100

percent of a domestic company,

and profits and dividends can be

repatriated without limitation or

restrictions. Foreign investors can

participate in the privatization

process and can own land in

Montenegro. Expropriation of

property can only occur for a

"compelling public purpose," and

compensation must be made at

fair market value. There has been

no known expropriation of foreign

property. International arbitration

is allowed in commercial disputes

involving foreign investors.

Registration procedures have been

simplified to such an extent that it

takes just one euro and four days

to process an application to

register a business.

Bankruptcy laws have been

streamlined to make it easier to

liquidate a company, accounting

standards have been brought up

to international norms, and

custom regulations have been

simplified. There are no mandated

performance requirements

Montenegro has already attractedconsiderable interest from foreign

investors. According to

preliminary data, the amount o

foreign investments for the firs

nine months of 2009 increased 6

percent over the entire twelve

months of 2008, in spite of the

global financial crisis. According to

preliminary data from the

Montenegrin Investmen

Promotion Agency, foreign direc

investments from January throughOctober 2009 reached $1.067

billion (726 million), and thei

projection for the entire year is fo

total FDI figures somewhere

between 950 million and 1 billion

Euros, an increase o

approximately 40 percent over the

2008 total.

Openness to Foreign Investment

www.mont-invest.com


Source:MIPA(inEuros)


4/18

For the first time since 2006, the

greatest amount of FDI - 65.1

percent has been concentrated

in the central region of

Montenegro this year, with 28.4

percent directed to the southern

region and the remaining 6.5

percent to the north. Based on

job-creating foreign investments

(i.e. not including individual real

estate transactions), the sectoral

breakdown of FDI for 2008 is as

follows: 28 percent of all

investments were made in

finance; 22 percent in tourism; 14

percent in construction; 11

percent in services; 10 percent in

industry; 5 percent in

transportation and logistics; 2percent in agriculture; and the

remaining 8 percent in other

sectors.

According to the World BankGroup's "Doing Business 2010"report (covering the period June2008 through May 2009),Montenegro received its best ratingof the six years it has beenreviewed. Montenegro ranked71st best of the 183 countriessurveyed on the followingcategories: Starting a Business;Dealing with Construction Permits;Employing Workers; RegisteringProperty; Getting Credit;Protecting Investors; PayingTaxes; Trading across Borders;Enforcing Contracts; and Closing aBusiness. Montenegro's best score(27th place worldwide) was forProtecting Investors; its worst(160th place) was for Dealing withConstruction Permits. The biggestgain from last year was onEmploying Workers (up 47 places,from 93 to 46);

Over 4,700 foreign-owned firms are registered and operating in

Montenegro; the number of registered foreign companies has doubled in

past two years. Foreign investors come from 86 countries, with no single

country dominating investment. So far, the most significant investments

have come from Norway, Austria, Russia, Hungary and Great Britain.


the biggest drop was a tie - dropof six places on both RegisterinProperty (falling from 125 to 131and Paying Taxes (down from 13to 145.) The World EconomForum's Global CompetitiveneReport 2009 - 2010, covering 13countries, placed Monteneg62nd overall - three positionhigher than in 2008. Compared other countries in the regioMontenegro ranked above Croat(72nd place), Macedonia (84th

Serbia (93rd), Albania (96th) anBosnia and Herzegovina (109thOf the 12 factors used to compithe rankings, Montenegro got thhighest marks in health, primaeducation, and financial marksophistication. Its lowest markwere in inefficient governmebureaucracy, inadequate supply infrastructure, business access finance, inadequately educateworkforce, corruption, restrictivlabor regulation, and taregulation. Montenegro scored 3

in Transparency InternationaCorruption Perceptions Inde2009, placing it second in thregion (behind Croatia.) 200results showed a significaimprovement over the previouyear's score of 3.4 and worranking of 85. In the HeritagFoundation's 2010 Index Economic Freedom, Montenegreceived a score of 63.6, rankinit as "moderately free" and abovthe world average. Its score waan improvement of 5.4 points ove

2008, reflecting notabimprovements in seven of the 1economic freedoms considereSurvey editors noted that sharpimproved labor market flexibiliand an improved regulatoenvironment for investmeenabled Montenegro to score thlargest increase in economfreedom among all countries the 2010 Index.

www.mont-invest.com



5/18

Velika Plaza Located primarily on government-owned land between the city of Ulcinj and Ada Bojana Island, Velika Plaza (a 13km long sand beach with an unobstructed view of the Adriatic Sea) is located at the southern tip of Montenegro. Itis 87 km from Tivat International Airport and around 70 km from the capital Podgorica. Plans for the gradualdevelopment of the property include: (i) the development of high-end tourist accommodations; (ii) theconstruction of a small VIP airport; (iii) upgrading telecommunication, efficient energy and water supply; and (iv)creation of coastal area protection (allowing up to 100 square meters of green surface per bed in order to provideluxury tourist accommodations.) During the prequalification process, tender letters of intent were submitted byfour companies: Proofrock Investments (a Greek/U.S. company); Hydra Properties and Bloom InternationalProperties (both from the United Arab Emirates); and Trigranit (from Hungary.)

Ada BojanaIsland

Located at the southernmost tip of Montenegro. The nearest international airport is located in Podgorica (85 km),while Tivat International Airport is 108km away. The 494-hectare island is flanked on two sides by the BojanaRiver, connecting directly to Skadar Lake, and the Adriatic Sea on the third side. Because of the site's uniquenatural environment and secluded private setting, the Government foresees the configuration and operation of anexclusive 4 to 5-star hotel/resort/village complex, reflecting contemporary Montenegrin architecture and includingrecreational facilities and services. The master plan for Ada Bojana envisions a capacity of up to 2,500 hotel bedswithin the current area designated for tourist development, and the Government anticipates that the hotel resort,once developed, will be listed in the international hospitality industry as a top nature resort. Nine companies,including two from the U.S., submitted letters of intent during the government tender for expression of interest in2008.

MamulaIsland

Mamula, on the border with Croatia, presents a popular one-day trip destination. The island, accessible only byboat, has a circular shape (200 meters in diameter) and coastline which consists of a rocky surface with a smallbeach section. The fortress located on Mamula currently has no accommodation, food, beverage, or boutiqueservices. The development concept includes a luxury hotel with exclusive leisure, food service and wellnessfacilities, and berths for small and medium size yachts. The Government of Montenegro prefers a public-privatepartnership (PPP) model for this location.

Jaz Beach Located in the central part of the Montenegrin coast, between the cities of Budva and Tivat. Plans for developmentcenter on an urban development concept, including a village complex offering accommodations, pensions, a watersports center, wellness facilities, food and beverage services, etc. The fields and hillside of Jaz must be surveyed inorder to determine the exact available area. The Rolling Stones, Madonna, and Lenny Kravitz all performedconcerts on the beach of Jaz in 2007 and 2008.

BuljaricaBeach

Located between the cities of Bar and Budva. The land is mostly private, but the majority of owners are membersof a local landowners association which is interested in creating a joint venture with potential strategic partnersparticipating as shareholder partners. The development concept includes high-end residential accommodations, 4-5star hotels, and a tourist village - all totaling up to 6,500 beds. A marina is also planned, as is a business centerand an 18-hole golf course.

Major InvestmentOpportunities

Montenegro offers a wide rangeof investment opportunities.Some are unique tourism sites(many of which are formermilitary or other state-ownedproperties), some are majorconstruction projects


to the railroad system), and someare quite complex (such as thevarious investment opportunitieswithin the energy sector.).Following table outlines some ofthe biggest investmentopportunities in the tourism sector.

(such as the proposedhighways or improvements tothe railroad system), and someare quite complex (such as thevarious investmentopportunities within the energysector.). Following tableoutlines the biggest investmentopportunities in the tourismsector expected to hit themarket in 2010.

www.mont-invest.comADVISORY | INVESTMENT |DEVELOPMENT


6/18

Bigovo The Bigovo cove is situated on a peninsula between the cities of Budva and Tivat, adjacent to a historic fishingvillage. There is easy air access to the property via Tivat International Airport, just 20 kilometers from the site.The international airports at Podgorica (90 minutes) and Dubrovnik (90 minutes) provide additional access. Thesite encompasses 38,940 square meters of land, with leisure facilities currently on 2,873 square meters.Planning is in a nascent stage, but ideas for the gradual development of Bigovo include a luxury leisure motifutilizing - and maintaining - the natural surroundings.

Kumbor Kumbor, a tourist resort on the Herceg Novi Riviera, is located on the shores of Kotor Bay, 6 km from the city ofHerceg Novi. There are a number of small beaches and restaurants on the waterfront. Early planning ideas forthe gradual development include the construction of a world-class, multifunctional upscale tourism resort as wellas 4-5 star nautical and commercial amenities with leisure facilities.

Valdanos Valdanos is located close to Ulcinj, southeast of Bar. This former military vacation camp,surrounded by olive trees, offers an unobstructed ocean-front view and unrivaled privacy. Airports are 68 km(Podgorica) and 86 km (Tivat) away. Valdanos Bay covers four square kilometers, and includes a pebble beach

of approximately 100 meters in length and various low-rise camp and general public service facilities, i.e. tenniscourts and parking areas. The conceptual framework includes a five-star resort, protection of the coastal areaallowing up to 100 square meters of green surface per bed, luxury tourism accommodations of a maximum offour floors, and the protection of the ecological structure of the area. The Government of Montenegro is primarilyinterested in public-private partnership (PPP) projects.

Mediteran This tourism complex is located within the Durmitor National Park in Zabljak, 1,456 meters above sea level.While it has direct access by paved road, the location evokes a feeling of isolation and connection with nature. Itis adjacent to the famous Black Lake and is completely surrounded by pine trees. Views from the site are offorest and mountains. The intention is to create a world-class resort that is intimate in feel, aswell as conceptually, aesthetically, functionally, and ecologically in harmony with the natural environmentsurrounding the property.


Montenegro has enacted specificlegislation outlining guarantees

and safeguards for foreigninvestors. Montenegro's ForeignInvestment Law (ratified inNovember 2000) establishes theframework for investment inMontenegro. The law eliminatesprevious investment restrictions,extends national treatment toforeign investors, allows for thetransfer/repatriation of profits anddividends, provides guaranteesagainst expropriation, and allowsfor custom duty waivers forequipment imported as capital-in-

kind.

Montenegro also has adoptedmore than 20 other business-

related laws, all in accordancewith EU standards. The main lawsthat regulate foreign investmentin Montenegro are: the ForeignInvestment Law; the EnterpriseLaw; the Insolvency Law; the Lawon Fiduciary Transfer of PropertyRights; the Accounting Law; theLaw on Capital and CurrentTransactions; the Foreign TradeLaw; the Customs Law; the Lawon Free Zones; the Labor Law;the Securities Law; theConcession Law, and the set of

laws regulating tax policy.

Montenegro has made significantsteps in both amendinginvestment-related legislation inaccordance with world standardsand creating the necessaryinstitutions for attractinginvestments. However, as is thecase with other transitioncountries, implementation andenforcement of existing legislationremains a problem.

www.mont-invest.com



7/18


Conversion and Transfer

Policies

The Foreign Investment Law

guarantees the right to transferand repatriate profits inMontenegro. Montenegro uses theEuro as its domestic currency.There are no difficulties in thefree transfer of funds exercised onthe basis of profit, repayment ofresources, or residual assets.

Expropriation and

Compensation

Montenegro provides legal

safeguards against expropriation.Protections are codified in severallaws adopted by the government.There have been no cases ofexpropriation of foreigninvestments in Montenegro.However, Montenegro hasoutstanding claims related toproperty nationalized under theSocialist Federal Republic ofYugoslavia. On March 23, 2004,Montenegro passed a newRestitution Law. The necessarysub-acts entered into effect on

January 1, 2005, and theRestitution Fund (which willprovide cash compensation whennecessary) came into existenceon March 1, 2005. The basicrestitution policy in Montenegro isrestitution in kind when possible,and cash compensation orsubstitution of other state landwhen physical return is notossible.

At the end of August 2007,Parliament passed a new Law onRestitution which supersedes the2004 Act. In line with the new

law, three review commissionshave been formed: one in Bar(covering the coastal region);one in Podgorica (for the centralregion of Montenegro); and one inBijelo Polje (for the northernregion of Montenegro.)Montenegro provides safeguardsfrom expropriation actionsthrough its Foreign InvestmentLaw. Article 29 states that thegovernment cannot expropriateproperty of a foreign investorunless there is a "compelling

public purpose" established by lawor on the basis of the law. If anexpropriation is executed,compensation must be providedat fair market value plus onebasis point above the LIBOR ratefor the period between theexpropriation and the date of

payment of compensation.

Dispute Settlement

We are not aware of anyinvestment disputes involvingAmerican companies or otherforeign investors inMontenegro.

Montenegro's Law on Courtsdefines a judicial systemconsisting of three levels ofcourts: Basic, Superior, andthe Supreme Court.

Having gained independence from Serbia little more thana year ago, Montenegro is confidently embracing thefuture, inviting the world in, asking it to come see what ithas to offer. Right now, it seems churlish to refuse. TheGuardian 2007

It also establishes two courts the Appellate and AdministratCourts (established in 2005) with special jurisdiction commercial matters. The BaCourts exercise origi jurisdiction over civil and crimicases. There are 15 courts forMontenegro's 21 municipalitiTwo Superior Courts in Podgorand Bijelo Polje have appellareview of municipal codecisions. The Superior Coualso decide on jurisdictio

conflicts between the municipalcourts. The two commercial cou(which also handle economcrimes) were established Podgorica and Bijelo Polje. Thhave jurisdiction in the followmatters: shipping, navigatioaircraft (except passengtransport), intellectual properights, bankruptcy, and unftrade practices. The SuperCourts hear appeals of BaCourt decisions, and SuperCourt decisions may be appea

to the Supreme Court. TSupreme Court is the court final judgment for all cicriminal and administrative casThe commercial court systefaces challenges, such as tintroduction of new legislation achanges to existing lawdeveloping a new system operations, including electrocommunication with clients; andlack of capacity and expertamong the judges. Some refoproposals have included creat

a High Commercial Court dedicating a chamber of tSupreme Court to commerccases. Some judges also hasuggested designating a particucourt with assigned competenfor specific areas in order tostreamline caseloads and devespecialized expertise complicated economcrimes/matters.

www.mont-invest.comADVISORY | INVESTMENT |DEVELOPMENT


8/18

The legislative environment has been significantly changed as more than 20 businesslaws have been adopted. The goal was to remove barriers for doing business inMontenegro and to attract foreign investors.


--The Business Organization Law , adopted in 2001, simplified the procedures for initregistration of companies; currently only one euro and four days are necessary to register an LLin Montenegro. According to an OECD survey, Montenegro has the lowest barriers for initregistration of a business in the region. In accordance with this law, the Central Register of thCommercial Court was founded, and online searches for companies registered in Montenegro anow possible.

--The Business Insolvency Law , adopted in 2001, simplified the procedure for companinsolvency. The law provides insolvent companies with three options: voluntary liquidatiorestructuring; or bankruptcy proceedings. The length of the bankruptcy process has been cut, an

it is easier to liquidate a company.

--The Accounting and Auditing Law has brought international standards into the Montenegraccounting and auditing system. The Institute for Accounting and Auditing was founded as aindependent institution to supervise the whole process and is in charge of granting the licenseand permits for accountants andauditors.

--The Montenegrin Parliament adopted the Competition Law , which went into force on Janua

1, 2006, and is regarded as an improvement to the investment climate in Montenegro as

provides a legal basis for competition in the market and puts some regulations on monopolies

--The Law on the Participation of the Private Sector in Public Services, adopted in 200allows private companies to participate in public-private partnerships through leasin

management contracts, build-operate transfer arrangements (BOT), and concessions.

--The Customs Law , in line with World Trade Organization and European Union requirementwas introduced in Montenegro in 2003. The law simplifies import-export procedures, which shouincrease international trade flows.

--The set of Tax Laws was implemented in 2003 and introduced the Value Added Tax (1percent), which replaced the sales and turnover tax. The VAT has simplified the tax system anprovides for a significant amount of budget revenues.

--At the end of April 2004, Parliament adopted the Foreign Trade Law . The law decreasbarriers for doing business and executing foreign trade transactions and is in accordance wiWTO standards. However, the law still provides scope for restrictive measures and discretionagovernment interference. In addition, the law appears to be more about protecting producerather than consumers - who pay the real costs of protection in the end.

--The new Labor Law was adopted in July 2008. It defines a single collective agreement for bopublic and private sectors, maintains the existing level of severance payments (i.e. the average the past six months' salaries), and retains the current 365 days of allowed maternity leavBesides the Labor Law, the question of labor-based relations is also defined in the GenerCollective Agreement, Branch-level Collective Agreements, and with individual labor agreemenbetween employer and employee.

--A new Concession Law was adopted in February 2009 and created favorable conditions fobtaining and utilizing concession licenses. The law also regulates the conditions and procedurefor obtaining a concession to exploit natural resources, use property in the public domain, and/conduct activities of general interest. The Concession Law is fundamental to support the publiprivate partnership process through which a number of future projects will be realized Montenegro.

www.mont-invest.com



9/18

Also adopted in the last five yearswere the Law on the Central

Bank, the Law on Pledges (whichprovides for a bailment ofpersonal property as security forsome debt or engagement), theLaw on Strikes, the ElectronicSignature Law, and the Law onFree Zones. Dispute resolution isunder the authority of nationalcourts, but it can also fall underthe authority of internationalcourts if the contract sodesignates, meaning thatMontenegro allows for thepossibility of international

arbitration. Various foreigncompanies have other bilateraland multilateral organizations such as MIGA (World Bank), OPIC(U.S.), ECGD (UK), SID(Slovenia), SACE (Italy), COFACE(France), and OEKB(Austria) -- providing riskinsurance against war,expropriation, nationalization,confiscation, inconvertibility ofprofit and dividends, and inabilityto transfer currency.

Performance Requirementsand Incentives

The government does not imposeany performance requirements asa condition for establishing,maintaining, or expanding aninvestment. Limited incentives areoffered to foreign investors; forexample, the government offersduty exemptions for importedequipment.

Right to P rivate Ow nershipand Establishment

In Montenegro, a foreign investor,foreign company or foreignindividual may acquire property.Article 12 of

the Montenegrin ForeignInvestment Law specifically

permits foreign investors topurchase real estate througha contract. This right is explicitlyreinforced by the Law on Propertyand Law Relations. The Act statesthat foreign persons andcompanies can, based onreciprocity, acquire rights to realestate, such as company facilities,places of business, apartments,living spaces, and land forconstruction. Additionally, foreignpersons can claim property rights

to real estate by inheritance in

the same manner as a domestic

citizen.

Protection of Property

Rights

Mortgages/SecuredTransactions: In July 2002,Montenegro enacted its Law onSecured Transactions andestablished a collateral registry atthe Commercial Court in May2003. The registry's operational

guidelines have been drafted andapproved by theCommercial Court. The main goalof the Law on Securedtransactions is to establish a clearand transparent framework.

Intellectual Property Rights:The acquisition and disposition ofintellectual property rights areprotected by the Law on theEnforcement of IntellectualProperty Rights, which enteredinto force on January 1, 2006.

The law provides for fines forlegal entities of up to 30,000 forselling pirated and/orcounterfeited goods. It alsoprovides ex officio authority formarket inspectors in the areasmentioned above. In April 2005,the Montenegrin Parliamentadopted the Regulation on(TRIPs) Border Measures that

provides powers to the customauthorities to suspend th

customs procedure and seizpirated and counterfeit goods.Montenegro's Penal Codacknowledges infringement of aintellectual property rights, allowex officio prosecution, anprovides for stricter criminapenalties. The Law on OpticaDisks was adopted in December2006; it requires the registratioof business activity whereproducing optical disks focommercial purposes anprovides for surveillance of optica

disk imports and exports, animports and exports opolycarbonates (the material usein production of optical disks) anequipment for the production ooptical disks. Since independencin 2006, the relevant authoritie(the Ministry of Culture anMedia, the Ministry for EuropeaIntegration, as well as variouNGOs) have begun to work oestablishing an institutional anregulatory framework fointellectual property protection

Montenegro became member oWIPO in December 2006. ThMontenegrin Intellectual PropertOffice (IPO) was officially openeon May 28, 2008. It currentlemploys 14 out of the 22 plannestaff and already has laid thgroundwork for formalizincooperation with other IPOs in thregion. A regulation on threcognition of intellectual propertrights was adopted in Septembe2007. Under this regulation, anrights registered with the Unio

Intellectual Property Office orwith the Serbian IntellectuaProperty Office and any pendinapplications filed with thesOffices before May 28, 2008 arenforceable in Montenegro. AnIPR application submitted aftethat date in Serbia will have to bre-submitted in Montenegrwithin six months, in order tretain its acquired priority.


www.mont-invest.com



10/18


IPR market inspectors, police

officers, customs officers, andemployees of the Ministry ofEconomy attended anumber of training seminars onintellectual property protectionand counterfeiting, including anIPR enforcement workshop hostedby the American Chamber ofCommerce in December 2009. Atthe end of 2007, the CustomsAdministration signed a Letter ofIntent for Acceptance of SECUREStandards (standards to beemployed by customs for uniform

rights enforcement), adopted bythe World Customs Organization(WCO) with a view to moreefficient protection of intellectualproperty rights by customsauthorities. Since 2002, judgesfrom the Commercial Court inPodgorica have participated inrelevant seminars organized bothin Montenegro and abroad (USA,Bulgaria, Macedonia, Bosnia andHerzegovina, Croatia, Italy, andSerbia.) In order to furtherimprove situation with the

intellectual property protectionAmCham Montenegro establishedan IPR Committee in April 2009.The main goal of the Committeeis to work closely with theMontenegrin institutions which aredealing with PR, to increase publicawareness of the importance ofintellectual property protection,and to help the GoM strengthenits administrative capacities inthis field. Montenegro is not onthe Special 301 Watch List. Inpractice, however, IPR

enforcement is weak andinsufficient. The sale of piratedoptical media (DVDs, CDs,software) as well as counterfeittrademarked goods, particularlysneakers and clothing, iswidespread. Enforcement is slowlyimproving as customs, police,and judicial authorities obtain thenecessary tools, but institutionalcapacity is still limited.

Overall, further progress still

needs to be made on theprotection of intellectual propertyrights, especially with regard tothe still-limited institutional andenforcement capacity and the lowlevel of public awareness.

International Agreements: The

former State Union of Serbia and

Montenegro ratified many

conventions and agreements. It

should be noted that in its

Declaration of Independence

Montenegro stated: "The Republof Montenegro will apply andassume international agreementand treaties which werconcluded by the State Union anwhich are in accordance with thMontenegrin judicial system."The following conventions anagreements in the field ointellectual property have beesigned and continued witimplementation afteindependence:

Convention Establishing the World Intellectual Property Organization (1967) [member sOctober 1, 1973];

Paris Convention for the Protection of Industrial Property (1883) [member since Febru26, 1921];

Berne Convention for the Protection of Literary and Artistic Works (1886) [member siJune 17, 1930];

Madrid Agreement Concerning the International Registration of Trademarks (1891) [memsince February 26, 1921];

Protocol relating to the Madrid Agreement Concerning the International RegistrationTrademarks [member since Feb ruary 19, 1997];

Patent Cooperation Treaty (1970) [member since February 1, 1997];

Hague Agreement Concerning the International Deposit of Industrial Designs (19[member since December 30, 1993];

Universal Copyright Convention (1952) [member since 1966];

Nice Agreement Concerning the International Classification of Goods and Services for Purposes of the Regi stration of Trademarks (1957) [member since A ugust 30, 1966];

Locarno Agreement Establishing an International Classification for Industrial Designs (19

[member since October 16, 1973];

Convention Relating to the Distribution of Program-Carrying Signals Transmitted by Sate(1974) [member since Aug ust 25, 1979];

Budapest Treaty on the International Recognition of the Deposit of Microorganisms for

Purposes of P atent Procedure (1977) [member since February 25, 1994];

Trademark Law Treaty (1994) [memb er since September 15, 1998];

Lisbon Agreement for the Protection of Appellations of Origin and their Internatio

Registration (1958) [m ember since June 1, 1999];

Madrid Agreement for the Repression of False or Deceptive Indications of Source on Go(1891) [member since Ma y 18, 2000];

Nairobi Treaty on the Protection of the Olympic Symbol (1981) [member since March 2000];

Treaty on Intellectual Property with Respect to Integrated Circuits (1989) (signed,

ratified];

International Convention for the Protection of Performers, Producers of Phonograms Broadcasting Organizations [ member since December 20, 2002];

Convention for the Protection of Producers of Phonograms Against Unauthorized Duplicatof their Phonog rams [member since December 20, 2002];

WI PO Copyright Treaty [member since December 20, 2002];

WIP O Performances and Phono rams Treat member since December 20, 2002

www.mont-invest.com



11/18

Mont-Invest Advisor

WTO Accession: Montenegro hasnot been accepted as a memberin the World Trade Organization(WTO) as planned, largely due theinability to conclude bilateralagreements with all WTOmembers. In particular, Ukrainehas sought from the GoMadditional clarification onlegislation in the fields ofagriculture, industrial goods andservices before bilateral

negotiations can continue.Montenegro applied formembership in WTO in December2004 and has come a long waysince then. In February 2005, theWTO General Council accepted itsapplication, and a working groupwas established to begin thenegotiation process. Bilateralagreements have been signedwith the United States, the EUmember states, Switzerland,Brazil, Norway, Canada, Chinaand Japan. Accession to the WTO

is expected to make a positiveand lasting contribution to theprocess of economic reform andsustainable development inMontenegro. A large part ofMontenegro's trade is alreadywith the EU, but the furthermutual opening of markets andabolishment of restrictions tomarket access for goods andservices will benefit entrepreneurson both sides and stimulateinvestment. Bilateral tradecommitments between the EU and

Montenegro are already embodiedin the Stabilization andAssociation Agreement (SAA)which was signed on October 15,2007. Pending completion of theratification process in the 27 EUMember States, an InterimAgreement has been applicablesince January 1, 2008 and allowsfor the early implementation oftrade and trade-related provisionsof the SAA.

The U.S. Government, throughUSAID, provided technicalassistance to Montenegro on theWTO accession process; theproject was completed inDecember 2008.

Transparency of RegulatorySystem

The Montenegrin Law on Foreign

Investment is based on thenational treatment principle, andall proposed laws and regulationsare published in draft form andopen for public comments,generally for a 30-day period.Foreign investors can establish acompany and invest in it in thesame manner and under the sameconditions which apply todomestic persons. The sameregulations are applied to bothdomestic and foreign investors,and there are no other regulations

which might deprive a foreigninvestor of any rights or limit suchrights. With the July 2007changes and amendments, theLaw of Foreign Investments isnow fully harmonized with WorldTrade Organization rules. OnJanuary 22, 2004, the Parliamentof Montenegro established anEnergy Regulatory Agency, whichhas authority over the electricity,gas, oil, and heating energysectors. Its main tasks are theapproval of pricing, development

of a model for determiningallowable business costs forenergy sector entities, issuance ofoperating licenses for energycompanies and for construction inthe energy sector, and themonitoring of public tenders. Theenergy law prescribes that thoseenergy sectors where prices areaffected by the monopolypositions of some participants,business costs will be set at levelsa roved b the A enc .

In those areas deemed to functicompetitively, the market wdetermine prices. The Agency Telecommunications was foundby the Montenegrin governmein 2001. It is an independeregulatory body whose primapurpose is to design aimplement a regulatoframework and encourage privainvestment in the sector.Montenegro launched reforms

the tax system and overfinancial system in 2001 in ordto: encourage domesproduction and investmenmake Montenegro more attractto foreign investors; make localproduced goods more competitin foreign markets; harmonize ttax system with EU Directives ainternational standards; make ttax system simpler, moefficient, and easier implement; and generate incomfor the state budget. K

segments of the tax refopackage include a value addtax (applied since April 1, 200which replaced the previous rettax and use of a self-assessmeprinciple under which tax liabilwas calculated by the taxpaywhile the related procedure wcontrolled by a tax authority. addition, the tax administrathas also been transformed, asome competencies related to tcollection of local revenueshave been delegated to the lo

government.

www.mont-invest.com



12/18


The tax system in Montenegro is comprised of the following taxlaws:

- Corporate Profit Tax [effective from January 1, 2002]- Personal Income Tax [effective from January 1, 2007]- Property Tax [effective from January 1, 2003]- Excise Tax [effective from April 1, 2002]- Value Added Tax (VAT) [effective from April 1, 2003]

The Corporate Tax Law

proscribed a proportional tax rateof 9 percent. The corporateincome taxpayer is defined as aresident or non-resident legalperson performing an activity forprofit. A limited partnership isalso subject to corporate incometax.

The new Law of PersonalIncome Tax entered into forceon January 1, 2007. This lawproscribes a flat tax rate of 15percent on personal income; on

January 1, 2009 this rate wasreduced to 12 percent, and will befurther reduced in 2010 to 9percent. A personal incometaxpayer is defined as a residentor non-resident natural personwho earned income from sourcesdetermined under the law. Whentwo or more natural personsjointly earn income, a taxpayer isany of these persons in proportionwith the sharing of such income.The Value Added Tax rate is 17percent, slightly below the

average for EU member states.Amendments to the law havereduced the tax rate from 17percent to 7 percent onaccommodation services intourism, on medicines which arenot on a list designated by theHealth Fund, and on communalservices, transport services, andauthorial services (such ascopyrights and services in thearea of education, literature, andart). The reduction of the VAT fortourist services has hel ed foster

A zero VAT rate is applied onexport transactions and ondelivery of medicines and medicaldevices which are funded by theHealth Insurance Fund.The law also provides for severaltypes of exemptions: for servicesof public interest (public postalservices, health services, socialsecurity services, pre-schooleducation services, sport,religious and other publicservices); import of goods(products brought intoMontenegro with transit customsprocedure, services

relating to import of goods etc.)temporary import of good(products imported on temporary basis provided thathey are exempt from customduty according to customregulations), and speciaexemptions (import of goods tbe inspected by the customauthority; products that enter frecustoms zone or freecustoms warehouse; and productunder customs storage proceduror under import procedure foexport on the basis of delay).The tax period for the VAT defined as a calendar month, antaxpayers are obliged to filmonthly VAT returns. Thesreturns are filed by the 15th oeach month following the montfor which a tax liability is paidThe VAT on imports is paiconcurrently with the customduty payment. (Note: VAT is part of the customs liability.)

www.mont-invest.com



13/18


Efficient Capital Markets

and Portfolio Investment

The banking sector in Montenegrois completely privatized. Thereare eleven banks operating in thecountry, and all of them are inprivate ownership; two arelocally-owned while the other nineare part of internationalbanks. Total bank assets at theend of July 2009 amounted to

3.10 billion, and total depositsamounted to 1.73 billion. Timedeposits accounted for 58.5percent of the total deposits. Thelargest share within the timedeposit structure was made up ofdeposits of up to one year (27.1percent); time deposits of up tothree months comprised 16.5percent and deposits of up tothree years amounted to 13.3percent. Loans amounted to2.61 billion at the end of July, a6.6 percent (184.3 million)

decline from the end of December2008. In the structure ofdisbursed loans, corporate andhousehold loans accounted for95.4 percent of the total, and theremaining 4.6 percent wasattributed to banks, otherfinancial institutions, public ownedorganizations, non-profitableorganizations and others. InOctober 2008, the Government ofMontenegro adopted the Act onProtection Measures for theBanking Sector to mitigate the

negative consequences of theglobal economic crisis bystabilizing and strengtheningthe country's banks. A new set oflaws will additionally improve theregulation of banking sector andprovide a higher

level of depositor safety andincrease of trust in banking sectoritself. In addition, the law willhelp ensure increased protectionof deposits in case of suddendisturbances in the bankingsector. The Euro has beenofficially in use in Montenegrosince March 31, 2002.Montenegro is one of a fewcountries (together with Andorraand Kosovo) that do not belong tothe Euro zone but use Euro as its

official currency, without anyformal agreements. Use of theEuro defines the role of theCentral Bank; since its authorityis limited, it has focused oncontrol of the banking system,and maintenance of the paymentsystem. It acts as the state fiscalagent and monitors monetarypolicy.Capital Markets: The capitalmarket in Montenegro comprises

two stock markets. In early 2008one of the stock exchangeslaunched a takeover bid, butfailed to take control of its rival.Seven investment funds and 24brokerage companies participatein the market. A number of banksalso participate in the capitalmarket through the establishmentof pension funds, formation ofbroker associations, orperformance of custodyoperations. The volume of tradeon both Montenegrin stock

exchanges during the first ninemonths of 2009 amounted to342.8 million, almost two-and-a-half times more than the volumeof trade in the same period in2008 (137.2 million). Thesignificant increase in 2009trading volume is largely theresult of the sell-off of a minoritystake in the Electric PowerCompany of Montenegro (EPCG).

Three types of securities atraded: company shareprivatization-investment fushares; and bonds. The range available bonds includes OCurrency Savings bonRestitution Fund bonds and loself government bonds. Durthe first nine months of 2009, tgreatest turnover was recordedthe company share sector (93percent), followed by vario

other assorted bonds (4percent). The total turnover ofInvestment Funds amounted

2.2 percent.

Trade on the NEX StoExchange: The total volume trade during the first nine montof 2009 was 150.8 million, athe number of transactiototaled 16,013. Compared wthe total volume during the samperiod in 2008, trade volumewas twice as high. The highe

monthly trade volumes werecorded in July, when shares EPCG generated a total of 19million in turnover through 4transactions, and in Septembwhen Telekom Montenegreached a trade volume of 1million through a total of 3transactions. Trade on the

Montenegro Stock ExchangTotal trade volume during the finine months of 2009 tota191.9 million, approximat

three times more than during tsame period in 2008. The mtraded companies from JanuaryOctober 2009 were the ElectPower Company of Monteneg(EPCG), which achieved 124million through 548 transactioin May, and Opportunity Banwhich achieved a trade volume13 million through just otransaction in March.

www.mont-invest.com



14/18

Mont-Invest Advisor

Competition from State-

Owned Enterprises (SOEs)

Private enterprises in Montenegroare able to compete with publicenterprises under the same termsandconditions with respect to accessto markets, credit and otherbusiness operations. Thegovernment of Montenegro is themain institution responsible forthe privatization process. In orderto manage, control andimplement the privatizationprocess, the Governmentestablished the PrivatizationCouncil to define the goals,methods and specific means ofprivatization. The responsibility ofthis council is defined by the Lawon Economic Privatization. ThePrivatization Council announceseach year the plan forprivatization which defines whichcompanies will be privatized andthe methods for theirprivatization. The privatizationprocess in Montenegro is in itsfinal phase. The majority ofcompanies that have not yetbeen privatized are of strategicimportance to the Montenegrineconomy in such fields as energy,transport, and tourism. Furtherprivatization of state-ownedcompanies should contribute toachieving better economicperformance, increase thecompetitiveness of the countryand enable the Government ofMontenegro to generate higherrevenues which will enhancecapital investments and reducedebts. From the beginning of theprivatization process in 1999through the end of September2009, nearly 90 percent of thecapital in Montenegrin companieshad been privatized.

The Government of Montenegro

still holds shares in 60 companiesand retains majority ownership inmore than 30 of them. The mostimportant state-owned companiesinclude the Port of Bar,Montenegro Railways, the ElectricPower Company of Montenegro(EPCG), the Bijela Shipyard,Montenegro Airlines, Airports ofMontenegro, and the PlantazeVineyard. All of these companiesare registered as joint-stockcompanies, with the Governmentof Montenegro appointing one or

more representatives to eachBoard based on the ownershipstructure.

Corporate SocialResponsibility (CSR)

The awareness of corporate socialresponsibility exists amongMontenegrin enterprises, andentrepreneurs recognize that CSRis an important tool fordevelopment of their businesses.CSR programs are strongest inlarge, privately-ownedMontenegrin and foreign firms,but small firms do engage insome CSR activities. A recentlyconducted survey by UNDPshowed that large privatecompanies are, indeed, moreengaged in CSR activities,whereas small companies citedthe lack of knowledge about CSRand the lack of support andinterest from clients as the mainreasons for not participating.

Political Violence

Montenegro has been led bydemocratically-electedgovernments since 1991.

The current government strongsupports Montenegro's integratiointo the European Union anNATO, as well as implementinthe reforms necessary to achievthese goals. There is no sustaineanti-American sentiment amonthe general public despite somresidual resentment stemminfrom the 1999 NATO bombincampaign in Serbia. Montenegrand the United States share mospolicy goals and cooperatproductively in many areas. Theris broad support for strengthening of ties with thUnited States, especially in theconomic/commercial sphere.

Corruption

As is the case with mancountries in transition and in thregion, corruption is a significanissue in Montenegro. Corruptioroutinely places high on the list ocitizens' concerns in opinion pollAccording to the Transparenc

International CorruptioPerceptions Index for 2009Montenegro ranked 69tworldwide (out of the 18countries included in the study) an improvement of 15 places ove2008. The government's goal ointegrating with European anEuro-Atlantic institutions haspurred efforts to countecorruption. In 2001, thgovernment established an AntCorruption Agency responsible fopreparing anti-corruptio

legislation, improving thtransparency of financial anbusiness operations, coordinatingactivities with NGOs, anpromoting awareness combating corruption.

www.mont-invest.com



15/18

Mont-Invest Advisor

In 2005, the government adoptedan official Program for the FightAgainst Corruption and OrganizedCrime, then created an ActionPlan to implement the Programthe following year. In 2007, theGoM established a NationalCommission to monitor theimplementation of the ActionPlan. Minister for EuropeanIntegration Gordana Djuroviccurrently heads the Commission,which meets regularly throughout

the year. A legal framework tohelp combat corruption andorganized crime has been in forcesince the August 2006 adoption ofthe Law on Witness Protection.Montenegro is also preparing acriminal intelligence system, andhas been a full member of theInternational Criminal PoliceOrganization-Interpol sinceSeptember 2006. In the past twoyears, progress on combatingcorruption has been achievedthrough the passage of important

legislation on public procurement,the treasury and budget system,and the courts. Implementation ofthese laws is now a priority forthe government.

Bilateral Investment

Agreements

Montenegro signed the CentralEuropean Free Trade Agreement(CEFTA) -- intended to eliminateall custom restrictions forindustrial and agricultural

products in member states by2010 -- in December 2006. TheParliament ratified CEFTA onMarch 21, 2007, and it took effectin Montenegro (andsimultaneously in Albania,Macedonia, Moldova, and Kosovo)

on July 26, 2007. Bulgaria, theCzech Republic, Hungary, Poland,Romania, Slovakia, and Sloveniawere already parties to theAgreement. Montenegro was therotating CEFTA Presidency during2009. Neither US nor Canadahave currently establishedbilateral investment agreements.The U.S. restored Normal TradeRelations (Most-Favored Nationstatus) to Montenegro inDecember 2003. This provides

improved access to the U.S.market for goods exported fromMontenegro. The U.S.Government is reviewingMontenegro's request to bedesignated a beneficiarydeveloping country under the U.S.Generalized System ofPreferences (GSP) program,which would provide duty-freeaccess to the U.S. marketin various eligible categories.

OPI C and Other Investment

Insurance Programs

OPIC is a self-sustaining U.S.Government agency, whichpromotes growth in developingcountries by encouraging U.S.private investment. OPIC's keyprograms include loanguarantees, direct loans andpolitical risk insurance.Montenegro, through the StateUnion of Serbia and Montenegro,became eligible for OPICprograms in July 2001. OPIC

activities in Montenegro include:insurance for investors againstpolitical risk, expropriation ofassets, damages due to politicalviolence and currencyconvertibility; and insurancecoverage for certain contracting,exporting, licensing and leasingtransactions.

OPIC also established theSoutheast Europe EquityInvestment Fund that is managedby Soros Management; the fundis capitalized at $150 million. Formore information, please see:http://www.opic.gov. Montenegrobecame the member of the WorldBank Group in January 2007 bysigning the Articles of Agreementof the International Bank forReconstruction and Development(IBRD). Montenegro is a member

of the IBRD and has also joinedthe International DevelopmentAssociation (IDA), theInternational Finance Corporation(IFC), and the MultilateralInvestment Guarantee Agency(MIGA).

Labor

Montenegro's total labor force iscomprised of approximately257,000 people; theunemployment rate in December

2009 was 11.17 percent, a slightincrease over the same period in2008. The average grossmonthly wage in 2009 was $930(633), while the average netmonthly wage was $670 (456).Over the past few years,employment in private companieshas increased, and totalemployment in the social sector(including state-ownedcompanies) has decreased. Majorsectors generating employment inMontenegro are tourism, ports

and shipping, and manufacturing(i.e. aluminum.)

www.mont-invest.com



16/18

Mont-Invest Advisor

Bringing Montenegro's labormarket legislative framework intoaccordance with EU standards isone of the primary economictasks of the GoM. The new LaborLaw was adopted in July 2008. Itdefines a single collectiveagreement for both public andprivate sectors, maintains theexisting level of severancepayments, and retains the current365 days maternity leave. The

Law on Peaceful Resolution ofLabor Disputes was adopted inDecember 2007. It introducesout-of-court settlement of labordisputes for the first time inMontenegro. However, the agencyrequired for implementation ofthe Law still needs to beestablished. During the first eightmonths of 2009, the nationalemployment agency grantedlicenses for employment to14,647 foreigners -- 90 percent ofwhom were engaged in seasonal

employment (i.e. tourism,catering and construction.) TheNew Law on the Employment ofNonresidents took effect onJanuary 1, 2009 and mandatesthe government to set a quota fornonresident workers in thecountry. The nonresident quotafor the 2010 tourist season isexpected to be approximately40,000 persons.Substantial amendments toexisting legislation and timelyadoption of the necessary by-laws

are needed toalign legislation on workplacehealth and safety more closelywith the EU acquis communitaire.The administrative capacity of theMinistry of Labor and itsinspection department are not yetstrong enough, and the

establishment of the workplacesafety agency needs to beprioritized. The newly adoptedLaw on Pension Insurance hasalso helped to reform the pensionsystem.

www.mont-invest.com



17/18

Append ix: Montenegro Foreign Investment Statistics (selected

transactions)Investing Company Country Investment Desc.

CVC Capital P artners Luxembourg Acquisition of Niksic Brewery for USD 25.2 millionSociete Generale France Acquisition of 64.45 percent of Podgoricka Bank for USD 16.8 million

Hellenic Petroleum Greece Acquisition of the 54.4 percent of Jugopetrol Kotor petroleum refinery forUSD 120 million

Telenor Norway Acquisition of Promonte mobile operator for USD 145 millionMatav (with DeutscheTelecom)

Hungary Acquisition of 51 percent of Telecom Montenegro for USD 142 million

Rusal Russia Acquisition of "KAP" aluminum plant for USD 58.2 millionDaido Japan Acquisition of ball bearing factory for USD 11.2 millionHIT Nova Gorica Slovenia Acquisition of the Hotel Maestral for USD 48 millionBeppler & Jacobson England Acquisition of Hotel Bianca for USD 10.8 millionSalomon Ent Russia Acquisition of Bauxite Mine (Rudnici boksita AD Podgorica) for USD 12.5

millionBeppler & Jacobson England Acquisition of Hotel Avala for USD 15.2 million

Gradex HPB Slovakia Acquisition of Rudnik coal mine for USD 12.7 millionSpringer & Sons Austria Acquisition of Hotel Panorama for USD 9.3 millionLB Leasing Ljubljana Slovenia Greenfield investment in LB Leasing Podgorica of USD 10.1 millionHypo Group Austria Greenfield investment in Hypo Alpe Adria Montenegro of USD 15 millionOTP Bank Hungary Acquisition of CKB bank for USD 134 millionPM Securities Canada Acquisition of Arsenal for USD 4 millionStrabag AG Germany Acquisition of Public Enterprise Crnagora put for USD 10.5 millionMN Specialty England Acquisition of Steel factory Niksic for USD 6.5 millionAman Resorts Singapore Investment: Lease of HTP Budvanska Rivijera ("Sveti Stefan", "Milocer",

"Kraljicina plaza") for USD 1.95 million per year for 30 years, following afirst year payment of USD 2.1 million.

Telecom Serbia and OgalarB.V.

Serbia andHolland

Greenfield investment of USD 16 million

Balkan Energy Greece Portfolio investment in Berane coal mine of USD 1.5 millionPetrol Bonus Slovenia Acquisition of Montenegrobonus for USD 154.5 million (for six years)BT I nternational Switzerland Acquisition of "4. Novembar" Mojkovac for USD 6.3 millionIntereuropa Slovenia Portfolio investment in Zetatrans for USD 12.3 millionMorgan Invest USA Portfolio Investment of Titex for USD 2.45 million

Platzer Leasing & MonteMlin Sajo Austria &Montenegro Acquisition of Hotel "Vila Oliva" for USD 3.5 million

Barkli SK Russia Acquisition of Hotel "Otrant" for USD 2.5 millionBecovic ManagementGroup

USA Acquisition of Hotel "Mediteran" for USD 1 million

Capital Estate Russia Acquisition of Hotel "Grand Lido" for USD 10.8 millionHLT fund & P rimorje Tivat Slovenia &

MontenegroAcquisition of Hotel "Centar Igalo" for USD 3.1 million

Hungest Hotels Hungary Acquisition of Hotel "Topla" for USD 800,000Hungest Hotels Hungary Acquisition of Hotel "Centar" for USD 1 millionBeppler & Jacobson England Acquisition of Bjelasica Ski center for USD 500,000UNIQA I nternationalBeteiligungs

Austria Greenfield investment in UNIQA Montenegro of USD 3.2 million

Bolici Invest Italy Greenfield investment in Hotel Bolici of USD 58.8 millionRoyal Belgium Greenfield investment in Royal Montenegro of USD 147 millionEgyptian investment fund Egypt Greenfield investment of USD 73.5 millionMNSS B.V. Holland Acquisition of Steel Mill of USD 58.8 millionGintas Group Turkey Greenfield investment in Mall of Montenegro of USD 58.8 million

Mercator Group Slovenia Portfolio investment in Mercator Mex of USD 8.8 millionLukoil Russia Portfolio investment in Roksped of USD 39 millionAgrokor Croatia Portfolio investment in Stampa of USD 2.2 millionAlstom France Expansion of Niksicka Tehno Baza of USD 7.35 millionDelta Serbia Greenfield investment in Delta City shopping mall of USD 86.9 millionA2A Italy Acquisition of the Electric Power Company of Montenegro (EPCG) of USD

282.3 millionOrascom Development Egypt Greenfield investment on Lustica peninsula of USD 14.7 million

Mont-Invest Advisor

www.mont-invest.com



18/18

elping our clients get sustainable, measurable results

nt-Invest is a leading management consulting company serving the leadingtitutional and private investors in the tourism hospitality and leisure industry.r passionate, experienced consultants help organizations around the worldve their most pressing challenges, day in and day out. Through ouraborative and flexible approach, we help our clients get practical, sustainable,

asurable results, make the right strategic decisions and implement the rightutions. We are Mont-Invest, management consultants. To learn more, contactat [email protected], or visit our Web site at www.mont-invest.com.

Mont-Invest, LLC.76 Shuter StreetSuite 1003Toronto, ONT M5B 1B4

www.mont-invest.com 2010 Mont-Invest, LLC. All rights reserved. Printed in the Canada. Mont-Investis a registered trademark of Mont-Invest, LLC. or its affiliates in the United States,Canada and other countries. This is been a reproduction of MNE investment climatedocument published by the US Embassy in MNE.

Mont-Invest

Your Vision, One Firm

mia - mne business climate 2010

Documents