TBM Business Talks: Northern Montenegro Has Strong Development Potential – Now Is the Time for Concrete Action
“We do not expect to provide answers to every question, but we believe that every meaningful conversation can be the beginning of good solutions,” said Ljiljana Burzan Nikolić.
The development of northern Montenegro requires a stable business environment, stronger public investment, improved transport and energy infrastructure, and closer cooperation between institutions and the business community in order to transform the region into an attractive investment destination and reverse negative demographic and economic trends. These were the key messages of the first regional edition of the TBM Business Talks platform, held today in Bijelo Polje.
Dedicated to the development potential of northern Montenegro, the event—held under the general sponsorship of NLB Bank—brought together representatives of the business sector, public institutions, local governments and the financial industry. Ljiljana Burzan Nikolić, founder of the Top Business Montenegro initiative and Managing Director of BI Communication, said that the idea of launching the regional edition of TBM Business Talks stemmed from the belief that development issues should be addressed where they arise—in the communities that experience them every day.
“That is why we dedicated the first regional edition to northern Montenegro. We do not expect to provide answers to every question, but we believe that every meaningful conversation can be the beginning of good solutions. We want this event to serve as a platform for open dialogue, the exchange of experience, and networking among people whose expertise, responsibility and decisions can contribute to the region’s development,” Burzan Nikolić stated.
As part of the event, the TBM Business Performance Analysis of Northern Montenegro for 2025 was presented by its author, Ratko Nikolić, Chief Analyst at TBM and founder of BI Consulting. The analysis showed that business activity remains concentrated primarily in Bijelo Polje, Berane, Rožaje and Pljevlja, while the overall contribution of the northern region to the national economy remains modest. The findings served as an introduction to two panel discussions focused on identifying the steps needed to transform northern Montenegro from a region with significant potential into a genuine investment destination.
The first panel, “Northern Montenegro: From Potential to an Investment Destination – The Role of Institutions in the Region’s Economic Development,” moderated by Ratko Nikolić, featured Petar Smolović, Mayor of Bijelo Polje, and Nihad Canović, Mayor of Plav.
Smolović emphasized that local governments are making significant efforts to improve the business environment, but stressed that stronger development cannot be achieved without a stable national framework and substantial state investment. He particularly highlighted the importance of completing ongoing infrastructure projects, especially ski resorts and related tourism infrastructure.
Canović stated that the government must invest considerably more in northern Montenegro if it aims to achieve balanced regional development. He identified improvements to transport and energy infrastructure, the revitalization of Plav Lake, and increased allocations through the national capital budget as key priorities.
The second panel, “Northern Montenegro: From Potential to an Investment Destination – The Business Perspective: What Is Needed for Stronger Business Growth,” was moderated by Nemša Omerhodžić, Managing Director of Merkatoe International. The panel featured Miljan Šestović, Director of the Research Department at the Chamber of Economy of Montenegro, Ivan Bauk, Head of Corporate Banking at NLB Bank, and Hasan Ramović, Chief Executive Officer of Put-Gross.
Šestović pointed out that the greatest barriers to business development in northern Montenegro are labour shortages and limited access to financing, noting that the region generates only five to seven percent of Montenegro’s total business revenues.
Bauk stressed that the banking sector recognizes the region’s potential, but that the quality of business plans and project documentation prepared by companies needs further improvement.
Ramović highlighted the lack of qualified and creative labour, driven by the migration of young people from the region, as well as unstable business conditions, as the greatest challenges facing local businesses.
As part of the event, Top Business Montenegro Regional Awards were presented for the first time to companies that achieved the best business results in northern Montenegro. Participants also heard from Saša Bogavac, Founder and Director of Obuća Minja, who presented his company as an example of successful business practice in northern Montenegro. For more than three decades, Obuća Minja has been one of the country’s and the region’s most recognizable and stable footwear retail chains.
The regional editions of TBM Business Talks will continue in September with an event dedicated to southern Montenegro, completing the platform’s regional concept and highlighting the development potential of all parts of the country.
