Small and medium enterprises (SMEs) are the backbone of every country’s economy. That is why is important to support innovation in SMEs.
Business, Economy and Innovation
Did you know there were estimated to be about 22.6 million small and medium-sized enterprises (SMEs) in the European Union in 2021? With their potential for innovation and job creation, SMEs represent a key part of the European economy. SMEs also play a crucial role in the Montenegrin economy. For this reason, the EU supports the development of SMEs in Montenegro and helps enhance innovation capacities and industry competitiveness in the country.
To support the business, economy and innovation sector in Montenegro, the EU allocates considerable funds. So far it has invested €15.8 million through the Instrument for Pre-Accession Assistance (IPA). Through different projects, the EU contributed to business modernisation and internationalisation, as well as to further development of the knowledge economy sector, particularly by making its capacities stronger and more coordinated. In addition, it helped strengthen consumer protection and improve national administrative capacities for coordination and implementation in the areas of competitiveness and innovation.
The EU will continue to provide its support to this sector. In the years to come, it will contribute to increasing SMEs competitiveness and innovation capacities, with a focus on providing adequate advisory services to the private sector. It will also support the development of the Smart Specialisation Strategy and assist the development of women’s and youth entrepreneurship. Also, EU assistance will be aimed at improving the business environment, innovation ecosystem and investment climate. It will also promote integration with the EU industrial value chains and increase the competitiveness of the Montenegrin economy, especially with a view to supporting the post-Covid economic recovery of the country.