Podgorica, (MINA - BUSINESS) – Minister of European Affairs Maida Gorcevic said that Montenegro is preparing for membership in the European Union (EU) not only by aligning its legislation and strengthening its institutions, but also by ensuring that both the state and the economy are ready to fully capitalize on the development and financial opportunities that membership will bring.

 

According to a press release from the Ministry of European Affairs, Gorcevic met with the European Commissioner for Financial Services and the Savings and Investments Union, Maria Luis Albuquerque.

 

The Ministry said the two officials discussed the financial and development opportunities opening up to Montenegro as it advances toward EU membership, as well as ways to ensure the country is fully prepared to translate the benefits of membership into greater investment, a stronger and more competitive economy, and improved access to capital for domestic companies.

 

“The meeting focused on closing Negotiating Chapter 9 – Financial Services, aligning financial sector legislation with the EU acquis, and preparing Montenegro’s banking system to operate within the EU’s single banking market,” the press release reads.

 

It was concluded that around 75 percent of banks operating in Montenegro are headquartered in EU member states, which provides a significant advantage in the process of integrating the country’s financial sector into the European market.

 

Gorcevic said Montenegro’s preparations for EU membership extend beyond legislative harmonization and institutional reform.

 

“Our goal is to ensure that both the state and the economy are fully prepared to take advantage of the development and financial opportunities that EU membership offers,” Gorcevic said.

 

She added that the EU’s proposed seven-year financial framework provides an additional incentive to continue reforms and confirms that the EU views Montenegro as a future member state.

 

“We want Montenegro’s European path to bring citizens and businesses more investment, new jobs, stronger domestic companies, and a better quality of life,” Gorcevic said.

 

She added that efforts are already underway to create the conditions needed to transform these future opportunities into tangible and sustainable results.

 

The Ministry stated the meeting reaffirmed the importance of continuing reforms, strengthening the financial system, and creating a stable and predictable business environment that will enable Montenegro to attract more European capital and accelerate its economic development.