Podgorica, (MINA-BUSINESS) – The Association of Chief Financial Officers (CFO Association) was formally established at its inaugural meeting held in Podgorica.

 

The initiative to establish the CFO Association was launched by the Association of Montenegrin Managers (AMM).

  

AMM President Budimir Raickovic said the organisation has begun transforming and rejuvenating its governing bodies while also creating key management-focused professional platforms. 

 

“AMM has become an institution that enjoys trust, reputation and credibility. We are a partner to the business community, public institutions and international organisations. That position has been built not only through words, but through the projects and activities we have implemented. We believe that Montenegro, at a time when we all aspire to achieve the long-awaited goal of becoming a member of the European Union, needs knowledge and expertise,” Raickovic said.

 

According to him, Montenegro also needs strong professional associations, such as AMM and the Chamber of Commerce of Montenegro (PKCG), to provide fresh momentum for the country's business and economic development.

 

PKCG President Nina Drakic said the establishment of the CFO Association comes at a time when expertise, responsible governance, transparency and the ability to make timely decisions are more important than ever.

 

“The role of chief financial officers extends far beyond managing finances. You are strategic partners to company management, contributors to the development of corporate strategies and an essential pillar of business stability and competitiveness,” Drakic said. 

 

Head of the European Investment Bank (EIB) Representation to Montenegro Davor Kunc congratulated the founders on launching the CFO Association, describing it as a serious and logical step for an economy preparing to join the European Union. 

 

“Banks are not merely intermediaries in this process. They are partners that understand the local economy, understand risk and can help bring European standards into everyday business operations. This partnership will become even stronger once Montenegro joins the EU. Membership will make the EIB an even more significant financial and development partner, with greater funding capacity, a broader range of financial instruments and direct support for strategic projects. This means more investment in infrastructure, the energy transition, innovation and the private sector, as well as greater integration of Montenegrin companies into European value chains," Kunc said.

 

President of the CFO Association Damir Ivastinovic said the organization should become the central platform for professional networking, knowledge sharing, training and the promotion of best practices in financial management.

 

“The Association’s mission is to advance the financial profession and strengthen the role of financial leaders in Montenegro’s economic development. Our vision is for the CFO Association to become the leading professional network of chief financial officers and financial experts, not only in Montenegro but across the region,” Ivastinovic said. 

 

The CFO Association has brought together representatives from virtually all of Montenegro’s key economic sectors, including banking and insurance, energy, infrastructure, telecommunications and ICT, tourism and hospitality, industry, trade and distribution, accounting, auditing and business services, as well as the academic community.