Podgorica, (MINA-BUSINESS) – According to Minister of Economic Development Nik Gjeloshaj, Montenegro is beginning the most significant reform of its economic system and state-owned enterprise operations in its modern history by implementing the new Law on Business Entities.

"With this law, we are taking a decisive and courageous step toward establishing a system based on meritocracy, European values, and transparent governance," Gjeloshaj stated in a press release.

He added that the Law on Business Entities limits partitocracy and affirms responsibility, professionalism, and knowledge as values that form the foundation of a modern and democratic state.

“The new law, which will enter into force on 1 January, opens a new chapter of reforms, in which efficiency, expertise, and competence become the main criteria for selecting managers and members of governing structures, both in state-owned and private companies,” said Gjeloshaj.

He expects that employment based of partisan and political affiliation will be replaced by a system rooted in knowledge, results, and accountability, reflecting a modern, civic, and European Montenegro.