Green investments and sustainable growth for Montenegrin firms

October 21, 2024 by The Sting's Team Leave a Comment

This article is brought to you in association with EBRD.

Whether it is an advertising company or a kitchen equipment supplier, firms in Montenegro, such as Merkator International and IceCom, are working to create a more sustainable future. Their sectors may differ, but both have decided to invest in greener technology to improve their operations, with help from the European Bank for Reconstruction and Development (EBRD) and the European Union (EU).

The joint programme aims to boost the competitiveness of small businesses in the country while also slashing energy costs and environmental impact through investments in greener equipment.

Bold prints, strong brands

“The most crucial aspect of brand design is the first visual contact a business makes with a consumer,” says Marko Šćepanović, an industrial and graphic designer with Montenegrin business Merkator International. “It takes us five seconds to entice the consumer to select a particular brand.”

A well-established player in the Montenegrin market for over 30 years, Merkator International is known for its wide range of services, including outdoor advertising, LED signage and printing. Recently the company took a leap forward by launching its label printing service, with a specific focus on sustainability.

The company decided to invest in state-of-the-art, eco-friendly printing equipment. This investment has allowed Merkator to produce high-quality labels with lower energy consumption and become a greener company.

Marko is proud not only of the business growth but also of the company’s environmental credentials. “As someone who cares about the environment, it’s gratifying to see our business objectives align with sustainable practices. We’ve been able to offer new services, attract more clients and cut our energy bills.”

The EBRD and EU programme, launched just a year ago, has already helped a dozen companies like Merkator International to invest in greener technologies across Montenegro.

The initiative is part of a broader effort to boost the competitiveness of companies across the Western Balkans region while promoting sustainable business practices. The firms can access EBRD loans via partner financial institutions, while the EU complements the offer with incentive grants of up to 15 per cent of the value of the loan and free international consultancy services. In Montenegro, firms can access funds via Crnogorska Komercijalna Banka AD Podgorica (CKB), a member of OTP Group.

Powering up Montenegro’s hospitality sector

IceCom has a similarly positive story to tell. Founded 20 years ago, when the company first entered the Montenegrin hospitality industry, the market was fragmented and underdeveloped. Its mission from the start was simple: to bring high-quality, affordable kitchen equipment to the market while offering a holistic partnership approach to its clients. And it was very successful. Today, IceCom is the leading supplier of kitchen equipment in Montenegro, known for its consulting services, design expertise and long-term client relationships.

As the hospitality industry evolves, so has IceCom. To meet the growing demand for efficiency and sustainability, the company modernised its facilities by installing heat pumps, which reduced its operational costs and environmental impact.

Aleksandar Blečić, the chief executive officer, says: “Access to finance has been key for our growth. This programme allowed us to invest in new technology while maintaining liquidity, which is crucial for any company looking to expand.”

Looking ahead, IceCom plans to further enhance its showrooms and continue educating its clients on the latest industry innovations. The company is committed to promoting energy efficiency and environmentally friendly operations in-house and among its clients.

Both Merkator International and IceCom serve as prime examples of how access to financing and the right technology can drive business growth, reduce environmental impact and pave the way for a greener future in Montenegro.

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