This year, the initiative once again brought together partners from the private and public sectors, as well as international organizations. The significance of TWBM has been recognized by institutional partners such as the Secretariat of the Competitiveness Council (SCC), the Chamber of Commerce of Montenegro (PKCG), and the United Nations Development Programme (UNDP) in Montenegro. Additionally, NLB Bank, for the third consecutive year, serves as the general sponsor of the initiative. This year’s initiative partners include the microcredit financial institution Alter Modus and the company Idea CG.

Ms. Ljiljana Burzan-Nikolić, Executive Director of TWBM and the creative communications agency BI Communication, which launched the initiative, stated that in addition to the continued growth of women-owned businesses, there was a significant increase of over 20% in the past year.
“Given that this growth far exceeds the overall business growth, for the first time since we’ve been tracking this, we will see an increase in the share of women businesses in the total number of businesses. Another key point I can share is that a significant portion of these new women businesses belong to foreign nationals. Unfortunately, we couldn’t analyze this in more detail, as data on the country of origin of the women who founded or run these businesses is not publicly available. Nonetheless, we believe it is useful to highlight this fact, which could be important for policymakers when creating policies in this area,” emphasized Burzan-Nikolić.
She added that it is too early to conclude whether this growth is stable and a result of systemic support for women’s entrepreneurship in Montenegro, but there is hope that this will mark the beginning of a long-term positive trend. “The complete findings of the analysis will be presented at a panel discussion scheduled for October 29,” Burzan-Nikolić noted.

“Women’s entrepreneurship is the fastest-growing category in the entrepreneurial world, affecting all countries equally, regardless of their level of economic development. By developing women’s entrepreneurship, we create the conditions for new job creation and innovation, contributing to the overall development of society,” said Dragan Kujović, Vice President of the Chamber of Commerce of Montenegro (PKCG).
He emphasized that PKCG, independently and through partnerships like TWBM, seeks to further strengthen and contribute to the development of women’s entrepreneurship, thus creating new value in Montenegro’s economy.

Ekaterina Paniklova, UNDP’s Resident Representative in Montenegro, stated that progress in business, as in any other area, is impossible without utilizing the full potential of all human resources.
“While women in Montenegro make up approximately 43% of the employed population, they hold only 20% of leadership positions. This gap underscores the need for continuous efforts to close the gender gap in leadership and entrepreneurship. To truly advance, it is crucial that we harness the full spectrum of human capital. At UNDP, our commitment to achieving gender equality goes beyond celebrating achievements. We actively work to remove the barriers women face in digital and STEM fields, through creating regional networks, mentorship, and promoting access to resources. In doing so, we not only strengthen the network of women in STEM but also help position Montenegro as a leader in future industries. Ensuring equal opportunities for women in these fields is essential for driving innovation and economic progress,” Paniklova emphasized.

Marija Šuković, Head of the Secretariat of the Competitiveness Council, stated that the diversity of SCC’s activities reflects how horizontal the topic is, meaning it requires action across multiple sectors and ministries, as well as the involvement and support of various stakeholders to achieve visible and tangible results.
“To identify and remove barriers, and then work on defining policies and strategies, cooperation between the public and private sectors, supported by international institutions and donors, is essential,” Šuković said.

Jelena Vujović, Strategic Marketing and Communications Expert at NLB Bank, said that NLB Bank believes the TWBM initiative systematically, responsibly, and professionally affirms and promotes women’s entrepreneurship.
“These are the values NLB Bank stands for, which three years ago launched the Women in Business credit line with the support of the European Bank for Reconstruction and Development, aiming to encourage women entrepreneurs to build their confidence and demonstrate that they are capable of running successful businesses. Today, nearly 100 realized business ideas and more than three million euros in disbursed funds confirm not only the correctness of this decision but also represent a significant contribution to unlocking women’s potential for Montenegro’s economic development,” Vujović emphasized.

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