The Fourth Edition of Top Women Business Montenegro: Growth of Women-Owned Enterprises and New Awards
Podgorica, September 17, 2025 The Top Women Business Montenegro initiative continues to grow and deliver new value, reaffirming the strength and potential of women in business, whose work shapes an inclusive and sustainable future for Montenegro. This was announced at the press conference presenting the fourth edition of this important business platform, whose mission is to empower women entrepreneurs, increase the visibility of women in business, foster equal opportunities, and drive positive change in business culture.
As in every year, the central element of the initiative is the analysis of trends in women-owned and led enterprises in Montenegro, prepared by the initiative’s analytical partner, BI Consulting.
“As in every year, the Top Women Business Montenegro magazine will feature an analysis of the trends in women-owned and led businesses in the previous year, as well as their results. I am pleased to emphasize that for the second year in a row we are recording significant positive developments – the share of women-owned and led enterprises continues to grow, surpassing 26% in 2024. Moreover, growth was recorded across other key indicators, often exceeding the averages of the wider economy – from total revenues and net profit, to the number of employees in women-owned businesses”, said Ljiljana Burzan-Nikolić, Executive Director of BI Communication and initiator of the Top Women Business Montenegro project.
Our analysis also highlights an interesting trend – a significant number of newly established companies were founded by women from abroad. This is a phenomenon we will further examine this year, as it may serve as valuable guidance for policymakers when designing future support programs.
“This is a phenomenon we will further examine this year, as it may serve as valuable guidance for policymakers when designing future support programs.It is only natural that our initiative evolves – what started as a panel now becomes a full-fledged conference, bringing together two thematic discussions, an educational segment, and the presentation of a successful business story. In addition, we are introducing a new award that will recognize the achievements of companies holding the Women’s Business Trademark (ŽIG Ženski biznis). This way, we are strengthening the continuity of the initiative, adding new value, and creating an even more powerful platform for the visibility of women’s businesses in Montenegro”,
said Ljiljana Burzan-Nikolić, Executive Director of BI Communication and initiator of the Top Women Business Montenegro project.
The initiative is supported by the Chamber of Economy of Montenegro.
“As a partner, the Chamber will continue to support all activities that promote inclusiveness, innovation, and resilience in our business community. I am confident that the fourth edition of Top Women Business Montenegro will once again highlight the strength and potential of women in business, and will be a strong incentive for all of us to build an environment for economic growth and progress together,”
said Nina Drakić, President of the Chamber.
International partners are also lending their support.
“The economic empowerment of women is not only a matter of individual opportunity – it is a driver of sustainable development and social resilience. Businesses led by women enrich local economies, create new jobs, and bring fresh solutions to the challenges of climate change and digital transformation. UNDP remains committed to supporting women across all communities and sectors, recognizing them as leaders, innovators, and agents of change who are shaping an inclusive and sustainable future for Montenegro,”
said Silke Hollander, Deputy Resident Representative of UNDP in Montenegro.
As a long-standing partner of the initiative, NLB Bank is introducing a special recognition within the conference.
“NLB Bank once again stands with women who are breaking boundaries in business, through our support of Top Women Business Montenegro. As an additional step in empowering women’s entrepreneurship, we are introducing a special award – NLB Women Empowerment Award. This recognition will be given to the company holding the Women’s Business Trademark with the highest business revenues, celebrating women’s success, resilience, and leadership in the economy.
We believe that women hold immense potential to shape the future of Montenegro’s economy.
That is why, three years ago, with the support of the European Bank for Reconstruction and Development, we launched the Women in Business credit line – not only as a financial instrument but also as a message of trust and support. The NLB Women Empowerment Award is our way of saying: we believe in you, and we stand with you. And our work on empowering women entrepreneurs will not stop here – we will continue to develop initiatives that offer women real opportunities, support, and space to grow,” said Bojana Šćepanović, Senior Corporate Communications Officer at NLB Bank.
This year’s Top Women Business Montenegro – Empowerment Forum will be held on October 28 in Podgorica, with the presence of representatives of institutions, international partners, the business community, and the media.
The Top Women Business Montenegro initiative was launched in 2022 with the aim of recognizing and affirming authentic women-owned and led businesses in Montenegro. Rankings are based on the international standard IWA 34, using official financial statements. In addition to the annual magazine and conference, an important part of the initiative is the certification program – the Women’s Business Trademark (ŽIG Ženski biznis), which brings visibility and recognition of authenticity to its holders.
In addition to institutional and international partners, the initiative is also supported by Alter Modus and One Montenegro, whose engagement further contributes to strengthening the ecosystem of support for women’s entrepreneurship in Montenegro.
