CorD Magazine, May 2022, Issue No. 211

H.E. JAEWOONG LEE

LJUBICA GOJGIĆ

Promising Long-Term Partnership

Political Correctness Is A Sure Route To Self-Censorship

VESNA GOLDSWORTHY

JOURNALIST

AUTHOR

My Intellectual Mission Is To Dismantle Prejudices

MAY 2022/ ISSUE NO. 211

www.cordmagazine.com

AMBASSADOR OF KOREA TO SERBIA

interviews opinions news comments events COMMENT

Swallowing Frogs FOCUS

WILL SERBIA AND OTHER WESTERN BALKAN COUNTRIES BENEFIT FROM NEARSHORING?

Exclusive 783002 771451

Memorandum II Is A Plain Lie

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PRESIDENT OF THE SERBIAN ACADEMY OF SCIENCES AND ARTS - SANU

ISSN1451-7833

ACADEMIC VLADIMIR KOSTIĆ

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CHAMPIONS OF HUMANITARIANISM 15 th May 2022

The 35nd Belgrade Marathon

Become A Master Of Charity!

For 15 consecutive years, CorD Magazine has organised its humanitarian run CorD Charity Masters, under the auspices of the Belgrade Marathon, member of “ World Marathon Majors“in which it is more important to be a humanitarian than a winner!

This year’s CorD Charity Masters run will be held alongside the 35th Belgrade Marathon, on 15th May 2022.

We invite you to join us and run (or walk, if you prefer!) at least five kilometres to raise money for a charitable organisation of your choice.

During the past 15 years, participants in the CorD Charity Masters run have collected in excess of €200,000, which was donated to more than 57 different institutions and individuals who badly needed these funds

FREQUENT ASKED QUESTIONS: • Where do I register to participate in the CorD CHARITY MASTERS run?

Sign up via the email charitymasters@cordmagazine.com.

The deadline for registrations expires on 10th May. • How do I raise money?

Every participant should secure a sponsor who will donate at least 400 dinars for every kilometre run during the race. The

most common sponsors are the companies whose employees participate by running, walking or strolling to raise money that they will donate to the cause of their choosing, either via CorD or by themselves.

• Will participants in the CorD Charity Masters run together with other participants of the Belgrade Marathon?

Yes, members of the CorD CHARITY MASTERS will start the race at the same time as other participants in the Belgrade Marathon.

• Where does the CorD Charity Masters run start?

As usually, we will gather from 8.30 to 9.30 latest on 15th May, on the fringe of Pioneer Park (corner of Kneza Miloša Street and Kralja Aleksandra Boulevard).

MORE INFO» cordmagazine.com

CONTENTS

08 ZORAN PANOVIĆ

47 IVA PETROVIĆ

COMMENT SWALLOWING FROGS

Director of the Nordic Business Alliance in Serbia EMBRACING UNCERTAINTY, FACING FEAR

10 ACADEMIC VLADIMIR KOSTIĆ

President of the Serbian Academy of Sciences and Arts - SANU MEMORANDUM II IS A PLAIN LIE

CURRENT TOPIC

28 ĐORĐE ĐUKIĆ

professor at the University of Belgrade Faculty of Economics WE’RE AWAITED BY YEARS OF INFLATION

48 BUSINESS INSPIRATION BEHIND THE SCENES Architecture

54 VESNA GOLDSWORTHY

14 H.E. JAEWOONG LEE

author MY MISSION IS TO DISMANTLE PREJUDICES

Ambassador of Korea to Serbia PROMISING LONG-TERM PARTNERSHIP

31 BUSINESS DIALOGUE 44 MUKESH DHIRUBHAI AMBANI

Entrepreneur FROM A TWO-BEDROOM APARTMENT TO $74 BILLION

18 GLOBAL DIARY

60 CHILL OUT

20 RISKS & OPPORTUNITIES

62 THE SOCIAL SEASON

24 LJUBICA GOJGIĆ

64 CULTURE CALENDAR

Fashion

FOCUS

@CORD_MAGAZINE @CORDMAGAZINE

journalist, knight of the French Legion of Honour POLITICAL CORRECTNESS IS A SURE ROUTE TO SELF-CENSORSHIP

66 FACES&PLACES

CORD MAGAZINE CORDMAGAZINE

EDITOR IN CHIEF: Neda Lukić n.lukic@aim.rs ART DIRECTOR: Branislav Ninković b.ninkovic@aim.rs CONTRIBUTORS: Rob Dugdale, Maja Vukadinović,

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“CorD does not criticise or critique. We are a place where people can inspire and be inspired by others” Mirjana Jovanović, Miša Brkić, Ljubica Gojgić Radmila Stanković, Steve MacKenzie, Zorica Todorović Mirković, Sonja Ćirić, Miloš Belčević PHOTOS: Zoran Petrović COPY EDITOR: Mark Pullen TRANSLATION & EDITING: PULLEN EDITORIAL HALIFAX

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EXECUTIVE DIRECTOR: Maja Vidaković m.vidakovic@aim.rs PUBLISHER: Ivan Novčić i.novcic@aim.rs DIRECTOR: Ana Novčić a.novcic@aim.rs a.novcic@cordmagazine.com

PRINTING: Rotografika d.o.o.

Segedinski put 72, Subotica CorD is published by: alliance international media Prote Mateje 52, 11111 Belgrade 17, PAK 126909, Serbia Phone: +(381 11) 2450 508 Fax: +(381 11) 2450 122 E-mail: office@aim.rs office@cordmagazine.com www.cordmagazine.com

www.aim.rs ISSN no: 1451-7833 All rights reserved alliance international media 2021

The views expressed in this publication are those of the presenter; they do not necessary reflect the view of publications published by alliance international media

Comment

BY ZORAN PANOVIĆ

Swallowing Frogs Swallowing frogs isn’t Vučić’s metaphor, but rather Zoran Đinđić’s. And no matter how well boiled those amphibians might be, frogs that need to be swallowed are still frogs. Đinđić said that the biggest frog must be swallowed first – extraditing Milošević to The Hague Tribunal was perhaps the biggest frog – and it was raw. Vučić (together with Dačić) did swallow the Brussels Agreement like a frog, but Đinđić, Živković, Kostunica and Tadić spared him from swallowing frogs with The Hague. Without an ounce of cynicism, it would probably be easier for Vučić to impose sanctions on Putin than it would be for him to extradite Ratko Mladić to the ICTY.

R

egardless of the fact that he used election night to compare himself to Nikola Pašić, the longest-serving (and allegedly most cunning) Serbian politician, Vučić still hasn’t offered the Serbian public Pašić’s famous opinion “there is no salvation for us, yet we will not perish”, but rather discreetly turns to Đinđić to insist that it looks as though the frog must be swallowed.

And how that big, raw frog should be cooked is a propaganda matter. Such an undertaking still requires some kind of social consensus.

Hence the story of the unfinished Belgrade election, their legitimacy and the possibility of scheduling new ones, represents an ideal occasion for the sensational coming together of Vučić and pro-European opposition leader Dragan Đilas. Some uninformed folks – judging purely on the basis of the long-term rhetoric and scorched earth propaganda campaign of Vučić’s agitprop media – would think that Vučić and Đilas are arch-enemies. Not so. In fact, on the contrary, they were in an informal coalition in 2011/12, when the Progressives were heading for government and hoping to jointly change Serbia for the better.

I asked one experienced Milošević-era politician whether it would be more difficult to impose sanctions on Russia today than it was to impose sanctions against Republika Srpska, which Milošević did when irked by the irresponsible stubbornness of the entity’s Serb leadership. And he told me that it would be

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much harder. It would now prove even tougher for Vučić to impose sanctions on Dodik.

During the election campaign, Vučić compared Serbia’s neutrality to the defiant Gallic village from the comics of Asterix the Gaul. However, he overlooked the main point: the defiant Gauls had a magic potion to give them the strength to display such a

I asked one experienced Miloševićera politician whether it would be more difficult to impose sanctions on Russia today than it was to impose sanctions against Republika Srpska, which Milošević did when irked by the irresponsible stubbornness of the entity’s Serb leadership. And he told me that it would be much harder. It would now prove even tougher for Vučić to impose sanctions on Dodik degree of sovereignty, or rather, Vučić – with all his foreign policy reach, marketeers and propaganda experts – doesn’t have his own Getafix druid to make that potion that Obelix fell into a vat of when he was little. And during the ‘90s, instead of a secret magic potion, we had only ‘Tesla’s secret weapon’. And many

who vote for Vučić today believe that, if we were hit by a panicked situation, the ‘Ellipton’ secret weapon, which recently departed Russian politician Vladimir Zhirinovsky didn’t deliver back then, would finally arrive.

Vučić likes to quote pompously and in a broad range – everything from Webber’s Protestant Ethic, via Leibniz’s Principle of Sufficient Reason to Ayn Rand’s Objectivism.

Though he hasn’t cited them in public, Vučić acts on the principle of Tito’s words – “We work as though peace will last a thousand years, while we prepare as though war will come tomorrow”.

For the first time in history, a clear majority of Serbian citizens oppose the country’s EU accession, according to research conducted in April by agency Ipsos. Analysts note that the reason for this is the pressure being applied on Serbia by the EU related to the imposing of sanctions against Russia.

A total of 34.9% of citizens would now support Serbia’s EU accession in a referendum, while 43.8% would be opposed.

This finding should be combined with Demostat’s recent survey, in which half of respondents expressed their support for Serbia’s neutrality, even if it comes at the cost of sanctions similar to those from the 1990s being imposed against Serbia. This indicates that the country’s much-lauded neutrality is merely a euphemism for the nation’s proRussian stance.

Interview Exclusive ACADEMIC VLADIMIR KOSTIĆ PRESIDENT OF THE SERBIAN ACADEMY OF SCIENCES AND ARTS - SANU

D

espite the folks at SANU saying that they’ve “gone hoarse” attempting to explain the backstory to the “Memorandum case”, that document - often cited as a key reference to the “Greater Serbia” policy - remains a source of inspiration for political debate today almost four decades after it first appeared. The “Memorandum Case” recently received a new twist, with Sarajevo politicians alleging that, apart from the original 1986 document, there is a new “Memorandum 2”, which provides a more detailed elaboration of Serbia’s secret political plans in Bosnia-Herzegovina.

Speaking in this interview for CorD Magazine, SANU President Vladimir Kostić rejects the allegations of Bosnia’s chief of diplomacy. He considers “intensive cultural, scientific, political and economic links with Republika Srpska”, alongside sincere work on improving relations with B-H, an obligatory matter and not choice. You are entering into the major project of reconstructing SANU Palace in Knez Mihailova Street. How will that great edifice look two years from now,

Memorandum II Is A Plain Lie

How many embittered criticisms of the Memorandum I’ve heard from people (not rarely foreigners) who would later admit timidly that they hadn’t read it or had merely glanced over it. That memorandum was cast over SANU like an opaque shroud, so for a long time, unforgivably long, it wasn’t possible to see what was actually happening under that shroud…

In short, Memorandum 2 is a plain lie, a fabrication or… But let me avoid approaching the realm of conspiracy theories, which to me, irrevocably intoxicated by our reality, seem probable – it is a lie, but not one without a plan and evil intentions ~ Vladimir Kostić 10

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By Ljubica Gojgić

CONSERVATISM

Much of what I’ve dubbed the “desirable conservatism” of SANU, and which seems to me to apply to all national academies, consists of caution and patience by which time the works should have been completed?

The monumental building of the Serbian Academy of Sciences and Arts in Knez Mihajlova Street was designed in 1912 by architects Andra Stevanović and Dragutin Đorđević. However, it was only completed in 1924. The Academy was located in Brankova Street from 1909 to 1952, in a building that no longer exists - it was demolished in 1963, in accordance with our talent for preserving fragile lineages of tradition. SANU’s address at 35 Knez Mihajlova Street has only been valid since 1952.

This is one of the most interesting and, as a layman I would dare to say, most beautiful of Belgrade buildings. Tourists very often enter SANU’s entrance lobby areas spontaneously, filming and seeking explanations. To be malicious, I’ve often sensed jealousy in our foreign guests’ sub-questions about the building itself.

The last more serious reconstruction was more than half a century ago – and the building is also aging, admittedly not as quickly as those within it. In the few years prior to the Covid outbreak, 150,000-200,000 people visited the building and attended the programmes offered. Reconstruction, which also included contributions of our architect members, especially academic Milan Lojanica, should ensure the even greater functionality of the existing spaces, to additionally accentuate the openness of this house. A special new addition, we hope, will be a multipurpose hall in the building’s central area. I would also mention that, even without that hall, SANU hosts over 70 concerts annually.

We have solid assurances that reconstruction will happen, and I would add that not only for the sake of SANU, but rather also that of Belgrade and Serbia. The only thing I’m a little sceptical about is the deadline of two years, and I’m saddened by the fact that I most likely won’t personally experience the new version of SANU Palace. During your term as SANU president, you’ve repeatedly heard recommendations that the time has come to modernise the functional form of the Academy, to possibly break the mould and take on new sciences and areas in which people are achieving significant results. How are discussions progressing on the degree of “conservatism” required in the Academy?

COMPROMISE

GEOPOLITICAL CROSSROADS

Why are the people in literally all national academies seasoned veterans? Well, it’s for the simple reason that determining and confirming the worth of someone’s contributions takes time, almost as a rule. Much of what I’ve dubbed the “desirable conservatism” of SANU, and which seems to me to apply to all national academies, consists of caution and patience. I can immediately hear the justified criticism that this is a double-edged sword and that mistakes can be even greater when caution and patience are overexaggerated.

Discussions of this issue have been ongoing at SANU since 2016. A Members Conference was held there a month or two ago, which considered the future pathways of our house,

 Deputy Prime Minister Zorana Mihajlović once criticised you – as the Academy and you personally, as its head – for not contributing enough to the affirming of women in science. Should there be more room for women in SANU?

This is about aggressive and poorly disguised hypocrisy. This is rather a violent change of cultural, ethnic and religious context in one territory than it is any kind of “compromise”

I suppose there are many of those who think being a politician represents the greatest success in life, or, a rung lower, being considered as a “potential politician” - I can’t force anyone to believe me, but I don’t think that way! with the now already excessively repeated and seemingly paradoxical motto that “only one who is ready to change himself has the right to count on continuity and tradition”. It should not go unrecorded that, in the department under the new name of the Department of Arts, we have enabled and implemented the receiving of creative workers from areas of art that weren’t admitted into SANU until recently, that scientists from the field of IT technologies have been selected, that changes to the organisational structure are being considered etc. Within SANU there are also those who think the pendulum has swung too far away from that “desirable conservatism” from the beginning of the question.

I fear that, surprised and confused, with the ideologizing of the problem of Buridan’s ass, we will become European loners

Firstly, it’s easy and relatively harmless to direct criticism in the direction of SANU, and also its individual members, even when you know little about the subject of criticism or when you really know nothing about it, and there have been such cases. That doesn’t mean that SANU should be exempt from criticism. The criticism to which you are referring was made a few days after the SANU Executive Board announced publicly that, due to the fact that no female candidate was elected, the results of the elections in this house were “simply indefensible”! All the more so because these elections included candidates with exceptional scientific and artistic qualities, in the most general sense of the word and the broadest hierarchal criteria. As for my own responsibility, and the consequences of such responsibility, that is the smallest problem. It can be launched easily, and academics know that.

We hide no thing! At this moment, SANU has only 13 female members (10% of the workforce) and as many as three of the eight departments have only male members. And this grotesque disproportion is actually the answer to your last question. There is also no justification in the fact that the situation is similar in many European national academies. It is up to SANU itself to create appropriate preconditions for this situation to be overcome (such efforts have been made, and not only a few, but those activities proved unsuccessful) – it would be no less erroneous to seek that SANU select members according to gender proportional representation or lists. SANU has shown great interest in the concerns of citizens regarding environmental issues. This was particularly evident in two current cases: the construction of mini-hydropower plants in areas of protected nature and the Jadar project. Are you prepared to continue activities in this area?

It’s apparent that we’ll be arguing until the end of the interview! You talk about current cases, minihydro power plants and the Jadar project, while you

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Interview Exclusive have the most varied political views, probably as a reflection of the differences that exist in our society. If I’d advocated for the right to one’s own opinion, which they denied me radically, with what right would I deny others their right to think differently, and to express that freely? I must state with great joy that SANU members have on multiple occasions remained consistent with the ideas of autonomy and the integrity of personal opinion, as well as the right to express that opinion. And, of course, that passed unnoticed.

I’ve denied my own political presidential “career” many, many times, and even laughed it off – but I evidently wasn’t believed. I suppose there are many of those who think being a politician represents the greatest success in life, or, a rung lower, being considered as a “potential politician” - I can’t force anyone to believe me, but I don’t think that way!

forgot, for example, SANU’s role in deliberating the exploitation of nickel, genetically modified food, problems with water etc. etc. Fortunately, monographs dedicated to these problems have remained as a kind of body of evidence and trace of our activities. These activities are conducted in continuity through the work of our committees (e.g., the one dedicated to conserving our nature and environment). Therefore, the question of our preparedness is somewhat strange – scientific observation of these problems has long been our choice and direction of uninterrupted activity. But we either weren’t sufficiently vocal and convincing, or there weren’t enough of those who needed and were able to hear us. The Academy is sometimes criticised for its perceived lack of connection precisely with topics that aren’t explicitly science or high art. It seems that your efforts, as SANU president, have moved in the direction of also opening the Academy up to discussions that are significant to everyday life, such as public health issues, diabetes, the consequences of Covid etc.

You’d be surprised by the data on what was done and achieved by SANU presidents who preceded me, in whose footsteps I’m trying to follow, but we are indeed focused primarily on the determinants contained our name: sciences and arts. Even if we commit ourselves to “adjoining issues”, we are dutybound to do so on the basis of scientific and artistic methodologies and criteria.

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As for SANU, the only two institutions named as strategic partners in its Statute are Matica Srpska and the Academy of Sciences and Arts of Republika Srpska. And we have been sincerely committed to that!

And for a start, in order to even know about all that SANU does, I will ask you to visit the SANU website once a week and check out the programme. You’ll be surprised! You were mentioned in the leadup up to April’s elections as a possible presidential candidate. Meanwhile, some of your colleagues supported the candidacy of Aleksandar Vučić. Have you grown accustomed to the fact that politics is inextricably linked to SANU?

And to whom – as individual or institution – isn’t politics inextricably linked? A person is, in a way, also linked to that which he claims to be escaping or uninterested in. It was crystal clear to me from the very beginning, and I’ve been at SANU since the year 2000, that academics

The Academy was recently compelled to respond to claims that it had produced another Memorandum, and that this second part contained guidelines to implement the “Greater Serbia” project in Bosnia-Herzegovina. What do you think about such provocation directed against SANU in the public address of the B-H Foreign Minister Bisera Turković, on the occasion of the 30th anniversary of the outbreak of war in Sarajevo?

We’ve gone hoarse in attempting to explain the circumstances surrounding the “Memorandum Case” of 1986. It’s not that we want to force someone to think differently, but rather that, if they do think, they should think on the basis of the facts, which we are always ready to discuss and hear other people’s opinions. How many embittered criticisms of the Memorandum I’ve heard from people (not rarely foreigners) who would later admit timidly that they hadn’t read it or had merely glanced over it. That memorandum was cast over SANU like an opaque shroud, so for a long time, an unforgivably long time, it wasn’t possible to see what was actually happening under that shroud. But that was already explained precisely and in detail by the late academic Predrag Palavestra in his article “Naked Fact”. However, that also only interested a few.

In short, Memorandum 2 is a plain lie, a fabrication or… But let me avoid approaching the realm of conspiracy theories, which to me, irrevocably intoxicated by our reality, seem probable – it is a lie, but not one without a plan and evil intentions. After all, the story of Memorandum 2, and even 3, wasn’t started by Mrs Bisera Turković.

Disgracefully! The issue of Republika Srpska’s position within the B-H Federation has

become current in recent days, in light of the sanctions against President Željka Cvijanović and Presidency member Milorad Dodik. You once said that this issue interests you because Republika Srpska has “a serious, active, culturally and scientifically engaged part of the nation of one and a half or two million people”. How would you answer the question that’s often posed to Serbian officials relating to the correct measure of connectivity between the Republic of Serbia and Republika Srpska?

First a slight digression. In conversations with colleagues from Republika Srpska, I discovered that it’s no longer a question of “a million and a half ”, that is to say that Republika Srpska has also fallen victim to the pan-Balkan scenario of demographic decline – and that’s a particularly painful issue.

I’m not an apologist for any policy, but the current administration in Serbia doesn’t bring into question the integrity of Bosnia-Herzegovina and its founding principles. Maintaining intensive cultural, scientific, political and economic links with Republika Srpska, and in parallel also working sincerely to improve good neighbourly relations with B-H, is an obligatory matter and not choice.

Of course, this is a two-way street.

As for SANU, the only two institutions named as strategic partners in its Statute are Matica Srpska and the Academy of Sciences and Arts of Republika Srpska. And we have been sincerely committed to that! In the fierce controversy that you sparked at the very start of your SANU mandate by expressing your stance on the fate of Kosovo, you stressed that Serbia would have to fight “tooth and nail” for that which represents the cultural, historical and psychological foundations of Serbia in Kosovo. How would you comment on Priština’s attempts – seemingly aided by the international community – to find a compromise on this cultural and historical heritage by calling it Kosovan instead of Serbian?

As things tend to repeat in my experience, this interview is also being slowly flooded with political questions. As such, I am, as a political illiterate, forced to repeat that every political statement made in this interview is my private and completely personal statement, as a citizen informed to the average extent, and can in no way be connected with SANU. But let me return to your question! This is about aggressive and poorly disguised hypocrisy.

This is rather a violent change of cultural, ethnic and religious context in one territory than it is any kind of “compromise”?

This “geopolitical crossroads”, as you call it, is perhaps the biggest tectonic shift in Europe during the last 60-70 years, and to me, as a layman, it seems to be even bigger than the fall of the Berlin Wall. The creation of grotesque divisions is underway, but also stronger integrations At SANU we’re attempting to use various activities to impact on these particular issues.

Partly by promoting our heritage in Kosovo and Metohija (KiM) (just to remind readers of the capital exhibition and monograph covering our cultural and artistic heritage in KiM, the upcoming exhibition and accompanying texts about Gračanica being prepared for the end of 2022, as well as a study on demographic movements on that territory, and much, much more). We had a conference a few months ago on international modalities for preserving these values in KiM, attended by dozens of compe-

tent lecturers. An anthology of their works will soon be published. Those wanting to hear had something to hear – those wanting to read will have something to read. And learn! You’ve noted that you consider the EU pathway as being the most rational for Serbia. In light of the war in Ukraine, we’ve once again heard discussion of the need for Serbia to make a clear commitment to the EU, which implies distancing itself from Russia, and on the other hand, with the EU possibly deciding to speed up the accession process for the countries of the Western Balkans. How do you see that geopolitical crossroads?

As an individual, I haven’t changed my mind. This “geopolitical crossroads”, as you call it, is perhaps the biggest tectonic shift in Europe during the last 60-70 years, and to me, as a layman, it seems to be even bigger than the fall of the Berlin Wall.

The creation of grotesque divisions is underway, but also stronger integrations. I fear that, surprised and confused, with the ideologizing of the problem of Buridan’s ass, we will become European loners.

I believe that the decisions that will be made, if they aren’t already being made, cannot be left down to one man, one party, one segment of society – these are those moments in history when it is necessary to resort to the informed (I insist, informed!) division of responsibility for possible decisions between political actors, organisations, institutions and individuals with something relevant to say on this issue.

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Interview

H.E. JAEWOONG LEE, AMBASSADOR OF KOREA TO SERBIA

Promising Long-Term

Partnership

The Serbian people share many similar characteristics with Koreans, despite the two countries being thousands of miles apart ~ Jaewoong Lee

U

pon arriving in Serbia four months ago, new Korean ambassador to Serbia Jaewoong Lee stated that his goal is to “double the trade exchange” between the two countries. In this interview, his first for CorD Magazine, he announces that at

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least two or three more Korean companies will start doing business in Serbia, thereby joining the existing Korean business community in the country, which already employs around 10,000 people. Apart from the auto industry and the IT sector, new areas of mutual cooperation are

opening up in the fields of ecology and nuclear energy, says Ambassador Lee. He adds that connecting the two countries in the fields of culture, art and tourism is a special challenge, help in which could be provided by the global popularity of the Korean wave.

By Ljubica Gojgić

INVESTMENTS

Noting that Serbia has rich resources in terms of IT experts, some Korean IT companies are considering opening their R&D centres here

Your Excellency, given that you arrived in Serbia just four months ago, could you tell us about your first impressions of the country and how you’re acclimatising to life in Belgrade?

My first impression of Serbia is that it is a beautiful country. The harmony of Western and Eastern cultures, architecture of classical and modern styles, and both sad and happy legacies with a deep historical background, provide a perfect reason for admiration. The scenery of mountains and rivers allow me no other expressions. However, the true beauty of Serbia lies in its people. Serbs are kind and hospitable, especially to foreigners like me. They are smart, diligent and also emotional. They like music and dancing, and enjoy eating and drinking.

In a way, I believe, Serbian people share many similar characteristics with Koreans, despite the two countries being thousands of miles apart.

Thanks to kind Serbian people and their help and hospitability bestowed upon me from the time of my arrival late last year, I haven’t had any difficulties getting settled in Belgrade.

The weather in Belgrade is also very similar to Seoul. Winter was cold, but that was okay for me, as winter in Seoul is also severe. To my great pleasure, more and more greenery is coming to us by the day, in many parks and streets, and I am ready to fully enjoy the wonderful time here. You stated when presenting your credentials to the President of Serbia that you intend to continue engaging in the promoting of Serbia as an excellent investment destination for Korean companies, while you also noted that your aim is to double the trade exchange between our two countries. Which areas of the economy do you see as providing the best route to achieving that aim?

There are currently six Korean companies already operating their businesses successfully in Serbia.They are based not only Belgrade, but also in other cities like Niš, Leskovac, Zrenjanin and

TRADE

COOPERATION

Smedervska Palanka, creating almost 10,000 jobs. The good news is that many Korean companies are still expressing an interest in new investment opportunities in Serbia. For example, noting that Serbia has rich resources in terms of IT experts, some Korean IT companies are considering opening their R&D centres here. Others are taking a careful look at the possibility of participating in smart city projects that are either under consideration or being implemented by big and small cities.

Given all those instances, I think at least two or three more Korean companies will come to Serbia during my term here as ambassador. It

those two products alone can contribute to a substantial increase in trade volume, if handled properly. For the Korean side, we see a steady increase in exports of products like machinery and semi-conductors, as well as consumer products like cosmetics. The Korean embassy, with the help of the KOTRA Belgrade office, will do its best to achieve our goal.

As for trade, which stood at almost 500 million USD in 2021, there is still huge room to increase its volume

When it comes to Serbian exports, Serbian agricultural and livestock products are well known for their high quality and affordable prices. To date, Korea has relied on imports of some of these products from Serbia, such as corn and pork, through indirect imports via third countries should also be noted that Korean businesses regard Serbia as a promising long-term partner for co-prosperity.

As for trade, which stood at almost 500 million USD in 2021, there is still huge room to increase its volume. When it comes to Serbian exports, Serbian agricultural and livestock products are well known for their high quality and affordable prices. To date, Korea has relied on imports of some of these products from Serbia, such as corn and pork, through indirect imports via third countries. The direct trade of

The IAC Belgrade was awarded as the “Best IAC” last year, among 60 similar IACs all over the world that are supported by the Korean Government

You’ve already pointed out in your meetings with Serbian officials that the Republic of Korea has decided to become a carbon-neutral country that relies on nuclear and renewable energy sources. As one of the world’s leaders in this field, do you see opportunities to broaden cooperation with Serbia?

Certainly. As the two countries are respectively moving forward vigorously with their own ambitious goals for carbon neutrality, there is a huge opportunity for close cooperation with many Korean investors in the field of renewable energy coming to Serbia.

On nuclear energy, it seems inevitable to rely on it for the foreseeable future in order to realise the goal of carbon neutrality. Korea has successfully built a nuclear power plant in the UAE, and is currently bidding for a new plant in the Czech Republic. We also have particular strength in the Small Modular Reactor (SMR).

Given its advanced technologies and ample experience in exporting related products, as well as Serbia’s strategic goal of inducting nuclear energy for electricity, I believe Korea will make a suitable partner for Serbia’s nuclear energy project in the future. The latest Korean investment in Serbia is represented by the auto parts factory of company Kyungshin Cable in the town of Smederevska Palanka.

Considering the global crisis that’s confronting the auto industry, linked to oil and gas prices and difficulties in maintaining supplies, do you believe this

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Interview company will succeed in implementing its envisaged plan of employing 700 people by the end of this year?

Since its opening in April last year, Kyungshin Cable has been producing wiring harnesses and other eco-friendly automotive components for electric vehicles, and is now providing more than 500 jobs for the local economy. Despite the pandemic, Kyungshin Cable completed construction of its factory as planned. The factory is operating at almost full capacity and is seeking to add more production lines. In the face of the recent crisis in Ukraine, on top of the difficult challenges caused by COVID-19, every business has had a hard time under the tangled supply chains and high prices of oil and gas. Nonetheless, Kyungshin Cable seems to be faring well, and I just hope they will succeed in implementing their envisaged plan. Have you already had a chance to acquaint yourself with the work of the joint Information Centre, which has been operating in Belgrade since 2017? There are also announcements that a second one should open this year in Niš?

I haven’t been there myself yet, but I fully notice the Information Access Centre (IAC) in Belgrade is one of the best cooperative projects between Korea and Serbia. Since its opening in 2017, the IAC, also known as “SKIP Centar”, has grown to be now running as many as 1,500 training programmes. Some of them are being conducted with support from the World Bank, the EBRD or the EU, contributing to narrowing Serbia’s digital divide. More than 40,000 civil servants and citizens have participated in various ICT workshops there to date. In recognition of these accomplishments, the IAC Belgrade was awarded as the “Best IAC” last year, among 60 similar IACs all over the world that are supported by the Korean Government.

Furthermore, the Korean Government has decided to provide support for a second IAC in the city of Niš. The new IAC is now under construction and will be up and running by the end of this year. I believe the new IAC will further accelerate cooperation with Korea in the IT sector. You’ve said that you would like Serbian citizens to discover more about your country’s tourism potential. De-

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Given its advanced technologies and ample experience in exporting related products, as well as Serbia’s strategic goal of inducting nuclear energy for electricity, I believe Korea will make a suitable partner for Serbia’s nuclear energy project in the future spite good bilateral relations, citizens of our two countries still don’t know a lot about such travel opportunities.

How do you intend to change that?

As we return to normal, with fewer or no COVID-19 quarantine restrictions in the coming days and months, it is expected that more Koreans and Serbs will visit each other.

We recently received the good news that the Korean Government has finally resumed its visa-free entry programme after a two-year suspension, starting from April; thereby allowing Serbian citizens to come to Korea more freely.

I agree that we, Koreans and Serbs, don’t know each other very well, which hampers the full realising of our tourism potential. Fortunately, more Serbian citizens are becoming interested in Korea, mainly thanks to the increasing popularity of K-Wave, “Hallyu” in Korean. K-dramas, K-movies and K-pop are much in vogue these days. This trend will certainly increase awareness about Korea among the Serbian public.

I think we need to make full use of the popularity of K-Wave for the benefit of Serbia too. Under normal circumstances, without COVID-19, there were many instances of K-drama companies filming their products in foreign tourist spots. Reality shows filmed in foreign tourist spots were also common. If we, both the Serbian Government and the Korean Embassy, can find a way to persuade one of those companies to come to Serbia for filming locations, we can easily trigger visits of many Korean tourists to those locations.

Let me give you an example. Croatia has become one of the most popular tourist destinations in Europe since 2014, after a reality show about touring in Croatia was aired on Korean TV. The number of Korean visitors has increased fivefold. Serbia, featuring breath-taking views like those of the emerald-coloured Uvac canyon and its meanders, the sky-high Kopaonik Mountain, the magical Golubac Fortress and many other fortresses, medieval monasteries and castles of Vojvodina, archaeological sites, not to mention the country’s capital, Belgrade, a vibrant city with a flourishing economy and rich culture, one of the oldest in Europe, can also attract hundreds of thousands of Korean tourists.

For our part, as a way of raising awareness and understanding among both people, our embassy has launched a series of card news through its “Facebook” and “Instagram” accounts this year.

Card news updates are being added every week and introducing interesting information about both Serbia and Korea, including attractive tourism spots.This is also a small but meaningful step towards steadily increasing people’s awareness of both countries. President Aleksandar Vučić asked you to relay his invitation for the President of Korea to visit Serbia. Is a high-level bilateral visit currently being considered?

Currently, both Serbia and Korea are under transitional periods towards the forming of new governments after elections respectively. After both have their own new governments in place, the visits of high-level government officials will provide good opportunities to strengthen bilateral relations. I will do my best to arrange as many bilateral visits as possible during my mandate.

After all, we have been forced for too long to stay away from each other due to the Covid-19 pandemic, and now is the right time to relaunch our reciprocal visits. It seems that the world is slowly emerging from the health crisis caused by the Covid-19 pandemic, and your government has donated money and equipment to assist Serbia’s healthcare system on multiple occasions. What is the situation like in Korea today with regard to Covid-19?

It seems that the Omicron wave in Korea has passed its peak and is declining steadily. Korea has managed to keep our medical system from being overwhelmed, even during the recent spike, allowing us to focus on managing high-risk groups and maintaining the fatality rate at a relatively low level of approximately 0.12%. On 18th April, the Korean Government lifted almost all social distancing measures except for the wearing of face masks, bringing about greater expectations for a return to normal life.

Going through the difficult moments under Covid-19, Korea and Serbia have become even closer by helping each other.The Serbian Government arranged some flights enabling stranded Koreans to return home. The Korean Government, for its part, donated medical equipment to Serbia worth 300,000 USD, including test kits. At the end of March, the South Korean military announced that it had test-fired a solid-fuel space rocket successfully for the first time, which is considered as representing a step towards strengthening your country’s defensive capabilities.

What is this project all about?

The test-fire was the first of its kind in the history of Korean defensive science and technology.

It was conducted to verify the performance of a solid-propellant space launch vehicle developed entirely with homegrown technologies. Following

Our government, in close consultations with its ally and the international community, is exerting the utmost efforts to discourage North Korea from further provocations and to draw them back to the negotiating table additional tests, a space launch vehicle will be developed with the capacity to propel micro or ultra-micro satellites into a low Earth orbit.

Given the importance of outer space, as a key domain with significant impact on national security, the Korean Government will expeditiously advance its defence space power.

Despite living together with a precarious neighbour who has retained its adversary policy vis-à-vis its southern neighbour, South Korea has no military reconnaissance satellite of its own, and is thus dependent on U.S. spy satellites to monitor strategic facilities in North Korea.

Therefore, the success of the test launch of a solid-fuel rocket could represent a key milestone

in strengthening defensive power, particularly strengthening its military’s long overdue independent space-based surveillance field. It is noteworthy that the launch was based on 100% pure Korean technology and, considering its spin-off effect into the private aerospace industry, it means a lot to the Korean people in general. The launch took place just a week after your northern neighbours tested an intercontinental ballistic missile.

How would you describe the current political and security situation on the Korean Peninsula?

From the beginning of this year, North Korea has launched a flurry of missile tests; among them was the test of an inter-continental ballistic missile (ICBM) on 24th March, representing a clear violation of multiple UN Security Council resolutions, as well as breaking from its selfimposed moratorium in 2018. Our government defined this test as a deliberate provocation, posing a serious threat not only to the Korean Peninsula, but to the whole of Northeast Asia and beyond. Our government, in close consultations with its ally and the international community, is exerting the utmost efforts to discourage North Korea from further provocations and to draw them back to the negotiating table.

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GLOBAL DIARY

FREEDOM “Our objective has been reached: a victory that will enable us to take the country back to freedom” – ROBERT GLOB, PRESIDENT OF SLOVENIAN FREEDOM PARTY

NEW MANDATE FOR MACRON French President Emmanuel Macron, who defeated Marine Le Pen in the second round of the presidential election, will secure a parliamentary majority in the June elections, according to a public opinion poll by Harris Interactive. The poll indicates that Macron’s camp would win between 326 and 366 seats, making a majority in the National Assembly which has 577 seats, if it manages to form a center-right alliance with smaller parties and conservative Republicans, reports Reuters. The far-right camp would be set to win between 117 and 147 seats according to this research, while left-wing parties together would win from 73 to 93 seats.

MUSK ACQUIRES TWITTER FOR $44 BILLION Elon Musk acquired Twitter for $44 billion, giving the world’s richest person command of a highly influential social media site that serves as a platform for political leaders, a sounding board for experts across industries and an information hub for millions of everyday users.The acquisition followed weeks of evangelizing on the neces-

CHINESE CINNAMON TEA OFFERED AT OVER $184,000 P/KG A fine dining restaurant in Hong Kong is selling a rare variety of Chinese cinnamon tea for approximately $184,615 per kilogram.

Glassbelly Tea Lab, an upscale tea pairing restaurant located in Hong Kong, specializes in oolong rock teas, which are considered to be among the most expensive varieties of teas in the world.

One brew of this tea can be bought at Glassbelly for approximately $3,577, while one kilogram costs approximately $184,615. For comparison, a 150-200 ml pot of tea would generally be made with around five grams of tea leaves.

The founder of Glassbelly, Wing Yeung, explained that it is difficult to get authentic tea due to selling techniques that are “stuck like it was 1,000 years” involving “hushed business talks and secret deals.”

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sity of “free speech,” as the Tesla CEO seized on Twitter’s role as the “de facto town square” and took umbrage with content moderation efforts he views as an escalation toward censorship. He said he sees Twitter as essential to the functioning of democracy and said the economics are not a concern. Musk has said he supports letting people change what their tweets say, a proposal that has stirred a heated debate among academics, journalists and other heavy users of the platform.

ANGER “An answer must be found to the anger and disagreements that led many of our compatriots to vote for the extreme right” – EMMANUEL MACRON, FRENCH PRESIDENT

VUČIĆ AND DONFRID MET IN BELGRADE President of Serbia, Aleksandar Vučić, met with the Assistant Secretary of State for Europe and Asia, Karen Donfried, with whom he discussed bilateral relations, European integration of Serbia, dialogue between Belgrade and Pristina, as well as other current geopolitical issues.

Vučić pointed out that preserving stability in the region is of key interest for Serbia, and that in that sense, the improvement of good-neighborly and mutually beneficial cooperation is a fundamental and unchanging starting point of the overall foreign policy of our country. US Assistant Secretary of State for Europe and Asia Karen Donfried pointed out that the United States strongly advocates that the entire Western Balkans region join the European Union, and reiterates that this is one of the priorities of American foreign policy towards the region.

EARTHQUAKE IN BOSNIA AND HERZEGOVINA

Protection authorities reported that one person died, at least two others injured and hundreds of people were fleeing their homes at the moment of the earthquake.

According to the initial assessment, around 350 damaged buildings and houses are reported.

As of 25 April, significant material damage at the southern part of the country (Ljubinje and Capljina). Several aftershocks with magnitude 2.7- 4.8 have been registered.

An earthquake of 5.6 magnitude at a depth of 5 km occurred in Bosnia and Herzegovina on 22 April. The earthquake hit 42 km southeast of the city of Mostar close to the southern town of Stolac. The Civil

ROBERT GOLOB’S FREEDOM MOVEMENT WON SLOVENIA ELECTION Political newcomer liberal Robert Golob has defeated Slovenia’s three-time prime minister, populist conservative Janez Janša, in elections in a country split by bitter political divisions over the rule of law. Golob’s Freedom Movement (GS), which he launched only in January, has built on anger with Janša’s regime in the former Yugoslav state.

In the country of around two million people, GS stood at 34.5% of the vote compared with 23.6% for Janša’s Slovenian Democratic party.

GIANT SCULPTURE MADE FROM 350 TREES When Britain marks Queen Elizabeth II’s 70 years on the throne in June, a striking tree-shaped sculpture will stand outside Buckingham Palace, at the very center of the celebrations.

Designed by Heatherwick Studio, the 21-meter “Tree of Trees” will feature 350 indigenous British trees attached to a giant steel frame, reflecting The Queen’s Green Canopy (QGC) initiative that invited Britons to “plant a tree for the Jubilee” between October 2021 and March 2022. More than a million trees were planted during these months, according to the QGC website.

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Focus

Will Serbia and other Western Balkan countries benefit from the global trends of nearshoring?

Risks & Opportunities Many countries see their window of opportunity to bring more FDI home, as a result of the war in Ukraine and sanctions imposed against Russia, which have only further fuelled the existing trend of economic deglobalisation. The chances of Serbia becoming a hot destination for nearshoring depend on both high politics and the country’s ability to be a truly attractive spot for both foreign companies and workers fleeing conflict zones.

F

ollowing the Covid-19 pandemic, and in response to the outbreak of war in Ukraine, major companies have begun accelerating plans to shorten their global product chains and relocate production facilities closer to their home countries. Under the new circumstances of the increased regionalisation of FDI flows, will Serbia and other Western Balkan countries succeed in imposing themselves as locations that are geographically

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closer and that have a competitive advantage compared to traditional offshoring superpowers like China and India? Could Serbia simultaneously also benefit from the relocating of the production operations of both Russian and Ukrainian companies to the country? Our interlocutors highlight many nuances that determine the decisions of large companies that are seeking production spots that will guarantee uninterrupted production and productivity.

BRANIMIR JOVANOVIĆ

ECONOMIST, THE VIENNA INSTITUTE FOR INTERNATIONAL ECONOMIC STUDIES

BALANCING BETWEEN EAST AND WEST COMES AT A COST WHETHER SERBIA WILL EMERGE AS A WINNER OF THE NEARSHORING TREND OVER THE COMING YEARS WILL DEPEND PRIMARILY ON POLITICAL DEVELOPMENTS. IF SERBIA STAYS WITH THE EU, THAT MAY WELL HAPPEN

T

he war in Ukraine is likely to accelerate the nearshoring trend.

One of the reasons nearshoring has been gaining momentum in recent years has been geopolitical tension (mainly related to China), and the war in Ukraine only adds to that. Our research has shown that the Western Balkan economies are among the first nearshoring options for German companies, due to their geographical proximity, availability of labour and low wages, but also for cultural reasons and due to the good reputation of Balkan workers. And Serbia has managed to establish itself as the region’s economic

OUR RESEARCH HAS SHOWN THAT THE WESTERN BALKAN ECONOMIES ARE AMONG THE FIRST NEARSHORING OPTIONS FOR GERMAN COMPANIES, DUE TO THEIR GEOGRAPHICAL PROXIMITY, AVAILABILITY OF LABOUR AND LOW WAGES, BUT ALSO FOR CULTURAL REASONS AND DUE TO THE GOOD REPUTATION OF BALKAN WORKERS leader, attracting more than half of all FDI in the region over the last 10 years, with average FDI inflows of around 7% of its GDP in recent years, even during the pandemic. So, taking all this into consideration, one could conclude that Serbia is indeed likely to benefit from the reshuffling of the global economy that is set to come in the years ahead.

However, Serbia is facing one major challenge that brings all of this into question. That challenge relates to its policy of balancing between East and West, which will be very difficult to maintain in the coming period. Serbia is among the very few European countries that haven’t imposed sanctions on Russia (together with Bosnia-Herzegovina, Turkey and Belarus). This is not viewed very favourably by the EU, because it undermines EU efforts to ensure

Russia is made accountable for its actions. It seems that the EU is letting this go unpunished for now, but strong diplomatic pressure has been applied and it is highly likely that Serbia will soon be given an ‘us or them’ choice. If that happens and Serbia decides to turn its back on the EU and side with Russia, that will lead to significant economic losses for Serbia.

Yes, Russia is an important economic partner for Serbia – with four per cent of Serbian exports heading to Russia and seven per cent of Serbian FDI coming from Russia – and Serbia did indeed receive a favourable price for Russian gas several months ago, which saves the country around 300 million euros, according to President Vučić. However, this is dwarfed by what Serbia gains from the EU – with around two-thirds of Serbian exports heading to the EU and just as much FDI coming to Serbia from EU member states. And Serbia also received around €1.5 billion from the EU budget during the 2014-2020 period, via IPA II funds.

So, whether Serbia will emerge as a winner of the nearshoring trend over the coming years will depend primarily on political developments. If Serbia stays with the EU, that may well happen.

BOJAN STANIĆ

SECTOR FOR STRATEGIC ANALYSIS AND INTERNATIONALISATION AT THE CHAMBER OF COMMERCE & INDUSTRY OF SERBIA (CCIS)

WAR IS ALWAYS A BAD FRIEND THE CONTINUATION OF THE CONFLICT IN UKRAINE COULD, OVER THE LONG RUN, IMPERIL THE RECOVERY OF THE WESTERN BALKANS. THAT’S WHY POLITICAL DE-ESCALATION IN EUROPE PROVIDES THE BASIS TO RESTORE RATES OF EXPANSIVE GROWTH AND SUSTAINABLE DEVELOPMENT TO THE SERBIAN ECONOMY Despite the fact that the current crisis is a consequence of tragic events in Ukraine, new economic circumstances that bring both risks and opportunities are being created in Europe.

Specifically, the current situation threatens to develop into a global conflict of interest, primarily in an economic sense. The International Monetary Fund noted in its latest report that we are seeing a kind of economic deglobalisation, or the leading economies turning towards cooperation within regional economic groups, which creates a kind of trade-off between more reliable supplies and economic efficiency.

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Focus

Will Serbia and other Western Balkan countries benefit from the global trends of nearshoring?

We already saw overburdening and stagnation emerging during the pandemic, leading to supply chain breakdown, and the current political crisis shows that such breakdowns don’t necessarily have to be caused by natural factors. Hence the re-emergence of the topic of shortening the supply chains of large European companies by moving operations closer to their home countries, while, on the other hand, many countries are now considering reducing their economic dependence on faraway and potentially rival markets.

Serbia and the other countries of the Western Balkan region have for years underutilised their economic potential and shown themselves to be extremely sensitive to external risks. Although recent advances have been recorded in terms of regional cooperation towards the establishing of a common regional market, joining the EU’s common market – and doing so in the most favourable and inclusive possible way – remains the main economic goal of the governments of the region. In that sense, there are indications of increased interest among foreign direct investors in transferring part of their operations from faraway markets to the region. The standout activities of interest in this regard include agribusiness, the auto industry and the IT

THE POLITICAL CRISIS THAT’S HIT EASTERN EUROPE HAS LAUNCHED A WAVE OF REFUGEES AND MIGRANTS WHO ARE SEEKING MORE PROMISING PLACES TO LIVE AND WORK IN MANY EUROPEAN COUNTRIES INCLUDING SERBIA, WHICH WOULD BE A POSITIVE DEVELOPMENT FOR OUR LABOUR MARKET sector, all of which can provide a stronger impetus to the growth and development of Serbia and the region.

On the other hand, the political crisis that’s hit Eastern Europe has launched a wave of refugees and migrants who are seeking more promising places to live and work in many European countries, and are often opting for Serbia as a country with a similar culture, a good climate and more affordable living conditions. These are relatively young, highly-educated people who are mostly employed in the fields of IT, consulting services and trade. Considering their ability to quickly integrate into the local environment, the Serbian economy could benefit a lot in terms of bolstering labour market supply, but also improving its general demographic structure, given that European countries are generally maintaining their population levels through a positive migrant balance.

However, we should conclude by stressing that the continuation of conflict in Ukraine may, over the long run, imperil the recovery of the Western Balkans, and particularly other developing countries worldwide. That’s why political de-escalation in Europe provides the basis to restore the Serbian economy’s rates of expansive growth and sustainable development.

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GERT RABBOW

EXECUTIVE DIRECTOR OF THE GERMAN-SERBIAN CHAMBER OF COMMERCE – AHK SERBIEN

SERBIA LIKELY TO BECOME FIRST CHOICE FOR GERMAN NEARSHORING EVEN BEFORE THE OUTBREAK OF THE COVID-19 PANDEMIC AND THE START OF THE WAR IN UKRAINE, SERBIA HAD ALREADY PROVED ITSELF TO BE A GOOD INVESTMENT LOCATION. THE CURRENT SITUATION IN UKRAINE HAS ONLY ACCELERATED THE DRIVE TOWARDS NEARSHORING AND MADE SERBIA MORE VISIBLE AS A POTENTIAL LOCATION FOR THE RELOCATING OF PRODUCTION OPERATIONS We are all witnessing the major impact of COVID-19 on the supply chain industry all over the world, in terms of slowing down or stopping flows of goods and services. Companies are reorganising their production operations to be more resilient to such shocks in the future. Although the pandemic hit many businesses, it also smoothed the way for new production alternatives. Global companies are seeking new production locations in Europe for at least some product areas, and the loca-

ONE OF SERBIA’S MAIN STRENGTHS, AND A COMPETITIVE ADVANTAGE THAT IS ENTICING FOREIGN INVESTORS, IS CERTAINLY THE EDUCATED WORKFORCE THAT ALSO BRINGS ADDED VALUE tions they’re looking for are attractively priced, able to meet the quality requirements and – last, but not least – able to make products available within shorter transport times.

As the German-Serbian Chamber of Commerce, one of our main goals is to accelerate cooperation between German buyers and potential Serbian suppliers. For this purpose, together with our colleagues from 10 other AHKs, we launched a joint initiative to create the largest supplier community in Europe. Our first milestone on that path was the creating of the AHK Industrial Suppliers Forum – a digital platform that we will use for business matchmaking. Additionally, we also introduced new working group for our members: Supply Chains in Serbia, where compa-

nies can tackle all potential issues and discuss important supply chain topics relevant to their businesses.

Even before the outbreak of the Covid-19 pandemic and the start of the war in Ukraine, Serbia had already proved itself to be a good investment location. The pandemic didn’t cause a slowdown in investments, at least those coming from Germany. Despite the current situation, major investors from Germany opened their factories or expanded their operations or facilities in Serbia: MTU, Boysen Abgassysteme, fischer automotive, SMP automotive, ZF Serbia, Brose, Continental, Hansgrohe, Bizerba etc.

Serbia and other countries of the Western Balkan region have high potential to position themselves as first-choice locations and destinations for relocating production operations to serve countries in Europe. One of Serbia’s main strengths, and a competitive advantage that is enticing foreign investors, is certainly the educated workforce that also brings added value. By introducing the dual education system, companies offer their employees opportunities to develop their skills and qualifications. That’s why many companies invest in research and development while opening training centres near their facilities. Investors are coming here to stay.

The current situation in Ukraine has only accelerated the drive towards nearshoring and made Serbia more visible as a potential destination for the relocating of production operations. According to information from the Serbian Business Registers Agency, 294 new companies from Russia and Ukraine have been registered in Serbia. The main business focus of these companies are IT and consulting services. Given this fact, Serbia certainly has, and will benefit from, this competitive advantage.

RADOŠ GAZDIĆ

ACTING DIRECTOR OF THE DEVELOPMENT AGENCY OF SERBIA, RAS

INVESTORS VALUE STABILITY IN TURBULENT TIMES SERBIA AND THE OTHER COUNTRIES OF THE WESTERN BALKANS ARE ATTRACTING THE ATTENTION OF FOREIGN INVESTORS THANKS TO THEIR FAVOURABLE GEOGRAPHICAL LOCATION AND GOOD CONNECTIVITY WITH KEY HUBS IN EUROPE AND BEYOND. HOWEVER, THIS NATURALLY DOESN’T MEAN THAT ALL PROJECTS AND COMPANIES WILL CHOOSE SERBIA SPECIFICALLY, BECAUSE THE COMPETITION FROM OTHER COUNTRIES IS VERY STRONG

It already became clear at the start of the crisis that the ways of functioning generally, including business operations, would have to change in some segments, and in some aspects irreversibly so. One of those segments is the perception of distance and the possibilities of easily transporting people, products and services that have – from the aspect of globalisation and comprehensive availability – been subjected to absolute re-examination, both during the pandemic and now with even greater intensification, due to the armed conflicts. It was very soon after the outbreak of the pandemic that global companies and manufacturers began considering directions to relocate their activities, capacities and production processes from the East (primarily from Asia) to points closer to Europe, in order to account for similar situations arising in the future and halting or hampering deliveries of products to European-based parent companies or primary customers.

That has now proven itself to be even more relevant. It is highly likely that we are talking about a complete shift in the achievements of globalisation

UNFORTUNATELY, OR LUCKILY, GLOBAL CIRCUMSTANCES ALWAYS CREATE OPPORTUNITIES FOR SOME PARTS OF THE WORLD TO HAVE CERTAIN BENEFITS, ABOVE ALL ECONOMIC, AND I THINK THE CIRCUMSTANCES ARE NOW FAVOURABLE FOR US WHEN IT COMES TO ATTRACTING FDI that have enabled fast, easy and cheap availability, and movements of people, goods and services. And companies are anticipating this by creating multi-year plans to relocate operational activities to alternative and more favourable locations. In that sense, Serbia and the other countries of the Western Balkans have become even more significant to foreign investors, given that we enable them to take advantage of a very favourable geographical position that’s well connected to key hubs in Europe and beyond, with good infrastructure and human capacities, as well as competitive operational costs. However, this naturally doesn’t mean that all projects and companies will choose Serbia specifically, because all countries – at least in Europe – are now competing to attract investment projects, but we can certainly already see increased attention and inquiries from big names in industry. Serbia has a great advantage compared to all other countries in the region, due to the results it’s already achieved in terms of attracting FDI, the improvements made to various forms of infrastructure that are essential for large investments, and due to the fact that we already possess the knowhow and capacities required to implement such projects.

Unfortunately, or luckily, global circumstances always create opportunities for some parts of the world to have certain benefits, above all economic, and I think the circumstances are now favourable for us when it comes to attracting FDI. The same applies to the relocating and arrival of foreign companies from countries embroiled in conflict, though it is now only noticeable that certain foreign companies are relocating their representative offices from the countries caught up in the conflict to European countries like Czechia, Poland and Slovakia, while some companies and employees of international corporations see Serbia and the Balkan region as relocation options. Our country’s political and economic stability, along with all the other known optimal prerequisites for investing and doing business in Serbia, certainly place us on the world map and in the focus of foreign companies and investors during these turbulent times.

May

23

Interview

LJUBICA GOJGIĆ, JOURNALIST,

KNIGHT OF THE FRENCH LEGION OF HONOUR

The issue of honour is today treated like a virtue of bygone times, and is really ever less associated with the notion of journalists, because some other traits, first and foremost adaptability, are becoming more important – and I would say according to the same principle through which resourcefulness trumps knowledge. That’s why journalism, as a profession, no longer has the kind of respect it had in the times prior to me deciding to pursue this career. I still believe that all’s not lost. In times of crisis, and we’re living in such times, it turns out that the public, bombarded with information and messages telling it what to think from all sides, still looks to journalists whose work has earned them the status of an authority. That is both a badge of honour and an obligation for a journalist

Political Correctness Is A

Sure Route To Self-Censorship

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By By Radmila Stanković

W

hen news was announced that Ljubica Gojgić had been awarded the French Order of the Legion of Honour in the rank of Knight, the vast majority of the Serbian public were in general agreement that, this time around, this highest recognition had been placed in the right hands. That’s because of everything she’s done to date, at NIN, B92, Radio-Television Vojvodina, on the Serbian media scene, as a permanent associate of CorD Magazine, Ljubica is justifiably known as a gauge of the values of Serbian journalism. Her articles, shows, concluding with the Right Angle on RTV Vojvodina, represent the consistent defence of democratic values in society.

Raised in a house where television occupied an important place and newspapers were also available, her interest in them only came later.

From her early childhood, she recalls children’s TV shows Kockica, Poletarac, and later the full school programme, the legendary David Bellamy, then Survival and Vladeta Janković’s stories about history... Years later, she would converse with Janković in political interviews.

Also unavoidable was the Dnevnik daily news bulletin, the drama programme of TV Belgrade on Mondays, BBC television series. Perhaps her journalistic ambitions also developed back then, without her even being aware of it. And when she thinks about it today, that’s actually the only profession that she really fell in love with as her choice.

Representing a great role model at the beginning of her journalistic career was Ljuba Stojić, who accepted Ljubica into his group of young novices at NIN, for whom he opened the door to the world of journalism as an editor, mentor and friend.

The Gojgić family, as well as the Jovanovićs on her mother’s side, hail originally from Zlatibor.

The first family settled in Požega, with the other moving to Užice. That’s how she came to spend her entire childhood in those two cities, between the houses of grandfathers Marko Gojgić and Milisav Jovanović. And while the Jovanovićs, who were a generation younger, represented a tangible source of love and support in her life and had an essential influence on her upbringing and attitude towards life, the Gojgićs had more of a memorial nature from the beginning, as her grandfather Marko, a veteran of the Salonika

front, passed away when she was a child.

However, the memory of him remained very vivid, as it was preserved by the entire family, with stories about his life and the Golgotha that he’d endure in the Great War. She’s proud of both families, because she’s aware that those two homes formed

The required media freedom is the minimum a society creates with an awareness of the fact that, without high-quality journalism, there can be no quality opinions or the required social dialogue. Sufficient media freedom is an ideal to which both journalists and the public aspire. Sufficient media freedom is another name for the constant struggle between public interest and the ambitions of powerful interest groups.

Real journalists always wear the shirt of the underdogs in that struggle

her views on the world and the values that she considers as being most important in life, which are honesty and compassion, which were passed down to her gently and lovingly by her Jovanovićs and Gojgićs.

And that’s why it’s no surprise that when she recently received the Order of the Legion of Honour in the rank of knight from French Ambassador to Serbia Pierre Cochard, Ljubica expressed her gratitude and clearly summarised her professional credo, but also stated the following.

“I was born into a family in which respect and love for France are inherited! Like eye colour or head shape, or the maxim that you can’t put a price on justice. My childhood and life were marked by the memory of my grandfather, who endured the Golgotha of World War I and upon returning to Požega, recalling a great alliance, spent the rest of his life speaking about having two homelands: Serbia and France. This strong, emotional closeness is strengthened by today’s ceremony and this French order that arrives on the chest of a member of the Gojgić family. In memory of those whose heroism enabled us to live freely, and who left us with the obligation to defend the values for which they fought.” What makes this Legion of Honour award special to you, compared to other equally valuable awards that you’ve already received?

The French recognition bestowed on me is the first representing the recognising of my work by a foreign country, and that’s why it’s special. I’m truly honoured by the fact that my work is also recognised as a contribution to our struggle, primarily for democracy and freedom of thought. It’s dear to me to find myself in the club of knights that already includes my fellow journalists Zoran Sekulić, Olja Bećković and Veran Matić. I wouldn’t like this to be taken as an empty phrase, but in our work every individual award is also recognition that’s shared with colleagues, with those from whom you learn, who shape you as a journalist, with those who tenaciously defend the profession and affirm its values. Finally, because France is in my heart, and that’s a love that I inherited, this French recognition prompted a lot of completely personal emotions.

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Interview elites. Media freedom is primarily also an opportunity to do the job you love, which isn’t easy in the slightest, and then the freedom to have only the dictates of your work as the highest standards of the journalistic profession and a sense of obligation to the public interest.

Journalists who’ve made that choice ordinarily aren’t “stars” in today’s tacky showbiz sense, nor has journalism made them rich. But if they fought and won that kind of freedom, they’ve earned the right to enjoy one of the most exciting professions in existence. Is there a sufficient degree of media freedom?

The inclusion of the word ‘honour’ in the name of an award is itself a rarity today. What does it mean to be an honourable journalist in Serbia and around the world today?

The issue of honour is today treated like a virtue of bygone times, and is really ever less associated with the notion of journalists, because some other traits, first and foremost adaptability, are becoming more important – and I would say according to the same principle through which resourcefulness trumps knowledge. That’s why journalism, as a profession, no longer has the kind of respect it had in the times prior to me deciding to pursue this career. I still believe that all’s not lost. In times of crisis, and we’re living in such times, it turns out that the public, bombarded with information and messages telling it what to think from all sides, still looks to journalists whose work has earned them the status of an authority. That is both a badge of honour and an obligation for a journalist. What is media freedom today; how do you live it?

Media freedom is an ideal that’s conquered again and again with each new generation of journalists. A legacy that’s constantly under

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The Hague experience was very important to my career, even though it was fairly disappointing, in terms of value. I think the tribunal in The Hague missed the opportunity to contribute in a just way to resolving the Yugoslav crisis and reconciling former compatriots. Fortunately, reconciliation is an inexorable process, because it is the passage of time and continuing life that unites people, both the old and particularly the young attack, by undemocratic regimes and those standing under the flag of liberalism and tolerance. Both politicians and commercial

The required media freedom is the minimum a society creates with an awareness of the fact that, without high-quality journalism, there can be no quality opinions or the required social dialogue. Sufficient media freedom is an ideal to which both journalists and the public aspire. Sufficient media freedom is another name for the constant struggle between public interest and the ambitions of powerful interest groups. Real journalists always wear the shirt of the underdogs in that struggle. There isn’t a single relevant politician on the Serbian political scene that you haven’t interviewed. Is there a common trait that unites politicians today?

They are united by a need, during their moments of greatest popularity or power, to turn away from the principles for which they advocated when they were less powerful. They also share the belief that power brings the right to listen to others less, or for them to be held accountable. In Serbia, they are similar in terms of their bigotry towards the media, which is always present and differs only in terms of nuance. You reported from the ICTY in The Hague, covering the trials of those accused of war crimes on the territory of the former Yugoslavia. What was Yugoslavia to you?

In my life, Yugoslavia is more a recollection of early childhood, which is understandably coloured in tones of innocence and naivety.

When I’d grown enough to start thinking something about the world in which I live, Yugoslavia had already been hit by crisis and

then collapsed. The trials in The Hague were one of the epilogues of the bloody wars that disappeared in the process. The Hague experience was very important to my career, even though it was fairly disappointing, in terms of value. I think the tribunal in The Hague missed the opportunity to contribute in a just way to resolving the Yugoslav crisis and reconciling former compatriots. Fortunately, reconciliation is an inexorable process, because it is the passage of time and continuing life that unites people, both the old and particularly the young. How do you interpret the often harsh accusations levelled against all those who have happy memories of the country in which they were born and spent a long time living their lives?

I observe them in the context of the prevailing mood in society that we have conflict instead of dialogue. On every possible subject, from Yugoslav nostalgia to Novak Đoković. I see them as a lack of understanding and tolerance for attitudes and feelings that aren’t similar to ours. Yugoslavia isn’t only part of our lives, but also part of our history, and it cannot be abolished or cancelled, which is today a popular way of treating subjects that people aren’t prepared to discuss. How do you perceive the ruling system of values, both in the world and in Serbia?

The system of values on which my generation was raised has come under attack both around the world and in Serbia. In that famous “pioneer’s oath” that was part of our upbringing, mention was made of honour and diligent study, respect for parents and elders, the importance of friendship, the obligation accepted with a given word. What else could be added to that and why is that act and text so often subjected to ridicule? Translated into today’s situation, a journalism student once asked me, in response to my insistence that all information be checked well before being sent into the ether: “Do you even watch today’s media?”

He correctly recognised that he was being taught something that in reality either doesn’t exist or is ever less present, but it’s important to know that life, and journalism, can and must look different.

At the end of the day, new generations will have to participate in the value “reset” that’s so essential for our journalism.

Among a section of journalists and the general public, it [political correctness] is imposed as proof of political orthodoxy...

I recognise correctness only as an obligation to respect the rules of the profession, the journalistic code, to talk politely to people, with compassion in situations requiring that. Political correctness, or social intelligence, as it is often called, is a sure route to selfcensorship. What in the ruling system that we live in today is most destructive for humans, as thinking beings?

The giving up of that unique gift of being able to think. Of having the right to know, having a way to discover and their own attitude about what they’ve discovered. It’s concerning that fear is stronger than attitude, even in situations where there’s no real reason or justification for that fear. On the other hand, the devaluation of knowledge is also worrying, as is the ease with which everything is considered, and publicly, without any knowledge whatsoever. To what extent has the notion of political correctness today been turned into its own polar opposite?

That concept was distant to me even during those times when it didn’t have such a glamorous formulation, but was simply recognised as courteousness. Among a section of journalists and the general public, it is imposed as proof of political orthodoxy, correctness and even a qualification for one to continue to be an interlocutor in a discussion, i.e., as a theatre backdrop tasked with hiding a lack of courage without which there can be no journalism. I recognise correctness only as an obligation to respect the rules of the profession, the journalistic code, to talk politely to people, with compassion in situations requiring that.

Political correctness, or social intelligence, as it is often called, is a sure route to self-censorship.

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Feature

We’re Awaited

By Years Of Inflation ĐORĐE ĐUKIĆ

PROFESSOR AT THE UNIVERSITY OF BELGRADE FACULTY OF ECONOMICS

Rising inflation isn’t a temporary phenomenon resulting from the hitherto unseen expansive monetary policy applied following the outbreak of the Covid-19 pandemic. Economic indicators suggest that, on the supply side, most of these factors will serve to maintain cost inflation at a high level, compared to historical standards, for many years to come. The U.S. is awaited by a recession, while Europe - which is closer to us - can expect high inflation followed by a significant slowdown in economic activity

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e’re living in a time of inflation the likes of which hasn’t been seen for over 40 years, in a period of such conflict that hasn’t been seen in these lands since the end of World War II, and in conditions of the kind of disrupted value chains that we’ve never previously seen.

For many people, regardless of their level of education in economics, the question of what are brought by day and night, and what they will wake up with tomorrow,

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represents an unknown. CorD caught up with Dr Đorđe Đukić, professor at the University of Belgrade Faculty of Economics, a great connoisseur of the financial system and a witness to numerous inflation and hyperinflation episodes in the former Yugoslavia and Serbia, to discuss this new wave of inflation, which differs from all previous waves we’ve encountered on our territory. We also used this interview to discuss economic terms that we’ve rarely had opportunities to hear, if we exclude

the period 2008 financial crisis: recession, stagnation and stagflation. What awaits the world, and what awaits us? We’re again facing inflation after a long break, and this kind of inflation isn’t caused in large part by the printing of money at home, as was the case in the 1990s. How long do you expect this inflation to last?

The trend of rising consumer prices in industrialised countries, primarily the U.S. and the

Eurozone, which preceded the outbreak of the conflict in Ukraine, showed unequivocally that rising inflation isn’t a temporary phenomenon resulting from the unprecedented expansionary monetary policy applied following the outbreak of the Covid-19 pandemic. The retaining of the rate of the U.S. Federal Reserve at just 0-0.25% until March 2022, as well as the European Central Bank’s multi-year policy of maintaining its key interest rate at zero, under the conditions of numerous disruptions on the supply side, such as broken supply chains, exploding prices or raw materials and energy on the world market, accompanied by halts in the production of certain metals (such as aluminium), have caused inflation to rise to a level not seen over the last 40 years.

The conflict in Ukraine only served to propel cost inflation even higher. In the U.S. in March 2022, the annual inflation rate, including of energy and food prices, stood at 8.5%, and at 6.5% without those two items, which represents the highest rate of inflation since December 1981. In the same month in Germany, the eurozone’s most powerful economy, the inflation rate reached its highest level since German reunification - 7.6% annually.

The core inflation rate, i.e., with the exclusion of the food and energy sectors, stood at 3.4%, which is well above the ECB’s target rate of 2%. Serbia’s annual inflation rate in March totalled 9.1%, marking the highest level since July 2013, while core inflation was up 4.8%.

Economic indicators suggest that, on the supply side, most of these factors will serve to maintain cost inflation at a high level (according to historical standards), for many years to come. Considering the poor prospects of the conflict in Ukraine ending quickly, there are unlikely to be any significant reductions in the prices of food, energy and non-ferrous metals, which a large number of industries depend on. More enduring cost-push inflation will come as a result of labour market imbalances following the end of the Covid-19 pandemic, due - on the supply side - to shortages of workers with the qualifications needed by the industrial sector, thus compelling companies to offer higher wages.

Central banks face major challenges due to the risk of overestimating the dosage of restrictive policy measures aimed at reducing

demand and restraining inflationary expectations, thereby causing a recession after a shorter or longer delay. Our central bank and others have decided to raise the reference rate.

However, this is happening at a juncture when it’s becoming clear that the conflict in Ukraine will have significant ramifications, not only on economic

Central banks face major challenges in intelligently administering restrictive policy measures aimed at reducing demand and restraining inflationary expectations. If they overestimate, we will face recession growth across a great part of the world, but also on continued disruptions in the work of major global value chains.

Is it time for us to get used to stagfla-

tion, both globally and in our country?

The Bank of England announced the end of its policy of cheap money by increasing the key interest rate to 0.5% in February 2022, while the U.S. FED did the same in March – raising the rate from 0-0.25 to 0.25-0.5%.The intensity of the interest rate hikes deployed by the FED and the ECB in the fight against inflation during 2022 will determine the probability of recession or stagflation hitting the economies

of the U.S. and the eurozone, on which the Serbian economy is the most dependent. Key market players expect the FED to try to keep price pressures under control by raising interest rates aggressively in May and June, by 50 base points each, and twice in the second half of 2022, by 25 base points, bringing them to 2-2.5% by the end of 2022. The FED is confronted by the risk of the U.S. economy entering a recession during 2023, but not the risk of stagflation. And this comes after many years in which the country grew accustomed to living with interest rates of close to zero and ample liquidity, accompanied by extremely high growth of the S&P 500 stock exchange index, by close to 90% over the last five years and by 36% since the beginning of 2020. And why is the stagflation scenario so unlikely? Firstly, because the unemployment rate has fallen to

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Feature 3.6%, which is slightly above pre-pandemic levels and expected to be the average for the whole of 2022. Secondly, with their downward adjustment of the forecast in March, FED officials confirmed their expectation that GDP will grow 2.8% in 2022 and 2.2% in 2023.

Thirdly, any increase in individual workforce costs doesn’t pose a major threat due to labour productivity growth exceeding that of the 1970s; the productivity of all production factors was up four per cent in 2021, while the consumption of petroleum products per dollar of U.S. GDP has fallen by as much as 70% (according to FRB San Francisco) compared to the early ‘70s. As such, there is only minimal risk of the U.S. facing the stagflation scenario prompted by the oil shocks of the ‘70s – with inflation and unemployment rates rising in parallel.

The economy of the eurozone is closer to facing a stagflation scenario (with high inflation accompanied by a significant slowdown in economic activity). The unprecedented sanctions imposed on Russia will disrupt supply chains over a long period, hitting supplies of energy, metals and parts for the automotive industry, which is the driver of economic growth in Germany and European countries that have Germany as their main foreign trade partner. Serbia is also among those countries. Exports of vehicles fell by 10% in 2021, with foreign orders falling by 3.3% in February 2022 alone. Following the unexpected high inflation rate of 7.5% in the eurozone in March, the ECB will be under pressure to initiate a cycle of gradually increasing the key interest rate during the second half of 2022, which was postponed to avoid a further slowdown in economic activity. Confirming that Germany faces a significant risk of recession was government official’s March revision of its economic growth forecast for 2022 – from 4.6 to just 1.8%, alongside annual inflation of 6.1%.

The central banks of the countries of Central and Eastern European that apply the concept of inflation targeting began raising key interest rates in the fourth quarter of 2021 for preventative reasons, in response to rising inflation and the weakening of their national currencies. In the January-April 2022 period, particularly after the outbreak of the conflict in Ukraine, they continued their aggressive increases (from 50 to 100 base points). The

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during this year and next, assuming that current trends continue?

Under current conditions, inflation is mostly punishing savers, particularly those who don’t keep their cash in banks. Those who opt for unproductive investments – real estate, gold etc. – will be punished by time, because the speculative real estate bubble will burst sooner or later key interest rate stands at 4.4% in Hungary, 4.5% in Poland, 3% in Romania and 5% in Czechia. During that same period, Serbia’s central bank, the National Bank of Serbia (NBS), didn’t change its key interest rate, retaining it at an annual level of 1% until as late as 7th April 2022, satisfying itself with just the measure of extracting liquidity from the banking sector through so-called reverse repo operations. It increased it to 1.5% on that day. It is clear that banking products will become more expensive, but how much will that actually benefit banks? What are your expectations when it comes to the results of banks’ operations

The extent to which the profits of banks in Serbia will grow in 2022 depends mostly on the dynamics of their lending activity, because the NBS has opted to maintain a fixed exchange rate after April through intervention in the foreign exchange market, as opposed to by further increasing the reference rate. Here I’m primarily referring to the predominant cash loans to retail clients (44% share), which recorded annual growth exceeding 10% in January 2022. Due to the slight increase in the price of dinar loans linked to the reference rate of the NBS or BELIBOR, which account for approximately 55% of total retail loans, growth in these loans will not reduce significantly. The second most popular form of credit in terms of participation, housing loans (38.7% share), recorded the highest annual growth in January, totalling approximately 17%. The latest available data indicate that almost the same annual growth of cash loans and mortgages granted to households was also recorded in February 2022. Considering that it is only after the ECB raises the key interest rate that the six-month Euribor rate will be mostly negative or slightly above zero, the most likely scenario is that these loans will continue to experience growth for the majority of 2022, albeit at a much lower rate. This is due to citizens’ reluctance to borrow during times of crisis in light of the risk of them losing their jobs, but also the severe hike in real estate prices during the first quarter of 2022. What will happen to savings? Everyone who has savings, in both dinars and foreign currency, is making a loss at the moment.

The taxing of savers due to low interest rates has lasted a long time. The interest rate on total foreign currency deposits, and deposits indexed in foreign currency, has stood at below 1% since 2017, while - under current conditions - inflation is mostly punishing savers who don’t keep their cash in banks, due to feelings of uncertainty. Unfortunately, that will remain the same over a longer period. The answer to this absurdity is the irrational allocation of savings, such as opting for unproductive investments – real estate, gold etc. History will repeat itself: the speculative real estate bubble will burst sooner or later.

Leaders’

Dr Sandra Tinaj, General Manager, and Dr Milica Vukotić, Dean of the Faculty of information Systems and Technologies, University of Donja Gorica

Dragoljub Milinković, CEO, Veterinarski zavod Subotica

MEETING POINT

TotalEnergies Marketing Serbia

Education Is At A Major Turning Point!

New Laboratory For A New Age

Planting Seedlings Of Care For The Environment

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Radisav Osmajlić, Director for Central and Eastern Europe and Turkey, WTW

Philanthropy

Every Risk Is A New Opportunity

The Harp Talent

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DR SANDRA TINAJ, GENERAL MANAGER, AND DR MILICA VUKOTIĆ, DEAN OF THE FACULTY OF INFORMATION SYSTEMS AND TECHNOLOGIES, UNIVERSITY OF DONJA GORICA

Education Is At A Major Turning Point!

UDG offers a unique educational model

The University of Donja Gorica (UDG) is dedicated to its students and training them for both their professional advancement and to be a responsible citizen of the globalised world. The UDG’s innovative study model prepares students for rapid changes, developing their entrepreneurial spirit and their passion for learning

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he University of Donja Gorica announced a 20-year strategic partnership with Arizona State University, one of the most innovative universities in the U.S. and one of the world’s most prestigious higher education institutions. UDG and ASU are today working together to develop and scaleup high-quality academic programmes.

Is the development of an innovative study model the right and best response to the crisis confronting classical university education?

It is evident that the classical university is currently in crisis. Thus, the questions to be posed are: how can one study and live in a world of rapid changes governed by complete uncertainty? How to organise studies for today’s student, who will change their profession seven to 10 times during their life, unlike their parents, who perhaps changed jobs twice, and their grandparents, who spent their entire working life at the same workplace? Furthermore, with life expectancy having extended for these generations, a question arises as to what should be instilled in the foundations of students’ characters, their knowledge and skills, their value system, to ensure that these foundations endure that longevity. This is why education is facing great challenges today and why it is at a major turning point!

We are striving to respond with our innovative study model. First of all, UDG is dedicated to its students and training them for both their professional advance-

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ment and to be a responsible citizen of the global world. The strictest professor at our university is the professor called life, which means that we don’t teach our students about life, but rather put them in a position to learn from life, to learn by living. Unlike classical universities, which mostly function according to the A = K model (Ability = Knowledge), we are developing our A = K x i2 model, where the i variable refers to the intensity of learning by living, equating to the student’s intensity of life during their studies. One knows only what one has experienced and felt. We prepare students for rapid changes and the uncertainties that we mentioned, and we invest a lot to develop the confidence of our students and encourage their passion for learning.

Your graduates aren’t registered with employment bureaus, because demand for them is growing, but also because they start working independently thanks to having developed their entrepreneurial spirit. And that spirit is even taught at UDG faculties?

During their studies, students engage in a significant number of team projects and are encouraged to develop their entrepreneurial ideas, thinking in a global context. As we’ve already noted, we develop students’ awareness to be responsible citizens of a globalised world.

The date of 30th March represents an important landmark for you, because it was then that you organised a major launch on the occasion of signing a memorandum of

cooperation. What can you tell us about that memorandum?

The University of Donja Gorica announced a 20-year strategic partnership with Arizona State University, which has been ranked the most innovative university in the U.S. by U.S. News and World Report for the last seven years consecutively and proclaimed one of the world’s most prestigious universities by publication Times Higher Education; and with the Cintana Alliance, a global network of ambitious universities that work together to develop and scaleup high-quality academic programmes.

This partnership significantly improves the quality of higher education and the opportunities that will be open to young people from across the region. Thanks to this partnership, UDG’s academic environment will welcome the world leader in innovation to the region, which will bring with it its global influence in scientific research and the best online programme for undergraduate business degrees. In the future, UDG and the Cintana Alliance will work collaboratively to expand UDG’s resources beyond Montenegro through online degree programmes and regional learning centres throughout the region. UDG is ASU’s exclusive partner for Serbia, Croatia, Bosnia-Herzegovina and Montenegro.

Through this partnership, UDG will offer a unique educational model that offers a wide range of new academic opportunities to students, such as access to the ASU curriculum and the unique opportunity to participate in dual degree programmes,

UDG is Arizona State University’s exclusive partner for Serbia, Croatia, BosniaHerzegovina and Montenegro student mobility programmes, co-teaching and research exchanges.

UDG is among the few universities that invest heavily in general education, culture, entertainment, sports and student travel.

How important is that for every young person? Is that “breadth” as important as a diploma?

As we stated earlier, all of this belongs to, and is derived from, our equation (intensity of life), without which knowledge has no value. The intensity of life aspect encompasses all study visits, seminars, training courses, projects, research, excursions, social events, sporting activities etc., generating cultural capital that is built among young people through the various elements of activity mentioned. Based on these principles and the essence of the A = K x i² model, it can be seen that the emphasis of our studies is on the essential being of the student; how they can acquire as many skills as possible during their studies, develop a better sense of responsibility and speed of decision-making, and acquire qualities that are important to thrive in the globalised world.

Most of your students have opportunities to work and study abroad, through exchanges, internship programmes or seasonal work, and many of them manage to secure employment prior to graduating. How did you achieve that?

We achieve this through UDG’s great openness and its great commitment to its own internationalisation. We achieve it through partnerships with a large number of universities and companies from around the world, as well as through international projects that also, in addition to professors and associates, involve students.

UDG is known for the constant modernisation of its approach to teaching and the introduction of new programmes. What’s new for the generation that’s enrolling in studies this year?

UDG’s programmes are oriented towards each individual student, while still providing fundamental technical knowhow in core areas, including IT, research, entrepreneurial and communication skills, as well as a focus on learning multiple languages. By maximising the students’ exposure to a wide range of learning experiences, UDG is becoming a transformational leader in the region. The biggest novelty for the new generation will be access to the repository of Arizona State University, a leader in innovative teaching concepts. Students will benefit from careeroriented curricula, practical experience in real-world projects and opportunities to solve some of the world’s most pressing challenges while increasing their competitiveness on their future career paths.

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LOCAL NEWS

“The consolidation of banks is important because it creates more stable banking groups on the market, with greater credit potential” – VLADIMIR VASIĆ, SECRETARY GENERAL OF THE ASSOCIATION OF SERBIAN BANKS

OTP BANK SERBIA AND OTP GROUP PRESENTED RESULTS FOR 2021 In 2021, OTP banka Srbija made 68 million euros in profit and over 228 million euros in revenue. The historical result was also recorded in factoring, where the turnover of 400 million euros was realized, which strengthened OTP’s long-term status as a leader in this field. After the integration, the bank managed to maintain the position of the largest creditor of the economy and households, and the market leader in factoring, leasing, and e-commerce services.

Including the income of the former OTP banka a.d.

Belgrade by the time of integration in May 2021, OTP Bank Serbia generated revenue of 228.2 million euros, an increase of 4.2 percent, or 9.1 million euros compared to 2020. On the last day of 2021, assets amounted to 5.66 billion euros, which is an increase in net assets by as much as 429.7 million euros compared to 2020, or 8.2 percent.

IMF PREDICTS 3.5% GROWTH IN SERBIA The International Monetary Fund predicts 3.5% growth in Serbia’s GDP this year, with 4% for 2023. Serbia’s growth forecast for the current year is lower by 1.0 percentage points compared to the IMF’s projection made in October last year when growth of 4.5% was projected, while the forecast for 2023 has remained unchanged. In the new April report World Economic Outlook currently being presented, the IMF estimates that inflation in our country will amount to 7.7% this year, and 4.7% next year. Serbia’s current account deficit is expected to increase to 6.1% in 2022 and to 6.7% next year.

A1 CELEBRATES ITS FIRST BIRTHDAY IN SERBIA A1 Serbia celebrates its first year under the A1 brand and 15 years of business on the Serbian market. The then Vip, and from 7 April 2021, A1 Serbia, shook the Serbian telecommunications market.

Today, A1 has close to 2.5 million users in Serbia and is the network with the largest number of people. This operator recorded the best ratio of numbers transferred to and from the network last year, and thus the growth of the number of users according to this category close to 10 thousand. A1 Serbia is part of the international A1 Telekom Austria Group with 25 million users in seven countries.

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“All companies wanting to achieve market success must, first and foremost, find the inner strength to be constantly ready for change” – SRĐAN RADIĆ, CEO, TELEGROUP

NEW TERMINAL OF THE BELGRADE NIKOLA TESLA AIRPORT OPENS The newly built part of the existing terminal at the “Nikola Tesla” Belgrade Airport has been put into operation, which has increased the airport’s capacity, comfort, and efficiency of passenger flows. With a total area of 13,600 m2, the new part of the terminal has an additional 8 waiting rooms with air bridges and 5 waiting rooms for boarding planes in separate parking positions, so that on the C side there are now a total of 19 gates. The newly built part of the terminal is designed in accordance with the standards of the parent company VINCI Airports, in terms of materials, color palettes, marking systems, equipment, and other architectural and interior elements. In addition to the new part of the terminal, the first phase of the expansion of the associated platform of nearly 27,000 m2 has been completed, which includes 4 new parking positions, including one for wide-body aircraft.

SERBIAN FARMERS CHOOSE OILSEEDS DUE TO UKRAINE WAR Around two million hectares will be sown in Serbia this spring, and the largest area will be traditionally occupied by corn – about 950,000 hectares, which is about 70,000 hectares less than last year. Due to good prices and problems in Russia and Ukraine, farmers will sow more soya beans and sunflower. According to announcements by local farmers, sunflower could occupy about 250,000 hectares, about 30,000 more than last year. It is estimated that due to the war in Ukraine, the production of sunflower there could fall to the lowest level in 13 years – to about 4.3 million hectares, a third less than last year.

20 YEARS OF SCHNEIDER ELECTRIC IN SERBIA Today, after 20 years of business, Schneider Electric in Serbia brings together more than 100 local companies, in a network of partners, which will continue to expand. The company is focused on software, primarily on solutions that contribute to energy efficiency in facility management, as well as for industrial applications, all with the aim of increasing profitability, reducing risk, and greater sustainability.

In addition, an important segment of the company is the Schneider Electric Hub in Novi Sad, where over 900 experts work on the development and delivery of software for electricity and gas distribution, and who will work on new businesses and software in the field of energy from this year.

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DRAGOLJUB MILINKOVIĆ, CEO, VETERINARSKI ZAVOD SUBOTICA

New Laboratory For A New Age Veterinarski zavod Subotica was established in 1921 as the state sought the capacity to produce vaccines.

Today we have seen that support for companies like ours is the foundation for establishing national security in terms of animal health and, indirectly, human health

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Labiana family, we believe that our mission is to promote and develop these health concepts globally.

ur goal is to become a reference point in the field of international biological production. We can count on almost 100 years of rich experience, on our production capacity and on our staff as the basis for the development and stability of our company - says Mr Milinković.

Last year, you celebrated Veterinarski zavod Subotica’s 100th birthday and your entry into the Labiana family, a great foundation for further development. What is the goal for your second century?

As a member of the Labiana Group, the strategic goals for the company’s future are to develop biological products and enter the international market. This year, the construction of a new control laboratory will be completed according to all the standards of Good Laboratory Practices. In this way, we are creating a platform for the company’s continued growth. We want to offer our knowledge and resources on the CDMO market. We are recognised in the Balkans as a stable and high quality brand with a long tradition. We want to expand our product portfolio and build partnerships with other companies in the world of animal health. The main focus for the new century remains our people and innovation.

What is the essence of the One Health concept and why is it so important?

In the One Health concept, we contribute to animal health and in that way take care of human health and environmental protection at the same time. Our Institute is an indispensable factor in animal husbandry in Serbia, but also in the entire region, which is why we want to further develop this role.

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Vaccines have been your number one strategic product for decades. What is the innovation potential in this segment of your business?

We are continuously monitoring the occurrence of new diseases that are a danger to animal health and we conduct research and work on the development of a high quality response through new vaccines. In cooperation with a national network of researchers in this field, and with the support of the Ministry of Agriculture, a team of our experts managed to produce a vaccine against Bluetongue disease. In developing innovations in vaccine production and applying innovative solutions in our company, we will establish the foundation for the future development of new vaccines.

In cooperation with a national network of researchers, a team of our experts has produced a vaccine against Bluetongue disease Global events in the last few years teach us that humans and animals form a single ecosystem that must be respected.

By taking care of animals and nature, we are actually taking care of ourselves and the future of mankind. As part of the

How do you assess cooperation with state institutions in Serbia?

By supporting the One Health concept and relying on our own resources, we are enabling national sustainability in vaccine production and immunoprophylactic protection of both animals and humans.

Thanks to our institute, the only producer of animal vaccines in the country and the region, Serbia can produce all the necessary vaccines completely independently in the event of an outbreak of a dangerous infectious disease.

In our jubilee year we have signed two protocols on cooperation with the Ministry of Agriculture and the Ministry of Defence, in which we are recognised as a reliable partner in animal health.

TOTALENERGIES MARKETING SERBIA

Planting Seedlings Of Care For The Environment With the ongoing challenges to preserve our planet that’s endangered by climate change, global multienergy company TotalEnergies continues to pursue its ambition of reaching its carbon neutrality objective for the second half of the century. This means not only transforming the way energy is produced, transported and used, but also requires a collective effort that includes civil society

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n accordance with the company’s global strategy, the TotalEnergies local representative office in Serbia organised an action in Belgrade on 18th April, thus marking this year’s Earth Week with a dedicated activity that involved three preschools: Carica Milica and Princeza Olivera in the Savski Venac municipality, and Sveti Sava in the Banovo Brdo neighbourhood.

In a joint effort to raise awareness of the importance of trees to life on the planet, company employees joined forces with preschool children to plant mini parks in the schoolyards of each of these institutions. In an effort to forge enduring bonds and create a culture of appreciation for plantlife, the participating children were asked to attach small name tags to each of the saplings and attend to their watering needs whenever necessary.

The mini parks that they created together will serve as a daily reminder of how important it is to care for the environment and thereby help protect the climate.

With the aim of contributing to the development of host communities and regions, TotalEnergies promotes initiatives that protect ecosystems, linking them to awareness-raising efforts and educational activities that place young people at the forefront of these efforts.

The company’s social engagement is an integral part of its ambition to be a world-class player in energy transition, providing energy that’s more affordable, cleaner, more reliable and accessible to as many people as possible.

TotalEnergies’ focus on climate concerns is integral to its four areas of strategic focus: natural gas, electricity generated from renewables and gas, petroleum products and carbon neutrality.

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“The state must buy domestic food and limit exports, subsidise raw materials and regulate the food chain” – TANJA FAJON, MEMBER OF THE EUROPEAN PARLIAMENT FROM SLOVENIA

REGIONAL NEWS

SERBIA, SLOVENIA AND EU ESTABLISH REGIONAL ELECTRICITY EXCHANGE ELES and EMS, transmission system operators from Slovenia and Serbia, together with the European Electricity Exchange EPEX SPOT, will establish the first regional electricity exchange for Central and Southeast Europe.

The new legal entity Alpine-Adriatic Danube Electricity Exchange – ADEX will offer harmonized and unique spot trade services in Slovenia and Serbia, with the aim of expanding its business and services to other countries in Central and Southeast Europe, said Elektromreža.

Serbia (EMS). ELES, EMS and EPEX SPOT will own the same number of ADEX shares. The agreement envisions a business merger of the Slovenian BSE and the Serbian SEEPEX electricity exchanges.

ROMANIA’S CONSTANTA PORT BECOMES MAJOR ROUTE FOR UKRAINIAN GRAIN Ukraine has so far sent about 80,000 tonnes of grain to the Romanian port of Constanta, and even larger quantities are expected to arrive, according to the director of the National Company for the Administration of Maritime Ports (CNAPM) Constanta, Florin Goidea.

He explained that the grain arrived either by rail or barges on the Danube, and assured that the port has the capacity to handle additional grain exports, local Adevarul reported. The storage capacity in the port of Constanta is about two million tonnes, and last year exports of about 24 mln tons were shipped from here.

CROATIA’S INDUSTRIAL SALES IN FEBRUARY UP 21.9% The volume of industrial sales in Croatia in February 2022 was 21.9% higher than in February 2021 and 6.9% higher than in January 2022, according to figures released by the Croatian Bureau of Statistics. Compared with February 2021, industrial sales increased by 19.3% on the domestic market and by 25.7% on foreign markets. Broken down by main industrial groupings, sales of durable consumer goods increased by 46.6%, sales of energy by 44.0%, sales of intermediate goods by 32.3%, sales of capital goods by 16.2% and sales of non-durable consumer goods by 11.3%. Industrial sales had been on the rise since the beginning of 2021, with the exception of February when they dropped by 7.7%. The lowest annual increase, of 1.7%, was recorded in January, after which double-digit increases were recorded, and the highest in April 2021, of 40.6%.

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“The integration of the Western Balkans is one of the greatest tasks for the EU” - OLAF SCHOLZ, GERMAN CHANCELLOR

WIZZ AIR INTRODUCES FLIGHT CONNECTING BOSNIA’S SARAJEVO TO GERMANY’S SAARBRUCKEN The Saarbrucken-Sarajevo flights will start operating on 14th June. Wizzair, the Hungarian low-cost carrier, has announced that it will start operating with the flights from Germany’s Saarbrucken to the Bosnian capital Sarajevo. The announcement was shared through Wizzair’s official Twitter account. The new service will be offered twice per week, every Tuesday and Saturday, Wizz Air’s flight schedule shows.

GROWTH OF MONTENEGRIN ECONOMY HITS 3.5 PER CENT According to the latest forecasts of the Vienna Institute for International Economic Studies (WIIW), the Montenegrin economy will grow by 3.5% this year. In the latest spring report, the Institute predicted that the Montenegrin economy would strengthen by 3.7 per cent next year, and by 3.3 per cent in 2024. In case of a negative scenario, WIIW for Montenegro forecasts gross domestic product (GDP) growth of 1.8 per cent for this year, 2.2 per cent for next year, and 2.8 per cent for 2024. Lower economic growth in Eastern and Central Europe and a deep recession in Ukraine and Russia are predicted, reports Tanjug.

NORTH MACEDONIA’S ESM TO BUILD FOUR PV PLANTS North Macedonia’s state-owned electricity producer ESM announced its plans to build four photovoltaic (PV) power plants with a combined capacity of 280 MW near the REK Bitola thermal power plant (TPP). ESM is currently working with a consultant from the European Bank for Reconstruction and Development (EBRD) on the concept for a 20 MW PV plant which will be installed next to the coal-fired TPP, the electricity producer said in a press release.

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RADISAV OSMAJLIĆ, DIRECTOR FOR CENTRAL AND EASTERN EUROPE AND TURKEY, WTW

Every Risk Is A New Opportunity WTW operates in 140 countries and is a global leader in people, risk and capital management consulting. In Serbia, it focuses on risk management through insurance brokerage and the designing of employee benefit programmes

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dentifying client needs and market specifics, and then developing products that will meet these needs, is the way WTW operates in the region. As a result, a new hotel insurance product has emerged.

fects. Our job is to use various techniques to reduce the likelihood of the occurrence and consequences of negative events for our clients, but also to increase the chances and effects of positive events.

Which of your services is in greatest demand in Serbia and which business areas are yet to grow?

Our company is one of the global leaders in people, risk and capital management consulting. At WTW we provide data driven and insight led solutions that makes our clients more resilient and their employees more engaged. Our services in Serbia are focused on risk management through insurance brokerage, employee benefits programmes designing and advising on total employee compensation. Besides this, in the central and eastern Europe region we provide strategic HR consulting services, as well as advice to insurance companies, together with the innovative software solutions to improve their business.

Is your success, among other things, based on offering clients innovative solutions based both on global knowledge and the experience and knowledge of local opportunities?

We see this approach as our greatest comparative advantage. Recognising client needs and market specifics, and then developing products that will meet these needs, is our way of working in the region. One of the results of this approach is our new hotel insurance product, which includes property insurance, business interruption, general liability and directors and officer’s liability, which we developed in collaboration with the Generali Group and our colleagues from our headquarters in London. It is characterised by extremely high-quality insurance coverage with numerous extensions.

This product covers, for example, the consequences of terrorism, fraud and other malicious acts of hotel staff, damage to items entrusted to the hotel, the financial consequences of administrative closure of the hotel or loss of a location’s attractiveness, product liability (food and beverage), liability for organising excursions and recreational sports activities, but also responsibility for inappropriate advertising and other risks that are otherwise difficult to ensure. All this can now be ensured by applying the bespoken WTW global insurance wordings that are adapted to be compliant with local legal frameworks in all Central and Eastern European countries.

For you from WTW, risk is not exclusively a bad thing, because you look at it through opportunities that need to be exploited. Is this exactly what allows your customers to make extra profit?

There are different definitions of risk, but we prefer the one according to which risk is the chance that an outcome or investment’s actual gains will differ from an expected outcome or return and which can be quantified by the standard deviation of a certain event. In other words, there is always the possibility that the realisation of an event can result in negative, but also positive ef-

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Our job is to use various techniques to reduce the likelihood of the occurrence and consequences of negative events for our clients, but also to increase the chances and effects of positive events

PHILANTHROPY

The Harp Talent Founded in 2003 as a non-profit action tank, Multikultivator connects with institutions and individuals from around the globe to produce concerts, festivals, educational music programmes, clinics and conferences, creating a unique network of networks

Z

oja Đorđević is an extraordinary young harpist from Belgrade. Dedicated and hardworking, Zoja is the holder of Vuk’s diploma in two high schools. In addition, she is the Student of The Generation in high music school Stanković. This summer, Zoja is heading for Oslo, Norway, to study at The Norwegian Academy of Music in the class of famous harpist and professor Ms Isabelle Perrin. Multikultivator, the organisation that has been systematically providing support and extraordinary opportunities for the professional development of young musicians from Serbia for more than 12 years, has launched a fundraiser to help Zoja’s dreams come true.

The people at Multikultivator believe that music impacts people positively. That’s why they organise concerts and festivals to contribute to making the world a better place. For a lasting impact, they are actively involved in shaping new generations of musicians through their platform for music education simply called “Multiversity.”

Multikultivator is Berklee Global Partner for Serbia and neighbouring countries.

Their latest action was launched to raise funds to support young harpist Zoja Đorđević studies at The Norwegian Academy of Music in Oslo, Norway, in the class of renowned professor Ms Isabelle Perrin.

Zoja was born on 22nd November 2002 in Belgrade, to a family in which music has always played a significant role. During the 10 years of her musical education, Zoja was awarded at numerous competitions in Serbia and abroad, both as a soloist and chamber ensemble member. Her first solo concert came at the age of 14 in the Great Hall of the Belgrade Youth Centre, playing for her first instrument.

In addition to her regular musical education, Zoja didn’t miss a single opportunity for additional professional training with professionals from Serbia and abroad.

Zoja loves to perform. On stage, she feels inspired and free. Independently, with chamber ensembles or a band, she has performed at the Great Hall of Kolarac Endowment, The Residence of Princess Ljubica, the Great Hall of the Belgrade Youth Centre, Belgrade Cultural Centre Gallery, Mikser Festival, Super Dot, The Museum of Science and Technology, Gallery Progress, House of King Peter. In June 2021, Zoja performed at the UK Ambassadorial Residence in Belgrade on the occasion of the official celebration of the birthday of Queen Elizabeth II.

FUNDRAISER Harp students from around the world apply every year to the class of Professor Isabelle Perrin at The Norwegian Academy of Music in Oslo. Zoja is one of three students admitted to her class in 2022.

This fundraiser aims to raise €15,000.00 per year of study. This amount includes living expenses, student visas and administrative expenses at the academy on an annual basis, while education itself is free.

You can support this action by participating in the Fundraising Dinner with a concert on 20th May, 2022, at the creative agency Super Dot, or support her public Fundraising Concert that will take place in Belgrade during the first half of June.

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“Freedom of speech is the cornerstone of a functioning democracy, and Twitter is a digital town square” – ELON MUSK, CEO OF TESLA MOTORS

WORLD NEWS

TELECOM ITALIA SEEKS €3 BLN CREDIT LINE WITH STATE GUARANTEE Telecom Italia has started talks with a pool of banks for a new credit line worth around €3 billion that could be partly guaranteed by Italy’s trade insurer SACE, three sources familiar with the matter said.

The debt-laden former phone monopoly, hit by multiple rating downgrades following a record annual loss last year, is pressing ahead with plans to reorganize its business by spinning off assets.

INFLATION OR GROWTH? A JPMorgan survey shows a record high 86% of its clients planned to raise equity exposure. It is unclear if those plans will have come unstuck after the latest spurt in oil and commodity, and galloping inflation expectations.

The bank itself is warning central banks face a stark choice --to “live with energy-driven inflation or kill off economic growth”.

The rise in five-year Treasury “breakevens” to 3.5% is alarming, coming as it does on the heels of the Federal Reserve’s interest rate liftoff and money markets pricing nearly 200 basis points of increases this year alone.

EGYPT ECONOMY FORECAST TO GROW 5.1% IN YEAR TO JUNE, 5.5% Egypt’s economy will grow 5.1% in the fiscal year that ends in June 2022 but accelerate to 5.5% in each of the following two years as tourism continues to rebound and the effects of the coronavirus pandemic wane, a Reuters poll showed.

The central bank said last month’s economic growth surged to 7.7% in the final quarter of the last fiscal year, indicating growth of 3.3% for the entirety of 2020/21, up from a previous full fiscal-year estimate of 2.8%...

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“I’m so happy Twitter will continue to serve the public conversation.

Around the world, and into the stars! ” – JACK DORSEY, TWITTER FOUNDER

TAIWAN’S ‘BIGGEST OFFSHORE WIND FARM’ GENERATES ITS FIRST POWER A large-scale offshore wind farm in waters off the coast of Taiwan has produced its first power, with those involved in the project describing the news as a “major milestone.” In a statement, Danish energy firm Orsted said the first power at the Greater Changhua 1 & 2a facility was delivered on schedule following the installation of its initial set of wind turbines. Electricity, it said, had been “transferred to Orsted’s onshore substations via array cables, offshore substations, and export cables. The renewable energy was fed into the national grid via Taipower’s substation.” Taipower is a state-owned utility, with the Orsted describing it as “Taiwan’s biggest offshore wind farm.” It will have a capacity of approximately 900 megawatts and use 111 turbines from Siemens Gamesa Renewable Energy. Capacity refers to the maximum amount of electricity installations can produce, not what they’re necessarily generating.

CNN+ SHUT DOWN ON 30 APRIL, ONE MONTH AFTER LAUNCH MEDIA Warner Bros. Discovery has shut down CNN+ on 30 April, just weeks after the standalone streaming service launched. “This is not a decision about quality; we appreciate all of the work, ambition and creativity that went into building CNN+, an organization with terrific talent and compelling programming,” Chris Licht, chairman and CEO of CNN Worldwide, said in a statement. “But our customers and CNN will be best served with a simpler streaming choice.” The company also announced CNN+ head Andrew Morse is leaving Warner Bros.

Discovery after a transition period.

GOOGLE’S NEW HUDSON RIVER CAMPUS IN MANHATTAN As Google employees return to campus life following over two years of remote work, the company has a splashy new office for workers in New York. Google has officially opened a new campus on a Hudson River pier, and it sits on New York’s largest rooftop. The 630,000-square-foot campus, which sits on Pier 57, includes three buildings and has capacity for about 450 employees. The space, which includes a two-acre rooftop park, will include a new public food hall, community space and a tech-heavy public classroom that will provide environmental education programs.

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Entrepreneur

MUKESH DHIRUBHAI AMBANI

From A Two-Bedroom Apartment

To $74 Billion

Mukesh Ambani (65) was born as Mukesh Dhirubhai Ambani, in Aden (present-day Yemen) to Dhirubhai Ambani and Kokilaben Ambani. He has a younger brother Anil Ambani and two sisters-- Nina Bhadrashyam Kothari and Dipti Dattaraj Salgaocar. He spents a year in Yemen and in 1958, Dhirubhai Ambani moved back to India to start spices and textiles trading business. Acording to Forbes Mukesh Ambani chairs and runs $74 billion (revenue) Reliance Industries, which has interests in petrochemicals, oil and gas, telecom and retail 44

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ut, until the 1970s, Mukesh Ambani lived in a two-bedroom apartment in Mumbai’s Bhuleshwar. After a few years, when the financial condition of the family improved, Mukesh Ambani’s father bought a 14-floor apartment block called ‘Sea Wind’ in Colaba.

Mukesh Ambani completed his High School from Hill Grange High School at Peddar Road, Mumbai along with his brother Anil Ambani.

He got admitted in St. Xavier’s College, Mumbai to complete Senior Secondary Education.

Mukesh Ambani holds a Bachelor’s degree in Chemical Engineering from the Institute of Chemical Technology. He got admitted at Stanford University to pursue an MBA but drops out to help his father build Reliance. Ambani is highly influenced by his two teachers who taught him to think out of the box-- William F. Sharpe and Man Mohan Sharma.

In the year 1981, after returning to India, Mukesh Ambani helped his father to build Reliance Industries Limited. The family business by this time expanded to refining, petrochemicals, retail and telecommunications industries. Its subsidiary, Reliance Retail Ltd. is the largest retailer in India. Mukesh Ambani also owns the IPL team Mumbai Indians and is the owner of Indian Super League, a football league in India.

MUKESH AMBANI FAMILY

MUKESH AMBANI AND NITA AMBANI

The company was laid on the principle that everyone must contribute to the business and not the selected individuals

In the year 1980, India under Indira Gandhi leadership opened the doors of PFY (polyester filament yarn) manufacturing plant to the private sector. Dhirubhai Ambani applied for the license to set up a PFY plant and faced stiff competition with Tatas, Birlas and more. Despite the competition, Dhirubhai received the ‘License Raj’. In 1980, he called back Mukesh Ambani to help him build his business. Rasikbhai Meswani was the then director of the company and Mukesh Ambani reported to him daily.

The company was laid on the principle that everyone must contribute to the business and not the selected individuals. In 1985, Rasikbhai died and the next year in 1986, Mukesh Ambani’s father suffered a stroke. It was at this time that all the responsibility was shifted to Mukesh Ambani being the eldest son of the family. At the age of 24 years, Ambani was given charge of the construction of Patalganga petrochemical plant.

On July 6, 2002, Mukesh’s father died suffering a second stroke. This elevated tensions between the brothers as Dhirubhai didn’t leave any will for the distribution of the empire. Their mother, Kokilaben Ambani, solved the dispute by splitting the company into two. Mukesh Ambani received Reliance Industries Limited and Indian Petrochemicals Corporation Limited.

Under Mukesh Ambani’s guidance, the company built the world’s largest grassroots

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Entrepreneur Back in April, Reliance Industries donated US$68 million to Prime Minister Narendra Modi’s PM Cares Fund for Covid-19 relief, along with US$680,000 to the governments of Maharashtra and Gujarat, according to The Economic Times.

The family resides in a 27-storey private apartment-- Antilia, worth $1 billion. The building has 600 staff members for its maintenance and has three helipads, 160-car garage, private movie theatre, swimming pool and a fitness centre. His favourite food is Idli Sambhar, his favourite restaurant is Mysore Cafe, Mumbai (he used to eat at this place during his college time).

Mukesh Ambani has been listed consistently as India’s richest man over a decade by the Forbes Magazine. In addition to this, he is the only businessman of India on Forbe’s list of

MUKESH AMBANI’S $2 BILLION MUMBAI MANSION

petroleum refinery at Jamnagar, India and can produce 660,000 barrels per day in the year 2010.

In 2016, Jio launched its own 4G smartphone under the brand named ‘LYF’. The smartphone was India’s third-largest selling smartphone that year. In September that year, Jio 4G was launched commercially.

In 1985 he married Nita Ambani.The couple has two sons-- Anant Ambani and Akash Ambani and a daughter-- Isha Ambani. Dhirubhai Ambani attended a dance performance where Nita participated and later arranged the marriage for the two of them. Despite being one of the richest couples in the world, it was important to Nita and Mukesh that their children grew up humble and recognised the value of money.

Because of this, Isha, Akash and Anant took public transport in college, had limited pocket money as kids, weren’t allowed to skip school, and had dedicated homework time with their parents on weekends. Mukesh, meanwhile, has been known to happily skip out on fancy

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In 1985 he married Nita Ambani. The couple has two sons-- Anant Ambani and Akash Ambani and a daughter-- Isha Ambani restaurants for street food – his favourite.

After raising their children Isha, Akash and Anant, the Ambanis established the Dhirubhai Ambani International School (DAIS). It is Nita to chairs the DAIS, one of the top IB schools in the world. Admissions time is clearly challenging for her as she decides which of the many applications to accept – so it’s not surprising that she won’t leave the office as she makes these tough decisions. As she told The Times of India, she would like to accept everyone but can’t because she has to maintain a quality education at her school.

INSIDE MUKESH AMBANI’S HOUSE ANTILIA

the world’s most powerful people. In January 2018, he was ranked 18 by the Forbe’s in its list of the wealthiest person in the world. In 2018, he surpassed Jack Ma, becoming Asia’s richest person with a net worth of $44.3 billion.

Outside North America and Europe, Mukesh Ambani the wealthiest person in the world. In the year 2015, China’s Hurun Research Institute ranked Mukesh Ambani as fifth among India’s philanthropists. He also became the first non-American to be the Director of Bank of America. In 2012, Forbes listed him among the richest sports owners in the world.

PROFILE

Embracing Uncertainty, Facing Fear As I embark on my new journey at the Nordic Business Alliance, I’m grateful for all the opportunities I’ve had in my life and the lessons that I will cherish going forward

IVA PETROVIĆ, DIRECTOR OF THE NORDIC BUSINESS ALLIANCE IN SERBIA

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lthough I was born and raised in Serbia, I spent most of my life in the United States. It was at the age of 17 that I left my family in Belgrade and, with mixed emotions, embarked on a journey that would take me far from home. On one hand, I was excited to pursue my dreams, while on another, I was scared of what the future holds. Fear is natural when abandoning one’s comfort zone, which is something I learned much later in life. After graduating with an economics degree, I pursued a career in management consulting in Atlanta and became an avid runner.

Running was a way to clear my mind, spend time in nature and stay fit. Aside from the health benefits, running taught me perseverance (especially on a rainy Sunday morning) and pushed me to exert myself to the fullest and always keep an eye on my goals. Running also allowed me to connect with myself, and to continue to pursue my dreams, one of which materialised in 2002 when I was accepted to Harvard Business School.

My journey continued at Harvard, again with somewhat mixed emotions. While I was thrilled to be part of this incredible commu-

nity, I was also intimidated by my brilliant classmates and again scared (although less this time) over whether I could make it. My experience at Harvard Business School was undoubtedly a defining moment in my life.

This diverse, interactive learning environment stimulated my growth on many levels. It is okay not to be the most intelligent person in the room, as long as you listen actively, ask questions and speak openly about your strengths and weaknesses. Everyone had hopes and fears, but - more importantly - at

My experience at Harvard Business School was undoubtedly a defining moment in my life. This diverse, interactive learning environment stimulated my growth on many levels. It is okay not to be the most intelligent person in the room, as long as you listen actively, ask questions and speak openly about your strengths and weaknesses Harvard ambition was balanced with humility, mutual empathy and the sense of joint responsibility that comes from the privilege associated with this institution.

After Harvard, my career took me to New York. And, yes, my emotions continued to encompass both sides of the spectrum, though it was different this time. My world

was lipsticks, mascaras and hair dyes. I was launching new products, developing marketing campaigns and trying to figure out why red never goes out of fashion. I enjoyed the city life and soon transitioned to financial services, in order to tackle “more serious topics”, such as interest rates, hedging and capital raising. I witnessed the unprecedented Wall Steet crisis of 2008 first-hand. It wasn’t an easy time. Many of my colleagues were laid off. The fear of uncertainty was looming and I felt it. I think it was then that I realised that uncertainty was here to stay. And fear is inevitable with every uncertainty.

I continued to put myself in uncertain situations in the following years. I took a new job in Prague, leading a regional a hub for Citigroup, and in my quest for adventures in nature I climbed Kilimanjaro in 2010. Did I feel fear? Yes, absolutely, but I also felt an opportunity for self-discovery and self-growth.

Many years later, I now lead a non-profit association committed to specific values: social responsibility, solidarity, sustainability, transparency, inclusion, care for environment and innovation, to name a few. Our goal is to learn from pioneers – the Nordic countries – and encourage Serbian businesses and society at large to adopt and live according to those values. The journey that lies ahead is again long and uncertain. Sceptics often say that Serbia will never be like Denmark, Finland, Norway or Sweden. And I agree that it won’t, naturally. We have to remain authentic to who we are and cherish our own heritage.

But that doesn’t mean we can’t do better. The first step is to admit our shortcomings, open up to change and embrace the uncertainty.

Let’s take that step together.

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Architecture Most Awesome Company Offices

Business Inspiration Behind The Scenes Businesses these days, particularly those who make their money on the internet, seem to be paying much more attention to their staff and work environment, so that they can really get the most out of them

YOUTUBE – SAN BRUNO, CALIFORNIA, US

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ompany Offices are mostly standardlooking with the same beige colors and office design having cubicles for employees and office for bosses.

If you are interested in designing your office in ways which will increase your employees’ morale and inspire them to be more energetic and lively, see the company offices at www. architecturedesigns.com listed below that have put in everything to make their offices anything but boring. They are offices of famous companies that have created a benchmark for stylish offices with the use of perfect colors, textures, and lights.

gaming, swimming, and gym activities, to name just a few. It’s business and pleasure all rolled into one at YouTube, with the hopes that the staff will be relaxed and inspired enough to come up with new ideas and work well with their colleagues.

and colorful details, making it a great place to work from. It’s less about awesome fun slides, great food and gaming areas, and more about a relaxed environment, away from harsh lighting and big empty rooms.

SELGAS CANO – MADRID, SPAIN

RED BULL OFFICE – SOHO, LONDON, ENGLAND

This must be one of the most relaxing offices to work in, because you’re half underground, and half above ground, with views out into the woods. This is Selgas Cano Office, which was designed by Iwan Baan and is situated in a forest, near Madrid, in Spain. This office for architects is light and airy, with clean lines

London office of Red Bull is a converted building of five old pubs in Soho. With none of the buildings originally linking together, or even having floors on the same height, this was always going to be an interesting building with plenty of space and cool features. Red Bull isn’t just about energy drinks, these offices are for roughly 100 people

YOUTUBE – SAN BRUNO, CALIFORNIA, US

YouTube is an interesting company really because it was sold in less than 2 years for princely sum of $1.65 billion, yet it’s earning capabilities seem to be far below that. That hasn’t stopped Google from splashing out on big expensive offices though, which seems to be a trademark for them. Big open floor plans and perks for employees dominate this office complex, as they can relax with a bit of indoor putting, free-roam Segway riding, eating,

SELGAS CANO – MADRID, SPAIN

YOUTUBE – SAN BRUNO, CALIFORNIA, US

SELGAS CANO – MADRID, SPAIN

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Architecture Most Awesome Company Offices

RED BULL OFFICE – SOHO, LONDON, ENGLAND

in their 20’s mostly, to come and collaborate and be creative together in these unique spaces.

They threw away the corporate office rule book and decided upon a more lounge like feel, with original features from the old buildings, and a reception that turns into a bar at night. This is the perfect workspace for the young Londoner looking to be creative with one of the most interesting companies around.

changes with the purchase of websites such as Techcrunch and Huffington Post, and they’ve recently had a massive overhaul of their headquarters to suit. They’ve gotten rid of the bland corporate facade and taken a leaf out of Google’s books and tried to make their

GOOGLE OFFICE – ZURICH, SWITZERLAND

It’s no secret that Google is a fun, fresh company, with tonnes of money, and dedicated employees, and part of the secret behind these employees is the awesome offices that they work from. Google put a lot of time and money into making the perfect work environment, mixing business with pleasure so that the staff can relax and refuel during their breaks.

Google thrives of creativity and that thought has very much gone into the reasoning behind the designs of their offices, providing every employee with a space for them to be creative.

AOL HEAD QUARTERS – PALO ALTO, CALIFORNIA, US

It’s no secret that AOL isn’t the company that is used to be, but they’re trying to make big

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GOOGLE OFFICE – ZURICH, SWITZERLAND

office more fun and inspiring, with fresh new designs. This office is everything you’ll come to expect from enormous internet companies with large kitchens, splashes of color, countless relaxation areas, pool tables, games rooms, and of course, the all important work spaces.

AOL HEAD QUARTERS – PALO ALTO, CALIFORNIA, US

AOL HEAD QUARTERS – PALO ALTO, CALIFORNIA, US

FACEBOOK – PALO ALTO, CALIFORNIA, US

Facebook went around their office design a little differently to most companies, actually using it’s own software to conduct polls asking their employees what they would want from an office. The result was a superb work environment with big open spaces to work from, and amazing relaxation areas with a place to skate and DJ from. There’s no simply plugging in your iPod to a dock, there’s a whole booth that you can polish up your mixing skills at while entertaining colleagues. All of this combined with the modern, comfortable styling of the complex and means that Facebook is one of the best places to work and play, which is ideal really, considering their employees look after 500 million people a day, from roughly 750 million active accounts.

FACEBOOK – PALO ALTO, CALIFORNIA, US

LEGO – DENMARK

The colourful open-plan layout encourages interaction and play between the staff, in an effort to fuel their imagination, which is what Lego is all about. The meeting rooms are all light, colourful, and open, and vary in size depending on their uses, but they’re all designed to one thing: provide a happy and comfortable working environment to boost

FACEBOOK – PALO ALTO, CALIFORNIA, US

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Architecture Most Awesome Company Offices

LEGO – DENMARK

moral and product development. The whole office is designed so that anyone can play with the lego and come up with something new, while getting work done, and enjoying their time at the company. If spending the whole day playing and working with Lego doesn’t make you happy, then I don’t know what will!

DTAC HEADQUARTERS – BANGKOK, TAJLAND

Dtac recently decided to put an end to separate office spaces throughout the city of Bangkok, and brought all six buildings under one roof, which happens to be the largest ever office lease in Thailand’s history, occupying around 60,500 square meters. The move and design reflects the company’s desire to become the

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DTAC HEADQUARTERS – BANGKOK, TAJLAND

THINKGARDEN – MILAN, ITALY

unusual desk positioning. Even the walls are designed to make it look like you’re in the middle of a woods, and the bright white furniture contrasts with the plant life, making it stand out even more. If you don’t think this office is green enough yet, then maybe the putting green in the reception area will change your mind.

CORUS QUAY – TORONTO, CANADA

This is one of the largest offices on the list, and by the looks of things, one of the most fun. It’s a massive 46,500 square meters, and home to Corus Entertainment. It’s been

labeled Toronto’s smartest building. The building brings together 1100 staff which used to be housed in 11 separate buildings, into an open office environment with multiple social spaces, even including a five story atrium with a three story slide and lounge above a couple tv studios. This building is all about having fun and bringing the entire work force of a company together in one place to create a boost in productivity, helping the company to continue to grow. Bright colours, big TV’s, boardroom tables shaped like ice hockey rinks – this building really has it all.

employer of choice, to “enhance cooperation and communication, strengthen common goals, increase creativity” and make it easier for the brand to react quickly to changing conditions.

Dtac’s brand approach is “play and learn” and they wanted to reflect this to their employees and customers with their new, rather inspiring office, spanning 22 floors.

THINKGARDEN – MILAN, ITALY

ThinkGarden understand that to do work, we have to spend most of our time indoors, but there’s no reason why we can’t being some living nature in with us. Their whole office is designed to reflect nature with stone shaped bean bags, large plants, flowers and trees, and

CORUS QUAY – TORONTO, CANADA

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My life Vesna Goldsworthy, author

My Mission Is To Dismantle Prejudices Born in Belgrade as Vesna Bjelogrlić, she was a brilliant student of literature who had only one wish: to be a poet. Love led her to London, where she received her doctorate and got married, and where she today has a career as a distinguished university professor and respected writer and poet. A fellow of the UK’s Royal Society of Literature, she is proud of her Serbian identity, just as she was back in the 1990s, when the UK and Serbia were all but at war. The UK feels like her second homeland.

Many aren’t that fortunate 54

May

By Radmila Stanković

F

rom the instant, on 8th April, that she received this year’s Momo Kapor Award for Literature for her novel The Iron Curtain: A Love Story, writer Vesna Goldsworthy (born 1961) won over countless new readers, to add to those who’d already come to appreciate and love her for her previous works.

After a long absence from her hometown, the occasion of the award ceremony brought her back from London, where she’s been living since the age of 24. It was in Belgrade that she completed her studies in Yugoslav and general literature, before going on to receive her doctorate in London. She’s published a dozen books of prose and poetry, works as a university professor and is a member of the prestigious Royal Society of Literature.

As she herself explains, she was raised in a harmonious and statistically average family in Belgrade: two parents, two children, a 40-square-metre apartment in Mirko Tomić Street in the Dedinje neighbourhood, followed by a move to a house in Žarkovo once that apartment became too cramped for the family. She recalls the Skoda cars in which the family would cruise every summer, across Yugoslavia, Italy, Greece: “Dad would drive, for example, via Gorski Kotar to Opatija [in Croatia], or take the highway to Athens. He would sing Russian songs, chant canzones, sevdalinkas [Bosnian sevdah folk music], whatever crossed his mind. Me and my Mum and sister would perform backing vocals. I described my fondest memories in Chernobyl Strawberries, but even an entire book wasn’t enough. It’s been translated everywhere from Portugal to Poland, with 15 editions in Germany alone, as well as serialisation, both on the BBC and in The Times, that was followed by more than a million Brits. Memoirs that reveal deep childhood traumas beneath a glossy surface are now popular, but I didn’t experience such traumas.

I had wonderful parents and grew up during a time when it seemed that a much better future awaited them, my city and my country. That faith in the future is perhaps my most precious memory. We no longer have that.”

Vesna’s maiden name is Bjelogrlić. And the Bjelogrlićs all originate from the Bosnian village of Lipnik, near the border with Montenegro.

When I won some poetry competition in high school – I can’t recall now whether that was in Kikinda or Vrbas – Desanka Maksimović was on the jury and mentioned me as her successor. I only discovered that many decades later, in a note written by my dear friend Pero Zubac She describes that part of Herzegovina as a beautiful, sunny version of Scotland, where she put her heart and soul into hiking: “My grandfather, Petar Bjelogrlić, came to Belgrade as soon as World War I ended. His story is like a novel. He was a railway station

porter, laboured at the Julino Brdo quarry, then acquired land and property that were in large part nationalised in 1945. He started from scratch three times. Born a subject of the Ottoman sultan, he grew up in Austria-Hungary and died in Tito’s Yugoslavia.”

In her memoir Chernobyl Strawberries, Vesna described her parents – slightly in jest, but partly to familiarise British readers with her childhood – as socialist yuppies of Tito’s Yugoslavia. Her father and mother both had a university education and were both in the first generation of their families to earn a university degree. Their greatest ambition was for Vesna and her sister to become more than that. She developed an awareness very early on that the ideal was a master’s degree, a doctorate or a career in scientific endeavour, as something that she should have strived for even more than writing poetry: “And I was already writing poems at the age of four and talking about how I wanted to be a poet. My dad graduated from the Faculty of Natural Sciences and Mathematics while he was also working, so he taught me to read

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My life Vesna Goldsworthy, author and write while preparing for exams with me sitting beside him. I learned my first letters at the age of two and a half - P-o-l-i-t-i-ka – spelling them out from newspapers on the table and not from a spelling book. As a family ideal, but also an ideal of then Yugoslav society, having a rounded education was much more important than becoming rich.

They sent us for private language classes, and my sister also had music and ballet classes, as she had an aptitude for that. Speaking on one occasion much later, my mother said with great sadness – as I recounted in Chernobyl Strawberries – that they sacrificed a lot so that my sister and I could speak French and English, and that it was actually languages that finally propelled us out into the world and far from our parents.”

And how much did Vesna’s home upbringing differ from what was sought and demanded at school?

“During the ‘60s and ‘70s, the school system had a really ideological tone, but we knew from a very early age that in the family, between those four walls, we discussed things that weren’t mentioned at school. My maternal grandfather was struck by misfortune after the war, when a large part of the family property was taken from them. He was also imprisoned. He couldn’t watch Tito on the TV news bulletin without swearing. One of my uncles was an officer in the Yugoslav Royal Army who spent the entire war at a POW camp in Germany, then later became a sports administrator. While my father was a member of the Communist Party, due to the nature of his work as a civilian serving in the Yugoslav National Army, my mother would note with pride that she didn’t want to touch the Party. These were all very political stories that adults knew about but didn’t discuss openly with children. My schoolmates were from families of all political persuasions and it was often much later that we learned their stories. That’s perhaps the biggest difference between me and my British contemporaries.”

Of all the subjects at school, Vesna’s favourite was the Serbo-Croatian language and literature. She adored every teacher of that subject. She’s been devouring books since she was a little girl, and she did so with such speed that she received a certificate for the

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WITH HER FIRST BOOK, BELGRADE, EARLY 1960S

MUM AND DAD (MILOŠ AND NADA BJELOGRLIĆ), 1959

My intellectual mission is to dismantle prejudices, not to hide historical and political facts most books read every year. Back then, books weren’t bought in the way they are today, which is why a large part of her children included the world of libraries and librarians: “When I opened the Belgrade Book Fair on behalf of the UK, as the guest country, almost 20 years ago, those who turned up for book signings didn’t only include my teacher of Serbo-Croatian literature from high school, but also local librarians from two Belgrade neighbourhoods who still remembered me! I was a Vukovac [a straight-A pupil worthy of Vuk Karadžić], with good grades in all subjects, but I had a problem with some practical fields.

One was gymnastics – I was fairly ungainly, though I found it easy to compete in team

sports – and the other was so-called general technical education. Everything I made in those classes was crooked and wobbly.”

Vesna’s first true literary loves were from the order of poets: Crnjanski, Dis, Rakić, Eliot, Rilke, Akhmatova. Then later contemporary Greek poets: Seferis, Elytis, Cavafy. They had a huge influence on her early verses. She had notebooks in which she would transcribe her favourite poems. She took them with her to London and still reads them today like some sort of personal anthologies: “I think I knew two thirds of Crnjanski’s poems by heart in high school. Lament over Belgrade, Dis’s Nirvana – those verses still cross my mind today as I stand in a queue or travel on the Underground. I wrote a poem about my childhood love for T. S. Eliot that was published by the London Review of Books, and it was very pleasing when I saw that little girls were transcribing its verses and posting them on Instagram, as some modern-day versions of myself and my volumes. Among prose writers, alongside Crnjanski, there was also Meša Selimović. I underlined so many passages in

LAUNCH OF THE ANGEL OF SALONIKA, 2011, SERBIAN EMBASSY IN LONDON (TIMES BOOK OF THE YEAR)

my copies of Death and the Dervish and The Fortress that my father teased me by suggesting that it would be quicker to underline the parts I don’t like. It was while at university that I entered the world of Russian classics, which I still haven’t left, though during my time in England I’ve grown accustomed to reading them in the original Russian. Although the English translations are more than excellent, the melody of the language is something else – I couldn’t imagine reading English classics in Serbian anymore.”

Her parents had wanted her to study medicine. During the time of the socialist Yugoslavia, that was perhaps the most prestigious career beyond the political sphere for good students. However, for her there was never an alternative option to literature. That was all she wanted to study even before she went to primary school, though back then she dreamt of becoming a poet, without ever wondering how poets earn a living: “When I won some poetry competition in high school – I can’t recall now whether that was in Kikinda or Vrbas – Desanka Maksimović

There were really many instances during the 1990s when Serbs were unfairly tarnished in the British media, but I didn’t shut my eyes and pretend not to see when they caused harm to others was on the jury and mentioned me as her successor. I only discovered that many decades later, in a note written by my dear friend Pero Zubac, who I’ve known since those years. That was really my whole world. From the instant I turned towards a career in literature, the best possible result for my parents would have been an assistant professor’s position, a university career. Given that I’d studied Yugoslav and world literature, it seemed that my departure to England represented the culmination of that

journey. They often cited Crnjanski himself as an example, because he’d attempted, among many other things, to earn a crust working at some English university: if such a great writer as him hadn’t succeeded, what was I hoping for? Paradoxically, I spent five years as department head at one of the universities that had turned him down.”

Youth, madness, love and, above all, great courage. Those were the crucial factors that determined her move to England. Upon completing her studies in Belgrade, she received a scholarship for postgraduate studies in France, so she decided to spend that summer in Bulgaria, finalising her graduate dissertation. The University of Sofia had a summer language school back then, which was attended by young Slavicists from all over the world. It was there that she met her future husband: he was studying Balkan and Central European history. Instead of heading to France, she soon accompanied him to England, to the horror of her parents. Not because they had no love for their daughter’s future husband – they didn’t really even know him then – but because of the unbelievable scope of their daughter’s decision: “Nothing was tough for me initially, except my mother’s great sorrow. My husband’s family accepted me immediately and unreservedly, both my father-in-law, who hails from a colonial military tradition, and my motherin-law, who comes from a family of writers and intellectuals. I was in a beautiful house on the Atlantic coast, travelled to Kenya for my honeymoon, and soon afterwards found myself cruising the length and breadth of North America, from coast to coast. As I’d already toured the whole of Europe from Yugoslavia via interrail, I now saw myself as a great world traveller. It was only after a few months that I was “rocked” by the reality, like in Crnjanski’s novel, of a deep sense of loneliness: everything that I’d left behind in Belgrade, networks of friends and family, charted paths. It took a long time for me to recreate that from scratch in a new place and a new language, but I nonetheless succeeded. I really feel like Britain is my second homeland.

Many aren’t that fortunate.”

Vesna worked in publishing in London during the ‘80s, employed at small academic

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My life Vesna Goldsworthy, author

WITH MUHAREM BAZDULJ AND MATIJA BEĆKOVIĆ DURING THE AWARD CEREMONY FOR THE MOMO KAPOR AWARD FOR THE NOVEL IRON CURTAIN: A LOVE STORY, BELGRADE, 2022

companies where she was the only foreigner, with her ‘exotic’ status representing a kind of advantage. It was a year before the first conflicts erupted in Yugoslavia that she switched to work in radio, and perhaps things would have been better if she hadn’t, because there she couldn’t bury her head in the sand to avoid seeing what was happening: “Much of my work at the BBC was paradoxical. That was the first time in London that I found myself surrounded by our people and the Serbian language, because – with a few exceptions – I worked in the Yugoslav editorial department as a producer and translator. Those were wonderful people. Pekić came often to record his letters from abroad. However, it was then that I became aware that I’m not a political journalist and never want to be. I wrote in Chernobyl Strawberries about the fact that I was working the night shift when Operation Storm began in August 1995. I read the news, locked myself in the toilet at Bush House and cried.”

She never felt uncomfortable in England as someone from Serbia. On the contrary: “I’m proud of my roots, as I was during those moments of the 1990s, when the UK and Serbia were all but at war. However, that doesn’t mean that I needlessly idealise my nation. My intellectual mission is to dismantle prejudices, not to hide historical and political facts. There were really many instances during the 1990s

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There is a similarity in the mentality of the Serbs and the English; the idea of a nation that has always been on the right side of history in wars. My husband and I both had grandparents, or great-grandparents, who fought on the Salonica [Macedonian] front in World War I when Serbs were unfairly tarnished in the British media, but I didn’t shut my eyes and pretend not to see when they caused harm to others. When NATO launched its bombing campaign in 1999, my mother-in-law wrote protest letters to the parliament and linked up with MPs who opposed that intervention.That’s something that touched me deeply, because she’d barely known where Serbia was before I came along.”

The Goldsworthys, whose surname Vesna took when she married, also have an interesting story. The name is originally Cornish, from the beautiful, rugged region of Cornwall in

southwest England that’s traditionally home to many mariners. One of the ancestors of Vesna’s husband was an officer on the HMS Bellerophon, the ship that carried Napoleon into exile. Like Herzegovinians, the Cornish people also traditionally married late, thus lengthening generational divides. In the mid19th century, the great-grandfather of Vesna’s husband, Walter, headed to India with his brother, only to return as a general. Walter spent a long time as a member of the British Parliament, while his brother served as the governor of Western Australia, Honduras and the Falkland Islands: “I wrote a travelogue about their years in India, just a few pages, which was included in a couple of important anthologies here. The idea of a Serbian woman alone in Calcutta searching for the house of imperial ancestors is sufficiently peculiar even without the fact that my critique of British imperialism is obligatory university reading. My mother-in-law, on the other hand, hails from a very different family that produced a couple of interesting writers in the 19th century (her great-grandfather, Sabine Baring-Gould, was a friend of George Bernard Shaw and allegedly the inspiration behind the character of Professor Higgins in Pygmalion).”

Speaking on one occasion, Vesna noted: “Me and my husband, an Englishman, have much more in common in our family history that unites us than separates us: I believe that this also applies to our countries of origin.”

And does this still apply today?

“There is a similarity in the mentality of the Serbs and the English; the idea of a nation that has always been on the right side of history in wars. My husband and I both had grandparents, or great-grandparents, who fought on the Salonica [Macedonian] front in World War I. World War II is more complicated. My husband’s ancestors were in India and Africa at the time, and mine were too old for combat, while different parts of the family were under Bulgarian, Hungarian and German occupation, with close relatives held in captivity in Germany.

The British never experienced occupation and that’s why they sometimes lack understanding for the rest of Europe. We were formally still allied with the British, though I wrote about that with a dose of humour. Whether Churchill was our ally or abandoned us remains an open

question for my Belgrade family. We are now heading in opposite directions – with Britain having left the European Union and Serbia aspiring to join it - but views on this issue are very similar in my Anglo-Serbian family.”

How possible is it today to be a writer in the East or the West and to avoid the political divisions that are becoming increasingly drastic, especially during this time of conflict between Russia and Ukraine? Vesna says that it’s becoming increasingly difficult to speak openly in public and to express one’s opinion on anything without being afraid that the debate will quickly become unpleasant: “It’s not only that the divisions are more drastic, but that the people are becoming more aggressive, more ready for uproar and rage. Everything is binary, you’re either with us or against us, and it’s not in my nature to think like that – not only as a writer, but also as someone who works at universities. And in the meantime, we’ve all become much more accessible and available than we were before.

I’ve had plenty of experience with that, because everyone can find my university email address: from adoring fans who’d like to take me out to dinner, to those who need a “Serbian lady on call” to complain about Serbian politics as if I run those policies from my English cabinet.”

When it comes to the question of the beautiful aspects of her life and work in London, CorD’s interlocutor first notes that London is an enormous city: “I think it’s over 70 kilometres from one end to the other. We often live in a certain neighbourhood without going to the city centre for days. The West End of London where I live, beside the Thames, close to large parks and woods, is really beautiful. I walk and ride my bike every day, forgetting that I’m in a big city until the evenings when I go to the theatre, opera, or a restaurant. I also work at two universities in two different parts of England, which is itself a special experience. Exeter is more than 300 kilometres from London, and it takes me two hours by express train to get there. I leave in the morning, give lectures and consultations, then return in the evening.

I most like to write on that morning train, while chugging through areas of greenery.

In the evening, feeling tired, I dine in the dining car, sometimes with a small glass of

IN VESNA’S GARDEN, LONDON

It’s not only that the divisions are more drastic, but that the people are becoming more aggressive, more ready for uproar and rage. Everything is binary, you’re either with us or against us, and it’s not in my nature to think like that – not only as a writer, but also as someone who works at universities

champagne, sometimes with a cup of tea, as scenes of beautiful English landscapes roll by the window.The vast majority of English people travel to work in the opposite direction, from small towns to major cities, so I have the huge advantage of quiet – in half-empty carriages.

There I’m finally here alone and at peace.”

And one interesting fact to conclude Vesna’s story.The Momo Kapor Award is the first award that she’s ever received in her home country.

And that makes it even more precious to her.

She didn’t know Momo Kapor personally, but as a high school pupil she devoured everything he wrote at the time. The Momo Kapor endowment, which was founded by Ljiljana Kapor, the wife of this great writer and painter, was joined this year by Erste Bank, as the patron of the Momo Kapor Award.

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CHILL OUT More Than 100 Million Households Are Sharing Passwords Netflix, the world’s largest streaming video company, warned a global crackdown on password sharing is coming. It seems like a serious warning this time, and it could mean an end to the rampant practice of borrowing a family member’s or friend’s — or loose acquaintance’s — login information.

Netflix said it estimates more than 30 million U.S. and Canadian households are using a shared password to access its content. The company said more than 100 million additional households were likely using a shared password worldwide.

Oreo And Biscoff Ice Cream Can Have As Much Salt As McDonald’s Fries Popular ice creams can be just as salty as McDonald’s famous fries and contain more calories than KFC’s fried chicken, analysis shows. MailOnline analyzed the nutritional content of dozens of summertime treats sold in major supermarkets ahead of another warm weekend — with temperatures expected to hit 18C (64F) in London. Among the worst offenders was a Lotus Biscoff ice cream stick, which contains 312 calories — a tenth of an adult’s daily intake and as much as nearly two KFC chicken drumsticks (170 calories each).

Google Marks Earth Day With Stark Time-lapse Images Google is marking Earth Day 2022 with a selection of time-lapse satellite images on its homepage, showing the dramatic impacts of climate change on our planet. The scenes include melting glaciers in Greenland between 2000 and 2020, retreating snow cover on Mt. Kilimanjaro in Tanzania between 1986 and 2020, deforestation of the Harz forests in Elend, Germany, between 1995 and 2020 and coral bleaching at Australia’s Great Barrier Reef, between March and May 2016. Each of the timelapses remained on Google’s homepage for several hours at a time, and clicking on one of the images will take the user through to the search results page for ‘climate change’, where they can learn more about protecting the planet.

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Indiana Jones Was Right!

In Indiana Jones and the Kingdom of the Crystal Skull, Jones famously warned that ‘when it comes to scorpions, the bigger the better.’ Now, scientists have shown that the fictional professor of archaeology was right all along, having confirmed that smaller species of scorpions have more potent venoms. Researchers from NUI Galway analyzed 36 species of scorpions and found that the smallest species were 100 times more potent than the largest. The team analysed 36 scorpion species, including the deathstalker (Leiurus quinquestriatus), the rock scorpion (Hadogenes granulatus) and the bark scorpion (Scorpion Centruroides noxius).

Oscar-winning Actor Created a Travel App “I’m the guy that driving around America … when you see those bronze markers along the way, I want to stop. I want to read what was there,” Kevin Costner said. “It’s something of history, and I remember being really thrilled by that. Otherwise, you’re just watching the miles click off.” An app that would send compelling, timely stories straight to him was appealing, he said, since “a good story has always been something that’s thrilled me.” Costner was loosely connected to the app’s creator, entrepreneur Woody Sears, through their children, Sears said. While the app was in its preliminary stages, Costner agreed to narrate several stories before eventually joining the company as a co-founder.

Scientists Develop A Robotic Rat From fish to dogs, many robotic versions of animals have been developed in recent years.

Now, scientists from the Beijing Institute of Technology have unveiled the latest robotic animal – a robo rat. The four-legged bot, called SQuRo (small-size quadruped robotic rat), can crouch, stand, walk, crawl, and turn just like a real rat, and can even carry a load equal to 91 per cent of its own weight. According to the researchers, rats have been a key inspiration for many developers when it comes to robotics. ‘Rats that live in caves have attracted a great amount of attention owing to their unrivalled agility and adaptability,’ the team explained.

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The Social Season 4 8

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1. Paul Smith - Eur 350 | 2. Favourbrook - Eur 260 | 3. Brunello Cucinelli - Eur 2,860 | 4. Corneliani - Eur 1,049 | 5. Eton - Eur 152 | 6. Manolo Blahnik - Eur 619 7. Canali - Eur 241 | 8. Matsuda - Eur 776 | 9. Audemars Piguet - Eur 75,209 | 10. Polo Ralph Lauren - Eur 340 | 11. The Spirit - Eur 532

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12. Anouki - Eur 607 | 13. Burberry - Eur 2,190 | 14. Jimmy Choo - Eur 650 | 15. Harmur - Eur 383 | 16. Amina Muaddi - Eur 776 | 17. Alessa - Eur 1,652 18. Jimmy Choo - Eur 2,295 | 19. Kiton - Eur 850 | 20. Kiton (zenski prsluk) - Eur 897 | 21. Aquazzura - Eur 939 | 22. Needle & Thread - Eur 456 23. Tom Ford - Eur 289 | 24. Dolce & Gabbana - Eur 225 | 25. Eliurpi - Eur 472 | 26. Tom Ford - Eur 360 | 27. Gucci - Eur 252 | 28. Rolex Oyster - Eur 16,643

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Culture

calendar 17th Belgrade International Architecture Week 26 May – 7 July

This year, the 17th edition of the Belgrade International Architecture Week - BINA 2022 will be held from 26 May to 7 July. The focus of the event will be the presentation of current competitions for the city of Belgrade (2021/2022) and the European Union Award for Contemporary Architecture - Miss van der Rohe (2022) at representative exhibitions in the Art Gallery of the Cultural Center of Belgrade. With an interactive approach, BINA will bring closer to the public

2CELLOS

23 May - Stark Arena After spending the last ten years together as 2CELLOS, releasing six studio albums, collecting billions of streams, performing at cult locations around the world, and selling almost a million tickets for their live electric performances, the duo Luka Šulić and HAUSER announce the next part of their world tour. It will be their last joint tour.

current events on the architectural scene, which will affect the physiognomy and future of life and appearance of cities in our country and in the world. Other activities that will accompany the exhibition programs will include walks, workshops, discussions, lectures by the authors of the awarded solutions, and more.

Guitar Art Festival

17-21 May Internationally celebrated Greek singer George Dalaras will hold a big concert on 17 May in Kombank Hall at the opening of the 23rd Guitar Art Festival. It will be the fifth Belgrade concert of one of the greatest singers of traditional rebetiko music of all time and a proven

2CELLOS is an eclectic, international sensation made up of two classically trained cellists who gained viral fame on YouTube by performing Michael Jackson’s “Smooth Criminal” in 2011. The duo, Luka Šulić, and HAUSER, have since gained a name for their electric and dynamic playing style. Together, 2CELLOS garnered an incredible 1.3 billion YouTube views, 5.5 million YouTube subscribers, 1 billion streams, and sold nearly 1 million tickets. 2CELLOS have raised the cello to unimaginable heights as their style signs the breaking of boundaries between music genres, from classical and film music to pop and rock.

artist with a lot of humanitarian work behind him.

Dalaras will perform numerous timeless hits from his career of more than 40 years in Belgrade, the singer will be accompanied at the Belgrade concert by an ensemble of 16 best Greek musicians, including famous singers Violeta Ikari and Aspasia Stratigu. The concert at the opening ceremony of the International Guitar Festival will be a trip to Greece through the music of bouzouki and rebetika on guitar.

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SEE MORE: WWW.CORDMAGAZINE.COM

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An Ugly Truth

We all know there are major, overlapping, global crises ahead of humanity: climate change, mass migration, new warfare, big tech, further pandemics, and authoritarian capitalism. Rather than be daunted, this book charts a way that we can respond. With expertise from his work at the highest levels of international politics, education, activism, and business, Tom Fletcher offers a practical manifesto that can help us transform the way we learn, live, and work together.

An Ugly Truth is the definitive story of Facebook’s fall from grace, following the embattled company from 2011, when its power and positive influence was undisputed, to 2020, when it will face its biggest test yet-the US presidential election. What are the ultimate ramifications when a few individuals are in charge of the technology used by half the world’s population? Can they control the technology they’ve unleashed into the world? And if not, can we, as individuals and as a society, control them?

Tom Fletcher 1943rsd

Sheera Frenkel, Cecilia Kang 1943rsd

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&FACES PLACES 1/4/2022

IWC Belgrade April Coffee Morning The April 1st Coffee Morning event of the International Women’s Club of Belgrade was a joint venture with the Malaysian embassy and PERWAKILAN (Ladies’ Association of the Ministry of Foreign Affairs Malaysia) Belgrade and hosted generously by Hilton Hotel Belgrade. A number of special guests from the diplomatic and business sectors as well as IWC members were in attendance. The highlight of the event was a cultural presentation by the Malaysian embassy: traditional dance performances by the Chenderawasih dance troupe and a fashion display of hand-painted batik silk kaftans.

7/4/2022

Speed Business Meeting Successfully Held Another Speed Business Meeting was held in Belgrade with the participation of members of four bilateral chambers: the German-Serbian Chamber of Commerce (AHK), the Chamber of Italian-Serbian Businessmen (CCIS), the Swiss-Serbian Chamber of Commerce (ŠSTK) and the Hellenic Business Association (HBA). The event brought together almost 50 representatives of member companies from various business sectors.

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12/4/2022

Finnish Film Week Opens The sixth Week of Finnish Film under the slogan “Finnish Love Stories”, organized by the Finnish Film Fund, the Cultural Center Belgrade, and the Embassy of Finland in Serbia, opened at the Hall of the Cultural Center Belgrade. Stefan Arsenijevic, the selector of the Festival, has chosen the eight Finnish feature films, made in the last four years, which the audience had the opportunity to see until 11 April.

Finnish Ambassador H.E. Kimmo Lähdevirta hosted a cocktail party for friends of Finnish film, and the festival officially opened with the film “Aurora”.

15/4/2022

France Honors Nataša Kovačević The National Order of France for Merit was awarded to basketball player Nataša Kovačević Stojaković at the French Embassy.

“Mrs. Nataša Kovačević Stojaković, because of your exceptional life path and contribution to the French-Serbian friendship, I am happy and honored to present you with this high decoration. On behalf of the President of the Republic of France, I declare you a knight of the National Order of Merit,” said Pierre Cochard, Ambassador of France.

Ambassador pointed out that Kovačević Stojaković represents the young generation of Serbia and that her life path is an inspiration.

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Presentation Of The EU’s New Strategic Plan Speaking at a presentation of the EU’s new strategic plan EU Strategic Compass for Security Response, the head of the EU delegation to Serbia Emanuele Giaufret said that by voting in international bodies such as the United Nations and UNESCO, Serbia has clearly decided against Russia’s unjustified and unprovoked aggression against Ukraine. “Serbia has complied with some sanctions imposed by the European Union in connection with the Maidan crisis in 2014, and has supported restrictive measures against Belarus, so we expect this trend to continue in the future. There are no fixed deadlines, but we expect it to happen”, said Giaufret.

15/4/2022

RAREI Celebrates the 20th Anniversary The Regional Agency for Development and European Integration in Serbia (RAREI) celebrated 20 years of existence in Serbia, and the Minister for European Integration Jadranka Joksimović pointed out at the ceremony that now one of the main priorities for Serbia is the implementation of the Green Agenda.

She said that RAREI is an inseparable instrument for the process of European integration and emphasized that sustainable development is one of the priorities for Belgrade, the whole of Serbia, and the whole world.

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16/4/2022

Moroccan Film Festival Opened This year marks the 65th anniversary of the establishment of diplomatic relations between Rabat and Belgrade, and as part of the jubilee, the Embassy of Morocco in Belgrade has prepared a diverse cultural and artistic program.

The Moroccan Film Festival is one of the main events marking the “Year of Morocco in Serbia”, and the program includes five feature films by contemporary directors.

19/4/2022

Mihailo Jovanović, Winner Of The City Of Belgrade Award Dr. Mihailo Jovanović, Director of the Office for IT and eGovernment is the winner of this year’s prestigious City of Belgrade Award - Despot Stefan Lazarević, which is awarded for a work that represents the most valuable achievements in art, science, medicine, architecture and urbanism, agriculture, journalism, education, sports, and protected environment.

Jovanović received this award for his exceptional contribution to the organization and implementation of vaccination of the population in Belgrade in 2021 in the circumstances of the declared world pandemic virus SARS-CoV-2 / COVID-19.

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21/4/2022

Ljubica Gojgić Awarded Order Of The Légion d’Honneur H.E Pierre Cochard, Ambassador of France to Serbia, presented the French Ordre de la Légion d’honneur at the rank of knight to journalist Ljubica Gojgić for her exceptional and exemplary career. On that occasion, Cochard pointed out that the order was awarded to Gojgić because she had defended the democratic values that France adheres to in its country. “Ljubica Gojgić, on behalf of the President of the Republic of France, we are awarding you the National Ordre de la Légion d’Honneur at the rank of the knight”, said the ambassador, presenting the order.

21/4/2022

NALED Presented The First Gray Book Of Innovations The National Alliance for Local and Economic Development (NALED) presented the first “Gray Book of Innovation and High-Tech Entrepreneurship”, with 60 recommendations for improving the business conditions of innovative and high-tech companies in Serbia.

Legal regulation of the use of artificial intelligence, the introduction of industrial doctorates in the education system, and regulation of the use of electric scooters, bicycles, and other similar vehicles, are part of the reform recommendations that NALED presented to the relevant institutions in a specialized publication.

The publication was prepared within StarTech, a program to support the digital transformation of the Serbian economy funded by the company “Philip Morris”.

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Contents EXCHANGE RATE 06 MAINTAINS STABILITY IN PROPERTY MARKET

WE IN THE GOLDEN 12 ARE AGE OF REAL ESTATE? NEWS & VIEWS

DEJAN MOLNAR, PROFESSOR AT BELGRADE FACULTY OF ECONOMICS

DESIGN 20 INTERIOR TRENDS IN 2022

CHOICE ON THE 15 FIRST MARKET

INTERIOR DESIGN

TIJANA ELEZ, FINANCE DIRECTOR AT MPC PROPERTIES

A BELGRADE 09 WATERFRONT APARTMENT = A SECURE

INVESTMENT IN THE FUTURE BELGRADE WATERFRONT

FOR THE MOST 10 READY COMPLEX PROJECTS PETAR SIMOVIĆ, ARCHITECT AND GENERAL MANAGER, AND MARIJA SIMOVIĆ, ARCHITECT AND TECHNICAL DIRECTOR, ARCHITECTURAL AND ENGINEERING STUDIO ARIS D.O.O. KRAGUJEVAC

EDITOR IN CHIEF: Neda Lukić n.lukic@aim.rs ART DIRECTOR: Branislav Ninković b.ninkovic@aim.rs CONTRIBUTORS: Rob Dugdale, Maja Vukadinović, Mirjana Jovanović,

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NO LIMITS FOR A 16 PROFESSIONAL AND DEDICATED TEAM

ANA ŠUMAN, ARCHITECT, HEAD OF THE DEPARTMENT FOR URBAN AND SPATIAL PLANNING, NADICA DAVIDOVIĆ, ARCHITECT, HEAD OF THE DEPARTMENT FOR ARCHITECTURAL DESIGN AND SAŠA KOSTIĆ, ARCHITECT, HEAD OF THE DEPARTMENT FOR PROJECT MANAGEMENT AT THE ARCHITECTURAL STUDIO BUREAU CUBE PARTNERS

Miša Brkić, Ljubica Gojgić Radmila Stanković, Steve MacKenzie, Zorica Todorović Mirković, Sonja Ćirić, Miloš Belčević PHOTOS: Zoran Petrović COPY EDITOR: Mark Pullen

TRANSLATION & EDITING: PULLEN EDITORIAL HALIFAX SALES MANAGERS: Biljana Dević, b.devic@aim.rs Vesna Vukajlović, v.vukajlovic@aim.rs Mihailo Čučković m.cuckovic@aim.rs

REACHING THE HIGHEST 19 STANDARDS OF OFFICES IN SERBIA VESNA KRIZMANIĆ, ARCHITECT, ARCHINOVA ARCHITECTURE

OFFICE MANAGER: Svetlana Petrović s.petrovic@aim.rs

PUBLISHER: Ivan Novčić i.novcic@aim.rs

FINANCE: Dragana Skrobonja finance@aim.rs

DIRECTOR: Ana Novčić a.novcic@aim.rs a.novcic@cordmagazine.com

EXECUTIVE DIRECTOR: Maja Vidaković m.vidakovic@aim.rs

REAL ESTATE SERBIA 2022 PRINTING: Rotografika d.o.o.

Segedinski put 72, Subotica

CorD is published by: alliance international media Prote Mateje 52, 11111 Belgrade 17, PAK 126909, Serbia Phone: +(381 11) 2450 508 E-mail: office@aim.rs office@cordmagazine.com www.cordmagazine.com www.aim.rs ISSN no: 1451-7833 All rights reserved alliance international media 2022

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INTERVIEW

DEJAN MOLNAR, PROFESSOR AT THE BELGRADE FACULTY OF ECONOMICS

Exchange Rate Maintains Stability In Property Market Unless there are large fluctuations in the exchange rate and as long as people experience that their standard of living is rising, and while banks guided by the same logic expand their mortgage portfolios, the current trends in the real estate market will continue. The million-dollar question is: when will that connection begin to slip?

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nflation, the possibility that banks will raise the price of mortgages, the future dinar-euro ratio, people’s purchasing power and the conflict in Ukraine bringing new residents to Serbia are just some of the many elements shaping prices in the country’s property market at the moment. Will the growth of property prices that we have been seeing since 2013 and the growth in the value of approved housing loans continue, or are we facing the bursting of a ‘real estate bubble’? Professor Dejan Molnar of the Belgrade Faculty of Economics analyses these trends and possible scenarios.

In Serbia, we can remember not so long ago when the demand for apartments was so low that owners were happy to find tenants at all, and that now with the story of the arrival of Russians and Ukrainians, apartment rents are said to be growing.

In your opinion, what awaits current and future apartment owners and those who rent them in the next year or two?

In our country, when people earn more (or feel they do), they usually decide to buy property. It is also important that rents have grown in recent years, so in conditions of low interest rates, a monthly mortgage instalment is lower than rent, which leads many to decide to take out a mortgage and start repaying their own square metres instead of renting them. Trends in the apartment rental market will above all be determined by the level of people’s living standards and their loan conditions. Expressed in euros, the 6 |

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INTEREST

DEMAND

TURNAROUND

Any increase in mortgage interest rates would reduce the circle of those who can use bank loans to buy a home

Just when I think that this market is oversaturated and that there are too many shopping centres, I am contradicted (even surprised) by the fact that shopping centres in Belgrade and Novi Sad are almost always full

Trends in the apartment rental market will above all be determined by the level of people’s living standards and the conditions under which they can borrow

average salary was about 50% higher in 2021 (553 euros) than in 2014 (368 euros). At the same time, banks’ average interest rate on newly approved mortgages in January 2022 had almost halved (2.56%) compared to the same month in 2014 (4.87%). This means that for a 20-year mortgage of 50,000 euros, the monthly annuity in 2014 was around 323 euros, up to 88% of the average salary, while today

treat it, so their mortgage portfolios expand.

The value of private mortgages increased by over 73% in the period 2014-2021 – from 2.67 to 4.56 billion euros.

in Germany 12%, in Croatia 9%, in Slovakia 8%, in France 7.1%, in Romania 5.9%, and in Italy and Spain 4.2%. Apartment prices in Serbia have been growing steadily since 2013.

The average price of a square metre in a new building was over 32% higher in 2021 (1,510 euros) than in 2014 (1,140 euros).

Any increase in mortgage interest rates would reduce the circle of those who can take bank loans to buy a home. Each additional percentage point in the interest rate leaves one group of potential buyers ‘out of play’.

This could lead to lower demand and falling prices. New waves of corona virus pandemic would probably cause new interruptions in production and a recession, leading to reduced demand for property. This will affect so-called self-stimulating mechanisms that result from people’s expectations. Today, when prices are rising, buyers hurry to buy property today to avoid paying more tomorrow. Expectation that prices will be even higher creates additional demand that pushes prices upwards. When prices stop rising and start falling, buyers will refrain from buying because they expect prices to fall further, which will reduce demand. At the same time and for the same reasons, sellers will want to sell property as soon as possible and ‘catch the last train’ with high prices.

Economists believe that the real estate market has long been overvalued and will sooner or later fall. Does our market follow what is happening on the ‘big markets’ of

Although the price of a square metre of apartment increased by one third from 2014 to 2021, the amount of housing loans sold to individuals also increased. This is primarily due to the growth of average salaries in euros, falling interest rates and a stable dinar exchange rate against the euro the instalment for such a loan is around 265 euros or just 48% of the average salary. At the same time, the basic macroeconomic variable that ‘holds water’ here is the exchange rate, the value of the euro in relation to the dinar. The fact that we have had no major exchange rate fluctuations during the entire period actually makes people feel that their standard of living is growing. This is how banks

the USA and the EU, or does it have its own laws governing prices?

House and apartment prices in the EU had increased by an average of 9.2% in the third quarter of 2021 compared to the same period in 2020. This growth varied over member states: in the Czech Republic it was as much as 22%, in Estonia 17.3%, in the Netherlands 16.8%, in Austria and Slovenia 12.9%, in Hungary 12.6%,

As we are a nation that is aging and emigrating en masse, a non-expert asks who will live in these apartments? Is our relatively stable housing stock being redistributed between smaller places and towns that people are leaving towards Belgrade and Novi Sad, or are apartments being built with the idea that Serbia will also have an influx of people from other countries who for various reasons want to own property in Serbia?

Uncertainty and expectations of inflation make people with money invest everything they have in real estate. On the other hand, there is a continuous decline in the country’s population. Negative natural increase (more M AY

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INTERVIEW deaths than births) and physical outflow of the population (migration) make a synchronized contribution to this. In addition, we live in a country where children become independent and leave their parents’ homes relatively late.

The concurrence of these two trends (continuous decline in population and growth in the number of newly built apartments) raises certain questions.

In 2020, in as many as 19 out of a total of 25 administrative areas (districts), a higher number of emigrants than immigrants was recorded in Serbia. Apart from Belgrade (+4,866 inhabitants), a positive balance of migratory movements in 2020 was also achieved in Novi Sad (+1,572), Pančevo (+179), Subotica (+143) and Niš (+255). The towns from which people emigrated more than immigrated are more numerous: Sombor (-115), Vršac (-57), Kikinda (-159), Sremska Mitrovica (-13), Užice (-308), Valjevo (-112) , Sabac (-35), Cacak (-17), Krusevac (-141), Kraljevo (-227), Kragujevac (-42), Leskovac (-287), Vranje (-263), Smederevo (-330), Zajecar (-87), Pirot (-93), etc.

Just as rural areas and other towns in the country (except Belgrade and Novi Sad) are ‘empty’, so there is a kind of division within urban areas - young people move to new apartments and parts of the city where housing is ‘flourishing’, while other parts of these cities remain abandoned and slowly die out.

On the one hand, primarily in Belgrade and now in various parts of Serbia with well-preserved nature, we see a wave of construction of luxury buildings, large

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surfaces with fenced green areas and common facilities exclusively intended only for residents, or weekend resorts. Is this a marginal phenomenon or does the structure of new residential buildings tell of some new trends in our market?

I think that this segment of the property market is intended for a narrow circle of more solvent buyers or users of these, for our conditions exclusive, housing estates.

Climatologists, urban planners, architects, ecologists say that many cities have long since switched to combining blue and green structures that should enable cities to more easily resist pollution and rising temperatures. In contrast, in Belgrade and

question of return on investment – high quality modern installations are more expensive to build. Finally, there is the ability to pay (the living standards) of buyers and their willingness to set aside money for such housing.

There are smart buildings on the market, but the number of those who can afford such an environment is limited.

Along with new apartments, facilities are being built that make an area comfortable to live in, from supermarkets to shopping malls. What is happening in this market?

Is it saturated?

New settlements and the people who live in them also require appropriate content (especially if it is a younger population, families

Just as rural areas and other towns in the country (except Belgrade and Novi Sad) are ‘empty’, so there is a kind of division within urban areas - young people move to new apartments and parts of the city where housing is ‘flourishing’, while other parts of these cities remain abandoned and slowly die out larger cities in Serbia, we see the pouring of concrete on all surfaces that can be used for construction. What needs to happen on the domestic real estate market to see smart cities in Serbia?

This issue is related to both supply and demand. When it comes to supply, this is first of all about urban planning and appropriate regulations and standards. Secondly, it is a

with small children, etc.). The modern way of life ‘dictates’ appropriate models for spending money and free time. We see that shopping malls are quite well visited in larger cities. Just when I think that this market is oversaturated and that there are too many shopping centres, I am contradicted (even surprised) by the fact that shopping centres in Belgrade and Novi Sad are almost always full.

BUSINESS

A Belgrade Waterfront Apartment =

A Secure Investment In The Future

The Serbian real estate market is expanding constantly, thus according to a report of the Republic Geodetic Authority, the number of real estate sales in 2021 was up 28% on the recordbreaking year of 2020. Real estate agents note that location remains the main criterion influencing the choice of living space, followed by construction quality, number of floors and good infrastructure.

All-encompassing residential quarters are becoming increasingly popular, both around the world and in our country, simply because the modern buyer isn’t only choosing their own “four walls”, but also the entire lifestyle that’s applied by a particular residential space

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n attractive location with unique views and the highest quality construction, but also excellent connectivity to other parts of the city, represent just some of the elements that distinguish Belgrade Waterfront on the real estate market, positioning it as the most desirable residential destination.

According to data from the real estate cadastre, more than half of all buyers of new builds in Belgrade have opted for an apartment within the scope of this project. Moreover, according to the claims of real estate agents, Belgrade Waterfront’s apartments are the quickest to receive rental tenants. Investing in an apartment in this most modern quarter of the capital, located on the bank of the Sava, represent a secure long-term investment, regardless of whether you buy it for your own housing or to rent. Thanks to housing loans created specifically for Belgrade Waterfront, potential residents also have the opportunity to apply for a bank loan at an early stage of construction, with monthly payment rates of as little as 499 euros. Another option is an interest-free loan in seven instalments pegged to the project’s construction phases.

Apart from top-quality construction in all phases and the use of the latest materials, apartments are characterised by their outstanding functionality and comfort, ample natural light, impressive views, spaciousness, elegant lobbies with a reception area and security on the ground floor of each building, underground parking and landscaped inner courtyards for residents Seven buildings with a total of 1,500 apartments have so far been completed in the Belgrade Waterfront, while the sale of the jubilee 4,000th apartment was celebrated during spring. And what awaits residents of this all-encompassing neighbourhood?

Apart from top-quality construction in all phases and the use of the latest materials, apartments are characterised by their outstanding functionality and comfort, ample natural light, impressive views, spaciousness, elegant lobbies with a reception area and security on the ground floor of each building, underground parking and landscaped inner courtyards for residents. But that’s just the start of the benefits of living in Belgrade Waterfront. Whichever building you choose, you will find shops, cafes and restaurants in the building itself, while kindergartens, schools, the spacious Sava Park with its numerous possibilities for recreation and relaxation, as well as the attractive Sava Promenada, are all never more than a few minutes’ walk from your doorstep.

Shopping at more than 200 stores of renowned international and domestic brands, lunch or dinner at restaurants overlooking the river, the latest blockbusters with IMAX technology, and endless fun at the country’s largest trampoline, all await you at the Galerija.

Works are being finalised on the façade of Kula Belgrade, representing the crowning glory of this entire project and a new symbol of the Serbian capital. This 168-metre-tall masterpiece of architecture will house a St. Regis hotel and The Residences at The St. Regis Belgrade. The arrival of this prestigious brand, which forms part of the portfolio of the famous Marriott International hotel and residential chain, places Belgrade on the map of the very carefully selected destinations in which St. Regis operates. At the same time, the opening of The Residences at St. Regis Belgrade will raise housing standards to a level not previously reached – not only in Serbia, but across this part of Europe.

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PETAR SIMOVIĆ, ARCHITECT AND GENERAL MANAGER, AND MARIJA SIMOVIĆ, ARCHITECT AND TECHNICAL DIRECTOR, ARCHITECTURAL AND ENGINEERING STUDIO ARIS D.O.O. KRAGUJEVAC

Ready For The Most Complex Projects ARIS is a relatively young bureau that was founded in 2016 as a partnership between engineers who had already worked together for many years. The studio is successfully engaged in design, supervision, project management and consulting in the field of construction

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e have correctly and at the right time dimensioned and structured a company that can respond to such challenging and complex project demands. There are above all large complexes in Kragujevac for clients like Tesla Palace, Euro Motus Real Estate, Delta Real Estate, JDM Real Estate - says the Simović tandem

How did you profile yourself in the industry and how did the development of your design office go?

Petar: The idea of ARIS from the start was to position it as a reliable partner for design and all the other activities in design and engineering in Kragujevac and beyond. We recognised a lack of local quality service, while Kragujevac has experienced a kind of expansion and development in the last ten years, so it was logical to focus on narrow specialisation.

You have a brilliant team of experienced professionals that you have been working with for years? Without their expertise, understanding and complementarity, you wouldn’t be so successful?

Marija: That’s true and we saw the first five years of the company’s development as a period to profile our services, so we specialised ARIS as a bureau that provides quality service in architectural and construction design, with permanent, high quality external associates necessary to complete the documentation so we can provide a complete service.

We have invested a lot of time and effort in mastering and forming knowhow, especially for coordinating projects on a small scale through large and varied typologies. So it is very important to understand all the specifics 10 |

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It is important to understand all the specifics of the different phases of a project so that the final product is satisfying to both clients and ourselves as designers of the different phases of a project so that the final product is satisfying to both the client and ourselves as designers.

Serbia is seeing building more than ever before, which has its downsides - the chaos of lay and ad hoc architecture. Can this be stopped?

Marija: We think that the regulations that are on their way to be integrated with the EU’s have almost stopped lay architecture. People became aware that permission was needed

to build something, so a culture of hiring an architect was established so that at least the bureaucratic part would be respected. In that sense, it has already been taken care of to some extent, but that is the only thing that is right.

And ad hoc architecture, if we define it as something that is designed quickly and without too much attention to the importance that architecture can have for users and the immediate and wider environment, it is present and is initiated by the speed required to spend certain funds or carry out intentions. The only way to

stop this is through education, not only education in terms of knowing the importance that architecture can have in everyday life, but also in economic, environmental and social terms, in order to see the benefits of careful planning.

Has the fact that investors have been asking and deciding about everything for the last 20 years done enormous damage?

Is Kragujevac one of those cities?

Petar: Stigmatisation of investors through the term investor architecture is a very simple approach to a complex phenomenon. It is quite clear that investors are building for the market, and the market is made up of people, and human expectations from functionality to the aesthetics of space are conditioned by personal and group culture. And changing culture is a slow process that eludes perception.

We have some good experience with investors, because we cooperate with them, we try to understand them and slightly change their perception and attitude towards space.

However, if we analyse the current situation in Kragujevac and Belgrade in more detail, as far as our experience goes, the situation is not so bad at all and has a positive trend. Of course, ‘Parisians’ are still sprouting here and there, but it is impossible and unhealthy to regulate public aesthetics. It must be a matter of evolution. In the end, a more detailed analysis of the time before investor urbanism shows it was also full of omissions and mediocre design and urban solutions, but the past always looks much better than the present.

Do you think that it would be better for the development of the city if there were serious public architectural and urban competitions with the best solutions chosen?

Marija: We are absolutely in favour of a the institution of competition. A choice is good, which is also shown by the fact that private investors sometimes decide to organise internal competitions to be sure they choose the best option for themselves. Public competitions are mostly absent due to the slowness of the whole process and impatience for spending funds. If things were viewed in the long run, there would probably be more interest in organising them.

However, we must note that in the last two years, several interesting competitions have been organised in Serbia and that quality solu-

Investors build for the market, the market is made of people, and human expectations from functionality to the aesthetics of space are conditioned by personal and group culture tions have been chosen. We hope that they will be realised, because that would completely confirm the institution of the competition and lead to greater interest in society.

Although you have completed many buildings, large in size and budget, are there some that stand out, some that you are especially proud of?

Marija: As architects, we started working together on small scale projects of different typologies, from housing to business in a small studio (Studio Simović) that has grown into ARIS. In that period of transition from independent work to a partnership company, we made several interesting miniature residential buildings for which we won prizes and were nominated for prestigious European awards (N1 Housing, N8 Housing), with which we actually presented our architectural vision of transforming the urban environment in Kragujevac.

What are you currently engaged in? Do you have any major projects planned for the next period?

Petar: Right now we are in the big scale phase, mostly residential and business complexes, which is very challenging and implies a completely different logic and design approach.

We have correctly and at the right time dimensioned and structured a company that can respond to such challenging and complex project demands. There are primarily large complexes in Kragujevac for clients such as Tesla Palace, Euro Motus Real Estate, Delta Real Estate, JDM Real Estate. Kragujevac is experiencing a serious expansion and as native citizens of Kragujevac we are very happy to have the opportunity to participate in defining new parts of the city. And we hope that we will be able to expand the experience we will gain into the whole region, which is our long-term goal.

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Are We In The Golden Age Of Real Estate?

There are numerous factors contributing to the increased interest in buying real estate and the rising prices of both housing and commercial space, from low interest rates and favourable mortgage deals, via large amounts of “ready cash” in circulation, all the way to changes on the world market. Despite expectations that prices and demand would stagnate over the course of this year, real estate experts are predicting that this will have to wait until at least mid-2023.

How Much Square Footage Can Be Bought For A Million Dollars?

Overlooking the fact that almost none of us ordinary little people will ever have a million dollars to buy real estate, analysis conducted by global real estate consultants Knight Frank shows how much square footage can be bought for that amount. Led by the notion “location is everything”, they set off from Monaco, where a million dollars will only buy you 15 square metres of living space. Only six square metres more, i.e., 21, can be bought for that amount in Hong Kong, which ranks it second, while the UK capital of London comes third because there you can buy a “whopping” 31 square metres for a million dollars.

This amount can buy you 33 square metres in New York, 35 square metres in Singapore, 37 square metres in Geneva, 41 square metres in Sydney, and 42 square metres in Shanghai, Paris and Los Angeles. You can find a 56-square-metre apartment in Beijing for a million dollars, 64 sqm in Tokyo, 73 sqm in Berlin, 77 sqm in Miami, 84 sqm in Melbourne, 106 sqm in Madrid, 108 sqm in Mumbai, and as much as 137 sqm in Dubai, followed by Cape Town (220 sqm) and Sao Paulo (256 sqm).

Considering that the average price of residential property in Belgrade stands at around 2,000 euros, or 2,190 dollars, per square metre, a million dollars could buy you a 456 sqm property in the Serbian capital. However, calculating on the basis of the price of the most expensive square metre in the city, which stands at around 10,000 euros, Belgrade ranks somewhere between Melbourne and Madrid.

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London, Capital Of Microflats

The ever-growing trend of people relocating en masse from small towns to major cities is creating a growing shortage of housing and demand for miniature apartments. Microflats are essentially mini studio apartments or tiny bedsit residences that have a miniature living room that doubles as a bedroom, a mini kitchen and a tiny bathroom. They are ideal for people living alone, usually students or single workers, though there are also variations encompassing 10 square metres that can accommodate two. They are generally equipped with fold-down beds that are stored vertically against a wall when not in use, as well as folding desks or tables.

As many as 8,000 new microflats were built in the UK in 2016 alone, with the world’s largest microflat residential building, containing as many as 546 residences, located in London. This building also includes tiny apartments covering a surface area of nine to 12 square metres that utilise a shared kitchenette and bathroom. Each floor includes a larger kitchen with a dining table, which is used by between 30 and 70 tenants.

Prices Won’t Start Falling Anytime Soon The current situation doesn’t indicate that real estate prices in Serbia will fall in the near future, given - among other things - the growing number of Russian and Ukrainian citizens opting to rent and buy apartments in Serbia. But urban apartments aren’t the only properties exposed to rising prices, as summer houses, building plots and garages are also becoming more expensive...

The pandemic has led to increased demand for summer houses and building plots on the outskirts of larger cities, primarily Belgrade, Novi Sad, Niš and Kragujevac, leading to prices per acre having multiplied several times. In terms of popularity, demand and price, Avala, Kosmaj and Fruška Gora stand out, as do settlements along the banks of the Danube and the Sava, with no indication of a return to the previous situation.

Over the last few years, during which it has become all but impossible to find a parking space in Belgrade, the prices of garages in the city centre area have reached the value of a small apartment in a provincial town or a full rural homestead. Buying a garage as an investment has proven to be the best in the Belgrade municipalities of Vračar and New Belgrade, where ever more residential and commercial buildings are emerging. According to estate agents, a city centre apartment is a good investment today, but buying a garage in the city centre or in New Belgrade is an even better investment.

Dear, Dearer, Dearest The most expensive residential square metre sold in Serbia last year was in the Belgrade Waterfront complex, in the Savski Venac municipality, and cost €10,068. The apartment encompasses 144 square metres, meaning that the buyer spent just over €1,449,000 for this property. The city’s most expensive garage space was also sold in the Belgrade Waterfront quarter and cost €40,000. According to the Republic Geodetic Authority, the highest price per square metre in an older building was achieved in Vračar, at a price of €4,615 per square metre for a 26m2 flat.

The dearest city apartment sold in 2021 is located in New Belgrade, covers an area of 399 square metres and cost the new owner €1,888,614. Belgrade’s most expensive house sold in 2021 is located in the Savski Venac municipality and cost five million euros.

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NEWS & VIEWS

Smart Offices Will Own The Future The way we buy, work, socialise and communicate with friends, colleagues and business partners has been viewed differently since the Covid-19 pandemic hit the whole world two years ago. Firstly, thanks to quarantines and lockdowns, we discovered what it is like to work from home, then we learned how to keep our distance, and we ultimately grasped how we can live with the virus. For employers, the health of workers become a priority, but this isn’t only restricted to the period of the pandemic and is set to become the standard.

Future business premises must be dynamic and flexible, with digital tools applied to the max, as they are set to play a key role in the offices of this new age. These smart offices will reduce the need for physical touch to a minimum, thus ensuring the maximum protection of employees’ health, while various sensors that register the presence of people in a space will be used to increase the flow of fresh air.

The preferred business properties will be those located in close proximity to parks and other areas of greenery, but also commercial premises situated beside rivers or recreation and relaxation zones.

Mortgage Interest Rates On The Rise Fixed interest rates on 30-year mortgages in the U.S. have reached 5% this year for the first time since 2011, and professionals from the banking and real estate sectors warn that interest rates could continue to rise.

“Most buyers base their price range on how much they can afford every month and mortgage payments go up for a given loan size as rates increase. As a result, the increase in mortgage rates means that homebuyers will have to adjust their expectations, and begin shopping in lower price ranges. We might see less competition for higher priced homes and more competition for lower-priced homes,” says Holden Lewis, a home and mortgage expert at U.S.-based personal finance company NerdWallet.

Source: marketwatch.com

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TIJANA ELEZ, FINANCE DIRECTOR AT MPC PROPERTIES BUSINESS

First Choice On The Market MPC Properties was already a market leader more than 10 years ago, when its portfolio included significantly fewer assets, and it’s also a leader today, when it has six retail centres and six premium office buildings in its portfolio.

Market leader is not only about size and dominance, but it is more about how relevant the products are for the customers

that do imply a higher risk, but for return bring significantly higher returns. The crucial factor of success, in this case, is industry knowhow, a network of partners and tenants, familiarity with financial trends and portfolio strength.

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elgrade, along with Serbia as a whole, is becoming an increasingly serious destination for investments in various types of real estate, while the actual market is slowly profiling itself. MPC Properties’ strategy, according to the company itself, has complete clarity.

Judging by your portfolio, we can conclude that MPC Properties will be a key player when it comes to investment and development for a long time to come. What will your next investment be?

Our portfolio gives us strength and strategic positioning in the market, but above all, our expertise and know-how, makes difference. We know why we are investing.

We make long-term projections and invest more in fields of sustainable construction of our assets than the competition, our assets have the highest LEED and BREAM certificates. We also have strategic partnerships with all global brands, but above all we are very well experienced with the dynamics of this market. This fact is also confirmed by the full leasing of the business buildings UŠĆE Tower Two and Navigator Business Centre 2, as well as the BEO shopping centre, which opened in 2020, at the time of the pandemic.

We’ve strengthened our portfolio with the purchase of Delta City, and in the coming

Our portfolio thus gives us strength and stability, while our knowhow and expertise confirm that we know how to choose the right project, as we know when and why we invest period we’ll focus on additionally strengthening our office portfolio in the segment of A Class buildings in prime Belgrade locations.

There has always been a real estate industry rule that these are the only secure investments? Is that still the case?

When it comes to real estate industry, investing in residential is the first association for secure investment. These are relatively stable investments that are exposed to less risk, but also lower returns. However, every investment implies a certain risk.

More complex investments, such as retail centres and office buildings, are properties

In your opinion, what would represent the best investment at the moment and has the growth of the online market influenced a different framework?

The pandemic was an ideal opportunity to demonstrate the strength of the online market, but the turnaround has not happened. We’ve just gained a more complex market, where the online domain is still in the consolidation phase, but the offline market remains a priority and continues to have great potential for further development. However, the offline market is also experiencing a transformation of its own, which is moving in the direction of creating more content-rich shopping destinations and improving the user experience. The consumer is today at the heart of every business more than ever before, and those who best respond to the new needs of consumers, are the ones that can expect to endure.

Does the local market have enough clients with the payment power to keep pace with the high leasing prices that seem to be set to continue rising?

MPC invests in high-quality office buildings, class A+, which address the needs of major international companies that think on long-term basis and can recognise the importance of higher initial investments and the advantages that brings to their employees and their actual business.

Given that we’re market pioneers in the retail segment, we select shopping destinations that are in the city’s busiest places and possess all the essential infrastructure for brand development. Such an approach has enabled us to gain the reputation we have today as the first choice on the market.

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ANA ŠUMAN, ARCHITECT, HEAD OF THE DEPARTMENT FOR URBAN AND SPATIAL PLANNING, NADICA DAVIDOVIĆ, ARCHITECT, HEAD OF THE DEPARTMENT FOR ARCHITECTURAL DESIGN AND SAŠA KOSTIĆ, ARCHITECT, HEAD OF THE DEPARTMENT FOR PROJECT MANAGEMENT AT THE ARCHITECTURAL STUDIO BUREAU CUBE PARTNERS

No Limits For A Professional And Dedicated Team Besides expertise and professionalism, architectural studio Bureau Cube Partners bases its work and enviable results on commitment to the interests and needs of the client, knowledge of local opportunities and global trends and a willingness to see perspectives and create new opportunities

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ach year, the team of this respectable Belgrade architectural studio is expanding their portfolio and list of locations where they have been hired as designer, especially with their important participation in drafting the project documentation for the reconstruction and extension of the pearl of the Serbian architectural scene, the SANU Palace.

How tcan we establish a balance between a modern way of life in the city and the rich heritage without which Belgrade would not be Belgrade? Can history, tradition and the demands of modern man be successfully combined?

A.Š. During the planning elaboration of the defined scope, which consists of the city or certain parts of it, a studious analysis and confirmation of the existing cultural, historical and natural values is the initial procedure by which a sufficient perception and a detailed familiarity is formed in various aspects with the space that is the subject of the planning document.

As the city is a living organism that changes and develops every day, one should be very careful about the existing values, the potential values that cry out to be iluminated, and not by just any criteria, and the conditions and needs for development, so as to create a high quality planning solution as a basis for 16 |

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The integration of new, modern buildings and modern areas of the city with a rich heritage is both a challenge and a responsibility the area covered by the planning document to be developed in the coming years. Retaining valuable buildings and environments is very important, but it is also very important to respond to modern requirements for the development and improvement of the city

from architectural and urbanistic viewpoints.

The integration of new, modern buildings with modern city areas with a rich heritage is both a challenge and a responsibility. In numerous examples in global metropolises, we notice that one of their qualities is the

successful realisation of the intertwining of historical heritage and applied modern tendencies in architecture and urbanism.

Can the existing infrastructure withstand this pace of construction of new facilities and what does Belgrade need most at the moment?

A.Š. For the development of the city or some part of it, the condition is the preparation of a planning document which will, among other things, define other and public purposes, capacities and conditions for future construction, infrastructure capacities and conditions for improving and building infrastructure. For the unhindered functioning of the city, it is necessary to implement planning solutions, primarily in those areas related to the construction of roads, public utility infrastructure, edifices intended for education and facilities intended for social and health care. Most of the current problems in the functioning of the city are the result of unrealised planning solutions, illegal construction, unbuilt buildings or parts of buildings intended for stationary traffic.

It is thought that in ten years, many parts of the capital, even New Belgrade, will be left without sites for new facilities. Where and how will the city expand then?

A. Š. The development of the city is a specific process that happens before us every day.

In relation to the actual increase in demand for new sites and the present demographic expansion in the city of Belgrade, a more balanced development of the city is occurring with the activation of some, almost unjustly, neglected parts of Belgrade. In recent years, the expansion of the city has been noticeable in all directions. Locations that were completely unattractive ten years ago are crying out to become important points in the city. For an appropriate expansion of the city, the most important thing is to fulfill the basic condition, which is the preparation of planning documentation and the subsequent realisation of the planning solutions.

How much do new materials and the most modern technologies make it easier for you and your colleagues to realise all your visions, to give the project a unique, author’s stamp, to express all your creativity ...?

We solve challenging situations with an analytical approach, persistent elaboration and presentation of variant solutions in relation to the client’s requirements N. D. Technological development accompanied by innovative processes has definitely contributed to a clearly visible transformation in the realisation of works of modern architecture, in such a way that the concept, which we primarily transfer to paper through sketches, later without major difficulties, precisely with these same or almost the same formal, functional and aesthetic characteristics, in each of the following phases may be examined in a focused manner, recognising the referential value and effectiveness of the final product. In consequence, we also often provide through the design process appropriate professional, technical and technological support to fellow engineers in various reference disciplines, all in order to become acquainted with new materials, their characteristics and ways in which they can be utilised.

In upgrading the knowledge that is primarily associated with the application of modern technological solutions, both in the field of architectural design and in the subsequent technological process of executing works, our team has, on almost every one of the many projects in which we are currently engaged, precisely an immediate opportunity, through its follow-up, to dedicate itself to it.

This applies to all phases of project implementation in which our team, following the architectural detail from its genesis to its implementation, is also dedicated to creating a realistic picture of the rational development of conceptual guidelines active in the emergence of new ideas, which are essentially a strong support for a legible and recognisable authorial approach, but also as such, critically exposed, both to the professional public and to the end users.

All major cities in Serbia, not only Belgrade, have become huge building sites, which unfortunately in many cases has a negative impact on aesthetics, functionality, quality ...? How do you fight that?

N. D. As the requirements of potential users, primarily in the field of residential construction, are now at the highest of levels, so the market itself requires diversity in selection, resulting in the participation of both consultants in sales procedures and of cost management consultants and experts in the field of marketing, at practically all stages of the design process. In connection with this, inconsistent attitudes of participants in the design process often manifest themselves, sometimes even M AY

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BUSINESS in diametrical opposition to each other, and all in relation to views, interpretations and glorification of expectations.

At such times we solve circumstances and challenging situations with an analytical approach, persistent and almost constant elaboration and presentation of variant solutions in relation to the requirements emphasised by the clients. We do all this in order to be able to successfully incorporate common objectives in the most efficient way into an architectural solution that will not have shortcomings in terms of design, form, art, functional organisation and overall quality that a building must simply possess, at least in its outlines.

Among other things, your bureau is entrusted with drafting a project for the reconstruction and extension of the SANU Palace. How are preparations going for the works that are planned to be completed for the centenary of SANU 2024?

N. D. The reconstruction and extension of the SANU palace really is one of the most demanding and complex projects in which we are engaged, and where in addition to the process of reconstruction, adaptation and rehabilitation of the existing building, a very complex and authorially challenging intervention is designed in the atrium area of the palace, within which the future central motif of this representative building, embodied in a multifunctional concert hall, is functionally and formally incorporated.

The investment-technical documentation intended for the entire intervention is in its final phase, which means that the conceptual design has been completed, that the conceptual project has been completed and confirmed by the revising committee of the competent ministry, that the construction permit project has been completed and that the construction permit for reconstruction and extension is imminently expected. This creates conditions for the preparation of the beginning of the execution of works, whose completion is planned in the year in which the centenary of the construction of the SANU palace is to be celebrated.

Does the fact that your architectural bureau, in addition to architects, is accompanied by experts in various professions and specialties, enable you to effectively manage projects, regardless of the scope and type of work?

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Expertise, efficiency, a team and collegial relationship enable project management in our office to be successful, regardless of the type and scope of work and the deadlines S. K. Bureau Cube Partners primarily consists of a team of experts in the home discipline, architecture, including colleagues with enviable biographies, former professors, doctoral students and, I would say without false modesty, current and future important names in Serbian architecture with whom it is a great honour and pleasure to collaborate. Expertise, working efficiency, a team and collegial relationship unequivocally enables project management in ourofficetobesuccessful,regardlessofthetype and scope of work and the deadlines defined.

In addition to a high quality approach in solving architectural challenges, knowledge of local opportunities and processes and global trends has brought you a large number of clients. How did you keep them and motivate them to embark on new projects with you?

S. K. Our company is characterised by exceptionalcommitment,understandingofthemarket and the expressed needs of investors, and an understanding of the need to face and follow global architectural trends. I observe that the readiness for complex, often provocative, and at the same time challenging perceptions and the creation of new possibilities are almost always predetermined qualitative conditions

that investors naturally expect from the architectural team that accompanies them, which in our case they probably recognise.

In addition, I would like to emphasise the expertise and dedication of each individual in our team who is engaged in the design process, starting from understanding the idea, through recognising key points in the investment development cycle and synthesising elements that participate in creating a complete product, until its final realisation.

By participating in all phases of the project, your experts provide clients with additional security and guarantees that the work will be done flawlessly. Do you save them time?

S. K. Competence, rationality, creativity, sustainability, certainly synchronicity and cooperation in all disciplines, starting with architecture, are a prerequisite for design, and then all the following processes take place according to the given dynamics. But that is also equally a reason to consider all potential obstacles in the realisation in a timely manner, and to make savings in the estimated time of realisation of the entire cycle by timely resolution and prevent further extension of the planned deadlines.

VESNA KRIZMANIĆ, ARCHITECT, ARCHINOVA ARCHITECTURE BUSINESS Archinova Architecture is a company that specialises in the strategic design of workspaces and interdisciplinary models of workspace design, but first and foremost in the utilising of spatial office units to build a pleasant and healthy atmosphere and corporate culture

Reaching The Highest

Standards Of Offices In Serbia would change so quickly and that a pandemic would bring us new ways of doing business?

Changes to design methods of offices were obvious even before the pandemic, which only served to accelerate them. By orienting themselves towards the task at hand and the need to generate profit, as opposed to focusing on the place where they are based and work, many companies were able to digitalise and utilise virtual work platforms, and that technological wheel is spinning faster and won’t stop. In the process of designing and collaborating with an investor, we strive to strike a balance between physical workspace, virtual work and the building of a corporate culture and a sense of belonging.

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ersonnel, both individual employees and teams, need to be flexible and oriented towards the task at hand, and not the place.This doesn’t mean that office space must be condensed, but rather that it should be modified to represent a company’s base.

Your company deals in the design of workspaces. What does that actually entail?

It entails dealing with the architecture of offices and workspaces, but actually through different disciplines – firstly analysis of companies’ organisation and work processes, analysis of the digitalisation of operations and the “measure” of virtual and physical works. But we primarily deal with the sociological and psychological needs of employees – by participating in the building of a pleasant and healthy atmosphere and corporate culture through spatial parameters.

This is a team effort, and the architecture and interior of a workspace can use as a tools to realise those goals.

When you established Archinova five years ago, could you have imagined that things

Considering the new practise of working from home, do you think there’ll be a reduced need for traditional offices?

Hybrid work has created an opportunity for companies to engage the best experts anywhere in the world and to form multinational expertlevel teams that are flexible and task-oriented, rather than place-oriented. This doesn’t mean that office space must be condensed, but rather

that it should be modified from the traditional to a representation of a company’s base and a place where corporate values are initiated, as well as a place where employees are happy to come, meet and collaborate. Also, the greatest advantage of working from home is the travel time saved, but one of the new solutions could be the spatial diversification of workspaces.

What do you recommend when it comes to designing and developing new offices?

Developers and designers of new multi-tenant buildings can analyse new forms of organising office buildings, with the aim of optimising clients’ increased demand for flexibility (whether some spaces should be shared use; whether a need exists to develop new concepts like office hotel concepts, co-working concepts etc.), while the companies – led by their HR teams – analyse the optimal degree of hybrid work (in the office and from home) adapted to each area of activity independently. High-quality designers and architects, which Serbia has in abundance, are able to satisfy and exceed the highest standards and to design modern office space.

Design of Medigroup office in Sirius offices, Belgrade

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INTERIOR DESIGN

Interior Design Trends In 2022 For millennia, interior design trends have been used as aesthetic aids in our attempts to find some sort of inner peace: take the ancient Chinese art of feng shui, where spatial positioning corresponds to energy flow, or wabi sabi, the Japanese practise of embracing imperfections, or ancient Rome's fondness for using earth-tone colours and geometric patterns to mimic the harmony of nature

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here is more and more research showing the direct influence that our homes have, not only on our mood, but on our overall health and wellbeing. So, is it any wonder that in 2022 — our third consecutive year in a global pandemic — the top interior design trends are again focused on making us feel emotionally at ease?

And what, exactly, are our senses drawn to in 2022? Top interior designers have some ideas. For starters, several predict the rise of the enveloping, earthy colour of brown, displayed in fabrics like leather or even in terracotta walls (how Ancient Rome of us). Others see a spike in nature-inspired surfaces and accents — think marbles and mushroom shapes — while others say their clients can’t get enough soft, curvy furniture. Essentially, anything that feels warm, welcoming and cosy is in.

Then, there’s the pandemic reality that our homes have become the main settings of our lives: where we work, sleep, and socialise. Every corner, and every object we’re surrounded by, must serve some sort of purpose.

Meanwhile, some popular design choices of the past several years are falling to the wayside. Boucle’s moment, it seems, is over, as is the all-white minimalism that may look crisp, yet provides little visual comfort. The minimal look is at last warming up.

NATURE-INSPIRED SURFACES AND OBJECTS With more time spent indoors than ever before, we’re all seeking to strengthen our connection with nature. This has simultaneously inspired a resurgence in natural sur-

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NATURE-INSPIRED OBJECT

LE STYLE ANGLAIS-MEETS-CALIFORNIA APPROACH

faces—think stoneware, terracotta, marble, and travertine being used across the board from backsplashes to bathtubs, furniture, and decorative objects. The raw, porous, imperfect nature of these organic materials adds depth, soul, and visual intrigue while also mimicking the calming, restorative ambiance of the outdoors. This lure back to nature has also sparked an interest in large trees at home, from the elegant black olive to Southern magnolias.

It is refreshing to see a return to materialdriven applications—and it doesn’t seem to be cooling off. A desire for rich marbles, soft and organic materials, warmer tones and griege vs. white on walls, earthy elements like wood, stone, and clay—this is all so classic and refreshing as it brings life to a space.

SCULPTURAL AND CURVED FURNITURE A curved form is subconsciously read as safe, friendly and welcoming. With everyone feeling a bit precious, softer shapes and angles will still be a big trend in 2022 in furniture

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TOP 10 INTERIOR DESIGNERS

MIXED MATERIALS LIKE METAL, WOOD AND VELVET

as well as architecture.

VINTAGE AND SUSTAINABLE ACCENTS From a design standpoint, vintage is the protagonist of every room—it has the power to influence the storytelling and direction. Their patina brings a touchable texture and warmth to every space, not to mention a sacred sentimentality. But aside from their decorative propensity, these rare antiquities are stylishly sustainable.

By repurposing the old, the damaged, the jagged into something new, we’re reducing our footprint while bringing a rich sense of history and spirit into a space.

A MORE MODERN GRANDMILLENIAL Trends for 2022 include the embracing of floral patterns, a sort of 1940s updated chintz vibe, resplendent in the memory of Mario Buatta, but in more contemporary palettes. The ‘grandmillennial’ look that was slowly infiltrating influencers and taste 22 |

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ROOM IN SHADES

ARTWORK

CURVED SHAPES, TEXTURES, AND NATURE-INSPIRED INTERIORS ARE ALL TRENDS NAMED BY TOP INTERIOR DESIGNERS FOR 2022

makers in 2021 is now become more widespread, moving tastes back to a “more is more” look. But unlike our grandparents’ interiors, the feel is more curated with floral and damask-printed wallpapers becoming the backdrop for contemporary-shaped soft furnishings given an added touch of glamour with unexpected fringe and piping addition.

Mixing Materials and Design Styles The desire to have unique things is leading to an increase in mixing materials in furniture design. It is not uncommon to see case goods with wood, metal and stone elements all used in the same piece, to make them more unique and special.

There is a trend emerging that is reminiscent of the late ’80s and early ’90s. Two directions -One being very natural—white and creams, mixed with dark natural wood and washed linen textiles and black-andwhite photography. The other is dark and moody mixed with stainless steel, jovial multicolor schemes and color blocking.

Paying attention to the subtleties will be important in 2022!

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INTERVIEW

MILAN PROSTRAN, AGRICULTURAL ECONOMIST

Serbia Is (Nonetheless) A Lucky Country

Serbia is a country of great natural resources that has good and well-educated farmers. That’s why, during these global crises, there are no major food supply problems and Serbia is managing to provide enough food for both its own needs and those of neighbouring countries

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he war in Ukraine and sanctions imposed against Russia have served to remind us once again that the agricultural sector is of strategic importance during both peacetime and war, as our interlocutor, agricultural economist Milan Prostran, likes to say.

One of Serbia’s preeminent experts in this field, during this conversation with him we touched on new technologies and the enduring poverty in Serbia that ensures the level of meat consumption in our country remains below that of the former Yugoslavia. As a recurring theme of this entire interview, and a way of better understanding the context in which farmers and the food industry operate, one of our interlocutor’s statements stand out – when he states that, over the course of more than 20 years, he’s failed to convince the authorities, from any part of the political spectrum in Serbia, of the need to invest more in this sector. Perhaps this crisis provides an opportunity for that.

“Food for the future” is among the key sectors singled out within the scope of smart specialisation processes as representing a competitive advantage for Serbia. Are you encouraged by this when it comes to the development of agriculture and the food industry in Serbia?

Serbia, as an agrarian country, has fewer worries than many other countries when it comes to food production. In the former Yugoslavia, Serbia produced 60 per cent of total food required for all Yugoslav republics, while today it exports surplus production 2

AGRIBUSINESS 2022

and the turnover generated from exports of agricultural products exceeds four billion dollars and is heading towards five billion.

On that front, Serbia has no major problems supplying its own population with food during these global crises, while it also participates significantly when it comes to serving the basic needs of the countries of the region for food and agricultural products.

On the other hand, Serbian agriculture has yet to receive the respect it deserves from the government, from the creators of budgetary policy and incentive systems, and we shouldn’t overlook the fact that this

sector sustained great devastation during the privatisation process. We should also add to this the difficulties experienced by associated industries that ensure that, today, our farmers have major procurement problems with mineral fertilisers, plant protection products, agricultural machinery and spare parts, while there are also global issues, such as the price of oil as an ever-increasing cost.

From the standpoint of unexploited potential, our country is dominated up to 78 per cent by small farmers and agricultural smallholdings with estates of less than 0.5 to five hectares, which is also our critical

FUTURE

INTEREST

TURNAROUND

A task for the years ahead is to utilise the great potential of small and medium-sized producers in the function of increased food production and increased income

Generating an income must be the basic motivation for engaging in agriculture, because no one should engage in agriculture for some patriotic reasons

This crisis is an opportunity for politicians to change their opinions and for agriculture to receive the respect it deserves from the government, as the creators of budget policy and the incentive system

point to an extent. That is a task for the years ahead: to utilise this great potential of small and medium-sized producers in the function of increased food production and increased income.

Nonetheless, regardless of all of its problems, Serbia is a lucky country of great natural resources that has good and well-educated farmers and which manages, despite the circumstances, to provide enough food for both its own needs and those of neighbouring countries.

budget of Serbia had a billion euros a year for the needs of agriculture, we could do much more. Unfortunately, we won’t have higher investments and more intensive programmes for agriculture without a higher agrarian budget. This correlation must be established.

of our agricultural cooperatives.

This would also enable the better utilisation of resources and secure the long-term security of farmers, because we mustn’t forget that agriculture is an open-air factory and that it carries huge risks regardless of the availability of modern devices and technologies.

This is also a story of education to a certain extent. We have developed education, several agricultural colleges, a few good agricultural secondary schools, and it’s particularly important that a large proportion of these young people are being educated to work on their own farms, which guarantees more intensive production, higher yields and higher income.

You are of the opinion that the agrarian budget’s share of the national budget of the Republic of Serbia should correlate to agriculture’s contribution to generating the country’s GDP. Why is this still not the case?

The agrarian budget is 50 per cent lower

Agriculture is today a sector where new technologies are being applied more than ever – from smart tractors to artificial intelligence. How can Serbia handle such technological changes if 80% of farmland is still in the hands of small owners?

These problems aren’t easy to overcome.

U.S. and EU experience shows that the state must have a professional service that’s better organised and 100 per cent funded from the state budget. In the U.S., for example, the

When we liberalised the agricultural sector, we also made it possible for foreigners

In today’s difficult conditions, agricultural resources have been shown to be the most precious, and countries that have large areas of well-utilised agricultural land are the happiest. When things are established in such a way, it’s clear that we will suffer for a while due to the sale of land to foreigners, but it is what it is than deserved, which I’ve been trying to convince the authorities of for more than 20 years. Although a law was passed stipulating that the share of the agrarian budget mustn’t be less than five per cent of the total national budget of the Republic of Serbia, that five per cent has never been achieved. Over the last 10 years, according to the new calculation methodology, agriculture has contributed a share of around 9.5% to the country’s social product, while I’ve always insisted that it should be at least 10 per cent. If that was the case, instead of 400 million euros, its share would amount to a billion euros, and if the

optimal farm size is 1,000 hectares, because that reduces costs and increases productivity, which is why, in our country, trust is again being placed in the cooperative system or the communal system. Small, independent farmers can’t compete on the market if they aren’t backed by an association that will protect them and unify them in an economic sense, which will have both educational and lending functions. That unification is key, provided we don’t disregard the weaknesses of the former cooperatives and we restore everything that was positive. This is also how the EU works, via so-called cooperatives that are the equivalent

to own land, prompting great fears that all our land would be bought. What actually happened to the ownership structure of farmland in Serbia?

This was the consequence of a mistake made during the signing the of the [EU] Stabilisation and Association Agreement, when we were purportedly promised that we would become a full member of the EU in 2016. We conceded to the 2008 agreement allowing the sale of land to foreigners after only four years, despite us not even being close to joining the EU. Unfortunately, the SAA cannot be changed.

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INTERVIEW The largest swathes of agricultural land still remain in the hands of domestic owners, but there are also large areas held by companies from Arabic countries, while there are also Croatian landowners. The latest major transaction was the sale of PKB to company Al Dahra.

Do you expect the war in Ukraine and the sanctions imposed against Russia to substantially change the way all countries, including Serbia, view agriculture as a strategic resource - as you said, during both war and peacetime?

I think that many countries that don’t have developed agriculture, or don’t have enough agricultural products, will finally change their attitude towards this resource. When sanctions were imposed against Russia in 2014, it’s agriculture was very underdeveloped, even in parts of the country with excellent conditions to do so. They quickly changed their agrarian policy and, to the surprise of everyone, Russia became one of the world’s largest producers of wheat, barley and rye, and one of the largest fruit producers. And today many countries, including us, I hope, will change their stance regarding agriculture. It is important that this need is grasped by the politicians who make decisions, and the crisis is an opportunity for that.

What will this war change when it comes to agricultural production and prices in our country?

Prices will rise and we, unfortunately, won’t be able to influence that much, primarily due to the global market, or due to the high prices of energy, mineral fertilisers, plant protection products, agricultural machinery, spare parts and other outgoings that are included in the cost of agricultural products. Wealthy countries will be able to use subsidies to compensate for prices, i.e., to use budget contributions to help agricultural producers slightly reduce the prices of their products.

Another way is for farmers not to use some of these components, to save on additions, but that would reduce their yields, and thereby also their offer, which would again result price hikes.

In my opinion, prices will continue rising until autumn, until the harvest is finished.

If the wars stop, if the prices of additional 4

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In my opinion, prices will continue rising until autumn, until the harvest is finished. If the wars stop, if the prices of additional components fall, a better period will begin in 2023 components fall, a better period will begin in 2023. We mustn’t forget that these two warring countries, Ukraine and Russia, are responsible for more than 80 per cent of the world’s total production of sunflower oil and more than 25 per cent of world wheat production, and that can’t help but be reflected on the market.

We used to consume 65 kilograms of meat per capita annually, while today that total has fallen to 52 kilograms, which is significantly below the EU average. Should we rejoice in that as part of the transition to healthier lifestyles, or is it still a sign of poverty?

During the time of our crisis, in the 1990s, meat consumption fell from 65 to 30 kilos.

That total has improved slightly over the past twenty-odd years and we’ve now reached a level of 52 kgs per capita, but I don’t believe we’ll return to old levels anytime soon. We have a large number of ‘national kitchens’ [to feed the poor], which – as my parents told me – didn’t exist even in the post-WWII period, when the country was devastated.

We have a lot of poor citizens who survive

on basic foodstuffs and for whom meat is inaccessible, even the cheaper categories of meat. Beef today costs more than 1,000 dinars a kilo, veal costs more than 1,500 dinars, and quality chicken meat costs more than 500 dinars.

Does it make sense today to promote “meat produced in Serbia” if our livestock farming is under threat?

The numbers are terrible... In 1975 we had 2,250,000 head of livestock, while today we have approximately 800,000. Livestock is in a great crisis, and numbers of all domestic animals, with the exception of goats, are facing major decline. People have forgotten that destroying livestock also destroys agricultural land, because we have no organic manure and we don’t sow grass, unlike the Netherlands, which is important for recultivating land. You know, for example, that irrigation is extremely inefficient, and even harmful, without manure, because runoff/ leaching turns agricultural lands into barren wastelands or deserts.

I’ve been to Israel twice and seen how irrigation and manure turns deserts into fertile land. And they wouldn’t be able to do that without developed livestock, fantastic farms and the highest production of milk.

Livestock farming is the engine that drives agriculture, as shown by the fact that the value of European agriculture is set 70 per cent through livestock and only 30 per cent through plant production. Unfortunately, that ratio is flipped in our country, so livestock accounts for only 30 per cent of agriculture.

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COMMENT

VLADIMIR VASOJEVIĆ, COUNTRY MANAGER, BELCHIM SERBIA

We’re Growing Together With Certis Belchim Belchim Crop Protection is a development company that has harmonised its operations, both locally and globally, with all of the increasingly stringent environmental and safety standards for the programme of professional plant protection.

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his year is a special one for us and it will be inscribed in golden letters, because we are proudly announcing the creation of a new company – Certis Belchim B.V. – through the merging of Certis Europe B.V. and Belchim Crop Protection NV / SA, with the slogan ‘Growing together’ - announces Belchim Crop Protection Serbia, Country Manager Vladimir Vasojević.

Agriculture has been the central pillar of our country for centuries, particularly during difficult and challenging times. Can agriculture continue to be our central pillar and our trump card in the years ahead?

The people who live in our region have been forced to adapt to all historical tribulations. That’s also the case with the global crisis that we all find ourselves living through today. We all need to work more intelligently, each in their own field. During times of unstable market and monetary conditions, the optimising and adapting of all processes is a key and crucial element of company success, both in the agricultural sector and beyond. In times of such opportunities and predicaments, maintaining a balance between environmental norms and the quality of agricultural production represents a great challenge.

Environmentally sustainable agriculture starts with the kind of professional plant protection that’s promoted by your company. Is this the best route to great yields and top-quality products?

The concept of environmentally sustainable and professional plant protection is based on the functional integrating of conventional (traditional) and environmentally friendly agriculture, alongside applicable biorational solutions for plant protection. Since its very inception, our company has understood the essential need to conduct tests 6

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and the huge importance of knowledge, which come as a result of product testing in real time.

As the company developed, so did the important need for permanent testing stations. Our company’s first testing station was established in 2006 in [the Belgian municipality of] Londerzeel, which is just a 10-minute drive from the company’s headquarters. It was in 2016 that we launched the construction of our second testing station, which is located in the commune of Fronton near the French city of Toulouse. The focus at this testing station is on agricultural cultures from Southern and Southeast Europe. This process of constantly striving to achieve better and higher quality products represents the best route to great yields and top-quality products.

Has increased awareness about the importance of proper and healthy nutrition led to you working more intensively to harmonise your operations with increasingly stringent environmental and safety standards?

The production of food, or agricultural production, represents – in addition to human health – a priority sustainability goal for every society. The unexpected global crisis caused by the coronavirus pandemic has continued with a crisis of price instability for agricultural raw materials and semi-finished products. These events represent a global challenge. Nobody expected this kind of scenario. This is the right juncture for us to once again prove our key advantage and strength: flexibility. We have consolidated operations, our team has taken a proactive approach to conducting all necessary works to ensure that our proven, innovative solutions would be available to all of our agricultural producers. Our team responded to this challenge in the right way, which makes us very proud.

Do we have the knowhow and resources to keep pace with trends? To what extent are your products for improving agricultural production available to small producers?

In the scope of my work to date, I’ve had the opportunity to meet many high-quality people from all areas of agrotechnology and food sciences, across Europe and around the world. My general conclusion is that we have all the elements needed for success right here in our country and region, both in term of knowhow and the experience needed to be able to keep pace with world trends and accept those technologies that can place us among the worldwide competition to achieve high yields. Our lands already have serious professional producers

and companies that are already competing in that game and have already reached the very top, with their excellent yields and product quality. We see the role of our company as being to share as much as possible and to connect, doing everything in our power to help improve things greatly in the part in which producers need to advance. It is only in this way that we can count on generating better average yields. We see that as a huge challenge.

You have launched the establishing of a new company that will represent a new force in plant protection, with strong foundations and great possibilities of conquering new markets. How much progress has been made with that?

region. This year, together with our Japanese and European partners, we have once again presented several products that are new to our market and will soon represent the standard in plant protection. We have harmonised our operations, both locally and globally, with all increasingly stringent environmental and safety standards through our professional plant protection programme, which aligns with the concept of precision agriculture. We invest in the development of new products through testing that we conduct everywhere, both across this region and around the world. We are working to make our products safer through so-called biorational solutions.

A UNIQUE & INNOVATIVE PORTFOLIO AND PIPELINE For this year, we’re announcing the creation of the company Certis Belchim B.V., through the merging of Certis Europe B.V. and Belchim Crop Protection NV/SA. Certis Europe and Belchim Crop Protection are both development companies that operate on the global market for plant protection, with a strong position in environmentally friendly biorational products that satisfy the requirements of sustainable agricultural production. Both companies are subsidiaries of Japanese company Mitsui & Co. Ltd., which forms part of Mitsui AgriScience International SA/NV.The merging and synergising of these two companies will enable Certis Belchim to further develop sustainable plant protection solutions while maintaining a stronger market position.

Will new company Certis Belchim introduce new solutions with the same dynamics as your company has done to date?

Certis Belchim develops professional, environmentally-friendly solutions in all branches of plant production: viticulture and the cultivation of fruit, vegetables and field crops. There are no small and large market segments for us, no small and large producers, rather only optimal, environmentally-friendly solutions that can help improve the competitiveness of the agriculture of our

Constantly striving to achieve better and higher quality products represents the best route to great yields and top-quality products If you had to highlight just a few of the characteristics that best describe Certis Belchim, like innovative and adaptable, what would they be?

What essentially distinguishes you from the competition?

Certis Belchim combines the strengths of two renowned companies in the area of plant protection, offering an even richer portfolio of products and additional resources to provide the highest level of technical support and customer service. Our new company is supported by Mitsui & Co. Ltd. With its global resources, as well as four major Japanese research and development companies: Nippon Soda, ISK Biosciences, Kumiai and Mitsui Chemicals Agriculture. Coupled with the developmental, regulatory and marketing expertise that exists within Certis Belchim, these companies bring innovative and exciting new solutions for plant protection, both around the world and across our region: Serbia, Montenegro, North Macedonia and Albania.

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NEWS & CURRENT AFFAIRS

AGRICULTURE

OUR OPPORTUNITY Exceptional natural agricultural resources for both plant and animal production are not enough by themselves for a country to feed its population and export food. This can be seen in the examples of small Serbia, large China, rich Australia... Nature needs help from the latest technology, besides returning to the good old hoe and natural fertilisers

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THE HOE RETURNS TO BANJA LUKA

Some people in Banja Luka were convinced that the pandemic had to bring some benefit, prompting hem to become gardeners overnight. It all started in 2018, when 10,000 square metres of land was distributed to inhabitants. As the interest was greater than the number of vacant plots, a public invitation was sent to landowners. In the midst of the pandemic, the Hoe in Hand, Let’s Feed Banja Luka initiative was born. That spring, 20 families founded their first garden and the following year the number of gardens increased to 30, but the interest in gardening is still growing.

The Hoe in Hand initiative has city gardens in Petrićevac, Starčevica and near the Agricultural School, besides the gardens already in Rakovački under the Banja Luka City Garden project. It is hoped that production will expand year-on-year and that the authorities will catch on to their popularity and allocate new planting areas.

AGRICULTURAL FAIR WITH THE OLD TIMING AND FORMAT

The largest and most important national event dedicated to agriculture is the International Agricultural Fair. This year’s 89th edition will be held from 21st to 27th May at the Novi Sad Fairgrounds, in its regular spring slot and traditional format, i.e. live. Exhibitors will again be able to exploit their own and the fair’s possibilities to better present and achieve great business results and, after the break caused by the pandemic, when the fair was held online, visitors will again walk among the stands with their live and mechanical exhibits.

As is the case every year, guests will have opportunities to check out the latest machinery, tools, agro-technical appliances, crops and scientific achievements...

With the support of the Ministry of Agriculture, Forestry and Water Management, there will be an exhibition of livestock, an exhibition of genetic possibilities, an exhibition of products with the national label, exhibitions of organic products, public prize contests of horses and cattle, a cattle breeders’ day with a ceremonial parade of prize cattle, a fruit day, a champion’s evening and much more.

THERE WILL BE ENOUGH FOOD, BUT IT WILL BE EXPENSIVE

“Due to the war in Ukraine and the crisis that has spilled over to the rest of Europe, food prices will inevitably rise in the coming period”, concluded the Business Trends summit panel held in Belgrade in late April, organised by Instore and NIN magazines.

Miloš Mijović, director of MK Agriculture, believes that growth in the price of artificial fertilisers, which is three times higher than before the crisis, will certainly affect Serbian food producers. He doesn’t expect business to be jeopardised this year, but he believes that next year will be more challenging. As he emphasised, there will be quite enough wheat for national needs, but export can be threatened.

According to Luka Popović, COO of Delta Agrar and director of Danubius and Delta Feed, we are facing a period without cheap food, but also without sufficient shortage capacities.

“Serbia is a serious agricultural country ranked in the top 10 world producers of corn, wheat and beets, so there will certainly be food for local needs”, said Popovic, adding that supply chains are important for production but have seen significant disruption, and that all this will increase the price of food.

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COMMENT

LIFE RETURNS TO SERBIAN VILLAGES

In 2022 the commission for the allocation of grants for the purchase of a rural house with a garden distributed 90 rural houses and delighted 13 young farmers, 13 single parents and 64 families throughout Serbia. Grants for the purchase of rural houses are allocated on a first-come-first-served basis as long as funds last, but no later than 1st November 2022.

Young married and unmarried couples, single parents and young farmers up to the age of 45 can apply for a grant to buy a country house. According to the terms of the competition, the house can be located in all populated areas of the Republic of Serbia, except in urban and municipal centres and suburbs, and its value can amount to a maximum of 1.2 million dinars.

In last year’s cycle, 651 rural houses with gardens were awarded in as many as 100 local government units, and a total of 500 million dinars was set aside for this in the budget of the Republic of Serbia for 2022.

EATING INSECTS SAVES THE PLANET

A recent study by Finnish scientists showed that replacing livestock products with insects in our diets would reduce the effects of agriculture on global warming and water and soil pollution by 80 percent.

Finnish researchers have used computer models to determine the optimal combination of diets that would meet all nutritional needs, while minimising the impact on the environment, water consumption and soil pollution.

Experts from the University of Helsinki say that vegetarians and vegans have demonstrated the health and environmental benefits that can result from reduced meat consumption. Not only could switching to ‘food of the future’ such as insects and mushroom protein meet our needs, but also contribute to a better intake of essential nutrients.

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AGRIBUSINESS 2022

CHINESE FARMERS DEVELOP SMART AGRICULTURE

Five Chinese provinces will receive technical guidelines from expert teams sent by the Ministry of Agriculture, after last year’s floods had a negative effect on sowing and on the harvest.

More than 800,000 people will be able to attend online training through the National Platform for Agricultural Technology, as the Chinese authorities have concluded that the future of agriculture lies in modernising and developing technology.

With modern farming platforms and smart farming technology, including drones, satellite imagery and computer modeling, the state provides support to farmers across the country, turning farmers’ mobile phones into intelligent tools and resources for environmental protection.

IT’S TIME FOR WEEDS

The Serbian Intellectual Property Institute is celebrating its centenary and has published a calendar of the greatest Serbian scientists and inventors, including Dr Danica Gajić. The only woman among the great scientists stood shoulder to shoulder with Nikola Tesla, Mihailo Pupin and Milutin Milanković, thanks to “agrostemin”, a broad-spectrum bioenergy agent that serves to increase yields, improve crop quality and optimise production costs.

The need for the application of this natural preparation, which is obtained from a powder of weeds and other cultivated and wild plants, has been particularly evident in recent months due to extremely high prices of fertilisers, but also due to the need to turn to agrotechnical measures suitable for organic agriculture. Back in 1987, the World Intellectual Property Organisation awarded Dr Danica Gajić their Gold Medal for Lifetime Achievement, and Agrostemin has since become one of the standard agrotechnical measures based on research and decades of practical use in our country and around the world.

A FARM WITH NO FARMER? YES

Australia last year gained the world’s first fully automated farm covering 1,900 hectares, where human hands do absolutely nothing. Agricultural production on this property takes place with the help of artificial intelligence, robots and smart sensors, and the goal is to show how technology can make the industry more productive and efficient.

According to ABC News, installing the system cost 20 million dollars. The project was conducted by researchers at Charles Sturt University in Wagga Wagga in cooperation with the Food Agility Institute. This is proof that technological innovation is not just spreading to smart cities, smart buildings or new hybrid work models, robots are also transforming agriculture with artificial intelligence, autonomous tractors, real-time sensors that monitor crops, drones or fruit and vegetable picking robots.

The farm has unmanned aerial vehicles, robotic tractors, combines and smart sensors for measuring emissions of carbon released into the atmosphere.

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