May 2023, Issue No. 223

CONTENTS

CURRENT TOPIC

24 FRANKENTECH

27 BUSINESS DIALOGUE

40 ZHANG YIMING

FOUNDER OF BYTEDANCE Entrepreneur

MEET THE BILLIONAIRE BEHIND TIKTOK

44 7 FAMOUS MUSICIANS WHO PAINT

@CORD_MAGAZINE

@CORDMAGAZINE

@THECORDMAGAZINE

CORDMAGAZINE

EDITOR IN CHIEF:

Neda Lukić n.lukic@aim.rs

ART DIRECTOR:

Branislav Ninković b.ninkovic@aim.rs

CONTRIBUTORS:

Ljubica Gojgić, Radmila Stanković,

48 DIMITRI MITRINOVIC “AN UNRECOGNISED PROPHET” OF A UNITED EUROPE AND MANKIND

Feature By By Slobodan G. Markovich

50 BISERA VELETANLIĆ

SOLO VOCALIST, JAZZ SINGER My life

EVERYTHING SHE TOUCHES TURNS TO ART

43 JELENA MILOŠEVIĆ

PAINTER AND DESIGNER Profile

SEEKING SELF THROUGH ARTISTIC EXPRESSION

56 CHILL OUT

58 IT’S ALL ABOUT THE DENIM Fashion

60 CULTURE CALENDAR

62 FACES & PLACES

Maja Vukadinović, Mirjana Jovanović, Miša Brkić, Rob Dugdale, 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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DIRECTOR: Ana Novčić a.novcic@aim.rs a.novcic@cordmagazine.com

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It is absurd when Albin Kurti states that the Community of Serb Municipalities, the creation of which was stipulated under the Brussels Agreement ten years ago, is not in accord with Kosovo’s multi-ethnic and civic constitution, because it was precisely against the multi-ethnic and civic constitution of Serbia that the Kosovo Albanians rebelled and, with the decisive help of NATO, achieved the aim of the demonstrations of 1981 - with the slogan ‘Kosovo Republic’.

And so, the famous Community of Serb Municipalities means minority ethnic autonomy for the Kosovo Serbs, as opposed to the authority of the majority ethnic Albanian Kosovo. And such an agreed upon, but yet to be formed, creation of Brussels (though it does mean Vučić’s abandoning his maximalist policy on Kosovo) is unacceptable to Albanian ethno-unitarism. The Serbian side could cynically say that the Community would have a civic character, on condition its authorities have the qualities of essential autonomy. At least Republika Srpska “Lite”. The elections organised by Kurti’s regime in North Kosovo, with voting in shipping containers and a general boycott among Serb voters, showed all the obscurity of faking democracy and ignoring ethno-democracy.

The Brussels Agreement provided Vučić with a decade of a development policy for Serbia, but simultaneously also provided a decade of Western tolerance for democratic deficits in Serbia. With

BY ZORAN PANOVIĆ

Shipping Containers In The Council Of Europe

When it comes to the present and future of Kosovo, there are two outcomes that are fairly certain: It’s highly unlikely that Kosovo as a whole will ever again come under the full sovereignty of Serbia (as its southern province), just as it is highly unlikely that Kosovo will become a civic nation under Albanian rule. A solution should be sought, even including within the framework of the German-French (American and European) plan, in practice between those two unrealistic, utopian, outcome, i.e., the return of Kosovo to Serbia versus the building of a model civil society in Kosovo

the Ohrid Agreement, Vučić would like another one of those decades, and practice has already demonstrated that the West still won’t be too concerned over democratic deficits in the case that there are any shifts in Kosovo. The war in Ukraine, which hadn’t started at the time of the Brussels Agreement, provides the dynamics

It is absurd when Albin Kurti states that the Community of Serb Municipalities, the creation of which was stipulated under the Brussels Agreement ten years ago, is not in accord with Kosovo’s multi-ethnic and civic constitution, because it was precisely against the multi-ethnic and civic constitution of Serbia that the Kosovo Albanians rebelled and, with the decisive help of NATO, achieved the aim of the demonstrations of 1981 - with the slogan ‘Kosovo Republic’

to today’s events. And to Vučić’s wiggle room.

In commenting on the “container elections”, Vučić has said that “at one point the occupation must come to an end”. And he clarified by saying that if there is any advantage in this situation, it is that we (Serbs) are choosing the moment when the occupation will meet its end. “They (Albanians) decided to occupy both the

people and territory where they’d never been present and where nobody wanted them, and that has never ended well for the occupier,” said Vučić. But, wait: Vučić must be referring to the occupation of North Kosovo, because since coming to power in 2012, he has never stated that the whole of Kosovo is under occupation. He has never said, as some right-wingers in Serbia seek, that he has “declared an occupation”. As far as Vučić is concerned, a policy of compromise remains on the table. And it can be implemented, even if it is not officially signed. And okay, Vučić wouldn’t be Vučić if there were no figures of speech, which is why he said of Kurti that he would become an “occupational Gauleiter”. Gauleiter being the term for the political governors of districts under the rule of Hilter’s party. Again, let’s be precise: Vučić isn’t suggesting that Kurti will be the “occupational Gauleiter” of the whole of Kosovo, rather only of the areas designated for the Community of Serb Municipalities, nor does he think that Kurti is the “Gauleiter” appointed by what is colloquially referred to in Russian slang as the “collective West”, or “collective Hitler”.

Kosovo has now been admitted into the Council of Europe. Vučić was particularly delighted that Hungary voted against it. Before becoming part of any EU, it seems Vučić would prefer Serbia to become part of some new “Austro-Hungary”. Though this time, if somehow possible, without Croatia.

VIRGINIJUS SINKEVIČIUS

EUROPEAN COMMISSIONER FOR THE ENVIRONMENT, OCEANS AND FISHERIES

Balancing The Green Agenda With Other Global Crises

Multiple crises have brought security, energy and EU competitiveness to the political forefront. While concerns about the burden of the green agenda on citizens and businesses are valid, we must tackle climate change, biodiversity loss and pollution as existential threats by taking the kind of decisive action recommended by the European Green Deal

MISTAKE

It would be an unforgivable mistake to allow the Russian invasion of Ukraine and its consequences to stop the implementation of the European Green Deal

As the world faces a triple crisis of climate change, biodiversity loss and pollution, compounded by excessive resource use, it has become clear that it is necessary to fundamentally transform our economic model in order to address these challenges. However, with headlines dominated by other pressing global issues, such as inflation, slow GDP growth and conflicts, the importance of environmental action risks being overshadowed. That’s why we asked Virginijus Sinkevičius, European Commissioner for the Environment, Oceans and Fisheries, to share his thoughts on the ups and downs of addressing these crucial issues at both global and local levels. In this CorD Magazine interview, we delve into the challenges and opportunities facing environmental policies today, as well as exploring the glass that is both half full and half empty.

 Is there climate fatigue nowadays, when the world is preoccupied dealing with inflation, slow GDP growth and war in the EU’s neighbourhood? How do we fight back?

We can’t deny the severity of any of these crises. The war in Ukraine and the energy crisis has brought security, energy, food prices and EU competitiveness right to the top of the political agenda. It’s no surprise to hear people asking us to slow the pace with the green agenda and find ways to avoid additionally burdening citizens and businesses. Those concerns are totally legitimate and have to be addressed. But – and this is very important – we can’t deny the severity of the other crises either. Climate change, biodiversity loss and pollution are all existential threats. Climate change is here and we have to tackle it. That means determined action to deliver resilience; action of the type recommended by the European Green Deal.

So, it would be an unforgivable mistake to allow the Russian invasion of Ukraine and its consequences to stop the implementation of the European Green Deal. And I like to think that there is a shared understanding that the

HOPE

We have shown, for many years now, that it is possible to cut emissions and grow our economy at the same time. This has given hope and inspiration to others around the world

European Green Deal is part of the solution. We have lost a lot of time and there is still resistance to change, but we are also witnessing a rising wave of public support and awareness of what’s at stake.

When you look back at what the EU has already done when it comes to addressing climate change, what brings you a sense of satisfaction and what do you view as some of the more worrying issues?

I am satisfied that Europe showed strong leadership. We presented the European Green Deal and its far-reaching legal proposals, we

CONSENSUS

Every fraction of a degree over1.5 °C does greater harm to our planet. The world understands that. Now we need to agree on how to stop it

without also tackling the biodiversity crisis. With species loss, deforestation, soil harm and warming oceans, we will struggle to sustain lives and livelihoods. We must also reach agreement on these policies as soon as possible.

Do you feel alone given that COP 28 is seemingly getting much less attention than COP 27, or has the general public failed to fully grasp the efforts and goals of the forthcoming summit?

No, Europe is less alone than ever before on climate. We are already working towards COP28 with our partners around the world. The recent G7 meeting of climate, environment and energy ministers was an important milestone. We committed to accelerating our work on tackling plastic pollution, deploying renewable energy and green transport, to give just a few examples. We will also work with the G20 and other allies to bring us to a successful outcome at COP28. This year will be the first Global Stocktake of the implementation of the Paris Agreement. This is a critical juncture for us to agree on what needs to be done to keep the 1.5 °C temperature change limit within reach. Every fraction of a degree over that does greater harm to our planet. The world understands that. Now we need to agree on how to stop it.

Climate change and falling biodiversity don’t recognise boundaries or borders. When it comes to the EU’s close neighbourhood, i.e., candidate countries, do you see enough vigilance?

stuck with them in the face of Covid, war and economic headwinds, and we saw others taking notice and following our approach.

We have shown, for many years now, that it is possible to cut emissions and grow our economy at the same time. This has given hope and inspiration to others around the world.

My worry is that for all the progress we have made on climate and energy issues, we still face a tough battle to harmonise our critical laws on nature protection. These two issues cannot be separated. You cannot fight the climate crisis

For a long time, action on environmental issues was not necessarily viewed as a political priority in the EU and the neighbourhood. Fortunately, this is changing. There is increasing recognition that measures for cleaner air and water, effective waste management and biodiversity protection benefit not only public health and wellbeing, but also provide a significant contribution to the economy. The European Green Deal – the EU’s manifesto to transform the EU into a modern, resource-efficient and competitive economy – recognises that climate change and

You cannot fight the climate crisis without also tackling the biodiversity crisis. With species loss, deforestation, soil harm and warming oceans, we will struggle to sustain lives and livelihoods. We must also reach agreement on these policies, as soon as possible

Exclusive Interview

place well before accession, in order to enable the implementation and enforcement of EU environmental laws.

As we’ve seen with former candidate countries, this is a long process requiring both political will and financial investment. But establishing legislation for citizens and the environment that can be robustly and fairly enforced and relied upon is at the heart of the enlargement process.

We read that, as of 2024, the European Commission will require companies in Europe to back up climate-friendly claims about their products with evidence, to stamp out misleading green labels for products from clothing to cosmetics and electronic goods. How well are companies in the EU generally responding to the goals laid down in the Green deal?

environmental degradation are existential threats to Europe and the world.

The EU’s ambitious agenda has also been embraced by the Western Balkans, with regional leaders endorsing a declaration and action plan to align with the EU Green Deal’s goal of achieving carbon neutrality by 2050. While good progress has been made by the Western Balkan countries on implementing these ambitious roadmaps, there is certainly room for further improvement. Across the region, there is an increasing appreciation of the finite nature of the resources available to us and the need to deal with them in a more sustainable way. The focus on developing a circular economy in both Montenegro and Serbia, for example, is a key element of this. In order to reduce pollution, air quality monitoring systems need to be improved and EU industrial pollution and risk management legislation, including the Industrial Emissions Directive, is challenged by limited capacities and investments. Further commitments have been made on water management, on soil and nature protection and biodiversity, but those commitments need to be developed further.

So, progress is being made, but more efforts are needed. Western Balkan countries need to effectively integrate environmental objectives into other policy areas – such as agriculture, transport or urban development – for a coherent approach to ensure more fundamental change.

 After passing important regulations when it comes to environment and climate

change, what should Serbia do to be in line with the EU goals?

To become an EU Member State, countries must align their national laws with those of the EU. This is a process that requires wide-ranging changes at national, regional and local levels. For the environment, this includes changes to laws on water, waste, biodiversity, air and chemicals, among others. After adopting the necessary laws, the challenge is to effectively implement them. This means ensuring the necessary administrative systems and staff are available, and the physical infrastructure – where appropriate – is in place.

Serbia needs to significantly enhance the capacity of administrative bodies at all levels and improve coordination. Serbia also needs to demonstrate that all appropriate administrative structures and adequate training will be in

Tackling the triple crisis of climate change, biodiversity loss and pollution, compounded by our excessive use of resources, requires a radical shift in our economic model, changing the way we produce and consume. Businesses have a crucial role to play in this shift, in the EU, the neighbourhood and worldwide. Consumers want to play their part as well, but to do that effectively, they need reliable information. We want consumers to get information that’s reliable and verifiable, through environmental labels that are more transparent and easier to understand. And we’re improving legal certainty for companies, as well as levelling the playing field on the internal market. That will boost the competitiveness of businesses that are striving to increase the environmental sustainability of their products and activities. It also creates cost-saving opportunities for those engaging in cross-border trade.

On the more general point about how companies are responding to the Green Deal, let me give you one example. Half of the world’s GDP is dependent on nature and the resources it provides, but nature has always been invisible in economic equations. This is now beginning to change, with a number of green deal initiatives that reinvent accounting – the Sustainable Finance Disclosure Regulation is now in place, and detailed rules are on the way for the Corporate Sustainability Reporting Directive. The Taxonomy Regulation will soon include criteria for environmental sustainability. And companies are responding: just a few weeks ago, ten leading international business networks signed a letter strongly supporting ambitious

Western Balkan countries need to effectively integrate environmental objectives into other policy areas – such as agriculture, transport or urban development – for a coherent approach to ensure more fundamental change

nature restoration in Europe. They understand the importance and urgency of the situation. Businesses need a clear policy direction. The Green Deal provides exactly that, and it’s being welcomed on those grounds.

Which tools are at your disposal, and ours, when it comes to the work in the Western Balkans, where we see many foreign companies being relaxed about following imposed environmental rules? This question comes back to the importance of effectively implementing legislation. A transparent and robust enforcement system is key to ensuring that relevant laws are applied fairly. On the environment, this is more difficult where it concerns “public goods” – air, water or wildlife, for example – and strong public administration is key. In this context, NGOs can also play an important role, as they represent the public interest in identifying a lack of compliance.

In that respect, do you follow current developments when it comes to plans for lithium extraction in Serbia or ongoing plans for more robust plans with regard to mining? How well is Serbia aligned with the principles of green mining, processing, production, reuse and recycling?

Serbia is a candidate country and is currently in the accession process. Our Delegation in Belgrade is in regular contact with Serbian authorities. While we do not specifically monitor developments related to lithium extraction in Serbia, we expect candidate countries to adhere to the environmental, social and governance rules that are applicable in the EU. We have taken note of the recent updates to the relevant legislative framework, specifically the adoption of a new mining law on 21st April 2021. This law supports the sustainable development of the mining sector by ensuring compliance with EU regulations on environmental protection and guidelines set forth by the International Finance Corporation (IFC) regarding the environment, health and safety.

You were quoted as saying that, with climate, we are probably ten years ahead of where we are with biodiversity policies. What makes the latter harder to negotiate and understand?

The biodiversity crisis is as bad as the climate crisis. We are risking the extinction of a million species in the next decades if we don’t act

urgently. The impact of the climate crisis is generally understood – dangerous sea level rises, floods and droughts, extreme weather events – whereas this is much less the case with the biodiversity crisis. We have to realise that much of our economy, not least our food system, depends on nature. Food crops, freshwater, timber, fish, medicines... All of those depend on ecosystem services that come free of charge, provided we stop destroying our environment. What’s more, nature is our first and best ally in the fight against climate change. Mangroves protect coastal areas from flooding. Healthy soils prevent desertification. Trees, peatlands and sea grasses absorb much of the greenhouse gas emissions. Biodiverse forests are much more resistant to wildfires. And so on.

That’s why we launched a proposal for a nature restoration law, which EU Member States and the European Parliament are currently discussing. And that’s why it is so important that the level of ambition from our proposal is kept high. Last year in Montréal, after five years of negotiations, more than 190 countries, including Serbia, managed to adopt a global agreement to protect and restore nature. So, on a general level, the political consensus is already there. We now need to walk the walk and make sure that it is implemented quickly and with determination.

How well do the EU and Serbia cooperate when it comes to preserving biodiversity?

At the regional level, the EU and Serbia are cooperating closely to establish a system of areas to protect important habitats and species, known as the Emerald Network. At the same time, at the global level, the EU and Serbia are both party to the UN’s Convention on Biological Diversity (CBD) and were involved in drawing up an ambitious set of goals and targets to halt biodiversity loss, adopted last year. The agreement – known as the KunmingMontreal Global Biodiversity Framework – aims to protect and restore nature, ensure its sustainable use and spur investments for a green global economy. Close transboundary cooperation between the EU, Serbia and other countries in the Western Balkan region is key to ensuring effective protection for its habitats and species.

We have to realise that much of our economy, not least our food system, depends on nature. Food crops, freshwater, timber, fish, medicines... All of those depend on ecosystem services that come free of charge, provided we stop destroying our environment

Improving economic cooperation remains the top priority of Slovakian Ambassador Fedor Rosocha, as he says in this CorD Magazine interview, noting that Serbia is Slovakia’s most important economic partner in the region and that he sees great potential for cooperation in the energy sector, with a focus on improving energy efficiency. The two countries nurture friendly relations, which benefit from the contribution of the large ethnically Slovak community in Serbia, but our interlocutor says that the two countries have yet to fully discover each other as tourism destinations, though an example that things can change is provided

Chance To Move Forward

by the city of Niš, which he says is “gaining popularity among Slovak tourists because of the direct flight connection with Bratislava”.

 Your Excellency, you are among the participants in the ‘EU in Serbia’ campaign, which has the slogan “Together we are stronger”. How do you view Serbia’s current relations and its EU membership prospects?

The campaign that I and my fellow EU Ambassadors participate in underpins what I see as the main pillars of EU–Serbia relations: partnership, solidarity and commitment. It is common

knowledge that the EU is Serbia’s biggest donor, convincingly largest trading partner and foreign investor. On the other side, Serbia, together with other countries in the Western Balkan region, are essential partners of the EU in our joint efforts to maintain a stable and prosperous Europe based on shared values.

The need for a strong partnership came into focus with Russia’s full-scale invasion of Ukraine, which has fundamentally changed the security architecture of Europe and beyond. The EU membership candidate countries in the Western Balkans now have a chance to move forward and they should take advantage of this

Mutual recognition (between Serbia and Kosovo) has not been set as a condition for joining EU, neither in the Chapter 35, nor elsewhere in the negotiation framework. As far as Slovakia is concerned, any arrangement conducive to lasting peace and stability that the two parties reach is acceptable - Fedor Rosocha

H.E. FEDOR ROSOCHA

AMBASSADOR OF THE SLOVAK REPUBLIC TO THE REPUBLIC OF SERBIA

PARTNERS

Serbia, together with other countries in the Western Balkan region, are essential partners of the EU in our joint efforts to maintain a stable and prosperous Europe based on shared values

opportunity. However, the criteria for EU membership still need to be met. There is a clear path and process for accession, based on reforms, strict and fair conditions, and the principle of earning membership through one’s own merits. Serbia’s progress towards EU membership will depend on three key factors: implementing rule of law reforms and promoting democratic changes; making progress on the Belgrade-Priština Dialogue; and aligning with EU foreign and security policies. By making progress in these areas, Serbia can move closer to its goal of joining the EU. I trust that Serbia’s political leaders will keep the country on the strategic path to the EU and build a consensus on the crucial steps that are vital for Serbia’s progress towards accession.

Certain EU member states insist that, in the case that Serbia fulfils all other conditions, it will have to recognise Kosovo’s independence if it wants to become a full EU member. What is Slovakia’s stance on this issue?

Principally, the pace and progress of the negotiations facilitated by the EU rely entirely on the level of constructiveness of the two parties involved. The ongoing Russian aggression against Ukraine has amplified the urgency for progress and, ultimately, the reaching of a comprehensive final agreement. Europe needs more peace and many eyes are fixed on Belgrade and Priština to see if they can deliver. As you may well know, mutual recognition has not been set as a condition for joining the EU, neither in Chapter 35, nor elsewhere in the negotiation framework. As far as Slovakia is concerned, any arrangement conducive to lasting peace and stability that the two parties reach is acceptable.

Slovakia is among the group of EU member states that have opted not to recognise the independence of Kosovo. Speaking in one interview late last year, you said that your country’s stance remains unchanged,

V4 PRESIDENCY

Given the current developments and circumstances, we focus more on practical and human-centred cooperation, with concrete benefits for the citizens of the V4 countries

but there is an existing decision of your parliament that “allows reconsideration, or rather creates the possibility to reconsider the country’s non-recognition position once a comprehensive agreement has been reached between Belgrade and Priština”. Could you explain what this actually means?

The position of the Slovak Republic is pretty consistent and straightforward. We are bound by the declaration of National Assembly of the Slovak Republic, which stipulates that a common solution of the two parties needs to be found. To

EUROPEAN PATH

The European path is today more important than ever and represents a guarantor of peace, stability and progress. The new geopolitical context has returned the enlargement to the top of the EU agenda

preparing the population for a compromise and, more importantly, for building a common regional and European future together.

You arrived in Serbia three years ago. How would you evaluate the state of bilateral relations today?

The beginning of my mission was strongly impacted by the outbreak of pandemic. Despite this, we managed to maintain an intensive political dialogue at all levels, strengthen economic ties and even develop new areas of cooperation. I would like to highlight the humanitarian assistance provided by Slovakia for the fight against COVID-19, as a gesture of our great friendship and solidarity. Alongside strong political relations, economic cooperation is improving, as illustrated by the continuous increase in the volume of the trade exchange, which has surpassed a billion euros for the first time ever.

You often discuss possibilities to improve economic cooperation between Slovakia and Serbia. Are there any more tangible projects for cooperation in the energy sector, which seems to be attracting the attention of Slovakian companies?

continue negotiations in good faith and constructively is the only way ahead for both sides of this EU-facilitated Dialogue. Mr Lajčák and Mr Borrell have our full support. The question of the Slovak position comes as a secondary matter. At this moment, it is crucial that neither side hamper the promising dynamics of negotiations on the implementation plan of the EU Proposal on Normalisation by taking any provocative unilateral steps. Both Belgrade and Priština should focus on

Improving economic cooperation remains my top priority. We are closely monitoring economic development in Serbia and business trends. In the past, many Slovak companies were well represented in the Serbian energy sector. For example, Slovak companies offer long-term experience in the reconstruction of coal-fired power plants and their transformation into more environmentally friendly facilities. In addition, there are Slovak companies that invested in the construction of biogas and small hydroelectric power plants. Last year, in cooperation with the Ministry of Mining and Energy, we organised a joint meeting at which Slovak and Serbian companies intensified their talks on the development of new technologies and presented potentials and opportunities for cooperation in the field of improving energy efficiency.

The need for a strong partnership came into focus with Russia’s full-scale invasion of Ukraine, which has fundamentally changed the security architecture of Europe and beyond. The EU membership candidate countries in the Western Balkans now have a chance to move forward and they should take advantage of this opportunity

There was plenty of discussion last year regarding Slovakian company Rokosan’s interest in establishing a factory for organic fertilisers in Serbia. Does that interest still exist?

The interest of this company should be viewed in the broader context. It offers technology for processing animal waste materials - feathers, horns and hooves, skin, hair and bones - that are not being processed now and can ultimately cause environmental problems as soil and water pollution or through the spreading of diseases. Poultry feathers are currently utilised as animal feed or disposed of as dangerous waste. This technology could be used in slaughterhouses and rendering plants, where the raw material would be collected. This project could contribute to self-sufficiency in the production of liquid fertilisers and protect both nature and the health of the population. Hence, the interest still exists and if the project were to be implemented successfully, we would have a win-win situation in all fields involved.

How satisfied are you with the work of the Mixed Commission for Economic Cooperation between Serbia and Slovakia; what are its current priorities?

Serbia is the most important trading partner of Slovakia in the Western Balkans. The joint

Serbia’s progress towards EU membership will depend on three key factors: implementing rule of law reforms and promoting democratic changes; making progress on the BelgradePriština Dialogue; and aligning with EU foreign and security policies. By making progress in these areas, Serbia can move closer to its goal of joining the EU

commission for economic cooperation between Slovakia and Serbia, co-chaired by the ministers responsible for trade, is a significant platform for intergovernmental cooperation in various fields of mutual interest. I’m delighted that the business forum that’s attracting ever more companies has become an integral part of the meetings. The importance of the Joint commission is obvious, especially if we consider the fact that many significant cooperation agreements,

partnerships and potential projects were initiated at previous events of this type. I am convinced that many topics will be discussed during the next session, which should be held at the end of this year in Serbia.

How much do friendly relations between Slovakia and Serbia encourage tourism between the two countries? Which Serbian locations are the most interesting to Slovakian tourists?

When it comes to tourism, I think it is one of the most underdeveloped fields of cooperation. Despite its great potential and possible positive impact, mostly on the local economy. Many Slovaks may know Serbia through their relatives or friends from the beautiful Slovak villages in Bač, Banat and Srem. However, they don´t know much about the magnificent natural landscapes, medieval fortresses, historic towns or unique monasteries. Although Belgrade is probably the most popular destination, some time ago the city of Niš enjoyed great popularity among Slovak tourists because of the direct flight connection with Bratislava. On the other hand, in order to promote Slovakia as an attractive tourist destination, last year our Embassy participated in the International Tourism Fair in Belgrade for the second time with a Slovak stand that attracted the attention of visitors. I wish the citizens of both countries knew a little more about each other.

Are you satisfied with the treatment of the ethnic Slovak minority in Serbia, which you’ve previously said represents a strong bond between our two countries?

Exactly, the Slovak national minority is a special bridge of cooperation and an essential part of our bilateral ties. It occupies a unique position among other national minorities living in Vojvodina and enriches its multiethnic environment. For centuries, they have been preserving their identity, language, folklore, culture, habits and customs. Slovaks are loyal to the country in which they are living, while at the same time proudly maintaining deep relations with their ancestral homeland. I appreciate that they can rely on support from the Serbian government in their everyday activities and the issues they face. Furthermore, I am glad that in March, after many years of persistent effort from our compatriots from Kovačica, the Ministry of Culture of the Republic of Serbia

officially submitted the nomination for the world famous Slovak naïve art to be inscribed in the UNESCO Intangible Cultural Heritage List. I am hopeful that this procedure will be completed successfully next year.

Slovakia is approaching the culmination of its one-year presidency over the Visegrád Group, which media reports suggest has been hampered by disagreement over the issue of the region’s response to the war in Ukraine. How much have events in your neighbourhood actually impacted on relations within the V4; and to what extent did it change the priorities of the presidency?

The current slowdown in the intensity of coordination on foreign policy issues is nothing new. In its more than 32 years of existence, the Visegrad Cooperation has gone through better and less successful periods, but it has never ceased to exist. Despite differences of opinion, and there have been differences of views and opinions between us in the past, we consider the Visegrad Group to be a useful regional format for cooperation, with many positive results in its practical dimension.

Slovakia took over its sixth Presidency of the Visegrad Group in July 2022 in the unprecedented context of Russia’s unjustified and unprovoked aggression against Ukraine. The Programme of the V4 Presidency, including the priorities, were drafted already under these extraordinary circumstances and reflected that Russia’s war of aggression has also affected the V4 dynamics and has considerably narrowed the scope for cooperation on foreign policy issues within this grouping. But it has not stopped at all. As the V4 Presidency, we have managed to organise meetings at the ministerial level. In addition, in October 2022, the V4 Heads of State Summit was held in Bratislava, while in November 2022 we organised a meeting of the V4 Heads of Government and later also a meeting of the Speakers of the V4 Parliaments.

During our presidency, we are continuing our ongoing projects, while discussing with partners our future mission and the principles of our cooperation. Given the current developments and circumstances, we focus more on practical and human-centred cooperation, with concrete benefits for the citizens of the V4 countries.

Slovakia and the other members of the V4 have always supported EU expansion to encompass the Western Balkans. Now that your eastern neighbours, Ukraine and Moldova, have also received EU membership candidate status, what would you say when it comes to the direction in which EU expansion will head moving forward?

As you rightly pointed out, Slovakia has been a long-time and steadfast supporter of the enlargement policy and the process of European integration. Together with our V4 neighbours, we are convinced that the European future of

the entire Western Balkans is in the interest of both the region and the EU.

The European path is today more important than ever and represents a guarantor of peace, stability and progress. The new geopolitical context has returned the enlargement to the top of the EU agenda. In 2022, we have seen membership applications submitted by Ukraine - rightly arguing that the country is now on the frontline in the defence of European values against Russia’s invasion, but also by Moldova and Georgia. The positive assessment of these application has in no way replaced or undermined the EU accession outlook for the Western Balkans. On the contrary, the EU has demonstrated renewed commitment to the region by opening accession negotiations with North Macedonia and Albania, as well as by granting candidate status to Bosnia-Herzegovina. Brussels has also taken more immediate steps to enhance integration, such as investments in regional infrastructure and support to energy diversity and security, lowering roaming tariffs with the EU for customers from the region, the Western Balkan states in EU educational initiatives and, most recently, lifting the visa requirement for citizens of Kosovo. All these key decisions clearly point to a new opportunity for a revived enlargement, a window of opportunity that should not be missed by candidate countries.

the Slovak national minority is a special bridge of cooperation and an essential part of our bilateral ties. It occupies a unique position among other national minorities living in Vojvodina and enriches its multiethnic environment

GLOBAL DIARY

PRESIDENT MIGUEL DIAZ-CANEL WINS SECOND TERM

Cuba’s President Miguel Diaz-Canel clinched a second five-year term in a parliamentary vote for which he was the sole candidate in a country where political opposition is illegal. Diaz-Canel’s bid was confirmed by 97.66 per cent of votes cast in the Communist Party of Cuba-aligned National Assembly, its president Esteban Lazo announced in the chamber. “Taking into account the announced results, I declare lawmaker Miguel Mario Diaz-Canel Bermudez the elected president of the Republic,” said Lazo. Diaz-Canel, 62, took over the reins in 2018 as Cuba’s first civilian leader after nearly 60 years of hegemony by the Castro brothers, vowing to “always defend the party” even as he set out in pursuit of cautious economic liberalisation.

FINLAND JOINS NATO IN THE ALLIANCE’S FASTEST-EVER ACCESSION PROCESS

When Finland joined NATO as the 31st member, it was the fastest accession process in the organisation’s history. NATO chief Jens Stoltenberg has welcomed the new arrival. “It will be a good day for Finland’s security, for Nordic security and for NATO’s as a whole,” he said.

POPE ALLOWS WOMEN TO VOTE AT BISHOPS MEETING FOR FIRST TIME

In a historic move that could lead to more inclusiveness in decision-making in the Roman Catholic Church, Pope Francis will allow women to vote for the first time at a global meeting of bishops in October. Previously, women were allowed to attend the synods, a papal advisory body, as auditors but with no right to vote. The revolutionary rules, announced on Wednesday, allow for five religious sisters with voting rights. Additionally, the pope has decided to include what a Vatican document called “70 nonbishop members who represent various groupings of the faithful of the people of God”. The pope will choose the 70 priests, religious sisters, deacons and lay Catholics from a list of 140 people recommended by national bishops’ conferences. The conferences were encouraged to include young people. The Vatican has asked that 50% of the 70 be women.

“Sweden will also be safer as a result.” “Each country maximises its own security. So does Finland. At the same time, NATO membership strengthens our international position and room for manoeuvre. As a partner, we have long actively participated in NATO activities. In the future, Finland will make a contribution to NATO’s collective deterrence and defence,” the Finnish presidency said in a statement.

“The smartest way to thank Ukrainians for what they are doing is to accelerate the possibility for them to become part of the European institutions” –GIORGIA MELONI, ITALY’S PRIME MINISTER

CUBAN

Germany’s former leader Angela Merkel has been awarded the country’s highest order of merit, receiving praise for her discipline and passion during 16 years as chancellor. She was presented with the honour by the president, Frank-Walter Steinmeier, in Berlin in recognition of her contribution to German political life at an event attended by her political allies, including the current chancellor, Olaf Scholz, the former national football coach Jürgen Klinsmann, Ulrich Matthes, an award-winning actor who had helped improve how she delivered speeches, as well as family and friends. The Großkreuz, or “large cross”, is the most important order of its kind. It has been received by two previous chancellors: Konrad Adenauer in 1954 and Helmut Kohl in 1998.

RUSSIA TAKES OVER THE PRESIDENCY OF THE UN SECURITY COUNCIL

As the war rages on in Ukraine, Russia has taken over the presidency of the UN Security Council. The UN Security Council has 15 members, and each member has one vote. Under the Charter of the United Nations, all

EID 2023: MUSLIMS CELEBRATE THE END OF

Muslims worldwide celebrate the festival of Eid al-Fitr, commonly known as Eid, to mark the end of the holy month of Ramadan. The celebration was marred by tragedy amid the explosion of conflict in Sudan, while in other countries, it came against the backdrop of hopes for a better future. After the Ramadan month of fasting, Muslims celebrate Eid al-Fitr with feasts and family visits. The start of the holiday is traditionally based on sightings of the new moon, which vary according to geographic location. Islam’s holidays follow a lunar calendar. But some countries rely on astronomical calculations rather than physical sightings. This frequently leads to disagreements between religious authorities in different countries – and sometimes in the same country – over the start date of Eid al-Fitr.

Member States are obliged to comply with Council decisions. Each member takes turns being president, and it’s rotated each month in alphabetical order, according to the English language. The last time Russia held the presidency was February last year when it launched a full-scale invasion of its neighbour Ukraine. At its resumed eleventh emergency special session, the world body adopted a new resolution calling for an end to the war.

THE WORLD’S RICHEST MAN JUST SURPASSED A $200 BILLION FORTUNE

The fortune of Bernard Arnault, the world’s richest person, has topped $200bn for the first time as shares in his French LVMH luxury goods empire hit a record high. The 74-year-old has become the third person in history to amass an estimated fortune above the $200bn (£160bn) threshold. Tesla’s Elon Musk and Amazon’s Jeff Bezos have previously hit the milestone before their fortunes dropped back as technology companies’ share prices fell. Arnault’s fortune increased by $2.4bn on Tuesday to $201bn, according to the daily-updated Bloomberg billionaires index. His wealth has increased by $39bn so far this year as shares in LVMH have risen 30%, thanks to soaring demand for luxury goods among the world’s wealthy.

„The great risk Europe faces is that it gets caught up in crises that are not ours, which prevents it from building its strategic autonomy” –

EMMANUEL MACRON, FRENCH PRESIDENT

ANGELA MERKEL AWARDED GERMANY’S TOP ORDER OF MERIT

RAMADAN

Unexpected Successors Of Observed Losers

In societies where no space exists to build up new political leaders, those who succeed in displacing the old, compromised elites emerge as veritable “paratroopers”, self-made politicians reared elsewhere. Although the contexts differ to an extent, this sequence of events is confirmed by the experiences of Montenegro, North Macedonia and Bulgaria

The arrival of a new government in Montenegro has compelled us to return to the issue of the democratic capacities of the countries of our region, which very often face lengthy periods during which a single party holds power at both the national and local levels. Under such circumstances, how can we nurture new politicians who will have enough knowledge and experience to form functional and democratic institutions and

government practices? What does the experience of shifts of government in the countries of the region tell us about new leaders and where they come from, how they form themselves as political figures and what kind of contributions they provide to building democratic societies? The answers of our interlocutors firstly tell us about our own societies and their capacities for democracy, and only then tell us about new leaders who have a tormented birth.

DESPOT KOVAČEVIĆ

ASSISTANT PROFESSOR AT THE UNIVERSITY OF BELGRADE’S FACULTY OF POLITICAL SCIENCE

NEW LEADERS OPERATE IN A VERY CONSTRICTED SPACE

IN ORDER FOR A CHANGE IN LEADERSHIP TO OCCUR, IT IS NECESSARY TO SATISFY AN ARRAY OF INTERNAL AND EXTERNAL FACTORS. WHEN IT COMES TO LEADERS WHO MAKE IT INTO POWER, THE PREDOMINANT NECESSITY IS FOR THEM TO BE PERCEIVED BY CITIZENS AS BEING “LESS BAD” THAN THOSE CURRENTLY IN POWER AND FOR THEM TO BE ACCEPTABLE TO NUMEROUS EXTERNAL VETO PLAYERS

Comparative experiences in the replacing of long-standing political leaders in the region have numerous differences, but also individual similarities. Viewed from a regional perspective, the possibility to change a government lies in the openness of political and electoral competition, i.e., in opportunities to participate equally in political and electoral processes. Conditionally speaking, the “old elites” prevent the creation of room for new leaders and parties to emerge, thereby preserving the positions they’ve already acquired. Instability, uncertainty, inexperience and suspicions of foreign meddling in the sovereignty of the state are presented to the citizens as traps of changing and striding towards something. A number of internal and external factors need to be satisfied in order to change the leadership. In order for a change in leadership to occur, it is necessary to satisfy an array of internal and external factors. When it comes to leaders who make it into power, the predominant necessity is for them to be perceived by citizens as being “less bad” than those currently in power and for them to be acceptable to numerous external veto players, with context also playing a significant role.

Under the aforementioned circumstances, the space in which new leaders operate is very constricted, as there is a need for them to present themselves to citizens as being independent and legitimate players, while on the other hand they must strike a balance with external demands and influences. Systems with open competition, like that of Slovenia, have a high level of personnel replacement within their frameworks, while closed competition systems like Montenegro’s are very difficult for new leaders to penetrate, and thus the potential for new politicians to develop lies in spontaneous movements and individuals who return from living abroad. Existing parties provide almost no space for new personalities to build themselves up as relevant politicians. The trap for all new politicians lies in the determinism of the existing “rules of the game” and institutional frameworks that have been produced by the previous government, so reforms of any kind are aggravated from the outset because there are no implementation mechanisms. The development of democratic institutions is slowed and the façade of democracy covers the gulf and the mistrust in “democratic mechanisms” of governance, because citizens view them as the culprits. Stable Western democracies had changes of leadership and the arrival of new leaders within their existing multiparty systems and within parties that are stable and clearly profiled, but that has also become highly questionable and unstable in these years of populism and crises. The political systems of the countries of our region have varying degrees of stability, but it is generally the case that they are systems in which space for the new has been constricted and reduced down to rare examples of good practice. The interchangeability of governments, new ideas and policies with new leaders represent essential parts of democratic political processes. In these processes, institutions pass tests and come to be defined as a collection of experiences that utilise the best and most legitimate practices.

SYSTEMS WITH OPEN COMPETITION, LIKE THAT OF SLOVENIA, HAVE A HIGH LEVEL OF PERSONNEL REPLACEMENT WITHIN THEIR FRAMEWORKS, WHILE CLOSED COMPETITION SYSTEMS LIKE MONTENEGRO’S ARE VERY DIFFICULT FOR NEW LEADERS TO PENETRATE AND FOR NEW POLITICIANS TO DEVELOP

How new leaders are born in the Western Balkans Focus

DEJAN VUK STANKOVIĆ POLITICAL SCIENTIST AND POLITICAL ANALYST

NEW LEADERS ARE BORN WHEN THE PUBLIC HAS HAD ITS FILL OF OLD ONES

MONTENEGRIN PRESIDENT-ELECT JAKOV MILATOVIĆ, INFLUENTIAL EUROPE NOW MOVEMENT LEADER MILOJKO SPAJIĆ AND MONTENEGRIN PM DRITAN ABAZOVIĆ ARE JUST “CHILDREN OF FORTUNE”. THEY HAVE NO PARTICULAR EDUCATION OR EXPERIENCE RELEVANT TO THE RUNNING OF A STATE

There is no special system of education to mould a political leader of any ideology, including liberal democratic. Quite simply, every political leader is born. This is an individual who has personal characteristics that are desirable for leadership: decisiveness, tenacity, steadfastness, rationality, courage, special communication prowess, top class organisational, rigour in evaluating colleagues, top class powers of manipulation, and sometimes also brutality, a penchant for risk and, in particular, the power to recognise a juncture when to enter the historical scene. It is simultaneously essential for them to have received a top education in the contemporary political and media context and to be fundamentally acquainted with modern times. And those are all matters of individual achievements and accomplishments. It is about a personal decision and commitment.

A second thing linked to changes in political leadership is the power to appear as being relevant to international players, at least at the initial level of mutual trust. The third circumstance related to such change is the internal implosion of the regime being changed and the public having had its fill of the current ruling elites. This third circumstance is the most important and is also unpredictable.

THERE IS NO SPECIAL SYSTEM OF EDUCATION TO MOULD A POLITICAL LEADER OF ANY IDEOLOGY, INCLUDING LIBERAL DEMOCRATIC. QUITE SIMPLY, EVERY POLITICAL LEADER IS BORN

If we are referring specifically to the changes that have occurred in Montenegro, the scenario is clear. Citizens were massively opposed to Đukanović. Young new leaders gained a historic chance because Đukanović had been irrevocably disintegrating politically since August 2020. The conflict with the Serbian Orthodox Church was the last straw. It mobilised both Serbs and Montenegrins who had accumulated a sense of dissatisfaction over many years due to repression, corruption and social differences, accompanied by humiliations like Montenegro’s recognition of Kosovo and shameless apologies to Croats and Bosniaks for the wars of the ‘90s. All these anomalies were ascribed to Đukanović.

Montenegrin President-elect Jakov Milatović, influential Europe Now Movement leader Milojko Spajić and Montenegrin PM Dritan Abazović are just “children of fortune”, to paraphrase Napoleon.

They have no particular education or experience relevant to the running of a state, nor does such a thing exist, unless learning to work in a political administration counts as political education, which is a characteristic of the French political education milieu. These are self-made leaders who received their formal schooling at various political schools in the West, and the epilogue of that education is a general conception of democracy, the market and a set of accompanying rhetorical figures which they utilise to declare themselves as being liberals and democrats. All three leaders have the responsibility and the political and historical task of turning that small and disreputable country into a decent state. They are not guaranteed to succeed, but the chance exists.

ZDRAVKO VELJANOV, PH.D. CANDIDATE

DOCTORAL SCHOOL OF POLITICAL SCIENCE, PUBLIC POLICY AND INTERNATIONAL RELATIONS, CENTRAL EUROPEAN UNIVERSITY

BREAKING BARRIERS: THE PROMISE OF A FRESH START IN MONTENEGRO

IN ORDER TO MAINTAIN HIS POSITION AND SUCCEED IN UPCOMING ELECTIONS, THE NEW PRESIDENT-ELECT MUST FOCUS ON IMPROVING HIS PARTY’S CAPACITIES. THIS INVOLVES ABSORBING PRESSURE AND UTILISING HIS TECHNICAL EXPERTISE TO BUILD THE REQUIRED INFRASTRUCTURE

The closest presidential elections in Montenegro since 1997 have given the country the promise of bridging divides and reshaping the country’s political culture. Following a period of political and institutional instability, the first of the two 2023 elections showed the willingness of the Montenegrin electorate to move on from Đukanović. The now-outgoing president could not replicate the first-round results and lost comfortably to a unified opposition. The second-round defeat comes at the expense of a newcomer. “Europe Now!” managed to create a strong base going into the first round and to further strengthen its position going into the second round by garnering the support of Đukanović’s opponents. The stark contrasts in the candidates’ expectations for the country’s direction are summed up in their discourse ahead of the second round. While Đukanović sounded somewhat unwilling to change or seek compromises by stressing the importance of continuance, president-elect Milatović underscored the need for change and dialogue, resulting in broader support in the second round.

It was the third major defeat of the DPS since 2020, following the parliamentary elections and the loss of Podgorica. Domestically, it leaves the country in uncharted territory, but with sufficient experiences from the region. Some similarities can be noted with North Macedonia’s case when VMRO-DPMNE lost all significant positions over the course of just a few years. What should be avoided is a lack of investment in building institutional capacities, which would ensure that the country’s progress is short-lived. What differentiates it from the Macedonian case is the profile of the newcomers. Here we see more remarkable similarities with Bulgaria’s brief government of “We Continue the Change”. Two foreign-educated economists founded a party and quickly won important elections against well-established and long-serving politicians. What the new president-elect can learn from is the need to create party capacities that are capable of absorbing pressure and translating technical expertise into the building of infrastructure to maintain its position and channel that into the upcoming elections. Building strong party capacities is necessary to shape strong state institutional capacities that can soak up the intense politically polarising pressure and re-establish trust in the democratic abilities of institutions. These steps are essential to overcome the profound political instability and emerge from the institutional and constitutional crises.

STRONG POLITICAL PARTY CAPACITIES ARE CRUCIAL FOR BUILDING STRONG STATE INSTITUTIONAL CAPACITIES, WHICH CAN RESIST POLITICAL POLARISATION AND RESTORE TRUST IN DEMOCRATIC INSTITUTIONS

How new leaders are born in the Western Balkans Focus

ZORAN STOJILJKOVIĆ PH.D.,

UNIVERSITY OF BELGRADE FACULTY OF POLITICAL SCIENCE

DEMOCRATIC LEADERSHIP AND UPSTANDING CITIZENS

IS IT EVEN POSSIBLE TO HAVE A STRONG AND INFLUENTIAL POLITICAL LEADER WITHIN THE CONFINES OF THE CURRENT DEMOCRATIC SYSTEM? I’M INCLINED TO ANSWER IN THE POSITIVE, ON THE CONDITION THAT THREE MAJOR CONSTRAINTS CAN BE OVERCOME: AVOIDING PERSONAL POLITICAL RESPONSIBILITY; CONCENTRATING EXECUTIVE POWER; AND DEPENDENCE ON FOREIGN CAPITAL

Following the presidential elections in Montenegro that saw Milo Đukanović lose to (unplanned) opponent Jakov Milatović and thus lose power after three decades, the political question of who’s next is spreading around the region. Answering the question of what kind of leadership we actually need is much more important than answering a question that points to citizens having had their fill of the previous ruler. And Is it even possible to have a strong and influential political leader within the confines of the current democratic system?

I’m inclined to answer in the positive, on the condition that three major constraints can be overcome.

The first is represented by the long-present personalisation and mediatisation of politics set against the backdrop of the political mentality of the trait of searching for a leader and settling for political immaturity. It is simply unbelievable how willing we are to run away from our personal share of political responsibility. The consequence is that, the more powerless we are, the more the power over us becomes increasingly unlimited.

Second is the necessity to avoid the capturing of all the key resources of power that are carried by a strong position of the executive. That also enables not so charismatic personalities, who in truth have a strong political will to be so, to “build up” their charisma.

WITH VALIDATION BEYOND THE CONFINES OF TRADITIONAL POLITICS, IN THE AREAS OF KNOWLEDGE, BUSINESS AND SOCIAL MOVEMENTS, AND EVEN CULTURE AND SPORTS, ONE CAN ATTAIN A POSITION OF POWER, BUT ONE CANNOT ENDURE IN SUCH A POSITION WITHOUT RELYING ON POLITICAL INFRASTRUCTURE

Third, it is essential for the state to possess some sort of autonomous resources of power relative to corporate capital and other “veto players”, which includes the power to redistribute and intervene. It is otherwise justified to talk about background actors dressed in royal garb.

It is only then that we can raise the question of whether they can be democratic, participative and transformational leaders, as opposed to populists and stabilocrats? Can they be leaders who this time include enlightened, “upstanding” citizens in the project to create functional democratic and responsible institutions?

Having been cheated and disappointed multiple times, such citizens are now ready to place their trust in a strong leader who displays high integrity and professional competence, but also who they believe speaks the truth, fulfils their promises and shares values of democracy and social justice.

However, the capacity and power to interpret, convince and mobilise around a clearly envisaged and viable strategy for change also requires appropriate guarantees and prior assertion, as well as a broad support base and developed organisational infrastructure.

For example, Milatović was backed by the initially non-parliamentary Europe Now Movement, but also by his own experience of implementing popular economic and social reforms from the position of a government minister.

With validation beyond the confines of traditional politics, in the areas of knowledge, business and social movements, and even culture and sports, one can attain a position of power, but one cannot endure in such a position without relying on political infrastructure.

ROBERT SKIDELSKY, a member of the British House of Lords and Professor Emeritus of Political Economy at Warwick University

FrankenTech

The emergence of generative artificial intelligence has seemingly caused panic among industry evangelists like Elon Musk, who recently called for a six-month pause in training new AI systems. But are our contemporary Victor Frankensteins sincere about tapping the brakes, or are they merely jockeying for position?

In Mary Shelley’s novel Frankenstein; or, The Modern Prometheus, scientist Victor Frankenstein famously uses dead body parts to create a hyperintelligent “superhuman” monster that – driven mad by

human cruelty and isolation – ultimately turns on its creator. Since its publication in 1818, Shelley’s story of scientific research gone wrong has come to be seen as a metaphor for the danger (and folly) of

trying to endow machines with human-like intelligence.

Shelley’s tale has taken on new resonance with the rapid emergence of generative artificial intelligence. On 22nd March, the Future

of Life Institute issued an open letter signed by hundreds of tech leaders, including Tesla CEO Elon Musk and Apple co-founder Steve Wozniak, calling for a six-month pause (or a government-imposed moratorium) in developing AI systems more powerful than OpenAI’s newly released ChatGPT-4. “AI systems with human-competitive intelligence can pose profound risks to society and humanity,” says the letter, which currently has more than 25,000 signatories. The authors go on to warn of the “out-of-control” race “to develop and deploy ever more powerful digital minds that no one – not even their creators – can understand, predict, or reliably control.”

Musk, currently the world’s secondrichest person, is in many respects the Victor Frankenstein of our time. The famously

the company’s board in 2018 following a failed takeover attempt).

One of Musk’s pet projects is to combine AI and human consciousness. In August 2020, Musk showcased a pig with a computer chip implanted in its brain to demonstrate the so-called “brain-machine interface” developed by his tech start-up Neuralink. When Gertrude the pig ate or sniffed straw, a graph tracked its neural activity. This technology, Musk said, could be used to treat memory loss, anxiety, addiction, and even blindness. Months later, Neuralink released a video of a monkey playing a video game with its mind thanks to an implanted device.

functions would be widely (and cheaply) available. The procedure to implant them, he has claimed, would be fully automated and minimally invasive. Every few years, as the technology improves, the chips could be taken out and replaced with a new model. This is all hypothetical, however; Neuralink is still struggling to keep its test monkeys alive.

While Musk tries to create cyborgs, humans could soon find themselves replaced by machines. In his 2005 book The Singularity Is Near, futurist Ray Kurzweil predicted that technological singularity – the point at which AI exceeds human intelligence – will occur by 2045. From then on, technological

boastful South Africa-born billionaire has already tried to automate the entire process of driving (albeit with mixedresults), claimed to invent a new mode of transportation with the Boring Company’s (still hypothetical) hyperloop project, and declared his intention to “preserve the light of consciousness” by using his rocket company SpaceX to establish a colony on Mars. Musk also happens to be a co-founder of OpenAI (he resigned from

These stunts were accompanied by Musk’s usual braggadocio. Neuralink’s brain augmentation technology, he hoped, could usher in an era of “superhuman cognition” in which computer chips that optimise mental

progress would be overtaken by “conscious robots” and increase exponentially, ushering in a better, post-human future. Following the singularity, according to Kurzweil, artificial intelligence in the form of self-replicating

“AI systems with humancompetitive intelligence can pose profound risks to society and humanity,” says the letter, which currently has more than 25,000 signatories. The authors go on to warn of the “out-of-control” race “to develop and deploy ever more powerful digital minds that no one – not even their creators – can understand, predict, or reliably control”

nanorobots could spread across the universe until it becomes “saturated” with intelligent (albeit synthetic) life. Echoing Immanuel Kant, Kurzweil referred to this process as the universe “waking up.”

But now that the singularity is almost upon us, Musk and company appear to be having second thoughts. The release of ChatGPT last year has seemingly caused panic among these former AI evangelists, causing them to shift from extolling the benefits of super-intelligent machines to figuring out how to stop them from going rogue.

Unlike Google’s search engine, which presents users with a list of links, ChatGPT can answer questions fluently and coherently. Recently, a philosopher friend of mine asked ChatGPT, “Is there a distinctively female style in moral philosophy?” and sent the answers to colleagues. One found it “uncannily human.” To be sure, she wrote, “it is a pretty trite essay, but at least it is clear, grammatical, and addresses the question, which makes it better than many of our students’ essays.”

In other words, ChatGPT passes the Turing test, exhibiting intelligent behav -

iour that is indistinguishable from that of a human being. Already, the technology is turning out to be a nightmare for academic instructors, and its rapid evolution suggests that its widespread adoption could have disastrous consequences.

So, what is to be done? A recent policy brief by the Future of Life Institute (which is partly funded by Musk) suggests several possible ways to manage AI risks. Its proposals include mandating third-party auditing and certification, regulating access

to computational power, creating “capable” regulatory agencies at the national level, establishing liability for harms caused by AI, increasing funding for safety research, and developing standards for identifying and managing AI-generated content.

But at a time of escalating geopolitical conflict and ideological polarisation, preventing new AI technologies from being weaponised, much less reaching an agreement on global standards, seems highly unlikely. Moreover, while the proposed moratorium is ostensibly meant to give industry leaders, researchers, and policymakers time to comprehend the existential risks associated with this technology and to develop proper safety protocols, there is little reason to believe that today’s tech leaders can grasp the ethical implications of their creations.

In any case, it is unclear what a pause would mean in practice. Musk, for example, is reportedly already working on an AI startup that would compete with OpenAI. Are our contemporary Victor Frankensteins sincere about pausing generative AI, or are they merely jockeying for position?

In his 2005 book The Singularity Is Near, futurist Ray Kurzweil predicted that technological singularity –the point at which AI exceeds human intelligence – will occur by 2045

Dušanka Talić M.Sc, General Manager, GrECo International

Đorđe Popović Director, Resalta

Marko Divljan Managing Director, Invenio

Radovan Terzić CEO, Moja Soba d.o.o.

Bojan Milenković Head of Upper Secondary School

Bojana Stošić Head of Chartwell Lower Secondary School

Safe And Structured, Yet Uplifting

Chartwell International School prides itself on being one of the longest-standing private schools in Serbia, which has been striving continuously towards distinction and excellence for over two decades

The main goal of Chartwell International School is to provide its students with a learning environment that’s safe and structured, yet uplifting, providing support and guidance as they experience a multitude of changes and take on new commitments.

Located at the heart of Belgrade, Chartwell comprises six separate campuses, each surrounded by greenery and the tranquillity of one of Belgrade’s most pleasant uptown areas. Tailored to suit the needs and demands of a particular age group, each of its premises boasts vast indoor and outdoor spaces, with carefully decorated classrooms, accompanied by spacious playgrounds and sports fields. As a veritable second home to over 900 students of more than 40 nationalities, the school nurtures both diversity and equality, while promoting mutual support and respect. The school’s main goal is to provide its students with a learning environment that’s safe and structured, yet uplifting, thus paving the way for their greatest achievements and growth.

After laying the foundations of their academic and personal development throughout the course of their primary education, Chartwell’s Y7 students boldly stride into the Lower Secondary School, armed with much greater shrewdness, self-

awareness and readiness to fulfil their school duties. However, the sense of privilege and responsibility brings more independence at this age and that can at times be overwhelming,

ine academic curiosity,” says Chartwell Lower Secondary School Head Bojana Stošić . “Nevertheless, having a sense of achievement by acquiring and applying the new content

As a veritable second home to over 900 students of more than 40 nationalities, Chartwell nurtures both diversity and equality, promoting mutual support and respect

which is why Chartwell has made it a priority to provide its students with support and guidance as they experience a multitude of changes and take on new commitments.

“Transition to the Secondary school poses specific challenges, as this is a delicate time when students are required to learn more complex lessons about the value of knowledgemotivation that stems not only from the immediate promise of good results, but from genu-

taught through a plethora of curricular and extra-curricular activities, supplementing the core Cambridge curriculum, enables our students to feel the true power of learning and broadening their horizons, and to slowly, yet thoroughly, prepare themselves for the upcoming exam years.”

Enrolling in the Upper Secondary, and specifically in AS and A-level courses, is the pinnacle of secondary education, where our students take

decisive steps towards their future careers, delving into the details and intricacies of their preferred field of study, whether that entails developing their proactiveness and business or political savvy, nurturing their artistic creativity, or polishing their acumen in scrutinising historical, sociological or psychological phenomena.

“What we strive towards is to equip our students with a well-grounded and versatile foundation that will effortlessly and naturally guide them towards becoming autonomous, well-rounded individuals, conversant with a variety of subjects, focused on the pursuit of personal ambitions and mindful of their role in the community in which they live,” says Chartwell Upper Secondary School Head Bojan Milenković. “We are proud to have a strong student community led by the Student Council, relying both on hard individual activity and teamwork, while presenting themselves as the most eligible candidates to the most prestigious Universities around the world.”

Saying goodbye to the students is never easy, and as the staff tear up during the graduation ceremonies, they are always proud to realise that they are seeing a generation of young adults who are in every possible way ready to face all the challenges that life has in store for them.

Bojana Stošić, Head of Chartwell Lower Secondary School Bojan Milenković, Head of Upper Secondary School

SERBIAN MINISTER OF MINING & ENERGY

FACTORY IN SUBOTICA FIRST TO START PRODUCTION OF LFP BATTERIES

ElevenEs, a pioneer in cathode LFP (Lithium Iron Phosphate) battery technology, has opened the first factory for the production of LFP battery cells. This production facility is the first of its kind not only in our country but also in Europe. The factory specialises in the production of high-quality LFP prismatic cells. They are intended for use in a variety of applications such as electric cars, buses, trucks and energy storage systems. They will currently be used for the testing needs of large customers. The factory in Subotica operates according to the world’s highest environmental standards, and the entire operation is fully compliant with the green agenda and regulations of the European Union.

NIKOLA TESLA AIRPORT RECORDED THE BUSIEST MARCH IN HISTORY

Nikola Tesla Airport received almost half a million passengers in March, a record 472,594 to be exact, an increase of 27 per cent compared to the pre-pandemic 2019. The number of flights increased by 16 per cent compared to the period four years ago, and during the first quarter of this year, the Belgrade airport received 1,314,525 passengers, which is also 27 per cent more than in 2019. “Belgrade Nikola Tesla Airport continues to benefit from the strong momentum of routes to Turkey (up 84%) while developing connections with other destinations, such as France, Germany and China,” VINCI Airports, the company that manages Belgrade’s airport, announced.

SEKOPAK ACHIEVED RECORD RESULTS

The company Sekopak, the largest operator for managing packaging waste in Serbia, contributed to reducing carbon dioxide emissions by more than 58,000 tons. Record amounts of waste were recycled for the seventh year in a row. These achievements result from the cooperation of more than 140 private companies, collectors, recyclers and public utility companies involved in the company’s activities. On this occasion, at this year’s CO 2 conference, Sekopak awarded certificates for contributing to achieving these goals to its partners and, for the first time, organised a panel discussion on the future of packaging waste management.

The state is ready to create a framework that will be modern and predictable for investors, in which their rights and obligations will be clear – DUBRAVKA ĐEDOVIĆ,

SERBIA ZIJIN COPPER PLANS TO BUILD SOLAR POWER PLANTS

The company announced that Serbia Zijin Copper is working on project documentation for the construction of solar power plants, which will have a capacity of 9.9 megawatts in the first phase. “The construction of the solar plant will be carried out in three phases over the next 10 years, with the goal that in 2033 the company will have its own electricity production of around 100 megawatts,” production director Jovica Radisavljević told Kolektiv. Such production, according to Radosavljević, would simultaneously mean a reduction of carbon emissions by 175,000 tons per year. The company is a large consumer of electricity, 70 per cent of which is produced in Serbia in thermal power plants and the rest in hydroelectric power plants.

MPC PROPERTIES APPOINTS PINAR YALÇINKAYA AS THE NEW CEO

MPC Properties, one of Southeast Europe’s most prominent real estate companies that base its business on investment, development and management, has appointed Pınar Yalçınkaya as its new CEO. Ms. Yalçınkaya has more than twenty years of experience in the real estate business, which includes expertise in the construction, investment, development, issuance, acquisitions and management of commercial real estate. During her career in multinational companies, she was responsible for numerous investment projects and operational business.

SAP APPOINTS NEW GENERAL MANAGER FOR THE WESTERN BALKANS

SAP, the enterprise software market leader, announced that Branislav Sekulović took over the position of General Director of SAP Western Balkans on 1 April. Sekulović will thus be responsible for shaping and implementing the company’s strategy in the Western Balkans countries with a focus on accelerated cloud migration and support for existing and potential clients who are on the way to becoming intelligent companies. With extensive experience in the ICT sector and a passion for technology, Sekulović joined SAP in 2008 as a Territory Sales Executive. The new CEO of SAP Western Balkans is looking forward to the next steps and setting ambitious goals for the future.

In the last year and a half, Norway and Serbia have had intensive cooperation in the energy sector, in which significant results have been achieved –

J

Ø RN GJELSTAD, AMBASSADOR OF NORWAY

Masters Of Luxury

Bedroom furniture company Moja Soba [My Room] began with just four employees, while it today boasts more than 120 workers producing around 2,000 beds and 10,000 mattresses a month. It has sales salons in Novi Sad, Belgrade and Kraljevo, while high demand has prompted plans to expand its sales network in the country and conquer new markets internationally

As the exclusive representative of the Richfield Premium range of boxspring beds and mattresses, Moja Soba’s Kraljevo factory supplies the local and foreign markets with premium models that satisfy the five-star standard. This company is very proud of that fact, because it was far from easy to satisfy the strict criteria and demanding standards.

Moja Soba is a company which proves that, with commitment, quality and continuous investment, it is possible to achieve top results. How does your company look when presented through facts and figures?

As CEO of company Moja Soba d.o.o. [Ltd.], I am extremely proud of the growth and development that we are achieving thanks to our dedicated team, high-quality products and constant investments in our organisation. Our success can best be illustrated through figures: we currently employ more than 120 people and produce around 2,000 beds and 10,000 mattresses per month. We have a stable financial position, with annual revenue exceeding eight mil-

lion euros. Our devotion to the quality of our products and customer satisfaction is reflected in our growth and development, which can also be seen through our financial statements.

What percentage of your production do you export and where do all your beds and mattresses go?

We export approximately 80 per cent of our production, mostly to EU member states and the countries of the Balkan region, but we also continue to have a very strong presence on the local [Serbian] market. Our beds and mattresses reach Germany, the Netherlands, Austria, Switzerland, Slovenia, Croatia and Montenegro, while we are also no strangers to transoceanic sales. The products of Moja Soba (as well as Richfield Premium) have special points of sale in many partner shops, based on the model of the shop-in-shop retail concept, which enables customers to better acquaint themselves with all the characteristics and the performance of the models of offer.

With the aim of improving your offer, Moja Soba became the

RADOVAN TERZIĆ, CEO, MOJA SOBA D.O.O.

exclusive representative of London’s Richfield Premium range of boxspring beds and mattresses. Is it difficult to find anything better than that available at competitive prices? Yes, we are proud to be the exclusive representative of the Richfield Premium range of boxspring beds and mattresses, and that we have succeeded in satisfying the stringent criteria and demanding standards prescribed by Richfield Premium in terms of impeccable manufacturing quality and an advanced business system. The Richfield range is synonymous with luxury, quality and comfort. Our desire is to provide our customers with the best of the best, and to do so at competitive prices.

Richfield Premium beds and mattresses are special in that they are manufactured from selected materials of the highest quality, which gives them exceptional durability and durability. Their comfort and ergonomics are specially designed to provide the body with full support during sleep. This is made possible by combining innovative technology and handcrafting, which guarantees that all Richfield Premium products are unique and superior.

Are the products of the Richfield range intended for use in the home or are they tailored to commercial use and the hospitality industry?

The Richfield range is designed to provide the best sleep and comfort under all circumstances. Its beds and mattresses are tailored for use in the home, but are also suitable for use in the hospitality industry, such as in hotels and holiday apartments, while there is a special offer of bed and mattress models purpose made for the hospitality industry. When it comes to the specific requirements of customers, we are always ready to identify the best solution to meet their needs.

It isn’t easy to choose a bed and mattress, particularly with such a rich offer. How can we solve that “problem”?

We know that it’s important for our customers to choose the right bed and mattress, which is why we’ve created a unique shopping experience that will help them find the perfect product. Our expert sales team will provide all information about our products, from materials to ergonomics, and help customers make the right choice. When it comes to retail sales, our products are currently available at three locations, with our own salons on the territory of Serbia. We have a newly opened salon in Novi Sad, one in Belgrade at 15 Sarajevska Street and one in Kraljevo at 264 Karađorđeva Street. From these three locations, we are able to easily cover the territory of Serbia as a whole, while we are also planning to expand our sales network.

We export approximately 80 per cent of our production, mostly to EU member states and the countries of the Balkan region, but we also continue to have a very strong presence on the domestic market

Open Balkan Initiative matters above all for the economy and business and as an opportunity to attract foreign investors

SERBIA IS THE LARGEST FOREIGN TRADE PARTNER OF MONTENEGRO

According to the final data of the Monstat Administration of Statistics, the total foreign trade in goods of Montenegro last year amounted to 4.23 billion euros, which is 43.9 per cent more than in 2021, and the largest foreign trade partners in exports were Serbia, Switzerland and Bosnia-Herzegovina, while Serbia, China and Greece led imports. It was announced by Monstat that exported goods were worth 700.3 million euros, which is 60.2 per cent more compared to the comparative period. Imports were 41.1 per cent higher and amounted to 3.53 billion euros. “The coverage of imports by exports amounted to 19.8 per cent and is higher compared to the same period of the previous year when it amounted to 17.4 per cent,” the announcement states. Mineral fuels and lubricants are the most represented in the export structure, while machines and transport devices are the most represented in the import structure.

ŽELJKA CVIJANOVIĆ: OPEN BALKAN IS GOOD FOR BOSNIA-HERZEGOVINA

The Open Balkan initiative opens up great opportunities for all citizens of the region, stated the chairperson of the BiH Presidency Željka Cvijanović and pointed out that the economy and economic cooperation can be a recipe for calming political relations between the countries of the region. In her interview with Srna, Cvijanović emphasised that economic cooperation is a sound basis for better regional relations. However, it cannot eliminate political misunderstandings on certain key, important issues. She assessed that the economy is a good formula for the relaxation of regional relations, adding that all regional initiatives, such as the Open Balkans, are based on the fact that the countries of the region have good infrastructure, that the economy is enabled for unhindered communication and that economic cooperation is then built and developed so that people would finally see the benefits of it and make a better political understanding.

MONTENEGRIN CITIZENS FIRST IN THE WORLD TO RECEIVE OPPORTUNITY TO SUBSCRIBE TO VIBER

Users from Montenegro who decide to subscribe to Viber Plus will be the first in the world to have the opportunity to activate new services and functionalities available only to members of the subscriber club. For $1.99 per month, Viber Plus subscribers will have access to additional features, such as ad-free Viber, unlocked access to paid stickers, technical support, and unique app icons. All Viber Plus subscription club members will receive a verification badge with their avatar, i.e. profile picture, which confirms their subscription. This service will be available in phases in the target regions of the world – starting with Montenegro, the Czech Republic, Switzerland, Kuwait and Australia.

– H.E. CHRISTOPHER HILL, US AMBASSADOR TO SERBIA

Decades Of Experience Testify About Us

Invenio has spent more than 30 years dedicated to the development of quality control for its customers. This compay is present in every stage of the process, from concept development, via design, to the finished product. With a broad spectrum of capabilities, Invenio provides its customers with reliable inspection, from component input to finished product output

We improve the quality of our services continuously, and in order for us to meet the needs of even the most demanding customers, we possess our own testing laboratory and CNC machining centre - says Invenio MD Marko Divljan, as well as emphasising that the company possesses the competence, knowledge and necessary tools to solve clients’ quality problems at every stage of the process.

Your company has spent more than 30 years developing quality control for its clients. You are proud of your cooperation with respected brands and that you enjoy their trust, but who are your clients?

Invenio was founded by Mr Alfred Keschges in Germany in 1986. After just four years, the company began its global expansion by opening companies in Australia and Poland, Serbia, North Macedonia and Bulgaria. Yes, Poland, Serbia, Bulgaria and North Macedonia are key postal locations for the development of the company. We are now present in North America, Australia, Thailand...

Invenio has been committed to the development of quality control for its customers for over thirty years. We are present at every stage of the process, from conception through design to the finished product. With a broad spectrum of capabilities, we provide our customers with reliable inspection, from component input to finished product output. Our clients are automotive companies and suppliers, tech and household manufacturers, various pump production companies, the food industry, in essence all production

Our services in recruitment and personnel consultancy ensure that we are capable of providing our clients with comprehensive services

companies that take SMED principles of lean manufacturing seriously and global innovation and tech leaders like Toyota, Mercedes, Magneti Marelli, LG, R. Bosch etc.

“Providing services according to the needs and expectations of clients” is the most accurate definition of Invenio’s work principle. Could it then be said that you measure your own success based the success and satisfaction of your clients? The satisfaction of our clients is a prerequisite for the sustainable development of the

company and maintaining our reputation as a trustworthy partner, and that’s why we undertake to continuously improve the quality of our services. We do so by becoming what and where they need us to be. We have our own measuring laboratory and CNC machining centre to satisfy the most demanding requirements of our customers. Our services in recruitment and personnel consultancy ensure we are capable of providing our clients with comprehensive services. As a company that has amassed several decades of experience, we have the competence, knowledge and essential tools to solve our clients’ quality problems at every stage of the process.

Much has changed in your line of business over the decades, but innovation has always been your guiding principle. What do you emphasise? Developing new products, new solutions,staff training? Invenio’s mission can be described through these main aspects.

High customer and employee satisfaction - we invest our time into relationships with clients and employees, we attach great importance to their development, as this contributes to the development of our company and our services.

Providing high quality, innovative products and services, like value added services, the firewall and quality control process; the continuous development of the organisation and its processes.

Increased employee and business owner satisfaction – training coursess, competitive rewards and engaging every employee in the process of making continuous improvements.

Solar Market Set To Grow

Resalta was founded in 2011 with the aim of becoming the leading provider of energy services in the region. A decade later it had became a leader on the markets of Slovenia, Croatia, Serbia, Czechia and Romania, where it was running some 300 projects in both the public and private sectors, bringing reductions of over 100,000 tons of CO2 and other pollutants.

For successful projects, clients need not only engineering excellence but also reliable advice on the legal framework and the right model to achieve specific business goals. Resalta’s team of top engineers and specialized lawyers offers exactly this.

The projects you develop and the measures you take as energy service providers help your customers. Do they also help the wider community?

Exactly... What unites us at Resalta is a shared sense of purpose, a real contribution to the community in which we operate. This is primarily in protecting the environment and reducing harmful

emissions, but also in a measurable increase in energy efficiency for our clients and financial savings that free up funds for further development.

When we started, the ESCO concept was quite pioneering and present only in the most developed economies such as Germany and Japan. So a huge effort was needed to spread awareness of its

ĐORĐE POPOVIĆ, DIRECTOR, RESALTA

We are always looking for optimal and technologically superior solutions, tailored exactly to the specific project

advantages in Southeast Europe and for it to really come to life in regulation and practice. A decade later, we can proudly say that we are leaders on the markets of Slovenia, Croatia, Serbia, Czechia and Romania, and that we have carried out around 300 such projects in the public and private sectors, making reductions of over 100,000 tons of CO2 and other pollutants.

The core of our business model is that we can offer the client to completely take over the investment, design and project implementation, with a fixed fee for the service, for technological improvement of the process and for long-term operation and maintenance. At the same time, the risk is entirely Resalta’s for the entire contractual period, so the client can fully devote himself to his core business. And this is equally valid whether it is biomass, heat pumps or combined production of electricity and heat, whether it is solar power plants, efficient LED lighting, energy renovation of buildings, compensation of reactive energy or complex processes of decarbonisation of large systems.

The real measure of your projects’ success is the savings your clients achieve, and it should also be mentioned that you are not dependent on any single supplier of equipment or technology.

Is that what sets you apart?

Without savings for the client, there is no business for Resalta, and technological neutrality is without any doubt one of our main advantages on the market. We are not exclusively tied to any single equipment manufacturer, but we are always looking for optimal and technologically superior solutions, tailored exactly to the specific project, with the priority of top quality, service and rapid response. Otherwise, we would not enter into long-term business arrangements with our clients.

On the other hand, I think what most sets us apart is the combination of two completely different things: technical and regulatory expertise. I can freely say this is the key to our success. Energy

is a highly regulated industry, with frequent changes in local regulations and extremely dynamic global developments in technology. So for successful projects, clients need not only engineering excellence but also reliable advice on the legal framework and the most appropriate

immediately becomes the owner of the solar power plant and a registered buyer-producer (a so-called prosumer). The fee for our services and the investment is paid in the long term at fixed rate, which immediately achieves energy savings, has predictable operating costs, reduces CO2 emissions, returns excess electricity to the grid and frees up financial resources for further investment in your core business. With this, we opened a completely new segment of the solar market in Serbia, and I can proudly say that in an extremely short time we have contracted almost 10 MW of projects, and this is for the most respectable companies that do business with us, such as Henkel and Xella. This specific market continues to grow and I expect a lot of success in this field.

To what extent do your innovations and your economical energy solutions contribute to Serbia’s goal of increasing the production of renewable energy to 40% by 2040? Do you think we will succeed if we continue at this rate?

Our solutions help Serbian industry to make large reductions in CO2 emissions, increase energy efficiency and improve technological processes

model to achieve a specific business goal. Resalta’s team of top engineers and highly specialised lawyers enables its clients to do just that.

I can illustrate this with a concrete example. In Serbia, we started solar projects only last year. But we did not want to settle for a simple turnkey approach, which was practically the only available arrangement on the market. Instead, we created a completely new business model, based essentially on the ESCO principle and in compliance with current regulations. In this model the client – with all project activities and investment on Resalta’s side –

Our solutions concretely and visibly help Serbian industry to reduce CO 2 emissions, increase energy efficiency and improve technological processes – we are very proud of this. We always insist on measurability of results as a basic parameter of business success. And it can even bring up to 80% savings for lighting projects, and result in complete carbon neutrality for large clients.

Considering the growing number of companies that want to achieve this and the overall favourable environment for energy efficiency projects and renewable energy sources, I have no doubt that Serbia’s goal will be reached or even exceeded.

However, it is important that we maintain an uninterrupted and constructive dialogue between industry and the government, achieve central and structured support for projects that need it, and continue to use the best experiences from the European Union and the region. At Resalta we are looking forward to remaining an indispensable factor in that process.

EU NAMES THE BIG TECH PLATFORMS SET TO FACE TOUGHER REGULATIONS

Amazon, Apple, and 17 other tech giants feature in the European Union’s list of “very large” online platforms or search engines — meaning they face stricter controls from regulators and potentially heftier fines if they deviate from the rules in the region. The European Commission, the executive arm of the EU, in late 2020 presented new legislation on how regulators should keep a closer eye on tech giants. Under this Digital Services Act (DSA), which was implemented four months ago, regulators are able to police content to reduce harmful comments and set rules for the use of artificial intelligence.

NESTLE RAISE PRICES BY NEARLY 10% THIS YEAR

Consumer goods firm Nestle raised prices by 9.8% in the first quarter, attributing this to “significant cost inflation.” The Switzerland-based company reported sales revenue up 5.6% in the three-month period, coming in at 23.5 billion Swiss francs, slightly ahead of an analysts’ consensus estimate. But sales volumes, listed as “real internal growth,” fell 0.5%. The company raised prices by 8.2% last year and saw sales volumes up by 0.1%. It comes as consumers struggle with sharply higher prices of food, household basics and beyond. While year-onyear headline inflation has cooled to 2.9% in Switzerland, it remains at 6.9% in the eurozone and 10.1% in the U.K.

ALIBABA TO ROLL OUT ITS RIVAL TO CHATGPT

Alibaba Cloud, the cloud computing unit of Chinese tech giant Alibaba, announced it would be rolling out its own ChatGPT-style product Tongyi Qianwen. Tongyi Qianwen, which possess Chinese and English language capabilities, will initially be deployed on DingTalk, Alibaba’s workplace communication software, and Tmall Genie, a provider of smart home appliances, the company said in a release. Hong Konglisted shares of Alibaba gained traded more than 3% higher after the announcement but has since pared some gains. Shares of Baidu in Hong Kong were down 6%. At the 2023 Alibaba Cloud Summit, the company said it will be rolling out the artificial intelligence-powered chatbot into all Alibaba products from enterprise communication to e-commerce in “the near future.” It did not reveal a timeline.

“We are aligned very much with the China ‘Healthy 2030’ [initiative] and we are trying to contribute as much as we can” –

ALBERT BOURLA, CEO OF PFIZER

DUŠANKA TALIĆ M.SC, GENERAL MANAGER, GrECo INTERNATIONAL

Fusing Tradition And Innovation

Whether

GrECo International bases its relations with clients on trust, direct contacts, responsibility and empathy, because the client is always in the focus of this insurance b roker. Its task is to provide timely information to clients regarding market changes and risks that may arise.

To what extent have you been helped in your work by the fact that you are part of the powerful GrECo group and that, in the scope of your business, you are able to combine international knowledge and experience with the specificities of the local market?

The GrECo Group, which has existed for 98 years and was declared Austria’s top family company in 2020, launched its operations in Serbia back in 2002. The Group attaches great importance to taking a modern approach to insurance, which represents the combining of international knowledge and the monitoring of new trends in our industry. We have a large number of training courses, workshops and exchanges of knowledge with colleagues at all levels, and this helps to a great extent in terms of our approach and the innovations that we bring to the market and offer our clients. We have specialists in certain types of insurance with whom we work to develop and implement insurance lines for protection against risks that are becoming increasingly relevant, such as cyber risks, risks faced by financial institutions, risks in agriculture and in this context parametric insurance, as well as many other insurance lines to which we devote great attention.

The core principle of our work is for us to become the insurance affairs department of every company with which we collaborate

In such uncertain times as these, is it possible to anticipate clients’ needs and work proactively to provide them with advice?

Our clients, which include both domestic and foreign companies, are really extremely diverse, both in terms of the industries they represent and in terms of their requirements and needs. We make an overview of the needs of each of them individually, analyse the risks to which they are exposed and provide a proposal on how to best protect employees and property through insurance. The core principle of our work is for us to become the insurance affairs department of every

company with which we collaborate. We are part of a company’s team and together achieve the best results in this area of business. Our task is to provide timely information to clients regarding market changes and risks that may arise. Such changes have been particularly pronounced of late and are a result of economic and political changes around the world.

Does your excellent familiarity with different sectors of business and industry, as well as all inherent risks, enable you to adapt your service to suit the client? Precisely... Our team numbers 12 members who have many years of experience in insurance. Moreover, each of our colleagues is specialised in a certain field, which is supported by the always reliable experts from our head office in Vienna. We work with them to address the specific requirements of our clients and to develop new solutions. Each client is unique and we approach them accordingly, creating insurance in accordance with their needs. We are here for our clients, not only in the insurance contracting phase, but also when damages are incurred. It is in this area that our role is even more pronounced and we are very proud of the results we’ve achieved in this segment of the business. Our insurance is high quality and aligned with all rules of the profession, and thus our clients needn’t worry when it comes to collecting on claims. It isn’t easy for either party when damages are incurred, but that’s precisely when our clients additionally recognise us as being part of their team and a real partner.

the issue is classic risks or current ones like cyber risks, risks facing financial institutions, risks in agriculture or some other risks, you need to be a good partner in both the insurance contracting phase and when damages are incurred

YIMING / FOUNDER OF BYTEDANCE

Meet The Billionaire Behind TikTok

With TikTok having established itself as the definitive social media platform for Gen-Z over the past few years, this explosion of popularity is in stark contrast to the profile of its founder, who prefers to avoid the public eye

ZHANG

The years of the pandemic compelled many people around the world to find new ways to occupy their time, on condition that those ways allowed us to remain isolated in our homes. Some turned to traditional pastimes like baking or knitting, while others sought to further their education, with online education platforms offering official qualifications having reported surging enrolments over the 2020 to 2022 period. Meanwhile, others decided to lose themselves and their worries in the popular app TikTok, which was founded by Chinese internet entrepreneur Zhang Yiming and developed by internet technology company ByteDance, which Yiming also founded back in 2012.

As a video- hosting, editing and sharing app, TikTok was used to document the age of COVID-19 on a personal level, with some lamenting the loss of social lives, others satirising the ubiquity of video conferencing, and a number providing valuable health and safety advice. The app itself even served to promulgate official advice from the WHO and local health authorities.

Initially released in September 2016, the app enjoyed solid growth over the first few years of its existence, only to have exploded in popularity by the time of the outbreak of the pandemic, TikTok welcomed more than 315 million new users in the first three months of 2020 alone, setting a record for the most downloads any app has ever had in a single quarter, and by September 2021 it had hit the coveted mark of a billion users. However, as much as the pandemic might have driven millions of bored and frustrated people online in search of distractions, TikTok’s popularity is hardly a nascent trend. The app quietly began life as Douyin (as it is still known in China) in 2016, but its sudden and meteoric rise in popularity saw it merge with U.S. app Musical. ly in 2018, and it achieved huge success with members of the Millennial and Z generations.

But what about the man behind the app and the parent company that developed it? Often described in the media as ‘private’ and ‘secretive’, Yiming prefers to keep a low profile, despite the massive success of his ventures.

Just like his compatriot and fellow entrepreneur Jack Ma, Zhang had an inauspicious start to his career. During his student days, he switched from studying microelectronics to

software engineering, only to join travel website Kuxun immediately after graduating with a bachelor’s degree in engineering from Nankai University, becoming only its fifth employee and first engineer. He earned promotion to the post of the company’s technical director just a year later, but in 2008 he left Kuxun to join Microsoft. Despite having seemingly made it big by joining this blue-chip giant, Microsoft’s restrictive corporate environment was evidently not for him and he soon joined

with it he achieved a degree of success. Still, the success of that initial attempt would be dwarfed just three years later, with the founding of internet technology company ByteDance, which he created in a Beijing apartment and which went on to earn him a place on Forbes’ China 30 Under 30 List in 2013.

The inspiration behind ByteDance’s first major venture, news aggregator Toutiao, is an example of the old adage that “necessity is the mother of invention”. Zhang identified

a start-up called Fanfou. This may have ultimately proved to be an unsuccessful venture, but it did light the career path that Zhang would soon be taking.

When 2009 saw the process begin to sell and break up his former employer, Kuxun, Zhang spotted his opportunity and stepped in to purchase Kuxun’s real estate search business and transform it into 99fang.com. This was his first foray into entrepreneurship, and

an unaddressed need for information among Chinese mobile users, who were finding it difficult to source relevant information from existing internet companies as a result of Chinese censorship laws and a lack of distinction between ads and genuine search results.

Toutiao took the fight to big players like Baidu by providing users with information that mattered to them through the use of algorithms. Despite the retrospectively obvious potential of the idea, it didn’t receive the required financial backing immediately. Sequoia Capital initially passed on the concept, as did other investors, only for Susquehanna International Group to eventually step in and back the plan.

Two years after its launch, the app had more than 13 million daily users, and Zhang’s concept was vindicated by Sequoia Capital’s about-face; the investing firm put forward $100 million to

Zhang is recognised by the All-China Federation of Industry and Commerce as being among the top 100 entrepreneurs of the last 40 years

support ByteDance in 2014. In 2018, the company secured a funding round of $3 billion. And by the first quarter of 2020 ByteDance reported revenue of 5.6 billion U.S. dollars, representing year-on-year growth of 130 per cent.

Given the state of China’s internet market, it’s impressive that Zhang was able to achieve so much success. With the market then dominated by Tencent and Alibaba, the start-up was apparently the first to seek neither funding nor protection from either, and has emerged as a successful challenger for the attention of mobile users. Even more impressive is the fact that ByteDance exported its success overseas, a feat rarely accomplished by previous emergent Chinese tech giants. As Zhang once noted, “Google is a company without borders. I hope Toutiao will be as borderless as Google.”

ByteDance, which bought one of China’s biggest private hospital chains in August 2022, has interests in everything from news and education to video gaming. This privately held company, which raised money at a $180 billion valuation in 2020, reportedly agreed in September 2022 to spend $3 billion to buy back shares at a $300 billion valuation.

Zhang resigned as CEO of Bytedance

back in May 2021 and as chairman in November 2021, but the company’s success has still ensured that he today ranks as the 2nd wealthiest person in China and the 25th wealthiest in the world, with a personal wealth of an estimated $47 billion… and he’s yet to turn 40!

Recognised by the All-China Federation of Industry and Commerce as being among the top 100 entrepreneurs of the last 40 years, and by the United Front Work Department for his contributions to the private economy, it’s possible that the secret to Zhang’s success can be boiled down to his simple belief that, “We must work harder, we must also be more perfectionist”, which echoes Chinese business magnate Jack Ma’s own emphasis

on diligence and an unyielding work ethic when developing the Alibaba Group. While such a focus on productivity can be a source of health concerns across Asia, it’s quite possibly a big driver behind Zhang’s achievements.

ByteDance is seeing no decline in its popularity among investors and is continuing to diversify, adding not just new software to its raft of apps, but also hardware too – furthering Zhang’s legacy despite him having left the company, but also reflecting his expressed willingness to adopt new ideas when they are sensible, as evidenced by his self-confessed use of TikTok.

“For a very long time, I was merely watching TikTok videos without making any of them myself, because it’s a product mainly for young people,” Zhang once admitted in an interview for the South China Morning Post. “But we later made it compulsory for all management team members to make their own TikTok videos, and they must win a certain number of likes. Otherwise, they have to do press-ups. That was a big step for me.”

Given the inspiring career path of this 39-year-old, it’s probably not the biggest step he’s ever taken, but small steps often carry us the greatest distances. dailyartmagazine.com

For a very long time, I was merely watching TikTok videos without making any of them myself, because it’s a product mainly for young people

Seeking Self Through Artistic Expression

To be an artist, a creator, has been an equal endeavour throughout all times. A feat of seeing the brightness in the dark and recognising the darkness of the light. One can give without love, but one cannot love without giving. And I love my art, that particle of God within me, that need and passion...

searching for an idea, man is always seeking self. By exhibiting in renowned galleries abroad, I received the opportunity for my works to become part of the collections of famous personalities, but also reputable institutions, and to thereby be an ambassador of my art and my country.

JELENA MILOŠEVIĆ, PAINTER AND DESIGNER

My works bear my artistic poetics; I use a combined technique to achieve different effects, while they’re given a stamp of identity by traditional values and a large dose of spirituality. My paintings are always new, and that moment when they surprise me evokes creative excitement in me. My personal artistic style is actually recognisable due to a kind of associative abstraction with glittering dust as a cosmic touch, which provides the picture with a flicker of light and life. There is no creation without energy, which is the driver of our thoughts, inspiring, never the same, sent from the Most High. It is built through work, lifting me up, and I lose track of time when creating my works. The passion with which I paint and create is innate, as is the intertwining energy. The act of painting is discovering the unknown, and that unknown excites and rejoices me.

In searching for one’s own expression,

No realised wish can permanently satisfy a person. That’s why every new country and new continent where I’ve spent time just formed part of the mosaic that I’ve been piecing together over the years, absorbing new sounds, aromas, colours and customs, taking away a wonderful feeling of diversity,

In searching for one’s own expression, searching for an idea, man is always seeking self. By exhibiting in renowned galleries abroad, I received the opportunity for my works to become part of the collections of famous personalities, but also reputable institutions, and to thereby be an ambassador of my art and my country

because it is our differences that make us alike! I specialised in glass, as a medium to which I always return, at the Michaelis School of Fine Art in Cape Town, South Africa, and at the University of Pretoria I also, in addition to exhibitions, lectured in

the field of Byzantine art. The delicateness and transparency of glass and the filigree interweaving of gold and silver threads, alongside stylised elements taken from our tradition, contribute to making each piece unique and inimitable.

The concept of my auteur project SVETKOVINA represents the joy of life, the celebrating of love and togetherness, that which makes us happy as people. The amount of love one puts into what one creates, and the extent to which one gifts that to others, is very important. It was precisely the need to use beauty and joy to bring happiness to myself and the people around me that served as my inspiration for this exhibition and fashion show; that need a person has to love and, in creating works, celebrate that love. The collection of 65 fashion pieces, in which glamour is accentuated through the use of haute couture materials, together with sophisticated and sensual design, makes every woman special, giving her a sense of awareness of herself, her desires and aspirations. Glass, 65 pieces, hand-blown, brought from Czechia, partly of antique origin, hand-painted, unique, and 45 pictures, as the result of different moods, created with a combined technique of oil and acrylic, are unified by one shared personal style, one energy.

When an artist finishes a project and exhibits their works publicly, they have closed the circle and are already launching themselves into new challenges. A person’s reach must extend beyond their hands. Because otherwise what is the sky for?!

Photo: Vladimir Nešović

7 Famous Musicians

Who

Paint

Creatively speaking, the term “art” can mean many things. Whether it is music, writing, painting, sculpting, or drawing, it is all under the umbrella “art.” For the sake of this article, however, let us look at several wellknown musicians who created visual art outside of their musical lives. Musicians such as David Bowie, Paul McCartney, Joni Mitchell, and more have created anywhere from a few to hundreds of paintings, drawings, or sculptures. Furthermore, many musicians utilize the artwork for their own album covers.

The following list contains artists, some living and others not, who even during their busiest years as musicians managed to also create intriguing works of art during the 20th and 21st centuries. And even if these musicians are not your style of music, perhaps you will be able to enjoy their visual works.

The late great David Bowie was not only a superstar musician, but also an actor and visual artist. Below is just one of his many self-portraits.

1. DAVID BOWIE

Art

Though his music and overall aesthetic may not be for everyone, the singer’s visual art is worth a view. The watercolour painting below resembles Abraham Lincoln, the 16th president of the United States, and his face on the U.S. penny.

Upon hearing of her close friend’s leukemia diagnosis, Stevie Nicks created the painting below. Though her friend passed away not long after, Nicks has continued to inspire others with her visual artworks. The musician said: - I only draw angels. I started to draw when my best friend got Leukemia. And that’s what she’s left me.

One-quarter of the wildly popular and famous ‘fab four’ British band, The Beatles, Sir Paul McCartney is known for his song lyrics and voice. But did you know that the knighted Sir McCartney is also a prolific painter and visual artist? He stated that: - I thought I would love

2. MARILYN MANSON

3. STEVIE NICKS

4. SIR PAUL MCCARTNEY

to paint, I thought it would be very liberating for me, I had got a lot of visual ideas. Furthermore, McCartney was not the only member of The Beatles who has dabbled in visual art. John Lennon enrolled at the Liverpool College of Art for a short period before diverting his energy to music full-time.

The late Cobain created this painting, part of a larger series, that shows his mental state shortly before his untimely death at 27. His daughter and widow, Courtney Love, chose this painting for a posthumous album nearly two decades after the artist’s passing.

The painting below obviously nods to Vincent van Gogh’s own self-portrait, doesn’t it? With the swirling colors, thick brush strokes, and Mitchell gazing solemnly into the distance, it is a near sister match to Van Gogh’s. She explained: - I painted it around, I guess, 1993 when I met Don Freed [her boyfriend] — who’s the subject of some of these paintings in the show — for the first time. And he said, ‘How are you?’ And I said, ‘Undervalued.’…[M]y work was being rejected whereas mediocre work was being accepted and elevated on the basis of newness and youth and, you know, obvious mercantile speculation ran in that direction. So, rather than physically cut my ear off, I did it in effigy. I’m not that stupid.

Dylan, described as one of the most influential and ground-breaking rock music artists in the past several decades, is also a visual artist, working in several different mediums. Dylan created a series of paintings dedicated to train tracks. It is a nod to the train motif found throughout his music.

What other connections can be made between music and art? Are some people gifted with such artistic prowess that everything they touch turns to gold, in so many words? Whether a musician writes a song about an artwork or vice versa, there is a constantly flowing connection. The verdict is that the two areas of art and music reflect and inspire each other so often that the connection cannot be denied. dailyartmagazine.com

5. KURT COBAIN

6. JONI MITCHELL

7. BOB DYLAN

By Slobodan G. Markovich

Dimitri Mitrinovic

“An Unrecognised Prophet” Of A United Europe And Mankind

Dimitrije Mitrinovic (1887–1953) was a philosopher, poet, publicist, journalist, social and cultural reformer, psychotherapist, and “an unrecognised prophet”, to quote some of the ways he was described

Mitrinovic spent his childhood and youth, till his twenties, in Bosnia and Herzegovina, in the period when the Habsburg Empire administered the provinces and was making intensive efforts to modernise and Europeanise them. After graduating from the Mostar Gymnasium (1899–1907), he got associated with a loosely connected group of literary circles consisting of secondary school pupils. It became known by its subsequent appellation: “Young Bosnia”. Besides their interest in literature, members of this group had political aspirations, and after the annexation of the provinces by Austria-Hungary, they turned against the Dual Monarchy. Mitrinovic was held in high regard by the followers of the group and, around 1910, it seemed that his trajectory to become a prominent Yugoslav (Serbo-Croat) national revolutionary was set.

In 1911–13, his stay in Rome changed everything in his life and signalled his shift from national to universalist topics. His interest in Indian religious philosophy, Buddhism, and Renaissance humanistic and hermetic teachings emerged during this period, marking the beginning of his life-long search for gnosis. It was during his stay in Munich (January 1913–spring

1914) that he conceptualised his idea of an international yearbook of leading intellectuals who could transform the world through their ideas. His contacts with the artist Wassily Kandinsky (1866–1944) were particularly influential. From this period on, he believed that culture could play a major role in the transformation and humanisation of mankind. The Munich period also meant a U-turn in his political and cultural focus. He abandoned his national programme and became a rather devoted cosmopolitan.

In 1914 Mitrinovic escaped to Britain to avoid mobilisation and stayed in London and Britain till his death in 1953. During the Great War, contrary to the social mainstream, he was committed to pacifism and conscientious objection. He also made his first two circles of followers. British writer Stephen Graham, his disciple at the time, was so inspired by this experience that, in 1918, he published his religious novel The Quest of the Face based on the teachings of Mitrinovic. It advocated an introspective and soul-searching Christianity. A highly influential book by Serbian theologian and later Bishop Nikolai Elmiric, Discourses on Panhuman, was published in 1920. Its syncretism was clearly inspired by Mitrinovic.

During the Great War, he got associated with Alfred R. Orage (1873–1934), the editor of the avant-garde journal The New Age. The influence of Mitrinovic over Orage gradually grew, and he became his guru of sorts and was even given a chance (in 1920/21) to contribute a regular column for his journal entitled “World Affairs.” In these articles, he endeavoured to synthesise various philosophical teachings and religious traditions. He was particularly influenced by Eric Gutkind, Vladimir Solovyov, H. P. Blavatsky, Rudolf Steiner and Alfred Adler. Soon enough, Orage found a new guru in George Ivanovich Gurdjieff. The disappointed Mitrinovic had to find new ways of prophesising his ideas.

Between 1927 and 1932, he co-ordinated the British branch of the Adler Society. At that time, he believed that modern gnosis could be found in the writings of Adler and Jung. He had huge ambitions for the society, which gathered many followers and was rather successful, but disagreements with Adler on the direction the society should take led to its self-suspension in Great Britain. After that, he returned to his religious and philosophical syncretism but continued his social activism.

His most influential initiative was the New Britain movement in the 1930s. One of his followers from that period was Alan Watts, a precursor of the New Age Movement. In his memoirs, published in 1972, he summarised four main points of this movement. The first was the concept of social credit explained by Major Douglas, the second was guild socialism with workers as stockholders in the companies employing them, the third was the application of Rudolf Steiner’s concept of the Threefold State, which would include three assemblies (political, economic, and

cultural), and the fourth was the campaign for an immediate federation of all nations of Europe. Watts recalled that when Hitler came to power in 1934, Mitrinovic wanted to stop him: “The New Britain movement invoked the governments of England and France to use force, if necessary, to prevent his refortification of the Rhineland in defiance of the Treaty of Versailles, and it would have worked.”

The movement developed around two successively published journals: The New Britain Quarterly (1932–33) and The New Britain Weekly (June 1933–Autumn 1934). At some point, the journal had a circulation of 32.000 copies per week, and the New Britain movement had real potential for political and social change. By September 1933, there were 65 local groups all over the United Kingdom, but Mitrinovic and his closest associates decided that they did not want to water down their ideas and simply dismantled the movement.

During the last two decades of his life (1934–1953), he was surrounded by a group of 30–40 followers. They were men and women of good repute, many of them accomplished in their careers. He organised for them lectures, workshops and discussions that were supposed to train them for the Senate of the World, and the senate function was, for him, as his biographer Andrew Rigby noticed, “an essential integrative function in the new social order.” By all available accounts, his followers took this demanding training in various languages, religions, and cultures very seriously. What still puzzles researchers is why this cosmopolitan but seemingly utopian initiative appeared to his rather accomplished followers as something worthy of dedicating their lives to. His disciples continued their dedication to their spiritual master even after his death by establishing the

New Atlantis Foundation, which kept and archived his papers and disseminated his ideas. Its legal successor is the Mitrinovic Foundation.

Concomitant with New Britain was the New Europe Group, the most stable of his initiatives from the 1930s. It was established in 1931 and

Chemistry in 1921, also served as its president. H. C. Rutherford, a disciple of Mitrinovic’s, wrote that one of the aims of the New Europe group was to bring “the continent of Europe more actively into the consciousness of the insular British.”

He endeavoured to define a way to transcend political divisions and identified the sphere of culture as the crucial element of social change. His overall activities should be understood as an effort to bring various religions and cultures much closer to the point that they could not only communicate but would also be able to combine diverse ideas and concepts. He was someone who pursued a utopian project of preparing small groups of people to absorb various cultural influences and be capable of creating a cosmopolitan identity as a result. That new global identity would not be based on mere openness to different cultures but rather on the ability to integrate disparate and sometimes conflicting traditions into a new cosmopolitan whole.

In order to analyse Mitrinovic’s life, work, controversies and accomplishments, an international conference was organised in Belgrade in May 2021 with participants from four countries. After the conference, an edited volume in English, entitled A Reformer of Mankind. Dimitrije Mitrinovic between cultural utopianism and social activism was published in January 2023 by the Faculty of Political Science and Zepter Book World.

lasted till 1957; its principal aim was to promote a European federation. The list of the presidents of NEG includes very distinguished names. Its first president was the town planner Sir Patrick Geddes, and the radiochemist and polymath Frederick Soddy, the Nobel Prize laureate for

The book discusses many aspects of Mitrinovic’s legacy, but the enigma of this man is still there to be analysed. This is not surprising at all if one recalls the words of the Scottish poet Edwin Muir on Mitrinovic:

He was the man for whom only the vast processes of time existed. He did not look a few centuries ahead like Shaw and Wells, but to distant milleniums, which to his apocalyptic mind were as near and vivid as tomorrow...

He was the man for whom only the vast processes of time existed. He did not look a few centuries ahead like Shaw and Wells, but to distant milleniums, which to his apocalyptic mind were as near and vivid as tomorrow...

Bisera Veletanlić, solo vocalist, jazz singer

EVERYTHING SHE TOUCHES TURNS TO ART

She possesses one of the most priceless voices that Yugoslav music ever had, and has. Her life and worldview are the result of the precious upbringing that she received from her Yugoslav parents, a Bosnian father and a Slovenian mother. Yugoslavia was her homeland and emotional safe haven where she felt so good. She never chased money, but strived for a life of mental and spiritual wealth, because that’s the only wealth that makes a person truly diligent and eminent

Photo: Marija Čalić

By Radmila Stanković

When she was just a little girl, her singing tutor predicted that she would emulate the career of then famous opera singer Zinke Kunc, because she had such a wondrous voice that it was somehow natural for her to become an opera singer. That’s also what her mother and sister thought, but Bisera quickly fell in love with jazz and soul music and soon discovered American jazz singer Sarah Vaughn, who she never stopped loving and listening to. And it was all over for Verdi, Puccini and the rest. She had discovered music as love, as passion, as the only direction to determine her life.

“Music was, for me, a replacement for imagination; the notes carried me to a world of the most beautiful colours, to the blueness of the sea and the greenery of the grass. What I would give to be able to paint what I feel in music!”

She says that she was a poor pupil in school, in contrast to her older sister Senka, who was an excellent student who’d been exempted from taking the matriculation exam and completed her studies in economics. Bisera, in the meantime, was just looking to ensure she achieved a passing grade to advance to the next year.

“Since the time I first became aware of myself, only music existed for me. It still means everything to me today.”

The Veletanlić sisters inherited their talent from both parents.

“Both my mum and my dad sang beautifully. They sang Bosnian songs in the house, because my dad, Mehmed, who we nicknamed Meho, was originally from Bosnia, and they also sang Slovenian songs, because my mum, Rozalija, was originally Slovenian. We called her Rozika. I remembered how the four of us all sang my mother’s favourite song: ’A stone, another stone, turns in the water, only youth is mine, never to return.’”

Bisera is humorous, sometimes cynical in a refined way, and well intentioned, but she is above all an emotional person. You will struggle to coax her into talking about her own successes. And instead of her, it was one of her acquaintances from Belgrade who testified to me that, at the very beginning of her career, Bisera had sung in Germany, primarily in the clubs of American officers, where she wonderfully mastered her craft while working with exceptional musicians. One evening, that same Belgrader, who had been

Both my mum and my dad sang beautifully. They sang Bosnian songs in the house, because my dad, Mehmed, who was nicknamed Meho, was originally from Bosnia, and they also sang Slovenian songs, because my mum, Rozalija, was originally Slovenian

listening to Bisera and enjoying her song, was addressed by a black man, who said: “I hate her. I hate her because she sings and moves like a black woman!” And that was one of the greatest compliments she ever received.

Bisera has long been ranked among the best vocalists in the former Yugoslavia and across Europe. She’s also a distinctive individual whose career has been led by a choice of certain hit songs, setting high criteria for herself. Born in Zagreb, she grew up in Sarajevo and Sisak, then forged her career in Germany and Belgrade. That which she acquired in the home became enduring values.

“The way I was raised in the home is also reflected in my life today. It was a classic upbringing that my parents instilled in me and my sister Senka. There are moments from our shared life that I will always remember: on Sundays, we all sat together at the table for lunch and to talk. My parents were pure people, and I mean pure on the inside, because it’s a given that they were clean on the outside. That was passed on to us and we thank them for that. Regardless of how much that doesn’t matter today, sounding dull and naïve to some, sometimes even ridiculous, I’m delighted that I was raised by such pure and honest people, and that I am the way I am. I’m a happy and wealthy person who had parents of differing religions who loved each other in Zagreb, had two daughters, and gave them wonderful names. I am proud of them and of the upbringing I received from them. No matter how difficult it has been to live in accordance with my own principles over recent decades, I haven’t abandoned that which represented my life and artistic choice. Fortunately, I have wonderful friends in Belgrade with whom I have great mutual understanding and with whom I share similar emotions.”

Just as she remembers Sunday lunches, so she also recalls summer holidays with her parents. And one holiday in particular:

“I went to the seaside with my mother, who took her pupils to Zaostrog [a Dalmatian resort town].

NIŠVILLE JAZZ FESTIVAL, NIŠ,2017

Photo: Marina Pešić

My life Bisera Veletanlić, solo vocalist, jazz singer

A seamstress made me a new bathing suit. In that same Zaostrog, at the same time, my sister was also having her summer holiday. On one occasion, my mother and I sat on the shore and watched Senka surrounded by friends, she was beautiful. The boys were teased her and at one point pushed her from the jetty into the water. I ran, leapt over the jetty and jumped in to save my sister, who actually knew how to swim. But I didn’t know how to swim. I slammed into the water like a stone, sank to the bottom and floated back to the surface. And that was how I learnt to swim.”

Her parents didn’t make announcements about what vocations they wanted their daughters to choose, though Bisera assumes that, like most other parents, they wanted their children to be doctors or something similar in the domain of secure professions. They didn’t remonstrate later, but at the time they weren’t exactly thrilled that both of their daughters had chosen to be singers. Bisera knew immediately after completing economics secondary school that she wouldn’t go on to study at university, because that would just mean wasting time when she was someone who had already chosen her life’s calling.

“I’m surprised I even completed school, given how much I used to skip classes. I would flee school, go to the banks of the river Kupa, play a small transistor radio that I got, blaring music, lying on the grass, with no one to see me... The whole world was mine!

“There was a popular radio show during those years called ‘Mikrofon je vaš’ [the microphone is yours], which provided talented young singers throughout the then Yugoslavia with a chance. When they arrived in Sisak, I signed up and sang, and choose nothing less than the Lullaby of Birdland [a jazz standard]. I was only capable of singing the chorus in English, but beyond that it was difficult to understand what I wanted to say. Listening to me was famous composer and conductor Miljenko Prohaska, who praised my musicality, but the language in which I’d sung was unclear to him!”

Despite her English then being ‘a little strange’, Bisera nonetheless won!

She opted for the more difficult path from the very start of her artistic career, belonging to a strong minority without whom top musical values would not have been created.

“I simply wasn’t interested in anything other than music. I was, and remain, a lover of sound,

of music, and for me there was no pursuit of monetary wealth, trucks, houses... I wouldn’t have known what to do with all that. Of course, I have nothing against money, on the contrary, but I’m not one of those who will do anything to get money. While I remain alive, may things stay as they are today. For me to live with mental and spiritual wealth. That is the only wealth that makes a person truly diligent and eminent.”

The borders of Yugoslavia used to be illustratively described as extending from Triglav [the

Slovenian mountain] to Đevđelija [the North Macedonian town of Gevgelija]. When Bisera became a measure of value in the domain of popular music from Triglav to Đevđelija, one TV Belgrade director wittily composed the success formula for every programme on domestic television, stating: “You must have Bisera, a cartoon and a BBC broadcast.”

Bisera was highly rated as a vocal soloist from the earliest days of her career, but not as much as she deserved. It was only after applying for a fourth time that she received the national recognition awarded when worthy artists become eligible for a state pension, with that additional monthly income popularly referred to as the national pension. She received a lifetime achievement award at the 2017 Nišville jazz festival in the Serbian city of Niš, while she’s also received two major awards over the last year: the lifetime achievement award of the Association of Jazz, Pop and Rock Musicians of Serbia, which was presented to her by jazz musician Jovan Maljković, the award’s previous laureate. Speaking at the time, he said that Bisera was the greatest singer he’d ever met.

The second recent accolade is the Special

No matter how difficult it has been to live in accordance with my own principles over recent decades, I haven’t abandoned that which represented my life and artistic choice

BISERA AND SENKA

VELETANLIĆ

Award of the Ilija M. Kolarac Endowment for her enduring contribution to the musical life of Belgrade. She received the award from new director of Kolarac Aleksandar Peković, who noted that Bisera is an outstanding artist who has had an extraordinary and lengthy career and has done a lot for the city and country with her music, especially for the temple of music and art that is Kolarac.

“I didn’t receive anything for 20 years, then I got two awards in one year. And I got scared. I thought about how they might be expecting me to depart soon, so they did something nice for me. These kinds of accolades would have meant much more to me if I had received them when I was at the peak of my career, when there was no end to my creativity. That would then have served as proof that my time and work were valued. No matter how much a lot of people didn’t understand what I was doing, they nonetheless felt what I wanted to say. But awards were lacking when I really deserved them.”

Bisera’s concerts and music tours are for musical gourmets, for connoisseurs, and they are worth remembering. She first learnt her craft in

Germany and made three guest appearances in the countries of the former USSR, where singers from Yugoslavia would go to earn money, but in order to do so they would also try to butter up the audience to the max by singing songs that were originally in English or Serbian in the Russian language. However, Bisera didn’t butter up the audiences.

“I sang for them what I would ordinarily sing; I sang English, sang songs by Elton John and domestic compositions. And I went down exceptionally well.”

Still, a special illustration of her emotional charge was provided by the 2007 concerts that were held in honour of formerly very popular and beloved Yugoslav rock band Indexi. Those concerts were first held in Sarajevo and Zagreb, then in Novi Sad and Belgrade. Just remembering that time presents the danger that her blood pressure will spike and her eyes will water.

“After the war, that 2007 was the first time that I found myself in Sarajevo again. I arrived with terrible jitters, with images from 20 years earlier combining, emotions, scenes from the ‘90s passing through my head, I encountered some

people who I hadn’t seen for such a long time. Accompanied by Bata Kovač on the piano, on the bass was Fadil, who had been in Indexi, and I sang Jutro će promijeniti sve [Morning Will Change Everything], which was a favourite song that was originally sung by Davorin Popović. While we were rehearsing that day for the evening’s concert at Zetra [an arena in Sarajevo], the music of Indexi was playing constantly. At one point, all of us, as many as there were of us, all hugged and started crying because we were hurting to heaven. And Davorin was looking down on us from heaven and his voice resounded. When the time came for me to head out on stage that evening, I filled myself up with all the necessary pills – for pressure, for nerves, for the heart... I appeared, bowed to the audience, and a shriek arose. I didn’t raise my head, keeping it bowed to the floor, because I felt myself starting to cry. And I start swearing at myself in the ghastliest way, to calm myself, and the applause didn’t stop. I somehow pull myself together and start singing. And when I sang, chaos erupted.”

The Belgrade audience also presented a great sense of trepidation for Bisera for many years. She’d previously never had a solo concert in the city where she spent most of her life, and she especially had never performed at the Sava Centre, as she did that evening when she sang in honour of Indexi. And it ended up better than she could have even imagined. The audience gave her a standing ovation that seemed to never end. It was then that composer Kornelija Bata Kovač, who represented the integral spirit of Indexi, testified to me that, of all the concerts on that unforgettable tour, Bisera gave her best performance at that Sava Centre concert.

Today, less than a year after the death of this composer who left Bisera with some of her

With Vasil on stage, my blood cells work, I enjoy myself with him and his band. They are talented, educated, hardworking and I say they are gentlemen musicians

BISERA AND MARTA HADŽIMANOV

My life Bisera Veletanlić, solo vocalist, jazz singer

most beautiful and popular songs – Milo moje, Zlatni dan [My Dear, Golden Day] – Bisera can’t hold back the tears at the very mention of Bata Kovač’s name.

“It was tough for me to get over his parting. Very tough. He was a beautiful being. People like Bata are inimitable. Everything I would say about him is insufficient. I loved him like a brother, and he loved me, he was married to his wonderful wife Snežana, who pampered and looked after him like a baby. Unfortunately, he is no longer with us, and I will sing his songs for as long as I continue singing.”

Bisera also appeared as an actress in famous TV series Grlom u jagode [The Unpicked Strawberries]. Director Srđan Karanović had imagined her specifically playing the role of the girl with whom the main character, Bane Bumbar, would lose his virginity! And later again, when shooting the film Sjaj u očima [Loving Glances], precisely

twenty years ago, Karanović invited Bisera to sing the film’s title composition and to act in one episode, as charmingly as only she can.

“The reason this exceptional Điđa film didn’t go down as well as it deserved among audiences was due to the fact that it is so beautiful, humane, tender, so pleasant and made with such high art, devoid of swear words and cheap stunts and gags. That film is a precise illustration of what I’ve said about the music that I love and that I don’t abandon.”

Her concerts over the last twenty years would have been unimaginable without the accompaniment of her nephew, composer and pianist Vasil Hadžimanov, and his band.

“He is my nephew without whom everything would be empty. When I say empty, I mean my singing accompanied by someone else who would be correct, but that wouldn’t be “it”. With Vasil on stage, my blood cells work, I enjoy myself with him and his band. They are talented, educated, hardworking and I say they are gentlemen musicians. Vasil will have a Kolarac concert with the RTS big band in June.”

People forget about you even when you live here, and especially if you don’t. When you reach an age at which you’re less active, they simply strike you off. But that’s who we are: we aren’t capable of appreciating what we have, or of cultivating values

NIŠVILLE JAZZ FESTIVAL, NIŠ,2017

There was a spot in Belgrade during the 1990s called ‘Plato’ [Plateau], in the area between the Faculty of Philosophy and the Faculty of Philology, where audience would come to listen to Bisera and Vasil’s band. Those were evenings that were awaited eagerly, with all spots filled, tickets having sold out in advance.

“There’s that slogan that something is attractive to audiences from the ages of seven to seventy-seven. Those evenings at the Plateau were intended for audiences aged from seven to ninety-seven. Every time when I would sing, some young people would come and beg me to go to the foyer of the college so that they could show me how they sing; for me to listen to them and tell them what to do. During the concert’s break, they would approach my table and overwhelm me with questions. They wanted to talk about music. I also recall some young female professors from the faculty also came, and we would socialise and chat. That was the dark ‘90s and yet we somehow held ourselves together, actually we were held together by the music.”

It is interesting to listen to Bisera talking about the world music scene, when she, for instance, describes the greatness of Stevie Wonder or so wisely interprets how Madonna gained worldwide fame.

“She is an example of someone who had had a wondrous career and didn’t deserve it. I knew she was a bad singer, but I only realised how bad a singer she really is after the Wembley concert where she sang live with Sting and the backing vocalists accompanying her. She really didn’t know where she was or what she was singing, and these people were playing and singing, masterfully of course, which only served to emphasise her ignorance even more. But I take my hat off to her for creating an institution out of nothing. She is proof that, in this business, when you’re capable, you don’t even need to know how.”

Bisera has spent her entire life avoiding public places and scandals of any kind. She has only spoken to the media when she’s had a good professional reason to do so. She jokingly calls herself a free and prominent artist without a job.

Many people, even journalists, thought for years that she was somewhere else in the world; that she no longer lived here.

“People forget about you even when you live here, and especially if you don’t. When you reach an age at which you’re less active, they simply strike

you off. I read how they wrote about great jazz musician Duško Gojković. I knew him personally and worked with him. He was a big name in the world of music, he performed with the best, but nobody cared about that while he was alive, and he didn’t live here but rather in Germany. Now that he has left this world, they write about him and seem to marvel in wonder at his biography. As if they are wondering whether it was really true. But that’s who we are: we aren’t capable of appreciating what we have, or of cultivating values.”

With an awareness of how uncertain a stake in life emotions are, Bisera doesn’t abandon hers, because they are the most secure link that she

has with the music to which she has become attached. She shows them with her family and close friends, and once also showed emotions towards an unknown man, as was the case with assassinated Prime Minister Zoran Đinđić:

“I was invited to sing at some ceremony when he was already prime minister. We said our farewells and I gave him a big hug because I felt like he was one of my own. That was my only closer encounter with politics, with a politician. Zoran Đinđić was unique and special.”

Apart from music, Bisera has had another affinity for the past few decades: painting. She has had several solo exhibitions, and her paintings have been reviewed by writer and translator Silvija Monros Stojaković, who wrote: “Bisera is the only one who still endures from the bygone times of the pioneers of local music that is neither literally folk music nor the subsequent sociological phenomenon of turbo-folk. She is an original artist who is consistent to herself. That, among other things, is why she sometimes doesn’t sing... Periods without singing can sometimes last an eternity with this resplendent and enduring artist of ours, meaning she also resists...And when she can’t pour her colours into a song, Bisera will grab a canvas.”

Whatever she turns her hand to, Besera turns it into a work of art. Just as her name is of Arabic origin, she is a synonym for something that’s the brightest, the most precious, the most beautiful.

It was tough for me to get over the parting of Bata Kovač. Very tough. He was a beautiful being. People like Bata are inimitable. Everything I would say about him is insufficient. I loved him like a brother, and he loved me

CHILL OUT

First Virtual News Presenter Introduced In Kuwait

Kuwait News introduced the first virtual presenter, Fedha, generated using artificial intelligence, who will read the online news as an announcer. Fedha appeared on the Kuwait News Twitter account as a woman with uncovered hair wearing a black jacket and a white T-shirt. “I am Fedha, Kuwait’s first artificial intelligence presenter working for Kuwait News. What kind of news do you prefer? Let’s hear your opinions,” she said in Arabic. The first 13-second video introducing Fedha caused a flood of reactions on social media. “Fedha is a popular, old Kuwaiti name that refers to silver. We always envision silver and metal-coloured robots, so we combined the two,” Kuwait News reported.

Pharrell Williams Will Be Louis Vuitton’s Next Men’s Creative Director

According to a statement issued by the French luxury fashion house, American musician, record producer, and designer Pharrell Williams will succeed Virgil Abloh as Louis Vuitton’s men’s creative director. The appointment is effective immediately, and his first collection will debut in June during Men’s Fashion Week in Paris. “I am glad to welcome Pharrell back home, after our collaborations in 2004 and 2008 for Louis Vuitton, as our new Men’s Creative Director,” said Pietro Beccari, Louis Vuitton’s chairman and CEO in a statement. “His creative vision beyond fashion will undoubtedly lead Louis Vuitton towards a new and very exciting chapter.” The news comes a little over a year after Abloh’s death in November 2021, age 41, following a private battle with cancer.

Barbie Launches Doll With Down’s Syndrome

First launched in 1959, Barbie has faced her fair share of criticism for an unrealistic body image and sexualisation. Now the brand is pushing to offer a more diverse range of dolls, allowing more children to play with toys that look like them. Part of its Fashionistas range, which includes dolls that use wheelchairs, prosthetic limbs, and hearing aids, this doll is the first to represent someone with a learning disability. British model Ellie Goldstein, 21, who helped launch the new doll, said she felt “happy” and “overwhelmed” to see a doll with Down’s syndrome, adding, “people need to see more people like me out there in the world and not be hidden away”. Working with the USA’s National Down Syndrome Society (NDSS) and medical professionals, the doll has been sculpted with a shorter frame and longer torso to more accurately represent a woman with Down’s syndrome.

Edinburgh Festival Fireworks Display To End After 40 Years

A festival spokesperson said they are now considering plans for a large-scale event to replace future displays. The Edinburgh Castle event, a tradition since 1982 and attracts hundreds of thousands of spectators, will not run this summer due to a lack of sponsors. The 45-minute show has not taken place for the past three years because of the COVID pandemic. As well as a ticketed spot within Princes Street Gardens, people could also watch for free from Princes Street or other viewing points across the capital. A festival spokesperson said they are now considering plans for a large-scale event to replace future displays.

Greece to allow pets into more than 120 archaeological sites

The country’s Culture Ministry announced that pets will soon be allowed into more than 120 archaeological sites across Greece, although not in the Acropolis or some of the other top tourist draws. The council approved the entry of pets provided they are kept on a leash no more than one meter (3 feet) long or carried by their owners in a pouch or a pet carrying case. Owners will also need to show their pet’s health certificate and carry the necessary accessories to pick up their animal’s droppings in order to be allowed entry, the ministry said. Larger dogs will have to be muzzled. But some of the most popular archaeological sites, such as the Acropolis of Athens, Knossos in Crete, Ancient Olympia or Delphi, which tend to get very crowded, will still remain pet-free, as will ancient theatres, temples, graves and monuments with mosaic floors. Cages will be installed at the entrances of more than 110 other archaeological sites, the ministry said, so owners can park their pets during their visit.

Supermassive Black Hole Observed Firing Out Jet In Mysterious Image

Scientists have observed a supermassive black hole expelling a mysterious jet in world-first images. The supermassive black hole is located at the centre of a galaxy known as Messier 87 (M87) and is around 55 million light-years from Earth. Its mass is 6.5 billion times that of the sun, and scientists, for the first time, have been able to compile data from multiple telescopes worldwide to see a sizeable bright jet emerging from it. The black hole was first captured in images four years ago, but now scientists have also been able to view the doughnut-shaped object with its jet. The European Southern Observatory explained that the new images with the jet visible were made possible by using radio light emitted at a longer wavelength. They were comprised of data gathered from fourteen telescopes in countries including Greenland and Chile. With the information, a powerful jet can be seen emerging from the shadow, which in images appears as the dark region encircled by the bright ring around it.

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The epitome of preppy, this pair is punctuated with Maison’s initials in an apt varsity-inspired font and rendered in classic blue denim with supple leather trims – a detail that offers the perfect balance of smart and casual.

Musing on the enduring relevance of ancient Egypt’s aesthetic, Rick Owens, in collaboration with Paradoxe, unravelled reconstructed denim left in shaggy shreds that take this overshirt from striking to avant-garde

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Lord Of The Dance

24 May – Tašmajdan – 20.30

The universally popular Irish music and dance spectacle Lord of the Dance will arrive in Belgrade, on Tašmajdan, on May 24 2023, organised by the production company Long Play. The grandiose stage show founded in 1995 by Irish-American dancer Mike Flatley has visited more than 1,000 venues worldwide. It has been seen by more than 60 million people in 60 countries on every continent, making it one of the most successful dance productions. In Belgrade, Lord of the Dance has always met with great reception several times in the last ten years, so there is no doubt that another memorable spectacle will follow at Tašmajdan.

Denis Matsuev

8 May – mts Hall – 20.00

On 8 May 2023, the world-famous pianist Denis Matsujev will hold a solo concert on the stage of the MTS Hall. The famous artist will present a unique program called “Encore”, which contains masterpieces of classical music from Mozart and Beethoven to Tchaikovsky and Rachmaninov. One of the most outstanding pianists of our time will perform the most remarkable musical works of different eras and again show his unique talent because in Matsui’s performance, even the most popular and frequently performed piano works gain fresh energy, and their meaning takes on new nuances.

Divanhana

12 May – mts Hall – 20.00

After performing at various locations from 2012 to 2018, Divanhana chose a place she had not been to for her new concert in Belgrade - MTS Hall. At the end of 2021, Divanhana delighted her fans with a new hit, “Cilim”, which introduced “Zavrzlam”. This fifth studio album of the group brings eleven pearls and a big novelty in Divanhana’s career: their original tracks, which attracted equal attention with their quality, as well as recognisable, colourful arrangements of traditional songs, i.e. compositions by other authors (Šaban Bajramović, Ljubiša Stojanović – Louis and others). The album “Zavrzlama” went very well with the wider audience. In the list of the best albums of 2022, as chosen by the “World Music Charts Europe” panel members, the album took the third position.

Gild

Raven Kennedy 1336 rsd

„It’s the arrogance of men to think so little of women. And it’ll be their downfall too“ Locked away in a castle on the snowy mountains in the Sixth Kingdom of Orea, I have never known freedom. No one can get in or out. Apart from him. King Midas, who rescued me from the streets. Who gave me food, shelter, and his heart. Who I promised to love forever. But when political upheaval sees me sent across kingdoms to a future I no longer understand, everything I thought I knew about King Midas is shattered. The world has only ever heard his story. Now it’s time to hear mine.

Sporting Fashion: Outdoor Girls 1800 to 1960

Serena Williams, Kevin L. Jones, Christina M. Johnson 6641 rsd

This book offers a stunning visual record of the evolution of women’s sporting attire in Western fashion over nearly two centuries. With selections from Keds, Pendleton, and Spalding and garments by Coco Chanel, Claire McCardell, and Jean Patou, among many others, it features familiar names in the development of sport, industry, and dress, as well as significant rediscoveries. Standing at the intersection of the history of fashion and feminism, Sporting Fashion highlights the extraordinary impact of new technologies and evolving social mores on women’s clothing for sport. It explores how the basic forms of women’s sportswear we know today-from swimsuits to sneakers- were developed and codified during a time when women were achieving more freedom.

Women Street Photographers

Gulnara Samoilova

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Traditionally a male-dominated field, street photography is increasingly becoming the domain of women. This fantastic collection of images reflects that shift, showcasing 100 contemporary women street photographers working around the world today, accompanied by personal statements about their work. Variously joyful, unsettling and unexpected, the photographs capture a wide range of extraordinary moments. The volume is curated by Gulnara Samoilova, founder of the Women Street Photographers project: a website, social media platform and annual exhibition. Photographer Melissa Breyer’s introductory essay explores how the genre has intersected with gender throughout history, looking at how cultural changes in gender roles have overlapped with technological developments in the camera to allow key historical figures to emerge.

More Fool Me

Stephen Fry 1457 rsd

Stephen Fry invites readers to take a glimpse at his life story in the unputdownable More Fool Me. In his early thirties, Stephen Fry - writer, comedian, star of stage and screen - had, as they say, ‘made it’. Much loved in A Bit of Fry and Laurie, Blackadder and Jeeves and Wooster, author of a critically acclaimed and bestselling first novel, The Liar, with a glamorous and glittering cast of friends, he had more work than was perhaps good for him. What could possibly go wrong?

Keith Haring: The Story of His Life

Paolo Parisi 2794 rsd

From his boyhood days spent drawing compulsively through his tragic death, the trajectory of Keith Haring’s life is a story of incredible achievement, luck, opportunity, and extraordinary commitment. This graphic novel looks at every stage of that life, exploring his early influences, the roots of his activism, and his close friendships with other artists contemporaries. It shows readers what it was like to be part of New York City’s vibrant downtown art scene in the 1980s-the nightclubs, art openings, the rise of hip-hopand how world events, such as the fall of the Berlin Wall, the escalation of the nuclear arms race; apartheid; and the dawn of the climate crisis played into his work.

Blonde 20th Anniversary Edition

Joyce Carol Oates

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The 20th-anniversary edition of the National Book Award finalist and national bestseller exploring the life and legend of Marilyn Monroe In one of her most ambitious works, Joyce Carol Oates boldly reimagines the inner, poetic, and spiritual life of Norma Jeane Baker--the child, the woman, the fated celebrity, and idolised blonde the world came to know as Marilyn Monroe. In a voice startlingly intimate and rich, Norma Jeane tells her own story of an emblematic American artist--intensely conflicted and driven--who had lost her way—a powerful portrait of Hollywood’s myth and an extraordinary woman’s heartbreaking reality.

FACES PLACES&

5/4/2023

“Warsaw-Mariupol” Exhibition Opened

The exhibition “Warsaw-Mariupol, cities of Ruins, cities of Struggle, cities of Hope” was opened by the Ambassador of Poland, H.E. Rafał Paweł Perl and the Ambassador of Ukraine, H.E. Volodymyr Tolkach. Among others, this event was attended by the Minister of Economy Rade Basta, the Director General of the Post of Serbia Zoran Đorđević, a group of Ukrainian parliamentarians who were visiting Serbia, numerous representatives of the diplomatic corps - ambassadors of Great Britain, Greece, Finland, Slovenia, chargé d’affaires of Georgia, deputy ambassadors of Germany, Canada, Great Britain, Turkey, Spain, head of the political department of the EU Delegation, as well as members of the local media and non-governmental organisations.

6/4/2023

The Serbian-French Innovation Forum Held

The second Serbian-French Innovation Forum, organised by the Embassy of France in Serbia and the Tempus Foundation, gathered more than 200 participants on 6 April at the Radisson Collection Hotel, Old Mill, including deans and vice-deans of faculties in Serbia, directors of research institutes and public organisations, entrepreneurs and researchers. Designed to bring together researchers and businesspeople to encourage the development of innovative solutions and products that can create employment opportunities for young talents from Serbia, the Forum in 2023 focused on new solutions offered in the renewable energy and biotechnology sector.

18/4/2023

Exhibition “Azerbaijan - The Land Of Fire”

The exhibition entitled “Odlar Yurdu, Azərbaycan - Azerbaijan - the Land of Fire”, organised as part of the Azerbaijan Culture Day in Belgrade, and dedicated to the Azerbaijani cultural heritage, was held in the Palace of Arts “Madeleine”. In his welcoming speech, the ambassador of Azerbaijan, H.E. Kamil Khasiyev, expressed his gratitude to the collaborators who helped organise the exhibition, emphasising that special thanks go to the participating artists and musicians for their talent and dedication.

20/4/2023

Embassy of Netherlands Opens An Exhibition

The World Press Photo Foundation and the Kingdom of the Netherlands present Resilience - stories of women inspiring change. The special exhibition showcases stories awarded in the World Press Photo Contests from 2000 to 2021, highlighting the resilience and challenges of women, girls and communities worldwide. The exhibition will be displayed at Malo stepenište (Savsko šetalište), Kalemegdan, from 21st April to 10th May. This joint exhibition conveys the commitment of the Netherlands to women’s rights and gender equality and justice. Multiple voices, documented by 17 photographers of 13 different nationalities, offer insights into issues.

FACES PLACES&

21/4/2023

JBAS Hanami Gathering

On 21 April, on the occasion of celebrating a traditional Japanese custom of cherry blossom viewing – Hanami, representatives of the JBAS-Japanese Business Alliance in Serbia organised an extraordinary gathering in Sakura Park in New Belgrade. “In addition to bringing together the businesses of Japan and Serbia, JBAS actively promotes Japanese culture in our country, of which national customs and gastronomy are integral. We are grateful to H.E. the Ambassador of Japan Takahiko Katsumata and the staff of the Embassy of Japan who supported this extraordinary and authentic experience again this year”, said Oliver Lepori, executive director of the Japanese Business Alliance in Serbia.

21/4/2023

IWC Gathering At The Mexican Residence

H.E. Carlos Felix, the Ambassador of Mexico to Serbia, generously hosted members of the International Womens Club – IWC Serbia, at the Ambassadorial residence. The event aimed to offer a glimpse of Mexican culture to the International Women’s Club members, the most relevant women’s organisation in Belgrade. The event showcased Mexican national dance, where delicious gastronomy dishes were presented and sampled.

23/4/2023

36th Belgrade Marathon Held

A record 10,500 runners from 64 countries participated in the 36th Belgrade Marathon. Moroccan Lahgar Chakib and Ethiopian Feyne Gudeto Gemeda are the winners of the 36th edition of the Belgrade Marathon, in which over 10,500 competitors participated. It was exciting in the men’s race. Lahgar Chakib from Morocco and Francis Chariot from Kenya led a great fight for victory. In the finish, the Moroccan had more strength and reached the triumph with a time of 2:14.28 and a prize of 5,000 euros. Chariot was seven seconds behind the winner, while another competitor from Kenya, Johnson Kipror Limo, finished third with a score of 2:17;13.

24/04/2023

Conference On Regional Economic Cooperation

The conference focused on the key impacts of existing regional economic cooperation platforms, particularly the implementation of agreements adopted as part of the Open Balkan Initiative, and the real needs of companies that can be met through continued economic integration across the region. The conference panel comprised Tanja Miščević, Minister for European Integration, Tomislav Momirović, Minister of Internal and Foreign Trade. H.E. Christopher Hill, US Ambassador to Serbia, and representatives of the Ministry of Agriculture, Forestry and Water Management, Ministry of Internal and Foreign Trade, Ministry of Health, Ministry of Finance, National Bank of Serbia, and other relevant institutions. “American companies planning to come to Serbia think not only about infrastructure and local conditions but also about the potential for growing their regional presence thanks to harmonised standards that apply across the region. This is why Open Balkan Initiative matters above all for the economy and business and as an opportunity to attract foreign investors,” said H.E. Christopher Hill, US Ambassador to Serbia.

FACES PLACES&

24/4/2023

Speed Business Meeting Gathered Members Of Six Bilateral Business Associations

Speed Business Meeting was held in which members of six bilateral business associations participated - the British-Serbian Chamber of Commerce, the Slovenian Business Club, the Swiss-Serbian Chamber of Commerce, the Croatian Business Club, the Hellenic Business Association of Serbia and the BelgianSerbian Business Association. The event was organised in the Belgrade Hyatt Regency Hotel, also a partner of this event. The event brought together over 70 representatives of member companies from various business sectors. During 10 eight-minute one-on-one meetings, the participants had the opportunity to quickly and efficiently present their companies to potential partners, exchange information and consider opportunities for closer cooperation.

24/4/2023

Norway - Western Balkans Energy Roadshow Event

H.E. Ambassador Jørn Gjelstad, the Ambassador of Norway to Serbia, was the host of the Norway - Western Balkans Energy Roadshow event, organised in partnership between the Norwegian Embassy in Belgrade, the Ministry of Mining and Energy, NORWEP and the Serbian Chamber of Commerce. Minister Dubravka Djedovic thanked the hosts and participants for their effort to move Serbia forward in the green energy transition jointly. Norway has been a valuable partner to Serbia in this process. H.E. Ambassador Jørn Gjelstad expressed optimism for the journey ahead and encouraged all Norwegian companies present at the event to consider opportunities for investment in the Energy sector in Serbia and the region. The plenary part was followed by a lively B2B dialogue and networking cocktail at the residence.

CONTENTS

11 JOVAN VELJKOVIĆ, LOGO DOO COMPANY PRESIDENT WE GIVE MODERN TECHNOLOGIES MEANING

06 SERBIA’S DIGITAL TRANSFORMATION: A STORY OF INNOVATION AND GROWTH COMMENT

12 GORAN MEDIĆ, EXECUTIVE GENERAL MANAGER, INOVA GEOINFORMATIKA ADVANCING TOGETHER WITH CLIENTS

13 MILAN PAUNOVIĆ MscEE, GENERAL MANAGER, MOBYCORE EMBODYING VALUES AS THE ESSENCE OF SUCCESS

16 ZORANA MILIDRAG, PRESIDENT OF THE E-COMMERCE ASSOCIATION OF SERBIA (ECS) PREPARE ON TIME TO SURVIVE THE NEXT BIG WAVE

19 MARKO ČUČUROVIĆ, LOGISTICS DIRECTOR, CITY EXPRESS DOO SYNONYMOUS WITH QUALITY AND SPEED

08 MIHAILO JOVANOVIĆ, MINISTER OF INFORMATION AND TELECOMMUNICATIONS WE’RE DEVELOPING INTELLIGENTLY AND PRUDENTLY

IMPRESSUM

EDITOR IN CHIEF

Neda Lukić n.lukic@aim.rs

ART DIRECTOR

Branislav Ninković b.ninkovic@aim.rs

PHOTOS Zoran Petrović

COPY EDITOR Mark Pullen mrpeditorial@mail.com

PROJECT MANAGERS

Biljana Dević

b.devic@aim.rs

Mihailo Čučković

m.cuckovic@aim.rs

Renata Šteković Zagorac

r.zagorac@aim.rs

Bojana Nikolić

b.nikolic@aim.rs

OFFICE MANAGER

Svetlana Petrović

s.petrovic@aim.rs

14 MARKO BOSANAC, PRESIDENT OF THE MONTOP GROUP CONNECTING SERBIA WITH THE REST OF THE WORLD

FINANCE

Dragana Skrobonja finance@aim.rs

EXECUTIVE DIRECTOR

Maja Vidaković m.vidakovic@aim.rs

DIRECTOR

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

PUBLISHER Ivan Novčić i.novcic@aim.rs

PRINTING Rotografika d.o.o. Segedinski put 72, Subotica

TELECOMMUNICATIONS & E-COMMERCE 2023

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.aim.rs; www.cordmagazine.com

ISSN: 2560-4465

All rights reserved alliance international media 2022

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

THIS PUBLICATION IS FREE OF CHARGE

22 VIKTOR VARGA, BUSINESS DEVELOPMENT MANAGER, UNICOM-TELECOM GOOD PROTECTION IS PRICELESS

25 TRADITIONAL BANKS VERSUS FINTECH PROVIDERS FEATURE

28 LET SCIENCE WORK FOR US NOVELTIES

32 WHAT IS 6G & WHEN TO EXPECT IT FEATURE

34 E-COMMERCE CONTINUES TO GROW IN THE EU FEATURE

24 PREDRAG RADOVANOVIĆ, DIRECTOR, PRINTEC INNOVATION - A GREAT DRIVER

26 JIN LI, PROFESSOR OF MANAGEMENT AND STRATEGY, AND PROFESSOR OF ECONOMICS AT THE UNIVERSITY OF HONG KONG ALIBABA AND THE FORCED RESTRUCTURING

Serbia's Digital Transformation: A Story Of Innovation And Growth

The digital transformation of Serbia is heading in the right direction, with positive developments in various sectors and great efforts exerted among both foreign and domestic players. However, there are still challenges needing to be addressed. With continued efforts and forward thinking, Serbia can further strengthen its digital economy and create a society that’s more inclusive, vibrant and prosperous

Afew years ago, the phrase “everything is heading in the right direction” was commonplace and expected in many areas of life. However, in today’s world of global and local turmoil, it’s refreshing to see that at least one important process - digital transformation - is still progressing well. This is particularly true for countries in which digital transformation and the development of Economy 4.0 represent crucial areas of their overall effort to create a more inclusive, vibrant and wealthier society. The fact that this is even true for countries starting from a modest position, like Serbia, is good news and something extraordinary.

This special edition provides us with the chance to learn a lot in this regard. Despite the global turmoil hindering the ICT sector, the Serbian government believes that this industry will continue to grow, with more people, businesses and exports set to break records in the coming years. This is indeed good news, but is also a result of joint efforts among foreign and domestic companies investing in Serbia.

The national innovation system in Serbia is expanding, becoming more complex and spreading more evenly across the country. This is tremendously important when we consider that the knowledge,

finance and knowhow were concentrated in Novi Sad and Belgrade for many years, leaving other regions lagging behind. While Serbia is still awaiting its first unicorn, it is expected that there will soon be 1,000 Serbian-born start-ups, which would be a significant achievement given that this number was estimated at be between 200 and 300 for several years. According

in the trade sector, where – according to our interlocutor Zorana Milidrag, President of the E-Commerce Association of Serbia, digitalisation and automation will soon become a question of survival.

The Ministry of Information and Telecommunications is leading two other processes that underpin this crucial transformation. The first relates to the

There is a need for more digitalisation and automation in traditional sectors of the economy, as well ethical considerations around the use of AI in public services and across the economy

to our interview with Information and Telecommunications Minister Mihailo Jovanović, we are indeed heading in the right direction when it comes to reaching more start-ups.

However, one area where progress remains fragile is in the process of digitalising and automating traditional sectors of the economy. While some large companies are moving swiftly in this direction, many SMEs are either failing to grasp this complex process or lack the strength to traverse it successfully. Workforce shortages are the main driving force for the introduction of digital solutions in almost all sectors, including logistics, administration and production. These processes will be particularly crucial

successful development of e-government services, which help both citizens and businesses receive better, faster and more accurate services. The second relates to the introduction of high-speed internet connections to Serbia’s rural areas, making these places more liveable, attractive for business and closer to all government services.

Of course, each of these processes is complex and requires a lot of forward thinking. One such issue is the ethical use of AI in public services and across sectors and industries. The government has taken considerable effort to address this concern, but more discussion of the consequences of this change is required.

We’re Developing Intelligently And Prudently

The digitalisation process has brought dramatic change to the structure of Serbian exports, but also to the daily conducting of jobs among citizens, businesses and the public administration. The Government of Serbia is continuing to encourage these trends, both in the development of telecommunications and the innovative eco-system, but also in the area of e-government

Digitalisation and education have, at the initiative of Prime Minister Ana Brnabić, been two key priorities of the Government of Serbia since 2017. This says plenty about the expectations of the state and the extent to which it recognises the digital age as an opportunity for us to position ourselves on the ICT market as a country of good opportunities, both for life and for doing business, says Serbian Information and Telecommunications Minister Mihailo Jovanović, speaking in this CorD interview.

Over the course of the past decade, We’ve made accelerated investments in infrastructure, reforms and the building of an environment for doing business, in the belief that investing in knowledge and creativity will lead us to the goals we’ve set for ourselves. That investment very quality started to yield returns, because the ICT sector became Serbia’s largest net export branch. In the last 10 years, The exports of our ICT sector, i.e., exports of our ideas, solutions and intelligence, have increased more than sevenfold over the last ten years. The export of ICT services reached a value of almost 2.7 billion euros in 2022, representing an increase of approximately 40% compared to

the previous year, while the surplus exceeded 1.5 billion euros. The ICT sector thereby became the sector of our economy that has by far the largest export surplus. Its exports were almost four times less in 2016, for example, amounting to a value of 760 million euros.

“The most recent results in 2023 also indicate a tendency for further growth, such that exports of the ICT sector in January and February were up 44% compared to the same two months of 2022. Such a result is an indicator that exports of our

ICT services are experiencing exponential growth, and we expect it to reach 10 billion euros by 2030,” says Minister Jovanović.

Despite foreign and domestic companies in Serbia having the same status when viewed from the legal aspect, what would be the primary source of such excellent export results? Is it primarily the result of the arrival of foreign investors or consolidation in the sector of Serbian-owned SMEs? This result is a consequence of both factors – the decision

of the world’s top ICT leaders (Microsoft, Oracle, IBM, Rivian, Luxoft, Cisco) to establish their own development centres in Serbia and other foreign investors who base their development on IT technologies. (Continental), but also on the emergence and growth of a large number of small and medium-sized enterprises operating in the ICT sector.

The start-up scene in Serbia is considered as having grown significantly, but we have still yet to receive our own “unicorn”, unlike neighbouring Romania,

ETHICS

New and advanced technologies often carry risks, but the Government of the Republic of Serbia leads a responsible policy that enables the further development of AI, with the respecting of all ethical principles

for example. Do you see a shift towards such a scenario?

The Republic of Serbia is slowly but surely approaching its goal of becoming a regional leader of innovation, science and technology. Over the course of the previous five years, we have constructed, commissioned and fully utilised the capacities of four science and technology parks in Belgrade, Niš, Novi Sad and Čačak, and just a few days ago we also launched operations at the new building of the BioSense Institute in Novi Sad – in the form of the European Centre of Excellence for advanced technologies in the digitalisation of agriculture. The plan is to expand the science and technology parks in Belgrade, Niš and Čačak and to build another new one in Kruševac and an Innovation District in Kragujevac. Alongside this, another 18 innovation centres are being supported by the Government of the Republic of Serbia and five more are currently under construction in Arilje, Novi Pazar, Kanjiža, Bajina Bašta and Loznica. As of recently, our county’s start-up ecosystem also became visible on global data platform DealRoom. Our young people have endlessly creative and profitable ideas. In the future we should work on better protecting intellectual property. There are also companies that are on the right track to becoming unicorns in Serbia, but that all requires time and continuous support, which the Government of the Republic of Serbia is providing. I think it’s much more important that a growing number of suc-

PROTECTION

Our young people have endlessly creative and profitable ideas. What we should work on in the future is better protecting intellectual property

cessful start-ups exist that are making appearances on the international market and are fighting against fierce competition to carve out a place for themselves. Our next goal is 1,000 startups, which should be relatively easy to achieve at the current tempo.

The Serbian state recently launched an important investment project in a high-speed internet network covering underdeveloped and less populat-

SUCCESS

The exports of our ICT sector have increased more than sevenfold over the last ten years… We expect them to reach a value of 10 billion euros by 2030

the Republic of Serbia, while it is expected that the full implementation of this project will result in 99% of villages in Serbia having internet connection speeds exceeding 100Mbps by year’s end 2025. Bringing the internet to rural settlements is important due to the availability of e-government services, the launching of businesses and the possibility for digital nomads to work in any part of Serbia. We will thereby make living conditions in urban

institutions as a great success of the Serbian Government. It is today impossible to imagine the life of citizens without services such as ‘Baby, welcome to the world’, e-NurserySchool, e-Enrolment of children in primary and secondary schools, e-Prescription, e-Scheduling for ID cards and passports, automatic verification of health cards or communication with local government via the Portal of the local tax administrations. We

ed parts of Serbia. How much can this help in the development of these parts of Serbia and in promoting the possible immigration of digital nomads who opted for areas that are preserved ecologically?

It was last December that we launched implementation of the Project to construct broadband communication infrastructure in rural areas of the Republic of Serbia, with the aim of bringing new generation network coverage to all households in Serbia. The first stage of the programme encompasses the installing of approximately 4,700 km of fibre-optic cables and will cover approximately 700 rural settlements, close to 120,000 households and approximately 730 schools. High-speed internet connections installed to date cover 75% of the territory of

and rural areas of our country equal and provide all citizens with equal opportunities to work, access education and succeed!

According to the latest United Nations report, Serbia ranks among the world’s top 10 countries when it comes to progress achieved in the field of electronic administration over the last two years, while the World Bank’s latest global report monitoring progress in the field of digital transformation ranks us 4th in Europe. What are the further strategic steps that the government should take in order to preserve and improve upon this position?

E-governance has been introduced in the right way in the Republic of Serbia and that has been recognised by citizens, businesses and international

already have 1.9 million citizens who’ve registered their personal accounts on the e-government portal ‘eGrađana’ [e-Citizen], while as many as 600,000 of them use the mobile application ConsentID, with which they are able to log in to state portals in the most secure way and use an electronic Cloud signature. We are focused on connecting e-Government with businesses, so I expect e-citizens to be able to start accessing the services of banks and telecommunications operators very soon. Likewise, it is important that eGovernment infrastructure services be placed in the function of the services of the Open Balkan initiative, such as unrestricted access to the labour market.

Artificial intelligence has started being introduced in

We are focused on connecting e-Government with businesses, so I expect e-citizens to be able to start accessing the services of banks and telecommunications operators very soon. Likewise, it is important that eGovernment infrastructure services be placed in the function of the services of the Open Balkan initiative, such as unrestricted access to the labour market

the work of public services in Serbia and has met with divided opinions. How involved is your ministry in that process, which is attracting the care and attention of governments worldwide.

Considering that the Ministry of Information and Telecommunications deals, among other things, with the development and application of information and communications technology, but also with information security and data protection, the implementation of AI in the public administration is something that we are involved in and that I believe will contribute to improving the work of the public administration, to the benefit of all citizens.

We have good practice examples from the world’s most developed countries of ways in which the implementation of AI in the public sector resolves pressing issues in various sectors, such as healthcare and energy.

In our country, we have the example of the Electric Power Industry of Serbia (EPS), which utilised machine learning to successfully predict electricity production and procurement needs with the minimal possibility of error, which results in huge savings in its operations.

Along with the use of AIbased solutions comes the question of the impact of its use on the rights of citizens, which is the main reason opinions are divided on this topic.

One of the steps the Government has taken in that direction is the adoption of ethical guidelines on the use of reliable and responsible artificial intelligence. My ministry participated in the drafting of this document, the purpose of which is to provide a framework and direct the work of all elements of the AI ecosystem in Serbia for the benefit of people, with strong

We expect 99% of villages in Serbia having internet connection speeds exceeding 100Mbps by year’s end 2025. Bringing the internet to rural settlements is important due to the availability of e-government services, the launching of businesses and the possibility for digital nomads to work in any part of Serbia

reference to the importance of protecting freedoms and rights, like the right to privacy and the right to protect personal data.

New and advanced technologies often carry risks, but the Government of the Republic of Serbia leads a responsible policy that enables the further development of AI, which is – according to the predictions of all the world’s most relevant expert and scientific groups – the technology of the fourth industrial revolution that will contribute the most to economic growth, with the respecting of all ethical principles.

The Government of Serbia adopted the Draft Law on Elec-

law, our country will introduce electronic invoices that will, by definition, be sent by the telecommunications operator, while citizens who want to receive invoices in paper form will be able to request them from their operators. With the introduction of electronic invoices, we save time and speed up the work of the operator, but we also save on paper and trees that are felled for invoices each year. This law also stipulates the obligation for prepaid mobile phone users to register, which will contribute to improving security for citizens. Citizens will have the possibility to complete this registration online in an extremely simple way and avoid queuing. Operators have 12 months to introduce the registration of prepaid users.

We heard at last year’s Telfor telecommunications forum in Belgrade that an independent commercial 5G network in Serbia is not expected to be up and running before 2025. What is the reason we are lagging so far behind the countries of the region and the EU?

tronic Communications. What are its most important innovations when it comes to citizens and companies?

The Draft Law on Electronic Communications introduces significant innovations to the Republic of Serbia’s telecommunications market. Some of the novelties brought by this law include the mandatory introduction of invoices for services provided in electronic form and the enabling of conditions under which operators can more fairly and efficiently share existing infrastructure – all with the aim of providing end users with even better and more diverse services. With the application of this

If we take into consideration the fact that over 99% of our households are covered by the mobile signal of at least one operator, and that over 95% are covered by the signals of two or even three operators, we can’t speak of us lagging behind the neighbourhood when it comes to the availability of mobile services to citizens and businesses. On the contrary, Serbia currently has better mobile signal coverage than some EU member states.

We are expecting the Law on Electronic Communications to be adopted, after which 12 months will be required to organise the 5G auction, with respect to all the new instruments that this new Law introduces.

We Give Modern Technologies Meaning

Since its very first day, LOGO has endeavoured to provide its clients with a complete range of solutions, services and products reqired by a business user. LOGO’s integrated solutions save both time and money

At this time when technologies are changing on an almost daily basis, the market is bringing new challenges that can only be handled successfully by the best. It hasn’t always been easy for LOGO either, but the company’s team didn’t give up because they are building the future in line with their vision. And speaking in this CorD Magazine interview, company president Jovan Veljković reveals just what kind of future they want.

How long did you need to become one of the region’s ICT industry leaders?

LOGO is a company that has been dedicated to its vision for a full three decades, while building a connected, smart and secure future. The modest beginnings of our founders, on foundations of core values like initiative, innovation, tenacity, excellence and integrity, have enabled us to reach the position we occupy today. With stable growth in the number of employees and the engaging of top experts, we achieved significant increases in annual revenues, which – in return – has enabled us to research and invest in new technologies.

Your innovative solutions are used in telecommunications, energy, the judicial system, education, healthcare... but that’s also offered by others, so what

Two successfully completed pilot projects on the European market represent the first time LOGO has stepped beyond the borders of the former Yugoslavia

distinguishes your company among the competition?

With a sense of pride in our knowledge, quality and expe -

rience, we design, implement and connect the communication, security and energy potential of our clients and society as a whole. With our solutions, we strive to give meaning to modern technologies. In contrast to the majority of our competitors, we have possibilites to provide our users with an in-house E2E service and solution.

On the basis of data from one of the projects, we can clearly illustrate the benefits of system integration that’s obtained through the broad scope of our portfolio. With the integrating of the technical protection system, audio system and wireless voice and data transmission system, we made it possible for our client to make a 25% reduction in the number of employees required for supervision tasks. The integration of these systems represents an important step towards a more efficient and modern way of managing facilities.

LOGO is known for its large, national projects. Have any of them stood out in terms of volume or importance? Are there any announcements of similar large jobs that are of general importance?

We are extremely grateful for all the opportunities we’ve so far had in our business. One project that’s close to our hearts is the opening of the Experience Centre at our new premises. Further to this, I would add that our colleagues have invested more than 35,000 working hours in order to realise our vision. According to a remark made by one of our longstanding foreign partners covering the EMEA region, LOGO has set up a cutting edge Experience Centre in the area of weak current. We work constantly to generate new business opportunities. From the past year, we would single out in particular two pilot projects on the European market that we completed successfully, because they represent the first time LOGO has stepped beyond the borders of the markets of the former Yugoslavia. On othe basis of one of the successful projects, we decided to make a big move: opening a company in Germany. We are ready for new challenges and have set ourselves the goal of turnover from new foreign projects exceeding ten of our revenue streams already during this year.

Advancing Together With Clients

INOVA Geoinformatika’s software solutions are used by more than 400 domestic and foreign companies, local governments and state administrations, while the company is most recognisable for its software package for planning, designing, maintaining and managing telecommunications networks and systems

Clients believe in us because our partners are the strongest global companies in the domain of technical software and databases, and because our technical support is at their disposal 24/7 - reveals INOVA Geoinformatika Executive GM Goran Medić, as well as explaining the importance of adapting solutions to the needs of users.

It was two decades ago that your company brought something totally new to the market in the form of CAD2GIS, while five years ago you also introduced BIM technology. Where is INOVA today?

- When it comes to the TeleCAD-GIS software solution that’s meant for users in the field of telecommunications networks and systems, INOVA is today recognised not only on the regional market, but rather also on the world market. By keeping pace with the accelerated tempo of the development of technology and the growing need for effective solutions in the field of telecommunications infrastructure, we work continuously to improve our software solutions, and in particular on adapting them to the demands of foreign markets.

How would you explain the fact that not a single significant user has discontinued cooperation with you in two decades?

- Our users hail from various fields and include different types of organisations, from state institutions that manage infrastructure systems and spatial planning as a whole, to construction contractors at the local level. As such, we strive to adapt our solutions to all requirements and to improve their quality constantly,

in order for us to retain existing clients and gain new ones. Throughout the entire existence of our company, not a single user has discontinued cooperation with us; on the contrary, they are increasing in number constantly. This motivates us to work continuously to advance the

solutions that we’ve have been offering to the market for 20 years already.

You are most recognised on the international market for your software package for planning, designing, maintaining and managing telecommunications networks and systems. What is the most sought after in our country?

- When it comes to client demands, the situation is similar on the territories of the Republic of Serbia and Republika Srpska. Our biggest clients on the local and regional markets are also companies that deal with telecommunications infrastructure, regardless of whether that relates to planning, designing, maintaining or managing telecommunications systems. Moreover, we have also developed solutions for the areas of transport and electric power infrastructure, because the need for that emerged in the meantime, so we also cooperate with major companies in these fields, and we view these needs as challenges to which we can respond adequately, according to all capacities.

The trust that clients have placed in us for two decades is the greatest source of motivation for our team to work continuously to improve all existing software solutions and adapt them to the requirements of existing clients and the needs of new markets that are opening up to us. Our technical support is available constantly to all users, who work together with us – through their participation and feedback – to improve our solutions. It is on these foundations that we base our development and future plans, striding towards new successes together.

Throughout the entire existence of our company, not a single user has discontinued cooperation with us; on the contrary, they are increasing in number constantly

Embodying Values As The Essence Of Success

Thanks to its uncompromising professional and business integrity, Mobycore has succeeded in positioning itself as one of the leaders of the domestic telecommunications market. Quality and efficacy are values that this company strives to represent in all aspects of its operations

We’ve so far focused on the field of telecommunications, power supply feeds and security, while we are now directing ourselves towards improving and advancing products and services, so we are developing new partnerships in that direction, the standout among which is with Chinese company H3C - announces Mobycore GM Milan Paunović in this CorD interview.

What are the core values and key advantage of your company that distinguish you among related and similar companies?

- Integrity represents an essential value of our company. Uncompromising professional and business integrity is a value that we insist on in our relations with partners, but also internally within the company, both between management and employees, and among employees themselves. Furthermore, quality and efficacy are values that we strive to represent in all aspects of our operations, which is why the market recognises us as a reliable partner. I would emphasise that the values of our company aren’t a goal in and of themselves, but rather we embody those values and that is the essence of our success.

Mobycore offers various services in accordance with the requirements of customers, including turnkey solutions. What interests your customers the most?

- Our customers are interested, first and foremost, in professional services in the installation and setting up of telecommunications equipment, project design, intervention services in servicing networks and systems, as well as in the delivery of the high-quality equipment of world-renowned manufactur-

is the essence of our success

ers that we have been representatives of for many years: NEC, Ruckus, HP, IPS, A10, HITACHI, H3C. Thanks to our cooperation with various equipment manufacturers and distributors, as well as the providing of services that can be adapted to meet the specific needs of every customer, we are always ready to respond swiftly to the requests of every customer, efficiently and with minimal costs.

You have so far focused on the field of telecommunications, power supply feeds and security. Do you plan to expand your

operations, enrich your range of products and services, forge new partnerships etc.?

- The current focus of our company is directed towards improving and advancing products and services that are already included within the scope of our product range, and we are also developing new partnerships in that direction. Our latest partner is Chinese company H3C, which offers a complete portfolio of digital infrastructure products for telecommunications operators, the government and public sector, the financial sector, healthcare, education, transport and manufacturing, as well as in energy and construction. The equipment of H3C is characterised by its high quality and fast delivery times.

What is a Telco Vehicle? For whom is it intended, what purpose does it serve and how much is it in demand?

- We designed the Telco vehicle independently and produced it in Serbia. It finds its application in wireless telecommunications networks as a quick solution for establishing a signal in mobile telephony for large events, expanding network coverage and increasing capacity, but also in the case of force majeure happenings, when it is necessary to quickly re-establish a signal. The Telco vehicle contains pre-installed telecommunications equipment for signal coverage and transmission, and it is thus also possible to assemble and disassemble it in one location during the course of the same day. This product has found its application in all mobile networks in Serbia, as well as in some networks in Bosnia-Herzegovina and Montenegro. Strengthening our market position in the region is also our current priority.

MILAN PAUNOVIĆ MSCEE, GENERAL MANAGER, MOBYCORE

The values of our company aren’t a goal in and of themselves, but rather we embody those values and that

Connecting Serbia With the Rest of the World

Montop Pro is the instigator of the project to develop the latest, cutting-edge optical telecommunications networks in Serbia, while it also participates actively in works aimed at bringing broadband internet to the country’s rural areas and its company goal is to participate in other infrastructure projects to an even greater extent

It was in April this year that we launched works and we are currently engaged in the second part of the project to construct 900 km of fibre-optic networks in 165 locations – on the geographical map of Serbia - says Montop Group presidents and Montop Pro founder and CEO Marko Bosanac, revealing how the expansion of internet connections is impacting on the country’s development.

Is Serbia lagging behind economically developed countries in terms of internet coverage?

- If we take into account the fact that only Scandinavian countries had average internet coverage exceeding 90 per cent in 2021, while Germany, France and Italy only had up to 30 per cent coverage, Serbia – with 41 per cent of its territory covered by the internet – was in the intermediate class. Our country now has 75 per cent of its territory covered by high-speed internet access, which shows that, in just two years, we’ve drastically improved the situation compared to 2021 and are currently among the leading countries in Europe.

The state administration’s determination to also position Serbia in the group of leading countries when it comes to the application of e-solutions has also been confirmed through the

We take care of planning for personnel, their professionalisation and education, as well as advancing the organisation of work and the long term sustaining of motivation

report of the World Bank, in which Serbia is currently ranked 4th in Europe. Furthermore, the United Nations has evaluated Serbia as being among the world’s top 10 countries when it comes to the development of e-government, which confirms that we are undoubtedly on the right track.

Fibre-optic infrastructure currently reaches more than half of Serbian households. Can we expect broadband internet to be introduced to rural areas in the period ahead and why would that be important?

- Absolutely – yes. The Ministry of Information and Telecommunications of the Republic of Serbia has devised a plan to

introduce high-speed internet to more than 700 villages by year’s end 2025, installing 4,700 kilometres of fibre optic cables for this purpose and connecting more than 120,000 households and over 700 schools. Thanks to this endeavour, 99 per cent of our country’s rural communities will gain internet access.

When it comes to the advantages, there are many. Introducing internet connections to rural communities enables access to e-government services, the implementing and organising of education based on the model of urban schools, and additional support for local manufacturers and farmers in the sense of enabling the use of e-commerce channels.

What do you consider as having been the most important factors in your company’s success to date, but also when it comes to the realisation of future plans?

- Our company is an active participant in the project to bring broadband internet to Serbia’s rural areas, with that project divided into three parts. We intend to remain engaged in this area in the future, but we are also nurturing ambitions to participate to an even greater extent in other infrastructure projects that are important for the development of our country, and beyond.

As the climate for doing business changes, so technologies, material resources and capital become available to us. We thus reach the basic principles of a knowledge-based economy, which clearly shows us that people who possess knowledge are a key factor of future success. We will certainly take care of planning for personnel, their professionalisation and education, and advancing the organisation of work. Last, but by no means least, comes motivation and the sustaining of that motivation over the long term. That is the only way, by taking care of employees and each other, that we can plan long-term development and raise the level of our personal and company targets and accomplishments.

ZORANA MILIDRAG, PRESIDENT OF THE E-COMMERCE ASSOCIATION OF SERBIA (ECS)

Prepare On Time To Survive The Next Big Wave

In order for you to achieve seamless e-commerce operations, it is necessary for it to be backed by a very complex and ordered system. That's why we, as the E-Commerce Association of Serbia, work primarily to educate consumers on what expectations and requirements they should have of retailers, while we simultaneously educate retailers on improving the process

We can today speak about e-commerce as a traditional sales channel, because the circumstances of the pandemic resulted in both the number of retailers and consumers reaching, over the last three years, the kind of scale that would be expected to take ten years to achieve under normal circumstances, says E-commerce Association of Serbia President Zorana Milidrag speaking in this CorD interview.

One new trend is the symbiosis of sales channels, which is why we increasingly hear the term omnichannel, in reference to the providing of a seamless online shopping and customer service experience regardless of the sales channel. Likewise, the previous trend of huge growth in e-commerce is now being replaced everywhere around the world by an e-commerce stabilisation trend and the identifying of the right ratio for each retailer in terms of the percentage of sales they want to realise through digital channels and through physical channels, explains our interlocutor.

The European standard for the participation of e-commerce among represented retailers in key markets stands at between 20% and 30%, while ever more retailers are opting to pursue digital expansion and enter new markets with just one or two sales outlets while placing their focus on digital, such that this percentage then reaches up to 90%. “When it comes to discussing Serbia’s e-commerce market, the E-Commerce Association of Serbia is currently in the final stage of mapping and creating its latest report, while official National Bank of Serbia data show that 41.9 million payment card

transactions were created online for the purchase of products and services in 2022,” says Milidrag.

This amount represents growth of 35%, or in excess of 10 million more transactions

than in 2021. The total value of completed online payment card transactions leapt 51.24% compared to 2021, which brings us to a figure of 1.2 billion euros. It is estimated that payments by card account for approximately eight per cent of the total market, according to which we reach an unofficial market value estimated at around 15 billion euros for 2022, with the footnote that this is currently only an estimate, notes our interlocutor.

Who represent the strongest and weakest links in our digital business system and why?

- People are actually both the strongest and weakest links in digital business. I believe that this sounds contradictory initially, but digital business is actually a process that is both established by people and used by people. As such, I can state unreservedly that the strongest link is the increasing understanding of the benefits of e-commerce among consumers and the fact that they can make maximum use of e-commerce for all repeat purchases or exploring the market, even if they end up making the purchase in a physical store. A question that clearly imposes itself is why someone would today spend hours seeking something in physical shops when they can do it online in just a few minutes.

On the flip side, the weakest link is also represented by people – people who still think they can do business in the same way that they achieved success 20 years ago or, even more problematic, who think they can actually equate the development of their e-commerce channel with “the neighbour’s son will create an online shop type of operation for me”. Although I advocate that digital business isn’t nuclear physics, I must say that trivialising

AUTOMATION

Automation is important not only due to sales processes, but rather also due to logistics processes. Labour force problems will only be overcome by those that automate their logistics, data and sales

digital business brings companies more harm than good. When we mature as a market and start approaching digital transformation as the most important project for the future of companies, we will then have real change and understanding for the value of this new way of doing business.

To what extent are major platforms like Ananas, Shoppster and others really on the road to becoming our veritable homegrown Amazons?

- Personally, I have great respect for people who deal with marketplaces, as a form of e-commerce business. E-commerce is extremely complex in and of itself, and when we add more unknowns to that nonlinear equation, it becomes clear that only brilliant minds have a solution. Major global companies that engage in this type of business required more than ten years to achieve profitability, while in our country these companies are additionally struggling with the educating of small retailers who sell via their channels, the harmonising of various laws due to the complexity of the system, technology and the small market that doesn’t enable the scaling up of business.

As an e-commerce association, we strive to assist them through the educating of small retailers and the ‘Karavan’ project in which we tour Serbia nationwide, together with the Chamber of Commerce & Industry of Serbia, Ananas and MtS, while we will also be joined in the future by more relevant companies. The E-Commerce Association is currently dealing with the formation of taskforces that will have several key tasks, one of which will be the amending of the law to enable even simpler operations for these kinds of new business models.

In which sectors is e-commerce most strongly represented today, and where do you see great room existing for the further development of the market?

DEVELOPMENT

Plenty of room still exists for the further development of courier services in our region, but the progress achieved in just a few years has been huge

MATURITY

When we mature as a market and start approaching digital transformation as the most important project for the future, we will have real change and understanding for the value of this new way of doing business

If we, as a region, want a competitive market, we will have to create long-term regional cooperation in a form like that of CEFTA and open up to crossborder e-commerce. The countries of the region, as individual markets, are too small for serious development and real e-commerce capacities

- E-commerce is currently most strongly represented in the sectors of fashion and technology, but I advocate the thesis that there’s nothing that can’t be sold via the internet – there are only poor presentations that cause mistrust and thus reduce one’s power to sell something. If individuals who have purchasing power today spend an average of five hours per day on their mobile phones, and the same number of hours spent browsing physical shops each month, or five hours a week watching TV adverts, the maths is clear: it is much easier to reach one’s customers via digital channels than

any other way represented to date. It’s up to you to fight for some of that attention and to convert consumers.

I expect the next big wave of e-commerce development to come in response to the inevitable need to overcome the ever-growing problem of shortages of adequate workers. We are increasingly able to see physical operations becoming completely digitalised in their processes, so they require the minimum commitment from their human resources. This way of organising is the future, but such a form of operating a business requires time to harmonise all processes, data and technology. The ones that will survive are those that prepare on time and are ready for the next big wave. I spoke prior to the pandemic about the fact that companies need to prepare themselves for digitalisation because this is a process that cannot happen overnight, and that’s how it turned out: many companies didn’t succeed in adapting to the new situation and sustained great losses due to their lack of adaptability. Automation is important not only due to sales processes, but rather also due to logistics processes. Labour force problems will only be overcome by those that automate their logistics, data and sales in a timely manner.

You believe that it is partly also due to the efforts of the E-Commerce Association that we today have a better market and better laws and infrastructure, advanced retailers and more educated consumers. How impor-

From the perspective of the ECS, what are the most important future changes to this market that you’d like to see? Are they in the domain of legislation or in the educating of retailers or consumers?

for all is essential to understanding how that background mechanism functions. A clock is just a “mirror” of a timepiece.

If we, as a region, want a competitive market, we will have to create long-term regional cooperation in a form like that of CEFTA and open up to cross-border e-commerce. Each of the countries of the region, as individual markets, are too small for serious development and real e-commerce capacities.

In parallel with the development of e-commerce, we have also seen the development of numerous courier services, both state-owned (like Post Express) and private. Alongside them, there are also global digital platforms for the delivery of food and goods. To what extent are these businesses related and how much do they contribute to the further development of e-commerce?

tant to this was cooperation with the state and how much was it down to cooperation between the actual stakeholders and their lobbying power?

- I believe that it can only be great for the individual over the long term provided that the overall situation is good. It is precisely on these foundations that the E-Commerce Association of Serbia emerged, as a body that can contribute to furthering cooperation between the private and public sectors, with the aim of advancing our market for all of us. The E-Commerce Association cooperates with businesses – both with its members and those who aren’t yet members but want to contribute to the development of the digital economy.

On the other hand, it is equally important to us that we have cooperation with all relevant ministries, and it has been demonstrated to date that this type of cooperation is essential for both parties, and we’ve always received great support and understanding. Other associations and non-governmental organisations, and the outstanding support of the media – without which we would not be able to educate the population – are also important to us.

People often think that they can’t change anything, but you’d be surprised by the power to change possessed by an individual and an organisation that actually tries to change something.

I believe that it can only be great for the individual over the long term if the overall situation is good. It is precisely on these foundations that the E-Commerce Association of Serbia emerged, as a body that can contribute to cooperation between the private and public sectors, with the aim of advancing our market for all of us

- The most important changes that we are working on as the E-Commerce Association of Serbia, together with our collaborators from the governmental and non-governmental sectors, relate primarily to the educating of consumers regarding the expectations and demands they should have when it comes to retailers, while at the same time we are educating retailers about the improving of the process. In order for you to achieve seamless e-commerce operations, it is necessary for it to be backed by a very complex and ordered system. A web shop represents a mirror of a company’s business. When some segment of a company’s business isn’t functioning, that will firstly be noticed through their web shop. That’s why education

- E-commerce, or retail sales conducted via the internet, forms only one part of the digital ecosystem. Dealing with e-commerce to the extent that you consider it sufficient merely to establish a web shop is like arranging the window display of a physical shop without sorting out the range of products or hiring sales staff, and then also putting a curtain in front of that window display. Only those who pay equal attention to addressing all parts of the digital ecosystem will prove successful in e-commerce. Delivery is one of the five key elements of the digital ecosystem. It is actually believed that those with better services in terms of delivery and payment methods will have an advantage in the future. Courier services develop in accordance with the needs of their clients, which is why we today have parcel machines and payments by card among some courier services. I must say that plenty of room still exists for the further development of courier services in our region, but the progress achieved in just a few years has been huge. Deliveries aren’t dependent only on courier services, but rather also depend on the packaging process of the vendor, the level of integration with the retailer and, of course, business volume. The customer will certainly be ever more demanding when it comes to digital, so retailers and courier services will have to work together to advance and satisfy those needs.

Synonymous With Quality And Speed

Twenty years of experience, commitment, education, organisation and innovation with just one goal - for every package entrusted to them to reach its destination. The key to City Express's success is the expertise and motivation of its staff, with a special emphasis on teamwork and a fighting spirit

Marko Čučurović talks to us about the Out of Home option, an ideal solution for a group of recipients that cannot be properly served by home delivery, but also about other trends in courier delivery, and explains what his company does to satisfy both clients and package recipients.

You were the first private courier company, the first to introduce software solutions for preparing shipments and generating reports... Always the first, always the best?

- Since 2007 we have been part of Austrian Post group, and since 2016 we have a new visual identity. We have a new logo that symbolises the strength of the parent company, shown by a postal horn and the speed of the highway. The regional recognition of our new visual identity was the basis for strengthening our position on the local market, and for harmonising the quality of services with the highest standards of the group.

Austrian Post has raised quality and introduced new services through a large investment in modernising all the company’s departments. With modern logistics software, electronic tracking of shipments, automation of package processing and constant investment in our staff, the level of service has been massively raised. That is why we can freely say that City Express is synonymous with quality and speed, the leader of the package delivery market in Serbia.

The API allows customers to quickly and easily integrate with our courier service, saving them both time and money

You are able to easily connect with clients and integrate software through API integration. Who is this service for?

- API integration allows customers to quickly and easily integrate with our courier service through software tools, allowing them to save time and money. In addition, API integration allows customers to avoid manual data entry, which reduces the risk of errors and speeds up

order processing. It also allows clients to better track their shipments, giving them greater control over their business. In short, API integration can help customers improve their delivery processes and increase their customer satisfaction, which can lead to higher revenues and better business overall.

You continuously provide new benefits to clients, which is one of the reasons for their loyalty. Can you announce any new services?

- Our main focus is on establishing diversity in our Out of Home services, with emphasis on a strong network in large cities and strong residential areas with the support of our partners – petrol station chains, retail stores and outlets with a variety of content, opening our own Parcel Shop facilities and a network of parcel machines. This is how we became number one in network density.

Although they complement each other, Out of Home networks should be seen as a new market niche, as a new network to be served, constantly attracting new users. The main advantage of the Out of Home concept is the availability of the package to the recipient even after the end of the courier service’s working hours, with the possibility of being picked up at the desired time and location. This solution is not only what the recipient needs, but there is also a solid demand for it among senders, and the plan is to soon introduce payment of the fee and transport services by payment card.

Good Protection Is Priceless

The crown jewels of any organisation are the data and resources that reside on information systems in digital form. So a modern business cannot run successfully without digital security. That is why Unicom is here, the first registered commercial centre for the prevention of security risks in ICT systems in Serbia

We easily accept all the positive sides, but unfortunately we are not sufficiently aware of the risks that these changes bring. From small entrepreneurial firms to multinational companies, almost all aspects of business rely on technology – we no longer issue paper invoices, we sign with digital signatures and we swing a digital stamp. As these processes are improved, as the level of digitalisation increases, so does the “attack surface” and the risk of abuse grows. This can have a very negative impact

Unicom has a wide range of training on its cyber exercise platform aimed at both beginners and experienced seniors in the field of IT and information security, but this is only part of what this company offers. There is a whole set of services that target the most prevalent security risks.

The development of digitalisation has brought us many benefits, but also new risks that demand a higher level of digital security. Is this one of the imperatives of modern business?

- Digitalisation has improved all areas of society so much that most of the time we are not even aware of the speed of change.

on a business, from financial losses and reputational damage to the inability to continue business.

Unicom is the first registered commercial centre for the prevention of security risks in ICT systems in Serbia. What services does your UniCERT team provide?

- Information security is a complex field, and effective protection requires the application of various technologies, suitable practices and something that is often overlooked – the availability of professional staff. Technology is very accessible today, but this is precisely the most common trap. Companies acquire a certain technology, some software, some solution that should provide protection. In practice it has been shown that this is not enough, that these solutions are often not installed and used in an appropriate way, most often due to insufficient personnel capacity.

As information security is a dynamic area, the regulations need continuous improvement

That’s why we started from the basic premise that companies need protection, not just a piece of technology. We have created a set of services (the emphasis is on the complete service), which target the most common security risks. Of course, our services include the appropriate technology for protection, but also the appropriate processes and procedures, relying on our expert team and Security Operations Centre (SOC) that is available 24/7. The SOC team provides the service of operational monitoring and reacts if it has to take appropriate measures that are beyond the reach of the technology. Moreover, our services were created with an emphasis on easy and rapid implementation, with a transparent and intuitive user interface that was internally developed according to the perceived needs.

The most important services are endpoint protection, through which computers and servers are protected. This is the most dominant entry point for attackers. Then comes e-mail protection, which protects against all attacks through the e-mail channel – from malicious programs (malware/ viruses) to e-mail scams of which there are plenty. The web application protection service enables complete protection of web portals, which combines several different technologies and protects against almost all risks web portals are exposed to.

In addition to these ‘packaged’ services, we also perform various forms of security audit, penetration testing, i.e. ethical hacking and software security testing.

Unicom, and you personally, have taken part in organising numerous cyber exercises. For whom are they intended?

- According to the ISC2 Cybersecurity Workforce Study, the average cybersecurity professional has an average of 13 years of experience in IT and seven years in cybersecurity itself. Also according to the same research, the current assessment indicates that the world lacks about 3.4 million experts in this field, and for the European continent, this shortfall is estimated at about 317,000.

Classic education and training, although necessary, can hardly replace years of working experience. Cyber exercises and training conducted on platforms for cyber exercises

put participants in realistic situations –realistic attacks in a realistic environment that they overcome on their own with the possible support of instructors. In this way, accelerated experience is gained, which is immediately applicable in practice. Participants and trainees are prepared to protect their systems and to react in the right way if incidents occur in their environments.

Unicom also participates in the formal development of strategy and regulations governing the ICT sector, especially cybersecurity, while you have personally worked on projects to improve regulations. What are our legal solutions like?

management of cybersecurity risks for all members of the European Union, and the EU Cybersecurity Act, the framework for cybersecurity certification of products and services. There is also an initiative, to form a national cybersecurity agency, which would greatly improve our capacities.

As an integrator, you build your market position not only on cybersecurity projects, but also on digitalisation of services and network solutions. Why are your services different?

- I hope it won’t sound like a platitude or like some generic mission and vision, but we approach each project and each user

- Serbia adopted the Law on Information Security in 2016 and amendments in 2019. As information security is a dynamic area, the regulations need continuous improvement. Just a few days ago, the first meeting of a working group was held to draft a law on amendments to the Law on Information Security. The new amendments should first of all ensure compliance with European regulations: the NIS 2 directive, which governs common measures for the

uniquely. We propose and create solutions that will fit into the organisation in the best way. There is no one-size-fits-all solution, but in conversation and often through long-term cooperation with users, we recognise specific needs and propose appropriate solutions. We have never gone to first meeting with a client and presented some ‘best’ solution, but our proposals and later our projects are the result of knowing the needs and the organisation. A good basis for this approach is provided by a broad partner portfolio. Even for the same technological solutions, we often work with several vendors, and in this way, in addition to always being able to offer users the most suitable solution, our team acquires a much broader expertise and a critical view of the technologies.

There is also an initiative to form a national cybersecurity agency, which would greatly improve our capacities

Innovation - A Great Driver

Printec Group has a 35 year-old tradition and is one of the technological leaders in automating payment transactions in south-east Europe. Their solutions are behind ATM cash transactions, card transactions, self-service solutions and much more

They are involved in the complete process, starting with the analysis of business requirements all the way to the implementation of the project. They provide customer support and are responsible for operating and maintaining the equipment and software they supply, and are very proud of the fact that there is no major banking institution or retail chain in the region that does not use their services.

Can you tell us more about the Printec Group?

- With its 35-year tradition, the Printec Group is one of the technological leaders in automating the execution of payment transactions, while Printec Serbia celebrates two decades of successful work this year. With more than 25,000 ATMs and 600,000 POS terminals installed in the region, it’s highly likely that you’ll withdraw cash, pay for lunch or buy groceries at one of the devices that we’ve supplied and keep running 24 hours a day, seven days a week.

Who are your clients, given that you are a technology vendor that offers complete hardware and software solutions for transaction automation, as well as outsourcing services?

- We are involved in the complete process, starting with the analysis of business requirements all the way to the implementation of the project. During production, we provide support to our customers and we are responsible for operating and maintaining the equipment and software we deliver. We combine the knowledge and experience gained on various projects in the region, which, in addition to financial stability, forms the basis for investing in the future development of our products and services, and also new business models that bring value to financial institutions, retailers and telco

We try to anticipate the future needs of our clients and invest in the development of new technologies

operators and contribute to the efficiency of their business processes. There is no major banking institution or retail chain in the region that does not use our services.

What is your recipe for success and what values does Printec support?

- We try to anticipate the future needs of our clients and invest in the development of new technologies. We want to make digital transactions safer, faster and simpler. No matter if it is a service technician who repairs an ATM on site, a programmer who implements a new business requirement or an engineer who puts a system into operation at the client’s premises, we value our staff and make them feel good in their working environment and help them improve through

specific education programmes. Mutual trust, love for the technologies that we deal with, team spirit and innovation are the values that drive us. We are responsible to our customers, to society and to the environment, and we are always looking for ways to be even better.

Will technology make our daily lives even easier?

- Imagine going out without a wallet... Whether we need cash or want to buy something, today we already withdraw money or pay for products and services using our phone, watch or payment cards, whichever is most convenient for us at a given time. As long as there is electricity and internet in the future, we will certainly not carry out transactions in a more difficult way. We expect that the digitalisation of money and the accompanying regulatory activities will guide the future experience in the implementation of payment transactions. The technology is already adapting and supporting the demands of regulators and payment institutions.

Traditional Banks Versus Fintech Providers

The global digital banking market was worth US$12.1bn in 2020 and is expected to hit approximately $30bn by 2026. It’s clear that this fast-growing, lucrative space is not just for traditional market players like high street banks anymore – but for emerging fintech providers too

Akey trend in this sector that is set to accelerate is digital-only banking accounts such as Monzo, Starling and Revolut. In the UK, 14 million adults already bank with digital only accounts, a three-fold increase since 2019 – and that number is expected to hit 23 million by 2027. Notably, 41% of digital-only banking account holders are Gen-Z adults, and nearly half of all digital-only accounts (47%) have just a £1,000 average balance.

So, what does this mean for traditional banks? Why are customers moving from an HSBC or Barclays current account to the Monzo app? The answer lies in personalisation. Challenger banks like Monzo have the agility and speed in innovation to meet customers’ needs in terms of their lifestyle choices. And even if this need constantly changes, new and emerging banks are better able to offer more that is hyper-personalised and highly appealing, such as attractive pricing and simple account opening for money transfers and day-to-day transactions. A key differentiator is their ability to provide very detailed, real-time bank balance and transfer notifications – something traditional banks cannot do as easily because of their existing core legacy systems. For many people, challenger banks offer a better customer experience and give them the products and services they need when they need them –and this is a key test for incumbent banks.

How can incumbent banks compete with digital banks?

Although fintech providers are naturally more nimble and perhaps less complex in nature, there are many areas where high street banks are still superior in the digital banking space. They have developed solid

Banks must embrace a shift in mindset to adopt a more customer-centric, technologydriven approach to deliver the hyper-personalised services that customers (especially younger customers) expect

and secure digital channels and processes and unparalleled customer service support. For instance, with NatWest or HSBC, you can speak with a banking representative about

your banking matters almost any time you need. Many of the digital-only banks offer online support only. High street banks also have the advantage of inherent trust which they can use to their advantage, as many customers have a legacy of confidence in their traditional banks.

While high-street banks have the right digital processes in place, it’s the end user customer experience that’s currently inadequate. Many of these banks aren’t agile enough to streamline digital processes like a fintech provider due to the complexity of their back-office legacy systems. To truly lead the way in digital banking and particularly make their offering attractive to Generation Z, these banks must strategically analyse what applications directly impact their customer and lift those out of the legacy core. By extracting this intelligence out of the back-office and moving it into a mid-office layer that sits closer to the digital channels for customers, banks can simplify complex operations and infrastructure and embrace intelligent technology to create the right service bundles for their customers. It will also allow them to understand how to leverage customer data to offer service-first models, just as the challenger banks do, and to stop looking at the legacy core system as a hindrance.

Ultimately, banks must embrace a shift in mindset to adopt a more customer-centric, technology-driven approach to deliver the hyper-personalised services that customers (especially younger customers) expect. If they don’t, their customers will continue to move to challenger banks and embrace their service-first approach to meeting their financial needs – leaving traditional banks behind.

JIN

Alibaba And The Forced Restructuring

Alibaba’s planned restructuring might assuage the Chinese government's concerns about its size and influence. But the move does not seem likely to alleviate antitrust concerns in any meaningful way, and there is no strong business justification for the company's chosen approach

Markets are welcoming Chinese tech giant Alibaba’s plan to split into six independent entities. The reason might seem obvious. Because smaller autonomous units appear likely to be nimbler and more adaptable, one might expect the restructuring to help to revitalise the massive company and boost productivity.

One might also assume that dividing the company will alleviate the monopoly concerns that have made Alibaba a primary target of regulators in recent years. But, as compelling as this logic seems, it is deeply flawed.

Breaking up a firm can help to stimulate internal competition if the firm has a genuine monopoly that prevents others

from exposing it to competitive pressure. But Alibaba operates in cutthroat sectors – e-commerce, entertainment, cloud computing, and logistics – where competition is fierce. As large as Alibaba is, its operations are subject to strong external pressure.

In any case, Alibaba will most likely retain significant control over the new “units”

it is creating, even if some go public. So, from an antitrust standpoint, Alibaba will still be regarded as a single entity, with the same market power it already possessed.

Expectations that the company will become more agile – a vision that Alibaba’s CEO, Daniel Zhang, repeatedly touted during a recent call with investors – are similarly misleading. Yes, smaller entities with greater autonomy can adapt to changing conditions more quickly than a single sprawling entity. But Alibaba’s planned restructuring is neither the least costly nor the least disruptive way to boost agility.

If a firm is split into independent units, resources are likely to be replicated across those units, especially in areas like computing, risk management, legal affairs, and government relations. Compliance costs will probably rise, owing to increased oversight from the board, investors, and financial regulators. Moreover, each unit will seek to advance its own interests, without accounting for the interests of the company as a whole. This may lead to incentives mismatches, causing one unit to act in ways that hurt another – or the business as a whole.

By contrast, a multi-divisional – or M-form – structure would prevent both resource duplication and the misalignment of incentives. First adopted by DuPont a century ago, and embraced by countless companies since, the M-form structure empowers division heads to make their own personnel, budgeting, and operating decisions, while corporate headquarters offer strategic direction, support, and oversight.

With full access to internal information about the operation of the divisions, the company’s headquarters can use tools like bonuses to align incentives across divisions and optimise resource allocation. A holding company is unlikely to have the same access to information about independent units as a company headquarters has about the divisions it oversees, let alone the same ability to leverage such information to optimize resource allocation.

An M-form structure offers another advantage: the headquarters can adjust the degree of different divisions’ autonomy as

business needs change. A well-functioning company should constantly adjust the extent of centralisation in response to evolving market conditions.

Alibaba’s restructuring plans would not allow for such fine-tuning. In the future, it may well become desirable for Alibaba to revert to a more centralised structure. But after it is split into independent units – and especially after some of its subsidiaries go public – responding to this need could

restructuring for Alibaba’s relationship with the Chinese government.

For any business operating in China, a good relationship with the state is hugely important. By pursuing what is effectively a “soft break-up,” Alibaba appears to be addressing government concerns about its size and influence. This, coupled with Alibaba co-founder Jack Ma’s return to China after a year overseas, sent a strong signal to the market that the firm has

Breaking up a firm can help to stimulate internal competition if the firm has a genuine monopoly that prevents others from exposing it to competitive pressure. But Alibaba operates in cutthroat sectors –e-commerce, entertainment, cloud computing, and logistics – where competition is fierce

be very costly. Alibaba’s organisational structure could thus become more rigid over time, even as its operational decision-making becomes nimbler.

If Alibaba’s restructuring does not seem likely to alleviate antitrust concerns, and there is no strong business justification for the approach it has chosen, why did the market react so favorably to the news? The answer lies in the implications of the

mended fences with the government, removing what is arguably the biggest obstacle to the firm’s continued success.

Alibaba’s restructuring might serve as a template for other Chinese Big Tech firms seeking to appease a government that fears their growth and influence. But, as with Alibaba, it could carry significant costs while failing to address fundamental antitrust concerns in any meaningful way.

LET SCIENCE WORK FOR US

Not so long ago it seemed that we were far behind the developed world in terms of technology, telecommunications, electronic commerce and online shopping, and especially in the application of artificial intelligence, but today these sectors can be considered the flagships of our country’s economic development, attracting foreign investment and European integration.

The development of science and technology has brought the world into the digital age with enormous changes in our way of doing business, and especially in the lives of those who today wonder how they got by before they could shop from their armchairs, pay bills without going to the post office or bank before high-speed internet and modern telecommunications were available. Indeed... How did we live without all that?

WHY IT’S HARD TO RESIST ARMCHAIR SHOPPING

Asked about the main reasons for shopping online, customers all over the world mention time-saving, security, speed, saving money, practicality, a broader selection and the fact that they can rapidly find and compare various offers. More than two-thirds say that free shipping would encourage them to buy more online in future. Clothes and shoes are the items that are most often bought online, bought by 65% of people, whereas 31% purchase small household appliances, and cosmetics and beauty care products.

More than 42 million cashless online transactions worth 1.2 billion euros were made in Serbia last year, and according to the National Bank of Serbia, electronic commerce continues to post excellent results. The average value of dinar transactions made via the Internet was 2,675.24 dinars, while the average transaction value in euros was 54.71 euros.

AMERICANS ARE THE BIGGEST SHOPAHOLICS AND CONSUMERS

The total value of sales to end users via the Internet is estimated at 1,471 billion dollars. Almost half of these sales, $703 billion, are made in the US as 191 million Americans shop online. Most is spent on Cyber Monday, followed by Black Friday and Thanksgiving. The market is dominated by Amazon, followed by eBay, then Walmart, Apple, Target and Best Buy.

American customers spend an average of 2,000 dollars a year, Germans spend a few tenths less. The French spend about 1,400, the Dutch about 1,000, Swedes about 900 and the Italians and Spanish about 800. An interesting trend that is accelerating, especially around the holidays, is click-and-collect: ordering online where the customer picks up the product from the shop.

FINTICIPATE GATHERS LOCAL AND FOREIGN EXPERTS IN JUNE

On 15th June this year, the second Finticipate will be held at the Zemun Madlenianum. This is a unique FinTech event, a place for discussion and a centre for the exchange of ideas for FinTech, banks, neobanks, financial experts, public sector investment funds, private equity investors, VC, consultants and lawyers, futurists, technologists and innovators who want to contribute and help shape the future of finance.

The main panelists will be Jorgovanka Tabaković, Governor of the National Bank of Serbia, Dragana Stanić, Deputy Governor of the National Bank of Serbia, Piotr Jan Pietrzak, Director of International Development for Non-European Markets at BLIK, Tanja Dimitrijević, Head of the Legal Red Acre Group...

The panels will discuss FinTech trends and challenges that need our attention, the impact of the latest financial crisis on financial markets and FinTech, regulations that will define the functioning of FinTech in the future, security threats and many other current issues in the field.

FIVE TRENDS THAT WILL DEFINE FINTECH IN 2023

According to expert predictions, but also according to this year’s first results, it is estimated that the FinTech industry will see accelerated development and improvement and jump to 174 billion dollars in 2023. For this reason, they singled out five trends that will define the future of the FinTech industry and that will make our lives simpler, and less stressful.

AI and ML: The first trend that will undoubtedly shape the future of FinTech is artificial intelligence (AI) and machine learning (ML) as they improve banking, payments, investment, risk management and a lot more. FinTech companies can use both technologies to automate loan approval or fraud protection while providing more accurate insights into customer behaviour. By using these tools, businesses can reduce costs while increasing accuracy and efficiency.

Built-in finance: This term describes a broad category of financial services and products that can be used in a specific framework or platform. Users can better manage their finances without switching between several apps or websites when these services are built into an existing app or platform. The best example of this is the “Buy Now Pay Later” service, the fastest growing embedded financial model in the world.

SaaS: With SaaS services, companies can access and pay for software applications hosted in the cloud without having to install them on their own servers or computers. This eliminates many of the associated overhead costs and allows organizations

EUROPE IS CHASING SOUTH KOREA, SERBIA IS STUCK IN THE PAST

In the 2022 European Mobile Economy Report, GSMA pointed out that 34 markets in Europe had 5G, with 108 operators offering commercial services and a user share of about 6% of the total number of mobile service users. Average 5G penetration is estimated to reach 44% by 2025, with the UK and Germany expected to lead the way with 61% and 59% respectively, although they lag behind global competitor South Korea, which is estimated to have a penetration of 73%, with the U.S. and Japan at approximately 68%.

Although the commercial introduction of the 5G network in Serbia was planned for 2022, our country is still one of the few European countries that will not have it this year either.

In our country, 5G frequencies have not yet been allocated, and some domestic operators have stated that they are keenly awaiting the state’s decision. However, although there is active talk about the benefits of 5G and its impact on the economy, accelerating the digital transformation and improving life, there is no clear indication at the moment that full-scale 5G will reach us in the near future.

to focus their resources on developing the user experience. In addition, using SaaS provides access to powerful tools with enhanced security protocols for data storage and management that would be difficult or expensive for individual firms to implement.

Open Banking: Open banking is a financial technology that allows customers to securely share their financial information with third parties, offering them greater control and flexibility over their finances. It offers benefits for customers and opportunities for businesses to access new markets, create innovative products and services, and increase efficiency through data sharing.

Blockchain: Blockchain is a digital ledger that records and verifies various types of transaction. It enables individuals, organizations and machines to securely transfer digital assets without relying on any central authority or third-party intermediary. This decentralisation means that blockchain technology can be used for a variety of financial applications, such as payments, transfers and trading.

THE GREY ECONOMY IS ALSO MOVING TO THE INTERNET

Electronic commerce in Serbia is experiencing double-digit growth, so it is assumed that by 2027, around 4.5 million citizens will use these services. The authorities are expected to take all necessary steps to mitigate risks and find suitable answers to the many challenges. From the state and its bodies, shoppers expect protection against fraud, fair market operations, protection against the growing illegal trade on the Internet, improvement of the legal framework and development of the market based on principles of fair competition.

The number of unregistered merchants offering goods over the Internet is increasing, so consumers are advised to inform themselves about the seller before ordering and paying for goods by checking the company registration number, tax number,

email, and contact phone number of the seller. Advertising on the Internet is also a serious problem, because natural persons who do not have the status of a trader offer and sell goods. Experts advise that it’s best not to buy anything from natural persons, among other things because they don’t pay taxes, contributions and other fees, they hurt legal traders because they create unfair competition and they can endanger customers because fraudsters are difficult to find and punish.

ALL SCHOOLS IN SERBIA WILL HAVE HIGH-SPEED INTERNET

The Broadband Communication Infrastructure Development Project is introducing high-speed internet in 700 rural settlements and villages in Serbia. Almost 120,000 households and 700 schools will be involved and 4,700 kilometres of fibre-optic routes will be built. By June of this year, all schools in Serbia will be connected to high-speed Internet, and by the end of 2023, the Connected Schools project is expected to be completed.

Thanks to fast internet, everyone in Serbia will be able to use electronic administration services, including eAgrar, digital teaching, the Internet in rural schools, the possibility of starting their own business in villages and multimedia content such as television and landline telephony.

The development of broadband infrastructure in rural areas of Serbia is one of the largest capital projects of the Ministry of Information and Telecommunications, which will cover more than 99 percent of households with new generation networks by the end of 2025.

What Is 6G & When To Expect It

With 5G networks still being deployed around the world and many areas of the globe still using 4G and even 3G networks, it seems a bit early to throw around the term 6G. After all, what use do we have for 6G networks when relatively few people can even use a 5G network?

That said, technology always pushes forward and standards take a long time to mature, so we’ve always been on a path to a 6G world. If anything, the idea of 6G this early in the development of 5G simply indicates how quickly this technology moves forward. We’ve managed to go from 1G to 5G in such a relatively short amount of time, so 6G is just the natural progression towards faster and better wireless connectivity.

Although 6G would make sense as the successor to 5G, it may actually never be called “6G.” If not something like 5G Enhanced or 5G Advanced, we might one day stop with

all the numbers and names and just say that we’re connected.

Ultimately, whether it’s with 6G, 7G, or another “G”, we’ll have such incredibly fast speeds that no progress bars or wait times will be required for any normal amount of data, at least at today’s standards. Everything will just be available...instantly, and we won’t need to keep making new terms to describe it.

WHEN WILL 6G COME OUT?

It’s been typical for a new mobile network standard to take the spotlight every decade or so. That means 6G networks might roll out sometime around 2030 (or even a bit earlier

in Asia and other areas that were first to introduce 5G), or at least that’s when most telecom companies will be running trials and when we’ll see phone manufacturers tease 6G-capable phones.

However, it’s common for work to start as long as a decade prior to any real implementation of a new network technology, which might be why you’ll start hearing about 6G before you even have your hands on a 5G phone!

Progress won’t start and finish overnight, though. For the same reasons 5G rollouts are slow, 6G networks won’t come out as quickly as we’d like. There are frequency bands to debate over, spectrum licenses to purchase,

physical towers to build and coordinate, and rules to deal with.

Despite 6G being less than a decade away, few companies are actually looking into it seriously right now, but 6G experimentation is expected to really kick into high gear as we identify where 5G fails. The next network type will improve on the inevitable weaknesses and limitations of 5G, so it won’t take long for the powers that be to start deciding what to do next.

We’re already destined to have more powerful VR and AR systems with 5G, plus interconnected smart cities and farms, AI at our fingertips, intelligent robotics working in factories, autonomous cars with vehicle-to-vehicle (V2V) communication, and more. 6G will continue to support all of those areas with greater strength, while also providing even more bandwidth that will ultimately expand innovation even further, maybe into fields we haven’t tapped into yet or even considered. Think more immersive experiences and life-like, hologram video calls.

For example, Marcus Weldon of Nokia Bell Labs, says that 6G will be a “sixth sense experience for humans and machines” where biology meets AI.

Japanese phone operator NTT Docomo predicts 6G will enable the “sophistication of cyber-physical fusion”, which that document claims will be required in the 2030s. This will, according to them, make it “possible for cyberspace to support human thought and action in real time through wearable devices and micro-devices mounted on the human body.”

HOW COMPUTERS COULD SOON INTERFACE WITH YOUR BRAIN

Healthcare will no doubt change with 6G as well. Here’s an example, according to 6G researches, of what a morning could be like with 6G in the home:

As an 80-years plusworld citizen, my limbs will sometimes work and sometimes not. But I know that I would still like to manage on my own. Maybe I want to stay a bit longer than usual in bed this morning, and instead of needing to call for my care worker, I can simply think and my 6G-connected exoskeleton will arrive seconds later, communicated via think.

Much of what makes 5G so great is its low latency of around 4 ms, but 6G networks

might bring this down even further, maybe even to the point that we can safely say there’s virtually zero latency. The start time for movies, TV, and games will be limited only by how long it takes the screen to power on, and video calls can be as crystal clear as standing in front of the other person.

As we’ve seen with prior network technologies, as the capacity of a network increases, so too will its applications. This will cause an amazing effect where new products

in question. We might see several hundred gigabit per second speeds, or even ranges in the terabytes. Samsung Electronics tested 6G tech at 50 times faster than 5G.

As for how 6G will be faster than 5G is still up in the air, but we can assume it will involve using ultrahigh frequencies (millimeter waves) of the radio spectrum. 5G’s bandwidth capacity lies in the fact that it uses high radio frequencies; the higher you go up the radio spectrum, the more data you can carry. 6G might eventually approach the upper limits of the radio spectrum and reach extremely high frequency levels of 300 GHz, or even terahertz ranges.

However, just like we’re seeing now with the ultra-fast 5G networks variants being extremely localised due to the inherent limits of millimeter waves, the same problem will be seen in 6G networks. For example, the range of terahertz radiation is around 10 metres, which is much too short for significant 6G coverage.

5G intends to make the internet more accessible for lots of people and improve everything from entertainment to healthcare. Whether those areas will have room for improvement beyond 5G—and thus require the use of something better, like 6G—is a resounding yes

and services can be built to utilize 6G’s bandwidth and other improved features to their fullest extents.

6G VS 5G: WHAT ARE THE DIFFERENCES?

Speed and latency will be the clearest distinction between 6G and 5G. This is what separates 5G and 4G in terms of performance, so we can also expect 6G to be magnitudes of times speedier than 5G.

If early targets are eventually met, 6G networks will supposedly have 50-100x the capacity of 5G networks. Also, where 5G must support 1 million devices for every square kilometer, 6G is proposed to support 10 million devices.

How fast will 6G be? There’s no telling right now, but even with 5G, we’re seeing speeds of up to 1 Gbps in ideal circumstances. 6G will absolutely top that, but how much is still

Perhaps by 2030, we’ll have developed new ways to amplify signals far enough to avoid building thousands of new 6G cell towers. Or maybe we’ll have found better methods for transmitting huge amounts of data, like these researchers who, in 2022, used a new kind of transmitter that created focused beams (vortex millimeter waves) to carry more information; 1 TB of data was moved in a single second.

DO WE REALLY NEED 6G?

5G intends to make the internet more accessible for lots of people and improve everything from entertainment to healthcare. Whether those areas will have room for improvement beyond 5G—and thus require the use of something better, like 6G—is a resounding yes.

However, as fun as it might be to imagine a time when 5G is considered slow and 6G powers the world, if 5G pans out correctly or slowly evolves under that same term, we might never need to come up with a new next-gen network.

The 6G concept could be avoided as long as manufacturers, regulators, and telecom companies keep improving 5G. If all of 5G’s pitfalls could be addressed on a frequent basis, new products could continuously flow into the market to take advantage of the ever-changing and constantly evolving new technology.

E-commerce Continues To Grow In The EU

In 2022, 91% of people aged 16 to 74 in the EU had used the internet, 75% of whom had bought or ordered goods or services for private use. The proportion of e-shoppers grew from 55% in 2012 to 75% in 2022, an increase of 20 percentage points (pp).

The highest shares of internet users who bought or ordered goods or services over the internet in 2022 were recorded in the Netherlands (92%), Denmark (90%) and Ireland (89%). On the other hand, fewer than 50% shopped online in Bulgaria (49%).

B etween 2012 and 2022, the growth was particularly significant in Estonia (+47 pp), Hungary (+43 pp), Czechia and Romania (+41 pp).

Clothes, shoes and accessories: most common online purchase

T he collaborative economy opened up a new way of exchanging goods and services through digital technologies.

In 2022, among internet users in the

EU, 21% used collaborative economy platforms to order or buy physical goods from other individuals, while 6% rented accommodation, 1% used a transport

service and below 1% ordered household services via such platforms.

Individuals aged 25-34 years and 35-44 years had a higher-than-average propensity for buying goods from other private sellers in 2022 with a share of 29% of internet users each.

The importance of online platforms to book, for instance, rented accommodation was recently also observed via the experimental statistics on this topic, showing booking levels in 2022 that exceeded the pre-pandemic years, whereas tourism in more traditional types of accommodation was still lagging behind slightly.

In 2022, the most common online purchases of goods were clothes (including sports clothing), shoes or accessories (ordered by 42% of internet users). Following wearables, the top five most common online purchases of physical goods were completed by deliveries from restaurants, fast-food chains and catering services (19%), cosmetics, beauty or wellness products (17%), furniture, home accessories or gardening products (16%), and printed books, magazines or newspapers and sports goods (excluding sports clothing) (both 14%).

Purchase of physical goods exceeds demand for services

Change Is Tough, But Remaining The Same Is Devastating

Global economic transformation is crucial to combat climate change and biodiversity loss. However, governments and businesses tend to prioritise everyday concerns and engage in greenwashing, which is insufficient and damaging. Examples are all around us

The implementation of the European Green Deal in both the EU and the Western Balkans is not only complex, but also challenging. Profound and nuanced views on the pressing issues of our time are provided in the opening interview of this edition, with European Environment, Oceans and Fisheries Commissioner Virginijus Sinkevičius, but also in subsequent interviews. These issues include identifying ways to address climate change, biodiversity loss and pollution amidst fragile growth, unstable market conditions, disrupted global supply chains and conflicts in the region.

It is clear that the fundamental transformation of our global economic model is necessary to address these challenges. However, governments and businesses that are focused on everyday issues, like rising inflation, energy shortages and GDP decline, tend to procrastinate on decisive decisions or engage in greenwashing. This is insufficient to address the existential threat posed by climate change, which is closely linked to biodiversity loss and environmental protection.

Despite the alarming rate of species loss, deforestation, soil damage and ocean warming, global agreements on laws that protect the natural environment are yet to be fully addressed. Commissioner Sinkevičius emphasises how increasingly difficult it will be to sustain our lifestyles and livelihoods without agreement being reached as soon as possible on policies that protect the environment.

G overnments may sign agreements and pledge to protect the environment, but may end up doing the opposite in reality

Even with everything in place, navigating the required changes, such as replacing fossil fuels in production, logistics or households, will remain tremendously complex. Our interviews with Tomislav Mićović, of the National Petroleum Committee of Serbia (NNKS), and Aleksandar Macura, co-founder and programme director of

the RES Foundation, shed light on the multifaceted nature of this process.

While governments are keen to sign agreements on climate change and pledge to protect the environment, in reality they may end up doing the opposite. Dragana Đorđević, from the Institute of Chemistry, Technology and Metallurgy at the University of Belgrade, turns the spotlight on Serbia’s natural wealth and numerous examples of its irreversible destruction. Our conversation with her raises the critical question of whether Serbia should invest in mining operations to underpin growth or refrain from doing so in order to protect nature.

In conclusion, Mićović’s assertion - that “if every percentage of economic growth implies at least the same percentage of growth in the use of natural resources, then there are no existing sources of energy and mineral resources that won’t have negative consequences for life on Earth. That’s why striving for rational, sustainable growth is the most important factor” - emphasises the need to fundamentally transform our global economic model.

Designing Rational, SustainableGrowthIsKey

If every percentage of economic growth implies at least the same percentage of growth in the use of natural resources, there are no existing sources of energy and mineral resources that won’t have negative consequences for life on Earth. That’s why striving for rational, sustainable growth is the most important factor

Despite the Green Agenda for the Western Balkans undoubtedly being high on the list of priorities for both the European Union and the Western Balkans, the complexity of the issues needing to be resolved – at both the level of the EU and that of each individual country of the region - is such that it doubtless requires deep reconsideration.

We discussed these specific topics with Tomislav Mićović, representative of the National Petroleum Committee of Serbia - World Petroleum Council (NNKS-WPC).

You spoke at the recent SET 2023 conference, at which it was concluded that the region still lacks an alternative to gas and coal. From the perspective of the National

Petroleum Committee of Serbia, what are the most important issues being launched under the scope of the implementation of the Green Agenda for the Western Balkans?

The Green Agenda is based on the unique goals of the European Green Deal, but that naturally cannot be applied universally for every country or region. The countries of the Western Balkans also have to individually

TOMISLAV MIĆOVIĆ, REPRESENTATIVE OF THE NATIONAL PETROLEUM COMMITTEE OF SERBIA - WORLD PETROLEUM COUNCIL (NNKS-WPC); SECRETARY GENERAL OF THE ASSOCIATION OF OIL COMPANIES OF SERBIA (UNKS)

COMPLEXITY

Alongside the amending of energy policies, implementing energy transition also implies the amending of policies related to transport, taxation, environmental protection and many other areas

find their own way to achieving these goals, but there are some things that we have in common. I would single out the irrational consumption of energy and the large extent to which coal is represented in the structure of primary energy sources. It could be said that energy efficiency in housing construction, unfortunately, but also fortunately, isn’t at an enviable level. That’s unfortunate because energy is wasted in the vast majority of business properties, public buildings and residences, due to the poor insulation qualities of façades and windows and exterior doors, while it’s fortunate because relatively small investments are required to achieve significant progress in terms of reducing the need for energy to power heating and air conditioning. All the countries of our region, including EU member states, are already working intensively to increase the number of energy interconnections and primarily to modernise electric power systems, in order for the increasing amount of energy produced from renewable sources to be used even more rationally.

Here I will return to the issue of alternative energy, as a universal issue. The world isn’t seeking an alternative to resources that satisfy current consumption, but rather an alternative that will satisfy the permanent appetite for growth of the economy and society as a whole. I personally think the key is in designing rational, sustainable growth. If every percentage of economic growth implies at least the same percentage of growth in the use of natural resources, there are no existing sources of energy and mineral resources that won’t have negative consequences for life on Earth. There has long been debate on the extent to which existing ways of transporting goods and passengers, tourism, but also the fashion industry, are generators of the irrational consumption of energy, while in reality very little has been done to change that. The COVID-19 pandemic allowed the whole world to better observe, for instance, the shortcomings of existing lifestyles and to realise just how fragile

LIMITATIONS

Regardless of whether it’s lithium-ion, sodiumion, or batteries based on some other galvanic cell coupling, the prevailing determination to such a solution only leads down a blind alley

today’s civilisation is. Unfortunately, once the immediate threat of infection abated, the world returned to its old habits fully, without having learnt any lessons when it comes to the use of resources.

Energy transition, which intensified following the decision of the EU to become the first climate-neutral continent, is in itself a form of disruption, which became significantly stronger in 2022, in a clash with the energy market disruption resulting from the war in Ukraine. It will be noted as a peculiarity of our time that coal-fired power plants have been reignited, so to speak, as an

The COVID-19 pandemic allowed the whole world to better observe, for instance, the shortcomings of existing lifestyles and to realise just how fragile today’s civilisation is. Unfortunately, once the immediate threat of infection abated, the world returned to its old habits fully, without having learnt any lessons when it comes to the use of resources

alternative energy source. This all indicates that the goals and deadlines of the Green Agenda will have to be updated much more often than was initially planned.

You don’t believe it will be possible to develop the economy without petroleum for a long time to come. What is the range of energy transition in the scope of such limitations? To what extent does it make sense to encourage shifting to electric vehicles in this context?

Around 95% of energy used in transport worldwide is derived from petroleum. Conversion has been accepted at the global level and is possible, but that nonetheless isn’t merely a matter of replacing vehicles

SIMILARITIES

The irrational consumption of energy, and the large extent to which coal is represented in the structure of primary energy sources, is common to all Western Balkan countries

powered by petroleum derivatives with electric vehicles. Firstly, the very organisation of transport should be made more energy efficient, thereby reduce the need for energy. We should take into consideration the fact that there are not yet sufficiently developed technological solutions for heavy goods vehicles, construction machinery, agricultural and other plant machinery, ships, planes and even military vehicles, none of which will be powered by internal combustion engines. It is then necessary to provide enough green electricity for all electric vehicles, as well as an almost completely new transport and distribution network, because this relates to huge amounts of energy that existing systems wouldn’t be able to ultimately transfer to the consumer.

As such, implementing energy transition also implies – alongside the amending of energy policies – the amending of policies related to transport, taxation, environmental protection and many other areas.

What, in your opinion, are the new technological solutions for the future; and how – in that context – do you see the sustainability of demand for lithium-ion batteries that we would also like to produce?

When it comes to transport, I’m convinced that today, at the end of the first quarter of the 21st century, civilisation has not yet identified a solution for the long-term that’s acceptable in a technological, ecological and energy sense. The last hundred years have been years of development, or rather of the constant technological and ecological advancement of engines and means of transport based on petroleum derivatives. The process of replacing steam engines and horse-drawn carriages with internal combustion engines lasted for a good part of the 20th century. The upcoming conversion won’t take as long, but the first steps, based on batteries, don’t prompt optimism. Regardless of whether it’s lithium-ion, sodium-ion, or batteries based on some other galvanic cell coupling, the prevailing determination to

such a solution only leads down a blind alley. More precisely, batteries, and developing systems to charge them, will have their niche, but they are far from being able to represent a universal solution for all forms of transport and all purposes.

How well adapted was Serbia’s energy policy to handle the challenges that emerged at the global level over the last two years?

That is a combination of challenges that no one had previously faced. There were disruptions before, but this time the situation was further complicated by the mere fact that a second crisis emerged before the previous one had been overcome. Shortcomings that we could no longer brush under the carpet bubbled to the surface. Given the circumstances, we can say that the measures implemented by the state with the aim of mitigating the impact of the energy crisis on the economy and society achieved their objective, because the security of supplies increased and there were no interruptions in supplies of any type of energy. Still, we will now need some time to see the cost of those measures. The petroleum sector, in cooperation with the state, provided a significant contribution to securing the supplying of the Serbian market. Considering that around 80% of the petroleum derivatives consumed in Serbia are obtained from the processing of imported petroleum or are directly imported from refineries in the neighbourhood, Serbia is highly import dependent. The real challenge under the new circumstances was thus to secure enough petroleum and petroleum derivatives, but also to deliver them to Serbia. All these challenges were overcome successfully, so all consumer needs were satisfied fully. However, the effects of the measures didn’t have the same consequences for all segments of the petroleum sector. As a temporary measure, the Regulation on limiting the price of petroleum derivatives achieved the desired effect in the first few months and that measure was utilised by many countries. However, it has been in effect in Serbia for more than a year and, together with the Decision to ban exports that was recently lifted, hindered the operations of part of the market for a good part of 2022

A round 95% of energy used in transport worldwide is derived from petroleum. Conversion has been accepted at the global level and is possible, but that nonetheless isn’t merely a matter of replacing vehicles powered by petroleum derivatives with electric vehicles

and at the beginning of 2023, and some retail segments won’t recover.

Considering that there are a large number of vehicles in our country that don’t satisfy international environmental standards, how does this impact on the range of fuels offered and the quality of the fuel that’s used in Serbia?

The motor fuels that can be found on the Serbian market today comply fully with the prescribed quality of fuel in the European Union. It was ten years ago that Serbia caught up on the applying of valid European standards, when D2 diesel was withdrawn from sale fully. A few years after that, diesel fuel gasoil 0.1, containing a slightly higher percentage of sulphur, was sold as a purpose made fuel for agricultural machinery, but it also hasn’t been available at our filling stations for years.

The quality of fuel is defined by standards and national regulations and isn’t dependent on the structure of the vehicle stock. Regulations governing vehicle exhaust emissions in Europe began being applied in 1993, and each subsequent narrowing of the criteria demanded huge investments in both the automobile and petroleum industries. The offer of Serbia’s petroleum sector doesn’t lag behind that of the EU market, either in terms of product range or fuel quality.

One Of The Pillars OfSustainableDevelopment

NIS has invested more than 900 million euros since 2009 in environmental projects and business initiatives that have had a significant positive impact on the ecological picture of Serbia

In the area of sustainable development, NIS is guided by the UN Sustainable Development Goals, with its operations contributing to the achieving of 12 of those 17 goals. Alongside investing in the development of its business, NIS also invests in CSR projects and human resources, as well as implementing its own “green agenda”.

Modernisation and ecology “side by side”

For NIS, business development and operational diversification cannot be separated from environmental protection. NIS has invested more than 900 million euros since 2009 in environmental projects and business initiatives that have had a significant positive impact on improving the ecological picture in Serbia, with around 120 million euros of that total having been invested in “pure” environmental initiatives.

The best example of this is the deep processing plant at the Oil Refinery in Pančevo, the commissioning of which made it possible to produce greater quantities of the fuels that are the most valuable on the market, as well as the expansion of the product range to include petroleum coke. Very significant environmental effects were also achieved at the same time, because the operations of this modern plant reduce emissions of sulphur dioxide by 98.8 per cent, emissions of particulates by more than 50 per cent and emissions of nitrogen oxides by almost 10 per cent.

NIS also implements environmental projects in other areas of its operations. The company has invested approximately 30 million euros in the Amine plant in Elemir, and the gas processing method is such that it completely prevents emissions of carbon dioxide entering the atmosphere. The Ostrovo gas field produces compressed natural gas, which has been dubbed the fuel of the future thanks to its characteristics,

and solar panels have been installed at eight petrol stations in Serbia, which not only leads to savings on the consumption of electricity, but also contributes to reducing C02 emissions.

Significant advances in the energy field

In the diversifying of its operations, NIS has been striding into the field of energetics since 2013. Small power plants have been constructed on eight oil and gas fields in Serbia, where thermal energy and electricity are produced from gas that was previously torched due to its poorer quality. More than 20 million euros has been invested in these plants.

Moreover, last year, together with its partners, NIS launched the production of electricity at TE-TO Pančevo, representing the first gassteam power plant in Serbia intended for the combined production of electricity and thermal energy based on natural gas, an environmentally friendly fuel. It will produce thermal energy for the needs of the Pančevo Oil Refinery, while electricity will be directed towards Serbia’s electric power system.

Eco initiatives in cooperation with the community

NIS has implemented significant initiatives in the domain of ecology in cooperation with the local community. Under the scope of the “Common Cause Community” programme, 29 projects worth 107.5 million dinars were implemented together with 12 partner cities and municipalities in Serbia in 2021. These initiatives relate to improving energy efficiency, the replacement of heating boilers with more environmentally friendly energy sources, the landscaping of city parks which includes the installation of innovative ecological elements, solar lighting and smart benches as well as the planting of autochthonous plant species.

Company employees, members of the NIS Volunteer Club, also participate in environmental protection activities. They implement campaigns to clean and arrange riverbanks and lakeshores, excursion sites and public green areas, planting trees and educating the youngest members of society on the importance of protecting the natural environment.

ALEKSANDAR MACURA, PROGRAMME DIRECTOR AT THE RES FOUNDATION

CostlyMissed DevelopmentOpportunities

A society that poorly utilises its energy and resources, and that destroys the environment excessively, faces numerous direct and indirect costs. Serbia has behind it an entire series of missed opportunities that cost a lot, but ahead of us there are also ample opportunities to make a thoughtful and measured turnaround

It seems that in Serbia we currently have a collection of varying public policies, some of which benefit energy efficiency, while others represent the opposite. What is good news is that there is lots of room, with the assistance that Serbia and the rest of the Western Balkans receive from the European Union under the scope of the Green Agenda, to implement energy transition in an intelligent, considered and gradual way. We spoke with Aleksandar Macura, programme director at the RES Foundation, about how

to better manage this transition and show more knowledge on the road to the improved utilisation of natural resources and environmental protection.

The IMF mission that visited Serbia recently highlighted the energy sector as one of the priorities that the Government of Serbia should work on in the period ahead. Do you see this as good news connected to energy efficiency and greater concern for the environment, or as a financial and political issue?

Energy efficiency and care for the environment are issues that are hugely important to financial stability. A society that poorly utilises its energy and resources, and that destroys the environment excessively, faces numerous direct and indirect costs. The costs of missed development opportunities are huge, as are the health costs of environmental pollution. The inefficient use of energy also threatens energy security and renders you vulnerable in times of crisis, which makes it more difficult to make political decisions that yield the greatest development benefits. The link between energy efficiency, the state of the environment, finance and politics is essential and crucial. We hope that this will finally be recognised in an appropriate way, even if that comes with the help of the IMF, which does not necessarily have to consider all the noted benefits.

Among the many challenges that Serbia faces in the field of environmental protection, where is the key knot to tackle in order to start unravelling the ball of string that leads to the use of sustainable energy sources? This question isn’t easy to answer. I like to believe that the first step on that journey is to launch an urgent and all-encompassing battle against energy impoverishment through the implementing of reasonable energy efficiency

measures, primarily on the side of heating over a million households. The more efficient utilisation of energy will allow us to more easily finance the essential energy transition in energy production and to share those costs in such a way that it does not endanger health, lives and development opportunities.

Unlike in previous years, when pollution of the environment wasn’t a major topic, data on air pollution is today viewed almost as often as the weather forecast. Has this growing interest among citizens, and the fact that a large number of people die as a consequence of air pollution in Serbia, created pressure on public policymakers to address this topic more seriously? I think the positive answer to this question is unequivocal. Interest among citizens has created pressure and we are now watching how a response to that pressure is arising, slowly and not quite brilliantly. It nonetheless seems to be emerging, in which case it can also be improved upon.

When it comes to citizens who drive used cars that don’t satisfy European standards and those that have solid fuel burners, To what extent, and how, should the state help them to pollute less? Does the state actually do so, and if not why? How does policy in the area of energy prices

INCENTIVES

It is necessary to allocate significantly greater funds for subsidies to improve energy efficiency for the most vulnerable. This step must be very well devised in order to yield good results

impact on the kind of message that citizens receive?

The state has begun appearing as a participant in the financing of private investments for improving energy efficiency. Major financial resources are planned for this purpose, in my opinion completely unjustifiably, for subsidies related to vehicles. Over the last three years, significant funds have been channelled through multiple different support schemes to subsidise energy efficiency in private houses and residential buildings. For now, not one of these schemes has “hit the mark” among those who have the most inefficient appliances, given that the co-financing required to participate in these programmes simply isn’t available to almost a million households. In the city of Užice and the municipality of Priboj, decision-makers were more attentive and allocated a smaller part of the available funds for 100% subsidies for better heating devices for the poorest residents. That is an example that should be followed. It is necessary to urgently allocate significantly greater funds for 100% subsidies for the improvement of energy efficiency for the most vulnerable. This intervention must be very well devised, as it isn’t easy to help the poorest with the money of poor taxpayers. That chain of assistance can break quickly under the weight of ignorance. It is particularly problematic when the money of taxpayers helps those who aren’t the poorest.

As for the policy in the area of energy prices, suffice to say that the Energy Agency announced to

PRESSURE

Interest in air pollution levels among citizens has created pressure on public policymakers and we are now watching how a response to that pressure is arising, slowly and not quite brilliantly

FAILURES

it isn’t easy to help the poorest with the money of poor taxpayers, but it’s particularly problematic when the money of taxpayers helps those who aren’t the poorest

the citizens of the Republic of Serbia, in October 2021 and October 2022, that heating with natural gas is the cheapest in our country, in the midst of the energy crisis and the war in Ukraine. That’s abnormal and I’m not capable of finding another word that’s good enough to describe the message sent by such a pricing policy.

This year was the first time that we had a serious encounter with Serbian prosumers. How many of them could there be if the state had an appropriate incentive policy?

There could be very many of them. The state has really done a lot in

this area in the previous period, but it missed out on communicating in an appropriate way and received a worse solar image than it deserves. Increasing electricity prices will be incentive enough. It is essential to make it impossible to use non-existent obstacles on the network management side as an excuse and to eliminate the obstacles that really exist. And for us to learn to calmly differentiate between them.

Lastly, to what extent is Serbia able and capable of taking advantage of the fact that the European Union has shifted the deadline for achieving the goals

of the green deal from 2045 to 2030 and included Western Balkan countries in its support measures?

We, at the RES Foundation, have just completed our analysis of the assistance in this area that the EU has been providing to the Western Balkans since 2014, and we noted that huge room exists to improve the directing of this assistance among all stakeholders. In order for Serbia to utilise this postponing of deadlines and support, it must first have the desire to do so. It is possible to utilise this relationship in such a way that the Republic of Serbia improves the sustainability of its energy sources significantly, and without losing supply security and maintaining the reasonable availability of energy. The preconditions for us to reach that are much better management and a lot of knowledge.

The link between energy efficiency, the state of the environment, finance and politics is essential and crucial. We hope that this will finally be recognised in an appropriate way

TIJANA KOPRIVICA, CHIEF SUSTAINABILITY OFFICER, DELTA HOLDING

ESGFromVoluntaryToMandatory

From the very start, Delta Holding's business has involved taking care of the environment, providing support to the local community, and reducing harmful impacts on nature. Their business strategy has not only economic dimensions but is integrated with environmental and social development

the principles of CSR, which then easily grew into today’s ESG concept. In addition to economic strategy, we integrated ecological and social development plans into our business strategy. These strategic plans have resulted in an improvement of all aspects of sustainability, but also in a positive financial result.

Doing business while respecting the principle of sustainability is the obligation of every company because the business sector has a huge impact on the environment and society, and should play a major role in solving environmental and social challenges. Besides a sense of responsibility, today’s companies must have an ESG strategy to survive on the market because all stakeholders analyze companies from the viewpoint of sustainability. Investors and banks use ESG criteria to decide whether to invest in a company or lend it money.

They have proved that it is possible to reduce costs, increase revenues and at the same time take care of the environment, the local community, their employees and partners. They see the development of innovative solutions and the modernization of business as an investment that contributes to better results and business sustainability.

Caring for the environment, supporting the local community, reducing harmful impacts on nature is part of your corporate identity. Has it been like that from the start?

Delta understood a long time ago, at the beginning of the 2000s, that a successful business must be a responsible business towards all social groups it comes into contact with. Already then, we introduced

Companies that do not operate according to principles of sustainability, which include not only caring for the environment but also for their employees and society, risk being left without quality staff, long-term business partners or customers, and with higher costs as a consequence of energy inefficiency, higher fees due to environmental pollution, harmful gas emissions and so on.

Delta Holding has been bringing innovations to our market since its foundation. You don’t see this as an expense, but as an investment?

It all depends which innovations are involved. If we are talking about new jobs on this market, it certainly contributes to the creation of jobs, and if we are talking about a new product, we could say it will better meet the needs of customers in terms of functionality or quality. Technical achievements that we apply in production or in working procedures

D oing business while respecting the principle of sustainability is an obligation for every company because the business sector has a huge impact on the environment and society

contribute to greater workplace safety, faster and easier performance of certain tasks, they reduce consumption of natural resources and harmful gas emissions, help optimize costs....

We certainly see innovative solutions and business modernization as an investment that contributes to better results and business sustainability.

Digitalization has enabled you to increase yields and save resources, and at the same time contributes to the preservation of the environment. Can you give us an example?

Here for example: the digitalization of agricultural production has many advantages. Land mapping and screening, satellite imaging of a property has enabled us to collect all the necessary data for high quality information on the needs of crops and land. With this data it is possible to introduce variable sowing, variable irrigation, variable fertilization, etc. With variable fertilization, we save both the energy that drives the machinery and the fertilizer, which also reduces costs and preserves the land for future generations. With sensors that signal us when we have to irrigate crops, we save water and preserve the health of the plant and the fruit quality.

In our country, the trend of green construction has been accepted by only a few companies, among them Delta Real Estate, part of Delta Holding. What are the advantages of green construction? The advantages of green construction lie primarily in the well-being of people who live in these buildings and in the protection of the environment. For example, our new office building Delta House has a LEED Gold certificate, we used recycled materials to build it, such as UNIDOM plastic balls that reduced the use of concrete and thus CO2 emissions. The facade is made of the most modern materials, the most modern ventilation is installed with optimal energy consumption and with ionizers so that the air is of excellent quality. Two mini solar power plants and a rainwater tank for technical water are installed on the roof. A waste management system has also been established in Delta House. In the garage on the ground floor there is a recycling island for separating all kinds of packaging and other

types of waste. Everything I have mentioned shows the adaptability of this building to the needs of people and the demands for environmental protection.

Besides the benefits for people and nature, green buildings also provide secure income because there are more and more tenants who demand green building standards. In future it will be very difficult to sell or rent space in buildings that do not have environmental certificates.

bility standards. The new facade will have the highest level of energy efficiency, and the latest technical solutions will be used for heating, cooling and ventilation systems. Solar panels are already being installed on the roof of the building. This also implies optimal use of water as the most important resource, and a comprehensive waste management process. Green areas are also planned inside the congress centre. The project is aligned with EU Taxonomy criteria, and the building will have a BREEAM certificate.

It is known that you have solar power plants and biomass boilers in several places and that your goal is to provide at least 60% of energy from renewable sources by 2030. Are you on your way to achieving this?

So far we have built nine solar power plants, so our Delta House office building, the Intercontinental hotel in Ljubljana, four factories, two cold stores and the Napredak farm are already supplied with energy from renewable sources. Solar panels are currently being installed at our shopping mall in Varna, and we are also considering expanding capacity and building new solar power plants at 10 more locations. In the coming period we shall continue to analyze all possibilities for the use of energy from the sun, wind, geothermal sources and biomass. There is a lot of talk about the use of hydrogen as an energy source, so we are counting on the latest scientific and technological achievements that will make this energy source more accessible.

The project for the new Sava Center is aligned with EU Taxonomy criteria, and the complex will have a BREEAM certificate

All your new buildings are built in accordance with the latest developments, which means the use of environmentally friendly and recycled materials, and renewable resources. Is that a permanent commitment for Delta?

Yes, it is our permanent commitment. The same principle applies to works on the Sava Centre. The reconstruction project complies with the world’s most demanding sustaina-

Delta Holding has a long tradition of volunteering, and employees who are interested in actions aimed at preserving the environment. Do you still plant trees, clean and decorate the yards of schools and kindergartens, parks...?

Of course we continue with our volunteer activities. A volunteer environmental action is planned for September or October. In addition to the planting and arrangement of places in which our staff will participate, we are also planning actions that will involve the public in order to spread awareness about the importance of environmental protection.

StrategicApproach To Sustainable Business

For the Nelt Group, which has been growing continuously for 30 years, sustainability is considered as a crucial strategic factor that enables the company to progress towards its objectives. Alongside operational agility, technological advancements, and employee empowerment, Nelt Group prioritises initiatives and projects that have a positive impact in the long run- within the organisation, and also in the broader community. This approach aligns with the company's commitment to creating value for all stakeholders while contributing to a more sustainable future

ranks among the most successful business systems in the country and around the region. Could it also be said that this is your strategic, long-term direction?

With an ever greater focus on sustainability in all aspects of life, the sustainability of distribution and logistics companies like Nelt is becoming an increasingly important topic that needs to be thoroughly approached and implemented in practice. Investing in sustainability is an important aspect of business that helps to create long-term sustainability and contributes to improving the living environment for all. That’s why we approach this topic strategically at Nelt Group. This includes setting sustainability goals and monitoring their progress and their impact on the natural environment and society.

transport, we have implemented a series of initiatives to reduce harmful emissions. Through the managing and recycling of packaging waste, we work to reduce our “ecological footprint” by promoting this topic continuously, both internally within our organisation and beyond.

When it comes to transport, we reduce our harmful emissions through the procurement of vehicles in accordance with the criteria of the optimal utilisation of cargo space and the power required to successfully perform the task at hand. Additionally, by investing in a software solution to optimise sales and delivery routes, we impact on reducing CO2 emissions by 300 tons annually.

Through digitalisation, the building of “smart” warehouses and business premises, expansion of the existing Intermodal Terminal in Belgrade and the opening of a new one in Kruševac, the use of renewable energy sources and systems for monitoring energy efficiency,

as well as placing an emphasis on the importance of recycling, Nelt Group endeavours to elevate environmental awareness and reduce its environmental impact.

Environmental protection and sustainable development are crucial topics for the Nelt Group, which

You are continuously improving your environmental management system. What are the key aspects in this domain?

Our priorities include the rational use of natural resources and investments in renewable energy sources, as well as the use of technologies, equipment and materials that serve to reduce harmful effects on the environment. Given our primary impacts, which are realised through

To what extent does intermodal transport, which brings numerous benefits and the optimisation of operations, contribute to reducing the negative environmental impact of transport and logistics? How is that achieved?

Rail-based cargo transports have experienced huge growth around the world over recent decades. With global imports and exports having grown significantly, as well as an overall increase in logistics regionally, domestically and internationally, the global intermodal

Photo: Logistika i transport

freight transport market is expected to play a key role in the creation of expansion opportunities in the years ahead. This solution is characterised by numerous benefits: higher levels of security, lower prices, simplified goods tracking, reduced traffic congestion on roads and a major impact on environmental sustainability through reducing the number of vehicles on the road and minimising empty runs.

As a participant in global supply chains and the logistics partner of leading companies in various industries, Nelt provides an active contribution to this trend through its own rail and road freight container terminal in Dobanovci, as a so-called dry port. Our “dry port” terminal has rail connections to the region’s main ports, and thereby to the global economy.

We are planning to open another intermodal container terminal in the second quarter of this year, located in Kruševac. That will reinforce the region’s logistics infrastructure and mark the territorial expansion of Nelt’s logistics services portfolio. That terminal is located 10 km from Pan-European Corridor 10, immediately beside Dedina railway station and the future Moravian Corridor. With its strategic location and installed railway tracks, this intermodal terminal provides full logistics support to clients in the region from various industries, through a full dry port service: container handling, vehicle parking, weighing, customs representation, container delivery and shipping.

Nelt has been cooperating for years with company Sekopak, which deals with packaging waste management. Is there any existing data on how much you’ve saved on CO2 emissions in the previous period?

Taking care of waste and the use of non-renewable resources represent an integral part of our company’s business strategy and quality policy. By participating in

the system of packaging waste management operators, through cooperation with Sekopak, our company is able to reduce the amount of packaging waste that ends up in landfills, which also results in a reduction of CO2 emissions. Savings on CO 2 emissions recorded over the last three years totalled approximately 2,000 tons.

Alongside holistic waste management, all Nelt employees contribute to protecting the environment – from colleagues in the warehouse, who collect and separate waste during the process of preparing goods for distribution, to

office employees who use the waste separators installed in buildings and the ‘eco-island’ recycling facilities installed at Nelt’s distribution and logistics centres in Dobanovci, Niš, Novi Sad and Kraljevo. Waste classified in this way, together with packaging waste resulting from warehouse operations, is collected and pressed at the eco-yard that’s been established in Dobanovci.

How do you work to reduce NELT’s ecological footprint when it comes to the use of paper? With the Digital Delivery Note project, which we launched in 2020,

we have significantly automated our logistics processes to a significant extent, gradually phasing out paper documents to eventually use exclusively digital documentation, in order for us to be able to use digital documentation exclusively in future, as the end result. We are currently recording weekly reductions of 160,000 sheets of copier paper, which is 320 reems, or 800 kg of paper. Alongside savings of almost 65% on corrective documents, this means that we use 3.3 tons less paper per month. In this way, we annually save 1,000 trees that would otherwise have been used to produce paper!

Nelt takes significant steps towards sustainable development and work in local communities, in all markets where it operates, year after year. Are you continuing in the same direction and at the same pace?

We, at Nelt, are accelerating the pace, which is in line with our Accelerate 2025 strategy. Sustainability in logistics is crucial to the creation of a sustainable and prosperous future. Through cooperation with other stakeholders in the value system and the establishing of sustainable business strategies, it is possible to ensure a sustainable future for all.

The global intermodal freight transport market is expected to play a key role in the creation of growth opportunities in the years ahead

Photo: Vladimir Miladinović Piki

Photo: Vladimir Miladinović Piki

DRAGANA ĐORĐEVIĆ, INSTITUTE OF CHEMISTRY, TECHNOLOGY AND METALLURGY, UNIVERSITY OF BELGRADE

Will We Cook All The Fish?

Serbia remains a country of extremes – with territories of pristine nature, but a large number of areas where neglect, carelessness and poor public policies are destroying what we have

You can take an aquarium and turn it into fish soup, but you can’t turn fish soup into an aquarium... You’ve cooked the fish – It’s over! That’s history! - It might be a good idea to read this famous sentence of late Serbian Prime Minister Zoran Đinđić multiple times today, when we are thinking about the ways we want to direct the future development of Serbia, and primarily its ecological future. It is in that same context that we should probably also read one

Corruption, low mining rental costs, a lack of concern over environmental protection, cheap labour, a policy of low fines, the absence of state control mechanisms and the like – these are the reasons why ever more foreign mining companies are interested in opening mines in Serbia. Mining is the most destructive form of human activity for the natural environment

sentence of our interlocutor Dragana Đorđević from the University of Belgrade’s Institute of Chemistry, Technology and Metallurgy, who

says: “It is easy to take agricultural land and turn it into a mine, but a mine can never again be turned back into healthy, fertile land”. We

OXYMORON

A small country like Serbia cannot be a country with intensive exploitation of mineral resources, because it would be devastated completely and permanently. With intensive exploitation of minerals, “green policies” are not enforceable

interviewed Đorđević on the topic of the future of Serbia, which is being increasingly depicted as a country with enviable mineral wealth and a bright future from its exploitation. But let’s start from the beginning.

How do you view the quality of the natural environment in Serbia, based on the findings of your research work at the Institute?

Is it a country of pristine nature, as we like to think, or a country that is still a long way from taking care of ecology, as we fear?

Places of pristine nature exist in Serbia, while on the other side there are dirty technologies and energy sources based on poor quality coal - lignite, which traditionally pollute many towns and cities in Serbia, as well as the surrounding settlements. The open-air incinerating of various waste renders the air toxic. The attitude towards watercourses is one of negligence. The Bor River is Europe’s most heavily polluted river. Topčider River collects the runoff neglected industrial waste from former factories in Rakovica and carries pollution into the backwaters of the Sava, near the point where there are also three outlets releasing untreated faecal sewage, and all in the zone of the elite Belgrade Waterfront settlement. The absence of order in the waste management sector has led to the appearance of more than 3,000 wild landfills, which often catch fire. Farmers’ habit of burning fields to get rid of the leftovers after the harvest only serves to make the air even more polluted from the end of one agricultural season to the beginning of the next. Some problems in Serbia can, with political will, be solved.

There are numerous discussions being led in public about Serbia’s mining policies, both when it comes to the management of mineral resources in general and when it comes to specific projects, such as the exploitation of the mineral jadarite. From

PROFIT

SHPPs are being massively removed around the world, due to their disastrous impact on the environment. The SHPP concept of energy transition in Serbia is exclusively due to the profits of investors close to the government

your point of view, what are the most important unanswered questions when it comes to these topics?

Corruption, low mining rental costs, a lack of concern over environmental protection, cheap labour, a policy of low fines, the absence of state control mechanisms and the like – these are the reasons why ever more foreign mining companies are interested in opening mines in Serbia. Mining is the most destructive form of human activity for the natural environment. The exploitation of jadarite is particularly problematic, because the technology for processing it demands

INCLUSION

The greater inclusion of relevant science and professions in shaping public policies or making crucial decisions on the future directions of development is key to solving the problem

exploitation of mineral resources, because it would be devastated completely and permanently. Alongside the intensive exploitation of minerals, “green policies” are not enforceable. There are numerous examples around the world, such as the Republic of Congo, Madagascar, Papua New Guinea or Myanmar, and other small countries that multinational mining companies have devastated irreversibly. Serbia is primarily an agricultural country that’s rich in high-quality agricultural land (70% of the territory), which is in short supply around the world due to it disappearing rapidly and irreversibly. It is

It is planned to construct 856 small hydropower plants on small and clean mountain rivers on the territory of Serbia. They would collectively produce about three per cent of the total energy and completely annihilate watercourses of hills and mountains, while losses in the transmission network exceed 15% and nothing is being done to reduce them

enormous amounts of water and the use of huge amounts of concentrated sulphuric acid and other aggressive acids, while enormous amounts of CO2 would be emitted into the atmosphere. The processing of the mineral ore would occur in a lively and populated area, where people live very well from agriculture thanks to the fertile land and high-quality shallow groundwaters.

Geological research is currently being conducted on 179 fields in Serbia. What, in your opinion, are the most important criteria when we need to decide whether or not to enter into the exploitation of some mineral resource; and is it possible to be a country that has both the intensive exploitation of minerals and “green policies”?

Leaks of toxic mine water occurred already during the exploratory works, poisoning family drinking wells, artesian wells, farmland and surface water. A small country like Serbia cannot be a country with intensive

easy to take agricultural land and turn it into a mine, but a mine can never again be turned back into healthy, fertile land.

How would you rate the quality of the public debate on environmental protection in the context of managing mineral resources in Serbia?

It is practically impossible for the broader scientific community to participate in debate with the professional public, due to the shortness of the period from the announcing of a public debate to it being held, which is often during the period of national holidays or annual summer holidays, thus reducing the possibility of seriously studying the voluminous documentation that represents the subject of the public debate. It is the same case when it comes to the management of mineral resources in Serbia.

To what extent are colleges/faculties, institutes and scientific institutions in -

cluded generally in the shaping of state policies, on the one hand, and in public debate, on the other?

It is possible that individuals from the academic sector, who have close ties to the government, are involved more, but the academic sector is, as a rule, not consulted when it comes to making key decisions. Information related to key decisions that politicians make is largely unavailable to the wider academic sector.

Considering that you are also involved in debate on small hydropower plants, could you give us your assessment of the impact that these plants have on the environment in Serbia?

It is planned to construct 856 small hydropower plants on small and clean mountain rivers on the territory of Serbia. They would collectively produce about three per cent of the total energy and completely annihilate watercourses of hills and mountains, while losses in the transmission network exceed 15% and nothing is being done to reduce them. Mountainous and hilly regions experience strong, torrential erosions and landslides, which are among today’s most urgent issues identified by global science. For example, it

The legislative framework is largely harmonised with EU standards when it comes to environmental protection. Application is lacking, along with the harmonisation of the punitive policy, which is inadequate when compared to the damage caused. That’s why many foreign investors are coming to Serbia

was shown in the Vlasina river basin that the launch of construction of a hydropower plant led to serious problems in the city’s water supply. Following rains and melting snow, erosive material descends from hilly and mountainous areas to the water catchment area of city water supply systems. This results in a break in the water supply until the catchment water is cleaned of mud, which can sometimes last days or even weeks.

Small reservoirs for small hydro plants also emit methane (marsh gas), which is also a greenhouse gas with a much stronger potential impact than CO2. Toxic and carcinogenic oils that pollute the water are also used to lubricate the turbines. The plants’ transformers contain several hundred litres of oil, which occasionally boils when outflow occurs, and subsequently end up in the river. SHPPs are being massively removed around the world, due to their disastrous impact on the environment. The SHPP concept of energy

transition in Serbia is exclusively due to the profits of investors close to the government.

Where should we start when it comes to providing higher quality care for the environment? From amending, and better applying, the legislative framework, or from the greater involvement of the profession in shaping public policies, or from something else entirely?

The legislative framework is largely harmonised with EU standards when it comes to environmental protection. Application is lacking, along with the harmonisation of the punitive policy, which is inadequate when compared to the damage caused. That’s why many foreign investors are coming. The greater inclusion of relevant science and professions in shaping public policies or making crucial decisions on the future directions of development is key to solving the problem.

SavedEnergy IsTheBestEnergy

Serbia consumes 2.5 times more electricity than the world average per unit of social product, which should serve as an argument for us to make reducing energy consumption the number one imperative among our priorities

for us to make reducing energy consumption the number one imperative among our priorities. Are we more satisfied with new energy transformed from some other energy or happier and more successful because we need less energy? This is not only a philosophical question, because it isn’t difficult to simulate the effects of a scenario for our society where we would reduce consumption per unit of social product.

Projects for reconstruction of public lighting that were implemented in local self-governments by the Smart Energy Investment Kft confirmed that it is more justified to invest in energy efficiency than in renewable energy.

One of the first associations with the central topic of this Green Serbia special edition, “Thinking Green and Living Clean”, is energy, and the energy in question is the kind that’s obtained from renewable, green sources. The term “energy” associates us with the current war in Ukraine, the energy crisis in Europe, the financial market crisis that emerged with the raising of reference interest rates, as well as the whole economy. In such a situation, it is justified to make efforts to solve energy challenges. The impression that one gets is that a primary solution in attempts to overcome this challenge is the production of renewables, or “green” energy.

Were the laws, namely the natural laws of physics and the laws in terms of legal norms, ig-

nored when determining the priorities in this case?

The first law of thermodynamics states that “energy can neither be created nor destroyed, only altered in form”. Whether the “green” transition from one form of energy to another will disturb some other balances in nature, just as non-renewable sources disturbed our balances, may be known in the future. The legal framework in Serbia considers energy efficiency as a new source of energy, as is the case in the EU and probably most countries around the world.

A question arises as to whether these two different laws are sufficient for energy efficiency to be ranked first among the priorities in the fight for energy stability. The fact that Serbia consumes 2.5 times more electricity than the world average per unit of social product should serve as an argument

Based on the experience of our projects for the reconstruction of public lighting in local self-governments, we confirmed that it is more justified to invest in energy efficiency than in renewable energy. The benefits of the investment are more quickly achievable for both parties (public and private) because investment and construction operations are simpler and the “new” saved energy is available more quickly. The economic effects on society are more significant. Apart from energy and financial savings, long-term qualitative effects are also achieved, such as increased quality, comfort, and safety. As such, methodologies that function according to the “value for money” principle are moving to a more advanced “value for people” principle, which is better at achieving the Sustainable Development Goals (SDGs).

The average price that our public partners pay for directly saved MWh is fixed at slightly less than 90 euros for the entire duration of the project, and that includes all costs (excise duties and fees).

That is the value that they will pay less to the supplier, assuming that investment and maintenance costs are ignored, which he received free of charge as part of that price. This value is equivalent to the spot market price, less than 70 euros/MWh. The excess energy generated is a new social product, obtained with less energy consumption, which can be sold at a higher price.

We believe that these are sufficient reasons that the slogan “Thinking green and living clean” has energy saving in its essence, because saved energy is the best energy, according to all parameters.

The legal framework in Serbia considers energy efficiency as a new source of energy

GIULIO BOCCALETTI, UNIVERSITY OF OXFORD’S SMITH SCHOOL OF ENTERPRISE AND THE ENVIRONMENT

In Defence Of Nature-Based Carbon Markets

Though carbon-offset schemes are riddled with complexity, there is no question that they pay for something that matters. Far from being a secondary concern, supporting the natural systems that manage the stocks and flows of carbon through the planet’s ecosystems is essential to humans’ survival

Voluntary markets for carbon offsets have recently come under fire, with critics questioning the efficacy of contracts that aim to reduce atmospheric carbon dioxide relative to what would have happened in the contract’s absence. The biggest concerns are about “nature-based” projects involving various land-use changes – such as protecting forests, planting new ones (afforestation), and so forth.

But these instruments’ imperfections are no secret. For well over two decades, ecologists and foresters have been working to develop more sophisticated methods to satisfy economists’ faith in market instru-

ments, and they have made good progress. Though offset schemes are still riddled with complexity, there is no question that they pay for something that matters.

Imagine seeing what the atmosphere sees.

The Intergovernmental Panel on Climate Change’s Sixth Assessment Report provides an outline of the planet’s carbon cycle, which makes evident the fundamental role of plants’ conversion of CO2 into cellulose and back on a massive scale. Terrestrial photosynthesis alone draws down 113 billion tons of carbon every year. By comparison, humanity added about 11 billion tons of carbon to the atmosphere last year.

The problem, of course, is that humans’ cumulative contributions go in only one direction, whereas the carbon captured by vegetation is normally balanced by an equal, opposite flow from plant respiration and degradation. By interfering with the climate system, we have thrown this balance off, adding a net flow of about 5.9 billion tons to the landscape and the ocean every year. In other words, the planet is drawing down only half of what we inject into the atmosphere.

Even a relatively small perturbation in this vast natural cycle can reach an enormous scale. That is why nature is such an attractive climate-mitigation option. Suppose we suc-

ceed in eliminating fossil-fuel combustion. Keeping global average temperatures within 1.5° or 2° Celsius of pre-industrial levels will still require substantial carbon removal. Estimates vary, but they are on the order of 200-300 billion tons removed by plants before 2100.

Nor will the story end there. The atmosphere contains about 870 billion tons of carbon in the form of CO2 (one-third of which has been added since industrialisation), and the carbon cycle connects that atmospheric stock to vast reservoirs. The largest is the ocean, which holds 900 billion tons at the surface and another 37 trillion tons deeper below. Terrestrial vegetation and soils also hold about 2.15 trillion tons, and permafrost contains another 1.2 trillion. As far as the atmosphere is concerned, losses from any of these reservoirs could easily exceed the carbon we burn (from the 930 billion tons that are sequestered in fossil fuels).

Far from being a secondary concern, managing the stocks and flows of carbon through the planet’s ecosystems is essential to keeping the entire Earth system in balance. But to carry out that task, we will need to think differently about the landscape. Landscapes and seascapes are not just the backdrop to our life. They are public infrastructure, and like all infrastructure, they must be paid for and maintained.

Since the 19th century, however, we have known that paying for infrastructure by rewarding its marginal benefit (as offsets do for nature-based interventions) almost never covers the total cost. Because public-utility infrastructure like a highway or an airport tends not to command a high enough marginal value, taxation must cover the rest. Whom to tax then becomes the most important question.

To illustrate the point, consider Brazil, whose ecosystems contain some 60 billion tons of carbon in above-ground biomass. One way to estimate how much this stock is worth is to assume that we value carbon at a given price, say, $50 per ton (halfway between the price in the regulated European market and nature-based offsets in voluntary markets). In this scenario, Brazil is home to ecosystems worth $10 trillion, which is over six times the country’s GDP and far greater than the value of its 13 billion barrels of oil reserves.

Now, how much should the world pay Brazil to keep that forest in trust for everyone? Assuming a 2% fee on the value of the assets (a reasonable rate for most asset managers), the country ought to receive $200 billion per year. On those terms, Brazil would almost certainly put a stop to deforestation in the Amazon.

But here we run into a sad truth. There is simply no evidence that the international community has any appetite to pay such

this mechanism’s shortcomings, at least it directs some money – albeit a drop in the ocean – toward carbon-landscape management.

Of course, additional scrutiny of offsets is welcome for driving improvements. But it would be a fatal mistake to conclude that protecting forests or augmenting Earth’s carbon sink is any less urgent than reducing fossil-fuel emissions. Nature-based offsets traded in voluntary carbon markets should be seen as merely a first step. In the end, we will

Nature-based offsets traded in voluntary carbon markets should be seen as merely a first step. In the end, we will need to do “all of the above”: end fossil-fuel combustion, maintain ecosystems, and augment nature’s capacity to draw down carbon, regardless of whether we can prove that such reductions would not have happened anyway

sums. In 2022, total overseas direct assistance amounted to just $186 billion. For years, rich countries have failed to honor a 2009 pledge of mobilising $100 billion per year to help developing countries adapt to climate change.

By thinking of natural assets not as infrastructure but as service producers, we end up relying on the voluntary payments companies make at the margin in exchange for “offsetting” some other reduction that they cannot or will not carry out. But, for all

need to do “all of the above”: end fossil-fuel combustion, maintain ecosystems, and augment nature’s capacity to draw down carbon, regardless of whether we can prove that such reductions would not have happened anyway.

The atmosphere does not care about our motivations, counterfactuals, or moral hazards. All it sees is carbon flowing in and out. Ecosystems store carbon and draw it from the atmosphere at scales that matter. All of us – taxpayers, consumers, and companies –must pay for this critical public good.

Real Estate Prices Have Yet To Peak

Real estate prices in Serbia increased significantly from 2019 to 2022, as evidenced by data showing that the average value of each individual sale increased from 38,000 euros in 2019 to 54,000 euros in 2022. Nevertheless, despite the already extremely high prices being paid for newly constructed residential apartments, there is still room for them to increase further

Our country’s real estate market has been characterised over the last few years by its outstanding resilience and constant growth in demand for almost all types of real estate –land plots, flats, houses, business premises, garages etc. It appears as though real estate, which is considered the “most conservative” type of property, is being treated as a relatively secure form of investment, which is why there is a growth trend in the number and value of transactions on this market.

The amount of money circulating on the real estate market last year was as much as 90% higher than it had been prior to the outbreak of the pandemic, having increased from four billion euros in 2019 to 7.6 billion in 2022. It should also be noted that the number of sales contracts also increased during the same period, albeit to a much lesser extent (33.7%). It thus follows that real estate prices increased significantly in the 2019-2022 period. It could be calculated that the average value of a single transaction (sale-purchase) increased from 38,000 euros in 2019 to 54,000 euros in 2022 (representing

growth of 42%). Over the course of 2022 alone, the amount of money circulating on the real estate market increased by 24.6%, while the number of sales contracts was up by “only” 1.8%. At the same time, growth in the number of contracts was higher in both 2020 (2.3%) and 2021 (28.4%).

The largest share of the total volume of monetary transactions is held by residential apartments (around 55%). The increase in the value of transactions in this segment is a consequence of increasing prices far more than it is a result of increases in the number of realised sales contracts. According to the data of the Statistical Office of the Republic of Serbia (RZS), the average price of newly constructed flats was 11.7% higher in the first half of 2022 compared to the same period of the preceding year.

What is noticeable is the decline in the share of apartment purchases using bank loans. After the record level in the last quarter of 2020 (32.7%), there was a successive decrease in the share of payments for apartments from loans for eight consecutive quarters, and in the fourth quarter of 2022 it fell to “only” 20.9% . This is aligned fully with the trend of increasing interest rates on housing loans in the observed period (2020-2022). At year’s end 2020, the average interest rate on this type of euro-indexed loan was 2.63%, while two years later (year’s end 2022) it had reached the level of 5.11%. Considering that loans for purchasing apartments had become even more expensive by this January (5.42%), we should expect a slowdown in borrowing for this purpose among citizens.

Regardless of the slowing dynamics of sales, investors don’t seem to be reducing their activity. According to RZS data, the number of apartment constructions completed in 2021 was 14% higher than in 2020, while the number of building permits issued for apartments under construction in 2022 increased by 14% compared to 2021. It can thus be expected that the number of new apartments will increase under similar dynamics in the period ahead. Important questions that impose themselves here relate to the origins of the money of those purchasing new apartments for cash, but also those investing cash in housing projects, but also what will become of this market when they no longer find this type of investment attractive.

IS THERE A REAL ESTATE MARKET “BUBBLE”?

One of the indicators that’s utilised when checking for the presence of “inflated” real estate market prices (for apartments) is the ratio between the average price of a 60m2 apartment and average annual net earnings (price-to-income ratio). This index actually shows how many years the average resident of a country or city needs to work to be able to buy a new build residential unit with an average surface area (60m2). The higher this indicator, the more “inflated” prices are, and, conversely, the lower it is, the easier it is for citizens to become homeowners.

The standard international threshold for this indicator stands at a value of between four and six, so situations in which it exceeds six indicate the existence of a housing market price “bubble”. This general criterion should nevertheless be observed with certain reservations. It is more important to compare the index’s current value with the multiyear average (representing a sort of standard)

Regardless of the slowdown in the dynamics of realised salepurchase deals, for now investors aren’t reducing their activities, or at least have no plans to do so, judging by RZS data on the number of building permits issued and apartment constructions completed

for the same country or city. If it is currently below the multiyear average, we can expect a further rise in housing prices. In contrast, a decrease in housing prices is likely in cases in which the current value of this indicator is above the multiyear average.

According to official data on the price per square metre for new build residential properties and average income in Serbia, that index stood at 14 in 2022. Its average value during the 2013-2019 period was 15.7. It thus follows that, despite the already extremely high prices of new build apartments, room exists for them to increase further. Results by city are also interesting – for instance, the index for the city of Zrenjanin shows that

there is room for prices to increase by an additional 10 per cent, taking into consideration the enduring trend of the ratio between average income and price per square metre.

ARE PRICES FALLING?

The volume of the real estate market, i.e., the total number of completed sale-purchase deals (transactions), is one of the basic indicators of the state of this market. When any changes occur, the real estate market reacts first through increases or decreases in the number of transactions, while prices change slightly and slowly.

That was also the case following the global financial crisis of 2008. Also testifying to this is the data of the National Corporation for Housing Loan Insurance (NKOSK) on the number of sale-purchase transactions realised via bank loans. Prior to the outbreak of the global financial crisis, our country’s real estate market had experienced strong expansion (2005-2008 period). Inflows of funds from privatisations, FDI growth, the hiring of new workers and very dynamic crediting activity in the area of long-term housing loans (mortgages) among banks under foreign ownership all played their part. However, everything ground to a halt once the negative impact of the crisis had been felt in our country (autumn 2008). Many people lost their jobs and monthly earnings and were thus unable to regularly service their obligations to banks, the share of non-performing loans in bank portfolios “exploded” and banks became much more cautious and rigorous when approving new loans. The result was a drastic drop (of as much as 58%) in the number of sale-purchase transactions conducted with the help of bank loans. However, prices didn’t fall significantly, because – obviously – the fall in demand was accompanied by a fall in the supply of residential buildings.

When prices are expected to fall, those who have money/cash will wait to buy, while sellers who can afford it won’t rush to sell and thus reduce the price. It is possible for there to be a repeat of the scenario from 2009 – with a strong drop in the number of transactions, accompanied by a smaller drop in prices.

AND WHAT ABOUT HOUSING LOANS?

When we analyse real estate market developments, we must take the latest cir-

cumstances into account, i.e., the restrictive monetary policy (raising of interest rates) that is deployed with the aim of curbing inflation.

Borrowing conditions for Serbian citizens have become drastically worse over the previous year. The average interest rate on dinar cash loans rose from 8.64% in February 2022 to a whopping 14.29% in February this year. There has also been a significant rise in prices of housing loans (indexed in euros), which occupy an important place in the structure of total bank placements in the retail sector.

When it comes to indexed loans, as much as 85% of placed funds (approx. €5 billion) relate to housing loans, which are naturally long-term loans.

Over 150,000 households are repaying a loan for a residential flat/house. The average interest rate for this type of loan has more than doubled over the course of the last year – from 2.61% to 5.8%. This is the highest interest rate for housing loans since September 2011, when it reached a level of 5.96%.

If we take the example of a family that started repaying a 60,000-euro housing loan with a 20-year repayment period in February of last year, the monthly instalment (annuity) stood at 320 euros at the start of the repayment period, while today it has risen to the amount of 405 euros, which is a hike of 85 euros (10,000 dinars).

As such, a significant number of potential homebuyers remain “out of the game” – as it isn’t so easy to take out a loan. Banks are now more rigorous when approving loans, borrowing conditions are worse and place a far higher burden on monthly incomes, and this is slowly leading to the waning of demand for apartments in this segment.

OFFER OF RESIDENTIAL UNITS

However, regardless of the slowdown in the dynamics of realised sale-purchase deals, for now investors aren’t reducing their activities, or at least have no plans to do so, judging by RZS data on the number of building permits issued and apartment constructions completed.

The number of apartments completed in 2021 was up 14 per cent on 2020, while the number of building permits issued in 2022 was up by 14 per cent compared to 2021. The

Although it is a thankless task to forecast what will happen with this market in 2023, construction plans evidently exist. With an increased supply and a slightly lower level of demand, there is perhaps reason to assume that we could see the emergence of a “cooldown”

number of new apartments can therefore be expected to increase under similar dynamics in the coming period. Although it is a thankless task to forecast what will happen with this market in 2023, construction plans evidently exist. With an increased supply

and a slightly lower level of demand, there is perhaps reason to assume that we could see the emergence of a “cooldown”.

At the same time, it is possible for geopolitical circumstances and rising interest rates, which generally impact negatively on investors, to cause a freeze in construction at a certain juncture.

The growth of prices is gradually starting to slow in the U.S. and EU. That differs by member state in the European Union, but it is noticeable that growth in the prices of apartments and houses was “weaker” at the level of the EU as a whole in 2022. Compared to the same period of 2021, prices were up 3.6% in Q4 2022, which is lower than in the first (10.4%), second (9.8%) and third quarters (7.3%).

ESGPrinciplesFor Permanent Savings

This year Novaston is commemorating 10 years of successful operations in Serbia and the region. It has built a position for itself in the retail, business and logistics sectors, and is now striving to establish and apply trends in the management of aparthotels

When it comes to the EU market, ESG principles will soon be essential for everyone from Serbia wanting to do business with other companies, but Serbia has yet to adopt a specific law that addresses these issues - explains Novaston CEO Mia Zečević, before revealing why this is among the most important topics for all investors.

Given that you’re entering the second decade of your operations, has the time come to expand your portfolio or conquer new markets?

We’ve grown from seven employees to become a unique platform with more than 40 strategic projects and 500,000m2 of real estate surface area that we manage for more than 15 clients, among which are the likes of Schneider Electric, Ikea Serbia, NEPI Rockcastle, CPI Property Group et al. We have built a position in the retail, business and logistics sectors, and we are continuing to apply trends in the management of aparthotels in our country and around the region. Alongside property management, our platform also offers owners a return on their investment through the rental of apartments, considering the tourist potential and project concept. We are working on several other similar projects, with the goal of providing a long-term investment product for all stakeholders in the project development process.

It used to be location that had a crucial influence on the value of real estate, while the standout factors today are ESG standards and energy sustainability. Are these new standards also flourishing in our country?

ESG principles are no longer a trend and choice issue, but rather implementing them in all areas of business is a key factor that’s almost an essential requirement for all companies. They will soon be a necessity for all those from Serbia wanting to do business with other companies when it comes to the EU market. We still lack a specific law that deals with ESG issues, apart from traditional regulations

Our goal is to provide all stakeholders in the project development process with a long-term investment product

in the domain of environmental, labour and criminal law, which isn’t sufficient because ESG implies a much broader story. The will also exists to regulate this area, so we will see what kind of incentives there will be for companies that implement ESG principles in their business strategies. The problem is that, for local investors, the most important factor is the costs that they have, so they only observe the extent to which a project pays off through the short and medium term. Their greatest interest is in how they can extract greater profit as soon as possible, often overlooking the fact that they would be more profitable over the long run. Foreign companies think differently. As an example, I can note that we worked on a project to reconstruct a business property in Novi Sad, where the investor is local and the building is being entered by one of

the world’s largest companies – Schneider Electric – that knows what it wants.

You worked in cooperation with law firm Gecić Law to release a guide for real estate investments in Serbia? How did that come about? The ‘Guide to real estate development – Office Space Case study’ shows, in an understandable and transparent way, the process of investing in the development of a project to construct business premises. Our goal was to create something concise, in one place, for those wanting to invest; to demystify every stage of that challenging process: from making the decision to invest, via construction and opening, to the moment when the building comes to life. Its creation included the participation of the Novaston team, which is characterised by its specific expertise, familiarity with the real estate market in Serbia and the region, more than 15 years of experience in the creation and management of hundreds of thousands of square metres of real estate, together with the team of law firm Gecić Law, which took care of the legal aspect.

MILICA MARIĆ, OWNER AT WOOD MOOD DESIGN

Furniture Harmonised With Nature

The first WOOD MOOD piece was sold in 2010, and a full 12 years passed before the opening of the company’s sales salon in Belgrade, with the range of products having changed significantly until today. It embarked ambitiously from the outset, with large accent pieces that beautify and ennoble a space

When one works with the desire for employees to be happy to be part of the WMD team, and for satisfied customers to recommend us to others and return to us, then success cannot be lacking - says Wood Mood Design (WMD) owner Milica Marić, before revealing why it is important for customers to share the values championed by the brand.

Despite you hailing from a family that has a long tradition of processing and working with wood, the Wood Mood Design brand didn’t emerge overnight. How would you describe the journey from your first pieces of furniture to this unique sales salon?

Even as a child, I found it more interesting to play with little pieces of wood. My parents deal with the production of fine art equipment and accessories, while it was my grandfather who was the traditional old carpenter... I also quickly developed an interest in technical drawing. I saw that somewhere, probably from my father, who’s a mechanical engineer. I was somehow constantly imbued with the artistic and technical aspects, so – despite having completed my schooling in the natural sciences and mathematics department at high school - I opted to enrole in the Faculty of Applied Arts in Belgrade to study interior architecture.

I came up with my first pieces, a WM club table, while in my second year of college. That wasn’t a study course assignment, but rather my resolve to design and create an attractive and appealing table, lightweight, on wheels, which would replace the heavy wooden desk in my room that I had to move every night and which caused me a lot of back pain. The idea emerged when I was sketching symbols while chatting with a friend on the phone. Inspiration can strike in different places and at different moments.

When I completed my studies, I submitted my works in contests, in a desire to discover

Theory is certainly important as a foundation, but people who launch any business should recognise the importance of practice and dedication, and money will come

whether anyone liked what I was doing. I won several international design awards in Italy, Brussels, L.A., Slovenia and the most important one – the Golden Muse Design Award – in NYC, for my design of the Long Socks desk. That is valued and recognised among customers.

I also participated in a contest that was held under the patronage of the Government of the Republic of Serbia. We made the works at company Simpo and then prepared the exhibition. The fact that, after graduating from college, I learnt at such a large and organised manufacturer is of immeasurable importance. Practical experience is essential after graduating from

college, while theory is certainly important as a foundation. People who launch any business should recognise the importance of practice and dedication, and money will come.

I remember how I started... I did most things as a service for other manufacturers, and then a car accident that happened when I was overcome by exhaustion changed the course of WOOD MOOD. It was then that we decided to buy a CNC machine and some simpler machines, as WMD had already started developing after the first furniture fair and the award for exceptional aesthetic design solution. Awards have continued to come ever since, while sales have grown...

The first WOOD MOOD piece was sold in 2010. From then until today, and the range of products has changed significantly since then. I set out ambitiously, making large accent pieces that beautify and ennoble a space. Twelve years passed before the opening of the sales salon in Belgrade. When I was ready to accept the risk, an unusual space emerged, filled with warmth and originality, as customers usually comment.

You participate in almost every segment of production – from initial idea, technical development and CNC machine programming, all the way to presentation and sales. Is it fair to say that this isn’t really a regular approach to doing business?

I am the owner, but primarily also the designer. And that need I have to create has already produced the recognisable brand that is WOOD MOOD DESIGN. That comes with responsibility, both towards the people with whom I work and towards the customers. I want the people I work with to be happy and satisfied to be working at WMD and for our satisfied customers to recommend us to others and return themselves. I learned to programme and work on the CNC machine, which also means a lot to me when it comes to the development of new products, but I also plan to involve others in that.

Your salon is unique, while your furniture is sturdy, durable, original and in harmony with nature, though it it also blends perfectly into various ambiences. Your customers are certainly people who have unique and exquisitely refined taste... Our customers share the values that we promote. They value quality, monitor the design scene and want something interesting and different. They are versatile and educated people, and it is a real pleasure for me to communicate with them. I love my job. I’m devoted to it, don’t have working hours because I do what I love for a living and it isn’t difficult for me to always have an answer to every question they ask.

Every item of furniture in your salon has an original design, but also an original name. What inspired you to name chairs Pufna and Bobica, to name a shelf Cakana, and what’s the connection between the desk and Long Socks? That includes the participation of all the people I work with, my friends, customers... It is important for the name to contain the idea of WMD, for these pieces to be part of your family, which you will live with and which will make your ease and

beautify your life. Whether that’s an association with the look, as with Pufnica, or the inspiration is a person, event or life moment, as with Long Socks, it is important for that to be something positive that brings a smile to your face and something that you love. That’s because the idea of WMD is harmony with nature and furniture that you love, and there’s just the right amount of wood there. Stop by Takovska 49a in Belgrade and check out everything I’ve discussed for yourself.