November 2023, Issue No. 229 by CorD Magazine

H.E. Edward Ferguson

UK Ambassador to Serbia

Minister of Health of Serbia

Ambassador of Austria to Serbia

DEDICATED TO THE MAJESTY OF THE BRAIN

FRIENDS OF THE WESTERN BALKANS NOVEMBER 2023/ ISSUE NO. 229

NO EVIDENCE AGAINST THE SERBIAN ORTHODOX CHURCH

H.E. Christian Ebner

Danica Grujičić

interviews opinions news comments events COMMENT

How Does “Strategic Patience” Strike You? FOCUS

What awaits us in 2024? Fragile Optimism

EXCLUSIVE

Han Duck-soo

SPECIAL EDITION

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NORDIC 2023

Regional Role Model

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AUSTRIA 2023

Commited to Partnership

Serbia’s Importance on the Rise in Seoul

ISSN1451-7833

Prime Minister of the Republic of Korea

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Contents 08 H OW DOES

16 N O EVIDENCE

“STRATEGIC PATIENCE” STRIKE YOU?

AGAINST THE SERBIAN ORTHODOX CHURCH

ZORAN PANOVIĆ

H.E. EDWARD FERGUSON UK Ambassador to Serbia

30 S TRATEGIC

DEVELOPMENT

84 H ENRY MOORE:

125 YEARS OF AN ARTISTIC TITAN

MILESTONE IN CAMBODIANSERBIAN RELATIONS

ART

31 B USINESS

DIALOGUE

49 F ROM GOOGLE’S

GARAGE TO YOUTUBE’S HELM

ENTREPRENEUR

10 S ERBIA’S

24 F RAGILE OPTIMISM

IMPORTANCE ON THE RISE IN SEOUL

51 A USTRIA

90 D EDICATED

TO THE MAJESTY OF THE BRAIN

2023

WHAT AWAITS US IN 2024?

DANICA GRUJIČIĆ

Minister of Health of Serbia

AUSTRIA 2023

Commited to Partnership

FOCUS

HAN DUCK-SOO

SPECIAL EDITION

Prime Minister of the Republic of Korea

28 T HE MAIN

DRIVERS OF GLOBAL ECONOMIC UNCERTAINTY

OPINION

83 W RITING

CREATES EMPATHY

102 F ACES & PLACES

CATHERINE CUSSET Novelist and Writer

“CorD - 20 Years of Independent Thought and Inspiration”

CorD_Magazine cordmagazine thecordmagazine cordmagazine cordmagazine 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

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CONTRIBUTORS: Ljubica Gojgić, Zoran Panović, Radmila Stanković, Maja Vukadinović, Mirjana Jovanović, Miša Brkić, Rob Dugdale, Steve MacKenzie, Zorica Todorović Mirković, Sonja Ćirić, Miloš Belčević PHOTOS: Zoran Petrović

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COMMENT

How Does “Strategic Patience” Strike You? By Zoran Panović

Following the Banjska attack and the meeting of the UN Security Council dedicated to Kosovo, the issue of Vučić’s wiggle room has become urgent, while it is becoming increasingly difficult to be able to talk about “strategic patience” becoming increasingly difficult to be able

the countries of the Quint can still help

to talk about “strategic patience”, which

the Kosovo Serbs – in forcing the form-

we’ve heard in informed diplomatic cir-

ing of the famous Community of Serb

cles since the time that Christopher Hill

municipalities (agreed under the Brus-

was U.S. ambassador in Belgrade.

sels Agreement) – more than they can

The West’s obsession with Kosovo

be helped by “the majority of humani-

continues, as confirmed by the arrival

ty that doesn’t recognise Kosovo inde-

in Pristina and Belgrade of the “big five”

pendence”, as the Serbian government

Western mediators for Kosovo. They are

likes to stress.

seeking that both Vučić and Kurti show

Vučić felt the “scent of freedom” at the

full respect to the Ohrid Agreement. Two

UN General Assembly. That is the spirit of

things are at least certain for now: it is

libertarian of the countries that no longer

erbia is indeed a country of

tough to imagine Kosovo again being

want to bow to the dictates of the “Collec-

paradoxes. And President Vučić

under the full sovereignty of Serbia,

tive West”. At the promotion of the “Pupin

governs thanks to the technol-

just as it is difficult to imagine Kosovo

Initiative” (named after famous Ameri-

ogy of mutually functional paradoxes:

as the kind of civil state that is disingen-

can-Serbian scientist Mihajlo Pupin), in

one of the main ones being that Vučić

uously discussed by Kosovo President

front of ambassador Hill, and after the

presides over a country that aspires to

Osmani, whose ethno-nationalism (al-

incident in Banjska, PM Brnabić utilised

full EU membership while at the same

beit in the shadow of Kurti’s) can hardly

a similar metaphor, albeit in a different

time hoping that today’s Serbian chil-

mask democratic platitudes and fantas-

context, saying that she “feels a breath of

dren will tomorrow live in a world shaped

tical comparisons between Vučić’s pol-

fresh air”, which is nonetheless not quite

by BRICS. And there are acutely more

icies and those of Milošević and Putin.

as pretentious as Vučić’s “scent of free-

serious paradoxes than this futurism:

Speaking at the meeting of the UN

dom” that he inhaled in New York. Per-

the country representing Serbia’s top

Security Council dedicated to Kosovo,

haps that’s also because the same gath-

trading partner – Germany – isn’t simul-

Serbian PM Brnabić demonstrated her

ering saw ambassador Hill speak about

taneously a political ally of Serbia (due

pedantic meticulousness in noting the

relations between Serbia and the U.S. in

to both Kosovo and Bosnia-Herzegovi-

pressures under which the Serbian com-

categories of alliance. Vučić probably even

na), at least as far as the Serbian public

munity in Kosovo lives, while denounc-

travelled to China to meet with “brother

understands the notion of alliance. It is

ing violence and advocating dialogue.

Xi” feeling more serene after Hill clari-

also paradoxical that the U.S. – as the

There was no expressing of hope for a

fied that alliance with the U.S. “doesn’t

country with which Serbia exchanges

better and fairer globalised world that

mean you can’t have friends on the oth-

the most services – isn’t among Serbia’s

has yet to come, which is precisely what

er side of the world.”

political patrons (at least not to the ex-

was expressed by President Vučić in

Perhaps Trump’s America or Biden’s cur-

tent that of some other players on the

his address to the UN General Assem-

rent America wouldn’t even acknowl-

territory of the former Yugoslavia).

bly just a few days before the Banjska

edge the validity of a creation like Kur-

Following the Banjska attack and the

violence. This time around, Brnabić ex-

ti’s Kosovo, but as William Montgomery,

meeting of the UN Security Council dedi-

pressed hope that a sustainable solu-

former U.S. ambassador in Belgrade,

cated to Kosovo, the issue of Vučić’s wig-

tion for the Serbs would be found in

says: “there’s no going back”. And that’s

gle room has become urgent, while it is

this unjust world, where it seems that

something Vučić knows

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INTERVIEW

EXCLUSIVE

Serbia’s Importance on the Rise in Seoul Korean companies have been actively investing in Eastern European countries – in the automotive, electric vehicle battery and consumer electronics sectors – yet their investments in Serbia have not been as vibrant as in these countries. However, as competition on the Eastern European markets becomes tougher and Belgrade pursues more proactive investment policies, Serbia has gained increasing importance as a gateway to Eastern Europe Han Duck-soo Prime Minister of the Republic of Korea

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ommenting on the situation in the Western Balkans, Prime Minister Han Duck-soo says in this exclusive interview for CorD: “The stability of the Western Balkan region has a significant impact on the overall stability of Europe as a whole, especially at this juncture of global instability as a result of events like the war in Ukraine and the conflict in the Middle East. In today’s interconnected world, European security also has implications for the security of the Korean Peninsula and Northeast Asia, so South Korea is also closely monitoring the situation in the Western Balkans.”

people. I hope that a more diverse range of South Korean companies will enter the Serbian market in the future, further contributing to Serbia’s economic development and the diversification of our economic cooperation.

Mr Prime Minister, could you elaborate on the key aspects of the significant recent agreement reached on mutual investment promotion and protection between Serbia and South Korea; how will it benefit both countries; how does this achievement align with your country’s broader perspective on the re-composition of global value chains and trade partnerships, and what role do South Korean business interests play in this context? —Korean companies have been actively investing in Eastern European countries, including Czechia, Poland, Hungary and Slovakia, in the automotive, electric vehicle battery and consumer electronics sectors – yet Korean investment in Serbia has not been as vibrant as it has in these countries. However, as competition on the Eastern European markets becomes tougher and Serbia pursues more proactive investment policies, Serbia has gained increasing importance as a gateway to Eastern Europe. In this context, the signing of the Investment Protection Agreement is expected to serve as a valuable legal framework for promoting and safeguarding investments, further facilitating economic cooperation between the two countries. Currently, 18 South Korean SMEs have established a presence in Serbia, employing approximately 2,000

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You stated in your talks with Serbian Prime Minister Ana Brnabić that you see Serbia as a hub for companies from your country to expand their European operations. What is required for that idea to achieve fruition?

Regarding the situation on the Korean Peninsula, Serbia has consistently condemned North Korea’s illicit nuclear missile activities and participated in all EU-imposed sanctions, supporting our government’s policies

Luncheon of the two Prime Ministers in Seoul, 8th September 2023

—As previously mentioned, the Investment Protection Agreement signed during Prime Minister Brnabić’s visit is a significant step towards bringing this to fruition. To further promote bilateral investment and trade, and establish Serbia as a hub for European markets, the next step would be the signing of the Economic Partnership Agreement (EPA). Recognising Serbia’s geographical and economic significance, the Korean government has designated Serbia as a priority country for the initiation of the Economic Partnership Agreement. Efforts are underway to complete the necessary domestic procedures by year’s end, facilitating the commencement of negotiations at the earliest possible date. The signing of the EPA is expected to lower or eliminate trade barriers between our two countries, including tariffs, thereby further boosting economic exchanges. Furthermore, if Serbia achieves EU accession, which is a strategic goal of

DENUCLEARISATION

COOPERATION

INNOVATION

In response to North Korea’s heightened nuclear and missile threats, South Korea will continue its efforts aimed at completing North Korea’s denuclearisation and nurturing peace on the Korean Peninsula

We look forward to UN-level cooperation with Serbia in dealing with global challenges like climate change, cybersecurity, the digital divide and sustainable development

Serbia is a country that has established ethical guidelines for the use of AI and is known for its openness to new technologies and innovation

the country, I believe that investment between the two countries can be further facilitated within the framework of the existing South Korea-EU Free Trade Agreement. Your meetings with the Serbian PM have been described as successful and important. Could you share your thoughts on how these discussions might lead to new initiatives and foreign direct investments? —Serbia and Korea have complementary economic structures. In addition to Serbia’s aforementioned strengths as an investment destination, when it comes to trade Serbia has excellent

agricultural products, food items and rare minerals. On the other hand, Korea is a leading country in advanced technology sectors and is exploring new investment opportunities. For instance, Serbia possesses a significant quantity of minerals, particularly lithium, which is crucial for the eco-friendly energy transition. South Korea boasts leading global battery manufacturers such as LG and SK. This presents opportunities for potential collaboration in the electric vehicle battery sector. Additionally, Serbia is a major producer of grains and South Korea imports a substantial amount of Serbi-

Currently, 18 South Korean SMEs employ

2,000 people Serbia

an corn via Romania. In this context, there is substantial potential for the two countries to enhance cooperation in food security, which is becoming increasingly important. In conclusion, there are numerous areas in which there is real scope to enhance and nurture our cooperation in the economic realm. In this regard, the EPA and Investment Protection Agreement serve as valuable tools to define our mutual goals and take strategic steps towards achieving those goals. You’ve mentioned that technology was noted as a priority for collaboration in your talks with the Serbian Prime Minister. Could you provide examples of specific technology sectors in which Serbia and South Korea could enhance their cooperation? —South Korea, as a leading country in advanced technology fields like ICT, has been providing support for the development of Serbia’s technological infrastructure. During the visit of Prime Minister Brnabić, the two countries discussed further enhancing shared efforts in innovative industries like smart mobility and the digital transition. Since 2019, South Korea and Serbia have maintained active collaboration regarding the implementation of Serbia’s e-government systems. South Korea established an e-government cooperation centre in Belgrade in 2020, in an effort to support the further enhancement of Serbia’s administrative systems. Additionally, two information access centres have been set up in Belgrade and Niš to facilitate ICT education for both public servants and civilians.

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ed to abstain in voting on Kosovo’s entry into UNESCO three years ago. Given the experience of events that have led to today’s reality on the Korean Peninsula, how do you view unfolding events in Kosovo today? The stability of the Western Balkan region has a significant impact on the overall stability of Europe as a whole, especially at this juncture of global instability as a result of events like the war in Ukraine and the conflict in the Middle East. In today’s interconnected world, European security also has implications for the security of the Korean Peninsula and Northeast Asia, so South Korea is also closely monitoring the situation in the Western Balkans.

Furthermore, it is notable that Serbia last year joined the Global Partnership on Artificial Intelligence (GPAI), demonstrating its commitment to fostering the AI industry. Serbia is a country that has established ethical guidelines for the use of AI and is known for its openness to new technologies and innovation. South Korea has also taken significant steps in this direction, forming the National Data Policy Committee under the Prime Minister’s leadership to promote data and AI technology. These efforts suggest that there are ample opportunities for both countries to further enhance their shared efforts in these related fields in the future. What are the key issues with which our two countries can improve their cooperation at the political level? —In February of this year, a high-level policy dialogue was held between the two countries in which discussions not only covered bilateral issues, but also explored measures for political cooperation on major regional concerns. The two countries are currently exploring avenues for shared efforts on the multilateral stage, on the basis of their close bilateral relations. In particular, regarding the situation on the Korean Peninsula, Serbia has consist-

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ently condemned North Korea’s illicit nuclear missile activities and participated in all EU-imposed sanctions, supporting our government’s policies. As South Korea assumes the position of a non-permanent member of the UN Security Council in 2024, we look forward to UN-level cooperation with Serbia in dealing with global challenges like climate change, cybersecurity, the digital divide and sustainable development. How do you view the situation in the Western Balkans and could South Korea play an active role in promoting regional stability and international cooperation in the years ahead? The Republic of Korea opt-

Serbia possesses a significant quantity of minerals, particularly lithium, which is crucial for the eco-friendly energy transition. South Korea boasts leading global battery manufacturers such as LG and SK. This presents opportunities for potential collaboration in the electric vehicle battery sector

Cultural exchange can represent a significant aspect of international relations. Are there any plans to intensify cultural exchange programmes between our two countries that you would like to share with our readers? —The Agreement on Cooperation in the Fields of Culture, Art and Education was signed in 2006 and a Joint Committee was held in 2017, providing an institutional framework for cultural cooperation. With this as a valuable foundation, the Korean government has been steadily promoting cooperation in related fields, such as culture, art and education. In particular, the Korean government seeks to strengthen cultural and people-to-people exchanges with Serbia through two-way cultural diplomacy. Indeed, this year, the Gyeonggi Sinawi Orchestra, a fusion orchestra, visited Serbia to present unique and diverse aspects of Korean music to the Serbian people. I believe that exchanges involving artistic groups can indeed serve to foster bonds and nurture a sense of rapport through culture. Furthermore, the Forum for Strategic Studies, a thinktank based in Serbia, and the Embassy of the Republic of Korea to Serbia held a public diplomacy debate that served to deepen trust between the two countries. Through communication with the Ser-

bian people, academia and the media, we have developed a better and clearer shared understanding of the policies of the two countries. In this regard, the Korean government will continue to promote cultural and people-to-people exchanges with Serbia, with a view to fostering even deeper mutual understanding. In this way, we look forward to exchanges between the two countries continuing to expand and thrive. Looking ahead to 2024, given that global political and economic tensions haven’t eased, what are your expectations and priorities for South Korea over the coming year? —There are now mounting challenges to the rules-based international order: not least in the form of North Korea’s evolving nuclear and missile threats; Russia’s unjustifiable invasion of Ukraine; the heightened geopolitical tensions in the Indo-Pacific region; the global climate crisis; disruptions in global supply chains; and the energy crisis. The attack on Israel by Hamas has added further uncertainty and insecurity in the global community, and indeed in the global economy. Amidst the sincere efforts to address such a ‘poly-crisis’, there is an ever-greater need to strengthen international cooperation and solidar-

Korea’s aspiration to host the

2030 World Expo in Busan is rooted in our sense of responsibility

ity in order to uphold the universal values that we treasure and indeed the rules-based international order that serves to safeguard them. Accordingly, in these times of uncertainty – this epochal tectonic shift, often referred to as ‘Zeitwende’ – the standing and role of Korea is expected to be further elevated and broadened. Indeed, there is widespread recognition of Korea’s ability to move forward to embrace the opportunities and promise of the future while safeguarding universal values. Against this backdrop, the Republic of Korea will seek to expand its roles and responsibilities to contribute even more to upholding the rulesbased order and its underlying core values. It will do so in a wide range of areas, including the economy; science and technology; and space, among many others. This is the vision we embrace of a Global Pivotal State (GPS) that contributes to a free, peaceful and prosperous world. It is with the aim of realising this vision of serving as a GPS that Korea announced its own Indo-Pacific Strategy last December. Moreover, as a non-permanent member of the UN Security Council for the 2024-2025 term, Korea will work on building and sustaining global peace and security and on responding to

emerging threats on the solid basis of international law and with universal values as a guiding light. In response to North Korea’s heightened nuclear and missile threats, South Korea will continue its efforts aimed at completing North Korea’s denuclearisation and nurturing peace on the Korean Peninsula, while enhancing the effectiveness of extended deterrence based on the ROK-U.S. combined defence posture. Furthermore, Korea will continue to strengthen Korea-U.S.-Japan trilateral security cooperation. The Republic of Korea will contribute actively to addressing various global issues for the betterment of humanity. In particular, drawing on the wisdom and insights gained in travelling its path of development, Korea will continue to truly fulfil a bridging role between developed and developing countries, in order to play a valuable part in fostering global co-prosperity. In this regard, Korea will continue to scale up its ODA to promote development cooperation that contributes to the realisation of global values like freedom, democracy, human rights and the rule of law. The Korean government’s aspiration to host the 2030 World Expo in Busan is also rooted in our sense of responsibility. We are eager to share with the global community all the blessings we have received since the Korean War. Through the Busan Expo 2030, we will provide a platform for the world to explore solutions to common challenges such as climate change, economic inequality and the digital divide. Serbia has already secured the right to host the Belgrade Expo 2027. We sincerely hope that the Busan Expo will echo this, also offering valuable windows of opportunity for deepening interaction and teamwork between our two countries, opening up new vistas in our rapport. We look forward, with the momentum generated by such an inspiring Expo, to deepening bonds of friendship between our nations. And we truly believe that this will be to the benefit of humankind more broadly.

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INTERVIEW

No Evidence Against the Serbian Orthodox Church H.E. Edward Ferguson UK Ambassador to Serbia By Ljubica Gojgić

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The position of the British Government aligns with that of KFOR, which has confirmed that they have no evidence that the Serbian Orthodox Church is involved in weapons smuggling from Serbia to Kosovo. However, as we saw in Banjska, it is very clear that there is a real problem with the availability of illegal weapons in northern Kosovo. This has already caused the deaths of too many people. It is vital that everyone works together to create a safer and more secure environment for the benefit of all citizens and communities in Kosovo ~ Edward Ferguson he UK wants to be part of a positive story that leads this region to strengthening peace and prosperity and economic development, says new ambassador Edward Ferguson. Speaking in this interview for CorD Magazine, he adds that he has come to Belgrade with “£4bn of funding available for Serbia” and that he sees “clear opportunities for UK finance to support large infrastructure and renewable energy projects, including road and rail improvements, as well as solar, hydro and wind energy production”. At the same time, he admits that he’s aware that relations between the UK and Serbia have had their ups and downs, and he notes that during his first weeks in the country he was often asked about allegations of weapons being hidden in the churches and monasteries of the Serbian Orthodox Church in Kosovo.

Your Excellency, you stated upon arrival in Belgrade that you would like to revitalise the traditionally good relations between the UK and Serbia, with a view to the alliance of the two world wars, mutual national respect and shared interests. What would you single out as the current common interests of the UK and Serbia? — You are absolutely right that the UK and Serbia share a long and dramatic history of close relations. During my first months here, I have been fascinated to learn more about the stories that have connected us for nearly two centuries; about Dositej Obradović, Serbia’s first Minister of Education and a fervent anglophile who used to live in London; about the hundreds of Scot-

tish doctors and nurses who cared for Serbian soldiers and civilians during the typhus epidemic of World War I, and about the vital role of the British military missions in helping to defeat the Nazis in Yugoslavia in World War II. I’ve learned about the strong con-

nections between our churches – from Scottish missionary Francis Mackenzie, who donated the land for the Temple of Saint Sava in Belgrade, to eminent Orthodox theologians like Saints Nikolaj Velimirović and Justin Popović, who found wartime refuge in Britain. I’ve learned about our strong cultural relations – from the Henry Moore exhibition in 1955, which kickstarted the abstract art movement in Yugoslavia, through great British comedies, such as Only Fools and Horses and Monty Python, that have made us laugh together, to today’s vibrant exchanges in music, film and sport. So, we have a rich, shared history. During those two centuries, there

have certainly been ups and downs – but my first weeks in Serbia have made me optimistic and ambitious for the future. First and foremost, of course, we share an interest in peace and prosperity on the European continent. Serbia’s economy is doing well: you have doubled your GDP in a decade, and have succeeded in attracting record foreign investment. There are important projects underway to improve infrastructure and boost renewable energy. Serbia will be in the global spotlight when it hosts Expo 2027, but Serbia, like every other country in Europe, is feeling the effects of Russia’s devastating, illegal invasion of Ukraine in the form of high inflation, from rental prices to the cost of energy and food. And the persistent sense of instability across the Western Balkans continues to hold Serbia and its neighbours back from achieving their true economic potential. We may not always agree on how best to solve these problems, but we certainly share an interest in finding solutions that can help to build a positive narrative about the future of this region. The UK wants to be part of that positive story and I personally want to build a bilateral partnership between the UK and Serbia that is modern, dynamic and firmly oriented towards the future. You’ve also said that you would like to see many more British companies coming to invest in and trade with Serbia, because our country has “wonderful economic possibilities”. In which areas do you see room to advance bilateral economic cooperation?

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ECONOMY

LITHIUM

DIALOGUE

Serbia’s economy is doing well: you have doubled your GDP in a decade, and have succeeded in attracting record foreign investment

We’re not in any way seeking to offshore lithium production to Serbia in order to spare ourselves the environmental harm

It is vital that political leaders return to dialogue, but it is even more important that we see real concessions and concrete steps to implement the commitments that have been made

— I see a lot of opportunities and I am very ambitious to grow our trade exchange. We already have some big investors here, including Astra Zeneca, which has recently signed an MoU with the Government to collaborate on the BIO4 campus, as well as Jaguar Land Rover, G4S and Hive Energy, a major investor in solar power generation. A British company called Menzies Aviation has just agreed a joint venture with Air Serbia to provide ground services at Belgrade airport. The volume of trade in goods between the UK and Serbia recently broke through the €1bn barrier. So, we have a strong foundation, but there is a lot of room for growth. One of our most important tools is our ability to offer competitive, flexible UK Export Finance, which we are already using to enable large-scale projects like the Morava highway. We have up to £4bn of funding available for Serbia. The beauty of the funding is that it is sovereign-backed, which means that Serbia can borrow against the UK’s credit rating rather than its own, which keeps interest rates low. I see opportunities for UK finance to support large infrastructure and renewable energy projects in Serbia, including road and rail improvements, as well as solar, hydro and wind energy production. In discussions with your interlocutors in Belgrade, you’ve expressed an interest in cooperation in the field of environmental protection. Do you have understanding for the stance of Serbian citizens who believe that the mining of lithium – which is also of interest to British-owned companies – will have a disastrous environmental impact in Serbia? — I have only been here for three months, but I have already been lucky enough to spend quite a lot of time travelling

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I find it very encouraging that both President Vučić and PM Kurti, as well as the Serb communities in northern Kosovo, can all agree that KFOR, as a NATO force, is responsible and impartial around Serbia. It really is the most beautiful country. You have an incredible richness and diversity of natural beauty, but I think everyone would agree that there is a lot to be done to protect and improve the natural environment – from reducing air pollution in cities to raising water quality in your rivers. So, yes, of course I understand why people feel passionately about protecting their environment, and I think that British companies have a great deal of expertise, for example in waste management, water treatment and green energy, which

could help. In all that we do, we must keep in mind what we will pass on to future generations. However, I have to say that there is a lot of misunderstanding about what lithium exploitation in Serbia might actually involve. UK-owned mining companies like Rio Tinto are amongst the most capable and environmentally responsible in the world. No-one can deny that mining of any kind has an environmental impact, but there are ways to keep that impact to an absolute minimum. I think it’s really important to have more dialogue between companies, government, local communities and environmental groups. I’d hope that it should be possible to negotiate a way forward where everyone can win. Ultimately, it’s up to the Serbian Government to decide whether to proceed with lithium mining, and to put in place strong safeguards to protect the natural environment. At the same time, I think it’s also really important to recognise that Serbia’s huge lithium reserves represent a strategic opportunity for this country: to give a huge boost to the economy, both at the local and national level, and to put Serbia right at the heart of Europe’s green transition. But this opportunity is time-limited. New lithium mines are coming online all over the world, and Serbia needs to move quickly if it to secure the maximum benefit. If lithium is so important and profitable, why is it not yet being mined in the UK, which possesses rich reserves and certainly has more significant mining experience than many European countries, including Serbia? — Actually, we are right now in the process of opening up the UK’s first lithium mine in Cornwall. The British Government is investing in the mine

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through the UK Infrastructure Bank, precisely because we recognise lithium’s importance as a driver of economic growth and energy security, and because lithium is critical to the future of electric vehicle battery consumption and to the decarbonisation of the transport sector. You can rest assured that we will only be proceeding with lithium mining in the UK because we are satisfied that it is indeed possible to apply high environmental standards. So, to be clear, we’re not in any way seeking to offshore lithium production to Serbia in order to spare ourselves the environmental harm. On the contrary, we see an opportunity for Serbia to become a major player in the global lithium market, in a way that could turbo-charge your commercial relationships with countries like the UK – and we’re keen to support and enable that opportunity, should you choose to proceed. It was announced following the latest security incident in Kosovo that the UK will be sending another 200 troops to strengthen KFOR forces. In your opinion, what role does KFOR play in Kosovo today: to ensure the implementing of UNSC Resolution 1244 or to assist the Pristina government in establishing full control over the territory that it declared as being independent of Serbia? — The role of KFOR is very clearly defined. It is to ensure a safe and secure environment and freedom of movement for all people and communities in Kosovo, and that is what the UK troops assigned to KFOR will be doing. There are actually 600 additional UK troops assigned to KFOR: 400 were already in Kosovo on an annual training exercise, and 200 have subsequently arrived from the UK. I know the relationship between Serbia and NATO can be a complex one, but I find it very encouraging that both President Vučić and PM Kurti, as well as the Serb communities in northern Kosovo, can all agree that KFOR, as a NATO force, is responsible and

november

impartial; that it is a force for good that contributes to security in Kosovo and the wider region. What is most important now is to calm the situation on the ground. Emotions have been running high on all sides, but governments and the media in Serbia and Kosovo need to stop their inflammatory rhetoric, which risks further aggravating tensions. It has been encouraging to see Serbian armed forces pulling back from the border, and the arrest of Milan Radoičić, the confessed leader of the armed group that killed the Kosovan policeman. Serbia now needs to show that those responsible for this unacceptable attack will face justice, and we need to see urgent steps to address the uncontrolled proliferation of weapons in northern Kosovo.

You have an incredible richness and diversity of natural beauty, but I think everyone would agree that there is a lot to be done to protect and improve the natural environment – from reducing air pollution in cities to raising water quality in your rivers

Do you believe it is possible to resume the dialogue between Belgrade and Pristina, and, if so, what would you consider as being urgent issues that should be on the agenda of these discussions? — It may not be easy, but it is both essential and urgent. Recent events show very clearly what is at stake. The message that has gone out to the world, once again, is that the Western Balkans remains unstable. That is very damaging. It risks deterring tourists and investors, who may choose to put their money elsewhere. It may encourage yet more talented, young people to leave Kosovo, Serbia and the region in order to build their lives abroad. So, it is vital that political leaders return to dialogue, but it is even more important that we see real concessions and concrete steps to implement the commitments that have been made. The Ohrid Agreement of March this year sets out what needs to be done, from Kosovo’s creation of the Association of Serb Majority Municipalities to mutual recognition of national symbols, passports, diplomas and licence plates. Fundamentally, we need to see real steps towards normalisation that will give citizens of both Serbia and Kosovo a sense of hope and confidence in a brighter future.

Could you explain how the story claiming that churches and monasteries in Kosovo are places where weapons are traded and stored happened to originate in the UK? Should we believe your colleague from the UK Parliament or the official reports of KFOR and EULEX refuting these allegations? — As I’ve said before, the position of the British Government aligns with that of KFOR, which has confirmed that they have no evidence that the Serbian Orthodox Church is involved in weapons smuggling from Serbia to Kosovo. However, as we saw in Banjska, it is very clear that there is a real problem with the availability of illegal weapons in northern Kosovo. This has already caused the deaths of too many people. It is vital that everyone works together to create a safer and more secure environment for the

The message that has gone out to the world, once again, is that the Western Balkans remains unstable. That is very damaging. It risks deterring tourists and investors, who may choose to put their money elsewhere benefit of all citizens and communities in Kosovo. Following a hiatus, British Airways returned to Serbia in late October and will once again transport passengers to London. However, Serbian citizens still need a visa to travel to the UK, with the government in London insisting that conditions for revoking visas still haven’t been

met after 30 years. Why do you think a visa-free regime is impossible for Serbian nationals? — It’s really exciting news that British Airways will resume flights from London Heathrow to Belgrade in October. Alongside the flights of Air Serbia and WizzAir, it will give passengers more choice, and the competition can help to reduce prices. I think that this can be a perfect foundation for boosting trade, tourism, cultural and people-to-people connections between the UK and Serbia. All countries in the Western Balkans need a visa to travel to the UK. We have a wide range of visas to work, study, join family and visit the UK, and thousands of people from Serbia apply successfully for visas every year. I would absolutely encourage people from Serbia to come and visit the UK. They can be assured of a warm welcome.

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Global Diary

“There is no instance of a nation benefiting from prolonged warfare” Sun Tzu

Brussels Deadly Attacks

Photo Reuters

In a harrowing incident in central Brussels, a Tunisian attacker believed to have fatally shot two Swedish football enthusiasts was subsequently neutralised by police in a local café. The assailant, 45, professed allegiance to the Islamic State in a video uploaded online and is suspected of injuring another Swede during his rampage. The incident occurred amidst heightened security concerns across Europe due to the Israel-Hamas conflict. However, prosecutors indicated the gunman’s motive was more closely tied to recent Koran burnings in Sweden. Sweden’s Prime Minister responded gravely, emphasising the urgent need for Europe to strengthen its security measures.

Iceland Crowned World’s Safest Country for 16th Consecutive Year Iceland has, for the 16th year running, been named the world’s safest and most peaceful country according to the Global Peace Index (GPI). The report, produced by the Institute for Economics and Peace (IEP), gauges nations’ and regions’ relative peace and safety standings globally. The GPI evaluates 163 independent nations and territories, representing a massive 99.7% of the global population, ranking them based on their security levels. Several factors contribute to Iceland’s stellar ranking, with the nation’s unwavering commitment to democracy and human rights at the forefront. Other contributors include its low crime and violence rates, a robust social welfare system, and a staunch stance on military neutrality.

Poland’s PiS Party Loses Parliamentary Majority as Opposition Gains Ground In the recent Polish parliamentary elections, official results have mirrored exit poll findings, revealing that while the national-conservative Law and Justice (PiS) party clinched the most votes, it has forfeited its parliamentary majority. The mainstream opposition, comprising the centrist Civic Coalition (KO), centre-right Third Way (Trzecia Droga), and The Left (Lewica), now collectively hold a majority sufficient to establish a government. The far-right Confederation (Konfederacja) took the fifth position. 22

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“Peace cannot be kept by force; it can only be achieved by understanding” Albert Einstein

Israel-Palestine Tensions Surge, Echoing Decades of Conflict On 7th October, a surprise attack by Hamas intensified the longstanding Israel-Palestinian struggle, reflecting seven decades of fraught relations in the Middle East. Founded in 1948 by David Ben-Gurion, Israel stands as a refuge for Jews fleeing persecution, with profound historical connections to the land. In contrast, Palestinians view Israel’s emergence as the “Nakba” or tragedy, marking their loss. This sentiment dates back to the post-1948 war, during which 700,000 Palestinians, making up half the Arab population of British-controlled Palestine, were relocated to areas like Gaza, the West Bank, and neighbouring countries.

Slovenia Introduces Border Inspections With Hungary and Croatia

US-EU Summit: Focus on Middle East and Ukraine

Slovenia announced that it will implement border inspections with its neighbors, Hungary and Croatia, following Italy’s choice to do likewise with Slovenia due to rising security worries linked to Middle East disturbances. These actions underscore heightened security anxieties in Europe as a result of the ongoing conflict between Israel and Hamas. European Union interior ministers deliberated about how best to address the repercussions of this conflict on the 27-member union, especially after a petrol bomb attack on a synagogue in Berlin and tragic incidents in Belgium and France involving presumed Islamic radicals.

In a high-level summit between the United States and the European Union, the escalating conflict between Israel and Hamas, coupled with ongoing efforts to fortify backing for Ukraine, took centre stage. U.S. President Joe Biden engaged in productive dialogues with European Commission President Ursula von der Leyen and European Council Chief Charles Michel. Although these pressing geopolitical matters were at the forefront, there was also a keen awareness of the need to address long-standing transatlantic disputes. Prominent among these are the Trump-era tariffs imposed on European steel and aluminium and the contentious topic of U.S. subsidies supporting green initiatives. While the discussions were comprehensive, the urgency of the Middle East and Ukraine’s stability evidently influenced the summit’s priorities. cordmagazine.com

FOCUS

WHAT AWAITS US IN 2024?

Fragile Optimism The outbreak of war in the Middle East only serves to further complicate a global economic situation that wasn’t great in the first place. Serbia could enjoy more favourable economic growth in relative terms in 2024, but many factors will determine whether the relatively optimistic forecasts will be realised

ccording to the latest forecasts of economic trends in 2024, the expected end of the recession will not come. On the contrary, reduced growth at both the European and global levels is being announced. At the same time, it also seems as though all the major problems – from climate change and the restructuring of large value chains in accordance with rising global tensions between the U.S. and China, to war in the wider neigh-

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bourhood – don’t provide much hope that we are awaited by a more stable situation in the near future. From this perspective, but also considering political and economic tendencies in Serbia, how does 2024 look? We posed this question to our economist interlocutors, all of whom are able to overview the situation from both the point of view of market economics and the point of view of the pulse of the business world.

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Bojan Stanić Assistant Director of the CCIS Strategic Analysis & Data Department

Economic Growth is Positive, But Insufficient It is good that Serbia’s economic growth will remain positive during both this year and next, but considering the needs of the population and the economy, these kinds of growth rates remain significantly below the economic potential he Serbian population feels continuous pressure as a result of inflation, rising energy prices and high interest rates, while businesspeople are increasingly concerned about the issue of selling products and services on the domestic market in the coming months, as well as in the next year. On the flip side, the Eurozone economy has entered a period of anaemic growth, especially Germany, which is this year recording a recession due to the reordering of its supply chains, both energy and industrial. The European economy’s low growth certainly also hampers the achieving of sales on the international market, considering that it represents the chief export market for products from Serbia and the source of most investments. Also standing out is the opinion of the majority of analysts that interest rates will remain high for longer than was initially expected, while inflation could emerge sporadically across certain parts of the world, representing a factor that we’ll have to live with over the medium term. Recent events on the territory of Kosovo resounded strongly in the ears of investors, with lots of foreign companies asking how difficult the situation is, given the reports of their local press. However, the prevailing opinion is that any further escalation will be minimal. On the other hand, the complicating of the political situation in the Middle East is already causing a rise in uncertainty with regard to oil supplies, while the price of this basic energy source is also rising, given the preceding reduction in supplies as a result of production restrictions among OPEC countries. The Chamber of Commerce & Industry of Serbia is continuing its internationalisation activities, with business trips to Iran and Kenya having been conducted, coupled with endeavours for domestic companies to occupy a certain segment of the rapidly growing markets of Asia and Africa. Distinct complexity exists when it comes to positioning on faraway markets, a concrete example of which is China, which represents one of the country’s main foreign trade partners, though to

date the Chinese market has only accounted for less than half a per cent of Serbia’s total exports of food products. It is vital for Serbia’s economic growth to remain positive during this year and next, within the range of two to three per cent, given the current geoeconomic situation in Europe, but it must be stressed that – considering the needs of the population and the economy – these rates are significantly below the economic potential. The key elements when it comes to the long-term sustainability of Serbia’s economic growth, in addition to avoiding a spillover of the political crisis, are the issue of reducing the chronic foreign trade deficit through the improvement of the export structure, but also boosting the living standard of the population, which includes, but isn’t exclusive to, increasing their purchasing power. As things currently stand, inflation will continue to slow in Serbia, only to reduce to within the limits of the NBS target of around 3% during the second half of next year. A sim-

Recent events on the territory of Kosovo resounded strongly in the ears of investors, but the prevailing opinion is that any further escalation will be minimal ilar conclusion is also indicated by the latest IMF report, which envisages average annual inflation in Serbia at the level of 5-6% (2024). Under the scope of macroeconomic stability, we should emphasise the single-digit unemployment rate (9.6%), which should decrease slightly over the medium term. However, the fact remains that a significant section of the unemployed population is represented by a section that has been rendered completely passive in economic terms, so it is essential to apply state aid measures to activate that part.

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FOCUS

Dr Ivan Nikolić Director for research and development at the Economics Institute in Belgrade

High Risk and Gains Serbia is in a surprisingly positive economic position despite extremely difficult conditions globally. This is the result of both political and economic choices ccording to the latest forecasts of economic trends in 2024, the expected end of the recession will not be forthcoming. On the contrary, reduced growth is being announced at both the European and global levels. We are leaving behind the economically difficult year of 2023 only to enter an even more difficult year. Economic pessimism, and in many cases also frustration over the exhausting of the arsenal of activities and incentive measures, represent the prevailing current sentiment. The European business cycle is being led by deindustrialisation, which to a lesser extent stems from declining demand globally. The advantages of productivity and efficiency from closer international cooperation are no longer possible as a result of geopolitical tension. The war in Ukraine has worsened previously observed production problems by raising energy costs, while the radicalisation of the conflict in the Middle East brings even greater negative potential. Fiscal policies are coming under increasing pressure. The available resources required to refinance the debts of future generations are decreasing rapidly, while spending has increased as a result of investments in the defence sector. Embedded high inflation is distortionary, while its prolonged impact implies high real interest rates, which would harm both private and public investments, and consequently also future growth. Also becoming more pronounced are demographic problems, the aging population and the shortage of qualified labour in many sectors. Technological progress and various dimensions of digitalisation are exerting considerable pressure on business models in all sectors to modernise and adapt quickly, with a strong imperative to accelerate decarbonisation. The situation is slightly more stable across the ocean, as a result of the overcoming of tension over

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late September’s approval of the interim budget for the U.S. government. But that doesn’t reduce the fact that agency Fitch recently stripped the U.S. of its highest credit rating due specifically to the worsening medium-term fiscal outlook, excessive public debt, political instability and weak economic activity. Serbia is in a surprisingly positive economic position under these circumstances. It is persisting in its insistence on neutrality. Such a stance is highly risky, but at this moment high risk is closely associated with higher gains. Excellent economic cooperation, primarily with China, is yielding positive effects in numerous fields. Expectations are even greater when it comes to the signing of the Free Trade Agreement. It sounds unbelievable that industrial production in Serbia was 5.7% higher

The result of the preserving of economic stability and positive medium-term prospects is interest in continuing to invest in Serbia among foreign investors this August than it was in the same month of last year. Almost a third of the increase in production comes from the processing sector. This is the best result in Europe (for example, production in the Eurozone fell by an average of 5% during this period). Serbia’s total economic growth this year will stand at around 2.5% and will be driven by net exports and fixed investments. Interest among foreign investors also isn’t waning, thanks to the preserving of economic stability and positive medium-term prospects. Viewed globally, inflation is slowing down this year. However, the struggle against inflation is continuing, despite some of its causes now being under control – supply chains have recovered, while shipping and transportation costs have reduced.

FOCUS

Milojko Arsić professor of the University of Belgrade Faculty of Economics

Uncertain Gains Although 2024’s economic growth could be only slightly higher than this year’s, the fundamentals of that growth could be far more solid. However, a lot depends on geopolitical risks he Serbian economy could achieve slightly faster GDP growth during the next year than it has this year, on condition that the situation doesn’t worsen significantly in the world economy, and particularly in the European economies, and that Serbia’s relations with the EU don’t deteriorate. GDP growth could reach 2.5-3% in 2024, which at first glance appears to be a modest increase compared to this year. However, it is important to consider that this year’s growth of 2% was largely a result of the one-off recovery of agriculture from last year’s drought, as well as the unusually high increase in construction activity. If not for these one-off factors that cannot be counted on reoccurring next year, this year’s GDP growth would have stood at around 1%. The expected increase in the rate of GDP growth is based on the assumption that world market prices of energy and other primary products will remain at the current level over the coming year, but also that the European economies will grow somewhat faster than they did this year. Increases in state spending ahead of the extraordinary elections will have a positive impact on the growth of the economy in the first months of next year, but this effect will be short-lived and modest. On the other hand, interest rates, which will remain at a high level, will inhibit the stronger acceleration of economic growth. High interest rates will have a negative impact on investments, including FDI, and will particularly impact activities such as construction, the production of capital equipment and consumer goods. The expansionary fiscal policy that was implemented in the last quarter of 2023 will slow the pace at which inflation declines, which

will prolong the need for the National Bank of Serbia to implement a restrictive monetary policy, and this will in turn slow the economy’s recovery in the second half of next year. The predicted growth could be lower if some of the geopolitical risks materialise, leading to a significant increase in energy prices. The possible worsening of Serbia’s relations with the EU, which is the source of the majority of investments and loans in Serbia, and which receives the majority of Serbian export products, would impact on decelerating economic growth. Finally, a poor agricultural season,

The possible worsening of Serbia’s relations with the EU, which is the source of the majority of investments and loans in Serbia, and which receives the majority of Serbian export products, would impact on decelerating economic growth which is becoming increasingly common due to climate change, could reduce GDP growth. We expect inflation to continue to slow in the year ahead, but for it to be slightly higher than predicted in the government’s official documents. The reasons for this are the expansive fiscal policy in the pre-election period, rising labour costs, as well as the postponed increase in prices controlled by the administration. We expect that the average inflation rate over the next year could total 6-7%, while inflation would stand at around 5% by year’s end, which means that inflation would be halved compared to this year.

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OPINION

The Main Drivers of Global Economic Uncertainty The ongoing conflict in the Middle East is just one of several economic and geopolitical trends darkening the outlook for global growth. But while the immediate future seems bleak and could get bleaker, the good news is that we have the capacity to turn today’s vicious cycles into virtuous ones

usinesses, governments and investors were already navigating a foggy global landscape before the tragic events unfolding in the Middle East. But the horrible conflict between Hamas and Israel, which has already led to enormous suffering and claimed the lives of thousands of civilians, including so many children, has introduced a new layer of uncertainty for the global economy, the subject of this commentary. Even in the highly unlikely event that the geopolitical situation improves rapidly in the region and beyond, a deep sense of uncertainty will remain, driven by five economic and financial factors. First, the global economy’s major growth engines are currently under strain. With Europe teetering on the brink of recession and China stalling, the U.S. economy has emerged as the

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main driver of global growth. This became particularly evident in the third quarter of 2023, with the United States’ growth estimates impressing once again. But even America’s growth outlook is uncertain. Over the past 15 months, the consensus of analysts about the US economy’s direction has oscillated wildly between four scenarios: soft landing, hard landing, crash landing, and no land-

In order to implement the major shifts required to achieve this goal, we need visionary political leadership at the national level and increased global awareness of our shared challenges

ing. Although the prevailing view now is that the U.S. is headed for a soft landing, forecasts may well shift toward a hard one over the coming weeks. When the growth narrative of the world’s largest economy, with its mature institutions and diversified productive base, can change so easily, it is no wonder that uncertainty across the rest of the world is even more pronounced. Instead of resembling a nor-

mal bell-shaped distribution of potential outcomes with a single peak and slender tails, the global outlook looks like a multimodal distribution with fat tails on either end, suggesting a higher likelihood of extreme events. On the positive side, advances in generative artificial intelligence, life sciences and clean energy have the potential to enhance productivity and boost potential GDP growth significant-

ly. On the other end of the distribution, there is the risk that a set of vicious cycles will aggravate cascading effects. Second, the journey towards this uncertain future is fraught with peril. The most immediate risk is the recent spike in global borrowing costs as markets adapt to the likelihood that the U.S. Federal Reserve and other major central banks, having hiked interest rates aggressively – albeit belatedly – to counter inflation trends they initially misdiagnosed – will maintain elevated rates for an extended period. Third, the persistence of this interest-rate outlook increases the risk of recessions and financial-market turbulence. We saw early signs of this in March, when balance-sheet mismanagement and slippages in bank supervision led to the failure of some regional U.S. banks. Fourth, the global economy and key financial markets like the one for benchmark U.S. government bonds now lack key top-down anchors such as growth momentum, confidence in policymaking signals, and stabilising financial flows. As economic-policy tools become more subordinate to political and geopolitical considerations, the already weak outlook for global growth may well deteriorate. Monetary policy faces a credibility threat and genuine structural uncertainties about the equilibrium level of interest rates and the delayed effects of a remarkably concentrated rate-hiking cycle. Moreover, shrinking central-bank balance sheets and the absence of an effective policy framework compound the challenge of determining the right inflation targets in a world economy characterized by an insufficiently flexible supply side. Amid growing deficits and rising interest payments, there is also the question of who will absorb the significant surge in government debt issuance. For more than a decade, the Fed has been the most reliable buyer of U.S. government bonds, owing to its seemingly limitless money-printing capabilities and minimal price sensitivity. But, having been forced by inflation and other excesses to

shift from quantitative easing to quantitative tightening, the Fed is now a reliable net seller. International buyers also appear more cautious, partly owing to geopolitical tensions. Moreover, many domestic institutional investors, such as pension funds and insurance companies, have already accumulated significant bond holdings, incurring substantial mark-to-market losses. Without these economic, policy and technical anchors, the global economy and capital markets resemble boats in a rough and unpredictable sea. That brings us to the fifth driver of global uncertainty: the inadequate response to long-term crises like climate change and widening economic inequality. The longer we wait to tackle these problems, the greater the eventual costs will be. Our insufficient actions today ensure that we will face more complicated economic and political obstacles down the line. Today’s world has been shaped by three ongoing failures: the repeated inability to achieve consistent and inclusive growth that also respects our planet; recurrent domestic-policy errors; and the constant lack of effective global policy coordination at a time when shared challenges demand collective action. Together, these failures have had profound economic, financial, institutional, sociopolitical and geopolitical ramifications. That is the bad news. The good news is that we have the capacity to solve these problems and turn today’s vicious cycles into virtuous ones. But to implement the major shifts required to achieve this goal, we need visionary political leadership at the national level and increased global awareness of our shared challenges. Absent such leadership, we risk leaving our children and grandchildren a world plagued by economic and financial instability, domestic political unrest, and geopolitical turmoil. By Mohamed A. El-Erian, President of Queens’ College at the University of Cambridge, professor at the Wharton School of the University of Pennsylvania

cordmagazine.com

MILESTONE IN CAMBODIAN-SERBIAN RELATIONS

Strategic Development The new Cambodian government has launched its Pentagonal Strategy, which aims to safeguard peace and accelerate national economic development istorically, the Kingdom of Cambodia and the former Socialist Federal Republic of Yugoslavia formally established diplomatic relations on 15th July 1956, led by late King Norodom Sihanouk and former President Josip Broz Tito, and those relations have been updated to this day. Diplomatic relations between Cambodia and the then Federal Republic of Yugoslavia (Serbia and Montenegro) were re-established in 1993, and in 2009 Cambodia and Serbia established diplomatic relations that resulted in the 2019 reopening of the Cambodian Embassy in Belgrade. “As Cambodians, we cannot forget the great merit of former Prime Minister Samdech Akka Moha Sena Padei Techo, Hun Sen, who played important roles in ending the civil war and maintaining stability and economic development during his rule of recent decades. “After the general elections of 23rd July 2023, the government was formed and led by Samdech Moha Borvor Thipadei, Hun Manet, as Prime Minister of the Kingdom of Cambodia. It was during this 7th mandate of the legislature that the new government launched the Pentagonal Strategy, aiming to safeguard peace and accelerate national development,” note officials from the Embassy of Cambodia, Serbia.

ECONOMY Cambodia has been among the top-performing economies in Asia over the course of two decades. As the country emerges from the social and economic impacts of the pandemic, a rapid return to the high levels of growth seen prior to Covid is now anticipated. Cambodia’s

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Samdech Moha Borvor Thipadei HUN MANET

GDP growth stood at 5.2% in 2022 and is forecast to grow by 5.3% this year and 6% in 2024, according to the Asia Development Bank. Cambodia will benefit from its geography and free trade agreements, including bilateral and regional ones like CCFTA, CKFTA, ACFTA, AKFTA, AANZFTA etc. Import-Export Partners: Cambodia imports from ASEAN countries, China, the EU, Japan, South Korea etc., while it exports its products to the U.S., EU, ASEAN, China, Japan, Canada, UK etc. The trade balance reached $52 billion in 2022, despite the country having to confront the Covid-19 pandemic. In response to global trade concerns, the government has introduced a number of measures to reduce production and supply costs and encourage further foreign investment.

INVESTMENT LAW The Cambodian Investment Law aims to establish an open, transparent, predictable and favourable legal framework to attract and promote high-quality, effective and efficient investment by investors without discrimination or nationalisation, protecting investors’ rights etc. Investment incentives are offered in 19 sectors in Cambodia: 1) High-tech industries, 2) Innovative, 3) Supplying regional and global production chains, 4) Supporting agriculture & tourism, 5) Electronics, 6) Spare parts, 7) Mechanisation

and machinery, 8) Agriculture, Agro-industry, Agro-processing and food processing, 9) Small and medium-sized enterprises, 10) Tourism-related activities, 11) Special economic zones, 12) Digital transformation, 13) Education and vocational training, 14) Health, 15) Physical infrastructure, 16) Logistics, 17) Environmental management and protection, and biodiversity conservation and the circular economy, 18) Green energy, 19) Other sectors and investment activities not listed by this Law deemed by the Royal Government of Cambodia to have potential for socioeconomic development. The special economic zones are entitled to offer investment incentives and provide companies with all access to land, infrastructure and services to facilitate the set-up and operation of businesses. In addition to all this, the sections of the aforementioned incentives also include: utilities, tax services, tax holidays, zero rate VAT, import duty exemption for raw materials, machinery, equipment and customs clearance, and other administrative services.

TOURISM Cambodia’s tourism industry is also a key economic pillar, contributing to the country’s socioeconomic growth, job creation and poverty reduction. This kingdom of wonders attracted 3.5 million foreign visitors (250.8%) in the first eight months of 2023. It has so much tangible and intangible heritage that numerous sites have been registered as protected World Heritage sites, including Angkor Wat, Preah Vihear Temple etc.

Business Dialogue

Businesses Seeking Flexible Workspaces

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LEADERS’ MEETING POINT

Sustainability makes a good business case YAKUP BERIS

UNDP Serbia Resident Representative

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General Manager at The Coca-Cola Company GORICA STOJKOVIĆ

We Win and Grow Sustainably

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Branded Residences Continue to Expand ALEKSANDRA DRAŠKOVIĆ Founder and CEO, Montenegro Properties

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Pioneers of IT Literacy & Recycling in Serbia JOVICA BOŽIĆ

Owner, Božić i sinovi

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The Thrill of Laying Foundations of Success ALEKSANDAR ANDREJIĆ LL.M., Managing Partner, Andrejic & Partners Law Office

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Businesses Seeking Flexible Workspaces World’s largest provider of hybrid working solutions, Regus regularly helps eight million people opt for hybrid work alternatives at thousands of locations worldwide

nternational Workplace Group (IWG), the world’s largest provider of hybrid working solutions with brands including Spaces and Regus, affirms Serbia as an important place to boost its expansion plans, with the need for high-quality, flexible workspaces continuing to soar as hybrid working becomes the new normal nationwide. That’s why the company announces the opening of new locations in both Belgrade and Novi Sad Regus has been helping companies find suitable workspaces for more than 30 years. With its offer of serviced office spaces, coworking and meeting rooms, members have full access to all locations across the company’s global network, enabling them to work from wherever is most convenient for them – with a choice of 4000 of locations worldwide enabling a global workforce of more than eight million people. As company representatives explain: “Our unique and flexible solutions empower businesses of all sizes to be at their most productive, because our cost-effective and flexible model allows costs to be removed from balance sheets. We have a multi-brand offering to suit everyone’s needs, as well as reconfigured spaces that provide all customers with a safe and healthy environment for their business. The hybrid working model provides customers with complete flexibility to scale up and down as needed.”

EVERYTHING INCLUDED IN THE PRICE Regus clients range from major corporations to small family businesses, start-up enterprises, freelancers etc. The company has

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space suitable for each client, while the secret to the company’s unparalleled success is flexibility. “As the world’s leading provider of flexible workspace, we help eight million people work in the hybrid way at thousands of locations worldwide, across more than 120 markets. We do so by providing a

The hybrid working model provides customers with complete flexibility to scale up and down as needed choice of professional, inspiring, and collaborative workspaces, communities and services that allow greater flexibility. “Our company includes everything in the price: from cleaning and maintenance services, to utilities, kitchens etc. This enables the client to focus on the development of their operations and to strike a balance be-

tween their work and private life. We offer a unique and flexible solution that empowers businesses to be at their most productive, with everything included, from cutting edge IT infrastructure, to telephony set-up and on-site support staff.”

THE HYBRID MODEL IS MORE COST-EFFECTIVE Businesses of all sizes have discovered that hybrid working not only supports their people’s productivity, wellness and happiness, but is also a more cost-effective model that boosts their bottom lines. Companies are today only taking the space they need, and they require less space than before, thanks to employees no longer being based at their company HQ five days a week. Hybrid working also offers companies a significantly lower cost base, generating average savings of $11K per employee. As they explain at Regus, hybrid working is also better for people:

the unveiling of a new location in Belgrade, The One, in close proximity to the airport. The Novi Sad centre holds particular significance as IWG’s first property in Serbia’s second-largest city, which is renowned for its record of having the highest number of IT employees per capita in the country. This strategic move not only taps into an expanding market, but also aligns with IWG’s continuous endeavour to provide cutting-edge solutions to professionals across diverse industries. “As one of Serbia’s fastest growing regional locations, with demand for workspaces in the area performing strongly, IWG is introducing a second state-of-the-art opening in Novi Sad. To be delivered in partnership with AEST, this HQ-brand location will encompass facilities that include private offices, meeting rooms, co-working and creative spaces.”

CONVENTIONAL OFFICE OCCUPANCY TO CONTINUE FALLING * 88% of employees cite hybrid working as a leading benefit they would expect in a role * 79% of workers say they have been more productive since switching to hybrid working. * 66% said their mental health was good thanks to the shift to hybrid.

ATTRACTING NEW COMPANIES IN NOVI SAD Increasing market demand for hybrid work solutions has resulted in the opening of the first Regus business centre in Novi Sad, which has already proved hugely successful. “The partnership with Inobačka d.o.o., one of the largest construction companies in Serbia, enabled the opening of the first Regus location in Novi Sad. The strong opening in this important market stands as a testament to the timely insights and forward-think-

ing strategies that formed the basis of this collaboration. Making the Novi Sad success story even more remarkable is the testament to the strength of this partnership, as well as its adaptability and collaborative spirit. “We are now welcoming our clients from Belgrade, as well as attracting new companies – local firms and freelancers based in Novi Sad – to our beautiful location in Novi Sad city centre.”

NEW LOCATIONS IN BELGRADE AND NOVI SAD NEXT YEAR Regus is set to open new locations in Belgrade and Novi Sad, with a new location in the Belgrade neighbourhood of Vračar and a second location in the eastern part of Novi Sad to open this November. Next April will see

The company’s global network is growing rapidly via capital light investment, via management agreements with property owners and investors, as well as franchise and JV partners. And IWG-Regus predicts continued strong development in this direction. “As the ongoing shift towards hybrid working accelerates, conventional office occupancy will continue to fall, as businesses require less traditional space and turn to flexible workspace instead. In 2022, we welcomed hundreds of new partner locations and 2023 is continuing with this same momentum. The “big bang of hybrid working” has seen extraordinary growth in the number of IWG centres, with 400 new locations signed in the first half of this year alone. Serbia is an important place for us to boost our expansion plans, with the need for high-quality flexible workspaces continuing to soar as hybrid working becomes the new normal nationwide.”

Visit: regus.com

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Business Dialogue

“Siemens has almost 47,000 approved patents worldwide” Medeja Lončar

Siemens CEO for Slovenia, Croatia and Serbia

LOCAL NEWS

NLB Komercijalna Banka: New Green Headquarters NLB Komercijalna Banka has grandly unveiled its new “green” headquarters, setting fresh sustainability benchmarks in the banking sector. This state-of-the-art structure is not just an architectural marvel but also a reflection of the bank’s rich heritage. With over 1,000 staff members, clients, and business associates in attendance, the bank has orchestrated a unique journey through its past, present, and future. Each floor of the building epitomises a pivotal era in the bank’s evolution. The first floor harks back to the 70s, the era when Komercijalna Banka was established. The second floor transports visitors to the early 2000s, marking the advent of NLB Bank in the local market. The integration and merger of the two banks are manifested on the third floor, while the fourth floor testifies to the bank’s current transformation phase.

Lidl Serbia Marks Five Years Of Business

Exactly five years ago, the citizens of Serbia had the opportunity for the first time to step into newly opened Lidl stores and experience the best price-to-quality ratio of products from Lidl’s carefully selected assortment. Since entering the market, Lidl has invested over 550 million euros in Serbia, exported Serbian goods worth more than 30 million euros, and employed more than 3,300 people. When we look back at the past, market-wise, not-so-easy five years, I can proudly say that we have opened all 67 stores in 38 cities with the same enthusiasm. According to the GfK research for the year 2023*, Lidl ranks first in terms of overall consumer satisfaction, and this is what motivates us to continue offering products with the best price-to-quality ratio daily, as well as to continue listening to the needs of our consumers and the domestic economy,” stated Dragan Čigoja, the CEO of Lidl Serbia.

Galenika Acquires Lifemedic and Expands Its Product Portfolio The pharmaceutical company Galenika, one of the largest producers of pharmaceutical products in Serbia and the region, is expanding its business with the acquisition of Lifemedic d.o.o. from Belgrade. With this transaction, Galenika becomes the owner of the 100% Serbian-Slovenian company Lifemedic and takes over the exclusive distribution of the product program of the renowned Italian pharmaceutical company Pharmalife Research, for the markets of Serbia, Bosnia and Herzegovina, North Macedonia and Montenegro. The transaction will be completed after the approval process of the antimonopoly commissions in the markets of Serbia, North Macedonia and Montenegro, which is expected at the end of the fourth quarter of 2023, after which the integration process will begin. 36

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“Last year Yettel became the first 100% green network; We use only electricity from renewable sources” Milica Begenišić

ESG Manager at Yettel

H.E. Li Ming

PLACEMENTS & POSTINGS

H.E. Shubhdarshini Tripathi

New Chinese Ambassador to Serbia

New Ambassador of India to Serbia

Born in September 1974 in the city of Gaomi in China’s Shandong Province, Li Ming joined the staff at the Ministry of Foreign Affairs of the People’s Republic of China upon graduation from college, serving from 1995-2000 as a Desk Officer and Attaché in the Protocol Department of the MFA. His first overseas posting, from 2000 to ‘04, saw him serve as attaché, vice-consul, consul and consulate-general of the People’s Republic of China in Toronto. He then served, from 2004 to ’13, as second secretary, deputy director and director of the Department of North American and Oceanian Affairs at the PRC’s MFA. After spending three years, from 2013 to ’16, as counsellor at the Embassy of the PRC in the Commonwealth of Australia, he returned to the Department of North American and Oceanian Affairs at the MFA, serving as counsellor and deputy director general from 2016-’19. His first ambassadorship came when he was appointed ambassador of the People’s Republic of China to the Solomon Islands from 2019-2023. The newly appointed ambassador of the People’s Republic of China to the Republic of Serbia is a married father of one son.

Ms Shubhdarshini Tripathi joined the Indian Foreign Service in 1994. She completed her post graduate studies in science and also holds MPhil degree from Delhi University. Her first overseas posting was at the Embassy of India to Israel, after which she returned to Delhi and served from 1999 to 2002 in the Administrative Division of the Ministry of External Affairs. She was posted to the Indian Embassy in Bhutan from 2002 to 2005, before taking over as First Secretary at the Embassy in Kuala Lumpur in 2005. She joined the team at the Embassy of India in Paris in 2006 as counsellor, heading the embassy’s political wing until 2009, when she returned to the MFA and served as director of the Europe West department. She returned to Bhutan and served as Deputy Chief of Mission at the Embassy in Thimphu from 2011 to 2014, before holding the same post at the Embassy of India in Berlin from 2014 to 2016. She served as Indian Ambassador to Jordan from 2016 to 2019 and Deputy Director General of the Indian Council for Cultural Relations (ICCR) in New Delhi from 2019 to May 2021. Prior to arrival in Belgrade, Ambassador Tripathi served as ambassador of India to Kazakhstan from May 2021 to August 2023.

H.E. Imen Laajili Ammari New Ambassador of Tunisia to Serbia

Born 8th June 1974 in Tunis, Imen Laajili Ammari completed a degree in financial management at the Tunis Higher Institute of Management (ISG Tunis) in 1997, before earning a diploma in specialised high studies in financial engineering at the Tunis Higher School of Commerce (ESCT) in 1999 and a master’s in international relations from the Complutense University of Madrid in 2005. She served as Secretary, and subsequently Counsellor, of foreign affairs in charge of cooperation with France at the MFA in Tunis from 2000 to 2006, before being appointed counsellor at the Embassy of Tunisia in Algiers from 2006 to ’11. Returning to Tunis, she was appointed deputy director in charge of bilateral cooperation with Germany and Austria from 2011 to ‘14, after which she served (from 2014 to ‘19) as minister-counsellor at the Embassy of Tunisia in Berlin. Prior to arriving in Serbia, she held the post of minister plenipotentiary in charge of relations with NATO, the OSCE and the Council of Europe at the Tunisian Ministry of Foreign Affairs, Migration and Tunisians Abroad. A married mother of two children, apart from her native Arabic and French, Ambassador Laajili Ammari also speaks English, Spanish and German.

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Sustainability Makes a Good Business Case Yakup Beris UNDP Serbia Resident Representative

UNDP brings together stakeholders from the private, public and civil sectors, as well as the scientific and creative communities, pooling their capacities, resources and knowledge ogether with the Government of Serbia, UNDP has developed the SDG Investor Map, as a tool that highlights business opportunities and the potential social, economic and environmental benefits of private investments.

Sustainability and social responsibility aren’t merely trends, but are also essential to the future of business. What potential and capacities does Serbia have in the field of sustainable business and sustainable investments? — Serbia’s growing economy possesses significant potential and capacities in the field of sustainable business and investments. The country continues to improve its position in the area of foreign direct investment, with a number of world-class companies as investors. Furthermore, Serbia’s commitment to EU accession, combined with its favourable geographical position, export-oriented approach and free trade agreements, positions the country as an increasingly attractive destination for sustainable investments. What is important here is that sustainability makes a good case for business, and sustainable business and investment can provide significant support in achieving the Sustainable Development Goals (SDGs). What is good for business can be a force of good for sustainable development. Which sustainability initiatives are you currently planning and implementing? What are your goals; who supports your efforts and with whom are you collaborating to achieve your objectives? — In order to achieve progress on the SDGs, it is essential to establish partnerships across

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all sectors of society. UNDP brings together stakeholders from the private, public and civil sectors, as well as the scientific and creative communities, pooling their capacities, resources and knowledge. One of the key results of our initiatives is the development

Serbia’s growing economy possesses significant potential and capacities in the field of sustainable business and investments of the SDG Investor Map. It was launched in Belgrade this June and later presented at the UN Headquarters in New York, but also at the International Trade and Investment Fair in Xiamen, China. Working

with a team of experts, we identified key sustainable investment opportunities that are proven to be economically viable and aligned with Serbia’s development priorities, while also contributing to the achieving of the SDGs. Within the scope of our support to SMEs, our current focus is on sustainable and green tourism. With UNDP’s assistance, and under the leadership of the Ministry of Tourism and Youth, Serbia became a member of the Global Sustainable Tourism Council (GSTC). Adopting GSTC standards implies developing tourist destinations in a way that contributes to environmental protection, economic progress for SMEs in tourist destinations, and the promotion of authentic local experiences and traditions. Within a broader initiative to implement the European Green Agenda in Serbia, we will also support innovative solutions for en-

vironmentally friendly agricultural production near protected areas, to help transform agricultural practices towards sustainable food systems, while simultaneously protecting the environment and biodiversity.

As you note, you developed the SDG Investor Map together with the Government of Serbia. What are its main benefits? — The SDG Investor Map is a tool that highlights business opportunities and the potential social, economic and environmental benefits of private investments. The map identifies five sectors with opportunities for sustainable investment in Serbia: food and beverages, renewable and alternative energy, infrastructure, technology and communications, and healthcare. Thirteen identified “investment opportunity areas” within these five sectors could generate investments totalling more than $8 billion. With this map, we are showing investors that they can contribute

The implementation of ESG principles also facilitates access to international markets and inclusion in international supply chains to sustainable development while generating profits for themselves.

What is the importance of the ESG criteria in the context of sustainable business practices and how difficult is it to make a business profitable while also taking into account environmental protection, responsible business practices, people, and the local community? — ESG principles evolved from initial voluntary sustainable business practices to public policies and laws. The harmonising

of business strategies with ESG criteria then became mandatory for a large number of companies, especially those operating on the EU market. How a company manages risk related to climate change and energy resources, what it does for the local community, how it promotes inclusivity in the workplace, how transparent its decision-making process is - answers to these and similar questions are provided by ESG criteria. These responsible business practices are already having a significant impact on companies in Serbia that are striving to export to the EU market. This is why UNDP, in collaboration with the Development Agency of Serbia (RAS), organised training courses for manufacturing SMEs and export-oriented enterprises in an effort to help them learn to implement ESG criteria in their operations.

Is it true that the implementation of ESG criteria also creates new business opportunities, and that many investors and banks assess companies on the basis of this? — Yes, one of the key advantages is easier access to financing, because banks are increasingly analysing a company’s alignment with ESG practices as part of their overall risk assessment. The implementation of ESG principles also facilitates access to international markets and inclusion in international supply chains. In parallel, ESG practices have a positive impact on a company’s reputation and image, assisting it in attracting talented workers and acquiring new customers. Studies indicate that 75% of the members of Gen-Z prioritise a company’s sustainability over its brand, and Gen-Z workers will account for 27% of the global workforce in just two years.

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We Win and Grow Sustainably Gorica Stojković General Manager at The Coca-Cola Company

It is not said without reason that employees are a company’s assets and ambassadors. We had the privilege of engaging in conversation with one of those ambassadors, Gorica Stojković, newly appointed General Manager for Serbia, Montenegro and North Macedonia at The Coca-Cola Company

orica embarked on her professional journey 16 years ago at Coca-Cola HBC Serbia and Montenegro. She has progressed over the years through various roles in finance, before taking on the role of finance director in 2019. Under her leadership, during this highly volatile macro- and local economic period, the company has completed two important local acquisitions – of Bambi in Požarevac and the sparkling water plant in Neresnica. Her compelling business story shows that Coca-Cola employees are evolving as the business itself continues to grow and evolve.

A mindset of continuous learning and growth is part of Coca-Cola’s DNA. The Coca-Cola System encourages both personal and professional growth 40

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At the Coca-Cola Company, your people are your power. How important for your personal development and new career positioning is the fact that you work at a company that invests in its employees, giving them the opportunity to grow within the system? — A mindset of continuous learning and growth is part of Coca-Cola’s DNA. The Coca-Cola System encourages both personal and professional growth. With my personal example – of developing from a junior finance associate to general manager – it is clearly visible how Coca-Cola rewards dedication, high work ethics and a genuine passion for developing high performing teams. We celebrate our diversity and champion inclusivity. By bringing together our wide range of talents in achieving great results, we also create an environment in which people grow while nurturing their unique personalities. I work with a strong team of professionals and every day at work I learn something new from them. That really feels great and makes me proud to be part of this amazing team! The Coca-Cola growth strategy is grounded in your commitment to social and environmental responsibility. Could you please tell us more about your approach? — Every company with aspirations to operate responsibly must take seriously the principles of sustainable development. We have set challenging sustainability targets for our System business. Our water, packaging and climate goals are unified with our local sustainability strategies to contribute to achieving the ambition of being climate net zero by 2040. Water is essential to every person and every ecosystem, and it is also

the main ingredient in all our products. We continue to challenge ourselves to return more water to nature than we use in our finished beverages. We preserve natural habitats like the Upper Danube, dubbed the Serbian Amazon, together with the WWF, our longstanding partner. We are proud to be the first plant in Serbia to be certified by the Alliance for Water Stewardship standards. We build new experiences for Serbian citizens, like 47 km of hiking trails in the region around Vlasina Lake, where our still water plant is located, developed in partnership with UNDP and the local community. As you can see, water

Coca-Cola is a brand that strives continuously to inspire moments of optimism, togetherness and happiness. Real magic happens when people get together to enjoy and share experiences and learn from each other stewardship goes well beyond wastewater treatment at our plants. As part of our World Without Waste strategy, we have committed to collect one bottle or can for every unit that we sell by 2030, and we foster packaging waste collection initiatives with local municipalities. We will ensure that our growth is profitable and sustainable by driving circularity, minimising waste and reducing our packaging footprint, all of which help to support our net zero ambitions. The Coca-Cola Company is also considered a leader in the marketing industry. Your campaigns always

spread the magic, especially during the holiday season. What does Christmas mean to Coca-Cola and how do you define Real Magic, which has been your brand platform since 2021? — Coca-Cola is a brand that strives continuously to inspire moments of optimism, togetherness and happiness. The Christmas period is a time when people across the world come together to share in the spirit of kindness and generosity. Our Christmas campaigns always invite people to celebrate those magic holiday moments and to share goodwill. Real magic happens when people get together to enjoy and share experiences and learn from each other. From your point of view, as a general manager, what is the purpose of the Coca-Cola Company? — Our purpose is to refresh the world and make a difference. We build brands that people love; brands that bring joy to our consumers’ lives, with beverage choices for all occasions, tastes and lifestyles. The Coca-Cola system has spent more than 137 years making drinks that create joy and pleasure for billions of people around the world. The Coca-Cola System in Serbia today produces over 650 million litres of non-alcoholic beverages per year, and, together with Bambi, our 2021 contribution to the national GDP was 0.7%. At the same time, we have a strong focus on our people, our sustainable operations that are improving by the day, and while we build brands that people love we are also focused on leaving a positive mark on the local community. We win and grow sustainably, learning all together with smiles.

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Business Dialogue

“Serbia is our largest tourist market, and last year, our top foreign investor” Jakov Milatović

President of Montenegro

REGIONAL NEWS

Lorry Drivers Lose 3,000 Years Annually Waiting at Western Balkans Borders Lorry drivers currently squander approximately 26 million hours – equating to nearly 3,000 years – waiting at the border crossings of the Western Balkans nations, a staggering statistic revealed by Antonela Basani, the World Bank’s Vice President for the Europe and Central Asia region. She presented this information to leaders of Albania, Bosnia and Herzegovina, Montenegro, North Macedonia, and Serbia at the Berlin Process Summit in Tirana. According to a new World Bank report discussed during the Berlin Process meetings, reducing the average border waiting time by three hours – the difference between the typical waiting time in the Western Balkans and countries of the OECD)– could contribute up to three per cent of the gross national income.

Lithium Discovered in Republika Srpska After a comprehensive four-and-a-half-year investigation, the Swiss company “ArCore AG” has confirmed the presence of lithium near Lopare, in Republika Srpska. Ultimately, deciding whether to exploit the resource will rest with the local populace, who will express their views via a referendum. ArCore AG, which has its local headquarters in Laktaši, released a statement detailing completing all necessary studies to identify the mineral deposits in the Lopare municipality region. “We meet all prerequisites to apply for a concession to utilise this European mineral deposit. We were granted the exploration licence in 2018, followed by three intensive phases of research from 2020 to 2022. Our mineralogical studies over the past four and a half years reveal the deposit contains significant quantities of lithium carbonate, magnesium, potassium, and boron,” the company stated.

EIB Global Boosts Green Transition and Connectivity in Western Balkans EIB Global is intensifying its support for the Western Balkans in green transition, digitalisation, and connectivity, aiding the region’s alignment with the EU. EIB Vice-President Czerwińska reaffirmed the Bank’s commitment to the Western Balkan region’s EU enlargement and economic convergence. In 2023, EIB Global pledged over €700 million for sustainable regional projects. At the Berlin Process Leaders’ Summit in Tirana, Czerwińska highlighted the Bank’s dedication to enhanced connectivity, green and digital transformation, and strengthening education and health sectors. Supporting the EU’s Economic and Investment Plan for the Western Balkans, EIB Global will amplify its role in the new Growth Plan for the region, especially under the Just Transition Initiative. 42

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Branded Residences Continue to Expand Aleksandra Drašković Founder and CEO, Montenegro Properties

Montenegro Properties was founded in 2006 and is today one of the leading real estate agencies in Montenegro. The company has participated in many expos worldwide, including MIPIM Horizons in 2009, to promote investments in Montenegro his is a company that’s recognised for combining its expertise in direct property sales to end users, consulting with large institutional and private investors on the best investment opportunities and acquainting them with the comparative advantages of the Montenegrin market.

It is in line with this trend that Luštica Bay is launching the first golf residences with a prolonged interest-free payment plan, which enables buyers to move in or rent out the residence for up to three years before full payment is settled. These residences will certainly contribute and add value to the positioning of Montenegro as a prestigious destination.

Your agency has won several prestigious awards for Best Real Estate Agent. You must be very proud. — We are proud that Montenegro Properties won several prestigious awards for Best Real Estate Agent, Best Real Estate Marketing and Best Real Estate Agency Website in Montenegro, under the scope of the International Property Awards, which recognises property industry excellence worldwide, promotes an international standard and rewards the best estate agents globally. Judging was entrusted to a panel of over 70 experts from all over the world and chaired by an active member of the House of Lords: Lord Best. Montenegro Properties appeared in the official winners’ publication “World’s Best 2020-2021”. The world is changing fast and people want ever-more. What do your customers desire? — Introducing innovations to property sectors, switching to digital communication, online operations, has proven to be essential when it comes to the real estate brokerage

Lord Best presented the Five Star Award to Montenegro Properties for the Best Agency Marketing in 2023, at the gala dinner organized in Marriott hotel in London business. The world is changing rapidly, and with it so is what we need from property. High-end properties are attracting a new generation of discerning buyers. People want to spend more time outdoors, with their families, in contact with nature. Discerning buyers increasingly want a high-quality lifestyle that equates to them wanting a “one-stop-shop”, i.e., resorts with all amenities within the complex itself. This is becoming a growing trend on the market and is no longer considered an exclusive advantage, but rather a genuine trend, thus making a location that’s complete with a swimming pool, gym, 24/7 reception and facility management – simply a place to stay!

Discerning buyers increasingly want a high-quality lifestyle that equates to them wanting a “one-stop-shop”, i.e., resorts with all amenities within the complex itself

How can you unlock future prospects and new opportunities? — Montenegro is an emerging market, a developing country with enormous potential to be unlocked, while it is certainly set to become a future hub for HNWIs and a hotspot for branded residences. The global market for branded residences is continuing to expand, with brands seeking new locations to grow their portfolios. Montenegro is a young market that’s still to be discovered and is set to take advantage of this growing demand. With several branded residences already present in Montenegro (Regent hotel in Porto Montenegro, Kerzner International, One&Only Portonovi, Swissotel Resort, Accor etc.), we expect to unlock future prospects and new opportunities that will offer attractive ROI to potential investors and boost the growth of the country. The branded residences market is set to grow globally by 55% by 2026. What should be improved? — There are a few challenges that Montenegro has to confront and shortcomings to work on in the near future, such as the fact that Montenegro still lacks strong road transport infrastructure and that it is necessary to improve airline connections.

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Pioneers of IT Literacy & Recycling in Serbia Jovica Božić Owner, Božić i sinovi

If Mr Jovica Božić, a qualified civil engineering, hadn’t had the desire to launch a private business in order to create something large, this company with 500 employees wouldn’t exist today

ožić i Sinovi [& Sons] and company Gowi have been members of the British-Serbian Chamber of Commerce for many years and have always supported the promoting of British-Serbian business ties, economic links and trade relations. They have also simultaneously served as good examples of how to work in practice.

Stories of successful people are usually referred to as realisations of the American dream, but not in your case, as you’ve realised your own personal dream. Could you tell us how you stepped into the world of private business? — When I opened my first company, being a private operator wasn’t popular. But I didn’t want to only work for a wage, rather I had the desire to go my own way and create something bigger. Anyone can realise their dream in Serbia today, provided they are prepared to work hard

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With the slogan “Serbian brains, English management”, we created a collaboration in which we produced software in Serbia that the English then promoted and sold in the UK

and fairly. In business, you have to be better than the competition and supremely professional. You have been declared one of the most frequent travellers along the route between Belgrade and London, because you are linked to Serbia not

only through family and friends, but also through a whopping eight companies that have spent many years operating successfully. What are all the things that you deal with professionally? — It was way back in 1979 that I fell in love with an English woman, whom I married a decade later. My business was based in Serbia, Bosnia-Herzegovina and Germany, while my family was in England. I started with a tyre-fitting service, progressing through the trade in used tyres and second-hand computers, and software development, to recycling, furniture production, the construction of the Bozholidays tourist resort, property management, beer production, distilling and fruit growing... We today successfully head eight companies with 500 employees. One of your partnerships was launched under the slogan - Serbian brains with English management and sales. Have you recognised and utilised the best of what Serbia and the UK have to offer? — I’ve never worked in England, because I saw greater opportunities in Serbia, or in the relationship between England and Serbia. I monitored the trends emerging there and attempted to transfer and adapt those ideas to the Serbian market. We began importing second-hand computers. We are proud of that period. We consider that we contributed a lot to IT literacy in Serbia, because we made computers available to everyone. That directed us towards also launching software development, so at the start of the year 2000, together with my friend Mike Smart, I founded the Gowi Group LTD. We had approximately 120 young IT experts and received a Microsoft Authorized Refurbisher license. We then ranked 15th on The Economist’s list of the 300 most profitable companies. I’ve always believed that Serbian education is at a high level and that

it represents a key asset for work and success. I also recognised that the English are good merchants and promoters of their businesses, so I sought to combine those qualities and that’s how the slogan “Serbian brains, English management” emerged, and we created a collaboration in which we produced software in Serbia, which the English then promoted and sold in the UK. We were equal partners with a common vision that was even recognised by BBC World. Your company is a premium member of the British-Serbian Chamber of Commerce. What are you brought by that premium membership? Do you think the BSCC represents the best example of cooperation in diplomacy and trade between our two countries?

Good economic relations and interests, coupled with mutual economic growth, are crucial to coming up with many political solutions, or at least that’s how they think in the UK — Božić i Sinovi, together with Gowi, have been members of the British-Serbian Chamber of Commerce for many years, and we have always been involved in and supported the promotion of British-Serbian business, economic and trade relations, while at the same time we have served as a good example of how things should be done in practice. The BSCC has grown to become a serious organisation that helps strengthen both British companies in Serbia and Serbian companies in Britain. I can state unreservedly that the chamber has advanced a lot in recent

years, with president Dr David Landsman at the helm, as well as with executive directors Jadranka Dervišević Kitarić and Richard Robinson. They also received a lot of assistance from HM Ambassador of Great Britain to Serbia H.E Sian MacLeod, whose term ended recently. As a man who comes from the Diaspora (as a former member and representative of the UK in the Serbian World Economic Council for the Diaspora) and a longstanding member of the BSCC, I can say that – given that Serbia doesn’t have Diaspora Serbs in the UK Parliament – the BSCC is actually the organisation that provides maximum support and protects economic and trade relations between the two countries. I also think that those of us that are members of the BSCC have also contributed to the fact that British Airways recently restored flights along the London-Belgrade route after a break of 13 years. We also launched a large petition calling for visa-free travel to the UK for Serbian citizens. Good economic relations and interests, coupled with mutual economic growth, are also crucial to coming up with many political solutions, or at least that’s how they think in the UK. I believe that the new ambassador, H.E. Edward Ferguson, will also take more positive steps in terms of improving bilateral cooperation. You have three sons. How important was their education to you? — I often introduced myself to people in England by saying: I’m a wealthy man because I have three sons and am happily married. I’m happy that my sons, despite being born and resident in England, have perfect knowledge of the Serbian language and that they love our culture and customs. They completed their studies at renowned schools, colleges and highly-ranked universities.

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The Thrill of Laying Foundations of Success Aleksandar Andrejić LL.M., Managing Partner, Andrejic & Partners Law Office

The Andrejic & Partners Law Office was founded in 2021 and is today focused on corporate law and providing services to companies in launching and doing business in Serbia amazing achievement, while the continuous growth of our client base and the projects we handle is the greatest satisfaction for the effort we exerted in building the firm.

eing ranked on the Legal 500 and IFLR 1000 for three consecutive years is an outstanding achievement, while the continuous growth of this firm’s client base and the projects they handle provides the greatest satisfaction for the efforts they exerted in building the firm.

How was it to basically have a startup law company in a developed corporate law sector as a young lawyer? — It was very challenging. The market is already packed with respected, quality firms. Bringing a fresh name to the market was difficult, to say the least. However, the great team that we have, coupled with the trust of our clients, ensured the transition and brand development were seamless. What was the most challenging in the beginning? — Basically everything. However, if I had to single out something specific, I would highlight the fact that after working at a major, top-tier firm and having all infrastructure (paralegals, juniors, equipment etc.), you find yourself in a situation where you are alone without any of the aforementioned. To be honest, even though it was challenging, it felt good and exciting – as we knew that we were lay-

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Real estate is an area that has been steadily active for years and is growing continuously through the diversification of the market offer ing the foundations of something new and exciting. After its initial development years, where is the Andrejic & Partners Law Office now? — We are at a point that is further along than we could have reasonably expected when we started this project. I cannot express enough gratitude to our clients and peers that led to us being ranked by the Legal 500 and IFLR 1000 for three years in a row. That is an

In which segment of the Serbian market are you most active at this point? — Definitely real estate. This is an area that has been steadily active for years and is continuously growing through the diversification of the market offer and the type of constructed and available units. Even with the crisis happening globally, the market is relatively stable and not yet showing signs of serious decline. That is bound to happen at some point, but the market’s resilience to date is a firm sign that it will remain strong and the decline should not be dramatic. What would be your message to other lawyers seeking to start their own firm in a corporate area? — Simple: be prepared to work harder than anybody else, be prepared for bad days and never give up. That will bring you great pleasure at some point, sooner rather than later. It is a specific feeling that makes you feel that it was worth all the hours and months devoted to the development of the project. The problem is that it is a very short juncture before you once again need to prove yourself and your work. But that is part of the joy and life of an entrepreneur.

Business Dialogue

“Despite all attempts to deny, the signs of climate change are here and increasingly evident” Pope Francis

WORLD NEWS

Annual Value of Metals in Electronic Waste Amounts to $9.5 Billion According to the latest report from the United Nations, waste from used electronic devices is valued at over $9.5 billion due to the fundamental raw materials which can be recycled. Yearly waste, exceeding nine billion kilograms, incorporates items such as toys, cables, e-cigarettes, tools, electric toothbrushes, razors, headphones, and other household appliances. These items contain essential metals like lithium, gold, silver, and copper, as noted in the report. However, these materials are heading to waste as they are not being recycled, reports the United Nations Institute for Training and Research (UNITAR).

EU Sports Equipment Trade Exports at €7.5 billion, Imports Double to €14.3 billion The European Union’s trade in sports equipment, spanning items from water sports gear to athletic apparel, has witnessed a remarkable surge. According to Eurostat figures from 2022, the EU’s exports for these goods reached a commendable €7.5 billion, a 10.9% uptick from the previous year’s €6.7 billion. A deep dive into the categories shows that the EU’s top exports revolve around “water sports vessels and equipment”, “gymnastic, athletics, and swimming gear”, and “sports footwear”. Together, these categories constituted an impressive 62.4% of the sports goods exported. Break it down, and you find “water sports vessels and equipment” taking the lead at 28.2%, closely followed by “gymnastic, athletics, and swimming gear” at 20.7% and “sports footwear” wrapping up the top three at 13.5%.

China’s Economic Growth Slows Amidst Property Woes China’s economic momentum experienced a deceleration during the summer, affected by diminished global export demand and deepening challenges in the property sector, according to a government statement released Wednesday. The world’s second-largest economy grew at an annual rate of 4.9% from July to September, surpassing the analysts’ estimates of roughly 4.5%. However, this pace lags behind the 6.3% annual expansion witnessed in the prior quarter. In response, the Chinese authorities have intervened with measures to prop up the economy, including increased expenditure on infrastructure developments like ports, interest rate reductions, and relaxed home-buying restrictions. Yet, economists advocate for broader reforms to tackle persistent issues hampering growth. cordmagazine.com

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ENTREPRENEUR

From Google’s Garage to YouTube’s Helm Susan Wojcicki former CEO of YouTube

usan Wojcicki’s leadership journey in the digital realm is emblematic of a rare confluence of analytical prowess and a fervent commitment to innovation. Her formative years, spent amidst the scholarly environs of Stanford,

laid the groundwork for a leadership paradigm that emphasizes the nurturing of groundbreaking thought. At the heart of Wojcicki’s leadership ethos lies the core tenet of innovative leadership. She’s sculpted a corporate culture at Google where

innovation isn’t merely a buzzword; it’s the bedrock. Wojcicki’s perspective pivots around the conviction that every individual within the organisation, regardless of stature, has the potential to be a crucible of transformative ideas. This belief, far from being

“At the heart of Wojcicki’s leadership ethos lies the core tenet of innovative leadership” theoretical, has been instrumental in shaping Google’s strategic blueprint, ensuring that it remains in step with broader organisational milestones and Wojcicki’s singular mission of crafting solutions tailored to the end-user. This Stanford-bred tech luminary’s commitment to fostering innovation doesn’t end at rhetoric. Wojcicki actively and consistently champions a culture of feedback within Google. Each recommendation, regardless of its origin, undergoes her meticulous

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scrutiny. This detailed, hands-on approach is underscored by a dual intent: recognising the inherent value in team-driven suggestions and discerning their alignment with Google’s overarching vision. The fruits of this method are palpably evident. Several of Google’s now flagship services, including the intuitive facets of AdWords and the pioneering Google Art Project, which brings the majesty of museum art to the masses, owe their genesis to Wojcicki’s unwavering belief in collective innovation. By fostering a corporate ecosystem where each idea is cherished, where innovation is not just welcomed but is seen as essential, Susan Wojcicki has not only guided Google’s trajectory but has also crafted a legacy that will serve as a blueprint for future leaders in the digital space. In Wojcicki’s world, every voice matters, every suggestion holds potential, and innovation is the North Star guiding the voyage.In the digi-

november

tal epoch, Susan Wojcicki stands tall as a symbiosis of analytical insight and pioneering innovation. Shaped by her Stanford roots, Wojcicki has championed a leadership style intrinsically linked to fostering fresh ideas and pushing boundaries. At the crux of her ethos is the philosophy of innovative leadership. Un-

“Every employee, irrespective of their designation, is seen as a potential catalyst for groundbreaking change” der her aegis, Google has been transformed into a sanctuary where the spirit of innovation isn’t just encouraged but is foundational. Every employee, irrespective of their designation, is seen as a potential catalyst for groundbreaking change. This intrinsic belief has dynamically shaped Google’s strategic trajectories, en-

suring it harmonises with overarching objectives and Wojcicki’s vision of delivering user-centric solutions. Beyond her philosophy, Wojcicki’s hands-on approach in embracing feedback stands out. Every proposal, every suggestion is meticulously vetted by her, discerning its potential to augment Google’s mission. This approach birthed some of Google’s most iconic services. The astuteness of AdWords and the avant-garde Google Art Project, which democratised access to museum masterpieces, are testimonies to Wojcicki’s belief in collaborative innovation. After her illustrious stint at Google, culminating in her role as YouTube’s CEO, Wojcicki decided to step down a few months ago. Yet, her legacy remains indelible. By cultivating an ethos where every idea is treasured and innovation is the guiding light, Susan Wojcicki has not just set a course for Google but has etched a leadership blueprint for the digital age.

AUSTRIA 2023

Commited to Partnership SPECIAL EDITION

Contents 54 H .E. Christian Ebner Ambassador of Austria to Serbia

Friends of the Western Balkans

58 J ürgen Schreder

Director of Advantage Austria for Serbia, Montenegro and North Macedonia

Great Potential for Austrian Companies

64 Melanija Pavlović General Manager, JAF d.o.o. Nova Pazova

Wood is Our World

65 Jelena Knežević

Partner, Leitner&Leitner

Viewing the Bigger Picture is Important

Austria 2023 66 Vojislav Lazarević Addiko Bank Executive Board Chairman

First Choice for Cash Loans

68 M aja Maćić

Managing Director, RP Global Srbija

Committed to a Greener Future

69 First Facility Group 40 Years Leader in Real Estate Market

70 Amadeus Faltheiner

Director of the Austrian Cultural Forum in Belgrade

Creative, Progressive and Courageous

73 Wiener Privatklinik (WPK) Tailored and Precision Care

74 Austrian National Library

A Symbol of Austrian Identity

78 Travel

Tyrol, Your Next Summer Getaway

INTERVIEW | H.E. CHRISTIAN EBNER, AMBASSADOR OF AUSTRIA TO SERBIA

Friends of the Western Balkans The EU accession process requires credible reforms in the area of the rule of law and fundamental freedoms, including the fight against corruption, ensuring the safety of journalists and media freedom. Progress on these so-called fundamental issues, as covered by EU Accession Negotiation Chapters 23 and 24, are crucial to each EU member state assessing whether or not to agree on the opening of new negotiation clusters. The pace of reform in Serbia is primarily in the hands of the Serbian government ~ Christian Ebner

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ustria remains committed to supporting the EU accession process of Serbia and the entire Western Balkan region, says Ambassador Christian Ebner in this interview for CorD Magazine, before reminding us of the recent initiative of Austrian Foreign Minister Alexander Schallenberg to form a support group for EU enlargement to encompass the region, which “calls for an accelerated integration of Western Balkan states, with concrete implementation steps, especially through closer involvement in European policymaking and forums even before full membership”. Ebner also notes that Austria and Serbia, together with Hungary, are collaborating intensively in an effort to combat illegal migration across the region.

tion between the European Union and its Member States and other countries impacted by the challenge of illegal migration. The EU is contributing with increasing resources and funds to Serbia in the field of migration and border management, with the aim of having a lasting effect in view of the EU accession process. It has to be noted that an EU-Serbia Readmission Agreement has also been in force since 2008 and sets out clear obligations and procedures for the respective authorities in terms of when and how to readmit people who reside irregularly.

Your Excellency, this summer saw the staging of the third trilateral meeting between Austria, Hungary and Serbia, which was dedicated to discussing the topic of the joint fight against illegal migration. From the perspective of Vienna, how big a problem is this issue today? — Illegal migration remains one of the biggest challenges for Austria, as well as for the European Union as a whole. Our trilateral cooperation has already yielded some success. However, Austria is still impacted by illegal migration via the routes that traverse the Western Balkans. Our close cooperation therefore needs to continue. The steps agreed in Belgrade in November 2022 and in Vienna last July are heading in the right direction, as the migration challenge can’t be addressed by any country acting alone. We appreciate the good cooperation we have with Serbia in the area of border management, and also with regard to the ongoing harmonisation of Serbia’s visa regime with the EU acquis. As a direct consequence, in Austria we have observed significant decreases in asylum applications from certain countries. The meeting in Vienna also saw the President of Serbia reiterate his insistence that Serbia will not be a “parking lot for migrants”. There has been plenty of public speculation in Serbia about such a scenario, according to which EU member states, and Austria in particular, provide Serbia with financial support in return for Belgrade permanently taking care of a larger number of migrants. Does such an agreement exist; and how was Aleksandar Vučić’s statement viewed in Vienna? — I don’t know anyone who wants to have “parking lots for migrants”. And avoiding precisely that is the objective of humane and effective cooperacordmagazine.com

REFORMS The impact of the reforms will be felt by Serbia and its citizens even before accession – provided Serbia stays on the right track to EU membership INVESTMENTS According to the latest statistics, there are even more Austrian companies, namely 800 ENLARGEMENT The enlargement process requires a clear and unequivocal commitment of the countries of the region to adhere to the values, rules and standards on which the EU is founded

You serve as ambassador to a country that has enjoyed a high level of economic cooperation with Austria for decades; where Austrian companies have a particularly strong presence in the banking and insurance sectors. Given the experiences of the approximately 400 Austrian companies operating in Serbia, what would you say generally about the conditions they’ve faced in doing business in Serbia? What are the greatest challenges confronting them and where is there room for improvement? —Let me start by pointing out that, according to the latest statistics, there are even more Austrian companies, namely 800. Most of them have been

The requirements for Serbia’s EU membership are very clear, which means that the successful conclusion of the 35 negotiation chapters needs to be fulfilled prior to accession in Serbia for a long time and pursue a long-term strategy. Austrian investors remained in Serbia throughout the pandemic and are well received overall. In general, the overall investment climate is defined, among other things, by legal security. Adherence to the rule of law and streamlined bureaucracy are of utmost importance to every investor. Serbia has implemented many reforms in that regard, but can still do more in order to become even more attractive. Does the energy domain represent a new opportunity to improve bilateral cooperation; and which segments of the so-called green transition in Serbia are attracting the most interest among Austrian companies? 55

— Austria has an excellent reputation for its innovative companies dealing with renewable energies – from hydropower and wind energy, to solar, geothermal and biomass energy. Companies are often niche world champions and offer tailormade, individualised solutions. Programmes aimed at higher levels of energy efficiency are also important. Serbia has significant coal and hydroelectric power plants, as well as the potential for renewables like wind and solar power. The government is exerting efforts to liberalise the energy market and attract foreign investors. I definitely see potential in that area. Austria is among the EU member states that support EU enlargement to encompass the Western Balkans. However, no major progress has been made on this front for more than a decade. Considering your own notable experience, would you expect the EU to first expand to the Balkans or to Ukraine and Moldova? — Austria remains committed to Serbia and the Western Balkan region in their EU accession process. In June, Austrian Foreign Minister Alexander Schallenberg initiated the “Friends of the Western Balkans” group, with the aim of decisively advanc56

ing the enlargement process in Southeast Europe. This group calls for an accelerated integration of Western Balkan states with concrete implementation steps, especially through closer involvement in European policymaking and forums even before the granting of full membership. The enlargement process as such, however, is not a one-way

We appreciate the good cooperation we have with Serbia in the area of border management, and also with regard to the ongoing harmonisation of Serbia’s visa regime with the EU acquis street and requires a clear and unequivocal commitment of the countries of the region to adhere to the values, rules and standards on which the European Union is founded. Membership candidate countries need to undertake and implement EU reforms. The more tangible and credible the improvements, the faster the accession process will advance. And the impact of the reforms will be felt by Serbia and its citizens even before acAUSTRIA 2023

I don’t know anyone who wants to have “parking lots for migrants”. And avoiding precisely that is the objective of humane and effective cooperation between the EU and its Member States and other countries impacted by the challenge of illegal migration cession – provided Serbia stays on the right track to EU membership. You’ve insisted in your statements to the media that Serbia must satisfy the conditions if it is to progress towards membership. In which areas does Serbia have to demonstrate greater progress in order for new accession negotiation chapters to be opened, after a break of two years? — The EU accession process requires credible reforms in the area of the rule of law and fundamental freedoms, including the fight against corruption, ensuring the safety of journalists and media freedom. Progress on these so-called fundamental issues, as covered by Chapters 23 and 24, are crucial for each EU Member State to assess whether

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or not to agree to the opening of new negotiation clusters. The pace of reforms in Serbia is primarily in the hands of the Serbian government. The reform process is the main driver of the pace of accession negotiations. Equally, as a candidate country, Serbia must not leave any doubt over whether it shares the values of the European Union when it comes to the full rejection of Russia’s military aggression against Ukraine. Is recognising the independence of Kosovo a precondition of Serbia’s membership in the EU? — The requirements for Serbia’s EU membership are very clear, which means that the successful conclusion of the 35 negotiation chapters needs to be fulfilled prior to accession. This also entails the normalisation of relations between Serbia and Kosovo. The latest developments showed once more how important the dialogue between Belgrade and Pristina is in order to build trust and normalise relations for the benefit of the people. If both sides were to agree on a comprehensive and legally binding agreement on the normalisation of relations, this would certainly set free a lot of political energy for reforms in other sectors and for the negotiating of all open chapters.

INTERVIEW | JÜRGEN SCHREDER DIRECTOR OF ADVANTAGE AUSTRIA FOR SERBIA, MONTENEGRO AND NORTH MACEDONIA

Great Potential for Austrian Companies

We expect economic ties between Austria and Serbia to continue to flourish in the years ahead, forging stronger business connections than ever before

AUSTRIA 2023

erbia has been, and remains, an important market for Austria, says Advantage Austria Director Jürgen Schreder, noting that the existing numbers and current examples of FDI suggest that Austrian-Serbian economic relations are experiencing an upward trajectory.

How will observed global trends impact overall trade activities between our two countries and Austrian FDI in Serbia? — Austrian-Serbian trade relations are outstanding and constantly on the rise. We are very proud that Austrian exports to Serbia actually surpassed the billion-euro mark in 2022 for the first time, and that Austria is also among the few countries to have had an increase in exports to Serbia during the first half of 2023, while Serbian imports are also becoming increasingly important for Austria, especially with regard to services. Our expectation is that they will continue to increase in the coming years and that our bilateral trade will be stronger than ever. Furthermore, Austrian FDI in Serbia looks very promising and there was another increase in 2022, to 3.22 billion euros. There is still strong Austrian interest in the Serbian market and perhaps an interesting fact is that the number of inquiries from Austrian companies regarding the establishment of a company in Serbia has increased over the last year, which makes us very optimistic. We just recently had the ground-breaking ceremony of another Austrian company here in Serbia, and with the specialised Expo 2027 to be held in Belgrade we see a lot of potential for Austrian companies! So, to summarise, Serbia has been, and remains, an important market for Austria and we don’t expect a slowdown or a decrease of interest in this regard. Apart from the current global economic challenges, how do Austrian companies operating in Serbia assess the overall business climate? — Entering and operating on a foreign market has always had its challenges and Serbia is no exception to that. Over recent years in particular, with the geopolitical changes and emerging trends, the perception of and outlook on the business climate in Serbia has been mixed. However, our 2022 “Austrian Business Confidence Survey”, which is conducted each December, showed that the general perception of the business environment has roughly remained the same over the last few years. The outlook for 2023 was optimistic among most surveyed companies, and they expected to generate increased revenue for 2023. Furthermore, I just attended the Austria Connect SEE in Bled last week, which is a conference cordmagazine.com

BUREAUCRACY Reducing bureaucratic obstacles is a critical concern for foreign investors in Serbia OPPORTUNITY Open Balkan facilitates the movement of the workforce, which offers significant advantages SUPPORT The Serbian Development Agency is a valuable asset for conducting business in Serbia

for the Austrian business community in the WB6 countries, as well as Croatia and Slovenia. There I had the chance to talk to a lot of business representatives who operate in Serbia, and I would describe the outlook as quite positive. The Western Balkans continues to be an important business location for Austrian companies and interest is continuously increasing. I would really like to point out that the RAS (Razvojna agencija Srbije - Development Agency of Serbia) is a major asset for doing business in Serbia. It invests a lot of resources to improve the business environment in Serbia and to lower the hurdles for foreign companies. Nevertheless, generally speaking, there is still some room for improvement regarding public procurement, the combating of corruption and cutting red tape, which again correlates with our 2022 survey. One of the most pressing issues for foreign investment in Serbia is the reduction of bureaucratic obstacles. Areas of responsibility are sometimes not well defined, and companies have to do their utmost only to be told that they have to start over in a different place. If stories like these are shared between businesses, it does not portray Serbia as the best place to do business and that might discourage companies from entering the market. I believe that, in order to continue attracting companies from Europe, Serbia should really aim to encourage companies to invest here and not hinder them in their intentions. How does the current workforce shortage situation in Serbia impact the decision-making of Austrian companies, for whom the availability of a qualified workforce is a crucial factor in choosing locations for new foreign operation hubs? — The workforce shortage is not just a problem of Serbia, but rather of Europe as a whole, so it is nothing new for Austrian companies. The lack of skilled workers has thus far not greatly impacted the decision-making process of companies, at least as far as we know. As there is still a difference in comparison to Austria, where the issue is even more pressing. The workforce is a crucial factor for the success of companies. However, Serbia has a great pool of skilled workers, maybe even more than Austrian companies in some regard. A lot of Austrian investments – especially in the production sector – are very well analysed strategically and part of this also includes workforce availability. Furthermore, as I mentioned earlier, there is still great interest from Austrian companies, so although the shortage is present, so far it hasn’t had a negative impact on potential investments. 59

In that respect, do you see advantages of the Open Balkan initiative in terms of the circulation of workers? — We see Open Balkan as a big chance for businesses, but certainly also as a big challenge for some countries – especially in terms of the circulation of the workforce. A lot of Austrian companies operate in several Western Balkan countries, so we see this as a chance for them to be able to also circulate their workforce within their companies, which would result in better training opportunities and knowledge- and experience-sharing. Generally speaking, I believe that the circulation of workers can be a great benefit for companies, as there is a larger pool of potential employees with different skillsets, and they might be able to learn from one another. However, it certainly also has its challenges, which might become a struggle for companies as access to foreign labour markets becomes easier. People might be more drawn to leave their country and home in search of better working and living conditions in a different location. This is where I might see a challenge for companies and where they really have to invest and be motivated to retain their employees with different benefits, training options etc. If done correctly, however, Open Balkan is a great opportunity for everybody to increase their business and it might even provide a chance for companies to expand on markets. In which ways does digitalisation influence dual secondary-vocational education in Aus-

tria, and what lessons can Serbia learn from this experience? — Well, regardless of opinion, there is certainly no way to stop or slow down digitalisation and it was merely a matter of time until it entered the education system. Dual secondary-vocational education has a long history in Austria and is a big pillar of business success and the economy, and we do see movements and trends within it as be-

We’ve seen a significant increase in inquiries from Austrian companies looking to establish themselves in Serbia over the past year. This positive trend has filled us with optimism ing positive, provided they are done correctly. Education and learning is a progress and introducing new tactics and skills can never be a bad thing in that regard, so although dual VET has been established in Austria for decades, it still evolves and improves continuously. Furthermore, we’ve recently seen that the dual education system in Austria might be the best in Europe, as we managed to secure more than 18 medals at the Euroskills competition in Gdansk, Poland. As you may know, we’ve been supporting Serbia on the implementation of the dual VET System in recent years and I am thrilled that we actually started Phase 2 of the project in October 2023! So, we are looking forward to also sharing those new trends in dual VET with Serbia in the coming years.

Unclear responsibilities may deter companies from entering the market, negatively impacting the country’s reputation as a business-friendly destination

AUSTRIA 2023

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A Real-Life Fairytale Town Hallstatt is a village on Lake Hallstatt’s western shore in Austria’s mountainous Salzkammergut region. Its 16th-century Alpine houses and alleyways are home to cafes and shops. A funicular railway connects to Salzwelten, an ancient salt mine with a subterranean salt lake, and to Skywalk Hallstatt viewing platform. A trail leads to the Echern Valley glacier garden with glacial potholes and Waldbachstrub Waterfall

BUSINESS | MELANIJA PAVLOVIĆ GENERAL MANAGER, JAF D.O.O. NOVA PAZOVA

Wood is Our World The JAF Group is this year celebrating 75 years of doing business, with an annual turnover exceeding a billion euros, a presence in over 17 countries in Europe and around the world, and 56 branches

AF strives to be a stable partner and to be located close to its collaborators, which is why the opening of a branch office in Niš is a logical step, considering all the companies that cooperate with JAF in the region of Southern Serbia and beyond.

As a local company with 100% Austrian capital, you have spent the last 15 years operating in accordance with the principles of the famous JAF Group. Are you striving to apply the best European and world standards in your work and contribution to the community? — This year is a jubilee year for the JAF Group, and also for JAF in Serbia. The company was established 75 years ago as a family business focused on the wood trade in the small town of Stockerau near Vienna. JAF successfully maintains a leading position throughout Central and Eastern Europe in the trade in structural panel materials and wood products, as a secure partner and supplier to manufacturers of furniture, doors, floor and wall coverings, construction companies, carpenters, investors, architects, interior design firms and construction works contractors. “Wood is our world” is the slogan that JAF employees have been nurturing for many years. Your company has spent the past four years operating in Risk Management mode, due to both the pandemic and the war in Ukraine. Are you handling the crisis well because you also recognised it as a growth opportunity? 64

JAF successfully maintains a leading position throughout Central and Eastern Europe in the trade in structural panel materials and wood products — I agree with you, though I would note that the entire world is operating in some kind of Risk Management mode. The world has definitely changed since 2020, and business is also changing. We are confronted by changes on a daily basis, but unfortunately also by crises that are

caused by wars. The Ukraine situation has disrupted supply chains and had a major impact on the wood industry and furniture manufacturers through shortages of certain products and price turbulence. We had exceptional business growth in both 2021 and 2022, at the level of the Group and in Serbia, but the situation in 2023 is bringing new challenges our way, as well as a partial decline in business. As a major corporation, we endeavour to adapt to all changes and to monitor developments. When there is a crisis, it is necessary to invest in marketing. The JAF Group has decided, despite the crisis, to open several new branches to coincide with the 75th anniversary of its establishment, and one of them is our new branch in Serbia, in Niš. We strive to be a stable partner and to be located close to our collaborators, so the opening of a branch office in Niš is a logical step, given all our precious partners in the region of Southern Serbia and beyond. Growth opportunities always exist and that’s something we count on. Does the example you set inspire other Austrian companies to come to Serbia? — As representatives of Austrian capital in Serbia, we have outstanding cooperation with the Embassy of Austria and the trade department of the Embassy of Austria, Advantage Austria, through joint projects, which also includes the dual education project. Austria has been among the top investors in Serbia for many years. Our two countries are linked by an exceptional friendship and cooperation. I hope that other Austrian companies will also recognise the benefit of investing and doing business in Serbia, and we are already showing this with our example, while we also plan to expand our operations to several more cities in Serbia over the next few years. AUSTRIA 2023

BUSINESS | JELENA KNEŽEVIĆ PARTNER, LEITNER&LEITNER

Our Vision: The importance of Big-Picture Thinking LeitnerLeitner, as a group that encompasses all support segments in the domain of tax, legal and financial affairs, is capable of proactively identifying all risks and proposing optimal solutions to clients, as well as providing full support for timely implementation

he main method to overcome the negative effects of economic crisis is to focus on operational innovations that are best able to help companies remain competitive and adapt to market changes,” notes our interlocutor, before explaining the role of her and her colleagues in this work.

Does an interdisciplinary and dynamic approach make it easier for you to identify the best strategy for each client? — It is today trendy to optimise operations in global companies, which often have internal sectors grouped vertically according to function. However, it often occurs in this regrouping that operations are viewed from only one angle, and that’s when we see the importance of consultants who are able to observe the bigger picture and can spot the shortcomings of business models, but also opportunities to improve and optimise operations.

We have left behind several tumultuous years that have been marked by multiple negative impacts on the global economy. As financial risk experts, how have you and your clients handled them? — A large number of our clients invest significant funds in research and development, in order to create new products that will attract consumers even during times of economic crisis. Innovation helps companies the most when it comes to remaining competitive and adapting to market changes. Likewise, the crises have compelled companies to diversify their portfolio, but also to invest in staff training and development. Apart from that, mergers and takeovers of other companies have become a noticeable trend, as a form of resource optimisation for maintaining and improving market position. In the area of tax and financial consulting, innovations are mainly reflected in the advancing of business processes and the digitalisation of operations. The developing of applications for clients also benefits us, as it brings major sav-

The level of unemployment across the region has fallen below 7%, which is why many industries are facing labour shortages, especially when it comes to high-quality personnel. What is the solution to this problem? — The issue of a lack of quality personnel is among the biggest challenges at the global level. In order to solve this problem, companies can invest in the education and training of existing employees, in order to improve their skills and abilities, but also to establish cooperation with educational institutions in order to align their educational programmes with the needs of the labour market. Secondly, they can hire foreign workers, which may include breaks in approving work permits or programmes to attract foreign talent. Thirdly, companies can improve working conditions and offer additional benefits to employees in order to attract and retain qualified workers. Moreover, cooperation between the government, educational institutions and the private sector, in which dual education has already been established, could prove crucial to solving labour shortage problems.

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In the area of tax and financial consulting, innovations are mainly reflected in the advancing of business processes and the digitalisation of operations ings in terms of time required and also simplifies communication. In supporting further development and improvement, we paid special attention to the following areas: a) talents, skills, education; b) emerging technology; c) sustainable and fair transitioning (ESG); d) improving the corporate governance ecosystem; e) developing business reporting; f ) optimising operations and financial structures.

BUSINESS | VOJISLAV LAZAREVIĆ ADDIKO BANK EXECUTIVE BOARD CHAIRMAN

First Choice for Cash Loans Addiko Bank a.d. Belgrade is focused on advancing and growing it operations in Serbia through organic development, while it is characterised by its agility and speed of decision making

he world is changing fast, which is why the banking sector should also embrace new IT solutions and approaches that enable them to provide traditional services in an innovative way.

Are you satisfied with your business potential? — Addiko Group is listed on the Vienna Stock Exchange and its shares are traded freely, which demonstrates our group’s transparency and also shows that investors are interested in our business. We strive to utilise that business potential and provide our shareholders with value through stable and sustainable operations. As a specialised bank, Addiko Bank a.d. Belgrade endeavours to achieve economies of scale in a manner that’s adapted to its business profile and the market in question. The banks operating on our market are mainly universal, yet you decided to specialise? — Addiko Bank specialises in fast and affordable cash loans. It is characterised by its agility and speed in decision-making processes, particularly when it comes to approving loans. This attracts clients seeking fast and efficient services, and our aim is to be the first choice for fast loans among Serbian citizens. Through our mobile app, clients can receive loans of up to 600,000 dinars quickly and easily. This process takes an average of less than 15 minutes and is among the most automated services in the banking sector. How do you view this challenging period, but also the banking sector’s potential and future? 66

Digital transformation eases cooperation between banks and retail chains, providing clients with improved access to services and products — Economic crisis is evident across Europe. However, something that’s peculiar to our country, and that can be easily demonstrated, is that Serbia is contracyclical in relation to the European economy. This can be explained in part by the existence of major investment projects. Serbia has attracted FDI of around 13.5 billion euros over the last three and a half years. As a country, we have undergone a turnaround by shifting from an industrial economy to an export-based economy, which resulted in exports increasing from 11.5 billion euros in 2012 to 38 billion euros in 2022. Exports are expected to experience further growth, with estimates suggesting they will exceed 42 billion euros over the course of

this year. These statistics point to a significant improvement in the economic situation and Serbia’s attractiveness to foreign investors. Do you think the use of AI and AI-based solutions could really reduce banks’ operational costs by 30 per cent by 2030? — Artificial intelligence can automate routine tasks, analyse data to assist in reaching better decisions, provide customer support via chatbots and virtual assistants, detect fraud, personalise product offers and help in managing risks. Banks in Serbia, including ours, are already applying digital innovations actively. AI has the potential to improve banks’ efficiency and profitability. It is indeed estimated that, by using artificial intelligence, companies will be able to reduce their operating costs by around 30 per cent by 2030. Digital transformation eases cooperation between banks and retail chains, providing clients with improved access to services and products. I don’t believe automation will result in an increase in unemployment, but it will improve the efficiency with which human resources are utilised. AUSTRIA 2023

If life is a race, we give you an advantage to win. Your best choice for fast loans

BUSINESS | MAJA MAĆIĆ MANAGING DIRECTOR, RP GLOBAL SRBIJA

Committed to a Greener Future RP Global is a large-scale developer with 35+ years of experience in the renewable energy sector. As a developer, operator and investor, the company focuses on solar PV, wind, hydro, BESS and green hydrogen. The company has headquarters in Vienna, Austria, and Madrid, Spain

his Austrian company is committed to impacting positively on humanity’s carbon footprint by investing in the development of sustainable projects that will help to reduce emissions and make a positive difference towards a cleaner and greener future.

RP Global has developed, built and operated 15 wind parks and 26 hydropower plants. What else are you committed to? — Equipment and services are currently being tendered for a 400 MWp solar PV project in the south of Spain and 42 MWp in Portugal. They will be implemented in 2023 and 2024. Construction of 25 solar PV and wind projects is expected in 2024 in Croatia, France, Italy, Germany, Poland and Serbia. We have had several successful collaborations and partnerships and worked with major financial institutions. The company has also delivered successful closings of funding for various projects with multilateral (e.g., IFC, EBRD, DEG, OeEB) and commercial banks (e.g., UniCredit, PKO, etc.). Tell us something more about RP Global in Serbia... — RP Global launched its operations in Serbia in April 2021. The company has a significant development pipeline representing a combined total installed capacity of >600 MW(p) of wind, solar PV 68

Our head office is in Belgrade and our local team consists of specialists with extensive experience in renewable energy and battery storage. RP Global uses its experience and expertise to include energy storage solutions across the solar and wind portfolio. The projects are at various stages of development, including planning documents under preparation, securing and acquiring land, mainly in the early development stage. The team has been working intensively to identify and develop new projects and acquire projects under development. RP Global’s projects are located all over the country. The company values its community role and cooperates closely with Serbian institutions, municipalities and associations.

Do you have enough capacity to develop a pipeline in Serbia? — Our local head office is in Belgrade and our local team consists of specialists with extensive experience in renewable energy, supported by our colleagues at the headquarters. We are fully committed to the continuous development of a 200 MW large-scale wind farm called Celzijus 1 located in South Banat. This is the lighthouse project of RP Global Serbia. Numerous other solar PV, wind and battery projects are under development in the northern and central parts of Serbia. It is essential to keep reinforcing the current pipeline with new projects, through origination or acquisition, so that we create additional opportunities for market growth. We are focused on developing a pipeline of small solar PV projects that should be built in the coming years, creating collaboration opportunities for local, locally present Austrian and other companies in civil, mechanical and electrical engineering sectors. AUSTRIA 2023

BUSINESS |

First Facility Group 40 years leader in real estate market: Integrated Facility Management services must follow the ESG principles

irst Facility is an international group of companies which provides first class integrated facility management (FM) and property management (PM) services in reputable office and residential buildings, shopping centers and industrial facilities. Over the past 40 years, we have expanded our services accros Central and Eastern Europe and now we operate in nine countries: Austria, Slovakia, Romania, Slovenia, Bulgaria, Serbia, Hungary, Czech Republic and North Macedonia. Our company is a socially responsible corporation that is one of the pioneers in developing a corporate strategy and business policy in line with ESG principles in the real estate market.

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Proactivity is important for us, therefore we are constantly following the newest trends and our professional team of experts are committed to not only provide our clients with the best possible sustainability solutions, but to continuously seek ways and new methods to improve our own sustainability, social commitments and governance. Our aim is to keep pushing forward and ensure that our operation practices meet the pledges laid out as well as the requirements for us to achieve our ESG goals. First Facility Group demonstrate and promote importance of sustainable operation and longevity of buildings, spaces and places for establishing optimized and responsible work and living environment, with the next generations in mind. We hope that through diligence, transparency, initiative and mutual partnerships with our clients, colleagues and subcontractors we will be able to achieve success and create a better place for living.

INTERVIEW | AMADEUS FALTHEINER DIRECTOR OF THE AUSTRIAN CULTURAL FORUM IN BELGRADE

Creative, Progressive and Courageous We are grappling with an unprecedented series of crises, which are being actively addressed in the fields of the arts, culture and science. The upcoming cultural programme of the Austrian Cultural Forum will centre on ecological sustainability, dignity and regeneration, recognising the necessity to respond to these contemporary challenges

AUSTRIA 2023

We are planning to increase bilateral exchanges of knowledge and capacity building programmes in order to share best practices in arts and science ence via the “Science Café” initiative, together with the Belgrade-based Centre for the Promotion of Science.

Through our

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annual projects across Serbia, we cultivate new collaborations between artists and scientists cordmagazine.com

stablished in 2001, the primary mission of Austria’s Kulturforum Belgrade is to promote Austrian culture and art in Serbia. It places a specific emphasis on nurturing contemporary and innovative projects designed to pave the way to new avenues of development and collaboration. Amadeus Faltheiner, new director of the Austrian Cultural Forum in Belgrade, with whom we spoke recently, hails from the Austrian city of Villach and has a unique cultural background influenced by the Alpe-Adria region. He initially pursued artistic studies at high school in Austria, before earning his Law degree at the University of Vienna and further specialising in European Law at the College of Europe in Bruges. He brings a wealth of experience to his current position. Speaking in this interview, Faltheiner notes that his aims are to nurture connections between our two countries in the fields of culture and science, while next year’s forum programme promises to address a number of pressing issues in a creative manner, for which the ACF cultural programme is well known. Our interlocutor additionally aims to expand cooperation in sci-

Mr Faltheiner, could you elaborate on your views of how the Austrian Cultural Forum will foster cross-cultural dialogue and understanding between Austria and Serbia in the years ahead? — First of all, I would like to emphasise that I am very honoured to be entrusted with this new position. There are strong and fruitful cultural relations between our two countries, which are the result of decades of ambitious work and close personal ties. I strive to foster and deepen these essential ties in various fields of culture and science. I can already confirm that next year’s cultural programme of the ACF will focus on ecological sustainability, dignity and regeneration. These are issues that we cannot ignore, as we face an unprecedented series of crises that arts, culture and science are also currently “digesting” in a creative, progressive and solution-oriented manner. I also have the goal of shifting the focus of our activities even more towards cooperation in science, where I see huge cooperation potential that could prove extremely beneficial to both countries. The recently launched ”Science Café”, in cooperation with the Centre for the Promotion of Science in Belgrade, is a good example of this kind of approach. Could you share some specific examples of how cultural exchange through the ACF has had a powerful impact on the artistic and cultural landscape in Serbia? — Through each of our over 100 projects realised nationwide across Serbia every year, new collaborations and even friendships between artists and scientists are forged. Our cultural portfolio is very varied and balanced: we are happy to work with small, independent artists, as well as with the leading cultural institutions. This year, for example, we managed to link the famous Gallery of Matica Srpska in Novi Sad with the Kunsthistorisches Museum Vienna and Belvedere Vienna for a joint 71

exhibition that makes us very proud. We are currently planning to increase bilateral exchanges of knowledge and capacity building programmes to share best practices in arts and science. How does the Forum measure the success and impact of its cultural initiatives and events? How does this feedback serve when it comes to planning new activities? — We are evaluating all our projects and initiatives on the basis of a number of criteria. What is important to us is that projects have a large reach and impact. Our projects should be accessible and appealing to wide audiences, especially to young people, and should address major challenges that concern all of us. What strategies does the ACF implement to ensure its long-term relevance in Serbia’s cultural sphere? — On the one hand, we rely on an extensive network of longstanding partnerships with Serbian institutions that are already well-connected with their Austrian counterparts. On the other hand,

we try to forge new ties between “underdog” actors and try to give them a chance to extend their visibility to Serbia. With this mixed programme, we aim to maintain a high presence in Serbia, while at the same time maximising our impact on the dynamic development of bilateral cultural and scientific relations.

My aim is to further focus our efforts on fostering cooperation in science, recognising its significant potential to provide mutual benefits to our countries How do you utilise digital and online platforms to expand the reach and accessibility of cultural events and activities organised by the Forum? — The Austrian Cultural Forum is active on relevant social media channels. Please don’t hesitate to like and follow us, and to keep updated on all our activities!

AUSTRIA 2023

WIENER PRIVATKLINIK (WPK)

Tailored and Precision Care The WPK Hospital, Austria's first address in private medicine, offers state-of-the-art treatment options and medical care based on the latest scientific knowledge, with a particular emphasis on various domains WPK CENTRAL EUROPEAN CANCER CENTER:

Highly specialised and internationally recognised experts apply multidisciplinary methods and personalised therapies to diagnose and treat cancer patients at the highest level of quality. The adoption of precision medicine through the use of targeted molecular compounds and immunotherapies has significantly changed both clinical outcomes and quality of life for cancer patients.

CENTRE FOR SPORTS MEDICINE AND TRAUMA SURGERY:

Specialised therapies and rehabilitation to treat injuries of all types and severities, with a focus on minimally invasive surgery. WPK PAEDIATRIC CENTRE:

An interdisciplinary competence centre for diagnosing and developing therapies for the youngest patients, covering a wide range of thoracic malformation treatments to paediatric orthopaedic, urological and neuro-reconstructive procedures.

CENTRE FOR UROLOGY:

State-of-the-art technology, such as the “Da Vinci Surgical Robot”, and treatments involving radiation therapy are performed by specialists with vast experience.

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CLINICAL CHECK-UPS AND PREVENTIVE MEDICINE:

Comprehensive and personalised health packages to prevent and screen for illness..

RADIOLOGY AND AMETHYST RADIATION CENTRE AT THE VIENNA PRIVATE CLINIC:

Combines leading cancer experts and state-of-the-art techniques in radiotherapy to offer tailored treatments for conditions like breast cancer and metastases. CENTRE FOR OSTEOPATHIC MEDICINE AND PHYSIOTHERAPY:

Customised treatment plans and a wide range of high-quality therapy options in spinal therapy, physiotherapy and rehabilitation to promote pain relief, restore mobility, optimise body functionality and improve quality of life.

FEATURE | AUSTRIAN NATIONAL LIBRARY

A Symbol of Austrian Identity

The Austrian National Library, also known as the Österreichische Nationalbibliothek, is a treasure trove of knowledge and history. Located at the heart of Vienna, this magnificent library is not just any ordinary building; it’s a place where you can immerse yourself in an unforgettable experience 74

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s soon as you step inside the library, you will be awestruck by its grandeur. With over seven million items in its collection, including books, manuscripts, maps, photographs and prints dating back to the 14th century, it’s no surprise that this library is considered one of the most important cultural institutions in Austria. Including rare and valuable works dating back to the Middle Ages, it is a treasure trove for scholars, researchers, and book lovers. Established in 1368 by Duke Albrecht III, the Austrian National Library is also one of the oldest and most beautiful libraries in the world. The old baroque library of the Habsburg empire is located in Hofburg Palace. The library’s main building is the magnificent Palais Mollard-Clary, which was built in the 18th

THE OLDEST LIBRARY IN AUSTRIA

The Austrian National Library, founded in 1368, holds the distinction of being the oldest library in Austria. For over six centuries, it has been a custodian of knowledge, preserving invaluable manuscripts, rare books, maps, and a wide range of historical documents. A HOME FOR THE WORLD’S LARGEST BOOK

century by famous Baroque architect Johann Bernhard Fischer von Erlach. The interior is just as stunning as the exterior: visitors are awed by its grand staircase, ornate ceilings and frescoes, marble columns and statues. There are several reading rooms where visitors can study or browse through books on various topics, such as art history, musicology or law. But what makes this library truly special is its commitment to preserving and promoting knowlcordmagazine.com

One of the most intriguing attractions within the library is the world’s largest book, known as the Klencke Atlas. Measuring a staggering 1.75 metres tall and 1.90 metres wide when opened, this monumental atlas is an awe-inspiring sight to behold.

edge for generations to come. The Austrian National Library has embraced technology by digi tising many of its collections so that people from all over the world can access them online.

AN ARCHITECTURAL MARVEL

The library is not only a repository of knowledge, but also a stunning architectural masterpiece. Its opulent interior, adorned with frescoes, gold leaf accents, and magnificent statues, 75

MONUMENTAL MARBLE STATUES

The library’s grand staircase is adorned with monumental marble statues representing various subjects, from science and art to literature and history. These exquisite sculptures add a touch of grace and grandeur to the already magnificent surroundings.

transports visitors to a bygone era of grandeur and elegance.

A COLLECTION THAT TRANSCENDS BORDERS

The library’s vast collection covers diverse subject matters and spans various time periods. From medieval manuscripts to contemporary literature, from scientific treatises to musical scores, the Austrian National Library offers a comprehensive body of work that caters to every scholarly interest.

A ROYAL REPOSITORY

The Austrian National Library served as the royal library of the Habsburg monarchy. Emperors and archdukes amassed an impressive collection of books and manuscripts, many of which are still preserved within the library’s walls.

ACCESSIBLE TO ALL

The Austrian National Library is committed to providing access to its collection for everyone. Scholars, researchers, and curious visitors can explore its holdings and delve into the fascinating world of literature and history. 76

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The Austrian National Library is a treasure trove of knowledge and history, housing an impressive collection of books, manuscripts and artefacts. Its stunning architecture, rich cultural heritage and educational programmes make it a must-visit destination for book lovers and history enthusiasts alike. Whether you’re marvelling at the intricate beauty of the State Hall, exploring the diverse collection of the Papyrus Museum, or immersing yourself in the digital world of the ONB labs, the Austrian National Library offers an unforgettable experience for all visitors. In This remarkable institution, centuries of knowledge and culture await.

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TRAVEL | AUSTRIA

Tyrol, Your Next Summer Getaway With its idyllic Alpine villages, towering mountains and age-old traditions, the Austrian region of Tyrol makes for an ideal summer getaway. Plus, we recommend five festival dates to add to your itinerary

AUSTRIA 2023

tretching along the western side of Austria, sandwiched between Bavaria and Italy, Tyrol is one of the country’s nine federal states. Bounded by Salzburgerland to the east and Voralberg to the west, the state covers much of the Eastern Alps and is divided into two parts: North Tyrol and East Tyrol. Home to rugged peaks, picturesque valleys

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and rolling mountain pastures, Tyrol is renowned for its skiing, snowboarding and après ski in winter. However, the region offers plenty of scope for outdoor adventure and relaxation in the warmer months, too, when travellers can enjoy a variety of hiking trails, traditional festivals, gastronomic offerings and rich culture, all wrapped up in genuinely warm Austrian hospitality.

Anyone with a love of the outdoors — including hikers, cyclists, walkers and climbers — will fall under the spell of Tyrol’s intoxicating mountain scenery. Yet, there’s something for everyone here: for those who love to seek out culture, there are plenty of experiences to get involved with in the historic old town and summer festivals of Innsbruck, the Tyrolean capital, while gastronomes should head to Kitzbühel to enjoy a variety of classic and modern cuisine, served in an array of settings ranging from mountain huts to traditional inns and fine dining restaurants. Granite giants, roaring waterfalls and gorges, meandering rivers and mountain lakes — the most fascinating sights in Tyrol are all Mother Nature’s creations. But it’s the region’s sublime mountain scenery — such as the Kitzbühel Alps, Wilder Kaiser, Ötztal Alps, Zillertal Alps, the high valley of the Wildschönau, and the High Tauern (which includes the Grossglockner, the highest mountain in the Eastern Alps) — that attracts families and adventurers alike. Visitors can enjoy fantastic hiking trails, from short, gentle day walks to extended mountain hikes, such as the 250-mile Eagle Trail, which traverses the whole of Tyrol. Cyclists can also enjoy more than 600 miles of marked road cycling trails, not to mention some 3,500 miles of mountain bike trails. Innsbruck offers a city escape with a unique blend of urban fun and Alpine flair. From the charms of its historic old town to the opulence of the Imperial Palace, this is a destination not to be missed. Make sure you visit the Goldenes Dachl (Golden Roof), built around 500 years ago by the Emperor Maximilian I; the Hofkirche (Court Church) which houses Maximilian’s tomb; and the Hofgarten (Imperial Gardens). Beyond Innsbruck, you’ll want to explore some of the valleys, such as Zillertal, and quaint towns, including Kitzbühel, St Anton am Arlberg and St Johann. An excellent pub-

Anyone with a love of the outdoors — including hikers, cyclists, walkers and climbers — will fall under the spell of Tyrol’s intoxicating mountain scenery

Cyclists can enjoy more than 600 miles of marked road cycling trails, not to mention some 3,500 miles of mountain bike trails 80

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lic transport network means Tyrol’s highlights and mountain areas are easily accessible by local bus. Tyrol is a region with year-round appeal. If it’s world-class hiking you’re after, come in the summer, which begins in early June and runs through to late August. Wildflowers are at their most colourful in June and mountain huts are generally open between the end of May and October. By Rudolf Abraham

Granite giants, roaring waterfalls and gorges, meandering rivers and mountain lakes — the most fascinating sights in Tyrol are all Mother Nature’s creations cordmagazine.com

“Austria is not a country, it's a state of mind” Hermann Bahr

PROFILE

Writing Creates Empathy I don’t believe in feel-good literature, rather I believe in truth (which can be both unpleasant and uncomfortable). Only the will of the writer to be truthful makes literature interesting and not clichéd

Catherine Cusset Novelist and Writer eading was my first passion. The first book I read by myself, at the age of six, was Noddy Goes to School. Noddy believed that he knew everything, then he went to school and made a fool of himself. I recognised in him my young conceited self and loved seeing myself reflected in a book as in a mirror. My mother was delighted when I told her, at age 10, that I wanted to become a writer. She worked as a judge and was also very pragmatic. Being a writer was great, but did it earn a living? She said that I should first become a professor. By the age of 23, I had all the academic degrees that you could dream of, but my dream would have been to write a novel. After spending six years studying continuously and learning Greek and Latin dictionaries by heart, I had no imagination left. I was 24 when I met an American in the States and fell madly in love. Our affair was passionate and tumultuous, and it led to a break up that tore my

heart apart. I returned to Paris crying my eyes out. This is when I started writing my first novel. Writing was a relief from pain, but it was above all a joy. The joy of giving form to something formless, of giving words to my confused feelings, of taking control again through work. Writing was about trying to make sense and being as true as possible. Writing was the only real, deep connection I had to myself. Writing was a way to feel alive even when I was broken. (And, by the way, it allowed me to marry the American.) My first novel, published when I was 27, proved to be a total failure, but I had discovered a pleasure that was like a drug and I could no longer go back. I became a university professor, but my only desire was to write. My first commercial success came nine years later. It was then that I earned real money and was able to quit my job at Yale to devote myself to writing.

Although earning money is important, writing is not about that for me. It’s about being as true as possible. I wrote a novel about my mother (whom I love) called Family Hatred, in which I describe all the ambivalence of the mother-daughter relationship. I wrote a book about my relationship to money that I called Confessions of a Cheapskate, and everyone who reads it laughs, though I didn’t try to be funny – only honest at my own expense. I wrote a book about desire in which I described one-night stands and masturbation. I wrote a book about my mother-in-law, called A Brilliant Future, and writing this book allowed me to understand why she had tried to prevent me from marrying her son and, three years later, tried to get him to divorce me. I realised that her crazy behaviour was the result of her history, of her growing up in Romania and emigrating twice in a row, to Israel and subsequently to America, of her sacrificing everything for her son’s future. I wrote a book about a friend of mine who loved and devoured life and who committed suicide at the age of 39: how could you love life and not be able to live? Writing that book allowed me to develop an understanding of mental illness. I don’t believe in feel-good literature, but rather in truth (which can be unpleasant and uncomfortable). Only the will of the writer to be truthful makes literature interesting and not

True writing forges a bond between the writer and the reader, as if the writer – whether dead or not – were right next to us, as if we shared something intimate clichéd. True writing forges a bond between the writer and the reader, as if the writer – whether dead or not – were right next to us, as if we shared something intimate. We may be alone, but we are connected to another human being’s thought, and this is the opposite of loneliness. True writing is my project in life. It creates empathy in both the writer and the reader.

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Henry Moore: ART

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Years of Artistic an Titan

In the pantheon of great British artists, the name Henry Moore stands tall, an indomitable figure whose influence remains undiminished 125 years after his birth. This year marks a special milestone, a moment to reflect on the life and legacy of a man whose sculptures have become iconic landmarks across the globe A HUMBLE BEGINNING:

CASTLEFORD BORN

Born in the West Yorkshire town of Castleford in 1898, Moore’s early life gave little hint of the artistic titan he would become. The seventh of eight children, his family was of modest means, with his father working as a miner. Yet, it was these humble beginnings that shaped Moore’s understanding of the human form, with its enduring strength and fragility.

AR AND ART: W THE FORMATIVE YEARS Moore’s journey into the world of art began at Leeds School of Art. However, the outbreak of World War I interrupted his studies. Serving in the Civil Service Rifles regiment, he wit-

nessed the harrowing realities of war, which undoubtedly influenced his later works. After the war, he resumed his studies, thanks to an ex-serviceman’s grant, and later secured a scholarship to the Royal College of Art in London.

DISTINCTIVE VOICE: A THE EMERGENCE OF A MASTER By the 1930s, Moore had begun to establish himself as a leading figure in the world of modernist sculp-

Reclining Figure: Festival by Henry Moore, 1951, via Tate, London

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Henry Moore, The Arch, 1963-69

ture. His work was distinct, drawing from natural forms, yet abstracted to capture the essence of the subject. The human figure, particularly the mother and child theme and the reclining figure, became central motifs. His pieces evoked a sense of timelessness, merging the ancient with the modern.

HE WAR YEARS: T SHELTER DRAWINGS AND HUMANITY

Helmet Head No. 4: Interior/ Exterior, 1963

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World War II saw Moore take a slight detour from his beloved sculpture. With Londoners seeking refuge in underground stations during air raids, Moore was moved by the sight. These scenes culminated in his ‘Shelter Drawings’, a poignant reflection of humanity amidst the chaos. They were a departure from his sculptures but bore the unmistakable stamp of Moore’s sensitivity and insight.

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Henry Moore, Mother and Child: Hood, 1983

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GLOBAL RECOGNITION: FROM BRITAIN TO THE WORLD Post-war, Moore’s reputation soared. Exhibitions in Europe, North America, and beyond cemented his status as one of the leading sculptors of the 20th century. Commissions flowed in, and his monumental outdoor pieces began gracing public spaces, from London’s Kenwood House to UNESCO’s Paris headquarters.

EGACY: THE LASTING L IMPACT OF MOORE Today, 125 years since his birth, Moore’s legacy remains undiminished. The Henry Moore Foundation, established in 1977, ensures that future generations can engage with and be inspired by his work. His pieces, a fusion of abstraction and reality, continue to evoke strong reactions, bridging the gap between the past

Harlow Family Group, by Henry Moore, 1954-55

and the present, the tangible and the ethereal. The life of Henry Moore is a testament to the enduring power of art, a beacon that reminds us of humanity’s capacity for creativity and innovation. As we commemorate the 125th anniversary of his birth, we are reminded once again of the timeless nature of his work and of the man behind the masterpiece.

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Renowned and reputed as a top neurosurgeon, the feeling that comes with saving a life is the victory of her own lifetime, and a priceless accolade. And that’s something she doesn’t change for any post or function. For her, the human brain is a miniature cosmos. There’s probably no one who’s been more successful in operating on the brain for decades, and no one who would be better able to author an essay on the brain in the local language. Trusted and loved by her patients, she also enjoys great respect among her colleagues

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MY LIFE

Dedicated to the Majesty of the Brain Danica Grujičić Minister of Health of Serbia By Radmila Stanković

anica Grujičić (64) owes her greatest debt of gratitude for having made the right life choices to her parents: her father Milo, an economist, and mother Cveta, a teacher of literature, who gave her unlimited support. She says that she’s grateful to her father for her self-confidence, which is one of

her core qualities. Her parents gave her a basic upbringing in the home, which implied: “You must work hard; you must achieve everything through your own efforts and not count on anyone else. You must respect the family, immediate and extended; you must respect your elders and help

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those who are younger. I was an only child, but my first cousin was born seven days before me, so I was lucky that we grew up together like twins.” What remains today of that value system in which CorD’s amiable interlocutor was raised and grew up? “My natural surroundings are such that I stick to the principles on which I was raised. Here I’m referring to the environment of my family and friends, and the older professors who taught me. When I was in the infirmary, I would stand up when an elderly person entered for me to examine. That’s remained from the way I was raised and is normal for me. And when I happen to enter a room and a younger colleague remains sitting with their feet on the desk, they receive a lecture on good manners from me.” Born in Užice, she lived in that city on the river Đetinja for 11 years and today recalls her teacher Nadežda Petronijević and her schoolfriends. She remained in the same department for the first four years of school, only for her mother to later transfer her to one in which English was taught. She enjoyed excursions in the area around Užice, trips to the Old Town, to Zlatibor mountain. “That was a carefree childhood without any kind of turmoil, alongside a strict mother who ran a tight ship and knew how to administer punishment, but also how to reward. Dad was often away. I was his sweetie and he was more of a pal and friend to me. Mum was the one who had to be respected, who was always slightly stricter, but always fair. She was much gentler to me once I grew up, and explained that she’d had to be strict to keep me under control because I’d been a very over-exuberant child. And I thank her for making me, primarily, a good person.” Danica started playing the accordion as a child. She had a wonderful teacher, Dragan Vasiljević, who developed within her a desire to constantly improve, to be increasingly better. She practiced for three or four

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With father Milo

hours daily, playing Bach concertos. Later, while at university, her accordion proved indispensable at social gatherings. Wherever they went, her colleagues would carry an accordion to be able to sing along with Dana. Danica’s father worked in Russia when she was 15 years old. She was then in the first year of the 5th Belgrade Gymnasium High School, and it was her that proved decisive in them all moving to Moscow.

I was raised to work hard, to achieve everything through my own efforts, to respect the family, respect my elders and help those who are younger

“In those years, I didn’t have idols among singers, actors or artists, which perhaps wasn’t a good thing, but rather my idol was my dad, who was always right. Dad proposed that we move, mum was hesitant, while I was clever enough to realise that it was a chance to get acquainted with another culture, that I would learn to speak a new language, as I already spoke English. All that could be a genuine wealth of experience and tipped the scales in favour of us going.” And so it was that Danica went from the 5th Belgrade Gymnasium High School to the 28th Secondary School of the October Okrug of the City of Moscow. Her mother once stated during a television show that she’d completed the tenth grade of that school as valedictorian. Danica herself didn’t like to boast about that, because she’d considered it would have been shameful to brag in front of the other kids. “We spent two and a half years in Moscow. I graduated from high school at the age of 17 and enrolled in university. The Russians accepted me really wonderfully, and apart for my first and last names, I didn’t differ from them at all. I sat my high school diploma in both a Russian and a Yugoslav school, got up at three in the morning to study, played the accordion. I was especially delighted that there were primary schools teaching in 198 languages in the then USSR. That was a powerful show of respect for minorities.” When asked why she opted for medicine, which she enrolled in while in Moscow and continued and completed in Belgrade, Danica provides an interesting answer. “I had always been fascinated by that which is infinite. I’d wanted to be a designer of rockets and aircraft, but I wasn’t able to enrol to do so because back then only Soviet citizens could study at that particular university. My next choice was medicine, in the knowledge that I would deal with neurosurgery, be-

cause your human brain is actually like a miniature universe. The brain remains unfathomable to this day, and the possibilities of the human brain are probably infinite. The fact that we don’t know how to exploit all these possibilities in the best way is another problem. I became fully self-realised in my work.” The continuation of her medical studies in Belgrade showed how eager for knowledge she really was. She began volunteering in the Neurosurgery department during her final year studies. She was employed a year and a half after passing the professional examination, and doing so with a GPA of 9.6. One has to believe her when she says today that she would have gone a very different way if she hadn’t ended up on the path she took. “It seems to me that, if I hadn’t completed neurosurgery studies, I would have enrolled to study history or something else, completed that, and dealt with that professionally. And I feel sorry for the children who have an idea about where they could give the most, but don’t get the opportunity to do so. Not everyone can get what they want. I think that non-medical courses at the Faculty of Medicine need to address ethics much more. Perhaps a psychological test for medical school should be introduced. You must meet certain ethical standards and possess a certain level of empathy to be a good doctor. It’s worthless being a top surgeon if the patient can’t place their trust in you.” When someone so loves her job as a neurosurgeon and is so into the brain, it’s interesting to hear about her first ever encounter with a brain. “When I first saw that it pulsates with life, I was of course delighted. I observed several surgeries that weren’t technically complicated. And then I observed a very ugly operation. And that’s when you have to remove part of a brain that’s in trauma in order to save someone. This was done by my senior colleague,

who performed it with perfect technique. His every move made sense. I watched and complained about how I’d never learn to work like that. But I learned that, regardless of the urgency of an operation, order must always exist. Because if you lose that order, you lose the patient. That was a great school for me. By the way, I used to say to my general surgeon colleagues who are convinced that

With parents Milo and Cveta

The brain remains unfathomable to this day, and the possibilities of the human brain are probably infinite. We just don’t know how to exploit all those possibilities in the best way only their surgery is proper surgery: When I open the skull and see the brain, I say ‘good day, your majesty’. “You’d be surprised what the brain can take, what size of tumour it can contain while you think that the person is completely normal. It all depends on whether the process develops very rapidly, in which case the patient quickly falls into a coma, or very slowly. Some benign tumours can grow for 25 years. The brain slowly adapts, and it’s usually at that mo-

ment when all possibilities for adaptation have been exhausted that the patient contacts us.” She recognised early on that, as a woman, she would have to work harder than her male colleagues, and to know more than them, in order for patients to want her to perform surgery on them. That huge work and effort, but also her exceptional talent in the vocation that she devoted herself to, led to her becoming renowned as an excellent surgeon by the age of 35, and by 40 she was a big name in the world of neurosurgery. She doesn’t forget to express personal gratitude to all the professors and colleagues with whom she’s worked and from whom she learned. And she never accepts that she deserves the credit for the procurement of the gamma knife, but rather insists that it was procured by the state. Dana was 25 when she gained employment at the Institute of Neurosurgery of the Clinical Centre of Serbia. She later became head of the Neuro-oncology Department of the CCS Neurosurgery Clinic, then director of the Institute of Oncology and Radiology of Serbia, while she has been serving as the Minister of Health of Serbia for the last year. And we should also add to this impressive list her work as a profes-

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sor at the Faculty of Medicine and the other responsibilities that she hasn’t shied away from. Her motto is that she must be available to her patients at every moment, and that this is the duty of every top doctor. She considers the establishing of the daily hospital of the Neurosurgery Clinic as being her great success. Wherever she has worked, her working days have always begun with her rising at six in the morning. She would already start with an operation by half past seven, and if she had two surgeries to do that day, and if they were harder and longer, she would only finish at seven in the evening. In the case that they were simpler procedures, she would do three operations per day, but if there were any complications, she would remain at the Clinic until ten o’clock at night. She always succeeded in forming a good team to work with. “It’s very important that you also have good associates for an area that you don’t understand. I learned to ask those who know what I don’t. When you administer an institution, the most important thing is to consult good scholars.” With her proposals, and their implementation with the help of the team with which she worked, she managed to improve the work of the Institute significantly in an organisational sense. And all those who’ve continued to work for the welfare of patients are aware of this. “The older generations inherited from their elder teachers this cold attitude towards patients, and a desire to avoid a dying patient. That’s unacceptable.” Since being appointed Serbian health minister a year ago, she has found all the meetings the toughest aspect, given that she sometimes has six or seven per day. Although she attempts to complete everything by six or half past six, and then devote herself to her father, her meetings often go on until late into the evenings. Her main objective is to work

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in cooperation with the Ministry of Finance to provide as much money as possible for healthcare, to launch initiatives for changes to working practises and conduct that should improve the functioning of the Serbian healthcare system. And all her reasoning has demonstrated that she cares greatly for patients, but also for medical workers preserving their dignity in their work. Given that not everything is progressing easily, we asked her what she is finding the toughest.

With professors Nikola Sekulović and Eduard Kandelj

It seems to me that, if I hadn’t completed neurosurgery studies, I would have enrolled to study history or something else, completed that, and dealt with that professionally “As someone who comes from the operating theatre and the most demanding area of healthcare, I need time to grow accustomed to “non-surgical procedures” in the functioning of state bodies. We surgeons are used to making split second decisions and “cutting”. This often isn’t possible in the functioning of the

state, which in certain cases isn’t actually a bad thing, because it gives you time to overview all aspects of a problem and make the right decisions. Frankly, the slowness of the system sometimes irritates me, but that’s also a problem in many other countries. We are getting used to one another – the system to me and I to the system. “On the other hand, we have to work to improve and amend the Law on Healthcare. I tour the whole of Serbia, conversing with my colleagues and with patient associations, and I try to look over all the proposals in order for us to pass the best possible law. For me, Serbia extends from Subotica to Prizren, and as the country’s health minister I will strive, together with my colleagues, to secure equally good healthcare for all citizens of Serbia. In this area there must be no differences regardless of where our citizens live: in Vojvodina, Kosovo or Belgrade.” She considers the fact that the Clinical Centre of Serbia is slowly entering the Second A phase as being her greatest success in this position, with works advancing quickly on the capital and perhaps biggest project that is the new building of the Institute of Oncology and Radiology of Serbia, and she hopes that

part of the new Clinical Centre of Vojvodina will be opened by this time next year. “We succeeded in resolving the years-long, not to say multidecade, problems over the issues of the identity of the investor and that of the founder. After several years of stagnation, design work is underway for the Clinical Centre in Kragujevac, while the reconstruction of hospitals needs to be completed in Smederevska Palanka, Valjevo and other cities... However, wherever I go, I’m impressed first and foremost by the self-sacrifice of my colleagues. “I’m satisfied that, after 30 years, we’ve adopted the Rulebook on increasing the availability of medicines (so-called off-label). This is a major step for Serbian healthcare that will provide a significant relief for our patients. Until now, a medicine that was registered for one purpose couldn’t be used for another even if it was effective, just because it wasn’t on the list. I expect great assistance from the RFZO [National Health Insurance Fund]

You must meet certain ethical standards and possess a certain level of empathy to be a good doctor. It’s worthless being a top surgeon if the patient has no trust in you on the practical implementation of this rulebook.” The minister is also satisfied by the fact that the Rulebook on unregistered medicines has been adopted, because it means that, in the case that shortages emerge, medicines can be imported from Russia, China, India or South Korea. She says that announcements are coming from Western Europe on possible restrictions on the delivery of medicines, so she doesn’t want to wait until the moment when we won’t have anywhere to import medicines from. “This is a great shift that we have taken together with the Government of the Republic of Serbia and I’m

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convinced that it will ensure the safety of all our citizens.” She is equally satisfied that the Torlak Institute of Virology, Vaccines and Sera is being renovated and believes that we will produce all our own vaccines in five to six years, and that the Health Insurance Act has been amended in the area of sick leave. “We were the only country of the region in which a general practitioner could prescribe 60 days of sick leave. That has now been reduced to 30 days, as is the case everywhere else in the region. We are working to remedy a great injustice towards our war veterans, towards people who defended this country and could have died for it, many of whom suffer from post-traumatic stress disorder and lacked health insurance. I was very pleased to be able to propose an amendment to the part of the law that allows them to now use their veteran’s ID card to receive complete health insurance, but also for their family members if they have no other basis.” Extremely important work has also been carried out and agreed thanks to negotiations with the World Bank on the approving of a 75-million-dollar loan for the project ‘100 clinics around the villages’. “We will procure all the necessary equipment, while we will also have mobile clinics that will tour villages where it isn’t viable umestu doesn’t pay off off to have a permanent clinic, with a doctor from the nearest health centre visiting regularly.” An agile doctor whose empathy is the stuff of patients’ fairy tales, it is also tough for Minister Grujičić to see young doctors leaving the country to work abroad. And she is doing everything she can to ensure that as many of them as possible remain in Serbia, considering everyone that she retains as her greatest success. Danica isn’t a member of any political party, but she has given her support to SNS because of all the good that the party in power has done in the field of healthcare.

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Chill Out World Welcomes the Hottest Chilli Ever The spicy “Chilli X” has been declared the world’s hottest chilli by the Guinness World Records after tests conducted by Winthrop University in South Carolina showed it had an average of 2.69 million Scoville units, surpassing the previous record-holder, the “Carolina Reaper” (1.64 million). The Scoville scale, which measures the heat of peppers based on the concentration of capsaicin – the primary active component in spicy chillies, was developed by American chemist Wilbur Scoville in 1912. The average jalapeno pepper scores between 3,000 and 8,000 Scoville units for comparison. “Chilli X” is cultivated by Ed Currie, founder of the “Puckerbutt Pepper Company” in South Carolina, who also bred the former record-holder, the “Carolina Reaper”.

Rare Artefacts Fetch £46 Million at Christie’s New York Auction A vast collection comprising artworks, furniture, silverware, ceramics, and jewellery, historically part of the Rothschild banking family’s private collection, fetched over £46 million at several Christie’s auctions in New York. This event signified the debut of a North American auction of items from the esteemed banking family’s French lineage. Baron James Mayer de Rothschild, his spouse Betty, and their offspring Alphonse, who lived during the 19th century, primarily amassed these artefacts. They have since remained in the family’s possession. Prominent within this collection was art from past masters, particularly a 17th-century masterpiece by Gerrit Dou titled “Young Woman Holding a Rabbit with a Lad at the Window”, which garnered over £5 million.

Europe’s Elderly to Outnumber Youth by 2024 Europeans aged 65 and over are set to outnumber their counterparts under the age of 15 by next year, according to the World Health Organisation (WHO). “It’s projected that by 2024, the population of individuals over 65 in Europe will surpass those under 15. This trend symbolises a new era of social, economic, and health challenges,” stated a communique from the WHO’s European branch, which covers 53 countries, including some in Central Asia. Additionally, estimates by the “Our World in Data” institute suggest that this phenomenon, currently unfolding in Europe, will manifest globally around 2064.

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Prada to Design New NASA Suits American space agency, NASA, astronauts will sport suits designed by the renowned fashion house Prada, in collaboration with Axiom Space, for their next mission to the Moon. Prada brings expertise in materials and manufacturing to the project. One astronaut remarked to the BBC that Prada was up to the task due to their extensive design experience. “Prada boasts considerable knowledge in various composite fabrics and might actually make technical contributions to the outer layers of the new space suit,” opined Professor Jeffrey Hoffman, a veteran of five missions and four spacewalks.

£425M JUPITER: Europe’s Top Supercomputer in Making A consortium comprising of Germany’s Partec and France’s Atos has announced their collaboration to develop Europe’s inaugural supercomputer, JUPITER, capable of performing a quadrillion calculations per second. The consortium has secured a £425 million contract with EuroHPC, a high-performance computing company representing a joint venture between the European Union, various European nations, and private firms, with a mission to advance supercomputing in Europe. “JUPITER will boast a computational capacity three times that of the current leading European supercomputer and will occupy an area roughly equivalent to four tennis courts,” stated representatives from Partec and Atos.

US Company Fined $150,000 for Disposing of Waste in Space Leading satellite television company, Dish Network, has been fined $150,000 for improper disposal of one of its satellites, marking a seminal instance of US federal regulators imposing a penalty for space debris. CNN reports that this is a pioneering case where the Federal Communications Commission (FCC), the body governing space telecommunication services, concluded its investigation into Dish Network by enforcing a monetary penalty. The FCC highlighted that “this is the first application of the space debris rule, which has intensified efforts regarding satellite regulation,” as per their press release.

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FASHION

PERFECTING TRAVEL WITH THE RIGHT CARRY–ON LUGGAGE

Madewell The Essential Overnight Bag Made of luxe leather, this zip-top overnight bag can do the whole 24 hour thing

Choosing the right carry-on isn’t just about style; it’s key to hassle-free travel. Regular business traveller? A wheeled metal suitcase is vital for breezy dashes through places like Heathrow. Adventurous types need a sturdy backpack or duffle, perfect for tight spaces on smaller transports. For quick getaways, a shoulder-sling bag hits the mark. Explore top carry-on options to elevate your travel game.

Bric’s Carry-On Spinner Luggage Style and function merge with this travel bag–made from Polyamide with PVC coating and nylon with a satin finish

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Caraa Studio Bag Bespoke convertible bag that can transition from satchel to backpack to crossbody. The epitome of form meeting function.

Louis Vuitton Keepall 55 Light, supple and always ready for immediate departure, the bag lives up to its name

International Dual Access 4-Wheeled Carry-On This FXT® ballistic nylon carry-on brings together innovation, superior performance and best-in-class functionality for far-flung journeys.

Longchamp Boxford XL travel bag The Entrepreneur 20-Inch Rolling Carry-On This timeless carry-on that balances a classically elegant look with the practicalities of travel is suited to a lifetime of adventure.

The brand’s iconic line embodies an understated elegance.

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CULTURE CALENDAR

19. FREE ZONE FILM FESTIVAL

BIG BEND RTS & FRANCESCO SANTUCCI

1-5 November

8 November – Kolarac Endowments

World premiere - Big Band RTS and Francesco Santucci’s “New Seasons”. The concert that will certainly mark this year is the world premiere and promotion of the CD release of Big Band RTS and the famous saxophonist Francesco Santucci - “New Seasons”. Together with the pianist Massimo Tempia and the conductor Gabriel Comelli, on November 8, in the Great Hall of the Kolarč Endowment, starting at 8 p.m., they will present “The Seasons” by Antonio Vivaldi and the famous “Pavana” by Gabriel Faure in a new sound that will reveal to you Santucci’s original music. These are

The 19th Free Zone Film Festival will be held from 31 October to 5 November in Belgrade, Novi Sad, Niš and Kragujevac. Sixty-three films from 38 countries, distributed in 13 program units, will bring topics not talked about out loud, ask difficult questions, touch conventions and start debates. The steamer will be one of the hosts of the festival this year. Visitors will have the opportunity to watch some of the film screenings from 01-04—November in our cinema, Dragan Gaga Nikolić. The visual identity of this year’s festival is a kind of homage to Luis Buñuel, one of the greatest authors in the history of cinema and his debut masterpiece, “Andalusian Dog”.

HOLLYWOOD IN SERBIA 25 November - Kolarac Endowment Join us as we commemorate a significant milestone - 100 years since the first Hollywood film graced the screens in Serbia. Experience ‘Hollywood in Serbia’, a captivating musical evening featuring scores from the most iconic Hollywood blockbusters. This memorable performance will be brought to life by the renowned Serbian Symphony Orchestra under the expert direction of conductor Jane Brown. Don’t miss this fusion of cinematic history and symphonic brilliance.

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six new compositions in the great sound of Big Band RTS, which the composer said is the “secret ingredient” of a good interpretation of this release. “I didn’t want to do a normal solo album, I didn’t want to create too many original songs, and I didn’t want to play the hundredth version of the musical standards that are always performed,” said Santucci.

RECOMMENDS

100 ILLUSTRATORS

WALT DISNEY’S MICKEY MOUSE: THE ULTIMATE HISTORY - 40th EDITION

Steven Heller

David Gerstein, J. B. Kaufman, Bob Iger

Drawn from TASCHEN’s Illustration Now! series, this go-to catalogue brings together 100 of the most successful and influential illustrators around the globe. With featured artists including Istvan Banyai, Gary Baseman, Seymour Chwast, Paul Davis, Brad Holland, Mirko Ilic, Anita Kunz, and Christoph Niemann, the international overview provides an invigorating record of the dynamism and diversity of the illustration scene.

On November 18, 1928, the world’s most famous Mouse made his very first public debut. Today, we celebrate 90+ years of Mickey in one of the most expansive illustrated publications on the Disney universe. Starting with the first sketches of a character who was almost named Mortimer, we trace the career of Walt Disney’s and Ub Iwerks’s most famous creation, one met with an explosion of worldwide popularity preceded only by the earlier successes of Charlie Chaplin.

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BASQUIAT - 40th EDITION Eleanor Nairne The legend of Jean-Michel Basquiat is as strong as ever. Synonymous with 1980s New York, the artist first appeared in the late 1970s under the tag SAMO, spraying caustic comments and fragmented poems on the walls of the city. He appeared as part of a thriving underground scene of visual arts and graffiti, hip hop, post-punk, and DIY filmmaking, which met in a booming art world. As a painter with a strong personal voice, Basquiat soon broke into the established milieu, exhibiting in galleries around the world.

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KING TUT: THE JOURNEY THROUGH THE UNDERWORLD 40th EDITION Various Buried in the 14th century BC but unearthed by Howard Carter in 1922, the objects entombed with Tutankhamun are an invaluable window into a long-extinct belief system. Seen today, they create an intricate picture of how the ancient Egyptian people viewed the perilous journey to paradise, a utopian Egypt that could only be entered following the final judgment.

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50 ULTIMATE SPORTS CARS - 40th EDITION

THE NASA ARCHIVES 40th EDITION

Charlotte Fiell

Piers Bizony, Andrew Chaikin, Roger Launius

For the seasoned car collector or the awestruck newcomer, this volume is the consummate sports car anthology. Bringing together 50 of the most exquisite, desirable, and adrenaline-charging sports cars of all time, it recounts the enthralling endeavors in automotive design and engineering in pursuit of optimum dynamic performance for both road and track.

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NASA, the first civilian space agency, was established in response to the Soviet Union’s launch of Sputnik in 1957. In just ten years, it grew into a remarkable enterprise capable of exploring distant planets and sending humans to the Moon via massive rockets. Since then, NASA has continued to push the boundaries of space exploration through various missions and discoveries.

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Faces & Places

Korean Embassy in Serbia Celebrates National Day 29/9/2023 On the 29th of September, coinciding with the significant Korean festival of Chuseok, the Embassy of the Republic of Korea in Serbia hosted an illustrious reception in honour of its National Day. The event saw an impressive turnout, with approximately 150 attendees gracing the occasion. Among the distinguished guests were notable figures from the diplomatic circle, representatives of international organisations, luminaries from Serbia’s cultural and public spheres, as well as Korean expatriates. Ambassador H.E. Jaewoong LEE was at the forefront, representing the Republic of Korea. His presence underscored the importance of the event and symbolised the deepening ties between Serbia and Korea, showcasing the mutual respect and camaraderie shared between the two nations.

German Unity Day Celebrated in Belgrade 2/10/2023 In the Serbian capital last evening, the German Unity Day was commemorated. The German Embassy in Serbia organised this lavish event, marking the 33rd anniversary of the East and West’s momentous reunification, hailing it as a beacon in European history. Ambassador Anke Konrad took the mantle with pride and thanked all attendees for sharing on this ceremonial occasion. She emphasised the significance of bolstering bilateral ties between Germany and Serbia. The celebration at the Belgrade Youth Centre saw a gathering of Serbia’s political and social luminaries. Prime Minister Ana Brnabić, leading opposition figures, and dignitaries from the diplomatic community, business sector, NGOs, and media collectively paid tribute to this significant anniversary. 102

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Indonesian Embassy Marks National Day 5/10/2023 In a grand ceremony held at Hotel Hyatt, the Indonesian embassy marked the Independence Day and Armed Forces Day of Indonesia. The event showcased the rich culture, strength, and unity of Indonesia’s military forces and its significance on the global stage. Ambassador H.E. Mochammad Chandra Widya Yudha played the perfect host for the evening. Ambassador Yudha eloquently touched upon the growing ties between Indonesia and Serbia in his articulate speech. He highlighted the substantial strides the two nations have made in bilateral relations and emphasised the collaboration in trade. The Ambassador underscored the mutual benefits both nations have derived from their partnership and expressed optimism about the future of these relations, especially in the domains of trade and security cooperation.

CORE Days Held in Montenegro 11/10/2023 Over the past three years, regional economies have seen a surge of approximately 10% in growth, in stark contrast to the EU’s modest 3% increase, according to the international CORE Days Conference held in Kotor. The conference, themed “Smart and Green Growth – Locally, Regionally, European”, was organised by NALED in collaboration with other members of the Competitive Region Partnership. This initiative received backing from the Swedish Government and was implemented through Sida and German development cooperation facilitated by GIZ. The conference showcased the inaugural regional index on sustainable economic development conditions, encompassing Albania, Bosnia and Herzegovina, Montenegro, Croatia, North Macedonia, and Serbia. Collectively, these nations represent a market of nearly 20 million people with a combined GDP nearing 200 billion euros.

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“Kuala Lumpur Night” Dazzles Belgrade 19/10/2023 The Malaysian Embassy, continuing its tradition of cultural diplomacy, presented “A Journey Through Malaysia Truly Asia” on 18th and 19th October 2023. Following the triumph of last year’s “To Know Malaysia Is To Love Malaysia” week, this year promises an even more immersive Malaysian experience set against the modern backdrop of the Galerija Belgrade Mall at Sava Square. The centrepiece event, “An Evening in Kuala Lumpur,” transported attendees right into the bustling streets of Malaysia’s capital. The evening’s allure is further heightened by the presence of Celebrity Chef and Malaysia’s Culinary Markets Ambassador, Dato’ Ismail Ahmad. Attendees will be privileged to indulge in authentic Malaysian dishes the maestro prepared. While “An Evening in Kuala Lumpur” is the programme’s crown jewel, it’s but a part of the broader “A Journey Through Malaysia Truly Asia”. The embassy promises further captivating events, with details to be shared in subsequent releases. The initiative embodies the essence of cultural diplomacy, celebrating the shared bonds between two diverse nations.

International Conference Biotech Future Forum Held in Belgrade 22/10/2023 The “Biotech Future Forum” international conference, hosted by the Serbian Government in partnership with the World Economic Forum, Centre for the Fourth Industrial Revolution, and the United Nations Development Programme (UNDP), supported by the BIO4 campus, attracted over 500 participants from more than 30 countries and featured over 40 speakers from government, academia, research institutions, and the business sector in Belgrade. Speaking at the event’s opening at the Serbia Palace, Mirek Dušek, Executive Director of the World Economic Forum, highlighted that Serbia is the first country in the region to join the Global Network of Centres for the Fourth Industrial Revolution and to establish a centre focusing on biotechnology and AI applications in medicine. 104

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Embassy of Cyprus in Belgrade Celebrates National Day 23/10/2023 In a show of camaraderie and shared heritage, the Embassy of Cyprus in Belgrade commemorated its National Day with unmatched zeal, highlighting the intertwined histories and warm rapport between Cyprus and Serbia. The day was a reflection of national pride and a celebration of the shared moments and mutual admiration between two sovereign nations. Everything mirrored the spirit of the occasion, from the fluttering Cypriot and Serbian flags to the meticulously arranged decorations, merging the essence of both nations into one harmonious celebration. Ambassador Andreas Photiou, with his impeccable sense of hospitality and deep understanding of bilateral relations, took centre stage as the evening’s charismatic host. As he addressed the gathering, every word resonated with the pride and honour he felt representing his country in Serbia. He reminisced about the times both nations stood shoulder to shoulder during challenging moments, forging a bond that has withstood the test of time.

United Nations Day Commemorated in Belgrade 24/10/2023 Marking the 78th anniversary of the UN, the UN in Serbia organised a special event at the United Nations House in Belgrade, unveiling a mural that depicts Serbia’s biodiversity and ecosystems. Crafted by Marija and Stefan Šoln, the mural beautifully captures Serbia’s rich wildlife, showcasing species like the Balkan lynx, brown bear, Apollo butterfly, white-tailed eagle, and many others. It also features a plethora of plant species, underlining Serbia’s diverse ecosystems. Speaking at the event, UN Resident Coordinator Francoise Jacob emphasised the significance of biodiversity, its alignment with Serbia’s green agenda, and the need for transformative action.

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Austrian National Day Celebrated 24/10/2023 In a dazzling display of cultural pride and diplomacy, the Ambassador of Austria, Christian Ebner, hosted the Austrian National Day celebrations at the Hilton. Drawing inspiration from Austria’s rich heritage, the event showcased the country’s historical achievements, artistry, and culinary finesse. The majestic ballroom of the Hilton was transformed, capturing the essence of the Austrian Alps, with classical music echoing the works of Mozart and Strauss. Gentle notes of the waltz floated in the air as attendees were immersed in a Vienna-inspired ambience. In his eloquent address, Ambassador Ebner highlighted the importance of bilateral ties between Austria and the host country. “Such events,” he mentioned, “serve not just as a celebration of our national identity but also as a bridge fostering mutual understanding and cooperation.” The gala saw a robust turnout, including dignitaries, business magnates, local celebrities, and members of the international diplomatic corps. Special emphasis was placed on Austrian culinary delights, with a buffet that featured iconic dishes like Wiener Schnitzel, Sachertorte, and Apfelstrudel, complemented by Austria’s renowned wines.

Chinese Ambassador Li Ming Celebrates Sino-Serbian Spiritual Bond 25/10/2023 At a gala marking the culmination of the Third Belt and Road Forum for International Cooperation and celebrating his tenure in Serbia, Ambassador Li Ming delved into the deep-rooted spiritual kinship between China and Serbia. Highlighting the shared ethos of the two countries, Ambassador Ming expressed, “Our nations, both defined by a resilient spirit, have consistently advocated for their autonomy, justice, and equitable principles. It’s these collective beliefs that fortify our unwavering friendship.” The distinguished event was graced by eminent figures from the Serbian government and the international diplomatic community. Notably present were the Russian and US ambassadors Aleksandar Bocan-Harčenko and Christopher Hill, solidifying the importance of the occasion. 106

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NORDIC 2023

Regional Role Model SPECIAL EDITION

NORDIC 2023

Countries of Wellness The World Happiness Report was first published in 2022 and the Nordic countries have featured heavily in the top 10 every year since.According to the United Nations, happiness is about wellbeing: income (GDP per capita), social support, healthy life expectancy, freedom, generosity and the absence of corruption.

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Contents 06 C OMMENT

Green Synergy

08 H .E. Annika Ben David

Ambassador of Sweden to Serbia

For a Green and Prosperous EU Future

12 H.E. Mr. Niklas Lindqvist

Ambassador of Finland to Serbia

Cultivating Green Tech Alliances

10 H .E. Kristin Melsom Ambassador of Norway to Serbia

Fostering Deeper Ties

14 H.E. Susanne Shine Ambassador of Denmark to Serbia

Learning From Example

16 Pavel Erankevich Managing Director, Carlsberg Serbia Group

Providing Both - Great Products and Great Experiences

EDITOR IN CHIEF Neda Lukić n.lukic@aim.rs DESIGN Slađan Radosavljević Zoran Perović design@aim.rs PHOTOS Zoran Petrović COPY EDITOR Mark Pullen

PROJECT MANAGERS Biljana Dević b.devic@aim.rs Mihailo Čučković m.cuckovic@aim.rs Nataša Novković n.novkovic@aim.rs OFFICE MANAGER Svetlana Petrović s.petrovic@aim.rs FINANCE Dragana Skrobonja finance@aim.rs

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

PRINTING Rotografika d.o.o. Segedinski put 72, Subotica NORDIC 2023 Published by: alliance international media Prote Mateje 52, 11111 Belgrade 17, PAK 125806, 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 2023 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

NORDIC 2023

Nordic 2023 25 Nenad Andrejić

General Manager of Analysis d.o.o. (Ltd.) – laboratory equipment

Reliable Pillar of Support for Every Laboratory

26 I vana Đoković

Business Unit Manager at Lindström

Textile Services of the Future

27 N enad Tomašević Sales Manager at Lindström Srbija

Mat Services Work Wonders With Your Workplace!

27 V iktor Kurtevski

Sales Manager for SEE countries Key Accounts at Lindström Group

You Only Pay for What You Use

28 V ladimir Milanović Director at Masdar Taaleri Generation

Čibuk 1 has Changed Everything

30 I va Petrović

Executive Director of the Nordic Business Alliance (NBA)

Working Towards a More Sustainable Future

18 Bojana Milašinović Managing Director, TOMRA Collection Serbia

Packaging is a Precious Resource

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22 Jelena Belokapić Čavkunović

Vice President, Medicon

Three Decades at the Top

24 Jacob Folmand

Vice President and Managing Director of the Better Collective branches in Serbia and Portugal

Serbia Offers Talent and Dedication

32 F EATURE

Habits For a Healthier Life

COMMENT

Green Synergy The partnership between Nordic countries and their Serbian counterparts has the potential to bridge knowledge gaps, accelerate economic growth, and contribute to a sustainable future for the region

ordic cooperation has been a remarkable success story, fostering collaboration and unity among countries with shared values, strong welfare systems and an unwavering commitment to sustainability. This collaborative approach has resulted not only in economic prosperity, but has also set an example for the world in terms of so-

Serbia can benefit from the Nordic countries’ experiences in sustainable practices, which are crucial in today’s global context cial welfare, gender equality and environmental sustainability. The achievements of Nordic cooperation can be seen in these countries’ high living standards, quality healthcare, strong education systems and innovative solutions to global challenges. It serves as a testament to what nations can achieve when they work together for the common good. 06

The potential for transfers of knowledge and scientific and business cooperation between the Nordic countries, the Nordic Business Alliance and their Serbian counterparts is both promising and mutually beneficial. The Nordic countries have long been at the forefront of innovation, sustainable development and cutting-edge technologies. Their commitment to research, education and environmental sustainability has made them global leaders in various fields. Serbia, on the other hand, possesses a highly skilled and educated workforce, a strategic geographical location and a burgeoning business environment. The collaboration between them can yield several advantages in terms of knowledge exchange, research collaboration, business partnerships, education and training, and environmental sustainability. The Nordic countries have for years been sharing with Serbian partners their expertise in areas like clean energy, environmental protection and advanced technology. This knowledge transfer has served to catalyse innovation and economic development in Serbia. The promise of joint research projects between Nordic and Serbian institutions is today prominent and may lead to breakthroughs in various fields, from healthcare and biotechnology to sustainable agriculture and renewable energy. The involvement of AstraZeneca in the BIO4 campus is just one example of this that’s worth mentioning. It is very reassuring that businesses from Finland, Norway, Sweden and Denmark are either actively exploring opportunities for joint ventures, investment and trade or are already present in these fields in Serbia. The Nordic Business Alliance has played, and continues to play, a pivotal role in connecting Serbian and Nordic companies. Among the areas in which more effort is required are exchange programmes and educational partnerships through which the Serbian dual education system, as well as companies, may learn from Nordic examples. NORDIC 2023

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INTERVIEW | H.E. ANNIKA BEN DAVID, AMBASSADOR OF SWEDEN TO SERBIA

For a Green and Prosperous EU Future Our strategic goal is to assist Serbia in fulfilling EU membership standards and advocate for EU enlargement, as we believe that the EU can provide a brighter future for Serbian citizens in terms of freedom, security and economic prosperity

e know that climate change can feel overwhelming and that it can be tempting to avoid addressing it, but the immense shift to reduce carbon dioxide (CO2) emissions and mitigate the looming climate crisis requires everyone’s attention, says Swedish Ambassador to Serbia H.E. Annika Ben David. Sweden was the world’s first country to pass a law on environmental protection, way back in 1967, and the country has remained at the forefront of the green transition ever since. “Sweden plans to be carbon neutral by 2045. Through a broad commitment — from government officials, major companies and Swedish citizens — we’re developing a wide range of solutions. From renewable energy to sustainable industries, we’re creating hope for the future. We know that we can pioneer the possible and put all the pieces of the green transition together,” says Ambassador Ben David.

Sweden has been a strong development cooperation partner to Serbia for over two decades. — “In the field of the environment, we are Serbia’s top bilateral donor. Together with the Serbian Government and the EU, as well as other development partners, we are engaged in the EU Green Agenda in Serbia,” says our interlocutor, adding: “among other things, we have created a platform for investments. Ever-more Serbian municipalities and companies have opportunities to lead by example through green investments. Over recent years, Serbia has started reforming environmental legislation and, in so doing, also establishing a framework for sustainable development. We have been happy to support this process.” To what extent have Swedish companies in Serbia contributed to the green transition and more 08

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sustainable approaches to energy production and consumption? — Sweden is a strong actor in the global struggle to tackle the challenges posed by environmental degradation and climate change. It should thus come as no surprise that Swedish companies lead by example in their commitment to sustainable operations, environmental safeguards, transparency, accountability and citizen engagement. Swedish companies are generally keen for their efforts to have a positive impact on society, the environment and the economy, by providing solutions and products that protect both people and business processes. Sweden and Serbia have strong and lasting cooperation on the environment, energy efficiency and the Green Agenda. A great number of Swedish businesses that maintain a presence in Serbia are in a position to demonstrate core values as part of their business culture, such as sustainability, innovation, clean energy, competitiveness and green transition. Considering your advancements in biotechnology, how do you envisage the role of the BIO4 Campus in terms of deepening our economic and scientific relations? — Sweden is one of the world’s most prominent research and development nations. Our unique digital technology capabilities, high innovation capacity, world-leading universities and public-private collaborations combine to create an unrivalled environment for expansive innovation in the life sciences and biotechnology. Sweden inspires, supports and accelerates the ambitions of Swedish life sciences companies to step up and make an impact on the global stage. That’s why we welcome Serbia’s plans to develop the BIO4 campus project, which will bring Serbian academia and companies operating in this area under one roof. A concrete example of future Swedish-Serbian cooperation is a recent visit by high-ranking AstraZeneca officials, who signed a Memorandum of Understanding with the Serbian Prime Minister with regard to the BIO4 campus project. We are hopeful that other Swedish companies in this area will develop similar partnerships as the BIO4 campus project develops further. What are your strategic goals in supporting Serbia’s EU accession process, in light of the cordmagazine.com

LEADERSHIP Sweden is a strong actor in the global struggle to tackle the challenges posed by environmental degradation and climate change

TRAILBLAZERS Many Swedish businesses in Serbia can showcase core values in their business culture, including sustainability, innovation, clean energy, competitiveness and the green transition

PRINCIPLES The enlargement process, in our view, must remain meritocratic, but new ideas are emerging on how to gradually integrate candidate countries into the EU

renewed enthusiasm for enlargement of the Union? — Our strategic goal remains the same: to help Serbia achieve the standards required for EU membership and to push for EU enlargement. Prime Minister Ulf Kristersson stated recently that EU enlargement will be Sweden’s number one foreign policy priority in the coming years. Of course, this raises a number of questions and challenges. How do we prepare for an EU with many more member states? There is a lot of consideration going on right now, in EU capitals and in Brussels, about what enlargement could mean for the EU and for candidate countries. We have been, and remain, staunch supporters of Serbia and the region’s EU membership, and we are one of the few countries that also provides direct bilateral support to this end. The difference now is that there are three new countries that want to join the EU, and that the EU faces a new geopolitical context. The main reason, of course, is Russia’s war of aggression against Ukraine, which threatens us all. The enlargement process, in our view, must remain meritocratic, but new thoughts are emerging as to how to gradually integrate candidate countries into the EU. Our commitment to enlargement remains firm, and we expect and urge candidate countries to seize the opportunity that has presented itself. Before assuming your role in Serbia, you served as the Ambassador at Large for Human Rights, Democracy and the Rule of Law – all topics that have always been particularly pertinent in Serbia and the region. What is the current status of these issues? — Human rights, democracy and the rule of law are cornerstones of Swedish foreign policy and have been for decades. We firmly believe in a rules-based international order and multilateral cooperation, not a world where the mighty rule by sheer force. These fundamental Swedish and EU values are now threatened by Russia’s full-scale invasion of Ukraine. It is essential for us, for our freedom and security, that Ukraine wins the war. These fundamentals are also sine qua non for EU accession. We believe strongly that the EU can offer a better agenda for the future of the citizens of Serbia, in terms of freedom, security and economic prosperity. The EU is today already Serbia’s biggest investor, trading partner and donor. 09

INTERVIEW | H.E. KRISTIN MELSOM, AMBASSADOR OF NORWAY TO SERBIA

Fostering Deeper Ties The longstanding positive bilateral ties between Norway and Serbia provide a strong foundation for further growth, and my aim is to build upon the exemplary efforts of my predecessors to further enhance and deepen our relationship

aving previously served as the Director for Southeast Europe at the Norwegian Ministry of Foreign Affairs, Her Excellency Kristin Melsom, the newly appointed ambassador of Norway to Serbia, brings a wealth of knowledge about our region. We utilised this interview to discuss her aspirations and objectives in her new ambassadorial role.

How do you perceive the chances of Western Balkan countries accelerating their EU accession process? — I am so happy to be Norway’s new ambassador to Serbia and delighted to finally be here and to embark on this very important journey. As I am already familiar with the region, after four years as director for Southeast Europe at my MFA, I now look forward to further exploring Serbia and the rest of this beautiful and very interesting region.

Our commitment is to support and play a role in the transformation of the energy sector, recognising that our contributions can have far-reaching societal impact Norway, as you know, is not a member of the European Union. However, as a member of the EEA (European Economic Area), we are part of the European internal market. As we like to say, we are fully integrated into the EU, we just aren’t members. Even though we are not a member of the EU, Norway has been deeply engaged in the Western Balkans for decades and we have supported all the countries in their Euro-Atlantic aspirations. Developments in each of the Western Balkan countries are important for European security and stability, and we remain committed to continuing our support for the countries’ acces10

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sion processes. Serbia is at a particularly important juncture in this process, which is why we have exerted a lot of energy in supporting institutional development, internal reforms and the preparation of Serbia for EU membership. Since the Thessaloniki summit of 2003, it has been clear that the WB6 countries have an open door to join the EU. Although this process is now taking a rather long time, I notice that continuous discussions about the enlargement process are underway within the EU. I believe that the latest change in the negotiation methodology is proof that the EU is committed to maintaining a strong opportunity for WB6 to speed up this process. As my EU colleagues often like to say, it is not a question of whether the WB6 will be part of the EU, but a question of when and how to achieve that goal most effectively. However, we must remember that these countries are at different stages of the process and that progress is based on consistent and measurable efforts by each country. As you know, EU accession is a two-way street, and it is up to each country to fulfil the accession criteria. When it comes to political, economic and defence issues, what would be your order of priorities in nurturing bilateral relations between our two countries? — All these issues are important and are very much interlinked nowadays. I would therefore like to see them in connection with each other and not to rank them in terms of priority. My plan is to combine these issues in addition to focusing on issues that are important for both our countries, including the promotion of Norwegian interests, assisting in cultural exchanges and strengthening business relations. Bilateral relations between Norway and Serbia are good and have been for decades. That is an excellent foundation to build on. I want to build on the excellent work of my predecessors and continue exploring ways to strengthen our relations even more. Serbia is the most important country in the region and is key to regional prosperity and stability. Developments in Serbia and across the whole region will have an impact on Europe, including the situation in Norway, and we will monitor the political situation with great interest. We might be far away in terms of distance, but the war in Ukraine has demonstrated for us how closely interlinked we all are. Serbian cooperation with Norway, as well as other Nordic countries, appears to be a success cordmagazine.com

GOALS My plan is to focus on issues that are important for both our countries, including the promotion of Norwegian interests, assisting in cultural exchanges and strengthening business relations RENEWABLES I believe that Norwegian private investors are looking with great interest at renewable energy projects in Serbia and around the region MEDIA I aim to support independent media while maintaining a strong partnership with the Serbian authorities, the OSCE and civil society in efforts to reform media laws

story. What major recent breakthroughs would you highlight? — Cooperation in the area of energy transformation is one of the success stories of our bilateral contact and cooperation. Norway has expertise in these fields, and we are happy to share our experiences in transforming state-owned companies to public-private companies. Green transition is another area where all the Nordic countries have expertise and would be happy to explore ways of cooperating more closely. I believe that Norwegian private investors are looking with great interest at renewable energy projects in Serbia and the region. Alignment with EU standards and policy, as well as a stable market and adequate regulatory frameworks, are key prerequisites. Another area where we have been assisting recently is on mental health in the wake of the terrible mass shooting that hit Serbia in May. We quickly identified experts who could come to Serbia and share their expertise on the basis of Norway’s national trauma of 2011, when so many young people were shot at the Labour Party youth camp on the Norwegian island of Utøya. Norway has provided development aid to the Westen Balkan countries over the course of decades. We are among others in supporting civil society and financing advisors assisting in Serbia’s EU accession process. Norway is also the largest bilateral donor to the Western Balkans Investment Framework (WBIF). The economy, energy and education appear to have been in the focus of your recent conversations with your Serbian colleagues. What are your priorities in these sectors? — We will continue assisting and contributing to the transformation of the energy sector. If we can contribute to important changes, this will have an impact on the society as a whole. The goal must be to contribute to closer regional cooperation – this would really be the key to regional stability. Regional security and stability will be crucial growth components. The implementation of EU regulations and closing negotiation chapters as part of the accession process will be important for reducing corruption and improving the rule of law. I would also like to support independent media and continue the close cooperation with the Serbian authorities, the OSCE and civil society regarding the reform of media laws. In my conversations with my Serbian counterparts, I emphasise the need for predictability, transparency and accountability in order to increase economic prosperity. 11

INTERVIEW | H.E. MR. NIKLAS LINDQVIST, AMBASSADOR OF FINLAND TO SERBIA

Cultivating Green Tech Alliances Finland and Serbia: Strengthening Diplomatic Bonds while Pioneering Green Technologies

n the intricate world of diplomacy and innovation, the alliance between Finland and Serbia stands as a testament to the power of collaboration. Beyond the well-established bilateral relations, these nations are poised to deepen their connection, particularly in cutting-edge green technologies, renewable energy, and emerging innovations. In our exclusive interview with H.E. Mr. Niklas Lindqvist, the esteemed Ambassador of Finland to Serbia, we delve into Finland’s pivotal role in assisting Serbia’s journey towards European integration. Ambassador Lindqvist shares valuable in-

sights into practical strategies to enhance Serbia’s EU readiness, a journey that includes harnessing EU funding mechanisms like Twinning and TAIEX. But this partnership isn’t confined to the realms of diplomacy alone. Education and innovation are the keystones of Finnish society’s remarkable achievements, and Serbia now finds itself at the threshold of a transformative collaboration. Moreover, Finland is ready to impart knowledge and experiences across vital domains such as the rule of law, gender equality, digitalisation, circular economy practices, and eco-friendly solutions. NORDIC 2023

Join us in this conversation as we navigate the landscape of diplomacy, innovation, and sustainability, exploring the promising future that lies ahead for Finland and Serbia. As an expert in matters related to Russia and the surrounding region, how do you view the current positions of Serbia and the Western Balkans as they strive for EU accession? — Finland supports EU enlargement and is committed to advancing merit-based enlargement in the Western Balkans. The Western Balkan countries have varying levels of preparedness regarding EU accession, but many of the challenges are similar. Serbia has made important steps on its European path, particularly in the economic sector. We are ready to help with further improving the rule of law, media freedom and tackling corruption. Rule of law is one of the fundamental pillars of the European success story. Democratic, well-functioning institutions, equality, respect for human rights, and an independent judiciary are cornerstones of the society that allow citizens to enjoy peace, prosperity, and equal rights. Moreover, good neighbourly relations based on respect, trust, and equal opportunities need to be a priority. Bilateral disputes have to be resolved, and relations normalised in order to make EU membership a reality. There is now political momentum within the EU for enlargement, which is a result of Russia’s illegal invasion of Ukraine. Western Balkan countries should make use of this momentum. What role do you believe Finland and the Nordic countries play in supporting the EU accession process? — Nordic cooperation is a prime example of prosperous regional cooperation. Sharing our experiences can be useful, and different elements can be replicated. Especially challenges related to the protection of minority rights and enhanced democratic values are something about which we can share our experiences. Finland is promoting digital solutions and a circular economy model. It is essential to create economic growth in an environmentally friendly fashion, with environmental reforms, cleaner air, advanced water and waste management. We have joined forces with other Nordic colleagues, as well as the Nordic Business Alliance, in promoting these fields and sharing best practices. We will continue to do so in the future. Our next plan is to showcase Nordic experiences in the field of smart cities and intensify cooperation with local stakeholders in this sector. The concept is about addressing urban challenges, building a more sustainable society, and procordmagazine.com

viding a higher standard of living for people without burdening the environment. We can share numerous positive Nordic examples in this field.

COOPERATION Serbia and Finland have extensive economic cooperation with room for improvement, particularly in the advancement of green technologies, renewable energy, and emerging tech MOMENTUM Supporting Serbia on its European integration path is very important to us, and we are ready to find tangible ways to strengthen Serbia’s readiness to become a member of the European Union CONNECTIONS Trade between Finland and Serbia is growing positively, with potential for more expansion in the region through awareness efforts and fostering connections among people and businesses

Could you elaborate on the promising trade opportunities that Finnish companies can explore in Serbia and the South East Europe region? — There has been a positive trend in trade between Finland and Serbia in recent years. There is potential for even more growth both with Serbia and with the whole region. We are trying to raise awareness among Finnish companies about opportunities in Serbia and South East Europe. At the same time, we are bringing Finland closer to the minds and hearts of local people. Creating contacts among people and businesses is of crucial importance. Serbia is slowly turning towards more value-added and sustainable investments. These require advanced technologies and environmentally friendly solutions. The manufacturing industry has started to green their businesses and make their industrial processes more efficient and sustainable. This is necessary to stay competitive in European and global markets. Finnish partners can support Serbian businesses and the Serbian economy as a whole in this green transition. In Serbia, Finland is recognised as a frontrunner in smart solutions in transport and mobility, clean energy, improvement of air quality, waste management, circular economy, green industrial processes, high-tech mining equipment, as well as other smart and environmentally friendly solutions. These are all areas in which we are eager to cooperate. With the International Belgrade Book Fair behind us, which Finnish author would you recommend our readers delve into? — Books are a very important asset. They act as a bridge between generations, facilitating the transfer of cultural values and traditions. I am looking forward to the famous International Belgrade Book Fair, which is usually organised at the same time as the Helsinki Book Fair. Maybe we should think of some kind of cooperation here? Finnish people love to read. Literature is close to our hearts today, perhaps more than ever. Personally, I have several favourite Finnish authors. One of the most famous is Tove Jansson, the author and illustrator of the Moomin characters and books. The novels, short stories and comic strips contain deep illustrations of human character, and readers of all ages will enjoy them. Another is Kjell Westö, whose epic novels about people and lives in Helsinki during different times have earned him numerous awards. 13

INTERVIEW | H.E. SUSANNE SHINE, AMBASSADOR OF DENMARK TO SERBIA

Learning From Example Nordic cooperation, which is driven by shared values and encompasses various domains, strives to create the most integrated and sustainable region by 2030, which could serve as a model for successful collaboration between Serbia and other Western Balkan countries

e are currently facing significant security challenges and economic risks at the European and global scale. We thus decided to open our interview with Danish Ambassador to Serbia H.E. Susanne Shine by focusing on global challenges.

Given your expertise in both areas, what are your expectations when it comes to the evolution of these challenges in 2024; and how do you anticipate them impacting EU accession processes in both the European Union and the Western Balkans? — The lamentable challenges that plague us today will almost certainly persist into 2024 and continue to impact the security and economies of the EU, Serbia, and other countries. In response to conflicts, our countries can choose to help resist aggression and ease suffering. In choosing to do so, they can also choose to align with like-minded

Grundfos and various other Danish companies operating in Serbia serve as examples of how businesses that uphold rigorous environmental standards can thrive and achieve success both within Serbia and globally countries and form long-term partnerships that lead to stability and prosperity. In this regard, EU enlargement has gained new momentum. The EU is ready to welcome candidate countries that share EU values, such as the rule of law, human rights and media freedoms. EU enlargement presents a generational opportunity for Serbia. To help Serbia seize this opportunity, Denmark will continue to support Serbia’s efforts aimed at addressing requirements for EU membership. 14

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What lessons or experiences from Danish and Nordic alliances do you believe could provide valuable insights into ways of navigating the turbulent times we are currently facing? — Nordic cooperation is based on the Nordic peoples’ shared values, as well as shared cultural, economic and political ties. The principal forums of Nordic cooperation are the Nordic Council of Ministers and the Nordic Council, which have the goal of making the Nordic region the world’s most integrated and sustainable region by 2030. Our cooperation takes many forms. For example, we work together closely on defence and foreign policy, which has amplified our voice in international forums and boosted our ability to contribute to global security. Our cooperation on economic matters has led to the Common Nordic Labour Market, among many other successful outcomes, benefitting employees and employers alike and rendering our companies and countries more competitive globally. Working with like-minded partners through regional cooperation has made us stronger internally and more effective internationally. Our cooperation also makes us better prepared and more capable to manage the types of challenges that confront us today. Serbia and the other Western Balkan countries have the potential for similarly successful cooperation. Many initiatives have already been taken to start developing that cooperation. For instance, the Berlin Process, which was set up in 2014 as a platform to enhance high-level cooperation between the Western Balkan countries, has just agreed on a joint growth plan and committed to advancing regional economic integration through the Western Balkans Common Regional Market. I believe strongly that, through partnership and cooperation, Serbia and its Western Balkan partners will become securer and more prosperous, and will have a stronger, more influential voice in global affairs. They will also become better prepared and capable of navigating difficult times like those we currently face. At the outset of your residence in Serbia, you expressed your aim to attract additional Danish companies to the Serbian market, with a particular emphasis on the potential for relocating production operations from distant markets to Europe. How have these plans evolved? — As a small, open economy, Denmark has been a champion of free trade and Danish companies have benefited from the development of global supply chains, sometimes with production operations far from home. However, the Covid-19 pandemic showed that global supply chains can break cordmagazine.com

EU enlargement offers Serbia a generational opportunity, and Denmark remains committed to assisting Serbia in seizing this potential by meeting the necessary criteria for EU membership

OPPORTUNITY With its close proximity to the EU, expanding infrastructure and highly skilled workforce, Serbia is an attractive market for Danish companies PARTNERSHIPS I believe strongly that Serbia and its Western Balkan neighbours will enhance their security, prosperity and global influence by fostering partnerships and cooperation INTEREST A growing number of Danish companies have established offices or production facilities in Serbia in recent times, with around 30 such companies now operating in the country

down and that it matters where important goods are produced or assembled. With its close proximity to the EU, expanding infrastructure and highly skilled workforce, Serbia is an attractive market for Danish companies. Many Danish companies have recently opened offices or production facilities in Serbia. For example, Navi Partner in Belgrade and Better Collective in Niš are successful IT companies that employ a combined total of almost 400 highly skilled specialists; Kentaur in Vranje produces high-quality workwear and employs 80% of its staff from the Vranje area; Quickfire in Novi Sad manufactures a remarkable range of high-quality fire-starter products; and Grundfos in Inđija added around 17,000 new square metres to its existing facilities last year and now assembles its newest generation of pumps for the global market right here in Serbia. There are approximately 30 Danish companies present in Serbia today, contributing to both the Serbian and Danish economies. To what extent have Serbian companies embraced your initiatives to promote environmental sustainability in the country, and could you highlight the most successful instances of these efforts? — In general, my embassy colleagues and I have focused on encouraging and supporting Danish companies operating in Serbia in their efforts to exemplify the Danish philosophy of doing business in an environmentally sustainable and responsible manner. Grundfos, for example, which produces high-end, sustainability-enabling pumps, has earned Gold LEED certification, in recognition of the fact that its production plant in Inđija has been designed, built and maintained in a way that’s consistent with sustainable best practices. Grundfos’s state-of-the-art plant features solar panels, a rainwater harvesting system, cooling and heating through a geothermal closed loop and a wastewater treatment facility. Grundfos and other Danish companies operating here in Serbia demonstrate that companies with high environmental standards can prosper and succeed in Serbia and internationally. 15

BUSINESS | PAVEL ERANKEVICH MANAGING DIRECTOR, CARLSBERG SERBIA GROUP

Providing Both - Great Products and Great Experiences Over the past two decades of operations on the Serbian market, Carlsberg Serbia has become known for introducing new trends and constantly offering consumers opportunities to try different beer and cider flavours, but also for its significant investments in sustainability, diversity and inclusion

espite negative impacts and unfavourable factors, the Čelarevo brewery has managed to maintain and strengthen its position within the industry, and today there is a sense of pride over all the exceptional efforts of the team in achieving excellent results.

We were present at numerous events in the country, where we aimed to provide consumers with not just products, but also great experiences We are approaching the end of the calendar year and the time has come to assess the results. Are you satisfied with your business performance and the overall picture of the brewing industry in Serbia? Have there been many challenges? — The brewing industry in Serbia, like most others, took a significant hit during the Covid-19 pandemic in 2020 and 2021. Last year saw a recovery, but it 16

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didn’t reach pre-pandemic levels. Unfortunately, due to a combination of factors, our industry has this year been experiencing a decline of around 6% compared to the first six months of the previous year. Various factors contributed to this trend, from macroeconomic conditions impacting input costs to unfavourable weather conditions at the start of the summer season. For Carlsberg Serbia, this year has been marked by numerous activities, including one beer and two cider innovations – Tuborg Ice, Somersby Passion Fruit & Orange, and Somersby Mandarin 0.0%. In addition to these innovations, we were present at numerous events across the country, where we aimed to provide consumers with not just great products, but also great experiences. Through constant point-of-sale activations, marketing support and a presence at locations where our products are consumed, we worked to overcome the challenges and, I believe, largely succeeded. It’s not quite the end of the year yet, but we are halfway through the last quarter, and at this point I can say that it has been a good year for Carlsberg Serbia. We’ve become accustomed to regular innovations from Carlsberg. How have consumers reacted to new flavours and products this year? How have they received Blanc, which was launched a few years ago? — It’s true that, over the past two decades on the Serbian market, Carlsberg Serbia has become known for introducing new trends and constantly offering opportunities for consumers to try different beer and cider flavours. This year one of our flagship brands, Tuborg, was refreshed with Tuborg Ice, enriching our range of summer flavours. Ice stands out with its light, less bitter taste that’s ideal for consuming with a hint of lemon. On the other hand, Somersby, the best-known and most popular cider brand on our market, introduced two new flavours, one alcoholic – Passion Fruit & Orange – and one non-alcoholic with a mandarin flavour. Somersby is becoming increasingly popular during cordmagazine.com

the summer season, and we’re extremely proud of its growth over the past ten years since we introduced it to the Serbian market. As for Blanc, I can modestly note that we’ve managed to hit the taste preferences of consumers who like a light, easy and refreshing taste. In this case, Blanc is a wheat beer with a citrusy note, and it is becoming ever more popular. Carlsberg is known for its significant investments in sustainability. What’s on your agenda in this regard? —At Carlsberg Group we follow our “Together Towards ZERO and Beyond” (TTZAB) programme, which includes ambitions and concrete targets addressing environmental, social and governance issues related to our business and society as a whole. As part of this pro-

We aim to make everyone feel welcome, and that’s why Diversity, Equity, and Inclusion (DE&I) are embedded in our SAIL 27 strategy gramme, Carlsberg markets worldwide are taking action and delivering results towards achieving our 2030 and 2040 milestones. At Carlsberg Serbia we’ve also been actively working on our ESG (Environmental, Social, and Governance) agenda. This includes numerous initiatives launched at our brewery to minimise our CO2 footprint, ongoing training in health and safety, and responsible drinking campaigns at our events to prevent irresponsible consumption. Diversity and Inclusion is a topic of great concern globally and in our society, and for responsible companies like yours. What is Carlsberg doing in this regard? — We believe that people can deliver their best work in a culture in which they

feel a sense of belonging, purpose, and being part of a team. As an international company operating on several continents, Carlsberg has a diverse community of colleagues, customers and consumers. On each of our markets, we foster a unique, purpose-driven culture focused on “brewing for a better today and tomorrow”. We aim to make everyone feel welcome, and that’s why Diversity, Equity, and Inclusion (DE&I) are embedded in our SAIL 27 strategy. We have many local initiatives to ensure that our culture truly comes to life in its entirety. Some of these initiatives include training for top management and team leaders to understand the origins of prejudice, stereotypes and discrimination. We also promote diversity through internal communication channels, maintain a zero-tolerance policy toward any form of discrimination, and conduct regular surveys to assess the implementation of DE&I principles within the organisation. DE&I isn’t a one-time campaign; it’s an ongoing effort to create an environment in which every team member feels comfortable contributing their best. It today seems challenging to attract and retain high-quality talent. How does Carlsberg tackle this challenge, and do you have a recipe for attracting Generation Z? — It’s a fact that each generation brings new specificities, not only in terms of their approach to work, but also in their interests, priorities and values. I believe that any company planning for long-term, sustainable development must adapt its offer to the expectations of today’s generations. This doesn’t mean changing one’s core values and culture, but rather presenting them in a way that resonates with the generations to come. Specifically, Generation Z seeks more than just financial compensation from their employers; they want a complete package, including a company culture and a commitment to environmental responsibility. I think this generation has, in some ways, pushed organisations to think more broadly and become more socially conscious. 17

INTERVIEW | BOJANA MILAŠINOVIĆ MANAGING DIRECTOR, TOMRA COLLECTION SERBIA

Packaging is a Precious Resource TOMRA Collection is a global technology company that today has over 82,000 installations of reverse vending machines for collecting empty drinks containers in more than 60 markets. A TOMRA Collection showroom opened in Belgrade recently and is a source of pride for the company

he common goal across the industry should be to remove waste from nature, which is one of the main motives for introducing the deposit system, as a proven method that enables the collection of more than 95% of packaging on the market,” explains TOMRA Collection Serbia Managing Director Bojana Milašinović.

tributors, but by entering the Serbian market directly, we wanted to bring our company’s 50 years of experience in technology and contribute to improving the sustainability of our country. Our reverse vending machines currently collect more than 45 billion used bottles and cans annually in a closed-loop recycling process, which enables these materials to be kept in circulation and prevents extracting unnecessary virgin materials from the earth. TOMRA Collection wants to support companies in Serbia to play their part in reducing the amount of discarded and littered bever-

Nordic companies can be high-quality employers, business partners and pillars of support to other companies in Serbia TOMRA Collection began operating in Serbia recently. What were the main motives for entering our market and what are your expectations? — Like many countries around the world, Serbia has a huge opportunity to reduce the amount of plastic on nature and increase beverage packaging collection and recycling rates. We previously had a presence in the market through dis18

age packaging, through its international experience and innovative technology. What are your main business activities here? What are you focused on currently? — We are happy to have an opportunity to support companies and partners in Serbia on their journey to becoming more sustainable and to achieve their

environmental objectives. We have a fully operational team working on projects and delivering customised technology solutions to our partners. We recently also opened a TOMRA Collection showroom in Belgrade! Several models of our reverse vending machines for collecting empty drinks containers are on display in the showroom, so it is an ideal place for anyone who is interested in tryingour innovative technology in person and learn more about deposit return systems. It is also a great opportunity for companies to learning about the benefits that the deposit system can bring to their business and ask any questions to our team. Have you so far participated in any pilot projects in Serbia and what are your experiences when it comes to cooperation with companies, the state and local governments? — It is very encouraging to see increasing numbers of pilot projects and initiatives for the recycling of beverage packaging nationwide, and we are delighted that our reverse vending machines are used in several of these. Such initiatives contribute to raising awareness among consumers that empty drinks containers are a precious resource and that they can be recycled multiple times when reNORDIC 2023

turned in the right way. This enables us to retain the materials in a continuous loop and prevent the unnecessary extraction of additional raw materials. We have excellent collaboration with many companies and institutions in Serbia and have implemented several projects to date. From cooperation with a large retail chain, a pilot project at the Raj Water Park in Vrnjačka Banja during the Summer, to a partnership with the Chamber of Commerce & Industry of Serbia, which has enabled its employees and visitors to handle packaging waste responsibly through the installation of a reverse vending machine on its premises. We also participated in the Circular Economy Festival in June of this year, which was a great event that engaged children in recycling. Looking ahead, we have more projects planned for the near future and we are looking forward to more people having the opportunity to try reverse vending machines. What do you consider as your greatest success in doing business in Serbia since entering our market? — The greatest success is undoubtedly the partnerships with our clients, which also serve as examples of good practice for the rest of the market. We have launched and participated in several projects since entering the market, which have enabled citizens to try reverse vending machines and have contributed to raising awareness that bever-

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age packaging is valuable and shouldn’t be considered waste. We have collected a large number of drinks containers for recycling during these projects; containers that might otherwise have been discarded in nature as litter. To work together with our partners and clients to raise awareness that packaging is a valuable resource is a great success for us. What are your future plans? Do you believe that the deposit return system will be fully functional in Serbia by 2025, as planned? — As consumers, we use nearly 1.4 trillion drinks bottles each year and far too many of them end up littered in nature and polluting our environment, so we still have a long road ahead of us – but we’re excited about the challenges that await us. In the 2022 survey of the Consumer Centre of Serbia (CEPS), we could see that 85% of consumers recognised deposit systems as a good way to encourage recycling. Speaking at the recent Ambipak conference, State Secretary Sandra Dokić of the Ministry of Environmental Protection announced plans to introduce a deposit system in Serbia in 2027, and to establish the legal framework to do so in 2024. This is now a major task for all of us, and a lot of work awaits us in preparing for that juncture. Pilot projects are among the best ways for us to learn together and to be ready for the start of the deposit system, while also collecting

packaging that will end up with recyclers and not littered in nature. This is why I call on all interested companies, regardless of their core business area, to contact us at post.serbia@tomra.com if they want to create joint pilot projects with us and find the optimal solution to improve the sustainability of their operations. How do you view the role and activity of Nordic companies in Serbia? — TOMRA Collection is a proud representative of the Norwegian business com-

TOMRA Collection’s reverse vending machines collect more than 45 billion used bottles and cans annually in a closedloop recycling process.

munity in Serbia, and I am glad to see the number of Nordic companies in our country slowly increasing. Our goal is to proliferate some elements of the Nordic business culture on the Serbian market, such as innovation, sustainability, transparency, social responsibility, equality and particularly care for the environment. I think Nordic companies can be high-quality employers, business partners and pillars of support to other companies in Serbia. That’s why it’s important for us to take advantage of opportunities to learn through collaboration and study visits, and for us all to ensure there is as much of this as possible. For instance, Norway is among the countries that have the most developed environmental awareness in the world, and I think it is important for us to strive to emulate such an example and contribute to the exchange of positive experiences, which is why TOMRA Collection will strive to share these kinds of examples, bring good practices that can be applied to the Serbian market and inspire positive change. post.serbia@tomra.com 19

Lofoten Islands Lofoten is an archipelago in Norway that’s known for its dramatic scenery, including peaks like the Svolvaergeita pinnacle jutting up into the sky. Himmeltindan Mountain occupies Vestvågøya Island. These islands are connected by bridges and crisscrossed by bicycle routes that pass through fishing villages like Henningsvaer, which has colourful buildings lining its waterways.

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BUSINESS | JELENA BELOKAPIĆ ČAVKUNOVIĆ VICE PRESIDENT, MEDICON

Three Decades at the Top Medicon was the first private company operating in the field of medicine in the former Yugoslavia, while today, 30 years later, it has become synonymous with the highest quality products, reliability of service and the support that it provides to partners and patients we have gained is a result of many years of cooperation, the highest quality products and the reliability of the services and support that we offer. Today, just as in our infancy, our focus remains directed towards areas of chronic and acute dialysis, including water treatment, as well as towards the area of transfusion. In this way we are able to direct all our financial resources, knowhow, development and expansion of our team, to these two areas of medicine and thereby maintain the highest level of our business operations.

his company developed in the dialysis field together with healthcare institutions from the very outset, particularly in supplying dialysis machines and providing for their maintenance and servicing. Similarly, in the field of transfusion, Medicon represents the highest quality products to ensure that patients receive safe blood and blood products.

You started working during years that were difficult for the development of business, but that did not stop you from achieving your objectives. How would you describe the journey that began back in 1992? — Developing the business during the ’90s was a major challenge that included lots of investment and sacrifice – not only financial, but also in terms of commitment in every sense of the word. The specificity of our country’s geopolitical and economic position created challenging conditions during those years, and particularly when it came to providing a high-quality level of available medical procedures for extremely vulnerable patients. We are extremely proud of the fact that, despite the circumstances, we created a company that still operates successfully in the domain of medicine and in the same field of indications from its beginnings, until today. We still face many obstacles on our development path today, and we really strive to make sure that the quality of the products and services that we offer represents the strongest tool for preserving and developing our business. 22

Our focus remains directed towards areas of chronic and acute dialysis, including water treatment, as well as towards the area of transfusion Unlike other companies that have branched out into multiple areas, you focus solely on dialysis and transfusion. Is this the best way to secure continued reliability, quality and trust, which are the most important elements? — The trust of our users and continuity in our work are our goals, and that is the only way we can offer a really high-quality and complete treatment to patients whose lives depend on these medical procedures. The well-deserved trust that

Do you believe that the development of technology and the latest scientific achievements will enable you to bring healing to patients, or at least a better quality of life, and better working conditions to healthcare workers? — The development of technology and scientific achievements contribute to the development of medicine, and all with the aim of securing a better quality of life for patients. This is one of the reasons why Medicon remains faithful to the companies it represents from day one, companies that have always been pioneers in coming up with solutions that are innovative and cutting-edge in terms of technology. These are companies that have spent decades investing in technology research and development and have the highest level of production quality control, but also control and monitoring of market placements and monitoring quality with end users on the basis of recommendations and in accordance with European and world standards. Of course, developing technology also creates better working conditions for healthcare workers, as well as significantly reducing the possibility of human error when using devices. NORDIC 2023

RARE DISEASES ARE NOT SO RARE In the world of rare diseases, where conditions affecting fewer than 1 in 2,000 people are widespread, there are over 7,000 distinct disorders. Despite their rarity, these diseases collectively impact more than 400 million individuals worldwide. The need for greater awareness is crucial because these conditions profoundly affect both patients and their families. Raising awareness is not just a gesture of compassion but is crucial to ensure timely and accurate diagnoses, as these diseases are often misunderstood. One example of such a rare disease is hypophosphatasia (HPP) - a condition frequently misdiagnosed, lacking proper care and treatment, emphasizing the pressing need for understanding this uncommon ailment. By recognizing its symptoms, we can bridge the gap between suffering and proper treatment, ensuring that no precious moment is lost in the battle against these rare challenges.

WHAT IS HYPOPHOSPHATASIA? Hypophosphatasia (HPP) is a rare, genetic (inherited), metabolic disease characterized by impaired mineralization (“calcification”), the process that hardens and strengthens bones and teeth.1,2 This can lead to poor growth and development, weakness and deformity of bones and other skeletal abnormalities, and premature loss of teeth with the root intact. As a result, the disease can have a debilitating impact, including loss of physical function.1,3 HPP is caused by a defect in the gene that is responsible for making an enzyme known as alkaline phosphatase (ALP),which is important for building healthy bones.1,4

HEALTHY BONE

When ALP functions normally, it allows calcium and phosphate to bind together to form healthy, strong bones.4,5

BONE IMPACTED BY HPP In people with HPP, ALP levels are low, which can prevent proper bone development and can cause calcium and phosphate to build up in other places throughout the body, damaging organs.3

The severity of HPP can be wide-ranging and may present in many different ways. HPP can

When signs and symptoms are present before 6 months of age, HPP is referred to as perinatal/infantile-onset and can be fatal.1

affect males and females of all ages.1

All patients, including those whose signs or symptoms are not recognized until childhood or adulthood, may experience significant disease burden that impacts their daily life, including the ability to perform daily tasks or walk.1

SIGNS AND SYMPTOMS MAY VARY AND CAN IMPACT MANY DIFFERENT PARTS OF THE BODY, INCLUDING: 1,2,6-9 Bones

(abnormally shaped head*, bone deformities, frequent fractures, persistent bone pain)

Muscles and joints (muscle weakness, fatigue, arthritis)

Ribs and lungs

(underdeveloped ribs and lungs*, severe breathing difficulties*)

Central nervous system

(Vision loss, seizures*)

Kidneys

(kidney stones, decreased kidney function)

Teeth

(early tooth loss with the root intact, gum disease)

New symptoms can appear at any age and worsen over time, causing significant disability or life-threatening complications *Symptoms normally seen in infants and/or young children

HOW IS HPP DIAGNOSED? Since HPP shares symptoms with other, more common diseases, it can be misdiagnosed, and diagnosis is often delayed.1, 10

Once a person shows signs and symptoms of HPP, a full clinical assessment and blood test for low ALP can help lead to a correct diagnosis. Genetic testing may also be helpful in confirming HPP.11

HPP is a lifelong disease, so an early diagnosis is critical to ensure appropriate disease management.11

Assesment of ALP levels and recognizing the correlation between consistently low ALP and symptoms of HPP can expedite diagnosis, ensuring timely treatment and improved patient outcomes. REFERENCES: 1. Rockman-Greenberg C. (2013). Hypophosphatasia. Pediatric endocrinology reviews: PER, 10 Suppl 2, 380–388., 2. FRASER D. (1957). Hypophosphatasia. The American journal of medicine, 22(5), 730–746., 3. Beck C, et al. (2009). Hypophosphatasia —recent advances in diagnosis and treatment. The Open Bone Journal; 1:8-15., 4. Whyte MP. (2008) Hypophosphatasia: nature’s window on alkaline phosphatase function in humans. Principles of Bone Biology,; 2008:1573-1598., 5. Whyte M. P. (2010). Physiological role of alkaline phosphatase explored in hypophosphatasia. Annals of the New York Academy of Sciences, 1192, 190–200., 6. Whyte MP, et al. (2019). Natural History of Perinatal and Infantile Hypophosphatasia: A Retrospective Study. The Journal of Pediatrics 209, 116–124.e4., 7. Weber TJ, et al. (2016). Burden of disease in adult patients with hypophosphatasia: Results from two patient-reported surveys. Metabolism: clinical and experimental, 65, (10), 1522–1530., 8. Beck C, et al. (2011). Whole-body MRI in the childhood form of hypophosphatasia. Rheumatology international, 31(10), 1315–1320., 9. Leung EC, et al. (2013). Outcome of perinatal hypophosphatasia in manitoba mennonites: a retrospective cohort analysis. JIMD reports, 11, 73–78., 10. Mohn A, et al. (2011). Hypophosphatasia in a child with widened anterior fontanelle: lessons learned from late diagnosis and incorrect treatment. Acta paediatrica (Oslo, Norway: 1992), 100(7), e43–e46.,11. Mornet, E., & Nunes, M. E. (2016). Hypophosphatasia. GeneReviews®. University of Washington, Seattle RS-4509

BUSINESS | JACOB FOLMAND VICE PRESIDENT AND MANAGING DIRECTOR OF THE BETTER COLLECTIVE BRANCHES IN SERBIA AND PORTUGAL

Serbia Offers Talent and Dedication

Jacob Folmand joined Better Collective in 2013 and has gone on to hold various leadership positions. Relocating to Niš, Serbia, in 2016, he started up what is today Better Collective’s largest office worldwide which we run academies lasting three to six months and focused on high value specialist competencies within tech. We have so far completed 11 academies, which has resulted in the hiring of 45 candidates in full time positions. The latest addition to our academy portfolio is the “Business Intelligence Academy”.

he Serbian office has now grown to become Better Collective’s largest office worldwide, with approximately 400 employees and more than 45 teams covering essential staff functions, including IT development, Group Finance, Legal, Design and Content Creation, and much more.

Who is Better Collective? — Better Collective is a digital sports media group operating a strong portfolio of national and global sports media brands. Incorporated in Denmark in 2004, Better Collective remains under the direct management of its founders, Jesper and Christian. Since our inception, we have experienced substantial growth, driven by successful acquisitions to realise our vision of becoming the leading digital sports media group. Headquartered in Copenhagen, Denmark, and listed on the Nasdaq in 2018, Better Collective operates globally with more than 24 offices around the world and a total of 1,200 employees. Our wide range of content engages an audience of more than 180 million loyal fans each month across our portfolio of national and international sports media brands, including Action Network, HLTV, Playmaker HQ, VegasInsider and FUTBIN... Why and how did Better Collective come up with the idea of expanding to Serbia? — Back in 2015, we started investigating opportunities to build a scalable BC setup outside Copenhagen. We ended up going for Serbia, though we initially couldn’t 24

Our growth in Serbia is continuous and I wouldn’t be surprised if we grow beyond 500 employees in 2024

How does the future look for BC in Serbia? — Across the Group, we are driven to continuously build and acquire strong national and global sports media brands with the aim of surpassing ESPN’s monthly audience of 700 million sports fans. Our growth in Serbia is continuous, and I would not be surprised if we grow beyond 500 employees in 2024. We are highly successful in recruiting as much as 80% of our staff needs in Serbia, and we have managed to create a scalable, efficient and very competent setup here.

have imagined or predicted that BC Serbia would grow into what it has become today. Serbia exceeded all our expectations. Early on in 2016, it became evident to me that Serbia is delivering highly educated, talented, dedicated and motivated people, and thus the business case is clear for an international company wanting to expand. Serbia has always been a priority for various significant CSR initiatives ranging from planting one tree per employee to donating to humanitarian courses etc. Not to forget the significant positive tax impact we created for Serbia. It was earlier this year that I received the best feedback from a local government official: “Better Collective has changed the entire IT ecosystem in Niš”. An initiative that I am particularly proud of is our “BC Academies”, in

Do you have any advice for companies that are considering establishing themselves in Serbia? — Absolutely! Serbia is a land of opportunities – there is so much talent and dedication here! As a potential foreign investor, you need to familiarise yourself with the culture, local law and regulations, as well as the geopolitical situation. My best advice would be to seek consultancy with other foreign companies or organisations from the same country as yourself, or from your neighbourhood, to learn about their experiences and advice. I would also recommend that you initially invest in a competent back-office and do the initial founding with either one of the “big 4” or a similar player that has a proven track record of working with multinational companies. NORDIC 2023

BUSINESS | NENAD ANDREJIĆ GENERAL MANAGER OF ANALYSIS D.O.O. (LTD.) – LABORATORY EQUIPMENT

Reliable Pillar of Support for Every Laboratory Analysis has been providing laboratories with instruments and reliable solutions since its establishment in 1996. The company’s sales programme includes equipment used in the pharmaceuticals, environmental protection, the food and beverage sector and other industries, but also in science, forensics and medicine with the aim of satisfying the demands of users and establishing lasting cooperation to our mutual satisfaction. Some of our partners include Thermo Fisher Scientific, one of the leading companies producing a wide range of analytical equipment, Swiss company Sotax, German companies Waldner and Retch, as well as American company Hach Lange. Our sales programme includes equipment used in the pharmaceuticals, environmental protection, the food and beverage sector and other industries, but also in science, forensics and medicine – whether that relates to testing, research, quality control or process monitoring.

nalysis operates on the territory of Serbia, Montenegro, Bosnia-Herzegovina, North Macedonia, Albania and Croatia, and since April 2021, after 25 years of operations, it now also has a subsidiary based in Ljubljana. It has thus created a new perspective for the further expansion of its operations and the advancement of the company.

What is the core area of your company’s business; what is encompassed by everything you do? —The core area of Analysis d.o.o. is wholesale, maintenance and service of analytical, process and general laboratory equipment, coupled with user training for successful and high-quality work using instruments. Users also have at their disposal application support, which encompasses consulting during the process of selecting the methodology and optimal device according to the user’s current needs, the development and implementation of analytical methods and their validation/verification. Moreover, we also provide equipment qualification and laboratory design services, while on the other hand our Analysis Laboratory for calibration and validation provides services of equipment calibration, validation and testing, with a wide array of accreditations. After 27 years of successful operations, we have channelled different knowhow and implemented optimal solutions for cordmagazine.com

Our company represents renowned manufacturers of laboratory equipment, with the aim of satisfying the demands of users and establishing lasting cooperation our users’ analytical needs. Our vision and goal is to become a strong and reliable pillar of support for every laboratory. You cooperate very successfully with the world’s leading manufacturers. With whom do you cooperate and in which areas is the equipment included in your rich sales programme applied? —Our company represents renowned manufacturers of laboratory equipment,

As of April 2021, you also have a subsidiary in Ljubljana. Did you thus create new prospects for further advancement? —By opening a subsidiary in Slovenia, Analysis Adria d.o.o., we fortified our long-standing operations in the region. Our colleagues on the ground and the great potential of the Slovenian market have opened the way to the further expansion of our business and the advancement of the company. You are also renowned for your very stringent policy on quality. Why is that so important to you? —By implementing a policy on quality, we provide our users with the best service, as well as ensuring their satisfaction, progress and lasting cooperation. Through the continuous specialised training for our personnel, they are also provided with access to the latest technological achievements and innovations. 25

INTERVIEW | IVANA ĐOKOVIĆ BUSINESS UNIT MANAGER AT LINDSTRÖM

Textile Services of the Future Lindström is a family-owned textile service company with business operations based on circular economy principles. The company was established 175 years ago in Helsinki, Finland, where the head office remains to this day. Lindström offers textile services to corporate customers from different industries in Europe and Asia — The only way to ensure satisfied customers is to have very satisfied employees. Our strategic goal is to have passionate and engaged employees that enjoy working for us and making Lindström a better company, and to be a preferred employer. With a long legacy as a family-owned company, we have placed a great emphasis on building the culture of caring and responsibility. We take care of employees’ wellbeing and safety and offer learning and development opportunities that help Lindströmers shine, create innovations and achieve our ambitious targets of becoming carbon-neutral. As an international, multicultural workplace, we seek to foster an environment that allows unique individuals to work together as equally valued contributors.

ur easy-to-use textile services are a cost-effective and environmentally-friendly way of taking care of a company’s textile needs. We strive to create value for our customers in everything we do, executed with an excellent customer experience,” explains a proud Ivana Đoković, Business Unit Manager at Lindström.

Lindström is a Finnish company that has brought more than 170 years of experience to the Serbian market. What comprises your portfolio? — We offer a wide variety of services ranging from workwear, mats, restaurant and hotel textiles to industrial wipers, cleanroom and washroom services. Our easyto-use textile services are a cost-effective and environmentally-friendly way of taking care of a company’s textile needs. We strive to create value for our customers in everything we do, executed with an excellent customer experience. At Lindström, we focus on making our customers’ lives easier by supporting them in shining and their businesses in growing. Our customers can focus on their core business while we take care of their textile needs with our easyto-use and sustainable services. In Serbia we offer workwear and mats services. Our comprehensive service includes textiles, their washing and maintenance, as well as recycling. Although our service offer varies from country to country, our conceptualised 26

We always strive to raise the bar by making our operations more sustainable to ensure the most environmentally friendly services for our customers operations ensure that we offer the same reliable and sustainable textile rental services to all our customers, while meeting the specific hygiene and safety requirements of different industries. Your customers rate their level of satisfaction at 9.19 of a possible 10. You are surely very proud of that...

At your company, sustainable development is reflected in daily life and everyday operations. How do you implement CSR activities at Lindström, which you constantly emphasise as being very important to you? — Sustainability is at the heart of who we are. All our decisions are guided by our purpose of caring for people and our planet by inspiring people to shine and businesses to grow in a sustainable way. We always strive to raise the bar by making our operations more sustainable to ensure the most environmentally friendly services for our customers, both now and in the future. We have a long history of reducing our emissions by increasing energy efficiency, optimising our customer deliveries and reducing textile overproduction. Committing to net-zero emissions was a natural next step on our NORDIC 2023

journey towards more sustainable services that support the common target of preserving a liveable planet for future generations.

The circular economy is woven into our business. That means 1. Designed for a long life. 2. Procured from trusted, longterm suppliers. 3. Washed and delivered

NENAD TOMAŠEVIĆ SALES MANAGER AT LINDSTRÖM SRBIJA

Mat Services Work Wonders With Your Workplace! With the Lindström Mat Service, the right mats in the right places keep dirt and dust away while ensuring clients’ floors remain beautifully clean. What’s more, Lindström is happy to help you find the best possible mat solution and frequency of replacement. This means that your building and its floors stay cleaner for longer. Additionally, our service reduces the costs of cleaning your premises. On average, 80% of the dirt found on premises is carried in through the front doors. Also, an average of 70% of the costs of cleaning premises is spent on floors. When installed correctly, Lindström Mat Services provide for significant savings on cleaning costs and also increase the comfort and attractiveness of your premises in various ways. Lindström’s service for renting and maintaining mats and rubber scrapers is an efficient and cost-effective solution. The main features of the service are cleanliness, comfort, safety and interior design – from the front door to the workplace. With a diverse service of renting and maintaining mats, service users leave a great impression on their customers at all times thanks to the impeccable appearance and cleanliness of their premises.

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with optimised resources. 4. Repaired and reused to lengthen lifecycles. 5. Recycled to create new. 6. Smooth operations guaranteed by happy employees.

VIKTOR KURTEVSKI S ALES MANAGER FOR SEE COUNTRIES KEY ACCOUNTS AT LINDSTRÖM GROUP

You Only Pay for What You Use Renting and maintaining workwear and uniforms, along with a wide range of products and a flexible, cost-effective service, enables staff to look good, feel comfortable and work more efficiently, but those aren’t the only benefits. Caring for workwear can also result in a surprising number of costs incurred by everything from washing and drying, to alterations, transportation, inventory management and, finally, disposal or recycling. In addition to clothing being taken care of for the entire lifecycle, renting also means that you don’t have to make unnecessary investments in properly storing workwear that isn’t currently in use – you only pay for what you use. Moreover, damaged garments are repaired, replaced or retired as required. When you use Lindström’s service, the company not only acquires the necessary workwear, but also washes, maintains, repairs, renews and even stores it on your behalf. Lindström delivers clean, well-kept clothing on a weekly basis, directly to every employee’s locker or another location specified by the client. This enables you to be stress free and to focus more on your actual work. Everyone wins.

INTERVIEW | VLADIMIR MILANOVIĆ DIRECTOR AT MASDAR TAALERI GENERATION

Čibuk 1 has Changed Everything Following the successful completion of the largest wind farm in Serbia, UAE-based Masdar and Finnish company Taaleri Energia founded the joint company Masdar Taaleri Generation (MTG) in order to develop renewable energy projects in Central and Southeast Europe

ere we discuss with MTG Director Vladimir Milanović plans for the company’s further development and the construction of additional capacities, two wind farms and one solar power plant, and the possibility of achieving half a gigawatt of installed power from renewable energy sources, as well as good examples that we can and should learn from.

The Čibuk 1 project to develop the largest wind farm in Serbia has contributed massively to the development of renewable energy sources in the country. Čibuk 1 has changed everything... — Čibuk 1 is the largest wind farm to be built in the country to date and represents Serbia’s largest power plant that’s powered by a renewable energy source, but we are also working massively on the construction of Čibuk 2 and expect to maintain our status as the largest investor in this field in Serbia thanks to this project. Many rules and regulations were created during the development of Čibuk 1 that formed the basis on which the country’s other wind farms were later developed, and in this sense we are truly proud to have been the first and to have broken the ice in the country. Čibuk 1, together with some other projects that Masdar and Taaleri have collaborated on around the world, was practically the initial catalyst to create a joint ven28

We are proud of the fact that we are the administrative centre for all projects in which these two companies invest everywhere from Poland to Greece, with the exception of Hungary ture in Serbia and for Masdar, a company that hails from the United Arab Emirates, and Finnish company Taaleri to create Masdar Taaleri Generation. The aim was to continue developing projects in both Serbia and Montenegro. We are proud of the fact that we are the administrative centre for all projects in which these two companies invest everywhere from Poland to Greece, with the exception of Hungary. Construction of Čibuk 2 is expected to be launched in January next year.

Could you tell us more about this project? — Čibuk 2 is an extension of Čibuk 1. Čibuk 1 has an installed capacity of 158 MW, while Čibuk 2 will have 150 MW, creating a combined total of 308 MW of installed power, but we don’t intend to stop there, as we are already planning a third Čibuk 3 project, which we call Cubic and which will have a capacity of approximately 100 MW of wind power. We don’t expect to start work on its construction prior to 2026. Those are three proNORDIC 2023

jects when it comes to wind, but we’ve also decided to develop a solar power plant. It is currently at roughly the same stage of development as Cubic, with the same capacity, but also the same development timeline. If we were to succeed in realising all these projects, we would have around half a GW of installed power sourced from Renewables. These projects are all located in the district of South Banat, in the municipality of Kovin, with which we have fantastic cooperation due to the fact that we really invest a lot in good relations with the local community. Do you think that, with additional government incentives, renewable energy sources could become competitive with conventional sources? — When it comes to incentives, we are more than satisfied. That is a textbook example of how to encourage new technology for it to become competitive with older technology that has been developed massively and was initially much more efficient. These auctions are actually less of an incentive for us as a producer, on the one hand, but they are a much better step for the state to take, as the costs are much less for the state that provides the incentive. The fact that the technology needs less of an incentive means that it is becoming more efficient and more market-oriented, which is also the end goal of all those incentives. The intention is for conventional technology and the technology used to generate electricity from renewables to one day become competitive, and then for some other parameters to form the basis on which we decide whether to build a solar power plant or a coal-fired thermal power plant. We shouldn’t overlook the fact that wind and solar aren’t constant sources of energy, as they are dependent on weather conditions, so no country can completely abandon conventional sources that provided for more stable production. What do you expect from future auctions? Does a need exist to further improve the auction system? — My expectations are that we soon won’t need auctions any longer, and that projects will compete on the market on cordmagazine.com

we will receive projects that can compete mutually.

the basis of which is more economically viable and those that are will be implemented. I hope those will be “green” projects, and not those based on old and dirty technologies. It is envisaged that auctions will be repeated for both wind and solar over the next two years, and I expect them to be equally successful. The auctions for wind power proved very successful, because there was competition among companies wanting to secure the government incentive. As a result of that competition, the prices offered were far below the maximum price. The state prescribed 105 euros per MWh, while the highest offer that received incentive measures amounted to 73.7 euros. Unfortunately, when it came to solar energy there weren’t enough mature projects and the prices reached were thus very close to the maximum prices set by the state. I therefore hope that the competition will remain the same at the wind level, and that competition will increase in the area of solar and that

The hyperproduction of projects and sheer volume of requests causes bottlenecks when it comes to approving connections to the system for solar and wind farms. How can that be resolved? — It has to date been relatively easy to request access to the grid, which has led to us having many requests, viewed in terms of gigawatts, to connect to a power grid that has limited capacities. The rules of Elektromreža Srbije [the national energy transmission system operator], i.e., the “first come, first served” principle, mean that if someone gains the right to a certain capacity prior to the appearance of another investor, the later arrival cannot access the grid and build until the first one has been built or until the investor relinquishes their claim. The problem is that if that developer isn’t in a position to develop the project or sell it later, that capacity will remain occupied. Given that a regulation was adopted in September that should govern this issue and eliminate the congestion that currently occurs when it comes to grid access, we sincerely hope that the next wave of projects that have a chance to be built and developed will be able to quickly access the power grid and that this will lead to an increase in the installed capacity of projects that run on renewables. Whose experiences could we turn to as positive examples when it comes to developing renewables? — The fact that Serbia is lagging behind developed countries in this field provides us with an opportunity to avoid mistakes made by others and utilise the best positive experiences. From our cooperation with colleagues from Finland, for example, we have gained insight into just how much more efficiently the entire industry works there than it does in our country. We should definitely look to them because that could make it easier for all of us here who deal with this work, but it would ultimately also be of great benefit to society if those positive practices were to be implemented here and if we could more quickly end up with constructed power plants. 29

INTERVIEW | IVA PETROVIĆ EXECUTIVE DIRECTOR OF THE NORDIC BUSINESS ALLIANCE (NBA)

Working Towards a More Sustainable Future In 2024, we’ll focus on the green agenda, healthcare, digitalisation and education. We’ll partner with embassies, Nordic experts and institutions to leverage their knowledge and experience

e spoke with Iva Petrović, Executive Director of the Nordic Business Alliance (NBA), about the key accomplishments and challenges that the NBA has achieved and encountered under her leadership, as well as her vision for the organisation’s future.

What are the key accomplishments made and challenges faced, and how have they impacted on your vision for the NBA’s future? —Since our inception we’ve aimed to be a productive, relevant platform that drives positive change in the business environment and society at large. Our initiatives change from year to year, based on changing priorities and the external context, but 30

our goal remains the same: promote unique Nordic values and business practices, while focusing on innovation, sustainability, transparency, the environment and responsible business. We measure our performance across three pillars – membership, visibility, and project impact – which contribute equally to our success and shape the vision for the organisation’s future. We have grown from 20 members to 50, across a wide range of industries, and across all four Nordic countries. I am proud to note that our members also include Serbian companies who have or would like to extend their business interest in the Nordics, which is a testament to the fact that the NBA is indeed connecting business communities and enabling NORDIC 2023

the transfer of knowledge and best practices between the countries. Through our close and dynamic collaboration with the four Nordic embassies – Denmark, Finland, Norway, and Sweden – we have become a Nordic knowledge hub in Serbia and the region, positioned as a credible partner not only to our members, but also to governments, international development organisations and other relevant stakeholders. As a result, our visibility and project impact have increased significantly. The Circular Economy and Nordic Green projects are great examples of that. We have witnessed the amplified impact of joint efforts and hope to continue with similar projects and joint initiatives in the future. Personally, I am grateful to have a remarkable group of individuals in our NBA Board of Governors, whose hard work, support, mentorship and continued dedication to this organisation have made this success possible – and they all certainly keep me inspired when challenges arise. It is sometimes difficult to convince Nordic investors to give Serbia a chance. On one hand, the usual suspects, such as the rule of law and corruption, are of course factors to consider before entering a new market. On the other, Serbia is still a very attractive country when it comes to human capital – smart, educated people with great language skills – which certainly, in my view, should be positioned as an asset. As we approach 2024, what strategic priorities and initiatives do you believe will be crucial for the Nordic Business Alliance in further promoting business ties and cooperation between Nordic countries and Serbia? — Our members are esteemed leaders in their industries, and synergistically, thorough our network, we aim to strengthen cooperation between Nordic countries and Serbia. To this end, our strategic priorities for 2024 will continue to focus on the green agenda, healthcare, digitalisation and education. We intend to leverage the knowledge within our organisation and partner on projects with embassies, Nordic experts and institutions able to contribute with their valuable knowledge and experience. We plan to kick off the year with Smart Cities in focus. We are already in talks with relevant partners and stakeholders, and our efforts have been fully endorsed by the Embassies. We are excited to embark on this journey together. Another important area where we plan to make a significant impact next year and beyond is healthcare. Nordic countries lead the way in Europe when it comes to screening programmes, early diagnosis and the implementation of AI solutions in healthcare. Enabling experience and knowledge sharcordmagazine.com

ing between Serbian and Nordic institutions will be one of our key priorities in 2024. Given Nordic businesses’ emphasis on sustainability and green initiatives, what opportunities do you see for Serbian professionals and organisations to learn and adopt valuable green skills and practices from your members? — “Greening the economy” is Serbia’s opportunity for growth. The EU and other export markets need green products. When viewed as a strategic growth opportunity, investment in the green economy comes with clear incentives and tangible financial benefits to make them worthwhile for the entire value chain, including the government. We see increased interest from Serbian companies in learning from Nordic green practices and replicating them where possible.

PERCEPTION Serbia faces challenges in attracting Nordic investors, due to concerns like the rule of law and corruption, but it boasts highly skilled and educated human capital as a compelling asset OPPORTUNITY Greening the economy in Serbia holds growth potential and financial incentives, with local businesses keen on adopting Nordic green practices COMMITMENT Amid challenges, our commitment to Serbia’s EU accession remains, as we believe in business as a catalyst for social change and prosperity

Could you elaborate on how Nordic value chains align with the UN’s Sustainable Development Goals (SDGs), and how the Nordic Business Alliance is working to promote and integrate these values into business practices in Serbia and the region? — The Sustainable Development Goals (SDSs) are the cornerstone of our organisation. Our impact over the past three years is centred solely on topics like the environment, the health and wellbeing of citizens, quality education, gender equality, affordable and clean energy, climate action and industry innovation and infrastructure. We will next year tackle sustainable cities and communities. We promote and integrate these values through joint projects and initiatives, as well as a wide array of activities, including conferences, roundtables and public diplomacy. Our members often serve as role models, and they continue to improve their business practices for even greater alignment with SDGs. In light of the changing global economic landscape, how does the Nordic Business Alliance plan to adapt and continue fostering economic growth and collaboration, not only between businesses, but also within the broader community? — The current political and economic landscape presents challenges to many countries, including Serbia, and that gloomy shadow is certainly here to stay in 2024. The only way forward for our association is to stay true to its core values. To this end, we will continue to support Serbia’s EU accession process in various capacities. I truly believe that business is a catalyst for social change. By learning and working together across our differences, we can make our small contribution to peace and prosperity. Now is the time to recommit to our mission with a sense of urgency and purpose. 31

FEATURE

Nordic Habits For A Healthier Life

NORDIC 2023

Getting outside to reconnect with nature is an important principle of life in Nordic Countries ccording to UN data, the average life expectancy for Nordic countries is: Sweden (83.3), Norway (82.9) Denmark (81.4) and Finland (82.5), all rank high. There are many reasons why the rest of the world falls short compared with northern Europe, not least the approach to healthcare and pensions. But could part of the puzzle lie in simple lifestyle habits? There is a few healthy habits from which all us could learn a thing or two.

cordmagazine.com

FRILUFTSLIV: THE JOY OF BEING OUTDOORS Friluftsliv is an amalgamation of the Norwegian words for fresh air and life or lifestyle. Scandinavians—especially Norwegians—are hikers. But the lifestyle isn’t anything to do with showing off the views from your hike on Instagram. It’s a term first coined by playwright Henrik Ibsen back in the 19th century and one that has stood the test of time. Adopting the habit for yourself doesn’t have to involve exhausting hiking trips or even leaving a city. It can be as simple as taking a stroll through your local park to reconnect with nature, but that of course means not staring a screen while you’re doing it.

THE SIMPLE DIET Many restaurants and dinner tables around the region prioritize fresh, local and seasonal ingredients wherever possible. Dishes often record a low ‘miles to plate’ number by combining the best of the fjords with the best of the mountains. Fish and seafood are common focal points, while mushrooms and berries are among the popular accompaniments. However, it should be noted that Nordic people love a burger, frozen pizza or a lazy takeout just as much as anyone. That being said, several studies have confirmed health benefits of the Nordic diet, so at least they’re being healthy some of the time.

NORDIC 2023

WORK TO LIVE, NOT LIVE TO WORK If you happen to find yourself in a Nordic office at 5pm, chances are you’ll be on your own. Working hours rarely extend beyond 7am-3pm or 8am-4pm, often finishing earlier on Fridays and/or shorter hours in the summer. In many companies, choosing to work late is rarely seen as a positive. Rather, bosses may think you have too much work to do and/or cannot manage your workload. On top of this, most people receive generous vacation entitlement. Five weeks paid leave is the norm in most of the region. Some companies have experimented with sixhour working days, while the concept of a four-day working week is occasionally floated. Of course, adopting this habit is more difficult than changing your diet or going for a walk, but there is still a lot to be said for leaving your office on time and reserving your evenings your family time over emails.

THE TRUE MEANING OF HYGGE Following the rabid commercialization of the term hygge in recent years, you could be forgiven for thinking that happiness if guaranteed if you just buy the right candle or cushion. “Hygge, to me, has never been something you could buy,” explained Danish-born writer Laura Byager in Mashable. Sure, lighting candles and sitting amid cushions are part of it, but so is slowing down, spending quality time with friends and family and simply being present. “For me, hygge is comfort. It exists only in the complete absence of stress and nuisance and feeds off feelings of happiness and relaxation,” adds Byager. By David Nikel cordmagazine.com

Volvo Vam širom otvara vrata svog sveta Novi Volvo sa do 4.000 EUR popusta U našoj ekskluzivnoj, kratkotrajnoj ponudi, svoj omiljeni Volvo možete odvesti uz još veće uštede. Nudimo vam popust do 4.000 evra, do 3 godine dodatne garancije i finansiranje uz 0% kamate*. Savršeno siguran XC60 vaš je već od 39.990 EUR, a skandinavski prefinjen XC90 od 64.990 EUR, a po najpovoljnijim cenama dostupni su i ostali Volvo modeli serije 60 i 90. Ovako atraktivne uslove za Vas garantujemo samo za vozila isporučiva do 31.12.2023. - zato iskoristite priliku što pre. KOMPLETNU PONUDU PROVERITE NA VOLVOCARS.RS i SELEKT.VOLVOCARS.RS *Prosečna kombinovana potrošnja goriva WLTP 5,428 –9,844 l/100km. Prosečna kombinovana emisija CO2: 134–223 g/km. Emisijski standard EURO 6d. Emisija azot-oksida (NOx) 11,6 - 42,6 mg/km. Zvanična brojčana vrednost specifičnih emisija čvrstih čestica 0,09 - 0,89 mg/km. Zvanična brojčana vrednost specifičnih emisija (broj čestica po km) 0,01x1011 – 2,57x1011 . Detaljnije podatke o novim putničkim vozilima možete pronaći u Vodiču o ekonomičnosti potrošnje goriva, emisijama CO2 i zagađujućih materija u vazduh koji je besplatno dostupan na prodajnom mestu dobavljača putničkog vozila. CO2 je glavni gas sa efektom staklene bašte odgovoran za globalno zagrevanje. Emisije zagađujućih materija u vazduh iz saobraćaja značajno doprinose pogoršanju stanja vazduha, naročito prekograničnim povišenim koncentracijama prizemnog ozona, čestica PM10, PM2,5 i azot oksida. U cenovniku su naznačene neobavezujuće odnosno preporučene cene vozila u evrima, informativnog su karaktera i sadrže PDV. Plaćanje se vrši isključivo u dinarskoj protivvrednosti po srednjem kursu NBS. *Posebni prodajni uslovi za finansiranje vozila putem finansijskog lizinga u saradnji sa Unicredit Leasing Srbija d.o.o. Finansiranje se ugovara uz valutnu klauzulu u EUR, kamatna stopa za klijente je 0,00%, a jednokratna naknada zaključenja ugovora 1,00% od kupoprodajne cene vozila. EKS 3,40%. Trajanje ugovora o lizingu 24 meseca. Učešće iznosi 33,00% od kupoprodajne cene vozila. Lizing rata je godišnja, a izražava se u EUR i plaća u RSD prema srednjem kursu NBS na dan uplate. Ovo finansiranje se odnosi na pravna lica. Molimo Vas kontaktirajte Vašeg zastupnika za precizan obračun cene i detaljne informacije o standardnoj i dodatnoj opremi, kao i o ukupnoj ceni vozila. U cenu klasičnog modela XC60 je uključen je dodatni popust u vrednosti do 3.000 EUR. U cenu klasičnog modela XC90 uključen je dodatni popust u vrednosti do 4.000 EUR. Ponuda važi do rasprodaje zaliha vozila isporučivih do 31.12.2023. godine. Modelna godina 2024. Proizvođač zadržava pravo izmene cene, materijala, specifikacija i modela u bilo kom trenutku i bez prethodne najave. Pre porudžbine kontaktirajte svog Volvo zastupnika za najnovije informacije. Za štamparske greške ne odgovaramo. Slike su simbolične. Više na www.volvocars.rs ili kod ovlašćenog Volvo zastupnika.

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