cord magazine 246

Student Rebellion the Last Lifeline

NEW FLEXIBLE WORKSPACE IS OPENING IN BELGRADE

Unlock the freedom and choice to reimagine how you work. Choose from an unparalleled range of workspace solutions and locations designed to help your business thrive.

EDITOR IN CHIEF: Neda Lukić n.lukic@aim.rs

DESIGN: Slađan Radosavljević Zoran Perović design@aim.rs

COPY EDITOR: Mark Pullen

TRANSLATION & EDITING: Pullen Editorial, Halifax

“CorD - 22 Years of Independent Thought and Inspiration”

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

SALES MANAGERS: Biljana Dević b.devic@aim.rs Mihailo Čučković m.cuckovic@aim.rs

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

CEO: Ana Novčić a.novcic@cordmagazine.com

PUBLISHER: Ivan Novčić i.novcic@aim.rs

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

CorD is published by: alliance international media d.o.o. Resavska 1/III, 11111 Belgrade 17, PAK 125806, Serbia Phone: +(381 11) 2450 508

E-mail: office@aim.rs office@cordmagazine.com www.cordmagazine.com www.aim.rs

ISSN no: 1451-7833

All rights reserved alliance international media 2025

COMMENT

Students & Vučić

By Zoran Panović

The largest mass gathering in the history of Belgrade demysti ed the myth of the so-called critical mass, because it doesn’t have to mean anything in and of itself. Hence also the risk that euphoria will transform into apathy among those yearning for a coup

There should be no kind of underestimating of Vučić’s “silent majority”, but the phenomenon of mass participation is now also on the anti-Vučić side of Serbia. There were more people at the Belgrade protest rally of Saturday 15th March than there were on 5th October 2000, when the Slobodan Milošević regime was toppled, and there were also more than at Milošević’s Ušće rally of 19th November 1988, when he consolidated his power. In response to the call of the students, and prompted by the tragedy at the Railway Station in Novi Sad (which has left 16 dead and one seriously injured), manifold more people gathered than had done so for Vučić’s counter rally of 19th April 2019 in front of the Assembly in Belgrade. There’s basically never been a bigger gathering than this in the history of Belgrade. There were approximately 450,000 citizens on the streets at certain points. Now some are wondering how it could be that hundreds of thousands of people took to the streets of Belgrade and yet Vučić remains in pow-

er and just as cynical as before. Well, firstly the students demonstrated how realistic they are n stating on time that this won’t be the last rally in the process; that their goal isn’t a violent takeover of power, just as, on the flip side, students are unrealistic if they think they can simply repeat such a massive turnout. Secondly, Vučić himself stressed in December 2018, also cynically: “walk to your hearts’ content, I will never meet any of your demands. Five million of you can gather” (hence the opposition’s adoption of the slogan of those protests: “One of five million”).

The largest mass gathering in the history of Belgrade demystified the myth of the so-called critical mass, because it doesn’t have to mean anything in and of itself. Hence also the risk that eupho-

The Serbian students act in an avant-garde way that extends far beyond Serbia, but attributing various left-wing mirages about changing the planet to them is risky

ria will transform into apathy among those yearning for a coup.

The Serbian students really come across as sensational compared to the insipidness of Serbia’s hybrid democracy. They act in an avant-garde way that extends far beyond Serbia, but attributing various left-wing mirages about changing the planet to them is risky. The only “ideology” of the student movement is constitutional patriotism.

We’ve also seen the return of the slogan of the student protests of 1996/97 –“Belgrade is the world” – but the world is no longer the same. International circumstances have generally favoured Vučić, and he’s been able to guarantee that changed world a stabilitocracy. The “Serbian Spring” has threatened his position, though not necessarily definitively. At least until that world at large identifies and acknowledges an alternative.

Perhaps this is perhaps also why one gets the impression that Vučić received only a “measured reprimand” from António Costa and Ursula von der Leyen in Brussels, due to his regime’s copycat character. Speaking last 24th October after a meeting in Belgrade with Polish Prime Minister Donald Tusk, the Serbian president said that “Tusk is to blame for me not being at the BRICS summit in Kazan today”. What kind of guest would need to arrive in Belgrade to prevent Vučić from travelling to Moscow for the 9th May Victory Parade – which will be a jubilee one, marking 80 years since victory over Nazism and fascism? The Russians have already invited him and expect him to meet with Putin.

It would, naturally, be most elegant for Vučić to go to Moscow and stand on stage alongside some American officials = as was the case when, following victory in WWII, at Lenin’s mausoleum, standing in the box next to Stalin was an exclusive guest of the wartime ally, in the form of famous U.S. General, and later President, Dwight D. Eisenhower.

SUBSCRIBE to The Region

Stay Ahead in Adria

The Region is where ideas, perspectives, and ambitions from across the Adria region come together. From industry leaders to bold innovators, we bring you the stories that drive change and shape the future. Stay connected to the pulse of business, progress, and the people making an impact. 75€

Student Rebellion the Last Lifeline Above the Abyss

They simply don’t want to repeat the fate of their parents, who wasted their lives endlessly compensating for, catching up to, adapting to or imitating some supposedly real, authentic life that’s lived by other, better people and which is always somewhere else, residing in those, as you put it, “much more developed and democratic countries of the West”. That’s also why they took to the streets: to teach their parents what life is and how it should be lived in accordance with human dignity ~ Boris Buden

Boris Buden philosopher and publicist

By Ljubica Gojgić

Photos Ladislav Tomčić

n monitoring events in Serbia and the student protests that have now entered their fifth month, Buden writes about their originality and significance that transcends national boundaries. He simultaneously makes reference to the fact that the establishment and mainstream media of both the West and the East seem to still be unsure about what stance to take regarding these protests that appeal to the universal values of the rule of law and the functioning of institutions. “They don’t know what to do with the rebellious Serbs – whether to put them under the flag of the European Union, or what’s left of the West following Trump’s resurrection, or under the banners of Putin, China and Iran. They aren’t capable of thinking of or even imagining something else, because they are mentally already at war and see the world exclusively through the prism of the binary rela-

tionship between friend and enemy,” says CorD Magazine’s interlocutor in this exclusive interview.

Mr Buden, you have commented on and interpreted Serbia’s student protests with great interest. Your assessment is that this isn’t only an unprecedented event in Serbian, but in the modern history of Europe. How does it differ from the youth protests we witnessed in previous years in Greece, Croatia or other EU countries?

— It clearly differs from both Eastern Europe’s “colour revolutions” and Serbia’s “5th October” revolution of the year 2000. Today students in Serbia are, as you can hear, “pumping up”, but they aren’t themselves pumped from the outside, as was the case with, say, Otpor [Resistance]. Let’s recall how that “regime change” project, specifically the project to overthrow Milošević, received investments of millions of dollars. In a coordinated action conducted by the secret services, primarily the CIA, Western philanthropic foundations and externally funded civil society organisations, Serbia’s anti-Milošević opposition was ‘pumped up’ ideologically, financially, logistically and in the media, in accordance with the recipe of a socalled “Psyop”. And the objective was achieved, with Milošević being ousted. Of course, that external pumping up in no way reduces the authenticity of the democratic will and energy of the citizens that Otpor then mobilised. The vast majority of those who then took to the streets did so with the sincerest faith in the ideals of democracy, and they were even convinced that they shared those ideals with the so-called ‘West’. The problem, of course, was in the very ideology of the “colour revolutions”, which weren’t designed to resolve actual contradictions, rather only to remove their personifications, such as Milošević and his regime, and to replace them with Western puppets. Đinđić certainly wasn’t a puppet, nor was he prepared to accept that role, but the question is whether he had any other option. Otpor’s leaders, in

contrast, were indeed puppets of the West, and they went on to pump up colour revolutions in dozens of countries worldwide. We can see how much they pushed their luck in Libya, Egypt, Syria, Iraq, or Ukraine. And when you want to discover something about that today and head to Wikipedia, you will come across a paradox: the English article about Otpor is almost thirteen times as long as the Serbian version. So, there’s no confusion about who writes history, about whom and for whom.

What’s going on in Serbia today is, thus, not part of that story. This isn’t about continuity, about a second attempt, or rather a third attempt, to finally convert Serbia into a democratic state, regardless of how convinced of that the bourgeois opposition might be. The current protests are no longer unfolding in the ideological code of post-communist transition, in which we are awaited at the end of the road by some kind of democratic normality akin to that which has supposedly already been achieved in the West – a fantasy of harmony between the classes under the conditions of benevolent global capitalism that guarantees everyone economic and cultural progress under conditions of everlasting peace. What has compelled students to take to the streets of Serbia today aren’t illusions of someone else’s past, but the requirements of their own future, a radically different future. In this sense, they’re more akin to the student protests that happened in Croatia 15 years ago, or to the anti-regime protests in Bosnia-Herzegovina, than they are to the colour revolutions – in logic, and not in dimensions, where they surpass all three by far.

Paraphrasing the famous slogan of the student demonstrations of 1968, you wrote that Serbian students’ demands are “unrealistic, because they are seeking the possible”; for the respect of existing laws and for that to be done publicly. After more than four months of protests and insistence on the meeting of demands, a question arises as to

what would constitute victory or disappointment for the students. — I don’t know, and it seems to me that that’s not important at this point. The question for me isn’t what will disappoint them, but primarily what was it that captivated them and activated all that great will, energy and socially creative intelligence? I don’t think that it was one of the ideals from the conceptual arsenal of the ruling liberal democratic ideology, such as, for example, “the rule of law”, “free and independent media”, “institutions that do their job” and similar phrases that have been worn out completely by this project of unending transition. But nor is it the law, as it appears to be at first glance. This law, as the only so-called value that the protests refer to explicitly, is in no way ideologically neutral, or the lowest common denominator of the protest, rather, in contrast, it is its broadest common ideologeme – something like the last bastion of liberal bourgeois ideology. Behind that law is a chasm that causes reason to freeze, and reason is, of course, a historical category – rationality within its epochal and local limits, thus the rationality of someone’s very tangible will for power, someone’s profit, someone’s unscrupulous realpolitik. It is naturally possible to respect the law. It is unrealistic, however, to expect that this will restore a dismantled society, confirm the people’s sovereignty or finally realise the ideals of justice. And people know that on the basis of their own experience. They have no illusions over the law that convicted Serbian war criminals, because they know that it condemned them only because they are Serbs, and not because they are criminals. If they weren’t Serbs, they could have got through it unscathed. They could have killed not only 8,000 men aged between 16 and 60, but twice as many children and tens of thousands of women and old people to boot; they could have reduced Sarajevo to ashes and remained unpunished, if they’d been – as wasn’t the case – under the protection of an omnipotent sovereign who’s above the law, and who threatens to destroy anyone who dares to ap-

ply that law to his vassals. In short, the law referred to by the student protests isn’t some normative ideal that will finally be realised when the opposition is brought to power, but rather represents the last straw of salvation above a chasm that no longer has at its bottom any law, nor the people as sovereigns who create and establish that law, nor a society whose life is regulated by that law. It has but a straw, and nothing more.

Your comments express a critical attitude towards Serbia’s opposition political parties, which you describe as sitting on the sidelines awaiting a favourable moment for themselves.

Discussion has intensified in Serbia in recent days over whether the student protests can achieve concrete results if they insist on distancing themselves from all political parties. Can there be democracy without institutions?

— And what would constitute a concrete result? Which opposition politicians and parties will replace Vučić and his regime? Who will clean which ministry of corruption? Which of Vučić’s tabloids will transform overnight into serious media outlets that will publish objective information based exclusively on verified facts? Which local oligarchs will enrich themselves at the expense of the poor exclusively in accordance with laws that were passed in their interest in the first place? Which foreign capital will render the health, wellbeing and progress of the Serbian people more important than profit? Who will Serbia’s Mirage jets fly against when Serbia finally joins the EU and NATO - Russia, China or Gaza? Which Islamists will Serbia dub terrorists and which will they brand freedom fighters? Whose crimes will it be silent about and whose will it label horrific? Why, then, should they deal with these specific questions today, when they won’t be able to influence their answers? Abstractly distancing themselves from the entire party political and parliamentary system is the very essence of their democratic protest. And that abstrac-

tion isn’t a lie, but rather an undeniable dimension of truth, or an expression of authentic democratic practice.

You ask whether there can be democracy without institutions. Are there institutions without democracy? And what about if, and when, the existing political institutions exhaust their emancipatory potential and deplete their democratic legitimacy? If they also only spoke Latin, which people no longer understand, because their lives and their actual problems speak a language to which the institutions are deaf and dumb? It is people that establish institutions, or that tear down old ones when they lose sight of their reason for existing. What if sociologist and political theorist Peter Mair was right when he wrote that Western democracies actually still only rule the void, i.e., that their political institutions are hollowed of any dem-

What has compelled students to take to the streets of Serbia today aren’t illusions of someone else’s past, but the requirements of their own future, a radically di erent future

ocratic content and that the political parties, which have erased all mutual differences, will never again move closer to the people who elect them and from whom they have distanced themselves endlessly? So, what if these protests that were launched by students in Serbia aren’t yet another attempt to breathe new life into old institutions, to fix them again, polish them up, but rather, on the contrary, the heralding of the creation of new institutions. Perhaps students don’t want to restore institutions, but rather democracy. Because if democracy always adhered to existing institutions and laws, it would have long since disappeared.

Students in Serbia, their assemblies and calls for citizens to self-organize, seem to have been understood best by philosophers. Apart from yourself, in terms of talking about the events since the start, Frenchmen

Alain Badiou and Jacques Rancière also spoke out recently. As for the rest of the public, the media, and especially the establishment, both in the West and the East, Serbian students Serbia aren’t “breaking news”. Why is that?

— It’s because they’re conceptually incompatible with the ruling ideological discourse that has reduced the current political reality, in the global dimension, down to a conflict between socalled democracies and so-called autocracies, as if it were, as the ancient Greeks would say, a Gigantomachia, a battle of the giants that will decide the fate of the world. That’s why they don’t know what to do with the rebellious Serbs – whether to put them under the flag of the European Union, or what’s left of the West following Trump’s resurrection, or under the banners of Putin, China and Iran. They aren’t capable of thinking of or even imagining something else, because they are mentally already at war and see the world exclusively through the prism of the binary relationship between friend and enemy. But they are blind to the meaning of what’s happening in Serbia today, and that partly includes the participants themselves, who occasionally wave different combinations of flags. That was once the Ukrainian one together with the Palestinian one, while another time it was the Palestinian one, and now it’s in an arrangement with the Russian and North Korean flags. In the first case, this is about an illusion of the possibility of taking a non-political and non-ideological position of pure solidarity with the victims, as if we were in a courtroom and we are the jury, while they, the perpetrators, are in the dock. However, we are actually in a political reality in which those who wave Ukrainian flags simultaneously support, both politically and militarily, the genocide of Palestinians. Just as those who fantasise about forming a united front against Western imperialism forget that their Putin is a great admirer of Netanyahu, who would most like to deal with his opponents in the same way he’s dealing with the Palestin-

ians. That’s why the students are right to reject flags, and perhaps in a much deeper sense. Perhaps they sense that national flags are no longer letters of the alphabet with which one can still write texts about freedom, justice and emancipation. If you asked me, I’d also get rid of that last one, the Serbian flag. If they aren’t “colour revolutionaries”, they don’t need any coloured cloth flying above their heads.

Are you suggesting that there could be other quite practical reasons to turn a blind eye to events in Serbia? When asked what’s most visible in Serbia from Germany’s perspective, you answer: “Nothing is visible in Serbia from Berlin’s perspective, except lithium, of course”. — Germany isn’t what it used to be, as a kind of really existing utopia; a place where the ideals of capitalist progress and democracy were realised in a socalled “well-ordered state” – a phrase that the bourgeois elites repeat tirelessly in their project to complete an “uncompleted” Serbia. They remind us of that Germanophile character portrayed by Danilo Bata Stojković in Šijan’s Who’s Singin’ Over There? – Whatever problem arises on the road, he has a role model for the solution: Germany, where order reigns, where rules are respected and where, to once again repeat the favourite phrase of our auto-racist elites, “institutions do their job”. This Ljotićesque parody isn’t specific to Serbs and is present among everyone on the territory of the former Yugoslavia. But back then, like today, this ideal has a dark undertone. That which Olaf Scholz declared after the outbreak of Russian aggression against Ukraine - “Zeitenwende!”, roughly meaning the epochal turning point – is nothing more than the announcement of a creeping state of emergency, which was confirmed in recent days when the German Bundestag, hurriedly and in its old convocation, voted in favour of huge borrowing for investment, both for the reconstruction of infrastructure and, primarily, for the purpose of rearming Germany. Another phrase that’s used

by German state policy today to legitimise its pathological contradictions is the Machiavellian “Staatsraison”, meaning ’raison d’état’ and representing a euphemism for total arbitrariness, or the complete personal whim of political decision-making beyond all moral principles or norms of international law. Why does Germany swear by the inviolability of borders and the territorial integrity of sovereign countries, as is the case in Ukraine, while simultaneously stamping on these same principles when it comes to Israel? Why does it preach human rights while supporting genocide? Why does it provide political and financial support to Islamic extremists in Syria while they massacre the Alevi people? Why does Germany say one thing and do the other? The answer would not differ from that of a cynical street hooligan: “Because I

can”, which is the real and only truth of this “logic of state interest”. Ultimately, there’s more democracy on the streets of Serbia today than there is in Germany’s Bundestag.

The Serbian authorities respond to the protests by accusing them of being an imported rebellion that’s destabilising Serbia. Does the “colour revolution” model in Serbia suit some geopolitical concept? — But what is geopolitics? It isn’t any kind of neutral sub-discipline of objective political science, nor is it simply a global perspective on the sphere of political reality. Geopolitics is itself an ideology par excellence. That’s why we aren’t included in it as subjects who decide our fate for ourselves. Because everything

is decided by major geopolitical players like Trump, Putin, the Politburo of the Chinese Communist Party, the European bureaucratic elites, petrodollar sheiks etc. It’s as if we’re sheep in their pens that don’t know which one is going to be sheared, which slaughtered, and which left to continue grazing. That’s why it’s completely logical that the Serbian student protests are totally invisible from a geopolitical perspective. As I said, none of the aforementioned players pumped them up artificially, but how dare they pump up themselves. We’ll see if they’re to be forgiven for that.

You see the protests in Serbia as challenging liberal democracy. You wrote: “The world as it is today is no longer a place for life, but rather an existential threat to life itself. They (students) have no choice. They will either change the world we’ve thrown them into radically, or they will cease to be”. Should a movement of students and citizens, in a country on the periphery of Europe, believe that it can change the world – despite that not being achieved today in the much more developed and democratic countries of the West?

— The marginal, or the provincial, isn’t a destiny, but rather a class relation. The students have already learned the first lesson, while they’re currently mastering the second lesson with the professional help of Rio Tinto and the European Union. In the meantime, they have also realised that postponing life no longer makes sense. They simply don’t want to repeat the fate of their parents, who wasted their lives endlessly compensating for, catching up to, adapting to or imitating some supposedly real, authentic life that’s lived by other, better people and which is always somewhere else, residing in those, as you put it, “much more developed and democratic countries of the West”. That’s also why they took to the streets: to teach their parents what life is and how it should be lived in accordance with human dignity.

The Rules Change With the Circumstances

H.E. İlhan Saygili Ambassador of Türkiye to Serbia

By Ljubica Gojgić

One of the strongest aspects of our relationship with Serbia is trade, and the rules are even shifting in this area. In this context, together with our Serbian counterparts, we are evaluating how we can adapt to these transformations – from traditional trade to e-commerce, from labour-intensive sectors to technology-driven industries and ICT ~ İlhan Saygili

Ambassador Saygili’s term in Serbia began with the fact that bilateral relations are described by both sides as currently experiencing a “golden age”. The trade exchange reached a record high value of $3 billion in 2024. As he explains in this interview for CorD Magazine, new intertrade agreements “are opening new avenues for economic cooperation. One of the key areas of collaboration is the energy sector, where both countries aim to enhance partnerships.”

Your Excellency, you’ve been appointed ambassador of Türkiye to Serbia at a time when relations between the two countries are described as experiencing a “golden age”. What do you see as the strongest aspects of this cooperation?

— As stated by both President Erdoğan and President Vučić, Türkiye-Serbia relations are experiencing a “golden age”. I believe this metaphor reflects very well the level of bilateral relations between Türkiye and Serbia. The unwavering friendship and trust between the two leaders are reflected directly in relations between our countries. We witnessed this clearly during and after our president’s October 2024 visit to Serbia. The world is changing rapidly. There is a Latin saying “Rebus sic stantibus”, which means that the rules change with the conditions. As global circumstances evolve, so too will the rules. One of the strongest aspects of our relationship with Serbia

is trade, and the rules are even shifting in this area. In this context, we are evaluating with our Serbian counterparts how we can adapt to these transformations, from traditional trade to e-commerce, from labour-intensive sectors to technology-driven industries and information and communication technologies.

In the field of economics, the two countries have an ambitious plan to

One of the key areas of this collaboration is the energy sector. The recent agreement in this eld re ects Türkiye’s commitment to supporting Serbia’s energy transition and sustainability e orts

increase the trade exchange from the current $2.5 billion to $5 billion. In which sectors of the economy do you see room to achieve this progress?

— The trade volume between Serbia and Türkiye reached a record high of $3 billion in 2024. There are two main factors behind this achievement. First is the Free Trade Agreement signed in 2009, which eliminated tariff barriers. Second is the remarkable growth of Turkish investments in Serbia, which have surged from $1 million to $410 million in 12 years. These investments have contributed not only to Serbia’s economic development, but have also

boosted Turkish exports significantly. As a result of these steps, bilateral trade has increased exponentially. Serbia is today the fastest-growing country in the region, attracting the most foreign investment and making significant economic advances. At this stage, we also expect Serbian companies to invest in Türkiye, which, in turn, would enhance their potential to export to the Turkish market and beyond. Meanwhile, we will continue encouraging Turkish investors to explore opportunities in Serbia, further strengthening foundations for sustainable trade growth.

Numerous agreements were signed during the most recent meeting between the presidents of Türkiye and Serbia, thus creating opportunities to strengthen economic cooperation. Türkiye has expressed its willingness to participate in certain major projects. What areas of investment are most attractive to Turkish investors?

— During the last meeting between the presidents of Türkiye and Serbia, the significant agreements that were signed opened new avenues for economic cooperation. One of the key areas of this collaboration is the energy sector, where both countries aim to enhance partnerships. The recent agreement in this field reflects Türkiye’s commitment to supporting Serbia’s energy transition and sustainability efforts.

Additionally, the construction and contracting sector remains a highly attractive field for Turkish businesspeople.

STABILITY

We believe firmly that lasting peace and stability in the region cannot be achieved without a strong relationship between Serbia and Türkiye

BRICS

We consider BRICS not as an alternative, but as a complementary platform that contributes to effective multilateralism

EU

Türkiye’s full membership in the EU would significantly enhance the Union’s capacity and its competitiveness, particularly in the domain of defence and security

With Serbia hosting EXPO 2027 and developing its infrastructure continuously, Turkish companies renowned for their expertise in large-scale projects are eager to contribute to the country’s urban transformation initiatives and transportation networks. We encourage Turkish companies to invest in technology-intensive sectors, aligning with global shifts from labour-intensive industries. Vast opportunities are offered by Serbia’s rapidly growing ICT sector. With these investments, Türkiye will continue to reaffirms its dedication to nurturing longstanding economic and technological partnerships with Serbia, benefiting both nations.

How does Türkiye view Expo 2027 in Belgrade?

—I have consistently emphasised that EXPO 2027 isn’t just a major opportunity for Serbia, but for the entire region. I believe that, following EXPO 2027, both Serbia and the Balkans as a whole will advance economically. As a country that values its friendship with Serbia and recognises the potential, Türkiye will contribute in every possible way. We are working to ensure a strong Turkish presence at the fair, while also facilitating Turkish companies’ participation in the construction of its infrastructure at the highest standards.

The presidents of Türkiye and Serbia have repeatedly mentioned the strengthening of bilateral cooperation in the defence industry. Experts from both sides are reportedly already working on this. In which direction do you see this cooperation developing?

—Following the directives of our leaders, the relevant institutions have be-

gun discussions. A delegation from the Turkish Defence Industry Secretariat visited Belgrade in November 2024 to hold meetings with their Serbian counterparts. We now look forward to a reciprocal visit from the Serbian delegation to Türkiye in the near future, as we believe that the tangible outcomes of this cooperation will soon be evident.

Türkiye often states that it sees Serbia as “a key country for peace and stability in the Balkans”. However, at the same time, Türkiye strongly promotes Kosovo’s independence and supplies it with Turkish weaponry. Does this cooperation impact bilateral relations with Serbia? — Türkiye-Serbia relations are conducted with honesty and sincerity at every level. We believe firmly that lasting peace and stability in the region cannot be achieved without a strong relationship between Serbia and Türkiye. Thanks to our close ties, both countries can openly address regional challenges and prevent tensions from escalating. If countries focus only on areas of disagreement and ignore the positive agenda, their relationships can never progress in a healthy way. That’s why we prioritise mutually beneficial areas of cooperation in our bilateral relations with Serbia and maintain a constructive dialogue.

You mentioned in one interview that we are witnessing “serious breakdowns in the international community and shaken foundations of the global system”. Under such circumstances, many were surprised by President Erdoğan’s statement that he sees Türkiye as the “lifeline” of Europe. Does this also imply Ankara’s readiness to

support the EU’s new positions visà-vis the U.S. and Russia?

— Türkiye is following a multidimensional and multilateral foreign policy. Hence our President’s statement regarding the European Union does not reflect a new approach. We have been clear from the outset that Türkiye’s full membership in the EU would significantly enhance the Union’s capacity and its competitiveness, particularly in the domain of defence and security. We therefore expect the EU to approach Türkiye’s accession with a strategic vision and perspective. This outlook extends beyond the specific question you’ve raised.

Given the new geopolitical circumstances, is Türkiye abandoning its interest in joining BRICS, a possibility that President Erdoğan has previously mentioned?

— Thanks to its geographical location and multidimensional foreign policy approach, Türkiye enjoys engagements with European, Asian and even Latin American international and regional organisations. Türkiye is a founding member of almost all European institutions, including the Council of Europe and the Organisation for Security and Cooperation in Europe, is a member of NATO and an EU membership candidate. Türkiye is also a member of the Organisation of Islamic Cooperation, the Organisation of Turkic States and the Asia Cooperation Dialogue. Likewise, Türkiye’s active presence in the G20 and MIKTA reflects its commitment to multilateralism. In line with this understanding, we consider BRICS not as an alternative, but as a complementary platform that contributes to effective multilateralism, and we are willing to enhance our relations with the country.

Global Diary

U.S. Suspends Financial Contributions to WTO

On 27 March the United States halted its financial contributions to the World Trade Organization (WTO) as part of President Donald Trump’s initiative to reduce government spending and reassess support for international organisations. This action follows previous disruptions by the U.S., including blocking judge appointments to the WTO’s appeals court in 2019. The U.S. was expected to contribute about 11% of the WTO’s 2024 budget, totaling 205 million Swiss francs. With an arrear of 22.7 million Swiss francs, the U.S. now falls under “Category 1 arrears,” limiting its representatives’ roles in WTO bodies.

”Injustice anywhere is a threat to justice everywhere”

Martin Luther King Jr.

Arctic Sea Ice Reaches Record Low

Arctic sea ice has hit its weakest winter peak since records began 47 years ago, with a peak of 5.53 million square miles reported. This is approximately 30,000 square miles smaller than the previous record low in 2017. Scientists attribute the decline to rising temperatures driven by climate change, noting that the Arctic is warming four times faster than the rest of the world. This reduction in sea ice affects global weather patterns and poses significant threats to wildlife, particularly polar bears that rely on sea ice to hunt.

Deadly Earthquake Strikes Myanmar and Thailand

A massive 7.7-magnitude earthquake struck Myanmar and Thailand, leading to significant casualties and damage. Bangkok’s governor declared the Thai capital a disaster area, with reports of building collapses resulting in deaths and missing persons. In Myanmar, at least 20 people have died, and the junta has declared a state of emergency in six regions while requesting international aid.

”The world will not be destroyed by those who do evil, but by those who watch them without doing anything”

Albert Einstein

China’s Xi Jinping Urges Defense of Global Trade

Chinese leader Xi Jinping has called on foreign business executives to support globalisation and resist trade barriers, subtly critiquing U.S. President Trump’s tariffs. In a meeting at Beijing’s Great Hall of the People, Xi emphasised that globalisation is an unchangeable historical trend and assured that China remains open to foreign investment and committed to peaceful development. Despite his assurances, ongoing trade disputes and China’s national-security measures have made foreign investors uneasy.

Israel Resumes Airstrikes on Gaza Strip

On 18 March, Israel launched widespread aerial bombardments on the Gaza Strip, ending a ceasefire agreement reached in January. The strikes targeted multiple areas, resulting in significant casualties and destruction. The Israeli government stated that the strikes targeted Hamas leadership and infrastructure, while Hamas condemned the strikes as a violation of the ceasefire. The escalation drew large-scale international attention, with the United Nations Security Council convening an emergency session to address the crisis.

U.S. Halts Global AIDS Relief Program Funding

The Trump administration has halted and terminated substantial funding for the President’s Emergency Plan for AIDS Relief (PEPFAR), a global health initiative credited with saving 25 million lives. This move aligns with the administration’s “America First” policy and has raised concerns among public health advocates about the potential reversal of decades of progress in the fight against HIV/AIDS globally.

SERBIA AND

Is it Di erent This T ime?

The deepening political crisis and the PM’s resignation are likely to lead to negative economic indicators. However, viewed over the long run, they open the door to strengthening institutional processes for the rst time

According to the economists interviewed for this CorD Focus, the resignation of Prime Minister Miloš Vučević and the formation of a new government with the same political composition wouldn’t change the underlying causes of the current crisis, which has come as a result of the structural weakness of Serbian institutions and the unsustainability of the previous economic model. It is expect-

ed that, in the short term, investors will respond negatively to growing instability, leading to an economic slowdown. However, should the current political protests result in the strengthening of institutions and a change in the direction of development, that could set the country on a path to longterm development.

In short, the country might be at the same crossroads it has stood at before or it might be at a turning point: the current crisis may result in the formation of yet another government that will exemplify institutional impotence and mark a continuation of the governance model established in 2012. However, it could also be the prelude to a transparent electoral process that opens the door to change in the direction of strengthening the rule of law and ushers in a sustainable model of economic growth.

Aleksandar Vlahović President of the Serbian Association of Economists

A Lack of Quality Institutions Reaches Boiling Point

The resignation of Prime Minister Vučević represents a precedent in Serbia’s political life, marking the consequences of a deep political crisis, the resolution of which is not yet in sight

In stable democratic countries that have high-quality and independent institutions, the collective resignation of a government and holding of extraordinary parliamentary elections don’t have a dramatic impact on the investment climate and economic activity. There are countless examples of this – from Italy and Belgium, to more recent examples in Germany and France. The situation is different in Serbia. Our institutions aren’t sufficiently developed, their quality is questionable and their independence from the executive branch is uncertain. However, despite the frequent extraordinary parliamentary elections and institutional limitations of the past, the impact on the economy has been minimal. This is because there’s been a clear parliamentary majority since 2012, with political stability never brought into question. The decline in economic activity that was particularly evident between 2012 and 2015, but also in 2022, resulted from economic policy errors and not frequent government changes.

It is important to note that we don’t have a longterm development strategy and that key decisions in our country are often made ad hoc, regardless of whether we have a regular or technical government, without prior analysis of the socioeconomic impacts of such decisions. Moreover, there are no clearly defined industrial policies and the current fiscal policy is often adjusted to the immediate political needs of the moment. We thus cannot speak of the consequences of extraordinary elections on long-term policies. What is certain is that the resignation of Prime Minister Vučević marks the first time in Serbia’s his-

tory that a government has collapsed due to large protests that have lasted for months and the deep sociopolitical crisis in which the country currently finds itself. All previous resignations of prime ministers came more or less as a result of politically calculated decisions and the need for ruling parties to secure a new four-year term under conditions of high certainty. The crisis that Serbia is facing is multifaceted, and the way out of it is not yet visible in the near future. I’m not sure if tensions in society will subside if the decision is taken to form a new government without elections, maintaining the current parliamentary majority. On the other hand, poten-

The decline in economic activity over the previous period was a result of economic policy errors and not frequent government changes

tial new parliamentary elections are also debatable, given the clear stance of opposition parties that they are not ready to participate unless electoral conditions are changed. Such a development could lead to a decline in economic activity and, most likely, to the undermining of key macroeconomic indicators, i.e. macroeconomic stability. We still don’t have official estimates on the movements of key economic indicators, including those related to the number of overnight stays in hotels, which is a very good indirect indicator of what we can expect in the immediate future.

Goran Radosavljević Ph.D. Vice-Dean for Research and Director of the FEFA Institute

Bad and Good News

Although the political crisis threatens the economy over the short term, meeting protestors’ demands for stronger institutions and the ght against corruption could stimulate investments and growth over the long term

Since the 1990s, Serbia has had only three governments that completed their full terms.

We have had seven governments since 2012, with an eighth expected to be formed in the coming weeks. On average, a government in Serbia lasts less than two years. Meanwhile, policies in Serbia have always been tied to the party that forms the government at a given time, and rarely to the government itself. Since 2012, state management has been tied to the policies of the Serbian Progressive Party (SNS) and Aleksandar Vučić. In this sense, we can say that economic policy has been consistent, despite frequent elections and government reshuffles.

It thus follows that it is unrealistic to expect the mere resignation of the prime minister to have direct consequences on economic policy. However, the reason for the resignation is likely to have certain consequences. The protests, which have been ongoing in Serbia since November 2024, led indirectly to the fall of the government, although that was not their explicit demand. Political instability, frequent blockages and strikes across Serbia shifted the government’s focus away from economic and other issues to addressing current problems in the functioning of the state. The diverting of attention away from the economy at a time when Serbia is beginning to experience economic performance issues will likely result in worse economic outcomes than expected over the short term.

It is already clear that Serbia’s economic model, which is based on attracting foreign direct investments through an offer of cheap labour and high subsidies, has been exhausted. The labour force is dwindling and is no longer as cheap as it was. Under these

circumstances, investors who arrived during the previous period are finishing their economic cycles and either leaving or considering leaving. The positive aspect is that net FDI inflows remain high for now. The downside is that, according to 2024 figures, net FDI outflows are slowly approaching the level of net inflows. It is possible that Serbia will experience a net outflow of FDI that exceeds the inflow for the first time in 2025, which could trigger a range of economic problems – from balance of payments pressures to labour market instability and an impact on economic growth. Another fact that also doesn’t help is that EU countries – which represent Serbia’s key foreign trade partners – are facing their own economic difficulties.

The potential net out ow of FDI in 2025 could trigger a series of economic problems – from balance of payments pressures to labour market instability and a slowdown in economic growth

Under such circumstances, political instability over the short term could lead to a slowdown in investments and economic growth. However, considering that the demands of the protests are related directly to the fight against corruption and the functioning of institutions, fulfilling these demands could have a positive impact on investments and economic growth. Coupled with a change in the growth model, this could contribute to Serbia’s sustainable economic growth over the medium term.

TPavle Petrović economist, former president of the Fiscal Council and a member of the Serbian Academy of Sciences and Arts (SANU)

Time for a U-turn in Serbia?

The prime minister’s resignation, prompted by mass protests, may open a window for Serbia to shift from state-led cronyism to an entrepreneurial model grounded in strong institutions and democratic reform

he sharp deterioration of democratic freedoms and the quality of institutions in Serbia since 2015 has adversely impacted investments in the domestic private sector and, consequently, its growth. Democratic freedoms have reduced sharply in Serbia over the previous 10 years, so much so that only six countries across the world have experienced greater declines (cf. Freedom House). This has resulted in political protests, and hence political uncertainty, that have taken place each year since 2017. At the same time, deterioration in the rule of law, rising levels of corruption and other global governance indicators have been recorded in Serbia (cf. World Bank) and have adversely impacted the country’s economic growth (cf. Petrović et al.). International evidence ascertaining that quality of institutions and democracy are essential for economic prosperity also support the aforementioned findings in Serbia.

In attempting to address the aforementioned dismal development of the domestic private sector, the government has opted for state-driven growth, and has done so by increasing public investments sharply (reaching 42% of total investment) and subsidising FDI heavily (22% of total investment). The share of domestic private sector investment has remained small (19%) and this growth strategy will be soon exhausted (cf. Petrović et. al. 2024, SANU).

Specifically, the sharp rise in infrastructure investment has resulted in it having a diminishing effect on GDP growth, due to poor project prioritisation (e.g. national stadium and EXPO vs. environmental protection, infrastructure in education, local roads etc.) and the inefficient execution of projects that has commonly resulted in rising costs and some-

times resulted in poorer quality. The aforementioned issues stem directly from a failure to adhere to standards and ensure transparent procedures for public investments, such as neglecting cost-benefit analysis during project selection and bypassing open public tenders in selecting construction companies.

FDI has been the second pillar of the growth strategy, but such investments have mainly been directed towards traditional, low productivity sectors, including mineral resources’ extraction, sectors with “dirty technologies” (e.g. rubber and plastic products) etc., which are highly unlikely to drive future economic growth.

Democratic freedoms have reduced sharply in Serbia over the previous 10 years, resulting in political protests, and hence political uncertainty, each year since 2017

The latest prime minister’s resignation, which came as a consequence of students’ and civil protests demanding strong and properly functioning institutions, the curbing of widespread corruption and advances in democratic freedoms, might open a window of opportunity for Serbia to make a U-turn. This implies abandoning the current prevailing state capitalism model, with one dominant party and related cronyism, for an entrepreneurial capitalism model in which strong institution would underpin domestic private sector, resulting in lasting economic growth.

Saša Đogović

MSc

Economist

PM’s Resignation

Isn’t the First Step

In times of crisis, when institutions are incapable of resolving issues through regular means because they are themselves the cause of the crisis, a crisis management system created by the government is necessary to address the situation

There is no doubt that Serbia finds itself in a deep sociopolitical crisis. This is a crisis of the country’s system, where endemic corruption reigns under the protection of institutions. Instead of being a defence mechanism to sanction corrupt activities and organised crime, the institutions are subjugated and only execute

Under conditions of political instability caused by weak and dysfunctional institutions, non-commercial risks increase and thus deepen the crisis and have a negative impact on economic ows

selective justice within controlled frameworks when necessary. These are mere cosmetic changes to the system, while its substance remains unchanged.

In such an institutional environment, only those close to the ruling political establishment can profit. Through expedited procedures, often without tenders and through a black-box system, deals are made that inevitably impact the development of corruption in society. Moreover,

such an environment creates a negative selection of personnel, with loyal individuals preferred over professional ones.

An institutional environment designed to encourage and protect some while discouraging others limits the country’s sustainable growth and development significantly, as well as the scope for private initiative.

In an atmosphere of pronounced political instability across the country, precisely because of the absence of an independent role for institutions and the clear separation of responsibilities between the executive, legislative and judicial branches, the shortcomings of the institutional environment are fully exposed. Non-commercial risk increases dramatically, as there is no institutional framework to clearly and effectively channel all political turbulence towards solving the crisis. Instead, the crisis only spreads and accelerates, producing negative effects on the country’s economic flows.

The confirmed resignation of Prime Minister Miloš Vučević therefore doesn’t represent a way out of the crisis for Serbia. Since institutions aren’t functioning, new elections would simply be another farce. Distrust in the government is emphasised because institutions are a reflection of the government itself.

Thus, the formation of a new government from the existing parliamentary majority isn’t a viable strategy for resolving the crisis situation.

Under such circumstances, economic dynamics will yield weaker results than expected. FDI inflows will undoubtedly decrease, as capital is very cautious. This will lead to depreciation pressures on the dinar exchange rate and the need to stabilise fluctuations through foreign exchange sales. The negative effects of the crisis will also quickly reflect on tourism, especially through a reduction in foreign tourist demand. Foreign exchange inflows from tourism last year amounted to approximately €2.8 billion. There is a growing danger that the country will fall short of this year’s planned GDP growth of 4.2%.

In times of crisis, when institutions are unable to resolve issues through regular means because they are themselves the cause of the crisis, a crisis management system created by the government is necessary to address the situation, before any long-term strategies can be discussed. Current economic flows are also at risk, making it fantastical to discuss any growth and development strategies, as it is uncertain who would create such strategies and when.

The End of Globalization as We Know It

As US President Donald Trump’s administration prepares to impose “reciprocal tariffs” on America’s trading partners, it is clear that firms can no longer assume that their business models will not be disrupted by new trade barriers – and even a full-blown trade war. Could this be the final nail in the coffin of globalization?

It is no secret that globalization has been in retreat for a while. But this process began earlier that many realize, with the 2008 global financial crisis (GFC) as the turning point. From 1990-2008 – call it the period of hyper-globalization – trade, as a share of GDP, rose by more than one percentage point annually, on average. In 2000-07 alone, the share of total inputs advanced economies sourced from developing countries almost tripled. But after the GFC, this expansion ended abruptly, before reversing in 2011, and overall trade growth has since stagnated.

The likely explanation for this change is relatively straightforward: the GFC was the first in a long series of negative shocks. In 2012, the eurozone faced a sovereign-debt crisis. In 2016, the United Kingdom voted to leave the European Union. In 2018, Trump’s first administration launched a tariff campaign against major US trading partners, especially China (which continued under Joe Biden). In 2020, the COVID-19 pandemic began. In 2022,

Since 2008, rising economic, geopolitical, and climate risks, together with progress on automation, have fundamentally changed rms’ calculations regarding global value chains. While rms have reason to keep some production on foreign soil – if it cannot be automated at home – the reshoring trend is set to accelerate

Russia launched its full-scale invasion of Ukraine. And in 2024, Trump – the self-proclaimed “Tariff Man” –was elected for a second term.

When trade uncertainty is high, so is risk – and that makes global value chains costly. If firms fear that new tariffs might make imports of key inputs more expensive, or that new trade barriers or other disruptions might prevent those inputs from arriving at all, they will question whether buying those items from foreign suppliers still makes sense. With rapid technological advances enabling the automation of a fast-growing range of tasks, they may well conclude that it does not.

In this case, firms might “reshore” production, whether by increasing

their reliance on domestic suppliers or by moving production in-house (vertical integration). We found that higher uncertainty in developing economies leads to significant increases in the share of inputs produced in high-income countries – but only in highly robotized industries. In industries where automation is less widespread or feasible, the cost of local labor appears to be prohibitive for many firms.

We also found that, when reshoring, firms tend to favor vertical integration over dependence on domestic suppliers, whether because they want to exercise as much control as possible over their value chains – yet another hedge against uncertainty –or because it is too costly to source inputs from new suppliers. (Building relationships with suppliers typically involves investment, including the provision of knowledge and technology.) Small and medium-size firms are especially likely to take this route, as they generally lack the sprawling multinational networks that might facilitate a larger firm’s search for new suppliers.

While firms in high-income countries engaged in some reshoring before the GFC, the reshoring response to uncertainty has more than tripled since 2008. The low-interest-rate environment that prevailed for over a decade after the GFC probably contributed to this shift – along with increased risk aversion and advances in automation technologies – by making investment in robots more attractive. Of course, reshoring is not the only possible response to uncertainty. Policymakers and consultancies often recommend that firms facing geopolitical, climate, or trade risks bolster supply-chain resilience by diversifying their input suppliers across locations, thereby limiting the impact of disruptions in one or more. But we find little evidence that firms heed this advice, largely because finding new suppliers is so costly. Moreover, some types of production are highly concentrated geographically. For example, rare-earth minerals and electric-vehicle batteries originate mostly in China.

Another strategy for coping with uncertainty is nearshoring – relocating supply chains to nearby countries, especially friendly ones (friendshoring). But we find little evidence that firms are embracing this approach, either. On the contrary, in industries where automation is an option, countries have been reshor -

In industries where automation is an option, countries have been reshoring even from neighbors with which trade barriers are unlikely to emerge

ing even from neighbors with which trade barriers are unlikely to emerge. Germany is a case in point: far from shifting production to its fellow EU members in Central and Eastern Europe, where labor costs are lower, it has moved production from those countries back onto its own territory. US firms have also reshored production from Mexico – though, again, having the option to use robots, rather than expensive domestic labor, is essential.

Since the GFC, rising economic, geopolitical, and climate risks, together with progress on automation, have fundamentally changed firms’ calculations regarding global value chains, with offshoring viewed as increasingly costly. While firms have reason to keep some production on foreign soil –if it cannot be automated at home – the reshoring trend is likely to accelerate, driven not least by Trump’s rapidly escalating trade war. Globalization might not die, but it will never be the same.

By Dalia Marin, Professor of

International

Economics

at the School of Management of the Technical University of Munich; research fellow at the Centre for Economic Policy Research; nonresident fellow at Bruegel

SHAPING THE DIGITAL ECONOMY

Prof.

38

Milorad Stojanović Director of the

Darko Šehović

Information Security Manager, Data

Technology (DCT)

Goran Medić Director, INOVA-geoinformatika

EMPOWERING INNOVATION AND DRIVING ECONOMIC GROWTH

As the digital economy continues to evolve at an unprecedented pace, Serbia is positioning itself as a regional leader in embracing cutting-edge technologies. This special issue explores how Serbia’s private and public sectors are harnessing the power of digitalisation to create a more connected, efficient, and transparent economy

The future of the digital economy hinges on a delicate balance of innovation, collaboration, and investment. While Serbia is making substantial strides in digitalisation, the true challenge lies in ensuring these technological advancements are accessible to all sectors of society, fostering equitable growth. Companies like Octakron, SOX, and Quality House are not just adopting new technologies but devel-

WITH A FOCUS ON AI, DIGITAL SERVICES, AND CLOUD INFRASTRUCTURE, SERBIA IS PAVING THE WAY FOR A DIGITALLY TRANSFORMED ECONOMY. HOWEVER, A MORE INCLUSIVE, TRANSPARENT, AND SUSTAINABLE APPROACH IS NECESSARY FOR ALL SECTORS TO BENEFIT FROM THIS DIGITAL FUTURE

oping solutions that could empower businesses and citizens. However, questions remain as to how swiftly Serbia can overcome its infrastructural limitations and attract sufficient investment to maintain this momentum.

The National Data Centre in Kragujevac is an important infrastructural asset, and it must continue to expand and adapt to global digital demands. Collaboration between government and private enterprises is a cornerstone of this growth, yet it is crucial that these partnerships remain sustainable, inclusive, and future-focused. Without a comprehensive strategy that includes robust data security and digital literacy, Serbia risks falling short of its potential to emerge as a global digital economy leader.

This issue delves into the role of artificial intelligence, cloud computing, and digital services in shaping Serbia’s future economy. While these technologies promise increased productivity, growth, and a higher standard of living, Serbia must ensure that its digital initiatives do not just cater to tech giants but also empower small businesses, rural areas, and citizens with limited access to digital tools.

DR MIHAILO JOVANOVIĆ

Director of the Office for IT and eGovernment

INTERVIEW

ENHANCING SERVICES FOR CITIZENS AND THE ECONOMY

Serbia’s digital transformation is accelerating the development of eGovernment and artificial intelligence, enabling citizens and businesses easier access to services and increased administrative efficiency

Dr Mihailo Jovanović, Director of the Office for IT and eGovernment, reflected on key public administration digitisation projects in Serbia. Through the introduction of new eGovernment services, the application of artificial intelligence, and the development of infrastructural resources such as the Government Data Centre in Kragujevac, the plan is to enhance services for citizens and businesses, all aimed at increasing the efficiency and transparency of the administrative system.

The digitisation of public administration in Serbia is becoming more comprehensive. What are the key new eGovernment services planned for citizens and businesses in the near future, and how will they contribute to

Photo Peđa Vučković

the efficiency and transparency of administration?

— Nearly 2.5 million eCitizens are registered on the eGovernment Portal, using hundreds of different electronic services by accessing the eGovernment Portal as well as many other government portals. In the coming period, the focus of the Office for IT and eGovernment is to make electronic services and the eGovernment Portal available on mobile phones, so that services are more accessible and easier for all citizens to use. Our focus is also on developing a Digital Wallet – a place where citizens will be able to store various personal documents and electronically signed documents in a special application on their mobile phones, further simplifying all administrative procedures for citizens.

Serbia is a leader in the region in applying artificial intelligence within public institutions. What are the specific examples of its use in government administration, and what role will the new artificial intelligence development strategy until 2030 play?

— Regarding the Office for IT and eGovernment and the eGovernment Portal, an AI assistant is being prepared, which will allow citizens not only to find information but also to use eGovernment services in a new and simpler way. This virtual assistant will provide citizens with quick and accurate answers to questions, as well as support when using services on the eGovernment Portal. We already apply artificial intelligence in medicine when analysing various screenings. The artificial intelligence development strategy until 2030 ensures that our country follows modern trends and serves as a basis for further developing the regulatory framework – the Artificial Intelligence Law. A Working Group has been formed to draft this Law, with the task of creating a document that will be aligned with European Union legislation, while also adjusting it to the specificities

of the AI ecosystem in Serbia. In line with the new strategy, we will also invest significant funds in expanding the National Platform for the Development of Artificial Intelligence – a supercomputer, which we aim to offer to small and medium-sized enterprises to help them develop their own solutions. We will continue to improve our cooperation with leading AI companies and researchers worldwide, with the aim of becoming a regional centre for AI innovation.

The Government Data Centre in Kragujevac is becoming a key technological and infrastructural resource for Serbia. How will its further expansion, alongside the construction of the Innova-

the further development of the IT sector, economy, and science. This unique complex in the region, which will cover more than 4 hectares, will combine business, research, and educational spaces, with advanced centres for bioinformatics, a centre for the devel-

NEARLY 2.5 MILLION ECITIZENS ARE REGISTERED ON THE EGOVERNMENT PORTAL, USING HUNDREDS OF DIFFERENT ELECTRONIC SERVICES BY ACCESSING THE EGOVERNMENT PORTAL AS WELL AS MANY OTHER GOVERNMENT PORTALS

tion District, affect the development of the IT sector, investment attraction, and the country’s research potential?

— The Government Data Centre in Kragujevac has become the backbone of Serbia’s digital transformation, and its expansion through the construction of the Innovation District marks a turning point in

opment of smart energy systems, as well as a National Centre for Information Security.

The first phase, with 4,700 m2 of business space and a 10,000 m2 garage, will be completed by 2025, while by 2027 a total of 35,000 m2 will be built, including two buildings for the users of the Government Data Centre and the central

Photo Marina

Jančević

building – the “heart of the district.” In addition to attracting investment and creating new jobs for IT professionals, the district will also be a centre for innovation open to citizens. With the Science and Technology Park and the recon-

Given the increasing digitisation of public services, how is Serbia preparing to ensure a high level of protection for citizens’ and institutions’ data from cyber threats? Are there plans for new legal solutions or

technological improvements in this area?

ty of information systems located in the state cloud, in the Government Data Centre in Belgrade and Kragujevac, as well as in the systems of state institutions. The key role in protecting the systems is played by the team of engineers and analysts, who are responsible for analysing, detecting, and preventing cybersecurity incidents, working 24/7. Additionally, we are one of the first countries in Europe to apply AI in the field of information security for defence purposes. The Office for IT and eGovernment uses AI as a tool to assist engineers in solving information security problems. In fact, AI helps us interpret events and define recommendations for responding to security incidents.

How is Serbia preparing to support Expo 2027 in Belgrade with its digital infrastructure?

structed building of the former Cereal Centre, it will combine historical heritage with technological future, positioning Kragujevac at the forefront of Serbia’s digital map.

— The Government of the Republic of Serbia has adopted the proposed Law on Information Security, which has been forwarded to the National Assembly of the Republic of Serbia. This law envisages improving the regulatory framework to keep up with modern trends and ensure a secure environment in ICT systems. The proposed law also provides for the establishment of the Office for Information Security to handle tasks related to the prevention and protection from security risks and incidents in ICT systems in our country. We are proud of the progress made in enhancing information security in our country, with the establishment of a Security Operations Centre (SOC) team that ensures the safe-

— At the end of April this year, ahead of EXPO 2027, all foreign nationals will be able to apply for an electronic visa via the Foreigners Portal (Welcome to Serbia). This will allow people from around the world to quickly and easily submit a visa application online, without needing to visit consular offices. The visas will be electronically stamped and delivered via email. The Ministry of Foreign Affairs is one of the first institutions in the Republic of Serbia to begin using the eStamp in the cloud, the latest technical solution of eGovernment, which significantly simplifies and speeds up the electronic visa issuance process. This is a significant step forward in the further digital transformation of the Republic of Serbia and in facilitating the arrival of foreigners into our country, which will host the EXPO 2027 specialised exhibition in less than two years. Additionally, we have quickly launched an informational platform to support the organisation of EXPO 2027, which is stored in the Government Data Centre in Kragujevac.

Photo

PROF. DR DUBRAVKO ĆULIBRK

Director of the Research and Development Institute for Artificial Intelligence of Serbia (IVI)

DRIVING AI GROWTH THROUGH INNOVATION AND COLLABORATION

The vision of the Institute for Artificial Intelligence of Serbia is to become a global centre of excellence in scientific research and the transfer of technology in the fields of artificial intelligence and machine learning in our country. The Institute also strives to cultivate innovative leaders in the field of AI – Dubravko Ćulibrk

Since its inception, the Institute has been focused on developing a culture and regulatory framework that stimulates innovation and technology transfer. The intellectual property regulations of this youngest accredited Serbian institute have served as a model for numerous institutes participating in the Innovation Acceleration and Entrepreneurship Growth Project in the Republic of Serbia. This project represents a unique attempt to reform the scientific research community, and the Institute actively participates in these efforts. Collaboration with the Intellectual Property Office enables the education and skill development of researchers, as well as the enhancement of the Office’s activities in the field of artificial intelligence. At the level of individual projects and technologies, the Institute leads the way in patent protection, the responsible and ethical use of data for AI model development, certification of AI-enabled medical devices, and other innovative processes.

“Each project is significant in its own way and changes the environment in which we work, but, in my opinion, the greatest long-term impact on the economy will come from the professionals educated at the Institute – whether as founders of their own companies or as leaders in large corporations,” emphasises the Director of IVI.

Serbia strives to become a regional hub for research and development in the field of artificial intelligence. What are the key factors for attracting foreign investment in this field, and how does the Institute collaborate with the private sector and government institutions in this process?

— Just before the founding of the Institute, it became clear that there were already opportunities for foreign investments, mostly initiated by the involvement

Photo Nebojša Rudić

of people of Serbian origin in the diaspora. However, our ecosystem had limited capacity to support AI development, primarily due to the lack of sufficiently experienced and educated experts capable of leading the development of AI-based products. This was one of the primary motives for establishing the Institute. The key factors for attracting foreign investments are talent development (education), recognisability, and the quality of scientific results and products coming from our ecosystem. The latter two factors not only demonstrate the capacity of our research community but are also the best form of promotion.

Automation and the application of artificial intelligence inevitably affect the labour market. How does the Institute view the future of the workforce in Serbia, and what steps are being taken to help develop the necessary skills and adapt the education system to the new demands of the market?

— The Institute is not an educational institution, but it serves as a repository of knowledge, which we transfer to other institutions and colleagues, mainly through workshops, participation in conferences, and similar events. Our collaboration with the NVIDIA Deep Learning Institute allows us to offer their courses, which require significant computing resources, but which NVIDIA donates to us. Furthermore, some of the Institute’s researchers, including myself, participate in teaching at universities in Serbia. However, our primary role is the development of highly skilled personnel through practical work on research projects. When we speak of the future workforce, the focus of AI application in the areas we work in is on sectors where there is a labour shortage and on technologies that help people be more efficient rather

than replacing them. At this moment, AI in Serbia is primarily contributing to increased productivity and the creation of new jobs. However, it is certain that a certain number of people will need to retrain, while many will need to further educate themselves in the field of using AI technologies.

The recent partnership with Google DeepMind and the organisation of EEML 2024 represents a significant step for Serbia. How can such collaborations contribute to enhancing

THE INSTITUTE

THE SCIENTIFIC

versity, Harvard, EPFL, ETH, and other prestigious institutions. Unfortunately, we do not expect EEML to return to Serbia soon, but we continue close cooperation with the organisers, meaning that our researchers will have the opportunity to participate in this event every year, regardless of the location.

In Serbia, there are organisations like the Serbian AI Society and Serbian Researchers, designed as bridges between domestic and international scien-

ACTIVELY

PARTICIPATES

IN

THE REFORM

OF

RESEARCH COMMUNITY IN SERBIA THROUGH INNOVATION, TECHNOLOGY TRANSFER, AND THE IMPROVEMENT OF THE LEGAL FRAMEWORK FOR INTELLECTUAL PROPERTY

the knowledge and research capabilities of our students and researchers?

— The significance of such events is practically impossible to measure, as their impact will extend for decades into the future. EEML was attended by participants from 47 countries, mostly young researchers who have established lasting connections with our young collaborators. They had the opportunity to learn about the latest issues and solutions in the field of AI from world-class researchers, including the closest collaborators of two of the three winners of the Turing Award for deep learning technology – the foundation of virtually all modern AI systems. During the six-day summer school, young researchers from Serbia and the region became part of the global scientific community and gained an advantage in knowledge development compared to any individual educational institution in the world, as they learned from lecturers from Oxford, Cambridge, New York Uni-

tists. How can such platforms contribute to the global recognition of the Serbian scientific community?

— The most important contribution of these organisations lies in connecting our researchers worldwide. This global community represents a significant potential that has yet to be fully exploited. Although the direct impact of these organisations on the global recognisability of the Serbian scientific community is not decisive, they certainly encourage collaboration between domestic and international researchers. However, for international recognisability, the key factors are the quality of scientific publications and participation in leading global conferences. Organisations like SAIS and Serbian Researchers help connect young talents from Serbia with our successful researchers abroad, enabling them to work on globally relevant projects and prepare for publication in the most prestigious scientific journals and conferences.

COMPREHENSIVE SOLUTIONS FOR DIGITAL TRANSFORMATION

In today’s dynamic digital landscape, companies face increasing challenges related to IT infrastructure, data security, and business continuity. Data Cloud Technology (DCT) has positioned itself as a trusted partner, offering comprehensive IT solutions in cloud services, colocation, escrow services, and cybersecurity. The tools they employ ensure security and seamless integration for all their clients

MILORAD STOJANOVIĆ, Director of the Cloud and IT Infrastructure Sector, and DARKO ŠEHOVIĆ, Information Security Manager, Data Cloud Technology (DCT)

We had the opportunity to speak with experts from DCT: Milorad Stojanović, Director of the Cloud and IT Infrastructure Sector, and Darko Šehović, Information Security Manager, who provided insight into the company’s operations.

How does DCT tailor its services to the needs of different industries?

— Milorad Stojanović: “DCT understands that each industry has specific requirements when it comes to cloud infrastructure. That is why we take an individual approach to every client, analysing their business processes and customising our

solutions to achieve optimal results. On the other hand, data security and availability are mandatory needs for every company, regardless of industry.

Since the state built the most advanced Data Centre in this part of Europe, certified to the highest EN50600 (Tier 4) standard for construction, management, and

maintenance quality, we can proudly say that in nearly five years of operation, we have not experienced a single second of downtime. This is despite the fact that the standard prescribes 99.995% availability, allowing for 18 minutes of downtime annually. This level of reliability has been recognised by major global companies such as Oracle, IBM, Huawei, and BET365, as well as numerous domestic and regional firms, including nearly all telecom and service provider operators that have placed their equipment and data in our Data Centre.

However, Data Cloud Technology did not stop there. As the next step in our growth, we established a highly available and reliable Public Cloud environment based on the IaaS/PaaS model. It

ery in the event of a disaster, whether it be a natural disaster, cyberattack, hardware failure, or human error. The service includes continuous data replication and virtual machine synchronisation with our Data Centre, providing real-time data updates and an automated failover process to minimise business interruptions.

DAaaS, on the other hand, is a proactive service aimed at preventing disasters rather than simply recovering from them. This service focuses on predicting and mitigating potential risks that could lead to business disruptions. The key features of a successful DAaaS process include proactive and continuous monitoring of IT infrastructure and applications, identifying and assessing potential threats to business operations, opti-

DCT UNDERSTANDS THAT EACH INDUSTRY HAS SPECIFIC REQUIREMENTS WHEN IT COMES TO CLOUD INFRASTRUCTURE. THAT IS WHY WE TAKE AN INDIVIDUAL APPROACH TO EVERY CLIENT, ANALYSING THEIR BUSINESS PROCESSES AND CUSTOMISING

OUR SOLUTIONS TO ACHIEVE OPTIMAL RESULTS

is worth noting that our cloud virtualisation environment hosts the information systems and data of foreign banks, university clinical centres, and general hospitals in Serbia, as well as the three largest energy companies in the country.”

What new developments and innovations in cloud technology is DCT planning for the future?

— Milorad Stojanović: “By keeping pace with the latest trends, we have identified a growing need for solutions that ensure business continuity and disaster protection. As a result, we are focusing on the development of services in this domain: DRaaS (Disaster Recovery as a Service) and DAaaS (Disaster Avoidance as a Service).

DRaaS is a cloud service that enables organisations to replicate and host their physical or virtual servers in a cloud environment, providing a backup location for data storage. This ensures rapid recov-

mising system performance, and implementing redundancy to eliminate single points of failure.

In this context, we are also working on establishing our optical ring, based on DWDM technology. This will enable us to provide end-to-end high-speed and reliable connectivity between our Data Centre and our clients’ primary locations, with data transmission speeds of up to nx100Gbps at the IP level and nx64Gbps at the FC level.”

Colocation is a service that enables companies to rent physical space for hosting their servers and network equipment within the professionally managed environment of the Government Data Centre.

The escrow service provides a secure repository for source code. We offer the highest industry-standard network protection, utilising state-of-the-art data storage technologies to ensure source code remains safeguarded from unforeseen events.

How does DCT ensure a high level of security for its clients?

— Darko Šehović: “The rapid pace of digitalisation has presented many companies with significant challenges in ensuring adequate cybersecurity for their systems and information, which are now the lifeblood of every digital framework. From its inception, the Government Data Centre set the bar exceptionally high, implementing the most stringent security standards, covering both physical and technical security, as well as information security protocols such as SOC2, PCI-DSS, ISO 27001, ISO 27701, and numerous other regulations and standards.

Numerous international clients, representatives of critical infrastructure, and the public sector have not only shaped our trajectory but have also been a strong motivation for us to adopt some of the best global practices in the field of cybersecurity. As a synonym for ‚the safest place for your data in Serbia‘, we continuously strive to meet expectations and maintain the highest security standards.

Recognising current trends, we have decided to expand our service portfolio by introducing information security management services in response to the growing shortage of qualified personnel and increasingly sophisticated cyber threats.

Some of the services developed by our young and highly promising team include cybersecurity incident monitoring, detection and response, tracking emerging cyber threats, identifying vulnerabilities within ICT systems, and providing knowledge assessments and cybersecurity training.”

DTC actively contributes to sustainability and environmental balance through innovation and responsible business practices. What is your strategic approach to ESG principles? — Darko Šehović: “Innovation and responsible business conduct form the foundation of our sustainable future. We are dedicated to ESG principles through efficient resource management, the implementation of sustainable technologies, and energy optimisation. We continuously enhance working conditions, support communities, foster inclusion and ethical standards, ensure transparency, and diligently work on compiling ESG report.”

he key to our company’s success lies in our focus on localisation, education, technological agility (IoT, AI), strict adherence to standards, and our ability to provide support tailored to specific market needs, says Goran Medić, Director of INOVA-geoinformatika. We spoke with him about customer expectations, product and service enhancements, and the company’s expansion into new markets.

TGiven that the name INOVA stems from the word ‘innovation’, would you say that innovation is at the core of your business and that you have been continuously improving your products and services since day one?

— Innovation is indeed at the core of our business. From the very beginning, we have continuously advanced and improved our products and services, incorporating the latest technological trends. Our goal is to provide the best possible user experience through creative solutions, cutting-edge technologies, and strategic planning. We are constantly researching, listening, and implementing new ideas. For us, innovation is an essential part of our identity and business philosophy!

You have demonstrated a strong customer focus and view the success of your partners as your own.

— From the outset, TeleCAD-GIS, our most renowned product, was designed to enhance efficiency in planning, designing, maintaining, and managing telecommuni-

INNOVAtion is a Key Part of Our Identity

The advanced and innovative solutions of INOVA, best known for its TeleCAD-GIS and INOVA GIS platform, are applied not only in telecommunications but also in the energy sector and other industries

GORAN MEDIĆ director, INOVA-geoinformatika

cations networks. Thanks to its advanced functionalities and adaptability, it has become an indispensable tool for numerous telecom operators and engineering teams across the region.

As for our customer focus, we have always remained consistent—listening to our users’ needs, developing tailored solutions, and providing support that ensures long-term collaboration. We genuinely see

WE GENUINELY SEE OUR PARTNERS’ SUCCESS AS OUR OWN BECAUSE MUTUAL GROWTH AND CUSTOMER SATISFACTION CONFIRM THAT WE ARE ON THE RIGHT PATH

our partners’ success as our own because mutual growth and customer satisfaction confirm that we are on the right path.

What role does your GIS platform play in different industries, and how crucial is it for managing complex infrastructure projects?

— INOVA GIS platform is the backbone of our system. Its role is fundamental in integrating, analysing, and visualising spatial data, which is essential for managing complex infrastructure networks. Our platform is not just a tool—

it is a digital foundation that transforms complex challenges into clear, visualised steps.

Through collaboration with our partners, we continuously enhance the platform to meet the challenges of digital transformation (IoT, AI), reduce maintenance costs, improve resource management, and increase competitiveness. Today, platform components are available across all devices, and we plan to support an increasing number of processes through mobile applications.

What is the potential for expanding your GIS platform globally, particularly in the context of new technologies and standardisation?

— The global expansion potential of both TeleCAD-GIS and INOVA GIS platform is immense, primarily due to their technological uniqueness and compatibility with global trends. The main challenge lies in the current landscape, as many telecom operators already use various software platforms, leading to stringent requirements.

Recognising this, we ensure that our users can leverage TeleCAD-GIS to successfully meet all challenges and deliver project documentation that fully complies with standards and investor requirements.

Our success is built on a commitment to localisation, education, technological agility (IoT, AI), strict compliance with standards, and the ability to provide support tailored to specific market needs.

AI IN PRACTICE

How Comtrade System Integration Uses Artificial Intelligence to Enhance Business Operations

OFFERGUARD – SMART AI ASSISTANT FOR REVIEWING OFFERS

Artificial intelligence is becoming a key driver of change in modern business. At Comtrade System Integration, we have recognised this transformation and set a clear strategic direction towards implementing AI solutions that enhance internal processes and add value for our clients.

We are focused on developing sophisticated AI assistants that perform complex tasks, provide proactive support, and function as a network of specialised agents. Our solutions learn from user behaviour, understand roles and work contexts, and enable intelligent assistance in real-time – from meeting preparation and sales activities to analysing market trends.

Technologically, we rely on a modular approach: we create reusable components, ensure flexibility in infrastructure choices (cloud, on-premise, opensource), and set high standards for security and ethical use of AI. Our goal is simple – a balance between innovation and tangible value for users.

One of our most successful AI implementations is OfferGuard, a tool developed precisely with this aim in mind.

In the business world, preparing and reviewing technical and commercial proposals often involves lengthy processes prone to errors. This is where OfferGuard comes in – an AI tool that automates and optimises this process.

OUR MISSION IS CLEAR – TO FREE EMPLOYEES FROM ROUTINE TASKS AND ALLOW THEM TO FOCUS ON STRATEGIC GOALS

Using large language models (LLMs), OfferGuard thoroughly analyses documents and checks them against predefined criteria. Proposals are sent via Microsoft Teams, where OfferGuard performs an automatic inspection of the content and returns clear comments and recommendations to users – all within minutes.

Unlike traditional chatbots, OfferGuard operates as an autonomous agent: it receives a task, processes it in the background, and delivers results without the need for constant interaction. This significantly saves employees’ time while maintaining high standards of accuracy. Technically, the tool is integrated with Teams via the Azure platform, and the two-phase analysis process – initial scanning and detailed verification – ensures reliable identification of issues. Although currently focused on commercial proposals, OfferGuard’s flexible architecture allows it to be applied to other document types, including contracts and technical documentation.

AI AS A STRATEGIC ADVANTAGE

OfferGuard is just part of the broader AI initiative at Comtrade System Integration. Plans are in place for tools to automate HR processes, transcribe and summarise meetings, and systems for tracking and analysing market opportunities. Our mission is clear – to free employees from routine tasks and allow them to focus on strategic goals.

We believe that companies that effectively implement AI into their processes will gain a significant competitive advantage, and our goal is to be the drivers and leaders of this transformation.

It is our responsibility to use AI thoughtfully. We establish clear boundaries, implement safeguards, and always maintain human oversight, says Predrag Skoković, Managing Director of Quality House Serbia, emphasising that this approach safeguards trust—the very essence of quality and the currency of the future in business.

How do you prepare your teams and trainees for this new era of AI-driven testing?

— Over the past 20 years, we have cultivated a culture of continuous learning and professional development. Today, as AI reshapes our perception of software testing, this culture is more important than ever. Our approach has never been about simply adopting new tools but about fostering a mindset capable of understanding and responsibly applying innovations. We regularly update our training programmes in close collaboration with international organisations such as ISTQB and IREB. By carefully listening to the needs of clients and the industry, we ensure that our training and consultancy services reflect contemporary demands and challenges. If we consider this period the AI era, what matters is not just what we know but how quickly we can adapt. That is why we prepare our teams and clients for both today’s technology and the changes ahead. AI should not be seen as a threat but as

AI IS A TOOL THAT UNLOCKS HUMAN POTENTIAL

For two decades, Quality House has been setting standards in software testing and training. All their employees are certified, and many are also trainers, further strengthening knowledge exchange within the team

PREDRAG SKOKOVIĆ Managing Director, Quality House Serbia

an opportunity to develop new business models—and that requires the confidence that comes from knowledge.

What can you tell us about your participation at the annual ETSI User Conference on Advanced Automated Testing (UCAAT)?

— Although Quality House co-organises SEETEST, the region’s largest software testing conference, we see participation

AI SHOULD NOT BE SEEN AS A THREAT BUT AS AN OPPORTUNITY TO DEVELOP NEW BUSINESS MODELS— AND THAT REQUIRES THE CONFIDENCE THAT COMES FROM KNOWLEDGE

in other events as a way to share our expertise and insights. UCAAT is where knowledge and vision, theory and practice come together. As a speaker, I have the privilege of presenting our perspective on one of today’s most relevant topics: the potential application of large language models in automated testing.

This year’s conference theme—testing in the context of digital transforma-

tion—aligns perfectly with our everyday work: ensuring trust and quality in a world where software is developing faster than ever. UCAAT brings together industry leaders from across Europe, providing a unique opportunity to exchange experiences, learn how others approach testing challenges, and, most importantly, learn from one another. Events like these are crucial for industry growth—quality is not built in isolation but through dialogue and collaboration.

What opportunities and risks do large language models present?

— Large language models undoubtedly offer significant opportunities, from interpreting requirements to automatically generating test cases. Their results can seem impressive, but they are not always reliable as they operate on mathematical probability. And here lies the key distinction: testing is not just a mechanical check but a process that requires critical thinking, intuition, and a strong sense of risk. AI can help us work faster, but it cannot replace our ability to recognise nuances, ask the right questions, or sense when something is “off” even if it appears correct on paper.

At Quality House, we view AI as a tool that enhances human potential. By automating routine tasks, testers can focus more on areas that require creativity and expertise. Decision-making, result interpretation, and risk management will always remain in human hands.

SECURE, ANALYZE, ADVANCE

InSight AI software, developed by the startup Developico and supported by the Innovation Fund, is designed to drive the fast and continuous digitalisation of the Serbian economy, with the potential for a global impact

LENA PEROVIĆ

Co-founder & Business development manager, Developico

The key advantage of InSight lies in its adaptability and user-centric approach, achieved through proprietary AI models and the integration of inhouse expert knowledge, – says Lena Perović, Co-founder & Business Development Manager at Developico. She explains that this enables users to achieve a significantly higher level of problem identification and much faster resolution.

What inspired you to develop the innovative InSight software?

— The idea for InSight AI software was born four years ago in collaboration with our partner company Serbian Open eXchange (SOX), a critical ICT infrastructure in Serbia. Gaining insights into statistics and Internet traffic trends is of vital importance. To address this need, we developed InSight—an AI-powered software solution for real-time Internet traffic data analytics.

The software delivered significant benefits for SOX, serving as a successful proof of concept for us. Our innovation lies in learning each customer’s unique network by combining our AI model with years of expertise. Following the proof of concept, we conducted primary market research to

validate our idea, which provided the necessary momentum to move forward.

The support and trust we received from the Innovation Fund had a significant impact. The project is financed by the Innovation Fund from the European Union Pre-Accession Assistance and from the budget of the Republic of Serbia, the line of the Ministry of Science, Technological Development and Innovation.

Which problem does InSight address, and how?

— We aim to tackle the global challenge of information security.

One of the key issues we identified is the shortage of tech personnel, who play a crucial role in ensuring the seamless operation of core business activities. However, these teams are often overstretched and forced into a reactive mode of operation.

InSight provides a reliable tool for indepth insights into network data, security, and stability, enabling smarter business decisions.

The software is modular, consisting of three independent yet complementary modules:

• Internet Security Module – Enables early detection of cyber threats

THE IDEA FOR INSIGHT AI SOFTWARE WAS BORN FOUR YEARS AGO IN COLLABORATION

• Service Continuity Module – Ensures quick identification of disturbances

• Business Analytics Module – Identifies new partnership opportunities

InSight software utilises cutting-edge AI principles. How can AI further support the digitalisation of the Serbian economy?

— The key differentiator of our software is its ability to adapt to each customer’s specific network by leveraging our AI models and expert knowledge. This empowers users to achieve a much higher level of problem identification and resolution. The rapid digitalisation of the Serbian economy must not leave gaps in information security. By integrating AI models, InSight ensures uninterrupted progress and protection, empowering further development.

We spoke with Andrej Stojić, Director of Cyber Security Integrations at Oktacron, about the evolution of cyber threats, the importance of the Zero Trust approach, the role of SOC teams, and the new Information Security Act. He emphasises that cyber security is not a one-off process but a continuous battle requiring technological agility and strategic planning.

How do you handle the challenges of being a Director of Cyber Security Integrations in an era of advanced cyber threats?

— My role is highly dynamic and requires balancing technological innovation, security risks, and user needs. The key lies in continuously monitoring threats, implementing advanced security solutions, and educating teams. I focus on proactive protection through AI, automation, and the Zero Trust approach, enabling companies to maintain security and operational efficiency in a digital environment.

How have cyberattacks evolved in recent years?

— Cyberattacks have become increasingly sophisticated, targeted, and automated. Artificial intelligence plays a crucial role in enhancing attack methods, allowing attackers to adapt malware in real time, automate exploit techniques, and

SECURITY IN THE DIGITAL ENVIRONMENT

Cyberattacks are becoming increasingly sophisticated, making data protection essential for business stability. A proactive approach, advanced technologies, and team education form the foundation of effective defence

ANDREJ STOJIĆ

Director of Cyber Security Integrations, Oktacron

evade detection by traditional cyber defence tools. This makes attacks more dynamic and harder to detect, posing new challenges for security teams.

How can companies effectively protect their business from modern cyber threats?

— Key approaches to cyber security include a proactive strategy through Security Operations Centre (SOC) teams, implementing Zero Trust architecture, and continuous monitoring and automated threat detection. Beyond advanced technologies, regular employee training on cyber threats and clearly defined incident response plans are essential. By combining technological solutions, procedural measures, and the human factor, companies can significantly reduce the risk of attacks and minimise their impact.

The role of SOC teams in modern business?

— As I have already mentioned, artificial intelligence is becoming an increasingly advanced tool for conducting cyberattacks, meaning that SOC teams must adapt to these challenges. That is why, at Oktacron’s SOC, we no longer rely solely on traditional detection and defence methods but implement automated and AI-powered tools for advanced threat analysis, rapid detection, and efficient incident response.

What does the new Information Security Act bring, and how does it impact companies?

— The new Information Security Act introduces significant changes aimed at strengthening the resilience of companies and institutions to cyber threats. One of the key changes is the clearer definition of ICT system operators of particular importance, with stricter obligations and increased oversight. Additionally, the role of the National CERT is being strengthened, giving it greater responsibility in coordinating responses to incidents. The Act also introduces stricter penalties for non-compliance with prescribed measures. Furthermore, plans are in place to establish an Information Security Office, which will play a key role in prevention, education, and managing security risks. These changes are a step towards aligning with European standards and enhancing the protection of citizens’ and businesses’ data.

What would be your key message to companies regarding cyber security?

— Cyber security is not a one-off process but a continuous cycle of improvement and adaptation to new threats. Every company must proactively work on protecting its systems and data to ensure business integrity and long-term stability. In this process, Oktacron is a reliable partner, helping clients implement advanced security solutions and stay one step ahead of cyber threats.

EMERGING TECHNOLOGIES SHAPING THE FUTURE OF THE DIGITAL ECONOMY

Emerging technologies are set to redefine the digital landscape, acting as a catalyst for accelerated adaptation and transformation within the global economy. Four key technologies, in particular, are poised to revolutionise the digital world once again:

ARTIFICIAL INTELLIGENCE AND MACHINE LEARNING

Artificial intelligence—encompassing machine learning, deep learning, and neural networks—continues to evolve, playing an increasingly pivotal role in the digital economy. These technologies are essential for extracting insights from the vast amounts of data generated by digital activities, automating complex tasks, making accurate predictions, and even controlling autonomous systems and robotics. However, current AI models remain limited, and new methodologies must be developed to advance towards Artificial General Intelligence (AGI)—a level of AI capable of human-like reasoning and understanding.

VIRTUAL REALITY, AUGMENTED REALITY, AND THE METAVERSE

Immersive technologies such as Virtual Reality (VR) and Augmented Reality (AR) are creating entirely new consumer experiences and unlocking innovative business applications. Entire industries are being reshaped by virtual interactions, while the rise of the Metaverse suggests a future in which digital spaces host a significant portion of economic and social activities. Looking ahead, a fully realised digital parallel world, complete with its own financial and economic ecosystem, may emerge as an integral part of the global economy.

QUANTUM COMPUTING

Although still in its early stages, quantum computing has the potential to be one of the most transformative technological breakthroughs of our time. By solving problems beyond the reach of even the most powerful classical computers, quantum technology could revolutionise fields such as cryptography, medicine, materials science, and the complex modelling of societies. Furthermore, it could enable unprecedented predictive capabilities by analysing vast datasets and contribute to the development of highly interconnected, dynamic 3D virtual environments such as the Metaverse.

These emerging technologies will not only shape the digital economy but also redefine the way we interact, innovate, and conduct business in an increasingly interconnected world.

CRYPTO’S NEXT BIG LEAP

Donald Trump’s return to the political stage has sent ripples through the financial markets, particularly in the realm of digital assets. His administration has actively championed the integration of Bitcoin and other cryptocurrencies into the U.S. strategic reserves—a landmark move that has drawn global attention and paved the way for deeper institutional involvement

By David Veselinović, CEO & Founder, Crypto12

When I arrived in Serbia a few years ago, one of the most surprising discoveries was that the country had already begun shaping a legal framework for digital assets. In fact, Serbia had passed its law even before the European Union introduced its MiCA regulation.

Looking at the broader picture, we can draw intriguing parallels between the development of the internet and the evolution of cryptocurrencies. In the early days of the internet, few could have predicted its all-encompassing influence on modern life. Similarly, cryptocurrencies are still in their infancy, yet their potential applications are boundless.

Scepticism surrounding cryptocurrencies remains high, but rejecting blockchain technology outright is akin to someone in the 1990s dismissing the internet. Just as not all internet companies are created equal, the same applies to cryptocurrencies. One cannot simply ‘disbelieve in cryptocurrencies’—rather, one may choose to dismiss certain digital assets based on their fundamentals. Categorising them all under a single umbrella would be as misguided as lumping together all internet companies.

WHERE ARE WE NOW?

Digital assets, as regulators prefer to call them, represent records of value stored on blockchain technology. They serve both as a means

of exchange and an investment instrument, with decentralised verification ensuring transparency and security. Every transaction is recorded immutably, preventing any possibility of alteration or deletion.

Serbia took a significant step forward in 2021 by enacting the Law on Digital Assets, positioning itself ahead of many developed economies. However, one critical issue persists—banking support. Despite full regulatory compliance under the National Bank of Serbia, including an official payment code for digital assets, no Serbian bank was willing to open an account for us. Ironically, financial institutions in Switzerland, Germany, and Austria were far more open to collaboration. This paradox is further underscored by the fact that some of these banks’ parent institutions actively engage in blockchain and cryptocurrency initiatives abroad. Take Raiffeisen Bank, for instance— its Austrian division has an entire blockchain division and established partnerships with cryptocurrency exchanges, while such endeavours remain off-limits in Serbia. Fortunately, over time, certain banking partners recognised the business potential and extended their support.

LESSONS FROM HISTORY – PAYPAL AND THE ONLINE BANKING REVOLUTION

Innovation in the banking sector has often originated outside

traditional institutions. Many are unaware that the first online banking transaction did not come from a major bank—it was facilitated by Stanford Credit Union in 1994 for its students and professors. Mainstream adoption of online banking only took off in 1999, thanks to PayPal.

Elon Musk’s first venture, X.com, aimed to establish a fully digital bank. Following its merger with Peter Thiel’s company, PayPal was born, revolutionising financial transactions. Banks, which initially resisted digital payments, ultimately had no choice but to integrate this technology into their offerings. A similar transformation is unfolding today, with cryptocurrencies leading the next wave of financial innovation. Traditional financial institutions are gradually recognising their inevitability.

INSTITUTIONAL ADOPTION AND MARKET GROWTH

A defining trend of 2024, which is set to continue into 2025, is the institutional adoption of Bitcoin and other digital assets. The entry of major financial players—particularly Wall Street investment funds— has marked a turning point. Regulated Bitcoin exchange-traded funds (ETFs) have enabled largescale investors to securely allocate capital into this digital asset. In their first year alone, Bitcoin ETFs attracted inflows exceeding $100 billion, making them the most successful ETF products in history.

Beyond Bitcoin, stablecoins such as Tether (USDT) are playing an increasingly pivotal role in global payments. Businesses can now use stablecoins to execute international transactions, bypassing conventional banking systems, thereby reducing costs and settlement times.

Trump’s presidency has significantly accelerated these trends. His administration’s commitment to digital assets has further legitimised the sector, encouraging other nations to consider similar strategies. Perhaps even more importantly, U.S. banks have recently been granted the ability to provide custody, staking, and mining services for digital assets—an under-the-radar development with far-reaching implications.

CRYPTO IN BUSINESS – PRACTICAL APPLICATIONS

Despite the common perception of cryptocurrencies as speculative instruments, their practical applications are expanding rapidly. In Serbia, businesses are already exploring several avenues:

Supplier Payments – Companies can enter barter agreements

where digital assets replace traditional currency.

Investment Hedge – More businesses are allocating funds into Bitcoin to hedge against inflation and currency devaluation.

Tokenisation of Assets – Real estate, artwork, and other phys-

ture, increasingly clear regulatory frameworks, and growing institutional interest all indicate that cryptocurrencies will soon be fully integrated into the global financial system.

Bitcoin is often referred to as ‘digital gold’—a universally rec-

THE RAPID EVOLUTION OF BLOCKCHAIN INFRASTRUCTURE,

INCREASINGLY

CLEAR REGULATORY FRAMEWORKS, AND GROWING INSTITUTIONAL INTEREST ALL INDICATE THAT CRYPTOCURRENCIES

WILL SOON BE FULLY

INTEGRATED INTO THE GLOBAL FINANCIAL SYSTEM

ical assets can be tokenised and traded via blockchain technology.

THE FUTURE

– WHAT LIES AHEAD?

If we consider how the internet has become an inseparable part of our lives, we must ask ourselves: where will cryptocurrencies be in the next 10 or 20 years? Today, we stand at the beginning of mainstream adoption. The rapid evolution of blockchain infrastruc-

ognised store of value. However, Bitcoin has a crucial advantage over gold: while gold is measured in tons and requires physical handling, Bitcoin can be transferred globally with a single click.

The world is changing, and digital assets are an integral part of this transformation. Those who grasp their potential today will be the pioneers of the digital economy tomorrow.

WILL AI MEAN HIGHER TAXES?

The rapid advance of artificial intelligence is poised to reshape global labor markets, with estimates suggesting that it will eliminate hundreds of millions of jobs worldwide. To mitigate the effects of job displacement and prevent social unrest, governments may be forced to increase taxes on wealth and corporate profits

There is little doubt that the United States remains at the forefront of technological innovation. The continued dominance of the “Magnificent Seven” – Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia, and Tesla – has solidified America’s leadership in the tech sector, with other economies struggling to keep pace.

The European Union is a prime example. In 2023, the EU’s total gross domestic expenditure on research and development – by governments, businesses, higher-education institutions, and

NGOs – amounted to €381 billion ($398 billion). To put this figure into perspective, it is roughly equivalent to the $350 billion that the seven leading US tech companies were expected to reinvest in 2024 alone.

Meanwhile, the tech boom continues to reshape global financial markets, with the sector now accounting for nearly 30% of the S&P 500 – more than the next two largest sectors combined. This extraordinary concentration, driven by

GOLDMAN SACHS ESTIMATING THAT AI COULD ELIMINATE 300 MILLION FULL-TIME JOBS WORLDWIDE.

WEF SURVEY OFFERS A MORE OPTIMISTIC OUTLOOK, PROJECTING THAT AI WILL ELIMINATE 83 MILLION JOBS

WHILE CREATING 69 MILLION NEW ONES – RESULTING IN A NET LOSS OF 14 MILLION JOBS, OR JUST 2% OF CURRENT EMPLOYMENT IN AI-AFFECTED INDUSTRIES

the Magnificent Seven’s soaring valuations, has both fueled investor enthusiasm and raised concerns about potential risks.

Against this backdrop, the rapid development of artificial intelligence has sparked a heated debate over how to manage its potentially disruptive impact. On one hand, techno-optimists believe that AI will be net-positive for job creation. Like previous technological revolutions, they argue, automation may displace some

workers but also give rise to new industries and professions, more than compensating for job losses while driving productivity and economic growth.

They may have a point. At the turn of the twentieth century, agriculture accounted for 40% of the US workforce; today, the share is less than 2%. As farming jobs disappeared, displaced workers moved to new industries that became the backbone of the modern economy. The most striking example is the services sector, which employs nearly 80% of the US workforce, while manufacturing and construction – once dominant – account for just 20%.

On the other side of the debate, techno-skeptics – particularly within pol-

TO MITIGATE THE EFFECTS OF JOB DISPLACEMENT, PREVENT SOCIAL UNREST, AND SUSTAIN ESSENTIAL PUBLIC SERVICES LIKE NATIONAL SECURITY, EDUCATION, HEALTH CARE, AND INFRASTRUCTURE, POLICYMAKERS MUST FIND NEW REVENUE SOURCES

icymaking circles – are increasingly concerned about the AI revolution’s employment implications. They fear that AI could usher in an era of jobless growth, whereby human workers will be permanently displaced, and the economic gains will flow primarily to capital owners.

The scale of potential disruption is staggering, with Goldman Sachs estimating that AI could eliminate 300 million full-time jobs worldwide. A World Economic Forum survey offers a more optimistic outlook, projecting that AI will eliminate 83 million jobs while creating 69 million new ones – resulting in a net loss of 14 million jobs, or just 2% of current employment in AI-affected industries.

But even if the direst predictions fail to materialize, AI is poised to transform labor markets around the world. Mass technological unemployment could ex-

acerbate inequality, especially between capital owners and the millions of workers who might suddenly find themselves out of work.

The looming labor-market disruption raises a critical question: Do today’s AI-driven profits portend higher taxes in the future? To mitigate the effects of job displacement, prevent social unrest, and sustain essential public services like national security, education, health care, and infrastructure, policymakers must find new revenue sources. Faced with budget shortfalls, some governments may be forced to raise taxes on the most profitable sectors.

For businesses and investors, this could mean significantly higher taxes, as policymakers seek to redistribute the gains of automation. Two pressing concerns stand out: first, with tech-driven job losses shrinking the tax base, corporations could be the primary target of

tax increases. Second, lower employment and declining disposable incomes could dampen consumer demand, impeding economic growth.

As a result, business leaders find themselves in a double bind. To avoid tax increases, they must sustain the tax base by maintaining a high level of employment. But to increase efficiency and boost profit margins, they need to embrace automation – at the risk of higher corporate taxes and weaker consumer demand.

In the short term, businesses may be tempted by the prospect of automation-driven efficiency gains and higher margins. But over time, those gains will likely be eroded by rising corporate and wealth taxes, as governments seek new revenue streams to fund programs like universal basic income to protect living standards and maintain economic and social stability.

If left unchecked, AI-driven unemployment and extreme inequality could unravel the social fabric that allows markets to function. To contain these risks, policymakers may have little choice but to raise taxes, ensuring that the benefits of automation do not come at the cost of long-term social cohesion.

By Dambisa Moyo, an international economist

Business Dialogue

LEADERS’ MEETING POINT

STANISLAVA PETKOVIĆ

EMIL SOVILJ CEO, Energotehna

MILOŠ JAUKOVIĆ CEO, Dr. Max Serbia

A Pioneer in Opening New Investment Opportunities for the Economy

Stanislava Petković General Director of Vista Rica

The investment market in Serbia is undergoing a transformation, with alternative investment funds attracting increasing attention from domestic investors

In this interview for CorD, Stanislava Petković, General Director of Vista Rica, shares her insights on the growing popularity of alternative funds, the changing mindset of investors, and the importance of education in fostering an investment culture.

Alternative investment funds are increasingly appealing to domestic investors. What is driving this growing trend?

— Alternative funds have a regulatory foundation that allows them to invest in a broader spectrum of assets with higher return potential, including real estate and ETFs. In addition to traditional instruments such as stocks and bonds, this provides investors with access to asset classes that are typically less available, particularly to private individuals. This is one of the key reasons why investors are opting for alternative funds.

How is the perception of investment changing among domestic investors?

— When making investment decisions, investors weigh their risk tolerance against their expected returns. Perception is primarily shifting due to transparent and professional asset management, along with a clear assessment of both the benefits and risks of investing. That is why our experienced team places the utmost importance on maintaining a diversified portfolio and managing risk exposure.

Which sectors of the economy do you see as the most promising for investment in Serbia?

— The alternative funds market is expanding, with assets under management in open AIF funds rising from €56 million in 2023 to over €134 million in 2024. The local market is characterised by a low volume of financial instrument trading. However, with the capital market development strategy, we anticipate an expansion in the range of financial products, particularly through the issuance of corporate bonds—one of the key mechanisms for linking businesses with investors. Technological startups and traditional real estate investments remain the most promising sectors of interest.

What level of interest do businesses have in investing in investment funds?

— Businesses and legal entities have limited opportunities for investing in the capital market. Recognising the need for additional investment options, we established the Vista Rica Corporate open alternative investment fund, the first fund designed exclusively for legal entities. By investing through modern alternative investment funds, and in line with a medium- to long-term investment approach, companies benefit from diversification, risk dispersion, and flexible terms regarding investment amounts, duration, and fund withdrawals. In 2024, the fund achieved a 2.8% increase in investment unit value, meeting investor expectations and laying the foundation for further fund expansion.

How does Serbia’s investment fund market compare to European markets?

— Serbia’s investment fund market is experiencing rapid expansion, particularly due to the potential for higher returns compared to traditional savings methods. The development of alternative funds is also supported by institutional investors. As of December 2024, insurance companies can invest up to 5% of their technical reserves in alternative funds, contributing to the development of Serbia’s capital market. While the state is making efforts to establish a regulatory framework for the transparent and responsible operation of investment funds, a key challenge remains in fostering an investment culture among both individuals and businesses. Education plays a crucial role in this, encompassing financial literacy initiatives and the promotion of professional advisory services in investment decision-making.

Learn everything about the advantages of alternative investment funds.

Business Dialogue

LOCAL NEWS

Five New SMEs Join SME HUB Programme

”Our goal is not just to implement technology but to create long-term value for our clients

Ivan Đolić Managing Director of BE-terna

Serbia’s E-Commerce Boom

Five Serbian small and medium enterprises have joined the SME HUB programme, entering a CHF 600,000 business transformation process. Operating in cosmetics, food, aluminium, PVC joinery, and IT sales, the companies are set to increase revenues by over 35%, with support in management, finance, ERP, legal, and HR. SME HUB is an initiative by the Swiss Agency for Development and Cooperation (SDC) and ICT HUB aimed at boosting the competitiveness of local suppliers.

In 2024, Serbia witnessed a staggering surge in online shopping, with more than 225,000 daily transactions, translating into a total of over 162.3 billion dinars, €735.2 million, and $217.4 million spent through digital channels. This represents a 39.2% year-on-year growth and a striking 288.5% increase over the past five years. Domestic currency purchases account for nearly 69% of online transactions, with the euro and dollar following closely behind.

Electric Citroën C3 Begins Production in Kragujevac

The first electric Citroën C3 models have rolled off the production lines at the Kragujevac factory, once home to the brand’s vehicles in the 1970s. These test vehicles are already being driven through the streets of Kragujevac, a town now synonymous with automotive innovation, following the production of the electric Fiat Panda. The C3 is a sleek, four-meter city car, designed with a 310-litre boot and offering a range of up to 320 kilometres on a single charge.

”Our Executive MBA is for managers in leadership positions who want to enhance their strategic and leadership capabilities”

Rajka Šinik Vulić Director of RBS Belgrade

Coca-Cola and Bambi Generate €633M Value in Serbia

In 2023, the Coca-Cola system and Bambi contributed €633 million in added value to Serbia’s economy—equal to 0.9% of the country’s GDP—according to a new socio-economic impact study. Presented at the Kopaonik Business Forum, the study also revealed €343 million in total tax and social contributions across the value chain, representing 1.3% of Serbia’s total tax revenue. Of that, €76 million was paid directly by the Coca-Cola system and Bambi.

EBRD Presents 2024–25 Transition Report in Belgrade

The European Bank for Reconstruction and Development (EBRD) unveiled its Transition Report 2024–25: Challenges of Industrial Policy in Belgrade. The report highlights the renewed relevance of industrial policies amid market failures, environmental concerns, and rising geopolitical tensions. It provides a comprehensive analysis across EBRD regions, using new data sets and offering principles to improve policy effectiveness.

Galenika’s Bold Expansion

From humble beginnings to global reach, Galenika’s remarkable growth under Brazilian ownership demonstrates the power of strategic investments, innovation, and global partnerships. Since becoming part of Brazil’s NC Group seven years ago, Serbia’s pharmaceutical giant, Galenika, has seen transformative growth. The company has not only expanded its product portfolio but has also increased sales by a remarkable 84% in Serbia. This year alone, Galenika reported an 11% rise in domestic sales and a 15% boost in regional markets.

Building the Energy of the Future

Emil Sovilj CEO, Energotehna d.o.o.

“I believe that by consolidating the capital of domestic, smaller yet reputable companies, we could once again establish a strong reputation as reliable builders, particularly in the markets of North and Central Africa and the Middle East. Energotehna strives to position itself as a key player in the energy transition, o ering solutions aligned with global trends and the growing need for sustainable energy.” – Emil Sovilj

he rapid modernisation of energy infrastructure presents both challenges and opportunities. Companies that successfully navigate the transition towards more sustainable energy sources are securing key market positions. Through its projects, Energotehna is strategically positioning itself as a leader in this field, embracing global trends and implementing cutting-edge solutions. We spoke with Emil Sovilj, CEO of Energotehna, about the company’s latest projects, the importance of energy stability, and future investments.

TCould you tell us more about the petroleum storage facility project in Niš? What were the key challenges and technical solutions you implemented?

— The last time we spoke, I mentioned the upcoming reconstruction of the petroleum and gas storage facility in Niš. Today, I am proud to confirm that we have successfully completed the project. The facility received its operational permit in December. Storage capacity has been doubled, significantly increasing the volume of fuel intake and dispatch. The facility has been fully aligned with the latest fire protection regulations. We have incorporated state-of-the-art solutions from the petroleum industry, ensuring safe and secure operations for years to come.

This year marks 20 years since the founding of Energotehna in Novi Sad. Over the past two decades, we have built a reputation as a trusted and reliable partner in the energy infrastructure sector

The greatest challenge we faced was the tight project deadline. The entire facility was reconstructed in just 270 days, despite various obstacles along the way. We built 15,000 m³ of new storage tanks, 14 km of new pipelines, 4,300 m³ of concrete structures, 300 tonnes of steel structures, 29 metering skids, 27 loading arms, 7 underground tanks, a complete truck and vehicle parking area, a fuel pumping station, a fire safety station, a fully reconstructed dispatch centre, an industrial railway track, and much more. We are particularly proud that, despite over 350,000 working hours invested in the project, there were no serious workplace injuries or delays due to non-compliance with safety regulations.

How do you see the significance of this facility for Serbia’s energy sector and the wider region? How does it contribute to supply stability?

— By reconstructing the facility and increasing storage capacity, fuel supply to central and southern Serbia is now significantly more secure and reliable. One of the key highlights of this project is the construction of Jet A1 fuel tanks – aviation fuel reservoirs. Given the ongoing development of Niš Airport and the previously limited fuel storage capacity at the airport itself, the new facility, located in close proximity, will play a crucial role in supporting the airport’s expansion.

What are your expectations regarding the further modernisation of Serbia’s

energy infrastructure? What key investment opportunities lie ahead?

— The coming period will be both exciting and challenging for the energy sector. NIS, as Serbia’s largest petroleum company, is set to continue investing in the modernisation of two more storage facilities in Novi Sad and Smederevo. However, the current geopolitical climate poses significant challenges, affecting not only NIS but also Serbia as a whole.

full transition from hydrocarbon-based energy production and consumption.

Serbia must set clearer goals and define a strategy that would enable companies like Energotehna to develop their own plans in line with national energy priorities. At present, I see significant potential for our company in re-entering foreign markets that were once served by Yugoslav companies— markets we withdrew from following the

Partnering with Energotehna allows companies to rely on a trusted and experienced provider, o ering high-quality and e cient solutions in the energy infrastructure sector

The entire region is experiencing an investment downturn, impacting both the petroleum sector and industrial construction in general. While investments in green energy have proven beneficial, they remain insufficient. Modernising existing energy capacities and managing them more effectively would allow us to navigate the current European crisis more securely and efficiently.

How does Energotehna plan to respond to global energy trends, particularly in the transition towards more sustainable energy sources?

— I believe the global push for an immediate switch to green energy is premature and, to some extent, unfeasible. The technology we currently possess has not yet enabled a

dissolution of the former state. Many of the once highly respected domestic firms vanished during this transition.

By consolidating the capital of smaller yet reputable domestic companies, I believe we could once again establish a strong reputation as reliable builders, particularly in the markets of North and Central Africa and the Middle East. Energotehna is striving to position itself as a key player in the energy transition, offering solutions aligned with global trends and the growing demand for sustainable energy.

What are the key advantages of partnering with Energotehna for companies seeking a reliable energy infrastructure provider?

— This year marks 20 years since the founding of Energotehna in Novi Sad. Over the past two decades, we have built a reputation as a trusted and reliable partner in the energy infrastructure sector.

I deliberately use words like ‘trustworthy’ and ‘honest’—qualities more commonly associated with family values—because from day one, we have fostered a culture of working as one large family. The experience we have gained along the way, without ever compromising our integrity, is what I consider Energotehna’s greatest asset.

Our motto, ‘We build for you as if we were building for ourselves’, best reflects who we are and what we stand for. Every time we have been engaged in energy infrastructure projects, we have grown alongside our investors and partners. What sets us apart is our unwavering commitment to ethical and moral principles throughout our development.

We have remained focused on a highly specialised segment of the industry, and I believe this is our key strength. We have developed expertise in energy facility construction and, together with our partners in measurement, regulation, and leading design firms, we can offer comprehensive solutions tailored to any project requirement.

In short, partnering with Energotehna allows companies to rely on a trusted and experienced provider, offering high-quality and efficient solutions in the energy infrastructure sector.

https://www.energotehna.com

Business Dialogue

“The Croatian economy is open, liberal, and transparent, o ering a stimulating environment for entrepreneurs“

Kolinda Grabar-Kitarović former President of Croatia

Energoinvest Sparks BiH Industrial Revival

In a landmark move that promises to reshape Bosnia-Herzegovina’s industrial landscape, Energoinvest d.d. Sarajevo has entered into a strategic partnership with Ares Trafo Ekipmanlari, marking the official commencement of transformer production in the country. The agreement, signed in Visoko, will see Energoinvest establish a factory with an initial capacity of 180 transformers per month, expanding to 320 units in the second phase. This venture will not only revitalise Bosnia’s manufacturing sector but also create up to 250 new jobs.

OTP Bank Crowned Best in Croatia

OTP Bank has been named the best bank in Croatia for the third year running by the prestigious Global Finance magazine. This accolade places the Hungarian giant at the forefront of financial excellence not just in Croatia but across Central and Eastern Europe, where it has also secured top spots in Slovenia, Montenegro, and its home market of Hungary. Balázs Békeffy, CEO of OTP Bank, credited the award to the bank’s resilience and customer-centric approach.

Adriatic Bank Brings Apple Pay to Montenegro

Adriatic Bank has introduced Apple Pay, giving customers in Montenegro access to a sleek, secure, and contactless payment system. With Apple Pay, users can now pay effortlessly via iPhone, Apple Watch, iPad, or Mac, bypassing the need for physical cards or cash. The service, which can be used in stores, restaurants, pharmacies, taxis, and even for online shopping, ensures the highest level of security. Each transaction is safeguarded by Face ID, Touch ID, or a device password, alongside a unique one-time security code.

“The Balkans produces more history than it can consume“

Winston Churchill

EBRD’s €104 Million Boost to Montenegro

The European Bank for Reconstruction and Development (EBRD) is steering economic progress in Montenegro with a remarkable €104 million investment across nine projects in 2024. This follows the bank’s larger €16 billion commitment to countries in transition. Notably, 89% of the funds are directed towards green initiatives, reflecting the growing priority of sustainable development, while 78% of the projects emphasise gender inclusivity.

Bosnia’s Automotive Industry Powers Supply Chains

Bosnia and Herzegovina (BiH) has become a key player in the global automotive supply chain, producing parts for iconic brands like Mercedes, BMW, Audi, and Ferrari. Last year alone, the country exported auto parts worth 678.5 million KM, a remarkable increase from 2019’s 410.7 million KM. BiH manufactures a diverse range of components, including engines, suspension systems, exhausts, and even electronics, many of which are crucial to both traditional and electric vehicles.

Poreč’s €200 Million Luxury Hotel Boom

Nestled along the stunning Istrian coastline, the town of Poreč is set to receive a major upgrade with the construction of a new luxury hotel, part of a €200 million investment by Valamar. The project, located in the Pical zone, represents the largest single tourism investment in Croatia to date. The five-star hotel, which will cater to both leisure and business visitors, promises to drive yearround tourism to the region, with an estimated €3 million in annual contributions to the local budget. In addition, the influx of guests is expected to generate approximately €15 million annually for local businesses.

Making Healthcare Accessible to All

Miloš Jauković CEO, Dr. Max Serbia

Dr. Max Group and Dr. Max Serbia are leaders in providing comprehensive and timely services to patients, with highly ambitious plans for the company’s growth and development over the next three years, says CEO Miloš Jauković

We have a great deal of work ahead to further strengthen both our people and our company’s capacities. Particular focus will be placed on gaining a deeper understanding of our patients’ and clients’ needs, ensuring their satisfaction, and enhancing the impression they take away after visiting our pharmacies, says the head of Dr. Max Serbia.

Dr. Max has experienced significant expansion in Serbia, becoming one of the leading investors in the retail sector. Looking at the company’s development so far, what would you highlight as key milestones that have shaped your business and laid the foundations for future growth?

— Dr. Max Group has invested approximately €120 million in Serbia to date. These funds have been used for more than 20 pharmacy chain acquisitions, the opening of 12 Super Dr. Max pharmacies, the launch of the most

advanced galenic laboratory, and the establishment of dozens of entirely new pharmacies. Each of these steps has played a crucial role in shaping Dr. Max Serbia into the company it is today.

You assumed the role of CEO of Dr. Max Serbia after serving as Operations Director. How has your previous experience contributed to this new position, and what key changes do you plan to implement?

— Yes, almost a year ago, I took on the role of CEO at Dr. Max Serbia. We have highly ambitious plans for the company’s growth and development over the next three years, and there is much to be done in further strengthening both our people and our company’s capacities. The key areas of focus for us at Dr. Max Serbia include supply chain management, digitalisation and enhancing operational efficiency, as well as refining our marketing and brand strategy.

How do you build your team and motivate pharmaceutical professionals to develop their careers within the company?

— At Dr. Max Serbia, we believe that a strong team is the foundation of any successful organisation. Our employee development approach begins with students through the Dr. Max Academy, but it certainly doesn’t stop there. Within the company, we have established a robust system of professional training programmes that enable employees to continuously deepen their expertise, stay up to date with the latest trends in pharmacy, and actively contribute to the advancement of the profession.

The culture at Dr. Max is based on trust, open communication, and mutual respect. Our goal is for every employee to see a clear career path within the company while also feeling that their contribution is both valued and recognised.

Super Dr. Max introduces an innovative pharmacy concept that goes beyond standard pharmacies. Do you see an opportunity to become a leader in new segments of healthcare in Serbia?

— Super Dr. Max is indeed an innovative concept that has proven highly successful in Serbia. We believe this is primarily because people in Serbia are becoming increasingly proactive about their health, and Super Dr. Max meets all the needs of a family striving for a healthy lifestyle.

Given the strong interest in this concept wherever we open new locations—whether in large cities or mid-sized towns—and considering its uniqueness, I believe our ambition should be to achieve a leadership position. And when I say leadership, I don’t just mean in terms of market share, but also in associating the Dr. Max brand with health and providing a truly relevant offering.

Our goal is to digitalise our loyalty programme and enhance personalisation by making better use of the data we have

Your loyalty programme has proven to be a powerful tool for attracting and retaining customers. What are your plans for its further development, as well as for expanding online sales?

— More than half of Serbian households currently hold our loyalty card, and we expect this number to reach two-thirds by the end of the year. Our goal is to digitalise the programme and enhance personalisation by making better use of the data we have.

Dr. Max currently operates an online store, though we haven’t made significant improvements to it in the past few years. Before expanding our e-commerce presence, our priority is to implement the latest logistics solutions to ensure a seamless experience before embarking on aggressive online expansion.

Acquisitions have been a key part of your growth strategy. Do you still see potential for further acquisitions in the Serbian market, and what criteria do you use when selecting new partners?

— Serbia’s pharmacy sector remains highly fragmented, and further consolidation can be expected. For example, pharmacy businesses with fewer than 10 outlets make up more than a third of all pharmacies in the country. We see significant potential for further acquisitions and are actively working on this. Contrary to the common perception that acquisitions involve businesses facing challenges, we focus on pharmacy chains that have demonstrated excellence across all aspects of their operations, particularly in building and maintaining customer trust. Our goal is to expand accessibility for as many citizens as possible, which is why the geographical positioning of individual pharmacies is also an important factor in our expansion strategy.

As the boundaries between retail, pharmacy, and drugstore sectors continue to blur, how do you see the future of the market? Do you believe traditional business models will change, and what role does Dr. Max aim to play in this transformation?

— Modern trends highlight the transformation of pharmacies into comprehensive healthcare destinations. Some of the most visible changes, already evident in our region, include:

Personalised and preventive care – Pharmacies are increasingly offering personalised services such as adherence programmes, preventive health check-ups, and tailored health advice to enhance patient wellbeing. Digital integration and telehealth services – Pharmacies are adopting telehealth platforms, enabling virtual consultations and improving accessibility to pharmaceutical services, particularly in areas with limited access to primary healthcare.

Expansion of on-demand delivery services – More pharmacies are integrating fast and reliable delivery services for medicines, dietary supplements, and medical aids, using digital platforms to ensure patients receive their prescriptions—often within just a few hours.

As part of Dr. Max Group, we in Serbia see ourselves as pioneers and drivers of these changes, leading the way in delivering comprehensive and timely healthcare services to our patients. Of course, to fully realise this vision, regulatory changes in Serbia and broader preparations within the healthcare system will be necessary to accommodate new trends and advanced technologies.

“Your most unhappy customers are your greatest source of learning

Bill Gates co-founder of Microsoft

Sano Strengthens Immunology Portfolio with $1.9 Billion Acquisition

Sanofi, the French multinational pharmaceutical giant, has announced the acquisition of Dren Bio’s immunology unit for $600 million upfront, with up to $1.3 billion in additional milestone payments. This strategic acquisition focuses on expanding Sanofi’s presence in autoimmune disease treatments, particularly with the inclusion of DR0201, a promising drug in development. The deal, expected to close in Q2 2025, solidifies Sanofi’s commitment to strengthening its immunology portfolio and advancing its role in the growing autoimmune disease market.

BYD Overtakes Tesla in Revenue

Chinese EV giant BYD surpasses Tesla in revenue, delivering a remarkable 4.27 million vehicles in 2024 and solidifying its position as the global leader in electric mobility. In a remarkable turn of events, China’s BYD has overtaken Tesla to become the world’s top electric vehicle (EV) maker by revenue, reporting a staggering 777 billion yuan ($107 billion) in earnings for 2024. This marks a 29% rise from the previous year, with the company delivering 4.27 million vehicles, both electric and hybrid. In contrast, Tesla saw its revenue hit $97.7 billion, a slight dip in the face of global challenges, and delivered 1.79 million EVs—down 1.1% from the year before.

SAP SE Overtakes Novo Nordisk in Value

SAP SE’s rise to the top spot underscores the booming demand for cloud computing and AI-driven services. In a shift in Europe’s corporate landscape, German tech giant SAP SE has dethroned Danish pharmaceutical firm Novo Nordisk as the continent’s most valuable publicly traded company. SAP SE’s market capitalisation soared to €314 billion after a 1.6% rise in its stock on Monday, surpassing Novo Nordisk, whose shares have slumped by 16% this year following disappointing clinical trials for its weight-loss drug, CagriSema.

“Chase the vision, not the money; the money will end up following you”

Tony Hsiehs former CEO of Zappos

Wall Street’s Sharpest Drop Since September

US stock markets experienced their largest correction since September, with the S&P 500 falling 3.1% and the Nasdaq slumping 3.5%. The market erased gains accumulated since the new administration took office, as heightened uncertainty surrounding Trump’s protectionist policies and conflicting economic data soured investor sentiment. A volatile trade policy, including new tariffs on Canada, Mexico, and China, only deepened confusion. Meanwhile, January saw a record 34% surge in the US trade deficit, and February’s job numbers fell short of expectations, signaling potential cracks in the economy.

Norwegian Fund Acquires 25%

of Covent Garden

Norway’s sovereign wealth fund secures a quarter stake in the iconic Covent Garden complex. In a landmark investment that signals growing confidence in London’s recovery, Norway’s sovereign wealth fund, Norges Bank Investment Management (NBIM), has acquired a 25% stake in Covent Garden for £570 million. The deal with Shaftesbury Capital, which values the iconic district at £2.7 billion, highlights the fund’s unwavering belief in the enduring appeal of central London’s West End. This is the latest in a series of high-profile investments, adding to the £875 million already poured into the capital this year.

Germany’s Military Spending Boosts Markets

As Germany bypasses its fiscal limits to bolster defence, Europe’s financial markets soar, with industrial stocks surging and bond yields spiking—sending ripples across the global economy. In a seismic shift, Germany has agreed to relax its “debt brake” policy, allowing for an unprecedented increase in defence spending. The move comes as the country seeks to raise military expenditure to support Ukraine and counter external threats. The historic decision saw yields on German 30-year bonds surge to their highest level since 1998, a clear reflection of the market’s reaction to the new fiscal policy.

FLasting Legacy in Ethical Business

rom leading Fairphone to shaping food systems, the Dutch entrepreneur continues to challenge what business can be.

In a business world often driven by speed and quarterly gains, Eva Gouwens has always stood for something quieter—and stronger. As the former CEO of Fairphone, the Amsterdam-based company that dared to design the world’s most ethical smartphone, she spent six years proving that business can serve both purpose and profit. Today, she’s turned her energy toward a new frontier: tackling food waste and reshaping supply chains at the Robin Food Coalition.

Though no longer in the limelight of the tech world, Gouwens remains a guiding force in the broader con-

versation around fair business practices. Her journey reflects a consistent mission: to lead with values, act with intention, and challenge industries to do better.

Fairphone, where Eva served from 2017 until 2023, was not your typical tech start-up. Founded as a campaign against the use of con -

“I believe in the power of business to make the world fairer”

flict minerals in consumer electronics, it soon evolved into a bold experiment: could a smartphone be made ethically, sustainably—and commercially? Gouwens helped answer that question with a quiet but determined “yes.”

Coming from a background at Tony’s Chocolonely, another Dutch brand rewriting industry standards, Eva brought a unique blend of business sense and moral clarity. She didn’t aim to outpace Silicon Valley giants on specs or speed. Her ambition was bigger: to build a tech company where transparency, human rights, and longterm thinking weren’t side notes, but centre stage.

Under her leadership, Fairphone launched several iterations of its modular smartphones, built to be repaired rather than replaced, and assembled with responsibly sourced materials like Fairtrade gold and recycled plastics. Just as notably, the company invested in better wages and working conditions for its manufacturing partners—an uncommon move in a notoriously opaque supply chain.

Gouwens

Consultant at Robin Food Coalition

Eva

Business

By the time she stepped down in September 2023, Eva had helped transform Fairphone from a passionate start-up into an award-winning social enterprise with global recognition. But she wasn’t interested in legacy. She was interested in momentum.

“I believe in the power of business to make the world fairer,” she once said—and she continues to prove it. In her current role as a business consultant at the Robin Food Coalition, Eva is applying her experience to a new set of challenges: building a more circular and equitable food economy. Much like her work at Fairphone, it’s a mission that intersects sustainability, systemic change, and community impact.

Those who’ve worked with Eva describe her as understated but tenacious, pragmatic yet idealistic. She doesn’t shout. She listens, builds, and leads by example. Her impact can be measured not only in awards or product sales, but in the ripples she’s sent across the European sustainability movement—especially among young entrepreneurs looking to do things differently.

In an era where ‘green’ has become a marketing gimmick and ‘sustainable’ a slippery buzzword, Gouwens has shown what genuine, principle-driven leadership looks like. Whether it’s in

Under her leadership, Fairphone launched several iterations of its modular smartphones

consumer electronics or food systems, her work consistently asks the right questions: Who made this? What’s its real cost? Can we do better?

Eva Gouwens may have stepped away from the CEO spotlight, but her influence remains, not only within the DNA of Fairphone, but also in a broader movement reimagining capitalism for a new generation.

As one chapter ends and another begins, one thing is clear: she’s not done redefining what business can be.

Political Capitalism and the Geopolitics of Technology

In my work, both as a writer and public policy expert, I have focused particularly on the relationship between economics, politics, and technology, to understand macro trends in global a airs

Since 2006, I have been contributing to Limes, Italy’s prominent journal on geopolitics, where I have studied Italian and European interests, particularly focusing on great power competition, especially the U.S.-China rivalry. Since 2013, I have also advised all Italian governments on issues related to foreign affairs, research, investment screening, and emerging technologies. In my 2018 book, written with Luca Gori (now Ambassador of Italy to Serbia), we placed the concept of the Italian national interest at the centre of the public debate on foreign policy. Additionally, in a series of three books published between 2020 and 2024, I developed a comprehensive framework to understand the geopolitical role of technology and the AI race, particularly in the context of U.S.-China competition.

Both in public policy and in advisory work for companies, I believe a key issue of our time is economic security. Political entities, as well as businesses, are facing a new reality in which economics and politics are deeply interconnected. This new reality, which I call “political capitalism,” differs significantly from the framework of globalization at the end of the last century. We are experiencing, and will continue to experience, major changes in how global supply chains function and how several eco-

Alessandro Aresu policy adviser and strategic thinker

nomic sectors are scrutinised for national security reasons. Strategic sectors such as space, submarine cables, and semiconductors are becoming increasingly relevant in the political arena. Understanding these sectors requires both public policy expertise

and technical knowledge, and navigating this dynamic, interdisciplinary environment is a challenge that continues to motivate me.

I am convinced that, to properly understand the challenges of our time, we must also explore the history and objectives of the leading technology companies that are at the forefront of innovation. That is why I have conducted in-depth studies for Italian and European readers on several of the world’s most influential technology companies, including ASML, BYD, ByteDance, Huawei, NVIDIA, OpenAI, Palantir, SpaceX, Tesla, and TSMC. Many of these companies, mainly based in the U.S. and China, are instrumental in the AI race, where three factors are key: first, the tal -

In a series of three books published between 2020 and 2024, I developed a comprehensive framework to understand the geopolitical role of technology and the AI race, particularly in the context of U.S.-China competition

ent pool necessary for innovation; second, the companies driving applied research and commercial development; and third, the capital required to finance this technological race and push it forward.

Although I have spent most of my career in Milan and Rome, my emotional attachment remains to the island where I was born in 1983: Sardinia. I feel both Italian and Sardinian, due to the unique history of this ancient Mediterranean island. Preserving Sardinian heritage, through food, culture, and hospitality, is something very important to me.

The Art of Endurance

A journey through pain, presence, and return—how Marina Abramović transformed performance art and reconnected with her roots

Marina Abramović

Conceptual Artist and Performer

There are artists who challenge you. There are artists who move you. And then there is Marina Abramović— who asks you to sit still, feel everything, and come undone.

For decades, the “grandmother of performance art” has tested the boundaries of the body, time, pain, and connection. From the 1970s to

today, her work has pierced audiences across continents with a radical honesty few dare to inhabit. But in recent years, something shifted. A return began. Not only to her origins, but to something deeper: a reckoning with belonging, identity, and what it means to return to the self.

Born in Belgrade in 1946 to partisan parents in post-war Yugoslavia,

She invites audiences not to observe, but to participate

Abramović’s early life was marked by both discipline and a hunger for freedom. Her childhood, framed by a strict, militarised household and a cultural landscape steeped in ideology, left its imprint. So did the silence. The gaps between generations. The weight of expectations.

Art became her rebellion—and later, her ritual. In the early years of her career, performances such as Rhythm 0 (1974)—in which she stood passively as the audience was invited to use 72 objects on her body, from feathers to a loaded gun—shocked the art world and exposed the fragile line between violence and vulnerability. In The Lovers (1988), she and Ulay, her collaborator and partner, walked from opposite ends of the Great Wall of China to say goodbye.

Her work has never been comfortable. It was never meant to be. Abramović invites audiences not to observe, but to participate—to become witnesses to intensity, silence, discomfort, endurance, transformation. Through her body, we are made to confront our own.

She has long spoken of pain as a form of purification, of stillness as the truest confrontation. Whether fasting, staring, screaming, or remaining completely motionless, her performances explore the limits of human physicality and emotional openness. But they also offer a kind of grace. Her work insists on presence in a world that runs from it.

In 2010, she performed The Artist Is Present at the Museum of Modern Art in New York, where she sat in silence across from strangers for over 700 hours. It became one of the most iconic performances of the 21st century—not for its spectacle, but for its simplicity. The act of looking, fully and without interruption, became a form of communion. People wept. Some described it as spiritual. Others simply said they felt seen for the first time in years.

In 2023, Abramović became the first woman in the 253-year history of the Royal Academy of Arts in London to be given a solo exhibition in its main galleries. It was not just a celebration. It was a culmination—a gesture of recognition, yes, but also a meditation on legacy. There, audiences revisited her most iconic performances. Some were re-enacted by younger artists. Others lingered only as relics: a video, a blood-stained garment, a whisper.

But perhaps the most powerful return is the one she has made to her homeland.

For years, Marina’s relationship with Serbia was marked by tension, detachment, even alienation. She had become a citizen of the world—a New Yorker, a European, a spiritual pilgrim. And yet, the question of ori-

gin always remained. Not just where she came from, but what she carried with her.

In recent interviews, and notably in The Hero—a performance and photographic series inspired by her father, reimagined and staged in Belgrade in 2022—Abramović has begun to speak with more tenderness about her roots. There is no romanticisation. Only a willingness to re-enter the wounds.

She describes The Hero as her “gift to Serbia,” a gesture of healing and re-connection. In the original 2001 version, she sat astride a white horse, holding a flag, embodying silent strength. In the 2022 reinterpretation, the performance was staged digitally and projected in public spaces. It was less about her physical endurance and more about emotional presence—a meditation on legacy, memory, and forgiveness.

To look back is not easy. For any artist, and especially for one whose body has borne so much. But in Abramović’s case, it feels necessary. A full circle. A homecoming not to comfort, but to truth.

In a country still negotiating its memory and identity, her return is symbolically powerful. Not because

Abramović became the rst woman in the history of the Royal Academy of Arts in London to be given a solo exhibition in its main galleries

she offers answers, but because she embodies the process of asking better questions. What do we inherit? What do we let go? What do we forgive?

As Serbia continues to define its cultural future, Abramović stands as a reminder that greatness often emerges from discomfort—that deep art comes not from answers, but from the courage to dwell in the unknown.

Marina Abramović remains an artist of endurance. Not just physical endurance, but emotional and cultural endurance too. She teaches us that art is not a distraction—it is a form of witnessing. A sacred repetition. A long exhale.

And as she returns—on her terms, with her rituals, through her silences—perhaps we, too, are invited to do the same. To listen more closely. To sit with the discomfort. To imagine a country, a world, where pain can lead not only to art, but to healing.

Books Shaped Life’s Journey my

Slavica Perović linguist and writer

By Radmila Stanković

As a full professor at the University of Montenegro, Slavica Perović’s elds of scienti c interest include linguistics, cognitive linguistics, morphology, syntax, discourse analysis, etc. A member of the Language Board of the Montenegrin Academy of Sciences and Arts (CANU), she is the author of three novels: Life Lift, which was shortlisted for a NIN Award; Concrete Blues, which has been translated into English and is in the process of being published by a renowned American publisher; and last year’s New Nora. She deals with translations of poetry and dramatic works, essay writing and literary criticism

Photo Vesela Mišković

Slavica Perović is a member of Montenegro’s intellectual elite, but she was educated in Belgrade, at the University of California, Berkeley, in London and elsewhere. She lectured doctoral studies students of the University of Bologna’s Faculty of Philology and Foreign Languages. She has presented at conferences worldwide and given guest lectures, while she is today a full professor at Union University in Belgrade and Novi Sad.

Originally from the Bay of Kotor, she says that, to her, her native Boka has always been, and remains, magical, inspiring and beautiful. It was because of the bay that she grew to become a person who must have the sea on the horizon, mountains and scents of nature:

The aroma of the Mediterranean is unique. It’s not so much a geographical elevation as much as it’s a genetic record that, in me, can be read on the scent of plants, certain dishes, when I smell the south wind in the bay or fall asleep on bed linen that dried in the sun. I’ve had the experience of finding myself in various countries of the Mediterranean during the summer, walking, looking around and stepping on oregano, rubbing rosemary or lavender in my hands, which transports me back to the garden of my grandmother, who grew flowers, or to my grandmother’s kitchen, which always had those vineyard peaches on the table that smell like a soul and, for me, possess magical power. The natives of the Bay of Kotor, Bokelji, are affable, cultured people, while Bokeljke are refined, elegant women. Boka is also a series of small towns that are similar in many ways, but also different.

“I would today refer to my first childhood memory as a memory of freedom, the possibility of unlimited play outside with my sisters and friends, skinning my knee and my mother washing it with rakija, kissing it and saying, ‘come on’, nothing bad will happen to you”:

“‘Come on, nothing will happen to you’ was a verification of faith, a

guarantee of quality and a word that caused you to fly when uttered by your mother. I don’t know what that phrase would be today; I don’t know if unquestionable beliefs exist, but mine brought me peace, and sometimes even happiness. ‘Mom, I fell in love’. ‘Come on, you’ll be okay. It happens to everyone’. ‘Mum, I hit the car’. ‘Come on, it’s minor, nothing bad will happen to it. And she would add the term of endearment kućo moja, literally “my house”. When your mother sends you out into the world and says, ‘come on, kućo moja, good luck,’ with those words you take with you the sea, the city, your mother, all your relatives and your house. And when you circumnavigate the world and return, you have your own people, house, sea, and your mother’s grave, because you have that sentence: good words are always a home.”

Mother Ljubica and father Mirko raised their three daughters Slavica (the eldest), Nevenka and Branka, and did so with three words and plenty of love. The words were of the old Austrian ethic: work, order and discipline, while love knew no nationality had no citizenship and was inexhaustible. Her father was a strict pillar of support for the family, but also a gentle Boka native, while her mother was a phenomenal mum to three little girls, young teens and grown women. She was always there when needed.

has long been a Belgrader, while the other spent her working life in Switzerland. Both are creative and distinctive individuals. We are more complementary than we are similar, but any pronounced difference dissolves on a summer’s day, when we drink coffee in the shade of the terrace of our house in Tivat and look down on the Bay of Tivat from above. That is priceless.”

A woman’s designing of her own life is given to her and conditioned by her biology, her female being and female roles

“As the eldest child, I remember that I had to master everything first, as parents and parenting are practiced on the first child. I only realised that later, when I thoughtfully studied the psychological explanations of the order of birth. My story is that of the first-born. My sisters are self-realised people, each with their own profession, career and life choices. One

Her family today consists of her daughter Jelena and son Nikola, daughter-in-law Ivana and twin grandchildren Andrija and Una. “When I’m with either of them, I call them Dušan and Dušanka [in reference to the soul], and refer to them in a million other ways. They respond to each name, because all those names represent a string attached at the end to my heart. They are aware of that. Una and Andrija are almost ten now and I try to cherish as many moments with them as possible with them.”

As a redundant gymnasium school student, she travelled on the ship Durmitorac (from Tivat to Kotor) where one could study, write homework, daydream on the bow and fall in love. She had to get up at 6am every morn-

1 1 With Tony Parsons

ing, but that was also part of a disciplined routine.

“My parents were never called into school because of my grades. The book came as a natural solution to me. After all, it’s best to have a book when it rains in a small coastal town. That was my path in life. It wasn’t good or better, rather just life. Writing scientific papers was an obligation, while writing fiction was an internal requirement for me. Learn at prestigious schools and head out into the world, which can be achieved by ship, plane, on foot, whatever. Just go. The return is inscribed in the departures.”

She’d wanted to become a teacher when she was a little girl, but she became a university professor. She was supported on that journey by her parents, and by that bygone era that required educated people, that time of ideals. If she hadn’t become a linguist and a writer, she might have been a doctor, which was the desire of one of her grandfathers. Perhaps that’s why the heroine of her novel New Nora is a heart surgeon who has the power to heal and help children.

Her studies in Belgrade marked one of the biggest transitions in her life. She learned studiously, socialised and familiarised herself with the cultural and public life of Belgrade.

“I regularly showed my parents my academic index with the undisguised pride of a swot who passes all exams on time. Such were the times. On the one side, I was an orderly daughter, while on the flip side I was a rebellious student watching the play Hair at Atelier 212. And all the other shows alongside Hair. I recall the Faculty of Philology as having excellent profes-

sors and great lectures, and for the intellectual elite that formed there. Many of my classmates became outstanding professors, translators and professionals in various fields all over the world. I remember the wonderful lecturers who brought new ideas and theories from the world’s best universities and conveyed them with gusto. I will mention the recently departed Professor Ranko Bugarski, because he was a role model for all of us and because I spoke about him during the recent commemoration at the Faculty of Philology. We had English teachers who trained us to speak without accent. That was important back then. I remember tenderness, I remember enthusiasm, I remember love. Studying in Belgrade was a privilege. I grew wings from that privilege.”

Even if you don’t deal with politics, it deals with you in every aspect of your life

Through her rich and extremely significant research work, she succeeded in using abstract theories to explain tangible phenomena in the use of language, whether in English or the mother tongue.

“Two new and powerful theories from the field of linguistics – discourse analysis and pragmatics – helped me investigate the phenomena of direct

and indirect questions in communication, to explain the category of politeness, especially apologies and the cultural script by which they are conditioned. I dealt with the category of gender and participated very actively in discussions on gender-sensitive language. I analysed the language of the media through critical discourse analysis and highlighted the importance of media literacy. As the theory of cognitive linguistics gained momentum, so I began exploring the extremely interesting link between language and the brain through conceptualisation that relies greatly on our bodily experience. It was there that I developed a great interest in metaphors and metonymies, and one of my books on metaphors has been published by CANU. Given that the structure of language plays a vital role in literature, it was a great challenge for me to venture into research in cognitive stylistics, i.e. cognitive poetics. Moreover, the most important thing for me is that I was able to provide a scientific contribution to linguistics and to publish works worldwide, after which I was able to convey that to my students and to utilise my expert knowledge to help address current issues in my country, with solutions that should be incorporated into law.”

The joy of work is among the most precious accomplishments of her university professorship, alongside contact with the wonderful young people called students. Her rich CV includes a doctoral thesis done at the Senate House in London, an international visitor programme at universities in the United States of America, a Fulbright scholarship at the University of California, Berkeley, lecturing in doctoral studies at the University of Bologna’s Faculty of Philology, conferences, congresses, scholarships, specialisations, guest lectures all over the world... She travelled the world in pursuit of science, meeting people and forging contacts. That meant an awful lot of work in very competitive surroundings, a great sacrifice that can only be achieved through a will-

ingness to work hard and love what you do. That was something she obviously had.

Her scientific focus also encompasses language and media. She says that it would be good for the media to stick to prescribed language standards and for professionalism to prevail. In oth-

The aroma of the Mediterranean is unique. It’s not so much a geographical elevation as much as it’s a genetic record

er words, for sensationalism not to be the main fuel of the media.

“The media’s job is to inform, but there is a lot of manipulation in that process. One type of manipulation is the use of populist or colloquial speech to bring an article closer to the readership and to ‘sell’ them the political, ideological, legal, and whatever other story that media is interested in. That is a complex job and the language layer is the the first one that the readers react on. The second is the graphic layer, which is also very powerful and seductive. Imitating politicians and popular figures is the general method of the tabloids and the yellow press. Their basic principle isn’t a linguistic standard, rather their hooks prey on the imperfection of the human being. It’s a tango danced by the media and readers, and the dance floor is the time and circumstances in which the dance unfolds. That dance always spirals down and lower. You never know who will drag themselves lower – the tabloid, in its biased articles, or the readers in their comments on web portals. The direction of that spiral could be reversed easily, if one wanted to do so. The only question is whether that would also be profitable.”

With her mentor Robin Lako at the University of California, Berkeley

Roundtable event at Budva Library, 2017

Slavica’s novels have attracted lots of attention among the public and critics alike. The latest one, New Nora, has rated very highly by both critics and readers. Its title refers to the Nora of Henrik Ibsen’s A Doll’s House. When asked why she chose that title and whether she had it in mind before she started writing or if it came to her when she’d completed it, she explains that the title only came at the end. And that it must be a short story, which isn’t at all easy.

“Ibsen’s Nora is a metaphor for a woman who has rebelled. New Nora is about a woman for whom all rebellions were carried out in her name; she is the successor to a great emancipatory achievement of a long life and change. However, that’s not the end of the story – either the story of emancipation or the story of the universal human need to conceive one’s own life. A woman’s designing of her own life is given to her and conditioned by her biology, her female being and female roles. The difference lies in the fact that Ibsen’s Nora was compelled to play those roles, while the modern woman has a choice –may choose to play them — or not. But the number of roles has remained more or less the same. Want to have a career, here you go. Want to be a mother, who’s stopping you? Want to be a wife and spouse – be one. Want to be a good daughter – it’s a given that you can be. Do you want all of that? Or just your own combination? And how sustainable is your combination in the existing system of values and hard-won freedoms? Choices must be made and goals must be set. Those are turning points and decisions that form the foundations on which we choose and around which we devise our life, both publicly and privately. New Nora explores these questions — and more. It addresses love. None of these choices are good without love.”

Does the life of women in Montenegro today differ markedly from the life of women in other parts of Europe? Was that the case during the

years when Slavica resided abroad? How, both as a woman and a scientist, did she compare her country of origin with the countries she’s experienced?

“I’ve always compared. Sometimes that comparison has been to the detriment of my country, and sometimes it has been to its advantage. It seemed to me that the economic element could solve the issue

As the eldest child, I remember that I had to master everything rst, as parents and parenting are practiced on the rst child

– if we were richer and better developed, that would be the end of the problem. However, it wasn’t only that, as many parallel democratic and emancipatory processes, as well as processes of shifting consciousness, had to take place. And they did take place, but it took too long. Women in today’s Montenegro are aware of their power. They are emancipated and self-aware, and they have built

their voice. I also believe that I personally contributed to that.

“Today, there are many young women in whom I see hope for Montenegro’s progress. They have responsible jobs and do them well. I want to see as many women as possible in politics, in leadership positions and in the Montenegrin Academy of Sciences and Arts... Many decades ago, when I went primarily to the UK and the U.S. for various specialist studies, I went there to learn from those who are better and more developed. I no longer think that they’re much better in everything, despite being more developed. Relationships, family cohesion, friendships, the certainty that someone’s there to help you when you need it – these are all very important for the health of a society. There are also health institutions, social and pension services that are not equally accessible to everyone in many parts of the developed world. They are made for the rich. These aren’t the best solutions. I hope that Montenegro, as the 28th member of the European Union, will represent a good blend of its best values, on the one hand, and proven achievements of developed societies and stable states on the other, to the benefit of everyone, including women, of course.”

She never engaged in politics because she didn’t want to be tied to a party, though she did have clear political affiliations and has participated in all elections.

“Even if you don’t deal with politics, it deals with you in every aspect of your life. I felt particularly powerless when, as dean, I advocated in favour of the Faculty of Philology in Montenegro to be established in Podgorica, for which my team and I gave a convincing and comprehensive argument. That faculty was nonetheless established in Nikšić, because the politics of the time overpowered the science of the time, thus depriving philological science of all the advantages of development offered by the capital city of Podgorica. I’ve felt politics in other ways too. It’s simply impossible not to feel it. We all feel it.”

Mother, Ljubica

Out

SURGE IN CASES OF MYSTERIOUS VIRUS IN CHINA

Hospitals across China are experiencing a sharp rise in the number of patients suffering from flu-like symptoms, leading to growing concerns among the public. Videos circulating on social media depict overcrowded emergency rooms, packed hospital corridors, and crematoriums operating at full capacity. While Chinese authorities have not yet confirmed the cause of the outbreak, medical experts speculate that the illness could be linked to the human metapneumovirus (HMPV), a virus known to cause respiratory infections, particularly in children and the elderly. The sudden surge has reignited fears of a potential new epidemic, prompting health officials worldwide to monitor the situation closely.

UNDERWATER TUNNEL BETWEEN DENMARK AND GERMANY OPENS

Denmark’s King Frederik X has officially inaugurated the first section of a historic underwater tunnel connecting Denmark and Germany beneath the Baltic Sea. Once completed, the Fehmarn Belt Fixed Link will be one of the longest immersed tunnels in the world, spanning nearly 18 kilometers. Designed to accommodate both rail and road traffic, the tunnel is expected to significantly cut travel time between the two countries, reducing the journey from Hamburg to Copenhagen by nearly two hours. This ambitious €7 billion project is a major step toward improving regional connectivity and is expected to boost trade, tourism, and cross-border cooperation.

SCIENTISTS DISCOVER THOUSANDS OF TONS OF FROZEN WATER ON MARS

NASA scientists have made a groundbreaking discovery on Mars, identifying vast deposits of frozen water on the summit of a massive volcano. The discovery, made using advanced satellite imaging technology, has major implications for future human missions to the Red Planet, as access to water is crucial for sustaining long-term space exploration. Experts believe that these ice reserves could one day be used to produce drinking water, oxygen, and even rocket fuel for astronauts. The findings also raise exciting questions about whether Mars once had more hospitable conditions and whether microbial life could have existed beneath its icy surface.

CATE BLANCHETT’S HUMOROUS LEAF BLOWER RANTS GO VIRAL

Acclaimed actress Cate Blanchett recently discussed her theatrical endeavors and personal pet peeves in an interview with PEOPLE magazine. She humorously criticized audience participation in theater as an “act of aggression” and expressed her disdain for leaf blowers, labeling them as “the most moronic invention.” Blanchett noted that her rants about leaf blowers frequently go viral, a phenomenon she isn’t surprised by, given her outspoken nature on the topic. She also shared amusing exchanges with co-star Michael Fassbender regarding their shared preference for traditional rakes over noisy blowers. Their camaraderie extends to their on-screen roles in the spy thriller “Black Bag,” where they portray married spies leading complex, secretive lives.

ANIMAL DUNG COULD HELP SAVE ENDANGERED SPECIES

Researchers have discovered that animal feces contain intestinal cells that can be harnessed to boost genetic diversity among endangered species. Dubbed the “poo zoo” project, this approach involves extracting cells from dung to create sex cells in the lab, facilitating assisted reproductive technologies like cloning and IVF. This non-invasive method allows scientists to gather genetic material from elusive creatures without disturbing them, potentially enhancing conservation efforts. While challenges such as processing large volumes of dung remain, early studies with mouse and elephant feces show promise, offering a complementary strategy to traditional conservation methods in combating biodiversity loss.

SANTORINI READY FOR NEW TOURIST SEASON

Santorini, one of the world’s most popular destinations, is fully prepared for the upcoming tourist season. The island’s infrastructure is functioning smoothly, the local economy is thriving, and visitors can enjoy its unique cultural and natural attractions in complete safety. Tourism Minister Olga Kefaloyianni confirmed that there are no issues with the island’s infrastructure, and the government remains vigilant in ensuring the safety of residents and tourists. Interest in the island is high, as shown at the ITB Tourism Fair in Berlin, confirming Santorini’s place as a top global travel destination.

MEN’S MINIMALIST

LUXURY

Men’s minimalist luxury fashion, often referred to as “quiet luxury,” emphasises understated elegance, premium materials, and impeccable craftsmanship without overt branding. Here are nine exemplary pieces that embody this aesthetic

Loro Piana Cashmere Crewneck Sweater

A timeless, ultra-soft sweater made from the finest cashmere, offering both comfort and sophistication.

Giorgio Armani

Black Wool

Overcoat

A sleek, minimalist overcoat crafted from premium wool, providing warmth and style during colder months.

Common Projects Achilles Low Sneakers

Minimalist leather sneakers known for their clean lines and subtle goldstamped serial number.

Richard James Navy Wool Suit

A classic navy suit with a modern cut, offering versatility and elegance for various occasions.

Huntsman & Sons SingleBreasted Blazer

Sunspel Classic White T-Shirt

A high-quality cotton T-shirt with a perfect fit, serving as a foundational piece in any minimalist wardrobe.

Charvet White Cotton Dress Shirt

An impeccably tailored dress shirt made from premium cotton, offering a crisp and refined appearance.

A.P.C. Petit New Standard Jeans

A tailored blazer with a structured silhouette, reflecting the brand’s heritage in bespoke tailoring.

Raw Japanese denim jeans with a slim fit, embodying minimalist design and longlasting quality.

Brunello Cucinelli Tailored Wool Trousers

Expertly crafted wool trousers that provide a sleek silhouette, perfect for both formal and casual settings.

RAIVEN CONCERT

24 April - Dom omladine Beograda, Belgrade

Slovenian singer Raiven, known for her mezzo-soprano voice and as Slovenia’s representative at Eurovision 2024, will hold her first solo concert in Serbia. She gained attention with the song “Veronika,” inspired by the legend of Veronika Desinićka.

EXHIBITION OF ILIJA BAŠIĆEVIĆ BOŠILJ: A TRIUMPH OF ART

From 25 March to 8 June - SANU Gallery, Belgrade

A retrospective exhibition of works by Ilija Bašićević Bošilj, a modern self-taught artist, titled Ilija Bošilj: Triumph of Art, curated by Dr. Ivana Bašićević Antić, will run from 25 March to 8 June at the Gallery of the Serbian Academy of Sciences and Arts (SANU).

THE PHANTOM OF THE OPERA PREMIERES IN BELGRADE

From 22 April 2025 - Sava Centre

Andrew Lloyd Webber’s legendary musical The Phantom of the Opera will premiere in Belgrade on 22 April 2025 at Sava Centre for a limited season. This globally acclaimed production, performed in English, has won over 70 prestigious awards, including four Olivier and seven Tony Awards. Having captivated over 160 million people across 46 countries and 195 cities, this timeless love story continues to enchant audiences worldwide.

EFTERKLANG CONCERT

26 April - Dom omladine Beograda, Belgrade

The Danish band Efterklang returns to Belgrade after 12 years, performing in the “Amerikana” hall of Dom omladine Beograda. Known for their experimental sound, the band will present their latest work.

KLARA AND THE SUN KAZUO ISHIGURO

Nobel laureate Kazuo Ishiguro delivers a touching and philosophical novel about Klara, an artificial friend who observes the world around her while longing for a future owner. The novel explores themes of artificial intelligence, love, and what it truly means to be human.

THE PROMISE

Damon Galgut

Winner of the Booker Prize, this novel follows the Swart family over four decades in South Africa, shedding light on societal transformations and personal struggles. Galgut masterfully examines the weight of unfulfilled promises, memory, and national identity.

HARLEM SHUFFLE

Colson Whitehead

Pulitzer Prize-winning author Colson Whitehead blends crime fiction with social commentary in this gripping story set in 1960s Harlem. A mix of family drama and thriller, the novel paints a vivid portrait of the time and place.

BEAUTIFUL WORLD, WHERE ARE YOU

Sally Rooney

The bestselling author of Normal People returns with an introspective novel about friendship and love. Rooney explores the complexities of modern relationships as four young individuals navigate their place in the world.

CROSSROADS

Jonathan Franzen

Set in the 1970s, this novel follows the Hildebrandt family as they grapple with faith, morality, and personal freedom. Franzen delivers another masterfully crafted family saga rich in psychological insight.

THE LINCOLN HIGHWAY

Amor Towles

From the author of A Gentleman in Moscow comes a sweeping adventure novel about two brothers embarking on a ten-day road trip across 1950s America, encountering a cast of unforgettable characters along the way.

Faces & Places

Kuwait Embassy Celebrated National Daye

25/2/2025

The Embassy of the State of Kuwait in Serbia hosted a celebration marking the National Day and Liberation Day. The event, commemorating key dates in Kuwait’s history, gathered numerous guests from the political, economic, and cultural spheres. Kuwait’s Ambassador to Serbia, H.E. Faiz Medjbel el Muteiri, thanked attendees for their support and emphasized Kuwait’s commitment to strengthening ties with Serbia and Montenegro, particularly in trade, economy, and tourism. The event was also attended by the President of the Islamic Community in Serbia, Dr. Mevlud ef. Dudić, along with a delegation. The Minister for Reconciliation, Regional Cooperation, and Social Stability, Usame Zukorlić, joined the Ambassador in cutting the cake, symbolizing the friendship and cooperation between the two nations.

32nd Kopaonik Business Forum Held

2-5/3/2025

The 32nd Kopaonik Business Forum brought together over 1,600 experts and offered a rich programme featuring 38 panels, three plenary sessions, and interviews with eminent participants. This year’s theme, Serbia 2027 – Striving for a High-Yield Economy, sparked in-depth discussions on the country’s economic future, development strategies, and key priorities, including investment growth, digitalisation, and advanced technologies. Recognised as the “Serbian Davos,” the forum reaffirmed its role as the region’s leading platform for economic dialogue.

Festival of Films from Francophone Countries Held

6-12/3/2025

The 2025 Festival of Films from Francophone Countries, held at the Yugoslav Film Archive, was an opportunity to explore the cultural diversity of the Francophonie. This diversity was reflected in the film production, with films in various languages, all from countries that are partially or largely Francophone. This year, the festival showcased works from Morocco, Romania, Canada, Cyprus, Switzerland, and France.

Panel on Minority Languages in Finland Held

6/3/2025

The Embassy of Finland, in collaboration with Finnagora and Europe House in Belgrade, organized a panel titled “We are Both: Minorities in Finland between Local and Global” at Europe House.

The panel was opened by H.E. Mr. Niklas Lindqvist, Ambassador of Finland, who stressed the importance of recognizing and supporting minority communities and their linguistic and cultural rights. Dr. Riikkamari Muhonen, Director of Finnagora, highlighted Finland’s efforts to improve cultural and linguistic rights for minorities, though acknowledging further work is needed. The panel featured Dr. Sabira Stahlberg and Prof. Johanna Domokos, both experts on minority and multilingualism studies. The discussion addressed the challenges and opportunities facing minority communities in Finland.

After the panel, attendees enjoyed the screening of the film Je’vida, the first full-length film in Skolt Sámi, a language spoken by only about 300 people in Finland.

Faces & Places

Business Associations Boost Dialogue with Serbia’s Development Agency

13/3/ 2025

Four bilateral business associations – the Hellenic Business Association of Serbia, the Belgian-Serbian Business Association, the Swiss-Serbian Chamber of Commerce, and the Croatian Business Club organised a seminar titled “Government Incentives for Business Development” in cooperation with the Development Agency of Serbia and the Development Fund.

The seminar introduced support programs aimed at increasing productivity, competitiveness, and exports, as well as incentives for direct investments. Key speakers included Nikola Janković, Mirjana Aleksić, Mirjana Isailović, and Sonja Nikić, who highlighted various programs for businesses and SMEs.

The event concluded with a networking cocktail.

Polish Film Days held in Niš, Novi Sad, and Vršac

17/3/2025

The “Polish Film Days” festival, organized by the Polish Institute in Belgrade and the Embassy of the Republic of Poland, took place in March 2025 in Niš (March 17–19), Novi Sad (March 17–21), and Vršac (March 22-26).

Audiences enjoyed a curated selection of iconic and contemporary Polish films, reflecting the country’s rich cinematic heritage and complex history. The festival opened with Krzysztof Kieślowski’s classic “Blind Chance” and concluded with the popular crime comedy “Vinci.”

Held during Poland’s presidency of the EU Council, the event reinforced cultural ties and artistic dialogue between Poland and Serbia.

Tunisia’s National Day Celebrated in Belgrade

20/3/2025

The National Theatre in Belgrade played host to a magnificent evening as the Carthage Symphony Orchestra took to the stage in celebration of the 69th anniversary of Tunisia’s Independence Day. This extraordinary event gathered a distinguished audience, reflecting the deep-rooted cultural ties between Tunisia and Serbia. The concert was attended by high-ranking representatives of the Serbian government, local authorities, members of the Tunisian community, and numerous friends of Tunisia residing in Serbia. Their presence underscored the significance of this occasion and the enduring friendship between the two nations. The evening was a powerful display of cultural diplomacy, bringing together diverse communities through the universal language of music. The Carthage Symphony Orchestra’s captivating performance served as a reminder of the unifying power of the arts, leaving the audience with a profound appreciation for Tunisia’s rich musical heritage and the lasting bond between the two countries.

Business Forum between Chinese and Serbian entrepreneurs held in Belgrade

20/3/2025

The Serbian Chamber of Commerce hosted a significant Business Forum and a series of bilateral meetings between Chinese and Serbian entrepreneurs, bringing together nearly 200 representatives from companies and institutions across both nations. The event was officially opened by Marko Čadež, President of the Serbian Chamber of Commerce, Ren Hongbin, President of the China Council for the Promotion of International Trade and the China Chamber of Commerce, Li Ming, the Ambassador of the People’s Republic of China to Serbia, and Adrijana Mesarović, Serbia’s Minister of Economy. Throughout the forum, opportunities for deepening economic cooperation between Serbia and China across a variety of sectors were discussed, including construction, energy, machinery, metallurgy and electrical industries, agriculture and food production, trade and services, circular economy, and medical industry.

Faces & Places

AI and Society Discussed at Italian Ambassador’s Residence

21/3/2025

As part of the BircaninovaLab forum, the residence of Italian Ambassador to Serbia, Luca Gori, hosted the event “Artificial Intelligence – A Tool for Progress or a Challenge for Society?” Organised in collaboration with the Serbian Ministry of Science, Technological Development, and Innovation, the gathering marked the launch of this new discussion platform initiated by the Italian Embassy in Belgrade. BircaninovaLab fosters dialogue on key contemporary issues, strengthening cooperation between Italy and Serbia. The inaugural event featured a keynote speech by Alessandro Aresu, analyst and author of Geopolitics of Artificial Intelligence, followed by a panel discussion on AI’s impact across sectors, from politics to healthcare. Aresu was joined by Stefan Badža, Advisor to the President of the Serbian Parliament; Professor Vlado Delić from the University of Novi Sad; and Branka Rakić, Head of the Health and Life Sciences Unit at the Institute for Artificial Intelligence in Novi Sad. “This event is the best way to inaugurate our new BircaninovaLab format, which will focus

on the challenges of innovation,” said Ambassador Gori, highlighting its goal of fostering expert exchange and driving new bilateral cooperation projects.

Greece’s National Day Celebrated

25/3/2025

A reception marking Greece’s National Day was held at the residence of the Greek Ambassador Mrs. Maria LEVANTI in Belgrade. The event brought together numerous distinguished guests, including representatives of the Serbian government, the diplomatic corps, the Serbian Orthodox Church, the academic community, and prominent figures from public life. Greece’s National Day commemorates the country’s declaration of independence from Ottoman rule in 1821, marking the 204th anniversary of the Greek War of Independence.