GREECE 2014 - Fostering and Backing a European Serbia by CorD Magazine

Fostering and Backing a European Serbia

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COMMENT

JOVANA GLIGORIJEVIĆ, Editor

Friends and Partners on the Road to Europe Until the start of the economic crisis Greece had spent a decade and a half among the top three biggest investor nations in the Serbian economy. This country provides development support to Serbia at multilateral (EU, Council of Europe, OSCE etc.) and bilateral levels

still present on the Serbian market and are, of odern Greece and Serbia entered course, taking the necessary steps to adapt to the into diplomatic relations in 1868 new economic reality. and the Embassy of Greece in BelGreece provides development support to Sergrade has existed since 1880. Bibia at multilateral (EU, Council of Europe, OSCE lateral relations between Greece and Serbia are etc.) and bilateral levels. Bilateral development asbased on solid foundations established within sistance is provided directly or indirectly through the historical links between two neighbouring the conducting of a series of works by Greek and countries that have shared a common struggle Serbian NGOs, local government institutions etc. over the centuries and suffered similar experiThe basic funding for bilateral development ences and fates. assistance is provided by the Greek Plan for the Dynamic Greek - Serbian cooperation is still Economic Reconstruction of the Balkans (ESOAV), developing, among other things, on the basis of through which around €17 million has been prosupport that Greece provides for the European vided for works including road construction (part perspective of Serbia, or rather Serbia’s admisof Corridor 10), telecommunications (linking sion into the European Union, to join the family higher education and research institutions using of states of which Greece has been a full member fibre optics) and improving local communities' livsince 1981 and in which it also wants to see Sering conditions (reconstruction of school buildings, bia included. In this framework, the two counhospitals and other institutions). tries have signed a Memorandum of Cooperation Culture represents a privileged area for the in the field of Serbian integration into the EU. improvement of bilateral relations. The main inUntil the start of the economic crisis Greece stitution for improving relations between the two had spent a decade and a half among the top three countries in culture and education is the Centre of biggest investor nations in the Serbian economy. the Hellenic Foundation for Culture in Belgrade. The main areas of activity for Greek investors are This centre enhances the already developed relabanking, general civil engineering and building tions between the materials, retail, teltwo countries in the ecommunications, Dynamic Greek - Serbian field of education hospitality and tourcooperation is still developing, and contributes to ism services, conamong other things, on the basis further strengthsulting, the food and beverage produc- of support that Greece provides for ening relations betion industry and so the European perspective of Serbia tween Greece and Serbia in the field on. It is also worth of culture. The centre carries out teaching of the pointing out that Greek investments are spread Greek language and regularly organises cultural across all parts of Serbia. Among the main Greek events in cooperation with local institutions of companies operating in Serbia are EKO, the Helculture and education. The central place is occulenic Sugar Industry, TITAN Cement, Coca Cola pied by Nebojša Tower, where there is permanent HBC, Veropulos, Intracom, Alumil, The National exhibition on the life and work of Riga od Fere, Bank of Greece, Alpha Bank, EFG Eurobank, Pione of the pioneers of the Greek uprising. In addiraeus Bank, IKPP Rokas, Lamda Development, tion, the Greek language is taught at several uniCasino Lutraki, Daskalantonakis Group, Laskaversities, as well some primary schools and high ridis Group, Isomat, Kleeman, ELVIAL, Plastika schools as a separate subject in parallel with the Trakije etc. It should be noted that even during ancient Greek language. ■ the current economic crisis Greek companies are

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INTERVIEW

H.E. Mr. CONSTANTINE ECONOMIDES, Ambassador of the Hellenic Republic to Serbia

Close and Cordial Relations

Friendly and neighbourly ties between Serbia and Greece date back many centuries, but over recent years that bond has grown even stronger and stood the test of time. Greek investors have flocked to Serbia in the past decade and a half and relations between the two nations have never been stronger

Greek Revolution of 1821. One must always rereece continues to support Serbia, member that our two countries fought side by regardless of adverse circumstances. side in both the two Balkan Wars of 1912 -1913 Despite the deep economic crisis in and the two World Wars. The Greek cemetery Greece, Greek companies continue in Pirot, as well as the operating successfully in Serbian ones (Zejtinlik) in Serbia and it is under the Serbia has achieved Thessaloniki and at Vido Greek Presidency of the EU tremendous progress on Corfu, bear witness that Serbia has begun the since October 5th 2000 to the common struggles process of its EU accession on its way towards of the two countries and negotiations. According their peoples. In the same to Ambassador ConstanEuropean integration, tine Economides, “Our and especially during the vein, the words of Greek Prime Minister Eleftherios bilateral relations are expast two years. Serbia’s Venizelos have been indelcellent, spanning the enefforts were crowned ibly etched in the collectire spectrum of economic, tive memory of our peofinancial, commercial, by the opening of the cultural, educational and first Intergovernmental ple: When asked to take advantage of Serbia’s premilitary relations.” Conference under the dicament in WWI in order ■ Greece’s first embassy Greek Presidency of the EU to invade Serbian territory from the south he stated in Belgrade opened in in the Greek Parliament that “Greece is a very 1880. Could you summarise the most imsmall country to commit such a grave crime”. portant periods in diplomatic relations between Serbia and Greece since that time? ■ How would you rate bilateral relations be- Close and cordial relations between Greece tween our two countries today? and Serbia existed even before the opening of - Our bilateral relations are excellent, spanning the Greek Embassy in Belgrade in 1880, in fact the entire spectrum of economic, financial, comsince the period before, during and after the

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Relations

Our bilateral relations are excellent, spanning the entire spectrum of economic, financial, commercial, cultural, educational and military relations.

The road to the EU is difficult and Belgrade needs to exert even more strenuous efforts in order to join the European Union family, a place where it definitely belongs.

mercial, cultural, educational and military relations. Of specific importance is the presence of the four largest Greek banks in Serbia, which collectively cover 15% - 20% of all banking activities in the country. Of course, there is always room for further improvement, with an emphasis on the investment and infrastructure sectors.

Crisis

After exerting great efforts for the past five years, Greece can now safely say that the worst effects of the sovereign debt crisis are behind us.

road is difficult and Belgrade needs to exert even more strenuous efforts in order to join the European Union family, a place where it definitely belongs.

■ During his recent official visit to Belgrade, Greek Deputy PM and Foreign Minister Evangelos Venizelos said that Serbia’s EU Serbia contributes positively to accession would be of ■ Greece has always supkey importance for the ported Serbia strongly regional stability. The Brussels stability of the Western in its bid for EU memberAgreement of 19th April 2013 Balkans. What do you ship. What would you represents the culmination of think of regional stasay about Serbia’s proBelgrade’s efforts in this field bility today and what gress in this process? are the potential obsta- Serbia has achieved tremendous progress since October 5th 2000 on its way to- cles hindering the progress of relations between the wards European integration, and especially during the past countries of the region? two years. Serbia’s efforts were crowned by the opening - Serbia contributes positively to regional stability. The of the first Intergovernmental Conference on 21st January Brussels Agreement of 19th April 2013 represents the cul2014 under the Greek Presidency of the E.U. Of course, the mination of Belgrade’s efforts in this field. Greece remains

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steadfast in its belief that the overall improvement of the economic situation in Serbia will pave the way for further strengthening regional stability. ■ Greece’s presidency of the EU will continue for the following few months, while Serbia has embarked on the EU accession process. What do you think are the

- After exerting strenuous efforts for the past five years, Greece can safely say that the worst effects of the crisis are behind us. For the first time in recent history, the state budget presented a net surplus, a fact which is acknowledged and commended by the international community. Of course, the road to full recovery is still a long one. The most evident and socially painful consequence of the crisis is the level of unemployment, especially among the young. ■ The economic crisis has also led to political instability which, in turn, created plenty of room for extremists on both the right and the left. How would you assess political stability in Greece at this moment? - Greece remains – in spite of the crisis – a politically stable country. A temporary rise of radical elements both on the right and on the left of the political spectrum can in no way prevent the government from carrying out its reform policies. ■ Despite the economic crisis, Greece remains the third biggest foreign investor in Serbia and one of the first countries that invested in Serbia after the wars of the 1990s. How successful have Greek investments in Serbia been to date? - Greek investment in Serbia can be characterised, without exaggeration, as a success story. Besides the banking sector which I already mentioned, Greece is present in the fields of construction, hotels, oil, aluminium, food and beverages, supermarkets and cement, to name just a few areas. In fact, many of the companies established in Serbia are doing better than their parent companies in Greece.

key reforms Serbia needs ■ Overall cooperation beto carry out en-route to between our two countries coming an EU member? Greek investment in Serbia has always been based on - Of particular importance are can be characterised, without a long-standing friendthe reforms in the fields of the exaggeration, as a success story. ship between the two peojudiciary, corruption, media, Besides the banking sector, ples. Do you think that anti-discrimination and pubthe ties between Greece lic administration, as well Greece is present in the fields and Serbia have grown as reforms in the area of the of construction, hotels, oil, stronger or weaker over economy. We are confident aluminium, food and beverages, the years? that the new government of Serbia will renew its efforts supermarkets and cement, to name - The ties between Greece and Serbia have grown to attain the final goal of EU just a few areas stronger over the years. Even accession, a vision which is during the turbulent ‘90s, shared by the majority of the when Serbia faced international isolation, Greece was electorate. Greece’s offer to provide the necessary EU exready to offer its help so that Serbia could overcome the pertise is well known to the Serbian authorities. crisis it faced. Just to mention an example, Greek humanitarian aid during that period helped a lot of Serbians in ■ The economic crisis in Greece has been among the their daily lives. It is with this type of cooperation, which top topics in the world for a long time. However, the is well remembered by the Serbian people, that the bond country has been showing signs of recovery recently. between the two peoples has grown even stronger and Could you elaborate on this and tell us what kind of stood the test of time. ■ plans Greece has for the future?

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INTERVIEW

SNEŽANA JANKOVIĆ, State Secretary at the Serbian Ministry of Foreign Affairs

Friendship Greater Than Diplomacy

Relations with Greece are traditionally good and friendly. Besides the visit of the Greek Deputy Prime Minister and Minister of Foreign Affairs, in the last year and a half we have exchanged presidential visits and the Prime Minister and First Deputy Prime Minister of Serbia have visited Greece. We also expect a joint session of the governments of Serbia and Greece to be held this year

ate would have it that at the time Serbia and Greece would meet and that such of the first intergovernmental con- meetings would become regular, alternately ference, which formally launched hosted by one of the two countries. negotiations on Serbia's accession to the European Union, Greece happened to ■ During a recent visit to Serbia by be holding the presidency of the Union. This Greek Deputy Prime Minister and Forcountry, traditionally a great friend of Serbia, eign Minister Evangelos Vanizelos the close relationship behas always provided unconditional support I would like to emphasise tween the two countries was confirmed. for Serbia’s EU intethat we are extremely Where do you see gration and the Greek appreciative and expect room for intensifying presidency carries that Greece will maintain cooperation between with it a nice symbolGreece and Serbia? ism. Bilateral relations its principled position - Relations between between Greece and regarding the issue of Serbia and Greece Serbia are based on a preserving the territorial are very well develsolid foundation estabintegrity and sovereignty oped, but the scope for lished within the hisstrengthening them torical links between of Serbia still exists. We expect the two neighbouring countries, which have over the centuries that in the period ahead there will be furshared a common struggle and suffered simi- ther intensification of cooperation in the lar experiences and fates. Perhaps best testify- field of European integration. I would paring to the strength and friendliness of coop- ticularly emphasise the interest of Serbia eration between our two countries is the fact to strengthen economic cooperation with that during the September meeting of Serbian Greece through the strengthening of trade Prime Minister Ivica Dačić and Greek Prime and attracting potential Greek investors. Minister Adonis Samaras it was agreed that There is also scope for enhancing cooperain the second half of 2014 the governments of tion in the fields of culture and science.

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■ Greece is presiding over the EU Council of Ministers for the next five months and Mr Vanizelos offered Greek support for Serbia's EU accession. Was this confirmed with tangible forms of cooperation? - From the very beginning of the process Greece has strongly supported Serbia's European integration. This support was made more tangible in 2010 with the signing of a Memorandum of Cooperation between the two foreign ministries to accelerate Serbia’s EU integration process, on the basis of which several rounds of consultations have already been held. We discussed with Deputy Prime Minister and Foreign Minister Venizelos the need to further intensify cooperation through the provision of technical assistance in European integration, in which Greece has great experience. I must point out in particular our great pleasure that the first intergovernmental conference between Serbia and the EU, which formally marked the commencement of negotiations on Serbia's EU membership, was held precisely during the Greek presidency. We highly appreciate Greece's initiative to hold a ministerial conference between the EU and the countries of the Western Balkans in Thessaloniki during its presidency, in May, which would reaffirm the EU’s enlargement policy and the Thessaloniki Agenda of 2003.

- Cooperation with Greece is very well developed in many areas. Greek companies are among the largest investors in Serbia and are present in the areas of banking, energy, real estate, hospitality and others. Despite the economic crisis, economic cooperation is constantly continuing to develop successfully. Greece is present in Serbia through the projects of the Greek Plan for the Economic Reconstruction of the Balkans – HiPERB, which is continuing to be implemented, with some modifications. We view with optimism the upcoming period in which the gradual improvement of the economic situation in both countries is expected, which will open up new opportunities.

■ Serbian-Greek diplomatic relations were EVANGELOS VENIZELOS, GREEK DEPUTY PRIME MINISTER AND ALEKSANDAR formalised back in 1880. How would you VUČIĆ, SERBIAN DEPUTY PRIME MINISTER rate these relations today? We discussed with Deputy Prime Minister and Foreign - Relations with Minister Venizelos the need to further intensify cooperation Greece are traditionally good and friend- through the provision of technical assistance in European ly. Political dialogue integration, in which Greece has great experience is intensive at all levTourism is another area where we see room for els, as can be concluded by the number of visits made in both directions. Besides the visit of the Greek Deputy strengthening cooperation. We believe that Serbia can Prime Minister and Minister of Foreign Affairs, in the and should be present through its tourist offer on the last year and a half alone we have exchanged presiden- Greek market. Cooperation in the field of defence is good, developed tial visits and the Prime Minister and First Deputy Prime Minister of Serbia have visited Greece. We also expect a and diversified, especially when it comes to staff training joint session of the governments of Serbia and Greece to and education. So far some 80 Serbian officers have studied in Greece, while the modalities of joint involvement be held this year. I would like to emphasise that we are extremely ap- in multinational operations are being considered, as is preciative and expect that Greece will maintain its prin- the promoting of cooperation between centres for peace cipled position regarding the issue of preserving the ter- operations. In the field of culture there are visible results, for exritorial integrity and sovereignty of Serbia, as well as supporting the most important foreign policy goal of the Re- ample the reconstruction of Nebojša Tower, the memopublic of Serbia - full membership in the European Union. rial centre to Riga od Fere. Greece takes care of the protection of Serbian cultural and historical monuments ■ In which areas is Serbian-Greek bilateral coop- on its territory (Hilandar Monastery, Serbian houses, the mausoleum and monuments at Vido on Corfu and eration most dynamic? FOSTERING AND BACKING A EUROPEAN SERBIA | 13

the Zejtinlik Cemetery in Thessaloniki), while on the territory of Serbia there is a Greek military cemetery in Pirot. In addition to the aforementioned, there is also regular communication at fairs of books, tourism and others and through a series of cultural and other events in both countries. Ties between the two countries are being realised to achieve more at the local level, through the twinning of municipalities, economic cooperation, exchange of experiences and others. ■ Has the recent Greek crisis reflected in any way on its cooperation with Serbia in different areas? - As can be seen from the answer to your previous question, the Greek crisis has not had a major impact on cooperation with Serbia. In some areas it is even more intense than in the years preceding the crisis. The economic crisis has not had a significant impact even when it comes to the presence of Greek businesses on the Serbian market. All of the most important companies are still in Serbia and normal business and trade volume in 2013 is up by about 10% compared to the previous year. Only the volume of FDI from Greece to Serbia has decreased in recent years, but the impression is that this is primarily part of a global trend as opposed to a trend of local character.

in the fields of science and education? - In the previous period the exchange of scholarships for undergraduate and postgraduate studies and training was important for both parties in the field of education, as well as summer courses for the Serbian, Greek and ancient Greek languages. Belgrade University works closely with the National and Kapodistrian University of Athens and the Aristotle University of Thessaloniki. Cooperation is also achieved in the context of regional academic associations, such as the Black Sea University Network. When it comes to scientific and technical cooperation with Greece, there is great interest among researchers from both countries. Scientific and technical cooperation is conducted under the auspices of European Union projects and is expected to continue within the EU’s "Horizon 2020" programme for science and innovation.

■ When it comes to citizens of Serbian origin in Greece, is the Serbian Foreign Ministry in communication with them and, if so, how? - Communication with the Serbian diaspora in Greece Scientific and technical is regular and conducted cooperation is conducted under at multiple levels. Almost the auspices of European Union daily connection between our ministry and the Serbiprojects and is expected to community takes place, continue within the EU’s "Horizon an mainly through our embas2020" programme for science and sy in Athens and the Consulate General in Thessaloniki, ■ Will Serbia and Greece innovation as well as during the visits of jointly mark the centennial of the beginning of World War I this year or representatives of the Office for Cooperation with the Diaspora and Serbs in the region and other instituthat of the Thessaloniki Front in 2016? - The creation of a programme marking the beginning tions. The Serbian diaspora in Greece is well organised of World War I in 2014 is in its final stages. It is planned and integrated into Greek society. It is estimated that there are around seven thouthat in the framework of this anniversary, in cooperation with Greece, historical events that connect the two sand Serbian citizens in Greece. Most of them are in countries, like the Thessaloniki Front, will be specially Athens, Thessaloniki and the surrounding area, as well as on Crete and the Peloponnese. Our citizens are commemorated. most commonly employed in the hospitality industry, ■ A large number of Greek students are studying agriculture and construction. A number of our athin Serbia, especially studies in the health field. In letes and sporting officials are resident in Greece, as what other ways do Serbia and Greece cooperate well as our students. ■

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INTERVIEW

ARISTEIDIS VASILOPOULOS, Director of Hellenic Sugar Industry

Challenge of Sustainability

“We have to continue to do our utmost to strengthen our competitiveness in 2014. The challenge for our company now is sustainability”

ellenic Sugar Industry operates two factories in Serbia, employing many hundreds of permanent and seasonal workers and engaging 130 sugar beet farmers. According to company director Aristeidis Vasilopoulos, Hellenic Sugar rates its investment in Serbia highly and is endeavouring to achieve sustainable growth.

■ How would you rate the effectiveness of your investment in Serbia? - We highly rate this investment. Both factories are profitable, as a result of the investment plans in machinery and equipment that HSI implemented immediately after acquiring them. And we continue to invest in these factories. Just two years ago we realised an investment of €6 million at Crvenka to install new equipment and maximise the factory’s effectiveness.

■ What are the biggest regulatory obstacles on the sugar and sugar beet markets in Serbia and ■ How would you characterise current market the EU? conditions in Serbia for sugar production? - Serbia is governed by regulations that adequately pro- I could describe the current situation as transitional. tect the sugar and sugar beet markets. We have worked We have left behind a three-year period during which under specific regulations for many years and we adjust the prices of sugar, especially into the EU, were exour functions proportionally. However, I would like to tremely high and this allowed us to record consideremphasise the significance of monitoring developments able profitability. This period has now finished. The in the EU sugar sector. We have to consider that in July prices fell rapidly and the challenge is competitive2103 the EU adopted the secness. We lack competitiveness, Serbia should prepare ond reform of the sugar market mainly due to sugar beet. We want the farmers to be paid the required reforms by within its common agricultural (CAP). This reform will be well and to be profitable, in oradapting the regulatory policy applied as of September 2017. der for them to increase crop framework in order to So Serbia should prepare the reyields. To achieve this it is crumeet the requirements quired reforms by adapting the cial to work together as a team, for mutual interest. that will be modulated in regulatory framework in order to meet the requirements that will the near future be modulated in the near future ■ Hellenic Sugar employs – especially now that it has EU member candidate status. hundreds of Serbian workers and many contractors and seasonal workers. How would you as■ What kind of plans does Hellenic Sugar have sess your cooperation with contractors and does for 2014? the state help you realise your objectives? - For the current year our plan is to improve and - Hellenic Sugar owns two sugar factories in Crvenka maximise our production. In 2013 we succeeded in and Žabalj and employs around 800 permanent and reducing our costs. This year we expect to optimise seasonal workers. We also have contracts with apour results, especially at the Crvenka factory, by takproximately 130 sugar beet farmers in the country. ing full advantage of new equipment. We have to During our time in Serbia we have managed to escontinue to do our utmost to strengthen our competitablish tradition relationships of trust with our contiveness in 2014, because we assess that all uncertractors. Concerning our relations with the state, we tainties governing the international and European could describe them as neutral. We always adhere to environment for sugar will remain. The challenge for the applicable laws and regulations that govern enour company now is sustainability. ■ trepreneurship in Serbia. FOSTERING AND BACKING A EUROPEAN SERBIA | 15

INTERVIEW

SOPHIA TSAMICHA, General Counsellor for Economic & Commercial Affairs, Embassy of the Hellenic Republic to Serbia

Long-term Plans

A large number of Greek companies have selected Serbia to set up production plants, something that underlines their will to stay in this country for a long time

in the vast majority of cases, with a high degree of corporate responsibility, deeply involved in social and environmental issues. Their internal operations are fully harmonised with common European practices and, in many cases, they serve as an example for modern management techniques. A large number of Greek companies have selected Serbia, among a plethora of investment destinations, to set up production plants, something that underlines their will to stay in this country for a long time. All major Greek ■ According to the Institute for the Promobanks have invested in Serbia and gained the tion of Exports and Investments, Greece is trust of the Serbian citizens, having earned a tothe third largest investor in Serbia, after tal market share of Austria and NorGreek investors realised the approximately way. Why are 20%. And please Greek investors potential of the Serbian market interested in infrom the very early stages of its bear in mind that all these companies vesting in Serbia? development. They recognised the not only employ - It is true that Greek businesses have country’s strategic location and its a large number of been present in Ser- comparative advantages over other workers (Serbs in the vast majority), bia for a long time. countries in the region but also contribute If I’m not mistaken, significantly to the state budget through their the first major Greek investment took place in tax, social security and other contributions. 1996. From that point on, Greeks have continuI think we have to go a long way back to ously proven their faith and trust in the Serbian understand why Greeks are investing in Serbia. market by expanding their businesses here and Apart from economic factors, we must not nelooking at Serbia as the natural hub of the wider glect the strong personal connections between region. Apart from focusing on the value of our our peoples that have been repeatedly tested investments, I would also like to ask you to take successfully through time. Greeks feel at home a look at their qualitative characteristics. We in Serbia and vice versa. Putting the language are talking about large and robust companies, he Greek Embassy’s Sophia Tsamicha says investors from her country are not here just to make some money and leave. “They are here as a result of a rational and well balanced business decision and they plan to stay for a long time. If I were to sum up in a sentence the attitude of the Greek executives that live and work in Serbia, I would say “we are here to stay!”

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barrier aside, doing business in Serbia is like doing business in Greece, whatever this may imply, positive or negative. We are something more than good neighbours. We are friends. In economic terms, Greek investors realised the potential of the Serbian market from the very early stages of its development. They recognised the country’s strategic location and its comparative advantages over other countries in the region. On the other hand, the Serbian state has managed to create an environment that is increasingly business and investment friendly, despite some problems that may occasionally occur. State agencies demonstrate seriousness and professionalism when dealing with foreign investments. Strong investment incentives were also given… I spend hours counting the reasons why Greeks chose and are choosing Serbia. However, in my opinion, the most critical moment in Serbia’s investment history was when its European perspective was set officially as the first political priority, supported by the vast majority of political parties and citizens. This decision had immediate positive effects on the decisions of potential foreign investors, since it secured a stable, predictable and liberated economic environment.

■ Do you think the number of Greek investors in Serbia will grow with the recovery of the Greek economy? - Having served for quite some time in offices of economic and commercial affairs in many countries, I have learned that when it comes to economics you cannot predict anything with reliable certainty. However, I can say that once our national economy gets back on its feet, Greek business leaders are given the security they so badly need and our liquidity problem is resolved, there will be some dramatic changes in the economy of the whole region. You see, one of the “positive” effects the Greek crisis had on our business

■Greece has been investing in Serbia since the 1990s, although the number of Greek investors has fallen since the onset of the economic crisis. How would you sum up the trends of the latest Greek investments in the region, and especially in Serbia? - The number of new Greek investments in the region – and in Serbia particu- I don’t believe in “big” and “small” investments, larly – has certainly dropped as a re- “successful” and “unsuccessful” investments. sult of the difficult economic situation To me, they are all Greek investments and it is my country has faced over the last few years. However, what I would stress at my duty and honour to assist them in any way this point is that to date the economic possible, under the auspices of my position crisis in Greece has not significantly impacted on Greek investments in Serbia. Our companies kept leaders is that it changed their perception of entrepreneurtheir position on the Serbian market, proceeding of course ship. They now understand that in such an economic envito some necessary actions to adapt to the new reality. As far ronment there is no choice but to act in an extrovert way, as I know, only a handful of them were forced to stop their establishing multi-faceted relations with business entities operations, while some of them, e.g. Alumil, Hotel Exelsior, and organisations abroad, so that any internal shocks can Kleemann Liftovi, Mamidoil-Jetoil, Vero etc., even expanded be more easily absorbed. their investments during a time when this would sound unbelievable. This happens simply because, in most cases, ■ Which have been the biggest and most successful Serbian subsidiaries are currently doing much better than Greek investments in Serbia to date? their parent companies in Greece. This is also more proof - It is really hard to say, because size and success are relathat Greek businesses look seriously at their future pres- tive when it comes to different kinds of companies in different ence in Serbia. They are not here just to make some money sectors. Moreover, continuous and steady operations over and leave. They are here as a result of a rational and well the course of time can be considered an indication of success. balanced business decision and they plan to stay for a long How can you compare, for example, a bank, with hundreds time. If I were to sum up in a sentence the attitude of the of branches and thousand of employees all over Serbia, and Greek executives that live and work in Serbia, I would say a relatively small supermarket chain in Belgrade that started from scratch and is now one of the most recognisable brands “we are here to stay!” FOSTERING AND BACKING A EUROPEAN SERBIA | 17

in Belgrade? And how can you compare this to a single aluminium profile production plant that somehow manages to cover the needs of its Serbian customers and still export to Russia, one of the biggest markets in the world? Or what does “successful” mean when referring to the local producers of one of the most famous soft drinks in the world? Is this investment more important than the one in the public telecommunications company that gives you direct access to top levels of administration? And why is a café or restaurant less important than all of the above, when they are usually set up via

■ What do Greek investors think of the investment climate in Serbia and what are their most common complaints? - Greek investors are generally satisfied, though there are still things that could be done to enhance the current environment and make it more investment friendly. A lot of the negative feedback I receive form Greek investors has to do with business and investment legislation and, more precisely, its incomplete implementation. I fully understand that Serbia is in the process of approaching the EU and therefore has to adjust its legislation to European standards, sometimes very fast and with no time to digest the changes. It is only natural that civil servants sometimes are not up to date with the latest legislation or state agencies have not adequately informed business leaders. In any case, I believe that time will resolve this issue, as everybody will get more and more familiar with new legislation and will gain experience on how to implement it. ■ Which bilateral agreements exist between our two countries and how important are they to economic cooperation? - There are a number of bilateral agreements dealing with economic aspects. I would like to just briefly mention our agreements on cooperation in science, education, tourism, air transport, road transport, economics, technology and agriculture. However, I would like to focus on the Bilateral Agreement on Double Taxation Avoidance, which I consider one of the most important ones since, despite its scarce implementation to date, it gives one more initiative for strengthening investment flows between our countries. The overall importance of these agreements lies in the fact that

investments by a single individual, thus involving high personal risk? I really don’t believe in “big” and “small” investments, “successful” and “unsuccessful” investments. To me, they are all Greek investments and it is my duty and honour to assist them in any way possible, under the auspices of my position.

Greek banks in Serbia are the battleships of Greek entrepreneurship. They have succeeded in being viewed as systemic banks, thus of major importance for the national economy

■ Leading Greek banks, which represent a major part of the Serbian banking sector, followed Greek investments in Serbia. How efficient have the investments of Greek banks in Serbia been? - Times are tough for banks all over the world. However, we should not let the present make us forget the past. Greek banks in Serbia are the battleships of Greek entrepreneurship. They have succeeded in being viewed as systemic banks, thus of major importance for the national economy. They have gained the trust of Serbian citizens and businesses, despite the stiff competition of the sector. They have been cooperating with the Serbian government in a series of projects, providing low-cost credit to individuals and companies. Their numerous corporate social responsibility initiatives prove their commitment to supporting local communities. Moreover, I have to stress that, despite all rumours, leaks and comments, the fact is that the Greek banking sector is stable and robust. Recent events have also shown there is no significant correlation between the Greek banking system and the Greek banks in Serbia, since the latter operate in a different environment, under different rules and regulations.

they constitute official proof that our countries seek and support bilateral co-operation, attributing the highest formal level possible to it. Moreover, they could be seen as the official recognition of our close economic ties and our long and friendly business relations. ■ How would you rate your cooperation with the Serbian Chamber of Commerce? - Our cooperation with the Serbian Chamber of Commerce has always been very close and excellent. The Chamber is always supporting our activities in any way possible. In the past we have coorganised a series of events, promoting the Greek economic presence in Serbia and Greek-Serbian business cooperation. There is a constant exchange of information regarding business and investment opportunities in all sectors. On this occasion, please allow me to make special reference to the International Economic Relations Board of the Chamber, its Secretary, Mrs Dragana Muzdalo, and the advisor responsible for Greece, Mrs Marija Sepi, with whom we hold a continuous, open line of communication regarding all issues and initiatives. ■

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TITAN CEMENT PLANT KOSJERIĆ

ince 2002 the Kosjerić Cement Plant has been part of the TITAN Group, Greece’s leading manufacturer of cement, which boasts more than 110 years of industrial experience and operates in 11 countries worldwide. Titan’s commitment to corporate social responsibility is confirmed through its policies and practices, as well as its active participation in major international initiatives, such as the UN Global Compact, CSR Europe, the World Business Council for Sustainable Development’s Cement Sustainability Initiative and the European Alliance for CSR.

Operational Excellence with Respect for Society TITAN Cement Plant Kosjerić was the first company in Serbia, back in 2011, to receive an integrated permit for the work of the plant (IPPC), which confirmed its commitment to conducting all business activities in a responsible manner, contributing to the sustainable development of its surroundings TITAN Cement Plant Kosjerić (TCK) was the first company in Serbia, back in 2011, to receive an integrated permit for its operational activities (IPPC permit), as confirmation of its commitment to conducting all business activities in a responsible man-

By investing in the small community in which it operates, TCK seeks to improve quality of life and support all important local initiatives

ner, contributing to the sustainable development of its surroundings. By investing in the small community in which it operates, TCK seeks to improve quality of life and support all important local initiatives. The company’s management, employees and the local community, but also the users of funds, all participate in designing and implementing the company’s CSR strategy. In the past 12 years TCK's total amount of investment in the local community has exceeded €13 million, the majority of which have enabled improvements to Kosjerić’s infrastructure, education, sports, health and cultural life. ■

FOSTERING AND BACKING A EUROPEAN SERBIA | 19

INTERVIEW

PHILIPPOS KARAMANOLIS, President of the Hellenic Business Association in Serbia and CEO of Eurobank Serbia

Ready for Recovery

“Given the early signs of recovery in Greece and the positive prospects for Serbia thanks to the initiation of the EU accession process, I believe we can expect an increasing trend of Greek investments in the future”

ccording to Philippos Karamanolis, President of the Hellenic Business Association in Serbia and CEO of Eurobank Serbia, there is room for improvement in the level of bilateral trade between Greece and Serbia and it is up to the new Serbian government to be proactive and focused in its pursuit of new investors, whilst at the same time ensuring that existing investors, who can serve as “ambassadors” for Serbia, remain satisfied.

guest, coach D. Ivković, spoke about “Leadership in Practice”) and corporate social responsibility initiatives, such as the renovation of the classroom of the Neohellenic Studies Department of the University of Belgrade’s Faculty of Philology.

■ Greek investors were among the first foreign investors to recognise Serbia’s investment potential back in the 1990s. How efficient have Greek investments in Serbia been? - Serbia and Greece historically have good diplomatic and economic relations, which are additionally strengthened because of the similarities between our peoples’ cultures and mentality. If we add to this the geographic proximity of the two countries it is easy to explain why Serbia was one of the major investment destinations for Greek companies during the period of ■ In late 2013 the Hellenic Business Associatheir international expansion. tion celebrated 10 years of operations in SerGreek companies started expanding their operabia. Looking back over the last decade, what tions to Southeast Europe from the early ‘90s, as they do you think have been the most important were among the first to understand the growth potenevents for the association, as one of the biggest tial of the region and also felt investment organisations Banks are ready to more “at home” in these counin Serbia that represents tries than investors from Westcompanies employing over play their role in the ern Europe and elsewhere. 20,000 people? turnaround, but are As a result, Greece became - I believe our main achievement is the fact that through currently burdened by high the 3rd largest investor in the NPLs, low demand and a Serbian economy, with investour activities in these 10 years of active presence in Serbia ments exceeding €2.5 billion. lower appetite for risk, we established ourselves as a we are very proud coupled with deteriorating Nowadays reliable, serious and reputato have many market leaders client financials ble representative of the wider amongst our members. As we Greek business community. During this period we compete in all business sectors with some of the best organised, supported and participated in numerSerbian and foreign companies, this success is a muchous business, networking and charity events and needed constant reminder of the dynamism and profesother initiatives. The main event in 2013 was the sionalism of the Greek private sector. co-organisation of the “Greek-Serbian Business Forum”, which took place in June and was opened by ■ Most existing Greek investments have been President of the Hellenic Republic Mr K. Papoulias made in the period since 2001, but this tide of and Serbian Prime Minister Dačić. We also carried investment stopped with the onset of the ecoout a number of other business events (including a nomic crisis. What is the overall trend of Greek very successful business lunch where our special investments in Serbia today and what is your

20 | FOSTERING AND BACKING A EUROPEAN SERBIA

projection for the near future? - The biggest part of Greek investments in Serbia took place between 2001 and 2008, primarily through acquisitions of local companies, in various market segments (such as financial services, food & beverage, energy, telecommunications, retail trade, tourism, construction etc.). The global economic crisis, coupled with the Greek sovereign debt crisis, unavoidably slowed down this process, but only to an extent. I’m very pleased to note that even in the last five years – which have probably been the most difficult in recent history for the Greek economy – Greece remained among the top investors in Serbia and some significant new investments were made, such as completion of the renovation of Metropol Palace Hotel, the acquisition of Fox TV etc. I believe that, given the early signs of recovery in Greece and the positive prospects for Serbia thanks to the initiation of the EU accession process, we can expect an increasing trend of Greek investments in the future.

mon complaints among Greek investors? - Nowadays Greek investors are facing the same issues as all other companies operating in Serbia. Member-specific problems that we faced during the early years of Greek investments are rare. Some concerns that have been voiced recently relate to weaknesses in the capacity of state bodies to absorb funds available from international financial institutions (such as EIB, EBRD and the World Bank) and to the frequent regulatory changes in certain business segments.

■ Are you satisfied with the level of bilateral trade relations between the two countries and how can further improvements be made in this area? - Bilateral trade between Greece and Serbia is still far from reaching its full potential. In 2013 trade volumes were just below €400 million, representing around 1.5% of Serbian imports & exports. Greece ranks around 20th on the list of Serbia’s commercial partners. Taking into account historical ties and market size, it is expected that Serbia would have stronger economic ties with the other ex-Yugoslav republics and some of the larger European countries, however the current 1.5% share of Greek-Serbian bilateral trade can clearly be increased. In my view there are ample opportunities to increase bilateral trade and I can mention two simple examples: every summer hundreds of thousands of Serbs visit Greece. They Frequent regulatory get to know Greek products and would be changes are not conducive very happy to find some of them in their local supermarket; at the same time, two large reto developing a stable tail chains with strong links to Greece (either and predictable business through direct ownership or management) environment, which is a are currently operating in Serbia. They repprerequisite for attracting resent a great opportunity for Serbian producers to enter the Greek market.

■ As a veteran of Greek investment in Serbia and CEO of a large bank employing over 1,500 people in Serbia, what do you think of the investment climate in the country today? - I would say that the picture is rather mixed. On the one hand, overall FDI inflows remain low, but on the other we are seeing some promising new projects being announced lately. What we can definitely say is that there is currently a clear consensus in the country on two issues: (i) that it is extremely important to attract foreign investors in order to address unemployment, but also – and more importantly – to use their “know how” to develop a more competitive economy and (ii) it is necessary to further improve the business and regulatory environment. foreign investors The areas that must be addressed are related to the need to ensure the predictability and stability of the busi- ■ Greek banks are an important part of the Serbian banking ness environment and reduce bureaucracy and have been repeatedly system, which has been pressured into accepting populist mentioned by many market participants, including business asso- measures since the onset of the economic crisis. What will ciations present in Serbia and international financial organisations, the future look like for the Serbian banking sector, given such as the World Bank and IMF. They include reform of the judicial current circumstances? system, the fight against corruption, reform of the pension system, - Greek banks – like most other foreign banks – have made signifithe labour law and the bankruptcy law, the speed of issuing various cant investments in the Serbian banking sector, introduced best licences and permits (especially with regard to the construction in- practices in important areas (such as risk management, liquidity dustry), the management of state companies etc. management and corporate governance), enriched the local marAll these issues are known to the state authorities and we hope ket with new products and services, developed and given opportuthat the new government will address them swiftly and effectively. nities to a large number of young executives who now hold senior positions and overall weathered the crisis well (without burdening ■ Many foreign investors in Serbia have complained for the Serbian citizens/taxpayers, but rather only their shareholders). years about bureaucracy, corruption and a lack of predicta- The contrast with what we have seen recently with local banks bility in the business environment. What are the most com- that have lost their license, which undermined confidence in the FOSTERING AND BACKING A EUROPEAN SERBIA | 21

ment remains extremely high (over 27%) and further structural sector and cost taxpayers almost €1 billion, is striking. reforms need to be pursued with renewed vigour. Today, despite many predictions to the contrary in recent These developments may obviously have a positive impact on years, Greek banks in Serbia remain strong, hold around 15% of Greek investments and we are regularly receiving inquiries from banking sector assets and employ over 5,000 people. Eurobank Greek companies who are considering entering the Serbian marSerbia in particular is the largest bank with Greek capital, with a ket. However, what is much more important is what Serbia will leading position amongst foreign investors and 1,500 employees do to attract investors. The government must be proactive and meeting the everyday needs of almost half a million clients through focused in its pursuit of new investors, whilst at the same time ena nationwide network of 100 branches and business centres. suring that existing investors, who can serve as “ambassadors” for The Serbian banking sector as a whole remains liquid and well Serbia, remain satisfied. capitalised. Banks are ready to play their role in the turnaround, but are currently burdened by high NPLs, ■ How would you rate cooperation low demand and a lower appetite for risk, between the Hellenic Business Assocoupled with deteriorating client financials. ciation and Serbian officials – from the However, I would like to draw attengovernment to the Serbian Chamber of tion to the fact that many foreign banking Commerce; and to what extent are your groups are currently reviewing the scope of views, proposals and opinions taken their international presence, for various reainto consideration during the process sons (e.g. the forthcoming ECB stress tests, of adopting relevant legislation and the need to optimise their capital allocation, other solutions for the advancement of the wish to focus on their core markets, the Serbian business climate? changes in ownership or business priorities - We are pleased to see that in most cases etc.). In this assessment, Return on Investgovernment officials are accessible and ment (ROI) is one of the main decision-makwilling to offer constructive support on ing criteria and on this front Serbia doesn’t specific issues related to our members. At score very highly at the moment. the same time, though, we believe that the Moreover, frequent regulatory changes Hellenic Business Association (as one the (sometimes even with retroactive effect) are leading business associations in Serbia) can not conducive to developing a stable and be included more often in formal consultapredictable business environment, which is a tions regarding the adoption of new legisprerequisite for attracting foreign investors. Therefore, it is more important than We would also like to engage lation or other business initiatives. our members more actively One positive initiative I would like to ever for the sector to remain healthy and profitable so that Serbia can retain the in the association’s activities highlight is that of the Serbian Chamber of Commerce, which signed a Memoranstrong and reputable foreign banks operand attract more Serbian dum of Understanding with almost all ating here and attract new ones. so they can all play their role in turning the econ- companies that are interested business associations operating in Serin doing business with Greece bia. It is very important to foster dialogue omy around when the time comes. with business associations because we and Greek companies all have a common aim – to improve the ■ Judging by certain reports, Greece business environment in Serbia. is on its way to overcoming the consequences of the economic crisis. Do you think this will result in more Greek ■ What priorities for this year were defined at the Associainvestors coming to Serbia? tion’s recent annual assembly? - Greece has been through an extremely difficult period, with 25% - Our main priority this year is to strengthen and upgrade the asof its GDP having been wiped out since the onset of the crisis in sociation’s organisational and administrative capacity in order to 2008, and was forced to make major structural and other changes further expand our activities and membership. We would also like that had not been implemented for decades. This painful process to engage our members more actively in the association’s activities has started bearing fruit, as the economy appears to have regained and attract more Serbian companies that are interested in doing a significant part of its competitiveness. As a result, in 2013 the business with Greece and Greek companies. country recorded a twin surplus (primary budget surplus & current We will continue promoting networking and cooperation beaccount balance surplus) for the first time since 1948. These are tween our members, the wider Greek business community and all the first signs that the economy may be reaching a turning point. other relevant stakeholders in the Serbian economy. Also the pace of GDP reduction has slowed down significantly and And, last but not least, we will continue supporting the further deit is possible that the country may return to positive GDP growth velopment of bilateral economic relations between Greece and Serbia. ■ before the end of this year. At the same time, however, unemploy-

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Isomat

Raise Your Expectations With four affiliated companies operating on the markets of Serbia, Romania, Bulgaria and Turkey, a representative office in Russia and a strong network of professional local distributors, ISOMAT conducts international sales to clients in more than 30 countries worldwide

PIRAEUS LEASING AND PIRAEUS RENT

Reliable Partner

Piraeus Leasing and Piraeus Rent, both members of Piraeus Bank SA Athens and Piraeus Bank ad Belgrade, have been present on the Serbian market since September 2007. During their almost seven years of operations both companies have grown in terms of size and activities and today enjoy a market share of four per cent, from a starting point of 0.7%, while the target for 2014 is to reach six per cent

ounded in 1980, ISOMAT S.A. is one of the fastest developing manufacturers of building chemicals and pre-mixed mortars in the region of Southeast Europe. ISOMAT’s present product range consists of about 250 products and every year is enriched with new products, which are developed at the company's R&D Department in accordance with the latest trends in the construction sector. Moreover, all ISOMAT products are constantly subjected to meticulous tests, carried out by the Quality Control Department, ensuring high-level and stable quality, during and after the production procedure.

T ISOMAT’s present product range consists of about 250 products and is enriched every year with new products The company also offers integrated technical solutions for maximising its customers’ benefits. For this reason, an excellent trained team of experienced engineers is available to provide prompt technical support to any interested party, both individuals and corporate clients. ISOMAT currently has two ultra-modern production plants, one in Thessaloniki, Greece, and the other in Šimanovci (near Belgrade), Serbia. With four affiliated companies operating on the markets of Serbia, Romania, Bulgaria and Turkey, a representative office in Russia and a strong network of professional local distributors, ISOMAT conducts international sales in more than 30 countries worldwide. ■

he shareholders of Piraeus Leasing and Piraeus Rent have invested €3.5 million in paid equity and additionally financed assets for a total value more than €100 million. Piraeus Leasing and Piraeus Rent have assisted Serbian and foreign companies in implementing their investment plans, updating their equipment and vehicle fleets and, thereby, helped them increase their production, sales volumes, profitability and competitiveness. Piraeus Leasing finances all types of movable assets, new and used passenger and light commercial vehicles, new and used trucks, buses and other types of heavy vehicles and all sorts of equipment (agriculture, production, IT, medical, construction etc). Piraeus Leasing also performs sale-and-lease back transactions in order to help clients increase their liquidity. Piraeus Rent offers its Fleet Management product for passenger vehicles, in which all vehicle maintenance costs are included in a single invoice. Its portfolio consists of 46% vehicles and 54% equipment. Portfolio composition per type of client consists of 97% registered enterprises and 3% private individuals. Piraeus Leasing is offering very competitive conditions for the financing of new passenger vehicles during the period of the 2014 Belgrade Automobile Show, which will be valid until 30th April. In particular, Piraeus Leasing has an exclusive offer for purchasing the Hyundai i30, with a total interest rate of just 3.9%. An interest rate of 4.99% applies for the purchase of any other vehicle, with a repayment period of up to 72 months. ■

FOSTERING AND BACKING A EUROPEAN SERBIA | 23

INTERVIEW

NEOCLIS NEOCLEOUS, Chairman of the Executive Board and General Manager of Piraeus Bank Beograd

Stable Business and Positive Outlook

“Keeping the strong capital base and capital adequacy ratio high above the market average, as it is now, is essential to absorbing any future nonperforming loans and further strengthening the bank’s financial position”

eoclis Neocleous, Chairman of the Executive Board and General Manager of Piraeus Bank Beograd, notes that the outlook for 2014 is modest, but still slightly better than 2013. However, he insists, “the Serbian banking sector is competitive, with a large number of banks operating on the market, and it is realistic to expect consolidation in the future.”

that imapcted on our business, we are operating with success and are pleased with our achievements. If there was no crisis, our results would be even better.

■ In the meantime, Piraeus Bank has become the largest bank in Greece and one of the top 30 in Europe. How much do these facts impact on the stability of Piraeus Bank’s operations in Serbia? ■ During almost the last ten years in Serbia - At the end of 2013 the Group’s total equity Piraeus Bank has invested over €500 million amounted to €8,543 million, while total assets in the Serbian economy. How would you asreached €92 billion. With total deposits of €54.3 sess the effectiveness of these investments? billion and a market share - We believe we have achieved of 29%, the bank holds the significant results during the The stability of the position on the Greek previous period and that we’ve Serbian banking system leading banking market, which has had good development. Piis not jeopardised, remained stable in the last four raeus Bank Beograd started its operations on the Serbian despite the current high quarters. The recent Piraeus Bank market with a network of nine level of NPLs Beograd capital increase of branches and 176 employ€25 million demonstrates the support that the loees. Today the bank has a business network of 42 cal subsidiary has from the parent bank in Greece branches and approximately 600 employees. It has and the intention to further expand its business developed the sector of Piraeus Leasing and Piraeus activities in Serbia. Keeping the strong capital base Rent, we have tens of thousands of clients, have and capital adequacy ratio high above the market placed loans of around €600 million, including average, as it is now, is essential to absorbing any loans to the Serbian market booked at the Piraeus future non-performing loans and further strengthBank London Branch, and deposits worth about ening the bank’s financial position. €300 million on our clients’ accounts. Piraeus Bank Group has again proved its posiNow, after five years of crisis, we are further tive acceptance on the international capital mardeveloping our bank and have a five-year growth kets by selling a €500 million bond to international plan which we started this year. Despite the crisis

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investors, oversubscribed six times. This has very positive implications for the visibility and reputation of Piraeus Bank as the first bank in Greece to borrow on the international markets since the crisis began. ■ According to the National Bank of Serbia, in addition to the long-lasting economic crisis, the Serbian banking sector is also withstanding adverse pressures from the market. How would you characterise the current situation in the Serbian banking sector? - The Serbian economy is facing the consequences of the global economic crisis and needs to take urgent economic measures to accelerate growth. The outlook for 2014 is probably slightly better than 2013, but still modest. The Serbian banking sector is competitive, with a large number of banks operating on the market, hence it is realistic to expect consolidation in the future. The consolidation process has already begun and is currently reflected in internal reorganisation to improve business effectiveness, reduce costs and, most importantly, provide better services. The current objective of all competitors operating on the local market is to provide a compact service that will make the difference between institutions in the future, instead of pricing policy, as has been the case to date.

government when it comes to protecting the banking sector? - The global economic crisis has impacted on the Serbian economy and the government needs to implement economic measures quickly in order to promote economic growth. The package of economic measures set in late 2013 was necessary and constitutes a step in the right direction, towards controlling the budget deficit. However, these measures alone, without broader reforms in the direction of reviving the economy, will not be sufficient for long-term results. Their effectiveness will be limited unless immediate incentives for economic growth are implemented. It is very important to manage the remaining legal framework problems, especially in the area of the Insolvency Law, the Law on Payment Deadlines, the Labour Law etc. In this sense, judicial reform is a key reform, but it also goes hand in hand with economic reform, and/or political and business strategies that take care of the interests of each individual, ensuring above all that people have jobs and can make a living from those jobs.

■ Many foreign investors have complained for years about bureaucracy, corruption and unpredictability in the planning process, due to frequent legislative changes. How would you rate the business environment in Serbia? - There are indications from several major Greek companies that are interested in becoming active players on the Serbian market. In order to maintain and expand the interest of investors, it is essential that announced changes relating to the improvement of the business climate are The Serbian Economy is actually implemented. Here I am primarfacing the consequences ily thinking of improvements to the legal of the global economic framework for doing business.

■ All of a country’s good and bad economic trends are affected through the banking sector. In your opinion, what is lacking in order for the economy and banks to work successfully? - The stability of the Serbian banking syscrisis and needs to take tem is not jeopardised, despite the high urgent economic measures ■ Piraeus Bank is known for its sucactivities in the CSR field. level of NPLs. Though almost every third to accelerate growth. The cessful What are you planning for 2014? corporate loan is non-performing, this does not mean we are in jeopardy, as banks outlook for 2014 is probably - By designing and implementing social have enough capital to cover potential slightly better than 2013, responsibility projects and committing itself voluntarily to exceeding the obligalosses. The result of such a situation is stagbut still modest tions imposed by law, Piraeus Bank strives nation in credit borrowing and too much to raise its standards for social development, promoting and safepotential money for investment trapped on banks’ balance sheets. The banking sector situation has to be considered through the guarding cultural heritage, environmental protection, education framework in which the country’s economy operates, as problems and the observance of fundamental rights. This year our first volunteering activity was arranging schoolrelated to the economy are the same as those faced by the Serbian banking sector. All partners exercise caution when it comes to new yards by planting trees and hedges, as well as fixing and painting placements. While the banking sector is trying to reduce NPLs, we the iron fences of two primary schools in the Municipality of New are witnessing increased caution among citizens when it comes to Belgrade. Piraeus Bank employees will participate in CorD’s Charity Masborrowing, as well as caution among companies when it comes to ters race during the Belgrade Marathon, where we going to do our making new investments. We should bear in mind that non-performing loans are a prob- best to run the longest course ever. Piraeus Bank will once again support the Mathematical Gramlem for the entire region and this problem burdens all financial market participants. The price “paid” by banks is reduced profit mar School Cup, which enables talented students from around the and non-committal for approving new loans, while clients face in- world and our country to compete in the fields of mathematics, physics and computer science. We will also continue supporting creased interest rates. the students of the Belgrade Banking Academy by providing cash ■ In that sense, what should be the priorities of the new Serbian prizes and organising expert practice at the bank. ■ FOSTERING AND BACKING A EUROPEAN SERBIA | 25

INTERVIEW

ZDRAVKO JELUŠIĆ, Vice President of the Serbian Chamber of Commerce

Greece is a Reliable Partner to the Serbian Economy

Greek investors show the most interest in the field of renewable energy, particularly because the construction of nuclear power plants is prohibited in Greece. Greek business leaders are more interested in establishing cooperation in the field of organic and dietary products, tourism and innovation, and technology transfer

and Greek investments were significant prior ntil recently Greece was among the to the economic crisis, particularly in banking, countries with the most investors in real estate and hospitality. The trade exchange Serbia. However, as a result of the between Serbia and Greece is stable, diverse and sovereign debt crisis in Greece and grew constantly from 2000 until the global ecounder the pressure of the government's anti-crinomic crisis in 2009. In 2013 Greece was ranked sis measures, Greek state capital is no longer di19th as a buyer of Serbian goods and 23rd among rected abroad and, therefore, not towards Serbia. "Beginning in 2009 the value of Greek investSerbia’s suppliers. Total trade between Serbia ments started declining, so much so that Greece, and Greece in 2013 stood at $474.47 million, of which has always been which exports to Greece were among the leading investor worth $219.23 million and According to IMF countries, is today ranked imports from Greece valued forecasts, in 2014 11th," says Vice President of $255.54 million. Serbian exports to Greece started to stagthe Serbian Chamber of ComGreece will emerge merce, Zdravko Jelušić. "On from recession after nate in 2012, due to a decline demand for Serbian raw the other hand, Greek private six years of hard times in materials on the turbulent capital is pursuing expanGreek market. sion, seeking new, alternaWhen it comes to Greek investments that are tive markets and profitable investment projects, not in the banking sector, the most significant so it remains up to us here in Serbia to work to investments have come in the fields of telecomincrease the attractiveness our economic terrimunications, energy, infrastructure, agriculture, tory for larger investments from that investment hotels and retail. Business group Veropoulos segment in the future." opened several supermarkets in Belgrade, while the first household appliance stores, Megastors ■ What are the most common forms of ecoelektronika, electrical devices retail chain Eleknomic cooperation between Greece and troniki Atinon, began operating here in 2007. In Serbia at present? September that same year Greek company Alapis - The dominant form of economic cooperation paid €2 million to buy company Šumadijalek, between the two countries is goods exchange, which deals with pharmaceutical product marbut there are many other forms of cooperation. keting. Among major investments in the hotel inGreece is one of the leading investors in Serbia

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dustry is the takeover of Hotel Metropol, which Grecotel paid €27.4 million to purchase. Significant investments are also present in the telecommunications sector, cement industry, information technology and processing crude oil and petroleum products. Greek company Lavrentiadis bought the Belgrade Oil Refinery, as well as IHP Prahovo. Company Eko Yu was founded in September 2002 as a member of Hellenic Petroleum of Greece and has developed a retail network of 28 service stations in Serbia.

investment flows with Greece recorded a negative balance. From January to November 2013 Greek investments in Serbia amounted to €28.138 million, which ranks Greece 11th on the list of investor nations. Besides the banking, hospitality and energy sectors, there is great potential to deepen cooperation between Greece and Serbia in renewable energy, environmental protection, consulting and new technologies.

■ Over the course of last year there were several re■ Greece has contributed significantly to the develop- gional meetings between Greek and Serbian business ment of the Serbian banking sector and Greek banks leaders. What was the outcome of these meetings were among the first to arrive in Serbia after the wars and what is preventing more dynamic investment by of the ‘90s. How much has the scene changed since Greek investors in Serbia? then and how do you see the prospects of banks from - First of all, the economic crisis in Greece has had a major Greece in the coming period? impact on economic relations between the two countries - As I previously noted, the banking sector is one of the most and prevented the further investment of Greece in Serbia. important sectors for Greek investments in Serbia. The Na- According to IMF forecasts, in 2014 Greece will emerge tional Bank of Greece began operating in Belgrade in 2002 and is now also the owner of Vojvođanska Banka, while Eurobank EFG became the owner of Nacionalne štedionice (National Savings Bank) in 2006. The Piraeus Bank Group also operates on the domestic financial market and is well positioned internationally, as is Alfa Bank, which bought up the shares of Jubanka in 2005. This was very important, because the arrival of banks from a single country is a signal to investors from Serbia’s preferential trade status with Russia that country, as well as companies and the countries of the Customs Union (Russia, from other countries, so the arrival of Greek banks contributed signifi- Belarus and Kazakhstan) is still very attractive for cantly to improving the investment private investors from Greece climate in Serbia. We believe that the greatest positive effect of the stabilising of the political situ- from recession after six years of hard times. Modest economation in Greece will be felt precisely through the financial ic growth of 0.6 per cent is expected, primarily due to investmarkets and the banking sector. However, it is too early to ments and exports. Under harsh austerity measures, since expect significant changes in cooperation between Greece 2010 Greece has received two injections from international and Serbia or investments in this segment and analysts ex- financial lenders, worth a total of €240 billion. In 2014 the pect it will remain at current levels for some time. Greek government envisages a €2.8 billion budget surplus for the first time in more than a decade. Tourism gains have ■ What has the trend of Greek investments been like also contributed to the optimistic picture and allowed for in recent years and what is expected going forward? an increase in seasonal employment, although the overall - Greece’s third place on the list of leading investors in Serbia unemployment rate remains high, especially among young for the period from 2005 to 2011, with investments of about people. According to Greek statistics, in the January-Sep€1.3 billion, according to data of the National Bank of Ser- tember 2013 period the number of foreign tourists increased bia, gives us the right to say that Greece is one of the most by 15.2 per cent, or about €2 million, compared to the same important partners to our economy. Almost half of that period last year. amount was spent on greenfield investments. According to We hope that these signals of recovery for the Greek econthe statistics of the Greek side, through these investments omy will impact on the continued improvement of our ecosome 25,000 new jobs were secured. However, in 2012 nomic relations and economic cooperation. Despite the crisis, FOSTERING AND BACKING A EUROPEAN SERBIA | 27

Greece and Serbia have managed to maintain a certain level of economic cooperation and commercial relations in recent years by organising business forums and bilateral meetings, as well as familiarising entrepreneurs with the business conditions on the Serbian and Greek markets. Business leaders from both countries are very interested in improving cooperation and it is up to the institutions to endeavour to restore economic relations between Serbia and Greece to the level of cooperation from the 2000-2010 period.

grammes of the Government of Greece, such as the Hellenic Plan for the Economic Reconstruction of the Balkans. This is an agreement on a development programme of cooperation.

■ In which areas do you see room for the further expansion of cooperation between Serbia and Greece? - Greek investors show the most interest in the fields of infrastructure, energy, environment and transport. The Greek side place special emphasis on the field of renewable energy, particularly because the construction of nuclear power plants is prohibited in Greece. Greek business leaders are ■ What are the most important bilateral agreements increasingly interested in establishing cooperation in the when it comes to economic cooperation between the fields of organic food and dietary products, tourism and intwo countries? novation, as well as technology transfer. The legal regulating of public-private partnerships opens up the possibility for joint projects between our public capital and private Greek capital on construction projects for highways, primarily along Corridor 10, as well as supporting infrastructure - motels, retail outlets, restaurants and other facilities. Interest in trilateral cooperation is increasing noticeably. Serbia’s preferential trade status with Russia and the countries of the Customs Union (Russia, Belarus and Kazakh- Serbia and Greece have key stan) is still very attractive for agreements that are imporBesides the banking sector, private investors from Greece tant for the promotion of bilatthe most significant Greek in the manufacturing sector, eral economic cooperation investments have come in the in terms of the placement of agreements on economic and finished goods on the Russian technological cooperation, fields of telecommunications, market, and we hope that the defence sector cooperation, energy, infrastructure, current Ukrainian crisis will air transport and road transagriculture, hotels and retail not lead to a negative trend port. The basis for advancing when it comes to this option. exports and increasing investment has been set and agreements on avoidance of double ■ If we exclude the hundreds of thousands of Serbian taxation and mutual encouragement and protection of intourists who head to the shores of Greece each year, vestments have been signed. are there any Serbian investors in Greece? In April 2012 the Serbian Ministry of Agriculture and - Unfortunately, we cannot speak of any significant investTrade and the Greek Ministry of Rural Development and ment. There is information about certain investors who inFood signed a memorandum on cooperation in agriculture vested in apartments in Greece, but that didn’t involve a sigand the food industry, thereby creating the possibilities for nificant amount. It is well known that Greece is an EU memeffective cooperation and increased trade in agriculture ber and general business conditions that exist throughout and the food industry. The focus is on small and mediumthe EU apply. Serbian companies have not yet reached the sized enterprises, which gained institutional support with level of business necessary to be able to invest in a demandthe formation of the Mixed Commission for Cooperation, ing EU market like that of Greece. We can only hope that our and it is up to the business leaders to valorise it through investors will be in a position to be able to prove themselves concrete cooperation. on this demanding market. ■ We should certainly mention the financial assistance pro-

28 | FOSTERING AND BACKING A EUROPEAN SERBIA

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SERBIAN-GREEK ECONOMIC COOPERATION

Serbia exported goods worth $96.68 million to Greece and imported goods worth $130.79 million in the first six months of 2013. This saw Greece ranked as the 18th export partner of Serbia and 20th on the side of imports to Serbia

Stability, Diversity, Growth

development of economic relations, namely: a conomic cooperation between Serbia protocol between the Republic of Serbia and the and Greece, and particularly the trade Hellenic Republic on amending the Agreement exchange as the most common mode between the Federal Republic of Yugoslavia and of transfer, has been characterised by the Hellenic Republic for the avoidance of doustability, diversity and almost constant growth ble taxation with respect to taxes on income and since 2000. The largest volume of work, both in property (2009); the Agreement between the exports and imports, is realised by sales (about Government of the Federal Republic of Yugoslavia 96%), while Serbian exports are increase through and the Government of the Hellenic Republic on free trade zones (1.41% in 2011 and 1.48% of international road total exports in the first nine months Considering that Greece is an EU transport of pas2013). Higher member, preferential trade benefits sengers and cargo (2004); the Agreeforms of cooperaare in effect in Serbia’s foreign ment between the tion have been the trade exchange with the country, Government of the most represented Federal Republic in recent years, i.e. mostly duty-free exports of Yugoslavia and while the start of a the Government of the Hellenic Republic on ecostrong recession in Greece has seen the intensity nomic and technological cooperation (2003); of Greek investments fall significantly. the Agreement between the Government of the Considering that Greece is an EU member, Federal Republic of Yugoslavia and the Governpreferential trade benefits are in effect in Serbia’s ment of the Hellenic Republic on cooperation in foreign trade exchange with the country, i.e. the fields of education and culture (2002); the mostly duty-free exports. Only some food prodAgreement between the Government of the Feducts are subject to quantitative restrictions (e.g. eral Republic of Yugoslavia and the Government a quota of 20,000 hectolitres of wine). of the Hellenic Republic on the reciprocal promoSerbia and Greece have concluded a number tion and protection of Investments (1998). of bilateral agreements that are important for the Statistics from 2008 indicate that during The largest importers to Serbia from Greece are: that year the maximum volume of trade ever Alumil YU Industry a.d. Nova Pazova, Delhaize Serbia, EKO Serbia a.d. Belgrade, was achieved, worth almost $500 million, with Idea d.o.o. Belgrade, Austrotherm d.o.o. Valjevo, Copper Com d.o.o. Užice, a good coverage of imports by exports (about Darkom d.o.o. Rumenka, Fruit Company d.o.o. Belgrade, Aluroll d.o.o. Batočina 74 per cent). However, during 2009 there was and Farmalogist d.o.o. Belgrade a reduction in both Serbian imports and exports These companies' imports accounted for about 29.13% of total imports to Serbia from Greece in 2013 compared to 2008 (about 25 per cent of imports

30 | FOSTERING AND BACKING A EUROPEAN SERBIA

Export-to-import ratio, in %

100 80

78.69

73.99 65.28

66.10

Trade exchange between Serbia and Greece, in millions (USD)

73.76

81.92

79.87

63.50

65.46

300 200 100 0

20 -100 0

2005

2006 2007 2008 2009 2010 2011 2012 2013-VII

Export in USD

2005 2006 2007 2008 2009 2010 2011 2012 2013-VII

Import in USD

Balance in USD

and 36 per cent of exports). During 2010 the total volume of dropped to 73.26%. During 2012 Serbian imports grew trade amounted to $410.1 million, with a low Serbian defi- faster than exports, resulting in an increase in the negative foreign trade imbalance on the Serbian side (coverage cit of $45.89 million. During 2011 Serbian exports to Greece reached €201.59 rate of 65.46%). In the first six months of 2013 the exportmillion, which was 10.7% higher than the 2010 volume. import ratio stood at 73.86%. In the first six months of 2013 the dominant import prodThis saw Greece ranked 16th among the leading Serbian importers (out of 169 countries). On the import side during the ucts from Greece were vegetables and fruits (25.41%), nonsame period Serbia imported 19.9% more Greek goods (the ferrous metals (14.45%), oil and petroleum products (3.03%), value of imports was €273.3 million). This made Greece Ser- iron and steel (6.79%), plastics in primary forms (5.94%), plastics in non-primary forms (3.82%), industrial machines bia’s 20th ranked import partner (out of 201 countries). During 2012 Serbia exported goods worth $165.37 for general use (2.63%) and metal products (4.95%). The biggest exporters from Serbia to Greece are Novi million to Greece, while imports amounted to $252.61 million. Significantly more modest exports were the result of a sharp drop in Higher forms of cooperation have been the most the export activities of the Smederevo represented in recent years, while the start of a Iron Works (formerly U.S. Steel Serbia) strong recession in Greece has seen the intensity compared to 2011. In the first six months of 2013 Serbia of Greek investments fall significantly exported goods to Greece worth $96.68 million and imported goods worth $130.79 million. This led Sad’s Sunoko d.o.o., HIP Petrochemical from Pančevo (unto Greece being ranked as the 18th export partner of Serbia der restructuring), the Crvenka Sugar Factory ad, Šajkaška sugar factory in Žabalj, Tetra pack production d.o.o. from and 20th partner in terms of imports to Serbia. The significant reduction in the trade deficit with Belgrade, Ball Packaging Europe Belgrade d.o.o., PirotGreece is the result of significant growth in Serbian exports, based Tigar Tyres d.o.o., Carlsberg Serbia in Čelarevo, paso in 2010 the lowest deficit in seven years was recorded. per company Factory Hartija AD, Belgrade, and Umka AD. The coverage of imports by exports in the first half 2011 Their exports accounted for 63.38% of total Serbian exports was as much as 86.33%, while by the end of the year it had to Greece during 2013. ■ Leading SITC segments in importing from Greece

Leading SITC segments in exporting to Greece Sugar, sugar-based products and honey Plastic materials in primary forms

Fruit and vegetables

4% 4% 3% 31%

Plastic materials in primary forms Clothing

50%

Iron and steel Metal products, not specified elsewhere Other

6% 36%

Clothing Paper, cardboard and cellulose-based products

12% 31%

Rubber products Other

FOSTERING AND BACKING A EUROPEAN SERBIA | 31

GREEK CULTURE

Traces of an important history dating back millennia is etched into every corner of the Greek land: findings from the Prehistoric and Archaic periods, unique works from Classical, Hellenistic, Medieval and Byzantine monuments, creations from folk art cultures, traces from the passing eons of other civilisations and different religions that coexist alongside current creations, edifices and modern works of art

The Birthplace of Civilisation

their ancient pathways is indescribable. reece is located at a meeting point of The Acropolis, standing loftily on the eastern and western countries and rock of the same name, is a monument from this has had an impact on its culthe most illuminated period in known human ture. Thus, the lifestyle of the people history, the Golden Age of is influenced by diverse traditions and practices, Greece offers the world Athens. Delphi, at the heart which further influence over 100 outstanding of Mount Parnassus in the culture of the counarchaeological sites. Central Greece, was betry. Greece, known for its Theatres, public lieved by ancient people to great history, has been be the omphalos (navel) under the occupation of a assembly buildings, Earth, the centre of number of countries and great temples and public ofthethe universe. At the point also passed through sevmarkets portray a history where the oracle of Deleral historical phases. exceeding 5000 years phi, the most important in ARCHAEOLOGY antiquity, lies, there used The major archaeoto be a prehistoric shrine dedicated to the great logical sites in Greece appear to stand above Earth mother â&#x20AC;&#x2DC;Gaiaâ&#x20AC;&#x2122;. and beyond the reaches of time. They have Epidaurus, with its magnificent theatre been recognised as the cradles of humanity and and important temple of Asclepius, famous the excitement one feels when strolling along

32 | FOSTERING AND BACKING A EUROPEAN SERBIA

Mycenae and Tiryns, as well as the archaeological sites of Ancient Messini and Mystras, are among the most brightly shining archaeological treasures of the Peloponnese. In Olympia in the Peloponnese beats the heart of the Olympic Games. Every four years, just as in antiquity, disputes among men give way to noble rivalry. The great shrine of Olympia was once home to the chryselephantine statue of Zeus, named as one of the Seven Wonders of the World. The area has been inhabited since at least the 3rd millennium BC. Crete has many archaeological sites. The Minoan civilisation was one of the most significant in the ancient world. The key feature of this civilisation was the joy of life and the

PLATO

of Western learning can be traced back to the era of Greek greatness that began before 700 BC with the epics of Homer: the Iliad and the Odyssey. Hesiod, the first didactic poet, put his descriptions of pastoral life into epic verse, including practical advice on farming and allegorical myths. One outstanding modern literary figure from Greece is Nikos Kazantzakis, a novelist and poet who composed a vast sequel to Homer's Odyssey. Leading modern poets include Kostis Palamas and Constantine P. Cavafy, as well as George Seferis and Odysseus Elytis, who both won the Nobel Prize for literature, in 1963 and 1979 respectively. PHILOSOPHY Philosophy entered literature in the dialogues of Plato,

ARISTOTLE

lack of a warlike disposition. Exca- Plato and Aristotle, in the context of broader vations in Phaistos, Knossos, Palaicontributions of Greek philosophy in the Classical kastro in Siteia and elsewhere have brought to light great monuments, and Hellenistic eras, gave rise to the idea of but mainly presented a civilisation political science that was so radiant and dedicated to which have been used to teach a range of subjects, includsimple, everyday joys that it seemed invincible. ing philosophy, logic, ethics, rhetoric, religion and mathTHEATRE ematics. Plato is one of the most important founding figTheatre was born in Greece. The city-state of Classiures of Western philosophy. His writings on the Theory of cal Athens, which became a significant cultural, political Forms, or Platonic ideals, provide the basis for Platonism. and military power during this period, was at the centre of Socrates is often credited with turning Western philosothe birth of the theatre, where it was institutionalised as phy towards a more ethical/political direction. He was Plapart of a festival called the Dionysia, which honoured the toâ&#x20AC;&#x2122;s mentor and was put to death by the democracy of Athgod Dionysus. Greek tragedy (late 6th century BC), comens in May 399 BC. Plato wrote dialogues about his teacher. edy (486 BC), and the satyr plays were the three dramatic Much of what we know about Socrates comes from the writgenres to emerge there. Athens exported the festival to its ings of Plato. However, it is widely believed that very few if numerous colonies and allies in order to promote a comany of Plato's dialogues can be verbatim accounts of convermon cultural identity. sations or unmediated representations of Socrates' thought. Modern Greek theatre was born after Greece regained The exception is the Apology of Socrates. independence in the early 19th century. The National TheaIn his work The Poetics, Platoâ&#x20AC;&#x2122;s pupil Aristotle formutre of Greece was founded in 1880. lated the first set criteria for literary criticism. Plato and ArLITERATURE istotle, in the context of the broader contributions of Greek The origins of Western literature and the main branches FOSTERING AND BACKING A EUROPEAN SERBIA | 33

GEORGE SEFERIS

ODYSSEUS ELYTIS

philosophy in the Classical and Hellenistic eras, were to give rise to the idea of political science, the study of political evolution and the critique of governmental systems. CINEMA Greek cinematography has a long and rich history. Though hampered at times by war, political instability and a hostile government, the Greek film industry dominates the domestic market and has even experienced occasional international success. The characteristics of Greek cinema include dynamic plots, strong character development and erotic themes. Two Greek films, Missing (1982) and Eternity and a Day (1998), have won the Palme d'Or at the Cannes Film Festival. Five Greek films have received nominations for the Academy Award for Best Foreign Language Film. During the 1950s and ‘60s Greek cinema experienced a golden age, starting with Michael Cacoyannis's Stella (1955), which was screened at Cannes. The 1960 film Never on Sunday was nominated for five Academy Awards, and its lead actress, Melina Mercouri, won the Best Actress Award at Cannes. Cacoyannis's Zorba the Greek (1964) won three Academy Awards.

MIKIS THEODORAKIS

The censorship policies of the 1967 junta and rising foreign competition led to a decline in Greek cinema. However, after the restoration of democracy in the mid-1970s, the Greek film industry again flourished, led by director Theo Angelopoulos, whose films frequently won international awards. MUSIC Greek music can be separated into two sections: traditional Greek music and Byzantine music, which includes more eastern sounds. These compositions have existed for millennia, having originated in the Byzantine period and Greek antiquity. There is a continuous development, which appears in the language, rhythm, structure and melody. Famous Greek musicians and modern era composers include the central figure of 20th-century European modernism – composer, architect and theorist Iannis Xenakis. Maria Callas, Nikos Skalkottas, Mikis Theodorakis, Dimitris Mitropoulos, Manos Hadjidakis and Vangelis were also leading 20th century Greek contributors, alongside Demis Roussos, Nana Mouskouri, Yanni, Georges Moustaki, Eleni Karaindrou and others. ■

MELINA MERCOURI

34 | FOSTERING AND BACKING A EUROPEAN SERBIA

TOURISM IN GREECE

The Greek government expects tourism, which is still the country’s most profitable industry, to assist in Greece’s economic recovery. Many international reports, as well as the Greek state’s own data, indicate that tourism revenues will rise significantly in 2014 – by 13% – generating as much as €13 billion

High Expectations for Upcoming Season

dustry, to assist in Greece’s economic recovery. ccording to data from Greece’s Civil Many international reports, as well as the Greek Aviation Authority, foreign arrivals state’s own data, indicate that tourism revenues at Greek airports increased by 16.9% will rise significantly in during the first 2014 – by 13% – generattwo months of the year, risSome of the oldest ing as much as €13 billion. ing to 602,222 from a total European civilisations The head of SETE (the of 515,379 during the same developed on the Greek Association of Greek Tourperiod in 2013. In February alone arrivals at Greek air- islands (Cycladic, Minoan ism Enterprises) told Reuthat Greece is one of ports were up by 19.3%. civilisations etc.), so the ters the top tourist destinations Meanwhile, Greece apislands boast unique for major European populapears to be a very popular archaeological sites tions, such as UK citizens destination among citizens and Germans, noting that of central Europe, with pre-bookings from the UK were up 10%. Andreas German tour operators and travel agencies Andreadis, vice president of SETE, reported that the reporting a 52% increase in bookings for the “initial estimate for 2014 is that we will have more forthcoming summer. than 18 million arrivals, an all-time record, and reThe Greek government expects tourism, cord revenues of 13 billion euros.” which is still the country’s most profitable inFOSTERING AND BACKING A EUROPEAN SERBIA | 35

According to SETE, tourism contributes 16.4% to fore the islands are also unique archaeological sites, with a Greece’s national GDP, covering 51.2% of the trade deficit, distinctive architectural heritage and fascinating local tradiemploying 1 in 5 citizens and generating €34 billion of total tions of this centuries-old and multifaceted civilisation. Most of the islands are found in the Aegean Sea and demand. When it comes to the individual tourist attractions of are divided into seven groups (from north to south): The the country, Trip Advisor suggests 3157 things to see and Northeast Aegean Islands (Agios Efstratios, Thasos, Ikado in Greece, which probably illustrates quite accurately the ria, Lesbos, Limnos, Inouses, Samos, Samothrace, Chios, Psara), The Sporades (Alonissos, Skiathos, Skopelos, Skyreach of Greece’s tourist offer. ros), Evia (the prefecture of Evia is GREEK ISLANDS next to the prefecture of Viotia on the Islands are the main characterTourism contributes east and to the south touches the Aeistic of Greece’s morphology and an integral part of the country’s culture 16.4% to Greece’s national gean Sea, to the north and northwest the Pagasitiko and Maliako Gulf, and tradition. Greek sovereign land GDP, covering 51.2% on the west and southwest it includes 6,000 islands and islets scatof the trade deficit and while is attached to the north and south tered in the Aegean and Ionian seas, employing 1 in 5 citizens Evian Gulf), the Argosaronic Islands only 227 of which are inhabited. This (Angistri, Aegena, Methana, Poros, is a truly unique phenomenon for the Salamina, Spetses, Hydra), the Cyclades (a group of 56 isEuropean continent. The Greek Archipelago comprises up to 7,500 km of the lands, with the most important being Amorgos, Anafi, Ancountry’s total 16,000 km coastline, offering a highly diver- dros, Antiparos, Delos, Ios, Kea, Kimolos, Kythnos, Milos, sified landscape: beaches stretching over many kilometres, Mykonos, Naxos, Paros, Santorini, Serifos, Sikinos, Sifnos, sheltered bays and coves, sandy beaches with dunes, pebble Syros, Tinos, Folegandros, as well as the “Minor Cyclades” beaches, coastal caves with steep rocks and dark coloured comprising Donousa, Irakleia, Koufonisia and Schinousa), the Dodecanese (Astypalaia, Kalymnos, Karpathos, Kasos, sand typical of volcanic soil and coastal wetlands. Some of the oldest European civilisations developed on Kastelorizo, Kos, Lipsi, Leros, Nisyros, Patmos, Rhodes, the Greek islands (Cycladic, Minoan civilisations etc.), there- Symi, Tilos, Chalki) and Crete.

36 | FOSTERING AND BACKING A EUROPEAN SERBIA

Thessaloniki (520 km north of Athens) is Greece’s secMAIN CITIES ond largest city and the most important centre of the area. Discovering the soul of a Greek city requires much more Built near the sea (at the back of the Thermaïkos Gulf), it is than a quick tour around its monuments and a bit of sighta modern metropolis bearing the marks of its stormy history seeing. Greek cities are full of possibilities, easily accessible and cosmopolitan character, which give it a special beauty and visitor friendly throughout the year, offering great and charm. modern facilities and choices. Greek cities combine excellent Heraklion is the largest city on Crete and one of conference facilities with unique museums, archaeological Greece’s major urban centres. Its development began in the sites, shopping and nightlife. late 9th century AD (in antiquity, Knossos was the island’s Athens is the historical capital of Europe, with a long history dating back to the first settlemost important centre, followed ment in the Neolithic age. In the 5th by Gortyn). In later times HerakDiscovering the soul of a lion came under Arabic, Venetian Century BC (the so-called “Golden Greek city requires much and Ottoman rule; its conquerors Age of Pericles”) – the culmination initially gave it the name Khandaq of Athens’ long, fascinating history more than a quick tour Handak, which was corrupted – the city’s values and civilisation around its monuments and a or to Candia. During the 2004 Olymgained universal significance. Over bit of sightseeing pic Games the city of Heraklion the years a multitude of conquerprovided one of the venues for the ors occupied Athens and erected football tournament. unique, splendid monuments - creating a rare historical palVolos is one of the largest and most attractive cities in impsest. In 1834 it became the capital of the modern Greek Greece, as well as being one of the country’s most prominent state and in the two centuries since it has become an attracports. The modern-day city, built near the site of ancient Ioltive modern metropolis with unrivalled charm. A large part cos, dominates the region of Magnesia from its position at the of the town’s historic centre has been converted into a threefoot of Mount Pelion, overlooking the Pagasetic Gulf. This is kilometre-long pedestrian zone (the largest in Europe), leadone of the most beautiful areas in Thessaly, in the centre of ing to major archaeological sites (“archaeological park”), Greece (Volos is situated 320 km north of Athens and 219 km reconstructing – to a large degree – the ancient landscape. south of Thessaloniki), combining the allure of the sea with the mystical charm of the Centaurs’ mountain. ■

IKRP i partneri d.o.o. Beograd member of

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COMPANY REGISTER

All about property office@danos.rs +381 11 2600 603 An alliance member of

A.D. ŠAJKAŠKA FABRIKA ŠEĆERA Aristeidis Vasilopoulos, Gen. director Curuski put 3, Ind. Zone, 21 230 Žabalj Tel: +381 21 831 462 Fax: +381 21 832 395 secerana@eunet.rs www.secerana-zabalj.rs ALPHA BANK SRBIJA A.D. Georgios Papanastasiou, EB president Kralja Milana 11, 1 11000 Belgrade Tel: + 381 11 3302 782 Fax: +381 11 3243516 gm-office@alphabankserbia. com www.alphabankserbia.com ALPHA COPY D.O.O. Ioannis Tsangadas, Director Tadeuša Košćuška 30 11000 Belgrade Tel: +381 11 3206700 Fax: +38111 3206732 milinic@alphacopy.gr www.alphacopy.gr ALUMIL YU INDUSTRY A.D. Rita Lozinsky, Director Industrijska zona bb, 22330 Nova Pazova Tel: +381 22 321673 Fax: +381 22 321244 alumilyuindustry@yahoo.com www.alumil.com AXA OSIGURANJE Adamantios Chatzistylis, Director Bul. Mihaila Pupina 6/XIV 11 070 Belgrade Tel: +381 11 22 00 400 Fax: +381 11 22 00 401 contact@axa.rs www.axa.rs ARRIKTON PORTA D.O.O. Jurija Gagarina 28, 11 070 New Belgrade Tel: +381 22 83 953 Fax: +381 11 22 83 963 beograd@arrikton.com www.arrikton.com ARTIUS D.O.O. Ioannis Tseperkas, Director Kraljice Natalije 45, Belgrade Tel: +381 11 2642 499 Fax: +381 11 2642 499 info@artius.rs www.artius-signs.com ARXIKON GRADNJA Konstantinos Papanikolaou Vladimira Popovića 6, 11070 New Belgrade Tel: +381 11 405 77 54 info@arxikon.co.rs www.arxikon.co.rs ASCO VIDAK D.O.O. Eleftherios Kaltapanidis, Director Železnička 5, 21410 Futog Tel: +381 21 895084 Fax: +381 21 895 768 vidak@asco.gr www.ascovidak.com AUTOTECHNICA SERBIA D.O.O. Dimitrios Mangioros Vladimira Popovića 6, 11070 New Belgrade Tel: +381 11 20 28 200 Fax: +381 11 31 21 670 office@hertz.rs

www.hertz.rs AXON COMPANY D.O.O. Christoforos Markou, Director Mihaila Gajica Kale 9a 11260 - Pećani Belgrade Tel: +381 11 80 26 546 Fax: +381 11 80 27 518 axon@axon.rs; www.axon.rs AXXON TRADING D.O.O. Pavla Vujišića 13 11080 Belgrade tel: +381 11 4145 601 fax: +381 11 3756 179 office@axxon.rs; www.axxon.rs BALKAN CARGO D.O.O. Darko Ašik Španskih boraca 24b/I/1 11050 Belgrade Tel: +381 11 3133 152 Fax: +381 11 3121 394 office@balkancargo.rs www.balnkancargo.rs BEOGRADSKO MEŠOVITO PREDUZEĆE Milentija Popovića 5, 11070 New Belgrade Tel: +381 11 30 11 224 Fax: +381 11 311 4201 abanjac@bmp.co.rs www.belgrade.regency. hyatt.com BLUEGRASS D.O.O. Pivljanina Baje 87 11040 Belgrade Tel/Fax: +381 11 2663 083 bluegrass.belgrade@yahoo.com BYZANTIO KESSIDIS GROUP D.O.O. Pangratios Kessidis, Director Miska Jovanovica 24, 11000 Belgrade Tel: +381 11 3973307 Fax: +381 11 464469 kessidis@eunet.rs www.kesidisgroup.com PREDSTAVNIŠTVO BYZANTIO Vladimir Ilić, Director Vojislava Ilića 26/009 11000 Belgrade Tel: +381 11 2404597 CBS INTERNATIONAL D.O.O. Dragan Radulović Omladinskih brigada 88b 11070 New Belgrade Tel:+381 11 22 58 777 Fax +381 11 22 81 969 office@cbre.rs; www.cbre.rs COCA-COLA HELLENIC BOTTLING COMPANY – SRBIJA Industrija bezalkoholnih pića A.D. Ramon Weidinger, Director Batajnički drum 14-16, Zemun Tel: +381 11 3073100 Fax: +381 11 3073199 pr.rs@cchellenic.com www.coca-colahellenic.rs CRVENKA FABRIKA ŠEĆERA A.D. Aristeidis Vasilopoulos, Director Masarikova 7, 25220 Crvenka Tel: +381 25 731122 Fax: +381 25 731710 info@secerana-crvenka.rs www.secerana-crvenka.rs CYCLE CREDIT D.O.O. BEOGRAD Ioannis Gkionis

www.danos.rs www.realestate.bnpparibas.com Omladinskih brigada 86 11070 New Belgrade Tel: +381 11 3219 400 Fax: +381 11 3219 410 office@cyclecredit.rs www.cyclecredit.rs CHIPITA YU A.D. BEOGRAD Stylianos Zakof Bul. Mihajla Pupina 10v, 11070 New Belgrade Tel: +381 11 3122-081 Fax: +381 11 2761986 office@chipita.rs www.chipita.com DA FRATELLO D.O.O. Slobodan Delić Učiteljska 13/ Braće Ribnikara 37, 11000 Belgrade Tel: +381 11 30 86 024 Fax: +381 11 30 86 025 info@fratello.rs; www.fratello.rs DANOS AND ASSOCIATES D.O.O. Ioannis Paraskevopoulos Španskih boraca 3/1 11070 New Belgrade Tel: +381 11 26 00 603 Fax: +381 11 26 01 571 office@danos.rs www.danos.rs DIASTASI CONSTRUCTION D.O.O. Georgios Kapolonaris Kneza Milosa 95, Belgrade Tel: +381 11 3612 426 Fax: +381 11 3067 060 office@diastasicon.rs www.diastasicon.gr DQS LIAISON OFFICE Zoran Anđelković Kralja Milana 7/V, Belgrade Tel: +381 11 3246 841 Fax: +381 11 3246 842 office@dqs.rs; www.dqs.rs EASY FACILITIES MANAGEMENT Nebojša Đurović, Director Rade Končara 25, Zemun Tel: +381 11 316 1330 Fax: +381 11 316 1330 info.sr@easyfacilities.com www.easyfacilities.com EKO SERBIA A.D. Vasilis Panagopoulos, Director, Tosin bunar 274a, 11000 Belgrade Tel: +381 11 2061500 Fax: +381 11 2061555 www.ekoserbia.com ELTON CORPORATION D.O.O. Panagiota Papathanasiou, Director, Sanje Živanovića 27A 11000 Belgrade Tel: +381 11 6555 113 info.belgrade@elton-group. com; elton-bg.com ELTOP D.O.O. Michael Trokoudes, Director Bavaništanski Put 32 a 26000 Pančevo Tel: +381 13 512 755 Fax: +381 13 512 918 eltop_serbia@3dnet.rs www.eltop.gr ERB LEASING AD Vladan Miljanović, Acting EB President Vuka Karadžića 10, Belgrade Tel: +381 11 30 27 555 Fax: +381 11 30 27 555 www.eurobank.co.rs

ERB PROPERTIES Ladislav Tomašević Vuka Karadžića 10, Belgrade Tel: +381 11 320 7581 Fax: +381 11 218 5843 info@efgpropertyservices.rs www.eurobank.co.rs ETEM S.C.G. D.O.O Spyridon Katopodis Bul. Arsenija Čarnojevića 52a, 11070 New Belgrade Tel/fax:+381 22 32 80 19 20 etem.sr@etem.com www.etem.com EUCONS GROUP D.O.O. Zoran Andjelkovic, Director Bul. Nikole Tesle 48/8 11070 New Belgrade Tel: +381 11 3246 841 Fax: +381 11 3246 842 office@eucons.rs www.eucons-group.ls.rs EUROBANK A.D. Filipos Karamanolis, Director Vuka Karadžića 10, Belgrade Tel: +381 11 2065880 Fax: +381 11 3027536 office@eurobank.rs www.eurobank.co.rs EUROFAST GLOBAL Panagiotis Diallinas Beogradska 31, Belgrade Tel: +381 11 3241 484 Fax: +381 11 3038 848 belgrade@eurofast.eu www.eurofast.eu EVEXIA HEALTH CLUB D.O.O. Georgios Karadimas Strahinjića Bana 74/6 /I 11000 Belgrade Tel: +381 1126 26 131, Fax: +381 11 30 38 780 office@evexia.rs www.evexia.rs FLEXIGLAS PROMET D.O.O. Stefanos Thomakos, Belgrade – Novi Sad Highway 150b, 11080 Zemun Tel: +381 11 3757 681 Fax: +381 11 3757 654 plexiglas@tehnicom.net www.plexiglaspromet.co.rs GRAND CASINO BELGRADE Christos Tsemberas, Director Bul.Nikole Tesle 3, 11080 New Belgrade Tel: +381 11 2202 800 Fax: +381 11 2202 810 info@grancasinoBelgrade.com www.grandcasinoBelgrade. com GREEK TAVERN PIATAKIA Novogradska 10, Belgrade taverna.piatakia@yahoo.com www.tavernapiatakia.com HAPPENING SRB D.O.O. Spyridon Gkinis Ugrinovačka 179, Zemun Tel: +381 11 37 500 23 Fax: +381 11 37 500 23 hppngsrboffice@gmail.com www.happening.com.gr HELLAS COMPUTERS D.O.O. Mirjana Tselekidis Đerić Ustanička 17, 11000 Belgrade Tel: +381 11 3440 300 office@hellas.rs www.hellas.rs HELONA D.O.O. Marija Popović Mitalkov Milutina Milankovica 25/51

11070 New Belgrade Tel: + 381 11 311 0399 Fax: + 381 11 311 6664 helonadoo@sezampro.rs ICAP BUSINESS SERVICES D.O.O. Ioannis Gkionis Omladinskih brigada 86, 11070 New Belgrade Tel: +381 11 2285 020 Fax: +381 11 3188 033 icap@icap.rs; www.icap.rs IKRP I PARTNERI Dimitros Katsaros, Director Tadeusa Koscuskog 30, 11000 Belgrade Tel: +381 11 2635184 Fax: +381 11 2638349 serbia@rokas.com www.rokas.com INTELLI D.O.O. Pavlos Tziorkas Cvijićeva 129, Zira Office Centre, 11000 Belgrade Tel: +381 11 331 45 96 Fax: +381 11 331 45 96 info@intelli-corp.com www.intelli.rs INTRACOM TELEKOM D.O.O Zoran Stankovic, CEO Jurija Gagarina 7, Belgrade Tel: +381 11 2040500 Fax: +381 11 2040501 office@intracom.rs www.intracom.rs INTERALLIS CHEMICALS Marko Malavrazić, Director Neznanog junaka 27a 11040 Belgrade Tel: +381 11 3679 230 Fax: +381 11 3679 231 serbia@interallis.com www.interallis.com ISOMAT D.O.O Spyridon Vlachos Prhovačka bb, Šimanovci Tel: +381 22 215 0 100 Fax: +381 22 215 0 101 info@isomat.co.rs www.isomat.co.rs JOKSOVIĆ, STOJANOVIĆ & PARTNERS Milan Joksović Internacionalnih brigada 38 11000 Belgrade Tel: +381 11 344 59 70 Fax:+381 11 344 59 72 office@jsplaw.co.rs www.jsplaw.co.rs JUNIOR KM CARDS D.O.O. Costas Michailides Joza Laurenčića 6a Altina, 11080 Zemun Tel: +381 11 3755594 Fax: +381 11 3755594 www.juniorkm.com KALODOUKAS HOLIDAYS D.O.O Zlatko Janković, Director Slavonskih brigada 31 11000 Belgrade office@kalodoukas.rs Tel: +381 11 2141414 Fax: +381 11 3132628 info@kalodoukas.rs www.kalodoukas.rs KARANOVIĆ & NIKOLIĆ LAW OFFICE Dragan Karanović Resavska 23, 11000 Belgrade Tel: +381 11 309 42 00 Fax: +381 11 309 42 23

38 | FOSTERING AND BACKING A EUROPEAN SERBIA

knserbia@karanovic-nikolic. com www.karanovic-nikolic.com KLEEMANN LIFTOVI D.O.O. Zoran Đurić, Director Golubinačka bb, Šimanovci Tel: +381 22 40 90 000 Fax: +381 22 40 90 90 office@kleemann.rs www.kleemann.rs KOUMBAS SYNERGY AD BEOGRAD Georgios Koumpas Tadeusa Koscuska 30/3 11000 Belgrade Tel: +381 11 2635 184 Fax: +381 11 2638 349 www.koumbas-synergy.ls.rs KUMAKIS D.O.O. Iosifidis Georgios Antifašističke borbe 38, 11070 New Belgrade Tel: +381 11 3015246 Fax: +381 11 3119922 info@kumakis.rs www.kumakis.rs KURIR INFO DOO Aleksandar Rodić Vlajkovićeva 8, Belgrade Tel: +381 11 322 99 44 Fax: +381 322 56 8 kurir.info@kurir-info.rs www.kurir-info.rs LAMDA DEVELOPMENT D.O.O. Nicolas Constandopoulos Bul. Vojvode Bojovića 6-8, 11000 Belgrade Tel: +381 11 218 2228 Fax: +381 11 218 2227 www.lamda-development.net LAMDA EMPORIUM D.O.O. Vassilis Leboukas, Director Aleksinačkih rudara 12a, Grocka, 11130 Belgrade Tel: +381 11 34 93 985 rainbowcolour@kbcnet.rs www.lamda-emporium.com LINK CONSULTANTS INTERNATIONAL D.O.O. Saša Milošević, Director Omladinska 11a, 11000 Belgrade Tel: +381 114141420 Fax: +381 113670557 office@link-consultants.com www.link-consultants.com LG HEMIJA D.O.O. Natasa Stevanovic, Director Bul. M.Pupina 3/4, 11070 New Belgrade Tel: +381 11 66 00 191 Fax: +381 11 66 07 805 lghemija@eunet.rs www.lghemija.co.rs MAKRO METAL MARKET D.O.O. Dimitris Patsalas, Pančina 13, 11000 Belgrade Tel: +381 11 2411 098 Fax: +381 11 2191 703 MARFIN BANK A.D.BELGRADE Andreas Moyseos Dalmatinska 22, Belgrade Tel: +381 11 3306 402 Fax: +381 11 3306 482 office@marfinbank.rs www.marfinbank.rs MELLON SERBIA Stefanos Karapetsis Bul. Despota Stefana 68c

11000 Belgrade Tel: +381 11 71 50 400 Fax: +381 11 26 91 699 office@mellon.rs www.mellongroup.com MERIDIJAN INZENJERING D.O.O. Charalampos Karagkiozidis, Director Korcaginovo naselje bb, 32300 Gornji Milanovac Tel: +381 32 725200 Fax: +381 32 725199 office@meridijan-inzenjering. com www.meridijan-inzenjering. com METAL GLOBE D.O.O. Konstantinos Karonis Bul. Arsenija Čarnojevića 52a 11070 New Belgrade Tel: +381 11 3015876 Fax: +381 11 3015878 office@metalglobe.co.rs METLIFE A.D.O. Spyridon Moschogiannis Francuska 6, 11000 Belgrade Tel: +381 11 20 92 900 Fax: +381 11 20 92 909 web.srb.pos@metlife.rs www.metlife.rs METROPOL PALACE D.O.O. Ioannis Daskalantonakisa Bul. kralja Aleksandra 69, 11000 Belgrade Tel: +381 11 32 31 212 Fax: +381 11 32 46 251 office@metropolpalace.com www.metropolpalace.com MINOAN BINDING LAMINATING D.O.O. Georgis Kalaitzakis, Director Jovanke Radakovic 33a, 11000 Belgrade Tel: +381 11 2774755 Fax: +381 11 2085386 minoan@sezampro.rs www.minoan.rs www.mbl.rs NORDWOOD D.O.O. Christos Papanastasiou Vencacka 19a/27, 11030 Belgrade Tel/Fax: +381 11 250 68 26 office@nordwood.rs www.nordwood.rs OLYMPUS PLAZA FOOD PARKS YU D.O.O. Saša Kuzman,Director Belgrade-Niš Highway Mali Požarevac Tel: +381 11 8056 039 PEGO D.O.O Michael Petrakis, Director Jug Grizelja 29 Altina, 11080 Zemun Tel: +381 11 3756676 Fax: +381 11 3756679 pegodoo@yahoo.com www.pego.gr PIRAEUS BANK A.D. Neoclis Neocleous, Director Milentija Popovica 5b, 11070 New Belgrade Tel: +381 11 3024007 Fax: +381 11 3027866 banka@piraeusbank.rs www.piraeusbank.rs PIRAEUS LEASING D.O.O. BELGRADE Konstantinos Tsiolis, EB president

Milentija Popovića 5b, 11070 New Belgrade Tel: +381 11 2228 600 Fax: +381 11 222 8601 office@piraeusleasing.rs www.piraeusleasing.rs PROFILCO YU D.O.O. Antonios Athanasopulos, Director Highway Novi Sad 118, 11000 Belgrade Tel: +381 11 377 9400 Fax: +381 11 3779450 profilco@open.telekom.rs www.profilco.gr P.V.F.TRADERS D.O.O. Boban Mitrovic, Director Vodovodska 158, 11000 Belgrade Tel: +381 11 2391551 Fax: +381 11 2390112 www.pvftraders.com RDP B92 A.D. Veran Matić Bul. Zorana Đinđića 64 11070 New Belgrade Tel: +381 11 301 2000 Fax: +381 11 301 2001 www.b92.net SAPIENT MERKATOR A.D. Fotis Kanellopoulos, Director Zagrebacka 7, 11000 Belgrade Tel: +381 11 3034084 Fax: +381 11 2622723 sapientm@ptt.rs www.sapientm.co.rs SARANTIS D.O.O. Petar Labudović, Director Milutina Milankovića 27 11070 New Belgrade Tel: +381 11 209-00-00 Fax: +381 11 209-00-03 office@sarantis.rs www.sarantis.rs S.P. EURO-DOM CO.CO. D.O.O. Stefanos Nikolaos Papazoglou Bul. Zorana Đinđića 83/10, 11070 New Belgrade Tel: +381 11 2120 566 Fax: +381 11 21 20 789 office@speurodom.com www.speurodom.com SUBARU ZA SCG D.O.O. Olivia Kattami Cara Dušana 266 11080 Zemun Tel: + 381 11 21 99 968 Fax: + 381 11 31 64 670 www.subaruserbia.com TAXOL D.O.O. Charalampos Karagkiozidis, Director Korcaginovo naselje bb, 32300 Gornji Milanovac Tel: +381 32 725416 Fax: +381 32 725416 TSOMOKS GROUP INTERNATIONAL Simeon Tsomokos, Director Rige od Fere 8/4, 11000 Belgrade Tel: +381 11 3032235 Fax: +381 11 2636 031 office@tsomokos.rs www.tsomokos.rs THE END OF LINE D.O.O. Patrikios Sarantakos Bul. Arsenija Čarnojevića 76/1 11070 New Belgrade Tel: +381 11 3121 738

sales@teol.rs www.teol.rs THRACE PLASTICS PACKAGING D.O.O. Georgios Braimis, Director Cara Dušana BB, 22330 Nova Pazova Tel: + +381 22 0010 708 www.thraceplastics.gr TITAN CEMENTARA KOSJERIĆ A.D. Miroslav Gligorijevic, Director Živojina Mišića bb, 31260 Kosjerić Tel: +381 31 590303 Fax: +381 31 5903398 www.titan.rs UTR SOLUNAC Terazije 36, 11000 Belgrade Tel: +381 11 3626202 Fax: +381 11 3626 610 solunacbg@sezampro.rs UNISOFTWARE DOO, BEOGRAD Apostolos Tritas Beogradska 31/4 11000 Belgrade Tel: +359 2 841 23 54 Tel: +381 644 781 670 info@unisoftware.net www.unisoftware.net VEROPOULOS D.O.O. BELGRADE Vassilios Kakagiotis, Director Milutina Milankovića 86, 11070 New Belgrade Tel: +381 11 3119111 Fax: +381 11 3115501 office@veropoulos.rs www.veropoulos.rs VIP MOBILE D.O.O. Andreas Graf Omladinskih brigada 21 11070 New Belgrade Tel: +381 11 225 61 00 Fax: +381 11 225 53 33 n.vucinic@vipmobile.rs www.vipmobile.rs VITEX HERMES D.O.O. Prodromos Eftychidis Kralja Petra I 89, 22330 Nova Pazova Tel: + 381 22 323133 Fax: + 381 22 326320 admin@vitex-hermes.rs www.vitex.gr V+O COMMUNICATION Natalija Racković, Director Svetozara Markovića 2/I/3 11000 Belgrade Tel: +381 11 303 48 59 Fax: +381 11 303 48 69 office@vando.rs www.vando.rs VOJVOĐANSKA BANKA A.D. MEMBER OF NBG GROUP Marinos Vathis, President of the Executive Board Trg slobode 5-7, 21000 Novi Sad Tel: +381 21 48 86 600 Fax: +381 21 66 24 859 kabinet@voban.co.rs www.voban.co.rs ŠUMADIJALEK DOO Rosiadis Patroklos Kralja Petra I/5 32000 Čačak Tel: +381 32 224241 Fax: +381 32 224271 sumlek@eunet.rs