Croatian Chamber of Commerce in Serbia by CorD Magazine

GUIDE TO

CROATIAN CHAMBER OF COMMERCE IN SERBIA

Advanced Economic Ties Foundation for Better Relationship February 2010

SPECIAL EDITION

CONTENTS

Guide To

CROATIAN CHAMBER OF COMMERCE IN SERBIA IMPRESSUM EDITOR IN CHIEF Tatjana Ostojić t.ostojic@cma.rs ART DIRECTOR Tamara Ivljanin t.ivljanin@cma.rs PHOTO Croatian National Tourist Board & Slobodan Jotić LECTOR Patritia Andjelkovic TRANSLATORS Snežana Bjelotomić PROJECT MANAGERS Vesna Vukajlović, v.vukajlovic@aim.rs; Marija Savić, m.savic@aim.rs GENERAL MANAGER Ivan Novčić i.novcic@cma.rs FINANCIAL DIRECTOR Ana Besedić a.besedic@cma.rs EDITORIAL MANAGER Tanja Banković, t.bankovic@cma.rs SPECIAL THANKS: The Republic of Croatia’s Ambassador to Serbia PRINTING Rotografika d.o.o. Segedinski put 72, Subotica

GUIDE TO CROATION CHAMBER OF COMMERCE IN SERBIA 2010 published by: alliance international media Knjeginje Zorke 11b, 11000 Belgrade, Serbia Phone: +(381 11) 308 99 77, 308 99 88 Fascimile: +(381 11) 244 81 27 E-mail: office@ allianceinternationalmedia.com www.allianceinternationalmedia. com

BY H.E. ŽELJKO KUPREŠAK, The Republic of Croatia’s Ambassador to Serbia

POLITICS PROVIDE A FRAMEWORK – ECONOMY GENERATES MONEY - Goran Masnec, Director of the Croatian Chamber of Commerce in Serbia

Stategic partnership a foundation for better relations, Bozidar Đelić, Vice President of the Government of Serbia for European Integration

Further trade liberaliza-

This issue is audited by

ABC Serbia

4 Croatian Business Sector In Serbia / 2010

tion - Vesna Arsić, State Secretary in Charge of Foreign Economic Relations in the Ministry of Economy and Regional Development of the Republic of Serbia

Partnership for third markets - Svetlana Božinović, Economic Advisor at the Croatian Embassy in Belgrade

Cooperation is mandatory Slobodan Milosavljević, Serbian Minister of Trade and Services

Ambitious plans - Igor Kosec, Market Access Director, Pliva Croatia

Successful integration -Matko Bolanča, President of the Management Board of PLIVA

Investment opportunities - Vladimir Pavlovic, CFA , Asset Management Company FIMA Invest

30 33 34 38

Facts&figures - Regional partners

Zagreb Fair Meeting point Tourism

PODRAVKA

PODRAVKAâ&#x20AC;&#x2122; S VISION

o be the leading food company in knowledge, consumer relations and revenues among companies placed in the region of Southeast, Central and Eastern Europe, as well as a pharmaceutical company which achieves more through a distinctive partnership approach.

cially technological, as well as corporative management, are the basic advantages of our company. Its basic values are: innovation skills, the desire for education, entrepreneurialism, ambition, the winning spirit, team work and professionalism. With numerous created brands as well as many received awards and acknowledgements for a wide variety of business activity, we consider the loyalty of our consumers as the biggest success of Podravka. We are different from other companies because we understand their needs, becuse we have high quality products and because we adjust very successfully to the growing demands of the market.In Podravka we run business according to the principles of sustainable growth. With its products, Podravka has been constantly increasing its value. While doing that, we use less resources and we make less waste, and we are especially taking care of environment preservation and the development of the environment and the society and we are extremely sensitive to their needs and we support them through our acitvities. Podravka is also characterized by its involvement in the life processes of their employees and the entire community respectively. Numerous consumers in more than 40 countries throughout the world have recognized the value of Podravka and its products and they have put their trust to them.

Podravka is a company with a heart!

PODRAVKAâ&#x20AC;&#x2122;S MISSION To create high-quality brand products that gain the trust of clients and consumers In 1934 the Wolf brothers founded a workshop to process fruits, a predecessor of Podravka. Today, Podravka is enlisted among the leading companies of southeast, middle and east Europe. There are three business segments of the company: food, beverages and pharmaceuticals.In our work, we are trying to balance between the economic growth, a progress of the society and the concern fo the environment and to create a perfect match of local and global. Our mission is creation of top-quality products of recognizable brands. Quality and professional people, the high level of knowledge, espe-

2010 / Croatian Business Sector In Serbia 5

6 Croatian Business Sector In Serbia / 2010

ŽELJKO KUPREŠAK

The Republic of Croatia’s Ambassador to Serbia

Dear readers, It is my great honour and even greater pleasure to extend to you my warm welcome to the special edition of CorD magazine entirely dedicated to the economic relations between the Republic of Croatia and the Republic of Serbia. There is no special reason for CorD’s special edition being all about Croatian / Serbian economic relations. Nothing spectacular has happened recently in that respect, there are no important visits by either side, no great fairs or jubilees, no big international conferences about economy taking place... So, what is then the reason for making this short genesis of nine years of economic relations between the two countries, for putting together a synthesis of success and a registry of problems? What you have in front of you today is a result of many years of work by the Republic of Croatia’s Embassy in Belgrade and a representative office of the Croatian Chamber of Commerce in Serbia, a composite of achievements by Croatian business community in Serbia and its Serbian partners in building a business partnership between the two countries. It is our wish to give an additional impetus and new content to these relations. Today, both economies, just like most economies in the world, are dealing with the global economic downturn. Also, we still have to tackle internal problems associated with the transition process. We are in the same boat too when it comes to joining the EU, which became the sine qua non of economic survival. The good cooperation between the two neighbouring countries is a validation of integration into the environment, the EU and the world.

Partnership relations in economy are beneficial to overall relations between the two countries and the region so that companies can position themselves better and easier on the demanding EU market, and, most importantly, for our citizens to have better quality life. However, quite a few problems still remain unresolved. An open and argumentative dialogue about these problems is the first prerequisite for overcoming them. I am primarily referring to a more unhampered and aggressive approach by Serbian companies on the Croatian market, their bigger participation in investments in Croatian economy, better results on implementation of the CEFTA, a more efficient dealing with property and legal issues, faster implementation of the EU standards and norms and using joint experiences in the EU accession. We simply need to talk more about these and many other issues. The problems that are still unresolved and difficult to tackle will subside in time through a dialogue, and are no longer going to be an obstacle to making a trade exchange between the two countries better, to investments getting bigger, to conquering third markets and to encouraging collaboration not only between Serbia and Croatia, but also between the countries in the region and wider. In such an environment, political tiffs are going to be dealt with much faster and the road to a comprehensive coooperation in all areas will be paved. I am confident that you, being well acquanted with economic conditions and tendencies, and we, politicians and diplomats, both want to see progress and development happening. I would like to use this opportunity to wish you personal and business success and happiness at the very beginning of new 2010.

All the best ! ŽELJKO KUPREŠAK 2010 / Croatian Business Sector In Serbia 7

Photo: Damir Rajle 8 Croatian Business Sector In Serbia / 2010

“The good cooperation between the two neighbouring countries is a validation of integration into the environment, the EU and the world.” ŽELJKO KUPREŠAK The Republic of Croatia’s Ambassador to Serbia

2010 / Croatian Business Sector In Serbia 9

BUSINESS INTERVIEW GORAN MASNEC, DIRECTOR OF THE CROATIAN CHAMBER OF COMMERCE IN SERBIA

POLITICS PROVIDE A FRAMEWORK promotion of Croatian companies in Serbia. Mr. Masnec, how do you feel about being director of the Croatian Chamber of Commerce in Belgrade? Bearing in mind the current economic and political relations between our two countries, things are much more difficult today than they were in 2003 when I was appointed. Despite the fact that today’s situation is quite challenging when it comes to tackling problems, it is abetting a constant search for new projects that will advance economic relations between our two countries. Could you tell us what the tendencies are in the business cooperation between Croatia and Serbia? Until 2008, cooperation showed upward tendencies that are clearly visible from the data about trade exchange and foreign direct investments made by Croatia in Serbia. In 2008, Croatia exported to Serbia goods and services worth $778 million, while Serbian exports to Croatia stood at $428 million. In the period from 1999 to 2008, FDIs amounted to €480 million. Do what extent did the economic downturn affect this tendency? According to the Croatian Statistical Office, during the first ten months of

In 2008, Croatia exported to Serbia goods and services worth $778 million

“In the period from 1999 to 2008, Croatian FDIs in Serbia amounted to €480 million.” 10 Croatian Business Sector In Serbia / 2010

lthough he originally comes from Zagreb, Goran Masnec has been living and working as director of the Croatian Chamber of Commerce in Belgrade for quite a few years. He is also the best-suited person to talk about economic and business relations between Croatia and Serbia and

2009, exports to Serbia recorded a 32% decline in comparison to the same period last year, while imports from Serbia were reduced by 39%. In 2008, Croatia’s exports to Serbia grew by 17% in relation to 2007, while imports from Serbia went up by 30%. In 2009, we had two important greenfield investments in Serbia (made by Nexe Group from Našice and DIV-Tvik

GORAN MASNEC, DIRECTOR OF THE CROATIAN CHAMBER OF COMMERCE IN SERBIA

BUSINESS INTERVIEW

– ECONOMY GENERATES MONEY from Samobor). In 2008, we invested a total of €113.9 million in Serbia.

originating from the EU have been used in production.

Both Croatia and Serbia have signed the CEFTA. To what extent is this agreement implemented in the region, and, more to the point, how much is it implemented in economic collaboration between Croatia and Serbia? According to the data on goods exchange, we can see that the agreement has greatly contributed to higher trade and better cooperation among CEFTA member countries. There are visible improvements in other areas of cooperation, aside from trade exchange. We are working on removing customs and non-customs barriers, as well as on harmonizing technical legislation and exchanging experiences related to the country of origin, public procurement, certification, etc. A lot has

CEFTA envisages free trade zones until the end of 2010. Do you see any obstacles in the full implementation of this project? All CEFTA countries are pro-active about cooperating on the full implementation of the Agreement, as well as on removing any obstacles on its way. This speaks volumes about a strong partnership and great goods exchange between CEFTA countries.

been achieved in the cooperation between Croatia and Serbia since October 1st, 2009. We have started to implement the regulation relating to the accumulation and origin of goods which was helpful in the cooperation between Serbian and Croatian companies. This regulation concerns the possibility of acquiring the origin of goods in cases where materials

Croatia takes 12th place in commodity exchange between Serbia and other countries, with the value of trade reaching almost a billion dollars. How do you rate this growth, and what are the barriers for further development?

IREKS - NATURALLY THE BEST IREKS doo is a daughter company of the great international concern IREKS from Kulmbach GmbH, a Germany, one of the leading European manufacturers of improvers, mixes and brewing malt for bread, rolls and confectionery. Around 2.000 employees work in the Ireks Group to supply our customer all over the world, about in 100 country, the best products and provide an efﬁcient service. The company Ireks doo in Serbia was founded in April 2004 with the mission to the superb technical and expert support to the Serbian market offering products that are the result of the latest achievements in confectionary program and bakery products, spices and additives for meat products and products used for animal food. This program can be realized only with continued and strong our support for potential customers in their bakery shops or through professional seminars in the country and abroad.

IREKS d.o.o., Svetozara Miletića 3, 26 000 Pančevo, Srbija, Tel: +381 13 366 669, Fax: +381 13 355 244, E-mail: ireks@ireks.co.rs 2010 / Croatian Business Sector In Serbia 11

BUSINESS INTERVIEW GORAN MASNEC, DIRECTOR OF THE CROATIAN CHAMBER OF COMMERCE IN SERBIA

FORMS OF COOPERATION

“W

e must not neglect the cooperation in new areas such as ecology and renewable energy sources. There is an increase in the number of Serbian tourists coming to the Adriatic coast, which certainly contributes to better communication between the two nations.” produce cars, locomotives, trains for short and long distances, wagons, trams, etc. In the last decade or so, overall Croatian investments in Serbia amounted to €500 million. Just how efficient have these investments been? I think that both countries can be happy with that. Serbia has acquired capital when selling companies, additional investments have been made in new technology and products in the case of brownfield investments, which were often greater than the financial and other obligations that companies undertook following privatization in order to ensure that no workers will lose their jobs. Today, these companies are at the very top of the Serbian economy. Croatia acquired a raw material base, the ability to export to countries with which Serbia has concluded bilateral trade agreements and fortified the position of its companies on the Southeast European market.

By overcoming the economic crisis, we are gradually going to increase trade between our two countries By overcoming the economic crisis, we are gradually going to increase the trade between our two countries. This is a logical outcome, because we are neighboring countries, and, until recently, we lived in the same state, speak similar languages, and many of us share business, friendship, and family ties. Business connections are very meshed in many industries. It is difficult to define which activities will be crucial for further development, but there is room for improvement for sure. It is a well known fact that Croatia 12 Croatian Business Sector In Serbia / 2010

has a higher demand for food in summer, as well as steel for shipbuilding. In your opinion, which sectors are complementary, and can they contribute to better collaboration? Croatia exports between $1 and $1.2 billion worth of agricultural and food products annually. This is a great opportunity for Serbia to export some of its food to Croatia, providing that the export, storing, and distribution be carried out via Serbian companies. There are, also, quite a few opportunities for jointly building infrastructure facilities in Serbia, as well as to jointly

How much did politics interfere with economic relations in the region, especially in the case of Croatia and Serbia? Did politics help or made things even more difficult? Politics are expected to provide the frame, adopt and implement regulations, and allow the unimpeded flow of people, goods, and capital. Businessmen, with the help of chambers of commerce, will do the rest. What will be the most significant thing for economic and political relations between Croatia and Serbia in 2010? We live in the countries and time when it is very difficult to predict what will happen in the next week or month, let alone the next year.

PROFILE:

2010 / Croatian Business Sector In Serbia 13

BUSINESS INTERVIEW

Vesna Arsić, State Secretary in Charge of Foreign Economic Relations in the Ministry of Economy and Regiona

FURTHER LIBERALIZATION about what the two countries have been doing to advance mutual economic relations. The overall economic cooperation between Serbia and Croatia has been constantly on the up until this year when it took a blow. Aside from the global economic downturn, what else can be contributed to this 30% decline in 2009? Since 2000, economic relations between the two countries have been entirely positive, a result of more frequent political and economic dialogue and of bringing institu-

lion, a 35.3% decline in comparison to the same period in 2008. The reason for this is found in the fact that we imported less food from Croatia, primarily baby food, ready meals, soups and chowders, confectionary, various sauces and spices, light mineral oils, and such. If we are talking about the Serbian side, we exported less ferrous metallurgy products, heating oil, ethylene polymers, leather, tractors, and so on. Also, reduced production and demand in both countries had its bearing.

In an overall agricultural exchange with the world, Serbia has been recording a surplus, but not with Croatia, where we have a deficit. Croatia is different In order to improve the overall investment climate in both countries, raise the competitiveness level for investors, and increase the volume of the joint economic collaboration, both countries have been involved in creating an institutional framework by concluding several bilateral agreements s State secretary in Charge of Foreign Economic Relations in the Serbian Ministry of Economy and Regional Development, Vesna Arsić says that the main reason for Serbian companies not being adequately present in Croatia is found in the general attitude towards the Croatian market, which is still not inclined towards goods that originate from Serbia regardless of non-custom barriers or our goods being boycotted. We are talking to Ms. Arsić

14 Croatian Business Sector In Serbia / 2010

tional order into mutual relations, something that we are still doing to this day. On 24th June, 2009 an agreement on economic cooperation was signed by Serbian and Croatian governments. The agreement facilitates a certain continuity and defines conditions for the further advancement of long-term economic cooperation, both overall and in parts that are of interest to both parties. The goods exchange has already been regulated by the CEFTA according to which no customs duties are applied to industrial products exported to both countries, while in the case of agricultural products, customs duties and quotas have been correlatively reduced. Despite all the aforementioned measures, the global economic crisis led to a decline in trade exchange with the Republic of Croatia. In the past years, this exchange has had an upward tendency. For example, in 2008, it reached almost $1 billion, with exports to Croatia amounting to $435 million. This year, we have also reached the best export / import ratio, i.e. 80% of imports were balanced out by exports. In the period between January and October 2009, the total trade exchange stood at $531 million, with Serbian exports worth $228 million, a 39.1% decline. With regards to imports, they amounted to $302.9 mil-

Despite the country’s realistic possibilities, Serbia has been recording a deficit in foreign trade with Croatia for years. Why is that so? The reason for weaker exports from Serbia to Croatia, thus a continuous deficit in the mutual trade exchange, could be found in non-custom barriers like complicated procedures at border crossings, neither country having a sufficient number of internationally recognized accreditation and certification bodies, and not enough authorized laboratories and institutions, which creates problems in accepting each other’s certificates. Also, there is a problem with domestic standards and technical regulation that are not harmonized with international standards. Things are particularly difficult in the pharmaceutical sector, i.e. with registration of medication and plant protection products in Croatia. The country still has a negative perception of Serbian products and, in general, of the presence of Serbian companies in Croatia. Food is certainly Serbia’s biggest export potential. Annually, Croatia imports over a billion dollars worth of food. Then there are steel and other products. What is Serbia doing in order to get its market share,

BUSINESS INTERVIEW

Development of the Republic of Serbia which, if nothing else, somehow belongs to it due to the countryâ&#x20AC;&#x2122;s geographical proximity to Croatia? I should mention that in an overall agricultural exchange with the world, Serbia has been recording a surplus, but not with Croatia, where we have a deficit. Croatia is different. It has had a deficit in agricultural trading with the rest of the world, while in the case of Serbia, Croatia has been recording a surplus. The reason for the Serbian deficit lies in the fact that Croatia uses three ways for allocating quotas for import of agricultural products and food, unlike Serbia and other CEFTA members that operate on a first come-first served basis, which is, by the way, the most transparent way and does not require special administration. For the most part, Croatia has managed to harmonize its regulation with that of the EU and apply it in trading within the CEFTA area. This particularly applies to sanitary and phytosanitary measures, technical regulation, and much stricter standards than those applied by the

Regional cooperation - Prime Minister of Serbia, Croatia and Montenegro, Mirko Cvetkovic, Jadranka Kosor and Milo Djukanovic in Gornjim Mrkama, a village near Podgorica, jointly cut ribbon marking the start of construction of the highway Bar â&#x20AC;&#x201C; Boljati in October last year Republic of Serbia and other CEFTA members that have yet to harmonize their regulation with the EU one. This also complicates the export of our agricultural products, like

carp spawn, to Croatia. Also, Croatia has supermarket chains (Idea and Pevec), through which it sells goods in Serbia. And last but not least, there is a psychological factor when

2010 / Croatian Business Sector In Serbia 15

BUSINESS INTERVIEW PROFILE: POLITICS AND ECONOMY

olitical relations certainly have a bearing on the quality and intensity of economic relations. The examples of this is Croatia’s decision to recognize Kosovo’s sovereignty, the lawsuit against Serbia on the account of alleged genocide, which Croatia filed in the International Court of Justice back in 1999, and a recent appearance by a Croatian representative in the International Court of Justice regarding Kosovo’s unilateral declaration of independence. buying goods of Serbian origin in Croatia, in addition to a very strong ‘Let’s buy Croatian’ campaign that could also be viewed as a noncustom barrier. When we discussed the liberalization of trading in agricultural products within CEFTA, the two sides have agreed that further liberalization will improve mutual trading and agriculture in both countries. We also agreed to implement the liberalization process in two stages. In 2010, the new concessions will come into force, while in 2011, customs duties are going to be reduced and quotas raised. Croatia has invested quite a lot in Serbia, with Croatian FDIs amounting to just under $500 million so far. On the other hand, Serbian investments in Croatia are negligible. There are over 200 Croatian companies and branch offices in Serbia today which could be attributed to Croatian companies being very active participants in privatization in Serbia. When it comes to the number of Serbian companies operational in Croatia, there are only a dozen. Foreign direct investments made by Croatian companies in Serbia in the period from 2000 to 2008 amounted to $500 million, representing over 19% of the total Croatian investments abroad. This puts Serbia in second place after the Netherlands on the list of countries that Croatia has invested the most money in. Croatia invested a lot in agriculture, the hunting and services sector (47%), and production of non-metal and mineral raw materials (19%), with the biggest investors being Agrokor, Pevec, Vindija, Idea, Lura, Našicecement, Croatia Osiguranje, and Magma. On the other hand, there was a failed attempt by Danube Foods Group to buy the Karlovac 16 Croatian Business Sector In Serbia / 2010

Dairy, although their offer was a valid one. Galeb did manage to set up a company in Croatia, but failed at trying to acquire another company. It is more than obvious that we need to secure a better permeability of Serbian capital in Croatia. In order to improve the overall investment climate in both countries, raise the competitiveness level for investors, and increase the volume of the joint economic collaboration, both countries have been involved in creating an institutional framework by concluding several bilateral agreements. In this respect, the two countries have made changes to the Agreement on Mutual Incentives and Protection of Investments, an integral part of the process, and the document is supposed to be signed soon. Only three Serbian companies took part in a recent Zagreb fair, unlike some fairs quite far away where dozens of Serbian companies participated. There are close to 200 Croatian companies in Serbia, with some of them being the leaders in their sectors. Serbia has only a few companies in Croatia. What is the reason for this? The main reason for Serbian companies not being adequately present in Croatia is found in the general attitude towards the Croatian market, which is still not inclined towards goods that originate from Serbia regardless of non-custom barriers or our goods being boycotted. We also have a problem with not having any retail chains in Serbia, unlike Croatia which has several supermarket chains here in Serbia. One of our biggest retail companies has decided to expand onto the regional market, making investments of over half a billion euros, but purposefully avoiding Croatia. This speaks volumes about

the core of the problem. Also, our parts and semi-products manufacturers don’t find Croatia particularly appealing, and are more orientated towards EU buyers. Does the Serbian side have a programme pertaining to the CEFTA implementation when it comes to Croatian and other regional markets? The Republic of Serbia will preside over CEFTA in 2010. Since timely preparation is extremely important for accomplishing good results, Serbia has already informed CEFTA members of its priorities. All sides have agreed with this list of priorities and have asked the CEFTA Secretariat to provide technical assistance in order to secure relevant support in implementation of defined priorities. In line with this, the results of Serbia’s presidency will be the following: launching negotiations about trade and services liberalization, creating prerequisites for making bigger investments in the region, revising legal regulation that covers the area of public acquisitions, and revising the rules of competition and relevant practices. In which way will economic collaboration between Serbia and Croatia develop in 2010? Bearing in mind that the negative tendencies in the global economy have been stopped and that the economy has started to slowly recover over the last few months, as well as the fact that the economic relations between the Republic of Serbia and the Republic of Croatia are now regulated at an institutional level, we expect that the trade exchange and overall economic collaboration between the two countries to pick up slightly next year.

ECONOMY INTERVIEW

Svetlana Božinović, Economic Advisor at the Croatian Embassy in Belgrade

PARTNERSHIP FOR order for Serbian businessmen to achieve the same success in Croatia, which is now virtually non-existant? What are the reasons behind this disparity? Croatian business community in Serbia consists of almost 200 companies. Most of them are small, privately-owned companies, quite new to business and still trying to find their way to the neighbouring and the EU markets. Of course, large companies which date back to the time of the former state are there as well. When it comes to Croatia and Serbia, we should not forget that the new stage of economic relations between the two sovereign countries began in 2000. This is when Croatian companies first started coming to Serbia and this is where the reply to your questions lies. The said period was the time of democratization and economic opening, privatization and transition in Serbia. If we have to mention privatization, you have to bear in mind that most Croatian compa-

Serbian companies in Croatia are few and far between and this is the question for Serbian businessmen to answer

The latest data from the National Bank of Croatia shows that Serbia takes the second place on the list of most attractive destinations for Croatian investors 18 Croatian Business Sector In Serbia / 2010

vetlana Božinović, the Economic Advisor at the Croatian Embassy in Belgrade, says that numbers testify that Croatia and Serbia are becoming increasingly important business partners. We have discussed the current level of economic collaboration and further development directions of the two countries with Ms. Božinović.

Croatia and Serbia are quite important to each other in terms of economic partnership, and Croatian business colony in Serbia is large and quite successful. In your opinion, what still needs to be done in

nies came to the Serbian market via the privatization, which was mutually beneficial, I believe. In the meantime, most of these companies have demonstrated their responsibiliyu as buyers and quite solid investors that came here to stay. They are also respectable manufacturers or traders and important exporters to Serbia. On the other hand, the privatization process in Croatia had been almost completed at that time (particularly in the case of small and medium enteprises) and Serbian companies could not have entered the Croatian market in the same manner. Of course, there are other ways of accessing foreign markets, but they mostly depend on economic capacities, affinity and evaluation

ECONOMY INTERVIEW

R THIRD MARKETS of the risk that investors might be exposed to. They also often depend on the support provided by the state and banks. That is why Serbian companies in Croatia are few and far between and this is the # question for Serbian businessmen to answer. There are no formal or legal obstacles to them coming to the Croatian market. If they do face certain difficulties, than that is because of economic capacities, i.e. the overall environment that affects Croatian and Serbian companies alike. I am confident that economic advisors at the Serbian Embassy in Zagreb and the Serbian Chamber of Commerce opening its office in Croatia will facilitate better, or, I should say, more aggressive and persistant penetration of Serbian companies onto Croatian market. This should alleviate the disparity you mentioned earlier. I know for a fact that the best ambassadors of Serbian economy in Croatia are Croatian companies that operate in Serbia. Once they come to, I dare say, spoiled Croatian market, Serbian producers and trades are going to face tough competition, but that will be a good test for them before they embark on conquering the EU market. The Embassy, with H.E. Kuprešak at its helm, and you personally have been working quite dilligently on advancing the economic cooperation between the two countries. What has been the cooperation like in the past two to three years? The numbers show that Croatia and Serbia are becoming increasingly important business partners to each other. The trade exchange in 2000 was quite modest (less than $140 million) while, at the end of last year, the exchange reached almost a billion US dollars, which is a six-fold increase. During the first nine months of this year, and bearing in the mind the global economic downturn, the exchange stood at respectable $500 million ($484 million to be exact), which, in comparison to 2008, is

Although the trade exchange is growing, we still have a long way to go in order to reach our maximum, so the two economies are still in a stage where they are testing the waters, so to speak a 28.4% decline. The export stood at €322 million (29% decline), and import was €162 million, which is almost 1/3 less than in the same period last year. According to the data covering this nine-month period and considering that we have had a difficult year, Serbia takes the 10th place when it comes to overall trade exchange with Croatia, and 6th place when it comes to export to Croatia. I do have to say that statistical data compiled by the two countries differ so, if you ask the Serbian side, the official data about the goods exchange and FDIs is not the same. Let me conclude by saying that, although the trade exchange is growing, we still have a long way to go in order to reach our maximum, so the two economies are still in a

stage where they are testing the waters, so to speak. Following the economic crisis and the transition period, we are definitely going to have better results, not only in trade exchange, but in other sectors too. Judging by available parametres, Serbian side is quite slow in reducing the trade deficit with Croatia. What should we do in order to balance this out? I don’t think you are right. Although, there is still a surplus on the Croatian side, in the last eight years, this surplus has been gradually declining as the total trade exchange has been growing. If we are talking about the overall exchange, out of the aforementioned $140 million in 2000, Croatian 2010 / Croatian Business Sector In Serbia 19

ECONOMY INTERVIEW

them and for the countries they invested in. With regard to Croatian investments in Serbia, most of them were made in retail, food processing, non-metal processing, publishing and printing sectors, as well as in consulting services and stock exchange mediation, insurance and IT. I find a strategic agreement recently concluded between Rijeka Port and Sremska Mitrovica Port quite interesting. The agreement is concerned with joint transport services, while the works on a terminal construction in Sremska Mitrovica are already underway.

export to Serbia amounted to $107 million, which is 2/5 of the total exchange. In 2008, the total trade exchange exceeded €820 million, with Croatian export to Serbia amounting to just under €530 million, which is less than 65% or 2/3. The data from the Serbian Statistical Office covering the last two years pictures even a more balanced trade. This all speaks in favour of the fact that the exchange balance is slowly coming into its own, whether we are talking about trade or general exchange. According to the relevant information, Croatia made a total of 19% of its overall foreign investments in Serbia, which is almost €500 million. What is it that Croatian investors find particularly appealing in Serbia? The latest data from the National Bank of Croatia show that Serbia takes the second place on the list of most attractive investment destinations for Croatian investors. Up until the Q2 of this year, Croatian businesses have invested almost half a billion euros in Serbia (€492 million to be more precise), out of the total €2.35 billion of the overall FDIs, which is a 21% share. This practically means that every fifth investment made abroad ended up in Serbia. As an economist, I find this fact very affirmative particularly for Serbia, but also for the overall economic relations between the two countries. What transition economies and markets, wanting to be present at the EU market, need today are foreign investments. Attracting foreign investors is the basis for economic strategy and policy, and economic growth is measured by their quantity and quality. Look at Poland, the Czech Republic, Romania and other successful examples of transition. I don’t think that Croatian investments are less wanted than, let’s say, Austrian, Italian, French, Slovakian or Bulgarian ones. Of course, this goes both ways. Croatia is still ‘hungry’ for foreign investments and, as the effects to the global crisis begin to disappear, foreign investments will be more frequent. It is up to the creators of economic policies and state authorities to make our countries as attractive as possible in economic, legal, security and any other way in order to appeal to more foreign investors and for their investments to become profitable both for 20 Croatian Business Sector In Serbia / 2010

FURTHER LIBERALIZATION

ollowing Serbia presiding the CEFTA in 2010, and bearing in mind what the Deputy Prime Minister and the Minister of Economy Mlađan Dinkić said about priorities during this term, the expectations are great indeed. When I say that, I mainly refer to further liberalization of the CEFTA market and the service sector, creating better opportunities for mutual investments, which is what we talked about for the most part of this interview, as well as a better legal framework in public acquisitions and market rules. We do hope that the implementation of these priorities will alleviate most problems that we have discussed, not only between Croatia and Serbia, but in the entire CEFTA region.

When it comes to Serbian companies in Croatia, it seems that only Swisslion – Takovo made a significant investment amounting to 20 million. What do you think is holding Serbian businessmen back from reaching their full potential in Croatia? Unfortunately, we don’t have any information on Serbian investments in Croatia. I am sure that the National Bank of Serbia or SIEPA have that kind of information. From Serbian sources we learnt that there was „only one privatization“ involving a Serbian company, where Swisslion – Takovo bought the Eurofood Trade Company from Sisak in mid-2008. We also know that certain Serbian businesses are present in Croatia via foreign franchises, and there are joint (Croatian / Serbian) investments in spas in Istra. A renowned IT company, ComTrade, which has been quite successful in positioning itself in the region, has opened its branch in Zagreb and is doing well. I have already partly explained , after your first question, why there aren’t more such examples. Of course, there is always a possibility of buying a share in a company via trading in securities.However, during this as well as last year, this sector was severly hit by the global economic downturn. In addition to this, most regional financial and securities’ markets are quite unstable and not yet developed. You have seen the turbulences on the Croatian market as well, which is why Serbian investors are a bit more sceptical and frugal, in addition to having psychological barriers I mentioned earlier. There is also the CEFTA accord, which

ECONOMY INTERVIEW

both countries have signed. How much is Croatia actually utilizing the CEFTA in terms of cooperating with other countries in the region and how much in the case of Serbia? Did CEFTA improve the economic collaboration or is it still only a political instrument? Croatia finds the CEFTA an exceptionally useful legal framework for free trade. Croatia has become ‘a master of the trade’, so to speak, with the initial CEFTA which, following the departure of Bulgaria and Romania, was modified into CEFTA 2006 to include Serbia. Now, we are under one ‘free trading’ roof. I think that this agreement hasn’t been used to its full potential, but, in any case, it brought quite a few good results. CEFTA is a good experience and useful training for the countries that are EU candidates and those that will become EU members soon. Can Serbian and Croatian companies somehow get together on board when it comes to accessing third markets via CEFTA or concluding bilateral agreements tied to individual economy sectors? Or is that still unrealistic to expect? There is a real chance and possibility of our countries jointly accessing the third markets. There were some occasional attempts in the oil exploration sector, but that is all. Regional countries, Russia, the Commonwealth of Independent States (CIS countries) and the third world countries still remember Serbia and Croatia as good economic partners. I am confident that if we invest a bit more effort and good will, the results could be great and mutually beneficial.

There are initatives coming from the Serbian side about joint action in the Russian and Ukrainian construction sector. It would be really good if these initiatives were to materialize now when there is a great demand for doing business and when domestic capacities are still underused. Opportunities for collaboration are many, especially when it comes to infrastructure, the Corridor 10 (both road and railway) and the energy sector. We need concrete initatives in this respect, good projects and reliable investors. With regard to operational details, I am sure that our companies would complement each other and be very efficient. To what extent will getting closer to EU membership lead to the creation of a better atmosphere and understanding between the two countries, on political and primarily on economic level? It is a great challenge, as well as privilege, to become an active participant in the biggest contemporary economic, political and environmental project that the EU is. As you have mentioned in your question, the atmosphere will get better and understanding will be greater. If we are talking about economy, both countries will have to get rid off all habits, like direct state subsidies, and create new forms of relations and, for example, clusters that will be regional. By joining the EU, Croatia and Serbia will get a domestic-like market that is one hundred times bigger. We are going to compete in a market game where we already know the rules. Not everything will be swell in the beginning, the salaries will not automatically go up and unemployment down, but I think

With regards to Croatian investments in Serbia, most of them were made in retail, food processing, non-metal processing, publishing and printing sector that we should not think twice about joining such a community. Why wouldn’t you want to be a part of the society that is determined to become ‘smarter, environmentally friendlier and more socially righteous by 2020’? I am not only a euro-enthusiast, but I am also drawing a message from human behaviour which says that in a good company everything, including states and nations, becomes better. There is no reason for Croatia and Serbia to feel any different than that, since intergovernmental and business relations will certainly become better, to the benefit of their citizens.

2010 / Croatian Business Sector In Serbia 21

BUSINESS INTERVIEW

Slobodan Milosavljević, Serbian Minister of Trade and Services

COOPERATION IS MANDATORY Forming any sort of connections is useful, since in doing so, we are creating a very much needed volume economy. We are rather small countries and small markets with quite modest payment options and relatively limited natural resources By Tatjana OSTOJIC he increasing presence of Croatian companies in Serbia speaks volumes about Serbia’s liberal economic collaboration and about the country’s desire to develop the best possible political and economic relations with its neighbours, particularly in CEFTA’s context,” said Serbian Minister of Trade and Services, Slobodan Milosavljević.

What is your view of the economic relations between Serbia and Croatia? Relations between the two countries are decidedly marked by the strong presence of Croatian businesses in Serbia and the rather negligible Serbian presence in Croatia. This tells us that both sides need to invest additional effort

POTENTIAL

here is great potential for improving trade between our two countries, given our geographical proximity and infrastructure, that we speak virtually the same language, and that we have similar consumer habits. I really feel good when I see billboards advertising Istra or some other part of the Croatian coast. I plan to go on a vacation there, but I would also like to see Serbian wines sold in Croatian shops. This is something that politicians need to encourage or else step back in order to let the economy do what it has to do. 22 Croatian Business Sector In Serbia / 2010

BUSINESS INTERVIEW

in balancing out their economic collaboration. Political stability in the region, as well as in the two countries, is certainly a contributing factor to this collaboration. Serbia is a politically stable country and this is something that we should be proud of. The news of EU visa cancellation for Montenegro, Macedonia, and Serbia was actually exceptional news for the entire region, as was Serbiaâ&#x20AC;&#x2122;s application for EU candidacy and the implementation of the Interim Trade Agreement. In your opinion, how much are Croatian consumers deterred from buying Serbian products, and did this lead to Serbian investors deciding against investing in Croatia? Does the reason for Serbia not investing so much in Croatia lie in Serbian investors not being willing to tackle this problem? I cannot agree with you that Serbian investors are not ready to invest. There are certain obstacles and one of the swift solu-

tions to this problem is completely resolving the succession issue in economy. Of course, Croatia needs to muster strength to return what is Serbian and to admit that back in the 1990s Serbian companies and personal property of Serbs in Croatia were illegally sold. Croatia also needs to find the resources necessary to deal with this problem. By doing so, they will send a message to their citizens and consumers that what actually matters is quality at affordable prices.

I cannot agree with you that Serbian investors are not ready to invest How important is it for Serbian and Croatian companies to form connections at the regional level in terms of doing business with the EU and other countries? Forming any sort of connections is useful, since in doing so, we are creating a very

much needed volume economy. We are rather small countries and small markets with quite modest payment options and relatively limited natural resources. Anything that would facilitate product placement on the regional or European market, i.e. anything having both high quality and quantity production, would be good for everybody involved. This is a time for great decisions to be made by all regional countries, including Serbia and Croatia, which should secure a European future for our two nations. Each nation individually has to make that decision. Serbia is definitely on the road to the EU and I would like to believe that other regional countries are too, both for my country and my nationâ&#x20AC;&#x2122;s sake, as well as for the others. Having competition is good and healthy. We all need to be aware of the fact that we are on the same airplane, figuratively speaking. Some are sitting in economy, some in business class. There might be an odd stowaway who might or might not make it to his destination.

2010 / Croatian Business Sector In Serbia 23

BUSINESS INTERVIEW

Igor Kosec, Market Access Director, Pliva Croatia

AMBITIOUS PLANS From year to year, PLIVA has been making considerable breakthroughs on the Serbian market. However, we believe that PLIVA, as a company present on this market for already many years, can have a higher market share market is also increasingly regulated, with additional regulatory, quality, and financial requirements to be satisfied by both manufacturers and all institutions operating within the Serbian healthcare system. In addition to competitors and additional market requirements, we are mostly affected by the unstable domestic currency, partially decreased purchasing power, and a decrease in the value of medicinal products also present on other markets in our region, in Europe, and on the global level as well. From year to year, PLIVA has been making considerable breakthroughs on the Serbian market. However, we believe that PLIVA, as a company present on this market for already many years, can have a

We are ready to invest additional efforts and make additional investments on the Serbian market he Serbian market, competition, and plans for the next period were just some of the questions that we have set up Igor Kosec, Market Access Director for Pliva Serbia.

What do you think about the Serbian market and are you satisfied with your operations here? The market of the Republic of Serbia is very interesting and specific. Since this is the largest market in the territory of the former Yugoslavia, it is characterized by a high number of competitors that is increasing on a yearly basis. The situation on the 24 Croatian Business Sector In Serbia / 2010

higher market share and therefore we are ready to invest additional efforts and make additional investments on the Serbian market. We can already announce that we shall register a high number of medicines, both

from PLIVA’s and Teva’s portfolio, which will diversify market offer and result in considerable savings for patients and for the entire healthcare system, with PLIVA as its partner in the full meaning of this word. What are your plans for this year? Our plans for 2010 are ambitious, yet reachable. We plan to considerably strengthen PLIVA’s position on the Serbian market both this year and over the next few years. Through high-quality promotion, we shall try to present our product portfolio to physicians and pharmacists in Serbia and thus offer high-quality and affordable medicines to patients in Serbia. This is the main characteristic of PLIVA and of Teva, which has been successfully operating on international markets as the global leader in the manufacture and sale of generic medicines. Andol and Andol 100, our over-the-counter products, are well recognized brands in Serbia, holding top market shares. We are very glad that patients have recognized their quality and we hope that Gastal, our antacid designed to combat hyperacidity and gastric problems, will reach a similar success. Of course, we are proud of our Sumamed, discovered by PLIVA’s scien-

COMPETITORS

here are many respectable competitors on the Serbian market. Domestic manufacturers have an exceptionally good market position. The inclusion of their medicines in the reimbursement list, unlike those of foreign manufacturers, has been facilitated, which makes the market position of foreign manufacturers somewhat difficult. Domestic companies also have very broad portfolios and they are cost competitive. We highly appreciate and respect both domestic and foreign competitors, but we also firmly stand behind the quality of our products and their adequate market positioning, which we consider as our comparative advantages.

BUSINESS INTERVIEW

tists, and glad that our innovative medicine is gaining in importance in the treatment of patients in Serbia. In addition to a high number of products pending registration, I also expect many new generic molecules to enter the registration process in the future. Where do you see opportunities to intensify cooperation between Serbia and Croatia? We are neighboring countries with similar languages and similar ways of life, and I think that the intensified cooperation between our two countries is inevitable. Moreover, information is available through the same media, and many people are connected by family ties or friends. One should not forget the fact that the costs of bringing products and services to those markets are lower due to the short distance between our two countries. I am glad to see more and more Croatian products in Serbia each day,

I also expect an increasing number of joint projects of Serbian and Croatian companies on third markets and vice-versa. The biggest breakthroughs have been made in consumables, which are promoted or sold in both countries. Opportunities in tourism are also high since the natural beauties of Serbia and Croatia have not been yet fully discovered by the tourists from our respective countries, and I am sure that they will be among the most numerous in the future. I also expect an increasing number of joint projects of Serbian and Croatian companies on third markets because of all the aforementioned reasons. And last but not least, I also see opportunities in an increased number of new companies established in both countries, which will mean new jobs in both

production and services and contribute to the economy growth and the reduction of unemployment rates in both Serbia and Croatia.

ANDOL® EVER AND FOREVER F or generations, PLIVA’s Andol has been a synonym for a medication that effectively reduces fever, soothes various aches and pains, and most importantly, lessens inflammation. The added buffer substance enables immediate reaction and is safe for your stomach. Andol’s main ingredient is acetylsalicylic acid (ASA), a medication that has been used for many years. The benefits of natural medication like willow bark powder (or salicin), known to reduce fever, are widely known. ASA has been used in medicine for over a hundred years, and its efficiency and safety are well-documented.

Gastal® neutralizes stomach acid and increases the pH level of the stomach, thus raising the tension of the lower esophagus aperture. Excess acid is usually caused by an irregular diet, alcohol consumption, smoking, drinking coffee, very spicy or sweet meals, or psychological tension or usage of certain medications. Symptoms include a feeling of heaviness in lower abdomen, bloating, nausea, pain, and other problems, often heartburn. Gastal is effective immediately and remains active for two to three hours, ideal for those who wish to quickly relieve their symptoms.

2010 / Croatian Business Sector In Serbia 25

BUSINESS INTERVIEW

Matko Bolanča, President of the Management Board of PLIVA

SUCCESSFUL INTEGRATION Following its integration into Teva, PLIVA has become a part of the largest global generic pharmaceutical company and has thus strengthened its position in both Croatia and on its key international markets ast year was dramatic for many companies. How Pliva dealt with the economic crisis in 2009 was one of the questions that we asked Matko Bolanča, President of the Management Board of PLIVA.

Last year was marked by an economic crisis. How has this affected PLIVA, and are you satisfied with last year’s business results? For PLIVA, 2009 was marked by a successful integration into Teva, which has so far resulted in increased revenues and sales, increased efficiency, and record production growth in some business segments. PLIVA’s position is stable. We have remained a strong leader on the Croatian market. Our brand is recognized and highly appreciated across the region. We are the leading foreign company in Bosnia and Herzegovina and very close to the leading position in Macedonia, and our business operations in Serbia are stable. Our exports account for 90% of our sales, out of which 45% are intended for

the US, and somewhat below 40% for the Russian market. Thanks to our exports, we have managed to cope with these hard times, i.e. with both the economic crisis and outstanding payment conditions on the domestic market. I believe that Croatia will join the European Union within the next five years, and therefore I think that these are the crucial years when we should pay

In 2009, we manufactured a near-record 3 billion tablets and registered 15 new drugs on the domestic market more attention to increasing our competitiveness and making necessary adjustments. Companies that cannot be competitive on the domestic market can hardly survive in fiercely competitive international markets. Market globalization has emphasized knowledge as an essential

value of successful companies. Quality knowledge management has become a must for successful operations. To face the challenges in their environment, companies must continuously increase their flexibility, promptly react to challenges, and adjust to new situations. What can you tell us about Teva’s acquisition of PLIVA, i.e. the post-acquisition period? Following its integration into Teva, PLIVA has become a part of the largest global generic pharmaceutical company and has thus strengthened its position in both Croatia and on its key international markets (the global generic market is over $ 100 billion). Therefore, we have entered 2010 in a somewhat better position than our competitors, and with a moderate dose of optimism. In 2009, we manufactured a near-record 3 billion tablets and registered 15 new drugs on the domestic market. The above-mentioned positive results, the successful FDA and EMEA audits, and ambitious business plans are the best guarantee of our future success.

ur response to market challenges lies in new drugs. We shall place about 50 new products on the Croatian and regional markets over the next three years. Also, in 2010 we shall focus on further growth in production and exports of finished dosage forms and active pharmaceutical ingredients, as well as on the transfer of certain Teva products to PLIVA’s production sites in Zagreb and Savski Marof. This will all enable PLIVA to conduct stable and high quality business operations this year.

26 Croatian Business Sector In Serbia / 2010

BUSINESS COMMENT

Doing Business in a Period of Economic Crisis

INVESTMENT OPPORTUNITIES T By Vladimir PAVLOVIC, CFA , Asset Management Company FIMA Invest

he area of the former Yugoslavia is a market divided by state boundaries and a different regulatory framework, but with very similar customer needs and similar working habits. This is why a significant part of foreign trade countries of the former Yugoslavia do business among themselves. After the barriers for the flow of goods and people have been removed, the transfer of capital increased between these countries. The question of buying or establishing a company in a neighboring country is always a “tricky” question, which has political and economic dimensions.

The conclusion is that we expect a very dynamic and interesting business year in which strategic investments will dominate portfolio investments

After a new wave of strategic investments, we can expect a large volume of portfolio investments, but only over the course of a few years 28 Croatian Business Sector In Serbia / 2010

The text that follows devotes attention to the economic aspect of the aforementioned question, while politicians are left to discuss the issue of how to “protect national interests,” what is “strategic investment” – everything that cannot be quantified and that has no strict rule to judge whether the investment decision is correct or not. If someone looks at the past 15 years, regional capital flows were mainly directed from northwest to southeast, and the first capital flow was from Slovenia to Croatia, then from Croatia to Bosnia, Slovenia and Croatia to Serbia, and finally from Serbia to Montenegro and the Republic of Srpska. These capital flows are interesting from two aspects. First, which type of the investment is it about - strategic or portfolio investment, and second, when we can expect the reverse process investments from the southeast to northwest? It seems that in the first decade of the capital flow, from 1995 to 2005, the dominant type of investments were strategic investments, either greenfield investments or acquisitions of companies.

BUSINESS COMMENT

The current situation in the market and the effects of the global crisis significantly reduced (if not completely stopped) investments in the region in 2009. As a result of this wave of investment, in Serbia we have hundreds of Slovenian and Croatian companies today, and very active Business Clubs that bring together managers of these companies , for example the Slovenian Business Club and the Croatian Business Club. On the other hand, portfolio investments were dominant from 2005 to 2009. Slovenian and Croatian citizens and companies have invested their money in the investment funds focused on the Balkan markets. Several billion euros were invested this way. In this short period of time, regional investment funds acquired ownership stake in almost each large open joint stock company traded on the Belgrade Stock Exchange. It is difficult to compare the effects of these two types of investments, but definitely one can reach the conclusion that managerial and operational skills have been transferred with strategic investments, while the portfolio investments improved corporate governance. Both are necessary for Serbian companies, and companies that take advantage of regional ownership structure will prosper. The current situation in the market and the effects of the global crisis significantly reduced (if not completely stopped) investments in the region in 2009. However, the fact that many companies in the region will have a very difficult 2010 opens a wide area for strategic investments at attractive prices. Possible investments are also companies that have problems with liquidity in the bankruptcy procedure. After a new wave of strategic investments, we can expect a large volume of portfolio investments, but only over the course of a few years. As for when can we expect investments from the southeast to the northwest, this is a very popular topic among politicians. However, the economic and financial aspects of this story are pretty clear. When a company in a particular stage of its development has the capacity for regional expansion, it does so. Critical capacities are primarily managerial and financial, but lobbying and PR aspect are important, too. The current economic crisis has shown that there are a number of companies from Serbia that are ready to use the opportunity in the crisis in order to expand their operations over the whole region of the former Yugoslavia. We have to point out that they will have competitors in local companies (Slovenian and Croatian), and international, too.

On the other hand, Slovenian and Croatian companies had a slightly easier task in Serbia. The smaller number of international companies had focused on Serbia because at that time, the perception of market risk for these investors was high. This picture definitely should have the capital flow through portfolio investments. Namely, an increasing number of investment funds established in Serbia decided to diversify their investments, and the region is the first step in that direction. Although currently there are not many assets under management in Serbian investment funds (about 10 million euros), the situation will gradually change, and investors from Serbia will have greater participation in ownership of companies in the region. Finally, the conclusion is that we expect a very dynamic and interesting business year in which strategic investments will dominate portfolio investments. Also, we expect the situation in which capital flows from northwest to southeast, and the opposite will be balanced, which was not the case in previous period.

2010 / Croatian Business Sector In Serbia 29

FACTS FIGURES

REGIONAL PARTNERS Between 1999 and 2008, Croatian FDIs in the Republic of Serbia amounted to approximately €500 million, which is over 19% of overall Croatian investments abroad By Ana STOJANOVIC ince 2000, economic relations with the Republic of Croatia have been on the up as a result of improved political and economic dialogue and regulated bilateral relations, but there is still room for improvement (i.e. Serbia and Croatia have yet to settle unresolved issues like state borders, property, etc.) When it comes to Serbia’s total trade exchange with other countries, the Republic of Croatia took the 12th place in 2008, with total trading amounting to just under a billion U.S. dollars. Regarding export figures, Croatia was in 9th place, while in terms of imports in 2008, Croatia took 13th place. Trade exchange between the two countries grew sevenfold over the last seven years, with potential to be even bigger. The total trade exchange between Serbia and Croatia in 2008 amounted to $988.4 million, 15.1% higher than during the same period in 2007. The value of goods exported to Croatia stood at $436.2 mil-

lion, a 32.6% increase in comparison to 2007. Imports from Croatia also went up by 4.1% in relation to 2007, amounting to $549.1 million. Trade deficit was $109.9 million. In the first ten months of 2009, overall trade exchange between the two countries amounted to $536.92 million, representing a 37.85% drop in relation to the same period in 2008. The value of goods exported to Croatia stood at $236.98 million, a 40.05% decline in comparison to 2008. Imports from Croatia also declined, by 35.6% in relation to 2008, amounting to $300.03 million. Trade deficit was $63.14 million. AGREEMENTS In the last few years, twenty or so intergovernmental agreements and protocols covering the most important areas of cooperation, ranging from normalization of relations to free trade have been concluded between Croatia and Serbia. It is worth mentioning the Succession

ABOUT CROATIA Population: Area: Political system: racy Territorial districts: Zagreb Capital: GDP per capita (2008): Currency: Exchange rate (2008):

4,442 million land area: 56.594 sq km Parliamentary democ20 counties and City of

Zagreb € 10.862 Croatian Kuna – HRK EUR 1 = HRK 7,32 USD 1 = HRK 5,16 Local time: Central European Time International dialling code: + 385 Distances from Zagreb (km): Vienna 370, Munich 550, Trieste 230, Milan 624, Ljubljana 135, Bratislava 440, Budapest 360, Sarajevo 360, Belgrade 390

30 Croatian Business Sector In Serbia / 2010

FACTS FIGURES TRADE EXCHANGE BETWEEN SERBIA AND CROATIA FROM 2002 TO 2009 / 10 IN MILLION $

Year Export 2002 42.0 2003 76.0 2004 154.0 2005 206.9 2006 256.3 2007 331.1 2008/10 398.34 2009/10 236.89

% Import 29.2 90.6 81 121.7 102.6 208.4 34.3 256.6 23.9 364.5 29.2 527 988.4 - 465.58 - 863.92 -40.05 300.03

% 6.9 34.3 71.2 23.1 42.0 15.1 -35.6

Total 132.6 197.7 362.4 465.0 620.9 -109.9 -67.24 536.92

% Balance 13.4 -48.6 49.1 -45.7 83.3 -54.4 28.3 -49.8 33.5 -108.2

-37.85

-63.14

In the first ten months of 2009, overall trade exchange between the two countries amounted to $536.92 million, representing a 37.85% drop in relation to the same period in 2008.

Agreement, which will contribute to swift resolution of property issues, the Free Trade Agreement that came into force on July 1st, 2004 which significantly liberalized trade in Southeast Europe, as well as the Trade Agreement. Since both countries have ratified and started to implement the new multilateral agreement CEFTA 2006, the earlier bilateral free trade agreement became invalid on October 24th, 2007. Deputy Prime Ministers of Serbia and Croatia signed the Agreement on Economic Cooperation in Zagreb on 24th June, 2009. The agreement stipulates the two countries cooperation when it comes to conquering regional, Russian, and other markets and will enable further development and improvement of economic cooperation. The agreement also helps with harmonization of bilateral contractual regulations with the EU markets, with the aim of both countries joining the EU as soon as possible. INVESTMENTS According to data from the Privatization Agency, the National Bank of Croatia, and the media, Croatia is one of the most important participants in the privatization process in Serbia. In the period between 1999 and 2008, Croatian FDIs in the Republic of Serbia amounted to approximately €500 million, which is over 19% of overall Croatian investments abroad. This puts Serbia in second place when it comes to Croatian FDIs, just after the Netherlands. Croatia takes sixth place on the list of the biggest foreign investors in Serbia. It is especially worth mentioning 2003, when the investments totaled €75.9 million and 2006, which was a record year, investmentwise - €132.6 million (source: The National Bank of Croatia). In 2003, Agrokor Grupa bought Frikom via a tender for €10.2 million, and it undertook to invest an additional €33 million in investment and social programmes. Našice Cement acquired Jelen Do for €4.4 million, and

INDUSTRIJA PAPIRA DOO PAN PAPER FACTORY ZAGREB’S EXCLUSIVE DISTRIBUTOR ON THE SERBIAN MARKET FOR THE FOLLOWING PRODUCTS: t QBDLBHJOH QBQFST t XJEF SBOHF PG USBOTQPSU QBDLBHJOH CMBOL BOE QSJOUFE in several colours / block colour ) t DBSECPBSE TIFFUT o DPSSVHBUFE DBSECPBSE Žitomislićka 10/i, Beograd, tel/fax: +381 11 2394059, 239-7053, email: panbeograd@gmail.com 2010 / Croatian Business Sector In Serbia 31

FACTS FIGURES Structure of Croatian exports, 2008.

Source: Croatian Trade and Investment Promotion Agency

SERBIAN INVESTMENTS IN CROATIA

n mid-2008, one of the biggest confectionary producers in the region, Swisslion Takovo, bought Eurofood Market from Sisak, also a leading confectionary company, for close to €20 million. This is the only and, so far, the biggest investment by a Serbian company in Croatia. There have been also several failed attempts by Serbian companies to participate in the privatization of Croatian companies.

Structure of Croatian imports, 2008.

will spend €4.8 million on both investments and social programmes. The same year, ceramic tiles manufacturer Polet from Novi Bečej was sold to the Croatian / Serbian consortium of companies Našice Cement from Našice and Toza Marković from Kikinda. Polet was sold for €11.8 million and planned investments will amount to €31 million. Croatian dairy plant Lura recapitalized Somboled with €9 million, thus becoming its majority owner. Radijator a.d. from Zrenjanin was privatized via a tender at the end of 2007 by Ljevaonica Produkt d.o.o. for €3.6 million. The company also undertook to invest €1.5 million. In July 2003, Našice Cement from Našice also bought a 38% stake in the Stražilovo Company from Sremski

Karlovci and paid €1.3 million for it. A consortium of companies from Germany, Austria, Hungary, and Croatia bought Kanjiža-based Potisje for €9.7 million. Vindija from Varaždin acquired the Lajkovac dairy from Lajkovac for RSD85.6 million, as well as fodder factory UNIP from Valjevo. Vindija Sistem Srbija has invested over €20 million in Lajkovac and Plandište so far, and created close to 190 new jobs. Company Inteks from Mladenovac was sold to M-Profil d.o.o. from Zabok for RSD4.32 million. Croatian company, THOP bought a 41.34 % stake in Erdevik for €1.1 million. Agrokor acquired 67% of shares of the Dijamant cooking oil factory from Zrenjanin, paying €30 million euros for the acquisition. In mid-2007, the Svrljig-based company MIN Holding Co a.d. was sold to the Croatian company DIV d.o.o. for €588.000. By making a direct investment, in 2005 Euromodul d.o.o. from Rijeka spent €600.000 on building a container factory in Nova Pazova, which covers over 1,500 square metres. Croatian retail companies Biljemarket, Pevec, KTC, and Boso bought over 70 retail facilities in Vojvodina. In 2007, Magma from Zagreb took over MPC Holding Kozmolina from Belgrade. In December 2008, the Croatian supermarket chain Pevec opened its first facility in Belgrade and spent a total of €40 million on it. In November 2005, PAN Papirna bought a paper factory in Belgrade for €1.1 million. The company plans to invest an additional €4.9 million. Dalit Korp bought brick producer Udarnik, Croatia Osiguranje acquired Milenijum Osiguranje, and Našice Cement took over Opeka from Smederevska Palanka.

THE BIGGEST IMORTERS

THE LEADING EXPORTERS

he biggest importers from Croatia in the first nine months of 2009 year were the following: AD HIP PETROHEMIJA, Pančevo; PODRAVKA doo, Belgrade; INA doo, Belgrade; ATLANTIC BG doo; JP ELEKTROMREŽA SRBIJE, Belgrade; ENMON DOO, Belgrade; ROVITA doo, Belgrade; CARLSBERG SERBIA doo, Čelarevo; VICTORIA OIL AD fabrika za preradu uljarica, Šid; KRAŠ COMMERCE doo, Belgrade; AD APATINSKA PIVARA, Apatin; AD KNJAZ MILOŠ, Aranđelovac; AD DIJAMANT, Zrenjanin; OGRANAK PORR TECHNOBAU UND UMWELT AKTIENGESELLSCHAFT, Belgrade; UNIHEMKOM doo, Novi Sad; ITM GROUP doo, Belgrade.

32 Croatian Business Sector In Serbia / 2010

he leading Serbian companies in terms of exports to Croatia in the first nine months of 2009 year, were the following: VICTORIA OIL ad, Šid; TETRA PAK PRODUCTION doo, Belgrade; FAM doo, Sečanj; GRAND D INŽENJERING doo- Bor; U.S.STEEL SERBIA doo, Smederevo; KONCERN SWISSLION – Takovo doo, Belgrade; ATEL ENERGIJA doo,Belgrade; M – PROFIL doo, Stara Pazova; BALL PACKAGING doo EURPA BELGRADE doo – Zemun Polje; AD RADIJATOR, Zrenjanin; GORENJE doo - aparati za domaćinstvo, Valjevo; CT COMPUTERS doo, Belgrade; AD VALJAONICA BAKRA Sevojno; AD DIJAMANT, Zrenjanin; AD HIP PETROHEMIJA, Pančevo.

PROFILE:

BUSINESS INTERVIEW

MEETING POINT The Zagreb Fair, one of the oldest and biggest European fairs, celebrated its 100 years of existence and successful operations last year riginally, the Zagreb Fair was just an occasional business exhibition that first took place in 1864 when the First Croatian - Dalmatian Business Exhibition was staged. In 1909, a company called ZagrebaÄ?ki zbor, a forerunner of what is today the Zagreb Fair, was established with the aim of developing all industry and economy sectors through organizing exhibitions and fairs. Back in 1925, the Zagreb Fair became a member and one of the founders of the Global Association of the Exhibition Industry (UFI), which, today has 533 standing members. So far, the Zagreb Fair has played host to three UFI conferences. Following the establishment of the World Trade Centre (WTC) at the end of 1990, the Zagreb Fair validated its ambition to become a relevant participant in the international market. In the same year, WTC Zagreb became a member of WTCA.

The Zagreb Fairâ&#x20AC;&#x2122;s Congress Centre is a member of the International Congress and Convention Association (ICCA). The Centre has 22 halls with 40 to 1,200 seats, and technical and service capacities for holding conferences, round table discussions, professional gatherings, press conferences, formal receptions and cocktail parties. Today, the Zagreb Fair is the biggest organizer of specialized fairs in Croatia and Southeast Europe, the meeting point of business people both from Croatia and abroad, and a place where economic potentials and the latest global technologies are showcased. Every year, the Zagreb Fair organizes 25 specialized events with over 7,000 domestic and foreign exhibitors participating. Around one million visitors, experts, and business people visit the Fair each year. It is with great confidence that we can say that today the Zagreb Fair is an important meeting point of international trade actors in this part of Europe, as well as a globally recognized institution. 2010 / Croatian Business Sector In Serbia 33

WHY COME TO CROATIA

A DESTINA ALWAYS RE R

Attracting a wide range of guests, C suitable for both adventurers and g Croatia systematically and perman at the same time complying with t harmonious satisfaction for both t

Photo: Petar Trinajstic

34 Croatian Business Sector In Serbia / 2010

ATION EDISCOVERED

Croatian has developed and maintained an infrastructure guests seeking a certain level of comfort. nently strive to raise the price/quality ratio to a higher level, he postulates of sustainable development and producing a he guest/service user and the host/service provider

roatia therefore wishes to create a win-win situation for both of them. Such development, tailored to the needs of Croatian citizens and foreign guests, aims for the domicile population to participate in the improvement of their own living standard and the preservation of the national identity. In our case, this means we first used the potentials utilizing our original comparative advantages. We are now turning to potentials that could be valued in terms of tourism, but start the race without an explicit comparative advantage. Therefore, Croatian strategy is not static but dynamic, creative and proactive. Because travelling trends, needs, expectations and motives change. During 2009 Croatia continued the process of intensive investments in both public and private sectors, in accommodation infrastructure, including the infrastructure of cities, towns and municipalities, and transport infrastructure at the national and local levels. All

Croatia has 1,185 islands, roks and reefs. The largest islands are Krk and Cres these efforts contribute to a continual rise in the quality guests experience at their destination, starting from the moment they arrive in our country, their residence and travel, to the moment they return home. Continuously improving the quality of its offer, Croatia seeks to please even the most fastidious of visitors. Testimony to this is the already traditional arrival of royal families, film celebrities, musicians and artists, and members of business dynasties from all around the world, who come back and visit Croatia year after year. Croatia is also a great natural and historical stage for many unique festivals, exhibitions, concerts and events such as the Dubrovnik Summer Games, Split Summer, Rab Fjera, Pula and Motovun Film Festivals, or the Špancirfest in Varaždin. By the number of concerts, exhibitions, cultural events and open air festivals, Zagreb is now at the European top. The year 2009 set a record for the number of world class performances in Croatia, the peak of the country’s track record for the last 10 to15 years. With performers ranging from Beyonce and Sting to U2, and with the help of three major rock festivals - INMusic at

GASTRONOMY

ourmets will have a field day in the continental part of Croatia, surrendering to the gastronomic magic of the cuisines of Slavonia, Međimurje, Zagorje, Lika or Gorski Kotar. Hardly anyone could resist specialties such as Slavonian kulen, Zagorje turkey with mlinci, Baranja spicy fish stew, Lika potatoes, Gorski Kotar belly, frogs or various game dishes. The Mediterranean part of Croatia is an empire of light, healthy food. The area offers the flavours of olive oil, Cres and Pag lamb, Drniš and Istrian prosciutto, Kvarner shrimp, Ston oysters, Vis and Komiža bread, Dalmatian fish and crabs, Istrian truffles and specialties made under a baking lid. Wine lovers can choose among a wide range of continental wines like Traminac, Riesling, Graševina and Burgundy, as well as the Adriatic Dingač, Postup, Malvazija, Žlahtina, Teran and Vugava. 2010 / Croatian Business Sector In Serbia 35

Age West “(www.travelagewest.com) for the ‘Best Vacation Value Europe’ destination, and one of the leading consumer travel magazines “Travel & Leisure’ (www.travelandleisure.com) placed the Dalmatian islands at the European top.

Photo: Renco Kosinožić

Zagreb’s Lake Jarun, Radar in Varaždin and Rokajfest at Jarun - or Jazzarella in the spring and Zagreb Jazz Festival in the autumn – the year 2009 truly sets the record for the number and quality of top class pop events. Apart from the musicians already mentioned, Croatia hosted Eros Ramazzoti, Massive Attack, Cesaria Evora, Limp Bizkit, Arctic Monkeys, Elton John, Moby, Kraftwerk, Lily Allen, Santana, Patti Smith, David Byrne, Bradford Marsalis, Sonny Rollins, Diana Krall, Leningrad Cowboys, Michael Bolton, Sinead O’Connor, Jose Carreras, Pet Shop Boys and many others. In the British daily newspaper The Guardian, the chart of alternative European events not to be missed in 2010 placed the Croatian Soundwave Festival– a festival that has been stirring up audiences in Petrčane near Zadar for years now – in first place. In the year 2009 Croatia received a prestigious award from the leading U.S. magazine on tourism and tourist industry, the ‘Travel

Croatia has eight national parks, 4 in the mainland area (Paklenica, Plitvice Lakes, Risnjak and North Velebit) and 4 in the coastal area (Brijuni, Kornati, Krka and Mljet) Photo: Andrija Carli

36 Croatian Business Sector In Serbia / 2010

LIFESTYLE IN PRESERVED NATURAL AND CULTURAL VALUES The Tourism Strategic Plan for the period of 2010-2014 outlines five main tactics that will make Croatia a hot lifestyle destination with all the natural and cultural values maintained. The objectives include e-commerce, on-line communication and marking offers. Croatia still lacks established brands, which means that it should begin the process of marking the different products (for example, ‘Croatia’s small hotels’, ‘Croatian rural eco houses’, etc.). One of the tactics will refer to the encouragement of cooperation between key players in tourism, and the final tactic to education, since there is much room for improvement of education in tourism. Special marketing plans have been made to improve our main products: the sun and sea, sailing, meetings, culture and touring, continental tourism, and wine and gastronomy. In accordance with the strategic plan, by the end of 2020 Croatia should be able to accomodate 17.6 million tourists instead of this year’s 11.3 million, while the total revenue is expected to jump from the current 7.1 billion to 19.8 billion euros. In order for Croatian tourism to remain competitive on the international market, Croatia will be divided into ten regions or clusters, and each region will be approached individually, and treated in a different way, respecting its qualities and uniqueness. Istria will aim to get the brand of ‘green Mediterranean resort’. The market position of the Kvarner region will be - lifestyle, health and relaxation, and its image ‘Adriatic lifestyle destination’. Dalmatia is divided into four tourism regions, or clusters, each with its own peculiarities: Dalmatia - Zadar will be branded as the ‘enchanting Adriatic’; Dalmatia - Šibenik takes the title of ‘crown of the Adriatic’, placing a special focus on its “nautical paradise” character; Dalmatia - Split will become the ‘Adriatic inspiration’ with the Dalmatian way of life and culture forming its image. In the South, Dalmatia-Dubrovnik will be marketed as “Dubrovnik Riviera and Islands’ - an elegant tourist destination of culture and heritage. The Karlovac-Lika region should be presented as the ‘green heart of Croatia’. The marketing position of Slavonia will be the ‘true joy of life’, with focus placed on gastronomy, nature, peace and the rural environment. Central Croatia will become a ‘short holiday region’, a baroque region, with spas and castles. Finally, Zagreb will be presented as a ‘gate to Croatia’, with the image of a meeting place, one where continental Europe connects with the Adriatic. GASTRO & WINE CORNER The Croatian cuisine is diverse and known as a cuisine of different regions. Its modern form originates from the proto-Slavic and ancient times. The differences in the selection of ingredients and preparation methods are the most obvious if we compare the continental and coastal regions. The continental cuisine is typical for its early proto-Slavic roots and more recent contacts with established schools

of gastronomy – Hungarian, Viennese, and Turkish. Meat products, freshwater fish and vegetables dominate. The coastal region is characterized by the influences of the Greeks, Romans, Illyrians and later Mediterranean cuisines – Italian and French. It features many seafood specialties (squid, cuttlefish, octopus, shrimp, lobster...) prepared in various ways, olive oil, prosciutto, various vegetables, Dalmatian wines such as Babić, Malvasia, Prosecco and Vrbnik Žlahtina, and various liqueurs like the famous Maraschino. In 2008, the national culinary team participated for the first time in the world encounter of chefs and pastry chefs, the Culinary Olympics held in Erfurt, Germany, and won the bronze medal. A SPECIAL DISH FOR EACH HOLIDAY Some festivities are public, like the Dionysian St. Martin’s Day celebrated on estates, in wine cellars and restaurants, while others are only celebrated within the family (weddings, baptisms, Christmas, New Year, Easter, etc.). Each holiday has one specific dish. Pork and potato stew are prepared for pilgrimages and fairs, cod is prepared on Christmas Eve and Good Friday, pork is prepared on New Year’s day, and donuts are inseparably connected with carnival events (in the south they prepare similar pastry called fritule). Ham and boiled eggs with green vegetables are served for Easter, with traditional pastries for dessert (like pinca). Kulen is for harvest days, goose is for St. Martin’s Day, while turkey, other poultry and sarma are served for Christmas. A WIDE RANGE OF QUALITY WINES Croatia has every right to be proud of its wide range of quality wines (there are as many as 700 wine varieties with protected geographic origin), brandies, fruit juices, beers and mineral waters. Every Croatian tourist region has its own wine attributes, provided through the project ‘Wine roads’ as a special form of selling agricultural produce of a particular wine-growing area. Rural farms and

Wine roads in Croatia can be found in two main wine-growing regions, the coastal and continental regions, each of which is further divided into vineyard sub-regions other participants offer their products and other original specialties, especially wine. The uniqueness of the environment and its natural beauty as well as historical and cultural sights, form an integral part of the wine road together with tourist and catering facilities. The construction of the wine road defines the hospitality facilities of an area and determines the alignment of the wine road. Locations for the welcoming of guests are prepared, signposts are made and the wine road is marked. Wine roads in Croatia can be found in two main winegrowing regions, the coastal and continental regions, each of which is further divided into vineyard sub-regions. The coastal region is broken down into Istria, the Croatian Adriatic coast, Dalmatian Zagora and North, Central and Southern Dalmatia. The Continental region is composed of a series of sub-regions that stretch from the Danube region through Slavonia, Moslavina and sub-regions near Zagreb to Zagorje and Međimurje.

Photo: Ivo Pervan

OLIVE OIL Croatian olive growers are constantly regenerating their grandfathers’ olive groves trying to preserve the tradition of growing olives and respecting nature and organic production. Along with the superior flavour and taste they strive to offer a healthy product. Oil refineries use modern equipment for cold processing thus preserving the original flavour, aroma, richness of antioxidants and vitamins. Subsequently, Croatian olive oil is kept in the appropriate packaging and under carefully controlled conditions. Croatia has about five million olive trees covering an area of 5500 hectares, and by 2012 Croatia should have 10 million olive trees. Croatian olive oil is highly respected in the EU, particularly the oil from the old olive trees, which in the past fifty years have not been treated by any chemicals, and for which the same can be said about the ground on which they grow. In 2009, in a competition of over 5,000 oils from around the world, as many as 54 Croatian olive growers were listed in the prestigious world guide of best olive oil, L’extravergine. By the quality of our olive oil, and the representation in the guide L’extravergine, eminent world experts from the olive oil sector positioned Istrian olive oil among the very best in the world. It holds the 2nd place behind Tuscany. www.hrvatska.hr

Photo: Sergio Gobbo 2010 / Croatian Business Sector In Serbia 37

COMPANY REGISTER

AMOROSO d.o.o. Beograd (DrLuigi d.o.o. Šestanovac) Bul.Mihajla Pupina 10ž 11070 Novi Beograd Tel. +381/11/2146 943; ADRIATICA.NET d.o.o. Beograd (Adriatica.net grupa, Zagreb), Kosovska 8/6, 11000 Beograd Tel. +381/11/ 3220 878, 3225 783 Fax: +381/11/ 3226 830 AG DINAS d.o.o. Beograd (AG Dinas d.o.o. Đurđenovac), Široki put 16v, 11273 Batajnica Tel. +381/11/ 848 67 39 dinas.prodaja@sezampro.rs AGIT 2008 d.o.o. Beograd (Agit d.d. Zagreb) Nemanjina 4, 11000 Beograd, Tel. +381/ 11/ 2657 825, 2658 436 Fax: +381/ 11/ 2657 648 AP SIGNALING d.o.o. Beograd (Altpro d.o.o. Zagreb) Jelenka Mihailovića 18, 11060 Beograd Tel. +381/ 11/ 2778 655 Fax: +381/ 11/ 2778 655 ap_signaling@neobee.net ARMAVENT d.o.o. Zemun zastupnik (Strojar d.o.o. Donja Bistra) Borska 9c, 11080 Zemun Tel. +381/ 11/ 359 2001 armavent@gmail.com ASTRA INTERNATIONAL d.o.o. Beograd (ASTRA INTERNATIONAL d.d. – Zagreb), Majke Jevrosime 44/1 11000 Beograd Tel. +381/ 11/ 334 35 20 Tel. +381/ 11/ 322 50 72 ATLANTIC BG d.o.o. Beograd (Atlantic group, Zagreb) , Save Kovačevića bb, 11000 Beograd, Leštane Tel/Fax: +381/ 11/ 8036 282, 8036 284 ATLAS AMBASADOR d.o.o. Beograd (Atlas d.d. Dubrovnik), Kosovska 8/6, 11000 Beograd, Tel. +381/ 11/ 3220 878, Fax: +381/ 11/ 3226 830 BADEL 1862 Beograd d.o.o.

( Badel 1862 d.d. Zagreb), Bul. Mihajla Pupina 121, 11000 Beograd Tel. +381/ 11/ 2137 832, Fax. +381/ 11/ 2132 588 officebg@badel1862.co.rs B 4 B, Novi Sad (B 4 B d.o.o. Zagreb), Bulevar Zorana Djindjića 73 11070 Novi Beograd Tel: +381/ 11/ 2120 450 Fax: +381/ 11/ 2120 453 BCC Services d.o.o. Beograd (BCC Services d.o.o. Zagreb), Kneza Miloša 82, 11000 Beograd Tel: +381/ 11/ 30 65 599 Fax: +381/ 11/ 30 65 598 BELUPO d.d. Belupo d.d. Koprivnica Mosorska 1, 11000 Beograd, Tel/Fax: +381/ 11/ 3098 871,3098 872 belupo@eunet.rs BEOINSTAL d.o.o. Beograd (Metalac sever, Vrbovec), 11000 Beograd Tel. +381/ 11/ 3541 059, Fax: +381/ 11/ 3541 059 office@beoinstal.com BEOMAXTEC d.o.o. Beograd (Ingpro d.o.o. Zagreb), Bul.M.Pupina 10ž/app123 11070 Novi Beograd Tel. +381/ 11/ 311 8956 Fax: +381/ 11/ 311 8955 beomaxtec@sezampro.rs BEOTOK d.o.o. Pančevo (TEK-PROJEKT HIDRO d.o.o. Rijeka), Stevana Sremca 41, 26000 Pančevo Tel.+381/13/ 361 657, Fax: +381/13/ 361 302 office@beotok.rs BERNARDA d.o.o. Beograd (Bernarda d.o.o. Pušćine, Nedelišće) Bulevar Arsenija Čarnojevića 99a 11070 Novi Beograd Tel. +381/ 11/ 301 50 71 Fax: +381/ 11/ 301 50 71 bernarda@eunet.rs BETEL d.o.o. Beograd (Free Port d.d. Zagreb) Juhorska 4, 11000 Beograd Tel. +381/ 11/ 2789 782

38 Croatian Business Sector In Serbia / 2010

BIGZ PUBLISHING, Beograd (Školska knjiga d.d. Zagreb) Bul. Vojvode Mišića 17/III 11000 Beograd Tel. +381/ 11/ 3691 259 Fax. +381/ 11/ 3690 519 bigz@bigz-publishing.rs BILJEMERKANT d.o.o. Bačka Palanka (Biljemerkant d.o.o. Osijek) Trg bratstva i jedinstva 17, 11000 Beograd Tel/Fax: +381/ 11/ 3189 625, +381/21/ 6046 990 biljemerkant@ptt.yu BIOGNOST d.o.o. (Biognost d.o.o. Zagreb) Marička 12, 11090 Beograd, Tel/Fax: +381/ 11/ 3556 463, 3559 270 BMM POSLOVNA LIGA d.o.o. Beograd (Poslovna liga BMM d.o.o. Zagreb), Kursulina 7 11000 Beograd Tel. +381/ 11/ 2440 378 Fax: +381/ 11/ 3449 758 office@bmm-poslovnaliga. com Bomman-KB export-import, Beograd –zastupnik (Tvornica lakih metala d.d. Šibenik) Gundulićev venac 3 11000 Beograd Tel. +381/ 11/ 3227 434, Fax: +381/ 11/ 3222 251 bomman@sbb.rs BOSO, d.o.o. Bačka Palanka (Boso, d.o.o. Vinkovci) Jugoslovenske armije 42 21400 Bačka Palanka Tel.: +385 32/ 341 211, boso@ boso.hr B.P. EUROGRUPA d.o.o. Beograd (B.P. EUROGRUPA d.o.o. Zagreb) Jurija Gagarina 30 11000 Beograd Tel. +381/ 11/ 216 99 18 Fax: +381/ 11/ 2288 733 b.p.eurogrupa@gmail.com CAMBI-CO d.o.o. Beograd (Dona d.o.o. Gornja Stubica) Metohijska 44 11000 Beograd Tel. +381/ 11/ 316 9461 CASTROL CROATIA d.o.o. ( Castrol Croatia d.o.o. Zagreb)

, Takovska 46, 11000 Beograd Tel. +381/ 11/ 3293 886 Fax: +381/ 11/ 3293 885 CEDEVITA d.o.o. Zagreb Predstavništvo Beograd Dragačevska 11 11000 Beograd CENTAR ZA RECIKLAŽU a.d. Beograd (C.I.O.S. Zagreb) Tome Buše 14 11250 Beograd Železnik Tel. +381/ 11/ 2580 586 Fax: +381/ 11/ 2577 314 CETINKA d.o.o. Vršac (Cetinka international d.o.o. Trilj), 2. Oktobar 105, 13000 Vršac Tel/Fax: +381/13/ 833 435, cetinka@hemo.net CNT d.o.o. Beograd (Funda d.o.o. Zaprešić ) Starine Novaka 3 11000 Beograd Tel/Fax: +381/11/ 3245 552, +381/11/3236 696 cnt@eunet.rs cnt@beocity.net COMMEL-PRIKLJUČNI KABLOVI d.o.o. Beograd (Commel d.d. Zagreb) Antifašističke borbe 24/6 11080 Beograd Tel: +381/11/3121 492 Fax: +381/11/ 3121 717 info@commel.rs bgcommel@eunet.rs CRIER MEDIA GRUPA d.o.o. Beograd (Crier Media Grupa d.o.o. Zagreb), Cetinska 32 11000 Beograd Tel/Fax: +381/11/ 303 33 30 CROMOS SVIJETLOST d.o.o. Beograd (Cromos Svijetlost d.o.o. Lužani) Laze Lazarevića 4 15000 Šabac Tel/Fax: +381/15/ 350 635, svjetlost@ptt.rs DATA-LINK d.o.o. Beograd (Data-link d.o.o. Zagreb) Admirala Vukovića 32 11000 Beograd Tel. +381/11/ 3080 748 Fax: +381/11/3980 551 D.B.T. OKOVI BEOGRAD (DBT d.o.o., Zapresić) Aleksandra Popovića 4 11 070 Zemun-Altina

Tel/Fax: +381/11/3756 801 dbtokovi@neobee.net DIJAMANT a.d. Zrenjanin (Agrokor d.d. Zagreb) Temišvarski drum 14 23000 Zrenjanin tel.: +381/ 11 / 551 001, 551 051, 551 050 fax.: +381 / 11 / 546 347 office@dijamant.rs DIV TVIK d.o.o. Valjevo (Div d.o.o., Samobor) Vladike Nikolaja 58 14000 Valjevo tel: +381/14/293 740 , fax: +381/14/ 293 931 td55@nadlanu.com tvik-div@beotel.yu DOMINUS BOOKS d.o.o. Beograd (Dominović d.o.o. Zagreb) Bul.Despota Stefana 88/3 11060 Beograd tel. +381/11/2768 360 fax: +381/11/2768 360 office@dominosbooks.rs DRVO-TVIN d.o.o. Beograd (Tvin d.o.o. Virovitica) Bul. despota Stefana 108, 11000 Beograd, tel. +381/11/ 32 92 049, tel./fax: +381/11/ 32 92 039 drvo-tvin@beotel.yu DVOKUT SEE d.o.o. Beograd (Dvokut Ecro d.o.o. Zagreb), Dečanska 5/II, 11000 Beograd tel. +381/11/ 3226 451 fax: +381/11/3248 931 info@dvokut-see.rs ECO-JET d.o.o. Beograd (MEDIANEA d.o.o. Novigrad) Generala Aračića 10 11000 Beograd info@medianea.he EGMONT d.o.o. Beograd (Egmont d.o.o. Zagreb), Bulevar Arsenija Čarnojevića82/3 11070 Novi Beograd tel. +381/11/ 3132 656 fax: +381/11/ 3139 763 EKO TANK d.o.o. Beograd (Rijekatank d.o.o. Rijeka) , Proleterskre solidarnosti 21ž 11000 Beograd tel: +381/11/ 3016 447, 3130 218, 3016 447

fax: +381/11/ 3130 217 ekotank@eunet.rs EUROMAKINA d.o.o. Irig (Euromakina d.o.o. Split) Ive Lole Ribara 65 22406 Irog tel. +381/ 22/ 461 845, fax: +381/22/ 461 050 ELEKTROMAX (Elektomax d.o.o. Rijeka) Požarevačka 10-11 11000 Beograd tel. +381/11/3441 939 EMANITA d.o.o. Novi Sad (Emanita d.o.o. Vukovar), Žika Popović 4/2c, 21 000 Novi Sad tel./fax: +381/21/ 432 133 , golnat@neobee.net sardoingolub@neobee.net EUROPA PRESS d.o.o. Beograd (Europa Press Holding, Zagreb) Kneginje Zorke 96 11000 Beograd tel. +381/11/2041 104 fax: +381/11/2041 161 gloria@epb.rs EUROCABLE d.o.o.( Eurocable d.o.o. Zagreb) Nehruova 51/alokal br.100/I, 11000 Beograd tel.fax: +381/11/317 70 96 EUROCOM PLUS d.o.o. Valjevo (Vindija d.d. Varaždin) , Vladike nikolaja 60, 14000 Valjevo tel. +381/11/3640 448, +381/14 / 227 161 fax: +381/14/ 221 955 tel./fax: +381/11/ 2252 725, 729 EUROMODULd.o.o. Beograd (Stara Pazova); (Euromodul d.o.o. Viškovo) , Svetosavska 11-St.Pazova Industrijska zona-Nova Pazova fax.+381/22/ 328 003 tel: +381/22/ 328 004 info@euromodul.rs EXOR-ESI d.o.o. Beograd (EXOR INFORMATICKI INŽENJERING d.o.o. Zagreb), Bulevar Mihajla Pupina 165a 11070 Novi Beograd tel. +381/11/ 3016 881, fax: +381/11/ 3113 148

COMPANY REGISTER

info@exor-esi.rs EURCO d.o.o., Stara Pazova (Eurco d.d., Vinkovci), Zmaj Jovina 5 22300 Stara Pazova tel.+381/22/ 310 697 fax: +381/22/ 310 698 eurco.sp@neobee.net FABRIKA HARTIJE a.d. Beograd (PAN d.o.o. Zagreb), Prilazni put Ada Huji 9, 11000 Beograd tel. +381/11/ 277 11 93 fax. +381/11/ 2771 322 info@fabrikahartije.rs FELNA d.o.o Zrenjanin (Zlatko Markelj d.o.o. Zagreb) , Prvomajska 53 23000 Zrenjanin tel: +381/23/ 511 581 fax: +381/23/ 511 565 doofelna@yahoo.com FEROTEHNA d.o.o. Beograd (Ferotehna d.o.o. Škrljevo), ul.Mihaila Pupina 10z 11000 Beograd tel. +381/11/ 3111 260 fax: +381/11/ 3111 841 FIMA INTERNATIONAL d.o.o. Beograd (Fima-vrijednosnice d.o.o. Varaždin) BeogradTrg Nikole Pašića 5/1, 11000 Beograd tel. +381/11/ 3021 621, fax: +381/11/3021 622 FIMA INVEST a.d. Beograd (Fima grupa d.d. Zagreb), Trg Nikole Pašića 5/1, 11 000 Beograd, tel. +381/11/ 3021 621, fax: +381/11/ 3021 626, 625

FIMA PERFECTUS llc, Beograd (Fima grupa d.d. Zagreb), Trg Nikole Pašića 5/1, 11000 Beograd tel. +381/11/ 3021 637 fax: +381/11/ 3021 635 FRIKOM a.d. Beograd (Agrokor d.d. Zagreb) Zrenjaninski put b.b. 11213 Beograd tel. +381/11/ 2074 101 fax: +381/11/ 2074 118 office@frikom.rs GAVRILOVIĆ MGP d.o.o. Beograd (Gavrilović d.o.o. Petrinja) 11000 Beograd GASOP d.o.o. Beograd (Pastor grupa d.d. Zagreb), Zaplanjska 84e 11000 Beograd tel. +381/11/ 397 46 86 fax: +381/11/246 36 48 gasop_beograd@hotmail. com GEACHEM d.o.o. Beograd (Geachem d.o.o. Zagreb), Ljutice Bogdana 1a, 11000 Beograd tel. +381/11/ 306 70 72 fax: +381/11/ 367 25 51 GEALAN d.o.o. Beograd (Gealan d.o.o. Zagreb) Lazar Mamuzića 26a 11070 Zemun te. +381/11/ 3077 142 fax: +381/11/3077 143 GENESIS d.o.o. Beograd ( Genesis d.o.o. Rijeka), Ratka Mitrovića 126a 11000 Beograd

tel. +381/11/ 239 17 92 fax: +381/11/ 2310 297 genesisbeograd@nadlanu. com GISDATA d.o.o. Beograd (Gisdata d.o.o. Zagreb) Beogradska 27 11000 Beograd tel. +381/11/3241 677 fax: +381/11/3244 060 office-srbija@gisdata.com GLETER MAX d.o.o. Zemun (Kožul d.o.o. Slavonski Brod) , Petra Kočića 6, 11070 Zemun tel. +381/11/ 2109 319 GRAD - EXPORT, Šid (Grad-Export d.o.o. Vinkovci) Svetog Save 140, 22240 Šid tel. +381/22/ 714 936 GRAFPEX d.o.o. Zagreb Predstavništvo u Beogradu (Grafpex d.o.o. Zagreb) , Bulevar Arsenija Čarnojevića 95 11070 Beograd tel. +381/11/ 2120 968, fax: +381/11/131548 Hgspot-APPLY d.o.o. Beograd(HGspot d.d. Zagreb), Milovana Milovanovića 2 11000 Beograd tel. +381/11/ 3065 056,3629 057, fax: +381/11/11 2688 813 HIDRAULIKA KURELJA-PROLETER, d.o.o. ( HIDRAULIKA KURELJAd.d. StubičkeToplice) Industrijska 1 34000 Kragujevac tel.+381/34/ 333 171, 332

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237,336 205 fax: +381/34/ 336 204 hkproleter@sbb.rs HORIZONT INTERNACIONAL d.o.o. Beograd (Horizont inetrnacional d.o.o. Zagreb) Palmotićeva 22/5 11000 Beograd tel. +381/11/ 324 47 67 fax: +381/11/334 62 96 HSM Informatika d.o.o. Beograd (HSM Informatika d.o.o. Zagreb) Bulevar Vojvode Mišića 37/IV, 11040 Beograd tel. +381/11/ 3063 949, fax: +381/11/3063 947 IDEA d.o.o. Beograd (Agrokor d.d. Zagreb) Bul. Milutina Milankovica 19, 11070 Beograd tel. +381/11/ 2202 600, fax: +381/11/2202 717 IMO, Beograd (Zagrebački velesajam d.o.o. Novi Zagreb), Đure Đakovića 8, 11080 Zemun, tel. +381/11/ 2106 404, 316 29 06

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fax: +381/11/ 2106 404 imo@eunet.rs INA d.o.o. Beograd (INA d.d. Zagreb), Jove Ilića 4 11000 Beograd tel: +381/11/ 309 93 33 tel/fax: +381/11/ 30 99 444, office@inabgd.rs IN 2 d.o.o. ( IN 2 d.o.o. Zagreb) , Vladimira Popovića 40, 11070 Beograd, tel. +381/11/ 2123 023,3015 030 fax. +381/11/ 3015 040 info@in2.rs INFOARENA d.o.o. Beograd (Infoarena digitalni sardžaji d.o.o. Zagreb), Radovana Simića Cige 15/35 11000 Beograd tel.: + 385 1/ 4828 953 INFORATIČKI SISTEMI d.o.o. Beograd (Informatika dvijetisuće d.o.o. Zagreb), Narodnih heroja 8, 11000 Beograd tel.: +385 95 541 1982 ING EKSPERT d.o.o. Beograd (Ing Ekspert d.o.o. Zagreb) ,

Kneginje Zorke 9/III, 11000 Beograd tel. +381/11/ 2436 393, 3449 703, fax: +381/11/ 308 8703, ing.ekspert@sezampro.yu ing-ekspert@zg.htnet.hr INKER d.d.( Inker d.d., Zaprešić), Slobodanke Danke Savić 6, 11000 Beograd tel./fax: +381/11/2414 824, 2417 253 INOS PAPIR SERVIS a.d. (BeogradBelišće d.d. Belišće), Milorada Jovanovića 14 11000 Beograd tel. +381/11/ 2541 880 fax: +381/11/ 2547 599 inospap@net.yu IN TIME EXPRESS d.o.o. Zemun (In time d.o.o. Zagreb), Novosadski autoput 53, 11080 Zemun tel. +381/11/ 3774 215, fax: +381/11/3757 163 transport@in-time.rs INTELIGENTE SERVICES & PRODUCTION (Pluto d.d. Zagreb), Vojvode Milenka

2010 / Croatian Business Sector In Serbia 39

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52 lokal 3 11000 Beograd tel. +381/11/3629 241 fax: +381/11/3629 240 INTERCAPITAL SECURITIES a.d. Beograd (Interkapital d.o.o. Zagreb) Makenzijeva 23 11000 Novi Beograd tel. : +381/11/3809 983, 3809 984,393 fax: +381/11/3837 600 INTERPLANEKO d.o.o. Beograd (Interplan d.o.o. Karlovac) , Trg Nikole Pašića 5/VII 14 11000 Beograd tel. +381/11/ 339 87 39 fax: +381/11/303 54 72 interplaneko@sezampro.yu INTERSIN d.o.o. Beograd zastupnikk (Istravino d.d. Rijeka) Jovanke Radaković 41a 11000 Beograd, tel./fax: +381/11/ 3429 582, 502 intersin@sezampro.yu IREKS d.o.o. Pančevo (Ireks Aroma d.o.o. Zagreb), Svetozara Miletića 3, 26000 Pančevo tel. +381/13 / 366 669, fax: +381/13 / 366 669 ireks@panet.rs ISS-BONAČIĆ &ĐURIĆ INTERNE SERVISNE SLUŽBE d.o.o. Beograd (ISS-Bonačić KD), Jove Ilića 31, 11000 Beograd tel. +381/11/ 206 55 93 fax: +381/11/206 55 66 office@issbg.rs JADRAN čarape d.o.o. Novi Sad (Jadran tvornica čarapa d.d. Zagreb) A. Tišme (Jadranska) 17 21000 Novi Sad tel. +381/21/ 6553 244 fax: +381/21/ 6553 244 jadran-carape@neobee.net JADRAN GALENSKI LABORATORIJ d.o.o. Beograd (JGL d.d. Rijeka) Pančevački put 38 11000 Beograd tel. +381/11/ 2710 254 fax: +381/11/ 2710 253

jgl@beotel.net JADRANSKI NAFTOVOD d.o.o.( Janaf d.d. Zagreb) Požarevačka 5-7 11000 Beograd tel. +381/11/ 3445 808 JAMNICA d.o.o. Beograd (Agrokor d.d. Zagreb), Knežopoljska 1 11000 Beograd tel. +381/11/ 2087 755 fax: +381/11/ 2087 767 office@jamnica.rs JELEN DO a.d. Jelen Do (Nexe grupa d.d., Našice) 31215 Jelen Do tel. +381/31/ 590 599 , fax: +381/31/ 590 570 JOLLY TRAVEL d.o.o. Beograd (Adriatica.net grupa, Zagreb), Kneza Miloša 9, 11000 Beograd tel. +381/11/ 2020 300 JUGOTON-CROATIA RECORDS d.o.o. (Croatia records d.d. Zagreb) Branka Ćopića 12 21000 Sremski Karlovci tel.+381/21/ 545 552 fax: +381/21/ 545 552 KAMENSKO d.o.o. Novi Beograd (Kamensko d.d. Zagreb), Palmira Toljatija 5/II, 11070 Novi Beograd tel: +381/11/ 2602-828, kamensko@eunet.yu KANAAN d.o.o. Novi Sad,( Kanaan d.o.o. Donji Miholjac), Braće Ribnikar 15/I,stan 7, 21000 Novi Sad tel.+381/21/ 6398 012 KARBON d.o.o. Topola (Karbon d.o.o. Zagreb) Karadjordjeva 136 34310 Topola tel.+381/34/ 705 000 fax: +381/34/ 813 598 karbon@ptt.yu KARUPOVIĆ d.o.o. Novi Beograd; Generala Mihaila Nedeljkovića 53 11077 Novi Beograd tel. +381/11/ 66 765 fax: +381/11/ 2270 667 KB-TEX d.o.o. Novi Beograd (Arena d.o.o. Pula, Španskih boraca 60/3

40 Croatian Business Sector In Serbia / 2010

11070 Novi Beograd tel.: 011/ 2140 579 kb-tex@eunet.yu KIKINDSKI MLIN a.d. Kikinda (Agrokor d.d. Zagreb), Svetozara Miletica 198, 23300 Kikinda tel: +381/230/22 320, fax: +381/230/ 22 226 kimlin@panline.net kimlin@ptt.yu KIM TEC d.o.o. Beograd (M san grupa d.o.o. Zagreb), Slobodna zona Beograd, L12/3, Viline vode bb, 11000 Beograd tel. +381/11/ 2070 656 fax: +381/11/ 2070 697 office@kimtec.rs KING ICT d.o.o. Beograd (M san grupa d.o.o. Zagreb), Slobodna zona BG, L12/4 Viline vode bb 11000 Beograd tel. +381/11/ 2070 850 fax: +381/11/ 2070 854 KONČAR – ELEKTROINDUSTRIJA d.d. (Končar– elektroindustrija d.d. Zagreb) , Bul. Mihajla Pupina 10ž/424 11070 Novi Beograd tel.: +381/11/ 30 17 321, 30 17 322, 134 956 fax: +381/11/ 2145 485 koncar.office@koncar.rs KONICA MINOLTA d.o.o. Beograd (Konica Minolta Hrvatska d.o.o. Zagreb) Španskih Boraca 38a 11000 Beograd tel. +381/11/ 3114 826, fax: +381/11/ 3113 647 office@konicaminolta.co.rs KONSTRUKTOR-GRADNJA d.o.o. Beograd (Konstruktorinženjering d.d. Split), Bulevar Vojvode Mišića 43, tel: +385/21 409 210 11000 Beograd marsel.friedl@konstruktorsplit.hr KORDUN GRUPA d.o.o. Beograd (Kordun-alati d.o.o. Karlovac), Blagoja Parovića 19 11000 Beograd tel. +381/11/ 3548 315

fax: +381/11/ 3546 219 kordungrupa@nadlanu.com KOTEKS TRGOVINA d.o.o. Beograd (Koteks d.o.o. Split), Narodnih heroja 36 11000 Beograd tel. +381/11/ 3194 490 fax: +381/11/ 3194 467 RAŠ COMMERCE d.o.o. Beograd (Kraš d.d. Zagreb) , Bul. Vojvode Mišića 41, 11000 Beograd, tel. +381/11/ 3690 235,543,714,928 fax: +381/11/ 3067 524 office@kras.rs KTC d.o.o. Subotica (KTC d.o.o. Križevci), Braće Radića 3 Pacirski put 61 24000 Subotica tel.+381/24/ 692 455, 645 820,800, 801 fax: +381/24 / 692 770, ktcsu@yunord.net KTD d.o.o. Beograd (Hempel d.o.o. Umag) Dobropoljska 63/3 11000 Beograd tel. +381/11/ 3699 036 fax: +381/11/ 3657 068 ktd@eunet.rs KUMAL d.o.o. Beograd (Kufner Grupa d.o.o. Zagreb), Bul. Mihaila Pupina 10 I/434 11 070 Beograd tel. +381/11/ 3112 804 fax: +381/11/ 3115 123 KUTJEVO & BRIČ d.o.o. Zemun (PODRUM, Kutjevo), 22. Oktobar 7 I/102, 11080 Zemun tel./fax: +381/11/ 269 1533 kutjevo-bric@eunet.rs LABUD d.o.o. Beograd (Labud d.o.o. Zagreb) Viline vode bb 11000 Beograd tel. +381/11/ 20 84 981 fax: +381/11/ 2084 980 e-mail: labud.bg@net.yu LAGER d.o.o. Mali Požarevac -( Lager Bašić d.o.o. Zagreb) LAMAGO, Beograd (Ivančica d.d., Ivanec) Ljube Sercera 46 11000 Beograd tel. +381/11/ 39 77 007 LANAC d.o.o. Sremska

Mitrovica, (Lanac d.o.o. Zagreb), Novi šor 88 22000 Sremska Mitrovica tel: +381/22/ 615 312, fax: +381/22/ 614 239 office@lanac.co.rs LAMAX inženjering d.o.o. Beograd (Pan Parket d.o.o. Orahovica) Bulevar Mihaila Pupina 10g, lokal VP9 11000 Beograd tel. +381/11/ 311 5379 e-mail: lamax@eunet.rs LESAFFRE RS d.o.o. Beograd (Kvasac d.o.o. Prigorje Brdovečko(Zaprešić)) Ugrinovački put bb 11277 Ugrinovci tel. +381/11/ 3714 743 fax: +381/11/ 3714 744 LIMARIJA JEDINSTVO SEBASTIJAN, a.d.( Limarija Sebastijan, Bestovje) Žarka Zrenjanina 121 21400 Vojvođanska 389 v Jurija Gagarina 27 11271 Surcin Bačka Palanka tel.+381/21/ 6045 063, fax: +381/21/ 60 44 974 info@sebastijan-lim.eu LIVING BG INTERNATIONAL d.o.o. Beograd (Living Zagreb),Vojvođanska 389v, 11271 Surcin Jurija Gagarina 27, 11070 Novi Beograd, tel/fax. +381/11/ 312 9718 LUKA RIJEKA (Luka Rijeka d.d. Rijeka) Nemanjina4/I 11000 Beograd tel. +381/11/ 2643 220, 2641 155/502 LUKOVIC AGRI d.o.o. Kula (Elektrotehnika d.o.o., Križevci), Maršala Tita 180, 23000 Kula tel.+381/25 725 606 fax: +381/25/ 723 749 info@lukovicagri.com lukovicagri@yahoo.com M-PROINTEX d.o.o. Mladenovac (M-profil d.o.o, Zabok), Kralja Petra I 334,11400 Mladenovac tel. +381/11/ 8230 968,

fax: +381/11/ 8233 317 mprointex@gmail.com MACAL-PALMA CO. d.o.o. Beograd (Macal-palma Co. , Viškovo) Otona Župančića 28/20 11070 Beograd tel. +381/11/ 3167 620, fax: +381/11/ 3167 620 macalpal@eunet.rs MAGMA INTERNATIONAL d.o.o. N.Beograd (Magma d.d. Zagreb) Bulevar umetnosti 4 11070 Novi Beograd tel. +381/11/ 311 06 42 magmabg1@yubc.net MAK d.o.o. Beograd (Gumara Čavić d.o.o. Zagreb), Nevesinjska 1 11000 Beograd tel. +381/11/ 344 08 53 fax: +381/11/ 344 12 35 mack@net.yu MARANI d.o.o. Beograd (Marani d.o.o. Zagreb) Bul.Mihajla Milankovića 180/32 11070 Novi Beograd tel. +381/11/ 2135 660 fax: +381/11/ 2135 660 MARTIMEX d.o.o. Beograd (Martimex d.o.o. Zagreb), Vojvode Stepe 482 b, 11000 Beograd tel. +381/11/ 394 81 26, 394 62 07 martimex@eunet.rs MATE d.o.o. Beograd (Mate d.o.o. Zagreb) Bul.Arsenija Čarnojevića 52, 11070 Beograd tel. +381/11/ 311 94 23 fax: +381/11/ 311 94 23 office@mate-bg.com MEDI PLUS d.o.o. Novi Sad (Medi plus d.o.o., Zagreb), Kolo srpskih sestara 12/7, 21000 Novi Sad, tel: +381/21/ 6741 144, 6363 662 office@mediplussrb.com mediplusns@sbb.rs MEDIA CLIPPING, Beograd (PRESS CLIPPING d.o.o. Zagreb), Hilandarska 32, 11000 Beograd tel/fax: +381/11/ 3243 155,

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3234 590 office@mediaclipping.org METAL CENTAR d.o.o. Vojka (Strojopromet-Zagreb d.o.o. Šenkovec) Cara Dušana bb 22313 Vojka tel.+381/22/301 614, fax: +381/22/ 301 600, info@ metal-centar.rs METALSKA INDUSTRIJA VARAŽDIN (MIV d.d. Varaždin) , 51 Divizije 30 24000 Subotica tel.+381/24/ 576 454 MILENIJUM OSIGURANJE a.d. Beograd (Croatia osiguranje d.d. Zagreb) Kneza Miloša 82/I 11000 Beograd tel./fax: +381/11/ 3620-623, mios@milenijum-osiguranje. rs MIN DIV Svrljig, a.d. (DIV d.o.o. Samobor) , Dušana Trivunca 31, Svrljig tel.+381/18/ 822 540 fax: +381/18/ 821 270 minsvrljig@pankerinter.net MIRNOVEC PIROTEHNIKA d.o.o. Novi Sad (Mirnovec pirotehnika d.o.o. Samobor) Preradovićeva 2 21000 Petrovaradin MOBIS ELECTRONIC d.o.o. Beograd (Mobis-electronic d.o.o. Zagreb) Bulevar Avnoja 77 11000 Beograd tel. +381/11/ 313 2820 fax: +381/11/ 313 2821 MPG PLUS d.o.o. Beograd (MPG d.o.o. Zagreb), Trg Nikole Pašica 1, 11000 Beograd tel. +381/11/ 2281 114 fax: +381/11/ 2281 114 MORAVA MERMER, Beograd (Kamen d.d.,Pazin) Gospodara Vuciča 225 11 000 Beograd tel. +381/11/ 2412 079 fax: +381/11/ 2413 746 moravamermer@eunet.yu M-PROFIL d.o.o. Stara Pazova (M-Profil d.o.o. Zabok) , Golubinački put b.b. , 22300

Stara Pazova tel.+381/22/ 310 237, tel./fax: +381/22/310 147 office@m-profil.rs MREŽA ZNANJA d.o.o. Beograd (Mreža znanja d.o.o. Zagreb) Vladimira Popovića 6 11000 Beograd tel. +381/11/ 222 35 03 fax: +381/11/ 222 33 73 MSC Yachting Club Beograd (Euromarine d.o.o. Zagreb) , Nušićeva 14/III 11000 Beograd tel. +381/11/ 32 22 870 fax: +381/11/ 322 666 7 mscsailing@yahoo.com MSH d.o.o. Beograd (Torte i to d.o.o. Zagreb) Prote Mateje 60-62 11000 Beograd tel. +381/11/ 242 1330 info@torte-i-to.rs MULTIPHARM d.o.o. Pančevo (Dietpharm d.o.o. Rakitije), Mučenička 2 26000 Pančevo tel.+381/13/ 351 127, fax: +381/13/ 351 537 multiph@panet.rs coryc@eunet.rs MULTIVITA d.o.o. Vršac (Atlantic grupa , Zagreb) Beogradski put bb 26308 Vršac tel.+381/13/ 803 383 fax: +381/13/ 803 385 pecikoza.zlatomir@multivita. rs zpecikoza@hemofarm.rs MUNJA BATERIJE d.o.o. Beograd (Munja d.d. Zagreb) , Cvijićeva 18/14 11000 Beograd tel.+381/11/ 2084 596 fax: +381/11/ 2765 579 office@tva.rs NIVETA COMMERCE d.o.o. Beograd (Niveta d.d. Osijek), Knez Mihajlova 83, 22300 Nova Pazova, tel./ fax: +381/22/ 331 279, nivetacommerce@eunet.rs NEXE BETON d.o.o. Novi Bečej (Nexe grupa d.d. Našice), Železnička 13

23272 Novi Bečej Poslovna jedinica - Bul. Vojvode Stepe 10, 21 000 Novi Sad tel.+381/21/ 6772 188 fax: +381/21/ 403 266 nexe-beton@nexe.rs NOVA ŠKOLSKA KNJIGA, d.o.o. Beograd (Školska knjiga d.d. Zagreb) , Bul. Vojvode Mišića 17/III 11000 Beograd tel.+381/11/ 3691 297, tel.+381/11/ 3690 519 nsk@nks.co.rs OFFSET S d.o.o. Beograd (Offset tisak NP GTD, d.o.o. Zagreb) Đordja Stanojevića 12 11070 Novi Beograd vrza@offset.hr vrza@cugura.rs OKTAL PHARMA d.o.o. Beograd (Okral Pharma d.o.o. Novi Zagreb) Višegradska 4 11000 Beograd tel.+381/11/362 05 48, 3085 025, 026 tel/fax: +381/11/646 850 aluoktalpharmabgd@ eunet.rs ORNELA by KBL d.o.o. Beograd (Ornela d.o.o. Zagreb), Takovska 36-38 11000 Beograd tel.fax: +381/11/ 208 44 98,329 35 84 ornelakbl@eunet.rs PALFINGER d.o.o. Beograd (PK d.o.o. Škrljevo) Pere Cvetkovića 40/14 11000 Beograd tel.+381/11/ 2085 218, fax: +381/11/ 2085 539 palfinger@eunet.rs PAN INDUSTRIJA PAPIRA d.o.o. Beograd (Pan-papirna industrija-tvornica kartona I kartonske ambalaže d.o.o. Zagreb), Žitomislička 10a 11030 Beograd tel.+381/11/ 239 40 59 FAX: +381/11/ 11 22 760 panbeograd@gmail.com P.FAX 62 PANON TRADE d.o.o.

Beograd (Panon trade d.d. Zagreb) Kneza Višeslava 88 11000 Beograd tel.+381/11/ 3548 430, lok 126 fax: +381/11/ 3059 215 panontrade@eunet.rs PENTAKS LACUNA GROUP d.o.o. Beograd (Lacuna d.o.o. Zagreb) Bulevar oslobodjenja (JNA) 255 11000 Beograd tel. +38111/ 247 7784, fax: +381/11/ 397 27 97 PETROKEMIJA d.o.o. Novi Sad (Petrokemija d.d. Kutina), Ilije Ognjanovića 28 21000 Novi Sad tel./fax: +381/21/ 424 472, 424 373 prodaja@petrokemija.rs direktor@petrokemija.rs petrokemija@ns.sbb.rs PET CENTAR d.o.o. Beograd (Pet centar d.o.o. Zagreb), Bulevar Milutina Milankovića 1v 11000 Beograd tel.+381/11/ 212 33 10 fax: +381/11/ 212 33 04 PAN ALEX a.d. Beograd (Generalturist d.o.o. Zagreb) Milentija Popovića 5 11070 Novi Beograd Hyatt Regency Beograd tel.+381/11/3113 050, fax: +381/11/ 3115 214 PETRAKOM d.o.o. Beograd (Petrakom do.o.o. Zagreb) , Bulevar oslobodjenja 197 11000 Beograd tel.+381/11/ 3976 997 Pevec d.o.o. Beograd (Pevec

d.o.o. Bjelovar) Milana Rakića 48, lokal 11, 11000 Beograd tel.+381/11/ 3625 235, fax: +381/11/ 3316 618 info.pult.bg@pevec.rs komercijala.bg@pevec.rs PIP-APILAND d.o.o. Sirig (Pip pcelarstvo, priroda, Zagreb), Milana Reljina 46, Sirig PODRAVKA d.o.o. Beograd (Podravka d.d. Koprivnica), Simina 18 11000 Beograd Tel. +381/11/ 2184 656, 2184 703, 2184 676 fax: +381/11/30 30 207 POLET a.d. Novi Bečej (Nexe grupa d.d., Našice) Železnička 13, 23272 Novi Bečej tel.+381/23/ 771 200, fax: +381/23/ 771 617 POLET-KERAMIKA d.o.o. Novi Bečej (Nexe grupa d.d. Našice), Železnička 13, 23272 Novi Bečej tel.: +381/23/ 773 231, fax: +381/23/ 773 035 PRIDE SPORT d.o.o. Beograd (Pride sport d.o.o. Zagreb), Bulevar Oslobodjenja 235 11000 Beograd tel.+381/11/ 3099 877 fax: +381/11 3099 878 brinje@sezampro.yu PRINCIPAL d.o.o. exportimport, Beograd (Heruc galerija d.o.o. Zagreb) , Baba Višnjina 26, Terazije 36 – maloprodaja, 11000 Beograd tel.fax: +381/11/ 344 1917, +381/11/344 18 65 PREDSTAVNIŠTVO LOLA RIBAR d.d.( Lola Ribar d.d.

Karlovac) Dimitrija Tucovića 2a Mladenovac (varoš) tel. +385/47/ 432 333 PROSVIJETA d.o.o. Beograd (Golden Marketing-Tehnička knjiga d.o.o. Zg) Stojana Protića 28 11000 Beograd tel.+381/11/308 66 60 fax: +381/11/ 245 68 89 prosvjetai@verat.net RADIN-GRAFIKA d.o.o. Beograd (Radin-grafika d.o.o. Zagreb), Smederevski put 25k 11050 Beograd tel.+381/11/ 347 5082 tel.fax: +381/11/ 347 50 79, rg-beograd@radin-grafika. co.rs RATKO MITROVIĆKONSTRUKTOR d.o.o.( Konstruktor-inženjering d.d. Split), Bulevar Mihila Pupina 115 11070 Novi Beograd tel.+381/11/ 3149 784, fax: +381/11/ 3149 787 tleko@ramikon.com RADIJATOR AD, Zrenjanin (Ljevaonica Bjelovar d.o.o. Bjelovar) Beogradska bb 23000 Zrenjanin tel.+381/23/ 522 230 fax: +381/23/ 542 014 RECRO-NET d.o.o. Beograd (Recro-net d.o.o. Zagreb), Bulevar Milutina Milankovica 11b 11070 Beograd tel.+381/11/ 3121 444 REDOX d.o.o. Beograd (Redox d.o.o. Zagreb)

2010 / Croatian Business Sector In Serbia 41

COMPANY REGISTER

Ljutice Bogdana 1a 11000 Beograd, tel./fax: +381/11/ 264 71 07 RENO PROM d.o.o. Beograd (Tehno max d.o.o. Sveta Nedelja) Bul.Arsenija Čarnojevića 69a, 11070 Novi Beograd tel.+381/11/ 2129 741 fax: +381/11/ 2129 741 RIBARSTVO OSIJEK d.o.o. Koceljeva (Ribarstvo d.o.o. – Osijek) Nemanjina 95, 15220 Koceljeva (Valjevo) tel.+381/15/ 556 420 fax: +381/15/ 556 420 ekonomskibiro@jovatel.net RIJEČKI SAJAM, Beograd (Riječki sajam d.o.o. Rijeka), Mike Alasa 3, stan 32, 11000 Beograd, tel./fax: +381/11/ 2181 980 RIO EGO d.o.o. Beograd (Rio d.o.o. Rijeka) Njegoševa 2 (hotel Park) 11000 Beograd tel. +381/11/ 3640 381 rioego@eunet.rs ROTOGRAFIKA d.o.o. Subotica (RADIN-GRAFIKA d.o.o. Zagreb) Segedinski put 72 24000 Subotica tel. +381/24/ 636 611 office@rotografika.rs rg-subotica@ rorografika.rs SPM Stamenković, Niš (Franck d.d. Zagreb) Cvijićeva 16, 18000 Niš tel.+381/18/ 258 426, fax: +381/18/ 547 310 spmnis@medianis.net info@spmstamenkovic.com SAPONIA COMMERCE d.o.o. Beograd (Saponia d.d. Osijek), Ustanička 178, 11000 Beograd tel./fax: +381/11/ 2886 921, 4894 113, tel.+381/11/ 288 0059 skladiste: +381/11/3326 568, saponia.commerce@ absoftyu.net SALON BANKARSKE

OPREME d.o.o. Beograd (Salon bankarske opreme d.o.o. Zagreb) Bul. Dr. Zoran Djindjića 65/8, 11070 Novi Beograd, tel. +381/11/ 313 2848 , 311 8289, fax: +381/11/ 311 4740 SISCIA d.o.o. Novi Sad (T.K.T. Zlatna Igla d.o.o. Zagreb), Železnička 2 21000 Novi Sad, tel./fax: +381/21/ 6611 987 SIVIĆ & SIVIĆ d.o.o. exportimport (Vetropack-straža d.d. Hum na Sutli) Ivana Milutinovića 63 24000 Subotica tel. +381/24/ 34 028 fax: +381/24/ 552 612 SOMBOLED d.o.o. Sombor (Dukat d.d. Zagreb) Save Kovačevića b.b. 11309 Beograd (Leštane) tel.+381/25/ 467 300 fax: +381/25/ 467 300 tel. +381/11/ 8036 166 office@somboled.rs Sombor-gas d.o.o. Sombor (Montmontaža d.d. Zagreb), 21.oktobra 11, 25000 Sombor tel.+381/25 / 236 42 fax: +381/25/ 430 850 direktor@sombor-gas.rs Spectator Avant d.o.o. Beograd (Spectator avant d.o.o. Zagreb) Milentija Popovića 5 11070 Beograd tel.+381/11/ 313 96 16 fax: +381/11/ 212 99 37 Free tel. 0800 200 100 STRUMIN-S.E.E, d.o.o. Beograd (Ventilator-tvus d.o.o. Gornji Stupnik) Bulevar oslobodjenja 197 11000 Beograd tel.+381/11/ 3976 997 STRAŽAPLASTIKA d.o.o. Subotica (Stražaplastika d.d. Hum na Sutli), Ulica mira 33, 24000 Subotica tel.+381/24/ 596 151 fax: +381/24/ 596 585 strazaplastika@citromail.hu STRAŽILOVO a.d. Sremski Karlovci (Nexe grupa d.d.

42 Croatian Business Sector In Serbia / 2010

Našice), Karlovački vinogradi bb 21205 Sremski Karlovci tel.+381/21/881 850,860, fax: +381/21/ 881 793, dragan.kovacevic@nexe.rs strazilovo@nexe.rs STF- COMMERCE d.o.o. Novi Sad (GRADATIN, Zagreb), Narodnog fronta 53, 21000 Novi Sad tel./fax: +381/21/ 446 203, stfns@ptt.yu STS d.o.o. Beograd (Strojoservis d.o.o. Zagreb) , Industrijska zona 6, 11500 Obrenovac tel.+381/11/ 8754 790 fax: +381/11/ 8754 780 sts-beograd@sts-beograd. com STIL-TRGOVINA d.o.o. Novi Sad (Stil Trgovina d.o.o. Zagreb), Cara Dušana 60, 21000 N. Sad tel: + 385/ 1/ 3707 414, SUPER STOP d.o.o. Beograd (Super stop d.o.o. Zagreb), Viline Vode 47 11000 Beograd tel.+381/26/ 812 371, 011/275 94 73 fax: +381/11/ 2763 864 info@super-stop.net SWING INFORMATIKA d.o.o. Beograd (Swing Informatika d.o.o. Split) Resavska 28/VI 11000 Beograd tel. +381/11/322 06 51 fax: +381/11/324 59 94 office@swing.rs Šafram d.o.o. Novi Kneževac (Šafram d.o.o. Zagreb), Nenada Valčeva 2 23000 Novi Kneževac tel.+381/230/ 81 120 TJ MAXIM d.o.o. Beograd (Elka kabeli d.o.o. Zagreb), Trajka Rajkovića 5, 11070 Novi Beograd tel. +381/11/ 2280 572, +381/11/ 2280 663 office@tjmaxim.com TIM KABEL d.o.o. Beograd (Tim kabel d.o.o. Zagreb), Batajnički drum 283 d, 11080 Beograd

tel.+381/11/ 3757 457 fax: +381/11/ 3757 457 TEHNOMEHANIKA, Beograd (Tehnomehanika d.o.o. Donja Stubica) Omladinskih brigada 52/24, 11000 Beograd tel. +381/11/ 3017-960 fax: +381/11/30 17 879 TEHNOMOBIL j.t.d. ( TEHNOMOBIL j.t.d. Zagreb), Bulevar Mihajla Pupina 10v/217 11000 Beograd tel.+381/11/ 212 0525 fax: +381/11/ 3111 983 tehnomobil@sbb.rs Tehnomobil-Protech d.o.o.( Predstavništvo u Novom Sadu TEHNOMOBIL j.t.d. Zagreb) Konstantina Danila 4 21000 Novi Sad tel.+381/21/ 427 027 fax: +381/21/ 524 762 TEHNIKA AG d.o.o. Beograd (Tehnika d.d. Zagreb), Hađži Melentijeva 8, 11000 Beograd tel.+381/63/ 656 477 tehnika.ag@eunet.rs TEHNIX beo d.o.o. Beograd (Tehnix d.o.o. Donji Kraljevec) Kumodraška 265 11000 Beograd tel. +381/11/ 3978 775 fax: +381/11/ 3978 776 beograd@tehnix.com TEKSTIL-PROMET (Galeb d.d. Omiš) Slavonskih brigada 60 11132 Žarkovo tel. +381/11/ 516 700, TERRA DIVINA d.o.o. Novi Sad (Terra Divina d.o.o. Buzet), Laze Nančića 50, 21000 N.Sad tel. +381/21/ 636 9087 fax: +381/21/ 469 777 kolar@terra-divina.com info@terra-divina.com TELEOPTIK-GASNA OPREMA d.o.o. (Svan d.o.o., Karlovac) Tršćanska 21 11080 Zemun tel.+381/11/ 316 0016, fax: +381/11/ 3163 524

teleoptik.gasni@nadlanu. com TISAKd.o.o. Beograd (Tisak d.d. Zagreb) dr. Vladana Đorđevića 4A 11000 Beograd tel.+381/11/ 3821 001,3820 978 fax: +381/11/3820 990 tisak@eunet.rs TDR d.o.o. Beograd (TDR d.o.o. Rovinj) Milentija Popovića 5a 11 000 Beograd tel. +381/11/ 6149 113, fax: +381/11/ 6149 117 T.K.T. (Zlatna Igla d.o.o. Zagreb), Železnička 2 21000 Novi Sad Transagent d.o.o. (Transagent d.o.o. Rijeka) Bul.Mihaila Pupina10I, Isprat apartman 512 11070 Beograd, tel./fax: +381/11/ 311 9519 transagent@eunet.rs UNIMED d.o.o. Beograd (zastupnik Pliva d.d., ZAGREB), Resavska 16a 11000 Beograd tel.+381/11/ 33 44 656, 33 44 386, 323 05 45 unipli@eunet.rs UNITAS d.o.o. Beograd (Unitas d.d. Zagreb) Batajnički put 3, 11080 Zemun, tel./fax: +381/11/ 3076 584 unitas@infosky.net UNIVERZAL d.o.o. BEOING, Beograd (Univerzal d.d. Varaždin) , Nova skojevska 29, 11000 Beograd, tel./fax: +381/11/ 3564 859 VARTEKS PLUS d.o.o. Zemun (Varteks d.d. Varaždin), Gospodska 3 11080 Zemun tel.+381/11/ 617 073, 316 38 44, 613 220 fax: +381/11/316 52 51 VARTEKS@drenik.net VATROSPREM a.d. Beograd (Pastor grupa d.d. Zagreb), Zaplanjska 84 e 11000 Beograd

tel.+381/11/243 14 16 fax: 011/ 244 46 53 vatros@datanet.yu VELAS d.o.o. ( Velas d.o.o. Velika Gorica) Kralja Petra 45, 11000 Beograd tel. +381/11/ 3076 056, 2102 979 velassrj@yubc.net VENTILATOR-TVUS d.o.o. Beograd (Ventilator-tvus d.o.o. Gornji Stupnik) , Bul. oslobodjenja 197, 11000 Beograd tel. +381/11/ 3976 997 office@struminsee.rs VIBROBETON d.o.o. Beograd (Vibrobeton d.d. Vinkovci) Bul.Arsenija Čarnojevića 80/ IV/11, 11000 Beograd tel./fax: +381/11/ 3133 595 office@vibrobeton-bg.rs vibrobetonbeograd@yahoo. com VINDIJA LAJKOVAC d.o.o. Lajkovac (Vindija d.d. Varaždin), Beogradski put 37, Lajkovac tel. +381/11/ 2252 725 fax: +381/11/ 2252 729 ZIGANTE tartufi d.o.o. Novi Sad (Zigante tartufi d.o.o. 52460 Buje) Ivana Kosančića br. 7 21000 Novi Sad tel.+381/21/ 549-041 fax: +381/21/548 611 zigante@eunet.rs ZOO HOBBY INT d.o.o. Beograd (Zoo hobby d.o.o. Split), Auto put 13 Blok 53m, 11 000 Beograd, tel./fax: +381/11/ 373 00 85 +381/11/ 373 0086 info@zoo-hobby.eu WERKOS ENGINEERING d.o.o. Novi Sad (Werkos d.o.o. Osijek), Zmaj Jovina 14, 21000 Novi Sad tel.+381/21 / 424 733 fax: +381/21/ 424 733 werkos-ing@werkos.com