Italian Business Sector in Serbia 2010/11

Italian Business Sector in Serbia 2010/11

Successful

BUSINESS STORY October 2010

Italian Business Sector in Serbia 2010/11 路 1

intervieW

Steps

FORWARD h.E. armanDo VarrIcchIo, Ambassador of Italy to Serbia

I

t is with great pleasure that I open this special edition of CorD devoted to the Italian business presence in Serbia.

Italy is a leading partner of this country.

Our two Governments and operators are engaged in a strategic relationship that builds on the combination of our assets and on our common vision: Serbia moving forward towards EU integration and the internationalisation and modernisation of its economy.

Italy is therefore actively engaged in promoting the European perspective of Serbia.

The effort to achieve such a historical goal is fully supported by Italian business, with its expanding entrepreneurial presence, and I am confident that this year our collaboration will mark many more important steps forward.

I will remind the readers of CorD that on October 14th, the II Italo-Serbian Summit is taking place in Belgrade and, on that occasion, an Economic Forum has been set up, as an important opportunity to strengthen economic relations and the friendship between our two countries. The Economic Forum will focus on business cooperation in strategic areas such as energy and transportation infrastructure.

Italy plays and will continue to play an important role supporting the growth of the Serbian economy as a leading foreign

investor and as number one buyer of Serbian exports.

In the last years, our entrepreneurial presence has grown substantially. The newly established ItaloSerbian Business Council, composed of major economic players from the two sides, is a demonstration that we believe in the huge potential for growth which exists in Serbia.

Italy plays and will continue to play an important role supporting the growth of the Serbian economy as a leading foreign investor and as number one buyer of Serbian exports The Italian Embassy works to support Serbian and Italian partners, both private and public, to build on the opportunities for new initiatives serving the mutual interest of the two countries; and in our spirit of friendship and collaboration, we will continue walking hand in hand towards the European future of Serbia.

Italian Business Sector in Serbia 2010/11 路 3

SAFE DRIVING WITH DDOR NOVI SAD

Training Saves Lives DDOR Novi Sad is investing 15 million euro in the advanced training of drivers being conducted at the National Driving Academy, where over 100,000 people will learn how to properly react in the most critical traffic situations. Global experience shows that, following the mass application of such training, the number of fatalities in traffic accidents goes down by 17% in only a couple of years

B

y investing over 15 million euro in advance driver training, company DDOR Novi Sad expects the level of traffic safety to significantly go up and for the number of traffic accidents in Serbia to decline. This company will fund educational training in the examination, education and training centre of the National Driving Academy (NAVAK) in the village of Subotište, near Pećinci, the only one of its kind in Serbia. This is the biggest non-state funded project ever made in Serbia which will enable over 100,000 drivers to go through safe driving training where, under controlled conditions, they are going to learn how to properly react in the most critical situations at realistic driving speeds and, by doing so, prevent dangerous situations from occurring.

This is the first project of this kind in Serbia that has a direct bearing on the citizens themselves, i.e. on the people involved in traffic, and that reduces the number of fatalities in traffic accidents. Out of the three pillars of safe traffic, i.e.

National Driving Academy (NAVAK) is the biggest non-state funded project ever made in Serbia which will enable over 100,000 drivers to go through safe driving training

the road, the vehicle and the driver, the state has a direct influence on the first two pillars by investing in infrastructure and developing the automobile industry. With this project, DDOR Novi Sad and NAVAK are strengthening the third pillar – a good quality driver.

“Tragedies caused by traffic accidents are an every-day occurrence on European roads. We have found a way to use some of the valuable experience that Fondiaria Sai has in Europe, coupled with a long business tradition and the proven values of DDOR Novi Sad’s business strategy, in order to help Serbian citizens. The reason we got involved in this project is quite simple – every life lost in a traffic accident is an incalculable loss. Citizens and society, as well as insurance, to a large extent, are negatively affected because of it,” DDOR says.

Free training with each Casco insurance policy Research has shown that, during the lifespan of one generation in Serbia, the number of lives

lost in traffic accidents equals the number of residents living in a medium-sized town. The prevailing reason for traffic fatalities is speeding. Because of this statistical data, DDOR Novi Sad has decided to provide each driver a free safe driving training session in NAVAK along with a Casco insurance policy. This applies to those drivers who are buying DDOR’s Casco policy for the first time, as well as those who are extending their existing policy.

“If a driver buys a Casco policy with the annual premium of between 300 and 500 euro, he or she will be provided with a free safe driving training session. If a driver buys an annual Casco insurance policy worth over 500 euro, he or she will be given an in-depth free safe driving training session at NAVAK’s training grounds. We are also offering special benefits to those drivers who are holders of only a compulsory insurance policy, so if they do buy this policy from us, they will get a 30% off the training price,” DDOR Novi Sad outlines.

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Successful Business Story

ITALIAN BUSINESS SECTOR IN SERBIA - 2010/11

10

LeaDING eCONOMIC

parTNer - PAOLO TOSCHI,

Head of the Economic Section at the Embassy of Italy

eDITOr IN ChIeF Tatjana Ostojić t.ostojic@cma.rs

Executive Board of Banca Intesa

26

IN STep WITh MarKeT NeeDS -

eDITOrIaL CONTrIBUTOrS Zorana Stakić, Ana Stojanović phOTOS Darko Cvetanović TraNSLaTOr Snežana Bjelotomić

14

a SIGNIFICaNT parTNer - VESNA

ARSIĆ, State Secretary in Charge of Foreign Economic Relations in the Ministry of the Economy and Regional Development of the Republic of Serbia

prOJeCT MaNaGerS Vesna Vukajlović, v.vukajlovic@aim.rs; Marija Savic, m.savic@aim.rs; Jelica Lepori, j.lepori@aim.rs

reaDy TO raCe - DR CHRISTIAN

OTTO NEU, General Director of DDOR Novi Sad

NEBOJŠA DIVLJAN, President of the Board of Directors and General Manager of Delta Generali Insurance Company

aSSISTaNT eDITOr Philomena O’Brien p.obrien@aim.rs arT DIreCTOr Ilija Petrović i.petrovic@aim.rs

37

Contents

38

a GOUrMeT’S DeLIGhT - Food &

41

SUCCeSSFUL prIVaTISaTION -

42

The arT OF LIVING - History

44

BeaUTIFUL CITIeS – Tourism

Drink

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ITaLIaN-SerBIaN BUSINeSS COMMUNITy - PIETRO

VACCHIANO, Director of the Italian Chamber of Commerce in Serbia

MARKO ĆULIBRK, General Manager of Ateks d.o.o.

and Culture

GeNeraL MaNaGer Ivan Novčić i.novcic@cma.rs FINaNCIaL DIreCTOr Ana Besedić a.besedic@cma.rs eDITOrIaL MaNaGer Tanja Banković, t.bankovic@cma.rs prINTING Rotografika d.o.o.

Segedinski put 72, Subotica FDI Foreign Direct Investment – “Successful Business Story” published by: alliance international media in association with Italian Embassy Special thanks to Paolo Toschi, Head of the Economic Section at the Embassy of Italy Kneginje 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 ISSN no: 1451-7833 All rights reserved alliance international media 2010

18

a STraTeGIC MarKeT - FABIO

CORSI, Director of the Italian Institute for Foreign Trade

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The MOST IMpOrTaNT parTNer - Economic

30

FrOM KraGUJeVaC TO The WOrLD - GIOVANNI DE

FILIPPIS, Managing Director of Fiat Automobiles Serbia

cooperation

24

MarKeT LeaDer - GIANCARLO MIRANDA, President of the

32

BeTWeeN The MeDITerraNeaN aND The aLpS - Facts &

Figures

6 · Italian Business Sector in Serbia 2010/11

48

CONTaCTS

L’innovazione tecnologica è la base della nostra filosofia

Sede Italiana

LASERJET Srl Via Pietre, 73

36026 CAGNANO DI POJANA MAGGIORE (VICENZA) - ITALY Tel: +39 0444 864301 Fax: +39 0444 764900 www.laserjetgroup.com e-mail: info@laserjetgroup.com

Dopo eccelenti risultati in Italia, nel 2004 la Casa Madre ha deciso di lanciare la Filiale in Serbia convinta di ottenere lo stesso successo.

Filiale in Serbia

Kostolac doo LASER BALKAN d.o.o.

Ulica Dunavac br. 1, 12208 Kostolac (Pozarevac) Tel: 0038 12 241954 Fax: 00381 12 241437 web site: www.laserbalkan.rs e-mail: info@laserbalkan.rs

intervieW

paolo ToSchI, Head of the Economic Section at the Embassy of Italy

LEADING

Economic Partner “According to most observers, Serbia has withstood the worst part of the international crisis and it is progressively heading for recovery.

More than 200 Italian companies are now operational in Serbia”

By ana Stojanović

T

he forthcoming summit of Italian and Serbian businessmen in Belgrade is but one of the reasons to speak with Paolo Toschi, Head of the Economic Section at the Embassy of Italy.

• An Economic Forum will be held on October 14th on the occasion of the II Italo-Serbian Summit. Could you tell us what topics will this Forum will cover?

- The summit and the Economic Forum will be an opportunity to reaffirm our friendship and to advance our strategic collaboration. A large entrepreneurial presence will travel to Serbia, led by the Italo-Serbian Business Council, the association of major business people in the two countries. The Economic Forum 10 · Italian Business Sector in Serbia 2010/11

will focus its attention on four main areas of business cooperation: automotive, agri-food, wood and furniture, and energy and transportation infrastructure.

• In July, Sergio Marchionne of Fiat confirmed that the company will press on with its plans to increase production in Serbia. What has happened since?

- Fiat’s industrial plan is moving forward successfully towards its ambitious goals. Fiat has deployed a very large investment, upgrading the former Zastava factory, hiring and training staff, increasing production and creating a springboard

should be done in order to advance it even further?

- Nine months later the scenario has improved. According to most observers, Serbia has withstood the worst part of the international crisis and it is progressively heading for recovery. More than 200 Italian comItaly is one of the panies are now operational in • Currently, C top three export and import Serbia: they share a big interest partners to Serbia. Do you in the Serbian market and the think that the trade exchange opportunities it presents to exbetween the two countries can port to other countries. But they be increased and what indus- also share some difficulties with trial sectors have the biggest regards to market regulation and transparency. A strong common potential in that sense?

- Italy is a leading economic point is the similarity between partner of Serbia’s, through a Serbia and Italy: a large comsubstantial and growing pres- munity of small and medium ence in all sectors. It is the ma- enterprises based on the same jor purchaser of Serbian ex- Mediterranean culture. This ports with a strong lead also in mutual understanding strengthens business cooplocal markets parbetween us. ticularly in regards Serbia is therefore eration But it remains funto banking, insurance and the auto- a crucial ‘bridge’ damental for Serbia update legislamotive sector. The for economic to tion and streamline trade exchange between the two partnership with the procedures relto foreign incountries can be this key location in ative vestments. increased in particular in the four Europe that is the • According to strategic sectors Balkans most operators, that I mentioned. bureaucracy is a They have been big obstacle to faster economidentified by the Italo-Serbian Business Council, which for its ic development and more insheer relevance will represent vestors coming to Serbia to a strong basis of collaboration invest. Do you think that the between Italian and Serbian en- Serbian government will fully implement the comprehensive trepreneurs. regulatory reform, known as • At the beginning of this year, the ‘regulation guillotine’? in an interview for CorD mag- - I am confident that the Serbian azine, you said the role that government will fully impleItalian institutions play was ment the regulatory reforms beto promote and constantly cause it understands their imporsearch for new opportunities tance when it comes to EU intefor Italian companies to in- gration and the attraction of forvest. What does the Serbian eign investors. It’s a ‘win-win’ market look like today, nine policy: EU integration must comonths after our last conver- incide with the modernisation of sation? Did the investment the state and the internationaliclimate improve and what sation of the economy, especialfor industrial development on a large scale in Kragujevac and elsewhere. This represents the biggest industrial foreign investment in Serbia in 2010, and is also a strong opportunity for the Serbian industry and labour market.

Evro−Giunti Publishers was founded in 1989, as Evro Publishing. In 2006, it became a part of Giunti Editore Publishing House.

During twenty years of successful work, we have published over 5000 titles.

Last year, Evro−Giunti Publishers was on the top of the list as most productive publisher in Serbia.

We participate in most prominent international book fairs in Frankfurt, London, Bologna, Moscow etc; and we are laureate of Gligorije Vozarović prize, for the publisher of the year 2007.

This year, Evro−Giunti Publishers opened a book store chain in cities in Serbia and Belgrade, in accordance to the highest European standards, named Bookstore Evrogiunti.

Until the end of this year, the chain will be consisted of 15 book stores, and our business goal is to open 10 stores more per year.

IKp evro−Giunti doo Dimitrija Tucovića 41 11000 Beograd +381/11/34-46-620, 34-46-619 www.evro-giunti.com

ly through bureaucratic and regulatory reform. This reform effort cannot happen overnight - but it is our job to clarify to the public how the EU perspective is worth the wait.

• Has the lack of harmonisation of the legislation with that of the EU slowed down the trade exchange and development of the economic relations between the two countries?

- Harmonisation of the legislation and internationalisation of the economy go hand in hand. The Italian enterprises have understood the potential of the Serbian market and they consider it strategic, in order to increase trade exchange with Serbia as well as with the Balkans and the neighbouring regions. At the same time these companies need the current efforts by the Serbian government to continue, towards the harmonisation with European legislation and the opening and modernisation of this economy. Like I said, operators need patience and persistence, but the results are going to be rewarding.

tween Serbian and Italian institutions is, and always will be fundamental in assisting Italian enterprises with doing business. At the Italian Embassy we work to increase dialogue among relevant operators, receiving significant support from Serbian institutions.

We organise numerous events in order to facilitate communication and cooperation between our entrepreneurs and the Serbian ones. As a recent example, in September Mr. Stefano Saglia, the Italian State Secretary of Economic

The Italian enterprises have understood the potential of the Serbian market and they consider it strategic, in order to increase trade exchange with Serbia as well as with the Balkans and the neighbouring regions

• To what extent are Italian companies interested in investing in Serbia? Will the latest Fiat investment maybe encourage other Italian companies to come to the Serbian market?

- The Fiat investment has already encouraged numerous other Italian companies, and they have demonstrated their large potential by starting new operations here. Italy is therefore committed to continued contribution to the betterment of the Serbian economy through its role of leading foreign investor and trade partner.

Development, visited Belgrade to discuss collaboration between the two governments in the field of energy. In the same month, the ItaloSerbian Business Council’s steering committee met in Belgrade in order to define its plenary composition and discuss an agenda for the first year of activity. Most prominently, on October 14th the II Italo-Serbian Bilateral Summit, and the Economic Forum being held on the same date, will further the perspectives of collaboration between our two countries, with a rich participation by companies from the two sides.

• How much do Italian companies know about doing business in Serbia and what should we do to improve the business environment in the country? Are institutions helping them in that regard?

- The dialogue and friendship be-

• How much have both countries used the trade agreement between Serbia and the EU to their advantage?

- A huge assistance to the progress of the Serbian economy has and will come from the Interim Trade 12 · Italian Business Sector in Serbia 2010/11

Agreement, which was unblocked at the end of last year and will create over the next six years a free-trade zone for the exchange of goods and services between EU Member States and Serbia. Let me remind your readers that in that same month (December 2009), Serbia presented its application for EU membership, and as a result visa liberalisation for travel to Schengen countries was approved. These are important steps towards EU integration, along with the adoption of European standards in the main economic areas: trade liberalisation, competition, intellectual property rights, transit transportation and state aid control. Thanks to these efforts, both countries have intensified trade exchanges and they are exploring new forms of economic collaboration for the future.

• Who do you think are the biggest competitors to Italian companies in Serbia and what is their outlook on the region?

- Our most welcome competitors are all other EU and non-EU countries that look at the Serbian market with insight. They, like us, realise that the Balkans is a strategic macro-region for its geopolitical position and role. It offers valuable economic opportunities for EU countries in commercial terms and for direct investment in strategic sectors, such as transport and energy, amongst other things. For instance, just looking at the location of the Western Balkans on the European map, one sees the importance of the pan-European Corridors V, VII, VIII and X, which will achieve greater regional integration and stronger economic development. Serbia is therefore a crucial ‘bridge’ for economic partnership with this key location in Europe that is the Balkans. In conclusion, let me underline that Italy is a leader in recognising this potential, and that we are also committed to fully highlighting Serbia’s potential and competitive advantages for the business world.

■

intervieW

VESna arSIĆ, State Secretary in Charge of Foreign Economic Relations in the Ministry of the Economy and Regional Development of the Republic of Serbia

A significant

PARTNER

“When it comes to the overall trade exchange between Serbia and foreign countries in 2009, Italy took fourth place in terms of the value of exports to Serbia and third place judging by the value of imports from Serbia. In the first seven months of this year, Italy took first place in terms of exports and third place in imports in Serbia’s overall trade exchange with the world”

By ana Stojanović

I

taly is a very important economic partner to Serbia – says Vesna Arsić, State Secretary in Charge of Foreign Economic Relations in the Ministry of the Economy and Regional Development of the Republic of Serbia. According to her, bilateral relations with Italy have been very successful, and are characterised by a long-term, quite intensive and complex economic collaboration spanning over almost all business sectors. Also, Italy is one of the main proponents of

• The first summit, jointly organised by the Serbian and Italian government, was held in Rome last year. What were the results of that summit?

- The first Italian-Serbian summit took place on 13th November,

2009 in Rome and this is a practice that Italy has with only important partners, which was validated by the Joint Declaration on Forming a Strategic Partnership. The Serbian Prime Minister and several ministers were present at the summit, during which quite a few agreements covering various areas were signed. Also, both sides were very clear about working towards even better cooperation.

Italy is one of the most important foreign trade partners to Serbia

• It was said at the summit that cooperation in environmental protection, energy, and agricul-

Serbia joining the EU and is undertaking concrete steps to maintain the high level of current cooperation between the two countries.

14 · Italian Business Sector in Serbia 2010/11

ture ought to be developed. What is the current status of those projects?

- At the summit, the Serbian Ministry of Mining and Energy signed two cooperation agreements covering energy issues with the Italian Ministry for Economic Development and the Ministry for the Environment.

In April 2010, a joint statement of the Serbian Ministry of Mining and Energy, the Republic of Srpska’s Ministry of Industry, Mining and Energy and the Italian Ministry of Economic Development was drafted as a continuation of activities stipulated in the earlier agreement. The statement contains the plan to jointly develop hydro-energy resources midstream in the Drina within the framework of regional cooperation. The stipulated activities are being carried out according to plan.

Also, the public enterprise Electric Power Industry of Serbia (EPS) and Italian company, Seci Energia have a written feasibility study concerning the hydro-potential of the Ibar River and in July this year, they signed a contract establishing a joint venture company called Ibarske Hidroelektrane (Ibar Hydro-Electric Power Plants). Establishment of this company is the first concrete step towards the implementation of a project of construction of small hydro-electric power plants on the Ibar, and increasing the share of clean renewable energy sources in Serbia’s overall energy balance.

Also at the summit, the Ministry of the Environment and Spatial Planning signed a joint declaration on cooperation in the area of environmental protection with the Italian Ministry for the Environment, Land and Sea. This also identified the main cooperation points, like harmonising the national environmental protection legislation with that of the European Union, meeting international obligations in this area, implementing priority projects (including ‘The Pančevo Action Programme’), and implementing the Clean Development

Mechanism projects defined in the Kyoto Protocol while covering issues like renewable energy sources and energy efficiency.

• Italy is one of the most important economic partners to Serbia, and judging by the relevant indicators, Italy took first place in terms of trade exchange during

During the forthcoming Italian/Serbian summit in Belgrade, the emphasis will be on the automobile industry, production of rubber, plastic and metal components for the automobile industry, the textile industry, leather processing, footwear production and the food processing industry the first half of 2010. Do you expect this trend to continue and is Serbia going to be able to reduce the deficit in its trade with Italy?

- Yes, it is true that Italy is one of the most important foreign trade partners to Serbia. We have had traditionally good business relations and the two countries are bound by geographical proximity. When it comes to the overall trade exchange between Serbia and foreign countries in 2009, Italy took fourth place in terms of the value of exports to Serbia and third place judging by Italian Business Sector in Serbia 2010/11 · 15

the value of imports from Serbia. In the first seven months of this year, Italy took first place in terms of exports and third place in imports in Serbia’s overall trade exchange with the world. Bearing in mind that in the last ten years, the goods exchange between the two countries has been on the rise, with the exception of 2009 when a significant drop was recorded due to well-known reasons, I truly believe that the growth trend will continue.

At the same time, we have been investing a lot of effort in reducing Serbia’s deficit in trading with Italy.

• Many Italian businessmen are expected to attend the forthcoming Italian/ Serbian summit in Belgrade, together with the Italian Prime Minister, Silvio Berlusconi. What economic sectors is Serbia going to offer as investment opportunities to Italian businessmen?

- Italian businessmen are going to be presented with our business and investment potential and I am confident that, just as always, Italian companies will be interested in investing in Serbia whether for the purpose of supplying Serbia or a third market.

In that respect, the emphasis will be on the automowbile industry, production of rubber, plastic and metal components for the automobile industry, the textile industry, leather processing, footwear production and the food processing industry.

• During summer, many Italians expressed their dissatisfaction with Fiat investing in Serbia.

Before that it was Serbia that had been quite sceptical about the investment. How do you see Fiat’s investment in Serbia developing?

- The fact remains that there was a lot of scepticism concerning the results of a joint investment in the project entitled ‘Fiat Automobili Srbija’ predominantly when we were waiting for Fiat to provide 100 million euro as the company’s initial capital.

Even before Fiat made the payment, the works at the Zastava Automobili factory had been pretty extensive, and they picked up pace this year.

Roofs are being placed on certain production facilities in order for the latest equipment to be installed. The complete infrastructure on the factory grounds is being reconstructed, including electricity, gas, water and sewage facilities. For the first time in the factory’s history, there will be a modern waste water filtering facility. Bearing in mind what kind of products are being produced here and what materials are used during production, quite a few environmental projects have been realised (removing the oil stained floors, eliminating hazardous materials, removing asbestos plates and contaminated dirt etc.). Now, the factory will adhere to high environmental standards in its operations. In addition to the aforementioned, and in line with the relevant plan, Fiat’s representatives have said that investments in production of new models of cars in Kragujevac would exceed 700 million euro. The plan is also for the Fiat Automobili Srbija Company to have an annual production capacity of 200,000 vehicles. In the latter half of 2011, Fiat plans to launch two new models from Kragujevac and export the cars produced in Serbia to Europe and the US.

- When it comes to its complexity and the components it uses, the automobile industry is very demanding. In this regard, and in order for a car production company to be successful, it is vital to establish a reliable network of suppliers and component manufacturers. This is why

Serbia and Italy have had traditionally good business relations and the two countries are bound by geographical proximity

the local authorities in Kragujevac have provided a location for the construction of a 67-hectare-industrial park in Koroman Polje that will have all required infrastructure. The construction of production facilities for Fiat’s suppliers will begin in this location in 2010. Fiat Automobili Srbija and its suppliers will be located in a customs free zone. We expect many companies to express interest in cooperating with Fiat Automobili Srbija and other factories which, in • To what extent did Fiat’s deci- turn, will result in the creation of sion to invest in Serbia have a pos- many new jobs. The positive example set by Fiat is certainly encouritive effect on other investors? aging to othSerbian goods for export er invesI do think that there is always room to increase the export of tors to come our high quality products which meet the relevant standards. and invest To Italy we mostly export metal processing products, leather in Šumadija, and leather products, textiles, chemical industry products, and Serbia and products made of rubber and plastic. the wider ar16 · Italian Business Sector in Serbia 2010/11

ea. There are ongoing negotiations with strategic partners who are willing to invest in domestic factories, whether we are talking about greenfield or brownfield investments.

• What can Serbia offer to foreign investors that no other neighbouring country can?

- Serbia has a tax and customs system which is tailored to new investments more so than similar systems in other countries. Also, there are free trade agreements and financial incentives which make Serbia the most attractive investment location in South Eastern Europe. Compared to other Eastern European countries, Serbia has the lowest profit and income taxes, VAT, as well as very low pension and health insurance rates. Our customs system allows investors to operate in free zones, import customduty-exempt raw materials that will be used in products exported to third countries, as well as the customfree import of equipment and machinery. In addition to this, the free trade agreements offer investors the possibilities of customs-free export to the EU, EFTA and CEFTA countries, Turkey, Belarus and Russia (we are currently negotiating with Kazakhstan about concluding a free trade agreement). When it comes to such agreements, there is no other country in Europe like Serbia.

Financial subsidies for investments (depending on how big an investment is and how many new jobs it will create) can be pretty substantial and help the investor with starting new projects in Serbia. This proved to be very beneficial during the economic crisis. Logistically speaking, Serbia is in a very good place since it easily covers the markets of Germany, Austria, Italy, the Czech Republic, and Slovakia in the north and west, and Turkey and Greece in the south. Finally, many investors have praised the industrial culture of Serbian workers and said that this was a reason why they decided to launch production in Serbia.

• Foreign investors say that administration and bureaucracy are some of the biggest obstacles to investments. The Ministry of the Economy and Regional Development has begun implementing the comprehensive regulation reform, popularly called the ‘regulation guillotine’, but both domestic and foreign investors are not happy with the pace at which the reform is being carried out. When is the reform going to be completed?

- The comprehensive regulation reform is nearing its end. In late 2009 the Serbian government abolished close to 190 acts and adopted over 200 recommendations pertaining to regulation amendments and supplements. So far, 90% of these recommendations have been implemented or their implementation is pending. Once the negotiations with the regulatory bodies are finalised, the government will adopt the remain-

ing recommendations. The plan is to finalise this process by mid-October 2010, and to implement the recommendations by the year end. Via the Foreign Investors Council (FIC), investors have greatly contributed to analysing the legislation and formulating recommendations pertaining to regulation amendments and supplements. What is also important to mention is that businesses have

The positive example set by Fiat is certainly encouraging to other investors to come and invest in Šumadija, Serbia and the wider area been saving a lot of money due to the regulations being changed and it has been estimated that these savings amount to 200 million euro per annum. Also, it is very important that the government has decided to form a standing body in charge of regulatory reform which is also go-

ing to analyse the reform’s effects and prevent further administration procedures and expenses being imposed to the economy. Through this standing body, foreign investors are going to be given an opportunity to have their say in drafting regulation that pertains to their work in Serbia even after the comprehensive regulation reform is completed. One of the main tasks of this body is to collect and process initiatives made by both the citizens and businesses, including foreign investors, for certain inefficient laws to be changed.

Once these suggestions are processed, they are going to take the form of recommendations that will be submitted to the relevant ministries. So, the most important thing is that in this way, we are going to have continuity and that foreign investors are going to be able to give their suggestions in regard to those laws that complicate their operations in Serbia.

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Vojvode Putnika bb, Inđija, Srbija tel: +381 11 3288100; fax: +381 62 298173 www.martinigradnja.rs

PREFABRICATED CONCRETE CONSTRUCTION Italian Business Sector in Serbia 2010/11 · 17

intervieW

FaBIo corSI, Director of the Italian Institute for Foreign Trade

A strategic MARKET The Italian Institute for Foreign Trade plays the role of an institutional guide in order for strategies to be adopted in the approach to foreign markets, meeting the various requirements of individual companies

By Zorana Stakić photo Darko Cvetanović

I

n the last three years, trade with Italy has doubled, and has increased three-fold over the last five years. Acquisition of information about the Italian market and business opportunities is the first step that foreign companies must take in order to select areas of interest. The Italian Institute for Foreign Trade, with its network of 117 offices in 87 countries around the world, can provide information and assistance to all foreign companies that wish to develop business with their Italian counterparts, a fact highlighted by Mr. Fabio Corsi, Director of the Italian Institute for Foreign Trade.

• Judging by the export results accomplished in the first six months

of 2010, Italy is the most important foreign trade partner to Serbia.

During the same period, the foreign trade exchange amounted to $1,202.60 million. In your opinion, what are the reasons behind Italy becoming Serbia’s largest foreign trade partner in 2010?

- In first six months of 2010, Italy was the most important foreign trade partner to Serbia. The economic relations between Italy and Serbia prove this fact. The reason for this is that the Serbian market is a strategic market for Italian enterprises, and also in the region bearing in mind the trade agreements with other countries in Eastern Europe and in the region such as Russia, Ukraine, Belarus and Turkey. This

The most obvious obstacle at times has been the legal system in Serbia fact makes Serbia very attractive to our enterprises, and I think this will encourage Italian companies to seek Serbian partners. This relationship is very important for both sides.

• Serbia’s has reduced its deficit in trade with Italy, and in the first six months of 2010 Serbian exports grew to $509.3 million from $365.8 million in the same period last year. Do you expect the trade deficit to decline even further in 18 · Italian Business Sector in Serbia 2010/11

the coming period?

- It's hard to say whether the trade deficit in the second half of this year will decline. It's very probable as Italy is now the primary market for Serbian exports. In 2009 Italy was in fourth place after Bosnia and Herzegovina, Montenegro and Germany. Export results achieved

by Italy in the first six months of 2010 make it the most important partner of the Serbian economy. At the same time a record coverage was achieved in imports-exports.

• What Serbian products are considered the most interesting to the Italian market?

- The most important Serbian products for Italy are ferrous and no ferrous metals, also textiles, and other products that Italian enterprises produce in Serbia and export to the Italian market; we also import agricultural and food products.

• And in reverse, what Italian products are of most interest to Serbia?

- In Serbia, the products of most interest include Italian fashion, machinery and furniture. But I think in the future, equipment for industry will become more important.

Another area of significance is establishing a relationship of cooperation between Serbian and Italian

companies for joint ventures. I think that equipment for the industries of timber processing or metal and plastic working machinery are sectors in which Italian industry can develop a relationship with Serbian partners.

• Italian companies are at the very top when it comes to investing in Serbia. Are there any Italian companies that are going to make substantial investments in Serbia in the forthcoming period?

- Commercial exchanges are very important, but I think that now the most relevant new role of Italy in Serbia is to link to investments in industry. A big role will be played by the formation of the ItalianSerbian Business Council which will include several Italian enterprises from the food sector, the automotive industry, and also the areas of equipment and machinery for the food industry, packaging, and the electronic machinery sectors. It is important to work as a team and act together to achieve greater influence on the market.

• Will the participants of the Italian/Serbian summit in Belgrade discuss investments too?

- Of course, but right now we are interested in Serbian economic enterprises and Italian investments.

Most of the new discussions between our enterprises will be about investments and other opportunities

to make new joint ventures between Italy and Serbia.

• Did Fiat’s investments encourage other Italian investors to invest in Serbia?

- Yes, Fiat’s investments did encourage other Italian investors to invest in Serbia...I think there were a lot of

commercial exchanges are very important, but I think that now the most relevant new role of Italy in Serbia is to link to investments in industry enterprises in the automotive sector following the Fiat investment. So we have an Italian company like Magneti Marelli and other companies in the automotive sector which are planning to invest. We will see the consequences of this in the automotive industry in the years to come.

• As you are constantly in touch with representatives of Italian companies in Serbia, could you tell us what the biggest obstacle is for them doing in business in Serbia?

- I must say that, as is the case in every country, we do come across obstacles. The most obvious obstacle at times has been the legal system in Serbia. However laws have become more effective and attractive to foreign business but I think

Italian Italian Business Business Sector Sector in in Serbia Serbia 2010/11 2010/11 /· 19 19

that the main problem with attracting foreign investors is the complicated procedures they had still to go through in certain areas, such as building permits or executing contracts. I am also sure that local municipalities can do much more in order to attract foreign investments.

• What are the Institute for Foreign Trade’s plans in regards to improving economic relations between the two countries?

- The Italian Institute for Foreign Trade plays the role of an institutional guide in order for strategies to be adopted in the approach to foreign markets, meeting the various requirements of individual companies. We assist Italian companies with activities of international cooperation in order to facilitate access to financing by international organisations and to encourage joint-venture opportunities and industrial and technological partnerships with foreign companies. The Italian Institute for Foreign Trade also promotes industrial cooperation through workshops and bilateral meetings, financial and operative advice and specific seminars for companies operating in the services sector. Through international fairs, missions of exporters, exhibitions, congresses, communications and other initiatives we increase business opportunities and support companies with their entrance into different markets.

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economic cooperation

The most

IMPORTANT PARTNER Since the beginning of this year, trade exchange between Italy and Serbia has grown by 10%.

During the first six months of this year, the trade exchange was worth $1,202.60 million. At the same time, exports covered 73% of imports, which was a record value

By Zorana Stakić

I

n the first seven months of this year, the foreign trade exchange between Italy and Serbia grew by 10% compared to the same period last year, says the Serbian Chamber of Commerce (PKS). At the same time, according to the Serbian State Statistical Office, exports grew by 16.5%, while imports went up by 3% compared to the same period last year.

Judging by the export results accomplished in the first six months of

Herzegovina ($586.0 million) and Germany ($568.9 million). In imports, Serbia’s biggest trade partners were the Russian Federation (with $1,153.3 million), Germany ($976 million) and Italy ($819.3 million).

Italy, as the top foreign trade partner to Serbia and the country with whom the economic structure is complementary to that of Serbia’s, and with which Serbia has had traditionally good business relations and geographical closeness, has been occupying either of the first two places in terms of trading with Serbia in the last 20 years.

According to the PKS, earlier trade exchange between the two countries has been balanced, important contracts have been concluded pertain-

2010, Italy is Serbia’s most important foreign trade partner. During the same period, foreign trade exchange amounted to $1,202.60 million.

poSITIVE TrEnDS

According to the Serbian State Statistical Office (RZS), in the period from January to July this year, Serbia’s overall trade exchange reached $14,429.70 million or €10,963.2 million. When it comes to Serbia exporting to individual countries, the ranking is: Italy (first place with $613.6 million), Bosnia and

Judging by the export results accomplished in the first six months of 2010, Italy is Serbia’s most important foreign trade partner

20 · Italian Business Sector in Serbia 2010/11

ing to joint investments and production cooperation, and a level of high quality collaboration has been established in areas such as banking and finance, transport and tourism.

Serbian exports to the Italian market make up 23.6% of the entire country’s exports to the EU market, and 10.7% of our overall exports. When it comes to the extent to which the trade exchange is balanced, Italy takes first place compared to other EU foreign trade partners and the EU in total. In the last three years, the goods’ exchange has doubled, and in the last five years, it has tripled.

In 2009, after almost ten years of constant growth, a 29% drop in trade with Italy was recorded - this was also indicative of Serbia’s trade with the EU and overall foreign trade at the global level. Despite this drop, Italy continued to occupy an important place among the other foreign trade partners of Serbia with

trade excHange WitH itaLy Year 1991 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2009/6 2010/6

Export 662,0 180,6 272,3 310,8 157,3 222,6 311,6 330,3(2)* 347,7 (2)* 447,7 (2)* 656,5 (2)* 926,0 (1)* 1.093,0(1)* 1.128,4(4) * 820,8 (4)* 365,8 509,3 (1)*

in million US dollars

Import 591,0 434,6 482,1 507,8 332,9 389,8 500,4 652,7(3)* 727,2(3)* 1.039,3(3)* 908,8(3)* 1099,6(3)* 1.777,4(3)* 2.184,4 (3)* 1.534,4 (3)* 730,3 693,3 (3)*

Trade exchange 1.253,0 615,2 754,4 818,6 490,2 612,4 812,0 983,0 1.074,9 1.486,7 1.565,3 2.025,6 2.870,4 3.312,9 2.355,2 1.096,1 1.202,6

Italy has again been the number one export partner to Serbia, while at the same time, exports have covered 73% of imports, which is a record value.

This is due to exports increasing by 39.2% compared to the same period in 2009.

ImporTS / EXporTS

When it comes to the structure of goods and services exported to Italy, the most dominant are the additional processing of footwear, non-ferrous metal (copper pipes and processed aluminium), (*) Italy’s ranking among the top foreign trade partners to Serbia in exports and imports in the period from 1991 to the end of June 2010. ferrous metallurgy (cold pressed strips), wood a 10% share in the overall trade ex- products (lumber, compensates, change. wood elements and veneer), agriIn the first six months of 2010, cultural produce and food (mush-

Oil and Lubricant producer peTrONaS LUBrICaNTS ITaLy

heaD OFFICe: Borska 92F 11090 Beograd, Srbija Tel. +381 (0)11 35 91 358 Tel.+381 (0)11 35 92 882 Tel. +381 (0)11 35 93 372 Fax. +381 (0)11 35 81 777

rooms, sugar, sugar beet shreds, fresh and frozen fruits and vegetables), outer tyres, raw hide, polyethylene and magnesium.

In 2009, Serbia mostly imported the following from Italy: raw materials for the footwear industry (to be used in the production of footwear for Italian companies), plastic packaging machinery, new and used cars and trucks, domestic appliances, furniture and furniture pieces, seamless pipes, confectionary products, paper and cardboard, marble and granite etc.

When comparing the structure of goods that were exported and imported, one can conclude that most of the goods exported to Italy were raw materials, while, in terms of imports, consumer goods dominate (which is the prevailing trend in Serbia’s trade with the world).

Economic Cooperation

Despite the fact that, considering the value of deliveries on both sides, industrial cooperation with Italy was far below the level of trade exchange, this was still a field where important contracts were concluded. According to the Committee for Foreign Economic Relations the partnership with Fiat is very beneficial since it will be a significant fulcrum for future cooperation between Serbian and Italian companies in the

First Fiat Punto Classic leaving the production line in Zastava car factory in Kragujevac, central Serbia

production of components.

When it comes to cooperation in the banking and finance sector, four Italian banks are operational in the Serbian market - Banca Intesa, UniCredit, Findomestic and San Paolo. These banks have acquired domestic banks, unlike other banks which came to Serbia via the acquisition of licences. In the case of the insurance sector, Assicurazioni Generali took over Delta Osiguranje, while DDOR Novi Sad was acquired

by Fondiaria Group.

In line with the new Privatization Law, the Italian company, Bitumen Adigi bought the Kijevo–Straževica strip stone mine, while Piero Zanella acquired Zlatibor Mermer. The Franco Caporale Company from Pescara and Belgrade-based Gemax

have begun building a stone aggregate factory.

In the field of construction materials, Italian company, Alcalinea and Građevinar from Kraljevo erected a plant for the production of prefabricated walls. An Italian company has also invested in sugar production (SFIR form Vincenza became a majority holder of the Senta and Nova Crnja sugar refineries).

Also, in the pharmaceutical area, Grafica Zannini and Hemofarm have opened a medical packaging factory. Hemofarm has also collaborated with Bertelle Company by investing in a plastic packaging factory in Vršac. Italian partners have expressed strong interest in cooperating in the wood processing sector (Casa Italia has opened a furniture plant in the Bačka Palanka Free Zone). An Italian owner has also acquired a wood processing factory, Crni Vrh and a new production line has been launched here, while in Leskovac, the company will start building a factory for production of so-called sandwich panels. The renowned producer of plywood pan-

In imports, Serbia’s biggest trade partners were the Russian Federation (with $1,153.3 million), Germany ($976 million) and Italy ($819.3 million)

Incentives

els, Fantoni from Udine bought Špik Ivanjica in late 2006 (the company plans to invest a total of 30 million euro in order to reach the production of 300,000 cubic metres of plywood materials).

In 2005, the Italian government granted a 35.5-million-euro credit line as a form of incentive for small and medium companies in Serbia which enabled them to buy Italian equipment under favourable terms (annual interest rate of 6.5%, repayment period of eight years and a two-year-grace period). The credit line was available through Komercijalna Banka, Banca Intesa and Eksimbanka and it was entirely allocated. The second credit line of almost the same value was granted in 2008 and is still waiting to be ratified and implemented. Unlike the first credit line, this time around infrastructure, environmental and utility projects will be given funds, in addition to small and medium enterprises.

22 · Italian Business Sector in Serbia 2010/11

Fashion Industry

Footwear production is an industrial sector that carries great cooperation potential.

This is seen in the collaboration between Serbian companies Lucky Line from Čačak, Solid from Subotica, Milateks from Šimanovski and Kulska Fabrika Obuće Aska with the

Italian partners Filante, Lorecanti, Olip and Gian Pietro. Fibest acquired Ateks from Belgrade, Golden Lady built a women’s stockings factory in Valjevo, while Dalle Carbonare invested in the spinning mill of the Paračin fabric factory. Diana Company from Sremska Mitrovica and Fruška Gora from Ruma have been successfully carrying out processing activities for the globally renowned Italian fashion companies, Gucci, Prada and Max Mara. Also in the textile processing branch, Italian company Manifatture Settentrionali will build a highend fashion production facility in Vrbas, while, in Zaječar, the company is already producing pyjamas

Cooperation agreements Serbia has signed the following agreements with Italy: the Agreement on Cooperation between the Serbian Chamber of Commerce and Unioncamere (the union of the Italian chambers of commerce), the Agreement on Cooperation between the Serbian Chamber of Commerce and Societa Trimon SAS, the Memorandum of Cooperation between the Serbian Chamber of Commerce and the Trade, Industry, Arts and Crafts and Agriculture Chamber from Trieste, the Protocol of Understanding between the Serbian Chamber of Commerce and the Production Secretariat of Emilia Romagna, the Cooperation Agreement between the Milan Chamber of Trade (Promos) and the Serbian Chamber of Commerce, the Cooperation Agreement between the Serbian Chamber of Commerce and the Internationalisation Centre of the Piemont Trade Chambers, the Cooperation Agreement between the Serbian Chamber of Commerce and Pordenone Trade Chamber, the Cooperation Agreement between the Serbian Chamber of Commerce and Bari Chamber of Commerce, the Cooperation Agreement between the Serbian Chamber of Commerce and Vicenza Chamber of Commerce and the Cooperation Agreement between the Serbian Chamber of Commerce and the Sienna Trade Chamber. ances with Candi and Germi. The cooperation between tyre producer, Trayal and Marangoni can also be considered a successful one. Utility services are another sector which brings comparative advantages for Italian companies. Fast Park and Parking Servis are collaborating on mounting parking-space projects, while the Italian government is involved in resolving environmental problems in Pančevo and the separation and baling of garbage in Novi Sad together with Makpres.

When it comes to industrial cooperation, what is notable is that it is concentrated in only a few sectors (like transport devices, agricultural machinery, domestic appliances) which, in certain cases, can be a reflection of the inventiveness and efforts invested in expanding the existing cooperation. However, in most cases, the overall impression is that the latest technological advancements in the Italian economy are not receiving full attention, as there are still

In the first six months of 2010, Italy has again been the number one export partner to Serbia, while at the same time, exports have covered 73% of imports, which is a record value

no contracts of cooperation in high technology areas where Italy has a leading position (electronics, automatics, and robotics). It is very important to mention a joint initiative by Fiat and Zastava in the production of the Fiat Punto.

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Serbian exports to the Italian market make up 23.6% of the entire country’s exports to the EU market, and 10.7% of our overall exports and underwear for the Italian market. Companies Pompea and Fulgar have invested $25.5 million in the municipality in Zrenjanin (in the production of women stockings and artificial yarn), while Golden Lady has invested in a new production facility in Šabac.

Industry

The metal processing industry is also a good example of the cooperation between Serbia and Italy. Pometon from Venice has established a joint venture company with the Bor Smelting Plant with the aim of expanding the capacities for production of copper dust.

Krušik from Valjevo has been cooperating with Cedite for years in the production of hunting ammunition components, while Zastava Automobili is delivering cogwheels to Usco Company from Modena. Smederevo-based Milan Blagojević Company has been constantly developing collaboration in the production of domestic appli-

Italian Business Sector in Serbia 2010/11 · 23

intervieW

GIancarlo mIranDa, President of the Executive Board of Banca Intesa

Banca Intesa Market

LEADER “We develop business activities in four directions: retail and small business, local governments and the corporate segment, as well as investment banking”

By ana Stojanović

S

uccessful investment in Serbia was one of the reasons for our interview with Mr. Giancarlo Miranda, Deputy President of the Executive Board of Banca Intesa.

• In early 2005, Banca Intesa acquired a 75% stake in Delta Banka for almost 300 million euros. This remains one of the biggest Italian investments in Serbia to date. After five years, what is your current view of this investment?

- This was not just one of the biggest investments in Serbia, but it was one of the most successful in the whole international investment portfolio of the Intesa Sanpaolo Group. When I observe the results that Banca Intesa accomplished in Serbia from this

distance, as well as its contribution to operations of the entire group, I can say that we have really made a wise choice.

• Investments continued with the acquisition of Panonska Banka in 2008. Today, Banca Intesa is the number one bank in Serbia judging by the total assets, placements, deposits, and overall revenue and it has over 1.4 million clients.

- The acquisition of Panonska Banka was carried out by Sanpaolo IMI. This is yet more proof that Italian banks are very much interested in the Serbian banking market.

After the merger between Intesa and Sanpaolo IMI in the Italian market, the leading position of Banca Intesa in Serbia was further strengthened with the addition of the Pannonska Banka network and its strong footprint in Vojvodina. The bank has

”I would say that that Serbia is advancing well, particularly in the areas of the development of client services” 24 · Italian Business Sector in Serbia 2010/11

been achieving strong organic growth ever since. Banca Intesa has been the leading bank in the Serbian market, according to all the most important banking indicators. It tops the list of the largest banks in Serbia recording total assets of 3.2 billion euros, total deposits to the amount of two billion euros and total placements of over 2.1 billion euros. We develop business activities in four directions: retail and small business, local governments and the corporate segment, as well as investment banking.

• Banca Intesa, Fiat, and Delta Generali are just some of the leading Italian companies that have invested in Serbia. Is there a plan for other big Italian companies to invest in Serbia in the near future?

- There are around 200 Italian companies currently operating in Serbia, they employ 18,000 workers. The biggest concentration still remains in the financial sector, primarily thanks to major banking groups, as well as to insurance companies that entered the Serbian market, but those first entrances led the way for other industrial investors to come.

Today interest in investments in

Serbia is widespread among many Italian businessmen, particularly in the three main areas of the automotive industry, agriculture and the energy sector.

• In the last five years has the investment climate in Serbia changed and what else can we do in order to attract more foreign investors?

- A good investment climate requires a clearly defined legal framework within which it is possible to achieve stability of business operations, reasonable predictability of risks and an environment that stimulates progress and creation of new values. In this context, even though the impact of the global economic crisis has inevitably affected Serbia, I would say that many positive developments have occurred in the last five years, but ultimately, the attractiveness of the Serbian market relies on its orientation towards European integration.

• The quality of Banca Intesa’s operations has been validated by many awards and recognitions.

Could you sum up in a few sentences what sets Banca Intesa apart from its competition? Why is the bank the recipient of so many awards?

- We have made our business model fully focused on our customers’ needs. For example, we developed a customer’s satisfaction program called “We are Listening to You 100%” which includes the per-

manent and continuing monitoring and measuring of clients’ satisfaction with the Bank’s products and services, with the objective to improve the quality of services and to increase clients’ satisfaction. I trust that our customers particularly appreciate that. In addition, I as-

Banca Intesa has been the leading bank in the Serbian market, according to all the most important banking indicators

sume that we are benefiting from the perception of being a pillar of the Serbian economy. We are especially proud of the fact that we provided reliable support to our clients even in times of crises as well as being a significant contributor to the success of the government’s liquidity support scheme.

• You have gained international experience by workStrong Support to economy & tHe State ing at Banca Intesa. How Banca Intesa will continue implementing the business strategy that much does doing business brought us to the leading market position, and which is noticeable in Serbia differ to that in in our focus on clients and listening to their needs. We will try to conItaly? tinue to be recognisable in the market for the high quality of modern - Obviously, there are many services, innovations, the dedication and professionalism of our emstructural differences beployees. We think that it is our obligation, especially in the time of crisis, to render strong support to the economy and the state through a cause the countries are gocontinuing process of granting loans and, through this, contribute to ing through different develthe recovery of economic and investment activities and development opment stages and, logically, of entrepreneurship and local governments. A strong deposit base banking operations are differand support of our mother bank will certainly be a significant help in ent. Even though we cannot the accomplishment of these goals. state that the Serbian banking Italian Business Sector in Serbia 2010/11 · 25

sector is at the same level as developed Western European markets, including Italy, I would say that that Serbia is advancing well, particularly in the areas of the development of client services. In addition to that, concerning card operations, I would highlight that not only is Serbia the region’s leader, but when it comes to the usage of credit cards, the level of penetration is higher here than in some regions of Italy, which is surprising. On the other hand, in Italy where the SME sector is one of main generators of the GDP, banking products and services for this category of clients are very developed, unlike in Serbia. This area is the one in which we expect the biggest improvement to be made in the forthcoming period.

• How did Banca Intesa tackle the economic downturn in the last two years, especially bearing in mind that Global Finance magazine put you among the 50 safest banks in the world?

- Banca Intesa is part of the Intesa Sanpaolo Group, which is among the top banking groups in the Euro-zone.

The essence of success of the Intesa Sanpaolo group in the last two years has been the establishment of a solid base of deposits, the maintenance of a high liquidity, a low leverage, as well as solid and sustainable profitability. Intesa Sanpaolo is one of the few big international banking groups that weathered the crisis on the basis of its own resources, without asking for additional equity from the shareholders or from the government. In addition, Intesa Sanpaolo has always focused on pure commercial banking transactions to support real economy and the needs of both companies and households.

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intervieW

nEBoJŠa DIVlJan, President of the Board of Directors and General Manager of Delta Generali Insurance Company

In step with

MARKET NEEDS “We think that consumer protection legislation needs to clearly define rights and obligations of insurance policy holders and, by doing that, provide transparency of business operations.

This is in the best interest of both the consumer and the industry”

By ana Stojanović

T

he successful arrival of Generali Group on the Serbian insurance market is just one of the reasons why we interview Nebojša Divljan, President of the Board of Directors and General Manager of Delta Generali Insurance Company.

• In 2006, Generali Group bought 50% plus one share of Delta Insurance. What is the company’s view of this acquisition in retrospect, and what did Generali Group’s arrival on the Serbian insurance market mean for the market itself?

- The development of this joint venture has completely fulfilled the expectations of Generali Group. True, the company’s progress, even before the acquisition by Generali Group, was quite rapid, but it is worth mentioning that the progress continued in the situation when we had quite a high market share, which is very

difficult to achieve. If we compare ourselves to other members of Generali Group in the region of Central and Eastern Europe, we take second place out of 14 when it comes to market strength. In terms of absolute numbers, the situation is somewhat different, since the Serbian insurance market is rather undeveloped.

In relation to how satisfied Generali Group is with the results accomplished in Serbia, it is very important to outline that a survey on brand recognition, which was carried out in 14 CEE countries, showed that Generali was the most recognisable brand in Serbia. On the other hand, the Group’s arrival also contributed to the development of this market. In times of frequent changes in ownership structures and many foreign insurance companies

now, we have a much harder task at hand, i.e. to attract the second wave of investors who are going to invest first and foremost in the real sector and who will consider Serbia a location favourable for production and exporting to third markets 26 · Italian Business Sector in Serbia 2010/11

becoming operational in Serbia, we can say that Generali is the biggest such company that has entered our market. The arrival of this globally renowned company inevitably leads to the market gaining popularity with other insurance companies too, as well as other types of investors. Of course, this entails improving your products, acquiring the relevant technology and the knowhow. Still, in terms of insurance, we should mention that Generali brought considerable re-insurance capacities at affordable prices.

• Is that the biggest problem foreign investors have to overcome in Serbia?

- A substantial number of renowned investors have already come to this market thanks to a great effort being invested by the state and individuals. However, during the first surge, investors made investments in those economic sectors that are highly profitable and where success was virtually guaranteed like telecommunications, the tobacco industry, banking and similar. Now, we have a much harder task at hand, i.e. to attract the second wave of investors who are going to invest first and foremost in the real sector and who

will consider Serbia a location favourable for production and exporting to third markets. This is where our country comes up against very tough competition. In addition to the quality of the workforce, administration procedures, and the tax system and similar, I would also like to mention what or who is the best promoter of Serbia as a good investment destination. The companies that are already operational here, and who are happy with the environment and the accomplished results here are the best recommendation. The worst reference is an investor who has withdrawn from the country.

• How did you manage to achieve growth during this second year of economic crisis?

- If we had a simple answer to that question, we would be widely copied. To demystify the matter a little bit, let me say that the good results were due to us adjusting to the given situation and a well-balanced portfolio which consists of life insurance, vehicle insurance, health and property insurance. The second thing that is important is that we have motivated staff, who are well aware that if you are standing still, you are actually moving backward.

• What are Delta Generali’s plans for the coming period?

- Considering our high market share, our development is becoming increasingly limited by the development of the entire market. In the following year or two, it would be exceptional if our growth would range between 8% and 10% per annum since the market’s growth will be in single numbers too. Of course, we expect to achieve profitability.

In addition to that, we are going to open a health facility in which our health insurance policy holders and other citizens will be able to receive professional health services and I think that that facility will be one of the many that we are going to open.

So, in the coming period, we are go-

ing to be focused more on quality rather than quantity.

• What are your expectations when it comes to the overall insurance market?

- I have said many times before that the insurance industry has not been hit by the crisis as much as other industries. In the last two years, the industry did not suffer a drastic decline. However, things can be viewed from a different perspective too, so we can say that we have missed many development opportunities. I don’t think that the industry will significantly grow in the next two years, and what we are going to see is one-digit growth, calculated in dinars. This frame-

I have said many times before that the insurance industry has not been hit by the crisis as much as other industries work will not leave much room for drastic changes happening in terms of who is at the top of the industry.

• When can we expect Dunav Insurance Company to be privatised?

- With regard to the privatisation of Dunav, I believe that this will not happen at least in the following two years. I have said on several occasions that it would be good to privatise Dunav since that would result in more even competition.

• Do you expect certain laws to be enacted that will facilitate faster growth of the insurance industry?

- This is one of the key issues – the issue of legislation that could speed up the industry’s development. For a whole year, we have been workItalian Business Sector in Serbia 2010/11 · 27

ing on a programme stipulating tax incentives for life insurance policy holders and we have proposed to the government a format that has played a major role in the development of, let’s say, France, Italy and Spain. We are trying to explain to the state that a developed life insurance sector is not only a result of the country’s overall economic development, but is also one of the factors that stimulates economic growth. In order to make an even more convincing argument, we have offered to the state to invest the value of our entire life insurance premium into state bonds with fifteen or twenty year maturity.

We are absolutely confident that this should be the number one format for funding state infrastructure projects, which is far more favourable than selling profitable state-owned companies. It remains to be seen whether the state sees eye-to-eye with us.

We would like to do the same for private health insurance. We think that the contributions employers make towards private health insurance should not be taxed as when income is calculated, everybody is already paying a portion of their salary for the state health insurance and it doesn’t make sense to pay double for such insurance. Then, we need to have a more flexible regulation pertaining to selling and representing insurance which again can contribute to market development. I want to see professional sales staff, but I think that a person should not only be limited to a role of an intermediary in insurance purchases. They can, for example, sell insurance part time which would provide them with good income, and, by doing so, the industry would have thousands of people involved. Of course, there is the Law on Consumer Protection. We think that consumer protection legislation needs to clearly define rights and obligations of insurance policy holders, and, by doing that, provide transparency of business operations. This is in the best interest of both the consumer and the industry.

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intervieW

pIETro VacchIano, Director of the Italian Chamber of Commerce in Serbia

Italian-Serbian Business Community Serbia enjoys a very privileged position thanks to having concluded free trade agreements that have made the country the primary trading platform for exporting to markets with over a billion potential clients for the next three-year-period in March 2009,” our interlocutor comments.

• What is the Chamber’s main role in Serbia?

- Through its activities the Chamber is closely tied to other Italian economic institutions which are present in Serbia, the Italian Embassy to Serbia, the economy and business department, and the office of the Italian Foreign Trade Institute (ICE) in Belgrade. The Chamber’s main role is to support Serbian and Italian companies in their business endeavours.

By ana Stojanović photo Darko Cvetanović

T

he Italian Chamber of Commerce in Serbia was founded in Belgrade on 26th March, 2002 and is one of the youngest Italian chambers of commerce abroad when it comes to the new markets of Central, Eastern and Southern Europe. It is also the only chamber in the West Balkans area which was officially acknowledged by the Italian Government in 2006 – according to Pietro Vacchiano, Director of Italian Chamber of Commerce in Serbia. He says that the Chamber is a part of the entrepreneurial network known as ‘Assocamerestero’ which is made up of 75 chambers of commerce from 49 countries and has 22,000 members.

The influential Italian businessman engaged in agricultural and food production, Vincenzo Divella is the president. “Following his (Mr. Divella’s) first term in office, he was re-appointed

The chamber’s main role is to support Serbian and Italian companies in their business endeavours

• How many members does the Chamber have, and what are they receiving from the Chamber?

- The Chamber currently has 105 members which, despite the recent economic difficulties, have all renewed their membership. The other 90 companies are potential members which is quite a substantial number bearing in mind that there are 250 Italian companies in Serbia. The services that the Chamber offers are primarily geared towards members, as well as other companies that are active in the economic and trade exchange between Italy and Serbia. As a business association, the Chamber has both Italian and Serbian companies as members and offers a variety of services – from providing in-

28 · Italian Business Sector in Serbia 2010/11

formation and training, to market research, finding business partners, organising the visits of business delegations, to various fairs and educational tours.

• You maintain regular contacts with Italian businessmen. What are their biggest complaints when it comes to doing business in Serbia and what are the main advantages of the Serbian market, in their opinion?

- Those Italian investors that have decided to do business in Serbia, i.e. the businessmen that have estimated the feasibility of their investments, say that there is a need to harmonise the domestic legislation with the EU directives.

They also point out the importance of having good infrastructure and advocate more effort being invested in valuable local production, particularly in the areas like agriculture, services and marketing strategies. With regard to Serbia’s potential and advantages, there is undoubtedly the favourable tax system, incentives and privileges provided by the government and local authorities, abundant agricultural and renewable energy resources, the highly qualified work force in sectors like the automobile industry, mechanics, footwear production, wood processing and similar areas. In addition to that, Serbia enjoys a very privileged position thanks to having concluded free trade agreements that have made the country the primary trading platform for exporting to markets with over a billion potential clients like the Russian Federation, Kazakhstan, Turkey, and the CEFTA countries, to mention just a few.

• Is the Chamber involved in the organisation of the Italian-Serbian Summit that is due to take place in Belgrade shortly?

- The Chamber is participating in the summit’s organisation togeth-

consider the opportunities offered by Serbia in areas like car manufacturThe chamber ing, sub-contracting for Fiat and the currently has aforementioned sectors. I would like to cite a very successful example of 105 members one of our members – the Progetti which, despite Company. This story begins with an Italian manager, Romano Rossi who the recent came to Serbia back in 1990 to represent a US footwear manufacturer. economic Bearing in mind the excellent oppordifficulties, tunities offered by the local market, in 2002, he and his brother Enrico dehave all cided to begin investing, i.e. to have renewed their what is known as intermediary production for renowned Italian shoe membership brands. Today, the company’s turnover stands at 120 million euactivitieS ro, it has 1,000 employees in three production facilities in The Chamber plans to step up its activities of supporting, lobbying for and helping our members. On 9th June this year, we set up a task Sombor, Vladimirci and Vršac force called EuChambers in collaboration with the Serbian Association and over 22 satellite compaof Managers (SAM). We have plans to advance the work on training nies which exclusively work in collaboration with European Movement for Serbia, while informafor Progetti and employ 3,000 tion services are provided in cooperation with the new Italian PRESS people. The company also has agency covering the Balkan area called Nova. three production facilities in

er with its president, Mr. Vincenzo Divella, mostly when it comes to the agricultural and food processing aspects. Also, thanks to its members, various commissions have been set up in sectors like the automobile industry, wood processing industry (furniture production) and mechanics (with our member Confindustria Udine being involved). Then we have formed the Service Excellence Centre (with the help of our member IP & Partners), and there are various training projects, with our members CEPU and Confindustria Nord Sardegna involved. In the following years, many Italian companies will

Bosnia and Herzegovina and plans to float its shares on the stock exchange in the near future, as well as to reinvest its profit into expanding into Southern Serbia where it plans to hire between 300 and 350 people.

• Italy is a significant foreign trade partner to Serbia. Do Serbian businessmen turn to you to help them with doing business in Italy?

- Most of the requests made by Serbian companies relate to finding business partners in Italy so they can market their products there, as well as to research potential investors with the aim of joining forces and exporting to third markets. Also, they want us to help them with organising visits to Italy and establishing contacts with Italian machinery producers. Hence, our chamber opened two offices – one in Čačak and one in Valjevo this year.

Our plan is to open additional offices in Novi Sad, Vranje, Pirot and in Florence, Italy.

■

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intervieW

GIoVannI DE FIlIppIS, Managing Director of Fiat Automobiles Serbia

From Kragujevac

TO THE WORLD

From 2011 or the first quarter of 2012 we have organised the first serial production of the new car model Lancia Musa from the factory in Kragujevac

By Zorana Stakić

A

s early as 2012, the car company ‘FIAT Automobili Srbija’ (FAS) located in Kragujevac, in central Serbia, will be producing until 200,000 vehicles annually. The company has announced the creation of almost 2,400 jobs for young and educated people, and an academy in Kragujevac which will be a centre for the training of FAS factory workers and subcontractors. More than ninety-five percent of production from this factory will be for export to markets worldwide, says Managing Director of Fiat Automobiles Serbia, Giovanni de Filippis.

• Minister for the Economy, Mladjan Dinkić said in mid-September that Fiat planned to invest almost a billion euro in the Kragujevac plant by the year 2012. When is this process expected to commence?

- Realistically, we started this process two years ago when we established Fiat Automobiles Serbia, in September 2008. From that moment, we started activity on the restructuring of the automotive factory. We hired a thousand people in February this year. We have also formed a commission for restructuring and reforming the factory. The main investments will be for re-

- We are continuing with our plans.

construction, and then we will start on new equipment. The target is to commence trial-products by the end of next year.

• In July, the Italian government and Prime Minister Berlusconi expressed their dissatisfaction with Fiat relocating part of its production to Serbia. In the same month, the CEO of Fiat, Sergio Marchionne met with the Italian government and trade union officials and he confirmed that the company would

our joint investment with the Serbian government has turned out to be a success press on with its plans to relocate production to Serbia. What happened in the end?

30 · Italian Business Sector in Serbia 2010/11

• So far, a total of 100 million euro has been spent on preparations for production. What problems have you had to overcome with your acquisition of Zastava?

- We consider that we have had more opportunities than problems in acquiring Zastava. We have had the opportunity to enter into production where cars have been produced for the last 50 years, and which engaged in very high production until 20 years ago. We have the opportunity to work with people who have knowledge of the automotive industry.

On the other side, we have a big challenge ahead with improving production at a factory in which in the last 20 years there has been no new investment or investment in the development of the company and training of employees.

Now, it is necessary to immediately begin training and the improvement of skills of people in the factory. We believe that all employees accept this as a positive beginning of a new adventure.

• To what extent did the Serbian government influence Fiat’s decision to invest in Serbia, as opposed to another country? In your opinion, what else does the Serbian government need to do in order to attract more foreign investors?

- The support of the Serbian government has been essential to the commencement of these activities. Our joint investment with the Serbian government has turned out to be a success.

For us, the factory in Kragujevac is an interesting mix of elements.

There is the ability to utilise and improve the skills of employees; the factory’s position in Serbia in terms of logistics; the support of the government in terms of backing; incentives that have been given indicating there is a general positive acceptance of what we are doing; and the ability of the government to decide in a very short space of time. The mix of all these elements has been the essential reason for the success this operation. Objectively I think that the Serbian government is doing very well with attracting more foreign investors and there are interesting opportunities for others.

• Minister Dinkić also said that the trial production of an advanced B-class car would begin in late 2011, and the annual production capacities would range between 200,000 and 300,000 vehicles. These cars are expected to be exported to the EU and the US. Are these plans realistic for Fiat?

- We have an established product capacity of 200.000 units and we expect that most of the production of the 200,000 vehicles a year from Kragujevac to be offered to the world market.

From 2011 or the first quarter of 2012 there will be the first serial production of the new model of Lancia Musa which belongs to the category of mono-volume vehicles, which are produced on a small plat-

form. The reconstruction of the factory building largely takes in the production halls and other premises, so that in terms of the installation of new equipment, everything will be ready in April next year, and the installation should be complete by the end of 2011, when the trial production of new cars it is scheduled to begin.

• To what extent did Fiat’s investment encourage other car part manufacturers to invest in Serbia?

- We are going to establish a connection with our suppliers in regards to the production of the big components in Serbia such as large plastic parts, the stamping and the compo-

We expect that most of the production of the 200,000 vehicles a year from Kragujevac to be offered to the world market

nents like sits. In general, it could be said that we will use local sources as much as possible. Of course, each supplier is evaluated on all conditions to establish their presence in the country.

By the end of 2011, in the future industrial free zone to be built in Korman Polje, there will be the major suppliers of Fiat. Other suppliers will be located in other towns in Serbia.

This is an opportunity to plan for exports to Eastern European countries like Russia, without customs duties. We consider that there are attractive conditions for many Italian Business Sector in Serbia 2010/11 · 31

suppliers. Anyway, each of the suppliers considers their location in Serbia, not only as a supplier to Fiat but also other customers in the area, which will have a business plan related to this.

• Are you satisfied with last year’s and this year’s business results bearing in mind the economic downturn and the fact that the Serbian government provided subsidies for purchasing Punto?

- We consider that the success of Punto in this market is confirmed by the fact that up to now almost thirty thousand units have been produced in the first half of the year. We also started significant exports to Eastern Europe and North Africa. Last year, we had market share of 39%, and these results are the interesting combination of a good product, the trust in the brand that our company has established in the country and the positive effects of incentives. As usual, success is the combination of many factors.

• What are Fiat’s plans for Serbia for next year?

- On the commercial side we will try to maintain a leading position in the market. We plan to increase production capacity to 300,000 cars according to the market, and that about fifty percent of automotive parts for Fiat will be produced in Serbia as of 2013. We plan by the end of 2011 to build a free zone in Korman Polje, where plants will be built by Fiat’s major suppliers. In 2012 Fiat Automobiles Serbia will hire more than 1433 workers and professionals, among whom there will be many young people, who with additional training in Italy and abroad, will be able to work on modern production equipment. The company Fiat Automobiles Serbia has, in a very short period, achieved very good results, thanks to strong investment partners in various sectors.

In the future, we expect further development.

■

factS & figureS

Between the

MEDITERRANEAN and the Alps

The Italian economy has changed dramatically since the end of World War II. From an agricultural based economy, it has developed into an industrial state ranked as the world's sixth-largest market economy

By Zorana Stakić

economy GDP (purchasing power parity, 2009): $1.8 trillion.

GDP per capita (purchasing power parity, 2009): $29,500.

GDP growth: -5.0% (2009); -1.0% (2008); 1.5% (2007); 1.8% (2006); 0.5% (2005); 1.5% (2004), 0.0% (2003 est.); 0.5% (2002); 1.8% (2001).

Natural resources: Fish and natural gas. agriculture: Products-wheat, rice, grapes, olives, citrus fruits, potatoes, sugar beets, soybeans beef, dairy products.

Industry: Types-tourism, machinery, iron and steel, chemicals, food processing, textiles, motor vehicles,

clothing, footwear, ceramics.

Trade: Exports - (2009)-$402.9 billion f.o.b.: mechanical products, textiles and apparel, transportation equipment, metal products, chemical products, food and agricultural products. Partners (2008)-Germany 12.8%, France 11.8%, Spain 6.5%, U.S. 6.3%, U.K. 5.3%. Imports - (2009)-$408.6 billion f.o.b.: machinery and transport equipment, foodstuffs, ferrous and nonferrous metals, wool, cotton, energy products. Partners (2008)-Germany 16.0%, France 8.6%, China 6.3%, Netherlands 5.4%, Russia 4.3%, Spain 3.9%, Belgium 3.8%

32 · Italian Business Sector in Serbia 2010/11

I

taly is in south-central Europe. It consists of a peninsula shaped like a high-heeled boot and several islands, encompassing 301,200 square kilometres (116,300 square miles).

The most important of the islands are Sicily in the south and Sardinia in the northwest. The Mediterranean Sea is to the south, and the Alps to the north.

A chain of mountains, the Apennines, juts down the centre of the peninsula.

The fertile Po valley is in the north-

and it accounts for 21 percent of the total area; 40 percent of Italy's area, in contrast, is hilly and 39 percent is mountainous. The climate is generally a temperate Mediterranean one with variations caused by the mountainous and hilly areas.

Italy began its major shift from agriculture to a major industrial economy after World War II

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Italy's hilly terrain has led to the creation of numerous independent states. Moreover, agriculture in most of the country has been of a subsistence-type and has led to deforestation. Since World War II, many Italians have turned away from rural occupations to engage in the industrial economy.

Rome was a natural choice for the national capital in 1871 when the modern state was united after the annexation of the Papal States. Rome recalls Italy's former grandeur and unity under Roman rule and its position as the centre of the Catholic Church.

Italy's population was approximately 57 million in 1998. The population growth rate is .08 percent with a death rate of 10.18 per 1,000 and a birth rate of 9.13 per 1,000. Life expectancy at birth is 78.38 years.

Population growth declined quickly after World War II with the industrialisation of the country.

Montagna Costruzioni is characterized by the articulated nature and the completeness of its range of action, which covers the entire building industry in general: from design to execution, monitoring and management, and on to the property development sector.

Each of these areas is well defined in terms of functions and responsibilities.

The company can count on three generations of technical experience in many sectors, including: roads, bridges, aqueducts, and urban development, general and technologically advanced civil buildings, industrial complexes, and health and sports structures.

The company uses state-of-the-art building criteria, in full compliance with current standards concerning static and seismic safety as well as with those that safeguard the countryside and environment.

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The majority of people are ethnically Italian, but there are other ethnic groups in the population, including French–Italians and Slovene– Italians in the north and Albanian– Italians and Greek–Italians in the south. This ethnic presence is reflected in the languages spoken: German is predominant in the Trentino–Alto Adige region, French is spoken in the Valle d'Aosta region, and Slovene is spoken in the Trieste–Gorizia area.

The official language is Italian.

Various ‘dialects’ are spoken, but Italian is taught in schools and used in government. Sicilian is a language with Greek, Arabic, Latin, Italian, Norman French, and other influences and generally is not understood by Italian speakers. There are pockets of German, Slovene, French, and other speakers.

Italian patriotism is largely a matter of convenience. Old loyalties to hometowns have persisted and the nation is still mainly a ‘geographic expression’ (i.e. there is more identity with one's home region than to the country as a whole). The national anthem, Fratelli d'Ialia, generally is seen as something to be played at sporting events with teams from other countries. The red, green, and white flag has meaning for most citizens but does not stir a great deal of fervour. The strongest ties are to one's family, therefore, politicians make appeals for loyalty to the nation based on loyalty to the family, stressing ties to the patria (‘fatherland’).

Italian Economy The Italian economy has changed dramatically since the end of World War II. From an agriculturally based economy, it has developed into an industrial state ranked as the world's sixthlargest market economy. Italy belongs to the Group of Eight (G-8) industrialised nations; it is a member of the European Union and the Organisation for Economic Cooperation and Development (OECD).

Italy has few natural resources.

With much land unsuited for farming, Italy is a net food importer. There are no substantial deposits of iron, coal, or oil.

Proven natural gas reserves, mainly in the Po Valley and offshore in the Adriatic, constitute the country's most important mineral resource. Most raw materials needed for manufacturing and more than 80% of the country's energy sources are imported. Italy's economic strength is in the processing and the manufacturing of goods, primarily in small and medium-sized family-owned firms.

Its major industries are precision ma-

Italian Economy Minister Giulio Tremonti (R), whose country currently holds the presidency of the G8, and the Governor of the Bank of Italy Mario Draghi arrive for a press conference at the end of a meeting of G7 Finance Ministers and Central Bank Governors on February 14, 2009 in Rome

Italy continues to grapple with budget deficits and high public debt - 2.6% and 105.9% of GDP for 2008, respectively chinery, motor vehicles, chemicals, pharmaceuticals, electric goods, and fashion and clothing.

Fact & Figures

A large underground economy Italy continues to grapple with budget deficits and high public debt - 2.6% and 105.9% of GDP for 2008, respectively. Italy joined the European Monetary Union in 1998 by signing the Stability and Growth Pact, and as a condition of this Eurozone membership, Italy must keep its budget deficit beneath a 3% ceiling.

The Italian government has found it

Mediterranean Sea Area: 301 225 sq. km. (116 303 sq. mi.)

Terrain: Mostly rugged and mountainous Climate: Generally mild Mediterranean; cold winters in the north

ash, marble, sulphur, natural gas and crude oil reserves, fish, coal, arable land.

Agricultural products: Fruits, vegetables, grapes, potatoes, sugar beets, soybeans, grain, olives; beef, dairy products; fish.

Industries: Tourism, machinery, iron and People: steel, chemicals, food processing, Nationality: Italian(s) textiles, motor vehicles, clothing, Population: 57.5 million footwear, ceramics.

Ethnic groups: Exports partners: Germany Primarily Italian, but there are 13.8%, France 12.3%, USA 8.5%, small groups of German-, French-, Spain 7%, UK 6.9% (2003) Slovene-, and Albanian-Italians.

Imports partners: Germany Religion: 17.9%, France 11.2%, Netherlands Roman Catholic (majority) 5.8%, Spain 4.8%, UK 4.7%, Language: Italian Belgium 4.3%, USA 4% (2003) Geography: Literacy: 98% Currency: Location: Southern Europe, a peThe Euro (EUR) has replaced the ninsula extending into the central Natural resources: Mercury, pot- formerly used Italian Lira.

Official name: Repubblica Italiana Short form: Italia International long form: Italian Republic International short form: Italy ISO country code: it Local time = UTC +1h Daylight saving time (DST) March - October (UTC +2) Capital city: Rome (pop. 2.8 million) Other cities: Venice, Florence, Milan, Siena, Turin, Naples Government type: Republic since 2 June 1946 Constitution: 1 January 1948

34 · Italian Business Sector in Serbia 2010/11

tional product comes from agriculture. Wheat, vegetables, Italy industries in Italy include textile production, clothing and fashfruit, olives, and grapes are ion, chemicals, cars, iron and steel, food production, wine, shipbuildgrown in sufficient quantities to ing, and other industrial activities. feed the population. Meat and Italy exports metals, textiles and clothing, production machinery, modairy products, however, are tor vehicles, transportation equipment, and chemicals. In 1996, Italy imported. exported almost two billion gallons of wine. It exports about $250 billion in material and imports about $190 billion. Imports include indusLombardy is, perhaps, the trial machinery, chemicals, petroleum, metals, food and agricultural richest area of Italy. It is the products, and transportation equipment. location of the fertile Po river valley as well as Milan, the chief commercial, industrial, and fiGermany (12.9%), France (11.4%), nancial centre. It is also the major inand the United Kingdom (5.8%). dustrial area of Italy. Textiles, clothItaly continues to grapple with the ing, iron and steel, machinery, motor effects of globalisation, where cervehicles, chemicals, furniture, and tain countries (notably China) have wine are its major products. It stands eroded the Italian lower-end indusin marked contrast to the southern artrial product sector. ea of the country that has only recentThe Italian economy is also afly begun to emerge from its agriculfected by a large underground econotural economy. my - worth some 27% of Italy's GDP. This production is not subject, of most of Italy's commercial centres are in course, to taxation and thus remains prIVaTE EnTErprISE the developed northern region. milan is the a source of lost revenue to the local Italy began its major shift from agriculture to a major industrial most important economic centre of Italy and central government. economy after World War II. At the Only about 4% of the gross na-

difficult to bring the budget deficit down to a level that would allow a rapid decrease of that debt. The worsening of the economic situation is expected to jeopardise this effort.

Italy's economic growth averaged only 0.8% in the period 20012008; in 2008 GDP decreased 1.0%, largely due to the global economic crisis and its impact on exports and domestic demand. GDP contracted further as the Euro-zone and world economies slowed; in 2009 GDP decreased 5.0%.

Italy's closest trade ties are with the other countries of the European Union, with whom it conducts about 60.1% of its total trade (2007 data).

Italy's largest European Union trade partners, in order of market share, are

maJor induStrieS

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beginning of the twenty-first century, it is the fifth-largest economy in the world. Italy has only recently abandoned its interventionist economic policies that created periods of recession. Under pressure from the European Union it has begun to face its federal deficit, crime, and corruption. The state has begun a major retreat from participating in economic activities. Unemployment, however, has remained around 12% and economic growth has risen barely above the 1% level as the new millennium began.

Italy's economy is basically one of private enterprise. The government, however, owns a large share of major commercial and financial institutions. For example, the government has major shares in the petroleum, transportation, and telecommunication systems. In the 1990s Italy began to move away from government ownership of business.

Most of Italy's commercial centres are in the developed northern region. Milan is the most important economic centre of Italy. It is located in the midst of rich farmland and great industrial development. It has extensive road and rail connections, aiding its industrial power. Milan is predominant in the production of automobiles, airplanes, motorcycles, major electric appliances, railroad materials, and other metalworking. It is also renowned for its textiles and fashion industry. Chemical production, medicinal products, dyes, soaps, and acids are also important. Additionally, Milan is noted for its graphic arts and publishing, food, wood, paper, and rubber products. It has kept pace with the world of electronics and cybernetic products.

Genoa remains Italy's major shipbuilding centre. However, it also produces petroleum, textiles, iron and

steel, locomotives, paper, sugar, cement, chemicals, fertilizers, and electrical, railway, and marine equipment. It is also a centre for finance and commerce. Genoa is Italy's major port for both passengers and freight.

Florence, located about 230 kilometres (145 miles), northwest of Rome, is renowned for its magnifi-

A Fiat worker assembles a car at an automobile factory in the southern Italian town of Pomigliano

cent past. Tourists flock to Florence to see its unparalleled art treasures.

Turin, in contrast, is noted for automobile manufacturing and its modern pace of life. It is located just east of the Alps. In addition to Fiats and Lancias, Turin manufactures air-

European integration and the development of common defence and security policies will continue to be of primary interest to Italy planes, ball-bearings, rubber, paper, leather-work, metallurgical, chemical, and plastic products, and chocolates and wines.

Foreign relations Italy was a founding member of the European Community - now the European Union (EU). Italy was admitted to the United Nations in 36 ¡ Italian Business Sector in Serbia 2010/11

1955 and is a member and strong supporter of the North Atlantic Treaty Organization (NATO), the Organisation for Economic Cooperation and Development (OECD), the General Agreement on Tariffs and Trade/World Trade Organisation (GATT/WTO), the Organisation for Security and Cooperation in Europe (OSCE), and the Council of Europe. It chaired the CSCE (the forerunner of the OSCE) in 1994, the EU from July to December 1990, January to June 1996, and July to December 2003, and the G-8 in 2001 and in 2009.

Italy served a two-year term on the UN Security Council in 2007-2008.

Italy firmly supports the United Nations and its international security activities. Italy led the UN mission in Lebanon (UNIFIL) and has actively participated in and deployed troops in support of UN peacekeeping missions in Somalia, Mozambique, and Timor-Leste. It has provided critical support for NATO and EU operations in Afghanistan, Bosnia, Kosovo, Albania, Georgia, and Chad. Italy, under NATO's ISAF, maintains a Provincial Reconstruction Team in the western Afghanistan province of Herat, commands RC-West, and maintains a Carabinieri police training centre. Italy supports reconstruction and development assistance to the Iraqi people through humanitarian workers and other officials, particularly in Dhi Qar Province, and is a leading contributor to the NATO Training Mission-Iraq, with approximately 100 military personnel and Carabinieri police trainers. Currently almost 9,000 Italian troops are deployed, including 2,100 in Kosovo, 2,350 in Lebanon as part of UNIFIL, and over 2,600 in Afghanistan.

The Italian Government seeks to obtain consensus with other European countries on various defence and security issues within the EU as well as NATO. European integration and the development of common defence and security policies will continue to be of primary interest to Italy. â–

intervieW

Dr chrISTIan oTTo nEu, General Director of DDOR Novi Sad

Ready to RACE “Last year, our company’s financial balance was a positive one, and we expect the same this year too. We are determined to see the end of the crisis prepared and to utilise every opportunity that this market offers”

By Olivera aNTIĆ

T

he Italian company, Fondiaria SAI has been operational in Serbia for three years and is the proprietor of one of the biggest insurance companies in the country, DDOR Novi Sad. Despite the global economic downturn, DDOR Novi Sad has accomplished positive business results and has been included in Deloitte's list of Top 50 Insurance Companies in Central Europe. According to Dr Christian Otto Neu, the company’s General Director, this is one of the soundest insurance franchises in entire area of South Eastern Europe.

• Are you satisfied with your operations in Serbia and the results you have accomplished so far?

- DDOR Novi Sad was a stateowned company with a substantial market share and a good reputation. Following a detailed restructuring, we prepared the company for the tough competition that has come into the Serbian market in the meantime. By carrying out the rationalisation and centralisation of our business operations we got rid of chronically loss making parts of the portfolio, we have increased our market presence and increased our company’s offering, so all in all, the company is currently in ‘good shape’

and ready for some serious market competition.

Our arrival in Serbia was partly based on the relevant forecasts for the Serbian market which said that Serbia had great growth potential and this is something that we continue to count on. The global economic downturn did alter growth expectations in the entire sector to a certain extent, but Serbia’s financial sector has proven to be reasonably stable.

Last year, our company’s financial balance was a positive one, and we expect the same this year too.

We are determined to get pre-

our arrival in Serbia was partly based on the relevant forecasts for the Serbian market which said that Serbia had great growth potential and this is something that we continue to count on pared for the end of the crisis, and to utilise every opportunity that this market offers. Our survival strategy is, among other things, to exercise a restrictive business policy which entails lower costs and higher efficiency.

• Is the Serbian market specific in some way?

- It is specific in that less money is being spent on insurance annually compared to other countries, i.e. only 80 euro per capita, which is severItalian Business Sector in Serbia 2010/11 · 37

al dozen times less than in developed European countries. Compulsory insurance, like motor vehicle insurance, makes up most of the premium. This is why Serbian market has such growth potential.

Another specific feature is that, during the 1990s, the Serbian financial sector suffered greatly, so that a lot of effort had to be invested in regaining trust in institutions like banks and insurance companies.

Both the National Bank of Serbia and market participants greatly contributed to restoring this trust, while conservative legislation proved to be a good thing during the crisis.

• What is the state doing to help the insurance sector?

- If we are talking about life insurance, I think that the state ought to introduce tax incentives for insurance policy holders in order to help this segment develop. Generally speaking, very little thought is being given to the future in Serbia, and we don’t know whether social insurance will be able to secure an adequate life for Serbian citizens in the future. Moreover, there are quite a few people who are not properly informed of the potentials offered by insurance and the need for it, so it would be beneficial if the state and the insurance industry invested more in providing further information to citizens.

■

food & drinK

A Gourmet’s

DELIGHT

Food is a means for establishing and maintaining ties among family and friends. No-one who enters an Italian home should fail to receive an offering of food and drink

By Zorana Stakić

O

n The main characteristic of Italian cooking is its healthy balance; excellent basic ingredients being simply cooked and retaining their

original goodness and freshness.

Uncomplicated and yet with such a variety of flavours and rich inventiveness in preparation, that even the most demanding gourmet is delighted.

Italian breakfast is quite dif-

The main characteristic of Italian cooking is its healthy balance; excellent basic ingredients being simply cooked and retaining their original goodness and freshness 38 · Italian Business Sector in Serbia 2010/11

ferent from American or English.

Colazione is usually light: cappuccino (coffee and milk) and a brioche (sweet pastry), or simply espresso (black-short-strong coffee).

Pranzo (lunch) is the big meal except in the industrialised cities. It consists of antipasto (starter) a primo piatto (pasta, rice or soup), a secondo piatto (meat or fish) with contorno (vegetable or salad), then frutta (fresh fruit). This is finished with espresso and maybe a grappa or amaro (strong digestive liqueur). Cena (dinner) is similar to lunch. Nowadays there is a tendency to have a light lunch and dinner then becomes the major meal.

There are thousands of ristoranti (restaurants), the most formal type of place to eat when one is not in a hurry, sometimes a little fancy and pricy and family-run; trattoria and osteria are less formal than a ristorante, where local specialties are served; panineria is a sandwich bar where a quick meal can be had at any time of the day; and a pizzeria is not only for pizza lovers!

Food is a means for establishing and maintaining ties among family and friends. No-one who enters an Italian home should fail to receive an offering of food and drink. There are special foods for various occasions. There is a special Saint Joseph's bread, Easter bread with hard–boiled eggs, Saint Lucy's ‘eyes’ for her feast day, and the Feast of the Seven Fishes for New Year's Eve. Wine is served with meals routinely.

Although everyone loves Italian food, figuring out what kind of meal to have and where to have it can be difficult. There are regional differences in what is eaten and how food is prepared. In general, more veal is found in the north, where meals tend to be lighter. Southern cooking has the reputation of

nataLe con i Suoi, paSQua con cHi vuoi In Italy, the expression ‘Natale con i suoi, Pasqua con chi vuoi’ is frequently heard (Christmas with your family, Easter with your own choice of friends). Oftentimes, Easter implies sitting down to a dinner that starts with ‘minestra di Pasqua’, the traditional beginning of the Neapolitan Easter meal. Other classic Easter recipes include ‘carciofi fritti’ (fried artichokes), a main course of either ‘capretto o agnellino al forno’ (roasted goat or baby lamb) or ‘capretto cacio e uova’ (kid stewed with cheese, peas, and eggs), and ‘carciofi e patate soffritti’, a delicious vegetable side dish of sautéed artichokes with baby potatoes. A holiday meal in Italy would not be complete without a traditional dessert: a rich bread shaped like a crown and studded with coloured Easter egg candies, ‘La pastiera Napoletana’, the classic Neapolitan grain pie, the ‘Colomba cake’ a sweet, eggy, yeasted bread (like panettone plus candied orange peel, minus the raisins, and topped with sugared and sliced almonds) or Colomba cake.

Food is a means for establishing and maintaining ties among family and friends

Italian Business Sector in Serbia 2010/11 · 39

being heavier and more substantial than northern cooking. In spite of regional differences, Italian food in general is often characterised as being flexible and innovative, building itself on a model of theme and variation.

ThE lanD oF WInE

Italy is not only the largest producer of wines, but above all a producer of great wines. Its climate, soil and very old traditions of viticulture make Italy a natural wine growing nation. The wines are as personal as a name, as different as the colours of the rainbow and as much a part of Italian life as almost 3,000 years of tradition can make them. The Etruscans of NorthCentral Italy, who created one of the peninsula's earliest civilisations, left evidence of how to make wine.

The Greeks who soon after established themselves in the south gave Italy the name ‘Enotria’ (the land of wine). For centuries wine growing has been the cultivation which used most of the labour of Italian farmers; this is still true today; a large part of the population is engaged in the wine industry.

Other Italian drinks include aperitifs, blended principally over a base of the world-famous Piedmont Vermouth; dessert wines, such as Moscato, Marsala and Malvasia from Sicily and sparkling wines from Piedmont, Veneto, Tuscany and the Islands.

Italy also has excellent beers and a

feStivaLS and reLigiouS HoLidayS Many cultures have been celebrating harvests for centuries - the Romans also celebrated a harvest festival called Cerelia, which honoured Ceres, the goddess of corn (from which the word cereal comes). The festival was held each year on October 4th and offerings of the first fruits of the harvest were offered to Ceres. The celebration included music, parades, games and sports, and a feast.

La Festa del Ringraziamento (like Thanksgiving), refers to a variety of religious holidays held throughout the year for patron saints. Every family of Italian heritage has different culinary traditions to celebrate the holiday. An Italian Thanksgiving dinner might include ravioli con la zucca (pumpkin ravioli), tacchinella alla melagrana (roast turkey basted with pomegranate sauce and served with a pomegranate-and-giblet gravy), sweet Italian turkey sausage and mozzarella stuffing, baked sweet potatoes with lime and ginger, and even Italian cakes and pastries. great variety of effervescent mineral waters.

ITalIan coFFEE

Espresso, caffè normale, cappuccino; sometimes it seems that there are as many types of coffee in Italy as there are pastas. And just

When ordering an after-dinner coffee, do not ask for an ‘espresso’, ask for ‘un caffè, per favore

like pasta, Italian coffee is an artform with many customs and traditions. Whether it's a ‘caffè corretto’ thrown back like a shot, a cappuccino and brioche for breakfast, or a ‘granita di caffè con panna’ to cool off from the hot midday sun, in Italy there is a coffee drink specific for every time and mood.

Italian coffee caffè (espresso) - a small cup of very strong coffee, i.e., espresso; ‘tifosi’ (fans) will caffè americano - American-style coffee, but stronger; weaker than espresso and served in a large cup; also debate varicaffè corretto - coffee ‘corrected’ with a shot of grappa, cognac, or other spirit; ous factors such as caffè doppio - double espresso; bean type, blade caffè freddo - iced coffee; caffè hag - decaffeinated coffee; caffè latte - hot milk mixed with coffee and served in a glass for breakfast; caffè macchiato - espresso ‘stained’ with a drop of steamed milk: small version of a cappuccino; caffè marocchino - espresso with a dash of hot milk and cacao powder; caffè stretto - espresso with less water; rocket fuel!; cappuccino - espresso infused with steamed milk and drunk in the morning, but never after lunch or dinner; granita di caffè con panna - frozen, iced beverage (similar to a slush, but ice shavings make it authentic) and topped with whipped cream.

Coffee DEFINITIONS

40 · Italian Business Sector in Serbia 2010/11

versus burr grinders, tamp pressure, water temperature, and humidity.

Caffeine junkies not only have their favourite local ‘torrefazione’ (coffee house), but even prefer certain ‘baristi’ because of their ability to deliver a perfect caffè espresso.

No one expects a first-time visitor to Italy to trill their ‘r’s like a native Italian speaker, but if you don't want to be labelled ‘maleducato’ (impolite) when ordering a coffee in Italy its ‘espresso’ not ‘expresso’.

Both will quicken your heart rate, but an ‘expresso’ is a fast train and an ‘espresso’ is a small cup of very strong coffee. And ‘caffè’ (with two f's) is both the beverage and the locale that serves it.

What kind of coffee should you order in a caffè? The possibilities can be as daunting as a Starbucks menu. Across is a list of the most popular caffeine-laden drinks.

Keep in mind also, Italians generally don't drink coffee with any meal except breakfast. Coffee is often ordered after a meal and ‘che vergogna!’, only the unwitting tourist will order a cappuccino in a restaurant after lunch or dinner. When ordering an after-dinner coffee, do not ask for an ‘espresso’, ask for ‘un caffè, per favore’. ■

Espresso, caffè normale, cappuccino; sometimes it seems that there are as many types of coffee in Italy as there are pastas

intervieW

marKo ĆulIBrK, General Manager of Ateks d.o.o.

Successful PRIVATISATION In the month of May 2003, the Italian company Fibest S.r.l. (Manifatture Bellet S.p.A.) from San Martino di Lupari (Padova) privatised Ateks, a limited trading company from Belgrade, and allowed Italian fashion to make a great comeback into the Serbian market

C

ord magazine discusses the future business plans for Ateks, after seven years of privatisation, with Marko Ćulibrk, General Manager of Ateks d.o.o.

• When did Ateks first start operations?

- Ateks initiated its business back in 1953 and with the proper guidance of business politics it created even better working conditions, thus manifesting the company’s prestige through intensive cooperation with big companies in the field of production and trade of overall textile assortment.

• What is the main business activity for Ateks today?

- The basic activity of Ateks is still the retail and wholesale of textiles textile and leather products made by Italian producers. In the renovated wholesale centre of ‘Pronto Moda’ in

Belgrade, new opportunities of Ateks are being presented in the wholesale division, and retail is carried out through approximately 40 stores in Belgrade and across Serbia.

• What lines or brands are currently found available through Ateks?

- At Ateks we offer the following new brands: Moda Mi (classical

ateks is taking great care with the continuous professional development of its employees and their supplementary education clothing line), Studio IT (clothing line for menagers), Spaces (clothing line for young) and household textile products. All products belong to famous Italian brands.

• Does your new fashion line require new skills and knowledge of your staff?

- Our new fashion lines are high quality ones and reSociaLLy reSponSibLe quire employees to use their “We are proud to disclose that as a socially responsible company we knowledge, skills and prosuccessfully cooperate through donations and sponsorships with fessionalism to be able to ‘Vera Radivojević’, a home for children without parental care in Bela present them in the best posCrkva and the ‘Branko Radičević’ folklore association from Zemun.“ sible way.

Italian Business Sector in Serbia 2010/11 · 41

Therefore, Ateks takes great care with the continuous professional development of its employees and their supplementary education.

• In addition to training employees, what other focuses do you have?

- We are putting all our efforts into expanding our retail network and into creating adequate collaboration with manufacturers in our country.

• What you expect from the new law on trade? Do you think this law will lead to a reduction in the informal economy?

- With the adoption of the new laws on trade, and the protection of competition and consumer protection, we are of opinion that there is a legal basis for the government to suppress the ‘grey economy’ and minimise unfair competition with its persistent and principled application of legal provisions.

• What are your plans for the future?

- We are convinced that by carrying out our activities we will move ahead of others and will return to the position of the leader in the retail and wholesale of readymade clothes, textiles and textile accessories.

■

HiStory and cuLture

The ARTof Living

Italy has a cultural heritage that is felt everywhere in the country. Italian music is one of the major glories of European art form

By Zorana Stakić

I

talia - a word which conjures up a harmonious bond between body, spirit and soul; a word which conveys international haute couture, design, architecture and, even more so, a unique way of life.

Italians have perfected the art of living and enjoying life.

archITEcTurE The architecture throughout Italy has strong Roman influences. In Sicily, Greek and Arabic styles join these influences. A strong humanistic tone prevails throughout, but it is humanism touched with deep religious feeling. Italians tend to gather together in groups, and their architecture encourages this clustering. The piazzas of each town or village are famous for the parading of people through them at night with friends and relatives.

lITEraTurE Italian literature has its roots in Roman and Greek literature. Until about the 13th century Italian literature was written in Latin including various poems, legends, stories of saint's lives and chronicles. When the Hohenstaufen Dynasty fell in 1254, the capital of Italian poetry moved northward. There were poets prior to Dante, especially Guittone d'Arezzo and Guido Guinizelli, the founder of the ‘dolce stil nuovo’ ‘sweet new style’. Dante's La Vita

Nuova (1292) is written in this style, and it influenced Petrarch and other Renaissance writers. Boccaccio's Decameron (1353) drew on both Dante and Petrarch as influences and in turn influenced numerous writers.

It not only uses the vernacular but also uses true-to-life stories. The 15th century was the period of the High Renaissance and included ‘universal men’ such as Michelangelo, Leon Battista Alberti, and Leonardo da Vinci, among others. The first major Italian drama was Orfeo (1480) written by Angelo Poliziano. In the sixteenth century, Italian rose to great heights with the writings of Pietro Bembo, Nicolo Machiavelli, and Ariosto. Machiavelli is best known for The Prince (1640), the first realistic work of political science and a call for Italian unity.

The 17th and 18th century saw a decline in the standard of living in Italy. It was also the period known as Baroque. The one great work of this period was Giambattista Marino's Adone (1623). The next century saw a movement toward simplicity, the Arcadia movement. It was a period of naiveté in style, and simplicity in narrative. Greek models were used.

The period was also influenced

The Italian renaissance is well represented in a number of museums: the uffizi Gallery, Bargello museum, and pitti palace Galleryare all located in Florence

42 · Italian Business Sector in Serbia 2010/11

by the French Enlightenment.

The 19th century was the century of the Risorgimento. Giacomo Leopardi wrote magnificent lyric poems. Alessandro Manzoni's I Promessi Sposi (1825–1827) is a great work of nationalistic fiction.

Manzoni called for a return to the pure Tuscan dialect. The Sicilian, Giovanni Verga, was a leader of the movement and its greatest novelist.

The early 20th century witnessed a number of different styles. Gabriele D'Annunzio, who began writing in the previous century, had great influence in the twentieth century.

Benedetto Croce and others carried on the work of modern thought in Italy. Luigi Pirandello, a 1934 Nobel Prize winner, was an innovator in style and thought. Fascism threatened to destroy Italian literature, and many of its great writers went abroad. Ignazio Silone, for example, produced Fonatamara and Bread and Wine overseas. After World War II, Italian literature blossomed again. All the major movements found in the West had their counterparts in Italy.

In poetry, there was Giuseppe Ungaretti, Eugenio Montale, and Salvatore Quasimodo. In fiction, there was Carlo Levi, Elio Vittorini, Vasco Pratolini, Mario Doldati, Cesare Pavese, Vitaliano Brancati, Giuseppe Tomasi di Lampedusa, Alberto Moravia, Giorgio Bassani, Dino Buzzati, Elsa Morante, Natalia Levi Ginzburg, Primo Levi, and Umberto Ecco.

WorlD oF muSEumS The history of Italian graphic arts is at least as long as that of literature. Italian artists such as Michelangelo, Leonardo, Fra Angelico, Raphael, and numerous others are known throughout the world. Italy has a cultural heritage that is felt everywhere in the country.

Remains of Greek and Etruscan material culture are found throughout the south and middle of the peninsula. Roman antiquities are found everywhere. Pompeii and Herculaneum are famous for their well-preserved archaeological remains. The city of Rome is itself a living museum.

Throughout the country there are churches, palaces, and museums that preserve the past. There are, for example, over 35 million art pieces in its museums. Moreover, Italy has 700 cultural institutes, over 300 theatres, and about 6,000 libraries, which hold over 100 million books.

The archaeological collections in the Roman National Museum in Rome and in the National Archaeological Museum in Naples are probably among the world's best. Similarly, the Etruscan collection in the National Archaeological Museum of Umbria in Perugia, the classical sculptures in the Capitoline Museum (Museo Capitolino) in Rome, and the Egyptian collection in the Egyptian Museum in Turin are, perhaps, the best such collections in the world.

The Italian Renaissance is well represented in a number of museums: the Uffizi Gallery (Galleria degli Uffizi), Bargello Museum (Museo Nazionale del Bargello), and Pitti Palace Gallery (Galleria di Palazzo Pitti, or Galleria Palatina) are all located in Florence. The Uffizi contains masterpieces by Michelangelo, Leonardo da Vinci, Botticelli, Piero

della Francesca, Giovanni Bellini, and Titian. The Bargello is specialised in Florentine sculpture, with works by Michelangelo, Benvenuto Cellini, Donatello, and the Della Robbia family. The Pitti Palace has a fine collection of paintings by Raphael, as well as about five hundred important works of the sixteenth and seventeenth centuries, which were collected by the Medici and Lorraine families.

muSIc anD pErFormancE arTS Italian music has been one of the major glories of European art.

It includes the Gregorian chant, the troubadour song, the madrigal, and the work of Giovanni Palestrina

Italian artists such as michelangelo, leonardo, Fra angelico, raphael, and numerous others are known throughout the world and Claudio Giovanni Monteverdi.

Later composers include Antonio Vivaldi, Alessandro and Domenico Scarlatti, Gioacchino Rossini, Gaetano Donizetti, Giuseppe Verdi, Giacomo Puccini, and Vincenzo Bellini. The most famous of Italy's opera houses is La Scala in Milan.

There are other famous venues for opera, including San Carlo in Naples, La Fenice Theatre in Venice, and the Roman arena in Verona. There are fifteen publiclyowned theatres and numerous privately-run ones in Italy. ■Italian Business Sector in Serbia 2010/11 ¡ 43

touriSm

BEAUTIFUL Cities The Amalfi Coast, running along a peninsula just south of Naples, is one of the most popular regions in Italy for holidaymakers

By Zorana Stakić

T

ourist attractions in Italy are diverse and endless, attracting millions of visitors every year from all parts of the world. Italy is home to an innumerable number of world heritage sites, and the nation is known for its cuisine, wonderful coasts, mountains and lakes, and it is also a prominent feature in the world of fashion as well.

norThErn ITaly - WhErE ThE ‘BooT’ BEGInS A ruggedly scenic region sitting at the foot of Europe’s highest mountains - Cervino (Matterhorn), Gran Paradiso, Mont Blanc and Monte Rosa - bordering France and Switzerland, Valle d’Aosta is polit-

ically autonomous and to some extent culturally distinct from the rest of Italy. Aosta, the principal city of Valle d’Aosta, has many well-preserved Roman and Medieval buildings. An impressive gateway, the Porta Pretoria, formed the main entrance into the old Roman town.

Lombardy is a prosperous region with fertile soil, a temperate climate and, for the tourist, the spectacular lakes of Como, Garda, Maggiore (shared with Piedmont) and Lugano. High mountains in the north, marking Italy’s frontier with Switzerland, provide excellent skiing and climbing. Lombardy’s most

chianti, the best-known Italian wine, is made in the area north of Siena, and numerous wine cellars are open to the public 44 · Italian Business Sector in Serbia 2010/11

famous culinary inventions are minestrone soup and osso buco - literally, ox knuckles.

The most interesting cities in the region are Turin, Milan, and Genoa.

Turin (Torino) is the largest city in the region and the fourth-largest in the country. Through the early years of the 20th century, it was the automobile capital of the world.

The inhabitants boast that, with its broad, tree-lined avenues flanked by tall, handsome townhouses, it is La Parigi d’Italia (the Italian Paris).

Uptown Turin is centred around the main shopping street, one of several nationally important museums in the city, and the Egyptian Museum, the second-largest in the world after Cairo. Italy’s most sophisticated city, Milan (Milano) is a financial and commercial centre of world

importance and a rival to Paris in the spheres of modern art and fashion; the same boastful spirit of civic pride that, 500 years ago, gave the city its splendid Gothic Duomo (Cathedral). Leonardo da Vinci’s masterpiece, The Last Supper, may be viewed at the convent of Santa Maria della Grazie. The Teatro della Scala (Scala Theatre) remains the undisputed world capital of opera and is well worth viewing for its magnificent opulence. Genoa (Genova), the capital of Liguria, has long been an important commercial and military port. The medieval district of the city holds many treasures and outside the medieval district, Via Garibaldi, where many of the city’s richest inhabitants built their palaces, is a beautiful walk, with Palazzo Bianco (now an art gallery with paintings by Rubens and Van Dyck), Palazzo Podesta and the magnificently decorated Palazzo Rosso (adjacent to Palazzo Bianco and housing paintings by Caravaggio, Dürer and Titian). The

lombardy is a prosperous region with fertile soil, a temperate climate and, for the tourist, the spectacular lakes of como, Garda, maggiore and lugano Acquario (Aquarium) presents underwater ocean life, with 1000 species housed in 50 vast tanks, making it the largest centre of its kind in Europe.

Trentino and Alto Aldige are wholly mountainous regions on the Swiss border. One of the most famous mountains is Merano, popular for its spas, thermal waters and moderate climate (the temperature tends to remain above freezing all winter, despite its close proximity to a range of snow-laden ski slopes). Cremona, the birthplace of the Stradivarius violin, is a charming haven of historic architecture.

Liguria is a region of 320km (200 miles) of rocky, wooded coastline running from France to Tuscany, where the Italian ‘boot’ begins. This is the Riviera, Italy’s an-

tHe great nortHern LaKeS

swer to the Côte d’Azur. The former includes wide sandy beaches and the rather commercial seaside resorts of San Remo and Bordighera. The most beautiful cities in this region are the cities of Padua (Padova), Vicenza and Verona, which was the setting of Shakespeare’s Romeo and Juliet.

Friuli region in the north-eastern corner of Italy bordering Austria and Slovenia is a complex mix of cultures. Half of the population speak Friulian, a language closely associated with Latin. Venice (Venezia) stands upon a series of islands in a lagoon at the northern end of the Adriatic Sea. The city’s main monuments are St Mark’s Basilica, St Mark’s Square and the Doge’s Palace. The city’s most important thoroughfare is the Grand Canal.

In the 18th century, the Austrian Emperors commissioned the construction of a deep-water port at Trieste and so ended Venice's long

INTERNATIONAL INSURANCE AGENCY

Imotska 1 - 11010 Belgrade -SERBIA

The great northern lakes lie in a series of long, deep valleys running down onto the plains from the Alps. Lake Como is perhaps the most attractive, Lake Maggiore the most elegant (and populous) and Lake Garda the wildest and most spectacular. On the south shore of Lake Garda lies the peninsula of Sirmione, renowned for its mild Mediterranean climate, beautiful countryside and the Caves of Catullo, an archaeological site of a former Roman villa situated on the tip of the peninsula. Sirmione Spa, the largest privately owned thermal treatment centre in Italy whose sulphurous waters originate from the depths of Lake Garda, has long been one of Sirmione’s main attractions.

Italian Business Sector in Serbia 2010/11 · 45

Mr. Alessandro Bonnesi Tel +381/ 11/ 39 56 851 Fax +381/ 11/ 39 56 888 Cell +381/ 63/ 435 162 Email a.bonnesi@aconsultants.eu Web http://www.osigurajse.com/

domination of the Adriatic Sea. The port has remained the most important in the area. The coastline west of Trieste has some excellent beach resorts. Sistiana, Duino, Lignano and Grado are among the most popular. A region of gentle hills between the River Po and the Appennines is called EmiliaRomagna. This region is famed for culinary delights such as bolognese sauce and mortadella (a specially prepared type of sausage) from Bologna, and Parmesan cheese and Parma ham from Parma. Bologna is one of the oldest cities in Italy and the site of Europe’s oldest university. The seaside resort of Rimini is renowned for its lively party scene, with numerous nightclubs on the beach throughout summer.

cEnTral ITaly The fertile region of Tuscany lies between the northern Appennines and the Mediterranean Sea. The landscape of Tuscany is typically one of vine-covered hills, cypress woods, fields of sunflowers and remote hilltop villages. Chianti, the bestknown Italian wine, is made in the area north of Siena, and numerous wine cellars are open to the public.

The principal Tuscan city, Florence

Bacchus, Leonardo da Vinci’s Annunciation, Michelangelo’s Holy Family and Titian’s Urbino Venus.

Some of the country’s most important sculptures are found within the Museo Nazionale del Bargello, notably works by Michelangelo and Donatello. Michelangelo’s famous statue of David may be viewed at the Accademia di Belle Arti near the University.

Siena’s labyrinths of narrow cobbled streets that make up the historic centre converge at Piazza del Campo. Located north of Siena, Pisa is famous for its Leaning Tower, a free-standing campanile or bell tower. Arezzo is made up of an old upper town and a modern lower town, and is an important centre for the production of gold jewellery.

(Firenze) is the world’s most celeThe Tuscan Archipelago is a brated storehouse of Renaissance art group of scattered islands lying beand architecture. Alberti, Boccaccio, tween Tuscany and Corsica. The best Botticelli, Brunelleschi, Dante, known is Elba, famous as the place Donatello, Fra Angelico, Giotto, where Napoleon was briefly exiled The abruzzo region encompasses the before his final defeat at Waterloo; it has lovely beaches and camphighest parts of the great apennine chain sites shaded by pines. Sometimes referred to as ‘the green heart of Italy’, Umbria is a small, hilly and Leonardo da Vinci, Masaccio, fairly untouched region between Michelangelo, Petrarch and Vasari Tuscany and Marche, with little inare among the many who are assodustry and few towns of any great ciated with establishing the pre-emisize. Lake Trasimeno is contained nence of the city. The Uffizi Gallery within the Trasimeno Regional houses one of the world’s most celePark, and serves as a seasonal home brated art collections including masto many species of migrating birds, terpieces such as Botticelli’s Birth while the River Nera Regional Park Of Venus, Caravaggio’s Young contains the Marmore Waterfalls, the highest falls in Italy.

Marche is a mountainous agriculturCapri is one of Italy’s most lovely and most visited islands. Strategically situatal region on the cened between Italy and North Africa and with fertile soil and rich coastal fishing tral Adriatic coast grounds, Sicily has suffered an almost continuous round of invasions for as long south of San Marino. as history has been recorded. Europe’s largest and most active volcano, Mount The regional capital is Etna, stands near to the city of Catania and with its fine beaches the city attracts Ancona, an important many tourists. Sardinia is the second-largest island in the Mediterranean. This is the only region in Italy without motorways. naval and commercial The Aeolian Islands is group of attractive small islands that are popular for port, with daily fertheir crystal clear waters ideal for diving and underwater fishing, and stunning ry services to Albania, beaches of hot black sand and rocky outcrops. Lipari is the largest and most Croatia, Greece and ‘touristy’ island. Panarea is smart but unspoilt. Vulcano, the closest island, and Montenegro. Urbino Stromboli, the most distant one, are both active volcanoes. was once Italy’s great-

The ISLANDS

46 · Italian Business Sector in Serbia 2010/11

est seat of learning and is now a pleasant Renaissance hill-town, its skyline a soaring vista of domes and towers. It is also the birthplace of Raphael, and several of his works may be viewed in the art gallery at the Ducal Palace, along with works

by Piero della Francesca and Titian.

The Abruzzo region encompasses the highest parts of the great Apennine chain. The southern highlands are covered with a great forest of beech, which has been designat-

ed as the National Park of Abruzzo.

Marsican brown bears (unique to Italy), wolves, chamois and eagles may be seen here. On the western side of the Italian ‘boot’, is Lazio, a region of volcanic hills, lakes and fine beaches that are easily reached from Rome.

Southern Italy Campania was called Campania

Vatican City On the west bank of the Tiber, the Vatican City is an independent sovereign state, best known for the magnificent St Peter’s Basilica. The Basilica is approached through the 17th-century St Peter’s Square, a superb creation by Bernini, enclosed by two semi-circular colonnades, with an Egyptian obelisk in the centre. To the right of St Peter’s stands the Vatican Palace, the Pope’s residence.

Among the principal features of the Palace are the Sistine Chapel and the Vatican Museum.

Felix (‘blessed country’) by the Romans because of its fertile soil, mild climate and (by southern Italian standards) plentiful water. Citrus fruits, tobacco, wheat and vegetables are grown here, and the region is known for excellent wines, notably the white Greco di Tufo.

The Amalfi Coast, running along a peninsula just south of Naples, is one of the most popular regions in Italy for holidaymakers. The thirdlargest Italian city,

The coastline west of Trieste has some excellent beach resorts. Sistiana, Duino, Lignano and Grado are among the most popular Naples occupies one of the most beautiful natural settings of any city in Europe. Above Naples is the bare cone of Mount Vesuvius, an active volcano, and beside it the broad

Italian Business Sector in Serbia 2010/11 · 47

sweep of the Bay of Naples and the Tyrrhennian Sea. Sorrento, now a rather commercial resort, has attracted artists for centuries. Gorky, Nietzsche and Wagner spent time here and Ibsen wrote The Ghosts while in Sorrento. Departing from Sorrento, the first port of call is Positano, a small exclusive resort of great beauty.

The south-eastern region of Puglia (Apulia) encompasses the forested crags of the Gargano Peninsular (home to Gargano National Park), the mostly flat Salentine Peninsula (the ‘heel’ of Italy) and, between them, the Murgia, a limestone plateau riddled with caves. Bari and Taranto are the large industrial ports. There are fine beaches on the Adriatic coast between Barletta and Bari.

A remote and mainly mountainous region between Puglia and Calabria, Basilicata is heavily forested in the north around Monte Vulture, a large extinct volcano; elsewhere, the hills are flinty and barren. Calabria, is the ‘toe’ of the ‘boot’, and is a spectacularly beautiful region of high mountains, dense forests and relatively empty beaches.

■

ITALIAN

business sector

elettrodomestici by Antonio Merloni www.ardo.it aDIGe BITUMI IMpreSa Oslobođenja 52-57 11000 Beograd Tel. 011/232 2684 Fax: 011/232 2984 E-mail: kievo@gmail.com amministrazione@adigebitumiimpresa.com KIJeVO Oslobođenja 52-57 11000 Beograd Tel. 011/232 2686 E-mail: info@kijevo.com www.kijevo.com INVESTOR: GRUPPO ADIGE BITUMI.S.P.A. aGrIrOMaGNa Maršala Tita 49 24321 Mali Iđoš Tel. 024/730 260 Tel./Fax: 024/730 024 E-mail: agriromagna@neobee.net INVESTOR: AMADORI aGrOMehaNIKa aC Miroslava Prodanovica – Micka 4 21000 Novi Sad Tel. 021/419151 021/419071 063/542305 E-mail: agromeac@nadlanu.com milos@agromehanika-ac.co.rs Website: www.agromehanika-ac.co.rs aGrOprODUKT Cara Dušana 12 23112 Zrenjanin Tel. 023/510 392 023/531 024 E-mail: agroprodukt@ptt.rs INVESTOR: ADRIANO CORSI S.R.L. aGrOpreSTIGe Jurija Gagarina 133/114 11177 Beograd Tel. 024/793 866 INVESTOR: BORSARI E. & C. S.R.L. CIMA S.R.L.

aL-IDea doo Pančevački put 44 26232 Starčevo Tel.: 013/633 079 013/633 508 Fax: 013/630 960 E-mail: info@al-idea.co.rs Website: www.al-idea.co.rs INVESTOR: AL-IDEA s.a.s. di Gamma Silvano e C.

•

www.ardo.rs

Tel./Fax: 011/3373 712 011/3373 749 E-mail: balthor@eunet.rs INVESTOR: ARES CHIMICA S.P.A.

BaNCa INTeSa Milentija Popovica 7b 11000 Beograd Tel. 011/2011200 3108888 E-mail: jelena.miladinovic@ aLLOMeTaL bancaintesabeograd.com Čika Ljubina 11 Website: www.bancaintesabe11000 Beograd ograd.com E-mail: allometal@sezampro.rs INVESTOR: INTESA SANPAOLO INVESTOR: METAL-FER DI CASTELLANI OTTAVIO & C. S.N.C. BeNeVeNTO UMS d.o.o Dragiše Mišovića 199 aSKa 32000 Čačak Vrbaski Put 1, 25230 Kula Tel./Fax 032/375300 Tel. 025/723 731 E-mail: Fax:025/723 741 benevento@nadlanu.com E-mail: aska.kula@gmail.com Website: www.benevento.rs INVESTOR: INVESTOR: VISA INFISSI DI PG LORENZETTI S.R.L. CARBONE ANTONIO & C SNC aTeKS Milorada Jovanovića 9 11000 Beograd Tel.: 011/305 1104 Fax: 011/305 1297 E-mail: mculibrk@ateksbg.com Website: www.ateksbg.com INVESTOR: FIBEST Srl aTTICa MeDIa SrB Kozjacka 2 11000 Beograd Tel. 011/2653718/9 E-mail: massimo.monti@ atticamedia.rs office@atticamedia.rs Website: www.atticamedia.co.rs INVESTOR: MONDADORI aZIra FaShION Industrijski put bb 21400 Bačka Palanka Tel./Fax: 021/750 938 E-mail: aziraf@nadlanu.com INVESTOR: CALZIFICIO REAL SPA (GRUPPO REAL) BaLThOr Makedonska 19 11000 Beograd

BeOCOLOr - CheMCO Knez Mihajlova 2 11000 Beograd Tel. 011/ 328 4035 E-mail: office@benetton.co.rs INVESTOR: CHEM-CO SRL BeOSaNUS Slovenska 3 11000 Beograd Tel. 011/3657285 011/3699285/6 E-mail: office@beosanus.co.rs Website: www.beosanus.co.rs INVESTOR: HPS (HOSPITAL PHARMA SERVICE) S.P.A. BeOTUBI Milutina Milankovica 34 11070 Novi Beograd Tel./Fax: 011/2120 012 011/2120 013 E.mail:office@beotubi.rs vkkovlado@gmail.com navaluko@ptt.rs INVESTOR: ATLAS SRL B.I.C. doo Reljina 4/3 11000 Beograd E.mail: bic.serbia@gmail.com

• Manufacturing and mounting of aluminium windows, doors and facades • Sales of aluminium profiles, fittings, tools and accessories • Aluminium anodizing and electrostatic painting contact: +381 032 375 300 www.benevento.rs benevento@nadlanu.rs

INVESTOR: EMME C. Srl Imp.Costr. Ing. Buono Antonio Srl SO.C.E.M. Scarl GRUPPO BUONO Srl BIS MaNUFaKTUra Slobodana Bajića 1 11185 Zemun Tel. 011/3756719 Tel./Fax: 011/3756813 INVESTOR: MANIFATTURE SETTENTRIONALI S.r.l.

BOrea parTI Banatska 28 b 11000 Beograd Tel. 011/210 0726 E-mail: info@boreaparti.rs INVESTOR: BOREA S.P.A.

COSSUTTa TraNSpOrTI Svetogorska 22 11000 Beograd Tel. 011/3245515 011/3245644 E-mail: amaravic@dragonmaritime.net INTerLOG Svetogorska 22 11000 Beograd Tel. 011/3347445 E-mail: office@interlog.si INVESTOR: COSSUTTA GROUP

CrOMWeLL BaLCaNI Masarikova 5, 11000 Beograd Tel. 011/306 1735 011/3612573 E-mail: info@italjug.com Website: www.italjug.com BUTaNGaS INTerNaTIONaL INVESTOR: doo CROMWELL ITALIA S.R.L Bulevar Zorana Đinđića 65-9 11070 Novi Beograd DaFar Tel. 011/212 0589 Ečanski drum 3 Fax: 011/3113664 23100 Zrenjanin E.mail: office@butangas.co.rs Tel. 023/544635-19 INVESTOR: BUTAN GAS S.p.A. E-mail: dafarzr@yahoo.com INVESTOR: FALC S.P.A ChaMpICOMp doo Kovin Kralja Petra I 2a DaL DeGaN-MOraVa 26229 Pločica – Kovin/Pancevo Kralja Aleksandra Tel. 013/757 012/013 Obrenovića bb 013/757430 12370 Aleksandrovac - Zabari Fax. 013/ 757129 Tel. 012/254 507 E-mail: Fax: 012/254 508 champicomp@yahoo.com E-mail: INVESTOR: P.L.M. SRL info@daldeganmorava.com Website: CONCepT INVeST doo www.daldeganmorava.com Imotska 1 INVESTOR: DAL DEGAN SRL 11000 Beograd FINEST S.P.A. Tel. 011/3956 800 E-mail: DaMM MaNaGeMeNT & a.bonnesi@osigurajse.com MarKeTING doo a.bonnesi@aconsultants.eu Reljina 4/3 11000 Beograd COOpSerVICe BMK Tel.: 011/3626 273 Svetosavska 9 Fax: 011/2687 107 22300 Stara Pazova E-mail: Tel. 022/316 874 franco.delneri@damm.rs E-mail: INVESTOR: Franco Delneri bmamuzic@neobee.net INVESTOR: DDOr Novi Sad ARMONIA HOLDING SPA Bulevar Mihajla Pupina 8 21000 Novi Sad

48 · Italian Business Sector in Serbia 2010/11

Tel. 021/4886000 E-mail: tacanski@ddor.co.rs INVESTOR: FONDIARIA-SAI S.p.A. DeaMa-SB Vidoja Đulića 36a 11318 Miloševac Tel. 026/515 340 E-mail: pm10@ptt.yu INVESTOR: DEAMA 1989 S.R.L. DeKOTra INŽeNJerING Makenzijeva 53/IV 11000 Beograd Tel. 011/2040 300 E-mail: office@decotra.co.rs Website: www.decotra.co.rs INVESTOR: DECOTRA S.R.L DeLTa GeNeraLI OSIGUraNJe ado Beograd Vladimira Popovića 8 11070 Novi Beograd Republika Srbija tel: +381 11 222-3449 Website: www.deltagenerali.rs INVESTOR: ASSICURAZIONI GENERALI DUNaV a.D Trg Oslobodjenja 9 25260 Apatin Tel: 025/773 027 Fax:025/772181 E-mail: Biljana.dunav@crabo.it stefano.dunav@crabo.it INVESTOR: ITALSVENSKA S.p.A. - Gruppo CRABO SPA eBC doo Gospodar Jovanova 44/I 11000 Beograd Tel.: 011/3288 316 Fax: 011/3288 274 E-mail: balkans@roncucciandpartners.com INVESTOR: Roncucci&Partners eCOaGrI SerBIa a.D. za poljoprivrednu proizvodnju Sonje Marinković bb 26340 Bela Crkva Tel.: 013/851211 013/851097

PANE

Service company

GNS IMPEX d.o.o.

eLeKTrOreMONT Ivana Meštrovića 2 24000 Subotica Tel.: 024/546165 024/547821 Fax: 024/547848 E-mail: kontakt@elektroremont.co.rs Website: www.elektroremont.co.rs INVESTOR: APPLICAZIONI ELETTRICHE GENERALI S.R.L. eUrO - COOD Knez Milošev venac 18 12000 Požarevac Tel. 012/514 270 INVESTOR: Galasso Domenico eUrOeDIL Dimitrija Tucovića 2 L4-L5 36000 Kraljevo Tel. 036/317 370 E.mail: euroedil@ptt.rs INVESTOR: PEDROTTI S.R.L. eUrOFer Nemanjina 4/II 11000 Beograd Tel. 011/264 2745 E-mail: eurofer.net@eurofer.net INVESTOR: GRUPPO EUROFER Srl eUrOIN XXV Nova 73 11000 Beograd Tel. 011/8408 392 eVrO GIUNTI Dimitrija Tucovića 41 11000 Beograd Tel. 011/3446 618/19/20 E-mail: office@evro-giunti.com Website: www.evro-giunti.com INVESTOR: GIUNTI EDITORE S.P.A.

FaeBer LIGhTING SySTeM doo Majora Gavrilovića 1 11420 Smederevska Palanka Tel. 026/341 050 Fax : 026/341 055 E.mail faeber@nadlanu.com INVESTOR: FAEBER LIGHTING SYSTEM S.P.A. FaLC eaST Lole Ribara 26 19350 Knjazevac Tel. 019/737900 E-mail: davor.velickovski@falc.biz INVESTOR: FALC S.P.A.

VINO

cafe restaurant Beograd, Dobračina 6, tel: 011/3036 011, tel/fax: 011/3288 570 web: www.paneevino.co.rs; mail: paneevino@eunet.rs

Vidovdanska 7, Bačka Topola +381 64 63 78 681 topshoes@eunet.rs Fax: 013/851097 E-mail: office@ecoagri.rs Website: www.ecoagri.rs INVESTOR: ECOAGRI SERBIA Srl

E

Buon Vino, Buoni Amici E-mail: fedrita@nspoint.net INVESTOR: Margherita Spinetta Fumei Francesco

E.mail: office@findomestic.rs Website: www.findomestic.rs INVESTOR: FINDOMESTIC BANCA SPA

FerrarIpLaST Karađorđeva bb 25100 Sombor Tel. 025/24 523 E-mail: ferrariplast@ravangrad.net INVESTOR: THERMOPLAST S.P.A - FERRARI CASA

FIOraNO doo Staparski put bb 25000 Sombor Tel.: 065/3122408 INVESTOR: CALZEDONIA S.P.A.

FIaT aUTOMOBILI SrBIJa Trg Topolivaca 4 34000 Kragujevac Tel. 034/323435 FaNTINI SCIaNaTICO 034/302360 BaLKaN doo INVESTOR: Bulevar Mihajla Pupina 10a/12 FIAT AUTOMOBILI SRBIJA 11070 Novi Beograd FIAT GROUP T/F +381113110240 AUTOMOBILES S.p.A. www.fantiniscianatico.co.rs Stabilimenti: FILM '87 FGM TRUDBENIK doo (Ub), Kneza Višeslava 88 FIT-FS doo (Becej), FS-GITARIC 11000 Beograd doo (Mihajlovac – Smederevo) Tel. 011/354 9149 INVESTOR: E-mail: production@film87.

FANTINI SCIANATICO S.p.A. com INVESTOR: FILM 87 FarMaN doo Takovska 45 FIM 11000 Beograd Put N. Heroja 12 Tel. 011/3292 046 24420 Kanjiza 011/3292 048 Tel. 024/874700 E.mail: farman@sbb.rs 024/874750 INVESTOR: E-mail: office@fim.co.rs FARMAN INDUSTRIES Srl kado.livia@fim.co.rs Website: www.fim.co.rs FarMaN SapOrI doo INVESTOR: TEGOLA CANADESE Serdar Jola 17 a S.P.A. 11000 Beograd Tel. : 011/266 6665 FIN BeTON 011/266 6566 Prote Mateje 30 Fax: 011/266 8983 11000 Beograd E-mail: Tel. 011/3085250 office@farmansapori.co.rs E-mail: Website: info@finbeton.com www.farmansapori.co.rs Website: www.finbeton.com INVESTOR: FARMAN INDUSINVESTOR: Luigi Zani TRIES Srl FINDOMeSTIC FeD & rITa Kosovska 10 Sentandrejski put 184 11000 Beograd 21000 Novi Sad Tel. 011/333 1733 Tel. 021/419081 Fax: 011/333 1766

FULGar eaST doo Jevrajska 12 23000 Zrenjanin Tel. 023/515686 Fax: 023/515794 E-mail: info.fulgar@fulgareast.rs INVESTOR: FULGAR S.P.A.

GrUppO FIOreNTINO doo Orasacki put bb 16210 Vlasotince Tel.: 016/876015 016/876018 Fax: 016/876004 E-mail: andrea@gruppofiorentinoitalia.it INVESTOR: GRUPPO FIORENTINO ITALIA hIV aD Omladinskih Brigada 11 17500 Vranje Tel. 017/421 585 E-mail: rade.novkovic@tsbest.net INVESTOR: KENDA FARBEN S.P.A.

INVESTOR: GESIM S.R.L. ITaLTeS Vojvođanska 386 d 11000 Beograd Tel. 011/8442 058 E-mail: italtes@beotel.net INVESTOR: DIFFUSIONE TESSILE 97 SRL ITaLTeX-INTIMO Novobečejski put bb 23273 Novo Miloševo Tel. 023/786 806 INVESTOR: CALZIFICIO ILARY S.R.L. ITaSer KONSaLTING Tadeuša Košćuška 86 11000 Beograd E-mail: info@sassiconsulting. com INVESTOR: SASSI CONSULTING S.r.l.

hOMe FUrNITUre CaSa ITaLIa Slobodna Zona bb 21400 Bačka Palanka Tel. 021/ 754 185 E-mail: casa-italia@nspoint.net ITeS INVeST doo INVESTOR: HALTO S.R.L. Ruzveltova 1 11000 Beograd GB prOJeCT DeVeLOpMeNT hyDrOTeK Tel.: 011/337 0720 Dunavski kej 8 Kneza Viseslava br.3 Fax: 011/337 0789 11000 Beograd 11030 Beograd E-mail: Tel.: 011/2928714 Tel. 011/2543-768 office@itesinvest.com Fax: 011/2928713 E-mail: hydrotek@verat.net INVESTOR: FINEST S.P.A. E-mail: s.veselinovic@ INVESTOR: HYTEK SRL arhitema.com ITS BaLKaN a.cvetkovic@arhitema.com IC&parTNerS Svetogorska 35/2 INVESTOR: COOPERATIVA Cika Ljubina 11 11000 Beograd CERAMICA D'IMOLA 11000 Beograd Tel. 011/3035188 Tel. 011/328 8101 E-mail: GIraMONDO doo Fax: 3288106 itsbalkan@eunet.rs Kneginje Zorke 40 E-mail: office@icpartnersbelINVESTOR: ITALIANA SALDA11000 Beograd grade.com TURE SRL Tel.: 011/344 0260 Website: www.icpartnersbelFax: 011 344 0165 grade.com KOINe’-aDrIaTICa doo E-mail: office@giramondo.rs INVESTOR: Poslovni centar “Lupus” Website: www.giramondo.rs IC&PARTNERS GROUP Zmaj Jovina 26 INVESTOR: 21000 Novi Sad Giuseppe Del Castillo INTerSTONeS Tel./Fax: 021/462707 Karađorđeva 17/2 E.mail: miacovazzi@libero.it GraDaC FaVrO 34000 Kragujevac ilarialista@yahoo.com Djerdapski Put bb Tel. Fax: 034/360 792 INVESTOR: Massimo Lacovazzi 19320 Kladovo INVESTOR: ZENITH C Srl Tel. 019/801 424 KOrIUM E-mail: ITaLIaNa SaLOTTI Prešernova 17 albertobrugnola@virgilio.it Južnomoravskih brigada bb 11000 Beograd INVESTOR: FONTEGAS S.R.L. 17542 Vranjska Banja Tel. 011/324 6689 Tel. 011/3132 526 INVESTOR: VICENZA PELLI FUNNy ShOeS Ilije Garašanina 33/5 11000 Beograd Tel. 024/4150007 E-mail: topshoes@eunet.rs INVESTOR: SOLARIA S.P.A.

Italian Business Sector in Serbia 2010/11 · 49

ITALIAN

business sector

LaSer BaLKaN Dunavac 1 12208 Kostolac Tel. 012/241 954 E-mail: info@laserbalkan.co.rs INVESTOR: LASERJET S.R.L. Laserjet Tel/Fax: 0444/864301 Fax 0444/764900 Address: Via Pietre, 73 36026 Pojana Maggiore Vi

MODITaL d.o.o.

Ogranak u Beogradu Bulevar Zorana Đinđića 68 Lamella 4, Ulaz 5, etaža 3, stan 8 11070 Novi Beograd Tel. 011/6557-281, 6557-282, 6557-283 Web: www.pompea.rs

prOMeK D.O.O. Tel:00 381 26 515 340 Fax:00 381 26 515 1 Oraska 60, Velika Plana

prOGeTTI Kneza Miloša 79 11000 Beograd Tel. 011/3628750/2/3 Fax. 011/3628751 MODITaL MaNUFaCTUrING E-mail: Industrijska zona reception@eastwest.it LeGNO pIU' doo Bagljaš aerodrom bb east.west@eastwest.it Studenička 17 23000 Zrenjanin INVESTOR: EAST WEST INTER18000 Niš Tel. 023/559 000 NATIONAL S.R.L. Tel./Fax: 018/214677 INVESTOR: E-mail: POMPEA S.P.A. re SOUrCING DOO nenad@legnopiutrento.com Kralja Petra 58/6 INVESTOR: BRIONE HOLZ S.R.L. MOKINT S 11000 Beograd 11000 Beograd (Stari Grad) Tel. 011/291 0758 LeONarDO doo IMpOrT E-mail: mokints@mokints.rs Fax: 011/291 0756 eXpOrT INVESTOR: MOKINT S.r.l.

E-mail: Jovana Mikića 56 resourcingdoo@gmail.com 24000 Subotica MONTaGNa SM INVESTOR: Mario Schiavo Tel. 024/687380 Simina 21 INVESTOR: 11000 Beograd SaMer & CO. DUNaV PAKERSON Industrie Calzature Tel. 011/3034122 aGeNCIeS Fiorentine E-mail: YUBC, office@montagna.rs Bulevar Mihaila Pupina 10E/I M.C.D. INVESTOR: COSTRUZIONI 11070 Beograd Kralja Petra I bb GIUSEPPE MONTAGNA S.R.L. Tel. 011/2142 332 12220 Veliko Gradište 063/317660 Tel. 012/63135 OMNIapaCK E-mail: mail@samerdunav.com E-mail: mcdserbia@yahoo.com Industrijska zona bb Website: www.samer.com/ INVESTOR: M.C. S.R.L. 23272 Novi Bečej belgrado Tel. 023/771 098 INVESTOR: SAMER & CO.MarTINI GraDNJa E-mail: omniapack@yahoo.

SHIPPING S.R.L. Vojvode Putnika bb com Indjija INVESTOR: LAMP GROUP SIGaS Tel. +381/11/3288100 Nikole Pašića 2 www.martinigradnja.rs paNGea re 31210 Požega Despota Djudja 13/1 Tel. 011/2626464 MaGIC STep 11000 Beograd office@strategicpoint.rs Surčinska 18 Tel. 063/1623221, INVESTOR: ACEGAS-APS SPA 11000 Beograd E-mail: Tel. 062/233 173 t.dzida@beyond-realestate.

SLODeSTraDe D.O.O 011/154-980 com Borska 92 F INVESTOR: INVESTOR: PANGEA RE SRL 11000 Beograd MARCO SHOES SRL Tel: 011/3591358 peTrUZaLeK doo Fax:011/3581777 MaSTrOTTO & CO Majora Zorana E-mail: office.slodes@sbb.rs Kružni put BB, 11309 Leštane Radosavljevica 313 a Website: www.slodes.rs Tel. 011/803 5110 11273 Batajnica INVESTOR: SID.INV. TRADING E-mail: Tel.: 011/8480 271 S.R.L. sales@mastrotto.com Fax: 011/8481 342 (SIDERURGICA INVERUNESE INVESTOR: GRUPPO MASE-mail: office@petruzalek.rs S.p.A.) TROTTO S.P.A. INVESTOR: SIRAP GEMA SpA SO.Ge DOO BeOGraD MIrOGLIO FaShION Ser pOMeTON TIr doo Kralja Petra 58/6 Jurija Gagarina 16 Đorđa Vajferta 20-22 11000 Beograd 11000 Beograd 19210 Bor Tel. 011/2910758 Tel. 011/3446451 Tel. 030/427 476 Fax: 011/2910756 E-mail: dmartic@eunet.rs Fax: 030/427 475 E-mail: info@so-ge.com INVESTOR: MIROGLIO FASHE-mail: pometontir@ptt.rs Website: www.so-ge.com ION Srl INVESTOR: POMETON S.p.A. INVESTOR: SD CONSULT MIXer SySTeM Čika Ljubina 11 11000 Beograd Tel. 011/3433028 Website: www.mixersrl.com INVESTOR: MIXER SRL

pOTIS Čede Vasovića 39 12000 Požarevac Tel. 012/555 189 E-mail: potispoz@ptt.rs INVESTOR: CORTE SRL

SpIK NapreDaK Venijamina Marinkovica 139 32250 Ivanjica Tel.: 032/66 11 66 Fax: 032/66 33 20 E-mail: info@iverica.rs INVESTOR: FANTONI SPA-ZIR

STeaM SOLUTION DOO Kralja Petra, 58/6 11000 Beograd Tel.: 011/2910 758 Fax: 011/2910756 E.mail: info@steam.it INVESTOR: STEAM srl STeeL pLaNT SreMSKa MITrOVICa Rumski put 27 22000 Sremska Mitrovica Tel. 022/618 207 Fax: 022/622 738 E-mail: filtag85@hotmail.com INVESTOR: STG GROUP SpA SUOLO e SaLUTe SerBIaN Nikole Pašića bb 11320 Velika Plana Tel. 026/511476 062/775039 063/7151503 E-mail: office@sesasrb.com Website: www.sesasrb.com INVESTOR: SUOLO E SALUTE SRL

Tel. 014/295005 E-mail: gpvaly@medianis.net gpvaly@goldenlady.it INVESTOR: GOLDEN LADY COMPANY SPA VeCar VILJUŠKarI DOO Svetozara Papića 2 11180 Beograd (Zemun) Tel./Fax: 011/3169 711 011/3169 712 011/3077 465 E-mail: office@vecarviljuskari.com Website: www.vecarviljuskari.com INVESTOR: VECAR Srl

office@zastava-kamioni.co.rs djordje.nestorovic@zastavakamioni.co.rs jelena_m@zastava-kamioni. co.rs Website: www.zastava-kamioni.co.rs INVESTOR: IVECO SpA ZeLeNa DrINa DOO Milana Obrenovića bb 31250 Bajina Bašta Tel.: 031/865 0447 Fax: 031/864 269 E-mail:grionefederico@crabo.it

VerSIL LeGNO Đorđa Stanojevića 35 11000 Beograd Tel. 011/2140965 E-mail: versil@beocity.net Website: www.versillegno.co.rs INVESTOR: FOURKINGS Srl

ZeMLJa I SUNCe Pariske Komune 8 23100 Zrenjanin Tel. 065/6300063 E-mail: zemljaisunce@hotmail.com INVESTOR: Gianluigi Falavigna Franco Benati

TeMer GrOUp Prote Mateje 30 11000 Beograd (grad) Tel. 011/3085250 E-mail: info@temergroup.com Website: www.temergroup.com INVESTOR: Luigi Zani Salvatore Perrone

VOLKSBaNK Bulevar Mihajla Pupina 165g 11072 Beograd-Novi Beograd Tel. 011/2017052 E-mail: info@volksbank.rs Website: www.volksbank.co.rs INVESTOR: BPER- BANCA POPOLARE DELL'EMILIA ROMAGNA

ZLaTIBOr-MerMer Pekarska bb 31000 Užice Tel. 031/563 833/44 E-mail: mermerue@gmail.com INVESTOR: PIERO ZANELLA S.R.L.

Te-TO Karađorđeva 66, 24400 Senta Tel. 063/528182 E-mail: office@sugarfactorysenta.co.rs INVESTOR: S.F.I.R. SPA- Società Fondiaria Industriale Romagnola

yU arDO Durmitorska 21 11000 Beograd Tel. 011/3660 381 E-mail: office@ardo.rs Website: www.ardo.rs INVESTOR: ANTONIO MERLONI SPA

UNICreDIT BaNK SrBIJa Rajiceva 27-29 11000 Beograd Tel.: 011/3204580 011/3204500 Fax: 011/3342200 E-mail: office@unicreditbank.rs Website: www.unicreditbank.rs INVESTOR: UNICREDIT S.p.A.

yUGOTUB DOO Kralja Petra I Karadjordjevica 156 22330 Nova Pazova Tel.: 022/328 241 Fax: 022/328 841 E-mail: k.stojanovic@yugotub.com INVESTOR: EUROGROUP SpA

UNICreDIT LeaSING Bulevar umetnosti 2a 11070 Novi Beograd Tel. 011 3093 500 E-mail: office@unicreditleasing.co.rs Website: www.unicreditleasing.co.rs INVESTOR: UNICREDIT GLOBAL LEASING S.p.A VaLy Beloševac bb, 14104 Beloševac

50 · Italian Business Sector in Serbia 2010/11

ZaNNINI eaST DOO Beogradski put bb 26300 Vršac Tel. 013/833405 Fax: 013/821076 E-mail: aleksandra.cvetkovic@ zannini.it INVESTOR: GRAFICA ZANNINI SpA ZaSTaVa KaMIONI Trg Topolivaca 4 34000 Kragujevac Tel. 034/335 355 E-mail:

ZUCCheLLI - BaLaN Goranska 12, 26000 Smederevo Tel. 026/231 125 INVESTOR: ZUCCHELLI FORNI S.P.A. 3pOINTS Nemanjina 40, 11000 Beograd Tel. 011/3650060 063/601360 E-mail: info@3points.ptt.rs INVESTOR: CA.METAL. SRL Note: This list is not intended to be exhaustive of the Italian presence in Serbia. The ICE office in Belgrade takes no responsibility for the information that was collected from the Italian companies operating in Serbia.

For any telephone contact from Italy please note that the numbers must be prefixed with 00381 removing the leading zero (eg: to call the number given as 011/3629939 you must type 00381 11 3629939.

Updated by ICE Belgrade in September 2010.

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