Diplomacy&Commerce 71

January 2022 | ISSUE No. 71 | Price 350 RSD

14 DEC

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LARGE SYSTEMS HAVE THE LARGEST VOLUME OF BUSINESS ACTIVITY

THE ECONOMIST “WORLD IN 2022”

MILAN LUČIĆ

Director of the Serbian Business Registers Agency (SBRA)

THERE IS NO SUCH THING AS THE ITALIAN CUISINE ALESSANDRA LO CASCIO

Wife of the Italian ambassador in Serbia

125 YEARS IS NOT JUST A NUMBER SLAVKO SPASIĆ

Acting Director of the Natural History Museum in Belgrade

Switzerland

WHITE MAYOR, BLACK FLAGS Postcard from Piran

SOMETHING HAS BROKEN IN BORIS JOHNSON’S GOVERNMENT BORIS JOHNSON

Prime Minister of the United Kingdom

S P E C I A L

E D I T I ON

France FOCUS ON

H.E. URS SCHMID Ambassador of Switzerland to Serbia

H.E. PIERRE COCHARD Ambassador of France to Serbia

2022 – The Year of the Serbian Railway?

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FOREWORD

ROBERT ČOBAN Director

WEB

FACEBOOK

ast week, I took a short walk from the Esplanade Hotel to the Main Railway Station in Zagreb and hopped on the train that left exactly at 07:03 and headed for Ljubljana.

The rail track ran along the misty valley of the Sava River, which connects three countries and three peoples - Slovenes, Croats and Serbs.

At the Main Station in Ljubljana, I got off the train and saw a video exhibition called "2021 - The European Year of Rail". Soon, it will be 175 years since the arrival of the first train in Slovenia. While watching the panel discussions dedicated to the rich history of railways in Europe and Slovenia, I thought about how neither Belgrade nor Zagreb held a similar exhibition and how the rail tracks and railway stations both in Serbia and Croatia are mostly in a dilapidated state.

In 1885, King Milan Obrenović travelled by train from Belgrade to Niš to visit his garrison faster than he would today. Two historic railway stations in Belgrade - Glava and Topčider - are no longer in use. The new station Prokop is almost empty. During these three decades of the devastation of our railways, people have almost completely forgotten what it means to ride on a train. That is why I think that huge effort will be needed for people who commute between Novi Sad and Belgrade daily, including yours truly, to get used to using trains again once the ‘fast rail track’ launches in March 2022.

A few days later, I heard that Gerhard Burbah, the last director of the

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the long-term average. This tells us that the infamous process of restructuring Serbian railways, helped by the World Bank consultants, did not yield results.

The European Year of Rail 2021 is behind us now and is another year we missed. Today, more pigeons and homeless people are sleeping at the railway station in Novi Sad than there are passengers, the main railway station in Belgrade (Prokop) is almost completely deserted and most residents of the Serbian capital cannot even find it.

2022 is not the European Year of Rail, but it could become the Serbian Year of Rail if this issue is taken seriously, for the first time in 30 years.

The first Belgrade-Niš train and the schedule for the opening of the first Serbian railway track

CONTENT

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THE ECONOMIST’S ANNUAL CONFERENCE – “THE WORLD IN 2022” The World in 2022 Conference

”Color Media Communications” LTD, 21132 Petrovaradin, Štrosmajerova 3 TIN 107871532 Matriculation number 20887303 Phone: +381 21 4897 100 Office: Braće Jugovića 23/2, Belgrade Phone: 011 4044 960

Vojvodina Railway Company, before the company was merged with the Serbian Railways 30 years ago, had died. I found one of his interviews from 2011 in which he speaks about the state of the railway grid in Vojvodina. He illustrates the fact with the example that at the time when the province controlled the railway, the train from Belgrade to Hungary travelled for three and a half hours, and now it takes more than four hours to get only to Subotica.

According to him, in the decade and a half when Vojvodina’s authorities had the railway under their jurisdiction, over 10,000km of rail tracks were built, including numerous new routes, which connected the province with neighbouring countries.

Burbah points out that in those 15 years, about $540 million were invested in the railways of Vojvodina.

Ten years after this interview for the Press daily, while touring Vojvodina on my bicycle, I could see with my own eyes that the condition of the railway grid and train stations was even worse.

Only recently, we heard that a total of 17.5 billion dinars, or 150 million euros, were allocated to Serbian railways in the 2022 state budget, which is a 20 percent increase compared to

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THE PANDEMIC IS STILL AT THE TOP OF ALL PRIORITIES The World in 2022 Conference - Panel I

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OPTIMISTIC ABOUT NEXT YEAR

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WHAT WILL HAPPEN AFTER 2021? - GLOBAL CHALLENGES AND LOCAL EXPERIENCES

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125 YEARS IS NOT JUST A NUMBER SLAVKO SPASIĆ

The World in 2022 Conference - Panel III

Acting Director of the Natural History Museum in Belgrade

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MILAN LUČIĆ

YOU NEED TO FOLLOW TRENDS AND TECHNOLOGICAL DEVELOPMENTS TO PROGRESS

Director of the Serbian Business Registers Agency (SBRA)

CEO&Founder of Skymusic Corporation

LARGE SYSTEMS HAVE THE LARGEST VOLUME OF BUSINESS ACTIVITY

MILENKO ŠKARIĆ

The World in 2022 Conference - Panel II

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MIDTERM BLUES

Something has Broken in Boris Johnson’s Government This week’s rebellion in Parliament is just the start of his difficulties e won the vote but lost his party. On December 14th a package of health-protection measures, part of Boris Johnson’s “Plan B” to cope with the Omicron variant, was carried by 369 votes to 126. However, 98 Conservatives sided against their own prime minister, including 13 former cabinet ministers and almost half of Tory backbenchers. The rebellion was far worse than Downing Street had feared and leaves the government in the unsustainable position of depending upon the opposition Labour Party for one of its central policies.

As if that were not bad enough for Mr Johnson, on December 16th Tory voters will have their say in a by-election in North Shropshire, the truest of blue seats. A collapse of the Conservative majority is assured. What should worry Mr Johnson is the once-unthinkable possibility of defeat.

Governments two years into their term often languish. But when Mr Johnson’s supporters fall back on that excuse for his failing grip they are guilty of self-delusion. It is becoming clear that the prime minister is facing a double crisis. One half of this is the growing sense that he is temperamentally unfit to hold the highest office in the land. The other is the fear that his government will be incapable of bringing about the reforms it has promised—some of which Britain badly needs.

Whatever happens in Thursday’s by-election, over the past two months Mr Johnson has squandered his greatest political gift. Whenever lesser politicians bluster and contradict themselves, voters sneer at their sleaze, lying and hypocrisy. By contrast, Mr Johnson has had an uncanny ability to make them feel as if they are in on the joke.

The first to cut through was sleaze. Last month Mr Johnson tried to save Owen Paterson, then MP for that North Shropshire seat, from being censured for breaking the rules over paid lobbying.

(The prime minister said that to punish him would offend natu-

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WHAT MATTERS MORE TO BRITAIN THAN THE PRIME MINISTER’S BROKEN SPELL OVER VOTERS IS HIS GOVERNMENT’S CAPACITY FOR REFORM ral justice.) Then came lying. This month it emerged that, whereas Mr Johnson had claimed to know nothing about who paid for the renovation of his Downing Street

flat costing £112,549 ($150,000), he had in fact been asking for money from the man who turned out to be the donor. (Downing Street says that appearances are

deceptive.) And last week it was hypocrisy. A video showed senior aides joking about one of several parties held in Downing Street last Christmas, when the rest of the country was locked down with only the television for company. (Mr Johnson said he knew nothing of it.)

What matters more to Britain than the prime minister’s broken spell over voters is his government’s capacity for reform.

Here, too, something has gone very wrong. Mr Johnson’s pitch in the general election of 2019 was that post-Brexit Britain would no longer be a divided, unequal country. Power and prosperity would flow from the metropolitan elite to left-behind places that would be “levelled up”. His was a radical new type of Conservatism, popular but not populist.

The revolution never happened, and not just because the pandemic got in the way. Brexit stumbles zombie-like in an endless struggle over the future of Northern Ireland. Policymaking has seized up or, as with reforms to planning law, been abandoned.

A campaign against Scottish independence has died. Levelling up now encompasses everything, so it means nothing. There is a drive to weaken judicial oversight, limit free speech and protest, and make the police less accountable. But such illiberalism is hardly a glorious legacy of Britain’s new sovereignty.

The viciousness of Omicron could yet vindicate Mr Johnson and his Plan B. The lack of a Tory challenger—and of a strong opposition—could mean that he wins re-election in 2024. Even so recent weeks mark a new phase in his premiership. Once lost, trust with voters is hard to recover. If reform loses focus and purpose, it is hard to jump start. When a government and its party are ragged, they are hard to reunite.

From The Economist, published under licence.

The original article, in English, can be found on www.economist.com

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THE WORLD IN 2022 CONFERENCE

The Economist’s Annual Conference – “The World in 2022″ Serbia expects economic growth to continue next year he annual The Economist ‘World in 2022’ conference was officially opened in the small hall of the National Assembly of Serbia. This is one of the oldest conferences organized by Color Media Communications and has already become recognized as an event that closes the current year with conclusions about the political, business and social environment of Serbia and discusses important issues in the coming year. As every year, key people, the highest state and international officials gave their conclusions and projections on the upcoming period at the opening.

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No Crisis is Stronger than a Powerful Brand Like the Economist s the conference organizer, Robert Čoban, president of Color Press Group, pointed out at the opening that the strength of a brand like The Economist persists in uncertain times such as the ongoing COVID-19 pandemic. He reminded that the first licensed edition of The Economist magazine in Serbia was published in 2009, at the very beginning of the world economic crisis, that this year it was the 12th edition, and that apart

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ROBERT ČOBAN

President of Color Press Group

from Serbia, this magazine was published in five countries in the region.

Mr Čoban also explained that "no crisis is stronger than a powerful brand like The Economist, which testifies that industry and business cannot be stopped under any circumstances." He also announced the officials who spoke at the conference about the economy and the challenges that await the world in the year 2022.

Serbia is Giving a Strong and Best Possible Response to the Crisis IVICA DAČIĆ Speaker of the National Assembly of the Republic of Serbia

he participants of the conference and those gathered were greeted by Ivica Dačić, Speaker of the National Assembly of the Republic of Serbia, who said that he expected full stability to return next year, which is a necessary prerequisite for development in every sense.

"A year ago, Serbia gave and is still giving a strong and best possible response to the crisis that was caused by the COVID-19 virus, when it comes to protecting the health of the population, and especially when it comes to pre-

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serving economic potential. There are very few countries that can boast that they have provided their population with sufficient quantities of free vaccines from all major global manufacturers from the moment there were first available. Only very few countries were able to open facilities for the vaccine production, as Serbia did with Sputnik, and which it will do next year with Sinopharm.

If in the year of the pandemic, such were this and the previous one, we managed not only to maintain but also to increase the rate of economic growth and continue the record regional results in terms of foreign investments, and further boost the construction of infrastructure, then it is clear what the year 2022 could look like, the year when the pan-

demic will hopefully be on the wane. That is a realistic expectation, which is based on the parameters from this and previous years and on the budget that we recently adopted here, in the Parliament."

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We Have the Challenges of Energy Transition ALEKSANDAR VUČIĆ

The President of the Republic of Serbia

he President of the Republic of Serbia, stated that we are going to start the year 2022 with the ongoing pandemic which brings new challenges to humanity. In his address, he explained that the big problem is that energy has become a new battlefield, both for the superpowers and for the regions.

“Energy is no longer available at cheap or reasonable prices that everyone can use, but it is becoming a powerful weapon. Next year, we expect a global increase in energy consumption, due to the growing needs of the economy. On the other hand, we have the challenges of energy transition that require a reduction of pollutants. Increased demand for energy

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will drive up prices.

We will continue to monitor the development of alternative fuels, such as green hydrogen, which is still quite expensive to produce. However, countries such as China or the EU have already announced investments to decrease the price of this fuel in the future. Serbia is entering 2022 with sound public finances, surrounded by relatively favourable global macroeconomic conditions.

Just like today, Serbia will remain a reliable partner to all relevant international institutions whose actions are aimed at creating harmonious relations between nations. Here, I’m primarily referring to the promotion of political and economic multilateralism defined through the United Nation’s current agendas.

Our future, as well as the future of the planet, is facing risks, but I am quite confident that we will be able to amortize their consequences to start off with, and then continue to build a brave new world."

Energy and Climate Security are the Biggest Challenges Ahead he Minister Mihajlović explained that "every state must know what it wants to achieve in 10, 20 or 30 years. Energy is not an issue that can be solved in one day or one year. Serbia wants to be decarbonized in 2050.

Realistically speaking, it cannot achieve that earlier, but in the decades ahead of us, Serbia must take certain steps in order to create enough capacity and energy, and for that energy to be clean. That is why Serbia passed very important laws this year. It has completely changed its legislative framework. So, in addition to the standard ones, such as the Law on Energy and

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ZORANA MIHAJLOVIĆ

Deputy Prime Minister and Minister of Mining and Energy

Law on Mining, Serbia also passed the Law on Renewable Energy Sources for the first time. Serbia has also passed a completely new Law on Energy Efficiency and Rational Use of Energy.

Furthermore, Serbia has set strategic goals and publicly presented its national energy and climate plan. We will propose ways in which we can have enough energy and keep it clean. Investing in renewable energy sources, raising energy efficiency and building completely new capacities require huge investments. But they are not an obstacle but a basis for further economic development."

Novi Sad is the First European Capital to Win Awards in All Categories MAJA GOJKOVIĆ Deputy Prime Minister and Minister of Culture and Information

aja Gojković, Deputy Prime Minister and Minister of Culture and Information, pointed out that “culture, in addition to the economy, was hard hit by the pandemic and its consequences, but regardless, these challenges have awakened creativity in people involved in culture and forced artists to turn to some other forms of creativity and find their way to the end-user and audience, such as online communication and providing cultural content.

Our Ministry’s strategic priorities clearly

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recognize the value and importance of additional investments in culture and encouraging innovation, because, in this way, these investments provide a return to the state many times over. The 2022 budget of the Ministry of Culture and Information has been increased by two billion dinars or 16 percent. I am especially proud to say that we have managed for culture allocations to exceed 1% of the total state budget.

The year ahead will be remembered thanks to three key projects with one of them being Novi Sad European Capital of Culture 2022, a project that starts on 13th January. Novi Sad is the first European capital to win awards in all categories. The second is the City of Čačak getting ready to become the first capital of culture

in Serbia which will significantly contribute to the decentralization of culture. The third is the Towns in Focus project which is also closely related to decentralization.”

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New Jobs Have Been Created arija Kisić Tepavčević said that Serbia was among the first countries to have anti-COVID vaccines available.

“It will soon be a year since the first vaccine was administered in our country, and I would like to appeal once again to all those who have not been vaccinated, to do so in order to create immunity.

We fought very successfully with the challenges that were in front of us. In 2021, we have managed to attract foreign investments and create new jobs, despite the difficult circumstances. There are very positive indicators related to the labour market. At this difficult time, new jobs have been created, a total of 60,000. The number of unemployed persons has also decreased compared to previous years.

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DARIJA KISIĆ TEPAVČEVIĆ

Minister of Labour, Employment, Veteran and Social Affairs

Programmes, such as ‘My First Salary’, were also implemented this year. Over 9,000 young people were employed thanks to this programme and about half of them remained working for the same employers. Since it was a success, the programme has been re-launched.

This year we have changed many laws, and for the first time, we have the Social Security Card Law. We are working very hard to fully enable and develop this system. The Law on Work Practices and the Law on Volunteering will also help us a lot with youth employment.

We are also continuing to implement Serbia without Barriers campaign, which entails a dozen daily activities. I hope that our activities demonstrate that Serbia is certainly on the path to progress and that there are no barriers for Serbia in that sense."

This Year We Have Very Good Results TATJANA MATIĆ

Minister of Trade, Tourism and Telecommunications

atjana Matić said that, above all, the rapid procurement of vaccines helped the tourism sector in Serbia to stand on its own two feet. "Despite all the problems and challenges, we are looking forward to the end of this year with very good results. So far, we have had over two million tourists in Serbia, with over 10 million overnight stays and foreign revenue from tourism of 1,150,000,000 euros which is close to the results from 2019, a record year for Serbian tourism.

Ten days ago, at the General Assembly meeting of the World Tourism Organization in Madrid, Mokra Gora was declared the most beautiful village in the world, while Serbia

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was ranked among the 22 best destinations to visit in 2022. The Michelin guide has included 14 restaurants from Belgrade in the publication, which is also a validation of the topnotch tourist and gastronomic offer.

The domestic commerce sector has managed to maintain a continuous and timely supply to the population. There has also been an increase in the number of employees in this sector. This year, we can also boast about external trade in goods, which value increased by almost 25 percent compared to the same period last year. We expect external trade to grow the next year as well. There was also a big jump in e-commerce in the Republic of Serbia, which would not have been possible without a developed telecommunications network.

Many projects have been launched to reduce the digital divide between urban and rural areas. One of them is connecting all schools in Serbia to the Internet through the Republic of Serbia’s academic network."

Belgrade Will be Built to Suit Children oran Radojičić, the mayor of Belgrade, said that "the year behind us has shown that we must constantly adapt to the challenges that lie ahead, but we must be proud of the results that Serbia and the City of Belgrade have achieved in the past which showed that Belgrade is an investment hub in this part of Europe.

All the projects that Belgrade is implementing show that we are thinking about the future of our citizens, as well as how to improve the quality of life and health of all of them. For the coming years, it is important to develop tourism as dynamically as it was until 2019. Digitalization is an important way of developing Belgrade as one of the major capitals, as is the development of the IT sector and keeping young people in the country.

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ZORAN RADOJIČIĆ The mayor of Belgrade

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My vision of Belgrade is that the city will be built to suit children, so our children, when they grow up, will have a city and country in which they will be able to create and work on developing the country further. We will continue to work on the development of urban mobility and sustainable development. I am confident that science, innovation, technology and the digital economy are the future. These are areas in which we must invest and give as much space as possible to young and educated people who are the future of Serbia. Big cities will expand in the coming period and the future of the world will probably be in the hands of big cities, which will make local governments even more important. The future of big cities lies in a flexible reaction to the crisis situations that will, unfortunately, happen in the future too."

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Climate Change is Becoming an Increasingly Current Issue rançoise Jacob said there are five key areas that this institution will focus on. “Health care must be the main focus of governments and viewed as an investment, not as an expense. The future of work lies with real people doing their jobs, such as agriculture, tourism, sales and crafts. Sustainable demography is also a very important topic. Climate change is becoming an increasingly current issue, with Serbia making its first steps toward change in that segment by adopt-

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FRANÇOISE JACOB

The UN Resident Coordinator in Serbia

ing the Green Agenda. The last but not least crucial area is the rule of law. The UN will continue to work on improving the system at the local and state level, with the promotion of science and knowledge becoming the most important activity.

The UN will also continue to support a strong preventive health strategy, the full implementation of dignified work programmes and a comprehensive package of activities aimed at building demographic resilience."

UNICEF is Celebrating its 75th Anniversary DEYANA KOSTADINOVA

UNICEF Representative in Serbia

eyana Kostadinova stated that UNICEF is celebrating its 75th anniversary and that the organization was founded immediately after World War II, during a crisis that engulfed children worldwide. She added that significant progress has been made in all segments, but that the COVID-19 pandemic set back achieved progress, both in social protection and education, but also in health, thus increasing poverty.

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"Today, we must re-imagine a world and Serbia that will be tailor-made to children in 2022, and try to turn the situation around. It is not about reverting to the pre-pandemic state, because even then too many children were marginalized, without any opportunities. In order to create an equal future for children in Serbia and help them to become their best, we must start by investing in them from their earliest age. The Serbian government has already started working on some of the indicators" the UNICEF director concluded.

Everybody Benefits From the Inclusion of Refugees rancesca Bonelli said that the number of people displaced by force in the world is increasing every year and that by mid-2021, that number exceeded 84 million. She pointed out that the main misconception that needs to be eliminated is that refugees represent a burden for the economy of the country they come to, adding that the facts show a completely different situation.

"Global economic data undoubtedly indi-

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FRANCESCA BONELLI

Representative of UNHCR in Serbia

cate that everybody benefits from the inclusion of refugees - both refugees and the country in which they seek asylum. On the contrary, both groups are usually complementary to each other and are not jeopardizing each other in any way. This is an important message that should be especially highlighted today when we are marking the 70th anniversary of the 1951 Refugee Convention,” the head of the UNHCR office in Serbia said in her address.

Changes that are Both Opportunities and Challenges ALESSANDRO BRAGONZI

The head of the EIB's regional office for the Western Balkans

lessandro Bragonzi stated that the world is facing changes that are both opportunities and challenges in a situation rife with shortages, and increased prices of raw materials, energy and transportation. The spread of a new COVID strain has cast a shadow over the economic recovery and threatens to delay a return to normalcy in 2022. At the same time, he underlined that we

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are in the week when the world banks will decide on interest rates, affected by inflation.

He explained that "in Serbia, the European Investment Bank continues to finance key infrastructure projects and help develop the private sector.” “At the same time, we support the development of technology by investing in innovative companies, research and development, education and digital transformation.

This includes 135 million euros allocated to the digital sector and close to 400 million euros for small and medium-sized enterprises,” Mr Bragonzi concluded.

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ARRIVALS & DEPARTURES

NATIONAL DAYS JANUARY

DUBRAVKA DJEDOVIĆ NEGRE New member of the Executive Board of Komercijalna Banka Dubravka Djedović Negre has been appointed a new member of the Executive Board of Komercijalna Banka and will be involved in business affairs and investment banking, it was announced today.

She joined Komercijalna Banka, a member of the NLB Group, from the position of Director of the Regional Office of the European Investment Bank (EIB) for the Western Balkans.

Djedovic Negre has an abundance of international experience in financing large corporations, investments and projects in transport, energy, telecommunica-

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tions, innovation, health and other industries, but also experience in financing small and medium-sized enterprises, which are a pillar of the national economy, the bank’s press release states.

Ms Djedović Negre holds a bachelor's degree in banking and finance from the Faculty of Economics in Belgrade, and a Master's degree in finance and management from the SDA Bocconi University in Milan and the Anderson School of Management in Los Angeles.

She is fluent in four languages English, French, Italian and Russian.

CUBA

Liberation Day

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SUDAN

Independence Day

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SLOVAKIA

Independence Day

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MYANMAR

Students’ Protest Day

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UKRAINE

Day of Unity of Ukraine

JELENA PAVLOVIĆ New Executive Board member, Delhaize Serbia Delhaize Serbia has appointed Jelena Pavlović a new member of the company’s Executive Board. From January 10, 2022, Jelena Pavlović will lead the legal affairs and resource protection team in the largest retail chain in the country as the vice president.

Jelena has built a successful professional career in executive positions in the business sector with a focus on general business management, legal, regulatory and corporate affairs and strategic communications.

She abundant experience in man-

aging global companies, local and international teams and strategic approach to business will ensure significant support to a company while successfully implemented projects, that are part of Jelena's business resume, will bring invaluable experience to the already well-coordinated team.

As the General Manager for Southeast Europe at a global company, Jelena Pavlović was responsible for managing international teams of people. In Delhaize Serbia, she will lead departments for legal affairs, resource protection, product

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ROMANIA

nification Day of U Wallachia and Moldavia

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AUSTRALIA National Day

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INDIA

quality and integrity, corporate communications and sustainable business.

Jelena graduated from the University of Belgrade’s Faculty of Law.

Republic Day FEBRUARY

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IRAN

Islamic Revolution Day

SLAVICA BOGOSAVLJEVIĆ New General Manager, Crowne Plaza Hotel

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Slavica Bogosavljević was born in Belgrade. She graduated from the Faculty of Economics, University of Belgrade, majoring in Tourism and Hospitality.

She started her hotel career at the Holiday Inn Hotel Belgrade, where she was working since the pre-opening phase, first as head of finances, then Internal Control and Audit Manager and then Deputy General Manager. In 2013, she was appointed general manager of the hotel. During her career at Holiday Inn, she accomplished excellent results, for which she was awarded

oundation of Vatican F City

many times individually and as a member of the hotel team.

Ms Bogosavljević has worked on demanding hotel projects, pre-opening management, hotel financial analysis and formation of organizational schemes, preparation of hotel categorization and hotel optimization, as well as new IHG hotel concepts including the implementation of the Open Lobby concept.

In 2021, she was appointed General Manager of the Crowne Plaza Hotel, which operates under Delta Hospitality.

VATICAN

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LIBYA

Revolution Day

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JAPAN

ational Day N (Emperor's Birthday)

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ESTONIA

Independence Day

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KUWAIT

ational Day and N Liberation Day

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EGYPT

Independence Day

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CONFERENCE

The Pandemic is Still at the Top of All Priorities Representatives of countries from three different continents see the priorities for next year differently, but there are several that are common, namely, the fight against the pandemic, inflation and environmental protection

he first panel at The Economist: The World in 2022 conference focused on the prospects of the world order in the coming year. The ambassadors of Germany, Great Britain, Canada, France and Egypt spoke on this topic, as well as the acting Assistant Minister of Foreign Affairs. The panellists, who came from different parts of the world, had different views on inflation and the world economy, but also on climate change.

In regard to African issues and climate change, H.E. Amr Aljowaily, Ambassador of Egypt in Serbia, talked about the three most important aspects for the coming year. "It is important for Egypt to use all diplomatic relations to work on climate change in a multilateral way. Also, Egypt is important for the Common Market for Eastern and Southern Africa (COMESA), at which conference a month ago, a promise was made that this part of Africa will be built institutionally, which creates opportunities for Serbia, its companies and the entire West-

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ern Balkans. The third is the African continental free trade, which covers 1.2 trillion consumers.

Egypt will play host to trade ministers from African countries next month, with the view of raising the institutional framework for improving trade."

The African Continental Free Trade Area has two phases - one related to goods and services and

rules of origin of goods, the Ambassador pointed out. Next year, African ministers will meet at a summit which will mark the completion of the first phase.

The Non-Aligned Movement’s, which was recently held in Belgrade, speaks volumes about Serbia's strong ties with Latin America, Africa and Asia and has renewed 60 years of good rela-

THE EGYPTIAN AMBASSADOR MENTIONED CLIMATE CHANGE, AGENDA 27, AFRICA AS THE LARGEST CONSUMER MARKET AND COMESA AS THE MOST IMPORTANT TOPICS FOR SERBIA IN 2022 the other to competition policy and intellectual property issues.

Regarding the first phase, 90 percent of all customs barriers have been removed. In terms of services, five sectors have been liberalized, namely telecommunications, tourism, transport, financial and business services. It is very important to establish the

tions, and presented a great opportunity for local companies, Ambassador Aljowaily explained.

For developing countries, adaptation and financing will be most important aspects in terms of climate change, which is a great burden.

As for affordable direct flights between Africa and Serbia go, the

ambassador pointed out that currently there are flights only between Belgrade and Cairo. He also mentioned climate change, Agenda 27, Africa as the largest consumer market and COMESA as the most important topics for Serbia in 2022.

At the beginning of his address, H.E. Thomas Schieb, the German Ambassador in Serbia, reminded that Germany has a new coalition government consisting of three political parties, but that the foreign policy of this country will continue to be focused on the EU and the Transatlantic Partnership, an order based on rules.

"I believe that the EU will be the backbone of German foreign policy. It is important to learn lessons, especially from the ongoing pandemic, and of course, we must be realistic and know what is achievable and what is not in the current global political situation. Climate protection is one of the highest priorities for Germany for the years to come. We have a very ambitious plan to generate 70 percent of our energy consumption

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H.E. Amr Aljowaily

from renewable sources by 2030, which means a huge transition for our economy. Of course, Germany cannot do it alone. We know that the German carbon footprint rate is quite low, it stands at 2 percent, so we can set a good example and convince others to follow the same path, which includes Serbia," the German ambassador explained.

Regarding inflation, he underlined that he is not an expert on the matter, but has been talking about this topic with experts, and that growing energy prices will be a decisive factor for inflation. The reason for that is the increase in demand from the industry, due to the strong recovery of the global economy after the pandemic. However, there is also a problem with delivery of gas from the North Sea, which has slowed down from time to time. Also, the increase in the share of renewable energy in total consumption may have contributed to that, as the use of wind energy declined early this year.

Germany's vision is to make the EU more resilient and less dependent. The German ambassador expressed his desire for the

H.E. Sian MacLeod

H.E. Thomas Schieb

country to increase its capacities, which is not easy and cannot be done overnight. Still, Germany is convinced that it is going in the right direction. The idea is to adopt the European course next year, and as far as enlargement is concerned, he pointed out the opening of cluster 4, which should encourage Serbian authorities to continue their efforts.

sure on society and the economy, and especially on education. Also, emergence of new COVID strains should not be forgotten.

“Living in Belgrade, we were reminded of extreme weather conditions, climate change, difficulties in forecasting and preparing for changing weather every day.

Although, we have not heard much about this topic today, con-

THE AMBASSADOR OF CANADA ADDED THAT 2022 DEFINITELY WON’T BE BORING AS IT WILL BE RIFE WITH UNCERTAINTY AND THAT IT IS BETTER TO BE OPTIMISTIC THAN CYNICAL IN THIS UNLIKEABLE YEAR H.E. Sian MacLeod, the British ambassador, underlined that 2021 was not easy and that the current difficulties will continue next year. "There have been so many challenges, but I want to highlight three - COVID, climate and conflict. The pandemic is still at the top of all priorities in terms of consequences for people and the pressure on healthcare systems, appropriate measures, the pres-

flicts in many continents pose great challenges. People suffer in various situations, even in Europe, as they are facing many difficulties and threats.

I would like to add a fourth challenge to this mix and that is respecting human rights and democracy. We have seen deterioration in many parts of the world regarding this issue, and it must remain a priority for next year.

There was also good news - Serbia had an impressive vaccination rollout. There are still difficulties, but scientists have done a fantastic job when it comes to vaccines.

There is also good news about the development of malaria vaccines."

She also spoke about the idea that the Prime Minister of the United Kingdom, Boris Johnson, is talking about, and that is uniformity. According to her, this refers to the system decentralization, both in terms of economic development and education. The British ambassador also stated that in some countries, even the seat of the government has been moving from city to city. However, this cannot be done overnight.

Ambassador MacLeod also highlighted Britain’s quick recovery country from the crisis caused by the pandemic, adding that they hope that the country’s inflation will be reduced to two percent. As she explained, the Green Agenda creates opportunities across the country and that the wind on the shores of the high seas is one of the largest sources of energy in Britain, hence several power plants are located there.

Canadian Ambassador in Ser-

H.E. Giles Norman

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H.E. Pierre Cochard

bia, H.E. Giles Norman, said that his country is looking forward to 2022, but that insecurity will be its trademark. He also said that that is inevitable in terms of health, economy, inflation, energy, climate change, but also geopolitical uncertainty.

"We will face all this during 2022, just like before. All these uncertainties will begin with a very difficult winter and crisis. They will manifest in various forms, through street riots, the pursuit of simplified solutions, the use of hate speech and other crude behaviours. There will be an even greater increase in frustration, so our governments must work both nationally and internationally to reduce uncertainty, but also to restore shaky trust and faith in governments, which is not very strong at the moment. The challenge we have is to restore and rebuild that trust as national and international communities, which is possible through dialogue and understanding global challenges, all of which require cooperation. I call for this dialogue to take place in institutions in which we have demonstrated that we can work together.”

He added that nothing was perfect, but that it is better to fix things than to create them from the beginning. He also commended the miracle that are vaccines, which validate that cooperation with science and making reasonable decisions is the solution to get out of this situation. He also pointed out the importance of the events ahead of us, from the Winter Olympics, the elections in France and the United States and the upcoming NATO summit.

There will be other issues that will mark next year, such as those in Ukraine or Tehran.

The Ambassador of Canada added that “2022 definitely won’t

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Nebojša Košutić

be boring as it will be rife with uncertainty”. He also said that he is optimistic and believes that it is better to be optimistic than cynical in this unlikeable year.

When asked about the race between China and America, he said that Canada wants stable and good relations with both countries, adding that the country does not want to see a bipolar world.

As for the multicultural society, the Government of Canada has committed to accepting 400,000 migrants as this is a fundamental part of Canadian politics. Canada has been shaped by migrants since it’s the country’s inception, so that’s nothing new, he explained.

for democracy and minorities. We intend to protect our border more strongly than before, while respecting our obligations regarding the protection of refugees and asylum seekers. We are working even harder to ensure the safety of all our citizens. I must pay tribute to Serbia, which is a strong partner in that area, which participates in several missions together with other EU countries. We will pay more attention to our neighbourhood, because cooperation between Europe and Africa is the key to our common security and prosperity.

Recovery is another important priority. Several countries have managed to avoid bankrupt-

“WE NEED TO FIND A COMMON THEME AND WHICH ENERGY SOURCES ARE ACCEPTABLE AND WHICH ARE NOT, ESPECIALLY WHEN IT COMES TO NUCLEAR ENERGY” At the beginning of his address H.E. Pierre Cochard, the French ambassador, underlined the importance of elections in his country. According to him, in the first six months of next year, France’s presidency of the Council of Europe will be very important for the country and it will have implications for both Europe and Serbia.

"Not only will the French presidency shape some new projects for the EU, but we will work with other members and institutions to find positive compromises when disagreements arise, which happens from time to time among the EU Member States. We want to have a sovereignty plan, and at the same time, we will be committed to our vision of a world order based on the rule of law, respect

cy thanks to French investments.

Serbia, as an EU candidate, has opened a new cluster, and that is very encouraging news regarding the country’s EU accession process.

The cluster relates to energy and environmental protection. Last but not least, there is the sense of belonging that we want to develop in the EU and our neighbourhood, as we defend our values. We want to be firm in our principles, help democracy, facilitate media freedom and protect human rights everywhere. These are all ambitious priorities, but we will do our best together with the other members to go in that direction."

The French ambassador also mentioned the need to reform the decision-making process in order to be more effective. A novel-

ty in the EU compared to previous years, when there was euphoria about the enlargement, the Union is now reviewing its internal values. The ambassador said that the history and peace that the EU managed to maintain should not be questioned and underlined that the EU is a union of sovereign countries.

Nebojša Košutić, Acting Assistant of the Serbian Minister of Foreign Affairs and Head of the EU Sector at the Foreign Ministry, spoke about Serbia's goals in terms of foreign policy, primarily regarding the EU accession and regional policy. "We are very interested in the Open Balkans initiative, but we want to be a part of all developments in our region. We hope that other regional partners will have the same ambition. What particularly excites us is the opening of the No. 4, which deals with environmental protection (Chapter 27).

This will lead to a few discussions about what kind of energy policy we should follow. We need to find a common theme and which energy sources are acceptable and which are not, especially when it comes to nuclear energy. We need a clear line of action."

According to him, Serbia has difficulties in finding its place in the world, but it must find it in the community of nations with regional integrations. Serbia sees that the EU projecting its economic interest worldwide. Mr Košutić also reminded that investing in pacifism or Africa does not mean that we should forget our neighbouring countries, i.e. the Western Balkans, which should not be treated as "a black hole" surrounded by EU Member States. He also stated that those countries have migrants, energy, and a climate that cannot be isolated from the rest of the world.

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Optimistic About Next Year The role of Serbia, as a country that produces for the Far East, is very important. Serbia wasted no time - it built infrastructure, which is the best pass for future development

efore and after the pandemic, the economy was the topic of the second panel of the conference The Economist: World in 2022. Representatives of bilateral chambers of commerce spoke about the effects and consequences of the pandemic on the economy and companies, but also spoke of the biggest challenges that we might face next year.

Zoran Petrović, President of the American Chamber of Commerce, assesses the state of the economy as significantly better and incomparable with the situation in 2020.

He said that "this year, we are already seeing a shift in all projections for economic growth, which is already certain to be from 6 to 7 percent. In terms of production, construction has helped a lot, while the service sector also produced good results. Additionally, personal consumption has also boosted economic growth, as well as, more importantly, investments.”

Mr Petrović also talked about the differences between Serbia and EU countries, in which export had a significant share. As a good example of the economy’s state,

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he said that the share of corporate non-performing loans in the total number of loans in the banking sector is extremely low and stands at 2.9 percent. Hence, he rated this year as very good. As for the members of the American Chamber of Commerce in Serbia, 80 percent of them were not significantly affected by the pandemic, as shown

by AmCham’s latest research.

“The same number of our members said that they recorded an increase in revenues, profits and in-

ic branch will generate better results next year. Mr Petrović also explained that that was extremely important because agriculture’s share in Serbia's GDP is between 6 and 7 percent.

"We have a good situation with the public debt. Last year, we saw the benefits of the fiscal consolidation that the Serbian government carried out between 2014 and 2017. This created space for interventions fiscal and even monetary policy. We will end this

DESPITE THE FOREIGN CURRENCY EXCHANGE RATE BEING STABLE, INFLATION REMAINS ONE OF THE BIGGEST CHALLENGES vestments," Mr Petrović said. He also calls optimism about the arrival of the vaccine and the good lessons learned in the previous year, the most important for the success of the American Chamber of Commerce’s members.

He pointed out that agriculture has been the worst hit in the past two years, due to droughts, and that he hopes that this econom-

year with a public debt that is lower than in many of the EU Member States. It is also a good thing that the fiscal deficit is much lower than planned, and the projections for next year are even lower. Of course, there are many challenges, among which I have to single out inflation, despite the foreign currency exchange rate being stable.

Unfortunately, the Central Bank

does not influence at least twothirds of the factors that affect inflation," he added.

President of the Italian-Serbian Chamber of Commerce, Giorgio Marchegiani, said that Italian companies in Serbia remained strong and very sturdy. He also stated that Italian tourism has suffered a lot, but that as an export country, Italy has managed to recover. According to him, "Italian companies are tied to Italian producers and have managed come on top, regardless of the problems with logistics and transportation.

Everyone has adjusted. As far as the Italian companies in Serbia go, they are large banks and insurance companies, which have managed to survive on both the Serbian and Italian markets.

The role of Serbia, as a country that produces for the Far East, is very important. Serbia wasted no time - it built infrastructure, which is the best pass for future development. Serbia is a truly European country and an important partner to added-value industries,” Mr Marchegiani stated.

When asked about the efficiency of the Serbian government’s assistance to companies during the

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Giorgio Marchegiani

Zoran Petrović

pandemic, he said that the government was very fast and effective and added:” I think the government reacted at the right time which resulted in high GDP growth in Serbia and helped our members, Italian companies. If we want a safe harbour, this is the place to be. This is one of the main aspects of the good cooperation between our two countries which can be seen in relevant data.”

Dragan Stokić, President of the French-Serbian Chamber of Commerce, began his speech by saying the following: "French companies also had to change the dynamics of their business, as well as to adapt, reduce their activities and monitor the situation.

Fortunately, this year, we have increased demand, to which we are also adapting well. So, my general impression is positive. No significant reduction in companies’ capacity and layoffs which is important. We feel ready for the year 2022."

Mr Stokić singled out the transport sector, which was the worst affected after tourism, as the most important sectors for the French-Serbian Chamber. Accord-

Dragan Stokić

ing to him, all projects that entail modernization and boosting the capacity of the Belgrade airport, which is under a concession by the French company, are going smoothly. Also, the Belgrade airport is undergoing the process of decarbonization.

The labour market disruption has affected all companies. There was an increase in the number of skilled and highly qualified

the priorities of the French-Serbian Chamber of Commerce in 2022, to slow the brain drain and prevent highly qualified young people from leaving to work abroad.

“This is a long-lasting process which is why we need to start it right away. That is why we support the formation of science and technology parks. Three have already been established - in Belgrade, Niš and Novi Sad – with the

IT IS IMPORTANT THAT THERE WAS NO SIGNIFICANT REDUCTION IN COMPANIES’ CAPACITY AND LAYOFFS. WE FEEL READY FOR THE YEAR 2022 workers, due to higher domestic demand, but primarily due to demand from Western European countries, which turned the countries in South-Eastern Europe. This is especially true in the IT sector, which has had a significant impact on growing labour costs.

He pointed out that facilitating youth employment will be one of

fourth one to be opened soon in Kragujevac. These science parks should be like incubators for start-ups and create opportunities for self-employment. We also support the activities of the Government’s IT and eAdministration Office, which has developed a set of innovative electronic services that further contribute to creating the impression of Serbia having a

more favourable climate for business and economic expansion.

Further digitalization of public and private companies should be encouraged too because digitalization essentially makes the management of company resources more efficient and fosters the implementation of more efficient business processes. The emphasis should certainly be on the Green Agenda," Mr Stokić added.

Oliver Lepori, President of the Japan Business Alliance, said that there are currently about 60 Japanese companies operating in Serbia, in line with a specific model which entails the integration into the local community. He cites the cultural and social mobility of the workforce as the biggest challenges for Japanese companies.

“Japanese investments were quite noticeable last year. Japanese companies need an extremely highly skilled workforce and that is the problem we are all facing. On the other hand, such Japanese companies often go unnoticed in the communities in which they operate, precisely because of this characteristic way of doing business and their integra-

Oliver Lepori

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Simon Savsek

tion into the community. The goal of Japanese business culture is to provide as much support as possible to the local community. We are talking about long-term relations and stable investments.

Companies contribute not only with their direct investments, creating new jobs, increasing export and affecting the national GDP, but also by bringing with them a so-called quiet and qualitative change,” Mr Lepori explained.

Comparing the fall in GDP in 2020 and the growth in 2021, he concluded that Japanese companies managed to find their way around quickly, which is mostly because they are usually huge systems that have dozens of factories all over the world, on all continents.

"The situation has been mitigated by a large number of vaccinated people in Japan, so there are now less than 100 infected people per day in the country. In the first phase, this has also affected domestic companies, both importers and exporters,” said Mr Lepori.

The president of the Japanese Business Alliance also explained that Japanese factories in Serbia purify air and water, thanks to the support of the Japanese government. They are also involved in the digitalization process in Serbia. He also said that a challenge such as supply chain disruptions, which came to the fore during the pandemic, could be an opportunity for the Western Balkan companies, and that higher foreign investments are expected in the coming years. Next year marks the 140th anniversary of the establishment of diplomatic relations between Serbia and Japan, and it is expected that 2022 will be a historic year due to the growing needs and opportunities for doing business in Serbia.

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Dr David Landsman

Simon Savsek, an economist at the European Investment Bank, pointed out that more time will be needed for the economy to recover from the pandemic. He cited wrong estimates from the beginning of the pandemic that the virus will bypass Europe.

"There was a lot of help not only from the local authorities but also from the International Monetary Fund and other organizations. Also, the vaccination went much faster than we thought initially. The research we conducted shows that 90 percent of companies in the Western Balkans received some kind of salary subsidy, between 10 and 20 of them say

ment Bank will continue to work on resolving.

In terms of the shortage of skilled workforce in the Western Balkans, Mr Savsek said that only a third of companies offered training to employees. However, he sees outdated infrastructure as one of the problems for Serbia's business.

"I agree that the fiscal consolidation helped before the crisis, but Serbia now has lower GDP per capita. Recovery is taking place but certain tax buffers should be put in place. Those companies that went digital before the pandemic, that invested more in employees, had higher productivity

THOSE COMPANIES THAT WENT DIGITAL BEFORE THE PANDEMIC, THAT INVESTED MORE IN EMPLOYEES, HAD HIGHER PRODUCTIVITY AND BETTER MANAGERIAL FUNCTIONS FARED THE BEST they received loans, but close to 40 percent of companies closed temporarily, and 61 percent reported lower liquidity,” Mr Savsek adds.

“When it comes to obstacles, the informal sector was affected by problems. I would also like to mention political instability, high taxes and a poorly educated workforce which results from a high rate of structural employment.

You can see read about that in the European Commission's report on Serbia and other countries," Mr Savsek explained.

When it comes to banks, he said out that they have digitalized and effectively implemented state measures, but also that small and medium-sized enterprises have encountered financial problems, which the European Invest-

and better managerial functions fared the best. From a macroeconomic perspective, the gap between ‘the losers’ and ‘the winners’ will be much wider and the question will arise who to support. All this needs to be considered," he adds.

Dr David Landsman, President of the British-Serbian Chamber of Commerce, above all highlights optimism. He says that a lot has changed in recent years in both countries and that one of the consequences is that the business communities of both countries have fresh views on opportunities.

"Serbia is the largest country in the emerging region, and that certainly attracts a lot of attention. Just look at the map of Europe and ongoing infrastruc-

ture investments. Someone mentioned the problem of education but look at human capital and the progress of Serbian companies in Great Britain. That is what I keep saying to British companies. From a business point of view, we need to look at the bigger picture,” Dr Landsman said.

Although there is now an epidemic of a new strain, Dr Landsman says he is optimistic about next year. Commenting on Brexit, he says that the fact that Great Britain left the EU will not change and that a plan for their further relations is still being developed.

Great Britain will have different regulations than the EU in some segments, such as retail and production, but will also maintain the European standards in many areas.

"Some of the Serbian members of our Chamber of Commerce are setting up companies for innovative technologies in the UK. That is something that we, as a chamber, are trying to advertise here in the UK. Both countries are changing and seeing each other in a different light. The United Kingdom will conclude more trade agreements with third-country countries in the coming years. We will focus on services, in which the UK is already quite successful. So, we are turning away from the EU and trading more with non-EU countries," he added.

There are various opportunities for British and Serbian companies, Dr Landsman concluded, adding that the rules regarding workforce mobility have changed for the better which translates into better opportunities for Serbian companies in Britain. Britain has set aside 4 billion pounds for projects in Serbia, which, as he says, is a good incentive for private capital to invest.

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What Will Happen After 2021? - Global Challenges and Local Experiences The social responsibility policy is very important, starting from the production process to the product design itself

he third panel at The Economist World 2022 conference was dedicated to energy, decarbonisation, resource efficiency, the circular economy and biodiversity, which are all part of the Green Agenda and are directly related to the construction sector. Representatives of companies from this sector, mostly members of the Green Building Council, talked about these topics.

Stylianos Tsoktouridis, MSc, Managing Director of Alumil YU Industry A.D., began his presentation by explaining that "with more than 30 years of experience, Alumil has been taking environmental issues seriously.” “The social responsibility policy is very important to us, starting from the production process to the product design itself. We have invested a lot in Serbia and developed a very sophisticated line of metal segregation. We also recycle aluminium, melt it and use it to manufacture our products. By doing so, we consume only 5% of the energy that is required for the production

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of primary aluminium. Not only have we saved energy, but we have also managed to avoid the creation of extremely harmful substances which come from producing aluminium from bauxite, an outdated option for us.

Over 60 percent of our products have a green certificate. We are investing in our equipment and we have eliminated the use

have completely eliminated heavy metals from our products, and we have invested heavily in wastewater treatment plants for the water-neutral and safe.

We have gone a step further in regard to our products. Our research and development team has been constantly studying and applying new technologies related to the design of our system, to

THE MOST IMPORTANT THING IN GREEN BUILDING IS IMPLEMENTING ALL THE POSTULATES OF GREEN CONSTRUCTION, FROM THE IDEA TO PLANNING, DESIGN, EXECUTION, AND FINALLY, USE of fossil fuels, which we have replaced with greener energy sources, such as natural gas and electricity. We have also significantly reduced our carbon footprint and installed a smart energy management system to reduce energy consumption. By implementing international regulations, we

improve energy efficiency. We all know that 40 percent of household energy is lost through vents, so our energy-efficient systems can eliminate energy losses. One of our products is the solar tracking system, which increases the efficiency of solar panels. We are now working towards raising con-

sumer awareness, in terms of minimizing energy consumption in their homes,” Mr Tsoktouridis said.

Jovana Cvetković, Development, TO and Innovations Director at MPC Properties, points out that the company was launched more than ten years ago as a pioneer in investing in green building. Today, MPC Properties deals with the development, construction, management and maintenance of facilities.

Ms Cvetković said: "The most important thing in green building is implementing all the postulates of green construction, from the idea to planning, design, execution, and finally, use. Investments in green building are quite big, to begin with, but in the long run, they pay off many times over, because proper, timely, long-term application of all standards and postulates of the green building generates great savings. The point is to extend the life of the facility. By choosing the appropriate equipment and the way you install technical systems, you save a

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Stylianos Tsoktouridis

lot of energy and water in the end.

I would like to mention that MPC Properties has been the recipient of very important certificates here this year. As for business facilities go, I would like to single out the Ušće Tower Two. Here, for the first time, we installed an integrated system of natural ventilation in the facade itself was whereby the grilles that are located on the entire façade and allow the inflow of fresh air and natural ventilation on each floor, which, in turn, increases comfort and preserves good health of both visitors and employees. Furthermore, we planted autochthonous types of plants here. These are just some of the features that make the Ušće complex unique on several grounds.

The Navigator complex was gold-certified, something that we are very proud of. This is a very good project because we managed to reduce utility costs to a minimum, which means a lot to our users and to us, as the developers. By doing so, we have achieved a higher level of sustainability, while preserving both the facility and the environment.”

Dušica Gaković

Jovana Cvetković

Dušica Gaković, Project Leader at Deka Inženjering doo, that ever since the company was launched, in 2014, its vision was to offer a better quality of life and bigger comfort in the residential facilities they built. “In 2014, there were quite a few unsold apartments on the market and many developers withdrew. We, on the other hand, were designing a huge

different to the market, namely top quality and environmentally friendly building material.

We even considered obtaining a green certificate for the first phase of the construction of Block A. If we had done that, we would have been the first such large-scale residential project in Europe to qualify as a green building. We gave up on that because we realized

THE ROLE OF FINANCE IS ONE OF THE KEY ONES, AS 99% OF OUR ECONOMY RESTS ON SMALL AND MEDIUM-SIZED ENTERPRISES complex in Novi Beograd, called Block A. Our idea was for this facility to be the best block in the neighbourhood. Today, seven years later, I believe we were successful at that. This was a successful project and our clients, be it those who live there or those who want to sell their apartment, are very happy because the price of their property is much higher now.

We have offered something

that we would use environmentally friendly building material in any case as this is very important to buyers of our apartments so the certificate, as such, would be considered a huge benefit,” Ms Gaković concluded.

Tijana Koprivica, Chief Business Sustainability Officer at Delta Holding, explained that Delta operates in different business sectors and that sustainability is their operating principle in

all those segments. This does not only entail environmental protection, but it also has a social aspect, which involves managing the company so as to support the implementation of all these business principles.

"Environmental protection is just one segment, which we respect above all. Every year, we do energy efficiency audits in Delta Holding’s facilities and our plan for the next year is to launch nine solar power plants at different locations within our system.

We are continuing to responsibly manage the waste generated at our sites. This entails proper selection and disposal of waste. Our company Delta provides waste management services to our clients but also consulting services in the field of environmental protection. We are also mindful of waterways in our country.

It is especially important that we regularly inform our employees and instruct them on how they can contribute to environmental protection in their everyday work.

All our offices have recycling instructions and instructions for saving energy. We also have an eco

Tijana Koprivica

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corner where we report on important events and news, so our employees receive the freshest information and can get involved and contribute, not only at work but also in their homes.

We have been using alternative energy sources at our locations for a long time. We use biomass for heating on three farms.

Delta House is a wonderful, modern building and we are really proud that we are all working in one place, in a healthy and beautiful environment. Delta House is constructed with the modern and environmentally friendly building material,” Ms Koprivica stated.

Aleksandar Ranđelović, a Leasing Expert at GEFF Serbia Leasing, said that the goal of the GEFF program is to financially assist the green transition and that the process has already begun. He also said that the race ends in 2055 and that the goals have been set worldwide. As he explained, "By 2030 or 2040, greenhouse gas emission should have been reduced by 50 percent and by 2050, we should become carbon neutral.”

“Finances play a very important role in this whole agenda.

This was acknowledged at the Par-

Aleksandar Ranđelović

THE GREEN TRANSITION OF THE WHOLE ECONOMY REQUIRES HUGE INVESTMENTS, AND THESE INVESTMENTS ARE VERY DIFFICULT TO GENERATE FROM REGULAR INCOME, SO WE HAVE TO USE EVERYTHING AT OUR DISPOSAL is Conference in 2015 and validated at the recent climate summit in Glasgow. The role of finance is one of the key ones. We have the

representatives of large companies present today, but 99% of our economy rests on small and medium-sized enterprises.

The green transition of the whole economy requires huge investments, and these investments are very difficult to generate from regular income, so we have to use everything at our disposal. I am mainly referring to credit lines, funds and various programmes implemented by international institutions and banks.

GEFF Serbia Leasing is one such initiative. We provide a credit line, developed by the European Bank for Reconstruction and Development, which can be used to purchase energy-efficient equipment and finance renewable energy sources. Mostly construction companies use this credit line.

The main conclusion is that economic viability is the first and basic motive of a company to invest in energy-efficient equipment. 20 percent savings in energy costs have a good effect on net profit and can increase revenue by 5 percent.

Certain measures and investments have paid off quite quickly, in the matter of three, four or five years per capital investment. This is what mainly motivates companies to get involved in this type of project,” Mr Ranđelović concluded.

Digital Ecosystems Through Innovation and Partnerships atali Delić, Head of the Strategy and Digital Directorate, talked about Telekom Serbia’s vision for the future. “The digital age requires a new approach to business. We feel great pressure from company owners who are looking for higher profitability and pressure from users who expect much higher quality and new services to be provided immediately and who have become less tolerant in terms of time. Then we have the pressure from all these new technologies and knowledge that are growing so fast that even compa-

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nies cannot keep up with them on their own.

To be able to quickly implement all these new technologies and know-how, we need to devise a new way of working," Ms Delić explains.

“Telekom sees digital ecosystems as a way to address the needs for digital transformation, both of industry and society as a whole,” Ms Delić said and added: "We are a partner of both the state and the private sector. At the moment, we have identified six major sectors where transformation is taking place and where we can help.”

Localization of the Serbian Economy enad Tešić, from the Egzakta Company, talked about the results of the study ‘Localization of the Serbian Economy’ conducted by his company. "We believe that Serbia is currently at a historical turning point where it needs to make smart and correct decision, and the localization of the Serbian economy is the right path to take. Localization is a process of strategically directing the economy towards the development of local business. Successful implementation of the localization is possible only in a structured way and if all interested parties take part in the process,” Mr Tešić explained.

Mr Tešić went on to talk about the importance of the ongoing global change with histori-

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cal examples: "We have identified close to twenty historical moments in which Serbia often had the opportunity to make strategically important decisions - from the Berlin Congress to Yugoslav coup d'état and NATO bombing. In order to devise successful proposals for Serbia’s economic growth, Egzakta has analysed demographic, prosperity and economic indicators.

"Systematic development of the business climate, economy and consumers will enable Serbia to gradually move towards localization. The localization should be gradually developed under the auspices of the National Plan for Economic Transformation, following the proposed methodology," concluded Mr Tešić.

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MK Group Has Invested Over 27 Million Euros This capital investment in the Grand Hotel Kopaonik has strengthened the leading position in mountain tourism in the region K Group has successfully completed the reconstruction of the Grand Hotel Kopaonik with a capital investment of over 27 million euros. This luxury hotel was ceremoniously opened in the presence of numerous guests from business and public life, being recognized by the public as a symbol of the most popular mountain in the region. „In the year when we celebrate the 40th anniversary of the Grand Hotel, we decided to undertake a major reconstruction of 6,100 m2 inside the hotel, invest significant funds in the construction of a new residential wing and build a modern garage that meets the needs of our guests. With this investment, we have exceeded 100 million euros of total capital investments in Kopaonik, beginning from 2009, since when we have been operating in this mountain ", said Aleksandar Kostić, Vice President of MK Group, on the occasion of the opening ceremony.

Work on improving the content and hotel services began in April this year. In addition to the construction of a new Residence Block and garage with over 130 parking spaces, the Spa Center, all restaurants and bars, front desk and sports hall have been completely renovated. "In a short period of only seven months, investments were made in 20,000 m² in the hotel, in addition to other

M

Aleksandar Kostić, Vice President of MK Group

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MK GROUP BOOSTS THE ECONOMY AND TOURISM OF SERBIA WITH LARGE INVESTMENTS, AND AT THE SAME TIME CREATES ADDITIONAL VALUE FOR THE KOPAONIK AREA investments in Kopaonik which cover another 18,000 m². Over 500 workers who worked on 3 parallel construction sites participated in the construction of the new wing and the reconstruction of the facility. Successfully completed re-

construction enabled the Grand Hotel once again to raise the ladder of luxury hospitality with its new look ", said Aleksandra Stojanović, Investment Project Manager and Corporate Affairs Director of MK Group.

Aleksandra Stojanović, Investment Project Manager and Corporate Affairs Director of MK Group

MK Group boosts the economy and tourism of Serbia with large investments, and at the same time creates additional value for the Kopaonik area, said Marko Čadež, President of the Serbian Chamber of Commerce (SCC) at the ceremony on the occasion of the reconstruction of the Grand Hotel.

"This complex run by MK Group contributes to increasing employment and improving the standards of many families, hiring other companies, strengthening the economic sectors related to the business operations of this Center from the furniture to food and beverages industry. All small and medium companies from the Raška District really live and prosper thanks to MK Group. "Thank you once again for developing Raška, Kopaonik, the whole of Serbia," Čadež said.

Hotel Grand Kopaonik is the oldest hotel complex in this mountain and the originator of modern tourism in Serbia. As one of the most valuable legacies of the domestic hotel industry, this investment has provided an even more attractive appearance and confirmed its prestigious status in the year when the Hotel celebrates 40 years of existence.

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CORPORATE

Continuous Support to Clients and the Community We strive to provide favourable financing conditions and thus contribute to development and growth.

We continue to have a positive impact on the community through our operations SLAVKO CARIĆ Chairman of Executive Board of Erste Bank Serbia

In his interview for Diplomacy and Commerce magazine, Chairman of Erste Bank's Executive Board, Slavko Carić, talks about the Bank’s operations, contribution to environmental protection and financial health of its clients.

I

How would you rate Erste Bank's operations in the first three quarters of this year?

— We are very pleased with the results achieved so far. At the end of the third quarter, our net profit was 11.6 percent higher than in the same period last year. In that period, we saw the continuation of positive trends in our operations, especially in working with our retail and micro clients. Loans granted to this segment grew by 6.2%, driven by cash loans for our retail clients, as well as loans for financing working capital and loans from the guarantee scheme granted to our micro clients, while deposits increased by 15.3%. I would also like to point out the significant growth of more than 22 percent in the number of our digital service users, which proved to be an important aspect especially at the time of the ongoing pandemic.

On the other hand, we have invested additional effort into facilitating access to finance for companies. Together with the European Bank for Reconstruction and Development (EBRD), we have provided two credit lines for small and medium-sized enterprises in the total amount of 30 million euros. One credit line is intended to support the competitiveness of small and medium-sized enterprises. Funding will help them reach the best industry standards and implement European Union directives. The aim of this support is to encourage small and medium-sized enterprises to invest in implementing the EU standards in three key areas - environmental

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FINANCIAL LITERACY CONTRIBUTES TO THE PROSPERITY OF SOCIETY AS A WHOLE, ECONOMIC GROWTH AND A LOWER RISK OF POVERTY, AS WELL AS SOCIAL INCLUSION AND STABILITY protection, health and safety and product quality.

The second credit line is intended to support the resilience of small and medium-sized enterprises and will provide our clients with short-term liquidity while helping them to mitigate the negative effects of the Covid-19 pandemic. The funds should support the country's rapid economic recovery and boost its resilience in the medium to long term. It is quite clear that the segment of small and medium-sized enterprises is one of the key driving forces behind the Serbian economy and therefore we are doing everything to provide more favourable financing conditions for them as they continue to develop their business.

We get the impression that sustainable business is high on Er-

ste Bank's list of priorities, bearing in mind that you have recently joined two United Nations initiatives.

— Erste Group has joined the United Nations Net-Zero Banking Alliance. Thus, we are committed to reducing our credit and investment portfolio to net zero emissions by 2050 at the latest. Earlier this year, we adopted new coal policies and joined the EU's Green Consumption Pledge. This means that we have tightened the financing parameters for coal-related thermal energy activities by updating the chapter on fossil fuels in our “Responsible Financing Policy”. Also, Erste Group is one of the founders of the UN initiative dedicated to promoting universal financial inclusion and the banking sector that supports the financial health of clients. Financial literacy contributes to the prosperity

of society as a whole, economic growth and a lower risk of poverty, as well as social inclusion and stability.

Speaking of individual activities in Serbia, we have been implementing the free financial education programme called #ErsteZnali for almost three years now, which, among other things, helps our citizens to better understand financial products and thus make responsible financial decisions. I am very proud that we have just presented the educational online game called "Guardians of the Dragon's Treasure", which teaches primary school children how to develop healthy financial habits from an early age. Imagine how big of a step it is for a bank to make the first modern mobile game that deals with financial education. In this way, we have joined a major initiative to improve education and introduce innovative educational tools.

You recently mentioned in an interview that the number of banks in Serbia will decrease and that there are currently more of them that will be needed once digitalization takes hold. How do you see the future of the banking sector in Serbia?

— I believe that by consolidating, banks will try to maintain profitability while fighting stiff competition from the traditional business while dealing with external pressures from fintech companies.

Serbia currently has about 27 bank branches per 100,000 adults, and in terms of the market saturation and dynamics of digitalization of business, that number will range between 10 and 15, which corresponds to having around 12 banks on the market. In regard to crisis situations, smaller banks or banks with particular business models are always more susceptible to negative effects that, in pessimistic scenarios, could force shareholders to initiate a sale or try to merge with another bank.

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TOP IN 100 SERBIA 2022

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INTRO

100 MOST SUCCESSFUL COMPANIES IN SERBIA

Despite the aggravating circumstances imposed by the coronavirus pandemic, in 2020, the economy managed to maintain the achieved volume of business activities and also recorded a positive net result

or the first time, Diplomacy&Commerce magazine presents the 100 best companies in Serbia. The lists of the most successful companies in 2020 were compiled based on financial performance value recorded in the regular annual financial reports, and the data for 103,327 companies were analyzed and ranked. The research was conducted and published by the Business Registers Agency (APR).

According to the APR, despite the aggravating circumstances imposed by the coronavirus pandemic, in 2020, the economy managed to maintain the achieved volume of business activities and also recorded a positive net result, 1/5 better than the year before. 100 companies

F

Observed by sectors, the largest part of business activity is concentrated in 36 companies from the G sector (wholesale and retail)

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with the highest operating income and 100 companies with the highest net profit should also be credited for such results and these are the companies that we are presenting in this issue.

In 2020, companies generated business revenues of 11,700,975 million dinars, which is 0.7% more than last year. Out of that, 3,262,643 million dinars was generated by 100 companies that operated with the highest operating income, which is a 0.6% annual growth.

One hundred companies with the highest operating income recorded a positive net result in the amount of 100,737 million dinars, which is a 5.3% decline. At the same time, 86 companies operated successfully, and together generated a net profit of 143,408 million dinars, a 0.9% increase relative to the previous year.

On the other hand, companies that had negative business results recorded a net loss of 19.5%, of 42,671 million dinars.

The most active 100 companies had operating assets worth 5,217,075 million dinars, which is 2.0% higher compared to last year, while their capital decreased by 0.6% to 2,908,484 million dinars. At the same time, the cumulative loss of these companies has dropped by 2.8%, and amounted to 626,973 million dinars, of which 65,805 million dinars is the loss above the amount of capital, an 18.9% decrease compared to the previous year.

The 100 observed companies employed 200,438 workers, which is

an annual increase of 14,779 workers. In addition to the fact that one hundred companies with the highest operating income had a significant share of 27.9% in the operating income of the entire economy, they greatly influenced the basic financial performance of the overall economy, bearing in mind that their average share is 24.4%. A large number of employees worked in that segment of the economy, i.e. a total of 16.5% of the entire workforce in the country.

Observed by sectors, the largest part of business activity is concentrated in 36 companies from the G sector (wholesale and retail), which generated 32.2% of business revenues of the observed 100 companies, i.e. 1,049,753 million dinars.

The 37 companies from the S-sector (manufacturing) generated operating revenues of 874,898 million dinars, or 26.8% of the revenues of listed companies.

One of the biggest driving forces behind economic activity are also 6 companies from the D-sector (supply of electricity, gas, steam and air conditioning), which business revenues amounted to 525,668 million dinars and make up 16.1% of the total revenues the 100 analyzed companies.

The list of the 100 most successful companies, ranked by operating income, is dominated by large systems (98) with 98.9% of the realized income of the companies on the list, while two companies on the list are medium-sized. 

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INTERVIEW

LARGE SYSTEMS HAVE THE LARGEST VOLUME OF BUSINESS ACTIVITY

Last year, in which the coronavirus pandemic significantly augmented business risks, the Serbian economy managed to record growth in profitability and employment, as well as an increase in financial capacity MILAN LUČIĆ Director of the Serbian Business Registers Agency (SBRA) n his interview for Diplomacy& Commerce magazine, Director of the Serbian Business Registers Agency (SBRA), Milan Lučić, talks about the latest trends in the Serbian economy and novelties at the Agency he helms.

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According to the SBRA report, and despite the coronavirus pandemic, the Serbian economy has managed to maintain the volume of business activities it achieved in 2020, and in addition, to achieve a positive net result. Why is that so?

— Last year, in which the coronavirus pandemic significantly augmented business risks, the Serbian economy managed to record growth in profitability and employment, as well as an

28

increase in financial capacity. The total profit of companies amounted to 433.5 billion dinars, and the profitability is one fifth higher (or 20.7 per cent) compared to the previous year.

The volume of total business activity remained at the 2019 level, meaning that companies generated total revenues of 12,066 billion dinars. In addition, the number of employees increased by 43,600, which brings the total number of employees in the business sector to 1,218,000. Our state provided support to businesses through its economic policy measures that were timely and adequate, which helped the country to face the initial consequences of the COVID-19 pandemic successfully.

The increased profitability of the

Serbian economy was complemented by growing rates of return so the return on equity rate was 6.8%, the return on total capital was 3.0%, the operating profit rate stood at 5.7% and the net profit at 3.8%.

The financial capacities of the economy also increased last year, as did the total losses. To overcome the difficulties in doing business, businesses borrowed more, and the problem with maintaining liquidity, which was present in previous years, has been slightly alleviated in the past year.

The retail and processing sectors stand out as having the best results.

In terms of high profitability, the construction and ICT sectors take the lead. Large systems are the main generators of profit, and the most pronounced profit growth and high profitability were achieved by small and medium-sized companies. After the loss from 2019, last year, public companies recorded positive business results.

The existing financial imbalances in the economy were somewhat mitigated during 2020. Companies reported a negative net working capital of 407 billion dinars, and the amount of funds they lacked to finance fixed assets from long-term sources was 5.2% lower than the previous year. At the same time, they lacked long-term capital in the amount of 2.713 billion dinars to have stable financing of the entire achieved volume of business, i.e. they lacked long-term capital of 2.713 billion dinars for fixed assets and inventory, which is an annual increase of 7.3%.

The wholesale and retail sectors recorded a positive net working capital in the significant amount of 322 billion dinars, double compared to the previous year. Transport, storage and electricity, gas, steam and air conditioning companies recorded the biggest financial imbalance.

Medium-sized companies had a positive net working capital of 276 billion dinars, which is an annual increase of 2.7 times, while the small ones had a positive net working capital of 249 billion dinars, a 13.9% increase.

Micro- and large companies did not finance their fixed assets adequately.

How do you explain the almost unchanged ranking of the most successful companies in terms of the volume of their business activity?

— Large systems had the largest volume of business activity. Out of 100 companies with the highest operating revenues, 98 are large ones, which have generated 98.9% of the

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revenues of the mentioned 100 companies. Furthermore, out of 100 companies with the highest operating revenues in 2020, 86 of them were among the top 100 last year.

The fact that they generated more than a quarter (27.9%) of the operating income of the entire economy speaks of the significant impact that the top 100 companies with the highest operating income have on the total domestic economy. Additionally, their average share in the basic financial performance of the economy is 24.4%, and they employed 24.4% of all workers in the business sector.

In terms of a large volume of business activity, as in previous years, the wholesale and retail sector and the processing industry take the lead. Companies from these sectors are ranked among the top 100 companies with the highest operating revenues with the highest number of them (36 and 37 respectively) making it to the top 100. In terms of revenue, their shares stand at 32.2% and 26.8% respectively. A large part of business activity was generated by six companies from the electricity and gas supply sector, which generated 16.1% of the operating revenue of the top 100 companies.

Of the one hundred companies with the highest operating revenues, as last year, seven are public companies which generated 15.5% of the revenues of those 100 companies, and they employed a total of 50,611 workers.

The companies that generated the highest business revenues last year dominate business activity in the country. The first four ranked companies are the same as last year, while the last year's 5th and 6th companies have now switched places. These are public enterprise EPS BEOGRAD, NIS AD NOVI SAD, DELHAIZE SRBIJA DOO BEOGRAD, TIGAR TYRES DOO PIROT, TELEKOM SRBIJA AD BEOGRAD and public enterprise SRBIJAGAS NOVI SAD.

cial statements. For certain categories of obliged entities, the scope of financial reporting has changed, both in terms of forms to be used in compiling regular annual financial statements and in terms of the volume of documentation.

To enable electronic compiling and submission of financial statements as per new rules, the SBRA is developing a new information system for receiving, processing and public disclosure of financial statements, which will be available to users as of February 1. Technical and video instructions for users are published on the website www.apr.gov. rs. The SBRA's Info Centre and Service Desk also give customer support via phone and e-mail. Once the documents are processed, the Agency will publish financial statements online, ensuring full transparency of financial reporting.

Out of all public institutions, the SBRA was the first to start digitalization. Did you complete it and if not, what new projects do you have regarding digitalization?

— The Agency maintains registers as a single centralized electronic database and continuously implements business start-up reform.

The implementation of electronic registers annulled the keeping of paper registers and ensured a faster registration procedure, with easier access to up-to-date data for both state bodies and businesses.

The SBRA has improved certain features that facilitate doing business, and our ultimate goal is electronic registration, as the most efficient way of registration. Following the launch of the service relating to submitting financial statements

in electronic form seven years ago, businesses have started using qualified electronic signatures in great numbers, as a prerequisite for the use of similar services provided by the SBRA. After that, we launched the Central Register of Integrated Procedures for Electronic Issuance of Construction Permits, eService for electronic incorporation of sole proprietors and limited liability companies, online registration of financial leasing contracts, etc. This year's amendments to the Company Law allow for electronic registration of all remaining legal forms of companies, registration of changes and strike-offs from the register, while as of mid-2023, registering companies could only be done electronically.

What are the SBRA's future plans and programmes?

— I would like to announce the launch of an electronic application for the registration of pledge right and the new software for the registration of bidders, which should facilitate obtaining documentation required for participation in the public procurement procedures.

This year will be dedicated to the harmonization of accounting service providers with accounting regulations, which oblige them to register with the Agency's register.

Later this year, we will launch the Cultural Institutions Register. Also, we are continuing to participate in cross-border data delivery through the regional web portal called Business and Financial Data Exchange of Southeast Europe or BIFIDEX for short. Additionally, we are going to launch a new SBRA data delivery portal. 

Out of 100 companies with the highest operating revenues, 98 are large ones, which have generated 98.9% of the revenues of the mentioned 100 companies

All those companies that have to submit their financial statements in 2022 have to do so in a changed form and within the changed deadlines.

— Following the accounting regulations, we are now implementing a new model of financial reporting.

The deadline for submitting regular annual financial statements is March 31, while the ancillary documentation should be submitted by the auditors by June 30 when it comes to the regular annual financial statements and by July 31 for the consolidated annual finan-

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REPORT

HIGHEST OPERATING INCOME

The five companies with the highest operating revenues generated 22.9% of the revenues of the 100 observed companies he ranking of the first five companies according to the volume of their business activity has slightly changed compared to the previous year, since the leading four companies retained their positions in 2020 too, while the companies from last year's fifth and sixth places changed places.

The five companies with the highest operating revenues generated a total of 746,726 million dinars of those revenues, which is 22.9% of the revenues of the one hundred observed companies.

The first place on the list belongs to PE EPS BELGRADE, which has been the main driving force behind business activities for years. In 2020, EPS reported 282,731 million dinars of income from core business. This is a 1.1% increase and accounts for 2.4% of operating income generated by the entire Serbian business sector.

T

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Most of this revenue came from the sale of products and services on the domestic market for 234,423 million dinars, which is 1.7% higher than in the previous year. Slightly less than half of that amount refers to revenues from the sale of electricity to customers on the open market, which are 1.3% lower than last year, and a significant share of revenues, in the amount of 96,313 million dinars, comes from the sale of electricity to households, which is a 6.2% increase.

For the fifth consecutive year, the second place on the list of the 100 BEST companies in terms of operating income is occupied by the large oil company NIS AD NOVI SAD. In 2020, the company generated business revenues of 169,803 million dinars, however, due to the sharp fall in crude oil prices and reduced demand due to the global stagnation in

The first place on the list belongs to PE EPS BELGRADE, which has been the main driving force behind business activities for years

the economy and transport, revenues generated from the company's primary activities decreased by 30.8% compared to the previous year.

The third place on the list is occupied by the DELHAIZE SERBIA DOO BELGRADE retail chain, which volume of business activity increased by 6.3% and which generated business revenues of 111,485 million dinars, mainly from selling goods on the domestic market. As operating expenses grew faster (8.1%), operating profit decreased by 15.9% and amounted to RSD 6,545 million. In addition, the profit from financing (429 million dinars) is lower than last year, while the loss from other activities, which, as in previous years, was largely due to losses due to expenditure on inventories and shortages of goods, decreased (7.1%) and amounts to 2,329 million dinars.

The large producer of vehicle tires TIGAR TIRES DOO PIROT is in the 4th place, with revenues from primary activities in the amount of 94,545 million dinars, an 8.6% annual decline. This decline was due to reduced revenues from the sale of goods, products and services to parent and dependent legal entities on foreign markets (12.1%), which amounted to 44,824 million dinars, as well as lower revenues from the sale of finished products and services on the foreign market (10.8%), amounting to 17,573 million dinars.

At the same time, operating expenses decreased at a higher annual rate, (10.1%) and the company increased its operating profit by 6.3%, to 10,173 million dinars.

In fifth place on the list of the most active companies is the telecommunications company TELEKOM SRBIJA AD BELGRADE, which generated business revenues in the amount of 88,161 million dinars, 2.2% higher than last year. The largest part of these revenues came from the sale of products and services on the domestic market (79,073 million dinars), a 1.6% increase which is primarily due to the growth of revenues from the retail sale of the Internet and multimedia services. Considering that operating expenses remained at last year's level, the company's profit from business activities increased by 30.3%, to the amount of 8,565 million dinars.

In other activities, the company's loss was more than halved (703 million dinars), while the sub-balance of financing, after the profit of the previous year, showed a loss of 755 million dinars. With a high generated net profit of 5,509 million dinars (a 58.5% increase), the company ranks sixth among the most profitable companies. 

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CORPORATE

MESSER OPENS NEW SPECIALTY GASES PLANT IN SERBIA

We are proud of this big and important investment for us as well as for Serbia and the SEE region

esser Tehnogas, Belgrade has started up a new specialty gases plant in the industrial zone of Pančevo, further expanding the company’s capabilities and capacities in this segment in Europe.

The design, project and execution of the new specialty gases filling plant was made entirely by internal resources of Messer Tehnogas, namely of the engineering department and the specialty gases team partially in consultation with Messer Central Logistics Department.

Using various filling levels, the plant will produce a broad spectrum of high-purity gases, standard mixtures and customized gas mixtures from the portfolio of over 70 components. These are further complemented by mixtures such as synthetic air, banana gas, hydrogen-containing forming gases, and shielding gases for high-alloy steels and nickel-based alloys or for aluminum and non-ferrous metals. In addition, very challenging individually customized mixtures containing over 30 different hydrocarbon components in the single cylinder in the gaseous phase as well as hydrocarbon mixtures in the liquid phase are now produced as well.

With high-quality specialty gas products such as mixtures with corrosive or reactive components in the ppm and ppb range, we are addressing the high demands of our customers and giving our contribution to the greener living environment. Typi-

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The design, project and execution of the new specialty gases filling plant was made entirely by internal resources of Messer Tehnogas

cal applications for high-purity gases and their mixtures include use as test gases in research and development, medicine and measurement technology for example air quality.

The new specialty gases plant is located right next to the helium filling plant that Messer has been operating in Pančevo since 2011. The relocation eliminates the need to transport products to the former specialty gases site – a facility which, despite renovation and expansion work, had reached the limit of its capacities,

including its ability to launch new products. The on-site testing and calibration laboratory operated by Messer is accredited according to the worldwide ISO 17025 standard. It received a new regulatory approval after its relocation to the new site. Đorđe Savić, Managing Director at Messer Tehnogas, expresses his thanks to all employees involved in the project for the successful realization: “We are proud of this big and important investment for us as well as for Serbia and the SEE region”. 

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ONE HUNDRED BEST COMPANIES ACCORDING TO OPERATING INCOME IN 2020 Rank COMPANY

CITY

SECTOR

Operating income

No. of Employees

1

JP EPS BEOGRAD

Belgrade

D- SUPPLY OF ELECTRICITY, GAS, STEAM AND AIR CONDITIONING

282,731,320

24,478

2

NIS A.D. NOVI SAD

Novi Sad

B-MINING

169,802,824

5,035

3

DELHAIZE SERBIA DOO BEOGRAD

Belgrade

G-WHOLESALE AND RETAIL TRADE; REPAIR OF MOTOR VEHICLES AND MOTORCYCLES

111,484,748

12,889

4

TIGAR TYRES DOO

Pirot

C-MANUFACTURING INDUSTRY

94,545,470

3,580

5

TELEKOM SRBIJA A.D., BEOGRAD

Belgrade

J-INFORMATION AND COMMUNICATIONS

88,161,266

6,805

6

JP SRBIJAGAS NOVI SAD

Novi Sad

D- SUPPLY OF ELECTRICITY, GAS, STEAM AND AIR CONDITIONING

87,227,842

934

7

EPS DISTRIBUCIJA D.O.O. BEOGRAD

Belgrade

D- SUPPLY OF ELECTRICITY, GAS, STEAM AND AIR CONDITIONING

83,233,888

3,431

8

MERCATOR-S DOO

Belgrade

G-WHOLESALE AND RETAIL TRADE; REPAIR OF MOTOR VEHICLES AND MOTORCYCLES

79,966,089

8,031

9

NELT CO. DOO BEOGRAD

Dobanovci

G-WHOLESALE AND RETAIL TRADE; REPAIR OF MOTOR VEHICLES AND MOTORCYCLES

77,375,532

2,037

10

IDC DOO

Belgrade

F-CONSTRUCTION

73,489,472

779

11

SERBIA ZIJIN COPPER DOO

Bor

B-MINING

69,447,701

5,472

12

HBIS GROUP SERBIA IRON & STEEL D.O.O. BEOGRAD Belgrade

C-MANUFACTURING INDUSTRY

67,182,911

5,078

13

LIDL SRBIJA KD

Nova Pazova

G-WHOLESALE AND RETAIL TRADE; REPAIR OF MOTOR VEHICLES AND MOTORCYCLES

57,014,189

2,483

14

PHOENIX PHARMA DOO BEOGRAD

Belgrade

G-WHOLESALE AND RETAIL TRADE; REPAIR OF MOTOR VEHICLES AND MOTORCYCLES

55,983,480

512

15

MERCATA VT DOO

Novi Sad

G-WHOLESALE AND RETAIL TRADE; REPAIR OF MOTOR VEHICLES AND MOTORCYCLES

55,486,913

754

16

JP PUTEVI SRBIJE

Belgrade

F-CONSTRUCTION

52,112,404

2,074

17

TELENOR DOO BEOGRAD

Belgrade

J-INFORMATION AND COMMUNICATIONS

46,048,529

1,223

18

FCA SRBIJA D.O.O. KRAGUJEVAC

Kragujevac

C-MANUFACTURING INDUSTRY

45,862,967

2,133

Belgrade

G-WHOLESALE AND RETAIL TRADE; REPAIR OF MOTOR VEHICLES AND MOTORCYCLES

44,690,759

98

H-TRANSPORT AND STORAGE

40,569,817

686

19

MOL SERBIA D.O.O. BEOGRAD

20

CENTROSINERGIJA DOO BEOGRAD (NOVI BEOGRAD) Belgrade

21

HEMOFARM AD VRŠAC

Vršac

C-MANUFACTURING INDUSTRY

40,140,108

2,870

22

KNEZ PETROL DOO ZEMUN

Belgrade

G-WHOLESALE AND RETAIL TRADE; REPAIR OF MOTOR VEHICLES AND MOTORCYCLES

39,351,067

1,129

23

HENKEL SRBIJA DOO BEOGRAD

Belgrade

C-MANUFACTURING INDUSTRY

36,913,243

481

24

VIP MOBILE DOO BEOGRAD (NOVI BEOGRAD)

Belgrade

J-INFORMATION AND COMMUNICATIONS

33,598,563

1,350

25

AGROGLOBE DOO NOVI SAD

Novi Sad

G-WHOLESALE AND RETAIL TRADE; REPAIR OF MOTOR VEHICLES AND MOTORCYCLES

32,379,751

286

26

HIP-PETROHEMIJA AD PANČEVO

Pančevo

C-MANUFACTURING INDUSTRY

29,437,208

1,325

27

GRUNDFOS SRBIJA DOO

Indjija

C-MANUFACTURING INDUSTRY

29,408,957

678

28

OMV SRBIJA DOO BEOGRAD

Belgrade

G-WHOLESALE AND RETAIL TRADE; REPAIR OF MOTOR VEHICLES AND MOTORCYCLES

29,390,441

44

29

LUKOIL SRBIJA AD BEOGRAD

Belgrade

G-WHOLESALE AND RETAIL TRADE; REPAIR OF MOTOR VEHICLES AND MOTORCYCLES

29,200,400

150

30

YUGOROSGAZ AD BEOGRAD

Belgrade

H-TRANSPORT AND STORAGE

28,626,349

20

31

JKP BEOGRADSKE ELEKTRANE BEOGRAD

Belgrade

D- SUPPLY OF ELECTRICITY, GAS, STEAM AND AIR CONDITIONING

28,480,936

2,010

32

SBB DOO BEOGRAD

Belgrade

J-INFORMATION AND COMMUNICATIONS

27,856,759

1,655

33

ROBERT BOSCH DOO BEOGRAD

Belgrade

C-MANUFACTURING INDUSTRY

27,635,814

1,992

34

YURA CORPORATION DOO RAČA

Rača

C-MANUFACTURING INDUSTRY

27,548,467

7,165

35

TETRA PAK PRODUCTION DOO BEOGRAD

Belgrade

C-MANUFACTURING INDUSTRY

27,022,706

361

36

DELTA AGRAR DOO

Belgrade

G-WHOLESALE AND RETAIL TRADE; REPAIR OF MOTOR VEHICLES AND MOTORCYCLES

26,746,151

432

37

COCA-COLA HBC - SRBIJA DOO ZEMUN

Belgrade

C-MANUFACTURING INDUSTRY

26,648,554

962

38

LEONI WIRING SYSTEMS SOUTHEAST DOO PROKUPLJE Prokuplje

C-MANUFACTURING INDUSTRY

25,212,528

9,466

39

AMAN DOO BEOGRAD, SURČIN

Surčin

G-WHOLESALE AND RETAIL TRADE; REPAIR OF MOTOR VEHICLES AND MOTORCYCLES

24,965,263

2,432

40

COMTRADE DISTRIBUTION D.O.O. BEOGRAD

Belgrade

C-MANUFACTURING INDUSTRY

24,565,985

190

41

JP POŠTA SRBIJE BEOGRAD

Belgrade

H-TRANSPORT AND STORAGE

24,551,867

14,865

42

PHILIP MORRIS OPERATIONS A.D. NIŠ

Niš

C-MANUFACTURING INDUSTRY

23,786,112

595

43

EMS AD BEOGRAD

Belgrade

D- SUPPLY OF ELECTRICITY, GAS, STEAM AND AIR CONDITIONING

23,307,403

1,359

44

UNIVEREXPORT DOO NOVI SAD

Novi Sad

G-WHOLESALE AND RETAIL TRADE; REPAIR OF MOTOR VEHICLES AND MOTORCYCLES

23,010,930

2,415

45

VEGA DOO VALJEVO

Valjevo

G-WHOLESALE AND RETAIL TRADE; REPAIR OF MOTOR VEHICLES AND MOTORCYCLES

22,823,781

253

46

MILŠPED DOO BEOGRAD

Belgrade

H-TRANSPORT AND STORAGE

22,623,190

1,857

47

AD IMLEK

Padinska skela C-MANUFACTURING INDUSTRY

22,417,065

954

48

METRO CASH & CARRY DOO BEOGRAD

Belgrade

G-WHOLESALE AND RETAIL TRADE; REPAIR OF MOTOR VEHICLES AND MOTORCYCLES

22,350,994

1,201

49

PTP DIS DOO KRNJEVO

Krnjevo

G-WHOLESALE AND RETAIL TRADE; REPAIR OF MOTOR VEHICLES AND MOTORCYCLES

21,278,709

1,206

50

DOO PROMIST NOVI SAD

Novi Sad

G-WHOLESALE AND RETAIL TRADE; REPAIR OF MOTOR VEHICLES AND MOTORCYCLES

21,259,909

91

32

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Rank COMPANY

CITY

SECTOR

Operating income

No. of Employees

51

AGROMARKET DOO KRAGUJEVAC

Kragujevac

G-WHOLESALE AND RETAIL TRADE; REPAIR OF MOTOR VEHICLES AND MOTORCYCLES

21,135,642

436

52

VICTORIA LOGISTIC DOO NOVI SAD

Novi Sad

H-TRANSPORT AND STORAGE

20,832,010

130

53

GEN - I DOO BEOGRAD

Belgrade

D- SUPPLY OF ELECTRICITY, GAS, STEAM AND AIR CONDITIONING

20,686,122

4

54

ATLANTIC BRANDS DOO BEOGRAD

Belgrade

G-WHOLESALE AND RETAIL TRADE; REPAIR OF MOTOR VEHICLES AND MOTORCYCLES

20,683,797

619

55

TEHNOMANIJA DOO BEOGRAD

Belgrade

G-WHOLESALE AND RETAIL TRADE; REPAIR OF MOTOR VEHICLES AND MOTORCYCLES

20,675,481

1,649

56

GORENJE DOO VALJEVO

Valjevo

C-MANUFACTURING INDUSTRY

20,375,328

1,607

57

JT INTERNATIONAL AD SENTA

Senta

G-WHOLESALE AND RETAIL TRADE; REPAIR OF MOTOR VEHICLES AND MOTORCYCLES

19,493,703

280

58

STRABAG D.O.O.

Belgrade

F-CONSTRUCTION

18,635,353

1,248

59

ELIXIR ZORKA - MINERALNA ĐUBRIVA DOO ŠABAC Šabac

C-MANUFACTURING INDUSTRY

18,490,186

397

60

GEBI DOO PO ČANTAVIR

Čantavir

C-MANUFACTURING INDUSTRY

18,397,605

411

61

JOHNSON ELECTRIC DOO NIŠ

Niš

C-MANUFACTURING INDUSTRY

17,747,838

1,910

62

IM MATIJEVIĆ DOO NOVI SAD

Novi Sad

C-MANUFACTURING INDUSTRY

17,085,223

1,820

63

EKO SERBIA AD BEOGRAD (NOVI BEOGRAD)

Belgrade

G-WHOLESALE AND RETAIL TRADE; REPAIR OF MOTOR VEHICLES AND MOTORCYCLES

16,692,820

53

64

DOO GOMEX ZRENJANIN

Zrenjanin

G-WHOLESALE AND RETAIL TRADE; REPAIR OF MOTOR VEHICLES AND MOTORCYCLES

16,568,138

2,173

65

FARMALOGIST DOO BEOGRAD

Belgrade

G-WHOLESALE AND RETAIL TRADE; REPAIR OF MOTOR VEHICLES AND MOTORCYCLES

16,484,299

386

66

SOJAPROTEIN DOO BEČEJ

Bečej

C-MANUFACTURING INDUSTRY

16,468,339

419

67

DRUŠTVO S OGRANIČENOM ODGOVORNOŠĆU RZD Belgrade INTERNATIONAL OGRANAK BEOGRAD-STARI GRAD

F-CONSTRUCTION

15,908,509

93

68

BALL PAKOVANJA EVROPA BEOGRAD, D.O.O. BEOGRAD Belgrade

C-MANUFACTURING INDUSTRY

15,671,243

230

69

DIJAMANT AD ZRENJANIN

Zrenjanin

C-MANUFACTURING INDUSTRY

15,517,663

676

70

COFICAB SERBIA D.O.O.

Deč

C-MANUFACTURING INDUSTRY

15,061,435

301

71

VALJAONICA BAKRA SEVOJNO AD SEVOJNO

Sevojno

C-MANUFACTURING INDUSTRY

15,023,328

977

72

GSP

Belgrade

H-TRANSPORT AND STORAGE

14,965,150

5,887

73

BEO ČISTA ENERGIJA D.O.O.

Belgrade

E-WATER SUPPLY; WASTEWATER MANAGEMENT, CONTROLLING WASTE REMOVAL PROCESS AND SIMILAR ACTIVITIES

14,928,567

7

74

STAR IMPORT D.O.O.

Belgrade

G-WHOLESALE AND RETAIL TRADE; REPAIR OF MOTOR VEHICLES AND MOTORCYCLES

14,849,532

112

75

ELIXIR PRAHOVO DOO PRAHOVO

Prahovo

C-MANUFACTURING INDUSTRY

14,749,349

746

76

AIR SERBIA A.D. BEOGRAD

Belgrade

H-TRANSPORT AND STORAGE

14,286,123

1,411

77

JUGOIMPORT-SDPR JP BEOGRAD

Belgrade

G-WHOLESALE AND RETAIL TRADE; REPAIR OF MOTOR VEHICLES AND MOTORCYCLES

14,162,264

363

78

RWA SRBIJA D.O.O.

Belgrade

G-WHOLESALE AND RETAIL TRADE; REPAIR OF MOTOR VEHICLES AND MOTORCYCLES

13,944,418

35

79

METALFER STEEL MILL DOO SREMSKA MITROVICA

S. Mitrovica

C-MANUFACTURING INDUSTRY

13,940,366

428

80

SUNOKO DOO NOVI SAD

Novi Sad

C-MANUFACTURING INDUSTRY

13,866,653

442

81

DM DROGERIE MARKT DOO BEOGRAD

Belgrade

G-WHOLESALE AND RETAIL TRADE; REPAIR OF MOTOR VEHICLES AND MOTORCYCLES

13,808,431

1,051

82

MEI TA EUROPE D.O.O.

Barič

C-MANUFACTURING INDUSTRY

13,636,345

2,936

83

ŠTAMPA SISTEM DOO BEOGRAD

Belgrade

G-WHOLESALE AND RETAIL TRADE; REPAIR OF MOTOR VEHICLES AND MOTORCYCLES

13,420,568

1,868

84

FORMA IDEALE DOO KRAGUJEVAC

Kragujevac

C-MANUFACTURING INDUSTRY

13,407,866

1,492

85

SOPHARMA TRADING DOO

Belgrade

G-WHOLESALE AND RETAIL TRADE; REPAIR OF MOTOR VEHICLES AND MOTORCYCLES

13,242,610

353

86

APTIV MOBILITY SERVICES DOO

Novi Sad

C-MANUFACTURING INDUSTRY

12,707,739

3,883

87

PEŠTAN DOO BUKOVIK

Bukovik

C-MANUFACTURING INDUSTRY

12,699,010

970

88

BEKO BALKANS D.O.O. BEOGRAD

Belgrade

G-WHOLESALE AND RETAIL TRADE; REPAIR OF MOTOR VEHICLES AND MOTORCYCLES

12,690,490

63

89

VICTORIAOIL DOO ŠID

Šid

C-MANUFACTURING INDUSTRY

12,679,250

322

90

FRIKOM DOO BEOGRAD

Belgrade

C-MANUFACTURING INDUSTRY

12,516,451

1,256

91

INFRASTRUKTURA ŽELEZNICE SRBIJE A.D.

Belgrade

H-TRANSPORT AND STORAGE

12,440,838

5,648

92

LAFARGE BFC DOO BEOČIN

Beočin

C-MANUFACTURING INDUSTRY

12,439,852

209

93

IMPOL SEVAL AD, SEVOJNO

Sevojno

C-MANUFACTURING INDUSTRY

12,134,992

533

94

HUAWEI TECHNOLOGIES DOO BEOGRAD

Belgrade

G-WHOLESALE AND RETAIL TRADE; REPAIR OF MOTOR VEHICLES AND MOTORCYCLES

12,069,218

88

95

MARBO PRODUCT DOO BEOGRAD

Belgrade

C-MANUFACTURING INDUSTRY

11,953,432

999

96

NAFTACHEM DOO SREMSKA KAMENICA

S. Kamenica

G-WHOLESALE AND RETAIL TRADE; REPAIR OF MOTOR VEHICLES AND MOTORCYCLES

11,925,723

93

97

DOO ALMEX PANČEVO

Pančevo

A-AGRICULTURE, FORESTRY AND FISHERIES

11,758,740

375

98

MOZZART DOO BEOGRAD (PALILULA)

Belgrade

R-ART; ENTERTAINMENT AND RECREATION

11,680,701

2,448

99

SPORT VISION DOO BEOGRAD

Belgrade

G-WHOLESALE AND RETAIL TRADE; REPAIR OF MOTOR VEHICLES AND MOTORCYCLES

11,583,470

1,280

Kragujevac

G-WHOLESALE AND RETAIL TRADE; REPAIR OF MOTOR VEHICLES AND MOTORCYCLES

11,563,435

1,015

100 TRNAVA PROMET DOO KRAGUJEVAC

Source: Serbian Business Registers Agency (SBRA)

33

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REPORT

THE MOST SUCCESSFUL COMPANIES IN TERMS OF NET PROFIT

The highest number of companies, that recorded the biggest net profit, are those operating in the processing industry, followed by wholesale and retail

ne hundred companies with the highest net profit in 2020 generated slightly less than a third of the net profit of all companies put together, with an average share of 21.9% in the core financial performance. At the same time, they employed 1/10 of all workers in the business sector.

Most of the companies from the observed list operate in the S-sector (processing industry), where 42 companies generated a net profit that is one fifth higher than last year and amounted to 84,383 million dinars.

There is also a large number of companies from the G-sector (wholesale and retail), i.e. 19 companies whose profits increased by almost three quarters and amounted to 33,861 million dinars. The growth of net profit (82.1%) was also recorded by 13 companies from the F-sector (construction), which amounted to 20,762 million dinars. Seven companies from the J-sector (information and communications) increased their profit by 15.7%, which amounted to 25,269 million dinars.

On the list of one hundred companies that stand out in terms of the value of their net profit, 72 companies are creditworthy, of which 54 have excellent or very good creditworthiness, while the creditworthiness of 16 companies, that underwent a status change, was not assessed. In 2020, only one company on the list suffered from illiquidity, for six days.

Slightly less than two-thirds of the companies on the list (63) were on the same list in the previous year too, while five companies operated at a loss in 2019, and one was founded in 2020.

The first five companies on the ONE HUNDRED BEST COMPANIES

O

34

The first five companies on the ONE HUNDRED BEST COMPANIES LIST in terms of the net profit in 2020 generated more than a fifth of the net profit of those hundred companies combined

list, in terms of net profit in 2020, bring in more than a fifth of the net profit of those hundred companies combined, and two companies were among the top five in the previous year.

The first place on the list of the most profitable companies in 2020 is occupied by the largest company in the Republic of Serbia - PE EPS BELGRADE (13th place in 2019) - which net profit stood at 12,883 million dinars and was 3.5 times higher than last year, while is also significantly higher than the profits of all other companies. The company achieved a significant increase in profitability due to better results in all business segments, primarily due to the growth of operating revenues (1.1%) and rationalization in the performance of energy activities.

TIGAR TIRES DOO PIROT (fourth in 2019) ranked second on the list of ONE HUNDRED BEST COMPANIES in terms of the net profit in 2020, with a profit of 9,213 million dinars, a 2.1% annual increase. The company's high profitability was achieved by producing vehicle tires and retreading them. Despite the pandemic leaving its mark in 2020 and the company's production being suspended, TIGAR still managed to generate business revenues of 94,545 million dinars (fourth place).

As in the previous year, TELENOR

DOO BELGRADE occupies third place on the list, with the achieved net profit of 8,405 million dinars, 20.2% less than last year. By performing its core activity of wireless telecommunications, the company increased its operating revenues (1.7%) to 46,049 million dinars, but due to faster growth of operating expenses (7.4%), operating profit decreased and amounted to 10,972 million dinars.

The fourth place on the list belongs to SERBIA ZIJIN COPPER DOO BOR (18th place in 2019), with 8,402 million dinars of net profit, which is 2.6 times more than the year before.

The company is doing much better despite difficult conditions due to the coronavirus pandemic, thanks to increased mining production.

The fifth position among the most profitable companies in 2020 goes to COCA-COLA HBC - SERBIA DOO ZEMUN (14th place in 2019), with a net profit of 5,668 million dinars. The company's profit increased by 55.6% compared to the year before, and due to its financing activities, the company managed to increase its total profitability. Also, due to dividends paid by the subsidiary BAMBI KONCERN AD POŽAREVAC, the company's profit increased about seven times and amounted to 2.718 million dinars.

Overall, the company increased their business results by 7.5 times, to 1,057 million dinars. 

CLICK TO GO  www.diplomacyandcommerce.rs

ONE HUNDRED BEST COMPANIES BY PROFIT IN 2020 Rank COMPANY

CITY

SECTOR

Operating income

No. of Employees

12,882,650

24,478

9,213,129

3,580

8,404,828

1,223

1

JP EPS BEOGRAD

Belgrade

D- SUPPLY OF ELECTRICITY, GAS, STEAM AND AIR CONDITIONING

2

TIGAR TYRES DOO

Pirot

C-MANUFACTURING INDUSTRY

3

TELENOR DOO BEOGRAD

Belgrade

J-INFORMATION AND COMMUNICATIONS

4

SERBIA ZIJIN COPPER DOO

Bor

B-MINING

8,401,917

5,472

5

COCA-COLA HBC - SRBIJA DOO ZEMUN

Belgrade

C-MANUFACTURING INDUSTRY

5,668,130

962

6

TELEKOM SRBIJA A.D., BEOGRAD

Belgrade

J-INFORMATION AND COMMUNICATIONS

5,509,335

6,805

7

JP PUTEVI SRBIJE

Belgrade

F-CONSTRUCTION

5,147,969

2,074

8

PHILIP MORRIS OPERATIONS A.D. NIŠ

Niš

C-MANUFACTURING INDUSTRY

4,861,423

595

4,442,968

2,870

4,171,304

779

9

HEMOFARM AD VRŠAC

Vršac

C-MANUFACTURING INDUSTRY

10

IDC DOO

Belgrade

F-CONSTRUCTION

11

RUDNAP GROUP AD BEOGRAD - U STEČAJU

Belgrade

G-WHOLESALE AND RETAIL TRADE; REPAIR OF MOTOR VEHICLES AND MOTORCYCLES

4,060,569

0

12

DELHAIZE SERBIA DOO BEOGRAD

Belgrade

G-WHOLESALE AND RETAIL TRADE; REPAIR OF MOTOR VEHICLES AND MOTORCYCLES

3,930,919

12,889

13

VIP MOBILE DOO BEOGRAD (NOVI BEOGRAD)

Belgrade

J-INFORMATION AND COMMUNICATIONS

3,605,518

1,350

14

FARMINA PET FOODS DOO INĐIJA

Indjija

C-MANUFACTURING INDUSTRY

3,478,786

232

15

INVEJ AD BEOGRAD-ZEMUN

Belgrade

G-WHOLESALE AND RETAIL TRADE; REPAIR OF MOTOR VEHICLES AND MOTORCYCLES

3,402,257

54

16

SBB DOO BEOGRAD

Belgrade

J-INFORMATION AND COMMUNICATIONS

3,281,925

1,655

17

JKP BEOGRADSKE ELEKTRANE BEOGRAD

Belgrade

D- SUPPLY OF ELECTRICITY, GAS, STEAM AND AIR CONDITIONING

3,126,717

2,010

18

TARKETT DOO BAČKA PALANKA

Bačka Palanka C-MANUFACTURING INDUSTRY

3,063,866

956

19

JP SRBIJAGAS NOVI SAD

Novi Sad

D- SUPPLY OF ELECTRICITY, GAS, STEAM AND AIR CONDITIONING

2,990,053

934

20

JT INTERNATIONAL AD SENTA

Senta

G-WHOLESALE AND RETAIL TRADE; REPAIR OF MOTOR VEHICLES AND MOTORCYCLES

2,852,419

280

21

KONCERN BAMBI A.D. POŽAREVAC

Požarevac

C-MANUFACTURING INDUSTRY

2,795,321

642

22

MK GROUP DOO BEOGRAD

Belgrade

K-FINANCIAL AND INSURANCE ACTIVITIES

2,672,082

70

23

CRH (SRBIJA) D.O.O. POPOVAC

Popovac

C-MANUFACTURING INDUSTRY

2,667,040

292

24

GRUNDFOS SRBIJA DOO

Indjija

C-MANUFACTURING INDUSTRY

2,657,505

678

25

SERBIA ZIJIN MINING D.O.O.

Brestovac

B-MINING

2,657,053

185

26

HENKEL SRBIJA DOO BEOGRAD

Belgrade

C-MANUFACTURING INDUSTRY

2,554,760

481

27

TETRA PAK PRODUCTION DOO BEOGRAD

Belgrade

C-MANUFACTURING INDUSTRY

2,512,782

361

28

TRANSPORTGAS SRBIJA DOO NOVI SAD

Novi Sad

H-TRANSPORT AND STORAGE

2,465,768

240

29

PEŠTAN DOO BUKOVIK

Bukovik

C-MANUFACTURING INDUSTRY

2,307,125

970

30

KOEFIK DOO BEOGRAD

Belgrade

G-WHOLESALE AND RETAIL TRADE; REPAIR OF MOTOR VEHICLES AND MOTORCYCLES

2,173,974

16

31

AGROMARKET DOO KRAGUJEVAC

Kragujevac

G-WHOLESALE AND RETAIL TRADE; REPAIR OF MOTOR VEHICLES AND MOTORCYCLES

2,077,790

436

32

ASPROM DOO BEOGRAD

Belgrade

A-AGRICULTURE, FORESTRY AND FISHERIES

2,060,575

57

33

MOZZART DOO BEOGRAD (PALILULA)

Belgrade

R-ART; ENTERTAINMENT AND RECREATION

2,043,511

2,448

34

CETIN D.O.O. BEOGRAD-NOVI BEOGRAD

Belgrade

J-INFORMATION AND COMMUNICATIONS

1,985,049

279

35

MAGNA PHARMACIA DOO BEOGRAD

Belgrade

G-WHOLESALE AND RETAIL TRADE; REPAIR OF MOTOR VEHICLES AND MOTORCYCLES

1,943,746

72

36

DRUŠTVO S OGRANIČENOM ODGOVORNOŠĆU RZD Belgrade INTERNATIONAL OGRANAK BEOGRAD-STARI GRAD

F-CONSTRUCTION

1,943,233

93

37

VICTORIAOIL DOO ŠID

Šid

C-MANUFACTURING INDUSTRY

1,923,261

322

38

MESSER TEHNOGAS AD BEOGRAD

Belgrade

C-MANUFACTURING INDUSTRY

1,892,897

347

39

SAIPEM S.P.A. OGRANAK NOVI SAD

Novi Sad

M-PROFESSIONAL, SCIENTIFIC, INNOVATIVE AND TECHNICAL ACTIVITIES

1,857,428

18

40

TCK DOO KOSJERIĆ

Kosjerić

C-MANUFACTURING INDUSTRY

1,826,511

194

41

BAT VRANJE AD VRANJE

Vranje

C-MANUFACTURING INDUSTRY

1,811,601

182

42

ATLANTIC GRAND DOO

Belgrade

C-MANUFACTURING INDUSTRY

1,704,493

307

43

BALL PAKOVANJA EVROPA BEOGRAD, D.O.O. BEOGRAD Belgrade

C-MANUFACTURING INDUSTRY

1,649,715

230

44

PINK INTERNATIONAL COMPANY DOO BEOGRAD

Belgrade

J-INFORMATION AND COMMUNICATIONS

1,592,823

761

45

SOJAPROTEIN DOO BEČEJ

Bečej

C-MANUFACTURING INDUSTRY

1,562,490

419

46

KOMPANIJA PROGRES AD BEOGRAD

Belgrade

G-WHOLESALE AND RETAIL TRADE; REPAIR OF MOTOR VEHICLES AND MOTORCYCLES

1,516,716

10

47

KOTEKS VISCOFAN DOO

Novi Sad

C-MANUFACTURING INDUSTRY

1,511,467

578

48

LAFARGE BFC DOO BEOČIN

Beočin

C-MANUFACTURING INDUSTRY

1,467,397

209

49

SINOFARM DOO BEOGRAD

Belgrade

C-MANUFACTURING INDUSTRY

1,457,080

32

50

GALENIKA AD BEOGRAD

Belgrade

C-MANUFACTURING INDUSTRY

1,421,610

789

36

CLICK TO GO  www.diplomacyandcommerce.rs

Rank COMPANY

CITY

Operating income

SECTOR

51

AD IMLEK

Padinska Skela C-MANUFACTURING INDUSTRY

52

MOL SERBIA D.O.O. BEOGRAD

Belgrade

G-WHOLESALE AND RETAIL TRADE; REPAIR OF MOTOR VEHICLES AND MOTORCYCLES

53

DM INVEST DOO SMEDEREVSKA PALANKA

S. Palanka

54

PSG BANATSKI DVOR DOO NOVI SAD

55

No. of Employees

1,402,535

954

1,381,174

98

F-CONSTRUCTION

1,378,098

152

Novi Sad

H-TRANSPORT AND STORAGE

1,370,156

55

DRENIK ND DOO BEOGRAD

Belgrade

C-MANUFACTURING INDUSTRY

1,324,367

686

56

SPORT TIME BALKANS DOO BEOGRAD

Belgrade

G-WHOLESALE AND RETAIL TRADE; REPAIR OF MOTOR VEHICLES AND MOTORCYCLES

1,306,748

159

57

JUGOIMPORT-SDPR JP BEOGRAD

Belgrade

G-WHOLESALE AND RETAIL TRADE; REPAIR OF MOTOR VEHICLES AND MOTORCYCLES

1,286,363

363

58

HEALTHCARE EUROPE DOO

Ruma

C-MANUFACTURING INDUSTRY

1,280,992

952

59

UMKA D.O.O. UMKA

Umka

C-MANUFACTURING INDUSTRY

1,250,871

430

60

DIJAMANT AD ZRENJANIN

Zrenjanin

C-MANUFACTURING INDUSTRY

1,231,658

676

61

PHARMASWISS DOO, BEOGRAD

Belgrade

G-WHOLESALE AND RETAIL TRADE; REPAIR OF MOTOR VEHICLES AND MOTORCYCLES

1,200,233

313

62

PHUKET DOO BEOGRAD (VRAČAR)

Belgrade

R-ART; ENTERTAINMENT AND RECREATION

1,180,721

945

63

SPORT VISION DOO BEOGRAD

Belgrade

G-WHOLESALE AND RETAIL TRADE; REPAIR OF MOTOR VEHICLES AND MOTORCYCLES

1,154,480

1,280

64

LIDL SRBIJA KD

Nova Pazova

G-WHOLESALE AND RETAIL TRADE; REPAIR OF MOTOR VEHICLES AND MOTORCYCLES

1,138,121

2,483

65

CONTITECH FLUID SERBIA DOO SUBOTICA

Subotica

C-MANUFACTURING INDUSTRY

1,099,812

1,112

66

INKOP DOO ĆUPRIJA

Ćuprija

F-CONSTRUCTION

1,080,773

102

67

KNJAZ MILOŠ AD ARANĐELOVAC

Arandjelovac

C-MANUFACTURING INDUSTRY

1,053,897

537

68

HEINEKEN SRBIJA DOO ZAJEČAR

Zaječar

C-MANUFACTURING INDUSTRY

1,051,058

302

69

FORMA IDEALE DOO KRAGUJEVAC

Kragujevac

C-MANUFACTURING INDUSTRY

1,036,654

1,492

70

LUKOIL SRBIJA AD BEOGRAD

Belgrade

G-WHOLESALE AND RETAIL TRADE; REPAIR OF MOTOR VEHICLES AND MOTORCYCLES

1,035,502

150

71

PLANINKA AD KURŠUMLIJA

Kuršumlija

C-MANUFACTURING INDUSTRY

1,030,740

196

72

NIŠ-EKSPRES DOO NIŠ

Niš

H-TRANSPORT AND STORAGE

1,023,409

1,263

73

SUNOKO DOO NOVI SAD

Novi Sad

C-MANUFACTURING INDUSTRY

1,015,937

442

74

IM MATIJEVIĆ DOO NOVI SAD

Novi Sad

C-MANUFACTURING INDUSTRY

1,013,475

1,820

75

STRABAG D.O.O.

Belgrade

F-CONSTRUCTION

1,005,426

1,248

76

PHOENIX PHARMA DOO BEOGRAD

Belgrade

G-WHOLESALE AND RETAIL TRADE; REPAIR OF MOTOR VEHICLES AND MOTORCYCLES

1,004,396

512

77

JP POŠTA SRBIJE BEOGRAD

Belgrade

H-TRANSPORT AND STORAGE

987,316

14,865

78

KARIN KOMERC MD DOO VETERNIK

Veternik

F-CONSTRUCTION

981,221

496

79

JOHNSON ELECTRIC DOO NIŠ

Niš

C-MANUFACTURING INDUSTRY

975,206

1,910

80

DELTA REAL ESTATE DOO BEOGRAD

Belgrade

M-PROFESSIONAL, SCIENTIFIC, INNOVATIVE AND TECHNICAL ACTIVITIES

973,123

57

81

DOO ALMEX PANČEVO

Pančevo

A-AGRICULTURE, FORESTRY AND FISHERIES

969,565

375

82

GEBI DOO PO ČANTAVIR

Čantavir

C-MANUFACTURING INDUSTRY

948,906

411

83

FRIKOM DOO BEOGRAD

Belgrade

C-MANUFACTURING INDUSTRY

947,796

1,256

84

OGRANAK INTEGRAL INŽENJERING NIŠ

Niš

F-CONSTRUCTION

933,097

306

85

ETER CONSULTING DOO BEOGRAD-PALILULA

Belgrade

M-PROFESSIONAL, SCIENTIFIC, INNOVATIVE AND TECHNICAL ACTIVITIES

916,078

1

86

UŠĆE SHOPPING CENTER D.O.O. BEOGRAD

Belgrade

L-REAL ESTATE

913,125

0

87

MOJA SUPERNOVA DOO BEOGRAD

Belgrade

J-INFORMATION AND COMMUNICATIONS

889,955

732

88

RADUN INŽENJERING DOO

Bačka Palanka F-CONSTRUCTION

887,519

49

89

GALENIKA-FITOFARMACIJA AD BEOGRAD (ZEMUN) Belgrade

C-MANUFACTURING INDUSTRY

880,067

174

90

AZVI, S.A. - OGRANAK

Novi Sad

F-CONSTRUCTION

823,710

19

91

JYSK DOO BEOGRAD

Belgrade

G-WHOLESALE AND RETAIL TRADE; REPAIR OF MOTOR VEHICLES AND MOTORCYCLES

821,071

304

92

EURO ROAD 111 DOO BEOGRAD-NOVI BEOGRAD

Belgrade

F-CONSTRUCTION

812,780

80

93

AIRPORT CITY DOO

Belgrade

F-CONSTRUCTION

809,897

1

94

FLASH SRB DOO APATIN

Apatin

C-MANUFACTURING INDUSTRY

800,603

224

95

POLIMARK DOO BEOGRAD

Belgrade

C-MANUFACTURING INDUSTRY

795,998

190

96

NICEFOODS DOO BEOGRAD

Belgrade

I-ACCOMMODATION AND FOOD SERVICES

794,238

943

97

DOO TEKLAS AUTOMOTIVE VLADIČIN HAN

Vladičin Han

C-MANUFACTURING INDUSTRY

791,486

921

98

KNEZ PETROL DOO ZEMUN

Belgrade

G-WHOLESALE AND RETAIL TRADE; REPAIR OF MOTOR VEHICLES AND MOTORCYCLES

790,936

1,129

99

PZP VALJEVO A.D. VALJEVO

Valjevo

F-CONSTRUCTION

787,280

524

Dobanovci

G-WHOLESALE AND RETAIL TRADE; REPAIR OF MOTOR VEHICLES AND MOTORCYCLES

783,179

2,037

100 NELT CO. DOO BEOGRAD

Source: Serbian Business Registers Agency (SBRA)

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THE PROCESSING INDUSTRY IS THE MOST PROFITABLE

Of the companies from the processing industry, those that are most successful come from the food industry, more precisely foodstuffs production

ost of the companies from the list of the most profitable ones come from the C-sector (manufacturing), with 31 out of 42 companies increasing their net profit compared to the previous year.

In addition to the companies that ranked top five on the list (TIGAR TIRES DOO PIROT and COCA-COLA HBC - SERBIA DOO ZEMUN), PHILIP MORRIS OPERATIONS AD NIŠ (4,861 million dinars) and HEMOFARM AD VRŠAC (4,443 million dinars) stand out in terms of their net profit and rank eighth and ninth place respectively. In 2020, these companies recorded a growth in net profit of 4.4% and 11.7%, respectively, and with an increased volume of business activities, they achieved an even more intensive increase in the positive results from their core activities (production of tobacco products and basic pharmaceuticals).

Of the companies from the C-sector (manufacturing), the largest number on the list come from the food industry, namely food producers (12).

In terms of net profit, the producer of ready-made pet food FARMINA PET FOODS DOO INĐIJA is in the lead, ranking 14th, with a profit of 3,479 million dinars, which is a 50.4% annual increase.

In 2020, the number of companies from the G-sector (wholesale and retail) increased significantly among the 100 most profitable companies, to 19 (11 in 2019), of which 14 were engaged in wholesale trade.

After the aforementioned, RUDNAP GROUP AD BELGRADE - IN BANKRUPTCY (11th place), which started to record positive results, the largest net profit was generated by the retail chain DELHAIZE SERBIA DOO BELGRADE, even though their

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There are six public companies on the list of the ONE HUNDRED BEST COMPANIES in terms of the net profit in 2020

annual profitability was significantly reduced (24.0 %). The company still managed to generate a high profit of 3,931 million dinars, and it ranked 12th on the list.

Out of one hundred companies with the highest net profit, 13 of them operated in the F-sector (construction), of which five were engaged in the construction of roads and highways. Most companies in this sector recorded both higher profits and had more employees.

The biggest net profit was generated by PE PUTEVI SRBIJE BELGRADE (seventh place), which after several years of negative results, in 2020, recorded positive business results.

Multiple growth of the positive net result was shown by companies engaged in the construction of residential and non-residential buildings, such as STRABAG DOO BELGRADE (75th place), which also stands out in terms of the number of new employees, and RADUN INŽENJERING DOO BAČKA PALANKA (88th place).

Of the 100 most profitable companies, seven are from the J-sector (information and communications) and are mainly engaged in cable telecommunications. During the pandemic, all seven companies increased the volume of business activities, and except for TELENOR DOO BELGRADE, which is the best ranked (third place), all companies increased their business profit and most of them their net profit too.

On the sixth place of the observed list is TELEKOM SRBIJA AD BELGRADE, whose net profit has grown by 58.5% and amounts to 5,509 million dinars. Next is VIP MOBILE DOO BELGRADE (13th place), with an annual growth of 6.6%, and a high net profit of 3,606 million dinars. PINK

INTERNATIONAL COMPANY DOO BELGRADE (44th place) had even more intensive growth in net profit (92.3%) which stood at 1,593 million dinars, earned from the production and broadcasting of television programmes, while MOJA SUPERNOVA DOO BELGRADE (87th place) almost tripled profit to 890 million dinars, and at the same time, increased its business income (45.9%) and the number of employees (by 255 workers or 53.5%) the most.

There are six public companies on the list of the ONE HUNDRED BEST COMPANIES in terms of the net profit in 2020. The total net profit they generated amounted to 26,421 million dinars and is 63.4% higher compared to the year before.

The growth of profitability of these companies was achieved through a higher volume of business activities (2.3%), and while their total number of employees (44,724) dropped by 443.

Unlike the already mentioned public companies, which recorded a significantly better result than last year's - first-placed PE EPS BELGRADE and PE PUTEVI SRBIJE BELGRADE (7th place) -other public companies on the list made a lower annual net profit.

PUBLIC UTILITY COMPANY BEOGRADSKE ELEKTRANE's (17th place) net profit decreased by 22.2% and it amounted to 3,127 million dinars. PE SRBIJAGAS NOVI SAD (19th place) saw its net profit declne by 37.3%, to the amount of 2,990 million dinars, mostly due to the doubled negative result from other activities (8,455 million dinars), while the profit generated from the company's core business (9,524 million dinars) increased by 46.1%. 

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C - MANUFACTURING INDUSTRY Rank

COMPANY

City

Net Profit

No. of Employees

1

TIGAR TYRES DOO

Pirot

9,213,129

3,580

2

COCA-COLA HBC - SRBIJA DOO ZEMUN

Belgrade

5,668,130

962

3

PHILIP MORRIS OPERATIONS A.D. NIŠ

Niš

4,861,423

595

4

HEMOFARM AD VRŠAC

Vršac

4,442,968

2,870

5

FARMINA PET FOODS DOO INĐIJA

Indjija

3,478,786

232

6

TARKETT DOO BAČKA PALANKA

Bačka Palanka

3,063,866

956

7

KONCERN BAMBI A.D. POŽAREVAC

Požarevac

2,795,321

642

8

CRH (SRBIJA) D.O.O. POPOVAC

Popovac

2,667,040

292

9

GRUNDFOS SRBIJA DOO

Indjija

2,657,505

678

10

HENKEL SRBIJA DOO BEOGRAD

Belgrade

2,554,760

481

G-WHOLESALE AND RETAIL TRADE; REPAIR OF MOTOR VEHICLES AND MOTORCYCLES Rank

COMPANY

City

Net Profit

No. of Employees

1

RUDNAP GROUP AD BEOGRAD - U STEČAJU

Belgrade

4,060,569

0

2

DELHAIZE SERBIA DOO BEOGRAD

Belgrade

3,930,919

12,889

3

INVEJ AD BEOGRAD-ZEMUN

Belgrade

3,402,257

54

4

JT INTERNATIONAL AD SENTA

Senta

2,852,419

280

5

KOEFIK DOO BEOGRAD

Belgrade

2,173,974

16

6

AGROMARKET DOO KRAGUJEVAC

Kragujevac

2,077,790

436

7

MAGNA PHARMACIA DOO BEOGRAD

Belgrade

1,943,746

72

8

KOMPANIJA PROGRES AD BEOGRAD

Belgrade

1,516,716

10

9

MOL SERBIA D.O.O. BEOGRAD

Belgrade

1,381,174

98

10

SPORT TIME BALKANS DOO BEOGRAD

Belgrade

1,306,748

159

F-CONSTRUCTION Rank

COMPANY

City

Net Profit

No. of Employees

1

JP PUTEVI SRBIJE

Belgrade

5,147,969

2,074

2

IDC DOO

Belgrade

4,171,304

779

3

DRUŠTVO S OGRANIČENOM ODGOVORNOŠĆU RZD INTERNATIONAL OGRANAK BEOGRAD-STARI GRAD Belgrade

1,943,233

93

4

DM INVEST DOO SMEDEREVSKA PALANKA

Smederevska Palanka

1,378,098

152

5

INKOP DOO ĆUPRIJA

Ćuprija

1,080,773

102

6

STRABAG D.O.O.

Belgrade

1,005,426

1,248

7

KARIN KOMERC MD DOO VETERNIK

Veternik

981,221

496

8

OGRANAK INTEGRAL INŽENJERING NIŠ

Niš

933,097

306

9

RADUN INŽENJERING DOO

Bačka Palanka

887,519

49

10

AZVI, S.A. - OGRANAK

Novi Sad

823,710

19

J-INFORMATION AND COMMUNICATIONS Rank

COMPANY

City

Net Profit

No. of Employees

1

TELENOR DOO BEOGRAD

Belgrade

8,404,828

1,223

2

TELEKOM SRBIJA A.D., BEOGRAD

Belgrade

5,509,335

6,805

3

VIP MOBILE DOO BEOGRAD (NOVI BEOGRAD)

Belgrade

3,605,518

1,350

4

SBB DOO BEOGRAD

Belgrade

3,281,925

1,655

5

CETIN D.O.O. BEOGRAD-NOVI BEOGRAD

Belgrade

1,985,049

279

6

PINK INTERNATIONAL COMPANY DOO BEOGRAD

Belgrade

1,592,823

761

7

MOJA SUPERNOVA DOO BEOGRAD

Belgrade

889,955

732

40

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AWARDS

Belgrade Law Firm Wins European Legal Oscars Gecić Law named “Law Firm Of The Year: South Eastern Europe” at The Lawyer European Awards 2021

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nown for its rapid growth, its strong deal profile, and its innovative approach to legal services, Gecić Law, a Belgrade-based law firm, was named “Law Firm Of The Year: South-Eastern Europe” at The Lawyer European Awards 2021, placing it among the “crème de la crème” of the European legal market. The prestigious prize was awarded for the first time in a new category covering a fast-growing and highly competitive 150 million-strong regional market. Gecić Law was the only independent law firm from the Western Balkans and former Yugoslavia to be shortlisted for the award and competed against giants from one of the world’s leading emerging markets, and with several long-established EU companies. The prize demonstrates the strength of the firm’s pioneering work and relentless efforts to provide top-notch service across practice areas.

The award confirms Gecić Law’s reputation as an innovative law firm and a true member of the European legal elite. For more than a decade, each year The Lawyer’s preeminent judging panel comprising top experts and business leaders from leading enterprises throughout Europe, has been awarding individuals, firms, and the most significant achievements in the field of law.

The competition was particularly fierce this year, with a record-breaking number of submissions.

As Gecić Law’s Founding Partner, Bogdan Gecić, stated this is not the first time the firm was singled out among the best in the legal world. Last year, Gecić Law was named Law firm of the year for Eastern Europe and the Balkans.

Furthermore, Gecić Law repeatedly entered the European Competition or Antitrust Team of the Year – Top Five category, along with the most distinguished competition and antitrust teams across Europe.

“To be the first to win in a new category covering a fast-grow-

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TO BE THE FIRST TO WIN IN A NEW CATEGORY COVERING A FAST-GROWING MARKET OF 150 MILLION PEOPLE IS A REMARKABLE ACHIEVEMENT FOR OUR TEAM ing market of 150 million people is a remarkable achievement for our team. This latest award clearly demonstrates that renowned international legal experts and industry leaders continuously recognize the strength of our pioneering work emphasizing our fundamental values: meritocracy, innovation, integrity, and philanthropy,” Gecić said, adding: “We were especially glad to see that the jury acknowledged our vision for the development not only of our firm but also the entire legal field and the business environment of the region. For this achievement, we are immensely grateful to our fantastic team, which is constantly growing, de-

veloping, and achieving new heights in the profession. We also thank our clients who continuously trust us to demonstrate our commitment, expertise, and creativity in finding solutions to some of the most important challenges they face.”

Founded in 2015, Gecić Law advises international and local clients from a variety of industries

in navigating the complex legal landscape of the region across multiple practice areas. Members of the Gecić Law team have extensive local and international professional experience, with a proven track record in providing innovative and practical solutions in the most intricate matters.

The firm is especially known for being the largest team for competition, EU law and trade in the region and for its unparalleled experience and expertise in these areas.

Gecić Law is the only regional law firm that has represented clients before international institutions such as the European Commission, the Energy Community, the ECAA (Open Skies) and CEFTA.

THE ADDED VALUE OF INNOVATION “Innovation is about continuous learning and discovery. We explore new practice areas and services and add value to our clients by providing a fresh perspective and meaningful solutions for the new challenges their businesses are facing. To that end, Gecić Law was the first independent law firm in the region to introduce its ESG (Environmental, Social, Governance) practice.”

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Combatting Illegal Tobacco Growing With Drones Japan Tobacco International (JTI) donates drones to the Ministry of Agriculture, Forestry and Water Economy of the Republic of Serbia apan Tobacco International (JTI) donated four drones with accompanying equipment to the Phytosanitary Inspection of the Ministry of Agriculture, Forestry and Water Economy of the Republic of Serbia, which inspectors will use to combat illegal tobacco growing, as well as for other tasks. The value of the donation is close to RSD 1.2 million.

With the help of these drones, Phytosanitary Inspection officers will be able to monitor tobacco growing throughout Serbia much more efficiently, even in places where monitoring is difficult due to the size of plantations or terrain. Drones will be used for aerial monitoring of tobacco plantations, as well as other crops, illegal growing of which hurts the national budget and agricultural policy.

“Year after year, Serbia has been recording an increase in production in the majority of sectors, and will conclude this year with over USD 5 billion in exports. Agricultural production is improving primarily thanks to the support that farmers get in the form of subsidies. With an increase in production, subsidy amounts also increase, but also attempts to obtain subsidies in an illegal manner. That is why expanding the capacities and control of subsidy implementation are of extreme importance to us”, said Senad Mahmutović, state secretary at the Ministry of Agriculture, Forestry and Water Economy of the Republic of Serbia, and added: “This topic is especially interesting when it comes to tobacco production, as it is strictly controlled, and inspectional supervision is constant. This valuable donation will help our colleagues be faster and more efficient, which will additionally affect the national budget. The importance of this segment of our work is evidenced by the fact that, in the current year, thanks to preventing illegal production of tobacco on over

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IN THE PAST FIVE YEARS, 793 TONNES OF ILLEGALLY GROWN TOBACCO HAVE BEEN DESTROYED, WHILE THE NUMBER OF ILLEGAL TOBACCO PLANTATIONS WAS REDUCED BY 90% 80 hectares, we prevented losses for Serbia’s budget in the amount of RSD 1,354,860,000, or EUR 11.58 million, by preventing the evasion of excise duties and VAT on cut tobacco that would have been produced in those areas.”

Japan Tobacco International (JTI), the only foreign investor that finances growing and purchases locally-grown tobacco, over the past five years of conducting its Satelit project, has contributed significantly to pre-

venting and combatting illicit tobacco trade where it begins, on the farm. Through a combination of the latest technical solutions of satellite imaging, which separates tobacco from other crops through spectral analysis thanks to the plant’s specific chlorophyl, and by cross-refencing those images with state registers of legally planted tobacco, illegal tobacco plantations are discovered, which are then destroyed by the authorities.

“In the past five years, 793 tonnes of illegally grown tobacco have been destroyed, while the number of illegal tobacco plantations was reduced by 90%, preventing potential losses for the national budget in the amount of EUR 453 million. This is one in a series of activities that we are conducting as a partner of the Government and competent bodies in preventing illicit trade in tobacco and tobacco products, and protecting sustainable legal growing,” said Goran Pekez, Director of Corporate Affairs and Communications at JTI Adriatica.

Previously, JTI donated 7 dogs to the Ministry of the Interior and Customs Administration, which are trained to find smuggled tobacco and cigarettes. JTI helps the government combat illicit trade by participating in the working group against tobacco smuggling, as well as the Expert Group for Combatting the Shadow Economy. JTI also supports AmCham in building up capacities of inspection services, which contributed to a drastic reduction in illicit trade on the Internet. Monitoring of online ads for illicit tobacco products resulted in 59 inspections, 13 misdemeanour reports and five potential criminal reports.

The Satelit project was launched in Serbia by using cutting-edge technology in this area. Thanks to the export of local knowledge and experience, the same technology is used in Spain, with planned expansion to Croatia and the Asia-Pacific region.

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Smile at the Challenge Last year reminded us that health comes first and that as before, we must be ready for the challenges ahead Dr IGOR RISTIĆ Dental prosthetics specialist from the Centre for Dental Aesthetics and Implantology (CDEI)

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ogether with its partners and friends from Serbia and worldwide, the Centre for Dental Aesthetics and Implantology (CDEI) is ready to face challenges this year too. We are talking about that with Dr Igor Ristić, a dental prosthetics specialist from the CDEI. "In every business, we should consider the worst-case scenario when doing our calculations and projections. However, nobody could have foreseen that we would stop working altogether, as we did in the spring of 2020. This was a huge shock for the whole world and our profession. The return to the old, in every sense, and the predictions that the economies of the developed world will almost completely recover this year, seem encouraging. I believe that with the increase in the number of vaccinated people, as well as the progress in terms of medication and new vaccines, the danger that the coronavirus currently poses virus will slowly decrease.

Thanks to our, over 20-yearlong experience, teamwork and our clients' trust, we have accomplished the previously set goals and standards. The adaptation to the altered business conditions due to the pandemic and the return to the earlier pace of clinical work has been in the CDEI's focus," said Dr Ristić.

The challenge of conducting the private medical practice in line with the parameters that a healthy and sustainable business must have, requires constant harmonization and reviewing the rightness of every decision, both through the filter of ethics and basic medical postulates, as well as in terms of business revenue and expenditure parameters.

"In the past two years, we have gained new experiences. The need for constant analysis has expedited ongoing projects. We have further increased the degree of digitalization through the contactless exchange of information with laboratories via digital prints, but

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THANKS TO OUR, OVER 20-YEAR-LONG EXPERIENCE, TEAMWORK AND OUR CLIENTS' TRUST, WE HAVE SUCCESSFULLY ACCOMPLISHED THE PREVIOUSLY SET GOALS AND STANDARDS also developed remote communication, both with patients and colleagues around the world, for education and consultation purposes,“ the doctor explains and adds that it is a great success that conditions were such that last year, they have managed to organize one of the largest congresses in the region in the dental industry of the Serbian Society of Es-

thetic Dentistry, where, in addition to presentations, there were live streams with lecturers from remote parts of the world who were able to give their presentations and after talking to the audience. To keep up with the rest of the world, the CDEI not only implements the latest technologies but also advanced protocols for more efficient and high-quali-

ty therapy, which makes our practice one of the leaders in the area," said Dr Ristić, adding that they are especially proud that CDEI has presented its work in person at several gatherings abroad.

While the world was fighting the pandemic, we were witnessing many innovations regarding dental products. The more intuitive software we use has been improved, intraoral scanners are faster and more accurate, and the choice of materials based on zirconium ceramics, from which we mostly make crowns and bridges on teeth and implants, is just perfect. We can choose the most precise shape of the implant and imperceptibly fit it into the natural dentition. 3D printing of ceramics has almost become a routine. We, at the CDEI, have tried and tested the latest products and I think that this is a technology that will soon replace the existing one. Digitalization and new technologies, in essence, open us to the world, because you can easily include anyone in your team at any time from any part of the world during the course of therapy. My colleagues from developed countries often use this to outsource some phases and reduce the cost of doing business. We, in Serbia, use the opportunity to connect more closely with teams that are globally referenced in certain segments and include them in the therapy of our patients. This was not possible in the era before the highspeed Internet.

In the coming period, we expect that the number of patients from abroad to return to the old level, but let's not forget that the neighbouring countries have also worked on their image and improved their services. The decision to start with dental treatment is just the beginning of changing bad life and health habits. The time ahead is full of uncertainty in the business sense and it requires healthy individuals to deal with it. The health of the whole body begins with a healthy mouth and teeth, and a beautiful smile is more than needed when the masks that we are obliged to wear today "fall", concluded Dr Ristić.

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SitForm Belgrade - a Stable and Reliable Partner in Interior Design Sitform has had a very clear plan since its inception, which, among other things, implies close cooperation with designers and architects in the region sign and decoration services because, as I said earlier, we have architects with abundant experience in furnishing residential and commercial buildings, who are available to those customers who want to both furnish their space and use our design services. In the last two years alone, we have designed and furnished three high-category hotels in Bosnia and Herzegovina, numerous restaurants, cafes, bars and exclusive residential facilities. I must underline that we do not only offer a project solution, but also the execution and supervision of all works in facilities on a turnkey basis.

AIDA KURIĆ Director of SitForm Belgrade

hat makes SitForm’s furniture unique, Aida Kurić, director of this company explanes in her interview for Diplomacy and Commerce magazine.

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Could you tell us a bit more about SitForm, how it came about and what do you have to offer?

— SitForm has been operating in Bosnia and Herzegovina since 2018. Behind this brand, there is a professional team of architects who, after comprehensive market research, a number of successfully implemented projects and working with numerous partners, decided to present new models of modern, sophisticated and topnotch furniture, primarily in facilities that they designed, which complement the design of the new generation of spaces. Thanks to this unique approach and the range of high-quality furniture for apartments, houses, hotels and restaurants, we have managed to quickly conquer the market. SitForm meets all customer requirements, which is why it is highly positioned as a reliable and quality partner in the design, execution of

MODULAR AND ATTRACTIVE MODELS ENRICH EVERY SPACE, AND COMFORT IS THE STANDARD THAT EVERY PIECE OF OUR FURNITURE HAS, REGARDLESS OF ITS PURPOSE IN THE SPACE works and selection of furniture, both in the region and Europe.

What makes SitForm’s furniture unique, i.e. how does it differ from other market participants?

— Buying furniture can be quite a challenge, and with each new catalogue, we wonder if we will really find pieces that will be long-lasting and at the same time, aesthetically appealing. This is where the strength of every piece of furniture from SitForm's range lies because it meets these criteria and goes even beyond that. Our furniture is made of durable and long-lasting materials, and the color palette includes all clean tones that complement the space effortlessly and are easy to maintain. Modular and attractive models enrich every space, and comfort is the standard that every piece of our furniture has, regardless of its purpose in the space.

What are SitForm’s plans in Serbia in the next year?

— Sitform has had a very clear plan since its inception, which, among other things, implies close cooperation with designers and architects in the region. Next year, we will carry out a number of activities and solidify our market position with our offer of attractive, contemporary and unique pieces of furniture. We want to stand out as a stable and reliable partner, both to customers in the retail facility, and to all business associates with whom we plan to work together on furnishing various facilities.

What additional values do you offer to customers if they decide to work with you?

— In addition to carefully selected furniture, we offer interior de-

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30

NOV

THE 15th ANNIVERSARY OF THE CROATIAN BUSINESS CLUB MARKED

Over 150 guests from the business sectors of Serbia and Croatia, representatives of state and public institutions, as well as mixed chambers of commerce, business clubs and associations, gathered at the celebration marking the 15th anniversary of the Croatian Business Club. The guests were greeted by the Club’s

President, Marija Radulović, who gave letter of thanks to the first President of the Club, Mr. Krunoslav Bešvir, Mr. Mirko Vincetić, the Club’s founder, and honorary member Mrs. Svjetlana Božinović. The celebration was held at the Hilton Hotel in Belgrade, and was supported by Nexe, Končar, Podravka and Pre-Print.

Marija Radulović, President of Croatian Business Club and Krunoslav Bešvir, first President of the Club

02 DEC

WALKING DINNER IN NOVI SAD

In cooperation with Color Media Communications and the financial support of the Novi Sad Administration for Economy, the Centre for Local Democracy and Diplomacy&Commerce magazine organized the event called ‘Walking Dinner in Novi Sad’. Under the auspices of the Walking Dinner with the Mayor of Novi Sad concept, the ambassadors and rep-

resentatives of international organizations visited Špajz Restaurant at Salaš 137, Riblja Pijaca, Lazin Salaš Restaurant, and Carigrad cake shop. The guests were welcomed by Milorad Radojević, a member of the Novi Sad City Council for Economy, Robert Čoban, President of the Color Press Group and Biljana Milošević, a tour guide.

Ambassadors and representatives of embassies of Palestine, Armenia, Morocco, Australia, the Czech Republic, Pakistan, Malaysia, Cyprus, Romania, Korea, Argentina and Turkey

07 DEC

ART TO ARTISTS

A sales exhibition of artwork by a group of painters and other artists called "Artists to Artists" was staged by the Artlink Association at the Princess Ljubica Residence in Belgrade. Paintings and artwork by Danica Basta, Mario Djiković, Budimir Dimitrijević, Marija Dokmanović, Ana Djapović, Ivana Martić, Jelena Milić, Jelena Milošević Jovanović, Una Novosel, Zorica

Kairul Tazril Tarmizi, Chargé d'Affaires of the Embassy of Malaysia and Donghwan Che, Chargé d'Affaires of the Korean Embassy

Obradović Lončar, Simona Pavlović, Miona Stefanović, Jakša Vlahović, Marija Zdravković and Nikola Žigon are displayed.

As announced, the exhibition has a charitable component, since some of the money generated from the sale of the artwork will be donated to the Artlink Association’s fund which supports young musical talents and visual artists.

H.E. Eduardo Botelho Barbosa, Brazilian Ambassador, Jovanka Višekruna Janković, Managing Director ArtLink, H.E. Koenraad Adam, Belgian Ambassador to Serbia with his wife

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PEOPLE & EVENTS

07 DEC

UNICEF CELEBRATED 75 YEARS SINCE ITS FOUNDING

On its 75th anniversary, UNICEF organized a formal reception at the Museum of Contemporary Art in Belgrade, as well as digital exhibition that vividly illustrates the work of this organization from the late 1940s to the present day. By celebrating the anniversary, this humanitarian organization re-

Deyana Kostadinova, UNICEF Representative in Serbia

08 DEC

EXHIBITION ‘ABOUT FACTORIES AND WORKERS’

Tamara Vučić, first lady of Serbia, Darija Kisić Tepavčević,Minister of Labour, Employment, Veteran and Social Affairs, Ana Brnabić, Prime minister and Deyana Kostadinova, UNICEF

In the Museum of Yugoslavia, followed by the Museum of Science and Technology, representatives of the Ministry of Culture and Information, members of the diplomatic corps in Serbia and representatives of other cultural institutions had the opportunity to vis-

Danijela Vanušić, Assistant Minister in charge of cultural heritage and digitization

13 DEC

THE SLOVENIAN BUSINESS CLUB CELEBRATES ITS 18th ANNIVERSARY IN SERBIA

minded of previous achievements and committed itself to continue working in order to give children a better perspective. The ceremonial reception in Belgrade was attended by the Prime Minister Ana Brnabić, who said that this organization should and must exist as long as there is a humanity.

it the exhibition titled ‘About Factories and Workers’.

The guests were welcomed at the Museum of Yugoslavia by its director, Neda Knežević and at the Museum of Science and Technology by its acting director Zoran Lević.

Neda Knežević, director of Museum of Yugoslavia

At the Hyatt Residence Hotel in Belgrade, friends and members of the Slovenian Business Club (SBC) gathered at the traditional New Year's cocktail reception, hosted by the Slovenian Business Club, to exchange good energy, toast each other and wish good health and new successes. This was also an occasion to celebrate SBC's 18th

Primož Križaj, Consul at the Embassy of the Republic of Slovenia in Serbia

anniversary of successful operations and its continuous and stable growth. The Club's president, Danijela Fišakov, MBA, greeted the guests and said:"This year, the SBC became an "adult", that is it has turned 18 years old”. Mr. Primož Križaj, Consul at the Embassy of the Republic of Slovenia in Serbia, also addressed the guests.

Danijela Fišakov, president of Slovenian Business Club (SBC)

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PEOPLE & EVENTS

14 DEC

SAM ANNUAL AWARD CEREMONY

In the year when the Serbian Association of Managers celebrates its 15th anniversary, the Association gave out the traditional Annual Awards to the best managers, employers and CSR companies in Serbia for the 10th consecutive time. The awards for the best leaders of the 21st century were given in four main categories.

In the year when SAM celebrates 15 years since its in-

Dragoljub Damljanović, President of the Serbian Association of Managers

15 DEC

CHOOSE TO CHANGE AND IMPROVE IN 2022

Award winners for the best managers, employers and CSR companies

Confindustria Serbia hosted a cocktail party on December 15th in Skadarlija, Belgrade, in celebration of Christmas and New Year holidays. Confindustria’s member com-

Irena Brajović, Director of Confindustria Serbia, Patrizio Dei Tos, President of Confindustria Serbia and Silvija Herceg

15 DEC

NEW YEAR'S COCKTAIL PARTY OF THE JAPANESE BUSINESS ALLIANCE

Japanese Business Alliance (JBAS)

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ception, 15 special awards were given to members who have continuously and generously been sharing their knowledge, wisdom, advice, time, energy and resources aimed at developing and strengthening the SAM, while also helping it become a credible and strong association that works for the benefit of the economy, young generations and society.

panies gathered in person at this informal social meeting to enjoy in the pleasant atmosphere, celebrate optimism and hopefully, bring good mood to all future endeavours.

Romano Rossi, Co-owner and director of Progetti doo, Erich Cossutta, President at Dragon Maritime Group and Patrizio Dei Tos, President of Confindustria Serbia

To mark the end of 2021, the Japanese Business Alliance (JBAS) played a host to its member companies at a cocktail party at the Hyatt Hotel to summarize and celebrate the achievements of 2021. The guests were welcomed by the Ambassador of Ja-

pan, H.E. Katsumata Takahiko, as well as the Alliance’s president, Mr. Goran Pekez. In a relaxed atmosphere, while enjoying drinks, food and music, the guests exchanged experiences and made plans for the next year.

Representatives of Japanese Business Alliance (JBAS) with H.E. Katsumata Takahiko, Ambassador of Japan

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PEOPLE & EVENTS

15 DEC

THE CREATING TOGETHER EXHIBITION

The United States Agency for International Development (USAID) is marking twenty years of partnership with Serbia, under the slogan "Creating Together". On the occasion of this important jubilee, an exhibition titled ‘20 Years of Partnership – Creating Together’ showcased the partnerships that have been created during the past two decades throughout

H.E. Anthony F. Godfrey, U.S. Ambassador to Serbia

16 DEC

AMCHAM MEMBERS EXPECT GROWTH AND GREATER INVESTMENTS

DEC

GREEKSTYLE CHRISTMAS DINNER

Ivica Dačić, President of the National Assembly of the Republic of Serbia, Ana Brnabić, Prime Minister, Susan Fritz, USAID Mission Director for Serbia and H.E. Anthony F. Godfrey

Strengthening judiciary and rule of law, reducing corruption, continuing expansion of e-government and improving administration, and fostering collaboration between public and private healthcare remain key reforms for business recovery in 2022 Businesses’ plans for growth are more positive than one year ago. As many as seven out of ten (70 percent) AmCham members

H.E. Anthony F. Godfrey, U.S. Ambassador to Serbia

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Serbia. The multimedia exhibition was held at the Yugoslav Cinematheque, and the opening ceremony was attended by the Speaker of the National Assembly, Ivica Dačić, the Prime Minister of the Republic of Serbia, Ana Brnabić, the U.S. Ambassador to Serbia, H.E. Anthony F. Godfrey and USAID Mission Director for Serbia. Susan Fritz.

Zlatibor Lončar, Siniša Mali, Zoran Petrović and H.E. Anthony F. Godfrey

The Hellenic Business Association of Serbia hosted a traditional Christmas dinner, with almost 70 representatives of member companies taking part and enjoying Greek dishes and music, at the Pirataka restaurant in Zemun. The guests of this year's dinner also played a charity lottery to raise funds the children from the Dr Milorad Pavlović orphanage

now expect growth and greater investment in the coming year, while more than one-half (56 percent) are planning to take on new staff. Optimism has increased by 14 percentage points on last year to return to levels seen in 2018 and 2019, although still less than what companies had planned for 2020, revealed the latest Ninth Lap Time business climate and investor confidence survey.

Zoran Petrović, President of AmCham and Siniša Mali, Minister of Finance

in Sremska Kamenica. Member companies and their representatives collected a total 110,000 RSD which will be used to purchase various products that the orphanage needs every day. In addition to the funds already collected, the Hellenic Business Association will donate an additional 40,000 RSD from its budget for these purposes.

Stylianos Zakof, President of HBA and Nikolaos Sliousaregko,Vice-President of HBA

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Photo: Blagoje Antić (dhg.ch)

BUSINESS NEWS

03 01

FISKAL – EVERYTHING YOU NEED FOR E YOUR BUSINESS

Keeping up with the needs of business users, A1 Serbia has launched eFiskal service in accordance with the new regulations on e-fiscalisation. eFiskal is a complete solution that will enable business users to operate more efficiently, optimizing costs and speed up business processes.

In order to make the transition to digital fiscalisation system as simple as possible, A1 Serbia has completely adapted its solution to meet the needs of users. This means that, in addition to a full fiscal solution, business users have constant customer support during the application process and afterword during installation and maintenance. The A1 has offered several solutions for various service activities depending on the business and the industry in which it operates.

Basic A1 eFiscal package, besides the electronic fiscalisation device, includes a unique certified A1 app for safe and secure data transfer to the Serbian IRS, as well as 20 GB of Internet. Users can choose one of two devices with touch screen, integrated fiscal invoice printer, barcode scanner and other functions.

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The land in Novi Beograd’s Block 40, located between the Heroja sa Košara Boulevard and Tošin Bunar Street, was recently sold for 3.1 million euros at a public auction. DHG d.o.o., whose owner is Blagoje Antić from Zurich, a Swiss tycoon of Serbian origin, bought the land from

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ECONSTRUCTION OF THE R SAVA CENTRE BEGINS!

A comprehensive reconstruction of the Sava Congress Centre in Belgrade officially began. It is estimated that the works will last for close to two years, i.e. that the completely renovated Sava Centre will welcome its first guests in late 2023 or early 2024. Since 2020, Sava Centre has been operating under Delta Holding, which had the best bid at the public tender launched by the Belgrade city administration. “We will

carry out a complete reconstruction, but will preserve the external appearance and all the features that are protected by the relevant institutions,” says Katarina Gajić, Design and Construction Director of design at Delta Real Estate. The reconstruction of the largest congress centre in the region has been entrusted to domestic companies.

The general contractor will be the Jadran Company, Armont will be subcontractor, the supervision will be entrusted to the Zoling Company will supervise the works while Centroprojekt is in charge of the design.

HE NEW BMW IX HAS T ARRIVED TO SERBIA

The long-awaited BMW iX has been presented today for the first time in „THE BMW Store“, the newly opened innovative concept at the „Gallery Mall“. This is the first BMW X fully electric model, with the range of even 630km for the xDrive50 version, i.e. 425km for the xDrive40 version (according to WLTP standard).

The durable BMW iX has an all wheels drive in both models with 523 (xDrive50), i.e. 326 HP (xDrive40) depending on the version. The futuristic exterior and carefully created modern interior with the avant-garde infotainment bring together many innovations sublimated in this SUV model.

The body structure, designer approach and specific hanging system of the BMW iX-a make a perfect whole providing the surprising level of driving comfort with athletic features.

The luxury and elegant engineering approach aficionados will immediately have their attention occupied with numerous details combined with the Crafted Clarity crystal, but also with the extraordinary hexagonal steering wheel giving a unique driving experience.

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WISS COMPANY DHG BUYS S LAND IN NOVI BEOGRAD

the City of Belgrade. As we find out, DHG plans to build a residential and business complex in this location.

According to available sources, Blagoje Antić's wealth is estimated at several hundred million Swiss francs. He is also the sole owner of DHG d.o.o., while his daughter, Milena Stevović, is the company’s legal representative.

DHG Holding, based in Zurich, Switzerland, is engaged in the construction and financing of real estate, renovation and refurbishment of premises, as well as facility maintenance. DHG Holding was founded 25 years ago when its owner, Blagoje Antić, formed a small company in Switzerland specialized in flooring and renovation.

In just over two decades, the company has grown into one of the largest in the segment of real estate, renovation and maintenance of facilities in Switzerland.

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BEAUTY IS IN THE ACT OF GIVING

Festive presents and musical performance for the students of 9. maj School for the children with special needs in Zrenjanin, as a part of the Biser Nutri Akademija program.

Strategic commitment of Mlekoprodukt company to dedicate multitude of it’s activities to the practices of corporate responsibility, and especially to the care for the healthy nutrition of the future generations, is fully embodied within the CSR program Biser Nutri Akademija. Within

this initiative, which runs for several years now, and has the ultimate goal of teaching the children, through play and arts, of the importance of the healthy and balanced nutrition, Mlekoprodukt company, on Wednesday, December 15th, presented the special needs children from the 9. maj School in Zrenjanin with musical mini-performance and New Years’s presents.

Biser Nutri Akademija program will be continued throughout 2022, with the goal to reach to even more children with the message about the importance of healthy and balanced nutrition, which is essential for their development.

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REGION

Conference “The Economist Svijet u 2022.” for the Third Time in Croatia

(INA), Adrian Ježina (Telemach Croatia), Gordan Kolak (Končar), Mirna Marović (President of the Croatian Private Equity and Venture Capital Association – CVCA). This is the third Croatian edition of the business conference in a row, at which the magazine of the same name “The Economist: The World in 2022” was presented.

In a specialized annual edition read by almost 3 million people in 90 countries, the best authors and editors anticipate key events and trends in the world of business and politics, and the edition itself has the status of required literature for decision makers in planning next year. This year’s magazine predicted the 10 most important trends in 2022, including the final transition of the coronavirus pandemic to an endemic thanks to the development of vaccines and drugs, the development of space tourism, positioning cryptocurrencies in official financial flows and redefining the future.

Boban Spasojević, Project director for Croatia, said that the localized edition of the magazine aims to show, on the one hand, where the countries are individually and where the world is in total. “In the countries of the region, we will agree, it is necessary to set the standards of developed countries so that we know what our priorities should be if we want to join that society,” Spasojević said.

H.E. Gaëla Veyssièrea Ambassador of the French Republic, H.E. Simon Thomas, Ambassador of the United Kingdom, H.E Ruaidhri Dowling, Ambassador of Ireland and Ognian Zlatev, Head of the European Commission Representation in Croatiaž

Andrej Plenković, Prime Minister of Croatia

Josip Aladrović, Minister of Labor, Pensions, Family and Social Policy; Tomislav Ćorić, Minister of Economy and Sustainable Development; Zdravko Marić, Deputy Prime Minister and Minister of Finance; Andrej Plenković, Prime Minister of Croatia; Nataša Tramišak, Minister of Regional Development and European Union Fund; Ivan Vrdoljak Livit; Boban Spasojević CMC

ransformation of the Croatian economy through the National Recovery and Resilience Plan 2021-2026 was the main topic of the business conference “The Economist: Svijet u 2022”, which gathered in Zagreb’s Lauba numerous Croatian entrepreneurs, diplomatic representatives and representatives of the Government of the Republic of Croatia and the Croatian media.

Croatian Prime Minister Andrej Plenković said that in turbulent times for state stability, it is crucial to have a stable and peaceful leadership, not demagogues who look only at their own interests. and resilience.

Diplomatic and business panels were held at the conference: International agreements today and tomorrow: security or a dead letter, and Transforming the business from the user’s perspective. Speakers were the Ambassadors of Great Britain, France, Ireland and the Head of the European Commission Representation in Croatia, while the business panel was attended by Sabina Škrtić (Enna Group), Hrvoje Glavaš

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The Economist at Ljubljana Castle

Text: Miha Špende (Studio 37)

Joc Pečečnik, president of Slovenian Business Club and Robert Čoban, President of Color Press Group

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Slovenian Business Club officially presented the beginning of a business partnership with the world-renowned media house The Economist at Ljubljana Castle. As part of this collaboration, the annual issue of The Economist: World in 2022 was published in Slovene for the first time. The partnership was signed on behalf of SBC by the club's president Joc Pečečnik.

The Economist: World in 2022 offers the best editorial content from global issue of the magazine, as well as top contributions from Slovenian editorial staff.

In the journal you can find articles by dr. Danilo Türk, Ph.D. Lučka Kajfež Bogataj, Ph.D. Egon Zakrajšek, Franc Bogović and many other experts and connoisseurs in the fields of geopolitics, logistics, environmental sciences, economics, sustainability, artificial intelligence…

The launch of business partnership between SBC and The Economist was attended by more than 150 top entrepreneurs, members of the SBC. "This is a historic moment when The Economist magazine comes to Slovenia for the first time in the Slovenian language. SBC brings together top business owners and people from around the world, and partnership with The Economist is an extremely important step towards globalization and internationalization of our operations." said the president of the club Joc Pečečnik.

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Photo: Eldin Hasanagić & Haris Čalkić

The World in 2022 Conference Held in Sarajevo for the First Time

Senad Softić, Governor of the Central Bank of BiH opening the conference

The ambassadors in BiH on the panel Brave New World

he conference World in 2022 was held in the building of the Parliamentary Assembly of BiH in Sarajevo on December 9, 2021, in cooperation with the Central Bank and with the support of the British Embassy and the EU Delegation. On this occasion, the first issue of The Economist: World in 2022 in Bosnian was promoted.

Opening the conference, Central Bank Governor Senad Softic pointed out that a number of challenges lie ahead. In the financial sector, these are negative interest rates, cryptocurrencies, decentralized finance. British Ambassador Matt Field pointed out that the world as we know it has changed in the last two years and will continue to change: "We will see changes in services, healthcare and pharmaceuticals, we will see shortening supply chains, growth of companies that rely on investments in digitalization. We must be ready for change and think of it as an opportunity." Krassimir Nikolov, Head of Section European Integra-

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tion, Political and Economic Affairs Delegation of the EU in BiH said: "Comprehensive economic reforms must be implemented. EU leaders have repeatedly emphasized that the Western Balkans and the EU share a common history but also a destiny." Minister of Foreign Trade and Economic Relations Stasa Kosarac said that institutions in BiH must have a dialogue with the real sector in order to maintain the economy: "It is necessary to implement international agreements, and they relate primarily to economic cooperation and markets."

As part of the first panel of Brave New World, representatives of the diplomatic community in BiH discussed what international relations in the region, Europe and the world will look like after the pandemic. The focus of Ambassador of Germany Margret Uebber, France Christine Toudic, Sweden Johanna Strömquist, US Ambassador Eric Nelson and EIB Representative for BiH and Montenegro Sandrine Friscia was on energy transition and reduc-

Suzana Šačić, director of magazine The Economist: The World in 2022 in BiH and Robert Coban, director CMC

tion of Co2 emissions. The second EU4TRADE panel discussed increasing BiH's international and regional trade volume. The topic of the third panel, Money Never Sleeps, was new opportunities and challenges for the economies of BiH and the region. Two Case Studies were presented at the conference. R&S and E&Y presented procurement trends that facilitate business. The second study was on the digital transformation of BH Telecom.

The Annual Edition of The Economist Promoted in Skopje vetot vo 2022 is the fourth edition of the annual issue The Economist: The World in 2022 in Macedonian language, under the exclusive license of the Color Media Plus company.

Luxuriously "packaged" and printed on 180 pages, this year’s edition of The World in 2022 is created with a lot of love and dedication by the whole team. Its top design and quality content, in fact, continue the trend which the readers got accustomed to over the past four years.

It serves as a guide for the coming year, which contains predictions and speculations of eminent and renowned journalists, analysts, statesmen, politicians. Moreover, it includes interviews with city mayors, ambassadors and businessmen within the Macedonian section.

If 2021 was the year in which the world was focused on the fight against the pandemic, in 2022 the necessity to adapt to the new reality will dominate, both in the areas reshaped by the pandemic and the deeper trends that are imposed again.

The promotion took place at H.E. Rachel Galloway’s residence, which is slowly becoming a tradition, considering the fact this is the third time the British Ambassador to North Macedonia hosts this well-respected event.

Text: Bojana Stojmenović, Photo: Goran Deskovski

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HE Rachel Galloway, Ambassador of the United Kingdom to Northern Macedonia

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INTERVIEW

125 Years is Not Just a Number Although, when we hear the word ‘museum’, our first association is its permanent exhibition, we have proved and shown, even without an adequate space, that a permanent exhibition is not the only precondition for visibility or an indicator of the value of a museum SLAVKO SPASIĆ Acting Director of the Natural History Museum in Belgrade

lmost two million geological and biological specimens kept in 125 collections, a specialised scientific library with more than 22,000 books, 40 employees including top experts who take care of all this, and more than 100,000 visitors in Serbia - this is the shortest way to describe the Natural History Museum using numbers. We spoke with the acting Director of the Museum of Natural History in Belgrade, Slavko Spasić, about the important jubilee, but also about the treasure that is hidden in the Museum depots, whether the Museum will be given a new building, and about the role of natural history museums in the 21st century.

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In its 125 years of existence, the how did the Natural History Museum keep, and preserve, the natural heritage not only of Serbia but also the world?

— Museum exists 125 years and is not just a number. It is actually 125 years of collecting, preserving, studying and exhibiting movable cultural assets from nature, 125 years of organising exhibitions, scientific research, education, publishing and cooperating with other institutions from the country and the world, thanks to all the employees of the Museum, but especially curators. Their work is enormous and impressive, but often insufficiently visible to the public. Exhibitions are just the tip of the iceberg. Our museum was founded as the first institution specialised for scientific study, protection and presentation of national natural heritage.

Today, it is a cultural institution of national importance. That is impressive, but also obliging.

What interesting exhibits does the Museum keep in its collections?

— The initial collections, dating to the first half of the 19th century, were collected and kept first in

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THE GEOLOGICAL AND BIOLOGICAL COLLECTIONS OF OUR MUSEUM ARE A UNIQUE AND EXCLUSIVE JOURNEY THROUGH SPACE AND TIME the Lyceum, and then in the Natural History Cabinet of the Great School, under the leadership of Josip Pančić, the first Serbian botanist and rector of the Great School. The geological and biological collections of our Museum are a unique and exclusive journey through space and time. They speak of the origin of our planet, the world around us, but also of the extinction of species. In our Museum, we have, for example, a Glossopteris, one of the oldest fossils in the world, as well as species that can no longer be found on Earth, such as the Kragujevac mallow, Vranje mallow or a flamingo that was caught in 1926 in Banat.

Also, there are several hundred holotypes, i.e. ‘keys’ for species identification or physical specimens of organisms that started

being used when certain species were first formally described. The Museum also has meteorites, the one from Sokobanja, which was found in 1887, from Jelica, which fell in 1889, and from Dimitrovgrad, which was discovered in 1948. In the depots of the Museum we keep an exhibit of a bear from Jastrebac, shot in 1885. Its history is especially interesting, because it used to adorn the halls of the Old Palace and was there during the May coup, when members of the royal dynasty of Obrenović were tragically killed.

What is your favourite museum item?

— As a biologist and a great lover of nature, it is difficult for me to choose just one, because they all have their own unique stories and

value. I am fascinated by endowers and their legacies, especially the legacy of Archibald Rice, a Swiss forensic scientist, publicist, doctor of chemistry and professor at the University of Lausanne.

Apart from being a great friend of the Serbian people during the First World War, he was also a great lover of nature. It is little known that, after the War, Rice liked to spend his free time in nature, and that he passionately collected specimens of butterflies and birds around Belgrade. He would donate specimens - which are still carefully preserved in our collections - to the then Museum, which he often visited.

The first permanent exhibition of the Museum was ceremoniously opened on 7 September 1904, on the day of the centenary of the First Serbian Uprising. King Peter I Karadjordjević also attended the event.

From that day forward, the Museum has held a large number of exhibitions.

— One of the main tasks of the

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Museum is to preserve and promote natural cultural heritage.

In the past 125 years, we have exhibited a large number of specimens from our depots and hosted the exhibitions of other museums from the around the country and the region, while simultaneously also presenting ourselves to audiences from Serbia. Today, the Museum follows modern trends in museology and science, adapting to modern times and the needs of the public.

Before the pandemic, our Gallery on Kalemegdan had, on average, more than 35,000 visitors per year. Also, numerous visiting exhibitions were seen by more than 100,000 visitors per year in other museums throughout Serbia. In the past two years, we have continued to organise exhibitions, but we have also provided nature lovers with virtual tours, although we know that the experience of seeing exhibits in a gallery space is irreplaceable.

Of course, each exhibition is accompanied by workshops for children, to which we pay special attention because they often represent children’s first contact with the Museum. That is where they build awareness of the nature that surrounds us and the need to preserve it.

Are there any diplomats among the visitors?

— Diplomats are very interested in our country’s rich culture, and they frequently visit our Museum with their families. Recently, in cooperation with Color Media Communications and your magazine, we held a guided tour of the exhibition “Caviar” for more than 30 representatives of the diplomatic corps. The author of the exhibition was Dubravka Vučić, senior curator and ichthyologist. It was a very special event, and we would like to express our sincere gratitude both to you and the embassies.

Still, the Museum is located in temporary accommodation, without adequate conditions required for proper work, storage and protection of collections. It also has no permanent exhibition. Are you expecting a new building, and if so, when?

— Although, when we hear the word ‘museum’, our first association is its permanent exhibition, by operating for 125 years without adequate space we have proven, and shown, that a permanent exhibition is not the only prereq-

OUR ACTIVITY SURVIVED THANKS TO THE GREAT ENTHUSIASM AND LOVE OF ALL THOSE WHO HAVE WORKED, AND ARE CURRENTLY WORKING, AT THE MUSEUM uisite for visibility, or an indicator of the value of a museum. Working conditions were - and still are - often very difficult, sometimes almost impossible. Our exhibits and the needs of the Museum are very specific. Imagine how much space is needed to store, or exhibit, the skeleton of a mammoth, or a bear, or a griffon vulture with its wings outstretched. Still, our activity survived thanks to the great enthusiasm and love of all those who have worked, and are currently working, at the Museum.

This year, the Ministry of Culture and Information has allocated funds for the development of the terms of reference, and next year we plan to announce an urban-architectural competition for the conceptual design of the Museum building. Based on the detailed regulation plan, the Natural History Museum building will be constructed in the area of the “Friendship Park” – Ušće, in New Belgrade. We are extremely happy about this, because we know how much the public will love to see, in a permanent exhibition, all the wealth that is stored in our depots, and how much easier our future work will be.

Have you made a promise to yourself, privately, that the Museum will get a building during your tenure?

— Yes, I did. I believe, and so does the entire team of the Natural History Museum, that our country, which is rich in natural resources, deserves a Natural History Museum like those that exist in other capitals around the world. The state has become aware of this, and we will do our best to make it happen.

You were the President of the National Committee of ICOM Serbia for many years, and now you are the Vice President of the ICOM Regional Alliance for Southeast Europe. What is the status of our museums in relation to those around the world, and to what extent has international cooperation been developed?

— ICOM (International Council of Museums) is the largest global network of museum professionals in the UNESCO system, with almost 50,000 members from all over the world. One of the 118 national committees is the one from Serbia, which has the most members in the region. Serbian muse-

ums show an exceptional level of engagement and creativity, which they achieve through intensive regional cooperation and involvement in the work of International Committees.

The Museum recently organised an online conference entitled ‘Natural History Museums for the 21st Century’, supported by Ministry of culture and information, which was attended by representatives of the most prestigious natural history museums in the world. So, what are the conclusions? What place will museums occupy in the 21st century?

— One of the conclusions of this conference was that despite the rich digital content, it is still important to attract people and bring them to museums.

We talked about new post-Covid strategies, digitalisation, as well as the importance of endowments in the development of collections. Another topic of the conference was the preservation of nature and life in it. It is a topic that is highly current today, but I am afraid it will become even more current in the time ahead.

We agreed that the task of the natural history museums in the coming period will be to actively participate in the preservation of the Earth, but also to inspire people around the planet to join, both as individuals and institutions, and give their personal contribution to this noble goal.

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INTERVIEW

You Need to Follow Trends and Technological Developments to Progress We, at Skymusic, have long been aware that entertainment is increasingly moving to the online space from offline space to the digital world, and although we do not think the future will be exclusively online, we implement innovations and follow trends but also set new trends and standards includes, for example, the pavilions of the UAE, Finland, Denmark and Great Britain, which were designed by the most prestigious global architectural studios and architects, such as Foster and Calatrava. People might also not know that Skymusic's experts were also in charge of the technical support of the Swiss and Dutch pavilions, which once again proved our company to be the most reliable partner of the world's biggest clients.

MILENKO ŠKARIĆ CEO&Founder of Skymusic Corporation

n his interview for the January edition of Diplomacy&Commerce magazine, CEO&Founder of Skymusic Corporation, Milenko Škarić, talks about demanding projects, the crisis affecting the industry and current and future projects. When asked where he sees himself and the company in the coming years, he says: „Expanding into the digital and video business segment is our current priority, and that will, of course, change our overall way of working and functioning. Also, we are actively working on solidifying our market presence in several countries.”

I

The construction of the Serbian Pavilion at the world's most prestigious event - Dubai Expo 2020 - took almost three years.

How challenging was this demanding project for you?

— Skymusic managed and coordinated the entire construction of the Republic of Serbia's Pavillion, which spans over 2,200 square

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metres, is located in the desert, in another continent. We were in charge of technical production and multimedia and the implementation of audio-visual and VR technology. This was, without a doubt, the most serious and demanding project we have ever done in two and a half decades of

How much has the worldwide pandemic-induced crisis affected and changed the sector in which you operate?

— The pandemic has radically changed the music industry, both in our country and the world. The music industry was practically the first to be hit, and it will be the last to return to its former way of functioning. For a long period of almost a year, the music industry in Serbia did not even exist, that is from the onset of the pandemic until this summer when the first outdoor events were held. During this time, we demonstrated that, as professionals who deal with event organization, we can organ-

SKYMUSIC MANAGED AND COORDINATED THE ENTIRE CONSTRUCTION OF THE REPUBLIC OF SERBIA'S PAVILLION, WHICH SPANS OVER 2,200 SQUARE METRES, IS LOCATED IN THE DESERT, IN ANOTHER CONTINENT the company's operations. It was a huge challenge, but the happiness is even greater when we look at the results of our work.

One of our favourite indicators of success is that the most eminent global and national websites dedicated to construction and architecture have ranked the Serbian Pavilion among the 10 must-see pavilions at the world exhibition. It is a great honour to be in that selected 'club', which

ize music festivals while adhering to all legally prescribed measures.

This was an extremely demanding job and a very complex organization-wise - not a single unvaccinated person or a person with a positive coronavirus test entered the Music Week festival in Ušće.

To achieve this, it took twice as much effort and attention to each, smallest detail of each process, but we succeeded. So, it is doable!

We are glad to see that the

things we had been insisting on since the pandemic outbreak were proven to be true, i.e. that professional event organizers have the capacity and resources to organize completely safe events. However, the situation is difficult worldwide and the end of the crisis is not in sight. The only thing we see as a way out is comprehensive vaccination, which we wholeheartedly support.

Which new development directions have you embarked on and has the pandemic expedited them?

— New development directions and now focusing more on video production, and this is the area in which Skymusic will expand. Yes, the coronavirus pandemic has expedited this process. We are now increasingly focused on production - both music and TV formats, as well as movies, series and videos. We created the first real music show in this part of the world called ‘Studio’ that airs on RTS1.

We are also launching SE TV, a television station that will offer entertainment, music and showbusiness content, in a different, contemporary way, modelled after the latest TV formats in the world.

We have founded the Sky Entertainment Group (SEG) platform, which gives performers, both well-known and non-established, the opportunity to market their talent in the best possible way. SEG covers the complete creative process - publishing, management and all marketing and PR activities regarding the launch of music and video releases on the market. We have opened a complex of modern music studios, as well as a fully-equipped TV studio near Belgrade because we know how important the proximity of the city is to our clients.

What is happening with the development of Sky Academy? Do you think that finding appropriate staff is one of the greatest challenges or even a problem in

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your industry?

— In our region, Skymusic has a reputation as a leader and the largest innovator in the organization and production of the largest and most demanding musical and other events. We use the latest technology following global production standards, and this requires our staff to monitor the level of development. Over the many years of our work, we have noticed that today's education for many people in the entertainment industry does not fulfil the real market needs, so our idea is to launch Sky Academy, the best regional education centre in the multimedia industry, to bridge the gap between our ambitions and existing labour market capacities.

Apart from being trained in the best studios in this part of Europe and learning from the most eminent experts in their respective fields, our students also get what other institutions of this type do not offer enough that is practical work on specific projects such as Exit, Beer Fest, Music Week and No Sleep. We are creating employees that have wide interests and knowledge. Our best students have the opportunity not only to receive scholarships but also to become our colleagues and associates after graduating from the Academy.

tertainment, book accommodation, have access to online stores that sell various products, follow social media that cover the entertainment industry, as well as to have access to many other useful and fun content. Plus, there is a unique innovative loyalty programme, created to cover all segments of modern life.

Expo Serbia photo team

APART FROM BEING TRAINED IN THE BEST STUDIOS IN THIS PART OF EUROPE, THE SKY ACADEMY STUDENTS HAVE THE OPPORTUNITY TO WORK ON SPECIFIC PROJECTS How much can the music industry and the event organization sector progress in Serbia and what do they need to develop more?

— You need to follow trends and technological developments to progress. We, at Skymusic, have long been aware that entertainment is increasingly moving to the online space from offline space to the digital world, and although we do not think the future will be exclusively online, we im-

plement innovations and follow trends but also set new trends and standards.

We are developing the eFinity application, the first integrative application in Serbia, which offers users numerous services from different domains of life. We are in the final phase of development. Soon, the application users will be able to watch and listen to audio and video content, make cashless payments, follow the latest news related to culture and en-

Looking back on your decades-long work, which projects are you especially proud of and could you tell us something about your future projects?

— In addition to building the Serbian Pavilion in Dubai, which I have mentioned earlier, I am immensely proud of the Music Awards Ceremony (MAC), which, in all respects, is an innovative music and stage live and TV event.

This is a project that combines the best of the best - the best performers with top production, and at the same time, connects the region, disseminates messages of friendship and has a humanitarian aspect. We plan to hold the next MAC in the spring. It will be innovative and different, just as our audience expects from us.

We have raised the bar of quality and innovation, and now we have to reach and surpass it with each new event. This is both a great challenge for us and an even greater pleasure.

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FOOD PLANET

by Maja Popović

There is No Such Thing as the Italian Cuisine Italian food is not only centred around eating. Rather, it is an all-around experience - it is history, identity, culture, quality, sharing, diversity, health

What is your favourite Serbian dish and why?

— Naravno! Serbian cuisine tastes great. I really like burek sa sirom; its crispy pastry with sour cheese is very appetizing. The poppy seeds strudel is simply delicious, not to mention the bajadera. I also appreciate the quality of Serbian wines and natural spirits. I have discovered some beautiful wineries in the country, which produce great wine, and interesting wine-tasting tours you can go to while enjoying the countryside. Of course, I have to mention rakija. My favourite one is dunja (quince). Apart from the dishes themselves, I enjoy the Serbian convivial spirit around the table - the familiar atmosphere, the pleasure of being together and sharing good food and the handed-down traditions. Italy and Serbia are very similar in this sense.

ALESSANDRA LO CASCIO Wife of the Italian ambassador in Serbia

talian cuisine is famous worldwide, but often the names of some dishes only sound Italian. In her interview for Diplomacy&Commerce magazine, Alessandra, the wife of the Italian ambassador in Serbia, reveals what is truly Italian and how one of the most delicious desserts is prepared. She also talks about her liking for Serbian cuisine and tradition, as well as places she likes to visit.

What are the main characteristics of Italian cuisine? What are the most popular Italian meals and sweets?

— I do not want to sound “presumptuous”, but there is no such thing as Italian cuisine. Our Country is world-known for its unique food and its dishes are among the most loved, popular – and unfortunately messed up – in the globe.

What is the key to this success? I believe that, besides its extraordinary taste, Italian food is not only centred around eating, but it is an all-around experience: it is history, identity, culture, quality, sharing, diversity, health. It is a real journey throughout our country - from North to South - passing through the islands (including Sicily, where my husband and I come from). You can discover an incredible variety of culinary traditions, and each of them tells a different story or anecdote.

Stereotypes aside, Italian cuisine is much more than pizza and pasta. But if you are asking me about our best-known dishes, that’s a real Pandora’s box - risotto alla Milanese, amatriciana, lasagna… As for the sweets, there are plenty of desserts and cookies, but I would like to single out three of them - tiramisu (in memory of the person who invent-

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Photo: Miša Obradović

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APART FROM THE DISHES THEMSELVES, I ENJOY THE SERBIAN CONVIVIAL SPIRIT AROUND THE TABLE. ITALY AND SERBIA ARE VERY SIMILAR IN THIS SENSE ed it, Ado Campeol, who recently passed away), panettone (the ‘king’ of Christmas), and one of the symbols of my beautiful land, the Sicilian cannolo, which is be-

coming popular worldwide, including Serbia. Doesn’t this make your mouth water?!

Do you like Serbian cuisine?

How do you like living in Belgrade? Which regions and cities have you visited and which would you recommend to your friends and why?

— For me, this is the second time around living in Belgrade. I already lived here almost 15 years ago and coming back, I found a very vibrant and dynamic city. I enjoy Belgrade, especially its artistic and creative soul and its effervescent and youthful atmosphere.

I also had the chance to travel around Serbia and I love Novi Sad with its cultural vibe (I also attended the Exit Festival), the beautiful art nouveau architecture of Subotica, and the landscape of Fruška Gora. I would surely recommend a visit to Serbia because it is a hidden gem; a very nice surprise for those who do not know the country and for those who want to make a genuine discovery, away from the most popular tourist destinations. I would definitely say that Serbia should be on every traveller’s bucket list. Serbian people are very warm and welcoming!

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Cannoli Siciliani

INSTRUCTIONS 1. Put in a large mixing bowl the flour, salt, cinnamon, cocoa powder and sift the caster sugar.

2. Add lard, egg, and then the vinegar mixed with Marsala wine; these liquids should be added slowly, stirring the mixture until you get soft but firm dough.

3. Knead the mixture for 5 minutes on a flat surface, until elastic, smooth and homogeneous, then wrap it in plastic and leave it to rest for at least an hour in the

refrigerator.

4. Now you need to prepare the cannoli cream. For the topping, you need to place well-drained ricotta cheese inside a bowl and add sugar.

5. Gently stir the ingredients, cover the bowl with plastic wrap and place in refrigerator for at least an hour.

6. After the indicated time, take a very fine mesh sieve, place it on a bowl and with the help of a spatula, crush the ricotta and sugar down and press on it. You should see very

INGREDIENTS fine cream coming out through the sieve.

7. Once the composition has the right density, add the chocolate chips (or what you prefer). Mix and place the cream cheese in the refrigerator, in a container with a lid.

8. Take the dough for the cannoli shells and place it on the table. Use a rolling pin to create a thin 1-2 mm pastry.

9. Make circles out of the dough, roll them around cannoli molds, brushing the ends with the egg whites before stacking them.

10. Heat the lard (or cooking oil) in a saucepan to between 170 and 180°C and then fry all the cannoli shells.

When ready, put them on sheets of absorbent paper to get rid of the extra oil, and let them cool completely before removing the metal cylinders.

11. Once they cool, fill the cannoli shells with the cannoli cream that you will put in a pastry bag, using a smooth and wide nozzle.

12. Complete the process by placing the candied cherries or chopped pistachios at each end.

13. Top it with a generous sprinkling of powdered sugar and serve.

FOR THE SHELLS • 2 cups flour 00 • 1 tablespoon bitter cocoa powder • 50 gr caster sugar • 1 egg • 30 gr lard • 1 oz Marsala wine • 1 oz white wine vinegar • Cinnamon powder • Vanilla • 1 pinch of salt • Oil FOR THE CANNOLI FILLING • 800 gr ricotta cheese • 300 gr caster sugar • Dark chocolate drops FOR GARNISH • Powdered sugar • Candied cherries or oranges • Chopped pistachios • Chocolate chips

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POSTCARD

by Robert Čoban

White Mayor, Black Flags A decade ago, the picturesque Piran, a town on the Slovenian side of the Adriatic coast, was reported about worldwide as the first town in Eastern Europe to have a black mayor. Today, the mayor is white and the owner of a local photo shop, but black flags are still flying on the boats of local fishermen in protest of fishing restrictions in the Piran Bay imposed on them by Croatian border patrols

Town Hall

omewhere halfway between Ljubljana and the sea, the clouds are parting and the November sun is illuminating all shades of green, yellow and red in the Slovenian version of the Indian Summer.

Writer Aleksandar Gatalica is behind the wheel of a car as he tells me about his first days as a cultural adviser at the Serbian Embassy in Ljubljana. He remembers the time when he went on a summer vacation to Rovinj with his brother, sister, mother and father by train. They did not jump out of the train and throw their suitcases out the window at the Kanfanar station like the students described in Mišo Jovanović's book "Goodbye to the Old Rovinj”, which I wrote about in this magazine two months ago. They would go to Pula, have breakfast in the park

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and wait for the bus to Rovinj.

Today, almost no one takes a train to go on vacation in Istria - the new Croatian and Slovenian motorways and airports on the island of Krk, in Pula and Portorož are sufficient to trans-

The already mentioned love that people from Belgrade have for Istria has given rise to a very special relationship that the so-called Balkan Marketing King, Dragan Sakan and the town of Piran had.

On the Piran waterfront, on a

UNTIL 1918 (EXCEPT FOR THE SHORT FRENCH RULE FROM 1797 UNTIL 1918), PIRAN WAS UNDER AUSTRIAN RULE port everyone who wants to spend their vacation in the most developed tourist region in the former Yugoslavia.

We pass the turn for Trieste, a little later for Koper and through the "tunnel" created by centuries-old conifers, we enter Piran.

two-meter high rampart, a monument was erected that resembles a stylized version of Piran made of books, pencils, rulers… The monument has been designed

by Slaviša Savić and made by the sculptor Milan Stošić. Thus conceived bronze memory of Dra-

gan Sakan symbolizes his motto "Ideas are all around us" - as well as the inspiration and respect he and Piran had for each other ever since he had launched his school of ideas ‘Ideas Campus’, a gathering place for the greatest creatives of his time.

We left the car in the parking lot between the Piran Hotel and Partizanska Street and headed to the City Hall. The winged lion of St. Mark testifies that the town was ruled by Venice for more than five centuries (Ah, those five centuries!) - from 1283 until the fall of the Venetian Republic in 1797.

Until 1918 (except for the short French rule from 1797 until 1918), Piran was under Austrian rule.

During that French rule, a naval battle took place near the town between the English and French warships. It was called the Battle

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of Piran, which ended in Napoleon's defeat.

Between the two world wars, Piran was part of the Kingdom of Italy, and from 1947 to 1954, was part of Zone B in the disputed territory between Italy and Yugoslavia. "Zone A and Zone B belong to both of our beings", it was sung at rallies throughout Yugoslavia.

In the end, Zone A, which included the city of Trieste, became part of Italy and Zone B, which included Piran, came under the Federal People’s Republic of Yugoslavia.

Since 1991, Piran has been part of the independent Republic of Slovenia, and on the same balcony next to the Lion of St. Mark four flags hang - the City of Piran’s, the EU’s, Slovenian and Italian.

We put on our masks and enter the City Hall. The guard asks us for our COVID-passes and after a few minutes, we end up in the office of Djeni Zadković (age 57), the mayor of Piran. He tells us how he completed his conscription in Kosovska Mitrovica during the time of the former Yugoslavia.

Two years ago, he was on an official visit to Belgrade and met with Mayor Zoran Radojičić. in cooperation with three coastal Slovenian municipalities - Koper, Izola and Ankaran - the municipality of Piran is a candidate for the European Capital of Culture 2025.

We are talking about potential cooperation in the promotion of Piran in Serbia, and the mayor tells us that 40% of the money from the sojourn taxes is paid by the city to the local association of hoteliers, which then makes decisions on which project to support.

Transferring cash flows from the hands of politicians to the hands of the business community is quite unusual for towns south of Zidani Most.

"LET THEM TALK" A giant painting "Mary with the Child and the Signs of Piran", the work of Domenico Tintoretto (1560-1635), a Venetian painter and son of the much better known Jacopo Tintoretto, adorns the ceremonial hall of the City Hall.

As we were leaving, a gallery of photographs featuring former mayors of Piran caught my eye in the hallway. The latest in a series is Peter Bosman, "the first black mayor in Eastern Europe" and "Piran's Obama", as he was called by the world media when he was elected to that position in 2010.

Peter arrived in Yugoslavia in the late 1970s, after the ar-

Black flags

THE SQUARE ALSO HAS THE LOGGIA, WHERE IN ANCIENT TIMES, THE WEALTHIEST TOWNSMEN MET

Hotel Piran

Flags of Piran

my’s coup d’état in his native Ghana. When he came to Ljubljana, he knew nothing about the city, but he soon fell in love with it as well as the whole of Slovenia. "When we were supposed to return to Ghana, it was destiny who brought my patients in Piran together, who launched a petition, asking the authorities to let me stay. They called me a 'black angel'," said Bosman, who headed the city in two terms from 2010 to 2018. I am trying to imagine a city in Serbia, Bosnia or Croatia which has had a black mayor for two terms and followed by a mayor who is also the owner of a local photo shop.

We leave the City Hall and sit on the terrace of one of the cafes in Tartini Square, named after the 18th-century Venetian composer and violinist Giuseppe Tartini, who was born in this town. In addition to the City Hall, there are several other interesting buildings in the square, such as the birthplace of the aforementioned famous composer and the Church of St. Petra. In the northern part of the square is the Venetian House, which according to a myth was built by a rich Venetian merchant for his much younger mistress.

On its facade, he ordered relief to be made with the inscription in Latin - "Lassa pur dir" ("Let them talk!").

Speaking of Venetians and considerably younger mistresses, I remembered Miroslav Krleža's play ‘The Glembays” and the excerpt from it: “That woman was worth more than seventy thousand other women! I bought her a three-story house in Vienna. Yes, I bought it, but what if I bought her a three-story house and if all my staff knew about it? No three-story house can match that heart, that vitality, that culture, that youth.”

The square also has the Loggia, where in ancient times, the wealthiest townsmen met. Today, there is an art gallery, which is one of the biggest attractions of Piran. The oldest building here is the abovementioned House of Tartini, built in Gothic style. The building was restored from 1985 to 1991 and is now managed by the local Italian community. A small museum, the memorial house of Giuseppe Tartini, is located on the ground floor.

Aleksandar tells me that the square where we are sitting used to be a port, but the water, just like in Venice, severely eroded the foundations of the surrounding

61

houses, so they decided to cover the marina with stone and soil, build a square in its place and move the port a hundred meters to the sea.

After finishing my coffee, I went to the Piran Salt Pans store, which sells various products that contain the famous Piran salt. I opt for salty chocolate. It's lunchtime and we are slowly moving towards Prešeren's embankment, a street along the coast that abounds in restaurants. The fortune-teller recommends the tried and tested Three Widows restaurant. After a serving of stuffed squid paired with fried squid and homemade Malvasia, we were ready to go to the next meeting in neighbouring Portorož.

THE KEMPINSKI BAY As we drive past the harbour, I spot a multitude of small black flags on fishing boats. My companion explains to me that this is a symbol of the protest of local fishermen who have been facing numerous problems with the Croatian Coast Guard for years.

Namely, it is about the still unresolved Slovenian-Croatian border dispute over a part of the sea which the Slovenes call the Piran Bay and the Croats - the Savudrija Bay. Someone witty came up with a new name - the Kempinski Bay since famous Kempinski hotels sit on both sides of the bay - the Kempinski Palace in Portorož, Slovenia, and Kempinski Adriatic Istria in Savudrija, Croatia. Both operate

Sakan monument

THE OLDEST BUILDING HERE IS THE ABOVEMENTIONED HOUSE OF TARTINI, BUILT IN GOTHIC STYLE under the MK Group, owned by the Serbian businessman Miodrag Kostić.

The Kempinski Palace Hotel in Portorož, a trademark of the Slovenian coast, was opened in 1908 during the "golden age" of Habsburg rule in this area. It was designed by the Austrian architect Johann Eustachio. At the end of the summer season of 1990, the hotel was closed, but the war the following year kept it locked up for the next 18 years. After obtain-

ing a license from the international hotel chain Kempinski and renovation worth 70 million euros, the hotel reopened on October 18, 2008.

Six kilometres south of Portorož, next to the village of Sečovlje and only 300 meters from the Croatian border, is the smallest of three Slovenian airports. The runway is 1,205 metres long, and smaller aircraft, sports planes, private jets and ATRs are currently allowed to land on it. There are

plans to extend the runway by another 400 metres, which would be fit for the Boeing 757. However, that would disturb farming here as farms border the airport.

Local authorities are reluctant to disrupt the environmental balance, and cattle and goats grazing on pastures near the runway. I am trying to imagine how this problem would be solved in some other countries in the region.

After the meeting in Portorož, our car glides on a perfectly maintained motorway towards overcast Ljubljana, leaving the sign for Trieste to our left. Zone A and Zone B are together again in a united Europe, and alls we, south of Zidani Most, can do is to think about it until the next missed opportunity.

Mayors of Piran

City of salt

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Hotel Palace Portorož

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France

DI PLOM ACY

&

COM M E RC E

PR E S E N T S

Photo: canadastock / Shutterstock

FOCUS ON

MOST VISITED MUSEUM

THE LUMIÈRE BROTHERS

GREATEST CYCLE RACE

KING FOR 20 MINUTES

30,000 TONS OF SNAILS

With a whopping 9.6 million visitors in 2019, the famous Louvre is the most visited museum in the world. Located in the heart of Paris, the magnificent museum is home to around 38,000 works of art and artifacts dating back to prehistoric times. .

The Lumière brothers, Auguste Marie Louis Nicolas and Louis Jean held the world’s first public movie screening on December 28, 1895, at the Grand Café in Paris. The five second long film simply showed workers leaving the Lumière factory.

On 1 July 1903, 60 cyclists embarked on the first-ever Tour de France from the Parisian suburb of Montgeron. More than 100 years later, the event has grown to become the world’s greatest cycle race, with around 198 cyclists racing some 3,200 kms.

The French king only enjoyed 20 minutes of royal fame after his father Charles X abdicated, leaving him to ascend the French throne in July 1830. After this brief period, Louis-Antoine also abdicated in favor of his nephew, the Duke of Bordeaux.

The French eat about 30,000 metric tons of escargot yearly. However, around two-thirds of all the snails eaten in France come from eastern Europe and the Balkans. So if you’ve eaten snails in France, chances are they have traveled a long way to get to your plate.

FRANCE

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The EU Integration of Serbia Will Remain the “Golden Thread” of My Action The last country report of the EU noted progress in various fields, mainly economic reforms, migration management, and cooperation in the field of security

I N T E RV I E W

elations between the two countries, challenges that await us in the coming year, but also impressions of Belgrade are topics that H.E. Pierre Cochard, Ambassador of France to Serbia talks about in his interview for Diplomacy and Commerce magazine.

R

Your Excellency, you are at the beginning of your mandate in Serbia.

What priorities have you included in your agenda and what challenges do you expect to encounter?

— My priority is to develop the already very dynamic bilateral relationship between our two countries and support Serbia’s EU accession process: France has expertise and can export norms as well as technology to implement the reforms undertaken by the Serbian authorities.

After a period during which we were not as active as we could have, France is back in Serbia and the Western Balkans. This culminated with President Emmanuel Macron’s visit to Belgrade in July 2019, who called upon a new commitment of France in Serbia.

My guideline is the French Strategy for Western Balkans, released in 2019.

I will do my best to facilitate political meetings, which always impulse on-

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SPECIAL EDITION

going and new cooperations. Minister Nikola Selakovic, visited France on 16-17 December and other ministerial visits should follow in 2022. I also intend to pursue our efforts in the field of economy, security and defence, culture and science. Last but not least, I will continue promoting French language in Serbia and support Serbia’s will to become a full member of the International Organisation of La Francophonie (OIF).

The EU integration of Serbia will remain the “golden thread” of my action. Since 1 January, France holds the presidency of the Council of the European Union, under the slogan “recovery, power, belonging”. Serbia and the Western Balkans are a priority, which President Emmanuel Macron mentioned explicitly. A regional conference will be organised next June.

What is the current situation in your country and what measures are in place when it comes to the Covid-induced crisis?

— France is experiencing a fifth wave of Covid, after curbing down the contaminations during fall. While the vaccination rate is high – 90% of eligible citizens are fully vaccinated – the government is now focusing on a boost-

H.E. PIERRE COCHARD Ambassador of France to Serbia

The French Development Agency (AFD) allocated three loans to Serbia this year and offers grantbased supports, totalling about 230M€

er shot campaign. The generalization the Covid pass helped us control the speed of contaminations so, as 15th of January, its validity will be conditioned to a third dose.

In order to avoid the Omicron variant to spread, conditions to enter France have been tightened. It remains possible to enter our territory with a PCR or antigenic test but – clearly – holding a valid vaccination certificate still makes a big difference to enter France without justification, avoid quarantine and circulate freely in the country.

What do you think will be the biggest challenges for Europe and France in the coming year in terms of the health and economic crisis?

— The Covid-19 pandemic is not over.

We have to learn to live with it and hope for it to become milder, thanks to immunization or a variation of the virus. So mass vaccination remains a priority, as well a robust healthcare system. We should fight Covid-related ailments, but at the same time we have to continue investing in other public health issues. Because of Covid, prevention and detection of other diseases are going “under the radar”.

In the midst of the pandemic, the

EU supported businesses and jobs in an unprecedented way, to keep away from a deep crisis. This will come with a cost if we don’t build favourable conditions to relaunch our economy. During the French presidency, we will pursue our efforts towards strategic independence: we want industries to flourish again on our territory, recovery plans to focus on competitiveness and innovation, climate change and social cohesion. This requires a strong political will, financial efforts, well targeted public incentives and new coordination mechanisms.

When you presented your credentials to the Serbian President, you confirmed the readiness of the French Development Agency to significantly increase its engagement in Serbia.

What does this mean for our overall relations?

— This means that we want to support the development of clean infrastructures in Serbia, in line with EU-standards. This is not only part of its EU-accession process but also of its development policy and international engagements in the field of Climate. The French Development Agency (AFD) allocated three loans to Serbia this year and offers grant-based supports, totalling about 230M€. It operates in partnership with other international funders, with whom investments are in the pipe for 2022 and 2023. For our overall relations, this also means that Serbia is a priority in French foreign policy.

Your country supports economic, social and democratic reforms in Serbia. What priorities should the Serbian government have?

— The last country report of the EU noted progress in various fields, mainly economic reforms, migration management, and cooperation in the field of security. We also noted significant legislative progress in the field of rule of law, including the long-awaited ongoing constitutional reform on Justice, which was drafted in an inclusive and transparent manner.

An important frame-law in climate change was also adopted, which paves the way for more robust policies on the matter. For all of these reasons, I’m very happy that EU member states decided to open cluster 4 in December, on green agenda and sustainable connectivity.

This being said, there is still progress to achieve, notably regarding rule of law, freedom of media and high corruption: while I commend the legislative efforts in the field, ultimately they have to be translated into facts. Gen-

eral elections are coming up in Serbia and should serve as a good benchmark to assess the progress.

The Belgrade-Pristina dialogue is still pending and I know how sensitive the Kosovo issue is for Serbia. I am convinced of the necessity of a European mediation: in September, a temporary solution was found to the dispute over car plates, which is positive.

This being said, France call for the resumption of the discussions, in a spirit of compromise, and for the implementation of what has been agreed.

This implies a strong political will on both sides and the guarantee that no unilateral action will be carried out.

of its Creative District.

2021 also set milestones in the field of defence cooperation, which fostered our partnership agreement signed in 2011. General Lecointre, Chief of Staff of the French Armed Forces, visited Belgrade in June and French troops took part in Platinium Wolf, an international military exercise conducted

by Serbia. Our troops are mostly interoperable, as Serbia actively takes part in several EU and international peace keeping operations.

As for improvement perspectives, I wish that more French companies will invest and create new employments in Serbia. This would generate more people-to-people ties, give more attractiveness to French language, foster more academic and youth exchanges etc.

What are your impressions of the overall cooperation between France and Serbia? In what areas can these relations deepen and improve?

— The cooperation between France and Serbia is thriving despite the covid-19 crisis. As mentioned, the field of cooperation is very diverse so I’ll just mention a few.

First off, French companies are involved in major projects in Serbia. Egis is in charge of feasibility studies for the Belgrade’s underground and Alstom will provide the rolling stocks.

Vinci operates Nikola Tesla international airport where a new terminal will be inaugurated shortly. The waste reprocessing plant of Vinca, managed

by Veolia-Itochu, should also be mentioned as it started operating in August. Technologic excellence and respect of the highest environmental standards are the common ground of those projects.

I’m also proud of our partnership with Novi Sad, European capital of Culture in 2022. Its very diverse cultural program will include several renowned French troops and the French Institute of Novi Sad will move into a new and modern location in the heart

What should Serbia focus more on and improve to attract more French investors?

— I’ll start by saying that Serbia is very attractive for French investors, who express their satisfaction on the business environment and their operations here: infrastructures are growing, workers are very qualified, speak languages, there is an EU-perspective.

However, Serbia is still quite unknown as a business location in France, which probably explains why we still have an unfulfilled development potential. We support all initiatives aiming at promoting Serbia in France, but more can be done, including in the field of tourism, academic cooperation and innovation. Let me also add, more generally, that stability of the entire Western Balkans regions very important to attract foreign investors.

As for improvement perspectives, I wish that more French companies will invest and create new employments in Serbia

What are your first impressions of Serbia and Belgrade?

— My first few months here allowed me to discover a very exciting country, in the heart of Europe but also of a region crossed by new tensions. I met with a variety of people who are fully engaged in their communities, who want to modernize the country, bring about social change.

I was also very humbled to see how France is present in Serbia and among Serbian people, how strong are the roots of our longstanding friendship and solidarity.

I am already fond of Belgrade: its kafanas, its rivers banks and street animations. I’m lucky that our Embassy is a stone’s throw away of Kalemegdan, where it is always a pleasure to stroll.

In this positive context, I see a huge untapped bilateral potential, thanks to a mutual will at all levels and what I would simply call “good vibes”..

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We Promote the Potential of the Serbian Market

France is one of the world's largest economies and there is almost no sector in Serbia in which French companies would not be interested

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s everywhere, French companies in Serbia had to change the dynamics of their business and adapt to the new operating conditions as a result of the pandemic. Although the crisis did not have a dramatic impact on business, and there were no mass layoffs in any of the companies, this was definitely one of the biggest challenges.

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What were the biggest challenges that French companies in Serbia had to face and what results did they achieve in 2021?

— Environmental protection and sustainable development are some of the challenges that need special attention, and sadly Serbia is lagging behind the European Union in this. The Chamber's member companies have a real sustainable development strategy in Serbia, and we strive to improve the socially responsible character of busi-

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ness on a daily basis while influencing the environmental awareness of the business community. To that end, the Innovating Environment conference was recently held as part of the French Week, organized by the French-Serbian Chamber of Commerce and the French Embassy in Serbia. This business conference will serve as an introduction to the activities that CCIFS plans to implement in 2022, concerning environmental protection.

Large-scale projects, such as Vinci's concession of the Belgrade airport, are being implemented smoothly. The subway project is going well too, digitalization is being successfully implemented by all of our members, companies did not resort to mass layoffs...

All in all, we can say that 2021 was positive for our members.

From the French-Serbian Chamber of Commerce's stance, what should be the Serbian government's prior-

DRAGAN STOKIĆ President of the FrenchSerbian Chamber of Commerce (CCIFS)

We are continuing to support French companies throughout the Western Balkans and expand our network of members

ities in terms of improving the business climate in the country in 2022?

— Solving the problems caused by the pandemic requires time and hard work of business owners, managers and all employees, as well as the indispensable help of the Government of the Republic of Serbia. In addition to corporations, small and medium-sized enterprises make up a large percentage of our members. They are the backbone of the Serbian economy and we need to fight for these companies to be supported and to help them overcome the difficult period they are going through. Small and medium-sized enterprises need support, primarily the state's help, in finding clients, getting subsidies for market research or employing market research staff in companies that are not yet export-oriented. To that end, we act as a chamber to facilitate the business of our member companies through numerous initiatives that we have undertaken and

which we will continue in 2022.

Furthermore, we believe that it is necessary to help young people to develop their talents, but also to direct the economy towards solving the problem of youth unemployment. For that reason, we have dedicated a large number of activities at the French-Serbian Chamber of Commerce to students and graduates. We also believe that the relevant segments at the Serbian Government can be more actively involved in this joint struggle to keep young people in Serbia and provide an adequate and quality business environment for them.

IT and digitalization are development priorities of the Serbian economy in the coming years. In what direction do you think these sectors are moving?

— The process of digitalization is a development priority for the Serbian economy, and at the same time, it is a great challenge. Nevertheless, the Serbian economy manages to single out positive aspects of this process.

The application of digital technologies is imperative for the sustainability of successful business entities today and in the future, and with initiatives to which the Serbian government contributes, we will continue to boost the Chamber's activities and the activities of member companies in that direction.

Is Serbia ready in terms of the sufficient number of educated staff, knowledge and expertise when it

How would you rate the economic cooperation between France and Serbia and in which areas could it be improved?

— I would rate the current climate in the economic relations between France and Serbia as very good, but promoting the Serbian market's potential with French companies is an indispensable segment of improving relations which is the CCIFS' main goal.

French business people are most interested in Serbian infrastructure, the transport sector, the energy sector, digital technologies, as well as public-private partnerships. I believe that cooperation in these areas will flourish in the future because it has already intensified. The French are also interested in environmental protection, and I believe that this is an important segment in which cooperation between the two countries should be enhanced.

In this sense, in 2022 we will organize a large regional forum on public-private partnerships, which will focus on the aforementioned sectors.

comes to the development of innovations, IT products, etc.?

— The information and communication technology sector is one of the pillars of the Serbian economy. Significant stakeholders in the IT market are consolidating and making a strong appearance. The IT sector has long brought together thousands of companies that generate record revenues. Foreign, and by that, I also mean French IT companies, have a strong interest in the Serbian market and cooperation with the domestic community. A good indicator of this is the increase in exports

of digital programmes and applications, as well as the fact that exports in this sector have become higher than exports of agricultural products, which have traditionally been in the first place.

The IT sector in Serbia is becoming increasingly important, and the data show that the value of these services is constantly growing, as well as the number of educated staff, and thus employees. Despite the pandemic, the sector has remained stable. Such sustainability is just one of the reasons why people choose to work and improve in this area.

Therefore, I believe that Serbia has great potential when it comes to the IT sector and it is primarily embodied in talented and promising people and their innovative knowledge and skills.

With such a workforce, the success of the IT sector is guaranteed, as the relevant data show.

Solving the problems caused by the pandemic requires time and hard work of business owners, managers and all employees, as well as indispensable government help

Which direction will the Serbian economy take in the coming period, given the good results of recent years?

— I believe we can expect economic growth despite the challenges if we continue to preserve business, value initiatives and reward entrepreneurship. Our economy follows the growth of the EU economy which is our largest commercial partner, and as the EU economy has projected imminent growth, we can be optimistic. The announced opening of new chapters in negotiations with the EU, and especially the upcoming French presidency of the European Union, plus the focus on the European perspective and economic integration of the Western Balkans presented by President Macron on December 9th as priorities of the French presidency, are all important positive signals.

What will be the Chamber's key activities in 2022?

— As for the French-Serbian Chamber of Commerce, the priorities will be actively working on the affirmation of Serbia as the economic hub of the Western Balkan region, as well as strengthening the role that the CCIFS has in Serbia. We are continuing to support French companies throughout the Western Balkans and expand our network of members. We welcome all companies, regardless of their geographical origin, because we all share a desire to cooperate. Our Chamber has a personal stamp and we nurture our unique spirit which is a combination of business and hedonism.

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In Serbia 281 Companies Have Majority French Capital

Positive experiences of foreign companies that have invested in Serbia so far are certainly a good example for future investors C O O P E R AT I O N

any French companies have invested in Serbia, and trade relations between Serbia and Russia could encourage new investments. Raspberries are one of the products that Serbia exports the most to France.

According to the data collated by the State Statistics Bureau, in the first nine months of 2021, the total value of the trade between Serbia and France amounted to EUR 972.2 million, which is a 22% hike relative to the same period in 2020. Total exports of goods amounted to EUR 432.1 million, which is a 28% increase compared to the same period last year. Serbia imported from France goods worth EUR 540.1 million, which is also an increase of 18%. The export to import ratio stood at 78.9%.

The total trade between Serbia and France in 2020 amounted to EUR 1.1 billion, which is a 5% decline compared to 2019. Total exports of goods in 2020 amounted to EUR 468.5 million; a 0.2% decline in relation to 2019.

Serbia imported EUR 638.8 million worth of goods from France the same year, while the export to import ratio stood at 80%.

In the first nine months of 2021, Serbia mostly exported the following to France - frozen raspberries without added sugar, new pneumatic tires for passenger cars, Propene, bags and sacks, motors, generators, detergents and other goods.

In the same period, Serbia mostly imported the following from France unclassified goods, medicines for retail purposes, liquid pump parts, diesel cars, medicines containing insulin, rubber and beauty and skincare products.

Based on the data of the Ministry of Finance of the Republic of Serbia -

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Potential French investments could be boosted by Serbia's position in trade relations with the Russian Federation

Customs Administration, 4,699 companies from Serbia did business with French companies in 2020, of which 723 were exporters from Serbia to France, 3,527 importers from France, while 449 companies were engaged in both export and import.

There are 281 companies with majority French capital in the Republic of Serbia, as of October 2, 2021, active in the following sectors: • Wholesale and retail trade and repair of motor vehicles - 67 companies • Manufacturing industry - 55 companies • Professional, scientific, innovation and technical activities - 41 companies • Administrative and support service activities - 32 companies • Information and communication 25 companies • Construction - 19 companies • Transport and storage - 11 companies • Financial activities and insurance 7 companies • Accommodation and food services 6 companies • Agriculture, forestry and fishing - 6 companies According to the data from the National Bank of Serbia (using the new BPM6 calculation methodology), in the period from 2010 to September 2021, EUR 1.2 billion of investments from France entered Serbia. By September 2021, an outflow of French investments from Serbia in the amount of EUR 75.3 million was recorded.

Potential French investments could be boosted by Serbia's position in trade relations with the Russian Federation, which relates to a unified Free Trade Agreement with the Eurasian Economic Community consisting of Russia, Belarus, Kazakhstan, Armenia and Kyrgyzstan, which ensures price compet-

itiveness for foreign investors, compared to other exporters and which French companies could make more significant use of.

The Serbian Government’s policy is primarily aimed at attracting new investments in the economy, including French investments. Positive experiences of foreign companies that have invested in Serbia so far are certainly a good example for future investors.

The wide range of opportunities created by numerous free trade agreements, as well as new legal incentives stipulated in the Decree on the Conditions and Manner of Attracting Investments are a good motivating factor for investment activity. Competitive sectors that have the biggest potential for attracting investments and at the same time, for improving the export performance of the domestic economy are those in the processing industry.

France has a highly sophisticated, demanding market with a population of almost 67 million which territory covers one-fifth of Europe's surface. Also, for Serbian business people, it is a kind of window and channel leading to the countries of North Africa. The former French colonies the Maghreb countries (Algeria, Tunisia and Morocco) - are still traditionally oriented towards the French market in terms of language, proximity and trade ties. The French market is completely open, but with extremely high market demands due to the widest possible offer and stiff competition. In order to enter such a market and stay there for a considerable amount of time, companies not only have to have top quality products or services but also good knowledge of the business environment and business culture there.

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ECONOM Y

Macron, and on?

A turbulent political year is in store as France holds presidential and parliamentary elections f Emmanuel Macron wins a second term in the tworound vote on April 10th and 24th 2022, he will become the first French president to be re-elected for 20 years. But he has his work cut out to achieve it. France weathered the pandemic in 2021 fairly well: schools were hardly shut, businesses and salaries well protected and vaccines widely distributed. In the coming year the economic rebound will continue to boost job creation. The country is less taxed, more tech-savvy and more business-friendly than five years ago. In theory, that bodes well for Mr Macron. But he needs to show that he is not just competent, but can listen, too.

The race will be tight, nasty and divisive. The French dislike nothing more than a pre-written script. Polls will fluctuate, as voters play with rival candidates’ nerves. They do not want a repeat of 2017, pitting Mr Macron against Marine Le Pen. The lead-

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The odds are still, just, on a Macron victory.

But he would find a centre right opponent particularly tough

er of the National Rally (formerly National Front) will make her pitch to the anti-Macron gilets jaunes (yellow vests). The hard-right leader will borrow Brexit slogans, such as “take back control”, though she will no longer call for a Frexit referendum, nor withdrawal from the euro. But, on her third attempt at the presidency, she will lack novelty value.

Parties will matter less than people and polls. Don’t rule out an upset from a disruptive populist, as seen in America and Brazil. France’s version is Eric Zemmour, a 63-year-old anti-immigrant and anti-Islam polemicist, who will portray Ms Le Pen as too soft and drag the debate onto even more toxic ground. He could split the right-wing vote and keep her from the run-off.

The centre-right Republicans will supply the strongest mainstream alternative to Mr Macron, if rivals rally around one nominee. They are due to make their pick on December 4th 2021.

Watch three candidates closely. Xavier Bertrand, head of the northern Hautsde-France region, will cast himself as the moderate anti-Parisian antidote to Mr Macron, but is distrusted within the party. Valérie Pécresse, head of the Ile-de-France region around Paris, is more of a policy-driven team player, but is mocked for appearing posh.

Michel Barnier, the eu’s former Brexit negotiator, is better known in Britain than France, but liked by party members. If Mr Bertrand loses, don’t rule out a rebellious solo run for the presidency. Each will promise to “respect” the French more— a dig at Mr Macron’s

reputation for arrogance.

The left’s prospects, by contrast, look slim, unless rivals can unite behind a single candidate. The Socialists’ Anne Hidalgo (mayor of Paris) and the Greens’ Yannick Jadot appeal to bicycle-riding city voters, but lack broader appeal. Candidates on the hard left, including Jean-Luc Mélenchon, will split the vote further still.

In January, France will take over the six-month presidency of the EU Council. This will put Europe at the centre of Mr Macron’s campaign. Expect him to push “European sovereignty”, as a response to a rising China and a disengaging America. Bruised by Anglophones in the Indo-Pacific, Mr Macron will be keener than ever to reinforce his country’s strategic links—and act as a dominant voice within Europe in the post-Merkel era.

The odds are still, just, on a Macron victory. But he would find a centre right opponent particularly tough.

Even if he wins, he may struggle for a majority at parliamentary elections in June. He will need help from Edouard Philippe, his ex-prime minister, who will use his new party, Horizons, to win seats and clout. A new government will try to curb public spending after the runaway budgets of the pandemic, and to raise the retirement age.

This will prompt angry protests and strikes. Even if re-elected, Mr Macron will struggle to repair divisions after a febrile and turbulent year.

Source: SOPHIE PEDDER Paris bureau chief, The Economist, Paris

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Walk the Talk Towards Corporate Environmental and Social Responsibility in Serbia The goal is to enable savings and efficiency and to make energy available to a much larger number of people in a much shorter time C O R P O R AT E

KSENIJA KARIĆ Schneider Electric

s much as 72% of Schneider Electric's revenue is green, including all technologies that can be developed to facilitate energy efficiency and reduce emissions“, says Ksenija Karić, General Manager of Schneider Electric for Serbia and Montenegro, adding that thanks to solutions that connect renewable energy and digitalization, we can optimize business and take control of the future.

Ms Karić reminds us that the global goal is to limit warming to 1.5 degrees compared to pre-industrial levels and to reach zero carbon dioxide emissions by 2050. She adds: "To reach that goal, this decade alone, i.e. by 2030, the level of emitted carbon dioxide should be reduced by between 30% and 50%. Of course, the emissions of other greenhouse gases must also be significantly reduced."

To get to that level, the economy needs to experience fast modernization, while relying on innovations and changes of behaviour. "The goal is to enable savings and efficiency and to make energy available to a much larger number of people in a much shorter time. Technology is not a challenge

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for us since it is already present. The challenge is to change people's habits," Ms Karić adds.

The General Manager of Schneider Serbia also underlines that would be possible only if we shifted the focus from “infrastructure” to “consumer.”

She also points out the need to modernize buildings, transport, industrial facilities and machinery, but also highlights the need to expand and strengthen existing electricity infrastructure, especially networks. Companies need to embrace universal automation, sustainable efficiency and digitalization to foster global economic recovery, and improve manufacturing and processing industries.

SCHNEIDER ELECTRIC THE MOST SUSTAINABLE COMPANY IN THE WORLD In early 2021, the company was declared the most sustainable in the world by Corporate Knights. The company plans to become carbon-neutral by 2025 and to halve the greenhouse gas emissions of its 100 largest suppliers in the same period, with the help of the solutions it has been developing.

"We are just trying to be a role model

in the way we execute our operations, so we are part of the solution for many of our clients," says Ms Karić and adds: "With the EcoStruxure platform, clients can improve their business, create opportunities for business innovation and achieve savings, which can go up to 80 percent."

The platform is based on Internet of Things (IoT) technology and serves as a basis for managing, running, automating and optimizing systems locally or in the cloud. It combines all three levels - data collection, control and analytics - and helps companies to transform in terms of higher speed, waste reduction and energy efficiency.

20 YEARS OF BUSINESS IN SERBIA

Socially responsible business and investing in community development are segments that we have approached with great care since the very beginning of the company's business in Serbia

Next year, one of the largest French companies marks 20 years of business in Serbia. "During that time, Schneider Electric has developed a network of partners that today consists of over 100 domestic companies. We are especially proud of our licensed partners who produce equipment following Schneider Electric technologies," says Ksenija Karić, and adds the company will remain committed to sustainability, but also to socially responsible business. She reminds us that Schneider was recently declared the best socially responsible company of the year by the Serbian Association of Managers.

"Socially responsible business and investing in community development are segments that we have approached with great care since the very beginning of the company's business in Serbia. This award is a validation that, in synergy with people from our environment, we can create a much better place for life and work. We just need to find the right and most sustainable way to do that," Ms Karić concluded.

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We are Optimistic About 2022 The French-Serbian Chamber of Commerce has nurtured optimism about 2021, and we are entering next year in the same spirit

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espite periodic crises and oscillations in the number of people infected with the coronavirus but also the number of vaccinated citizens in Serbia and the world, it seems that the situation is improving. I sincerely believe that next year will bring us progress in every field, starting from health to economy and business.

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The Chamber worked hard and carried a large number of activities in 2021. Which ones would you single out as the most important?

— The most important factor that made 2021 a success was the possibility to hold the events live in the second half of the year. Representatives of CCIFS member companies demonstrated how much they missed faceto-face meetings with their colleagues and business partners by showing up and later sharing their impressions.

In addition to the large number of events that we held this year, I would like to single out our traditional Gala Evening and Beaujolais Evening, which we organized again after a one-year break. These two central events took place just a month apart, and we managed to gather hundreds of members, diplomats, colleagues and friends to attend. Organizing events of such formats requires exceptional dedication and motivation, and the Chamber certainly did not lack that this year.

Judging by the impressions of the guests, I believe that these two events hold a special significance for our members as well. We hope that the Chamber will continue holding live events next year because we know that they mean a lot to our members, but we will also continue with webinars that have proven to be successful too.

SMEs make up a large percentage of your members. What are your projections regarding the development of the SME sector in 2022?

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— Large companies have easier access to the Serbian market because they have the required infrastructure to start a business, while SMEs are much more cautious. Serbia has achieved a certain degree of economic stability that facilitates companies' operations, and French SMEs have noticed the opportunities found on the Serbian market.

The common position of all CCIFS members is that state assistance is extremely important for the SME sector, and we also advocate this position before our institutional partners. Therefore, at the very beginning of the pandemic, we launched an appeal to the Government to provide assistance to SMEs as soon as possible.

The SME sector can potentially play a key role in the growth of the Serbian economy, and the support of large corporations is important. Therefore, we strive to influence and encourage them to improve their cooperation with SMEs, as well as maintain SMEs' liquidity by paying invoices on time.

We hope that in the future, small and medium-sized enterprises will continue to contribute more to the creation of more jobs, encourage innovative activities and affirmation of entrepreneurship.

Was 2021 easier in the sense that you were able to offer members content that is not just in an online format?

— Absolutely! Essentially, it is easier to organize an online event, but face-to-face contact is something that cannot be substituted, no matter how advanced the technology is. As the circumstances changed, we all started gradually to hold live events, which made everyone happy – both the organizers and the guests.

This year, we held online events, and both attendance and interest were strong, which is an indicator that we chose good topics and even better panellists.

SANJA IVANIĆ Director General of the French-Serbian Chamber of Commerce (CCIFS)

Environmental protection is one of the most important issues that largely concerns the economy, so the French-Serbian Chamber of Commerce has decided to focus on that in 2022

What is the Chamber's cooperation with other bilateral chambers and business associations like?

— We are proud of the good cooperation with all chambers in Serbia. I would like to underline the cooperation with the German-Serbian Chamber of Commerce and the Italian-Serbian Chamber of Commerce, thanks to which we have been jointly organizing Dialogue 3.0 for years, with our institutional partners.

Events that reflect good cooperation between all chambers are the Speed Business Meeting and the International Networking cocktail party. At the onset of the pandemic, six French chambers based in CEE countries launched an important initiative and we have organized a series of webinars, during which our members discussed current events in countries and networked. We also launched a series of webinars for French companies that produce outside Europe and introduced them to CEE as a more attractive destination for nearshoring and sourcing.

What are your plans for 2022 and what will be your main focus?

— Environmental protection is one of the most important issues that largely concerns the economy, so the French-Serbian Chamber of Commerce has decided to focus on that in 2022.

In order to support the Serbian economy and help it become more resource-efficient and competitive, but also to harmonize the economy with the European Green Deal, CCIFS and its members will work towards supporting the transformation of the Serbian economy. This programme, called The Quest for Net Zero, which will be implemented under the auspices of our Sustainable Development Club, will be in our focus throughout 2022 and will include conferences, webinars and regular meetings which main topic will certainly be ecology and environmental protection.

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Vision and Human Resources as the Foundation for Leadership

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We are completely focused on recognizing the talent, people and brands development, which is a simple recipe for long-term success C O R P O R AT E

esponsible business is Pernod Ricard’s imperative, as a leader in the distribution of imported spirits and wines. In an interview for Diplomacy&Commerce, Vladimir Pavlović, Pernod Ricard's Director for Serbia and Montenegro, talks about the company becoming a leader in its segment and the campaigns it conducts.

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Pernod Ricard Serbia has been operating in our country for 25 years.

What contributed to the company becoming a market leader?

— Pernod Ricard is one of the first multinational companies to open its affiliate in Serbia, during the most difficult times for doing business in this region. Courage and vision are something our employees are known for to this day. Until today, we remain the only manufacturer in this segment that is present on the Serbian market and we are committed to recognizing the talent and development of people and brands as a simple recipe for longterm success.

Along with human resources, which are the key to our leadership, our comprehensive portfolio of global brands is such that the leadership position is implied in all categories of premium spirits, such as Scotch and Irish whiskey, vodka, gin, tequila, and rum. Chivas, Ballantine's and Jameson whiskeys, Absolut vodka, Beefeater gin, Olmeca tequila, Havana Club rum, Martell cognac, as well as exceptional brands in the prestige and super-premium segment, are a guarantee of the highest quality we offer to our consumers.

Of course, we should not forget our customers and long-term partners in

VLADIMIR PAVLOVIĆ Business Development Director of Pernod Ricard Serbia

With our latest international digital campaign called "Drink More…Water", we believe that we have made an additional step in the right direction

various sales channels, who have been successfully developing their business for decades in cooperation with our company, and they, in turn, are an integral part of all our results and achievements. Creating new trends, quickly adapting to new circumstances and above all, long-term planning and achieving strategic goals are key factors that will further boost our leadership position in the future.

Pernod Ricard is the world number two in the spirits and wine segment.

What does your company do in practice to combat alcohol abuse?

— Pernod Ricard is perpetually committed to promoting responsible alcohol consumption. With our latest international digital campaign called "Drink More…Water", we believe that we have made an additional step in the right direction. The campaign is adapted to Generation Z and addresses them in their language. Using very authentic scenes and pulsating music, the campaign shows the extent to which alcohol abuse can lead to dangerous situations. The appeal to drink more water is based on a scientific fact that water consumption helps limit risky behaviour associated with excessive alcohol intake.

Which of the company’s activities or projects would you like to single out in terms of responsible business?

— One of the initiatives we are especially proud of is our support for the Battle for Maternity Wards campaign, launched by the B92 Fund, whereby our employees take part in the Belgrade Marathon, which symbolically activates the donation to the Fund. In

the last five years, we have helped the Narodni Front Maternity Hospital, as well as maternity hospitals in Čačak, Arandjelovac, Subotica and Jagodina by donating medical equipment under this initiative. We used this opportunity to raise public awareness that pregnant women should not consume alcohol, which is also communicated by a special symbol on each bottle of Pernod Ricard products. This initiative is also an occasion for our employees to socialize and have fun. Before the outbreak of the pandemic, our colleagues from different countries regularly supported this noble campaign through their participation.

A new Law on the Excise Duty on Alcoholic Beverages has recently entered into force. How does this affect your business?

— The new law prescribes that the amount of excise duty should be calculated in line with the percentage of pure alcohol in the product, which ensures an even playing field for all market participants. Compared to the previous period, this practically means a lower excise tax for most of our products. On the same day when the Law came into force, we harmonized our market prices with the reduced excise duties and thus made our brands more accessible to customers and consumers. We did face some disbelief and confusion on the market after announcing price reductions, probably because companies have a habit of using such moments to increase their profits. I believe that in this way we have shown in practice what social responsibility means and justified our leadership position.

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The Opening of a New AFD Regional Office in Belgrade We are actively working today to extend our activities in other Western Balkans countries in 2022 COM M E N T

he opening of a new Agence Française de Développement (AFD) regional office in Belgrade in September 2019 has demonstrates the importance that France wishes to attribute to the Western Balkans region, by supporting its path towards the accession to the European Union. AFD is a public financial institution in charge of implementing the French government's development and international solidarity policy in line with the Sustainable Development Goals (SDGs) of the UN 2030 Agenda. Thus, our commitments in the Western Balkans are consistent with the low-carbon development trajectories of the countries in the region, while contributing to the socio-economic resilience of populations and territories.

The work carried out by AFD team has made it possible to commit nearly €450 million, first in Albania in 2019, then in Montenegro in 2020 and finally in Serbia in 2021 in the key sectors of transport and mobility, both on the national and local levels, energy efficiency, climate change and most recently, solid waste. We are actively working today to extend our activities in other Western Balkans countries in 2022.

The waste sector has indeed been identified as the major environmental challenge for Serbia's accession to the European Union: we have just signed with the Serbian authorities, on 17 December 2021, our third financial commitment in Serbia worth a total of €150 million in the presence of our Director for Europe, Middle-East and Asia, Mr. Philippe Orliange. This loan is the result of intense tripartite collaboration between the Serbian authorities, the EBRD and AFD and aims to set up a multi-annual national solid waste management program. This program will

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DOMINIQUE HAUTBERGUE Director of the Western Balkans Regional Office of the Agence Française de Développement (AFD)

Serbia is a country with high economic potential, qualified human resources, a great industrial and commercial capital

take into account all stages of waste management, from collection to recycling and recovery, including sorting.

After the opening of our office and a first installation phase, we developed our activities in close collaboration with the Serbian government, but also in consultation with other donors involved in the country, such as the World Bank, the European Bank for Reconstruction and Development (EBRD) or Kf W, our German counterpart. This partnership approach, which is particularly important to us, allows us to raise the ambitions of our partners together.

The opening of AFD's office in Serbia is an additional tool in intensifying the political and economic relationship with France. Our bilateral relationship is old-standing, rich in history and solidarity, but it experienced a less active period in the 2000s, as if it were "sticking to its achievements".

In recent years, political meetings have multiplied, culminating in July 2019 with the visit of President Emmanuel Macron, followed by several recent visits by President Vucic to Paris. The opening of our office, only a few weeks after the presidential trip, materializes the renewal of French engagement in Serbia.

Our mandate in the Western Balkans is particularly oriented towards supporting the transposition of the acquis communautaire, through the financing of sustainable and innovative projects, integrating a strong environmental and social dimension. To do this, we rely on a wide range of instruments, starting with investment loans, such as our National Solid Waste Pro-

gram in Serbia (€75 million), budgetary loans to support public policy reforms, such as our Cities and Climate Program in Serbia (€50 million), credit lines with financial institutions, such as the credit line with the IDF in Montenegro (€50 million), or support to NGOs. In addition to the two grants signed today, we also support regional projects in favor of NGOs, such as an incubator project to develop a network of actors with a strong social vocation, the RISE project (Regional incubator for social entrepreneurs).

Finally, we provide expert solutions by mobilizing large grant packages in support of our projects, such as the €500,000 technical assistance contract backed by the Cities and Climate Program to support the climate transition in Serbia.

AFD Group also has two subsidiaries, the first of which is Proparco, which supports the private sector. It is in this context that AFD supports the modernization of Belgrade airport, energy efficiency for Serbian SMEs and renewable energy development projects in Montenegro. The second, Expertise France, supports the authorities through international experts.

Today, Serbia is a country with high economic potential, qualified human resources, a great industrial and commercial capital. But it also has challenges to overcome, particularly in the areas of infrastructure and the environment. They give meaning to our professional commitment here, to the action of the AFD Group and France, alongside the authorities, civil society and companies, the primary actors of the Serbia of tomorrow.

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Benchmark Company for Ecological Transformation

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For Veolia, ecological transformation means radically changing production and consumption patterns, placing ecology at the heart of every process and every assessment C O R P O R AT E

n Serbia, Veolia has been successfully implementing projects within the ecological transition since 2006. In his interview for Diplomacy&Commerce magazine, Nebojša Grbušić, general manager of this company, speaks more about ongoing and future projects.

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What does the Veolia Group represent?

— Veolia Group aims to become the benchmark company for ecological transformation. Present on five continents with nearly 179,000 employees, the Group designs and deploys useful, practical solutions for the management of water, waste and energy that are contributing to a radical turnaround of the current situation. In 2020, the Veolia group served 95 million inhabitants with drinking water and 62 million with sanitation, produced nearly 43 million megawatt-hours and recycled 47 million tonnes of waste. Veolia Environment (Paris Euronext: VIE) achieved consolidated sales of 26.01 billion euros in 2020.

What are Veolia’s activities in Serbia?

— Veolia has been present in Serbia since 2006. We have four companies in Belgrade, covering Serbia, Montenegro, Bosnia & Hercegovina, North Macedonia, and Albania. We operate in several different business lines covering drinking water and wastewater treatment, energy production, and waste management. So far, Veolia has constructed several wastewater treatment plants (WWTP) in Serbia, including WWTP in Vrbas, with the most extensive treatment capacity in Serbia at the moment (based on the techni-

cal requirements submitted by the Client). We are present on the WWTP Leskovac, completing the construction of the sludge line and the commissioning of the waterline of the WWTP that was constructed by another contractor a few years ago but still not commenced due to different reasons. We are also completing WWTPs at the thermal power plant in Kostolac. The new WWTP construction and commissioning contract in Kraljevo Veolia was signed in December 2021. This project is among the most significant projects on the WWTP market in Serbia and is the first of this kind after a few years.

Besides the above-mentioned WWTP-related projects, Veolia has recently completed a drinking water treatment plant in Subotica that will provide additional reliability for the water supply of the citizens of Subotica. Our energy division is currently involved in multi-year operations and maintenance of the recently constructed Belgrade Airport boiler room and several industrial energy efficiency projects. Recently Veolia received the European Commission's decision to approve the acquisition of Suez.

This decision is a decisive step in the creation of a global champion of ecological transformation, as the green light from the European Commission is a key factor in the realization of this Veolia's industrial project. The acquisition of Suez will significantly boost Veolia's activities in Serbia due to the presence of Suez on the Vinča landfill project. Veolia's experience on similar projects worldwide combined with the local team in Belgrade will significantly contribute to the Vinča project execution.

NEBOJŠA GRBUŠIĆ M.Sc.E.E., General Manager, Veolia Water Solutions & Technologies Belgrade, Executive Manager for business development Balkans area, Veolia CEE Representative office in Belgrade and Legal representative, Sade branch in Belgrade

We operate in several different business lines covering drinking water and wastewater treatment, energy production, and waste management

What exactly is ecological transformation and in which way does Veolia participate in that process in Serbia?

— For Veolia, ecological transformation means radically changing production and consumption patterns. It means placing ecology at the heart of every process and every assessment.

It means providing radical, meaningful solutions to significant problems with and for its stakeholders: local authorities, manufacturers, civil society, employees, etc.

Veolia is eager and capable of offering its expertise and experience in Serbia to improve environmental protection and foster ecological transformation by building the capacity in the municipalities and on the governmental level for proper strategy development and efficient and reliable projects execution in the field of environmental protection.

What are the company’s plans?

— Never have environmental concerns been so instantly visible, or their consequences for our societies so real to people. In becoming the benchmark company for ecological transformation, Veolia is committing to accelerating and expanding the deployment of existing solutions while simultaneously creating the solutions of tomorrow. We are moving forward hand-in-hand with our stakeholders, convinced that economic, social, and environmental challenges must form an indivisible whole. We are manifesting our Purpose through our daily activities on the ongoing and future projects in Serbia and the Balkans, demonstrating our commitment to the sustainable and human-oriented future.

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FRANCE

The Dialogue 3.0 online

Gala Evening

Baking Workshop

Gala Evening

AC T I V I T I E S

CCIFS’ Activities

The Chamber is a reliable partner to all French companies that want to obtain information or start a business in Serbia he French-Serbian Chamber of Commerce (CCIFS) organizes three to four events a month, of different formats, which are an opportunity for members to meet, get information, and of course, enjoy socializing.

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LAUNCH OF THE ‘HOW CAN WE HELP YOU?’ CAMPAIGN In line with the context of the ongoing crisis and in order to support our members, we launched a campaign called “How can we help you?” During and after the state of emergency, the entire CCIFS team was available to chamber members at all times to help and support them in the best possible way during the crisis period.

GALA EVENING 6th October 2021 One of the most attractive events - Gala Evening - was held on 6th October, and the evening’s theme was STEP INTO THE LIGHT. The event was officially opened by the new

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president of CCIFS, Dragan Stokić. Once a year, the Chamber gathers over 200 guests, diplomats, businesspeople and public figures to celebrate the successes of the previous year. The event is known for its interesting entertainment programme and sumptuous banquet. At Gala Evening, the Chamber also gives out its annual Grand Prix awards with the aim of supporting the local community in education, health, safety and ecology.

THE DIALOGUE 3.0 ONLINE CONFERENCES In cooperation with the Italian-Serbian Chamber of Commerce and the German-Serbian Chamber of Commerce, CCIFS has launched a series of online conferences fostering dialogue between companies and state institutions. To date, we have jointly held four conferences with the Ministry of Labour, Employment, Veteran and Social Affairs, the Ministry of Environmental Protection and two with the Serbian Tax Administration.

THE FRENCH WEEK 18th- 24th November 2021 The French Week is one of the most important events organized by the Chamber, which promotes historical, cultural and business ties between France and Serbia. The time when this event takes place corresponds to a popular French custom in France - the welcoming of the young French wine Beaujolais Nouveau. The event’s diverse and colourful content gives the guests the opportunity to participate in the traditional events of the French Week; to taste good wine at the Beaujolais Nouveau young wine welcoming ceremony, to learn some of the secrets of French cuisine at the Baking Workshop, to taste famous labels from the French regions at

the Wine Workshop, and to taste famous French cheeses and other delicious delicacies.

CSR CLUB’S EDUCATIONAL CAMPAIGN TITLED "AFTER COLLEGE, I WILL BE..."

In the first half of the year, in cooperation with the University of Belgrade’s Career Development Centre, we launched a series of online workshops for students, during which they had the opportunity to get first-hand information from employees in various sectors. The workshops focused on professions related to technology, finance, marketing, telecommunications, sales, project management, human resources, finance and tenders.

SUPPORT SERVICES FOR FRENCH COMPANIES We are continuously working on supporting French companies that want to develop business activities in Serbia. We help in examining the market potential, finding clients and partners, opening a branch and in general, issues relating to their business on the Serbian market. The Chamber has been an operating partner of Business France, the state-owned French export promotion agency and a member of Team France Export for 10 years.

LEBOOSTER – CCIFS’ BUSINESS CENTRE We have opened the LeBooster Business Centre which has offices, co-working spaces, virtual offices and conference rooms, all located in a uniquely French environment. Companies can register their business at our address, or rent a desk for a certain period while using our Chamber’s logistics, business and networking services.

FRANCE

T R A DI T ION

Liberty, Equality, Fraternity A legacy of the Age of Enlightenment, the motto "Liberté, Egalité, Fraternité" first appeared during the French Revolution. Although it was often called into question, it finally established itself under the Third Republic inked by François Fénelon at the end of the 17th century, the notions of "liberty", "equality" and "fraternity" became more widespread during the Age of Enlightenment.

At the time of the French Revolution, "Liberty, Equality, Fraternity" was one of the many mottos in use. In a December 1790 speech on the organization of the National Guards, Maximilien Robespierre advocated that the words "The French People" and "Liberty, Equality, Fraternity" be written on uniforms and flags, but his proposal was rejected.

From 1793 onwards, Parisians, soon to be imitated by the inhabitants of other cities, painted the following words on the façades of their houses: "Unity, indivisibility of the Republic; liberty, equality or death". But they were soon asked to erase the phrase’s final part as it was

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too closely associated with the Reign of Terror.

This motto fell into disuse under the Empire, like many revolutionary symbols. It reappeared during the Revolution of 1848 marked with a religious dimension: priests celebrated the "Christ-Fraternité" and blessed the trees of liberty that were planted at the time. When the Constitution of 1848 was drafted, the motto "Liberty, Equality, Fraternity" was defined as a "principle" of the Republic.

Discarded under the Second Empire, this motto finally established itself under the Third Republic, although some people still objected to it, including partisans of the Republic: solidarity was sometimes preferred to equality which implies a levelling of society, and the Christian connotation of fraternity was not accepted by everyone.

This motto was inscribed again on the pedi-

ments of public buildings on the occasion of the celebration of 14 July 1880. It appears in the constitutions of 1946 and 1958 and is today an integral part of our national heritage. It is found on items used by the general public such as coins and postage stamps.

PEOPLE

“I Don't do Fashion.

I am Fashion” Chanel captured her vision in "Coco-isms" that read like acerbic precursors of today's ubiquitous inspirational quotes -- "a woman who doesn't wear perfume has no future," or "If you're sad, add more lipstick and attack" abrielle "Coco" Chanel was one of the 20th century's most influential couturiers. A milliner by training, she moved beyond hats to become a rebel and a trailblazer of the fashion world, creating a new sartorial style that freed women from corsets and lace frills by offering them sailor shirts and wide-leg pants instead.

In the 1920s she introduced the Little Black Dress to fashion. Intended to be affordable and easy-to-wear, Vogue rightly predicted that it would be worn around the world.

"Nothing is more beautiful than freedom of the body," she once said, and her designs lived by these words: Chanel's silhouettes were flu-

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id and androgynous, her designs loose and -in the case of her iconic little black dress, or LBD -- democratic. She wanted women to move and breathe in her clothes, just like men did in theirs. Her work was, in many ways, a form of female emancipation.

As well as revolutionizing how we dress, she helped form a new ideal of what a fashion brand could be: an all-encompassing force that could tend to all aspects of a woman's life, from formal attire to holiday wardrobes and evening ones.

Her influence wasn’t just on clothes. At night, she appeared at the opera house with short hair, inspiring many women to adopt the new

“garçon” (boyish) style. In 1921, she created her first perfume, Chanel No 5. It was the first fragrance to bear the name of a designer, and was accompanied by the number five because Chanel had been told by a fortune teller that this was her lucky number.

In 1954, aged 71, Chanel reopened her fashion house after it had been closed for 15 years during the war. She told the actress Marlene Dietrich it was because she was “dying of boredom”. On 10 January 1971, after returning from a walk with her friend Claude Baillen, Coco Chanel died on her bed in the Hotel Ritz. Her last words to her maid Celine were, “You see, this is how you die.”

C U LT U R E

The Important Players in France's History We've all heard of the great men and women who have marked the history of France

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istorical trails, museums, memorials, and even chateaux and gardens take us back in time to the lives of these emblematic figures.

FROM THE GALLO-ROMAN ERA TO THE MIDDLE AGES Vercingetorix, the most famous Gallic leader, was born in Auvergne in approximately 80 BC. After heading multiple battles to unify Gaul, he beat Caesar in Gergovie in 52 BC. Another great unifying force, Charles the First (known as Charlemagne) was praised for having restored the great Western Empire and for decreeing a free school system. The influence of the church was even greater under King Louis IX, who was known as Saint-Louis. In 1248, he inaugurated the Sainte-Chapelle on Paris' Île de la Cité, a sacred lieu destined to house the holy relics of Jesus acquired by the King.

FROM THE RENAISSANCE TO THE FRENCH REVOLUTION In 1515, François the First became King of France. He reigned over a powerful kingdom and, after his victory over the Milanese in Marignan, sent Jacques Cartier to explore the Saint Laurence River in Quebec, and substituted Latin for French as the administration's official language.

In 1533, King François' second son, Henri, mar-

ried Catherine de Médicis, who became regent.

Charles IX's mother played the role of a true Renaissance princess and, along with her husband's mistress, Diane de Poitiers, influenced the Chenonceau Chateau's gardens à la française.

The future Henri IV was born at the Chateau of Pau, which today houses a National Museum on "the good King Henri". Henri IV founded the Bourbon dynasty before being assassinated by Ravaillac in 1610, and ruled over France very authoritatively, in a manner that paved the way for the Absolutism of his grandson, Louis XIV. Throughout his 72-year reign, Louis XIV, or the Sun King, continuously expanded his home at Versailles, the castle being the ultimate symbol of power, and had extravagant gardens built

by Le Nôtre.

A century later, Louis XVI's wife, Marie-Antoinette, also fell under the charm of the Versailles estate. Fond of entertaining, she organised theatre events and revived the grand balls.

Executed in 1793 during the French Revolution, Marie-Antoinette's remains were placed in the Saint-Denis Basilica's royal crypt in 1815.

19TH CENTURY: THE TWO EMPIRES "He was above Europe like an extraordinary vision." This is how Victor Hugo paid tribute to Napoleon the First during his acceptance speech at the Académie française. Napoleon Bonapar-

te, born in Ajaccio in Corsica, was crowned Emperor of France on December 2, 1804. His reign was marked by a long series of wars. After the French defeat of the invasion of Russia, Napoleon abdicated in 1814.

It was only after the Restoration, the July Monarchy and the IIe République that Louis-Napoleon, Napoleon's nephew, became the first president of the Republic, and this, to universal approval. Crowned Emperor after a coup d'État in 1852, Napoleon III contributed to France's economic and industrial revolution, notably with the railways he had built.

UNDER THE FIFTH REPUBLIC IN THE 20th CENTURY A symbol of the resistance during the WWII and a major player in the establishment of the Fifth Republic, General de Gaulle embodied France for many years. The Charles de Gaulle Memorial, inaugurated in 2008 in Colombey-lesdeux-églises, is a veritable history lesson on the 20th-century, and, being so close to his home, an intimate encounter with the General himself. Following de Gaulle's resignation in 1969, Georges Pompidou took his place at the Palais de l'Elysée. Pompidou's presidency marks the last breath of the Glorious Thirty, and during a press conference, he began with this description of France: "Fine dining, Les Folies Bergères, haute couture... It's all over! France has begun an industrial revolution!" He dreamed of building a cultural institution devoted to modern and contemporary creation in the heart of the Capital. Thus was born the Centre Pompidou, inaugurated in 1977.

Culture was also highly esteemed by François Mitterrand, who established the Fête de la Musique (held each year on June 21), along with the Geode at Villette Park, the Musée d’Orsay, the Grand Louvre, the Bastille Opera House, France's National Library…

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Mont Saint-Michel

TOURISM

Normandy, Historic and Cultural Region Normandy, French Normandie, region of northern France encompassing the départements of Manche, Calvados, Orne, Eure, and Seine-Maritime and coextensive with the former province of Normandy. It was recreated as an administrative entity in 2016 with the union of the régions of BasseNormandie and Haute-Normandie

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ormandy is a region of northern France. Its varied coastline includes white-chalk cliffs and WWII beachheads, including Omaha Beach, site of the famous D-Day landing. Just off the coast, the rocky island of MontSaint-Michel is topped by a soaring Gothic abbey. The city of Rouen, dominated by Cathédrale Notre-Dame de Rouen, is where military leader and Catholic saint Joan of Arc was executed in 1431

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MONT SAINT-MICHEL

The story of Mont Saint-Michel began on a night in October 708, when the archangel Saint Michael appeared to Aubert, the bishop of Avranches, and ordered him to construct a religious building on what was then called “Mont Tombe”. It is a medieval village and many hidden treasures can be found within its walls. Charm also comes from the highly original names given

to some of the houses: “l’auberge de la truie qui file” (home of the fleeing sow), “la maison de l’artichaut” (house of the artichoke), “le jardin de l’Isle des Bas” (garden of the Lower Isle)…You’ll find little alleyways, gardens and hidden pathways behind some of the houses.

The walkway along the city walls also offers splendid views over Mont SaintMichel bay and the tides which sweep around the Rock twice a day.

ROUEN

Wandering around the old town of Rouen, visitors will enjoy the historical ambience found in the winding cobblestone lanes, which are lined with maisons à colombages (half-timbered houses). Gothic churches are found at every turn, and many are gems of medieval architectural achievement. The town's impressive Cathédrale Notre-Dame was depicted by Claude Monet in a series of paintings that show the intricate details of the cathedral's facade at differ-

Rouen

Honfleur

CAEN MEMORIAL MUSEUM

ent times of day. Another noteworthy monument in Rouen is the Gros-Horloge clock tower in the center of town.

Among the top attractions of Rouen is the Musée des Beaux-Arts, which ranks among France's most outstanding museums of fine arts. The collection includes masterpieces of European painting, including an assortment of Impressionist works.

HONFLEUR

With its picturesque old harbor on the Seine estuary, Honfleur is one of the most charming towns in Europe.

This old seafaring port was where travelers embarked on voyages to Canada in the 16th century. One of Honfleur's most noteworthy attractions, the Musée de la Marine (Maritime Museum), is housed in the former Eglise Saint-Etienne, which dates back to the 14th century. The Musée Eugène Boudin (at Place Erik Satie) is a must-see attraction for lovers of Impressionist art. Boudin's paintings and drawings represent nearly half of the collection; the rest includes pieces by other Impressionist artists such as Gustave Courbet, Eugène Isabey, and Paul Huet who painted scenes of the Normandy coastline.An interesting tourist attraction in itself, this Late Gothic church was built by local shipwrights after the Hundred Years' War.

Caen is an excellent starting point for a tour of the Normandy D-Day Beaches and Memorials

Caen is an excellent starting point for a tour of the Normandy D-Day Beaches and Memorials. Three-quarters of the town was destroyed during the Allied landings in June and July of 1944 (although its historic churches survived almost entirely unscathed). Created as a tribute to Caen's suffering during the war, the Mémorial de Caen (Caen Memorial Museum) tells the story of the Second World War, the D-Day Landings, and the Battle of Normandy. Beneath the Caen Memorial Museum is the site of General Richter's Headquarters, which was a command post during the German Occupation. The Mémorial de Caen is also the Center for History and Peace in Normandy, which aims to educate the public and promote the concept of reconciliation. The center hosts events such as temporary art exhibits and a Human Rights Competition.

DEAUVILLE

Since the 19th century, Deauville has been a premier seaside resort in Normandy. This glamorous vacation spot is still considered one of the top beach destinations in France. The seafront features two kilometers of sandy shoreline and a promenade (boardwalk) for seaside strolls. Lifeguards are on duty daily during the high season (July

Caen Memorial Museum

and August). Holiday-goers can take a break from sunbathing at the beach to browse the fashionable boutiques, get a spa treatment, or dine at one of the many gourmet restaurants. Other things to do include sailing, golfing, and attending equestrian competitions.

Deauville lives up to its reputation as an internationally renowned resort with its array of prestigious events, including the International Polo Championship, held at Deauville's modern nine-hectare equestrian complex, and the Deauville American Film Festival.

ÉTRETAT

The seaside resort of Étretat is nestled at the foot of white limestone cliffs on Normandy's Côte d'Albâtre coastline.

The cliffs reach 90 meters in height, and from the top are sensational panoramic views. The scenery of Étretat appealed to Claude Monet who spent a winter here in 1868 while capturing the dramatic landscapes and glistening waterfront in his paintings. The beaches of Étretat delight sunbathers during the summer, and the ocean is a source of livelihood for fishermen who catch fresh seafood that is widely used in the local cuisine. Étretat also has many attractive Belle Epoque villas, the most well-known is the Villa Orphée. The Villa La Guillette was built for the author Guy de Maupassant.

Deauville

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CULTURE NEWS

19th Belgrade Dance Festival nder the slogan We believe in one dance the 19th Belgrade Dance Festival is ahead of us. With its program, the nineteenth edition is gathering top artists, and the topics that authors are bringing analyze modern society using the richest and most diverse vocabulary of the unique movement.

From the rich program we single out the first three performances according to the calendar order: March 16th A visionary choreographer, Alonzo King has changed the way we look at dance. Collaborating with famous composers, musicians, and visual artists from around the world, he creates works that rest on a diverse set of deeply rooted cultural traditions, giving classical dance a new expressive potential. Alonzo King views ballet as a science – founded on universal, geometric principles of energy and evolution, and continues to develop a new language of movement from its classical forms and techniques. Pieces „Personal Element“ and „Azoth“ are pearls from the treasury of Lines Ballet from San Francisco.

March 17th World famous ballet stars Lucia Lacarra and Matthew Golding perform on the most prestigious stages with works from the classical repertoire. This time they gathered around a full-length piece „Fordlandia“, for which four choreographers sign the choreography! The show is about human ideas and aspirations that exceed lifespan, about rare, utopian projects that have the potential to change the world forever. As a cry for help during the pandemic, the dancers look for the light at the end of the tunnel, hoping that the distance that they need to cross is insignificant compared to eternity.

March 19th and 20th After the pieces „Father“ and „Mother“, „Child“ is the third part of the family trilogy that studies the themes of memory, remembrance, and tragic research of relationships. In this piece, Gabriela Carrizo and Franck Chartier, laureates of the Jovan Ćirilov Award, explore the sources of psychosis from the child’s point of view. How do

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the children manage absence, loss, conflicts? The existing environment is transformed into a series of strange and surrealistic images, with figures that share a hostile atmosphere. At the same time, it also offers the real joy of theatre, because it shows things that have never been seen and brings an emotional experience that resembles a dream. According to critics, with this piece the founders of Peeping Tom company have „once again reaffirmed their amazing gift, and boldly introduced an evil Alice in the land of horrors“.

Music Bazaar: Belgrade Philharmonic's New Year's Concerts

he Belgrade Philharmonic's most joyous performances, our famous New Year's concerts, will be held at Kolarac Hall on December 24 and 25, 2021 at 8:00 p.m.

The Belgrade Philharmonic is preparing a special "Music Bazaar" with Maestro Daniel Raiskin and special guest star, clarinetist Kari Kriikku.

The long-awaited news will be sure to delight many people who have been asking about these attractive philharmonic performances for weeks. This time, the Belgrade Philharmonic is preparing a "Music Bazaar," ideal for all those who like traveling and going to New

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Year's concerts. As in a real bazaar, the Belgrade Philharmonic will be offering a variety of musical cultures from different parts of the world. The festive atmosphere will be augmented by the sounds of the Jewish klezmer, the Arabic longa, Portuguese folklore, and cheerful songs of classical literature.

Our special guest star for our New Year's concerts will be Kari Kriikku, a clarinet virtuoso whose performances have delighted audiences all over the world. A pioneer in the performance and promotion of contemporary music, Kari Kriikku is known for his unusual

and attractive interpretations. Conducting the concerts will be our old friend Maestro Daniel Raiskin, the Belgrade Philharmonic's chief guest conductor.

Always different, unusual, cheerful or burlesque, the Belgrade Philharmonic's New Year's concerts are among the most sought-after performances of the season. So far, the Belgrade Philharmonic has played disco, organized music circuses, and invited audiences to dance…

For this year's "Music Bazaar" tickets are on sale from December 13 at the Philharmonic box-office as well as online.

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