InFocus Greece

Greece 2018

GREECE & SERBIA

ENHANCING BILATERAL ECONOMIC RELATIONS LAMBIS KOUNALAKIS

ZAFEIRIOS LAMPADARIDIS

Minister Counselor for Economic and Commercial Affairs

President of the Management Board HBA

JELENA JOVANOVIĆ Director of the International Economic Relations Sector at the Chamber of Commerce and Industry of Serbia (CCIS)

01 THE LAND OF CAVES Greece counts some 7,000 (limestone) caves, forming 24,000 km of underground galleries. This fact is overshadowed by beaches but still it is spectacular!

04 TAKING THE BULL BY ITS HORNS

The saying “taking the bull by its horns� comes from the Greek myth of Hercules saving Crete from a raging bull by seizing its horns.

05 MYTHICAL CULTURE

Ancient Greek history, culture, mythology and literature has widely influenced modern Western culture. They have inspired many Hollywood films, from the earliest to the latest blockbusters, as well as Japanese and Dinsey animations.

06 ARCHAEOLOGICAL HEAVEN

Greece has more archaeological museums than any other country in the world. Maybe because it is so rich in archeological findings.

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02 THE NON-

ROLLING STONES An old Greek legend says that when God created the world, he sifted all the soil onto the earth through a strainer. After every country had good soil, he tossed the stones left in the strainer over his shoulder and created Greece.

03 TOURISM AND AIRPORT

Greece has more international airports than most countries because so many foreign tourists want to visit. Also, the number of islands contributed to that.

07 WE HAVE GREEK NAMES!

Numerous modern Western given names come from Greek, such as Alexander (Alexandros => protector of man), Andrew (Andreas => manly), Dennis (Dionysios => follower of Dionysius), George (Georgios => farmer), Helen (=> sunshine)...

08 BIG BLUE

EVERYWHERE

Many Greek structures such as doors, windowsills, furniture, and church domes are painted a turquoise blue, especially in the Cyclades Islands. It is used because of an ancient belief that this shade of blue keeps evil away.

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Greece

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ENHANCING BILATERAL ECONOMIC RELATIONS Lambis Kounalakis

Minister Counselor for Economic and Commercial Affairs

TANJA BANKOVIĆ Editor in Chief tanja.bankovic@color.rs ILIJA PETROVIĆ INDIGOCHILD Art director indigochild.ilija@gmail.rs

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COOPERATION OPENS NEW OPPORTUNITIES

DRAGANA RADOVIĆ Advertising manager dragana.radovic@color.rs

PhD Christos Alexopoulos

AMS Osiguranje

President of the Management Board HBA

ECONOMIC RECOVERY BRINGS GREATER SCOPE OF COOPERATION Jelena Jovanović

Director of the International Economic Relations Sector at the Chamber of Commerce and Industry of Serbia (CCIS)

JELENA RANĐELOVIĆ Advertising manager jelena.randjelovic@color.rs

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General manager INOS-BALKAN

Natalija Racković

A MODERN APPROACH TO TEACHING

Photos GORAN ZLATKOVIĆ GETTY IMAGES Translation SNEŽANA BJELOTOMIĆ

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COMMUNICATION THAT COUNTS

General manager V+O Communication

ROBERT ČOBAN Director robert.coban@color.rs

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SERBIAN MARKET IS IMPORTANT FOR OUR BUSINESS

Iosif Vangelatos

RUŽA RISTANOVIĆ Magazine director ruza.ristanovic@color.rs

CEO Lampsa Hellenic Hotels S.A.

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Zafeirios Lampadaridis

JOVANA MARKOVIĆ Advertising manager jovana.markovic@color.rs

VANJA KOVAČEV PR&Event support Nord Communications vanja.communications @gmail.com

Anastasios Homenidis

28 POST-CRISIS 30 MANAGEMENT 15 YEARS 32 IN SERBIA DEMOCRACY 38 FOREVER FETA + OUZO 40 GREEK 42 ISLANDS BE SAFE WITH AMS OSIGURANJE: 46 PURCHASE CASCO INSURANCE

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NATAŠA NEŠIĆ Advertising manager natasa.nesic@color.rs

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STRENGTHENING THE CURRENT FOUNDATION FOR FUTURE SUCCESS

The College of Applied Health Sciences Ćuprija

GREECE 2018

WE COULD MAKE A BILLION

Economic cooperation

Economy

HBA ACTIVITIES

Tradition

Culture

Tourism

TODAY!

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Greek Embassy in Belgrade, The Office for Economic and Commercial Affairs Lambis Kounalakis, Minister Counselor for Economic and Commercial Affairs Marios Belibassakis, Counselor for Economic and Commercial Affairs

INTERVIEW

LAMBIS KOUNALAKIS

Minister Counselor for Economic and Commercial Affairs

ENHANCING BILATERAL ECONOMIC RELATIONS

There is still plenty of room for developing bilateral economic cooperation not only in the form of trade flows but also through joint ventures/investments in Serbia, joint ventures/investments in Greece, as well as joint cooperation in third countries 8

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reece and Serbia have excellent bilateral economic relations, and the anticipated growth of the Greek Economy in the coming years will lead to a growing interest of the Greek companies in the Serbian market as well as of the Serbian business community for the Greek market. There is still plenty of room for ENHANCING bilateral economic cooperation not only in the form of trade flows but also through joint ventures/investments in Serbia, joint ventures/investments in Greece, as well as joint cooperation in third countries.

Could you tell us about the economic cooperation between Greece and Serbia?

— Greece and Serbia are two countries with excellent bilateral economic relations. No more than 180 Greek companies operate in Serbia in various sectors, such as food and beverage, telecommunications, retail, construction, hotel and heavy industry and finance. About 20.000 people are employed in Greek companies in Serbia and today’s invested capital exceeds the amount of 2 billion euro.

On the other hand, bilateral cooperation is not equally reflected in the commercial sector, where our overall bilateral trade volume still remains low, despite the huge potential. This can be addressed by jointly exploring opportunities and complementarities in sectors, such as agriculture, food and beverage, building materials, energy, information and communication technologies etc. In order to fully benefit from our economic and trade potential, a series of trade events in Serbia have been already organized, such as business missions from Greece to Serbia, promotional events for

specific sectors (i.e. food and beverage, construction materials, IT).

Is there more room to improve the economic relations and which economic sectors have the biggest potential for expansion of cooperation?

— There is still plenty of room for developing bilateral economic cooperation not only in the form of trade flows but also through joint ventures/investments in Serbia, joint ventures/investments in Greece, as well as joint cooperation in third countries.

GREECE IS THE STRONGEST ECONOMIC PLAYER IN THE WHOLE BALKAN REGION. ONLY IN SERBIA THE TODAY'S INVESTED CAPITAL EXCEEDS THE AMOUNT OF TWO BILLIONS EURO The recent Greek –Serbian Business Forum in Thessaloniki, on the 19 of March 2018, provided the opportunity for such synergies in sectors like Food, Energy, ICT, Tourism, Real estate and Pharmaceuticals. Both sides have shown great interest and some joint projects will be eventually undertaken. A similar event will take place in Belgrade during 2019.

One of the things that can positively contribute to better bilateral economic relations in the near future is the frequent bilateral talks between the Greek Prime Minister and the Serbian President have led to a decision regarding the establishment

of the High-Level Economic Cooperation Council between the two countries. This will contribute to the enhancement of the bilateral economic cooperation.

What can these initiatives bring to Greece and Serbia in terms of networking in the region?

— These initiatives can bring clear benefits to both countries, by promoting Greece as a transit hub with Asia and the Middle East, via the harbor of Piraeus, and Serbia as a bridge between Eastern and Western Europe. It has been also agreed that the two countries will continue to strengthen institutional cooperation to promote trade and investments, through enhanced cooperation of the Greek and Serbian Chambers of Commerce and the organization of bilateral business missions in the foreseeable future.

What role does Greece and its economy play in the region and Serbia?

— Greece is the strongest economic player in the whole Balkan region. During the years of the economic crisis most of the Greek companies in the Balkan region continued their successful activities and, in many cases, became even stronger.

The anticipated growth of the Greek Economy in the coming years will lead to a growing interest of the Greek companies in the Serbian market as well as of the Serbian business community for the Greek market. The expected growth will improve Greece’s creditworthiness, boost the investment and business climate, facilitate the return to financial normality, and contribute to the sustainable recovery of the economy after nearly a decade of recession and stagnation.

GROWTH

GREEK ECONOMY HAS MOVED DURING THE LAST TWO YEARS FROM A STATE OF ECONOMIC CRISIS TO A STATE OF ECONOMIC GROWTH GREECE 2018

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Can we say with certainty that the Greek economy is firmly on the path to recovery?

— Greek economy has moved during the last two years from a state of economic crisis to a state of economic growth. The first signs of solid growth, a declining unemployment rate, and increasing confidence in the economy are now evident.

Greece is now well on the path towards growth and job creation, as growth rate was positive in 2017 and is expected to accelerate, in 2018. A positive performance was also recorded in various important indicators showing that economic climate has improved further, industrial production and exports increased and the downward trend in the retail sales volumes came to a halt. Credit rating agencies (Moody’s and Standard and Poor’s) have recently changed the Greek economy’s outlook from stable to positive. Moody’s has also upgraded long-term issuer rating and all senior unsecured bond and program ratings.

Numerous structural reforms, which have been implemented over the past few years, have triggered growth impetus in the Greek economic environment.

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OUR EFFORTS ARE ONGOING AND MORE TARGETED BUSINESS EVENTS WILL BE ORGANIZED IN THE NEAR FUTURE NOT ONLY IN SERBIA BUT IN GREECE AS WELL In 2018, investment growth will accelerate further and gross capital formation will become the main contributor of growth. Contribution of net exports is also expected to turn positive too in 2018, based on the further growth of several sectors, such as the leading sector of shipping, first-rank worldwide tourism, agriculture, technology and real estate.

Could you tell us something about your ongoing projects and upcoming plans?

— The Office for Economic and Commercial Affairs of the Greek Embassy in Belgrade

is promoting synergies between Greek and Serbian companies through particular networking events. Our Office organizes business missions, international trade exhibitions, provide information to local producers on exports procedures and facilitates the exchange of information between businesses from both countries.

Our efforts are ongoing and more targeted business events will be organized in the near future not only in Serbia but in Greece as well. For example, until the end of this current year, our office is organizing two very significant events in Belgrade, the first one in innovation and start-up sector and the second one in construction materials.

Energy, construction and innovation and start-ups sectors are among the fields of main interest for our country with Serbian market providing many opportunities for Greek entrepreneurs.

In addition to the above-mentioned initiatives, we are working towards enhancing cooperation between our Chambers of Commerce, in order to further engage entrepreneurs from both countries and promote investment and trade opportunities in Serbia and in Greece.

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INTERVIEW

COOPERATION OPENS NEW OPPORTUNITIES Greek investments to Serbia remain high, while the volume of the bilateral trade is still bellow potential. In order to fully exploit the economic and trade potential the partners should pursue cooperation in traditional and new sectors such as IT and green energy

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reece traditionally represents an important economic partner of Serbia. The two countries have always enjoyed excellent bilateral relations, reflected through important Greek investments in Serbia over the past 15 years. Unfortunately, this high level of business cooperation is not equally mirrored in the commercial sector, where the overall volume of bilateral trade, despite our potentials, remains relatively low - EUR 448.5 million in 2017, says Zafeirios Lampadaridis, President of the Management Board Helenic Business Associatiion (HBA).

Which goods dominate the trade? — Although Serbian imports from Greece have mainly consisted of food and beverage products, but also raw materials, finished metal products etc., and exports are fairly similar, with increasing positive trends in chemicals and manufactured goods, the two sides consider that great potential exists to further develop our trade relations. This is going to be implemented by jointly exploring opportunities and complementarities in sectors like agriculture, food and beverage, building and

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ZAFEIRIOS LAMPADARIDIS

President of the Management Board HBA construction materials, energy, information and communication technologies etc.

In purpose of that, many B2B meetings

WE ARE VERY PLEASED THAT WE ARE WITNESSES OF THE FURTHER STRENGTHENING OF ALREADY EXCELLENT RELATIONS IN ENTREPRENEURSHIP BETWEEN OUR TWO COUNTRIES

are organised in order to provide a possibility to discuss potential new products, technologies and services, business and research cooperation, technology transfer agreements, find buyers and suppliers and even more.

How much did the extention of the chamber co-operation and regular summits in Thessaloniki affect the growth of external trade between the two countries and networking between Serbian and Greek companies? — We are very pleased that we are witnesses of the further strengthening of already excellent relations in entrepreneurship between our two countries, as Greek investments to Serbia remain high, while

the Serbians every year contribute to the increase of tourism revenue for Greece.

In order to fully exploit the economic and trade potential and increase the level of bilateral trade between Greece and Serbia, the high-level meetings in Thessaloniki gave impetus in promotion of major transport projects, infrastructure and energy in the Balkans, as the TAP pipeline which has already gone a long way and the railway interconnection. On the other hand, the Greek-Serbian Business Forum which was held in Thessaloniki, has become a traditional event for business people from Serbia and Greece to meet and discuss the possibilities of further cooperation. Such B2B meetings allow companies from both countries to launch new cross-border contacts and expand their exports. In addition, they refresh relations and create a framework for business synergies in sectors like food, energy, ICT, tourism, real estate and pharmaceuticals and adds that great interest from both sides has been shown and that some joint projects will be eventually undertaken in the short-medium run.

What is your view of the development of cooperation in the Western Balkans and what impact would economic networking between the Western Balkan countries have on Greek businesses?

— The economic cooperation in the Western Balkans is an important mechanism/process/policy which leads to reconciliation in this post-conflict region and, second, through connecting, networking and adjusting of business environment it enhances the growth of trade and investments - particularly foreign direct investments - thus providing an important prerequisite for a faster economic growth.

Also, the increasing economic intercon-

THE HELLENIC BUSINESS ASSOCIATION, ALONG WITH ITS PARTNERS IN NEIGHBOURING COUNTRIES, IS COMMITTED TO SUPPORT A NUMBER OF CROSS-BORDER ROAD AND RAILWAY PROJECTS IN THE REGION IN THE COMING YEARS nection among the countries of Western Balkans has a possitive impact on Greek business environment. In terms of private Greek investment, the Western Balkans have mostly attracted the attention of large industrial manufacturing groups, who benefit from the low cost of labor, the even lower taxes on opening factories and, of course, the proximity to Western Balkans market. Even though the region is already host to many Greek companies, the improving infrastructure between countries and the reducing trade delays will also contribute to a better business climate.

How does the Hellenic Business Association endorse this initiative?

— Encouragingly, the Hellenic Business Association, along with its partners in neighbouring countries, is committed to support a number of cross-border road and railway projects in the coming years and several important regional energy projects that are also under way or being considered.

These include the development of corridor X (road and rail) from Thessaloni-

ki through Skopje, Belgrade, Zagreb and Budapest, the Pan-European corridor IX from Alexandroupolis through Bulgaria, Romania, Ukraine, the Black Sea and Russia, the Adriatic-Ionian corridor through the Western Balkans to the port of Bar in Montenegro, the Trans Adriatic Pipeline, the gas interconnector pipeline between Greece and Bulgaria, and a planned LNG floating terminal in Alexandroupolis. The only way to boost Greek-Western Balkans relations and trade, create business partnerships between those countries, and provide assistance in imports and exports is to endorse initiatives that promote integration with region of high potential and strong business performance. These projects are not only important for the countries themselves but also for Greek entrepreneurship in terms of reducing the cost and time of transport. We strongly believe that such joint projects will bring international entrepreneurs closer and link potential associates from Greece.

What importance does establishing transport links between the port of Pireaus and Belgrade and Budapest hold for the mutual cooperation? How realistic is this plan?

— In terms of financial integration, the COSCO Piraeus project is a consensus that the project conforms to the fundamental interests of China, Greece and the region.

The project could serve as a landmark event in Greece's efforts to attract foreign investment as the construction of it aims at promotion of the trade liberalization and facilitation among countries along the "Belt and Road". As to create a more favorable business environment, the development of the Port of Piraeus definetely promise to lead to the build-up of common pros-

FRAMEWORK

THE GREEK-SERBIAN BUSINESS FORUM CREATES A FRAMEWORK FOR BUSINESS SYNERGIES IN SECTORS LIKE FOOD, ENERGY, ICT, TOURISM, REAL ESTATE AND PHARMACEUTICALS AND MANY OTHERS GREECE 2018

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vesting in Greece’s networks. Forthnet is putting money into fiber-optics. OTE Group, Greece’s largest telecommunications provider, has already spent €2 billion on NGAs and plans to invest another €1.5 billion by 2020.

perity of the whole region. How fantastic such a project seems to be, lies in the fact that COSCO plans are expected to increase the cruise traffic from 1 million passengers a year to 1.5 million in the short term. If this will be achieved, the real significance of the COSCO project is highlighted by the opportunity it offers to Greece to return to the international capital market, which is vitally important for Greece to walk out of the crisis and realize revitalization. Furthermore, the project will benefit both Greece, Serbia and Hungary, as it brings down remarkably the cost of time, energy, and capital for the flow of commodities between China and Europe and between Asia and Europe. We are left with nothing but to wait for the results of this project and hope that our countries, that is countries along the "Road and Belt", could well become a new driving force for world economic growth in the coming decades.

How much did the issue of digitization and technological changes affect the Greek economy?

— The Information and Communications Technology sector is one of the most promising in the Greek economy, driven mostly by the demand for automation and digitalization in the Greek public and private sectors. The Information and Communications Technology (ICT) sector is already important to the Greek economy and the country’s geostrategic location

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THE INFORMATION AND COMMUNICATIONS TECHNOLOGY SECTOR IS ONE OF THE MOST PROMISING IN THE GREEK ECONOMY, DRIVEN MOSTLY BY THE DEMAND FOR AUTOMATION AND DIGITALIZATION IN THE GREEK PUBLIC AND PRIVATE SECTORS means it has the opportunity to become an ICT hub for the wider region. The growth of digital is resulting in a tremendous amount of disruption for telecommunications operators and wireless carriers. Focusing on the Greek Communications industry, surveyed executives appear not only currently strong, but also ambitious about their fiveyear expectations, aiming to adopt leading digital practices across their operations.

Adopting digital technology as a fundamental strategic pillar can and will reshape the wider Greek economy, driving innovation, growth and job creation. Despite the public sector, which is driven by several major public procurement projects in the ICT field, the private sector is also in-

Which sectors are the most progressive in terms of application of new technologies?

— The latest generation of businesses in Greece are making increasing use of new technology. According to data processed by the Federation of Hellenic Information Technology & Communications Enterprises (SEPE), this rate is among the highest in the European Union, ranking Greece second only to Germany. The 2014-2020 National Strategic Reference Framework (NSRF) programming for the absorption of European Union Funds and the National Digital Strategy (2016-2021) are expected to be a major drivers for economic and ICT market growth in Greece. The main areas that already boost the economy in Greece are the Competiveness and Entrepreneurship, the Upgrading of public Sector, Environment / Transportation and the Training / Lifelong learning / Employment opportunities.

Is the structure of Greek companies in Serbia changing to adapt to the partners and investors that bring high technology here?

— Adaptability is a new competitive advantage. When leading businesses seem to be falling behind in sectors where they were once the dominant players, there is a clear recognition that the status quo cannot be maintained and for sure this is what Greek businesses know very well. Besides, if this were not the case, Greek companies would not have managed to maintain their stable and recognisable presence in the Serbian market during the crisis. The modern way of doing business, brings new standards and Serbia is a destination of high-technology investments, generating 10 percent of its gross domestic product from information technology. With this in mind, existing Greek businesses have been forced to push their businesses to their competitive limits, have the ability to respond to changes in how they structure their companies, implement technology and relate to customers and employees while never losing sight of their original vision.

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INTERVIEW

JELENA JOVANOVIĆ

Director of the International Economic Relations Sector at the Chamber of Commerce and Industry of Serbia (CCIS)

ECONOMIC RECOVERY BRINGS GREATER SCOPE OF COOPERATION

The mild indicators of Greece's economic recovery may be a good start for improving cooperation.

The Greek market has enough space for the placement of Serbian food products, furniture and metal industry products

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reece has been traditionally an important economic partner of Serbia. The dominant form of economic cooperation between the two countries is trade in goods which is characterized by stability, diversity and almost constant growth from 2000 to 2009, the year when the global crisis started. Serbian exports to Greece entered the stagnation period in 2012 as a result of a decline in demand for Serbian raw materials in the turbulent Greek market.

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ACCORDING TO GREEK BUSINESS PEOPLE, SERBIA HAS A GREAT POTENTIAL FOR ATTRACTING FOREIGN INVESTMENTS, ESPECIALLY IN TOURISM, ENERGY AND CONSTRUCTION

According to the data collated by the Statistical Office of the Republic of Serbia, in the first six months of 2018, the value of the total external trade in goods with Greece amounted to 234.5 million euro.

In the same period, the exports amounted to 80.3 million euro, and remained at the same level as in the first six months of the previous year. Greece ranks 24th on the list of the countries which Serbia exports too, with a share of 1% in total Serbian exports. In the first six months of 2018, the value of imports amounted to 154.2

million euro and grew by 10.6%. In terms of import, Greece occupies the 22nd place out of all the countries that Serbia imports from, with a 15% share in total Serbian imports. In the observed period, the export to import ratio was 52%.

We are talking to Jelena Jovanović, Director of the International Economic Relations Sector at the Chamber of Commerce and Industry of Serbia (CCIS), about how economic trends influence the investments and trade relations beween the two countries.

What kind of consequences did the Greek economic 'eartquake' have on the influx of Greek investments in Serbia and the structure of the Greek companies doing business in Serbia?

— In terms of the economic cooperation between the two countries, the economic crisis in Greece was mostly felt in the investment segment. The crisis has left the greatest consequences on both the influx of new Greek investments and the efflux of existing Greek investments from Serbia.

After 2010, Greece has been gradually withdrawing its capital from our country, and in the period from 2010 to 2017, there

THE SECTORS THAT HAVE THE BIGGEST POTENTIAL FOR COOPERATION BETWEEN SERBIA AND GREECE ARE TELECOMMUNICATIONS, ENERGY, INFRASTRUCTURE, AGRICULTURE, HOTEL INDUSTRY, AND RETAIL TRADE was an efflux of financial resources from Serbia to Greece in the amount of close to 210.6 million euro (which was the largest recorded efflux of funds from Serbia by a certain country).

Greece used to be one of the largest investors in Serbia. The total value of the investments was about 2.2 billion euro (according to NBS data with the added NBS assessment of the influx of funds that came from the accounts of Greek companies in

Cyprus), and they were mostly implemented in the privatization process, through greenfield investments and joint ventures.

The largest number of investments was realized in the banking sector, in the period before the crisis, namely until 2008.

Due to the financial crisis in Greece and the pressure from the current government’s anti-crisis measures, the Greek state capital is no longer directed to foreign countries, and consequently to Serbia.

On the other hand, Greek private capital will certainly seek new ways to multiply in search for alternative markets and profitable investment projects.

Which products dominate the trade between the two countries and are there any new products that are added to this trade in line with the development of industry and FDI in Serbia?

— In the first six months of this year, the leading products that Serbia exported to Greece were: ice cream which does not contain any milk fat or contains less than 3% milk fat; paper and cardboard coated in plastic; bags and plastic bags; cathodes and sections of refined copper cathodes; tires (outer, pneumatic, new tires for pas-

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senger vehicles); polyethylene in primary forms of the density greater than 0.94; collapsible boxes made from non-corrugated paper or cardboard; other types of paper and cardboard (multilayered, with the outer layer bleached), bottled water (flat and fizzy, with added sugar) and dog & cat food (source: Serbian Statistical Office).

Also in the first six months of this year, the leading products that Serbia imported from Greece were: non-classified goods, according to the customs classification goods in storage; steel concrete; expanded polystyrene in primary forms; panels and logs of aluminum alloys; polyethylene terephthalate; tobacco (veined, oriental, sun dried); bars; TV sets; pulleys; profiles (hollow, made of aluminum alloy); and fresh oranges (source: Serbian Statistical Office).

Where lies the untapped potential for expanding the current cooperation?

— Generally speaking, the sectors that have the biggest potential for cooperation, not including the banking sector which saw the biggest Greek investments, are also telecommunications, energy, infrastructure, agriculture, hotel industry, and retail trade.

According to Greek business people, Serbia has a great potential for attracting foreign investments, especially in tourism, energy and construction. They also say that Serbia has comparative advantages for the development of tourism, namely a good geographical position, professional people and good managers, rich culture and tradition, and low tax rates.

Two years ago, at the Serbia-Greece Business Forum, the CCIS and the Chamber of Commerce of Thessaloniki signed a cooperation protocol. What are the results of this cooperation?

— We can draw almost the same conclusion from all these meetings that focus on improving the economic cooperation between Serbia and Greece which is that the business people from both countries have expressed an interest to cooperate and that it is up to institutions to try to regain the level of economic cooperation that Serbia and Greece had between 2000 and 2010, when it was the highest, both in terms of investments and external trade.

What are the common topics that interest Greek and Serbian business people?

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SERBIA HAS COMPARATIVE ADVANTAGES FOR THE DEVELOPMENT OF TOURISM, NAMELY A GOOD GEOGRAPHICAL POSITION, PROFESSIONAL PEOPLE AND GOOD MANAGERS — Greek investors have expressed the strongest interest in - the food and beverage industry, infrastructure, energy, environmental protection and transport.

Also, they showed interest in investing in the energy and renewable energy sector (Aktor, Terna, etc.). Furthermore, Greek business people are increasingly interested in establishing and strengthening cooperation in the field of organic products, tourism and innovation (technology transfer, etc.).

There is a great potential for improving trade cooperation between the two countries which is currently at a relatively low level. The fact that certain Greek and Serbian products are sold at the Delhaize (Maxi) and Veropoulos (Super Vero) supermarkets, which were managed by the Greeks who had a strong business interest in marketing products from Serbia in Greece and vice versa, has contributed to the promotion of the cooperation in the last few years.

Legally regulating public-private partnerships creates opportunities for joint projects, funded by our state and the Greek private capital in projects like con-

struction of main roads (primarily those on the Corridor 10) and the ancillary infrastructure (motels, shopping malls, restaurants, etc.).

How would you rate the cooperation between chambers of commerce from the two countries? Which problems have they been trying to resolve together?

— The cooperation between the chambers of commerce from Serbia and Greece, both bilateral and multilateral, as well as the cooperation with other institutions and associations in Greece is very successful and constant.

We have an active cooperation in multilateral forums such as the Association of European Chambers, the Association of Mediterranean Chambers, the Association of Balkan Chambers and the Black Sea Economic Cooperation.

The Chamber of Commerce and Industry of Serbia has signed a cooperation agreement with the Athens Chamber of Commerce and Industry (ACCI Athens) and the Hellenic Foreign Trade Board (HEPO, Athens). Our chamber of commerce and the Thessaloniki Chamber of Small and Medium Sized Industries signed a cooperation agreement in December 2016.

The Belgrade Chamber of Commerce has signed a cooperation agreement with the Athens Chamber of Small and Medium Sized Industries, as did the Regional Chamber of Commerce Niš with TCCI Thessaloniki, and the Regional Chamber of Commerce Leskovac with the Athens Chamber of Small and Medium Sized Industries, the Chamber of Commerce of Kavala and the Chamber of Commerce of Larissa.

Super Vero, renown Greek quality!

Super Vero, celebrated 16 successful years on the Serbian market last year, in that time many changes have taken place, but the one thing our faithful consumers can always rely on is the Greek touch and quality.

It was time to refresh our activities, bring new experiences and innovations in line with world trends and our core values.

We are remodelling the New Belgrade supermarket with a new and modern look, pleasant and relaxed environment and a great product range with an emphasis on exclusive Greek products that can only be found in our supermarkets.

As all our customers know the Veropoulos Company in Serbia become synonymous for top quality service and a diverse product range with a focus on catering to the interests of its loyal shoppers. The company is very active in corporate social responsibility through participation in numerous charity activities.

Super Vero operates in 6 locations in Belgrade and is popular with urban and sophisticated consumers.

• Bulevar Milutina Milankovića 86a – New Belgrade • Mis Irbijeve bb – Konjarnik • Ace Joksimovića 2b – Žarkovo • Vojvode Stepe 253 – Voždovac • Braće Jerković 114 – Voždovac

JUMBO, something for everyone!

JUMBO is a famous Greek megastore with an excellent range of over 10,000 products.

This is the perfect store for the whole family to enjoy shopping with a wide range of products and something to suit every need, be it home, garden, car, fitness, play.

JUMBO is part of the Veropoulos Company. Together with VERO and everything in one place, we help families save time while shopping so they have more time to spend together.

Vero and JUMBO are the ultimate one stop shop that fills every need.

Jumbo Locations in Belgrade: • Bulevar Milutina Milankovića 86a – New Belgrade • Vojvode Stepe 253 – Voždovac • TC Zemun Park, Novi Sad Highway 126 • Mis Irbijeve bb – Konjarnik

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CORPORATE

Serbian Market is Important for Our Business With a solid financial status, modern management, and robust engineering resources, we are ready for the new era.

The Serbian placement is of strategic importance for our group, and our 12 years of presence in the Serbian recycling market will be further enhanced

IOSIF VANGELATOS General manager INOS-BALKAN

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ecycling sector never allows you to stay idle, says Mr. Iosif Vangelatos, General Manager of INOSBALKAN. The company was able to navigate through turbulent times in the Serbian waste market and is ready for the new era which will be brought by the implementation of EU Chapter 27.

Your business operations in Serbia are covering both internal and relatively huge external market. How are you satisfied with the business results in 2018 so far, and which markets contributed the most to the results?

— 2018 is a milestone year for Inos Balkan.

Following a year with a record in our sales and leaving behind the non-tariff export burdens imposed to the export activities of our sector, we are able to execute our business plans based on solid financing capabilities, and under free trade principals. We are producing value for our shareholders by expanding our activities and preserving our

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corporate values for responsibility, integrity, efficiency, innovation and professionalism. Our sales are covering both external and internal Serbian market.

Did the partial regeneration of the country’s steel production and metallurgy affected your business or it is too early to assess the results of the privatization of the Smederevo still mill?

— A wide range of factors have influenced the recycling market significantly

FOCUS

WE ARE FOCUSING ON CREATING ROBUST BUSINESS COOPERATION WITH INDUSTRIAL USERS OF METALLIC WASTE, RATHER THAN FOCUSING ON THE GEOGRAPHIC LOCATION

at the national and international levels.

The liberalisation of the Serbian market in the 1990s, the emergence of China as a global manufacturing giant and the EU's legislative framework on the recycling of special streams are just a few of them. The Serbian recycling market has attracted well-established international organisations, but was impacted severely by investments and dis-investments in the country’s steel production and metallurgical sector. The second privatization of Smederevo has for sure a positive effect on our business. The new owners are well reputed steel producers with solid financial status able to undertake all the necessary investments. It is rather early to assess the results of the privatization, but we may witness clear signs of rationalization in the recycling business.

Quality aspects as well commercial terms are clearly communicated on the market, creating the adequate business environment for healthy competition.

What are the key challenges in managing a company in the industry like yours?

— Recycling sector never allows you to stay idle. I am serving this sector for almost 15 years and I had the chance to confirm the above with colleagues and partners all around the globe. Free trade conditions are fully applied and competitive landscape is on a constant change. If on all the above, you add the compliance with a constantly developing legal framework and the risk due to the fluctuation on the price of commodities, you may get a clear picture of the challenges we are dealing with, in our sector. This is also the reason why we employee in our company a team of people highly qualified in finance, engineering, environmental management and sales. A team of people that allow us the face all day to day challenges as well as to adequate plan our future steps.

All over the world and especially in the EU, circular economic principles are dictating future business models. New products, infrastructure, equipment and services, are designed and delivered based on the principals of long-lasting design, maintenance, repair, reuse, refurbishing, and recycling. In the near future, Serbia will

The implementation of the EU chapter 27 will affect your business?

— The recycling sector in Serbia contributes € 120 million per year to the overall export potential of Serbia. In addition, our sector provides the local industry with secondary raw materials in the amount of € 135 million, securing regular flow and excellent quality.

have to deal with environmental protection obligations arising from chapter 27 of the EU integration process and the required investments will be more than €15 billion.

At Inos Balkan, we are anticipating those developments. With a solid financial status, modern management, and robust engineering resources, we are ready for the new

CHAPTER 27

SERBIA WILL HAVE TO DEAL WITH ENVIRONMENTAL PROTECTION OBLIGATIONS ARISING FROM CHAPTER 27. AT INOS BALKAN, WE ARE ANTICIPATING THOSE DEVELOPMENTS

era. The Serbian placement is of strategic importance for our group, and our 12 years of presence in the Serbian recycling market will be further enhanced. Chapter 27 of EU integration process will create new business opportunities for our sector. We do expect that the application of the polluter pays principle, will significantly alter the competitive landscape on our sector and particularly in the management of the so called special streams of waste, like End of Life Vehicles (ELVs) and Waste of Electric and Electronic Equipment (WEEE). The European acquis comprises values and principles that will allow the creation of a leveled playfield and subsequently free trade conditions will attract the necessary investments. In addition, water and air quality, municipality waste management, industrial pollution control and risk management, as well as noise prevention will be addressed and will potentially change the operating practices in the recycling sector as well as in the sector of industrial metallurgy. Serbian government has already realized the size of the necessary investments and is trying to create the adequate framework for Private and Public sector Partnerships (PPP) that will secure the necessary capital investments.

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CORPORATE

NATALIJA RACKOVIĆ General manager V+O Communication

Communication That Counts The beauty of communication is reflected in the fact that you really have the power to do something good, not only for the company's business but also for the society as a whole, and that's what we are particularly proud of

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he dynamic, fast and challenging environment has pushed us as well to constantly grow, develop and move boundaries of professional communication. The great privilege is that we were not alone on this path, but we had the opportunity to develop together with some of the largest multinational companies.

V+O Communication has been operating for 10 years in Serbia. How did it look like in the beginning and what has changed in the field of communications and PR from the time you started, right up to now?

— Viewed from the civilization point of view, 10 years is a negligible short period of time. However, in the field of business, including communication, a lot has changed.

If we start from that, 10 years ago, certain industries did not even exist, and add the new communication platforms that were developed in this period, we become

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aware of the dynamics in which society, and thus communication, are changing.

Although the essence of public relations has actually remained the same, what has changed is the environment in which we operate, communication channels and speed of message transmission to target groups. The media image has also changed a lot, as today we have a situation where citizens are getting more and more information through the online portals and mobile phones. Ten years ago, social networks were just at the beginning, and today they are a very important

ADJUSTING

IN LINE WITH ALL THE CHANGES, PUBLIC RELATIONS HAD TO FIND A WAY TO ADJUST AS WELL

channel of communication. From communicating something to someone, we came to the point that the interaction with the target group is what distinguishes today's communication. To keep with up with all these changes, public relations had to find a way to adapt.

What are the trends in the communications industry in Serbia today?

— Keeping in mind market trends, companies will be increasingly interested in a holistic approach to communications, ie having agencies such as V + O where they will be able to get a 360 ° service in one place. On the other hand, digital will continue to occupy an increasingly important position. Some brand new specialist services will become more and more interesting, such as: Employer Branding, as a way to properly position a company and attract the right candidates, but also motivate existing employees towards greater

loyalty to the company so that they really want to become company’s ambassadors.

Given the wide portfolio of services you provide, could you tell us which of your services is most wanted on the market today?

— There is no special rule. Some clients need media relations, other public affairs, event management, internal communication, crisis communication or digital.

Usually, large multinational companies that have awareness of all communication segments, have requirements for specific PR services. However, we also have a lot of clients that are big and successful companies, and know their business very well, but need PR expertise to advise them on what is best approach for them.

Our task is to first define, together with the client, what their goal is and what are the challenges they are facing, and only then suggest what forms of communication would give results in a given time period.

This very often means for us to delete the borders between certain services and to combine them to achieve a synergistic effect and to ensure that key messages reach our stakeholders.

In the last years you have done a lot of socially responsible campaigns. How do you get the campaigns and what determines the success of a campaign?

— A good idea, clear goal setting, careful thinking and planning, extremely good execution and precise measurement of success parameters. Of course, if you add the team of professionals, i characterized by the passion for communication, success is guaranteed.

1,000 different events: from the opening of factories, to big events in the central city squares and promotions in shopping malls.

Then, we will continue with our HR partners to raise the Employer branding service to a higher level.

We are working on a service, with a specialized IT company, that does not yet exist on our market, referring to the possibility of using new platforms and co-creation in the field of improving business and communication through continuous monitoring and precise analytics that can provide much valuable information on further directions of the development of the company. We are also working on the introduction of new products and services, or the improvement of the satisfaction of employees through their greater involvement in the process of creativity within the company itself.

This year you celebrate the jubilee under the slogan "Make it count". When looking

360° SERVICE

THE COMPANIES WILL BE INCREASINGLY INTERESTED IN A HOLISTIC APPROACH TO COMMUNICATIONS, IE HAVING AGENCIES SUCH AS V + O WHERE THEY WILL BE ABLE TO GET A 360° SERVICE IN ONE PLACE

back, what is "counted" in the operation and existence of V + O Communication Serbia, that you are particularly proud of?

— The beauty of communication lies in the fact that you really have the power to do something good not only for the company's business but also for society as a whole, and that's what we are particularly proud of. If you succeed in inspiring, moving and motivating various stakeholders like we did through the campaign we have worked for the European PROGRES, where, over seven days, more than 1,000 rural women come to a preventive medical examination and as a result we potentially saved 100 human lives…

If more than 400 young people find employment two months after the workshops that you have organized with your partners in the Youth Empowerment Campaign "Coca-Cola Youth Empowered"... If you have helped hear the opinions of different stakeholders when passing certain laws... If through the project “Future #for5” ("Buducnost #za5 ") you have inspired young people to stay in Serbia and pushed them in obtaining greater inclusion in various forms of non-formal education ...

If you have contributed to the introduction of primary waste separation in Arilje, which will be expanded to entire Serbia, and in less than three months, through carefully planned communication, the percentage of collected waste is twice the average compared to the the level of Serbia ... Then you certainly know that you are part of the communications that count. The communications that have contributed to making our society a better place for all of us.

In addition to undoubtedly great success, a decade of work and business puts ahead of one agency great challenges as well. What are the challenges you facing today and how do you see the development of V + O in the future?

— There are several directions of V + O development in Serbia. First, in cooperation with our home agency in Greece, we are working on the introduction of an entirely new segment, which will bring creative approach to an even higher level. First of all, this will relate to event management, where we have a rich experience in Serbia, because in the last 10 years we have had the privilege of organizing more than

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A Modern Approach to Teaching I think that we are on the right path to providing students with the best possible conditions for studying

PhD CHRISTOS ALEXOPOULOS The College of Applied Health Sciences Ćuprija

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CORPORATE

r. Christos Alexopoulos is the first Greek who finished Medical Faculty and Doctoral Studies in Serbia and became director of higher education institution. A picture of EU Director on life and work in Serbia proves Serbian education system enables prosperous future.

Dr Alexopoulos, you have invited students from all around the world especially Greece to follow his footsteps and come to Serbia to study at the same time by managing the College of Applied Health Sciences Ćuprija. The aim is to reach the level of developed European institutions in the field of nursing?

— With a modern approach to teaching, encouraging creativity, active participation of students in teaching, exercises and extra-curricular activities, as well as equipping the school cabinets with the most upto-date teaching facilities and equipment, I think that we are on the right path to providing students with the best possible conditions for studying and acquiring adequate knowledge and skills for independent work in the profession.

It is important to emphasize that the diplomas of our school are recognized beyond the borders of our country, and numerous graduates find employment abroad. The College of Applied Health Sciences Ćuprija is a state, accredited higher education institution.

You emphasized that you did not separate Serbia and Greece. What is it like to

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be Greek in Serbia?

— I do not feel like a member of a minority and all residents of non-Serbian origin should feel the same. I am a member of the Greek Community in Serbia and the former President of the Council of the Greek National Minority, but I am actively fighting for the rights of all national minorities.

In a literary wider sense, the two countries are separated with a thin line, that is, the people are very close. Also, the current authorities cooperate at all levels very closely. Greece supports Serbia’s positive initiatives showing Greece is a trusted friend and it is there to help, advise, warn and share information related to the EU.

MINORITY

I DO NOT FEEL LIKE A MEMBER OF A MINORITY AND ALL RESIDENTS OF NON-SERBIAN ORIGIN SHOULD FEEL THE SAME Greece's unethical foreign policy shows Serbia's support in all international forums.

Nobody can explain this relationship, and it does not need to be explained, it's about deep roots of the two nations.

PM Ana Brnabić has recently visited College of Applied Health Sciences Ćuprija, knowing that she had previously been actively engaged in issues of human and minority rights. Did you get the chance to discuss the topic?

— I suggested digitization of textbooks for all national minorities is necessary.

This would solve the problem of the lack of textbooks, which I also pointed out to members of other minority councils in Serbia. One of the solutions would be that every student of a national minority should get a tablet computer that would contain all the necessary textbooks that live in Serbia and that in the process of education reform, they were still thinking about the needs of national minorities in Serbia.

You joined a political party after becoming a director. Usually it is conversely; people join parties for interest. Could you tell us more about this?

— I came to the office as a result of the hard work, that is, the Schools Council has chosen me twice, and on the other hand, I recognized a healthy story in the SNS, which guarantees stabilization in the region. As a member of the Greek Community in Serbia, I managed to prepare for the meetings of the two governments. Serbia is my choice and I have chosen to live and work in Serbia.

Throughout your business career engaging in EKO Hellenic Petroleum and Hellenic Sugar Industry Serbia, you have contributed to the Serbian Greek society developing social responsibility?

— Not only these companies have shown humanity, necessary for successful business, they were a lighthouse to other foreign companies operating in Serbia.

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CORPORATE

Strengthening the Current Foundation for Future Success The group tends to seek out different investment prospects and new opportunities in the Balkans

ANASTASIOS HOMENIDIS CEO Lampsa Hellenic Hotels S.A.

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AMPSA HELLENIC HOTELS S.A. continues to dynamically expand its business opportunities. The group tends to seek out new investment prospects such as penetrating the new markets in the Balkans, acquiring or creating new city hotels and real estate.

What is the story of one of the most outstanding long-term companies in Greece?

— Operating continuously with remarkable efficiency since 1919, Lampsa Hellenic Hotels S.A. is a dynamic company with profound prestige in the realm of hospitality and tourism. Its presence and business activities are interwoven with the establishment and management of a select member of the Starwood Luxury Collection hotel chain, Grande Bretagne Hotel, whose period of uninterrupted operation spans nearly 100 years.

In Greece, Lampsa is the proprietor of Sheratons Resort on the island of Rhodes, along with the operation of the luxury hotel King George at Syntagma Square in the heart of Athens.

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As a long-standing business institution in Greece, when did Belgrade become an investment opportunity for Lampsa Group?

— Lampsa Group recognized the potential of the Belgrade hospitality market when they took major steps with the acquisition of the luxury Hyatt Regency hotel in 2006 and the historical Excelsior Hotel in 2009.

Foreseeing ever growing accommodation and conference opportunities, as well as a stimulating business environment, Belgrade has become a popular business destination with a great reputation. Belgrade is recognized as a growing MICE destination, achieving significant progress in the number of international events. Furthermore, it should be noted

FOCUS

LAMPSA REMAINS FOCUSED TO EXPLORE DIFFERENT BUSINESS OPPORTUNITIES IN THE FIELD OF HOSPITALITY AND REAL ESTATE

that Belgrade has registered an increasing number of visitors from the leisure segment in the last few years.

If you look at the Balkans from a broader perspective, what are your objectives and company strategy in this region?

— In order to cope with the increasing demands of the ever-changing tourism sector, one of the fundamental objectives of our corporate strategy includes strengthening the position of the Hyatt Regency hotel and Mercure Belgrade Excelsior in Belgrade. Extending the portfolio of services provided with innovative, quality hospitality programs pairing the expertise acquired over the years with significant know-how and high professional standards is a synergy towards which we strive and successfully apply.

The company strategy in Serbia continues to involve maximizing the core business, ensuring both hotels trade to the best of their abilities, being best in their class while generating strong cash flows to fuel company growth.

Sustainability has increasingly become an important consideration for many of our

consumers, partners and the corporations with whom we collaborate.

As our business grows to meet the needs of an increasingly connected world in which more people are traveling than ever before, we believe that we have a great opportunity, and an even greater responsibility, to ensure that we grow thoughtfully. As an international company, Lampsa and it’ s subsidiary companies are tackling environmental challenges, which are based around goals for reducing energy and water consumption, recycling and waste reduction, supply chain sustainability and building efficiency: challenges that require collaboration with other industries, businesses and leaders.

Hotel Mercure Belgrade Excelsior has historical value for Belgrade. How did you look at the hotel as an attractive investment opportunity?

— Lampsa’s property Mercure Belgrade Excelsior is a mid-scale hotel for business trips or leisure, located in the city center.

Constructed in 1921 and opened on 15 March 1924 in the style of Vienna, Hotel Excelsior is one of the most interesting historical places in Belgrade, both innovative and modern in its approach to business, yet still traditional in its spirit. In its rich history, it has been used for various purposes; it was initially intended as a clinic of Dr. Jovan Jovanovic, but during construction it was re-projected into a hotel. Before World War II the hotel was used for lengthier stays by many famous authors, athletes, actors, singers and other figures in the public eye.

From September 2017, Hotel Excelsior became part of the world's leading tourist and lifestyle group AccorHotels, under the brand Mercure and with the new

name: Mercure Belgrade Excelsior. The first Mercure hotel in Serbia is the result of the partnership between "Orbis Hotel Group" a strategic partner of the French AccorHotels for Eastern Europe, and Lampsa Hellenic Hotels. As it was privatized in 2008 and has been in majority ownership by Lampsa Hellenic Company from 2009, it went through an extensive refurbishment, but still maintains its

INVESTMENT

THE COMPANY CONTINUES WITH STRATEGIC INVESTMENTS IN ITS BOTH HOTELS IN BELGRADE classical exterior and the air of decadeslong excellence. This cooperation helps to showcase not only the hotel, Mercure Belgrade Excelsior, but also the city of Belgrade as a destination.

Hyatt Regency has maintained a high standard of product in the Belgrade hotel market for almost 30 years. As

your growth continues, what are the good practices that you follow?

— Hyatt Regency Belgrade is the preferred upscale hotel for leisure and business travelers. Belgrade Mixed Enterprise (BMP), the owning company of Hyatt Regency Belgrade and a Lampsa subsidiary company, has heavily invested in revamping and renovation projects at the hotel since purchasing the property in 2006. Innovating through architecture and interior design, from the way the space is used to the “one stop experience” philosophy.

The company will continue the tradition of innovation, to care for people through empathy and always promote integrity & creativity.

As stronger demand for meetings and small conventions continues, the upgrade and improvement of the facilities is a must. For this reason, the well-known Crystal Ballroom and all event areas went through major refreshment recently, while our new reception and lobby brought a multifunctional concept to the heart of the hotel. In the final quarter of 2018 the hotel will commence transformation of our renowned Focaccia restaurant to a unique venue, giving our guests a perfect new setting for creative meetings, formal presentations, workshops, art exhibitions and celebratory gatherings.

The company continues to invest in the property and upgrade the building which conveys a clear and positive message that we are more optimistic about our future.

Renovation projects will start at the end of this year and carry on into 2020, with renovations including a redesign of the Tea House outlet to a café-style market and the renovation of a further two guest room floors. Plans are also in progress to add 650 sq./m of new event space in the lower lobby area.

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W WE COULD ECONOMIC COOPERATION

MAKE A BILLION This time next year...

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e cannot help but smile when we think of Rodney and Delboy from the series “Only Fools and Horses”, and their line “this time, next year, we will be billionaires”. We could be!

In external trade with Greece…

Two governments and chambers of commerce say that this is quite realistic.

Over 200 business people, who attended the business forum organized by the two countries in Thessaloniki in March this year, agreed that it was possible to reach a billion euro worth of external trade between Greece and Serbia. “There is great potential for increasing this trade and the overall economic cooperation between Greece and Serbia, and it is important that business people from the two countries pool resources, work and knowledge in order to ensure a stable, sustainable business development and prosperity for both countries in the light of permanent geopolitical changes in the world” – this was a joint assessment of the business

people attending the Greek-Serbian business forum in Thessaloniki.

There are also numerous opportunities for boosting the cooperation in energy, food industry, agriculture, tourism, as well as in real estate, information and communication technologies and pharmaceutical industry. All of this can gain an even greater momentum since Greece has been slowly recovering this year after a long period of crisis and has exited the bailout programme that had been imposed on it by the notorious Troika. Greece is now making a comeback to capital markets and will be much more open towards the idea of investing and economic co-operation.

Considering how excellent is the trade

GREECE MIGHT NOT BE ABLE TO ELIMINATE ITS BIGGEST ECONOMIC PROBLEMS BY 2060

cooperation between our two countries, there are clear prospects that everything will be even better.

FUTURE IS BRIGHT AND GREEN The cooperation between Serbia and Greece is of crucial importance for the entire Balkans and for the political stability and economic prosperity of the whole region.

The increasingly better legal and institutional environment in both countries creates opportunities for deepening of the traditionally friendly relations, economic ties and mutual investments. President of the Greek-Serbian Chamber of Commerce, Symeon Tsomokos, pointed out that Greece was an important investor in Serbia, and adding that, despite the fact that some Greek companies had withdrawn from Serbia in the last couple of years, Greece would remain an important partner to Serbian businesses. We are primarily referring to „the colour green here“, i.e. green energy. Namely, the emphasis of the future economic cooperation, apart from the traditionally strong sectors of commerce and banking, will be on projects related to renewable energy sources (RES), where Greece envisages investments of 1.5 billion euro in the next few years with the aim of increasing the share that the green energy has in the total electricity production to 50% by 2030. It is noteworthy that Greece, like Spain, had to find ways to be competitive in the areas in which it was predisposed to be highly competitive – sun and wind.

WE ARE FAITHFUL TO GREECE In 2017, for the fifth consecutive year, Greece broke the record in the number of tourists. Last year, close to 30 million tourists visited Greece, which is a 7% increase

on an annual level. The tourism revenue amounted to 15 billion euro which makes this economic branch the Greek export champion with an 18.6% share in the national GDP and a 23.4% share in the overall employment. Serbian tourists make up a significant portion of this number and every year, more and more people from Serbia are holidaying in Greece. Come

ACCORDING TO THE STATISTICAL OFFICE OF THE REPUBLIC OF SERBIA, THE VALUE OF THE EXTERNAL TRADE WITH GREECE AMOUNTED TO 448.5 MILLION EURO IN 2017 May, one of the most asked questions here is “Where are you going on summer holiday?” and the most frequent answer is “To Greece”. This kind of tourist faithfulness is rarely found in any other nation.

Although, the year 1994 and the first hit song of the British band Blur called “Girls and Boys” pop to mind in which they sing about the British going “down to Greece”.

If that song was sang today, they could be well referring to Serbs.

AGRICULTURE ADVICE Since Greece, just like Spain, has low quality land, the Greeks had to find other ways to use their country’s potential. They were quite successful at that compared to how we fail miserably at using our fan-

tastic potential. In terms of increasing the bilateral cooperation between the two countries in agricultural and food sector, it is important to note that Greece has 5.1 million hectars of arable land, 709,450 farms and that their agriculture makes 3.5% of the national GDP and employs 1.2 million people. In 2016, Greece exported 5.6 billion euro worth of agricultural products, which makes 22.3% of the country’s total exports.

The Greek food and beverage industry generates annual revenue of 14.2 billion euro, which is 25% of the revenue of the country’s entire industry. Our two countries can bolster mutual cooperation in livestock and poultry farming in terms of raising new farms, organic production, packaging industry, etc. And we can do it with the help of our southern friends.

FACTS AND FIGURES According to the Statistical Office of the Republic of Serbia, the value of the external trade with Greece amounted to 448.5 million euro in 2017. The total Serbian export to Greece stood at 162.1 million euro, which puts Greece in the 23rd place on the list of countries that Serbia exports to, with a share of 1.1% in total exports. Serbia, on the other hand, imported from Greece goods worth 286.4 million euro last year.

This puts Greece in the 19th place on the list of countries from which we mostly import, with a share of 1.5% in the total import of Serbia. The export to import ratio was 56.6%. But we can do better! As we said in the beginning, this time, next year, we will be billionaires - in trading with Greece, that is. Perhaps not the next year, but we are definitely continuing to grow. It's hard to have a good economic partner that is also a friend nowadays, and Greece is that to us.

EXPERIENCE

IN THE FUTURE, WE SHOULD UTILIZE GREECE’S EXPERIENCE IN AGRICULTURE AND GREEN ENERGY GREECE 2018

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— Text —

Žikica Milošević

ECONOMY

POST-CRISIS MANAGEMENT Could life ever be same again?

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russels, we have a problem! In the world where the euro is fiscally positioned in such a way that it cannot protect smaller EU members and those in crisis, saving and fixing an economy, even the one as prosperous as the Greek, can be a very slow and painful process.

We can go into endless discussions whether or not “OXI” was supposed to be upheld in the referendum, whether the bailout programme was good at all or where would it lead, or would the re-introduction drachma improve the situation.

Yannis Varoufakis has resigned, leaving his buddy and the Greek Prime Minister Tsipras to fight alone, while explaining why

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the present north-centric Europe does not function, as evidenced in the case of Italy and the growing dissatisfaction there.

FOLLOWING THE SIMILAR ACTIONS BY THE UK AND GERMANY, THE GREEK GOVERNMENT HAS FORCED SWISS BANKS TO REVEAL INFORMATION ON THE BACK ACCOUNTS OF GREEK CITIZENS

Now, we are in the post-crisis management phase that has been yielding results, more or less. Let's examine how Greece fared in all of this.

BAILOUT PROGRAMME AND ITS CONSEQENCES Let’s talk a little bit about official reports or facts and figures, as they say. There was a 25% drop in Greece's GDP, connected with the bailout programmes. This had a critical effect: the debt-to-GDP ratio, the key factor in defining the severity of the crisis, jumped from its 2009 level of 127% to about 170%, solely due to the GDP drop (i.e. the same happened to the debt). Such

a level is considered unsustainable. In its 2013 report, the IMF admitted that it had underestimated the effects of extensive tax hikes and budget cuts on the country’s GDP and issued an informal apology. When a budget is cut down to such a degree, it can hardly have a positive influence.

And yet, it seems that Yannis Varoufakis somehow oversaw that the crisis would blow up to such proportions and that the solution was not that easy, as in the case of Ireland, Spain or even Portugal. “Greece will exit bailout in August, but the cruel reality is that an easier rate of repayment subjugates the country until 2060”, Varoufakis said. A gloomy prospect, isn’t it? Still, eight years after the official bankruptcy, Greece has still not recovered, although it was, once again, declared "a normal country" in August. European officials, however, were not delighted with the idea of giving in to the Greeks, adamant that they "must win by their own methods", if we were to believe numerous analyses, including the one done by Varoufakis, which is clearly seen in the example of Italy.

The Greeks had direct and quite explosive remarks about Wolfgang Schäuble, angry at the fact that austerity measures mean they would not recover for many decades. Then there is Germany, which was forgiven after WWII, but is unforgiving towards others.The PIIGS members are doing better - Portugal, Spain and Ireland have all bounced back. However, there is one crucial exception, apart from Greece, and that is Italy. By appointing Matteo Salvini as the new alternative nationalist leader, Italy is currently, along with the Czech Republic, the only country which would vote LEAVE in a hypothetical EU-membership referendum. Its pop-

ulation believes they got nothing from the EU, and deffinitely lost a lot from introducing euro as currency. When they tried to augment the budget defficit to increase the wages of the poorest and the pensioners, they got a slap on the wrist by Pierre Moscovici and the EU central, thus further increasing the possibility of “Italexit”. And that could be really serious! If any attempt to make things better is met with “stop and don't destabilise the euro”, while we can clearly notice that the Germans are

WE SHOULD NOT WAIT FOR OTHERS TO MAKE THEIR MOVE, BECAUSE OTHERS HAVE THEIR OWN, BAD IDEAS OF HOW TO “SAVE” YOU. YOU HAVE TO DO SOMETHING ON YOUR OWN doing much better than the Italians in the current constellation, it could have tragic effects. Of course, we are all hoping that that would not be the case. However, if Italy takes the same road as Greece did, the recovery is going to be slow indeed. If it decides to be stubborn, it will destroy the eurozone as it is at the moment. According to Varoufakis, the eurozone is such that it takes back the money from European periphery and directs it to Germany and other northern EU members. The estimates show that “unfortunately, all the happy talk about impending “debt relief” and a

“clean exit” from Greece’s third bailout obscures an uglier truth: The country’s debt bondage is being extended to 2060."

TAX EVASION AND HOW TO BATTLE IT? Of course, no time should be wasted waiting for a slow solution, in line with the EU rules and the aforementioned, despised Wolfgang Schäuble. The mentality should be changed too and one of the better ways of doing it is fighting tax evasion. Following the similar actions by the UK and Germany, the Greek government has forced Swiss banks to reveal information on the back accounts of Greek citizens. This is of crucial importance to find out who is taking money out of the country and evading taxes. Also, Greece wants to encourage the use of credit and debit cards so that cash flows become more transparent and to reduce corruption and tax evasion, i.e. the share of shadow economy. Also, some other concrete measures have been made. In January 2017, "taxpayers were only granted tax-allowances or deductions when payments were made electronically, with a "paper trail" of the transactions that the government could easily audit. This was expected to reduce the problem of businesses taking payments but not issuing an invoice”. Furthermore, companies were forced to install e-payment devices. The results show that “the greater use of cards was one of the factors that had already achieved significant increases in VAT collection in 2016". And that certainly can’t be bad, to quote The Beatles.

We should not wait for others to make their move, because others have their own, bad ideas of how to “save” you. You have to do something on your own.

THE PLAN

GREECE WANTS TO ENCOURAGE THE USE OF CREDIT AND DEBIT CARDS SO THAT CASH FLOWS BECOME MORE TRANSPARENT AND TO REDUCE CORRUPTION AND TAX EVASION GREECE 2018

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HBA ACTIVITIES

15 YEARS IN SERBIA

Most important activities of the Hellenic Business Association of Serbia

Vasilopita Cutting

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he Hellenic Business Association of Serbia was founded 15 years ago in Serbia. Greek companies in Serbia implement their activities in various sectors - banking, food and beverage, telecommunications, retail, tourism, construction, heavy industry, providing diversified services, etc., thanks to which Greece tops the list of foreign investors in the country.

Through numerous activities and events it organizes, the HBA facilitates investment initiatives of its members and other Greek investors, promotes dialogue, and presents common opinions and views of its members in order to achieve better economic cooperation between Greece and Serbia.

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ANNUAL CELEBRATION OF THE HELLENIC BUSINESS ASSOCIATION OF SERBIA (HBA) The Hellenic Business Association of Serbia and the Embassy of Greece in Belgrade for the first time jointly organized the annual celebration "Vasilopita Pie Cutting", attended by the members and friends of the Association, representatives of the Greek Embassy, and representatives of the wider Greek business community in Serbia. The ceremony was held at the Ambassador’s residence, on January 24th. The Ambassador of Greece, HE Elias Eliadis, and the President of the Management Board of the HBA, Zafiris Lampadaridis, assessed the cooperation of the

Association and the Embassy of Greece as extremely important, and announced the realization of common events and initiatives in the future. At this year's celebration, the Hellenic Economic Association of Serbia awarded the companies Grand Casino Belgrade and The End of Line for the tenth anniversary of its membership. The celebration ended with the traditional Greek custom - cutting Vasilopite, and this happy happy coin symbolizing the successful business of his company in the current year was found by Kleemann Lift's representative.

ORGANIZATION OF COMMON ACTIVITIES • Business Networking Cocktail

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Business Networking Cocktail

Tax system in Serbia and the Region

Belgrade Waterfront Company and the HBA organized a cocktail that was held on January 31st, in one of the most beautiful buildings in Belgrade. The hosts presented the members of the Association with the latest achievements of the Belgrade Waterfront project, and Aleksandar Djordjevic, representative of Belgrade Waterfront, and Rita Lozinski, member of the Management Board of the HBA, expressed their desire to intensify cooperation in the future. • Seminar on "Tax System in Serbia and the Region" The HBA in cooperation with the company-member Eurofast, as well as the German-Serbian Chamber of Commerce (AHK Serbia) and the Chamber of Italian-Serbian businessmen, organized a seminar on the topic "Tax system in Serbia and the Region" on September 5th, held at Belgrade Art Hotel. The seminar was

Student practice programme

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attended by lecturers from Eurofast offices from Montenegro, Greece and Cyprus.

STUDENT PRACTICE PROGRAMME "GREEK INITIATIVE FOR WORK EXPERIENCE" The HBA, under the patronage of the Embassy of Greece in Belgrade and in cooperation with the University of Belgrade, held a solemn presentation of the program "The Greek Initiative to Work Experience, as well as the Practice Fair, in the form of informative consultative sessions of representatives of participating companies. As in the previous three years, the Association implemented a three-month internship in member companies. This independent initiative is being held with the aim of professional training of students, networking in Greek business in Serbia,

Student practice programme

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linking with the labor market and promotion of companies-members of the Association. The program is intended for students of the final years of Bachelor and Master Studies at the University of Belgrade, who want to gain first work experience and thus improve their chances in the labor market.

Over 60 students have passed through the program, and he best among them got hired. This year's program was supported

by Alumil YU Industry, EKO Serbia, Eurobank, Eurofast, Hotel Junior, Inos Balkan, Intelli, Kleemann Elevators, LG Chemistry, Mercure Belgrade Excelsior. Upon completion of the program, students received a certificate of completed practice at a special ceremony.

NETWORKING AND SOCIALIZING BETWEEN MEMBER COMPANIES • The Christmas Diner

The Christmas diner

This event is a traditional, pre-New Year gathering of members. This year's gathering of members and friends of the HBA was organized in December in the Greek tavern Piatakia, and it was also an occasion to celebrate the 14th birthday of the Association.

• Dinner for Serbian representatives of companies-members of the HBA The Management Board of the HBA organized a dinner, on May 10th, for the Serbian representatives of the member companies, at the restaurant Mezestoran Dvoriste. The evening was attended by the representatives of Confida Consulting, Hertz Autotechnica, V + O Communication, Alliance International Media, Lazarević & Pršić Lawyers, IKRP Rokas & Partners, Karanović & Nikolić, Advokatska kancelarija Aleksić & Associates, Soko Inžinjering and Color Media Communications.

Summer gathering

Diner with Serbian representatives

• Summer Gathering The HBA organized this summer, two days before the official start of the summer, a gathering attended by representatives of company members, friends of the Association and representatives of non-member companies. The attendees had the opportunity to meet and talk in a friendly atmosphere, listen to Greek music and enjoy a beautiful evening.

"GREEK WEEKEND" IN BELGRADE The International Friendship Association, under the auspices of the Greek Embassy in Belgrade, the Hellenic Business Association of Serbia, Greece Tourism Office, City of Belgrade, the Tourist Organization of Serbia, Tourist Organization of Belgrade and Beo-kom service, organized the festival "Greek Weekend", on

May 12 and 13, in Belgrade, This fourth unique two-day festival promoting Greek culture, music, cuisine and tourism, as well as traditionally good relations between Serbia and Greece, contributes to the charm of the capital city in order to bring the two nations together. Visitors of the Greek weekend in Belgrade's Republic Square enjoyed a rich and authentic gastronomic offer, as well as traditional and modern music and dance. Folk ensemble from Asprovalte presented visitors with national dances from different parts of Greece, while the buzuki band Greek Sounds entertained visitors late into the night.

COOPERATION WITH CHAMBERS AND ASSOCIATIONS IN SERBIA • International Networking Cocktail On May 24th, in the restaurant Vizan-

Greek weekend in Belgrade

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International networking cocktail

International networking cocktail

tija, a big business meeting of eleven chambers of commerce was held in Serbia. The event was organized by the HBA, the French-Serbian and the AHK German-Serbian Chambers of Commerce, the Chamber of Italian-Serbian Businessmen, the Belgian-Serbian Business Association, the Slovenian and Croatian Business Clubs, the Nordic and Japanese Business Alliances, the CANSEE Canadian Business Association , as well as the Swiss-Serbian Chamber of Commerce.

The cocktail was attended by about 200 guests, who had the opportunity to connect and expand their list of business contacts, exchange ideas and experiences and lay the groundwork for future cooperation. The aim of this event was to improve business cooperation among the members of the bilateral chambers, and to strengthen the synergy between the chambers.

Meeting with Greek officials

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• Presentation on "EU funding opportunities in RS" The HBA, in cooperation with the Belgian-Serbian Business Association, the Croatian Business Club and the Nordic Business Alliance, under the auspices of the Croatian Embassy in Belgrade, organized a presentation on "EU funding opportunities in the Republic of Serbia - Support for the improvement of the business and investment climate in the RS ", which took place on October 25th, in the residence of the Croatian Ambassador. The presentation was held by the EU Delegation in Serbia and it was attended by numerous guests and diplomatic officials.

MEETING WITH GREEK OFFICIALS The Management Board of the HBA, together with the Greek representatives of

the member companies - Great Sponsors, held a meeting with the Chief of the Department of Foreign Affairs and MP of New Democracy, Mr Georgios Koumoutsakos, who visited Serbia as part of his participation in the Seventh EU-South-East European Summit.

SPECIAL PUBLICATIONS In October, the HBA presented its special publication entitled "Member2Member 2018", intended to promote the products and services of its member companies in the wider Greek-Serbian business community. The publication contains special offers and discounts for 10 member companies in 8 different business categories that relate to other members, and is also available on the Facebook page of the Association.

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TRADITION

DEMOCRACY FOREVER Because they invented it, that's why

T

he word “democracy” even sounds Greek. Regardless of a crisis that this country might find itself in, it is very easy to imagine masses of people in the streets demanding democracy, and the reason for this is that it was the Greeks that actually invented the term.

Or Athenians, to be more precise. The Greeks also invented a whole series of different governance styles or at least, they practiced them. They had the Greek poleis, autocracy and military junta, based on the brotherhood of warriors and slaves like in the film ‘300’ (“This is Spartaaa!” is a shout even used by Novak Djokovic and Gerard Butler nowadays), which all may sound romantic, but it actually was not. There was also theocracy reflected in the thousand years of Byzantine rule where, just like an-

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ywhere else in medieval times, everything was resolved by an emperor, patriarch and head of the army. However, there is one noticeable difference – all other neighbouring countries, from Persia, which was multi-ethnic, a big accomplishment back then, to Egypt and further on - were classical

THERE IS NO BETTER GOVERNANCE SYSTEM OUT THERE AND IT IS UP TO YOU TO PICK WHAT KIND OF DEMOCRACY SUITS YOU THE BEST. AND WE HAVE TRIED MANY OF THEM

states with one ruler that was not elected and the rest were his subjects. Regardless of how faulty the Athenian democracy was, they were the first who came up with the idea that a ruler can be elected, a notion that was so shocking to their neighbours at the time. Or the notion that the ruler can be removed from the power through ostracism and even banished from town…

DEMOS + KRATEIN You might wonder why did we use the word “faulty” to describe the Athenian democracy? Even Plato, in his masterpiece “Republic”, in which he talks about the perfect governance system, did not even think to have “the unimportant ones”, meaning slaves, women and foreigners (non-Athenians), participating in the gov-

ernment. Oftentimes, contemporary analysts, like Karl Popper, an advocate of the open society theory, fall into a trap of criticizing societies from the past from the current perspective. Luckily, not all of them are capable of interpreting the Athenian society as undemocratic. The operative words here being “relative to that time”.

The term “democracy” was invented in ancient Athens in 5th century BCE. The term itself is derived from the words demos – people and kratein – rule. The ancient Greeks used the word democracy to describe the governance of many as opposed to the governance of the few.

The Athenian state is not really considered a good example of a system that corresponds to today’s notion of democratic rule. Still, many don’t see Athens as true democracy considering that only a small segment of the population was allowed to vote, while women, slaves and foreigners were not (referring to our good old Popper again).

Only around 16% of the total population had the right to vote, but please bear in mind that, unless you were a member of some northern barbaric tribe, nobody ever had the right to vote. Sorry, we stand corrected. One person had that right. In Athens, decisions were made as a result of voting, instead by elected representatives, as it is the case in modern day democracies. Many say that the oligarchy ruled in ancient Greece.

In time, the meaning of the term democracy has changed, with notable changes to the definition happening from 18th century onward, namely when various states started implementing various “democratic” systems.

Modern democracy can be defined as a

governance system where the ultimate political power or sovereignty belongs to the people either directly or through elected representatives. We now have many kinds of democracy - a liberal democracy, which has been vocally advocated by The Economist for 150 years, something called non-liberal democracy, which is Viktor Orban’s favourite and social democracy,

REGARDLESS OF HOW FAULTY THE ATHENIAN DEMOCRACY WAS, THEY WERE THE FIRST WHO CAME UP WITH THE IDEA THAT A RULER CAN BE ELECTED, A NOTION THAT WAS SO SHOCKING TO THEIR NEIGHBOURS AT THE TIME which functions on Viking principles of the egalitarian nature of the warriors, that is widespread in Scandinavia (logically), and many others. Even the German Democratic Republic was proud to have the word “democratic” in its name only because it was an electoral state. During my studies in Spain, I tried to explain to my Western friends why the GDR dared to use the words “democratic republic” in its name.

If we look at the parliaments of today's states, they are dominated by lawyers, economists and the like, all loyal members of their parties and voted for in differ-

ent locations in the country. Is this democratic? Yes, it is. But in socialism, we also wanted all social strata to be represented. For example, all workers in a factory used to gather to choose their representatives. The same was true for all farmers, all doctors, and so on. Of course, they were loyal to the Party, of which there was only one, but more attention was paid to social strata than to the colours of the flag.

LET'S TAKE TO THE STREETS It is precisely because of the profoundly Greek nature of democracy that we can always imagine people demonstrating in the streets in Greek cities. Let's imagine how strikes can paralyze the country, regardless of their horrible consequences, particularly in summer. Let’s imagine rebellion, because the Greeks are rebellious and even if they have no influence on decisions made by authorities, they still want their voices to be heard. This is also the reason why the Capitol Hill and the Vienna Parliament and many other buildings, like the Bolshoi Theatre, were built to resemble the Acropolis. Although, the Acropolis was the place of worship, the symbolic Greek architecture and its culture, became a trademark of democracy, because it was the Greek that invented it, despite its flaws. There is no better governance system out there and it is up to you to pick what kind of democracy suits you the best - liberal, non-liberal, socialist like in the DDR or the SFRY, or a direct democracy, exercised the Althing in Iceland, where the warriors gather to make decisions. We did try having other systems too, but they have all always collapsed in a weird manner.

DEMOCRACY

THE TERM “DEMOCRACY” WAS INVENTED IN ANCIENT ATHENS IN 5th CENTURY BCE. THE TERM ITSELF IS DERIVED FROM THE WORDS DEMOS – PEOPLE AND KRATEIN – RULE GREECE 2018

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CULTURE

FETA + OUZO The combination of your dreams

O

uzo, or as we often call it Mastika, is a type of a strong alcoholic drink that will warm you up during the upcoming cold winter days. By all means, try Feta cheese with it, because they go really well together. Both are part of the Greek culture that we all know and love.

Ouzo goes by a different name here and in Bulgaria - Mastika. The Greeks call it ούζο, and by definition it is actually “a dry anise-flavoured aperitif that is widely consumed in Greece, Cyprus, Lebanon, Bulgaria and Israel.” Its taste is similar to other anise liquors like rakı, pastis and sambuca. Ouzo was derived from another drink called tsipouro, and people often

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mix these two as being the same. Even at the risk of making the Greeks angry, mistaking the first one for the second is not such a big deal if you have never

HE EUROPEAN UNION NOW RECOGNIZES OUZO, AS WELL AS THE GREEK DRINKS TSIPOURO AND TSIKOUDIA, AS PRODUCTS WITH A PROTECTED DESIGNATION OF ORIGIN

tried either. They say that the monks from Athos made tsipouro in the 14th century, and that, in the end, a version of tsipouro was named ouzo. Regardless… Ouzo is often criticized as being too sweet and generally liked by women (instead of being heroically bitter or hot like our rakija, whiskey etc.). It is ideally consumed both in summer and winter. In summer, it refreshes you when all other alcoholic drinks make you sweat, and in winter, in warms you up. Ouzo magically transforms from a clear drink into a cloudy and non-transparent one, resembling milk, when added water. I think I could literally watch this process for hours. I mean, for hours!

HISTORY OR SEVERAL VERSIONS OF IT Here a few historical details. The modern ouzo distillation “largely took off in the beginning of the 19th century following Greek independence. The first ouzo distillery was founded in Tyrnavos in 1856

by Nikolaos Katsaros, giving birth to the famous ouzo Tyrnavou”. When absinthe fell into disfavour in the early 20th century, ouzo was one of the products whose popularity rose to fill the gap; it was once called "a substitute for absinthe without the wormwood". The name ouzo makes for a really fun wordplay in the Serbian language - “Ja bih uz'o jedan uzo”. Literally, it means “I would have an ouzo”. Also, in Italian, uso means “use”. Maybe the word originally comes from Italian? The origin of the name "ouzo" is disputed. A popular derivation is from the Italian "uso Massalia"—for use in Marseille— and stamped on selected silkworm cocoons exported from Tyrnavos in the 19th century. An anecdote says that this designation came to stand for "superior quality", which the spirit distilled as ouzo was thought to possess.

Of course, the Greeks were so proud of it and protected its name. On October 25th, 2006, Greece won the right to label ouzo as an exclusively Greek product. The European Union now recognizes ouzo, as well as the Greek drinks tsipouro and tsikoudia, as products with a Protected Designation of Origin, which prohibits European makers other than Greece and Cyprus from using the name.

FETA

During the 1990s economic sanctions in Serbia, various countries were sending hu-

manitarian aid here, including Greece and Denmark. Often times, the humanitarian packages included feta, a hard, salty cheese originating from Greece. Maybe this sad period in the history of our country contributed somehow to the popularity of the feta cheese, or maybe it is holidaying in Greece from the year 2000 onward, when Greece

OUZO MAGICALLY TRANSFORMS FROM A CLEAR DRINK INTO A CLOUDY AND NONTRANSPARENT ONE WHEN ADDED WATER. IN SUMMER, IT REFRESHES YOU WHEN ALL OTHER ALCOHOLIC DRINKS MAKE YOU SWEAT became the no. 1 destination for Serbian tourists, replacing Montenegro after the country declared independence. Anyhow, many dairies in Serbia started to produce feta which became a staple in the Serbian cuisine too. Just like with ouzo, the Greeks were also adamant to protect the word feta with success. Since 2002, feta has been a protected designation of origin product in the European Union. According to the relevant EU legislation, only those cheeses produced in a traditional way in particular areas of Greece, which are made from sheep's milk, or from a mixture of sheep's and up to 30% of goat's milk from the same

area, can be called feta. And this is when the dispute with the aforementioned Denmark started since feta is considered almost a national cheese there too. After a long legal battle with Denmark, which produced a cheese under the same name using chemically blanched cow's milk, the term "feta" has been a protected designation of origin (PDO) since October 2002, which limits the name "feta" within the European Union to brined cheese made exclusively of sheep's or sheep's and goat's milk in Greece. And everybody else who, up to that point had been producing Feta, had to remove the word itself from the packaging. Of course, in lieu of feta, new names were conjured up but to no avail – everybody still calls this kind of cheese feta. Just like with many things in the Balkans, the feta cheese is consumed in all other, neighbouring countries, under different names and variations. When you live on a territory that is so culturally mixed, there is no such thing as “original”.

IDEAL MEZZE

Anyhow, feta makes for an ideal appetizer. And it is salty enough to make you drink something. Although, traditionally, original feta is supposed to be made only from sheep’s milk, many people have distaste for it, hence feta is now available in several different variations, both here and in Denmark. Feta is an ideal addition to salads, because it gives the much needed aroma to tasteless plants. It goes fantastically well with ouzo and it has a refreshing effect during hot summer days. It is also great to consume in winter, because it is high in calories and will warm you up. If you take it with ouzo, you will feel as if you are still in Greece, long after you have returned from your Greek holiday.

EFFECT

FETA GOES WELL WITH OUZO AND IT HAS A REFRESHING EFFECT DURING HOT. EAT IT IN WINTER TOO, BECAUSE IT IS HIGH IN CALORIES AND WILL WARM YOU UP GREECE 2018

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TOURISM

GREEK G ISLANDS The archipelago of dreams

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reece is a country of a thousand islands, just like Finland is a country of a thousand lakes.

If you decide to visit a different Greek island every year, you are definitely going to fail. And let’s not even talk about the rest of the coastline or the entire Greece.

Greece has close to 6,000 islands, a quite impressive number which is almost 5 times the number of islands that the no.

2 holiday destination, Croatia has – 1,244.

These two countries are heaven for people who like a rugged coastline. And ferries…

And hidden beaches… Out of the men-

tioned number, only 227 islands are populated, while the rest are very small, uninhabited islands. This is a truly unique phenomenon for the European continent – says the Visit Greece website and we fully agree. Of all inhabited islands, only 78 have the population of over 100. The Greek islands are traditionally grouped into the following eight clusters: the Argo-Saronic Islands in the Saronic gulf near Athens; the Cyclades, a large but dense collection occupying the central part of the Aegean Sea; the North Aegean islands, a loose grouping off the west coast of Turkey; the Dodecanese, another loose collection in the

southeast between Crete and Turkey; the Sporades, a small tight group off the coast of Euboea; and the Ionian Islands, chiefly located to the west of the mainland in the Ionian Sea. Crete with its surrounding islets and Euboea are traditionally excluded from this grouping.

WHY ISLANDS? The simple answer might lie in the fact that islanders have a completely different mentality. People say that the weirdest food recipes come from Sardinia, which is an island. Islanders also have a closed-up personality but are also quite forthcoming, paradoxically enough. How so, you might

THERE IS A SAYING THAT GOES “IF YOU REMEMBER YOU’VE BEEN ON IOS, THEN YOU HAVE NOT BEEN THERE AT ALL”, BECAUSE BEING THERE SEEMS LIKE A VISION ask? Well, they have been preserving their customs far away from the prying eyes of foreigners and foreign influence, and yet their livelihood depends on sailing, i.e. travelling to foreign countries and being submitted to foreign influences. They say that the originality and slight “weirdness” of the British, Irish, Japanese and Icelanders, to mention just a few, are the result of exactly that – the fact that islanders are just different. On the other hand, you

can imagine how different are the cosmopolitan Thessalonians, with their Jewish, Turkish, Aromanian and Slavic fellow citizens who have been living with them for centuries, compared to the Greeks living on the islands who have not experienced much of foreign influence.

And then, there are natural attractions like beaches. The Greek Archipelago takes up 7,500km of the country’s total 16,000km coastline, offering a highly diversified landscape: beaches stretching over many kilometres, sheltered bays and coves, sandy beaches with sand-dunes, pebble beaches, coastal caves with steep rocks and dark colored sand typical of volcanic soil and coastal wetlands. Bitna je i kultura. Some of the oldest European civilizations developed on the Greek islands (Cycladic, Minoan civilizations, etc.), so therefore the islands have unique archeological sites, a distinctive architectural heritage and the fascinating local traditions of a centuries-old and multifaceted civilization.

WHO IS THE MOST POPULAR? The Greeks say that people who come to Greece are pretty unusual. Those who come from afar, go the distance when in Greece. For example, if the Danish or Dutch tourists arrive here by car or a camper van, they usually go to the furthest destinations like Rhodes, Crete or Peloponnese. Those who don’t travel great distances, like the tourists from Serbia or Bulgaria, usually pick the destinations that are nearest to them – Thassos, the Olympic region, Corfu and other Ionian islands, or Parga.

The most popular Greek destinations among the Serbian tourists are definitely

FILM

SKOPELOS GAINED A WORLDWIDE POPULARITY AFTER THE FIRST MAMMA MIA! FILM WHICH WAS FILMED THERE GREECE 2018

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Thassos in the Aegean Sea, which is also called a little green oasis in the Aegean region, but also the Ionian islands of Kefalonia, Corfu, Zakynthos or Lefkada. The history of the Ionian islands is a bit different to the history of other Greek islands (well, not all of them), because these islands had experienced a strong Venetian / Italian influence since they were located in the zone that was of interest to the Venetian Republic. Later, the British took over the seven of the Ionian islands as a “guardian colony” and subsequently, gave over the islands, in “good faith”, to the new Greek Republic. By doing so, they bolstered the Republic’s position while leaving a small but indelible trace on these islands.

But, let’s explore further!

Perhaps the most beautiful cluster of islands, and least known to Serbs, is the Cyclades. Apart from, of course, Santorini and Mykonos, which have positioned themselves long time ago as elite tourist destinations, there is also Amorgos. This is the easternmost island of the Cyclades island group, and the nearest island to the neighboring Dodecanese island group in Greece.

Do you like the colour blue and Luc Besson? If you do, then you have probably seen Amorgos already with its whitewashed houses and windmills, similar to those in Mykonos. The island was featured in Luc Besson's film The Big Blue.

Agia Anna and the monastery of Panagia Hozoviotissa can also be seen in the film.

If you love the Dodecanese and colourful islands, in contrast to the dominant whiteness of other islands, then you should definitely visit Symi. The island has become

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DO YOU LIKE THE COLOUR BLUE AND LUC BESSON? IF YOU DO, THEN YOU HAVE PROBABLY SEEN AMORGOS ALREADY BECAUSE THE ISLAND WAS FEATURED IN LUC BESSON'S FILM THE BIG BLUE a haven for tourists from abroad, especially the British and Italians, and as a typical characteristic we can list the houses in vibrant colours of yellow, orange and blue.

Of course, there is Ios. It is often referred to as the "the youth island” or "the party

island" or the Ibiza of the eastern Mediterranean. There is a saying that goes “if you remember you’ve been on Ios, then you have not been there at all”, because being there seems like a vision.

Tourists on Ios usually go to the beach at four o’clock in the afternoon (well, as of recently, that is not completely true since there are a few family-style apartments and hotels under construction). Everybody’s is fast asleep for the most of the day after a long night of partying which is something that this island is famous for. Pitty, because Ios does have beautiful beaches too. Back in 1970, hippies discovered the Mylopotas beach and ever since then, Ios has been a favourite destination of young people. Of course, if you are interested in the ancient Greek culture, than Rhodes would be more your cup of tea (they say that the Greeks might rebuild the Colossus of Rhodes, but nothing is happening as yet). Plus, you should also visit the island of Crete, the centre of the Minoan civilization. If we are talking about Ionian islands, Lefkada is, unfortunately, the least discovered one. This island is known for its fantastic beaches. Andros and Euboea, with the latter marketed in Serbia as Evvia, are typical summer resorts for Athenians just like Skopelos which gained a worldwide popularity after the first Mamma Mia! film that was filmed there. The sequel was filmed on the Croatian island of Vis. To be honest, the people of Vis are also tired of the invasion of tourists who have just discovered the island. But that’s typical of today! And films contribute a lot to it…

Just like books, back in the day.

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CORPORATE

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Our clients come first, hence we have the most affordable prices and offer the best terms in the market, while enabling our clients to pay their insurance premium in 12 monthly instalments. We have you

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