InFocusGreece 2017 web by Diplomacy&Commerce magazine

Greece 2017

THE COUNTRY THAT CHANGED THE WORLD H.E. ELIAS ELIADIS Ambassador of Greece to Serbia

CHARALAMBOS KOUNALAKIS

Minister Counsellor for Economic and Commercial Affairs at the Embassy of Greece to Serbia

ZAFIRIS LAMPADARIDIS President of the Hellenic Business Association of Serbia

SEASHORE IS EVERYWHERE

No point in Greece is more than 137 kilometers from water. Greece has about 9,000 miles of coastline, the 10th longest in the world.

THE COUNTLESS ISLANDS Greece has more than 2,000 islands, of which approximately 170 are populated. Greece’s largest island is Crete.

06 05 SUNSHINE Greece enjoys more than 250 days of sunshine—or 3,000 sunny hours—a year. Therefore it is one of the sunniest countries in the world.

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OLIVES ARE DEEPLY GREEK

The world’s third leading producer of olives, the Greeks have cultivated olive trees since ancient times. Some olive trees planted in the thirteenth century are still producing olives.

THE LAND OF TOURISM

BLUE AGAINST EVIL

Approximately 16.5 million tourists visit Greece each year, more than the country’s entire population. Tourism constitutes nearly 16% of the Gross Domestic Product (GDP).

THE CRADLE OF THE WEST

Continuously inhabited for over 7,000 years, Athens is one of the oldest cities in Europe. It is also the birthplace of democracy, Western philosophy, literature, historiography, tragedy and comedy.

07 FREEDOM OR DEATH The Greek flag is includes nine blue-and-white horizontal stripes, which some scholars say stand for the nine syllables of the Greek motto “Eleftheria i Thanatos” (Freedom or death!)

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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THERE ARE STRONG BONDS BETWEEN US The roots of the strong, friendly relations between Serbian and Greek people can be found back in the 13thcentury

COMMENTARY

H.E. ELIAS ELIADIS

Ambassador of Greece to Serbia

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reece looks forward to the addition of Serbia in EU so that, together with other member states, we will be able to secure a prosperous future in the Balkans. We look with optimism on a productive and fruitful cooperation in the years to come. The roots of the strong, friendly relations between Serbian and Greek people can be found back in the 13thcentury. During the history in our common area the two nations consolidated tight bonds of mutual friendship, that today serve as solid base of the construction of not only political but also economic, educational and cultural relations between the two states. Greece looks forward to the addition of Serbia in EU so that, together with other member states, we will be able to secure a prosperous future in the Balkans. It is undoubtfully impressive how the Serbian-Greek relations are recently improving by numerous visits between high rank officials of the two Governments. Besides the exchange of visits of Presidents and members of the two Parliaments, Prime Minister Alexis Tsipras visited Belgrade in 2017, Deputy Prime Minister and Minister of Foreign Affairs Ivica Dačić visited Athens in July, followed by the meeting of the two Governments in Thessaloniki the same month, during which nu-

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merous bilateral agreements were signed. Recently, in October, the President of the Hellenic Republic Mr. Prokopios Pavlopoulos visited officially the Republic of Serbia, being the first head of state visiting President Aleksandar Vučić. They both concluded that the two states had developed a relationship without open issues.

RECENT NUMEROUS VISITS BETWEEN HIGH RANK OFFICIALS OF THE TWO GOVERNMENTS GAVE STRONG IMPETUS TO THE ALREADY EXCELLENT SERBIAN-GREEK RELATIONS Mr. Pavlopoulos, during October visit to Belgrade, met also with Serbian PM Ana Brnabić, and they agreed that bilateral relations between the two countries are traditionally good. Past is the beginning of the future and our common history justifies our optimism for a productive and fruitful cooperation in the years to come.

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INTERVIEW

CHARALAMBOS KOUNALAKIS

Minister Counsellor for Economic and Commercial Affairs at the Embassy of Greece to Serbia

STRONG POTENTIAL FOR BUSINESS BILATERAL COOPERATION 8

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Official visits of the top ranked Greek officials to Serbia accompanied with delegations of various national companies gave a new momentum to the bilateral economic relations on the institutional level as well as on the business cooperation level

believe that the anticipated strong growth of the Greek economy in the coming years will lead to increased interest of the Greek businesses for the Serbian market, says Charalambos Kounalakis, Minister Counsellor for Economic and Commercial Affairs at the Embassy of Greece to Serbia, with whom we spoke about the trends in the economic cooperation of the two countries and the Greek embassy activities aimed at underpinning even better trade and investment relations. External trade between Serbia and Greece has been growing continually. How would you rate the overall trade bilateral relations? What trends do you expect in the near future? Which branches do you see as leaders in this trade ? â&#x20AC;&#x2022; Due to both cultural and historical factors, Greece and Serbia have always enjoyed excellent bilateral relations. Unfortunately, these relations are not equally reflected in the commercial sector, where our overall bilateral trade volume still remains low, despite our potentials. We therefore 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 construction materials, energy, information and communication technologies etc. In order to fully exploit our economic and trade potential, we are organising a series of trade events in Serbia, as well as in Greece, such as missions from Greece to Serbia and vice versa, promotional events for specific groups of products (i.e. food and beverage, construction materials) etc.

There is great potential to develop our economic cooperation not only in the form of trade exchanges but also through joint ventures/investments in Serbia, joint ventures/investments in Greece, as well as joint cooperation in third countries. There is strong interest for business cooperation from both sides in a lot of sectors of economic activity and therefore bilateral sectoral events, business missions and economic fora will be organized to encourage new partnerships, in cooperation with Greek and Serbian ministries and institutions.

THE GREEK EMBASSY HAS BEEN VERY ACTIVE IN PROMOTING SYNERGIES BETWEEN GREEK AND SERBIAN COMPANIES THROUGH WELL PREPARED NETWORKING EVENTS Despite favourable developments, the results of the external trade still don't match its potential. What could boost the trade bilateral exchanges and how your department for economic affairs can contribute to such a development? â&#x20AC;&#x2022; As I have already mentioned, there is strong potential for business bilateral cooperation. For the exploration and the support of such business cooperation, the department for economic and commercial affairs of the Greek Embassy in Belgrade has already been very active and has managed

to promote synergies between Greek and Serbian companies through particular networking events. We have already started by promoting Greek food and beverage products that we believe have great potential in the Serbian market, through instore retail events, tasting gastronomy nights etc. For the next year we are planning other events from different sectors which present a lot of opportunities. Of course we would welcome and support similar events to be organized for Serbian products that have good prospects in the Greek market. In this respect, we are working to enhance cooperation between our Chambers of Commerce, in order to exchange business missions and organize events aiming at promoting investment opportunities, both in Serbia and in Greece. The Economic and Commercial Affairs department of the Greek Embassy in Belgrade contributes to Greek companies by providing all information necessary for the import and export of products and any other assistance needed for the promotion of bilateral trade and economic cooperation. This consists mainly of keeping Greek companies updated on measures of an economic, commercial or financial nature related to foreign trade and to customs legislation, as well as assisting them in finding the right contacts for networking and expanding their business abroad. Our department organizes conferences, workshops and business missions aimed at developing business cooperation with Serbian companies, and at attracting foreign investment in Greece as well as promoting Greek investments abroad. Finally, it is our role to take all necessary steps for the protection of Greek commercial and investment interests, by mediating to resolve trade disputes between Greek and Serbian companies.

HEADLINE

THE RECOVERY SHOWN BY THE GREEK ECONOMY WILL CERTAINLY RESTORE CONFIDENCE AND OUR COMPANIES WILL BECOME ABLE TO ELABORATE MORE AMBITIOUS BUSINESS EXPANSION PLANS, IN THE BALKANS AND ELSEWHERE SWITZERLAND 2016

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How is the overall economic situation in Greece? Do you think that the efforts of the Embassy to promote bilateral economic and trade relationships will be justified? ― The Greek economy has moved during the last two years from a state of prolonged economic crisis to a state of economic recovery. The first signs of solid growth, declining unemployment rate, and increasing confidence in the economy are now evident. Early data on 2017 signal a trend of positive GDP growth, forecasted by the European Commission and IMF to be 2.1%. The fiscal performance has strengthened significantly in recent years, producing in 2016 a primary surplus of 4.2% of GDP, which is the highest in at least the past 25 years and overly exceeds the program’s target of 0.5%. The unemployment rate is on a downward trend, from 24.9% in 2015 to 23.5% in 2016 and 22% in the first six months of 2017. The increased confidence in the economy, following the conclusion of the second review of the ESM program and the approval in principal of a Stand-By-Arrangement by the IMF, will boost consumption and private investment, through improved economic sentiment. The Greek economy is expected to grow robustly throughout the medium-term. GDP growth is still set to gather pace in 2018 and 2019, reaching 2.4% and 2.6% respectively. Private consumption and investment are projected to be the main drivers of growth in 2017-2019. The private consumption is expected to increase in 2017, supported by an increase in employment. Credit rating agencies (Moody’s and Standard

POTENTIAL

AMONG NEW POTENTIAL SECTORS FOR DYNAMIC BUSINESS COOPERATION ARE TOURISM, REAL ESTATE, AGRICULTURE, BUILDING AND CONSTRUCTION MATERIALS, ENERGY/RES, TRANSPORT AND WASTE MANAGEMENT 10

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OVER TWO BILLION EUROS OF GREEK INVESTMENT IN SERBIA IS MORE THAN IMPRESSIVE AND DEMONSTRATES THAT, DESPITE THE ECONOMIC CRISIS AT HOME, GREEK COMPANIES ARE HERE TO STAY and Poor’s) have recently changed the Greek economy’s outlook from stable to positive. Moody’s has also upgraded longterm issuer rating and all senior unsecured bond and program ratings. Numerous structural reforms, implemented over the past years, have triggered growth impetus in the Greek economic environment. Some of the most notable reforms are: Wage grids in the public sector, which have been reviewed and consolidated; The selection of public sector managers, which was overhauled; Pension funds, which have merged into a single fund with common rules; Product market reforms, which have been implemented under three OECD toolkits; Tax authority, which has become fully digitized; Privatizations in key sectors, which have progressed swiftly and the guaranteed minimum income scheme, which has been implemented for the entire country. The reform effort has been one of the strongest among OECD countries. Further intensified after the legislation of 140

prior actions under the second review, the reform effort will be sustained at the same pace throughout the coming years. Business climate is also expected to improve, leading to the return of investment, as financing conditions may ease gradually. 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 in 2017 and 2018, based on the recovering shipping sector and the increased demand experienced by the Greek tourism sector. Concerning the Greek-Serbian economic relationships and the efforts made by the Embassy, I have to say that the official visit of Greek Prime Minister to Serbia with a delegation of 65 Greek companies from various sectors, as well as the visit of the Alternate Foreign Minister Mr. George Katrougalos, with other 40 Greek companies and another coming one on the 20th of November this year with 35 companies, give a new momentum to the bilateral economic relations on a institutional level as well as on a business cooperation level, as so many b2b meetings take place between Greek and Serbian companies. These events undoubtfully enable companies from both countries to initiate new cross-border contacts and expand their export network, set up new commercial partnerships as well as develop investment cooperation projects in Serbia, Greece or in third countries. As a conclusion, the recovery shown by the Greek economy will certainly restore confidence and our companies will become able to elaborate more ambitious business

expansion plans, in the Balkans and elsewhere. More than 200 Greek companies are already widely present in the Serbian market, covering various sectors from food and beverages to finance, construction, telecommunications and information technologies. What makes us even more optimistic is the continuously increasing interest from the Greek side for establishing new partnerships in Serbia, a fact that our department has been registering over the last couple of years. Greek investors have been present in many sectors of the Serbian economy. How satisfied are the already operating Greek companies with the business climate in Serbia? Do you think that the Greek economic recovery will play an important role for more Greek investments in Serbia ? Which Greek branches of economic activity are the most promising ones? â&#x20AC;&#x2022; Greek companies operating in the Serbian market are increasingly satisfied with the overall business climate, as Serbia has already come a long way in adopting measures to stabilise public finances and create a business friendly environment. During the last few years, consistent application of the ambitious

structural reforms programme has considerably improved the business and investment climate and has boosted economic activity. Furthermore the successful implementation of structural reforms and other measures taken by the government to ensure economic and financial stability have considerably improved the Serbian macroeconomic and business environment, with results exceeding expectations. This is confirmed by the latest World Bank Doing Business list. Overall, Serbia ranked 43rd on the 2018 Doing Business list, up 4 positions from the year before, while it was in 186th place three years ago. In the area of starting a business, Serbia ranked 32nd. The remaining challenges that Greek companies face, and which need to be

NUMEROUS STRUCTURAL REFORMS, IMPLEMENTED OVER THE PAST YEARS, HAVE TRIGGERED GROWTH IMPETUS IN THE GREEK ECONOMIC ENVIRONMENT

addressed in order to further promote trade and investment, relate to modernising the business legal framework by reducing red tape, as well as harmonising trade regulations in order to reduce the administrative costs that remain on certain goods, and to eliminate technical barriers to trade. On the Greek part and despite the economic crisis, Greek businesses have continued to operate and flourished in Serbia, serving as a sound vote of confidence for the country's ability to attract foreign investors and a clear proof of an ever improving business environment. I believe that the anticipated strong growth of the Greek Economy in the coming years will lead to a continually increasing interest of the Greek business society for the Serbian market. New potential sectors for dynamic business cooperation will show up like for example the tourism, the real estate, the agriculture, the building and construction materials, the energy/RES, the transport, the waste management, the recycling, the waste water treatment, the information and communication technologies, the pharmaceuticals, the irrigation systems, the logistics, the mining, the health and the ship building/repair sector etc.

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CORPORATE

RITA LOZINSKY CEO & Managing Director of ALUMIL YU INDUSTRY A.D.

We are Growing and Investing Owing to excellent results in production, distribution and sales, I can proudly say that we are embarking on a third investment cycle in our operations in Serbia, valued at approximately 3 million EUR We are talking to the CEO & Managing Director of ALUMIL YU INDUSTRY A.D, Mrs Rita Lozinsky about the company's development plans and new products and services for their clients. What makes Alumil the regional leader in the segment of aluminium systems? ― The formula of our success is a result of an avantgarde vision of our founder and proprietor, Mr. George Milonas and his brilliant ideas of company's development, as well as the work of our dedicated staff that contribute to the realization of this vision. All of this resulted in our leadership position in the region in terms of design, production, and distribution of architectural / construction aluminium systems that are used both in civil engineering and high-rise construction, as well as in production of industrial aluminium profiles that are used in all industrial sectors like the automobile and electrical industries, measuring devices, furniture and interior decorating, production of awnings, parasols, scaffolding, ladders, sound barriers, solar systems, etc. How satisfied are you with the current business year? ― There is a great expansion in the construction sector in Serbia with a

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large number of new projects and so far, compared to the previous year, we have recorded significant growth in all segments of production and continuous progress year-on-year. Launching new products that are already on sale this year is a very important development moment. Our engineers have designed eight new aluminium systems in line with the requirements of the latest architectural trends. Following the opening of your showrooms in Thessaloniki and Athens, you also opened one in Belgrade in April. Are you satisfied with the interest shown by your partners and clients? ― After our initial success with the showrooms in Athens and Thessalon-

NEW SYSTEMS

OUR CLIENTS WILL SEE THE LAUNCH OF OUR NEW SYSTEMS NEXT YEAR THAT WILL HAVE ALL THE NECESSARY CERTIFICATES, AND WE ARE GOING TO HAVE A BETTER INVENTORY IN ORDER TO ENSURE SHORTER DELIVERY TIMES

iki, we made a very successful move and launched a showroom in Belgrade which proved to be very popular with a number of our partners like companies that provide the aluminium construction solutions, architects, project designers and end users not only from Serbia, but also from other neighboring and European countries. The showroom spans 450 m2 and is a one-stop-shop where, in the pleasant atmosphere and with helpful staff, you can see on display two thirds of ALUMIL systems which helps our clients in finding solutions in a much simpler and easier manner, as well as to solve the dilemmas that they may have in designing their buildings and living spaces. I would like to use this opportunity to invite you and your readers to visit our showroom at 11b, Milutin Milanković Street. What are your plans for the following period? ― In terms of sistems of industrial profiles, we are executing infrastructural works relating to their expansion, and our development team is working on drafting projects for improving the existing and creating new systems. Regarding to our investment plans we are going to start building a new business facility soon, spanning around 6,000 square metres, that will house in first step our logistics centre.

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WE WANT TO PROMOTE SERBIA AS AN INVESTMENT DESTINATION Greek companies are highly appreciative of the opportunities offered to them on the Serbian market, but also think that there is more room to advance the business climate which would make Serbia one of the most attractive markets in the region

he Hellenic Business Association (HBA) has a task to actively work on promoting Serbia as an ideal investment destination. “With the expedited European integration process, strengthening of the rule of law, simplification of procedures regarding issuance of various permits and export-import documents, Serbia has transformed its market into an even more appealing one not only for Greek, but also for all foreign companies doing business here. I am confident that, thanks to the resolution of the aforementioned problems, Serbia has made a huge breakthrough into the global market, and has become one of the most desirable investment countries in the region”, says Mr. Zafiris Lampadaridis, President of the Helenic Business Association. He also notes that Serbia has made important steps in stabilizing the economy in the last few years, and that this progress has been recognized both by the Greek and other investors, which resulted in the influx of new investments. Nevertheless, there is still plenty of room for improving the business environment for foreign companies operat-

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INTERVIEW

ZAFIRIS LAMPADARIDIS

President of the Hellenic Business Association of Serbia

ing here, and for attracting new companies to this market. The Helenic Business Association sees its role in providing support to its many members, and promoting Serbia as an attractive investment destination. The Greek business community is one of the largest in Serbia, and has representatives in almost all sectors of the country’s economy. With

THE HBA HAS BEEN WORKING VERY HARD ON INCREASING THE NUMBER OF MEMBERS, BETTER NETWORKING BETWEEN THE MEMBERS AND GENERALLY SPEAKING, WITH SERBIAN COMPANIES, AS WELL AS STRENGTHENING RELATIONS WITH STATE INSTITUTIONS

its activities, the HBA significantly contributes to the good economic performance of Serbia by promoting good business models in the domicile market and by strengthening the country’s external trade. Mr. Lampadaridis underlines that the HBA has the obligation to provide services to its members that are tailor made to their needs, and that the quality of these services corresponds to the high level of quality in the companies themselves. We are talking with Mr. Lampadaridis about the current economic issues and HBA’s activities. You have been recently appointed Chairman of the HBA's Managing Board. Could you tell us something about the new HBA’s goals? ― First and foremost, I would like to highlight how honored I am to be entrusted with chairing the Hellenic Business Association of Serbia. Our goal was and still is to provide incentives to the investment initiatives of Greek companies already doing business in Serbia, as well as to intensify the work on the development of further cooperation between Greece and Serbia. The Hellenic Business Association of

Serbia is one of the largest investment organizations here. The Association assembles 90 Greek companies operating in Serbia, which currently directly employ 12,000 people. The Association has been working very hard on increasing the number of members, better networking between the members and generally speaking, with Serbian companies, as well as strengthening relations with state institutions. We have been insisting on this in the previous period too, so our intention is to continue acting in that direction. Our ambitions are to constantly work to strengthen the economic integration of our two countries. Our priority is also to increase the visibility of the activities of the Association in the wider public, as well as to actively lobby for Serbia as an ideal destination for attracting new Greek investments, which will be beneficial to both the Greek and Serbian economies. Greece, as well as other EU members, have recorded better economic results than previous years. Are these good macroeconomic developments visible in companies too? ― Greece is a country that is politically and economically stable, and which has a responsible and serious approach to resolution of economic issues. The very fact that, in 2017, Greece has recorded growth after a nine-year recession corroborates our belief that, in the future, brand new opportunities will open up in front of us. The positive macroeconomic trends inevitably reflect on the rapid growth of economic activities. Of course, it should be underlined that the challenges faced by the Greek state do not affect

Greek companies, especially the outgoing ones, which regularly operate and develop despite challenges in the financial sector. Greek companies in Serbia are strong and dynamic, and will continue to contribute to the Serbian economy, as they have been doing for the last 17 years.

OUR AMBITIONS ARE TO CONSTANTLY WORK TO STRENGTHEN THE ECONOMIC INTEGRATION OF OUR TWO COUNTRIES In which way did the tough period behind us shape the interests of the Greek investors and their focus on other markets including Serbian? ― The challenges that Greece had to face in the past period certainly had an impact on the operations and the achieved results of Greek companies. On the other hand, the difficulties we were facing strengthened us, because we were forced to start looking for alternative sources of profitability and growth. On the back of this, and by discovering and connecting with other markets, new opportunities opened up for Greek companies. The cooperation with Serbia is of great importance to Greece. Our two countries are connected by the traditionally good diplomatic and economic relations. Also, Serbia is a very favourable market for Greek investors because of its geographical position, low tax rate, educated workforce and state subsidies. However, Serbia is still not the most popular investment destination for Greek business

people. But this is precisely one of the goals of the new Managing Board of the Association, namely to present the investment opportunities that Serbia provides. How does the HBA, as a member of the Union of Greek Business Associations in Southeast Europe, see infrastructural and economic rewiring of the Western Balkan states? ― In the last few decades, the Western Balkan countries have made a great leap forward despite the economic crisis which had a very pronounced effect on all European countries. The Agreement on the Western Balkan Transport Community, signed by the leaders of the countries in the region, is a document that corroborates that there is a strong will to address the greater integration and infrastructural networking in this region. Of course, the formation of a regional economic area cannot and should not be a substitute for membership in the European Union. Serbia, as well as other Western Balkan countries, should address the current burning issues, such as the brain drain, and stop further intellectual migration. If you build quality infrastructure and invest in labour resources, you have created the foundation for promoting regional economic growth. We have witnessed a certain degree of recovery of consumer spending in Serbia too. How did this affect business results of HBA’s member companies? ― The Hellenic Business Association of Serbia assembles Greek companies that operate in various sectors, such as food and beverage, telecommunications, real estate, retail, construction, hotel and heavy industry, banking and finance,

DEVELOPMENT

IN RECENT YEARS, SERBIA HAS MADE GREAT STRIDES TOWARDS CREATING A STABLE PLATFORM FOR THE ECONOMIC DEVELOPMENT OF THE COUNTRY, AND THAT HAS BEEN RECOGNIZED AMONG GREEK AND OTHER INVESTORS SWITZERLAND 2016

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BIOGRAPHY Mr. Zafiris Lampadaridis, born in 1970, holds a B.Sc. degree in Electrical Automation & Robotics and a Master’s degree in Business Administration. He started his career in construction industry in 1994, and was engaged in a number of large scale industrial construction projects in Greece, namely in power generation field of engineering, while also working in an international environment. He joined hospitality industry in 1999 when he started working at Hyatt Regency Thessaloniki. Since then, Mr. Lampadaridis has been working on various assignments in hospitality and gaming industry in Thessaloniki (GR), Warsaw (PL), Milan (IT), Athens (GR) and Bucharest (RO). Currently, he resides in Belgrade, Serbia, and has been the General Manager of Mercure Belgrade Excelsior since 2009. Mr. Lampadaridis is married to Jelena Bralic, and he is the proud father of two sons, Georgios (9) and Alexandros (4).

service sector, etc. A clear indication that the crisis is over, and that the economy is recovering, is found in the fact that Serbia is currently one of the most attractive markets in the region. Are your members satisfied with the business climate in the country and what are their main suggestions on how to improve it? ― Serbia is facing a period of strengthening of both the business and public sector. The challenges that we are still facing are definitely problems related to the EU integration process in regional countries, including Serbia. Long period of harmonization with the EU regulation, judicial reform, complicated procedures regarding issuance of various operating licenses, and import / export procedures are definitely the biggest challenges not only for Greek but also for foreign companies that would like to extend their businesses to the Serbian market. By solving these problems, Serbia would make a huge breakthrough on the global market and, in my opinion, would inevitably become one of the most attractive countries in the region, at least in terms of investments and foreign companies, like the members of the Hellenic Business Association of Serbia, doing business here. How do you, as a person who has been working in the business sector for over

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a decade, rate the progress that Serbia has made in reforms, as well as present challenges? ― In recent years, Serbia has made great strides towards creating a stable platform for the economic development of the country. The fact that international companies, including the Greek ones, are coming here in droves means that investors have recognized the positive economic climate here.

A CLEAR INDICATION THAT THE CRISIS IS OVER, AND THAT THE ECONOMY IS RECOVERING, IS FOUND IN THE FACT THAT SERBIA IS CURRENTLY ONE OF THE MOST ATTRACTIVE MARKETS IN THE REGION The Hellenic Business Association’s Managing Board has recently met with the President of Greece, Mr. Prokopis Pavlopoulos during his official visit to Belgrade. What major topics did you discuss? ― The meeting with the President of Greece, Mr. Prokopis Pavlopoulos, during his official visit to Serbia, went perfectly. We discussed

numerous topics. The emphasis was on the importance of economic cooperation between Serbia and Greece, as well as on the future activities of Greek companies in Serbia. Of course, I must mention that the activities of the Hellenic Business Association of Serbia were in the focus of the discussion. The President expressed his satisfaction with the positive image that Greek companies have in Serbia, which is not only reflected in economic results, but also in the excellent cooperation between the two countries that share the same religion which has united them in traditional friendship for centuries. What does the HBA focus on in its daily work, and in which areas do your members seek your assistance the most? ― The Greek business community in Serbia is developed, and we strive to selflessly support each other. Our goals remain unchanged. Most of our existing members, but also future members, seek help in terms of obtaining information about entrepreneurship in the country and further clarification on bureaucratic procedures. We want to represent business community in a way that is tantamount to its size and quality, as well as continuously improve business and social relations among the members of the Association. Finally, we want all our efforts to have a positive impact in the Serbian society in which we do business.

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POTENTIAL BIGGER THAN REALIZATION We are aware of the fact that the current level of cooperation between Serbia and Greece is below our capacity, possibility and mutual needs of our businessmen. It is up to us to recognize and use as many opportunities as possible to better connect business communities and companies individually

INTERVIEW

NENAD ĐURĐEVIĆ

Director of the Foreign Economic Affairs Sector at Serbian Chamber of Commerce

e are talking to Nenad Đurđević, Director of the Foreign Economic Affairs Sector at Serbian Chamber of Commerce, about the Serbian-Greek economic cooperation. The average value of the Greek-Serbian external trade is around 400 million EUR, and according to your projections, this value should grow from 70 to 80 million EUR annually in the next five to six years. What prerequisites need to be met in order for this to happen? ― The cconomic cooperation between Serbia and Greece, especially goods exchange, is characterized by stability and constant growth since 2000, but the potential for cooperation is far greater than the current on. Despite the close proximity of the two markets, in the past ten years, our total external trade ranged between 280 and 400 million EUR, with the maximum reached in 2016. According to the data collated by the Serbian Statistical Office, in the first six months of 2017, total external trade with

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Greece amounted to 221 million EUR. Total exports in the first six months of 2017 amounted to 80.3 million EUR, and Greece occupies the 23rd place on the list of countries that Serbia exports to, with a 1.1% share in total exports. In the first six months of 2017, Serbia imported 140.7 million EUR worth of goods from Greece, and the country occupies 19th place on the list of countries that Serbia imports to, with a 1.5% share in total imports.

BY THE END OF 2017, AND IN COOPERATION WITH OUR GREEK PARTNERS, WE PLAN TO HOLD BILATERAL MEETINGS OF SERBIAN AND GREEK BUSINESSMEN FROM THE FOOD SECTOR AND AN ENERGY FORUM

Which industries have the biggest potential for higher cooperation? ― I would like to single out food and beverage industry, renewable energy, construction materials and transport. Greek investors are interested in these sectors in Serbia. The Greek side puts special emphasis on renewable energy sources. Greek business people are increasingly interested in establishing and strengthening cooperation in the field of organic products, tourism and innovation (technology transfer, etc.). The laws regulating public-private partnerships open up the possibility for joint projects of our public sector and Greek private capital in the areas like construction of main roads (primarily Corridor X), as well as in constructing the accompanying infrastructure (motels, shopping malls, restaurants, etc.). The fact that some Greek and Serbian products are sold at local retail chains of Delhaize and Super Vero (Veropoulos), which are controlled by Greek businessmen, and which want to see more Serbian products sold in Greece and vice versa, have contributed to the promotion of cooperation in the last few years.

Greece is among the top ten investors in Serbia. How much did the economic crisis in our two countries affect the pace of investment in post-crisis years? ― Greece is one of the largest investors in Serbia, with a total investment value of about 2.2 billion euros (according to the data collated by the NBS, and with added revenue that came from the accounts of Greek companies in Cyprus). These investments have been realized during the privatization process as greenfield investments and joint ventures. The largest number of investments was made in the period before the crisis, i.e. until 2008, in the banking sector, real estate, energy and retail trade. The Greek side has also expressed interest in investing in the energy and renewable energy sector (Aktor, Terna, etc.). Food and furniture companies have announced their investments hich should be realized in the following period. Lamda Development plans to start construction at the Beko location in downtown Belgrade after certain ownership issues are resolved. The planned value of the project, according to the investo, is between 150-200 million EUR. The Greek fund Eletson plans to continue renovating the hotel of Yugoslavia. Which economic branches have seen the biggest influx of Greek investments in the post-crisis period? ― Significant changes are taking place in terms of Greek investments in the banking sector. Greek banks have a significant share in

the Serbian market and hold a large portfolio of savings deposits. These banks are heavily capitalized and have been resisting the pressures of the crisis in the local market. Greek banks came here through the acquisition of local banks. MK Group has reached an agreement on the purchase of Alpha Bank Serbia a.d. Belgrade,

OUR GOAL IS TO ENABLE SERBIAN PRODUCTS TO ENTER THE GREEK MARKET - PRIMARILY FOOD AND FURNITURE OUR WITH THE HELP OF OUR GREEK PARTNERS after obtaining the necessary approvals from the authorized institutions. The expected benefits of this transaction are reflected in the fact that this bank, already operates under the MK Group, will have a the joint market appearance with AIK Bank ad Belgrade, another bank that operates under MK Group. How much have recent business forums contributed to better networking between business people from the two countries? ― In the last two years, the economic relations between the two countries did record a boost after a quite period prior to

2016. During this this period, the Serbian Chamber of Commerce organized a large number of business forums, business missions and bilateral talks between Serbian and Greek businessmen. We would like to use this opportunity to highlight the visit of Prime Minister Alexis Tsipras to Serbia in January 2017, when a business forum Serbia-Greece was held. The forum brought together 400 companies with the bussiness people from the two countries having 700 bilateral talks. This forum was held two months after the visit of the deputy Minister of Foreign Affairs of Greece in December 2016, when a very noticeable business forum was held in the Serbian Chamber of Commerce. The result of these events is that we now have 20 signed commercial agreements between Serbian and Greek companies. What is the cooperation between the Greek and Serbian chambers of commerce like, and how they can cooperate even more? ― Both bilateral and multilateral cooperation between the two countries, as well as the cooperation with other institutions and associations in Greece, is very successful and constant. The Serbian Chamber of Commerce has signed a cooperation agreement with the Athens Chamber of Industry and Commerce (ACCA Athens), the Hellenic Organization for Foreign Trade Promotion (HEPO, Athens) and a cooperation protocol with the Small and Medium Enterprises Chamber in Thessaloniki.

COOPERATION

GREEK BUSINESS PEOPLE ARE INCREASINGLY INTERESTED IN ESTABLISHING AND STRENGTHENING COOPERATION IN THE FIELD OF ORGANIC PRODUCTS, TOURISM AND INNOVATION (TECHNOLOGY TRANSFER, ETC.). SWITZERLAND 2016

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CRVENKA the future leader in production of ‘green oil’

Bioethanol, Fuel of the Future Dr Christos Alexopoulous, PR of Hellenic Sugar Serbia

Following the liberalization of the sugar market, over 80 sugar plants were closed in the EU, while, out of a total of 174 sugar plants in Ukraine, only 55 remain in operation. More than 20 sugar plants have been closed down in Italy, and out of 8 sugar plants in Hungary, only one remains. Following its accession to the EU, sugar production in Bulgaria died down completely, while the only sugar plant in Slovenia has been turned into a bioethanol factory. The neighbouring Romania never had a strong sugar production, while the only remaining sugar plant in Bosnia and Herzegovina has declared bankruptcy. The only remaining big sugar producers in the region are now Serbia and Croatia. One fifth of the EU population gravitates towards our country, which, in numbers, is over 110 million consumers, a huge market indeed. PR Manager of Hellenic Sugar, Dr Christos Alexopoulos points out that Serbia can remain the regional leader in sugar industry because of its long tradition and profitable production. Lack of sugar factories in neighbouring countries like Albania, Montenegro and Bosnia and Herzegovina, as well as on the territory of Kosovo and Metohija, means that, in effect, Serbia has no competi-

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Considering its available capacities and capabilities, the factory in Crvenka has a great opportunity of becoming the leader in production of sugar and ‘green oil’ in Southeast Europe

tion. Even after it joins the EU, Serbia will manage to maintain its position as sugar producer. German Chancellor Angela Merkel has singled out environmental protection as one of the priorities of the EU policy. The first draft of the EU2015/652 law stipulates reduction in emission of gases,

ENVIRONMENT

BOTH HELLENIC SUGAR AND THE SUGAR PLANT IN CRVENKA, BOTH AS SOCIALLY RESPONSIBLE COMPANIES, PAY A GREAT DEAL OF ATTENTION TO ENVIRONMENTAL PROTECTION

while the supplements to the second draft of the EU2015/1513 law stipulate the quality standards for petrol and oil. The third draft of the 3554/2002 law, with included changes and supplements, an particularly its article 15a, stipulates improvement of the quality of biodiesel through the use of biofuel as a promoter of utilization of renewable energy resources. PR Manager of Hellenic Sugar, Dr Christos Alexopoulos adds that both Hellenic Sugar and the Sugar Plant in Crvenka, both as socially responsible companies, pay a great deal of attention to environmental protection, which is why they use natural gas as their basic energy product. With the view of new trends in the environmental protection goals, the company is writing a study that will propel it into the new age while following global trends and creating opportunities for the production of bioethanol. Due to the large fluctuations in the sugar price and the obligation to mix bioethanol with fossil fuels, the Crvenka factory, given its capacities and available capabilities, has a great opportunity of becoming the leader of South Eastern Europe in the production of sugar and ‘green oil’.

15 years with you The Greek company, Veropoulos has been present in the Serbian market since 2002 as one of the first foreign investors here. The company‘s seat is in Greece, and it currently operates in Macedonia and Serbia. Super Vero is a symbol of top quality service, a diverse production range, and the concern about best interests of its loyal shoppers. In Serbia, for the past 15 years, the Veropoulos Company has been continously monitoring the needs of the Serbian market and consumer demands, while continuing to grow, develop and successfully deal with all the challenges in its way. Apart from its core business, the company is very active in corporate social responsibility through participation in numerous charity activities. Super Vero locations in Belgrade: • Bulevar Milutina Milankovića 86a – New Belgrade • Mis Irbijeve bb – Konjarnik • Nikodima Milaša 2 - Palilula • Ace Joksimovića 2b – Žarkovo • Vojvode Stepe 253 - Voždovac • Braće Jerković 114 - Voždovac

Jumbo is a Greek company and a wellknown brand famous for its wide range of products for families and kids at affordable prices, which sells toys, baby products, stationary, seasonal and household items. The company has signed an exclusive licensing agreement with Veropoulos Group for Serbia and F.Y.R. Macedonia. Veropoulos is continuing to invest in Serbia through opening of three Jumbo stores since June 2016 to the joy of children and adults alike. In the next five years, together with Jumbo, Super Vero wants to double the number of its stores. 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 (new store opening in December 2017)

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WE MEET THE NEEDS OF OUR MEMBERS The HBA is actively working on promoting and establishing new business links between companies members. We initiate and support the further strengthening of economic, social and cultural ties between Serbia and Greece

INTERVIEW

FANINA KOVAČEVIĆ POPAZ

Executive Officer of the Hellenic Business Association

e are talking to Executive Officer of the Hellenic Business Association (HBA), Fanina Kovačević Popaz about the HBA's regular activities and novelties in its operations.

What do you see as the major contribution of the Hellenic Business Association to the development of the overall relations between two countries? ― The Hellenic Business Association assembles small, medium and large Greek companies operating on the Serbian market, and as such represents the image of the Greek investors in the country. Thanks to the strong support of its members, and its fourteen-year-long presence in Serbia, the HBA promotes economic, social and cultural ties between Serbia and Greece. Furthermore, the Association gives support to new investment initiatives, and in this respect, provides potential investors with all the necessary information about the market and the benefits of doing business in Serbia. For newly established Greek companies, the HBA represents a platform for the launch of their operations, as well as a database of potential clients and part-

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ners - our members - which include both Greek and Serbian companies. What are the major trends observed when it comes to the business activities of Greek companies in Serbia? ― Today, the Hellenic Business Association of Serbia has nearly 90 member companies, which, apart from the Greek ones, include Serbian and international companies. It is a well-known fact that, as a result of the traditionally excellent economic and cultural ties between the two countries, the Serbian market is deemed attractive by Greek investors, while Greek companies are among foreign investment pioneers in the country and have been

HBA ORGANIZES BUSINESS MEETINGS AND SOCIAL EVENTS IN ORDER TO ENABLE THE MEMBERS TO EXCHANGE BUSINESS INFORMATION

present in Serbia for almost two decades. In that sense, Greek companies have been particularly active for many years in the hotel industry, heavy industry, construction, media, tourism, telecommunications, food and beverage, the provision of various services, banking, etc. How do your members cooperate? ― The HBA is actively working on boosting the mutual cooperation between the member companies, which is also one of our main tasks, and we are doing this through the activities and initiatives that we implement. In particular, the HBA organizes business meetings and social events in order to enable the members to exchange business information, and to strengthen the existing or establish new business cooperation. In addition, every week, our members have an opportunity to present each other's activities, and new products or services through an internal bulletin prepared by the Association specifically for this purpose. Members can promote themselves also on our website, which we regularly update with relevant news. What would you single out as the most

important activities of HBA in the previous period? ― In the previous period, the HBA was honoured to meet with several Greek officials during their official visits to Serbia. Among them, we would like to single out the meetings with the President of Greece, Mr. Prokopis Pavlopoulos and the Speaker of the Greek Parliament, Mr. Nikos Voutsis, as well as with the President of the Greek political party, New Democracy, Mr. Kyriakos Mitsotakis, with whom we organized a business meeting for our members last year. This was an opportunity for our members to discuss current political developments in Greece. The cutting of Vasilopita, which is a traditional event organized by our Association, certainly occupies a special place in our activity schedule. We would also like to highlight the second Greek Weekend which took place on the Republic Square and was very successful this year. This event took place for the second consecutive year, and it contributes to the strengthening of Greek-Serbian business, cultural and historical ties. How do you cooperate with other business associations in Serbia such as yours? ― We are very pleased that, in the past few years, we have cooperated with a large number of similar associations and chambers, with which we organized joint events. In the previous period, we had the opportunity to cooperate with the Slovenian Business Club, the Nordic Business Alliance, the German-Serbian Chamber of Commerce and the Italian-Serbian Chamber of Commerce Regions by organizing two Speed Business Meetings. Business Woman Lunch and European

Networking Cocktail are also two quite important events organized by the European chambers and business clubs in the country. Such events are important because companies, that are members of different chambers and associations, are given an opportunity to acquire new clients from numerous foreign companies in the Serbian market.

WE ARE VERY PLEASED WE COOPERATE WITH A LARGE NUMBER OF ASSOCIATIONS AND CHAMBERS, WITH WHICH WE ORGANIZE JOINT EVENTS Did you introduce new kind of events in the previous period? ― This year, at the initiative of our members, we have launched a new kind of event that is intended for middle managers. We organized these events with three of our member companies in the shape of various seminars and working breakfasts. In this way, our members had the opportunity to obtain information about current affairs in the specific business segment, while at the same time, host members had the opportunity to present their company's activities to those present. To be more precise, we organized three working meetings for human resources, marketing, sales and the legal sectors, in cooperation with our members Piraeus Bank, Lazarević & Pršić and Methodes-FranklinCovey. These business meetings were

well received by the members, which is why we believe that similar events will be organized in the future too. One of the main activities in the last three years was the implementation of a programme of practical training for students at HBA Member Companies. How are you satisfied with the results? ― For the third consecutive year, in collaboration with the University of Belgrade and under the auspices of the Greek Embassy in Belgrade, our Association has organized a three-monthlong work practice in Greek companies for students called “Greek Initiative for Work Experience”. This year, for the first time ever, during the traditional presentation of our programme to students at the University, we have also organized a work practice fair at which students were able to participate in information / consultation sessions with the companies that joined the programme. Twenty six students have successfully completed this year’s programme and were able to carry out work practice related to their profession from midMarch to mid-June in the companies Eko Serbia, Eurobank, Kleemann Lifts, Olimpia Diagnostic Center, Piraeus Bank, Siamko Group, and Vojvođanska Bank in the segments like social science, electrical engineering, transport, computer, organizational, economic, and legal sectors. In the last three years, 70 students participated in the programme. And we are very proud of the fact that some of them, owing to our programme, have jobs today and are successfully developing their careers in companies in which they did working practice.

PLATFORM

FOR NEWLY ESTABLISHED GREEK COMPANIES, THE HBA REPRESENTS A PLATFORM FOR THE LAUNCH OF THEIR OPERATIONS, AS WELL AS A DATABASE OF POTENTIAL CLIENTS AND PARTNERS SWITZERLAND 2016

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HARIS N. NEOFYTIDIS General Manager at Metropol Palace, a Luxury Collection Hotel

60 Years of Tradition and Excellence This year Metropol Palace hotel celebrates 60 years of tradition and excellence. During this period the hotel welcomed and hosted incredible high profile guests, from Elizabeth Taylor, back than to Enrique Iglesias, Selma Hayek and Tom Jones nowadays

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Metropol Palace is today the only hotel member of The Luxury Collection brand by Marriott International, Inc. in Serbia. What makes Metropol Palace the luxurious and modern game of Belgrade? ― Metropol Palace is a synonym for the fashionable place to be in Belgrade. Though the present exterior is identical to the Metropol back in the day, the hotel itself has been infused with refined style. Combination of the modern with the traditional architectural and artistic spirit of the hotel’s former appearance makes the Metropol Palace exceptional. The hotel today gives off a sense of calm and coziness. Old Metropol Palace built in 1957, became a very important hotel in cultural and political social life in former Yugoslavia. Of course, beside famous history, Metropol Palace has an outstanding location in Belgrade – next to the Tasmajdan Par, few minutes walking distance from the city center and all main touristic points and Symbols of Belgrade – St Sava temple, St. Marc Church, Kalemegdan, Knez Mihailo street…. famous Skadarlija.

The hotel was first opened in 1957 and some of the Metropol’s elite guests were Elizabeth Taylor, Sophia Loren and Jack Nicholson. How much does the modern hotel differ from that period and is it still visited by celebrities? If so, what are their impressions? ― This year we celebrate 60 years of tradition and excellence of Metropol Palace hotel and during this period we welcomed and hosted incredible high profile guests, therefore I would say that I am running an important hotel in a fantastic city.

LOVE AND PASSION

THE HOTEL IS EXACTLY WHAT A LUXURY GUEST DEMANDS TO HAVE. WE OFFER OUR PROFESSIONALISM AND QUALITY WITH LOVE AND PASSION The hotel is exactly what a Luxury guest demands to have. We have achieved high goals and just a few months ago we were very pleased to host Enrique

Iglesias, Selma Hayek, Billy Idol, Tom Jones, Vaya Con Dios, Mike Madisen, Depeche Mode, Hose Feliciano… Since Metropol Palace is the only hotel member of The Luxury Collection brand by Marriott International, Inc. in Serbia, what are the guests offered that distinguishes Metropol Palace from other hotels? ― Each property of the Luxury Collection is chosen specifically for its inspiring and distinctive character. The design, history, service, amenities and cuisine are authentic to the locale and capture the sense of both luxury and palace. Each hotel and resort is a distinct and cherished expression of its location. For example Hotel Danieli in Venice welcomes guests to a masterfully restored 14th century palace and The Hotel Imperial in Vienna, built in 1863 was a residence for the Prince of Württemberg. The Luxury Collection is a glittering ensemble of more than 95 of the world’s finest hotels and resorts in more than 35 countries and one of them is Metropol Palace which provides to all guests authentic experiences and impeccable service. In addition to being increasingly popular among tourists as the ideal place to stay during visits to Belgrade, Metropol Palace is also increasingly popular as a venue for conferences and seminars...? ― We can proudly say that we are hotel with the biggest congress space in the city – over 1.491m2 in conference halls. This is ideal for organizing various

events ranging from large conferences, fairs and exhibitions to weddings. Metropol Palace has the secret tradition of amazing and glamorous wedding parties– nowadays it is the only hotel where you can make a wedding party on the terrace, or with the view on St. Marc church.

SURPRISE WHEN TALKING ABOUT NEW HOTEL FACILITIES, THE BIGGEST SURPRISE FOR OUR GUESTS AS WELL AS FOR OUR FELLOW CITIZENS DEFINITELY WILL BE OUR ROOF TOP BAR WITH A FASCINATING PANORAMIC VIEW What would you recommend to guests to try or experience while staying at Metropol Palace? ― I would warmly recommend a visit to the Limegrove Fitness & Spa center. It is an incredible place for relaxing and reconnect mind, body and spirit as one. I would also recommend to all guest to visit 44 Parallel Restaurant that offers signature dishes and to try my favorite spiced shrimp kritharoto. One thing that certainly sets Metropol Palace apart from other hotels is its fantastic spa. What does it contain and can it be visited by those who are not guests of the hotel?

― Limegrove fitness & spa is a very important part of our hotel. In those busy times, modern guests need to have a time for themselves. In Metropol Palace you can find over 1200m2 of spa facilities: gym, Jacuzzi, indoor swimming pool, sauna, massage… Our spa combines the view to Tasmajdan Park and a true wellness. It presents a real oases in the heart of Belgrade. All guests can enjoy our SPA free of charge, but not only them, we are open type spa center so, and anyone who wants a unique treatment can become a SPA member. Could you tell us about your desires and plans for the future? ― I would like the Metropol Place to stay the center of city life, in the same way the old Metropol used to be, during decades of its existence. The place for our fellow citizens to gather, for hedonists that like to treat themselves to nice moments. We are committed to preserve the local traditions and share our culture and philosophy with our guests and we use every opportunity to join the local community and assist in promoting Belgrade and Serbia as popular Capital to visit. When talking about new hotel facilities, the biggest surprise for our guests as well as for our fellow citizens definitely will be our Roof Top bar with a fascinating panoramic view. It is conceived as a unique space, located high above the city – allowing our guests to scope out the Belgrade and its most iconic buildings from a whole new angle.

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We Want to be First Choice for Consumers

Marija Lukić, NFR & Marketing Manager EKO SERBIA A.D. Member of the HELLENIC, Vuk Radović, Vice Chairman Of The Board And General Manager At EKO SERBIA A.D. Member of the HELLENIC, Grigoris Stergioulis, CEO of Hellenic Petroleum and Roberto A. Karahannas, General Manager Domestic & International Retail GROUP OF COMPANIES HELLENIC PETROLEUM S.A.

EKO SERBIA celebrates 15 years of successful operations

Thank you, Serbia! This is the main message that EKO Serbia Company wants to relay apropos 15 years of its successful operations in our country

Over these past 15 years, every activity carried out by EKO Serbia was synchronised with its basic vision which is to be the number one choice for consumers, and to provide products and services that are of top quality whilst taking care of the company’s employees and being mindful of environmental protection. Since its arrival to Serbia, EKO Serbia has invested over 100 million EUR, currently employs more than 700 people, and does business through its network of 53 petrol stations. The company plans to expand further in order to make its services available across the country. Investing in people, increasing com-

Grigoris Stergioulis, CEO of Hellenic Petroleum

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petitiveness in the Serbian market and ensuring safety are the top priorities that EKO Serbia strives to implement. This is best corroborated by our consumers and the number of times they used services of our petrol stations. Our petrol stations have over 1,000,000 visits a month, while our unique, locally developed loyalty programme – Smile Club – has over 430,000 registered users. On the occasion of the company’s

UNIQUE DNA THE KEY TO OUR SUCCESS IN THE REGION IS BASED ON OUR UNIQUE DNA, WHICH CONSISTS OF PRODUCING FUEL OF THE BEST QUALITY, RESPECTING OUR CONSUMERS, INNOVATION AND SOCIALLY RESPONSIBLE BEHAVIOUR

15th anniversary in Serbia, the Group’s CEO, Mr. Grigoris Stergioulis said: “Thank you, Serbia! Through our operations we guarantee energy security in all regional countries in which Hellenic Petroleum Group operates. We would like to use every opportunity to invest in the Serbian energy sector. Global energy sector is constantly changing, especially in our segment which holds geo-political importance for the entire Europe. Hellenic Petroleum is one of the most important energy groups in Southeast Europe, and has been investing not only in oil refineries but also in power generation, renewable energy resources, natural gas and research”. According to the latest exclusive information, Hellenic Petroleum Group will participate in the Alexandroupolis LNG terminal project with 20% of funds through its daughter company DEPA in which the Group has a 35% share. Mr. Karahannas, the company’s Sales Director for Greece and foreign markets, said apropos this important jubilee: “The key to our success in the region is based on our unique DNA, which consists of producing fuel of the best quality, respecting our consumers, innovation and socially responsible behaviour. This is just a small part of what we can offer to the community and consumers who have chosen us". Commenting on the company’s 15 years of operations in Serbia, CEO of EKO Serbia, Vuk Radović said:“By further investing in development and our products and services, we strive to remain in the position of an innovative international leader in the field of energy business.“

Vuk Radović, Vice Chairman Of The Board And General Manager At EKO SERBIA A.D. Member of the HELLENIC

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Žikica Milošević

ECONOMIC COOPERATION

RESURRECTION AHOY?

Despite high waves rolling out in the sea, both Greek and Serbian economies are hopeful about progress, while businesses come and go

erbian and Greek economies are „interlinked“, to use the phrase from the movie Blade Runner 2049. One country has what the other doesn’t. Serbia has no sea, but it has major waterways. Greece is completely opposite. The southern and moderate continental climates complement each other, while Thessaloniki is increasingly becoming a destination port for Serbian containers and ships. Greek banks have traditionally been present in the Serbian market, and their market share may be somewhat lower, but spectacularly noticeable. New endeavours are replacing old ones which have disappeared due to the global crisis. Greece is the third largest foreign inves-

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tor in Serbia, after Austria and Norway. As the Serbian Chamber of Commerce says, the economic cooperation between Serbia and Greece, especially the goods exchange as the dominant type of trade between the two countries, is characterized by stability, diversity and almost constant

GREECE IS THE THIRD LARGEST FOREIGN INVESTOR IN SERBIA, AFTER AUSTRIA AND NORWAY

growth since 2000. The largest volume of transactions both in exports and imports is realized through buy / sell arrangements (about 96%), and Serbian exports are also growing thanks to free zones. Bearing in mind that Greece is an EU member, Serbia does enjoy the benefits of preferential trade agreement in trading with Greece, mainly in terms of custom-free export. Serbia mostly exports the following products to Greece: sugar, polyethylene, cathodes and cathode sections, packing impregnated cardboard, iron products obtained from direct ore reduction, waste and scrap, white sheet metal up to 0.2mm thickness, styrene butadiene rubber, hot-coiled products

of 4.75mm-10mm thickness, iron and steel residues in bales, treated beechwood over 6mm, male suits, and yellow maize. In turn, Serbia imports from Greece oranges, primary aluminimum alloys, cigarettes, polystyrene for primary form expansion, containers of up to 100,000l capacity made from iron and steel, drugs, profiles and rectangular aluminum alloy products, profiles of non-alloy aluminum, polyethylene terephthalate, paints and coatings made from synthetic polymers, and panels made of two profiled iron and steel sheet metals. Greece has mostly invested in banking, general construction and building materials, retail trade, telecommunications, catering and tourism services, consulting, food and beverage industry, etc. It is worth mentioning that Greece has invested all over Serbia. It has been estimated that there are 200 companies in Serbia owned or partowned by Greek enterprises, and that these

companies have over 25,000 employees. The direct Greek investments are estimated to be worth around 2 billion EUR, while direct and indirect investments are worth around 2.5 billion EUR. The main Greek companies that operate in Serbia include: EKO, Hellenic Sugar, TITAN cement plant, Coca Cola HBC, Veropoulos, Intracom, Alumil, the National Bank of Greece, Alpha Bank, Eurobank EFG,

Piraeus Bank, IKPP Rokas, Lamda Development, Casino Lutraki, Daskalantonakis Group, Laskaridis Group, Isomat, Kleeman, ELVIAL, Plastika Trakije itd. Greek banks have traditionally been present in the Serbian market, and their market share may be somewhat lower, but spectacularly noticeable. New endeavours are replacing old ones which have disappeared due to the global crisis.

IT HAS BEEN ESTIMATED THAT THERE ARE 200 COMPANIES IN SERBIA OWNED OR PART-OWNED BY GREEK ENTERPRISES, AND THAT THESE COMPANIES HAVE OVER 25,000 EMPLOYEES SWITZERLAND 2016

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Žikica Milošević

ECONOMY

SLOWLY D RECOVERING

uring the Interwar period, the German people used to mock their Eastern neighbour by saying “it’s as bad as the Polish economy”. We used to use a similar phrase for those who were deeply in debt, and it seems that the Ottoman occupation has left some deep traces in the development of the Greek economy.

After many unwanted years of slow and fast decline, there is hope on the horizon. Greeks are slowly recovering from their crisis, though they are a long way from former glory 30

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DEBT LIKE GREEK

From the glorious times of the Eastern Roman Empire, i.e. Byzantine glory, things were not good during the period of Turkish rule. Let us just remind you that the Turks banned wine pro-

duction and destroyed vineyards, since the consumption of alcohol was against Sharia law. With many families having lived from that source of income, the Greek economy was left crippled. However, luckily, Sharia had nothing against olives and olive oil, so olive groves remained. The real economic strength of Greece, however, was in shipping. Their merchant fleet was, and remains, so strong that it still accounts for 70% of the EU fleet. And the Greeks have always been orientated towards the sea. No wonder, given the length of their coastline and the fact the country has (really) zero navigable rivers! So, they have the sea. Even in ancient times they were a great superpower, forming many overseas colonies across the Mediterranean – from Russia and Georgia to France. No wonder they can still dictate things. It is well documented, and some recent research works suggest that, by calculating the average rate of per capita GDP growth between 1833 and 1911, it was only slightly lower than that of modern Western European nations. Industrial activity, (including heavy industry like shipbuilding) was evident, mainly in Ermoupolis and Piraeus. The troubles? Well, there were some. My grandfather was right in his figure of speech. Nonetheless, Greece faced economic hardship and defaulted on its external loans in 1826, 1843, 1860 and 1893. The Simpsons joked that “the EU put Greece on sale on eBay”, as it is a bankrupt asset, but after bringing Syriza and Golden Dawn into the limelight, and following fights between the notorious Schaeuble and the charismatic Varou-

INCREASED DEMAND FOR INTERNATIONAL MARITIME TRANSPORTATION BETWEEN GREECE AND ASIA HAS RESULTED IN UNPRECEDENTED INVESTMENTS IN THE SHIPPING INDUSTRY fakis, it all seems to be less traumatic now, at least in relation to new troubles like Brexit. Or is it?

SOME FACTS LESS GRIM THAN EXPECTED In actuality, the economy of Greece is the world’s 47th largest, with nominal annual GDP of $194.559 billion. It is also the world’s 55th largest economy in terms of purchasing power parity, at $287.830 billion annually. As of 2016, Greece is the 16th largest economy in the 28-member European Union. Greece is ranked 38th and 47th worldwide, at $17,901 and $26,669 respectively for nominal GDP per capita and purchasing power parity per capita. That result is not that good for an EU member, but isn’t that bad either. If we’ve had enough of facts and figures, we can proceed to the big ‘Why?’. The problem is as follows: Greece is a developed country, but its economy is based almost entirely on services (82.8%), while the less developed industrial sectors con-

tribute a mere 13.3%. Of course, this makes the country vulnerable to every tremor. The migrant crisis was one of them, regardless of the economic crisis beginning in 2008. If you are heavily reliant on tourism and some islands, like Lesbos and Kos, become giant refugee camps, that cannot be helpful. If you are prone to strikes aimed at stopping the government from implementing cuts, that also tends to prompt tourists to turn to some more predictable destinations. But someone’s loss is someone else’s gain. The instability of the Middle East, coupled with the unpredictable situation following attacks in Barcelona and especially Egypt, Tunisia, Turkey and other countries, has rendered Greece some kind of safe haven. As such, the tourism industry has bounced back and filled coffers. With 18 million international tourists in 2013, Greece was the EU’s 7th most visited country and the world’s 16th that year, and now the situation is even better. A negative factor is Greece’s heavy dependence on food imports, with the agricultural sector contributing a mere 3.9% to national economic output in 2015. The good news is that the world is always going to need ships. Increased demand for international maritime transportation between Greece and Asia has resulted in unprecedented investments in the shipping industry. The Greeks have so far refrained from reintroducing the drachma currency, defaulting or initiating a so-called Grexit, in agreement with the Troika, so although nothing has been resolved as yet, it does seem that some drastic solutions will not be on the table. A slow recovery is more plausible.

SITUATION

WITH 18 MILLION INTERNATIONAL TOURISTS IN 2013, GREECE WAS THE EU’S 7th MOST VISITED COUNTRY AND THE WORLD’S 16th THAT YEAR, AND NOW THE SITUATION IS EVEN BETTER SWITZERLAND 2016

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HBA ACTIVITIES

MOST IMPORTANT ACTIVITIES OF THE HELLENIC BUSINESS ASSOCIATION OF SERBIA

Vasilopita Pie Cutting

A NNUAL CELEBRATION OF THE HELLENIC BUSINESS ASSOCIATION OF SERBIA (HBA) This year’s traditional celebration of „Vasilopita Pie Cutting“ took place at Belgrade’s Hyatt Regency Hotel on 1st March. The event was attended by the members and friends of the Association, the representatives of the Greek Embassy in Belgrade, and the members

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of the wider Greek business community in Serbia. In addition to a short presentation of its annual activities, and handing out awards to member companies in celebration of their 10-year-long membership in the Hellenic Business Association, the event also featured the traditional Greek custom of cutting of vasilopita. One of the Association’s members had an opportunity to find a lucky coin in their piece of vasilopita which symbolizes successful

operations of their company this year. The Alumil Company and the Metropol Palace Hotel received the special prize at this year’s event, celebrating 10 years of their membership. Also, companies Eurofast and Rokas were given special thankyou notes for their long-standing contribution to the work done by the HBA. The Fast Start Company was the one that found the lucky coin this year, and was subsequently given a gold ducat.

EETINGS WITH GREEK M OFFICIALS In the previous period, the Hellenic Business Association met with representatives of the Greek state bodies during their official visits to Serbia. Under the auspices of the Serbian-Greek Business Forum, which took place on 5th December, 2016, the Managing Board of the Hellenic Business Association in Serbia met with the Greek Deputy Foreign Minister, Georgios Katrougalos, as well as with the Vice President of the Union of Greek Chambers of Commerce, Panagiotis Papadopoulos. In the same month, the Managing Board also met with the Speaker of the Greek National Parliament, Nikos Voutsis, and, in January this year, with the Secretary General for Foreign Economic Relations, Georgios Tsipras. In October this year, the Hellenic Business

Association had an opportunity to meet with the Greek President, Prokopis Pavlopoulos during his official visit to Serbia.

B USINESS MEETING WITH THE LEADER OF GREECE’S NEW DEMOCRACY PARTY During his official visit to Belgrade, the President of the Greek political party, New Democracy, Kyriakos Mitsotakis met with the members of the Hellenic Business Associationi in Serbia at a working breakfast on 29th November, 2016 at the Metropol Palace Hotel. The meeting was attended by 50 Greek business people from Serbia, the representatives fo the Greek political and diplomatic corps, and the Greek media. The president of the HBA officially opened the meeting by presenting the Association’s goals and activ-

ities, and the key segments of the Greek companies‘ operations in Serbia. During a constructive dialogue that ensued, the Greek business people had an opportunity to talk to Mr. Mitsotakis who presented his political ideas for boosting Greek economy, and expressed his support for Greek companies in Serbia and abroad.

S EMINARS WITH MEMBER COMPANIES In 2017, the Hellenic Business Association jointly organized events with three member companies. These business gatherings were intended for people from various economy segments, and their task was to facilitate networking between middle managers, and promote activities and services of the member companies that hosted the events.

Vasilopita Pie Cutting

Working breakfast with Law Office Lazarević&Pršić

Speed Business Meeting

Christmas Dinner

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Meeting with President of Greece, Mr. Prokopis Pavlopoulos

European Networking Cocktail

Summer Members Gathering

Couching – From Manager to Leader This seminar took place at the Excelsior Hotel in April 2017, and was organized in collaboration with Piraeus Bank. The seminar was dedicated to networking between HR sectors of various Greek companies that do business in Serbia. Working breakfast “Employee Monitoring and Protection of Privacy – Boundaries of Employer’s Authority” The seminar took place in May, and was held in cooperation with Lazarević & Pršić Law Firm. It was inteded for people working in the judicial system and HR. Working breakfast „Formula of Effectivity“ The seminar was held in September, collaboration with the Methodes Franklin-Covey Company. It was intended for HR, sales and marketing professionals.

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ETWORKING AND SOCIALIZING N BETWEEN MEMBER COMPANIES Each year, the Hellenic Business Association in Serbia organizes meetings with the aim of facilitating business and social networking between the members in the shape of cocktail parties and dinners. The Christmas dinner is a traditional, pre-Christmas gathering of member companies. This year's meeting of members and friends was also an opportunity to celebrate the HBA's 13th anniversary. The meeting was held at the Diva Grand Casino's restaurant in Belgrade, in December. Summer Members Gathering was took place at the Mezerestoran Dvoriste Restaurant in June. The party was an opportunity for members to spend some time

together before their summer vacations. It was attended by over 50 companies that are Association members, and the representatives of the Greek Embassy in Serbia.

COOPERATION WITH CHAMBERS OF COMMERCE AND ASSOCIATIONS IN SERBIA During the previous period, and in cooperation with various foreign and domestic chambers, the Hellenic Economic Association in Serbia, organized business meetings in order to connect Greek business community with other business entities in the country. Speed Business Meeting Together with the the Nordic Busi-

ness Alliance and the Slovenian Business Club, the HBA organized a Speed Business Meeting in November 2016 at the Hyatt Regency Belgrade Hotel, which was attended by 35 companies. The second consecutive Speed Business Meeting took place in May at the Falkensteiner Hotel, in cooperation with the German-Serbian Chamber of Commerce and Italian-Serbian Chamber of Commerce, and was attended by 40 companies. Business Women Lunch In cooperation with 7 European chambers of commerce and business associations in Serbia (French, German, Italian, Slovenian, Belgian, British and Croatian), the Hellenic Business Association organ-

ized a working lunch for business women titled "The Effects of Digitalization on the Labour Market: Challenges and Opportunities for Women" in November 2016 at the Hyatt Regency Hotel in Belgrade. Ms. Dragana Đermanović, lecturer and expert in the field of business application of the Internet, was a special guest and lecturer. uropean Networking Cocktail E A big business meeting of eight European chambers of commerce was held in Serbia, in April 2017. This is the first and so far the most important meeting of European chambers of commerce organized in order to facilitate networking between the members and strengthen cross-border cooperation. The event was

attended by members of the Hellenic Business Association, the French-Serbian and the German-Serbian chambers of commerce, the Italian-Serbian Chamber of Commerce, the Belgian-Serbian Business Association, the Slovenian and Croatian business clubs, as well as the Nordic Business Alliance.

GREEK WEEKEND IN BELGRADE For the second consecutive time in Belgrade, an event called “Greek Weekend” took place in Belgrade on 20th and 21st May, 2017. The event was organized by Association of International Friendship and under the auspices of the Hellenic Business Association of Serbia, the Greek

Greek Weekend

Business Women Lunch

Formula of Effectivity, with Methodes Franklin-Covey

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Embassy in Belgrade, the Greek National Tourism Organization, the City of Belgrade, the National Tourism Organisation of Serbia, the Tourist Organization of Belgrade and Service Beo-Kom. This two-day event aims to promote the Greek culture, music, gastronomy and tourism, but also to connect and strengthen already good relations between Serbia and Greece. The event visitors of were entertained by the folklore ensemble ‘Cultural Traditional Research Center’, as well as the buzuki band ‘Greek Sounds’ which came especially from Greece. The important aspect of this event was the promotion of Greek companies operating in Serbia. On the occasion, Greek businesses presented their products and services at the exhibition stands.

STUDENT PRACTICE PROGRAMME

– 'GREEK INITIATIVE FOR WORK EXPERIENCE'

For the third consecutive time, and in cooperation with the Greek Embassy in Belgrade and the University of Belgrade, the Hellenic Business Association is implementing a quarterly student practice project in the companies that are HBA members. The three-month practice for students, provided within the framework of the "Greek Initiative for Work Experience" project, aims at promoting the members of the Hellenic Business Association of Serbia, as well as professional development of students, their connection with the labour market, and involvement with the Greek businesses in Serbia. This

year's programme was supported by Eko Serbia, Eurobank, Kleemann Lifts, Olimpia Diagnostic Center, Piraeus Bank, Siamko Group, and Vojvođanska Bank, and students were able to do their work practice in social science, electrical engineering, transport, computer, organizational, economic, and legal sectors. The programme was formally presented at the University of Belgrade in February, along with the student pratice fair which was organized in a form of informative-consultative sessions between the representatives of the participating companies and students. This year's practice programme lasted from March to June, with 26 students, who completed the practice programme in the companies that are Association member, given awards traditional awards.

Greek Initiative for Work Experience

Business Meeting with Mr. Kyriakos Mitsotakis

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Couching – From Manager to Leader, with Piraeus bank

CORPORATE

We are Thankful to Serbia While we are celebrating 15 successful years of EKO Serbia we want to use this opportunity to share our gratitude to people that were cooperating with us, with one sentence: Thank you Serbia! ROBERTO A. KARAHANNAS General Manager Domestic & International Retail Group Of Companies Hellenic Petroleum S.A. At the very beginning, when HELLENIC PETROLEUM S.A came to Serbia, it created a sustainable growth and it intends to continue growing says Mr. Roberto A. Karahannas , General Manager Domestic & International Retail, in his interview for D&C. What do you consider the most important changes within the energy industry in the past 15 years which has influenced the group’s business and further affected the operations of EKO Serbia? ― All industries had to undergo quite a few changes during the past years, but one trend remained stable. All people and industries need energy. Now, the difference is from where this energy comes – natural gas, electricity, fosile fuels, renewables. How we produce it, what technology we use, how we provide it to the end consumer - this has all changed. Our group has invested more than 2,5 billion euros in modernization of our refinery in Elefsina in order to become one of the most modern and competitive in Europe. During this period, how much did EKO Serbia invest in its development on the Serbian market, and how much did it expand its network and the range of services it provides?

― Starting from 2002, when we first came into the market we initiated sustainable growth of our network and we have plans to continue growing. Currently we operate our network of 53 gas stations all around the country and we employ close to 700 people. Besides, the more than 100-million-euros that has been invested on the petrol stations; a huge effort has been made to create a one-stop shop for the drivers. Our goal is to provide drivers not only with fuels but with also free car checks in our Pit Stop base, to award their loyalty with EKO Smile club card, to offer them most attractive products in our shops, cafes,

TOP-QUALITY

THE KEY TO OUR SUCCESS IN THE REGION WAS THE COMBINATION OF OUR TOP-QUALITY FUEL AND RESPECT FOR CONSUMERS car wash. We base our offer on market needs trying to mix initiatives from local markets in order to improve our service throughout the region where we operate. We also keep close track on competitor’s movements knowing that the stronger competition is, it strives us to try to improve and get even better.

As a long-standing investor in Serbia, how do you rate the investment and business environment here, and what would you recommend to the creators of economic policies in Serbia? ― Serbia is moving toward the European Union and we as a group and leading energy company in the region will support it as much as we can. We are happy that things are progressing in terms of regulation and control in Serbia. We are a lot more confident in terms of investing here. I think that Serbia has taken many measures over the last three years that have made investors feeling safer and provided them with much easier ways to invest which is something beneficial for the end consumer. The company's jubilee was celebrated in mid-October. What would be your main message related to this event? ― EKO Serbia celebrated its 15 years of operations and it was a great opportunity that we addressed to all people that were building the company, working on the stations, cooperating with us, but also to media and wider public with one main message – Thank you Serbia! Thanks for your support, for building partnerships that last. This is just a small part of what we can contribute to the community and consumers who decide to choose us.

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Žikica Milošević

G SPITFUL WITH SPIRIT

A REASON

James Dean was affectionally known as a rebel without a cause, but that cannot be said for the Greeks. With them, every rebellion has its deeper meaning! 38

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reeks could well be one of the most rebelious people in the world and they always had good reasons to be so. In their case, rebelion is all about social justice based on the concept of welfare state that they got used to following a long period of getting off the dictatorship and getting closer to the EU of which they became members in record time. Today, the Greeks are known for fusing the Spartan discipline with elegant explanations of injustice that are borderline philosophical (cue charismatic and intelligent philosopher Yannis Varoufakis) and the spirit that adorned the rebels against the powerful Ottoman Empire.

this reason, classical Greece is generally considered fundamental culture that provided the foundation of the modern Western culture and is considered a cradle of Western civilization. When you have the best wine, cheese and olive oil, and the climate with lots of sunshine where everyone lives long and healthy live, you surely have to think that you are right. The Greeks certainly proudly believe that they are right.

LOYAL AND CONVINCED THEY’RE ON THE TOP You’d be hard pressed to find better and more loyal friends than Greeks. Also, you don’t want to step on their feet either. The best example of the former is the relationship between Greeks and Serbs which, since the beginning of the Balkan wars and tranisition, returned to the level prior to the World War II when the two countries had cooperated during the Balkan wars, uprisings and against pan-Byzantium. The best example of the latter is that our southern neighbour is still struggling to find a name for its country. Also, the Greek talent to make other nations feel like Greeks and part of the Greek culture has always been fascinating. Arvanites are originally Albanians from Central Greece who use Greek letters in their language and always declare themselves as Greek. The same goes for the Romanesque Tsintsars on Pindus (we can use Averoff as an example here). This should not come as a surprise to us because even the Bulgarian poets Konstantin and Dimitar Miladinov declared themselves as Grecophiles at the beginning of their careers.

WHEN YOU HAVE THE BEST WINE, CHEESE AND OLIVE OIL, AND THE CLIMATE WITH LOTS OF SUNSHINE WHERE EVERYONE LIVES LONG AND HEALTHY LIVE, YOU SURELY HAVE TO THINK THAT YOU ARE RIGHT they showed the world a combination of physical beauty and sophisticated mind like the one that Epicurus or goddesses Aphrodite or Athena had. They could never picture the world that is not beautiful and wise at the same time. After all, when you are the creator of all these beautiful things, you have to be right, no? The classical Greek culture, especially philosophy, had a strong influence on ancient Rome, which then carried its own version of it into many parts of the Mediterranean Basin and Europe. For

SCHAEUBLE IS ONLY A FLASH IN THE PAN At least that’s what Greeks think... And while Serbs, who were the first rebels in the Balkans and inspired the Greeks to have their uprising later, and all the other peoples in the Balkans are deeply affected by everything that is happening in their immediate environment and are turning slowly but surely into German protesters who think that things "will be better in a few years or dozens of years or even dozens of generations ", the Greeks are not giving in. They have set an example of how things can and should be done, while demonstrating that nobody has moral authority to decide what is good and what is bad, and who is dilligent or lazy. True, Greek workers work some of the longest hours in the EU, and yet the systemic flaws of the eurozone are draining them of money, while the IMF and the World Bank, encouraged by the EU, still think that that is not enough. Greeks will not allow anyone „to put them up for sale on eBay“, while Wolfgang Schaeuble is only a man in the thousands of years long and glorious Greek history which will remain to be glorious. This is the Greek spirit that cannot be easily tamed.

MAYBE YOU ARE RIGHT BECAUSE YOU CAME UP WITH EVERYTHING Greeks are originators of everything that makes up the Western civilization – from parliamentary democracy, philosophy, and questioning everything and everybody to contemporary history, dramatic literature (back in the day of Homer, the Eastern literature was mostly epic), comedy, tragedy and well, everything that makes the contemporary world today. Greeks really are proud of everything that they have created and of the way in which

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Žikica Milošević

CULTURE

THE ESSENCE OF EUROPE When liquid evaporates, only solid core remains. If European civilization were to disappear, Greece and its culture would be that solid core

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hen I visited Kazakhstan’s new capital, Astana recently I noticed something that would probably go unnoticed by other people. The Opera and Ballet building, with its monumental white Corinthian pillars, is homage to the Bolshoi Theatre in Moscow which, in turn, is homage to Roman temples which, again, are homage to Greek temples. Actually, the entire Washington D.C. is homage to the Roman Empire which arose on the relics of Greece. Both Soviet Union and Great Britain have been trying to prove that they were somehow the descendants of the Greek culture and architecture. Let’s not even talk about Vienna and Austria. Vienna, it seems, was moulded after the contours of the ideal ancient towns, both in proportion and style. Every country, that has tried to prove that they are heirs to European civilization, always reverted to the old Greek culture. With the arrival of Christianity and Byzantine Empire, religion changed and evolved. Some wanted to be more like Greece, some more like Rome, and some did not want to be like either. Even the Moors and Muslims adopted the multi-deity elements from the Greek civilization. The mosque in Damascus (the Umayyad Mosque) was a Christian orthodox temple before, and before that, a pagan Greek-Roman temple. It was this mosque that served as a model for other mosques. Many people don’t know this, but one thing is for sure – the architecture of the Ottoman mosques, which the Turks built everywhere, was based on Hagia Sophia, another product of the Greek culture which dates back to the time when the Hellenic nation concluded that having multiple deities was wrong and

THIS PLANET WILL NEVER BE THE SAME JUST BECAUSE OF THE GREEKS, WHO BROUGHT EVERYTHING FROM THE EAST TO THE WEST that having only one was right. The Greek monotheism had a strong impact on the non-Christian monotheism.

THOUGHTS NEVER DIE Maybe I am paraphrasing James Bond here, or maybe even Mikhail Bulgakov who said that „manuscripts don’t burn“, but, regardless, the Greek thought will never cease to exist. In ancient times, Greece was the cradle of the Western culture, and many contemporary democracies owe a lot to Greek beliefs in government by the people, trial by jury and everybody being equal in the eyes of law. Ancient Greeks were pioneers in many fields which are based in systematic thought, including biology, ge-

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sional consumerism and Protestantism as the third branch of religion). Contemporary Greeks taught us that you can restore your country after 500 years of slavery, you can resuscitate your culture and civilization, and you can bring back the Olympic Games which are now the biggest sporting event in the world.

EPILOGUE

ometry, history, philosophy, physics and mathematics. They invented important literary forms like epic and lyric poetry, history, tragedy and comedy. In search for order and proportion, the Greeks created an ideal of beauty which had a strong impact on the Western art. Speaking of the monotheistic Greek thought, the Byzantine and Orthodox

Greek thought is the one that preserved Greek philosophy, created the very first monasteries where people gave in to their thoughts in solitude, and removed the third dimension and perspective from paintings in order to strip them down to the bare necessity and feelings (in the end, Giotto annuled all of this in the Western culture by becoming a trail blazer for three-dimen-

The Greeks did pull us out of the dark Middle Ages when the streams of Greek refugees, following the fall of Constantinople on 29th June 1253, left for Italy, Spain and other Western countries, while clutching in their hands the books of Plato, Aristotle and other Greek greats which they thought had been lost forever. Greece not only gave us itself, in all its ancient glory, but it also gave us Rome, Renaissance and humanism, which led to permanent change in our and world civilization. This planet will never be the same just because of the Greeks, who brought everything from the East to the West; things that the West could not even dream about, and who, thanks to Alexander the Great, were the first to connect the world. Their civilization, embedded in the depths of the European civilizations, has also impacted Asia and Africa. Today, in the East, films are made on the back of Greek tragedies and comedies that are also being taught at the universities that stem from the Plato Academy, and are all systematized in the way that resembles Aristotleâ&#x20AC;&#x2122;s. The entire world was shaped by one culture â&#x20AC;&#x201C; Greek!

PIONEERS

ANCIENT GREEKS WERE PIONEERS IN MANY FIELDS WHICH ARE BASED IN SYSTEMATIC THOUGHT, INCLUDING BIOLOGY, GEOMETRY, HISTORY, PHILOSOPHY, PHYSICS AND MATHEMATICS 42

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Epirus, loannina@GNTO/P.Merakos

CORPORATE

A Winter Escape in Greece EPIRUS

Blessed by nature and thanks to its modern road network Epirus offers you the chance to combine different holiday experiences in one day

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What comes to your mind first when you think â&#x20AC;?holidays in Greeceâ&#x20AC;?? Probably summer, sun-washed islands, long sandy beaches, and crystal clear sea water. Now close your eyes and think of vibrant historic cities, picturesque stoned-built villages, hight mountains, deep gorges, forests, rivers and lakes, old arched bridges, medieval castles, byzantine churches and imposing monasteries, spectacular views towards the sea, think of snow on the mountains and winter activities, striking colours in the sky and a sparkling light that is always there piercing through the clouds even in the most gloomy day, listen to the rain and the song of the birds, see people around greeting you with a warm welcoming smile, take a deep breath and feel the invigorating freshness of the air, smell the aromas of a freshly baked pie. This is the Greece you might have never thought of, as few people realise that the country with the longest coastline in the Mediterranean, thousands

of islands and islets and an endless summer is also one of the most mountainous in Europe.

THROUGH THE AGES

IOANNINA, THE CAPITAL OF EPIRUS, IS AN ATMOSPHERIC CITY WITH FASCINATING HISTORY, A MELTING POT OF DIFFERENT CULTURES AND TRADITIONS THROUGH THE AGES Winter offers an excellent opportunity to discover more of Greece. If your desire is to combine breathtaking natural landscape with unique architecture, rich history and important archaeological sites, wonderful boutique hotels, exceptional local cuisine and multiple activities, the six mainland regions of Greece, Epirus, Macedonia, Thrace, Thessaly, Central Greece, and Peloponnese offer unlimited choices.

Epirus, Voidomatis River@GNTO/V.Sykas

Here are some options for a winter escape in Epirus. Epirus lies at the north-west part of Greece, between Pindos mountain range and the Ionian Sea. Ioannina, the capital of Epirus, is an atmospheric city with fascinating history, a melting pot of different cultures and traditions through the ages. Life in the city revolves around the romantic silver lake Pamvotis with the islet -Nisi- of Ali Pasa, the Ottoman ruler of the area whose name is connected with intriguing historical events and tales, the Castle and the Old Town with its numerous historical buildings, winding romantic streets lined with cafes, restaurants, boutique hotels and silversmith shops. Only a few kilometers away enter the mysterious world of the Perama Cave ornamented with a variety of stalactites and stalagmites, as well as fossils from bones and teeth from the cave bear, a rare species of bear found there. In a narrow valley, 22 kilometers southeast of Ioannina, visit the Sanctuary of Dodona, known for its famous Oracle, closely related to the cult of Zeus, father of the gods. North of Ioannina in an area of striking natural beauty, the 46 fairytale villages of Zagoria, Zagorohoria, attractive and mysterious, connected by stoned bridges and winding roads, challenge you to dis-

EPIRUS

EPIRUS LIES AT THE NORTH-WEST PART OF GREECE, BETWEEN PINDOS MOUNTAIN RANGE AND THE IONIAN SEA

cover their secrets. The impressive Vikos gorge, with rare flora and fauna and breathtaking views and the 10.000 years old Dragon lake at an altitude of 2.100 metres and Voidomatis river with its clean clear greenish-blue waters create the perfect stage for a variety of outdoor activities such as mountaineering, hiking, climbing, rafting, horse riding. Located on the edge of Vikos gorge near the village of Monodendri, the Monastery of St. Paraskevi small and atmospheric with a stone-walled chapel dated to 15th century is worth visiting for its original frescoes and stunning views. Nestling in one of the highest peaks of Pindos, charming Metsovo, will immediately captivate your senses with its architecture and its natural alpine beauty, the traditional atmosphere, the fresh mountain air, the intoxicating aromas of the local wines, and the unique flavor of Metsovone cheese. Blessed by nature and thanks to its modern road network Epirus offers you the chance to combine different holiday experiences in one day. So, after having walked mountain trails in the morning you could easily find yourself later eating fresh fish accompanied by local wine or tsipouro at a taverna on its beautiful Ionian coast. Enjoy the journey! Sofia Lazaridou Head of GNTO in Serbia

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Žikica Milošević

TOURISM

GREECE MEANS SUMMER OK, Greece doesn’t mean only summer since it has ski resorts too, but it is undeniably associated with summer sun and summer fun 46

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es, Greece is a winter tourism destination too. The Vlach or Tsincar region of Metsovo is a typically mountainous continental region, situated farthest from the coastline, and, as such, perfect for winter and mountain ethno-tourism. However, in the case of Greece and considering that this country has plenty of mountains, Metsovo is more an exception than a rule. Since Greece is short on low temperatures, snow and nothern climate, and rich in beaches and sand, it comes as no surprise that the world „talas“, which is the Serbian word for „wave“, originates from the Greek word for sea – „thalassa“.

BRITISH WHEREVER YOU GO Or maybe which should say British and German wherever you go? Or Serbs wherever you go? Regardless... The point is that the British were the first to come to Greece, the Mediterranean and the Middle East as tourists, guided by the idea of restoring the glory of the long-lost worlds with their romantic enthusiasm. As we mentioned last time, Lord Byron was the first to give his life for Greece, swimming from a strait to strait just to demonstrate that myths actually did not exist. The British were also the first to travel to Greece in their horse-drawn carriages; a journey that lasted for days. After that came trains, which they diligently took to reach the cradles of ancient civilizations – Rome, Florence, Spain, Greece, Egypt, Palestine and Constantinople. Skillful writers, like Agatha Christie, wrote successful stories about the exotic

FOR TEN CENTURIES, GREECE WAS THE LIGHTBEARER IN THE CHRISTIAN WORLD WHEN THE WEST LIVED IN THE DARK AGES, OR WAS CONQUERED BY THE MOORS

parts of the world which was met only with more curiosity. In a sense, Greece has become a Mecca of Tourism. We didn’t hear much about Greece during the Cold War, since Yugoslavia, i.e. the communist followers of Tito, lost the war, and Greece found itself on the other side of the Iron Curtain. Travelling was sparse, and the Adriatic Sea’s coastline was long and affordable. However, following the tragic events of the 1990s, Serbia got a bit tired of vacationing in Montenegro and Ohrid, with Greece and Bulgaria becoming increasingly popular destinations. And this continued into the present day... Back

CONNECTION

SERBS ARE NOT DETERRED BY STRIKES, TRAFFIC PROBLEMS OR ECONOMIC CRISIS. IS ALSO A THEORY ABOUT THE BYZANTINE CONNECTION BETWEEN THE TWO COUNTRIES AND NATIONS. NOW, THIS IS THE ’SERBIAN’ COASTLINE, AS BOTH COUNTRIES ADMIT SWITZERLAND 2016

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then, in Greece, tourists were met up with people who had already knew Greece and its seas really well. In 1994, the British band Blur even sang about the armies of tourists, hell bent on hedonism, occupying Greek coastline. From Paralia, which was the first place to become popular with us, to destinations across Greece, Serbs have become tourist masters of the country and its coastline, whilst becoming even more loyal tourists than the Germans. Serbs are not deterred by strikes, traffic problems or economic crisis. There is also a theory about the Byzantine connection between the two countries and nations. Now, this is the ’Serbian’ coastline, as both countries admit.

is not only true of Greece. The country has something else – art and many locations where the ancient civilization left its trace - starting with Athens and all the way to Olympia and Delphi. Although, sometime later in history, Greece was indeed called Rome (the Byzantine Empire was called

TOURISM HAS ALWAYS BEEN A KEY ELEMENT OF ECONOMIC ACTIVITY IN THE COUNTRY, AND IS ONE OF THE MOST IMPORTANT SECTORS IN GREECE TODAY

ART AND ANTIQUE It is not just the coast, stretching from the Ionian islands of Zakynthos, Kefalonia and Corfu, which Serbs visit the most, to Rhode, Crete, the elite Cyclades and the most visited Halkidiki peninsula, that attracts the Serbs to Greece the most. This also applies to other tourists. Beaches of all types, sizes, sand and sea colours are truly spectacular, but this

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Roman Empire, and Greeks referred to themselves as Romanan and Hellenic). However, the country did not fall apart. For ten centuries, Greece was the lightbearer in the Christian World when the West lived in the dark ages, or was conquered by the Moors. There is something magnificent and magical in the air as you walk down the streets in Thessaloniki which, during

the Byzantine time, was the centre of the Balkans. There is also something so extraodinary in the ambiance of the Greek monasteries like the one on the rock formation called Meteora which even inspired Linkin Park, the iconic band, to name their second studio album ’Meteora’.

A FEW NUMBERS IN THE END Tourism has always been a key element of economic activity in the country, and is one of the most important sectors in Greece today, as it contributes with 18% to the country’s gross domestic product. In 2016, Greece had more than 28 million visitors, an increase from 26.5 million in 2015, and a sharp increase from 19.5 million in 2009, when the crisis began, and 17.7 million in 2007 prior to the economic crisis. Greece has been one of the most visited countries in Europe in the last few years which is great news for the budget of the impoverished economy. The largest number of visitors come from Great Britain and is closely followed by those from Germany. The Serbs are not yet at that level, but they will not be far off soon.

A Unique Family Destination

Brzece BB, 37225 Brzece, Srbija m t

+381648860225 +38137823355

info@junior-kopaonik.com

w www.juniorhotel.rs 49 SWITZERLAND 2016 Focus

CORPORATE

Obtaining Insurance Policy From AMS Osiguranje is Quick and Easy Your vehicle’s registration is just about to expire? Don’t forget to come by to one of the many offices of AMS Osiguranje first to purchase a vehicle insurance policy in a quick and easy manner In order for your vehicle to be allowed to participate in traffic, you have to have a vehicle insurance policy which is a prerequisite for registering your vehicle with the police. If, while driving, you cause damage to third persons, it is the insurer’s responsibility to cover exuberant costs that stem from numerous risks which can result in death, body injury, health problems, and destruction or damage to things belonging to third persons, all in line with the terms and conditions of your insurance policy. Pick AMS Osiguranje because, owing to our wide network of sales offices, our professional staff is there for you in every step. Save time and benefit from the advantages of the AMSS system. Come to 19, Ruzveltova Street in Belgrade, and do everything in one place,

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without the need to change location. Here you can buy a mandatory vehicle insurance policy, have your vehicle technically inspected, register it, acquire international driving documents, join

THERE FOR YOU

PICK AMS OSIGURANJE BECAUSE, OWING TO OUR WIDE NETWORK OF SALES OFFICES, OUR PROFESSIONAL STAFF IS THERE FOR YOU IN EVERY STEP the AMSS and perform other activities that will ensure safe driving. If you want to protect yourself from the costs associated with the damage incurred on your vehicle, we would like

to suggest that you go for the safest protection of your vehicle which is an all inclusive vehicle insurance policy (the so-called kasko insurance) which will protect you from the risks like traffic accidents, floods, fires, trees or parts of building fronts falling on your vehicle, and theft, all in accordance with the terms and conditions of your insurance policy. As additional benefits we can offer you to pay the insurance policy in 12 monthly installments, and if you buy kasko insurance with us, you automatically become an AMSS member which gives you access to free road services in Serbia and Europe for one year. There are many more reasons for you to pick AMS Osiguranje. Come to one of our 250 sales outlets across Serbia. For more information please call 0800-009-009, or visit our website www.ams.co.rs.

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