Slovenia 2021 by Diplomacy&Commerce magazine

Slovenia - 2021 -

SLOVENIA & SERBIA

SIGNIFICANT COOPERATION ZDRAVKO POČIVALŠEK

H.E. DAMJAN BERGANT

DANIJELA FIŠAKOV

Minister of Economic Development and Technology

Slovenian Ambassador to Serbia

President of the Slovenian Business Club (SBC)

H AVEN FOR WHITEWATER RAFTING

A world away from the stillness of Lake Bled, and Slovenia’s pint-sized and picturesque capital, Ljubljana, is a region renowned for hiking and whitewater rafting. Bovec, which straddles the Soča River, is the best base for the latter.

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ORE THAN M 61% OF THE TOTAL LAND AREA IS COVERED IN FOREST

Unlike many other countries today, the forests of Slovenia are actually expanding. Today, it accounts for more than 12480 square kilometers.

L IPICA – BIRTHPLACE OF THE LIPIZZAN HORSE The original stud farm for the noble white horses has been maintained in Lipica in the Karst region since 1580.

BLED ONE OF THE WORLD’S MOST BEAUTIFUL LAKES

RITUAL KURENTOVANJE To celebrate, or scare away, the end of winter, Slovenians wear traditional masks and costumes in a ritual - called Kurentovanje - which has been going on for more than 50 years.

Thermal springs warm the water of this impossibly beautiful cobaltblue lake to 26°C, making it a great place for a dip well into autumn. But what makes it even more special is the tiny, tear-shaped island toward the western side of the lake.

THE HIGHEST MOUNTAIN IN SLOVENIA With 2 864 meters above the sea, Triglav is not a short one. The easiest climb is from Krma Valley, which takes about 2 days in total, whereas 12-14 hours climbing.

T HE WORLD’S LARGEST SKI JUMP

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Planica is an epic place for skilovers, especially if you like heights. The Ski Jump here is legendary and many world records have been set here. For example, the world record by Bjoern Einar Romoeren of 239 meters.

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INTERVIEW

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SIGNIFICANT COOPERATION IN VARIOUS SECTORS ZDRAVKO POČIVALŠEK

Minister of Economic Development and Technology

Photos: Klemen Leban

Synergies are made between the investment promotion and facilitation, trade and investment policy and other relevant policies

believe that our vision of Green.Creative.Smart.Slovenia paves the way for attracting investments in the future. The vision encompasses key future trends that are beneficial to every single investor. It is reflected in green energy, digitalisation, production facilities being self-sufficient energy-wise, and high added value brought by investments,” said Zdravko Počivalšek, Slovenian Minister of Economic Development and Technology.

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What are the conclusions of the recent informal meeting of EU minis-

ters, in charge of consumer protection, which took place in Kranj?

TECHNOLOGICAL PROGRESS CHANGES CONSUMER HABITS, SETS NEW CHALLENGES, AND EXPOSES US TO NEW RISKS

The ministers expressed their inclination towards two legislative proposals concerning consumer credit and product safety and concluded that those should be amended accordingly despite their correctly envisaged direction. The objective of the proposal for a consumer credit directive is to establish a well-functioning internal market for consumer credit by providing the best possible conditions for the free flow of such services while simultaneously ensuring the utmost consumer protection. The directive also focuses on the protection of vulnerable consumers by paying attention to their

financial risks. Technological progress changes consumer habits, sets new challenges, and exposes us to new risks, which is why the ministers agreed that consumer safety is an objective to be pursued by all companies in the supply chain. We further concluded that the current Package Travel Directive must be revised because the COVID-19 epidemic revealed that the Directive was not prepared for extraordinary circumstances. The pandemic is slowly phasing out in the world and we will need the so-called sustainable recovery. What will be Slovenia’s approach in terms of expediting investments in priority sectors to achieve sustainable recovery? Resilience and recovery mechanisms will stimulate identified development areas, and will, by utilizing reforms and investments, help to mitigate the negative economic and social impacts of the COVID-19 epidemic. Moreover, mechanisms will prepare the country for the challenges of green and digital transformation. Within the framework of the EU Recovery and Resilience Plan, 2.1 billion EUR grants are available for Slovenia. Each component within an individual development area includes interrelated reforms and investments. In the light of green transition efforts, none of the measures should cause significant or substantial damage to the environment. The key supported areas are green and digital transformation, smart, sustainable and inclusive growth, health care, and social security.

Synergies are made between the investment promotion and facilitation, trade and investment policy and other relevant policies. We work together based on an open, multilateral, transparent market and take collective actions to build economies that deliver inclusive economic growth, prosperity and safety for all. How would you rate this year compared to 2020 when it comes to the recovery of the Slovenian economy? I would rate it as positive. With appropriate measures in the amount of EUR 6 billion, of which 3 billion was paid out, the Government maintained the economic pulse. Measured by the GDP, our economy was brought to the pre-COVID level. The unemployment rate is even lower and Slovenia ranks among the top EU countries with the largest GDP growth. I have to state the outlook is optimistic. At this point, funds from five different European sources are available in a total sum of more than EU 10 billion and by all means, we can support all segments of our society. The Recovery and Resilience Plan envisages EUR 2.5 billion, of which grants represent EUR 1.8 billion. Furthermore, we will renounce

What have been the biggest problems of Slovenian business people, especially small business owners and small companies? The largest problem was certainly the liquidity of companies during the lockdown. Shutting down of the social life and part of the business sector was successfully tackled with the help of most popular measures of paid furlough and paid quarantine. I also consider it was a good thing for our economy that the industry sector was not fully closed down. Nevertheless, the lockdown had a profound effect on the Slovenian economy, especially within the tourism and hospitality sectors. As a result, these two received the most support, i.e. EUR 1 billion. In 2020, tourism was saved by domestic guests for the most part, as the number of domestic tourist overnight stays increased by 33 per cent, while the number of foreign overnight stays dropped by 70 per cent. The latter was a huge blow for Slovenian tourism, as we are dependent on foreign guests. Domestic consumption was supported by tourist vouchers, which contributed greatly to Slovenia ranking among European countries with the largest increase in domestic guests. I am pleased with this fact, but even more so the ratio between domestic and foreign guests has been further improving this year. The economic cooperation of Slovenia and Serbia is excellent. How can this cooperation improve and in which sectors? The cooperation between Slovenia and Serbia is significant in various sectors. We foresee a strong potential in

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The European common market is globally-speaking the largest economic area and is significantly interconnected. Slovenia is a part of the EU, and subsequently, the European market is crucial to our economy. The EU is sensi-

THE RECOVERY AND RESILIENCE PLAN ENVISAGES EUR 2.5 BILLION, OF WHICH GRANTS REPRESENT EUR 1.8 BILLION

credit due to good credit ratings and current negative interest rates. Even more, those credit ratings are the best in Slovenia’s history, and the Government can rightfully claim some of the approbations. The business sector will receive EUR 427 million of grants. I am particularly pleased that large companies could be listed among grantees, and not only small and medium-sized ones, as has been the case so far.

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What should be the key priorities of European countries, including Slovenia, in terms of devising the national and international investment policy in the coming years?

tive to global market trends, whereas the EU and Slovenia are welcoming and promoting foreign and domestic investment. If the EU faces cutbacks on either the supply or demand side or different shortcomings, that impacts Slovenia as well. Proactive government reforms and substantial recovery programmes can boost investment in sustainable growth.

the field of environmental solutions. Serbia is planning major investments in municipal infrastructure development where Slovenia and its companies possess extensive knowledge and experience. Furthermore, we could cooperate in the fields of water treatment facilities development, recycling, the circular economy, and many other projects. Slovenia has brought ecology to a very high level. The country is covered by forests and clean rivers due to proper maintenance and the ecological education of young people. Although new water treatment plants are planned in Serbia – a total of about 300 new facilities –, we an-

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ENERGY SECTOR HAS GOOD POTENTIAL, ESPECIALLY IN TERMS OF THE DEVELOPMENT OF SUSTAINABLE ENERGY SOLUTION

ticipate that Serbia does not yet have enough technical experts to operate those plants efficiently. Water purification is a complex process and plants must be managed by professionals who have completed proper training and obtained experience. Slovenian experts could help Serbia with the transfer of knowledge by establishing a centre for education and exchange of knowledge and experience in the field of ecology and water purification. Moreover, with the help of a EUR 1.5 million donation, Slovenia successfully set up the first modern complex for water purification in the tour-

ist town of Zlatibor. This practice can serve as a good basis for further project cooperation. Also, the field of energy offers good potential, especially the development of sustainable energy solutions. Serbia has significant potential for solar and wind power generation. What can we learn from each other, i.e. what can Slovenes working in Serbia learn and vice versa, what can Serbs learn from Slovenes? We never stop learning in life. Even though we used to be a part of a single

country, Serbia nowadays represents a foreign market for Slovenia. Luckily the rule is every activity on the foreign market improves innovation and competitiveness. That goes for Slovenians in Serbia and the Serbs in Slovenia. People involved in international business operate within different legal systems, different business cultures, and financing conditions. For any work to prosper, there needs to be hard work, focus, perseverance, and openness to dialogue and compromises. No matter where they come from, business people are very similar in that respect. 

CHALLENGES IN 2022 What are your predictions for next year for Slovenia, regional countries and Europe? What will be the biggest challenges? - Public health remains the biggest challenge. Moreover, employment, financing of losses and debts, maintaining a certain level of demand, and ensuring the normal activity of supply chains also pose a challenge. Today, the energy crisis and in-

flationary shifts stem could complicate a lot of our efforts. Being involved in the economy, I believe and know that we could always find a solution to prosper in a certain period. Honestly, as politicians, we are faced with no other option. In Slovenia we’ve showcased we are excellent at survival and perseverance. As long as we work as a team, we will excel. That was an important lesson learned for building our common prosperity.

INTERVIEW

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WE BUILD HEALTHY PARTNERSHIPS FOR BOTH THE PRESENT AND THE FUTURE H.E. DAMJAN BERGANT

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Slovenian Ambassador to Serbia

Relations between Slovenia and Serbia are good. We have intensive cooperation in politics, economy, culture and other areas and we have no unresolved issues lovenia has made great strides in the last 30 years. It became a member of the Euro-Atlantic institutions, and thanks to its engagement in international organizations, the country has earned recognition and respect. We were well prepared for the presidency of the EU Council and we can

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say that we are implementing our tasks well and successfully. It is not easy to coordinate the work of 27 different countries, but living up to our coordinating role of the presiding country is our main task.“ Slovenia is chairing the EU Council in perhaps the most challenging period,

given the COVID-19-induced crisis. What are the priorities and biggest challenges of Slovenia's presidency? Slovenia is in the middle of its presidency term and the implementation of priorities is already in full force. Resilience, recovery and strategic autonomy are the main priorities that are

related to COVID-19, as well as other past crises. As far as the Conference on the Future of Europe is concerned, there are also dialogues with the public and we will continue with our work so that in the end, we can hand over the dossier to France, which should complete that topic. Our colleagues in Brussels have been working on all other points of the presidency's priorities, and for us, Slovenia's representatives in the Western Balkan countries, the most concrete topic is the relations between the WB countries and the EU. This is one of the main priorities of the presidency, and following Slovenia's initiative, a high-level conference was recently held with the representatives of the EU Member States and the Western Balkan countries in attendance. We are confident that the conference was successful because it focused on the EU enlargement to include the WB countries, as this issue remains permanently on the EU agenda in the future. The conference declaration focuses on the EU enlargement to include the WB countries. The EU and WB leaders, who were present at the summit, all agreed that such summits would take place once a year.

We should not doubt if the WB countries will become EU members in the future, but rather let's ask ourselves when is that going to happen. It is definitely up to the candidate countries to do their job and thus convince EU members and EU institutions that they are ready to join the Union. In the end, the decision will be political. Secondly, we should bear in mind that EU accession is a very complex process. There are 27 member states and EU institutions to consider. Everyone has their views. On the other hand, some candidates also have their own interests, problems and certain desires. It is very complicated to fit in all

What can the Western Balkan countries expect during Slovenia's presidency, given that the EU has given declarative messages about the importance of enlargement, but no concrete support has been visible as yet?

of that. However, if you have a desire to become part of a community, you need to accept the rules of that community, and that takes time. Unfortunately, there are no instant solutions. Slovenia is one of the countries that supported the opening of accession chapters, i.e. clusters, for Serbia. What should be the priorities of the Serbian government on the road to EU membership?

Relations between Slovenia and Serbia are good. We have intensive cooperation in politics, economy, culture and other areas and we have no unresolved issues which is good for both countries as it creates opportunities for fostering even better contacts in all areas. It is difficult to say in advance in which direction we should move. Certainly, if Serbia continues going down the EU accession path and bilateral relations become even stronger, the cooperation between our two countries will be enriched with additional motives. Serbia and Slovenia could become very good partners in many areas in the future. Economic relations are excellent, and Serbian companies have been making an increasing number of investments in Slovenia. How can we improve economic cooperation even more? We are glad to see that Serbian investments in Slovenia are multiplying. Not only are there more of them nominally, but certain large Serbian companies have also become significant market players in Slovenia, primarily in real estate and finance. Real economic stories always have a place in Slovenia and Serbia, with which we have built a healthy business partnership which goal is achieving the common good. Our economic cooperation can improve in areas where logic and ref-

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The European Commission's annual report, which came out recently, clearly states what important steps Serbia needs to complete on its accession path. The most important progress is the one done in the segment of the rule of law and normalization of relations with Kosovo. Serbia needs to boost reforms related to judicial independence, media freedom, the fight against corruption and organized

In terms of the relations between Slovenia and Serbia, they have become progressively more stable over the years, with no unresolved issues. What should be the priorities of bilateral relations between the two countries in the next two decades?

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First and foremost, all of the countries in the Western Balkans, regardless of their status concerning the EU, work according to the given EU guidelines. It is important for the countries, especially for the citizens of the Western Balkan countries, to complete the accession process as soon as possible, but it is also important not to rush it and do all the tasks thoroughly in a way that facilitates their implementation. It is also important that they are as prepared as possible to join the EU in terms of law and other general topics, so that there would be no problems later in relation to the European institutions or among the member states.

FOR US, SLOVENIA'S REPRESENTATIVES IN THE WESTERN BALKAN COUNTRIES, THE MOST CONCRETE TOPIC IS THE RELATIONS BETWEEN THE WB COUNTRIES AND THE EU

crime, as well as resolve war crimes issues. Slovenia expects Serbia to invest maximum effort into implementing reforms and reducing the backlog in the negotiation process. Based on the European Commission's assessment that Serbia is ready to open negotiating clusters 3 (competition) and 4 (green agenda), Slovenia will try to secure a consensus among member states on this issue.

how and experience, we can help and where our companies can play an important role. Serbia is a part of Europe and has its place in the EU as the country has been introducing European standards and legal norms. Serbia should invest the same effort in the segments like environmental protection, and water, waste and air management. In June, Slovenia marked 30 years of its independence. How does all of that look to you from this time distance?

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erences support the arguments - Slovenia has achieved excellence in environmental protection, water management, forests and waste processing and we have the know-how and experience in these areas. Serbia has only just begun to address these issues more seriously since these issues are very important for people because they lead to a higher standard and quality of life. Serbia has concluded agreements with Chinese companies stipulating the construction of several water purification and waste management plants. The EU and EU members bilaterally, as well as Slovenia, have invested in and donated to tourism in Zlatibor. We want to find a place for

OUR ECONOMIC COOPERATION CAN IMPROVE IN AREAS WHERE LOGIC AND REFERENCES SUPPORT THE ARGUMENTS us, that is the EU, in large communal infrastructure projects in Serbia for which 15 billion euros has been earmarked. We have talked with Serbian partners about projects and opportunities where, thanks to our know-

Statistics show that Slovenia is twice as economically developed as in 1991. The real GDP grew by 91% and GDP per capita was four times higher last year (EUR 22,000 per capita) compared to 30 years ago. Since 1991, Slovenia's population has grown by 100,000 people, which means that there are just over 2 million of us now. Slovenia has made great strides in the last 30 years. It became a member of the Euro-Atlantic institutions, and thanks to its engagement in international organizations, the country has earned recognition and respect. As an EU member, together we create the policy of 27 countries, we have a strong and stable currency, the Euro, and we try to resolve those problems that all European countries face. We have no enemies, we have partners in international relations and we are working to develop good relations with other countries in Europe and the world. We are recognized and visible and this is thanks to the contributions from all Slovenian citizens. Apart from good diplomacy, we should also credit sports and cultural figures for that. 

SERBIA HAS POTENTIAL How do you feel living in Belgrade and Serbia? What do you like the most here and what would you recommend to Slovenian tourists to visit? - I feel good in Belgrade, but we should not reduce entire Serbia just to Belgrade. I had the opportunity to see and visit many parts of Serbia and I can say Serbia has an extraordinary potential for the future. Nature is beautiful and offers opportunities for a beautiful vacation. Infrastructure is being developed which creates additional opportunities for tourism

development. If you ask me what I would recommend Slovenians to visit in Serbia, it would certainly be the area around Zlatibor, the Tara Mountain and Uvac. The Djerdap Natural Park is also beautiful and they should definitely visit Golubac and Ram fortresses. I like the villages and towns in Vojvodina, where you can feel the multicultural spirit and history, including its architecture. There are places and areas where every tourist can have a good time. The Serbian cuisine tells a special story and is yet another attraction to indulge in Serbia.

INTERVIEW

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A BRIDGE BETWEEN THE ECONOMIES OF THE TWO COUNTRIES DANIJELA FIŠAKOV

President of the Slovenian Business Club (SBC)

Serbia is the second country in terms of the size of Slovenian investments his year, the Slovenian Business Club celebrates its 18th anniversary. We interviewed Danijela Fišakov, president of the Slovenian Business Club, for this year’s issue of InFocus Slovenia. In the interview, Ms Fišakov says that being a reliable partner for 18 years to its members and the two countries is a success worth mentioning. “Back in 2003, representatives of several Slovenian companies, which were active in Serbia, initiated the establishment of a service that would offer assistance to Slovenian and Serbian business people, from legal to logistical, and help them to make new contacts. The Slovenian Business Club was the ideal solution for this. Of course, we had to overcome a lot of initial problems, but the dedicated work of both our staff and members resulted in the SBC growing into a healthy, strong and capacious organization that represents a kind of bridge between the economies of the two countries," Ms Fišakov added.

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What were your guidelines when you founded the club and has the Club managed to achieve its goals over the past years?

At the time of the SBC’s inception, I was just beginning my career. To date, a lot has changed for the better in the Serbian business environment. Nevertheless, the reasons why the SBC was founded are still the same today, with some variations. The SBC was created with the goal of helping Slovenian business people to find their way

IN RECENT YEARS, THE NUMBER OF SERBIAN COMPANIES IN SLOVENIA HAS VISIBLY INCREASED, WHICH CONTRIBUTES TO A GREATER BILATERAL ECONOMIC ACTIVITY on the Serbian market more easily, to exchange experiences and overcome the difficulties they encountered by breaking through the then rather harsh and poorly regulated business environment. Over time, the participation of Serbian companies in the membership

began to gain importance. First and foremost, these were companies that cooperated with the representatives of the Slovenian economy here, and then the companies who wanted to be representatives of the Serbian economy in Slovenia. Today, Serbian companies and third-country companies make up almost a third of the SBC's membership. The diversity of membership constantly creates a variety of challenges for the Club, which mission is to create success stories. All its activities are aimed at creating benefits for members. How would you rate the cooperation with the Slovenian and Serbian state bodies, and how with other bilateral chambers and business associations? Thanks to its impeccable reputation and quality work, the SBC complies with high standards and constantly sends out a clear message that the organization is trustworthy and reliable. As an organization that helps develop cooperation between the economies of Slovenia and Serbia, the SBC does enjoy support from state institutions in both countries. This support is very important because we are thus in

a position to positively influence business relations in both Slovenia and Serbia, that is, to launch initiatives and get support. We are present at a number of important events where we promote our members and ask questions on their behalf. In our daily work, we cooperate with various state institutions and in most cases, we are satisfied with that cooperation. State institutions recognize the cooperative importance of Slovenian companies in Serbia and respond to invitations from the SBC. The information we receive from state institutions is always timely and useful. We cultivate a traditionally good relationship with other foreign chambers and clubs, which was especially evident in the, unfortunately still current, extraordinary circumstances caused by the COVID-19 pandemic. We exchange information and help each other, and we have continued to organize joint events live or online.

to be a very interesting market for investment. How much are Slovenian companies interested in entering Serbia and vice versa?

We can see that Slovenia and Serbia have excellent economic relations. In what areas do you see a chance for improvement?

I HOPE THAT THIS STATE OF EMERGENCY WILL PASS AS SOON AS POSSIBLE AND THAT WE WILL COME OUT OF IT AS HEALTHY PEOPLE AND OUR ECONOMIES AS VITAL AND FUNCTIONAL

What problems have your members been facing in Serbia and how can the Serbian government improve the investment climate? Serbia is already a very attractive country for investing, especially for Sloveni-

The trade between the two countries was substantial in 2020 and suffered a minimal decline compared to 2019 when it amounted to a little more than 1.6 billion euros. It is expected that in the future, when the epidemiological conditions improve, the possibilities for cooperation between the two countries in all segments will be even greater. From the very beginning of the epidemic on the global level, tourism, hotel industry, catering, a large part of transport and event organization have been affected the worst, i.e. all those economic sectors whose functioning directly depends on the fluctuation of people. However, countries are slowly reopening to foreign tourists. Great potential in tourism will soon come to the fore, given the fact that Slovenia is one of the favourite tourist destinations for Serbs, and that Slovenes participate with as much as 5% of the total number of foreign tourists in Serbia. 

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In recent years, Serbia has proven

In recent times, some Serbian companies have taken over Slovenian companies that have a long business tradition. For example, Agromarket from Kragujevac bought Semenarna from Ljubljana. It gives me great satisfaction to say that the interest of both Slovenian and Serbian companies in investing in the respective markets has been constantly growing.

How much has the Covid-19 induced crisis, which has been going on for almost two years, affected companies both in Serbia and in Slovenia?

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Slovenian-Serbian economic and political relations are traditionally good and have been constantly developing. Slovenia has been diligently trying to contribute to and accelerate Serbia's accession to the EU. Serbia, as the only country from the former Yugoslavia, has a branch of its chamber of commerce in Ljubljana. The volume of trade between the two countries shows a continuous and significant upward trend. The data show that in 2020, the trade reached almost 1.6 billion euros and that in the first seven months of this year alone, it already amounted to 1 billion euros. The value of trade could be much higher and more significant in the future because there are large, still completely untapped, potentials and capacities for that on both sides. The information technology, agriculture, construction and environmental sectors are still far from reaching their maximum in terms of cooperation.

According to the data collated by the National Bank of Serbia, in 2020, out of the total 3 billion euros of FDI in Serbia, almost 500 million euros of investments came from Slovenia, which puts Slovenia in the first place on the list of the biggest investors in Serbia, except for investments of third countries made via the Netherlands. At the same time, the constant growth of trade between the two countries shows a strong economic connection between them. Many good Slovenian companies and business people are active on the Serbian market. In recent years, the number of Serbian companies in Slovenia has visibly increased, which contributes to a greater bilateral economic activity.

an investors, and its business environment has become more orderly and business-friendly in recent years. It is very important that the state does not stop with the ongoing reforms at all levels, but continues with their practical implementation. The problems that befell it due to the pandemic are not local and specific but global and cannot be a possible excuse to stop. The imperative of the future Serbian state economic policy must be focused on simplifying tax procedures in order to reduce the burden on businesses, reduce bureaucracy and increase the efficiency of public administration, along with the implementation of intensive digitalization. Transparency is the most effective anti-corruption tool. There is always too much corruption, but simplifying procedures can never be too much of. The Government must be constantly in touch with businesses, participate in the dialogue with them and respect their needs and idiosyncrasies.

CORPORATE

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THE BACKBONE OF THE ECONOMY AND A STABLE PARTNER Taking into account the strong capital and liquidity position of the entire banking sector, banks will definitely continue to be the backbone of the economy and a partner of the state in maintaining the achieved stability and further overcoming potential challenges

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JELENA GALIĆ Chief Executive Officer of AIK Banka

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ollowing the 2019 acquisition, AIK became the owner of Gorenjska Banka dd from Kranj (Slovenia) and in that way, expanded its operations to the EU market. In an interview with Jelena Galić, CEO of AIK Banka a.d. we talked about that topic and the overall situation in the banking sector. "Looking at the bigger picture makes it possible to turn challenges into business opportunities, and more importantly, no individual can achieve as good results as the whole team can," says Ms Galić.

What is the current situation in the Serbian banking system like? — The domestic banking sector has once again validated its strength and stability, regardless of the uncertainty caused by the global pandemic, thanks to maintaining the vitality of the economy’s real sector through the provision of direct assistance to companies, as well as stimulating measures devised by the NBS.

The banking sector’s capitalization is at a high level, with a capital adequacy ratio of 22.2%, which is well above the regulatory minimum. According to the NBS, total bank placements last year increased by 10.7%, while the year-on-year growth of lending activity in June 2021 was higher by 6.3% compared to the same period last year, which demonstrates that lending activity has accelerated. Taking into account the strong capital and liquidity position of the entire banking sector, it is certain that banks will continue to be the mainstay of the economy and a partner of the state in maintaining the achieved stability and further overcoming potential challenges.

RESULTS

Our bank’s operations and achieved results in Slovenia show that a domestic bank has the strength, competencies and know-how

AIK became the owner of Gorenjska Banka dd from Kranj (Slovenia) and thus has expanded its activities to the EU market. Are there any differences in the bank's operations in Serbia and Slovenia, i.e. in the European Union? — With the acquisition of Gorenjska Banka in 2019, we have once again demonstrated the financial strength, integrity and credibility that a banking institution needs to possess to operate on the EU market. In that sense, the differences are almost non-existent, considering that the regulations related to banking operations in Serbia and the European Union are practically identical. Our bank’s operations and achieved results in Slovenia show that a domestic bank has the strength, competencies and know-how to be an equal participant in the European banking market. For some time now, interest rates on time deposits in banks have been extremely low, almost symbolic. Is this a sign that there is a surplus of capital, low investor interest or is there another reason? — Interest rates, viewed as the price of money, have been declining for years and are at an all-time low. Since the onset of the global financial crisis, key central banks have been pursuing extremely expansive monetary policies. The ECB did not stop implementing an

expansionary monetary policy, while over a certain period, before the outbreak of the pandemic, the Fed started "tightening" the monetary policy, which the pandemic now leading to the "easing" of this policy again. This long-term monetary policy implemented by key central banks was aimed at stimulating a new investment cycle, thus making the funds for the new investment cycle available under the most favourable conditions, at the time when the system was experiencing high liquidity which was the result of an expansionary monetary policy, and for interest rates, as an expression “money prices”, to be low. Most key interest rates such as Euribor, Libor and the ECB's reference interest rate are negative. The yield on German ten-year bonds is also negative. Also, some European banks charge negative interest rates on higher deposits due to "monetary abundance", on the one hand, and the costs of manipulating money, which are not negligible, on the other hand. Given that Serbia is has a small and open economy, connected to the global (primarily European) financial market, it was natural for these trends to be reflected in Serbia as well. If we add to this the fact that banks are extremely liquid, then low interest rates are not a surprise. Also, we should not ignore the fact that low deposit interest rates also affect low lending interest rates, which is important for investment activity and economic growth. International financial institutions project that interest rates will be negative for some time to come, which indicates that there is room for further investment growth.

RATE POLICY

I consider the NBS exchange rate policy, which ensures stability and predictability of operations, to be good Earlier, the exchange rate was predominantly considered to be an instrument for boosting international competition, and countries with a balance of payments deficit were pulling for devaluation. However, such views are no longer considered valid and a large number of studies have shown that exchange rate policy cannot be used to boost domestic competitiveness. Namely, after the initial increase in exports after the devaluation, comes the second stage in which the prices of all imported products, that are incorporated into a large

number of other products, increase. This leads to rising inflation, which, in turn, leads to a weakening of the national currency, which nullifies the effect of devaluation and creates a vicious circle: inflation-exchange rate- inflation, and all together disrupt the macroeconomic environment, business predictability, i.e. attractiveness of the country for foreign direct investments, etc. Exporters boost their competitiveness by improving product quality, reducing prices, improving after-sales services, etc. On the other hand, the real exchange rate affects everyone, both importers and exporters and domestic producers. Therefore, I consider the NBS exchange rate policy, which ensures stability and predictability of operations, to be good. Is it difficult for a woman in Serbia to succeed in the banking sector and when she does succeed, is it difficult for her to stay in that high position? — Commitment and continuous investment in yourself are important if you want to succeed in any business, including the banking sector. Being a woman makes me proud to show how a person, not a gender, makes a difference. Competence, knowledge, experience and approach, which should be comprehensive, are the key determinants of success, regardless of the position you are on or the industry in which you work. Looking at the bigger picture makes it possible to turn challenges into business opportunities, and more importantly, no individual can achieve as good results as the whole team can. 

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Last year, you gave a lecture to students of Master’s studies on the topic of exchange rate policy in Serbia. How much does a stable exchange rate help the domestic economy? Does such an exchange rate, i.e. the strong Dinar, favour the import lobby at the expense of domestic producers? — The issue of the exchange rate is one of the most controversial issues in the international economy, both theoretically and practically. In other words, there is still no complete agreement in theory or practice on this issue. Numerous issues, such as inflation, the current ac-

count deficit (surplus), the inflow/outflow of international capital, as well as the interests of many economic entities, overlap through the exchange rate. Interests are quite divergent because importers prefer a "strong" exchange rate, and exporters a "weaker" one. However, what is certain is that a stable exchange rate suits everyone, and I can say that the NBS has achieved this goal. The most important thing is that a stable exchange rate creates the certainty that both citizens and the economy need in order to realistically plan and improve their lives and their business.

COOPERATION

SIGNIFICANT GROWTH OF ECONOMIC COOPERATION BETWEEN SERBIA AND SLOVENIA

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In the first half of 2021, the value of trade between Serbia and Slovenia amounted to 670.2 million euros, which is an increase of 127.4 million euros (23.4%), compared to the first six months of 2020

xports in the observed period amounted to 342.9 million euros, which is an increase of 100.2 million euros (or 41.3%), and imports went up by 27.2 million euros (or 9%) compared to the same period in 2020, and amounted to 327 million euros. The mentioned trends resulted in Serbia

ON THE LIST OF COUNTRIES THAT SERBIA TRADED WITH THE MOST IN 2020, SLOVENIA RANKED 7th

recording a trade surplus, in the amount of 15.6 million, while in the first six months of last year, Serbia recorded a deficit of 57.6 million euros in trading with Slovenia. The turnover generated in the observed period by companies which majority owners are legal and/or natural persons from the Republic of Slo-

venia amounted to 176.85 million euros, of which goods worth EUR 86 million were imported from Slovenia and goods worth EUR 90 million were exported to Slovenia. The stated data indicate that the aforementioned companies had a 26.3% share in the total export to Slovenia, in the first 6 months of the current year. During 2020, the total trade between Serbia and Slovenia amounted to 1.167 billion euros, an increase of about 11.6 million euros or 1%, compared to 2019. Serbia exported goods worth 528.1 million euros to Slovenia, which is 52.6 million euros or 9% less than in 2019. In 2020, we imported goods worth 638.9 million euros from Slovenia, which is a 64 million euro more or an 11.7% increase, relative to the previous year. Last year, Serbia recorded a deficit in trading with Slovenia which amounted to 110.8 million euros. External trade between Serbia and Slovenia in 2020 was affected by the COVID-19 pandemic, which led to the implementation of various restrictive measures in business, trade and movement of people in many countries around the world, including Croatia, in which the epidemic began in early March 2020. A state of emergency was declared in Serbia on March 15, 2020, and it lasted until mid-May of the same year. The total trade between Serbia and Slovenia in 2019 amounted to 1.15 billion euros, which was a 1% increase compared to 2018. Exports to Slovenia in 2019 amounted to 580.7 million euros, which is about 1% more than the previous year. Imports from Slovenia increased slightly in 2019, compared to 2018, by about 3.8 million euros (about 0.7%), and amounted to 576.9 million euros. The trade surplus

amounted to 6 million euros (a trade surplus was recorded for the second year in a row). • Serbia mostly exported the following products to Slovenia in 2019: dialysis equipment; electricity; hand tool parts; aluminium alloy products; conductors; parts for rail vehicles; seat parts • Serbia mostly imported the following products from Slovenia in 2019: medicines; cooling device parts; cars; parts for rail vehicles; washing machines; copper scrap.

EXTERNAL TRADE BETWEEN SERBIA AND SLOVENIA IN 2020 WAS AFFECTED BY THE COVID-19 PANDEMIC, WHICH LED TO THE IMPLEMENTATION OF VARIOUS RESTRICTIVE MEASURES IN BUSINESS On the list of countries that Serbia traded with the most in 2020, Slovenia ranked 7th. In 2019, 4,409 Serbian companies traded with Slovenia, of which 1,388 only exported to this market, 2,218 only imported goods from this market, and 803 traded in both directions. In 2020 4,301 Serbian companies traded with Slovenia, of which 1,270 only exported to this market, 2,205 only imported goods from this market, and 826 traded in both directions.

During 2019, the trade in services between Serbia and Slovenia amounted to about 601 million euros, which is an increase of about 82.41 million euros (13.7%) compared to 2018. In 2019, Serbia exported services worth about 259.23 million euros to Slovenia, and imported services worth about 342.3 million euros, so Serbia recorded a substantial deficit in trade in services with Slovenia to the amount of about 83 million euros. In the first 11 months of 2020 (currently available data), the trade in services between Serbia and Slovenia amounted to 452 million euros, with Serbia recording a trade deficit of 68 million euros. In 2019, there were 1,213 active companies in Serbia which are majority owned are legal and/or natural persons from the Republic of Slovenia. In 2020, there were 1,071 such companies, and by the beginning of June this year, the Serbian Business Registers Agency recorded 1,079 such companies. Most of them operate in the sectors of professional, scientific, innovation and technical activities, manufacturing, administrative and support service activities, construction and information, communication and agriculture, forestry and fisheries. Promising sectors for cooperation between Serbia and Slovenia include the food industry, plastics industry, furniture industry and metal processing industry. Promising groups of products that could boost Serbia’s exports to Slovenia include plastics and plastic products, furniture, aluminium and aluminium products, residues and waste from the food industry, lead and lead products, dairy products, fruits and vegetables and their products and cocoa-based products. 

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Promising sectors for cooperation between Serbia and Slovenia include the food industry, plastics industry, furniture industry and metal processing industry.

SLOVENIA 2021

COOPERATION

CORPORATE

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NLB GROUP'S SYSTEMIC SUPPORT TO REGIONAL DEVELOPMENT The economic sector is a catalyst for cooperation, exchange and positive change which are all necessary steps towards a more efficient flow of people, goods and services, and thus the prosperity of our region

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VLASTIMIR VUKOVIĆ Chairman of the Executive Board of Komercijalna Banka, a member of the NLB Group

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SLOVENIA 2021

s one of the leading banking groups with nine banks in six markets of Southeast Europe, NLB is recognized as a systemic player with the capacity and motivation to improve working conditions and lives of employees, clients and all citizens of our region. We talked about large and important initiatives that they launched in the previous period with Vlastimir Vuković, Chairman of the Executive Board of Komercijalna Banka, a new member of the NLB Group in the largest Balkan market.

In which way does the NLB Group strive to improve the quality of life and work in the region in which it operates? — The NLB Group's mission is to influence the quality of life and improve its home region, and today there is almost no topic or significant social issue in which we have not invested our time, resources and energy. For us, this region is not just a spot on the map. This is the home where we live, work and do everything to create prerequisites for an even more sustainable future for us, our children and all generations to come. As a systemic group, we provide systemic support to our community - always subordinating all regional capacities to common goals. Our activities are comprehensive and range from active participation in the circular economy, ESG

initiatives, youth support, small local businesses, digitalization, networking to business facilitation for all companies in the region. Have you integrated any of these initiatives into your line business? — This year, Komercijalna Banka will join the NLB Group initiative for the first time and launch a special offer of housing loans for young people. Under the auspices of this offer, we will support the decision of 300 young people to solve their housing issue with a "gift for moving in" and a monetary amount of 30,000 dinars. We will soon start working on the construction of a group IT hub in Belgrade, which will employ about 40 IT experts and data scientists from the get-go, and that number will only grow. The ultimate goal of both initiatives is to motivate young people to build their lives in the region, not abroad. Investing in their future is actually the best investment in a sustainable and better future for each of us. That is what we believe in and what we want to reflect through our line business.

PRINCIPLE

The NLB Group formalized the sustainability principle back in 2011 and validated it in 2020 by placing it at the centre of its business activities and integrating it with all banking decisions

What about the principle of sustainability, ESG and green initiatives? — The NLB Group formalized the sustainability principle back in 2011 and validated it in 2020 by placing it at the centre of its business activities and integrating it with all banking decisions. This year, we are expected to establish a comprehensive system of environmental management and social policy. This means that we are going to introduce environmental and social analyses as an official criterion for approving loans while encouraging everybody who operates following the rules of sustainable development and the circular economy, and demotivating those who do not. Important support for green initiatives also comes from the Organic Competition, during which NLB Bank has awarded 27 organic projects in the previous 10 years. This year, Komercijalna Banka joined the competition, and this strategic type of assistance to farmers who have chosen a sustainable, but far more challenging way of growing produce is another validation of the NLB Group's readiness to invest in the sustainable development of the entire region. 

Slovenia's economy is projected to expand by 6.1 percent this year, the government's macroeconomic institute UMAR said in September, raising its earlier gross domestic product (GDP) growth forecast

Photo: Anna Nekrashevich / Pexels

ECONOMY

SLOVENIA UPS GDP GROWTH FORECAST FOR 2021, 2022

t said that exports, investments and household spending will grow faster than before as economic activity in the eurozone has been rising more than expected this year. In March, the institute forecast 2021 GDP growth at 4.6 percent. The institute expects the country's GDP to grow by 4.7 percent in 2022, up from 4.4 percent it forecast in March, and growth in 2023 should reach 3.3 percent. UMAR expects exports to increase by 10.9 percent this year versus a fall of 8.7 percent in 2020. Exports are due to rise by a further 8.2 percent in 2022. Household spending is projected to increase by 5.6 percent in 2021 after a 6.6 percent decline last year. Investments

are expected to increase by 10 percent this year compared to a fall of 8.2 percent in 2020. "The epidemic conditions in Slovenia and our main trading partners continue to represent the biggest risk to our forecast," the institute said in its report, adding that it will be of utmost importance how countries will react to the COVID-19-induced changes. Slovenia exports about 80 percent of its production, mainly to other European Union states. Its main trading partners are Germany, Italy, Cro-

THE INSTITUTE EXPECTS THE COUNTRY'S GDP TO GROW BY 4.7 PERCENT IN 2022, UP FROM 4.4 PERCENT IT FORECAST IN MARCH

atia, Austria and France, and its main export items include cars, car parts, pharmaceutical products and household appliances. The institute also said that the December-on-December inflation rate is expected to reach 2.5 percent this year and then ease to 1.9 percent in 2022. Last year, the inflation rate in Slovenia stood at minus 1.1 percent. Consumer price inflation increased significantly year-on-year in October, mainly due to higher prices of petroleum products and heat energy. Prices of durable goods are also rising. Turnover in trade increased in August. In most sectors, turnover in the first eight months of the year combined was higher than in the same period of 2019. Turnover in market services also increased in August, with the strongest growth in information and communication services, while turnover in accommodation and food service activities has been rising strongly for several months.  Source: www.umar.gov.si

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ACTIVITIES

ACTIVITIES OF SBC IN 2021 the Government of the Republic of Serbia and Mihailo Vesović, Director of the Strategic Analysis, Services and Internationalization Sector at the CCIS. They talked about the current and expected trends in the domestic economy. After the presentations, the companies had the opportunity to pose questions directly to government officials. This was one in a series of extremely well-organized dialogues between the business sector and the state.

wing to its good reputation and excellent work, the Slovenian Business Club (SBC) in Serbia stands out as a reliable partner that you can rely on with certainty in achieving your business goals. The SBC is a hub for connecting, exchanging experiences and information, educating and creating opportunities for establishing future business cooperation, but also for finding solutions to specific problems that companies face. In the new situation, the hand of help and support to every business person is more important than ever, and the SBC is here to provide exactly that.

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MARCH 2021 DIGITAL BREAKFAST – “BUSINESS ENVIRONMENT IN SERBIA - WHY INVEST IN SERBIA" In cooperation with the Croatian Business Club and BNI (Business Network International) Serbia, the Slovenian Business Club hosted a digital working breakfast on the topic “Business environment in Serbia - why invest in Serbia". Those present had the opportunity to hear from three fantastic lecturers - Radoš Gazdić, acting Director of the Development Agency of

Serbia, Djordje Andrić, head of the Centre for Investment Support and Public-Private Partnership of the Chamber of Commerce and Industry of Serbia, and Alexander Samonig from ECOVIS SEE doo, WestBalkan Partner.

MAY 2021 DIGITAL WORKING MEETING "MACROECONOMIC TRENDS IN THE ECONOMY OF THE REPUBLIC OF SERBIA IN THE CONTEXT OF THE COVID-19 PANDEMIC" In cooperation with the Hellenic Business Association, the Swiss-Serbian Chamber of Commerce (SSCC), the Croatian Business Club (CBC), the Belgian-Serbian Business Association (BSBA), and representatives of the Ministry of Finance of Serbia and the Chamber of Commerce and Industry of Serbia (CCIS), the Slovenian Business Club hosted the meeting on the topic of "Macroeconomic trends in the economy of the Republic of Serbia in the context of the COVID-19 pandemic." During the multilateral working meeting attended by member companies of five bilateral business associations in Serbia, the participants were addressed by Ognjen Popović, Acting Assistant Minister of Finance in

JUNE 2021 WORKING MEETING – BUSINESSPEOPLE TALK TO THE MINISTER OF CONSTRUCTION, TRANSPORT AND INFRASTRUCTURE OF THE REPUBLIC OF SERBIA, MR. TOMISLAV MOMIROVIĆ After a long time, the SBC had a live event, i.e. a working meeting with the Minister of Construction, Transport and Infrastructure of the Republic of Serbia, Mr. Tomislav Momirović. The meeting was attended by over 80 members of the Slovenian Business Club. The president of the club, Danijela Fišakov, pointed out that, considering the very challenging past year, the Club managed to quickly and successfully adapt to the rather specific circumstances imposed by the measures against the Covid-19 pandemic, and that it remained very active. The Ambassador of the Republic of Slovenia to Serbia, H.E. Mr. Damjan Bergant, expressed his satisfaction with the event and pointed out that Slovenia exported about 85% of all its products and that companies with Slovenian capital in Serbia contribute to the development of export competitiveness. During the meeting with the representatives of many companies from Slovenia, Mr. Tomislav Momirović focused on both current and future investments in infrastructure. The event fostered a real dialogue between the minister and the business sector. The general conclusion was that this type of exchange of business ex-

periences is very important for the SBC members and for devising the future direction of economic development. The guest continued socializing at a cocktail party.

SEPTEMBER 2021 WORKING BREAKFAST - "ROI BENEFITS - IS IT POSSIBLE TO MEASURE THE RETURN ON INVESTMENT IN EMPLOYEE BENEFITS?" The SBC hosted a working breakfast in the form of a panel discussion in cooperation with a member of Manpower Group and the Benefiti.rs platform in order to talk about a very important topic for companies and their employees, and that is the benefits system. The SBC members had a dynamic discussion from the very beginning. The general conclusion of this panel discussion was that productivity, engagement and employee satisfaction are in correlation with the system of benefits and that a lot of attention should be paid to defining that system. The panellists' addresses were excellent, and the members were a very proactive audience. After the of-

ficial part, the participants continued socializing during the breakfast, during which they continued the discussion and exchanged opinions.

ations to get to know each other, cooperate, disseminate their ideas and build the foundations for further successful bilateral cooperation in Serbia.

SEPTEMBER 2021 INTERNATIONAL NETWORKING COCKTAIL In cooperation with the German and French chambers of commerce, the Japanese Business Alliance, the Hellenic Business Association, the Croatian Business Club, the Italian-Serbian Chamber of Commerce, the Swiss-Serbian Chamber of Commerce, the Belgian-Serbian Business Association, the Dutch-Serbian Business Association and the Canadian-Serbian business association, the SBC hosted a very successful International Networking Cocktail. To improve cooperation, over 300 representatives of companies that are members of these 11 bilateral chambers of commerce and business associations were present at the event. Such a large number of company representatives in attendance was a clear indicator of the strong interest of members of all chambers and associ-

OCTOBER 2021 SPEED BUSINESS MEETING – FALL EDITION In cooperation with the Serbian Association of Managers (SAM) and Canadian-Serbian Business Association (CANSEE), the SBC held an eight consecutive Speed Business Meeting - Fall Edition, at the Hyatt Regency Hotel in Belgrade, which was also the event's partner. Th Cargo-partner Company was the event's sponsor. In order to network foreign and domestic businesspeople, this year's Speed Business Meeting brought together 59 companies from different business sectors who had the opportunity to present their companies, services and products in eight-minutelong one-on-one meetings. It was a great opportunity for connecting and expanding the contact base. After the meeting, the event participants continued networking at the cocktail party in a more informal atmosphere. 

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CULTURE Source: www.slovenia.info

FROM URBAN TO TRADITIONAL Art and culture have always held a special place in the history of the Slovenian nation. Slovenia boasts a rather well developed network of cultural institutions, organisations and cultural associations comparable to the most developed European countries lovenia boasts a surprisingly diverse cultural scene, from urban happenings, traditional presentations to cosmopolitan festivals, all enveloped into authentic experience. Precious items in museums, galleries, skansens and other cultural objects point the way to Slovenia’s cultural heritage. Would you like to understand Slovenians and their identity? Explore in detail the possibilities offered by 100 festivals, over 50 museums and galleries, and about 30 institutions focusing on music and theatre. See the remains of some of the hundreds of castles and manors. You will find it informative and fun.

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SLOVENIA 2021

FESTIVALS You can enjoy the work of some of the most important creators and per-

formers in the world if you visit arts festivals in Slovenia. However, if you are feeling laid back, check out the special offer: there are festivals devoted to roast potatoes, beer, wine, des-

THE MAIN WEB PORTAL FOR CULTURE IN SLOVENIA WWW.KULTURNIK.SI IT FEATURES CULTURAL NEWS AND EVENTS AGGREGATED FROM VARIOUS SLOVENE DIGITAL SOURCES AND COLLECTIONS RELATED TO ARTS AND CULTURE

serts, lace, chocolate, tolerance, and shopping.

MUSEUMS AND GALLERIES Do you have an adventurous spirit? Go on a treasure hunt, and see a 30,000-year-old needle, a 5200-year old wooden wheel with a wooden axis, and venerable golden patches that are more than 3000 years old. If you are not interested in ancient history, take a ride through space. MUSIC AND DANCING You will always hit it off with Slovenians if you join them when they are listening to music or if you dance with them. Don't turn down an invitation to come to a private party, because you will be talking about it for a long time to come. Slovenians love everything: complex symphonies by Gustav Mahler, who also worked in Ljubljana, the

up-beat melodies of the Avsenik brothers, the challenging avant-garde experimentation of the band Laibach, or the fierce techno beats of DJ Umek

FILM AND THEATRE Spend summer evenings under the stars in the company of stars: in streets, squares, and parks that transform into outdoor cinemas and theatres. The rich cultural offerings continue throughout the year, with over 200 premieres taking place. One of the most highly anticipated events is the LIFFE Film Festival in November, which changes Ljubljana into an international motion picture hub for two weeks. ARCHITECTURAL ATTRACTIONS The look of Slovenian cities and towns has been defined by various periods, dating back to antiquity. Some of the creators include Maks Fabiani, the personal advisor of Franz Ferdinand, the heir to the throne of Austria-Hungary, who also worked with Otto Wagner, and Jože Plečnik, who worked in Vienna, Prague, and in Ljubljana.

CASTLES Slovenia is rich in castles, manors, fortresses, and fortification systems. These were built in various periods during the medieval, renaissance, and baroque eras, and the first traces of their construction date all the way back to antiquity. Time got the better of many of them, but dozens now perform interesting functions. CHURCHES, CONVENTS, AND MONASTERIES There are almost no villages or hills in Slovenia without a church, and the country is also full of convents, monasteries, and roadside shrines. For an authentic experience, join a pilgrimage to the Mary Help of Christians Church in Brezje, ring the bell of wishes on Bled Island, and try the pear brandy from the Pleterje Monastery. ICONIC ATTRACTIONS The romantic historical town centres of the coastal town of Piran, the oldest Slovenian town of Ptuj, the

mighty castle high above Celje, Lake Bled, an Alpine pearl with a unique island in the middle of it, the vibrant and picturesque capital city of Ljubljana, the elegant white Lipizzaner horse, and the mysterious underground world of Postojna Cave with the incredible Predjama Castle nearby. These are the images that will make a strong impression on you when you visit Slovenia. Save a piece of these iconic images in your hearts and in your photographs to share with your friends.

THE OLDEST IN THE WORLD Did you know that Slovenia is home to artefacts that are considered to be the oldest in the world? At the National Museum in Ljubljana, see the oldest flute, which is over 60 thousand years old, and a somewhat younger, 5200-year-old wooden wheel with an axle. Discover what kind of a needle was used for sewing 30 thousand years ago by visiting the Celje Regional Museum. And don’t miss a 400-year old grapevine growing in Maribor’s Lent area. 

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TRADITION

TRADITIONAL ST MARTIN’S DAY CELEBRATION (MARTINOVANJE)

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This traditional Slovenian holiday is dedicated to young wine and is the most popular of all wine-related holidays in Slovenia

he celebration of St Martin’s Day, commemorated on 11 November – the name day of St Martin – represents a symbolic end of the wine growers efforts in their vineyards, and at the same time, this is the time when must turns into wine. On this day, a feast is laid out with goose, "mlinci" (a type of flatbread), red cabbage and an indispensable glass of young and delicious wine. The streets of Slovenia's towns resound with folk songs and merry laughter, dancers in

folk costumes swirl around, the smell of St Martin's delicacies lingers in the air and Martinmas traditions are practised in many places.

Martinmas has roots in paganism, when people thanked the gods for a good harvest at the end of a fertile year and asked for a new year that was just as fertile.

FOOD IS AN INDISPENSABLE PART OF THE MARTINMAS CELEBRATION

CUSTOMS Traditions related to this holiday are still preserved in some parts of Slovenia. Must can be blessed only by a man dressed up as a bishop, St Martin or a priest. Farmers make rounds in vineyards and perform rituals. In some parts they lay an apple spiked

with herbs, most commonly cloves and cinnamon, on a barrel and say the words: "Now let's see what the harvest will be like." If the apple dries up, the harvest will be good, if it rots, the harvest will be bad. Shepherds used to be given small loaves of bread called "kržeji" in Podjuna, "prešice" in Gorenjska, "vahči(či)" in Primorska and "martinčki" around Vrhnika. Shepherds in the Gorenjska region would guide their sheep around the altar and present them to the church, or bring capons and wooden figurines of cattle as gifts. Weddings did not take place only around Shrovetide, but also on St Martin's day. The feasts featured the wine of marital love, a special wedding wine blessed by the priest during the wedding ceremony. People also performed divination using a goose breastbone and honoured the ghosts of their ancestors. In the region of Bela krajina, the deceased were left jugs with wine and

SINCE WINE IS A BIG PART OF SLOVENIA'S CULTURAL HERITAGE, ST MARTIN'S DAY IS A HOLIDAY NOT TO BE MISSED BY ANY SLOVENIAN glasses, while in Haloze the remains of each dish were left on the table to make the following year plentiful.

FOOD The most typical feast combination is a roast goose or duck stuffed with chestnuts or apples, with "mlinci" and red cabbage as side dishes. This, of course, is no coincidence. According to the legend, St Martin tried to avoid being appointed bishop, pagans would sacrifice

a goose or a duck, while autumn is the time of picking grapes and chestnuts. You will find turkey in Haloze, rooster and chestnut soup in Goriška, roast mutton in Grgar, turkey, rooster or rabbit, chestnut-stuffed pheasant, white polenta, roasted and cooked chestnuts with spices and pears prepared in various ways in Brda, ribs, sausages and fried sardines in the Karst region, dry pork, roast rooster, chicken, buckwheat and yeast potica cake in Bela krajina, while the people of Gorenjska make the ceremonial Martin's porridge. In Slovenia, St Martin is the patron saint of new wine – on his name day, must turns into wine. In the past, this was the day when the harvest was completed, the previous year's accounts settled and new goals set. Today the celebration of St Martin's day is an opportunity for socialising and entertainment. This is a festival that should not be missed. 

Focus

Every year, the Slovenian Business Club (SBC) organises its celebration in Belgrade marking “Martinovanje”. The event aims to promote Slovenia as a tourist destination, with the presentation of wines and products from different regions and cities. The Slovenian Business Club has been organizing Martinovanje since 2014, and every year a different Slovenian municipality or region is promoted.

SLOVENIA 2021

MARTINOVANJE IN BELGRADE

TOURISM

PIRAN – THE DREAM CITY

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SLOVENIA 2021

A town grown on salt, is positioned at the very end of the Piranese peninsula, adorned by timeless sensational romance. A deep-rooted tradition of salt panning merges with countless stories of the narrow town streets and the picturesque sights of the Slovenian Mediterranean

iran is a true gem of the Adriatic coast, located in Slovenian Istria, with Italy on the horizon and Croatia 20 minutes away. Since being part of the Venetian Republic, Piran maintained the narrow winding streets, beautiful squares & churches and breathtaking sea views.

HERITAGE AND HISTORY The strong inspiration of the Venetian architecture will lead you through

THE GOTHIC ARCHITECTURE OF ITS PROVIDES A BEAUTIFUL POSTCARD-LIKE VIEW, JUST LIKE A POSTCARD. EVERYTHING IS PERFECTLY PRESERVED

the narrow cobbled streets and dominant luxurious structures. You can discover the numerous paths of local tradition which is part of the town and allow the town's present takes you on a time travel discovery into the past, getting to know the various faces who shaped this town. Piran is a member of the European Walled Cities Association and a national historical monument. Unparalleled views of the entire town, the sea and the Croatian and Italian coast can be enjoyed from the city

walls. Classical Tartini Square is the cultural centre of Piran and hosts many concerts and cultural events throughout the year. The Gothic architecture of its historic center also provides a beautiful postcard-like view. Everything is perfectly preserved. This is one of the most photogenic cities in the Mediterranean. The picturesque Piran has preserved its charm. The mighty religious architecture, stemming from the days of Venetian occupation, leaves its mark on the beautiful scenery of Piran. Above the compact town centre reigns St. George’s Cathedral, which gives the city its special character. It was probably built in the 12th century, but no exact data in this regard exists.

TOP 5 EXPERIENCES Become a salt harvester for a day Would you like to know what "gavero", and "taperini" are? How much salt does a saltpan worker harvest a day? You can get the answer in front of the saltpan museum on a salt field, and experience that work in the saltpans is not that easy. At the entrance to the

park, you can rent bikes for free (also available are child bikes and child bike seats), take a ride to the saltpan museum - where you can meet a saltpan worker, try salt harvesting in the salt field, have a guided tour of the museum and go back to the entrance by bike. Every visitor takes home a bag of self-harvested salt.

PANORAMIC VIEWS OF THE MEDIEVAL PIRAN Piran will present itself in a different way as you embrace the city in a way that the walls used to. Near the walls, you descend along the road to Fiesa to the lake, right by the sea where you take a short break. You return to Piran along a path by the sea, then at the church of St. Jurij you enjoy the view of Tartini Square and the view of three countries at once. After that you continue your path to Punta & the lighthouse, visit the 1st of May Square and the mysterious Jewish Squar. Through the narrow streets you reach the famous Tartini Square. there is a stop at the restaurant Pirat Piran, where the "PIRATES" serve you delicacies from the sea.

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BE A BRAVE KNIGHT IN PIRAN The knight St. George will wait for your children at Piran's bus station. You will spend three hours and walk nearly 3 km. Two entertainers can welcome up to 12 children. Together you will embrace Piran and find the treasure. You will travel back to the Venetian past, walk through narrow streets, discover the Venetian house on Tartini square and other palaces, and witness the Venetian ghost. You will admire the magnificent church of St. George, find the treasure on First of May Square, get to know the deepest point in the Slovenian sea at Piran's Punta and go back to Piran's bus station. The fil rouge of this adventure is Piran's legend about a brave knight called St. George who fought the dragon. EMBRACE ŠENTJANE OVERLOOKING PORTOROŽ You will embrace Šentjane and from the top observe the diverse cultural landscapes that surround you. There is the lively Portorož beach on one side and the calm green Strunjan valley on the other. The ascent rewards you with special views. There will be a stop for

a wine break at the Bubola farm, in a small family wine cellar. In the Boem restaurant in Beli Križ, with a beautiful view of Fiesa, typical Istrian corn soup Bobiči will be served. The one who finds all the ingredients is given a prize for the next experience. At the end you will be returning to Portorož along Stara cesta.

GUIDED TOURS WITH A VINTAGE CAR If you ever wished to make your experience of the fascinating and varie-

THE HIGHLIGHT OF THE THREE DAYS IS THE NEPTUNE'S BAPTISM, WHICH SYMBOLIZES AN INITIATION OF 1ST YEAR MARITIME STUDENTS UNDER THE PATRONAGE OF NEPTUNE, GOD OF THE SEA

gated landscape of the Slovenian Istria a true adventure, Laganini’s original trips will certainly help you find the right way. Just let yourself go for a relaxed and fun tour of the Slovenian coast hinterland, enjoy the spirit and feel the beat of Istrian villages, its nature, history and people, and be part of an incredible experience. You will see how the locals once lived and what life is like today and discover the hidden spots of this beautiful region.

EVENTS Organised since 1964 by the Coastal Galleries, Ex-tempore Piran is one of the oldest competitive art festivals of its kind in Slovenia, running uninterrupted since its start. Initiated by Pavle Zamar Zappa, the concept is simple: participating artists (coming from all over Europe) are given a set amount of time to make paintings and ceramic works that are then judged and awarded by an expert jury. The name itself comes from Latin, ex tempore meaning "on the spur of the moment” or "without preparation". Neptune’s baptism is a special event organized by the Secondary Marine School. It usual-

ly takes place at the beginning of September, when a warm welcome is given to “freshers” - the first year students. The ceremony was first performed as far back as in 1947. It was a spontaneous event organized by the students without the presence of teachers and other people. Gradually, it has turned into a traditional 3-day event which distinguishes Portorož and Piran from other places. The highlight of the three days is the Maritime or Neptune's baptism, which symbolizes an initiation of 1st year maritime students under the patronage of Neptune, God of the sea. The weekend in Piran is dedicated to sea and maritime traditions and skills.

IF YOU WANT TO EAT A NICE PLATE OF FRIED FISH AT AFFORDABLE PRICES IN PIRAN, YOU CAN GO TO THE SQUARE MAY DAY FOOD If you want to eat a nice plate of fried fish at affordable prices in Piran, you can go to the square May Day. 20 euro, this you have to spend for a plate

of fried fish (large platter for two people), served at the tables in front of the restaurant, in the shade of a green gazebo, but if you prefer you can go on the terrace in the center of the square (as some now also home to street musicians). Reading the menu, you also discover other specialties, but in the mixed plate is a taste of everything. What do we drink? The nearby cellar offers table service, with a wide choice of drinks (even this time, we prefer the Malvasia wine, again a low cost product).  Source: www.culture.si, www.slovenia.info, www.portoroz.si

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CORPORATE

THINK ON TIME AND CHOOSE THE SAFEST WAY OF PROTECTING YOUR VEHICLE IN AMS OSIGURANJE TODAY

Focus

SLOVENIA 2021

f you do not want to bear the costs of any material damage to your car by yourself, come to AMS Osiguranje. Purchase AMS Osiguranje's casco insurance policy and protect your vehicle in an event of a traffic accident, theft, flood, fire, parts of buildings or tree fall, and other risks, under the terms of your insurance policy. Since AMS Osiguranje always puts its clients first, you can now pay your insurance premium in 12 monthly instalments, while, if you pay the premium all at once, you are eligible for an additional discount. Whether you take out a full, supplementary or partial casco insurance policy, the compensation is paid regardless

of whether the damage was caused due to your fault or someone else's. We would like to remind all drivers that, with every purchased AMS Osiguranje's casco insurance policy, you will

REMINDER

With every purchased AMS Osiguranje's casco insurance policy, you will also receive a free AMSS Super membership and payment card

also receive a free AMSS Super membership and payment card, which will ensure free services and savings on the roads of Serbia and Europe for one year. Our clients always come first and that is why we have the best prices and conditions on the market, and thanks to our many years of experience, we can boast fast and efficient payment of damage. So, don't wait another day and come to 16, Ruzveltova Street in Belgrade or to one of 250 of our branches across Serbia where our friendly and knowledgeable staff will help you to purchase a casco insurance policy. For more information, call 0800-009009 or visit our website www.ams.co.rs. 