FDI Summit Slovenia 2013 Conclusion Paper

Slovenia´s leading Investment&Development Business Event

Conclusion Paper

2013 Conference & Guidelines for Decision Makers

A clear vision for the future

Prepared by Tilen Majnardi, Editor in Chief, The Slovenia Times, co-organiser of the FDI Summit Slovenia

SUMMARY

Openning address, Professor Dušan Mramor, Dean, Faculty of Economics, University of Ljubljana

Summary

The goal is to restore confidence and credibility and create a “problem solving” society.

The FDI Summit Slovenia is an annual conference organised by The Slovenia Times and the Faculty of Economics, University of Ljubljana, held in September, which focuses on Slovenia’s Foreign Direct Investment environment. Slovenia has a poor record in attracting foreign investment however foreign investors who commit to the country tend to be long term investors.

Companies including Hella Saturnus, Bosch Siemens, Goodyear, Ring International, Renault, Lafarge Cement are a few globally recognised names which continue to invest in Slovenia.

The basis of the programme for the FDI Summit Slovenia 2013 were the conclusions from the 2012 summit and the prevailing critical economic issues - the stabilisation of the banking sector, public finances and the privatisation process.

Following an opening address by the Prime Minister, Alenka Bratušek, seven panels discussed topics ranging from Slovenia’s credibility as an investment destination, the privatisations of state owned assets to issues around public service efficiency and the future of the SPIRIT agency responsible for promoting Slovenia.

A follow up event was held in December. The structure of the event was a debate by key influencers from academia, business and services followed by a roundtable discussion with outcomes presented by representatives of the business world. From this, the guidelines outlined in this document were compiled for presentation to the government of Slovenia Conclusion paper FDI Summit 2013

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SUMMARY

Address by Prime Minister Alenka Bratušek

The key message is that the Slovenian government is committed to encouraging foreign direct investment but that the country needs to restore credibility which can be achieved, in part, through political stability and basic consensus and completing the defined plan. Once achieved, there is no reason Slovenia cannot be the chosen destination for investors looking to expand their business into South East Europe.

The goal is to restore confidence and credibility and create a “problem solving” society.

Key message of FDI Summit: Restore Credibility!

Stabilise Public Finances

Clean Banking Sector

Privatisation & Management of State Owned Assets

Political Stability & Basic Consensus

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FDI Summit 2014 Conclusion paper

Effective Promotion Attractive & Stable Business Environment

CONTENTS

Contents 1

Summary . . . . . . . . . . . . . . . . . . . . .

Platform . . . . . . . . . . . . . . . . . . . . . . 4 Summit Focus and programme . . . . . . . . . . . .

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Highlights . . . . . . . . . . . . . . . . . . . . .

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Follow-up Event: December 2013 . . . . . . . . . . .

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. . . .

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Appendix 1: Profile . . . . . . . . . . . . . . . . .

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Appendix 2: Speakers . . . . . . . . . . . . . . . .

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Partners . . . . . . . . . . . . . . . . . . . . .

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FDI Summit Slovenia 2014 - Programme platform

Conclusion paper FDI Summit 2013

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P L AT F O R M

Platform The programme for the FDI Summit Slovenia 2013 was prepared based on the conclusions from the 2012 Summit and the prevailing critical economic issues - the stabilisation of the banking sector, public finances and the privatisation process.

Criteria were compiled to assess the country´s performance since the previous conference.

FDI Summit Action Plan 2012, crucial measures: ● Solve the credit crunch in the banking sector ● Continue short-term stabilisation of public finances ● Adopt long-term measures to stabilise public finances primarily pension, health and public sector reform ● Adopt a transparent system for management of state-owned assets and prepare a clear privatisation and FDI strategy ● Define key competitive economic sectors to generate growth with clear and simple implementation strategies ● Define a clear 10 year vision with defined measures ● Operationalise SPIRIT to approach potential investors interested in Slovenia The effectiveness of Slovenian policy since the 2011 and 2012 Summits was poor due to the lack of political stability and the absence of a clear action plan for the main development issues. The situation had improved by the end of 2013 with the implementation of the bad bank project and further steps towards fiscal consolidation.

The effectiveness of Slovenian policy since the 2011 and 2012 Summits was poor.

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FDI Summit 2013 Conclusion paper

P L AT F O R M

Slovenia´s Anti-Crisis performance FDI Summit 2012 Conclusions

Slovenia´s Performance

Solve the problem of the credit crunch in the banking sector

Initial steps made with the bad bank project but with significant delays

Ongoing short-term stabilisation of public finances

Budgets for 2013 & 2014 adopted inside the EU stabilisation framework but realisation remains questionable

Adopt additional long-term steps to stabilise public finances, primarily pension, health and public sector reform

Structure of budget expenses remains unchanged;health and additional pension reforms were not adopted; organisation in the public sector remained untouched

Adopt transparent system of management for state-owned assets with a clear privatisation and FDI strategy

Creation of State Sovereign Holding on hold with the adopted law stuck in parliamentary political procedures. Lack of coherent FDI strategy on the horizon

Define key competitive economic sectors for generating growth with clear and simple implementation strategies – understandable vision for Slovenia for 10 years with defined implementation steps

No comprehensive development strategy on the horizon

Operationalise SPIRIT to promote Slovenia with the aim of seeking investors rather than waiting for investors.

SPIRIT, the centralised agency for promotion became operational but without a change of concept and synchronised approach. Political pressure to dismantle the agency was raised at the end of 2013

Overall Performance Conclusion paper FDI Summit 2013

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SUMMIT FOCUS AND PROGRAMME

Summit Focus & Programme Due to the lack of a problem solving oriented policy in recent years, the FDI Summit Slovenia 2013 primarily concentrated on government actions to implement the previously defined urgent measures.

It has become clear in recent years that Slovenia has defined the right actions to solve the existing problems but the implementation has been virtually non-existent.

Consequently, Slovenia’s experts, leading economists, development conferences have been repetitive with the only difference and improvement being the urgency of the warnings to finally do something.

The conference programme was divided into seven panels:

1. Finding the Right Recipe for Effective Corporate Governance 2. Act Now - Is Slovenia Regaining Credibility 3. Finally Privatisation? – Forming a Clear and Transparent Strategy 4. Efficient Public Services As A Competitive Advantage 5. Why Continue to Invest in Slovenia – Foreign Investors Perspective 6. From Average to Excellence – Organising Effective State Promotion 7. How to Transfer the Winning Mentality of Slovenian Sportsmen to Politics & Economy 6

FDI Summit 2013 Conclusion paper

HIGHLIGHTS

Highlights Act Now! The 2013 summit was a turning point. Slovenia can no longer wait for the implementation of well publicised measures. Similar warnings were heard in 2012 but reserves have now definitely run out - Slovenia almost lost financial independence. This was the main message from all of the speakers and participants who carefully listened to Prime Minister Alenka Bratuťek as she detailed the government’s priorities for the short and medium term. The PM was, in fact, very clear: further consolidation of public finances, make the bad bank operational and start the privatisation process. We now wait for action!

EBRD: Gradualism resulted in Slovenia losing competitiveness Privatisation should be seen as a tool for unlocking the economic potential of Slovenia, according to Jean-Marc Peterschmitt, EBRD Managing Director for Central and South Eastern Europe, arguing that the policy of gradualism has resulted in a huge loss of competitiveness and productivity.

By forgoing privatisation in the past, Slovenia missed out on the multiple benefits that the injection of foreign capital brings, including the introduction of new technology and new managerial input.

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HIGHLIGHTS

Jean-Marc Peterschmitt, EBRD Managing Director for Central and South Eastern Europe

“The privatisation agenda must now be made one of the centrepieces as it presents not only new sources of revenue for the government but also an opportunity to change the fabric of the economy that can contribute to boosting growth.”

Furthermore, Peterschmitt assessed that privatisation will be a test of the government’s credibility and commitment to implementing the reforms required to make the Slovenian economy more competitive and welcomed the PM’s announcement of measures aimed at making Slovenia more appealing to foreign investors.

Peterschmitt argued that foreign investors can help companies undergoing financial restructuring by providing much needed fresh capital, while also providing knowledge for the corporate restructuring that is required to turn around struggling companies.

“We have seen in many countries that private equity is a significant driver of change.”

He urged the government to reduce the state’s involvement in business and make the business environment more appealing to investors. The government should also take institutional measures that would provide unified management of state assets as it prepares for privatisation. The top priority should be to carry out the privatisation of one company which will serve as a signal to investors. “Make one privatisation happen quickly...and make it a model for other sales” he said, when asked about the key measures for boosting confidence in Slovenia.

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FDI Summit 2013 Conclusion paper

Privatisation should be seen as a tool for unlocking the economic potential of Slovenia.

HIGHLIGHTS

Prime Minister Alenka Bratušek

PM promises a transparent privatisation plan

Delivering her opening address at the summit, PM Alenka Bratušek said that the Slovenian government was committed to encouraging foreign direct investment.

The government is determined to ensure that Slovenia’s economic potential will be better utilised by opening up its economy.

“The Slovenian government supports FDI as an excellent tool for supporting economic growth and reducing unemployment”.

The government is aware that a sound economic environment is a key precondition for making Slovenia appealing to foreign investors, which is why it has embarked on reforms and measures to fix Slovenia’s ailing banking sector and deal with corporate over-indebtedness. Bratušek stressed that the government was determined to ensure that Slovenia’s economic potential would be better utilised by opening up its economy.

“Slovenia’s geographic position, strong industrial base, developed infrastructure, and well-educated and hardworking labour force are key advantages that the government is determined to help develop”.

The prime minister also defended the government’s economic track record since taking office in March 2013, highlighting measures for making the bad bank operational, the supplementary budget and the reform programme sent to the EU.

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HIGHLIGHTS

Professor Dušan Mramor, Dean, Faculty of Economics, University of Ljubljana

Faculty of Economics: Slovenia is in better condition than generally perceived The, now former, Dean of the Ljubljana Economics Faculty, Dušan Mramor, echoed the prime minister’s words by saying that key economic indicators were showing signs of improvement. The economic contraction in the second quarter of the year was the lowest since Slovenia entered the recession 18 months previously, which he said was a sign that contraction was levelling out.

“How come we are perceived as a country which does not have good macroeconomic fundamentals in spite of the fact that exports and the construction sector are showing signs of growth, while other fundamental macroeconomic indicators, including public debt and confidence indices, are better than the EU average?”

Mramor argued that this is a perception that Slovenia is mostly feeding itself.

Stop bureaucracy to start the economy Slovenian Interior Minister, Gregor Virant, who is also in charge of public administration, said the country had been focusing on streamlining public administration procedures since 2000 and enjoyed success while still needing to undertake work in a number of areas. Slovenia’s biggest achievement has been in simplifying procedures for setting up a business, which are among the quickest and cheapest in Europe. However, efforts must still be made in speeding up the issuance of building permits and amending 10

FDI Summit 2013 Conclusion paper

HIGHLIGHTS

Gregor Virant, Interior Minister

zoning plans. Zoning changes can take up to four or five years to complete, which is why Virant said plans are already being drawn up to amend legislation in order to speed up the process.

“In issuing building permits, the biggest problem is usually related to consent which needs to be given by various bodies dealing with environmental protection and cultural heritage. One solution would be to create a one-stop shop, where all such institutions sit at the same desk.”

The government is collecting proposals from business and the public for improving public administration processes as part of the ongoing “Stop the Bureaucracy” drive.

Virant added that efforts to cut red tape are high on the list of priorities of the government, with measures currently being taken to deregulate a series of business activities which had been licensed until now. As a result, the number of regulated activities will be reduced from 62 to 25.

Furthermore, the government is collecting proposals from business and the public for improving public administration processes as part of the ongoing “Stop the Bureaucracy” drive. ͠ The conference also presented good practices from Hong Kong.

“By streamlining [public administration] processes, you actually improve compliance,” Ivan KB Lee, who heads the Hong Kong Economic and Trade Office in Berlin, told a debate on the efficiency of public services as a competitive advantage. Presenting the experience of Hong Kong in cutting red tape, Lee said that a government unit dealing with public administration, which sits at the government table on equal footing with ministries, helped Hong Kong’s rise in international rankings dealing with the ease of doing business.

Conclusion paper FDI Summit 2013

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HIGHLIGHTS

Ivan KB Lee, Director, Hong Kong Economic and Trade Office, Berlin, Germany

“Since resistance to change is a major obstacle to public sector reform, efforts must be aimed at changing mind-set while reforms must be gradual and represent more of an evolution than a revolution.”

Promotion of the country must be simple and effective

One of the important questions of the FDI Summit Slovenia 2013 was the content and organisation of the promotion of the country.

Slovenia reorganised the promotion of Slovenia into one agency, SPIRIT, connecting general, tourist and corporate promotion.

Boštjan Skalar, Acting Director of SPIRIT, focussed on the development of the design for the country brand.

Promotion panel discussing general, tourist and corporate promotion

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FDI Summit 2013 Conclusion paper

HIGHLIGHTS “The 'I Feel Slovenia' brand has had more success abroad than at home, where the public is somewhat reluctant to accept it.”

Skalar expressed regret at speculation that the SPIRIT agency, which he says is already showing results, is to be split back into smaller entities. He argued that it is hard to divide promotion and that, as seen with EuroBasket 2013, “it works best under one umbrella”.1 ͠ Japec Jakopin, founder and co-owner of boat maker Seaway, agreed that Slovenia is slowly getting a place on the world map.

“The fact is that foreigners are still pleasantly 'surprised' when they visit Slovenia and that shows that “we did not do our marketing well”.

“We provide excellent opportunities to companies who want to attract people, good working conditions, everything is close and accessible, enabling creative work,” he added, urging a focus on getting the message across that Slovenia is a green and healthy country where everybody likes to be.

1

Japec Jakopin, founder and co-owner of boat maker, Seaway

Following his confirmation in February 2014, the newly appointed Minister for Economic Development & Technology, Metod Dragonja, announced the reorganisation of SPIRIT by summer 2014.

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F O L LO W - U P E V E N T

Follow-up Event: December 2013 Defining guidelines for decision makers in 2014 A follow-up event, between the yearly conferences was organised to assess the progress and the developing situation in the economy.

A panel comprising Dr Peter Kraljič, Director Emeritus, McKinsey & Company; Professor Dušan Mramor, former Dean of the Faculty of Economics, University of Ljubljana; Franjo Bobinac, President of the Board, Gorenje, d. d.; and Dr Yuri Sidorovich, President of the Board, Partner, Deloitte Slovenija, outlined the parameters for the roundtable discussion which followed.

The focus of the debate was around the key messages from the FDI Summit Slovenia 2013: ● Implementation of measures to further stabilise public finances, ● Restructure of the banking system ● Privatisation of state-owned companies.

The panellists agreed that these are Slovenia’s most important issues for overcoming the economic crisis.

Welcome address by the new Dean of Faculty of Economics, University of Ljubljana, Professor Metka Tekavčič

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FDI Summit 2013 Conclusion paper

F O L LO W - U P E V E N T

Roundtable highlights Peter Kraljič praised the government’s plan for restructuring the banking system.

“Slovenia will improve its competitive edge after going through with the reforms it should have carried out upon entering the eurozone.”

He also believes that Slovenia must launch its Sovereign Holding and the bad bank as soon as possible to restore credibility.

Furthermore, he is convinced that Slovenia’s problems lie in the lack of political consensus and poor democratic manners of both the coalition and the opposition. He believes the parties should overcome their differences and be more constructive. ͠ Economic expert, Professor Dušan Mramor, wondered why the government didn’t recapitalise banks before learning the results of the stress tests published in mid-December 2013.

“The ongoing wait has had a negative effect on demand at home and on foreign investments.”

Peter Kraljič, Director Emeritus, McKinsey & Company

͠ Franjo Bobinac, the CEO of household appliances maker, Gorenje, highlighted that Slovenia must be more aggressive in implementing the necessary changes, not because of EU pressure but for the country. He also pointed out that the focus must be on Slovenia’s real competitive advantages.

Professor Dušan Mramor, Faculty of Economics, University of Ljubljana

Conclusion paper FDI Summit 2013

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F O L LO W - U P E V E N T

Yuri Sidorovich, Deloitte Slovenia

Franjo Bobinac, CEO Gorenje

“Slovenia’s only competitive advantage in the future will be an educated workforce that will attract new investors” ͠ Yuri Sidorovich from Deloitte expressed his deep belief that Slovenia must immediately start a quick privatisation of state owned companies. The state has proved again and again that the Slovenian state is not a good manager of the assets - the companies. The state owned assets are merely a playground for local politicians and their interests. The discussion of “national interest” is an empty political phrase and serves no-one.

“Please just start working and stop talking!” ͠ The closing message from the round table which was moderated by Professor Maja Makovec Brenčič from the Faculty of Economics and Tilen Majnardi, Editor-in-chief, The Slovenia Times was very clear: “Slovenia needs more action and optimism!”

Professor Maja Makovec Brenčič, Faculty of Economics, University of Ljubljana

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FDI Summit 2013 Conclusion paper

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FDI Summit Slovenia 2014 Programme platform The programme for the FDI Summit Slovenia 2014 will build from the conclusions of the 2013 Summit and the guidelines for decision makers. The programme will also be linked to the implementation of the measures presented by the government and the developing economic situation throughout 2014.

Following the key messages from the Summit, the commitment by the government and the general economic situation, the “mid-term” (March 2014) anti-crisis performance of Slovenia can be assessed:

Stabilsation of public finances Progress: ● Budgets for 2014 and 2015 adopted ● Budget deficit formally within EU recommendations: 2.9% in 2014, 2.5% in 2015 Open questions: ● Are the revenues targets in the budgets realistic? ● Are expenditure cutbacks in wages and public sector efficiency sufficient? ● The price of borrowing from international markets is still high, the question of Slovenia’s credibility remains open. ● Increasing burden of public debt (interest represents 12% of expenditure in the budget). ● Where are the measures for the long term stabilisation of public finances?

▪ Comprehensive reorganisation of the public sector ▪ Further pension reform ▪ Health system reform 18

FDI Summit 2013 Conclusion paper

F D I S U M M I T 2 0 1 4 – P R O G R A M M E P L AT F O R M

Cleaning the banking sector Progress: ● Controlled liquidation of Probanka and Factor banka ● Bank Assets Management Company (Bad Bank) operational ● Transfer of toxic assets from banks to the Bad Bank in progress ● Public Finances Act defines the recapitalisation of state owned banks Open questions: ● Progress of internal “cleaning” and reorganisation in the banks following the operationalisation of the Bad Bank ● Operational transparency of the Bad Bank and transfer of toxic assets ● Credibility of the management of the Bad Bank ● Political independence of Bad Bank

Privatisation & Management of State Assets Progress: ● List defined and operational comprising 15 companies for the first wave of privatisation ● Two companies from the list privatised – Helios, Fotona ● Government roadshows in key markets Open questions: ● What are the criteria and strategy for privatisation? ● State Sovereign Holding still not operational ● Political independence of State Sovereign Holding ● No comprehensive strategy for the management of state owned assets (defining strategic companies, sector strategies etc…..) – What exactly is being promoted/offered to potential investors?

Attractive & Stable Business Environment & Effective Promotion Progress: ● Less bureaucracy to establish a new company ● New insolvency legislation adopted to help deleverage the economy ● Government programme “Stop bureaucracy“ in action ● New spatial planning legislation in preparation ● Faster decision making in the legislative system ● Improved transparency (obligatory public announcements of sponsorship and consultancy contracts) in the public sector and state owned companies ● SPIRIT upgrading and focussing the promotion of Slovenia Open questions: ● Influence of higher taxes: VAT, the real estate tax, health contributions….

Conclusion paper FDI Summit 2013

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F D I S U M M I T 2 0 1 4 – P R O G R A M M E P L AT F O R M ● Further reorganisation of state promotion – ideas to dismantle SPIRIT into three separate institutions ● No sign of industrial policy in Slovenia ● Highly bureaucratic public sector ● Highly fragmented administrative organisational structure of the country

Political stability and basic consensus Progress: ● New coalition agreement signed in February 2014 ● General consensus to fight corruption at all levels Open questions: ● Ongoing ideological confrontation between the coalition and opposition ● Pointless motions to oust ministers ● Problems with the quality of ministers, consequent resignations, scandals ● Inter-coalition disputes around basic strategic projects: privatisation, management of state assets, pension reform, health reform ● Poor democratic manners The draft programme for the FDI Summit Slovenia 2014 will be prepared in May 2014.

The FDI Summit Slovenia 2014 will take place on Wednesday, 17 September 2014 at the Faculty of Economics, University of Ljubljana, the organising partner of the conference.

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FDI Summit 2013 Conclusion paper

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appendi x

Appendix 1: Profile The FDI Summit 2013 Slovenia focused on foreign direct investment (FDI) and current development issues in Slovenia, specifically the measures for stabilising the banking sector, public finances and generating sustainable growth.

The theme of the summit was “A clear vision for the future” to highlight the need for a new, clear and effective development strategy for the medium term.

The 2013 summit was held at the Faculty of Economics in Ljubljana on 17 September 2013 with more than 20 speakers participating in seven round table discussions and with more than 200 participants from Slovenia and abroad.

The conference speakers and participants included: ● respected international and domestic experts, ● CEOs of domestic and foreign companies, ● key representatives of government institutions responsible for shaping the business environment, ● existing and potential foreign investors, ● representatives from business and economic institutions, both foreign and domestic, ● diplomatic representatives.

The organiser of the conference was The Slovenia Times in partnership with the Faculty of Economics, University of Ljubljana.

The conference programme was prepared by a steering committee comprising: ● Professor Dušan Mramor, Dean of the Faculty of Economics, University of Ljubljana; ● Christof Droste, Managing Director, Hella Saturnus; ● Dr Peter Kraljič, Director Emeritus, McKinsey & Company, ● Japec Jakopin, founder and co-owner Seaway Group, ● Brane Krajnik, CEO, The Slovenia Times ● Tilen Majnardi, Editor-in-Chief, The Slovenia Times

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FDI Summit 2013 Conclusion paper

APPENDIX

Appendix 2: Speakers Alenka Bratušek, Prime Minister Gregor Virant, Minister of the Interior Jean-Marc Peterschmitt, Managing Director,EBRD, Central and South Eastern Europe Stanislav Raščan, Director General, Directorate for Economic Diplomacy, Ministry of Foreign Affairs of the Republic of Slovenia Marjan Hribar, Director General, Tourism and Internationalisation Directorate, Ministry of Economic Development and Technology Boštjan Skalar, Director, SPIRIT Slovenia, Public Agency for Entrepreneurship, Innovation, Development, Investment and Tourism Professor Dušan Mramor, Faculty of Economics, University of Ljubljana Professor Marko Jaklič, Faculty of Economics, University of Ljubljana Japec Jakopin, Founder and co-owner of the Seaway Company Boštjan Gorjup, Managing Director, BSH Hišni aparati Matej Potokar, General Manager, Microsoft Services, Central & Eastern Europe Sonja Šmuc, Executive Director, Managers’ Association of Slovenia Ivan K B Lee, Director, Hong Kong Economic and Trade Office, Berlin, Germany Yuri Sidorovich, Managing Partner, Deloitte Slovenia

Enzo Smrekar, Senior Executive Director and Member of the Board, Droga Kolinska Damir Kuštrak, Executive Vice President for Export Markets, Agrokor Group Holger Postl, General Manager, TAM Durabus Haimo Primas, Managing Director, Lafarge Cement Christof Droste, Managing Director, Hella Saturnus Feri Gonc, RRA Mura – Regional Development Agency Jure Košir, former alpine skier, Olympic medallist Petra Majdič, former nordic skier, Olympic medallist

Panel hosts: Professor Maja Makovec Brenčič, Faculty of Economics, University of Ljubljana Professor Erik Kerševan, Faculty of Law, University of Ljubljana Professor Aleksander Kešeljevič, Faculty of Economics, University of Ljubljana Jaka Repanšek, Republis Igor E. Bergant, Editor, TV Slovenia Tilen Majnardi, Editor-in-chief, The Slovenia Times

Conclusion paper FDI Summit 2013

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For enquiries about sponsorship opportunities or information about the FDI Summit Slovenia 2014 please contact: Brane Krajnik CEO, The Slovenia Times +386 (0)41 516 265 brane@sloveniatimes.com

FDI Summit 2013 Conclusion paper Published by The Slovenia Times Layout and realisation: Medija grafiÄ?no oblikovanje d.o.o., Ljubljana Photos by AljaĹž Hafner Ljubljana, March 2014

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Conclusion paper FDI Summit 2013

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A Clear Vision for the Future