The Region 2025 no. 7 by The Region

Inventing Tomorrow

The Region

As part of the AIM publishing family, The Region builds on the legacy of CorD Magazine’s 22 years of excellence

DIRECTOR & EDITOR-IN-CHIEF: Ana Novčić a.novcic@connectingregion.com

DESIGN: Slađan Radosavljević Zoran Perović

COMMUNICATIONS DIRECTOR: Neda Lukić n.lukic@connectingregion.com

CONTRIBUTORS:

Ljubica Gojgić, Ivana Babić, Marko Nikolić, Milica Uvalić, Adriano Milovan, Armin Zeba, Dejan Azeski, Geri Kolgega, Idro Seferi, Nataša Damnjanović, Branimir Jovanović, Zoran Panović, Milan Igrutinović, Maja Vukadinović, Mila Jović, Novica Mihajlović

EDITORIAL & OUTREACH ASSOCIATE

Anđela Radovanović a.radovanovic@connectingregion.com

TRANSLATION & EDITING: Marija Jurić

PHOTOS: Zoran Petrović, Shutterstock

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Mihailo Čučković m.cuckovic@connectingregion.com

Vesna Vukajlović v.vukajlovic@connectingregion.com

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Behind the Issue

What drives a region forward?

In this issue, we searched for the people, ideas, and forces redeﬁning innovation in Adria— from game-changing AI hubs in Slovenia to deep-tech pioneers in Albania. We mapped the luxury boom from Split to Tivat, looked skyward from Ljubljana’s rooftops, and examined what’s still holding us back on the ground.

Creating The Region is more than just editorial planning—it’s dozens of conversations, lastminute visuals from seven countries, and one very large spreadsheet. What you hold in your hands is a result of long calls, passionate debates, and a few missed lunches. We hope it feels as bold and borderless as the Adria region itself.

The Region editorial team

INVENTING TOMORROW

10–31 | The New Adria Power List

The region’s top innovators, builders, investors, and leaders—defining what’s next for Adria.

6–7 | Editor’s Letter

In a region what matters most now?

44–45 | Milk, Markets & Measures

A note from the Editor-in-Chief.

32–35 | Slovenia’s AI Leap How a small country is aiming to lead Europe’s supercomputing frontier.

36–39 | Corridor 8 and 10d Developments Rewiring transport and logistics across the Adria region.

40–43 | North Macedonia’s Green Energy Surge

A bold pivot toward renewables, independence, and innovation.

Adria’s dairy dilemmas and what they reveal about regional trade.

46–47 | Vanja Mugoša, JMV Law

Strategic legal perspectives for cross-border business.

48 | Column: Europe Is Watching Can the Western Balkans finally deliver as one? By Dragana Đurica

ADRIA & THE WORLD

50–55 | António Costa: A Union in the Making The European Council President on his landmark tour and why now matters.

56–58 | H.E. Wada Mitsuhiro, Ambassador of Japan to Croatia Bilateral vision, innovation, and cultural diplomacy.

59 | Gordan Tomac, Shimadzu Japanese technology meets regional impact.

60–61 | Viktorija ZadroHuml, Takeda Leading Japanese pharma in Croatia, Slovenia, BiH.

62–63 | How Epson Build Future Innovation in the service of quality.

66–70 | Roundtable: Is Adria Ready for Premium Tourism 3.0?

With Maja Pak Olaj, Zoran Pejović, Berina Bajrović, Milena Aleksić, and Angelo Zuccala.

LUXURY, IDENTITY & MOVEMENT

71 | Zaha Hadid Returns to the Region A futuristic echo in Balkan architecture.

72–73 | Maja Bručić, Lotus Group Designing Beyond Limits with LAD 1 Studio.

74–75 | Tijana Stanimirović, Magioni Fine Jewellery Crafting legacy in fine design.

76–80 | Five Must-Experience Sailing Routes

From hidden coves to luxury harbours—featuring Portonovi as our exclusive partner.

81 | Crowne Plaza Belgrade Where business and hospitality meet with class.

82–83 | Berina Bajrović, CEO, Europe Group Hospitality, heritage, and hotel expansion from Sarajevo.

ADRIA'S VOICE IN GLOBAL BUSINESS

THE REGIONAL LENS

THE OTHER SIDE OF PROGRESS

84–86 | World at Glance Snapshots and stories from across the globe.

89 | The Big Question

What’s one risk worth taking in the Adria region today?

By Bee IT’s Nikola Gorjanac & Zoran Tovarloža

90–91 | Regional Pulse Market signals and policy shifts from Adria capitals.

92–93 | By the Numbers

The first quarter of 2025 in five powerful figures—investment, infrastructure, energy, and tourism trends that signal Adria’s momentum.

94–95 | Corporate News Deals, awards, partnerships, and power moves.

96–98 | Events

Highlights from recent business gatherings across the Adria region.

100–103 | Nova Gorica–Gorizia: Where Culture Rewrites the Map

A twin-city tale of borders, art, and identity.

104–108 | Festival Radar EXIT, Sarajevo Film Festival, and Pula: three directors, one creative pulse.

109 | Bookshelf

New releases to sharpen your strategic and cultural lens.

110–113 | WildScope

A cinematic look at Adria’s hidden animal worlds.

114 | The Regional Roast How to Solve a Problem the Balkan Way (Hint: Don’t) Satire by Aleksandar Perišić

115 | In the Next Issue

A glimpse into what’s coming in September.

JAPAN & ADRIA

Ana Novčić Editor-in-Chief The Region

A Region Turning the Page

The maps haven’t changed. But the story has.

From the Adriatic coastline to the Šar Mountains, a quiet shift is unfolding — not declared in manifestos nor choreographed in summits, but visible in choices, in resistance, in ambition. Across the Adria region, decisions are being made — some bold, some overdue — that will shape not only national headlines, but the region’s role in a world that no longer pauses for potential.

For decades, this region was talked about in the language of what might be: emerging, promising, catching up. Investment forecasts were framed with caution. Political progress was measured in fits and starts. Talented minds left, borders slowed opportunity, and optimism often came with an asterisk.

But something fundamental has changed. Slowly, quietly, the Adria region is stepping out of that narrative — not with declarations, but with momentum.

This issue of The Region is devoted to that motion. It’s fragile, uneven, often contradictory — but unmistakably real.

In Slovenia, a supercomputer hums beneath the surface, powering a national leap into AI. This isn’t tech for show — it’s part of a deliberate bet that intelligence, if ethically directed, can become a competitive advantage. In North Macedonia, a €500 million wind project is more than a statistic — it’s a signal that energy sovereignty is no longer abstract. In Croatia, a new property tax tackles the housing crisis with rare political courage. In Serbia, a

halt on milk imports redraws old trade assumptions, challenging notions of self-sufficiency. And in a quiet stretch of river and forest, wildness is being defended — not with slogans, but with science, with villagers, and with feet in the water.

Every one of these shifts carries its own friction. Talent still leaves too quietly. Infrastructure still arrives too late. Policy often lags behind intent. But this region no longer waits for someone else to tell its story. It’s starting to write its own.

The pages that follow are filled with people who are not just reacting to global change — they’re anticipating it. They’re not simply absorbing pressure — they’re shaping outcomes. Some are engineers. Some are artists. Some are ministers and mayors. Others are just getting started. What they share is a refusal to sit on the sidelines.

This matters, because the future is being rewritten — by code, by capital, by climate — and that process doesn’t wait for consensus. It rewards those who experiment, adapt, and show up. For the Adria region, the choice is no longer whether to participate — but how.

Will we define ourselves by our borders, or by what we build across them? Will we remain a region known for waiting, or become one known for leading?

This issue is about those who are choosing the latter. They are not simply turning a page — they are drafting the next one.•

YO U R P R E M I E R

R EA L E STAT E PA RT N E R

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Po r tfo l i o ce r t i f i e d w i t h L E E D, B R E EA M , G R E S B a n d W E L L H ea l t h - S a fe ty

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YOUR STORY. OUR REGION.

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Whether you're launching a bold campaign, amplifying your brand’s voice, or reaching decision-makers across Southeast Europe — Region Agency delivers visibility that moves the needle.

Born from The Region magazine, we offer a trusted platform that connects your message to the people shaping the future of the Adria region — and beyond.

WHAT WE OFFER:

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Portonovi is just one of the many who trust us. Let your story be seen, heard — and remembered.

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INVENTING TOMORROW

From energy and infrastructure to AI, agriculture, and law — Adria is no longer adapting to change. It’s designing it.

scientists — reshaping the global tech and innovation landscape.

Some are still building here, anchoring their companies in Croatia, Serbia, or Slovenia. Others operate from San Francisco, New York, or Berlin. But geography is not what binds them. Impact is.

Each has launched, led, or engineered something with real-world reach. Their innovations touch millions — from electric hypercars and gaming platforms to Web3 infrastructure, AI breakthroughs, and fintech transformations. They weren’t chosen because they’re famous. They weren’t nominated by brands. They made this list because their work

The New Adria

WHAT DEFINES A TRUE INNOVATOR IN 2025?

It’s not just capital raised, patents filed, or lines of code written. It’s the ability to scale ideas that change how we live. To shape new industries. To imagine futures where others see limits. True innovation moves beyond invention — it moves people, systems, and expectations.

That’s what these ten individuals are doing.

This is The Region ’s curated Power List : ten visionaries whose roots trace back to the Adria region, and whose influence now extends far beyond its borders. They represent a new generation of builders — thinkers, engineers, entrepreneurs,

Ten Visionaries Born in Adria. Their Work Now Touches Millions.

This Is Who’s Rewriting the Rules.

From AI to gaming and Web3, they’ve reshaped how the world works and put Adria on the global innovation map.

moves the needle — for people, for industries, and for the reputation of the Adria region on the global stage.

In 2025 , innovation is not only about what’s created — it’s about what changes.

THE QUIET SHIFT IS NOW LOUD

For decades, the Adria region was described with conditional language: emerging, promising, on the verge. A place of talent, but not yet scale. Of ideas, but lacking platforms.

Headlines focused on political turbulence or brain drain, often overlooking what was quietly building beneath the surface.

POWER LIST

That’s over.

Now, something more powerful is happening — not coordinated, not official, but unmistakable: a generation is refusing to wait for permission.

These ten innovators show us that the story of the Adria region is no longer one of delayed potential It’s a story of active transformation. At scale. At speed. And increasingly — on its own terms.

They don’t just represent where the region stands today — they hint at what it could become tomorrow: a place where invention doesn’t require translation, where relocation isn’t necessary for recognition, and where excellence isn’t the exception — but the expectation.

Their fields vary — from mobility to medicine, machine learning to social commerce. But what unites them is a deeper mindset: a refusal to be defined by limitation. Whether launching billiondollar platforms, pioneering AI ethics, building opensource tech, or creating tools used in daily life by millions, they are part of something larger.

They are changing the region’s posture — from hopeful to assertive. From local to global.

It’s whether the region believes it.

Still, the work is far from done. Talent still outpaces funding. Infrastructure still lags behind ambition. And many stories remain hidden beneath the surface — never pitched, never amplified, never told.

But these ten names offer something increasingly rare: clarity. They are not outliers — they are early signals of something broader. A shift not just in output, but in belief. Not just in how others see Adria — but in how the region sees itself.

This Power List is a recognition of achievement But it is also a provocation — a reminder that the gap between what is and what could be is narrowing.

So the question now isn’t whether Adria is ready.

Where They Come From. Where They Build.

MATE RIMAC DIDN’T JUST BUILD A CAR — HE BUILT A MESSAGE. That a young engineer from a small town near Zagreb could create the world’s fastest electric hypercar wasn’t just improbable. It was unthinkable. What started in a garage in Sveta Nedelja has become Rimac Group, one of Europe’s most admired industrial tech companies, with Porsche as a strategic investor, Bugatti as a joint venture, and a €200 million+ state-of-the-art campus underway near the Croatian capital.

Today, Rimac Group employs over 2,000 people and is quietly powering the future of electric performance for major global automakers, including Porsche, Hyundai, Aston Martin, and Koenigsegg. The company’s expertise in battery systems, electric drivetrains, and autonomous technology has positioned it as both a manufacturer and a critical supplier in the EV space.

Rimac’s story is often told as a startup legend — and it is. But it’s also a cultural one. He’s changed how Croatia sees itself and how others see the region. He’s made it clear that cutting-edge engineering, industrial ambition, and global leadership don’t require Silicon Valley or Berlin. They can come from Adria — and from someone who never left.

MATE Rimac

Founder & CEO, Rimac Group EV / Industrial Tech

”If someone had told me at the beginning what this journey would look like, I would have said it’s impossible”.

MIRA MURATI HELPED SHAPE THE MOST TALKED-ABOUT technology of the decade — and she did it from the inside. As Chief Technology Officer at OpenAI, she oversaw the development of ChatGPT, DALL·E, Codex, and other tools that brought artificial intelligence into the everyday lives of millions. Her work didn’t just define the public phase of the AI era — it forced a global conversation about its risks, rewards, and ethics.

Born in Albania and educated in Canada and the U.S., Murati studied engineering at Dartmouth before working at Tesla, where she contributed to the Model X and early work on autopilot systems. Her approach combines deep technical understanding with a rare sensitivity to the societal consequences of innovation. At OpenAI, she advocated for responsible development, fairness in model training, and human-aligned outcomes.

In 2024, she launched Thinking Machines Lab, a research and product company focused on building the next generation of aligned AI systems — not only safer, but smarter by design. With a reported valuation nearing $9 billion, her new venture is already drawing attention from the world’s leading researchers, investors, and policymakers.

Through it all, Murati continues to speak about the importance of education, cultural context, and values-driven leadership. For many across the Adria region — and especially in Albania — she represents more than success. She represents what’s possible.

The question is how do we align AI with human values. That’s not just a technical problem, it’s a societal one.

MIRA Murati

Founder, Thinking Machines Lab / Former CTO, OpenAI Artificial Intelligence

BRANKO Milutinović

Co-founder & former CEO, Nordeus

Gaming / Interactive Media

We proved you can build something global without leaving your city. That’s what Nordeus was always about.

BRANKO MILUTINOVIĆ PROVED THAT BILLION-DOLLAR GAMES

can be built from Belgrade. In 2010, he co-founded Nordeus, the gaming studio behind Top Eleven — a football management game that would go on to reach over 240 million registered users worldwide. With José Mourinho as brand ambassador and a loyal global fanbase, Top Eleven became one of the most successful sports games ever built outside the traditional gaming capitals.

Under Milutinović’s leadership, Nordeus scaled with precision — bootstrapped from day one, profitable early, and fiercely independent. The company’s success didn’t go unnoticed: in 2021, it was acquired by Take-Two Interactive, one of the world’s top gaming publishers, in a deal estimated at over $350 million. It marked the largest gaming acquisition ever in Southeast Europe — and a defining moment for Serbia’s digital economy.

Milutinović, who holds a background in electrical engineering and economics, was more than just a founder. He became a public advocate for Serbia’s tech ecosystem — supporting startups, investing in education, and helping turn Belgrade into a hub for creative tech talent. His story resonates across the region not only as a business case, but as a cultural shift. He made it normal to think big.

NENAD MILANOVIĆ BUILT ONE OF THE WORLD’S MOST widely used productivity tools — from Novi Sad. In 2017, he launched Clockify, a simple time-tracking app that quickly became a global favourite among freelancers, startups, and corporations alike. Its appeal was radical in its clarity: fast, intuitive, affordable. What began as a niche tool turned into a category leader — with over 2 million active users worldwide.

Today, Clockify is part of Cake.com, the broader SaaS suite Milanović leads. It now includes Pumble (team chat), Plaky (project management), and several new tools under development — all designed to help teams work better, wherever they are. Cake.com is headquartered in California, but its DNA remains Serbian: the engineering team, leadership culture, and mindset are deeply rooted in Novi Sad.

What sets Milanović apart isn’t just product vision — it’s his philosophy. He didn’t raise venture capital. He didn’t chase headlines. Instead, he focused on building quietly, shipping relentlessly, and letting the product speak for itself. That discipline — and that independence — have made him one of the most successful SaaS founders from Eastern Europe.

NENAD Milanović

From day one, our goal was to build global-first products. Clockify proved we didn’t need Silicon Valley to get there.

Co-founder & CEO, Tenderly SaaS / Productivity Tech

ANDREJ Bencic

Co-founder & CEO, Tenderly

Web3 / Blockchain Dev Tools

If you want developers to build the future of the web, you have to give them tools that feel like magic.

WHILE MUCH OF WEB3 IS NOISE, ANDREJ BENCIC HAS BEEN QUIETLY building infrastructure that actually works. As co-founder and CEO of Tenderly, he leads one of the world’s most trusted platforms for developers working with smart contracts — the foundational code behind blockchain applications. Launched in Belgrade in 2018, Tenderly began as a monitoring tool and evolved into a full-stack developer platform for debugging, simulation, alerting, and automation across major blockchain networks.

With over $58 million in funding from global investors and integrations with Ethereum, Avalanche, Optimism, and others, Tenderly powers the behind-the-scenes operations of thousands of Web3 teams. Its clients range from small DeFi projects to major infrastructure players. What sets it apart is simplicity: Tenderly takes something complex and makes it feel seamless — a rare achievement in the blockchain world.

Bencic, a developer by background, is also part of a growing group of founders proving that Belgrade can compete in deep tech. His team, headquartered in Serbia, collaborates with partners around the globe, delivering enterprise-grade performance from a region still often overlooked in the crypto economy. In an industry dominated by hype, Tenderly’s precision has made it indispensable.

BEFORE FEMTECH WAS A CATEGORY, URŠKA SRŠEN WAS ALREADY DESIGNING FOR IT.

A sculptor by training and a product designer by instinct, Sršen co-founded Bellabeat with a mission to create smart wellness devices tailored to women’s bodies, needs, and data. The company’s flagship products — Leaf, Ivy, and Spring — combine menstrual and cycle tracking, stress prediction, hydration reminders, and sleep monitoring in wearable form factors that feel more like jewellery than tech.

Launched between Ljubljana and San Francisco, Bellabeat was one of the first startups accepted into Y Combinator from the region. It has since shipped millions of devices globally and raised over $50 million in funding, earning recognition in both design and digital health circles. Sršen’s approach — blending algorithmic health insights with natural aesthetics — has helped redefine what smart health can look and feel like.

More than a founder, she’s a voice in a space that too often ignored women’s data. Her work has been covered by Forbes, TechCrunch, and Fast Company — but she’s remained grounded in her roots. Whether from Slovenia or California, Sršen continues to build with the belief that technology should listen first — especially to women.

We believe that women deserve more — better data, better tools, better health outcomes. That’s why Bellabeat exists.

URŠKA Sršen

Co-founder, Bellabeat Femtech / Wellness Tech

JURE Leskovec

Professor,

Stanford University / Co-founder, Kosei AI / Machine Learning

Data isn’t neutral. The way we train systems defines the world they reflect.

JURE LESKOVEC IS THE KIND OF INNOVATOR WHOSE WORK SHAPES THE ALGORITHMS WE LIVE BY A professor at Stanford University and one of the world’s leading minds in machine learning, Leskovec has spent the past two decades advancing how we understand — and model — human behavior through data. His research on graph neural networks, recommendation systems, and social dynamics has been cited tens of thousands of times, with applications powering everything from content feeds to fraud detection and public health analysis.

Born and raised in Slovenia, Leskovec earned his PhD at Carnegie Mellon before joining Stanford, where he now teaches and leads research at the Stanford AI Lab. In 2013, he co-founded Kosei, a machine learning startup focused on recommendation engines. The company was acquired by Pinterest in 2015, where he served as Chief Scientist — helping to shape one of the world’s most influential platforms from the inside.

But his contributions go far beyond academia or corporate labs. Leskovec works on AI solutions for biomedical science, drug discovery, and mental health — pushing machine learning toward societal benefit. His global reach, grounded in a clear moral compass, is a rare combination. For many in the Adria region, he represents the quiet power of research done right.

The Region New Adria Power List

AT JUST 21, NINA ANGELOVSKA CO-FOUNDED GROUPER.MK , NORTH MACEDONIA’S FIRST major e-commerce platform — often called the “regional Groupon.” She didn’t just introduce online deals to a new market; she created a digital shopping culture in a country where it didn’t yet exist. Grouper became one of the region’s earliest digital success stories, setting the stage for the growth of online consumer behavior in Southeast Europe.

But Angelovska wasn’t done. In 2019, she became Minister of Finance, the youngest in the country’s history, and one of the youngest in Europe at the time. Her appointment marked a rare moment when tech talent crossed into public office. In that role, she pushed for digitalisation, transparency, and a more agile economic response — particularly during the COVID-19 crisis.

Today, Angelovska works globally. As a UN eTrade for Women Advocate, she promotes policies that help women entrepreneurs in emerging markets access digital tools and cross-border trade. She also serves on advisory panels across the EU and international organizations focused on e-commerce, digital economy, and entrepreneurship. Her ability to operate between sectors — and across borders — makes her a leading voice for what a connected, inclusive digital future might look like.

NINA Angelovska

Former Minister of Finance

E-commerce / Digital Policy

Digital transformation isn’t just tech it’s a mindset. And it starts with trust.

What Still Holds Adria Back?

For all the momentum, the Adria region still faces deep structural challenges that threaten to stall its innovation boom.

Capital is scarce

While funding has improved, venture capital in the region remains a fraction of what similarsized European economies enjoy. Many startups rely on EU grants or bootstrap for years before scaling.

Talent keeps leaving

housands of young engineers, designers, and scientists continue to migrate — not because of lack of passion, but because of lack of opportunity, mentorship, or career pathways at home.

Policy lags behind ambition

Inconsistent regulations and fragmented digital ecosystems often make regional collaboration harder than it should be. Founders face bureaucracy, not bridges.

Yet, the people profiled in this issue are not just working in spite of these obstacles — they’re helping close the gap. They’re building ecosystems, mentoring others, launching region-first factories, labs, and platforms.

The next challenge?

caling that energy beyond a few bold names — and into policy, institutions, and culture.

JOSIPA MAJIĆ HAS BUILT HER CAREER BY IDENTIFYING EVERYDAY frustrations — and then turning them into globally relevant products. She first gained attention with Teddy the Guardian, a smart plush toy that monitored children’s vital signs and became a symbol of how empathy could meet medical technology. The project, launched when she was still in her early 20s, won praise at health tech conferences and featured in media across Europe and the U.S.

But Majić wasn’t finished. Her next leap was into fintech, with the launch of Revuto, a blockchain-powered app that gives users control over their digital subscriptions — a problem millions face but few manage. Revuto lets users approve, pause, or block charges in real time, using both crypto and traditional payment rails. It raised over $10 million in its token sale, attracting hundreds of thousands of early users and positioning itself as one of the region’s fastest-scaling consumer crypto products.

Based in Croatia but thinking far beyond, Majić has become a rare kind of founder: one equally fluent in hardware, software, user psychology, and token economics. Her strength isn’t hype — it’s timing. Again and again, she arrives with a product just as users realize they need it.

RAJKO RADOVANOVIĆ IS A PARTNER AT ANDREESSEN HOROWITZ (a16z), one of the most influential venture capital firms in Silicon Valley. His focus lies in software infrastructure — investing in companies that build the core tools and platforms powering modern engineering teams. These range from advanced databases to developer-centric AI systems and next-generation backend services. His portfolio is defined not by hype, but by technical depth and long-term utility.

Though born in the United States in 1993, Rajko spent much of his early life in Serbia, moving there with his family in 2001 and completing his primary education. After returning to the U.S. for high school and university, he launched his professional career back in Serbia, a deliberate decision that reflects both his regional ties and his belief in global talent. He has lived and worked across borders, bringing a nuanced perspective to one of tech’s most competitive fields.

Radovanović began his career as an engineer, a background that gives him rare fluency in the systems he now helps fund. His transition into venture capital was driven by a desire to support ambitious builders — especially those operating just outside the spotlight. “I grew up in Serbia,” he says. “That perspective helps me spot the builders others overlook — the ones solving real-world pain.”

Today, from his seat at a16z, he continues to back founders who are quietly building the future of software — one foundational layer at a time.

RAJKO Radovanović

Partner, Andreessen Horowitz (a16z) Venture Capital / Software Infrastructure

I grew up in Serbia. That perspective helps me spot the builders others overlook the ones solving real world pain.

BREAKTHROUGHS THAT REDEFINED THE REGION

Milestones from Adria-born innovators on the global stage

2020

Grouper.mk becomes North Macedonia’s first acquisition in e-commerce (acquired by Payten)

2021

Nordeus acquired by Take-Two Interactive for $378M+ — Serbia’s most successful gaming exit

2022

Clockify (Cake.com) surpasses 2 million global users — a SaaS breakout from Novi Sad

2023

Rimac Group breaks ground on €200M EV campus and begins integration of Bugatti

2024

Tenderly raises Series B, positioning Belgrade as a global Web3 dev hub

2025

Mira Murati launches Thinking Machines Lab, marking new phase in AI ethics & safety

Slovenia’s AI Leap: Building the Future

With one of Europe’s fastest supercomputers and a UNESCO-backed AI research hub, Slovenia is stepping onto the global stage with a bold message: ethical innovation can come from small places.

By Mila Jović

At first glance, Slovenia’s AI revolution seems improbable. With just over two million people and limited industrial heft, the country doesn’t fit the profile of a tech superpower. Yet within a compact triangle formed by Ljubljana, Maribor, and Trbovlje, an ecosystem is quietly emerging—one that may reshape how Europe thinks about artificial intelligence, ethics, and innovation.

At the heart of this transformation are two pillars: the Vega supercomputer, a machine of continental rank; and the International Research Centre on Artificial Intelligence (IRCAI), a UNESCO-affiliated hub devoted to ensuring AI serves humanity, not just capital. Together, they represent not just computational muscle or research excellence, but a national vision: to lead in the only way a small country can—by being smarter, faster, and more principled.

The Vega Effect

Housed at the Institute of Information Science (IZUM) in Maribor, the Vega supercomputer is Slovenia’s most high-profile contribution to Europe-

an digital infrastructure. Commissioned in 2021 as part of the EU’s EuroHPC initiative, Vega performs at nearly seven petaflops, placing it among the toptier high-performance computing systems in Europe.

Its processing power fuels a vast range of research fields—climate modelling, cancer genomics, materials science—and increasingly, AI. More than just a data engine, Vega serves as a magnet for scientific collaboration. Regional universities, biotech startups, and environmental institutes now tap into its capacity, giving Slovenia an edge as a digital convenor.

“Infrastructure matters,” says Dr. Domen Mongus, a computational scientist at the University of Maribor. “But what sets Vega apart is not just raw performance—it’s the ecosystem we’re building around it: cloud access, open data, ethical frameworks.”

Ethics at the Core: IRCAI in Ljubljana

If Vega represents power, IRCAI stands for conscience. Based at the Jožef Stefan Institute and formally established under UNESCO’s patronage, IRCAI (International Research Centre on Artificial Intelli-

gence) is Slovenia’s intellectual export to the world. Its mandate: to align AI with the United Nations Sustainable Development Goals.

Unlike many research labs focused on frontier tech, IRCAI is unapologetically political—in the best sense. It produces global policy recommendations, pilots social-impact projects in Africa and Latin America, and advises governments on building ethical AI infrastructures.

According to Dr. Marko Grobelnik, one of the Centre’s leading voices, this is where Slovenia can lead: “We’re not trying to compete with Silicon Valley or Beijing. But we can show how AI can be useful, democratic, and locally accountable.”

In practice, this means pilot projects using AI to detect misinformation, optimize water usage in agriculture, or support early-warning systems for natural disasters. In late 2024, IRCAI also launched an AI &

“We’re not trying to compete with Silicon Valley — but we can show how AI can be democratic, useful, and locally accountable.”

— Dr. Marko Grobelnik, Jožef Stefan Institute

“Language is infrastructure. If we want inclusive AI, it must reflect our idioms, our syntax, our culture.”

— Dr. Andrej Škraba, Computational Linguist

“What sets Vega apart is not just performance. It’s the ecosystem we’re building around it.”

— Dr. Domen Mongus, University of Maribor

“The future of AI isn’t just about speed. It’s about who benefits — and who’s left behind.”

— IRCAI Policy Memo, 2024

Climate Toolkit for small municipalities, now being piloted across Central and Eastern Europe.

Language, Data, and Local Intelligence

One of the trickiest challenges in global AI adoption is linguistic inequality. While English dominates the digital commons, smaller languages are often ignored in large-scale model training. Slovenia is actively addressing this through the development of GaMS 1B—a generative AI model trained specifically on Slovene, Croatian, and English.

Developed by a cross-institutional team and hosted on the Hugging Face platform, GaMS 1B leverages open-source architecture (OPT from Meta) but integrates regional linguistic structures. Its tokenizer is optimised for Slavic-language syntax, making it one of the first models to treat Slovene as more than an afterthought.

“Language is infrastructure,” says Dr. Andrej Škraba, a computational linguist involved in the project. “If we want AI to be inclusive, it must reflect our languages, our idioms, our cultural assumptions.”

In a region where language is often a marker of identity and tension, GaMS 1B could also serve as a quiet instrument of collaboration.

Innovation from the Ground Up

Slovenia’s AI push isn’t just coming from government labs or supercomputing centres. Local firms like Amebis, founded in the early 1990s, have laid the groundwork for natural language processing and

Following the success of the inaugural IAIO, the global AI community is now turning its attention to IAIO 2026, which will take place in Slovenia 23 – 27 Februar 2026

Dr. Marko Grobelnik, a leading figure in Slovenia's AI landscape, advocates for ethical and human-centric approaches to artificial intelligence

digital dictionaries. Their flagship platform, Termania, remains the largest terminological portal in Slovenia, feeding into educational AI tools and public databases.

Meanwhile, cities like Trbovlje, once synonymous with coal and decline, are being rebranded as tech hubs. The Katapult accelerator, located in a former mining town, is now home to robotics startups and AI-assisted manufacturing pilots.

These stories don’t make headlines globally—but collectively, they tell a powerful narrative: that digital transitions can happen outside megacities and billion-dollar unicorns. They can happen in post-industrial towns with bold mayors, in small nations with long-term thinking.

ital transformation has been buoyed by EU instruments like Horizon Europe, Digital Europe, and EuroHPC. The next test will be sustaining momentum as

Resource Description

Vega Supercomputer 6.9 petaflops; part of EuroHPC network; based in Maribor IRCAI UNESCO-affiliated AI centre promoting ethical AI for Sustainable Goals GaMS 1B Slovenia’s first large language model trained on Slovene, Croatian, English Amebis Leading language tech company; maintains Termania dictionary portal Katapult Accelerator Innovation hub in Trbovlje supporting AI startups and robotics

these grants taper off. And then there’s the geopolitical dimension: Slovenia’s AI ethics model—slow, inclusive, regulation-heavy—stands in stark contrast to American speed or Chinese scale. Can it compete? That may not be the point.

Barriers and Balancing Acts

Of course, there are challenges. Slovenia still faces a brain drain, with top engineers and researchers regularly poached by foreign universities and tech giants. Public-private collaboration remains uneven, and there are concerns that AI adoption in sectors like healthcare or education is lagging behind rhetoric. Funding, too, is uncertain. Much of Slovenia’s dig-

Slovenia's central role in the Adria region positions it as a pivotal player in advancing AI initiatives across neighboring countries

Slovenia’s Advantage

In a global race driven by scale, Slovenia is offering something else: a model of precision, responsibility, and democratic design. It won’t dominate AI headlines, but it might shape how smaller countries engage with one of the most transformative forces of our time. The question now isn’t whether Slovenia is building the future. It’s whether the rest of the region is ready to follow.

Slovenia’s Key AI & Supercomputing Assets

Slovenia’s AI Strategy at a Glance

Focus: Human-centric AI, ethics, sustainability Global Positioning: AI for SDGs and digital democracy

EU Partnerships: Horizon Europe, EuroHPC, Digital Europe

Risks: Brain drain, fragmented public-private collaboration

Beyond engineering: Slovenia is shaping global debates on how to build ethical, human-centric AI

Photo: Marko Grobelnik private archieve

Building Corridors 8 & 10d

Major Transport Projects Are Reshaping Regional Connectivity, With Corridor VIII And Corridor 10d At The Forefront Of The Western Balkans’ Infrastructure Transformation

Across the Western Balkans, a quiet transformation is underway—one measured not in headlines, but in highways, rail tunnels, and construction cranes. The long-anticipated development of Pan-European Corridors VIII and 10d is beginning to reshape how the region connects, trades, and grows. Backed by the European Union, international lenders, and strategic partnerships with global engineering giants, these infra-

structure corridors are not just road and rail projects—they are a blueprint for economic renewal, smoother regional integration, and a future less dependent on bottlenecks and outdated routes.

As work intensifies from Durrës to Varna and from Skopje to Niš, the Western Balkans may finally be laying down the physical foundation for something bigger: real connectivity.

Map of Corridors VIII and 10d, connecting key cities from Durrës and Skopje to Niš, Sofia, and Varna

SERBIA

Tirana Port of Durrěs

Pristina

NiŠ

Sofia

Varna

KOSOVO*

NORTH

MACEDONIA

BULGARIA

Adriatic Sea

on the Kumanovo–Beljakovce rail line, a major step in completing Corridor VIII

Corridor VIII: Bridging East and West

Corridor VIII is a Pan-European transport route connecting the Albanian port of Durrës with Varna on Bulgaria's Black Sea coast, traversing North Macedonia. The corridor encompasses both road and rail networks, aiming to facilitate trade and mobility across the region.

In North Macedonia, the focus is on completing the 88 km rail link from Kumanovo to the Bulgarian border, with significant progress made on the Kumanovo–Beljakovce section. The European

Excavation of the Gyueshevo tunnel on Bulgaria’s side of Corridor VIII, linking to North Macedonia

Bank for Reconstruction and Development (EBRD) has provided a €175 million loan to support this endeavour.

Bulgaria is also advancing its portion of Corridor VIII, with plans to construct a 2.5 km railway section from Gyueshevo to the border, including a cross-border tunnel. The project is part of Bulgaria's National Transport Connection Program 2021–2027.

Meanwhile, Albania is modernising its segment of the corridor, especially the Durrës–Tirana–Elbasan route, aiming to better link

EXPLORE MORE ONLINE

Construction

View EU Corridor Map

Corridor VIII Project Overview (WBIF)

Matej Zakonjšek, Director of the Transport Community

INSIGHT

The development of Corridor VIII and Corridor X's branch Xd is of strategic importance both for the region and the EU, as it strengthens the region’s economic connectivity with the EU by facilitating trade, mobility, and market access, linking European and Asian markets. As these corridors are part of the Trans-European Transport Network, and its Western Balkans-Eastern Mediterranean Corridor, they also contribute to the region’s European integration by accelerating alignment with EU standards.

its largest port with North Macedonia. The integration of upgraded rail systems will enable smoother cargo and passenger flows, positioning the region as a critical bridge between Europe’s inland industrial zones and maritime gatways to Asia and beyond.

This east-west axis not only fills a major infrastructural void in Southeast Europe—it symbolises a new phase of European orientation for countries still navigating their paths to EU accession. It is a corridor not just of movement, but of modernisation.

Corridor 10d: Enhancing North-South Connectivity

Corridor 10d serves as a vital north-south artery, linking Austria to Greece through Serbia and North Macedonia. In North Macedonia, the government has partnered with Bechtel and ENKA to construct two new motorways totaling 110 km, enhancing connections between Skopje and neighbouring regions.

Serbia is also investing in infrastructure along Corridor 10, with projects like the Morava Corridor Motorway, which aims to improve links between central Serbia and the Pan-European Corridor X. This includes advanced digital traffic control and flood protection systems—demonstrating how infrastructure today also means resilience and climate adaptation.

Kosovo is indirectly connected through upgraded routes feeding into Corridor 10, which strengthen its logistics access to both north-south and east-west axes.

What distinguishes Corridor 10d is its ability to connect some of the region’s most dynamic industrial zones—from Niš to Veles—while enabling long-distance freight transport that meets EU logistics standards. Improved connectivity is also expected to reduce travel times significantly and lower shipping costs for cross-border business, which remains a persistent obstacle in the region.

Bechtel & ENKA teams at work on the Morava Corridor, improving Serbia’s north–south connectivity

Country, Key developments, Funding/Partners

COUNTRY

North Macedonia

KEY DEVELOPMENTS

• 88 km railway (Kumanovo–Deve Bair) on Corridor VIII under construction

• 110 km of new Corridor 10d motorways via Skopje

• Upgrading Durrës–Tirana–Elbasan section of Corridor VIII

Albania

Bulgaria

Serbia

Kosovo* (connected)

• Rail and road work linking port to North Macedonia

• New 2.5 km railway to border + crossborder tunnel at Gyueshevo (Corridor VIII)

• Morava Corridor connecting central Serbia with Pan-European Corridor X

• Links to Niš and further into Corridor 10

• Upgrades to road routes connecting to Corridor 10 in southern Serbia and Corridor VIII in North Macedonia

Beyond Asphalt and Steel

The momentum behind Corridors VIII and 10d signals more than just new roads and railways—it reflects a shift in how the Western Balkans sees its place in Europe. By stitching together ports, capitals, and remote borderlands, these corridors are creating the physical pathways for a more integrated regional economy, attracting new investors, and reducing the region’s long-standing dependence on outdated transit routes.

But the real impact may be psychological: the sense that, finally, the Western Balkans are not peripheral, but connected— part of a wider European flow of goods, people, and opportunity. From transport ministries and civil engineers to customs officials

FUNDING / PARTNERS

• €175M EBRD loan

• Bechtel & ENKA

• EU IPA funds

• EU Western Balkans Investment Framework (WBIF)

• Albanian Development Fund

• National Transport Program 2021–2027

• EU Cohesion Funds

• EIB, EBRD

• US DFC

• Bechtel & ENKA

• EU Pre-Accession Assistance (IPA II)

• KfW, EIB

and logistics operators, the groundwork being laid kilometre by kilometre is also rebuilding trust in regional cooperation.

The roads and railways are just the beginning. The success of these corridors will depend on what follows: harmonised regulations, efficient border management, and smart logistics infrastructure. EU backing and international financing offer the capital, but it is political consistency and implementation capacity that will determine whether these strategic corridors fulfill their promise.

The Western Balkans now stands at a crossroads—quite literally. Whether this becomes a detour or a turning point will depend on how the region moves forward—together.

EBRD Transport I nvestment in North Macedonia

Bechtel & ENKA Motorway Partnership

The Wind Is Changing

With €500 million in investment, North Macedonia is betting on renewables — and regional influence.

North Macedonia is making headlines — not for political discord or regional debates, but for wind. The construction of what will be the country’s largest wind farm, backed by Alcazar Energy, marks a milestone in the shift toward renewables and energy security in the Western Balkans.

Powering the Shift

The Štip wind farm, spearheaded by Alcazar Energy, is set to become North Macedonia’s largest renewable energy project. With an investment exceeding $500 million, the project aims to install 400 MW of wind capacity, significantly boosting the country’s renewable output. Once operational, it is expected to supply electricity to over 100,000 households and reduce carbon emissions by more than 670,000 tons annually — a notable leap forward for a country of just 1.8 million people.

stability. While Albania benefits from hydropower and Serbia continues to rely heavily on coal, North Macedonia’s wind and solar push is positioning it as a regional model for clean energy transition.

Strategically located with grid connections to Bulgaria, Greece, and Kosovo, North Macedonia has the potential to become a clean energy corridor for the Balkans — especially if cross-border infrastructure and market reforms keep pace.

GREEN GATEWAY

North Macedonia’s strategic grid connections position it as a clean energy corridor for the Balkans.

Adriatic Sea Grid connection

SERBIA BULGARIA

Stip Wind Farm

NORTH MACEDONIA

Grid connection

GREECE

Oslomej Solar Park Grid connection

The project aligns with the government’s pledge to phase out coal by 2030 and transition to a cleaner, more resilient energy mix. North Macedonia currently imports a large share of its electricity needs and relies heavily on fossil fuels. With energy prices fluctuating across Europe, the strategic importance of domestic, renewable generation has never been more urgent.

The Regional Context

This transformation is not happening in isolation. Across the Western Balkans, countries are rethinking their energy strategies in the face of climate targets, outdated infrastructure, and geopolitical in-

Who’s Behind It

The project is led by Alcazar Energy, a Dubai-based investor specialising in renewable infrastructure in emerging markets. Alcazar has previously developed wind and solar projects across the Middle East and North Africa, and sees North Macedonia as a natural fit for its expansion into Southeast Europe.

“Our focus is on long-term, sustainable value in regions where clean energy can be transformational,” Alcazar Energy said in a recent statement. “North Macedonia’s regulatory environment, strategic location, and political commitment make it a compelling place to invest.”

Alcazar’s Vision for the Western Balkans

“As the EU begins measuring carbon emissions under the Cross-Border Adjustment Mechanism in 2026, having a regional renewable energy IPP like ours will be crucial to reducing the carbon intensity of Western Balkan exports and enhancing their competitiveness.”

About Daniel Calderon: Daniel Calderon is the Co-Founder and Managing Partner of Alcazar Energy, a Dubai-based investment company focused on renewable infrastructure in emerging markets. Before founding Alcazar in 2014, he led major energy projects at Masdar and General Electric. He holds degrees in Industrial Engineering and Finance from the University of Massachusetts Amherst and an MBA from London Business School.

Daniel Calderon Co-Founder & Managing Partner Alcazar Energy

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Speaking exclusively to The Region , Daniel Calderon, Co-Founder and Managing Partner of Alcazar Energy, added:

“The Štip project is a major milestone for Alcazar Energy and our investors. Alongside the Bijela wind farm in Montenegro, these two projects will total 600 MW across all phases — making them by far the largest in their respective countries. Combined with the 960 MW we’re developing in Serbia, Alcazar will have nearly 1.5 GW of renewable energy in progress across the Western Balkans.”

“This scale matters. As the EU begins measuring carbon emissions under the Cross-Border Adjustment Mechanism in 2026, having a regional renewable energy IPP like ours will be crucial to reducing the carbon intensity of Western Balkan exports and enhancing their competitiveness.”

“We’re especially grateful to have been welcomed in North Macedonia. Thanks to strong local partnerships and stakeholder support, it is leading the way in our regional development strategy. In fact, our project there is currently the largest and most advanced in our Western Balkans portfolio.”

Financing the Future

The Štip wind farm is being financed through a mix of debt and equity, with Alcazar recently raising $490 million through its Alcazar Energy Partners II fund. Key backers include the U.S. International Development Finance Corporation (DFC) and other public and private investors. The scale of support reflects growing confidence in North Macedonia’s clean energy framework and its efforts to create bankable, transparent investment conditions. Additional support has come through the Climate Investment Funds (CIF), which committed $85 million to help North Macedonia retire coal assets and scale renewable infrastructure. The Štip wind farm is a central pillar of that national strategy.

Beyond Wind

While wind is leading the headlines, North Macedonia is also invest-

ing in complementary technologies. Turkish company Fortis Energy has partnered with Pomega Energy Storage Technologies to install a 62-MW/104-MWh battery system at an 80-MWp solar park — one of the largest energy storage projects in the region.

This investment in storage is critical, allowing the country to better balance fluctuating supply and demand, and paving the way for more renewable capacity to come online without destabilising the grid.

A Turning Point

If completed on schedule, the Štip wind farm will double North Macedonia’s renewable energy capacity and mark a defining moment in its energy transition. For a country often overshadowed in regional politics, it’s a rare chance to lead — not just in ambition, but in execution.

And in a region still balancing between old power systems and new opportunities, North Macedonia’s wind-driven push may well become the benchmark for what’s possible.

What sets this moment apart is the convergence of urgency and readiness. The need for clean, independent energy is no longer abstract — it’s economic, geopolitical, and immediate. With volatility in global energy markets and growing pressure from EU mechanisms like the Carbon Border Adjustment Mechanism (CBAM), the countries of the Western Balkans face a simple question: adapt or fall behind.

North Macedonia’s response is clear. By embracing large-scale renewable infrastructure, partnering with international investors, and unlocking climate finance, it is not only reducing its carbon footprint — it is rebranding itself as a forward-leaning energy innovator. If successfully delivered, the Štip project could serve as a model for how smaller nations with the right political alignment and regulatory commitment can punch above their weight on the energy map.

As turbines rise from the rolling landscape of eastern North Macedonia, they will not only generate power, but also possibility — a signal to the region that the future doesn’t have to wait.

FAST FACTS

Štip Wind Farm

• Location: Štip region, North Macedonia

• Capacity: 400 MW (wind)

• Households Powered: Over 95,000

• CO₂ Reduction: ~620,000 tons/year

•Total Investment: $500+ million

• Status: Construction underway (2025–2027 target)

Key impact stats from North Macedonia’s largest wind energy investment

€ 500M investment

400MV capacity

670.000+ tons of CO2 saved Impact

100.000+ households powered

Milk, Markets & Measures

Adria’s New Dairy Divide

BY MARKO NIKOLIĆ

Across the Adria region, the dairy trade is no longer flowing smoothly. In just a few weeks, a patchwork of bans, tightened controls, and shifting market dynamics has emerged, redrawing the rules of a once-integrated sector. Serbia has halted milk imports. Croatia is tightening its borders. Montenegro’s producers are calling for protection. Albania is watching imports fall, even without intervention. What’s going on?

And what does this sudden flurry of activity say about the region’s economic priorities — and its appetite for true cooperation?

Serbia’s Sudden Clampdown

Serbia has taken centre stage in the regional dairy debate. In early 2025, the country introduced a series of restrictive measures on dairy imports. Some were grounded in legitimate health concerns — following foot-and-mouth disease (FMD) outbreaks in Hungary and Slovakia, Serbia halted imports of animal products from affected countries. But eyebrows were raised when Serbia also blocked milk imports from Bosnia and Herzegovina — a

country not listed among those with any recent FMD cases.

Now, a statement from Agriculture Minister Dragan Glamočić has confirmed what many suspected: the move was primarily economic.

“Given that dairies are burdened with historic stockpiles due to increased imports, rising domestic production, and declining consumption, the Ministry has halted the issuance of import permits for milk, dairy products, and palm oil-based substitutes,” Glamočić stated in late April, after a meeting with domestic dairies. In other words, the goal is not just to protect Serbia from disease — but to protect Serbia’s struggling dairy sector from collapse.

Bosnian producers quickly reacted. Agricultural associations called for reciprocal measures and voiced concern about the politicisation of trade. For a region that has long touted its integration ambitions, the incident raised a more uncomfortable question: is solidarity now selective?

Croatia Tightens the Border

Croatia, while stopping short of a ban, has significantly stepped up border checks. Amid rising concerns over FMD outbreaks in neighbouring Hungary and Slovakia, Croatian authorities are now demanding stricter veterinary documentation and disinfection certificates for transport vehicles carrying live animals or raw milk.

These measures reflect a growing caution within the EU member state, which must balance its single-market obligations with national food security. Domestic producers, already struggling with a surge in imports over the past year, have welcomed the move.

FMD Outbreaks Reshape Regional Rules

The health concern is real. In 2025, Hungary reported its first outbreak of foot-andmouth disease in more than half a century, quickly followed by cases in Slovakia, near the Hungarian border. Serbia, Croatia, and Bosnia responded by restricting animal imports and implementing tougher border protocols.

While those measures are understandable, they also highlight the absence of a coordinated regional response mechanism — and the fragility of cross-border trade in the face of emergency.

Montenegro: Overshadowed by Imports

Montenegro’s dairy producers have been sounding the alarm. The local market is saturated with imported dairy, particularly yogurt, leaving homegrown production at risk. The Montenegrin government has acknowledged the issue and announced a working group to explore corrective measures. Though no formal restrictions have been introduced yet, the language of protection is gaining ground.

Albania’s Quiet Correction

In Albania, the trend is moving in the opposite direction. Milk imports dropped by over 15% in Q1 2025, not because of new policies, but because domestic prices have fallen enough to make local milk more competitive. While this offers temporary relief

to Albanian farmers, it also exposes the sector’s vulnerability to market swings — and the absence of a longterm support framework.

Pharmaceutical Industry Faces Lactose Shortage

Beyond the dairy sector, Serbia’s import restrictions are causing ripples in unexpected places. Lactose, derived from milk, is a critical excipient used in the production of numerous medications. With milk imports restricted and local supplies under strain, pharmaceutical companies in Serbia and neighbouring countries have begun expressing concerns about potential shortages of pharmaceutical-grade lactose — a substance essential for tablet manufacturing and drug formulation.

early-life feed formulations for piglets and calves. Substitutes exist, but costs are higher and nutritional equivalence varies.

Industry representatives have quietly appealed for exemptions or alternative sourcing solutions to avoid disruptions to medicine production. The issue underscores how a decision taken in the name of agriculture can quickly cascade into challenges for public health and industry.

Ripple Effects Across Industries

While pharmaceutical companies have been the most vocal, they’re far from alone in feeling the effects of dairy import restrictions. Several other sectors are now quietly grappling with disruptions tied to limited access to lactose and related dairy derivatives.

The food processing and confectionery industry — particularly makers of chocolate, baked goods, and sweets — rely on lactose as a sweetener, emulsifier, and browning agent. Reformulations or production delays may soon follow.

Producers of infant formula are also on alert. Lactose is a primary carbohydrate in most baby formula, closely resembling the makeup of human milk. Any sustained shortage could put pressure on supplies — and on new parents.

Animal feed manufacturers may soon face difficulty sourcing lactose used in

Even the brewing industry could take a hit: styles like milk stouts use lactose to create their distinctive texture and sweetness, and some craft brewers are already watching stocks carefully.

Meanwhile, chemical and fermentation industries that use lactose as a substrate in the production of lactic acid and other compounds may need to adjust their sourcing or shift processes altogether.

What began as a milk market adjustment now echoes far beyond the dairy aisle.

The Questions Ahead

The dairy divide now unfolding may be the clearest sign yet that while the region shares many challenges, it still struggles to share solutions. This moment raises urgent questions: Is the Adria region entering a new era of food protectionism? Can economic self-interest coexist with regional solidarity? And when the next crisis hits — whether it’s rooted in health, climate, or global supply chains — will these countries find the strength to act together, or fall back into fragmented responses?

As milk becomes a symbol of much more than nutrition — touching pharmaceuticals, trade, and national policy — it may also become the clearest indicator of how far the region still has to go in building true economic interdependence.

Vanja Mugoša Managing Partner at JMV

JMV LEGAL LEGACY MODERN MISSION

Founded over four decades ago, Jovović, Mugoša & Vuković (JMV) has grown into one of Montenegro’s most prominent and respected law firms. Known for its deep-rooted legal expertise, active role in shaping regulatory reforms, and strategic counsel to both domestic and international clients, JMV has long stood at the intersection of tradition and transformation. This year, the firm marks 41 years of legal excellence—a milestone that speaks not only to its longevity but to the values of trust, integrity, and adaptability that continue to define its work.

In this interview, Vanja Mugoša, Managing Partner at JMV, reflects on the firm’s evolution, its hands-on involvement in key legal reforms, and the growing importance of cross-border collaboration. From mentoring young lawyers and advising on foreign investments to navigating EU integration and embracing legal tech, Mugoša shares how JMV remains ahead of the curve while staying true to the professional principles that built its legacy.

 This year JMV celebrates 41 years of legal excellence and integrity. How does this rich legacy shape your firm’s identity, values, and client relationships today?

More than four decades of existence is not just a milestone – it is a testament to the values we have lived by since the very beginning. It reflects all the people shaped by this firm, the challenges we’ve faced, the decisions we’ve made, and the trust clients have placed in us over the years. This legacy doesn’t hold us back – it pushes us forward, reminding us why we started, how much effort was invested in becoming who we are today, and why staying true to ourselves still matters. In an age where everything is meas-

ured by speed and efficiency, we consciously choose to remain thorough and attentive—values that clients continue to recognise and appreciate.

 Recognised by independent directories and business publications as the largest law firm in Montenegro, how do you maintain a personalised, boutique-style service while operating at this scale?

This significant growth was never our primary goal; it came as a result of decades of dedicated work and trusted relationships with clients. While we’ve long held the title of the largest law firm in Montenegro, certain principles remain unchanged—we approach every case with the same care as we did on day one. Our boutique approach doesn’t mean doing less—it means doing things more deliberately. Every client, regardless of the complexity of their legal matter, receives a dedicated team that understands their context and needs. Quality is never left to chance, and knowledge is openly shared. Technology and structure help with efficiency, but what truly sets us apart cannot be automated—professionalism and trust. Responsibility and integrity continue to underpin all that we do, now applied in a modern context with expanded resources.

JMV is a long-standing member of regional and international networks. How have these affiliations enhanced your capacity for complex cross-border cases and strengthened client trust?

JMV has long been recognised as a firm whose expertise, client portfolio, and service quality justify its place in both regional and global professional networks. These affiliations open the door to projects and challenges that go beyond local boundaries and facilitate collaboration with renowned partners worldwide. They not only expand our capabilities but also provide our team with exposure to complex and innovative matters—fostering new skills and cross-border legal insight. It turns JMV into more than just a firm—it becomes a platform for professional growth, knowledge exchange, and value creation.

 Your LinkedIn posts frequently comment on ongoing reform topics like mediation, court administration, and public law. How does JMV stay ahead of regulatory changes to proactively support clients?

Understanding the law is fundamental to our profession, but real advantage lies in understanding how

that law is made. Our experience in legislative reform gives us a broader perspective—not just interpreting regulations, but also helping shape them for implementation.

Our LinkedIn posts are one way we share insights and encourage dialogue on topics we believe matter to both the legal and broader community. Our team strives to be proactive, not reactive—analysing draft laws and following practice trends. This allows us to offer clients not only interpretation of current regulations but also strategic guidance on what’s coming next. Our goal is to keep clients informed and prepared—something they value greatly. One of our core motivations is not just to follow change, but to understand it and help shape it.

 Social responsibility and knowledge sharing (e.g., mentoring law students, supporting NGOs and sports initiatives) often appear in your communications. How do these civic engagements reflect and strengthen your firm’s core values?

We believe an organisation’s strength is measured not just by the quality of services or number of clients, but also by how much it invests in people—within and beyond its walls. Our first responsibility lies in developing our own people, both legal and non-legal

“OUR BOUTIQUE

APPROACH

DOESN’T MEAN DOING LESS IT MEANS DOING THINGS MORE DELIBERATELY.”

staff. Continuous education and development are key to providing today’s clients with comprehensive and multidisciplinary legal support.

Externally, we aim to be recognised as responsible members of society. Through support for law students, NGOs, Montenegrin sports, and other initiatives, we aim to give back to the community that has supported us—its trust, its encouragement, and the space to grow. This is inseparable from our profession, which at its core is about serving both clients and society.

We believe our true strength lies not only in our legal expertise but in the values we live by—every day, for our people, our clients, and our community.

Europe Is Watching: Can the Western Balkans Deliver as One?

By Dragana Djurica Secretary General, European Movement in Serbia

Regional

economic cooperation in the Western Balkans has long been praised and prepared — but less often practiced. Politicians routinely endorse it as a key to growth and EU integration, yet connectivity remains poor, markets fragmented, and trust fragile.

The numbers don’t lie. The World Bank projects GDP growth of 3.2% in 2025, with exports making up 21–22% of GDP. Yet, the merchandise trade deficit is widening to 27.6%. The OECD finds intra-regional trade stuck at a modest 11% for nearly a decade — meaning the region trades more with the world than with itself. Intra-regional FDI? Negligible. Meanwhile, industrial performance remains uneven, with low productivity, limited value-added output, and only partial convergence with EU standards.

This is not just underperformance — it’s a missed strategic opportunity. And increasingly, it looks like self-sabotage.

Brussels Isn’t Enough

Macroeconomic stability is no longer enough. If the region continues to integrate with Brussels but not with itself, the dream of a Single Market will remain just that — a dream. Despite growing momentum from the EU, the Western Balkans is leaving value on the table. Productivity lingers at just 30–40% of the EU average. Innovation is elusive. Youth, women, and professionals still face structural barriers to full participation.

It’s time to act as a region with a shared economic destiny. Tools exist. The Common Regional Market (CRM) under the Berlin Process offers a roadmap. The EU Growth Plan brings €6 billion in support. But frameworks alone won’t deliver. What’s needed now is political will, real implementation, and full engagement from businesses and citizens.

From Roadmaps to Realities

First, CRM must evolve from a checklist into a shared commitment. Governments should adopt binding, time-bound, and measurable actions across all four pillars: mobility, trade, investment,

and digital integration — underpinned by joint investment in innovation and skills.

Second, what’s been agreed must be applied. Mobility agreements on work permits and recognition of qualifications exist, but remain underused. National administrations need to digitise procedures, align laws, and enable real-time data exchange.

Third, regional cooperation must be led not only by ministries but also by businesses. Companies should help design and implement CRM. Sectors like green energy, ICT, and smart manufacturing require cross-border investment and bold partnerships.

Think Like a Bloc

Strategic alignment with the EU must evolve. Brussels is shifting its focus from integration to competitiveness and security. The Western Balkans must become indispensable to Europe’s economic architecture — as a nearshoring hub, a digitally skilled labour pool, and a bridge for sustainable supply chains.

This calls for co-financed incentives, cross-border infrastructure, shared innovation hubs, startup ecosystems, and interoperable digital networks.

In a region where talk of cooperation is endless, the true deficit isn’t funding — it’s courage. The courage to act, to lead, and to deliver.

The Western Balkans must stop negotiating as fragmented markets and start thinking like a bloc. A region of over 16 million people governed by shared rules is far more attractive than six small and divided economies.

The Future Is Regional — If We Choose It

Europe is watching. The region’s future is being recalibrated — in Brussels, but also in boardrooms across the continent. In today’s volatile world, investors seek scale, coherence, and predictability.

The Western Balkans can offer all of this if it finally starts acting as one.

ADRIA AND THE WORLD

Diplomacy, investment, and influence — the world isn’t watching Adria. It’s engaging with it.

A Union in the Making

António Costa’s Message to the Western Balkans: Seize the Moment

António Costa, President of the European Council, reflects on his first tour of all six Western Balkan partners — and why this moment may prove decisive for EU enlargement

A Critical Tour at a Critical Time

When António Costa became President of the European Council earlier this year, he inherited one of the EU’s most complex unfinished projects: the integration of the Western Balkans. His recent tour — the first time a Council President has visited all six partners in a single sweep — wasn’t a ceremonial act. It was a signal.

“The future of the region is in the European Union,” Costa declared at the outset. “It’s the best way to turn the page of the past and build a common future of peace, stability and prosperity.”

Costa’s trip comes amid renewed geopolitical urgency. Russia’s war in Ukraine has heightened awareness of the EU’s vulnerabilities, especially in its periphery. Enlargement is no longer just about values — it’s a matter of strategic security.

SERBIA: Reform or Risk

In Belgrade, Costa met with President Aleksandar Vučić and pressed for progress on reforms long flagged by Brussels — media freedom, electoral law, judicial independence.

“There is a positive momentum for enlargement and a clear opportunity for Serbia to seize it,” Costa said. “But that window will not remain open forever.”

Serbia has been a candidate since 2012 but remains a geopolitical balancing act — officially on a European path, but maintaining strong ties with Moscow and Beijing. Costa was firm: alignment with the EU’s Common Foreign and Security Policy is no longer optional.

“The EU accession process is not an exercise in ticking boxes. These reforms bring real benefits to citizens.”

Civil society groups voiced concerns over democratic backsliding. Costa listened. “I hear their concerns,” he said. “And I believe the way to address them is through deeper integration — not detachment.”

BOSNIA & HERZEGOVINA: A European Future at Risk

In Sarajevo, Costa visited EUFOR Althea — the EU’s peacekeeping mission — before meeting with the tripartite Presidency and Prime Minister Borjana Krišto.

Bosnia and Herzegovina, granted candidate status in 2022, remains divided and fragile. Secessionist rhetoric from Republika Srpska has alarmed Brussels. Costa acknowledged the risks but insisted:

“Bosnia and Herzegovina is a European country with a European future. But that future requires responsibility from all political leaders — and reforms to match.”

He called for urgent action: new judiciary laws, alignment with the EU Growth Plan, and the appointment of a chief negotiator for accession.

António Costa with Borjana Krišto, Prime Minister of Bosnia and Herzegovina

Aleksandar Vučić in talks with António Costa at Palace of Serbia

From Belgrade to Tirana: António Costa’s first regional tour as European Council President (13–16 May 2025), reaffirming the EU’s commitment to enlargement across the Western Balkans.

From Belgrade to Tirana

13 May 2025:

• Belgrade, Serbia – Meeting with President Vučić and other officials.

• Sarajevo, Bosnia and Herzegovina – Addressed EUFOR Althea troops and met with the Presidency.

14 May 2025:

• Podgorica, Montenegro – Met with President Milatović and Prime Minister Spajić.

• Pristina, Kosovo – Met with President Osmani and Prime Minister Kurti.

15 May 2025:

• Skopje, North Macedonia – Met with Prime Minister Mickoski and President Siljanovska-Davkova.

• Tirana, Albania – Met with Prime Minister Rama and President Begaj.

16 May 2025:

• Tirana, Albania – Co-hosted the 6th European Political Community Summit.

Key Messages Per Stop

City

Belgrade

Sarajevo

Tirana

Podgorica

Pristina

Skopje

Key Message

Seize momentum with reforms

Prioritise unity and use the EU Growth Plan

Albania’s accession is a matter of “when”

Accession pace is in Montenegro’s hands

Deliver on commitments, foster dialogue

Time to deliver and turn the page

ALBANIA: The Poster Child for Enlargement?

In Tirana, Costa received a notably warm welcome. Prime Minister Edi Rama’s pro-European stance has made Albania a favourite in Brussels.

“Albania embodies the EU’s enlargement momentum,” Costa said. “Its accession is no longer a question of if — but when.”

Albania began accession talks in 2022 and has made progress on public administration reform, judicial vetting, and digital governance. Costa’s visit reaffirmed EU trust and was symbolically timed just before the European Political Community summit — the first ever hosted in the Western Balkans.

MONTENEGRO: A Matter of Pace

Podgorica has long been seen as the frontrunner. It opened negotiations in 2012 and has completed more chapters than any other candidate. But domestic instability and corruption scandals have slowed progress.

“Montenegro has the ambition and capacity to join the EU,” Costa said. “Now it’s about pace. The momentum must not be lost.”

Prime Minister Edi Rama greets António Costa in Tirana

President Jakov Milatović welcomes European Council President António Costa with military honours at Podgorica Airport

KOSOVO*: The Dialogue That Can’t Be Dodged

In Pristina, Costa met with President Vjosa Osmani to discuss Kosovo’s EU path — and its strained relations with Serbia. The EU-facilitated Belgrade-Pristina dialogue remains gridlocked.

“Kosovo’s place is in the European family,” Costa said. “But that means building democratic consensus — and making the dialogue with Serbia real and tangible.”

Kosovo applied for EU membership in 2022, but five EU countries still don’t recognise its independence. For many, the dialogue process — and Pristina’s ability to implement agreements — will determine whether progress is possible.

António Costa in Pristina during talks with Vjosa Osmani

NORTH MACEDONIA: A Test of Political Will

In Skopje, Costa met with President Gordana Siljanovska and Prime Minister Hristijan Mickoski. North Macedonia has endured more obstacles than most — from the name dispute with Greece to recent tensions over constitutional amendments tied to Bulgarian minority rights.

“North Macedonia has shown commitment,” Costa said. “Now is the time to deliver. You can count on the EU — and on me — to help turn the page.”

During António Costa's arrival in Skopje greeted by Prime MinisterHristijan Mickoski

DINNER WITH SIX: The Bigger Picture

President António Costa hosted a dinner with the leaders of the six Western Balkan countries on the evening of 15 May 2025 in Tirana, Albania. This gathering took place on the eve of the European Political Community Summit, which Costa co-chaired the following day. The dinner served as a culmination of Costa’s regional tour, providing an opportunity for open dialogue and re-

inforcing the European Union’s commitment to the Western Balkans’ path toward EU integration.

There, he distilled his core message into two words: consistency and trust.

“Consistency from the EU — in keeping enlargement at the top of its agenda. And consistency from our partners — in embracing reforms and aligning with EU values.

And trust — that can only be built through open dialogue. Internally, regionally, and with Brussels.”

Costa’s tour didn’t announce new treaties or open new chapters. But it reintroduced something often missing in enlargement talks: political focus.

“We are closer than ever. The next steps are in your hands.”

In a region where fatigue has often outpaced hope, that message may prove to be the most important reform of all.

European Council President António Costa hosts a dinner with Western Balkan leaders in Tirana, reaffirming the EU's commitment to the region's integration

From Tokyo to the Adria

As Japan deepens its footprint in Croatia and the wider Adria region, Ambassador Wada Mitsuhiro speaks on trade, innovation, and trust in uncertain times.

BY ANA NOVČIĆ

Japan may be thousands of kilometres from Croatia, but as Ambassador Wada Mitsuhiro explains, the two countries are closer than ever—in values, interests, and opportunity. In this exclusive interview with The Region, the Ambassador reflects on Japan’s expanding role in Croatia and the wider Adria region—from precision technology and tuna exports to diplomatic trust and Expo Osaka 2025. He speaks not only as a seasoned diplomat, but as a captivated visitor moved by local kindness, and as a connector of two cultures committed to quality, respect, and long-term cooperation.

For a country geographically distant from Croatia, Japan has built a surprisingly meaningful presence—economically, diplomatically, even culturally. What drives Japan’s interest in this part of Europe right now?

Croatia is known as an attractive tourist destination for its natural beauty and rich historical heritage. Despite its small size, it has a remarkable presence in global sports, particularly in football. Many Japanese are drawn to Croatia’s charm, and even my son chose it as his honeymoon destination.

Also, as a member of both EU and NATO, Croatia is an important partner that shares fundamental values with Japan. Since “Ukraine today may be East Asia tomorrow”, we cannot remain indifferent. In an increasingly uncertain world, cooperation and collaboration between like-minded countries like Japan and Croatia are more vital than ever. We also see strong potential for cooperation especially in the reconstruction of Ukraine.

From an economic perspective, Croatia is one of the fastest-growing EU countries. With its long Adriatic coastline and excellent ports, it is ideally located as a gateway to the entire region. There remains significant untapped potential in our bilateral economic relations.

When it comes to business, which Japanese companies are currently shaping the story in Croatia—and are there Croatian companies building meaningful ties in Japan? What sectors hold the most promise for deeper investment and cooperation?

STRATEGIC FACTS

Japan is among the few countries outside the EU to have an Economic Partnership Agreement with the EU—giving Croatian exporters improved access to the Japanese market.

Notable examples of Japanese companies in Croatia are Nipro in the healthcare sector; Yazaki, a supplier of automotive components; and Shimadzu, a provider of precision and analytical instruments. These companies maintain steady cooperation with Croatian partners, contributing to local economy and technology transfer. On the other hand, the presence of Croatian companies is also growing in Japan. For example, Infobip entered a strategic partnership with NTT Communications (NTT Com Online) in 2024. This partnership is expected to further introduce Infobip’s solutions to Japanese enterprises.

The strengths in technology and innovation of both sides offer great potential for cooperation in digital and ICT fields, especially in areas such as startup ecosystems, smart city development, and application of AI and IoT. Tourism, renewable energy, and healthcare are also promising areas for future collaboration.

Tuna imports are also a key component of our bilateral trade. It accounts for about 60% of Japan’s total imports from Croatia and this figure underscores the importance of tuna among Croatian products entering the Japanese market.

There remains signiﬁcant untapped potential in our bilateral economic relations.

You’ve observed how Croatia works—its pace, its politics, its priorities. What aspects of the Japanese mindset or business culture do you think could genuinely resonate here—and which might be misunderstood?

Japan’s values of sincerity, honesty and responsibility are highly appreciated in Croatia and often form the solid basis for building trust. Japanese commitment to keeping promises and prioritizing quality resonates with Croatian partners, facilitating long-term cooperation. Furthermore, the diligence and the spirit of “wa” or harmony, often align with Croatian way of thoughtful and respectful interaction.

That said, certain aspects of Japanese business culture may be misunderstood. For example, our way of careful decision-making and building consensus can be seen as slow or hesitant. Also, Japanese indirectness and ambiguity in communication may contrast with the directness preferred in Croatian culture.

Yet, these cultural differences can become sources of strength rather than friction when acknowledged and respected. Understanding each other’s values in communication and decision-making styles will be the key to unlocking our deeper and more effective business collaboration.

Expo 2025 in Osaka is bringing together over 160 countries to imagine the future of how we live and collaborate. What kind of opportunities could this global platform create not only for Croatia, but for other countries across the Adria region—and where do you see the most potential for meaningful exchange?

Expo 2025 in Osaka–Kansai offers a valuable opportunity for Croatia and the broader Adria region

Adria Meets Asia

• Croatia and Japan established diplomatic ties in 1993

• Infobip partnered with Japan’s NTT Communications in 2024

• Japan imports around €40 million worth of Croatian tuna annually

H.E. Ambassador Wada, accompanied by his spouse, visiting Expo 2025 Osaka Kansai, where they toured the Croatian pavilion

to showcase their strengths, connect globally, and form lasting international partnerships. For startups and SMEs, in particular, the Expo can serve as a launchpad for entering new markets and forging cross-border collaborations. It also provides a forum for sharing cultural, technological, and social innovations, fostering empathy and cooperation toward a more sustainable world.

The Expo can also stimulate exchange among youth interested in future-oriented technologies, leading to joint research and talent development. It may encourage new academic partnerships and strengthen ties at the local government level.

More than just an event, the Expo is a platform for global dialogue and cooperation. For countries in the Adria region, it represents an opportunity to deepen their presence on the international stage while redefining their role in building a shared global future.

On a more personal note—what has it been like living in Croatia as a Japanese diplomat? What places, traditions, or small moments here have left the deepest impression on you?

Living in Croatia is an extraordinary experience. While based in Zagreb, a city with rich history, wonderful places throughout the country are easily accessible by car. In just six months since my arrival, I have already visited various places in Croatia and experienced its diverse culture and unique histories, learning something new every time. Local food, wine and olive oil are also amazing. Moreover, I am often impressed by the kindness and hospitality here. Recently, one memorable moment happened on the island of Cres, while walking with my wife we saw beautiful flowers in someone’s garden. The woman who lived there noticed us, cut a branch full of blossoms and handed it to us as a gift. We couldn’t speak the same language, but we connected heart to heart.

Naturally, I have many diplomatic challenges ahead. I aim to deepen ties with people in Croatia, including officials, business leaders, artists, academics and media. I will remain fully committed to further strengthen the relationship between Japan and Croatia.

We couldn’t speak the same language, but we connected heart to heart.

Did You Know?

In early June, Japan marks the beginning of the ayu fishing season—a beloved ritual where trained cormorants dive under torchlight to catch sweetfish. For many, the taste of grilled ayu signals the start of summer.

Gordan Tomac Director of Shimadzu d.o.o. Croatia

SHIMADZU’S ADRIA BLUEPRINT

WITH NEARLY THREE DECADES OF PRESENCE IN THE ADRIA REGION, Shimadzu has grown from a single office in Zagreb into a fully integrated network spanning Croatia, Bosnia and Herzegovina, Serbia, and North Macedonia. Its regional operations deliver cutting-edge medical and analytical technologies to sectors ranging from healthcare and pharmaceuticals to environmental monitoring and academia. Gordan Tomac, Director of Shimadzu d.o.o. Croatia, shares how the company’s vision, local leadership, and long-term commitment have shaped its role as a trusted partner in advancing science and quality of life across the region.

 Shimadzu has served the Croatian market since 1997, extending its presence to Serbia, Slovenia, Bosnia & Herzegovina and beyond. How has your journey in the Adria region evolved over nearly three decades, and what key milestones define that growth?

Our journey in the Adria region began in 1997, when Shimadzu selected Zagreb as the site for a new subsidiary, following our involvement in a major project to rebuild Croatia’s hospital diagnostic imaging infrastructure. This positioned us early on as a trusted partner in the healthcare sector. From there on, we expanded independently into neighboring countries, establishing a strong regional presence with offices in Sarajevo, Belgrade, and Skopje—thus creating a hybrid organization that functions as one integrated entity across several locations.

Today, Shimadzu Zagreb serves as a regional center, delivering high-performance medical and analytical solutions across several markets. Over the past 28 years, we have built a comprehensive platform of products, services, and ex-

pertise—driven by a dedicated team and guided by a clear mission: to improve quality of life through advanced technology. Our sustained growth and market leadership reflect our ability to evolve with the needs of science, healthcare, and industry. We remain fully committed to innovation, collaboration, and keeping our customers at the heart of everything we do.

 For three decades, you have been building a presence in the wider regional market. What prompted you to recognize the importance of expanding beyond national borders, and how has that approach proven itself in the long term?

We recognized the importance of establishing a strong regional presence relatively early—to harness synergies that helped us turn local strengths into sustainable, cross-border growth, and to prioritize foreign direct investment over working solely through distributors. We saw great human potential in the region and wanted to connect it directly to Shimadzu, laying solid foundations for further expansion based on our own resources. At a time when many doubted the potential of small markets like ours, we saw opportunity—and we are pleased that this vision proved successful and has since served as an inspiration to others.

Our regional approach is not centralized in the traditional sense. While we operate as an integrated regional organization, we make a conscious effort to ensure that each office maintains its unique identity and operates almost as an independent entity. Our central strategy provides overall direction, but it is local knowledge that drives our teams. We believe in local leadership—tailored to the language, culture, and market dynamics of each country we serve. Each office has the autonomy to adapt to its environment, yet we work in close synergy, functioning as a strong, connected, and unified collective.

 Shimadzu’s precision instruments are vital in healthcare, environmental testing, food quality, and more — including a strong presence in medical diagnostic equipment. Which sectors in Croatia and the wider region are currently driving the greatest demand for your technologies, particularly in healthcare, and what factors are fueling that growth?

Shimadzu’s precision instruments are in high demand across Croatia and the region, mainly driven by healthcare, pharmaceuticals, environmental testing, and food safety. Healthcare growth is fueled by an aging population and rising chronic illnesses, increasing the need for advanced diagnostic tools and medical equipment. Our imaging systems support early and accurate diagnosis, while our analytical instruments aid in faster, patient-focused drug development and treatment.

Environmental monitoring focuses on detecting pollutants like harmful residues in water. Food safety relies on accurate contaminant detection to meet increasingly stringent regulations. Additionally, industries like the automotive sector use our systems for quality control. The research and academic sector also plays a key role, requiring high-end systems that offer state-of-the-art performance. Together, these sectors drive strong demand, reinforcing Shimadzu’s role in shaping a healthier, safer, and more sustainable future.

TAKEDA BUILDS TRUST

VIKTORIJA

MANAGER

ZADRO-HUML, GENERAL

AT TAKEDA IN CROATIA, SLOVENIA, AND BOSNIA AND HERZEGOVINA, leads the company’s operations across three distinct healthcare systems with a sharp focus on rare diseases, digital innovation, and long-term systemic impact. Drawing on Takeda’s 240-year Japanese heritage, she works to align global expertise with local needs—championing access to treatment, cross-sector collaboration, and patient-first solutions throughout the Adria region.

This year marks more than two decades of Takeda’s presence in Croatia—a milestone that reflects both continuity and commitment to the region’s evolving healthcare landscape. Under Viktorija’s leadership, the company builds bridges between tradition and transformation, grounded in core values of integrity, perseverance, and sustainability. Whether advancing digital diagnostics, co-creating policy with local health authorities, or fostering inclusive teams across borders, she sees trust not as a byproduct of success, but as its foundation.

� Last year marked Takeda’s 20th anniversary in Croatia—an important milestone that reflects both continuity and commitment. From your regional perspective, where do you see the greatest opportunities for structural improvement in healthcare, and how can companies like Takeda continue contributing to long-term, systemic change across the Adria region?

Celebrating 20 years in Croatia is a testament of Takeda’s dedication to healthcare improvement in Croatia and the region. One of the most promising opportunities lies in enhancing the healthcare outcomes for patients with rare diseases. We are actively collaborating with local health authorities, scientific and medical community, patient associations to enhance level of knowledge, drive research and development, improve access to innovative treatments, integrate digital health solutions and support diagnostics. By focusing on these areas, Takeda contributes to long-

term, systemic change across the Adria region, aligning with its commitment to improving healthcare outcomes and enhancing the quality of life for patients.

� Takeda’s global strategy prioritises therapeutic innovation in areas like oncology, gastroenterology, and rare diseases. How do you align this with the specific challenges and patient needs in Croatia, Slovenia, and Bosnia and Herzegovina?

We have the same priorities locally. Challenges come from a lower level of health spending compared to EU5 and need for improvement of healthcare policies in order to improve patient outcomes. By deeply understanding the local healthcare landscape and patient needs in Croatia, Slovenia, Bosnia and Herzegovina, we tailor our strategies to address specific challenges. We have a number of programs to ensure early patient access to innovation in all three countries.

� As a Japanese company with over 240 years of heritage, how does Takeda’s culture and philosophy influence its business practices and partnerships in this part of Europe? Do you see elements of Japanese business values resonating locally? Absolutely, the cultural resonance between the region and Japan is profound. Both cultures emphasize the importance of family, respect for elders, and community values. Takeda‘s core values—integrity, fairness, honesty, transparency, and perseverance—are deeply embedded in our local operations. These values guide our decision-making and foster strong partnerships built on trust and mutual respect. The Japanese principle of long-term thinking and sustainability is mirrored in our commitment to regional healthcare, ensuring that our efforts today lay the foundation for a healthier future.

� Digital health tools and AI are transforming how care is delivered. How is Takeda using these technologies in the region, and where do you see the greatest potential for local impact?

Viktorija Zadro-Huml General Manager at Takeda in Croatia, Slovenia, and Bosnia and Herzegovina

Digital health and AI are revolutionizing healthcare delivery, and we are at the forefront of this transformation. Takeda employs these technologies to enhance diagnostics for rare diseases, drive research, and evaluate local data. By developing tailor-made solutions, we aim to improve diagnostic accuracy and speed, which are critical for effective treatment. The greatest potential lies in leveraging these tools to create personalized healthcare experiences, ensuring that patients receive the right care at the right time.

� Patients with rare diseases still face delays in diagnosis and access to therapy in many parts of the Adria region. What is Takeda doing to help bridge these gaps and improve equity across healthcare systems?

Takeda sponsors diagnostic programs and invests in clinical research to facilitate early access to treatment. Our collaboration with local authorities ensures

that we are not only co-funding treatment costs but also actively participating in policy-making to improve healthcare equity. Early diagnosis and timely intervention are crucial, and our initiatives aim to ensure that patients receive the necessary care without delay.

� You manage operations across diverse healthcare systems. What leadership values help you build trust, navigate complexity, and support your teams across Croatia, Slovenia, and Bosnia and Herzegovina?

At Takeda, leadership is not just about guiding a team; it‘s about fostering an environment where trust, transparency, and collaboration are paramount. I feel privileged to lead an extraordinary team that works cross-functionally and cross-country, embodying the spirit of unity and cooperation. Our success lies in our ability to leverage diverse perspectives and expertise, ensuring that we address the unique challenges each healthcare system presents. My leadership is supported not only by

THE JAPANESE PRINCIPLE OF LONG-TERM THINKING AND SUSTAINABILITY IS MIRRORED IN

OUR COMMITMENT TO REGIONAL HEALTHCARE.

a strong regional team but also by a vast network from Takeda‘s global operations, providing us with a wealth of knowledge and innovation. I am fortunate to work for a company whose values align with my own. Taked values of integrity, perseverance, and honesty are deeply ingrained in our approach, allowing us to navigate complexities with confidence and clarity. By fostering open communication and mutual respect, we empower our teams to innovate and excel, ultimately driving positive outcomes for the patients we serve. This collaborative spirit is a testament to Takeda‘s commitment to creating a supportive and inclusive work environment that transcends borders and disciplines.

HOW EPSON PRINTS THE FUTURE

Epson (Seiko Epson Corporation) is one of the world’s leading manufacturers in printing, visual communications, industrial automation, and digital processing. Renowned for the quality of its products, commitment to innovation, and dedication to sustainability, Epson is synonymous with precision, durability, and trust. From households and offices to production lines and creative studios, Epson technologies are quietly powering nearly every corner of modern life.

From Watch Parts to Global Impact

Founded in Japan in 1942, Epson began its journey as a manufacturer of watch components. Over the decades, it has evolved into a global technology giant, achieving its first international success with the development of one of the world’s earliest electronic printers. This innovation marked the beginning of a path that led Epson to expand its portfolio and global presence. Today, the company operates on every continent, continuing to lead in technologies that bridge the digital and physical worlds.

Epson in Serbia

Epson Serbia represents the local branch of the global company, providing full support to customers and partners across the Republic of Serbia. The office is responsible for the distribution and promotion of Epson products, including printers, projectors, scanners, and a range of other advanced devices. Beyond product distribution, Epson Serbia also offers technical support, service solutions, and expert consultation—ensuring users get the best possible value and experience from Epson’s innovative technologies.

Product Categories

Home Printers

Epson offers a wide range of inkjet printers tailored for home users who value economy, reliability, and high print quality. Compact and user-friendly, these devices typically include wireless connectivity. Ink tank technology dramatically reduces the cost per page, making everyday printing more affordable and sustainable.

Business Printers

In professional environments, Epson printers are recognised for speed, reliability, and energy efficiency. Multifunction models in-

tegrate printing, scanning, copying, and faxing capabilities, while Epson’s inkjet technology provides high productivity without compromising on environmental performance.

Projectors

Epson projectors use advanced 3LCD technology, delivering vivid, lifelike colours. The product range includes solutions for home entertainment, corporate presentations, educational institutions, and large-scale events. Ease of use and long-lasting performance make these projectors a favourite across industries.

Scanners

Epson scanners are designed for the professional digitisation of images and documents. Known for precision, speed, and reliability, they support a broad array of applications—from archiving historical records to managing everyday business workflows.

Robotics

In industrial settings, Epson robots are used for assembly, packaging, laboratory work, and more. Compact, accurate, and fast, they are easy to integrate into existing production lines, bringing advanced automation to a wide range of industries.

Large Format Printers

Epson’s large-format printers serve professionals in graphic design, photography, engineering, and advertising. These printers accommodate various materials and deliver exceptional colour fidelity and detail—ideal for posters, technical plans, and fine art reproductions.

On-Demand Label Printers

Epson’s colour label printers support real-time label production. Widely used in the food industry, pharmaceuticals, hospitality, logistics, and beyond, these systems combine speed, flexibility, and high print quality.

Sustainability as a Core Principle

Epson is deeply committed to sustainable development. The company has set a goal to achieve full carbon neutrality by 2050. Its innovations reflect this mission—heat-free technologies, chemical-free inks, re-

cyclable materials, and reduced plastic packaging are all part of Epson’s effort to protect the planet while advancing modern life.

Epson is a company that successfully unites technological innovation, practical solutions, and ecological responsibility. Whether it’s home printing, professional visual production, industrial automation, or educational presentation, Epson provides tools that inspire and elevate standards. Its presence in Serbia continues to grow, backed by global excellence and a local commitment to quality.

LUXURY, IDENTITY, AND MOVEMENT

From coast to capital, a new kind of luxury is emerging — lighter, bolder, and deeply regional.

There’s a quiet shift underway in the Adria region. The yachts still dock, the villas still shine, and the menus still boast truffles — but behind the polished welcome, a deeper question is emerging: what does luxury mean today, and can we truly deliver it?

High-end travellers are no longer chasing status. They’re seeking story, stillness, and substance. They want places that provoke, not just pamper — places that reflect their values as much as their desires.

The Adria region has the raw materials: dramatic landscapes, layered histories, and a rising wave of boutique ambition. But does it have the confidence — and coordination — to lead? To stop mimicking and start defining?

We asked five people helping shape the region’s hospitality future what it will take for Adria to earn its place on the global luxury map. Their answers offer more than insight — they offer direction.

Is Adria Ready for Premium

Maja Pak Olaj Director Slovenian Tourist Board

Zoran Pejovic

Hospitality strategist, Writer, and Industry thinker

Tourism 3.0?

Europe Group

Area General Manager IHG ® Hotels & Resorts

Berina Bajrovic CEO Hotel

Milena Aleksić General Manager A HOTELI chain

Angelo Zuccala

Q1: Q2:

From Adriatic coastlines to mountain hideaways, the region has the raw beauty — but does it have the boldness to lead in premium tourism?

MAJA PAK OLAJ: Slovenian tourism placed sustainability at the heart of its development more than a decade ago, and today this is the foundation of our premium offering. With our internationally awarded Green Scheme of Slovenian Tourism, innovative experiences, impactful promotional campaigns, and close cooperation with stakeholders at all levels, we are excellently responding to the needs of modern travellers and achieving international recognition. We’re seeing that a similar awareness is growing throughout the region, which provides a great foundation for the future.

ZORAN PEJOVIC: Raw beauty means little without stewards who understand how to protect, interpret and present it with care. The Adriatic region does not lack scenery. It often lacks a confident generation of hoteliers and travel professionals willing to shape thoughtful experiences without relying on borrowed concepts. Leadership begins when they embrace their role as custodians. This is about responsibility rather than performance. Premium is not given. It is earned through clarity and courage.

BERINA BAJROVIC: Natural beauty alone won’t get us there. To lead in premium tourism, the region needs bold thinking and place-led investment. In Sarajevo, Europe Square is our answer—a landmark project that reflects ambition, identity, and a new level of guest experience.

MILENA ALEKSIĆ: The region holds immense natural potential — from stunning coastlines to mountain escapes — but to lead in premium tourism, it must pair that beauty with bold investment, elevated service standards, and a clear luxury identity. With a focus on quality, authenticity, and sustainability, it can confidently position itself among Europe’s most desirable highend destinations.

ANGELO ZUCCALA: To lead in premium tourism, the region must invest in infrastructure, sustainable high-quality accommodations, and services that meet modern affluent travelers’ expectations. It also needs to build the Adria brand with a strong narrative that highlights natural beauty and cultural appeal—while ensuring sustainability protects its authenticity.

Luxury today is no longer just about five-star labels. In your view, what truly defines luxury in 2025—and is the region genuinely offering it or merely imitating it?

MAJA PAK OLAJ: Modern luxury is moving away from prestige and instead highlighting safety, seclusion, authenticity, and responsible experiences—combined with an exceptionally high level of quality and personalisation. Slovenia is excellently positioned in this regard: it is one of the safest countries in the world, clean, accessible, with top-notch cuisine, pristine nature, and sustainable experiences rich in local character. Recently, the segment of boutique accommodations has also seen significant growth. The entire region holds remarkable potential in this sense, but the key will be developing its own recognisable identities.

ZORAN PEJOVIC: Luxury in 2025 is deeply human and unapologetically precise. It lives in relevance, silence, proportion and care. It respects time and avoids excess. The next generation of hoteliers and travel professionals must move past decorative gestures and aim for experiences that carry emotional and cultural weight. Overdesign and exaggerated service are easy. Luxury today is the courage to offer only what truly matters. Without this awareness, we imitate rather than create.

BERINA BAJROVIC: Luxury today is defined by emotional connection, not excess. It’s about authenticity, intention, and a sense of belonging. At Europe Group, we craft experiences rooted in place, not trends—because real luxury can’t be copied, only created.

MILENA ALEKSIĆ: Luxury in 2025 is defined by authenticity, personalization, privacy, and meaningful experiences — not just opulence. It’s about time, space, and emotional connection. True luxury is seamless, discreet, and rooted in local culture. Many still imitate surface-level luxury, but only those who understand and deliver depth, story, and service excellence truly lead.

ANGELO ZUCCALA: We moved from material to emotional and holistic luxury today: affluent travelers are looking for genuine experiences that are tailored to individual preferences, offering a sense of uniqueness and immersion to local culture. We cannot imitate what oneself is truly looking for. Luxury is for me personal; it is defined in the small details which one can find interacting, connecting with people and not products.

Q3: Q4:

Can sustainability be aspirational? Or are luxury and environmental responsibility still an awkward pairing in practice?

MAJA PAK OLAJ: Sustainability can be extremely attractive when supported by a high-end, personalised experience. Today’s luxury traveller wants to know that their visit leaves a positive impact—on nature and people. Sustainability is not a limitation, but rather an added value to modern luxury.

ZORAN PEJOVIC: Sustainability will only become aspirational when it leaves marketing slides and enters every decision. True responsibility touches nature, community and culture with equal care. It protects fragile ecosystems, ensures local life flourishes and preserves architectural beauty that carries stories. Hoteliers and travel professionals are responsible for this balance. Sustainability becomes seamless when it is a quiet, consistent practice rather than a public statement.

BERINA BAJROVIC: Sustainability is not a compromise— it’s a value-add. When built into design and service, it enhances the luxury experience. At Europe Square, green materials, energy efficiency, and local sourcing are fundamental to how we define premium.

MILENA ALEKSIĆ: Sustainability can absolutely be aspirational — in fact, in 2025, true luxury demands it. High-end travelers now seek experiences that reflect their values: thoughtful design, local sourcing, low impact. When done right, sustainability enhances exclusivity and storytelling. Still, many brands treat it as a checklist, not a core philosophy, making the pairing feel superficial rather than seamless.

ANGELO ZUCCALA: Absolutely—sustainability is increasingly aspirational, tied to lifestyle and values. It inspires eco-conscious decisions and aligns with luxury branding. As a Green Key-certified hotel and part of IHG’s Journey to Tomorrow, we’re committed to reducing our carbon footprint and putting environmental responsibility at the heart of our operations.

In a world of infinite choice, how do we make travelers choose us — and then come back for more?

MAJA PAK OLAJ: Today’s traveller journeys with purpose. They are drawn to places that reflect their values, such as sustainability, respect, and authenticity. If they feel that their visit is not just about receiving, but also about giving—giving back to the destination, to its people, to its culture—they become more than guests. They become ambassadors of the destination, people who not only return but also share their experiences with others.

ZORAN PEJOVIC: Guests return to places shaped with coherence and care. Loyalty grows from experiences that reveal depth over time, not from spectacle or promises. The new generation of hoteliers and travel professionals must think beyond service, beyond transactions. They must offer relevance and create belonging. In the long run, attention fades but emotional connection remains. Those who understand this will shape the destinations that guests choose again and again.

BERINA BAJROVIC: By creating experiences they can’t find anywhere else. We combine heritage with innovation and deliver care with intention. When hospitality is grounded in emotion, not transaction, you don’t just get a guest— you earn a return.

MILENA ALEKSIĆ: To stand out in a world of endless options, we must offer authentic, personalized experiences that resonate emotionally and create lasting memories. Building trust through exceptional service, consistent quality, and meaningful connections turns first-time visitors into loyal advocates who return not just for a destination, but for the unique story and feeling only we provide.

ANGELO ZUCCALA: We create memorable, personalized experiences that go beyond expectations—encouraging guests to return. Loyalty is nurtured through IHG One Rewards, offering perks redeemable on future stays. We invest in recognition, with thoughtful touches and signature service from our concierge team, which is a distinctive part of our brand identity.

What’s the bravest decision your company or destination could take this year to put Adria on the global luxury map — and what’s stopping you?

MAJA PAK OLAJ: The boldest decision would be a clear choice of boutique over mass tourism. Slovenian tourism has continuously built its story on the foundations of quality, authenticity, and thoughtful development. We see great opportunity in partnerships with international players—such as the leading global luxury travel network Virtuoso, which held its prestigious Chairman’s Event in Slovenia last year. Through innovative promotional approaches, including collaborations with other countries in the region, and with the support of strong partners, we can build even greater recognition on the global stage.

ZORAN PEJOVIC: The bravest decision is to slow down and shift focus from guests to those who will host them. Investing in young hoteliers and travel professionals, teaching them care, context and cultural responsibility is essential. Preservation must triumph over instant monetisation. The obstacle is impatience and fear of quiet seasons. Legacy will belong to those who choose preparation over shortcuts, ensuring this region earns its place through future generations.

BERINA BAJROVIC: Embracing our uniqueness and investing in bold, identity-led destinations. Europe Square is our step in that direction. The barriers? Bureaucracy and outdated narratives—but the new generation is changing the pace.

MILENA ALEKSIĆ: The bravest move now is to elevate our vision beyond individual properties and create an integrated Adriatic luxury experience—connecting hotels, culture, nature, and wellness into a seamless, world-class journey. What slows us down is the challenge of regional coordination and aligning diverse stakeholders around a shared, ambitious roadmap to fully realize this collective potential.

ANGELO ZUCCALA: Putting Adria on the luxury map means attending top travel fairs and attracting key investors. IHG’s regional expansion shows our commitment, with more luxury properties being signed. Government-led promotion, better infrastructure, direct flight connectivity, and simplified visa access are critical to unlocking the region’s full potential.

Join the conversation: What will define business success in your industry?

Tag us on LinkedIn @connectingregion or send us an your thoughts via email business@connectingregion.com

ZAHA HADID Returns to the Region

From the curves of Dubai to the future home of Nikola Tesla’s legacy, Zaha Hadid Architects (ZHA) are shaping a new architectural language across the Adria.

In January 2025, it was announced that ZHA had won the international competition to design the new Nikola Tesla Museum in Belgrade. The planned structure—fluid, luminous, and unmistakably Hadid—will be built on the banks of the Danube, becoming both a cultural landmark and a new architectural anchor for the Serbian capital. Set to house

Tesla’s legacy in a space that matches his visionary genius, this project marks ZHA’s most significant step into the region to date.

While this may be the first project to break ground, it is not the firm’s first conceptual foray into the Adria.

Unbuilt Icons: ZHA’s First Concepts for the Adria

One of Zaha Hadid Architects’ earliest proposed projects in the region was the Rock & Shell Villas near Dubrovnik, Croatia. These bold, biomorphic villas were part of a luxury golf and spa resort concept perched above the Adriatic. Visually arresting and structurally daring, they were designed to echo the region’s rocky coastline and sea-worn curves. However, despite wide acclaim and media buzz, the villas were never realised. The larger development remains in limbo—a vision awaiting its moment.

The Allure of the Adria

The growing presence of ZHA in the Adria region signals more than aesthetic expansion. It marks the increasing architectural relevance of the region on the global stage. With economic growth, cultural investment, and tourism driving development from Ljubljana to Tirana, international studios are taking note—and ZHA is leading the charge.

What makes their approach so potent is that it transcends architecture. Each ZHA project aims to reshape not just skylines, but public imagination. In that sense, Belgrade’s future Tesla Museum will not simply house artifacts—it will become one.

Shell and the Rock Villas, Dubrovnik, Croatia

Nikola Tesla Museum, Belgrade

LAD 1 STUDIO – LOTUS ARCHITECTI Designing Beyond Limits

From rooftop pools in Belgrade to eco-conscious villas on the Adriatic coast, Maja Bručić, CEO of Lotus Group, is reshaping the region’s architectural narrative. With a bold vision rooted in innovation, sustainability, and contextdriven design, she speaks to The Region about transforming spaces into experiences — and why staying present from concept to completion is key to building a better future.

You’ve led Lotus Architecti and LAD 1 STUDIO through some of the region’s most ambitious residential and mixed-use projects. What would you say is the defining signature of your architectural approach?

My architectural approach is grounded in a fundamental desire to disrupt expectations and challenge norms. I don’t believe in following trends or doing what’s expected, for me architecture must reflect a deeper understanding of the place, the people, and the future it is meant to serve and for me each project is an opportunity to challenge conventional boundaries. We can challenge them through the materials we choose, the way we design the space, or how we reimagine functionality. For example, putting a 100+ meter pool on the rooftop of a hotel isn’t just about luxury but creating experiences that surprise and provoke. It’s about designing spaces that go beyond mere structures to create experiences that provoke thought, enhance well-being, and contribute to the larger cultural nar-

rative. In the end, architecture is an act of creation, and that’s how I approach every project - by focusing on practical solutions that work for the people who will use them, both now and in the future.

From Savudrija’s Petram Resort to the dynamic “The One” project in New Belgrade, your portfolio spans high-end villas to urban multi-story complexes. How do you balance aesthetics with functionality when designing across such diverse contexts?

For us, the relationship between aesthetics and functionality is not a balancing act, but an integration of two forces that should be essentially aligned

WE

DESIGN EVERYTHING FROM PRIVATE VILLAS WITH VIEWS OF THE ADRIATIC TO HIGH-RISE COMPLEXES IN BUSTLING URBAN ENVIRONMENTS

CEO of Lotus Group

anyway. We design everything from private villas with views of the Adriatic to high-rise complexes in bustling urban environments, and we ensure that each project is tailored to its unique context by understanding the core needs of the space and the people who will occupy it. Functionality is the backbone of any project, it’s where we root the design, but aesthetics is the way we elevate it. We believe that form should follow function in a way that amplifies the experience of the space.

Lotus Group’s operations (LAD 1 STUDIO & Lotus Architecti) extend across Croatia, Serbia, and Slovenia, and even touch the U.S. How do regulatory frameworks and client expectations differ across these markets—and how do you adapt?

Operating across diverse markets requires a nuanced understanding of the specific challenges each presents—ranging from navigating different regulatory landscapes to aligning with varied client expectations. Each market demands a tailored approach, and it’s essential to grasp not just the surface-level differences, but the deeper context that shapes each project. The U.S. market, for instance, is driven by a very different set of expectations, not just from a regulatory standpoint but also in terms of client engagement and design aspirations. In the Balkans, we deal with the complex-

Maja Bručić

Petram Resort in Savudrija

ity of evolving regulatory landscapes, and often, a deeply ingrained way of thinking about urban development that requires a more delicate negotiation between creativity and compliance.

How do you see the responsibility of an architect when shaping the cities of the future, especially in a region where the identity of spaces is often disrupted by poorly planned developments?

Architecture, for me, is a fundamental tool for shaping the future, but with that comes also immense responsibility. In a region like ours, where development is often driven by short-term profit and hasty decisions, we face constant pressure to cut corners and focus only on immediate gains. But that’s not how we work at Lotus Architecti and Lad 1 studio, we are efficient but we don't believe in rushing projects for quick returns. Instead, we focus on designing spaces that are functional, thoughtful, and built to remain relevant. For example, with the South Works 8080 project in Chicago, our goal was to revitalize an entire district, integrating a mix of residential, commercial, and public spaces to support long-term urban growth. Yes, we’re asked to deliver results, but we believe that long-term value and sustainability are the true markers of success. Our role is to push for innovative solutions that respect the cultural and historical context of each place, while integrating modern needs.

You’ve incorporated sustainability, natural light, and space optimization in recent projects in Zagreb. What new design principles or technologies are you most excited to explore in your upcoming developments?

We’ve always focused on sustainability, but right now, I’m most excited about how new technologies can take that even further. For example, in our recent projects, we’ve explored energy-efficient systems like geothermal heating and cooling, which use the earth’s natural temperature to regulate a building’s climate. This reduces energy consumption significantly. We’re also looking into smart lighting systems that adjust based on natural light levels, reducing electricity use without compromising comfort for the people that use the space. In one of our upcoming developments, we’re considering the use of adaptive facades that adjust based on the weather or the amount of sunlight to reduce energy needs. How does your practice in project management differ from the usual approach in the region, and why do you believe it is important for an architect to follow a project through to completion?

In the region, it’s common to see architects involved only at the beginning of a project, and then they step back while the construction is completed.

Umag's Green Tower Hotel blends curves, natural materials, and a rooftop pool into a new vision of sustainable Adriatic luxury

That’s not our approach. Our practice is based on the belief that an architect must be present throughout the entire process, from the first sketches to the final build. For me, project management goes beyond organizing and coordinating; it involves ensuring that the design vision is executed properly, with every detail considered throughout the entire process, and ensuring that the ideas we developed at the start are faithfully carried through to the end. By being continuously present on site, I can address challenges in real-time and ensure that every element is executed according to the plan. I strongly believe this approach guarantees quality and alignment with the vision, because the architect has a better understanding of all the technical and operational aspects and can adjust the project when necessary.

Looking ahead, what does the future hold for Lotus Group? Are there new markets or project types you’re eager to explore in the next chapter of your journey?

The future for Lotus Architecti/LAD 1 Studio is certainly full of possibilities, and we’re certainly looking ahead, aiming for bold and impactful work. We’re increasingly focusing on larger developments, such as master plans that define broader urban spaces and contribute to the development of our coastline. These projects, especially those related to tourism, are often located in non-urban areas, where it’s essential to bring in complete infrastructure and integrate large-scale architecture into the natural surroundings while respecting the environment.

I’d love the opportunity to explore public urban spaces someday. Right now, we’re focused on building a strong team and strengthening our foundation. As we continue to grow, expanding into other EU countries is an exciting step I see in the near future. •

The One – Belgrade

Tijana Stanimirović Director Magioni

THE SILENT VALUE OF GOLD

FOR

TIJANA STANIMIROVIĆ, DIRECTOR OF MAGIONI, jewellery isn’t about decoration—it’s about identity. Born into a family of master craftsmen, she transforms heirloom tradition into conceptual elegance, creating pieces that carry memory, meaning, and spirit. In this interview, she speaks to The Region about storytelling through metals, honouring roots, and why true luxury resonates even in silence.

You come from a family where a love for jewellery-making has been passed down through generations. How did you decide to continue this tradition and make it relevant for the modern market?

In our family, we never chased perfect form. What we did best was restoration—bringing life back to pieces that carried time, love, and stories. I grew up watching my great-grandfather, grandfather, and mother repair watches and jewellery—not as objects, but as fragments of the soul. These were talismans, filled with the energy of past generations. Restoring their shine while preserving their identity was the art I witnessed every day.

That’s how Magioni was born—not as a brand, but as a point in space and time where story, energy, and matter meet. I’m not a designer. I am a “Cion”—a conceptual mediator.

“I CREATE JEWELLERY NOT TO FOLLOW TRENDS, BUT TO CREATE SOMETHING THAT WILL ECHO IN ETERNITY.”

My role isn’t to produce, but to translate philosophy into tangible, timeless value.

Your jewellery often carries deep symbolism. Is there one piece from your collection that best represents the Magioni aesthetic and values?

I can’t single out one piece, because I don’t create objects—I build a language of identity. The Koreni, Nasleđe, and ID collections represent three aspects of the same journey—origin, transmission, and self-realisation. Koreni speaks to rootedness and belonging; Nasleđe to what we leave behind; and ID explores what in us cannot be bought, changed, or taken.

One especially meaningful piece is from Koreni—cufflinks made as an homage to Novak Djokovic, a man deeply rooted in his origin yet universally recognised. He was the first to wear them. These cufflinks won the prestigious A’ Design Award in Milan—not just for aesthetics, but for the strength of their message. It’s a quiet but powerful confirmation that the language I speak through my work resonates deeply in today’s world.

I believe identity is the only value that can’t be bought—it’s built over a lifetime. Jewellery, to me, is a tangible, thoughtful form— not just ornament, but testimony. That’s why I use noble materials and gemstones with deep, pure energy. The true value of what I do is not immediate—it will reveal itself in another hand, in a quieter generation, who will understand it in their own way.

Luxury is increasingly moving into the digital space. How does Magioni balance artisanal heritage with online sales—can luxury jewellery truly be experienced without physical contact?

I’m not against digital. But I believe contact doesn’t have to be physical to be real. Each piece of Magioni jewellery carries meaning, energy, and a narrative that can be felt through words, images, and a carefully shaped experience.

My mission is to ensure that essence isn’t lost in form. In a world that consumes and forgets quickly, Magioni exists to slow things down—to invite people to hold, embrace, and understand something. The true value of my jewellery isn’t in its shine, but in its silence—in the ability to be felt even before it’s touched. •

Where heritage meets rarity. Magioni is a destination for unique, heritage-inspired jewellery — crafted in gold, diamonds, and meaning.

5 Must-Experience Sailing Routes in the Adria

This Summer

Sunlight on the sails. Islands on the horizon. Welcome to the summer of freedom

Few places rival the Adria when it comes to sailing — a coastline etched with elegance, wilderness, and centuries of seafaring history. With crystal waters, tuckedaway coves, and a breeze that seems to whisper ancient tales, each route is more than a voyage — it’s a story unfolding with every knot. These five routes offer the very best of the season ahead.

Split – Hvar – Vis

Where Elegance Meets

Untamed Beauty

Departing from Split’s storied waterfront, where Diocletian’s Palace still anchors the city’s soul, this route draws a graceful arc through the heart of Dalmatia. Sailors drift toward Hvar, enticed by its blend of glamour and tradition — stone piazzas bathed in golden light, cliffside vineyards, and the hum of world-class nightlife. Further out lies Vis, quiet and compelling. Once closed to foreigners, the island now reveals its pristine beaches, slow tempo, and the ethereal glow of the Blue Cave on nearby Biševo. This is a route for those who want to experience Croatia’s past, present, and pulse — all in one elegant sweep.

Kotor – Perast – Budva

A Fjord of Fortresses and Flair

Montenegro’s Bay of Kotor doesn’t look like the sea. It feels deeper, more ancient — a mirror to the towering cliffs and medieval ramparts that rise from its edges. From Kotor’s labyrinthine old town, a UNESCO-protected jewel, the journey traces the bay’s serene curve to Perast, a baroque village that seems untouched by time. Anchoring near the islet of Our Lady of the Rocks, sailors are greeted by silence — and a view framed like a painting. Then comes Budva, a coastal chameleon where tradition meets modern-day hedonism. Think beach clubs, boutique hotels, and nights that stretch into sunrise. Montenegro’s coastline may be short, but its sailing experiences are long remembered.

SAILOR’S TIPS

Split – Hvar – Vis Book your Hvar marina berth days in advance — it fills by early afternoon in peak season.

Kotor – Perast – Budva Sail into Kotor early morning for the calmest bay reflections and no cruise ship shadows.

MARINA TO WATCH

Portonovi Marina, Montenegro

Positioned at the entrance of Boka Bay, Portonovi Marina is one of the most sophisticated harbours in the Adriatic. Designed for superyachts up to 140m, the marina boasts 238 berths, state-of-the-art facilities, customs services. With its elite surroundings – including fine dining, luxury residences, wellness retreats, and the world-renowned One&Only Portonovi resort – this is more than a marina. It’s a lifestyle haven where world-class service meets Montenegro’s untouched coastal beauty.

Rovinj – Brijuni – Pula

The Istrian Route of Culture and Calm

In the north, where the Adriatic begins to narrow and change character, the Istrian coastline offers a gentler rhythm. Rovinj, with its pastel facades and hilltop church, opens the journey in cinematic fashion. The Brijuni Islands, once the private retreat of Tito and now a national park, offer rare solitude — wild deer, ancient ruins, and emerald inlets waiting to be explored by paddleboard or tender. Further south lies Pula, crowned by its Roman amphitheatre and a flourishing gastronomic scene rooted in olive oil, seafood, and truffles. This route is less about the thrill of the wind and more about the luxury of time well spent.

Saranda – Ksamil – Karaburun

Albania’s Wild Blue Frontier

There is still a stretch of Adriatic coastline where time moves slowly and the crowds haven’t arrived. Albania’s southern sailing route begins in Saranda, a coastal town with views stretching to Corfu and a relaxed,

sun-soaked charm. Sailors soon reach Ksamil, where white beaches and shallow turquoise waters evoke distant oceans, not the Balkans. But the true marvel awaits farther north: the Karaburun Peninsula, a marine reserve where cliffs plunge into the sea and dolphins sometimes follow in your wake. Untamed and under the radar, this route is for those who sail not to be seen — but to feel free.

SAILOR’S TIPS

Rovinj – Brijuni – Pula Anchor off Brijuni before sunset — the island glows and the tourist boats retreat.

Saranda – Ksamil – Karaburun Sailing with a local skipper is highly recommended — infrastructure is growing, but charts can be outdated.

THE REGION RECOMMENDS

Top Picks for a Perfect Sailing Day

• Lunch Stop: Konoba Mare, Šćedro Island Seafood by the sea, no roads in sight.

• Swim Spot: Stiniva Cove, Vis Croatia’s most photographed cove — arrive before 10AM.

• Hidden Gem: Sveta Nedjelja Underwater Wine Cellar, Hvar Wine aged beneath the waves, with a tasting above.

• Sunset View: Deck near Cape Mulo, Kornati The horizon here feels infinite.

Kornati National Park

The Labyrinth of Light and Silence

No guide to sailing the Adria is complete without the Kornati Islands — over 80 mostly uninhabited isles scattered like stepping stones across deep blue. This national park is a dreamscape: dry stone walls, lunar hillsides, and coves so still the water seems painted. Days here pass in silence — snorkeling in hidden reefs, grilling fresh fish onboard, chasing the wind without destination. There are few marinas, fewer distractions, and almost no roads. But for many sailors, that is the very point. In the Kornati, you don’t just explore the sea — you dissolve into it.

PORTONOVI A

NAUTICAL LIFESTYLE DESTINATION

The Heart of Adriatic Luxury & Adventure

Nestled at the entrance of the UNESCO-listed Boka Bay, Portonovi is a beacon for those who seek elegance, ease, and an unforgettable nautical experience. With direct access to some of the most scenic sailing routes in the Mediterranean, it’s not just a stop – it’s a destination.

Portonovi Marina is crafted to meet the highest standards of international yacht lovers, offering deep-water berths for vessels up to 140 meters, 24hour yacht assistance, customs and immigration services, and a full range of maritime support. But beyond functionality, it’s the setting that elevates every arrival. The marina is surrounded by a vibrant village brimming with gourmet restaurants, stylish boutiques, and Europe's first One&Only Resort — a symbol of world-class hospitality.

Sailors can disembark into a world of curated experiences: yoga at sunrise with a sea breeze, cocktails overlooking the bay, or an impromptu dive into Montenegro’s cultural and natural treasures. Whether you’re chasing wind or seeking stillness, Portonovi invites you to moor in a place where the sea meets splendour.

Portonovi Marina. Where your sailing story turns into a luxury chapter. •

portonovi.com

SAILOR’S TIPS

Kornati National Park Permits are mandatory — get them online or through your charter company before entering park waters.

Charting New Horizons

As the Adria region increasingly invests in sustainable tourism and smart marinas, sailing is no longer just a luxury — it’s a mindful way to travel. Solar-powered yachts, eco-certifications, and heritage conservation are becoming part of the journey. But no matter the vessel, it’s the coastline that captivates. In every port, a new story begins. This summer, let the wind decide which one is yours.

ROUTES

TREND NOTE: THE RISE OF ECO-SAILING

As sustainability reshapes tourism, sailing is emerging as a smarter, slower, and greener way to explore.

Charter companies across the Adria now offer:

• Hybrid or solar-powered catamarans

• Plastic-free provisioning kits

• Onboard marine conservation briefings

The Adria is not just a destination — it’s a responsibility.

CROWNE PLAZA BELGRADE: Where Business and Hospitality Meet with CLASS

In the heart of New Belgrade, at the crossroads of the city’s business and diplomatic scene, Crowne Plaza Belgrade stands as a symbol of reliability, elegance, and international service standards. As part of the prestigious IHG group, this hotel has long been the first choice for business travellers, international delegations, and corporate partners from the region and around the world.

The hotel features 416 modern rooms and suites, including newly renovated units that reflect a refined blend of contemporary design and maximum comfort. Special attention is given to the needs of today’s business guest—from smartly designed work areas to ultra-fast Wi-Fi and 24/7 concierge service.

The hotel’s conference centre is one of the largest and best-equipped in the country, with over 14 event spaces suitable for everything from international conferences and business training to gala dinners and formal receptions. With technical support, a creative F&B concept, and a high level of organisation, every event at Crowne Plaza becomes a benchmark of success.

The hotel’s hospitality offer is equally impressive: Prime Restaurant is a haven for lovers of sophisticated cuisine, while Novi Bar & Lounge and Riddle Bar are ideal spaces for a business lunch, informal meeting, or evening cocktail accompanied by a carefully curated music selection.

For those seeking a balance between business pace and personal well-being, Saruna Spa & Wellness Centre offers a complete reset for body and mind—including the largest hotel pool in Belgrade, a spacious garden for outdoor relaxation, a modern gym, and treatments delivered by expert staff in a soothing atmosphere.

SUMMER PACKAGES FOR MEMORABLE EVENTS

Throughout July and August, Crowne Plaza Belgrade is offering exclusive summer packages ideal for small gatherings, networking evenings, and team-building events:

Summer Seminar: A meeting room for up to 50 participants, coffee break, lunch, and discounted accommodation.

Sunset Networking: Cocktails, finger food, and a DJ set in the summer garden—perfect for relaxed business mingling.

Summer Team Recharge: A full-day program with presentations, activations, and dinner at Novi Bar, including a wellness surprise for team leads. The summer months become a new opportunity for business gatherings in a relaxed yet professional atmosphere—in the shade of luxury, right by the river

Redefining Luxury from Sarajevo

Berina Bajrović on Legacy, Emotion, and Why the Region Must Lead, Not Follow

As CEO of Europe Group, Berina Bajrović oversees some of Sarajevo’s most iconic hotels — and she’s not stopping there. Her newest project, Europe Square, is among the most ambitious urban investments in Bosnia and Herzegovina, a 50,000-square-metre destination blending hospitality, culture, luxury living, and curated public space. It’s bold, it’s rooted, and it’s rewriting what premium tourism can mean in the heart of the Balkans. In this conversation, she shares how legacy can drive innovation, why emotion is the new currency of travel, and what it takes for the Adria region to rise on its own terms.

You’re helping reshape Sarajevo through a project like Europe Square. What does that say about your vision for premium tourism?

We’re not just building buildings — we’re shaping identity. Europe Square blends luxury residences, fine dining, green space, and cultural life into one unified vision. Sarajevo already has soul; we’re giving it contemporary form. This isn’t imitation — it’s evolution rooted in place.

How do you balance heritage with the expectations of modern highend guests?

We treat heritage as a living asset. Our properties aren’t about frozen nostalgia — they’re about relevance. Guests can sleep where history happened, but still enjoy the privacy, technology, and customisation they expect. When history and inno-

“Sarajevo has soul. We’re giving it form.”

Berina Bajrović

vation coexist naturally, you create emotional resonance.

What kind of leadership does the region need to succeed globally?

We need clarity, courage, and the discipline to stop chasing what others are doing. Leadership means defining our own voice — not asking for permission. The region has depth. We just need to stop diluting it with borrowed templates.

It’s in the rhythm of service, in noticing the unspoken. True hospitality anticipates, adapts, and connects. When your team leads with sincerity, every interaction becomes more than a transaction — it becomes a story someone remembers.

You’ve chosen long-term investment over quick wins. Why?

Because value built with patience lasts. Europe Square isn’t just about returns — it’s about Sarajevo’s future identity. Yes, bureaucracy slows things. But we’re building for legacy, not headlines. That mindset changes everything.

What should the region do to build a shared premium identity?

We need to move together. Shared experiences, cross-border storytelling, joint platforms — this is how we create a region travellers want to explore, not just visit. No traveller sees borders; they see flow. So should we.

And if you had one page in every investor’s playbook?

I’d say: Sarajevo is waking up. Don’t wait. This city has talent, character, and momentum. Invest in it while its story is still being written — because soon, everyone else will want a line in the final chapter. •

You say hospitality is about care. What does that look like in practice?

World at Glance

May Records Second Hottest Ever Globally

The planet just logged its second-warmest May ever, with Greenland and Iceland experiencing temperatures over 10 °C above average. In some areas, sea ice melted weeks ahead of schedule. As the world edges toward COP30, scientists warn this is no anomaly—it’s the new climate baseline.

Dutch Court Orders Shell to Expand Climate Cuts

In a landmark ruling in late May, a Dutch appeals court upheld and expanded a previous order forcing Shell to slash CO₂ emissions by 45% by 2030—setting a powerful precedent for corporate climate accountability. Activists hailed the decision as a legal tipping point for fossil fuel gi-

ants across Europe. Shell plans to appeal, but the ruling could ripple far beyond the Netherlands.

U.S.–China Trade Truce Lifts Markets

In early June, the U.S. and China signed a tentative trade framework that cooled global tensions and lifted investor confidence. Markets welcomed the move after months of tariff anxiety and inflation signals. Yet, geopolitical risks remain, and the truce may prove more fragile than it appears. Analysts caution that while the agreement offers temporary relief, it leaves many contentious issues unresolved, including technology transfers and subsidies. Investors are now closely watching for concrete follow-through and potential setbacks in upcoming negotiations.

Heatwave Hits South Asia

India and Pakistan endured one of the harshest heatwaves in years, with temperatures soaring past 48 °C. Crops failed, schools shut down, and emergency rooms overflowed as heatstroke cases spiked. Climate scientists warn: this is not extreme weather—it’s the new normal for South Asia.

A man cools off under a street tap in Delhi as temperatures surpass 48 °C. The relentless heatwave has pushed South Asia’s infrastructure and health systems to the brink.

Oil & Gold Jump Amid Middle East Fears

One Israeli strike on Iran sent energy markets into a tailspin: oil surged 10%, airlines faltered, and investors scrambled for safe havens. Gold spiked as the spectre of regional war and disrupted oil flows through the Strait of Hormuz resurfaced. The price of instability, once distant, is again baked into global supply chains.

Brazil Pushes Climate Governance Reform

As COP30 host, Brazil has proposed forming a global climate enforcement council under the UN, aimed at holding countries accountable for emissions targets. The idea is gaining traction among nations frustrated with slow progress and voluntary commitments. If adopted, it could reshape climate diplomacy in 2026 and beyond.

New York Peace Conference Postponed

The two-state solution was set to return to centre stage in New York—until conflict in the Middle East forced a diplomatic retreat. With France and Saudi Arabia backing the talks, hopes were high for a symbolic breakthrough. Instead, the postponement revealed how fragile peacemaking becomes when headlines shift and missiles fly.

Global EV Sales Rise as China Peaks

May saw China hit a record peak in electric vehicle sales—an inflection point both celebrated and studied. As Western manufacturers struggle to match Beijing’s pace, the race now pivots to infrastructure, software, and the looming question of whether the EV boom is truly sustainable. One thing is certain: batteries are the new oil.

Next-generation aircraft

Paris Air Show Poised for Big Deals

Despite turbulence in global trade and defence sectors, the 2025 Paris Air Show is set to launch major orders for next-gen aircraft. Both Airbus and Boeing are expected to unveil milestone deals. The event signals confidence in long-term air travel, even as short-term skies remain cloudy.

Canadian Wildfires Rage Across Provinces

More than 1,900 wildfires have scorched 3.2 million hectares across Canada since May, forcing evacuations in multiple provinces. Smoke has drifted into the U.S. and even Europe, prompting air quality alerts from Toronto to Berlin. Firefighters from across the globe are now joining Canada’s emergency effort.

Smoke billows over British Columbia as wildfires force mass evacuations and darken skies from Toronto to Berlin. Over 1,900 fires have already scorched 3.2 million hectares across Canada.

take centre stage at the Paris Air Show, where Airbus and Boeing are expected to unveil billion-euro deals despite ongoing global tensions.

Signals from the World

Red Sea Disruptions: Commercial shipping volumes through the Red Sea dropped by 20% as rerouted vessels avoid conflict zones.

Africa’s Mobile Surge: Sub-Saharan Africa added over 18 million new mobile internet users in May alone.

Crypto’s Quiet Comeback: Bitcoin rose 15% in five weeks, topping $78,000 amid renewed institutional interest.

Germany Eyes Green Steel: Germany approved €3.2 billion to transition key steel plants to hydrogen-based production.

Gaming as GDP Driver: South Korea announced a $1.1 billion fund to support gaming exports as part of its creative economy strategy. QUOTE OF THE MONTH

“The oceans are waving a white flag.”

— Marine biologist, responding to the worst coral bleaching event in history

Global Coral Bleaching Event Intensifies

The ocean is waving a white flag. With 84% of global reef systems now affected, the current coral bleaching event is the largest in recorded history. Scientists say it’s not just marine life under threat—but the food chains, coastlines, and economies that depend on them.

A once-colourful reef now pale and lifeless, part of the world’s largest recorded coral bleaching event. Scientists warn that 84% of global reefs are under threat.

U.S. Dollar Falls Despite Strong Data

Despite strong Treasury auctions and stable inflation, the U.S. dollar sank to a three-year low by mid-June. Investors rotated toward gold, the Swiss franc, and Asian currencies, hedging against future Fed policy shifts. Currency traders are calling it a “quiet correction”—but one with noisy consequences. Analysts suggest that growing uncertainty over the Federal Reserve’s next moves is fuelling demand for safer, non-dollar assets.

GLAVNI

What’s one risk worth taking in the Adria region today?

In a region balancing tradition with transformation, the real question for forward-looking businesses is not whether to take risks — but which ones. As innovation gathers pace and digital capabilities expand, the decision to act boldly can define a company’s future. We asked two leaders from Bee IT to share the one risk they believe is worth taking in Adria today.

Nikola Gorjanac

Co-founder & CTO Bee IT

Where We See Immense Potential

The Adria region holds tremendous potential, particularly in the fullscale digitalisation of business. The market is rich with both foreign investors and strong domestic players. Yet, one major obstacle remains: a lack of awareness about the true value of this transformation. Perhaps the most important — and often overlooked — advantage of digitalisation lies in data. Every piece of data can fuel growth and cut costs. However, companies still miss the opportunity to leverage user insights, habits, and behaviours. Even firms that feel mature on the local market can expand further through new digital channels — reaching not only current clients but also those previously out of reach. The greatest potential? It lies in the next generation — new users of existing systems. Not long ago, online payments were seen as taboo. Now, forward-thinking companies are forming entire departments dedicated to the virtual world. But many market leaders remain unprepared. To stay relevant, they will need to step out of their comfort zones in the years ahead.

The value of this transformation often becomes visible only after several years of dedicated effort. Digitalisation is not a side project — it’s a core undertaking, just as complex and vital as running the business itself. Success in this environment requires serious investment of both time and resources.

Trust in the Local Ecosystem

Since its founding, Bee IT focused exclusively on international clients. Developed markets seemed like the logical path to growth and stability. But in recent years, we noticed a shift in the Adria region.

Local markets were maturing, companies becoming more open to digitalisation, and their needs aligning more closely with the global standards we’re used to.

At the same time, the region experienced steady economic growth, a stronger private sector, and rising investments in tech — all signs that the timing was right.

So we took the leap. Despite concerns about leaving our comfort zone, we redirected part of our sales and development capacities toward the domestic and neighbouring markets. The initial steps were tough: we had to adapt our messaging, educate potential clients, and build trust in a market that didn’t know us yet.

Today, after several successful regional projects, we’re confident the risk paid off. Not only because of the new revenue — but because we’re contributing to the growth of the local digital scene.

In the Adria region, one risk worth taking is placing trust in your own ecosystem — because the future of these markets is being built now.

Zoran Tovarloža Co-founder & CEO Bee IT

Serbia Joins SEPA as 41st Member

Serbia has officially joined the Single Euro Payments Area (SEPA), becoming its 41st member. The move follows the alignment of Serbia’s payment systems and regulations with EU standards and marks a key step in its EU integration path. SEPA membership enables cheaper and more efficient transactions with EU countries, benefiting both businesses and individuals.

Croatia and Montenegro Sign Pact to Streamline Euro Cash Exchange

In Dubrovnik, Boris Vujčić, Governor of the Croatian National Bank, and Irena Radović, Governor of the Central Bank of Montenegro, signed a historic agreement to streamline the cross-border exchange of euro cash. The deal ensures direct, nofrills transfers of banknotes and coins, strengthening financial cooperation between the two countries and enhancing ties within the wider European region.

Creative Economy Becomes Regional Priority

At a forum in Kotor held under the Berlin Process, Western Balkan ministers reached a historic agreement to prioritise the creative economy in regional development and EU integration. Ministers from Tirana, Sarajevo, Priština, Podgorica, Skopje, and Belgrade signed a joint declaration committing their governments to treat the sector as strategic, align policies across culture, education, and economy, and secure both public funding and private investment incentives.

Montenegro Receives

€26.8m from EU Growth Plan

In mid-May, Montenegro received €26.8 million as part of the EU Growth Plan for the Western Balkans. Of that amount, €12.5 million in favourable loans was paid into the state budget, while an additional €14.3 million in grants and loans will be channelled through the Western Balkans Investment Framework to improve infrastructure. The support aims to boost reforms and bring Montenegro closer to EU standards.

Serbia and IMF Finalize Reform Deal

The International Monetary Fund and Serbia reached a staff-level agreement on the first review of a 36-month Policy Coordination Instrument, committing to a fiscal deficit limit of 3% of GDP. The deal supports structural reforms, with Serbia expected to grow ~3% in 2025 and ~4% in 2026.

€377m EBRD–EU Digitalisation Push for SMEs

In April, the EBRD launched a €377 million programme—with €27.6 million from the EU—to support digitalisation, automation, and green tech among SMEs in Western Balkans’ economies including Albania, Bosnia, Kosovo, Montenegro, North Macedonia, and Serbia. Focus also includes women-led enterprises, benefiting around 750 firms.

EU–Balkans Customs Chiefs Align

Leaders of customs administrations from the Western Balkans and EU member states gathered in Tirana for the Second High-Level Conference of Customs Directors General, titled “Customs Partnership for a Connected Europe.” The event served as a key platform for enhancing strategic customs cooperation, supporting the objectives of the EU Growth Plan, and advancing the alignment of CEFTA with European Union standards.

Milica Delević Appointed EBRD Secretary General

Milica Delević, a longtime EBRD official and former diplomat, has been appointed Secretary General of the Bank, effective August 1. She succeeds Kazuhiko Koguchi, bringing continuity and experience to the role amid a shifting global environment.

France and Croatia Launch Economic Cooperation Platform

A new platform for economic cooperation between France and Croatia was launched in mid-June in Zagreb, aiming to reshape regional ties. Led by the International Union of Alsace (UIA), which unites 20,000 members across 65 associations, the initiative will promote business, cultural, and academic exchange— with a strong focus on tourism, gastronomy, and shared heritage.

The First Quarter of 2025 in Adria

The figures shaping a region in motion

In just three months, the Adria region has delivered sharp signals of momentum — in investment, infrastructure, energy, and tourism. These five numbers cut through the noise to show where the region is heading, and why the first quarter of 2025 may be remembered as a turning point. From billion-euro railway projects to the steady rebound in international travel, the indicators point to a region that’s investing in resilience — and beginning to scale.

€2 billion

Railway momentum builds

In early 2025, the European Investment Bank (EIB) unlocked €2 billion for railway upgrades across the Western Balkans. The funds will support automation, safety, and regional connectivity, further aligning transport infrastructure with EU standards.

€377 million

Digital and green growth for SMEs

Via the Western Balkans Investment Framework (WBIF), the EU and EBRD have channelled €377 million into digitalisation, green technologies, and smart SME development. The funding aims to support innovation-driven local growth.

5 %

Tourism recovery gains traction

€1.35 billion

Clean energy capital flows

The EBRD committed over €1.35 billion to renewable energy projects in the Western Balkans during Q1 2025. Wind, solar, and hydropower initiatives received funding as the region accelerates its green transition.

International tourist arrivals across Europe rose by 5% in Q1, with coastal and cultural destinations in Adria seeing signs of sustained rebound. It’s a cautious but steady return, driven by improved connectivity and marketing.

€121 million

Albania’s corridor goes green

In February, Albania secured €121 million in EU-cofinanced loans through the EIB and EBRD for the modernisation of the Durrës–Rrogozhina railway. The 34-kilometre route will support lowcarbon mobility between key economic hubs.

Corporate News

Astra AI Named Best 2025 Startup

Astra AI has been crowned Startup of the Year 2025, having transformed Slovenia’s education landscape. From its beginnings as a YouTube math tutorial channel, it now serves 170,000 users with AI-driven tutoring in subjects like maths, science, and languages. Founded by Andrej P. Škraba, Astra blends personalisation with cutting-edge tech, making waves both locally and globally in education.

Dundee Precious Metals to Acquire Adriatic Metals

Canada’s Dundee Precious Metals will buy UK-based Adriatic Metals in a $1.25 billion / €1.08 billion cash-andstock deal. Key assets include the Vareš silver mine in Bosnia and the Raška zinc-silver project in Serbia. The offer price represents a 50.5% premium, and post-close, Dundee shareholders will own around 75% of the merged entity.

Zijin Takes Falkensteiner Belgrade

Chinese mining giant Zijin has swapped copper veins for velvet lounges, snapping up Belgrade’s chic Falkensteiner Hotel from Dutch hands in a move that jolts Serbia’s luxury hospitality scene. The acquisition, a curious pivot from ore to opulence, hints at Zijin’s growing appetite for influence beyond the mineral-rich east.

Adria Mobil Celebrates 60 Years

As it turns 60, Slovenian RV maker Adria Mobil—now part of France’s Trigano Group—celebrates record €737m revenues and nearly 16,000 vehicles sold in 2023/24. CEO Gregor Adler plans to scale back production, raise quality, and launch a new five-year strategy, unfazed by Chinese rivals in what he calls a “conservative” motorhome market.

Vlasinka Wins Award

Deep in Serbia’s Vlasina Plateau, Coca-Cola HBC’s Rosa plant has won the ESG Leaders 2025 award for Environmental Strategy, slashing emissions by 78% since 2017. Now hailed as the greenest in the region, the factory runs on renewables, sends zero waste to landfill, and proves sustainability isn’t a slogan — it’s the future of industry.

Rimac Debuts Nevera R in Monaco

At the Monaco Grand Prix, Rimac launched the 2,107hp Nevera R—an electric hypercar with a fixed wing and 15% more downforce. Unveiled near the Fairmont hairpin, it hits 0–96 km/h in 1.74s and tops out at 412 km/h. Founder Mate Rimac called it “uncompromising performance” on motorsport’s most glamorous stage.

Uber Rolls into Ljubljana

Uber’s cautious return to Slovenia sees it partner with licensed taxi drivers, offering rides through its app in Ljubljana from May 20. This collaboration marks

a departure from previous disruptive attempts, with Uber now aligning with local regulations. Morena Šimatić, Uber’s director for Slovenia and Croatia, promises compliance and long-term sustainability. Authorities and taxi unions have expressed cautious optimism.

Delta Launches Green Office Hub

Delta Real Estate, led by CEO Angelina Nekić, launches Delta Iron—an €85M business hub near central Novi Sad. Aiming for LEED Platinum certification, the 40,000 m² complex blends smart energy, green design, and flexible workspaces, with phase one set for completion by mid-2026.

Atlantic Grupa Presents Lemonish Beneath dusky Zagreb skies, Atlantic Grupa launched Lemonish—a sparkling lemonade with the juice of a whole lemon, natural CO₂ fizz, and a sunny Dalmatian twist. Celebs like Ivana Mišerić and Marko Braić joined the Riverside Garden celebration, soundtracked by cult band TBF. With no additives and cocktail-ready charm, Lemonish aims to refresh the soft drink scene with purpose and flair.

Nelt’s Baby Food Enters Energy Snack Market

Baby Food Factory, part of the Nelt Group, has launched Nutrino Lab Energy Boost, marking its entry into a new product category. This all-natural line of energy snacks combines science

and nature to offer a simple, functional, and accessible source of daily natural energy.

Mercator’s Strategic Retreat

Mercator, Slovenia’s leading retail chain, is closing 43 smaller stores by autumn, part of a strategic consolidation after shutting 29 units last year. The closures, which target underperforming locations, will not result in layoffs, with staff reassigned to other stores amid ongoing labour shortages. Despite a €47.8 million loss in 2023, the move aims to streamline operations and adjust to evolving market conditions.

OTP Group’s ESG Summit

Over 120 leaders gathered at OTP Group’s third annual ESG Summit in Belgrade, including CEO Predrag Mihajlović and executives from DSK Bank and OTP banka Hrvatska. The event focused on banks’ role in financing sustainable projects, featuring a keynote by Gergely Pókos and a CEO panel on green finance challenges and progress.

€85m Heritage Resort Opens in Pula Croatia has unveiled the €85 million Heritage & Resort Hotel Monumenti in Pula, blending restored Austro-Hungarian military architecture with modern luxury. Backed by Kermas Istra, the resort features private beaches, marinas, pools, and a 400-seat congress centre. Set on the Saint Catherine peninsula, it offers panoramic

views of Brijuni National Park and the Adriatic.

Triglav Enters Italy

Slovenia’s Zavarovalnica Triglav has entered Italy’s auto insurance market through a new partnership with Prima Assicurazioni and Ageas Re. Announced on 5 June, the move marks Triglav’s first step into Western Europe and could boost its business volume by €400 million in 2025. The expansion supports the group’s 2030 strategy to grow internationally and exceed its €1.8 billion target.

Bosnia Begins €100m Solar Power Project

Construction has begun on the largest solar power plant in the country, a €100 million project located on the plateau of Komanjsko Brdo near Stolac. Led by Aurora Solar and built by NORINCO International, the plant will generate 200 million kWh of clean electricity annually for the next 30 years. Completion is expected within 12 months, marking a major leap in the country’s renewable energy capacity.

Air Serbia Adds Mykonos Route

Air Serbia has inaugurated a new direct route between Belgrade and the popular Greek island of Mykonos. The service will operate twice weekly—on Mondays and Fridays—throughout the summer season. It offers travellers easy access to one of the Mediterranean’s top luxury and nightlife destinations.

David Kovačič Takes Helm at SPAR Croatia

David Kovačič, the man behind SPAR Slovenia’s rise to dominance, is now CEO of SPAR Croatia, retaining leadership in both countries. With a background at Hofer, Tuš, PwC, and Deloitte, he combines regional insight with international expertise. Kovačič aims to enhance both markets, ensuring national autonomy while leveraging shared strengths for greater efficiency and growth.

Aleksandar Rajčević New Market Manager IKEA Serbia

IKEA Serbia has appointed Aleksandar Rajčević as its new Market Manager, following his 17 years with the company. Under his leadership, the retailer has reported an 8.7% increase in sales and a 17.7% rise in product sales for fiscal 2024. The company is investing over €7.6 million to lower prices and expand, including new Planning Studios and a delivery centre, with plans for further growth across the country.

Events

Adria Circle Launches in Belgrade

With plans to tour major cities across the Adria region, The Region magazine launched its new Adria Circle series in Belgrade—an initiative designed to foster open business dialogue and closer regional connection.

The inaugural event, held at Riddle Bar in the Crowne Plaza Hotel and supported by Carlsberg, Marushka, and others, brought together key voices from Serbia’s business community for an evening of exchange and insight.

Editor-in-Chief Ana Novčić opened the night by stressing the need to unite fragmented markets through conversation. “The more we talk, the more aligned we become,” she said.

Sanja Ivanić, Secretary General of CEBAC, emphasised that Serbia’s EU path could remove trade barriers, but lasting growth requires empowering domestic companies. Ana Grujović of the Swiss-Serbian Chamber pointed to digital innovation as essential for competitiveness. AmCham’s Vera Nikolić Dimić added that despite governance challenges, investor optimism remains strong.

With Belgrade as its starting point, Adria Circle sets the tone for a series aimed at strengthening business ties across borders—one city, and one conversation, at a time.

Alabar Headlines RE:D Conference in Podgorica

Emaar founder Muhamed Alabar delivered the keynote address at the RE:D Real Estate Conference in Podgorica, bringing global perspective to Montenegro’s fast-evolving property scene. The event gathered over 200 regional developers, investors, and policymakers to discuss market trends, innovation, and cross-border collaboration. Alabar’s presence underscored growing international interest in the Adria region’s real estate potential.

AmCham Sparks ESG Momentum in Skopje

At a regional ESG conference in Skopje on 3–4 June, over 150 business leaders gathered under the theme “Building Resilience in a Changing World.” Hosted by AmCham Serbia and AmCham North Macedonia, with support from AmChams in Albania and Kosovo, the event pushed forward a shared ESG agenda for the Western Balkans. Speakers including Amalija Pavić, Dr Sebastian Dunnet, and Marija Savić urged stronger corporate governance, sustainable waste systems, and a nature-first approach—framing ESG as a path to both resilience and regional unity.

The Future Is Calling from Skopje

In Skopje, the Macedonia2025 Summit brought together global thinkers and regional leaders to explore bold strategies for growth. Prime Minister Hristijan Mickoski, former Georgian PM Nika Gilauri, and UAE Ambassador Abdula AlSubousi led discussions on investment, AI, and digital reform—positioning North Macedonia as a rising player in the regional economy. With a forward-looking agenda, the summit signalled the country’s ambition to compete on a broader global stage.

Balkan Ambitions Rise in Jahorina

The 8th Jahorina Economic Forum, held from 19–21 May 2025, convened ministers, economists, investors, and business leaders to shape a shared vision for regional transformation. Under the theme “Agenda for the Western Balkans – A Growth Plan,” discussions centred on sustainable development, energy transition, digital lending, and the potential of a unified Balkan market. The forum also spotlighted scalable agriculture and honoured top female entrepreneurs—while the Regional Wine Festival celebrated the region’s culinary identity.

Driving Change

One Leader at a Time

A Paradigm Shift Is Underway

STATEMENT BY BRANKICA JANKOVIĆ COMMISSIONER FOR THE PROTECTION OF EQUALITY

At the 2025 ESG Adria Summit in Tivat, over 700 business leaders, investors, and policymakers gathered to redefine the region’s approach to sustainability. Across themes of finance, innovation, and inclusion, one voice rose above the rest. Brankica Janković, Serbia’s Commissioner for the Protection of Equality, was named “Sustainable Adria Leader of the Year”—a recognition that placed equality at the heart of ESG. Her words below reflect a vision of change that’s both personal and urgently regional.

“I am honoured that the jury of this year’s ESG Adria Summit chose me as the ‘Sustainable Adria Leader of the Year’. This is yet another opportunity to thank the amazing team at Sustineri Partners for their tireless work in applying ESG standards, as well as for all the good they are doing in shifting regional dynamics—so crucial for our lives.

The fact that this award has a regional character is especially meaningful to me, as regional cooperation has been one of my key priorities ever since 2016, when I initiated the establishment of the Network of Equality Bodies in our region to promote and strengthen the principles of equality, tolerance, and non-discrimination.

The fact that I, as a human rights expert and Commissioner for Equality, received this award is, to me, a strong signal of a paradigm shift—one in which human rights are not only recognised but embraced as the foundation of corporate resilience and sustainable economic growth. It marks a significant step toward achieving equality in the labour market, where individuals are valued based on their work and knowledge, not their gender, age, religion, or other personal characteristics.

We must never lose sight of the fact that sustainable development is defined as meeting the needs of the present without compromising the ability of future generations to meet their own needs. ESG standards are far more than just words—they

are drivers of change, essential principles that reflect the collective wisdom and urgency of the sustainability movement.

I believe this award also represents sincere recognition of my long-standing work and cooperation with the business community in Serbia, with whom, through the Partnership for Equality, we are working to reduce discrimination in the workplace. To date, hundreds of companies and chambers of commerce have joined us, demonstrating the business community’s commitment to creating inclusive work environments and applying ESG principles.

I am also deeply dedicated to improving the position of women in general, especially in the area of economic empowerment, and I am glad that I can contribute to that as a proud ambassador of the regional initiative WOBA.”

THE OTHER SIDE OF PROGRESS

Stories, spaces, and species shaping the region — beyond markets, beyond numbers.

Square, once

Nova Gorica–Gorizia: Where Culture Rewrites the Map

In 2025, two cities once divided by barbed wire are celebrating a shared future — united through art, memory, and imagination

By Lana Kušić

At the edge of the European Union, where Slovenia brushes against Italy, two cities are doing something remarkable — they’re not just cooperating across a border, they are erasing it in spirit. Nova Gorica and Gorizia, separated by war and ideology for much of the 20th century, are now coming together in an act of cultural alchemy. In 2025, they are making history as the first pair of cities across an international border to jointly hold the title of European Capital of Culture. Co-hosting one of the continent’s most ambitious cultural programmes under the banner GO! 2025 — a name that plays on both movement and togetherness — they are offering Europe a new kind of narrative. But this is more than a festival. This is a story about healing, about reclaiming space, about proving that identity doesn’t have to be rigid or territorial. And it’s about showing the rest of Europe what it really means to be “borderless.”

A Border Once Cut in Concrete

Walk across Transalpina Square today and you’d never guess it once marked the line between East and West. Where border guards used to stand, children now chase one another. Where documents were once checked, performances will unfold.

In preparation for GO! 2025, this symbolic square has been completely redesigned. Its new layout doesn’t just remove physical barriers — it removes psychological ones. The cities are sharing not only budgets, logistics, and stages — they are sharing narratives, talent, and public spaces.

The very idea of two cities in different countries serving jointly as Capital of Culture was once unthinkable. Now it’s real. And it’s happening here.

Transalpina

a Cold War divide, now stands at the centre of a cross-border cultural renaissance

Art as a Way to Tell Truth

The official GO! 2025 programme spans a wide range of disciplines — visual art, theatre, music, gastronomy, heritage restoration, digital media. But it is held together by one uniting idea: what we once smuggled, we now share.

The programme is organised around four themes: War and Peace, Smugglers, Very Green, and Creating the New. Each one touches on the lived realities of this borderland — from the scars of the World Wars to the humour of contraband routes, from ecological restoration to bold contemporary design.

An art installation will reimagine old train lines as musical instruments. A culinary festival will blur the lines between gnocchi and žlikrofi. A digital light show will cast stories onto once-divided facades. And at every step, local communities — from both sides — are not just spectators, but co-creators.

A tactile mosaic invites interaction — one of many artworks commissioned to explore the region’s layered identity.

Community performance in Nova Gorica — echoing GO! 2025’s spirit of inclusive participation.

Cross-border audiences gather at a mirrored dome for a multilingual theatre performance.

A quiet reminder of a divided past — now part of a shared cultural future.

Neda Rusjan Bric, Programme Director of GO! 2025, sees the initiative as a continuation of something long rooted in the spirit of the people who live here:

“Ever since the border was established, people in this area have worked to connect and live together, overcoming the historical wounds inflicted during the last century. The European Capital of Culture project represents a major step forward in these efforts — toward a shared future where we exchange not only everyday goods, but also culture and mutual understanding. In today’s uncertain times for Europe and the world, our efforts under the motto GO! Borderless carry an especially powerful message — one that grows more relevant each day: to live and act together, regardless of our differences, and to strive for peace in every way, without borders and without judgment.”

“GO! Borderless sends a powerful message: to live and act together, without borders and without judgment — especially in times when peace must be actively protected.”

— Neda Rusjan Bric, Programme Director, GO! 2025

Neda Rusjan Bric

The Legacy They Want to Leave

Much of the investment has gone into infrastructure that lasts beyond the year: new cultural venues, renovated industrial buildings, public spaces reclaimed for art and memory. But GO! 2025’s greatest ambition is not physical — it is human.

The hope is that long after the final performance and the last curtain call, something will linger: a sense of shared belonging, of cross-border cultural citizenship. And with that, the idea that culture is not a luxury — it’s a necessity for societies that have known division.

As one local curator put it: “Borders are not just fences. They’re in our minds, in our habits. What we’re doing with GO! is helping people learn how to cross them — without fear.”

events across the year

4 key programme themes

2 cities

2 languages

1 vision

12+ countries contributing artists and curators

Traditional carnival figures bring ancestral colour to modern streets — where folklore meets Europe’s future.

Youth organisations and local sports teams are integral to GO! 2025’s festive public atmosphere.

In Season

Festival Radar

From mountaintop orchestras to seaside raves, summer in the Adria region means one thing: festivals everywhere. Between July and September, the region transforms into a cultural circuit of music, film, theatre, and tradition — inviting travellers to dance, reflect, and connect.

MUSIC

EXIT Festival – Novi Sad, Serbia

Dates: 10–13 July 2025

Held in the Petrovaradin Fortress, EXIT blends history with heavy bass. A must for global music lovers.

PERFORMING ARTS

Dubrovnik Summer Festival – Croatia

Dates: 10 July – 25 August 2025

Classical music, opera, and drama meet Baroque architecture in one of Europe’s oldest cultural celebrations.

FILM

Sarajevo Film Festival – Bosnia & Herzegovina

Dates: 15–22 August 2025

The region’s most renowned film event — where emerging talent meets global icons.

FILM

Pula Film Festival, Croatia

Dates: 10–17 July 2025

One of the oldest film festivals in Europe, features both Croatian and international films.

FILM

Tirana Film Festival – Albania

Dates: September 2025

A key event for auteurs and indie filmmakers in the heart of Albania’s capital.

MUSIC

Sonus Festival – Pag Island, Croatia

Dates: August 2025

Three days of pure techno and beachside freedom on the Adriatic.

Dubrovnik Summer Festival

Behind the Curtain Voices of the Festivals

What makes a festival unforgettable? The lineup, yes—but also the vision behind it. We asked the leaders of three of the region’s most iconic events to share what drives them, what defines their festival, and what audiences can expect this summer.

EXIT Festival

IVAN PETROVIĆ President EXIT Foundation

“EXIT Festival has grown from a student project in 2000 into one of the world’s leading music festivals and one of Serbia’s most recognised global brands. Over the past 25 years, we’ve welcomed more than four million visitors and some of the greatest music stars, while generating over €300 million in direct revenue for Serbia’s tourism sector. But EXIT is more than a music event—it’s a movement rooted in values like peace, unity, and optimism. In contrast to the prevailing regional narratives of division and despair, EXIT stands for a vision of the future built on creativity, self-improvement, and hope. This year’s lineup features global icons like The Prodigy, Tiësto, Solomun, and Loreen—and we’re especially proud to host Deepak Chopra’s first-ever appearance in Serbia, bringing his message of personal transformation to our audience.”

JOVAN MARJANOVIĆ

Director Sarajevo Film Festival

“Leading the Sarajevo Film Festival means carrying the responsibility of its legacy, but also having the opportunity to actively shape the future of the film industry in Southeast Europe. Today, the Festival is much more than a cultural event – it is a regional platform that connects filmmakers, audiences, investors, and professionals from around the world.

Our vision is clear: to develop the Festival as a key meeting point for talent and ideas, a space for new stories and international co-productions, and a powerful driver of the creative industries, tourism, and the positive image of the region. The Sarajevo Film Festival helps create an environment where values such as openness, diversity, and collaboration are lived through art.

At this year’s Festival edition, the audience can once again expect an exciting and high-quality programme, strong authorial voices, and unforgettable encounters that make the Festival a unique experience – not only for film professionals, but for the city and the entire region.“

Photos: (c)

Obala

Art Centar, Sarajevo Film Festival

SARAJEVO Film Festival

TANJA MILIČIĆ Director Pula Film Festival

“The Pula Film Festival is one of the oldest film events in the world and proudly nurtures a tradition spanning more than seven decades. Yet, its true value lies not in numbers and years, but in the ongoing dialogue between filmmakers and audiences. Pula offers a unique space where contemporary Croatian and regional cinema meets viewers in an atmosphere few locations can match—under the starry sky of the ancient Roman Arena.

The 72nd edition of the festival will take place from 10 to 17 July 2025, once again

turning the historic city into a vibrant hub of cinema. The festival is not just a venue for screening films, but a space for exchanging ideas, opening important topics, and strengthening film culture. Special emphasis is placed on domestic cinema, while international collaboration and the education of new generations of film professionals remain key pillars.

Pula—with its cultural weight and distinctive setting—is not only a symbol of history, but also a living space where the future of film is contemplated and shaped. In times of rapid change, the Pula Film Festival remains a place of continuity, quality, and gathering for all those who see film as more than just art—those who experience it as a way of thinking, expressing, and connecting. One light, thousands of memories.”

PULA Film Festival

Reading the Future

Selected by a reader who believes great books don’t predict the future — they prepare us for it.

These aren’t breezy reads. They’re signal flares — urgent, bracing, and unafraid to confront what’s coming — urgent, bracing, and unafraid to confront what’s coming. One reveals how artificial intelligence may soon outgrow the institutions meant to govern it. The other exposes the cultural and financial engine that’s been quietly underwriting the tech revolution from behind the curtain.Both are deeply reported, sharply written, and essential for anyone serious about navigating the next ten years with eyes wide open.

What happens when innovation outpaces our ability to control it?

Suleyman, co-founder of DeepMind and one of the clearest minds in AI today, doesn’t write with panic — he writes with precision. In The Coming Wave, he argues that artificial intelligence and synthetic biology will not just reshape industries — they will challenge the very structures of governance and ethics we rely on. The writing is clear, the stakes are high, and the argument is that we are woefully underprepared.

Pair it with: your morning espresso and a pen — you’ll want to underline.

Why now: It speaks directly to the world Slovenia is stepping into with its AI leap.

How venture capital shapes the business world

If you’ve ever wondered how Silicon Valley seems to see around corners — or why Europe keeps struggling to catch up — The Power Law is your answer. Mallaby, best known for his work on hedge funds and central bankers, turns his lens on venture capital and finds a universe of gamblers, prophets, and contradictions. This is not hero-worship — it’s a meticulous, behind-the-scenes look at the firms and founders who bet on disruption, and what it costs to be right.

Pair it with: a flight across the Atlantic — you’ll see the startup world with new eyes.

Why now: Because understanding the machinery behind innovation is just as important as celebrating the innovators.

The Coming Wave by Mustafa Suleyman with Michael Bhaskar

Theme: AI, power, and the future of civilisation

The Power Law by Sebastian Mallaby

Theme:

Where the Wild Still Waits

Biodiversity in the Balkans and the fragile beauty that survives — just barely

By Vuk Zajc

It begins with a river. The Vjosa , winding untamed through southern Albania, is Europe’s last great wild river — a blue artery flowing through deep canyons, past willow groves and gravel islands, untouched by dams. Its waters carry the DNA of more than 1,100 species, from critically endangered eels to elusive otters. Scientists call it a miracle. Conservationists call it a battle won — for now.

This river, and the living world it nourishes, is emblematic of the Western Balkans’ hidden wildness — a region where ancient ecosystems still breathe between mountains, where brown bears forage in Montenegrin forests, and where black vultures trace lazy circles over Serbian canyons. Here, nature is not a backdrop — it is still, miraculously, a presence.

And yet, this fragile abundance is under siege. Roads and pipelines carve deeper into once-remote valleys. Forests are clipped away, riverbeds dredged, mountaintops drilled for wind. Development is necessary, leaders argue. But often, it comes without care — or consequence.

The Vjosa River in Albania — Europe’s last wild river — now protected as a national park after years of grassroots advocacy

Even the most elusive survivors, like the Balkan lynx, are now vanishing where they once thrived. Once the silent ruler of the beech forests of North Macedonia and Albania, this rarest of European cats now teeters at the edge of extinction — fewer than 50 individuals remain. When the forest vanishes, so does the lynx. And with it, something ancient and irreplaceable.

Fewer than 50 Balkan lynx remain in the wild. Once common in the forests of North Macedonia and Albania, they now face extinction

Still, not all hope is lost. Across the region, a quiet resistance is taking root — led not by governments or global campaigns, but by villagers, biologists, and local NGOs who refuse to accept the false trade-off between progress and protection.

In North Macedonia, biologist Ana Colovic Lesoska fought a years-long campaign against hydropower plants planned for Mavrovo National Park — the last stronghold of the Balkan lynx. Her work led to the withdrawal of international funding and earned her global recognition. In Bosnia’s Kruščica village, women stood for over 500 days at a small stone bridge, blocking construction machinery from reaching their beloved river — and won.

Where Nature Still Thrives

Vjosa River, Albania Europe’s first Wild River National Park — 270 km of undammed flow.

Mavrovo National Park, North Macedonia

Last stronghold of the Balkan lynx.

Central Balkan National Park, Bulgaria

Home to ancient beech forests and 220+ bird species.

Kruščica, Bosnia and Herzegovina Village where women stopped a hydropower project through peaceful protest.

Nature here still breathes like it did centuries ago. That is not an obstacle — it is our greatest asset

In Montenegro, cross-border rangers now monitor bear populations in a cooperative effort with Albania. In Serbia, ancient trees in the Fruška Gora and Tara mountains are being mapped, catalogued, and in some cases — finally protected. And in Bulgaria, the Central Balkan National Park, home to more than 2,300 plant species demic insects, continues to function as a natural laboratory for what restoration can look like when left undisturbed.

and countless en:

These aren’t isolated victories. They are proof that the Balkans still have what much of Europe has already lost intact ecological corridors, unbroken migration routes, wild rivers, and time — just enough time — to save them.

Because nature does not negotiate.

In a world of collapsing ecosystems and shifting baselines, the Balkans may yet stand as a testament to what is still possible — if action is swift, sustained, and local communities are seen not as obstacles but as guardians.

But conservation here must be more than defence. It must become policy. The ern Balkans, if fully implemented, could be a turning point — aligning environmental protections with EU law, creating funding pipelines for conservation, and fostering cross-border planning. But without political will, these plans risk becoming just more paper in drawers.

EU’s Green Agenda for the West-

A generation from now, a child might walk beside the Vjosa, still undammed, or hear a lynx cry echo through a restored forest in Mavrovo. But only if we choose to protect what is wild now — not after it’s already gone.

Each spring, bee-eaters (Merops apiaster) return from sub-Saharan Africa to nest in the Adria region. Though named for bees, they feed on various flying insects and thrive in biodiverse habitats — a vibrant sign of balance and nature’s quiet resilience.

Bulgaria’s Central Balkan National Park one of the last strongholds of old-growth forests in Southeast Europe

Did You Know?

Wildlife Facts from the Western Balkans

The Balkan lynx is the rarest wild cat in Europe — fewer than 50 individuals remain, primarily in North Macedonia and Albania.

The Vjosa River in Albania is Europe’s last large undammed river — over 1,100 species depend on its natural flow.

Central Balkan National Park in Bulgaria shelters over 2,300 plant species and ancient UNESCO-listed beech forests.

The Šar Mountains are home to more than 600 butterfly species, many of them endemic to the region.

Brown bears, wolves, and golden jackals still roam freely across transboundary forests in Serbia, Montenegro, and Bosnia and Herzegovina.

Ana Colovic Lesoska Biologist (North Macedonia)

“The lynx isn’t just about species conservation. It’s a measure of how healthy our ecosystems are. If we lose it, we lose the forest’s balance.”

Ulrich Eichelmann Riverwatch

“You must know that the rivers in the Balkans are still of an outstanding ecological quality and beauty.”

Dina Hoti Ecotourism Guide (Albania)

“When I take guests into the mountains, I tell them: this forest isn’t a relic — it’s alive. Nature here still breathes like it did centuries ago. That’s not an obstacle — that’s our advantage.”

Learn more about Europe’s last wild river

Explore the Balkan Green Belt a living corridor of wilderness across borders

In the village of Kruščica, women protected their river by standing guard on a bridge for over 500 days — and stopped the dam

How to Solve a Problem the Balkan Way (Hint:

Don’t)

ALL ROADS LEAD TO THE BALKANS

— at least that’s what you’ll hear from every local, especially those who’ve never travelled anywhere else. But if you do find yourself on one of those roads, and by some twist of fate you land in a Balkan state with a problem that needs solving fast — here’s what you need to know.

First and foremost: You won’t.

Here, time is a myth. It’s not a straight line but a vague annoyance — something that exists now so that tomorrow we can say it was yesterday in some new version of now. Still, problems do get solved. How? Through a rigorous method involving meticulous planning, structured timelines, and disciplined execution. Just kidding.

Step One: Preparations

Let’s say we need to drain an artificial lake. First, we must schedule a meeting — using the standard Balkan method:

I can email you Thursday to say I’ll call Friday to tell you who you should call after the weekend, so we can meet by the end of next week and plan our first appointment sometime next month.”

That’s if things go smoothly.

Dela ys are inevitable. Kids need picking up, cousins are graduating (again), someone’s aunt is having a funeral and a birthday. But eventually, we get to scheduling that first meeting.

Then we begin the next phase: deciding the venue. After deep logistical analysis, we settle on the restaurant with the best food, strongest rakija, and most charming hostesses.

Time to agree on the place? A week and a half — longer if Mercury’s retrograde.

Step Two: The First Meeting

“It’s Monday. I’ll call Tuesday or Wednesday to check if

Everyone’s here — almost. One broke his leg skiing (in June), another thinks he’s being tailed by Belgian spies (sugar beet-related), and a third thought the meeting was next week.

No matter. Those present get

Aleksandar Perišić Comedian, Writer, Balkan Bureaucracy Survivor

to the serious stuff: ordering food. After seven aperitifs, we agree on lamb chops. Strong food demands strong beer — say two or three per person.

By beer number two, we reach bold conclusions:

•The problem is real

•It needs a solution

•Once we find one, the problem will be solved

Then we face the dessert dilemma: pancakes, cheesecake, or pudding? After careful debate, we make our choice. We finish, toast our progress, and celebrate a productive session.

Step Three: Making Progress

Seven months later, we’re back. This time: concrete solutions.

To the public, we simplify. “Major progress made. Problem nearly solved. Expect results soon.” If anyone asks tough questions, we explain that an expert commission has been formed and results will follow shortly — in weeks, or years at most.

Cross my heart and hope to die.

Step

Four:

Stretching the Process

Each meeting is a daily wage. The longer it takes, the better. If you’re lucky, you’ll retire before it’s resolved.

Step Five: Problem

Solved

Eventually, the lake drains itself.

It’s been 25 years. Most original stakeholders are retired or dead. Global warming and quarry blasts triggered tectonic shifts. Problem solved — by fate, not effort.

Final Thoughts

You don’t solve problems in the Balkans. The Balkans solve themselves — in their own time, in their own way. The smart ones join a working group, sip coffee, and collect day rates.

Now that’s efficiency.

IN THE NEXT ISSUE

The Region

COMING IN OCTOBER:

THE LEADERSHIP & LEGACY EDITION

As autumn unfolds, The Region returns with a bold edition focused on the individuals, institutions, and ideas shaping the future of Adria. From corporate succession and government reform to cultural icons and visionary entrepreneurs, we explore leadership in all its forms—and how it leaves a lasting mark.

The Cover Story: “Power & Purpose – The Leaders Deﬁning Adria”

Who are the changemakers transforming business, diplomacy, and civil society? This feature highlights key voices steering the region forward—through crises, transitions, and growth.

Adria’s Family Businesses: Tradition Meets Reinvention

A look behind the scenes of the region’s most enduring family-run companies. How are new generations modernising legacy enterprises without losing their soul?

Women Who Lead: A New Balance of Power

Explore the rise of female leadership across sectors—from boardrooms to ministries—and how it’s rewriting the rules of regional inﬂuence.

What’s Next for Adria’s Economy?

As global volatility persists, top economists and CEOs share strategies for resilience, innovation, and sustainable growth.

Diplomacy & Business: A Shifting Equation

With embassies playing an increasingly active role in economic engagement, we examine new models of collaboration between the diplomatic corps and the private sector.

Legacy Projects: Infrastructure that Lasts

From long-delayed rail links to green energy megaprojects—what are the region’s most ambitious eﬀorts to build for the future?

The Regional Roast & WildScope Return

Want your company featured in The Region’s October edition? Secure your spot today with a premium feature, CEO interview, or advertisement package! Contact us at business@connectingregion.com

Expect sharp wit, an unexpected animal story, and a few surprises to round out the issue with character and charm.