Connecting the Region 5

The Region

ARIJANA NIKOLIĆ VUČINIĆ

Executive

THE DAY AFTER Predicting Trump’s Vision

From Osaka to Belgrade AMCHAM LEADERS

U.S. Business in the Adria

As part of the AIM publishing family, The Region builds on the legacy of CorD Magazine’s 21 years of excellence

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

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Slađan Radosavljević Zoran Perović

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TRANSLATION & EDITING: Marija Jurić

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Ljubica Gojgić, Milica Uvalić, Adriano Milovan, Armin Zeba, Dejan Azeski, Geri Kolgega, Idro Seferi, Nataša Damnjanović, Branimir Jovanović, Zoran Panović, Milan Igrutinović, Maja Vukadinović, Nada Stojanović, Novica Mihajlović, Anđela Radovanović

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The views expressed in this publication are those of the presenter. They do not necessary reflect the views of the publisher

Connecting the Region is quarterly publication

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CONNECTING the Region / editor in chief Ana Novčić.2023, no. 1-    . - Belgrade Alliance international media, 2023-     (Subotica : Rotografika).27 cm

Tromesečno. ISSN 3009-4380 = Connecting the Region COBISS.SR-ID 130142473

The Region

06 The Day After By

Highlights 16 Montenegro’s Business Climate

Arijana Nikolić Vučinić, MFIC 20 Dedicated to Serbia’s Prosperity Aleksandar Ljubić, FIC Serbia

Corporate Pulse 26 Top Banks in 2024 32 104 Years of Christmas Romance

36 Slovenia Innovates for U.S. Collaboration

Ajša Vodnik, AmCham Slovenia

37 Renewable Energy Powers Progress

Vera Nikolić-Dimić, AmCham Serbia

38 Croatia’s ICT Growth and Business Potential

Andrea Doko Jelušić, AmCham Croatia

39 A Strategic Gateway for U.S. Investments

Jelena Arsovska, AmCham North Macedonia

40 Albania a Rising Hub for Investment

Neritan Mullaj, AmCham Albania

42 Where Equality Thrives

43 Empowering Inclusive Workplaces

Ivana Kantar, Addiko Bank Serbia

44 Advancing Adria’s Transport Future Matej Zakonjšek, Transport Community

48 At Crossroads

BRIDGING BUSINESS ACROSS ADRIA

The Day After

With his inauguration set for 20 January, Trump is poised to enact sweeping changes in his second term in immigration, energy, and foreign policy, aiming

By Miro Kovač PhD, Former Minister of Foreign and European Affairs of Croatia

to reshape America’s role on the global stage

Donald Trump performed a miracle. Against all odds, he succeeded in being re-elected as the 47th President of the United States of America. He secured a large majority in the Electoral College, won the popular vote by a wide margin, and saw the Republicans ensure their dominance in both the Senate and the House of Representatives. With a clear conservative majority in the US Supreme Court, Trump’s stunning victory gives him the power and the legitimacy to bring about radical change for both America and the world.

Having reaffirmed his “will to power”, Donald Trump finds himself in a situation evocative of the one described by Nietzsche in Thus Spoke Zarathustra: “You want to create the world before which you can kneel: this is your ultimate hope and intoxication”. The question that naturally arises here is: What does Trump intend to do with this extraordinary opportunity? Thus far, his cabinet picks and the record pace with which they have been made (much faster than Joe Biden’s) suggest that the second Trump administration will likely be more efficient

The question that naturally arises here is: What does Trump intend to do with this extraordinary opportunity?

and organised than his first one. It will be composed primarily of loyalists, with key policies to be devised and overseen by Trump himself and his inner circle within the White House. Undoubtedly, Trump will seek to install tight control mechanisms.

Trump will probably focus on key issues that resonated with Americans, issues where he outperformed Kamala Harris in the election: illegal immigration and inflation. On the immigration front, he may push for Mexico to deploy its military to protect much better both its southern and northern border, preventing and combating the smuggling of migrants, but also of narcotics. A border deal with Mexico, followed by a significant drop in illegal immigration and high-profile deportations, could generate positive media coverage for Trump. If the Mexicans resist cooperation, Trump could threaten to strangle their country’s economy. His approach to border protection and immigration policy would probably influence how other Western countries tackle these issues, in line with the growing trend of strength-

ening national sovereignty in a world prone to fragmentation into competing blocks.

On the economic front, Trump is likely to push for increased domestic oil and gas drilling with two primary goals. First, to lower energy prices, reducing the cost of living and enhancing his popularity among Americans. Second, to continue reindustrialising the US economy, a process already underway due to globally competitive energy costs and the Inflation Reduction Act passed by the Biden administration. This would make the US even more attractive to domestic and foreign investors at the expense of other regions, such as Europe.

“Making America great again”, a slogan Trump “borrowed” from Ronald Reagan, is essentially about the economy. In military terms, the US is so “great” that it dominates the world. In 2023, it spent more than 800 billion dollars on defence, more than the next fourteen countries combined, including China, Russia, and India. However, Trump’s primary goal will be to ensure that the US remains the world’s strongest economy, which is why he will not refrain from using tariffs – his “most beautiful world in the dictionary” - as a tool. In Trumponomics, energy policy will play a crucial role, especially since the US is the world’s largest producer of oil and gas.

Donald Trump will also have to navigate global challenges, first and foremost the rise of China, the only true competitor with the intent and the potential to reshape the international political and economic order. With its production exceeding by a large margin that of the next biggest manufacturers – including the US, Japan, Germany, and India – China has become the world’s manufacturing superpower. In light of the Monroe doctrine, it is remarkable that China has almost surpassed the US in its “backyard”: it is now the second-largest trading partner for Latin America and the largest trading partner for South America, where it has also expanded its diplomatic, cultural, and military presence. At the same time, the US will also have to deal with countries like Russia, Iran, and North Korea. Although less powerful individually, they are supported by China and form a bloc that rejects Western dominance. Trump’s plan to reach a cease-fire agreement between Russia and Ukraine is part of his strategy to pull Moscow away from Beijing. However, achieving this will not be easy, as Trump, just like his predecessor Obama, faces resistance from the entrenched forces of the American foreign policy establishment.

Continuing the pivot to Asia - crucial for maintaining American dominance - and unequivocally supporting Israel in the Middle East will naturally lead to a reduced US engagement in Europe. This, in turn, will force the Europeans to take greater responsibility for their own security and stability. In the case of the Western Balkans, a stable order can be best achieved through its integration into a reformed European Union based on realistic energy, migration, and climate change policies. The upcoming competition between the West, led by the US, and the Global South, led by China, will leave no room for a utopian European approach to world politics. It is time to shift toward realism and common sense. ∙

Advent in Zagreb

Embracing the festive spirit a season of celebration, connection, and new beginnings

Highligh ts

EBRD Appoints Miljan Zdrale as Regional Director for CE

The European Bank for Reconstruction and Development (EBRD) has named Miljan Zdrale as Regional Director for Central Europe, overseeing Croatia, Czechia, Hungary, the Slovak Republic, and Slovenia. Effective January 1, 2025, he will also serve as Head of Croatia, succeeding Mark Davis, who now leads the EBRD’s Southern and Eastern Mediterranean region.

Montenegro’s Trade with Serbia Tops

€3.88 Billion in 2023

Montenegro’s foreign trade from January to October totalled €3.88 billion, with Serbia maintaining its position as the country’s leading trade partner, according to preliminary data from Monstat, Montenegro’s Statistics Office. Trade figures reflect a 3.1% year-on-year increase. Exports amounted to €479.8 million, while imports reached €3.4 billion. Serbia was the top export destination, accounting for €138.9 million, followed by Bosnia and Herzegovina (€30.3 million) and Slovenia (€27.8 million). On the import side, Serbia led again with €589.2 million, followed by China (€398.3 million) and Germany (€334.1 million).

Bosnia Explores Strategic Lithium Reserves

Bosnia and Herzegovina may be sitting on a trove of lithium, a critical resource for the global transition to green energy, but the extent of its deposits remains largely unexplored. Preliminary estimates suggest the eastern region alone holds over one million tons of concentrate, a figure that positions the country as a potential key player in the lithium market. Research so far has identified 143 locations across the country with confirmed reserves of strategic raw materials, including coal (five billion metric tons), iron ore (653 million tons), and bauxite (120 million tons).

Celje Named European Christmas City 2025

Celje, Slovenia’s fourth-largest city, has been awarded the title of European Christmas City 2025 by the Christmas Cities Network. Known for its enchanting Fairytale Celje event, the city offers performances, festive markets, and sustainable initiatives, with highlights including The Fairytale Land, the Treasure Trove of Gifts market, and medieval holiday activities at Celje Castle. The Christmas Cities Network, supported by the European Parliament, annually recognises top festive destinations.

COP29 in Baku Sees Western Balkans Push for Climate Action

Leaders from the Western Balkans gathered at COP29 in Baku, uniting in calls for urgent climate action while questioning the effectiveness of global summits in driving real change. The Western Balkans have made it clear they stand ready for cooperative climate action, balancing calls for immediate impact with a sense of urgency for future generations.

Croatia’s Gaming Industry Defies Global Slowdown

While the global gaming industry faced stagnation last year, Croatia’s gaming sector flourished, generating nearly €60 million in revenue. Croatian games are gaining significant traction internationally, especially on Steam, where they are three times more likely to be played than titles from other countries. Notably, 68% of Croatian game developers now incorporate artificial intelligence (AI) to streamline production, enhance creativity, and optimise game design.

New Routes Expand Skopje and Ohrid Connectivity

North Macedonia will add six new international routes from Skopje and Ohrid in 2025, connecting to Dubai, Barcelona, Lyon, Stuttgart, Basel, and Istanbul. Starting in March and June, airlines including Wizz Air, Flydubai, and Turkish Airlines will operate these subsidised flights, which are expected to attract an additional 200,000 passengers.

Tirana Fair Highlights Regional Trade

The Tirana International Fair 2024, Albania’s leading trade event, brought together exhibitors from over 20 countries in late November. Showcasing industries like construction, agriculture, food, and high technology provided a platform for regional economic exchange. Serbia’s national stand, organised by the Serbian Chamber of Commerce and the Serbian Development Agency, emphasised Albania’s potential as a growing market for Serbian businesses.

Orašje Opposes

Bosnia’s Sunday Closure Law

The city of Orašje in Bosnia and Herzegovina has become the first to officially challenge the Federation’s controversial non-working Sunday law, which mandates retail closures to provide workers with a day of rest. The city council, citing significant economic concerns, has petitioned the federal Ministry of Trade for an exemption.

China Opens Visa-Free Access to Montenegro, North Macedonia and Croatia

Increased Mobility for Balkans Strengthens Global Ties

China’s recent expansion of its visa-free policy marks a significant milestone for Montenegro, North Macedonia, and Croatia, among nine nations newly added to the list. Effective 30 November 2024, this landmark policy grants citizens of these countries visa-free access to China for stays of up to 30 days for purposes including business, tourism, academic exchanges, and family visits. With this policy extension, China now allows visa-free entry to citizens of 38 countries. Notably, the initiative reflects Beijing’s strategic efforts to enhance its global connectivity, fostering stronger relationships with the Balkans and Europe at large.

The Balkan Connection

For Montenegro, North Macedonia, and Croatia, this move signals a closer alignment with China’s economic and tourism ambitions. These countries, already benefiting from growing bilateral ties and trade agreements, now have an unprecedented opportunity to deepen collaboration in areas such as tourism, business, and cultural exchange. For Montenegro, where tourism is a key economic driver, visa-free access could attract new business ventures and Chinese visitors interested in the Adriatic coast’s pristine beauty. North Macedonia’s growing international business links could similarly benefit from eased mobility, supporting initiatives in trade and academic collaboration. Croatia, a tourist favourite, stands poised to leverage the policy for further development in tourism and hospitality.

Extended Stay for All Participating Countries

This policy also extends the visa-free stay duration for all participating nations from 15 to 30 days, aiming to bolster inbound tourism and cross-border trade. Among the nine new nations included in the policy are Bulgaria, Romania, Malta, Estonia, Latvia, and Japan, alongside the three Balkan countries.

A Strategic Global Shift

China’s move is seen as part of its broader strategy to reestablish itself as a global hub following the economic challenges brought by the pandemic. With a trial period extending until 31 December 2025, this initiative is expected to bring immediate benefits while assessing its longterm impact.

For Montenegro, North Macedonia, and Croatia, the visa-free policy not only simplifies access to the world’s second-largest economy but also strengthens ties in trade, tourism, and cultural diplomacy, highlighting the region’s growing importance on the global stage. ∙

Central European Stock Exchanges and EBRD Unite

Seven Central European stock exchanges and the European Bank for Reconstruction and Development (EBRD) signed an agreement in Bratislava to jointly develop the region’s capital markets. The partnership, announced by Hungary’s Budapest Stock Exchange (BSE), includes stock exchanges from Hungary, Slovakia, Romania, Bulgaria, Slovenia, Poland, and Croatia, aiming to strengthen financial ecosystems across these countries.

Croatia 5th Globally, Serbia and Albania in Top 50 for English

Croatia has made a significant leap in the EF English Proficiency Index 2024, climbing from 11th to 5th place among non-native English-speaking countries. In the Adria region, two other countries made the top 50. Serbia ranked 24th, while Albania secured the 43rd spot, showcasing strong regional progress in English proficiency.

EU Adopts Enlargement Package for Western Balkans

The European Commission’s latest Enlargement Package, adopted in late October, outlines progress and future steps for Western Balkans countries on their EU membership path. The report praises Albania and Montenegro for significant advancements, with Albania opening cluster negotiations and Montenegro nearing closure of rule-of-law chapters. Bosnia and Herzegovina received recognition for legislative efforts and migration management. Serbia was urged to intensify EUaligned reforms and counter disinformation, while North Macedonia and Kosovo* focused on judicial and public administration reforms. The Commission emphasised merit-based progress tied to democratic principles and judicial integrity.

Foreign investments play a crucial role in driving economic growth, fostering innovation, and creating job opportunities across the Adria region. In this issue, we delve into exclusive interviews with the executive directors of the Foreign Investors’ Councils of Serbia and Montenegro, coinciding with the recent release of their annual White Books 2024. These comprehensive reports outline recommendations for improving the investment climate and highlight key achievements in fostering a more attractive business environment. Alongside discussing the White Books, our interviews explore broader topics related to foreign investment, offering valuable insights into how these two countries are addressing shared challenges and opportunities within the regio

Montenegro’s Business Climate Progress,

challenges, and the road ahead

Montenegro’s business environment is showing signs of progress, but significant challenges remain. In the 2024 White Book, Arijana Nikolić Vučinić, Executive Director of the Montenegrin Foreign Investors Council (MFIC), highlights key areas where Montenegro has moved forward, such as improvements in the Ease of Doing Business Index. However, she stresses the need for decisive action in addressing infrastructure, digital transformation, and workforce readiness.

As Montenegro aspires to join the European Union by 2028, aligning with EU standards remains a top priority. In an interview, Nikolić Vučinić underscores MFIC’s role in supporting reforms, fostering dialogue between stakeholders, and encouraging sustainable practices through initiatives like the newly introduced Green Transition Index. At the same time, she advocates for aligning education with market needs and prioritising soft skill development from early childhood to prepare Montenegro’s workforce for the future.

Reflecting on the 2024 White Book, what do you consider the most significant improvement in Montenegro’s business climate over the past year, and which area requires the most urgent attention?

Over the past year, Montenegro’s business climate has seen modest, meaningful progress. After two years of recorded decline,

Arijana Nikolić Vučinić, Executive Director of MFIC

the MFIC Ease of Doing Business Index has shown growth, marking a positive step forward. However, it is important to be realistic and honest, as we emphasised during the White Book promotion. This growth is symbolic and reflects the initial signs of improvement rather than a comprehensive transformation. Significant challenges remain, and addressing them will require decisive action from policymakers and the entire business community.

Some of the barriers identified in the 2024 White Book have persisted for many years, but clear priorities can still be singled out. Developing infrastructure remains a cornerstone for economic progress and this includes both improving road networks and increasing air connectivity. Equally important is the need to intensify and fully implement the process of digital transformation, which is vital for modernising Montenegro’s economy. Moreover, aligning the education system with the needs of the labour market is essential to address existing skill gaps and better prepare the workforce for future demands. Montenegro’s progress, while encouraging, serves as a reminder that the path ahead is demanding. To sustain and accelerate improvements, a coordinated and decisive response from all stakeholders is essential.

The White Book 2024 presents identified business barriers, as well as responses from the relevant institutions. What is the status of solving the barriers identified so far?

The 2024 White Book introduced a detailed tabular overview of business challenges alongside identified responsibilities for institutions. This year, investors identified 23 new recommendations across various areas. Out of the 37 recommendations from previous editions, relevant institutions provided responses to all of them. However, no activities were initiated for 11 recommendations, while some progress was noted for the remaining 26. Unfortunately, none were fully resolved. In an effort to accelerate the resolution of identified business barriers, we have decided at this year’s General Assembly to change the publication timing of the

MFIC shifted White Book publication date to November to allow the Government more time to act on recommendations

White Book. Starting this year, the White Book will be released in November instead of in March or April as it had been in previous years. By shifting the publication date to November, the Government will have more time to incorporate the recommendations of foreign investors into its work program, allowing for a more efficient and timely response to the challenges outlined in the White Book.

In light of Montenegro’s aspirations for EU integration, how does MFIC align its objectives with EU standards, and what role does the Council play in facilitating this alignment?

The Green Transition Index will be introduced next year to measure progress in sustainability

MFIC’s mission is to improve Montenegro’s economic environment, which closely aligns with the country’s EU integration objectives. At this point, I must mention Montenegro’s goal of becoming an EU member state by 2028. The latest European Commission report recognises the country’s strong ambition to achieve this goal, as well as its commitment to European values. However, it is important to highlight that the path to EU membership requires a steadfast commitment to implementing EU standards. In this process, the openness of the government and institutions to constructive feedback from the business community must remain one of the key priorities.

Through continuous dialogue with institutions and the diplomatic community, MFIC advocates for reforms that bring Montenegro closer to EU standards. It is important to mention that most of our member companies originate from EU countries, and their contributions to this process are significant. By fostering best practices and promoting regulatory alignment, these companies serve as key drivers of progress toward Montenegro’s EU aspirations.

With the global emphasis on sustainable development, how is MFIC encouraging the business community and decision-makers to adopt green practices in Montenegro?

Sustainability and green economy initiatives are crucial not only for Montenegro

but also in the context of EU integration. Recognising the importance of these issues, we established The Green Economy Transition (ESG) Committee to drive progress toward a more sustainable economy. This committee was specifically designed to accelerate the adoption of green strategies and facilitate collaboration between businesses and institutions. Furthermore, starting next year, MFIC will introduce a Green Transition Index designed to measure and promote the integration of green practices within businesses operating in Montenegro.

Most of our member companies are foreign-owned, and many are part of global corporations, so their experience and expertise are invaluable in this context. The main challenge we face is that ESG practices are still relatively new for many local stakeholders. Therefore, we aim to leverage the expertise of our members to help drive awareness and capacity-building efforts, promote best practices and foster collaboration between businesses and institutions.

Drawing from your tenure at the Ministry of Labor and Social Welfare, how do labour market dynamics in Montenegro impact foreign investment, and what reforms would you advocate to align workforce skills with investor needs?

Montenegro’s education system must align more closely with labour market demands. Currently, young people often graduate without the skills and knowledge required by employers, as noted in the White Book. To address this, the

Infrastructure development and digital transformation remain key priorities

MFIC aligns its objectives with Montenegro’s EU goals, advocating for reforms and regulatory alignment

state must invest in active labour market policies that focus on reskilling and upskilling both unemployed youth and adults registered with employment agencies.

A particular emphasis should be placed on addressing the NEET (Not in Education, Employment, or Training) youth demographic, as their inactivity represents a significant socio-economic cost for the country. Encouragingly, some employers have recognised the importance of investing in their employees by offering training programs to meet job requirements. This positive trend should be supported and scaled up.

In the 2024 White Book, the lack of soft skills was highlighted. As someone who has worked in the Ministry of Education and served as the General Director for Preschool, Primary, and Inclusive Education, how important do you think it is to start educating children on these skills from an early age?

Developing soft skills from an early age is critical for both personal and professional development. As someone deeply involved in education reform, I believe soft skills such as communication, teamwork, problem-solving, and adaptability are foundational for success in any field. Starting this education in early childhood lays a solid foundation for future learning and career readiness. Educational programs should integrate these skills into their curricula alongside traditional academic knowledge. Doing so not only prepares young people for the workforce but also fosters a culture of lifelong learning and adaptability.

Special emphasis is needed on reducing NEET youth and aligning the education system with workforce demands

Key Statistics:

MFIC INDEX FOR 2024 MEMBER COMPANIES OF THE MFIC

Generated 202 million EUR in profit

Together they generate around 23% of domestic GDP

Paid 72 million EUR in taxes

Employ around 5.700 of permanent emoloyees ~ around 50% of employees are women

The companies donated around 2 million EUR in 2023.

15 41 144 years present member companies committees for areas of importance publicatoins „White Book“

Aleksandar Ljubić, Executive Director of the Foreign Investors Council Serbia

Dedicated to Serbia’s Prosperity

By committing to innovation, sustainability, and the rule of law, Serbia can secure its position as an attractive investment destination. The 2024 White Book outlines key strategies to make this a reality

Serbia continues to be a top desti nation for foreign investment, with €4.52 billion in foreign direct invest ment (FDI) recorded last year. Despite this success, recent global disruptions, particularly in Europe, have pressured supply chains, and the overall invest ment climate has made foreign inves tors cautious.

To better position Serbia as a place with great investment potential, it is crucial for all stakeholders to collaborate in fos tering effective governance, competi tiveness, and improved living standards, says Aleksandar Ljubić, Executive Direc tor of the Foreign Investors Council Ser bia (FIC Serbia). “The 2024 White Book provides food for thought on how to im prove the business and investment cli mate that is an incentive to attract for eign investments while strengthening domestic companies, which are becom ing increasingly valuable contributors to global value chains.”

In its recently published 2024 White Book, the FIC Serbia outlined a series of recommendations aimed at deepen ing reforms and making Serbia’s busi ness environment more appealing to investors. Drawing from the experienc es of more than 120 member compa nies, which collectively represent €45 billion in investments and employ over 116,000 people, the White Book provides actionable insights for improving criti cal areas of the Serbian economy. These

include refining tax policies, modernising labour laws, upgrading infrastructure, accelerating digitalisation, and enhancing environmental sustainability. The recommendations offer a roadmap for addressing systemic challenges and unlocking the country’s potential for sustainable growth.

Why today is it particularly important for Serbia and the Region to push for reforms?

itating more efficient operations. The introduction of the Open Balkan Identification Number enhanced e-government services across North Macedonia, Albania, and Serbia. Additionally, work began on the Strategy for Artificial Intelligence Development (2024–2030), alongside amendments to key laws regulating electronic governance and trust services.

In his introduction to the 2024 White Book, Emanuele Giaufret, the EU Ambassador to Serbia, underscored that the European Union’s renewed commitment to enlargement offers Serbia an unprecedented chance to harness reform opportunities through closer alignment with EU standards. This path, he argued, goes beyond the prospect of membership—it represents a gateway for Serbia to unlock its full potential and compete successfully within the EU’s single market of over 450 million consumers.

In the environmental sector, notable achievements include adopting the Low Carbon Development Strategy, the first Air Protection Programme (2022–2030), and a Circular Economy Development Programme. These steps align Serbia with EU environmental and climate goals.

The pharmaceutical industry saw expanded funding for therapies through the NHIF, enabling off-label drug use and enhancing therapeutic options for patients.

Thus, business environment enhancements, advancements in digital technology, green energy investments, and bolstering the rule of law are of utmost importance”.

As Serbia moves forward, the recommendations presented in the FIC Serbia’s White Book underscore the importance of sustaining momentum during this critical period.

Building upon the findings of the 2024 White Book, what do you consider the most significant improvement in Serbia’s business climate over the past year?

The White Book 2024 outlines significant advancements in various sectors of Serbia’s economy and regulatory framework. We highlighted that the most significant progress was made in the energy sector and digitalisation. Indeed, for several years, digitalisation has been one of the strongest areas. For example, businesses have recently received unique eMailboxes connected to the Business Registers Agency, facil-

FIC supports Serbia by attracting investments, creating jobs, introducing modern technologies, promoting ethical practices and integrating local SMEs into global markets

The introduction of digital systems such as the Regulatory Information Management System (RIMS) further modernised regulatory processes. In real estate, amendments to the Law on Planning and Construction introduced green construction concepts and the “E-space” platform, simplifying construction permit issuance. Other positive steps included intensified efforts to suppress the grey economy through digitalised fiscalization systems and the adoption of targeted anti-grey economy action plans.

Which areas need further attention from the government?

Despite progress, challenges remain in taxation, with unresolved issues like property tax harmonisation, fair value of property for corporate income tax purposes and parafiscal charges. Labour law needs flexibility for remote work and clearer termination guidelines, while

FIC Serbia is committed to supporting Serbia’s green and digital transitions, which are already transforming global economies

dual vocational education reforms are still incomplete. The tourism industry needs a new strategic framework to sustain its growth in an increasingly competitive international market. Environmental management must address waste sorting, illegal landfills, and air quality improvements. Similarly, foreign exchange regulations remain outdated, with complex procedures that limit liberalisation in the Open Balkan region.

Equally important are reforms in food safety laws, which need alignment with EU regulations and efforts to adopt regenerative agricultural practices. Finally, in pharmaceuticals, securing stable funding for innovative and generic therapies is crucial, along with expanding the NHIF reimbursement list.

How should Serbia pursue further alignment with the EU?

To attract additional investments, acceleration of integration with the EU market including is essential. Specifically, countries in the Western Balkans, including Serbia, must persist with structural reforms and align their policies with EU standards to enhance competitiveness and secure a position in global supply chains. It is equally important to recognise the significant role of domestic companies, as fostering both foreign and local investments is crucial for maintaining a balanced economic ecosystem.

How does FIC Serbia support these efforts?

FIC Serbia is committed to supporting Serbia’s green and digital transitions, which are already transforming global economies. We believe accelerating digital transformation and prioritising environmental sustainability are essential for unlocking Serbia’s economic potential. As initiators of key digitalisation efforts, FIC members played a crucial role in advancing solutions such as digitised promissory notes, video identification, cloud-based signatures, and other tools that have simplified business practices and improved working conditions.

The FIC Serbia expanded its efforts in 2024 by further strengthening cooperation with the National Bank of Serbia and raising awareness on ESG, green and digital transformation, transfer pricing, and regulatory frameworks for generative AI. We also collaborated with the European Bank for Reconstruction and Development (EBRD) to organise a conference on financial services focused on these transformations. We hosted a successful event in the telecommunications sector, emphasising the importance of continued investment in enhancing service quality.

In the 2024 White book, you have included an important manifesto. Tell us more about it.

The FIC Serbia’s greatest asset is the knowledge and expertise that our members generously share to improve the Serbian business climate. Their experience and expertise are crucial in helping Serbia adopt these international ESG standards and successfully navigate the green and digital transitions.

We believe businesses are key in driving economic growth while promoting social inclusion, cohesion, and environmental protection. To achieve this, we remain committed to supporting the development of public policies that encourage sustainable and responsible business practices, fostering multi-stakeholder and cross-sector dialogue to address urgent economic, social, and environmental challenges, and leading by example in corporate governance and transparency. This includes promoting best practices in transparent reporting on social and environmental impacts. ∙

Recommendations

Authors

Texts

Countries in the Western Balkans must persist with structural reforms and align their policies with EU standards to enhance competitiveness and secure a position in global supply chains

The FIC stands as a cornerstone of Serbia’s economy, uniting 122 member companies that drive growth and development.

Key Statistics: FIC Contributions:

122 member companies

155,000+ direct employees

With a total of €44 billion in investments, over 115,000 direct employees, and €4.52 billion in foreign direct investment in 2023, we continue to strengthen

Serbia’s economic foundation and global competitiveness.

The FIC plays a pivotal role in strengthening Serbia’s economic landscape by driving investments, creating jobs, fostering innova- tion, and integrating mod-

ern technologies. Our efforts aim to build a competitive, sustainable, and inclusive business environment for all.

Enhancing information security in public administration and state-owned enterprises by enacting a new Law on Information Security aligned with the EU would be beneficial

OTP Banka Slovenia Announces New Leadership

OTP Banka Slovenia has appointed András Hámori as the President of the Management Board. Before assuming the role of CEO, pending regulatory approval, Hámori is set to join the bank as a procurator in May 2025. Following the successful merger of two major banks, OTP Banka Slovenia has emerged as a market leader with a robust foundation and a forward-looking strategy. The supervisory board’s decision to appoint Hámori reflects its commitment to driving further growth and innovation, focusing on delivering exceptional user experiences and achieving its vision of becoming Slovenia’s best bank.

Nektar Natura Named ITM Exporter of the Year 2024

Nektar Natura, a leading European beverage provider for the hospitality industry, has been crowned the ITM Exporter of the Year 2024, recognising its remarkable global reach and exemplary international business practices. With 95% of its revenue generated from exports to over 30 markets, the company exemplifies the potential of Slovenian businesses to thrive on the world stage. The award highlights Nektar Natura’s exceptional performance in objective export indicators and its innovative approach to international trade.

Chinese Company Boosts Derventa

Specialising in packaging for sushi and similar products, Grand Pack’s demand has soared, prompting the installation of 11 production lines in a larger facility. The company now employs 35 workers, with products exclusively shipped to the EU and boasting monthly shipments of up to 12 trucks. Grand Pack’s proximity to EU markets was pivotal in its decision to set up shop, and plans are already underway for further expansion.

KPMG Expands with New Adria Cluster

The company has consolidated its operations in Croatia, Slovenia, and Bosnia and Herzegovina into the newly formed KPMG Adria Cluster under the KPMG Central and Eastern Europe umbrella. This integration unites over 400 experts, combining regional expertise and resources to strengthen its position as a leader in audit and advisory services. The move aims to offer clients enhanced support, delivering tailored solutions while preserving the local identity and continuity of each market.

Lapad Bay to Welcome a New Luxury Hotel in Croatia

The iconic Adriatic Hotel in Lapad Bay, Croatia, is being replaced by a state-of-the-art luxury hotel courtesy of the Maestral Hotel group. This 4-star property will feature 140 opulent rooms and suites designed to offer unparalleled comfort alongside breathtaking views of the Adriatic Sea. Guests will enjoy many premium amenities, including a terrace, private garage, fine dining experiences, a shopping promenade, a private beach, an infinity pool, and a rooftop bar overlooking the Elaphiti Islands.

Maslina Resort Crowned Best Small Hotel of the Year

At this year’s Croatian Tourism Days in Opatija, the Maslina Resort on the island of Hvar earned the coveted title of Best Small Hotel of the Year, solidifying its reputation as a beacon of luxury and sustainability. Nestled amidst the pristine beauty of one of the Adriatic’s most stunning islands, Maslina Resort epitomises its ethos of “Mindful Luxury.” This prestigious accolade celebrates the resort’s dedication to blending world-class service with an unwavering commitment to preserving the island’s natural beauty and cultural heritage.

Top Banks in 2024

Adria region banks recognised at The Banker's Bank of the Year Awards

E, a prestigious British magazine,

ach year, The Banker highlights the best in global banking by recognising institutions that stand out for innova tion, customer service, and sustaina bility. Among this year’s global win ners are exceptional banks from the Adria region, demonstrating how these countries are contributing to the advancement of the finan cial sector on the world stage.

OTP Bank Albania has experi enced a transformative year fol lowing its acquisition of Alpha Bank Albania in 2022. In just three days, it successfully merged IT sys tems, online platforms, and essen tial banking operations without in terrupting services. This integration enhanced OTP’s market position, bol stered operational efficiency, and reduced its costto-income ratio to an impressive 44.7%. Noteworthy of ferings include tailored loans for SMEs and innovative prod ucts for Albania’s agricultural sector, a key contributor to the nation’s economy.

has embraced digitalisation and

UniCredit Bank Mostar sustainability with its “UniCredit for CEE” initiative, target ing MSMEs with competitive loan terms and advanced digi tal solutions. The launch of the “m-ba PLUS” mobile app has revolutionised business banking by enabling real-time ac count management. Under the leadership of CEO Amina Mahmutović, UniCredit has achieved a 44% profit increase

and a return on equity of 19.6%, cementing its role as a financial leader.

Zagrebačka Banka has prioritised customer experience through digital transformation. The introduction of the voicebot assistant Mia and enhanced features in its m-zaba banking app have streamlined services for both retail and business clients. The bank has also integrated ESG data into its operations, empowering business clients to meet sustainability goals. This holistic approach underscores Zagrebačka Banka’s commitment to innovation and excellence.

NLB Banka AD Podgorica has redefined banking with agile methodologies and a customer-focused office redesign. Its upgraded NLB Klik mobile app and the introduction of NLB Budget Plus, an interest-free credit option for households, reflect a commitment to enhancing user experience. President Martin Leberle highlights the bank’s focus on green banking and digitalisation as essential for sustainable growth in an evolving industry.

Komercijalna Banka is leading North Macedonia toward digital banking with its OneID platform, enabling fully online account management. Joining the European Investment Bank’s Greening Financial Systems programme underscores its commitment to sustainability. As it approaches its 70th anniversary in 2025, Komercijalna Banka continues to innovate with a holistic sustainability strategy and cutting-edge technological upgrades.

Banca Intesa Serbia has set itself apart with innovative products like the IN payment account, tailored for tech-savvy youth. The bank’s contribution to the EBRD’s Enterprise Expansion Fund demonstrates its dedication to fostering SME growth in the Western Balkans. With a newly launched charitable foundation and a strong ESG focus, CEO Darko Popović emphasises the bank’s role in promoting inclusive growth and green transitions.

The merger of SKB banka with Nova KBM, forming the largest bank in Slovenia, marked a pivotal moment in 2024. By upskilling IT engineers and enhancing digital services, SKB has laid the groundwork for exceptional customer experiences. Sustainability efforts, including a green alignment assessment tool, further position the bank as a leader in the region’s financial landscape.

As we look ahead to next year, we eagerly anticipate how these institutions will continue to push boundaries, deliver value, and set new benchmarks for success. The financial sector in the Adria region has never been more exciting, and we look forward to seeing the results in 2025. ∙

Podgorica Firms to Design Key Motorway to Serbia

Three Podgorica-based companies—CDS Projekt, Via Projekt, and Geotin MNE—have been selected to spearhead the design of the Andrijevica–Berane–Boljari motorway. The ambitious project, commissioned by Monteput, will see these firms pooling their expertise and committing €3.65 million to bring the plan to fruition. The motorway, stretching roughly 50 kilometres, is a vital link connecting Montenegro to Serbia, extending through Požega and eventually reaching Belgrade.

Delta Auto Group Named Farizon EV Distributor

Delta Auto Group is now the official importer, distributor, and authorised service provider for Farizon’s fully electric light commercial vehicles. Farizon operates under the globally acclaimed Geely Group, known for its innovation in the automotive industry. As part of Delta Holding, Delta Auto Group has expanded its business ventures by entering the market for fully electric light commercial vehicles. These vehicles will now be available in Serbia, Montenegro, North Macedonia, and Bosnia and Herzegovina.

dm Celebrates 18 Years in BiH

dm Bosnia and Herzegovina marked its 18th anniversary with impressive results, reporting a 22.38% growth in revenue to 421.2 million KM. The company’s expansion included the addition of four new stores and 32 new employees, further solidifying its market leadership. With nearly 17 million purchases made in the past year, dm also invested significantly in employee development and community initiatives, with plans to invest nearly 13 million KM in the upcoming year to support further growth and sustainability.

Zagreb Plans €44M Stadium Overhaul

Zagreb’s Kranjčevićeva Stadium is set for a €44 million overhaul to serve as Dinamo Zagreb’s interim venue in 2026. Work is slated to begin in early 2025 and be completed by September 2026, with the seating capacity expanding from 5,350 to 11,163, meeting UEFA Category 4 specifications.

Erste Bank Celebrates 15 Years of Operations in Montenegro

Erste Bank celebrated its 15th anniversary in Montenegro with a grand event attended by clients, partners, and employees, marking its strong position in the financial sector. The bank made a generous €25,000 donation to the JU Zavod “Komanski most” to support its operations. Christoph Schoefboeck and Aleksa Lukić praised the bank’s growth, commitment to long-term client relationships, and dedication to contributing to local communities.

Jadrolinija Breaks Records with 12 Million Passengers

Croatia’s Jadrolinija has set new records in 2024, transporting over 12 million passengers and 3.5 million vehicles—a 2% increase in passenger numbers and a 4% rise in vehicles compared to last year. The company announced on Tuesday that these figures represent the highest traffic levels in its history. Growth was evident across all sailing areas, with the Zadar region leading the charge with a 4% increase in passengers and an 8% jump in vehicles.

“Politika” Building in Belgrade Acquired by M29

The landmark “Politika” building in central Belgrade has been sold to M29, a company owned by businessman Boban Rajić. He also holds shares in “Politika Newspapers and Magazines” through his firm Media 026. According to a statement published on the “Politika” portal, the iconic 17-story building, located at Trg Politika 1 and home to the daily newspaper’s headquarters for over half a century, was owned by NLB Bank Ljubljana since January 2006.

EPS, Telekom, and NIS Dominate Serbia’s 2023 Economy

Elektroprivreda Srbije (EPS) ranked as Serbia’s top economic entity in 2023, leading in profitability, revenues, and financial capacities despite holding the largest cumulative loss, according to the Serbian Business Registers Agency (APR). It was followed by Telekom Srbija and Naftna Industrija Srbije (NIS), which also ranked high in assets and capital. Serbia’s economic entities reported a 5.1% revenue increase, reaching 5.82 trillion dinars, with net profit rising 65.6% to 452.64 billion dinars.

EBRD Acquires Stake in Podravka Agri for €50 Million

The European Bank for Reconstruction and Development has acquired a minority stake in Podravka Agri following a €50 million equity investment. The transaction supports Podravka’s acquisition of the agricultural segment of the Fortenova Group, valued at €333 million. Upon completion, Podravka will hold an 84.99% ownership stake in Podravka Agri, with the remaining shares owned by the EBRD.

Terme Snovik to Build €22M Eco-Friendly Hotel

Terme Snovik, a modest wellness centre in northern-central Slovenia, is undertaking its most significant development yet with the construction of a fourstar hotel, estimated at €22 million. Located near Kamnik, 40 kilometres northeast of Ljubljana, the spa presently offers lodging in eight apartment houses and a holiday campsite. The upcoming Kneipp Natur Hotel, with 72 rooms, will substantially expand the complex’s capacity.

Kostal Invests €50 Million in North Macedonia

German engineering leader Kostal has announced the third phase of its expansion in North Macedonia, investing an additional €45-€50 million into its operations. The latest development will create at least 250 new jobs by 2028, raising the company’s workforce in the country to 1,300 and boosting its total investment beyond €150 million. The expansion will focus on advanced energy electronics for electric and plug-in hybrid vehicles within the Volkswagen Group, alongside sophisticated mechatronic systems for Mercedes-Benz.

Jugoslavija

Marriott International and Danube Riverside d.o.o. Beograd have signed an agreement to bring the prestigious Ritz-Carlton brand to Serbia. The agreement, inked by Ivan Bošnjak, Director of Millennium Team, and Sandeepa Walia, Chief Operating Officer for Middle East and Luxury EMEA at Marriott International, paves the way for the transformation of the historic Hotel Jugoslavija site into a state-of-the-art luxury hotel complex.

The Ritz-Carlton to Transform Belgrade’s Iconic Hotel

104 Years of Christmas Romance

Many brands use celebrities for their promotions, while some create celebrities themselves. Very few succeed in turning them into icons. Only one has managed to sustain its icon status for every Christmas for more than a century

Coca-Cola’s association with Santa began in the 1920s with magazine ads that featured a strict-looking Claus reminiscent of Nast’s designs. In 1930, artist Fred Mizen painted a department-store Santa enjoying a bottle of Coke, which became the centrepiece of Coca-Cola’s holiday advertising that year. However, in 1931, Coca-Cola launched a campaign that would change everything. The D’Arcy Advertising Agency hired artist Haddon Sundblom to create a warm, friendly Santa based on Clement Clarke Moore’s 1822 poem “A Visit from St. Nicholas”, commonly known as “’Twas the Night Before Christmas.”

Sundblom’s vision of Santa as a plump, cheerful, and human figure debuted in The Saturday Evening Post in 1931 and quickly became a staple of Coca-Cola advertising. For over three decades, Sundblom’s Santa appeared in magazines, posters, calendars, billboards, and store displays, showing Santa delivering toys, enjoying a Coke, and even raiding refrigerators. The image resonated deeply with the public, solidifying the red-suited Santa as the embodiment of Christmas cheer.

The attention to detail in Sundblom’s artwork further contributed to the campaign’s success. Initially, Sundblom used his friend, retired salesman Lou Prentiss, as a live model. After Prentiss passed away, Sundblom used his own reflection as a reference, painting in front of a mirror. He later relied on photographs to refine Santa’s image. Every element, down to the belt, rings, and even the pets in the paintings was scrutinised by fans. When Santa’s belt was painted backwards one year — likely due to Sundblom’s mirrored perspective — Coca-Cola received letters from obser-

vant fans pointing out the error. Similarly, when Santa appeared without his wedding ring, people questioned what had happened to Mrs. Claus.

Sundblom’s Santa wasn’t just realistic; it was relatable. The children in his paintings were based on his neighbours, though he modified their appearances, like changing one girl into a boy for variety. Even a neighbour’s grey poodle found its way into a 1964 painting, though Sundblom painted the dog black to stand out in the scene. These personal touches gave Santa an authenticity that audiences adored. Coca-Cola’s commitment to using Sundblom’s Santa in its marketing extended beyond print. His original oil paintings became valuable collectables and have been displayed at renowned locations such as the Louvre in Paris, the Royal Ontario Museum in Toronto, and the World of Coca-Cola in Atlanta. Sundblom’s final Santa was painted in 1964, but his iconic designs continued to inspire Coca-Cola advertisements for decades.

It’s a common misconception that Coca-Cola invented the red suit because of its brand colour, but Santa was already wearing red in some depictions before Sundblom’s involvement. However, Coca-Cola undoubtedly cemented this image in popular culture. By pairing the cheerful Santa with their product, Coca-Cola not only created one of the most enduring holiday symbols but also linked their brand with the warmth and joy of the Christmas season.

This transformation of Santa Claus demonstrates the power of storytelling in branding. Coca-Cola didn’t just sell soda; it creat-

ed an emotional connection with consumers by blending tradition, art, and marketing. Sundblom’s Santa transcended advertising to become a cultural icon, influencing how the world celebrates Christmas. Few brands have managed to achieve such a lasting impact, making Coca-Cola’s Santa a unique case study in the fusion of marketing and tradition.

Marlboro Man: The Rugged Rebel

In the 1950s, Marlboro introduced the Marlboro Man, a rugged cowboy who symbolised masculinity, freedom, and adventure. He became one of the most successful advertising icons of all time, redefining the brand from a product for women to a universal emblem of rugged independence. However, his appeal was limited to a specific demographic and eventually fell out of favour as societal attitudes toward smoking shifted.

Michelin Man: The Tire Protector

Michelin’s “Bibendum,” also known as the Michelin Man, has been promoting the brand since 1898. This plump figure, made of tyres, symbolises resilience and reliability. While he is globally recognised, his association with automotive products narrows his audience appeal, making him less universal than Santa.

Colonel Sanders: A Real-Life Legend

KFC’s Colonel Harland Sanders transformed from a real-life entrepreneur into a stylised mascot. The Colonel’s iconic white suit and bow tie have made him instantly recognisable, but his connection is strongest with food lovers. His appeal, while effective, remains tied to the fast-food industry.

Mickey Mouse: The Cultural Pioneer

When Walt Disney introduced Mickey Mouse in 1928, he created a cultural phenomenon. Mickey’s cheerful face represents family-friendly entertainment worldwide, but his appeal is primarily limited to children and Disney enthusiasts, lacking the multi-generational and cross-cultural reach of Coca-Cola’s Santa.

Ronald McDonald: The Happy Meal Hero

McDonald’s Ronald McDonald, introduced in 1963, became a cheerful symbol of fast food and fun for kids. However, as attitudes toward fast food evolved, his prominence declined, and his appeal remained focused on children.

Santa Claus: A True Timeless Icon

Coca-Cola’s Santa Claus, first introduced in the 1930s through Haddon Sundblom’s artwork, transcends all these examples. Unlike the other brand mascots, Santa wasn’t created by Coca-Cola but was reimagined and popularised through their campaigns. Before Coca-Cola, Santa was depicted in various forms — from a tall, gaunt man to an elf-like figure. Coca-Cola’s vision solidified the image of the jolly man in the red suit with a white beard, giving Santa Claus his enduring, iconic form. Santa’s appeal is unparalleled. He isn’t just a character tied to a specific product or demographic. He represents generosity, joy, and the magic of Christmas values that resonate with people of all ages, cultures, and backgrounds. Coca-Cola’s Santa connects with children dreaming of gifts, parents reminiscing about their childhood

From 1931 to 1964, Coca-Cola’s Santa appeared in ads, delivering toys, enjoying a Coke, and bringing families together. His image was featured on billboards, calendars, and store displays, becoming a cherished symbol of the holiday season. Even decades after the original campaign, Santa remains a central figure in Coca-Cola’s branding, showing his unmatched staying power.

Why Santa Is Unbeatable

The other brand icons, while legendary, have limitations in their appeal. Marlboro Man is tied to a bygone era of smoking culture. The Michelin Man and Colonel Sanders serve specific industries. Mickey Mouse and Ronald McDonald resonate strongly with children but lack universal, generational appeal. Santa Claus, on the other hand, is timeless and borderless. His story has been passed down for centuries, and Coca-Cola’s campaigns amplified his charm for modern audiences. He bridges the gap between commercial branding and cultural tradition, ensuring his relevance across generations and continents.

A Lesson in Iconic Branding

Creating a character as enduring as Santa Claus is nearly impossible. However, Coca-Cola’s example shows the power of aligning a brand with timeless values and universal traditions. While other icons may come and go, Santa remains unmatched, embodying the holiday spirit and the joy of sharing a Coke with loved ones. Through decades of change, Santa has outshone every other marketing icon, proving that some legends truly last forever. ∙

What makes the Adria region a rising star for U.S. investors? To uncover the answer, The Region turned to the leaders of AmCham Slovenia, Albania, Serbia, Croatia, and North Macedonia, posing three pivotal questions: Which sectors hold the most potential for U.S. businesses? What unique advantages can these countries offer to foreign investors? And how is the business environment evolving to empower women in leadership? The perspectives shared by Ajša Vodnik, Neritan Mullaj, Vera Nikolić-Dimić, Andrea Doko Jelušić, and Jelena Arsovska provide a fascinating lens into how this diverse region is carving its niche on the global stage. This is more than a guide to investment potential; it’s a look at how ambition, strategy, and collaboration are fueling the region’s emergence as a strategic hub for American business interests. The voices of these leaders illuminate the unique dynamics of their respective markets, offering a roadmap for U.S. companies eager to tap into the Adri

Ajša Vodnik CEO of AmCham Slovenia & Chair of AmCham in Europe

Slovenia Innovates for U.S. Collaboration

Slovenia’s innovation-driven economy, strategic location, and commitment to gender equality offer compelling opportunities for U.S. investors

Slovenia is a hub for innovation and sustainability, making sectors like green technologies, renewable energy, and smart cities particularly attractive for U.S. businesses. The pharmaceutical and biotechnology industries benefit from a strong research base and collaboration opportunities with EU institutions. Additionally, the IT sector, including software development and cybersecurity, is thriving due to Slovenia’s skilled tech workforce. Advanced manufacturing, especially in robotics and automotive components, also offers significant potential, driven by Slovenia’s tradition in engineering and export orientation.

Slovenia’s central location provides a gateway to both Western and Southeastern Europe, offering seamless access to EU and Balkan markets. The country’s high-quality infrastructure, including its ports, roadways, and digital connectivity, facilitates efficient logistics and business operations. Slovenia’s commitment to innovation and R&D provides opportunities for U.S. companies to collaborate with local institutions and benefit from government incentives. An educated, multilingual workforce with strong technical skills further enhances the business environment.

 Slovenia’s central location provides a gateway to both Western and Southeastern Europe, offering seamless access to EU and Balkan markets

In the Adria region, Slovenia is at the forefront of promoting gender equality in business. There is an increasing representa-

tion of women in leadership roles across industries, supported by progressive labor laws and EU-backed initiatives. Programs such as mentorship for female entrepreneurs, leadership training, and awareness campaigns about gender diversity are gaining traction. Slovenian organizations and policymakers also emphasize flexible working arrangements and family support systems, helping break barriers for women aiming for leadership positions. The trend reflects broader societal shifts toward inclusion and equity in the workplace.

Vera Nikolić-Dimić Executive Director of AmCham Serbia

Renewable Energy Powers Progress

Serbia’s thriving ICT sector, renewable energy potential, strategic location, and gender equality initiatives create valuable opportunities for U.S. investors

Serbia’s Information and Communication Technology (ICT) sector continues to be one of the most promising for U.S. businesses. The country has a highly skilled and affordable tech workforce with strengths in software development, artificial intelligence, and fintech. The ICT sector is bolstered by a dynamic startup culture and strong government support for digital transformation.

Additionally, renewable energy is gaining traction as Serbia seeks to diversify its energy mix and reduce dependency on coal. Sustainable agriculture is also a key area, driven by Serbia’s rich natural resources and favorable conditions for organic farming, which U.S. companies can leverage, especially with increasing global demand for eco-friendly products. Lastly, the manufacturing sector offers opportunities, especially in automotive and pharmaceuticals, where U.S. businesses can benefit from Serbia’s strategic location and trade agreements.

force that is particularly strong in engineering, ICT, and science. Serbia’s favorable tax policies, including incentives for foreign investments and grants for greenfield projects, make it an attractive destination for U.S. companies. U.S. firms should focus on collaborating with local partners, leveraging Serbia’s growing innovation ecosystem, and utilizing the government’s support for sustainable development projects, which aligns with global business trends.

The role of women in leadership positions in the Adria region is evolving, albeit slowly. While we have seen progress, with more women entering leadership roles, the glass ceiling remains a significant barrier. Women often face challenges in balancing professional and personal responsibilities, and societal expectations still weigh heavily, limiting their advancement into top decision-making roles. In Serbia, for instance, women are increasingly visible in sectors like ICT and finance, but they are often not in positions of real power.

Serbia’s ICT sector continues to be one of the most promising for U.S. businesses



Serbia presents several distinct advantages for U.S. businesses, particularly its geographical position as a gateway between Central and Southeast Europe. This location enables easy access to both EU markets and non-EU countries in the region, making it an ideal hub for regional operations. Another key advantage is competitive labor costs, paired with a highly educated, multilingual work-

AmCham Serbia participates in the Empower Her initiative - a global effort aimed at supporting female leadership and provides mentorship, skill development, and networking opportunities for women leaders. Similarly, the She Knows project, financed by USAID, focuses on empowering women in business through training and mentorship, particularly for those in traditionally male-dominated industries. These programs aim to create a supportive ecosystem for women, making the process gradual but successful in the end.

This is why the support of the state, the family, and the working environment are equally important since, without this support, women would be lagging behind in their real capacities.

Andrea Doko Jelušić Executive Director of AmCham Croatia

Croatia’s ICT Growth and Business Potential

Croatia’s thriving ICT sector, strategic investments, and commitment to gender diversity present promising opportunities for U.S. businesses

Croatia has a growing ICT sector. As early as 2014, AmCham Croatia highlighted the strategic potential of this sector, which is now evident in the development of startups and innovative tech companies. Notably, Croatia has two domestic unicorns in the tech sector. Encouraging the growth of the ICT sector through education, support for startups, and investments could lead to economic growth and the creation of high-quality jobs. Advanced manufacturing, which generates high value through high-tech and innovative products, such as Jabil’s investment in Osijek, has the potential to diversify an economy heavily reliant on tourism. Their investment is a positive signal for other potential investors.

Considering the global growth trend in healthcare and biotechnology, Croatia’s existing pharmaceutical production and its well-educated workforce offer a significant advantage in this sector. These strengths are evident in investments by companies like Pliva and Pfizer, as well as domestic investments in the field.

 According to AmCham Croatia’s annual business climate survey, investors emphasize EU membership, Croatia’s geostrategic location, and tourism potential as key advantages

Business standards in Croatia have significantly improved in recent years, along with measures for administrative relief, tax policy advancements, and increased transparency in dealings with public institutions. When foreign companies compare Croatia to

similar investment destinations, there are still challenges, such as administrative inefficiency, high taxation on middle and upper-income salaries, and, more recently, workforce availability—an issue that was previously less pronounced in Croatia compared to investment-saturated countries like the Czech Republic or Poland.

According to AmCham Croatia’s annual business climate survey, investors emphasize EU membership, Croatia’s geostrategic location, and tourism potential as key advantages. Around 30% of respondents state that business conditions in Croatia are better than in comparable Central and Eastern European countries, while approximately 46% rate them as similar. Encouragingly, the number of lower evaluations has been steadily decreasing.

Croatia will soon need to transpose the EU Directive on improving gender balance among directors and the Directive on strengthening the principle of equal pay for equal work. This obligation applies to large companies listed on stock exchanges. While there are few such companies, this requirement brings attention to the position of women in leadership roles.

AmCham Croatia recently hosted an ESG conference, where the central panel focused on diversity in leadership. In collaboration with the consultancy firm Kearney, AmCham Croatia is conducting research on the maturity of ESG principles implementation among member companies. It is encouraging to see excellent examples; however, when it comes to ESG, social and governance principles are still less developed than environmental ones. AmCham Croatia itself is a good example of female representation, with four out of seven Board members being women and the Board being chaired by a woman.

Jelena Arsovska Executive director of AmCham North Macedonia

A Strategic Gateway for U.S. Investments

From renewable energy to gender equality, North Macedonia combines economic potential with progressive leadership to attract U.S. businesses

Let me start with the two most obvious sectors. Renewable energy offers substantial opportunities, with the government aiming for 38% renewable energy consumption by 2030. This opens doors for U.S. investments in solar, wind, and energy infrastructure projects. The automotive sector continues to be a strong export contributor, supported by skilled labor and free economic zone incentives. However, rising labor costs may push the focus toward automation and high-value manufacturing.

The IT sector is another promising area. While the low level of digitalization in public and private sectors poses a challenge, it creates opportunities for U.S. businesses to drive digital transformation, leveraging EU and U.S. donor funds, particularly for regional projects. Healthcare is also key, with growing demand for innovative medicines, digital health solutions, and EU-standard medical equipment. The BPO sector benefits from a multilingual workforce that shares cultural similarities with the U.S. market, making it a strong alternative to Asian outsourcing hubs.

Also, agribusiness and tourism are emerging sectors. Investments in eco-friendly agriculture and sustainable tourism infrastructure align with N.Macedonia’s modernization efforts and EU market readiness, opening up promising prospects for these sectors. U.S. companies can be successful by combining innovation, automation, and workforce development across these industries. With a population of 1.8 million (Census of 2021), N.Macedonia, like other WB countries, is a relatively small market. However, its strategic location on the crossroad of two important transportation corridors, Corridor 8 and 10, in SE provides easy access to both regional and EU markets, making it an ideal hub for U.S. companies seeking to expand their footprint in these parts of the world. Regional economic integration is essential for countries like N. Macedonia to become more attractive to U.S. and global businesses.

Aligning regulations across WB markets, advancing joint initiatives, and enhancing market compatibility with EU standards will create a larger, unified economic zone capable of drawing significant investment. This approach not only accelerates integration into the EU single market but also strengthens the region’s competitiveness globally.

What sets N.Macedonia apart is its strong diplomatic and economic relationships with neighbouring countries, positioning it as a natural regional harmoniser. For U.S. businesses, leveraging N.Macedonia’s geographic position and its growing alignment with EU practices can provide a solid foundation for long-term success. Over the past 20 years, we have seen the role of women in leadership in the Adria region improve, but we still face significant gaps compared to the EU and U.S.. In N.Macedonia, women hold 28% of managerial positions, with only 11% of companies majority-owned by women and 21.3% led by female managers. In politics, 42.5% of parliamentary seats are held by women due to quotas, but only 25% of ministerial roles, showing quotas are not enough to ensure true leadership equality.

To bridge this gap, we need practical changes—affordable childcare, flexible work policies, and pay equity enforcement. Leadership training and mentorship programs can open doors, while cultural shifts through education and advocacy can create an environment where women are equally valued. Most importantly, we, as women, must believe in our abilities, trust our merits, and step confidently into leadership roles. Changes would take collective efforts, and it’s time for us to lead that change and create a more equitable future for all. That’s why I encourage all women leaders among our members to apply for the position on the AmCham Board of Directors. With just 1 woman out of 7 members, there’s plenty of room for improvement—and you can be part of that change.

Neritan Mullaj Executive Director of AmCham Albania

Albania a Rising Hub for Investment

Albania’s energy market, ICT growth, and gender equality initiatives create unique opportunities for U.S. businesses and investors

We are an integral component of a vast regional market and have made significant strides in our negotiations to join the EU. Key sectors like energy, tourism, agriculture, and ICT are progressively gaining the attention of investors. Albania is emerging as a significant player in the energy market, not just through hydro sources but also in the realm of alternative energy sources. Simultaneously, ICT is witnessing growing interest from foreign investors who are seeking local partnerships within the country, with ample capacities available for development. Albania serves as a prominent gateway to the Western Balkans. Its strategically advantageous location is well-established, and it boasts additional potential due to its relatively youthful and educated population. The people of Albania represent the country’s most valuable resource, and their expertise and capabilities play a pivotal role in various sectoral developments.

To sum up the competitive advantages, here are some to consider:

1. Strategic Energy Position: Albania’s position in the energy market, especially with its diverse energy sources, makes it an attractive destination for investors.

2. ICT Development: The burgeoning ICT sector in Albania, combined with the readiness of local partners, creates a fertile ground for investment.

3. Tourism Resurgence: Albania’s tourism sector is witnessing a rapid resurgence, offering enticing investment opportunities.

4. Streamlined Bureaucracy: A new law for foreign investments is being prepared, and we are working through our committees to bring forth our recommendations that reflect the most crucial issues foreign investors face.

5.Educational and Workforce Development: Albania is investing in education and vocational training to ensure that the country’s human resources meet the needs of U.S. businesses operating in the region.

Recognizing the fundamental role of women in decision-making, AmCham is actively participating in the “Empower Her” project, initiated by the U.S. Department of State in collaboration with the European network of American Chambers. The project, currently underway, focuses on enhancing women’s representation in business leadership roles on boards.

In parallel with that, the UN Global Compact and UN Women have recently developed the Women’s Empowerment Principles, a set of Principles offering guidance to businesses on how to promote gender equality and women’s empowerment in the workplace, marketplace and community.

 Albania is emerging as a significant player in the energy market, not just through hydro sources but also in the realm of alternative energy sources

National facts

•As of 2024, Albania has made significant strides in promoting women’s participation in politics.

•Women hold a majority of government positions, with over 62.5% of the cabinet members being women.

•Additionally, the Speaker of the Albanian Parliament is a woman, further emphasizing gender equality in leadership.

•The Constitutional Court currently held a majority of women, and the chief justice was also a woman

•The representation of women in other political roles, such as local mayoral positions, remains lower, with only about 13% of mayors being women.

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Where Equality Thrives

Gender equality is not just a women’s issue but a shared effort

In today’s fast-paced business world, diversity and inclusion have evolved from being aspirational goals to essential drivers of success. Studies consistently show that companies with diverse leadership teams outperform their peers, fostering innovation, better decision-making, and stronger financial performance. But achieving a truly inclusive workplace requires more than just policies—it demands a cultural shift.

Redefining Leadership

Inclusive leadership is at the heart of the modern workplace. Leaders who embrace diversity inspire teams to challenge assumptions, think creatively, and push boundaries. They model behaviours that encourage collaboration and respect, creating an environment where employees feel valued and empowered to contribute their best ideas.

Challenging Stereotypes

Despite progress, many industries and regions still grapple with entrenched stereotypes and traditional gender roles. Women, in particular, often face additional hurdles in climbing the corporate ladder. Yet, there is growing awareness that empowering women and breaking down barriers benefits not just individuals but entire organisations and economies.

The Role of Strategic Partnerships

Initiatives like Women on Boards and similar networks across the globe are proving instrumental in advancing diversity. By providing mentorship, resources, and advocacy, these organi-

sations are equipping underrepresented groups with the tools they need to thrive. Their work underscores the importance of collective efforts in building inclusive workplaces.

Transparency as a Trust Builder

Open communication about diversity goals and progress is key to fostering trust. Employees are more likely to engage and feel a sense of belonging when companies are transparent about their policies and practices. This trust is further reinforced when organisations back their words with action—whether through mentoring programs, flexible work arrangements, or equitable hiring practices.

The Next Frontier

As workplaces continue to evolve, the focus is shifting to inclusivity beyond traditional categories of gender and ethnicity. This includes addressing age diversity, neurodiversity, and the intersectionality of identities. Technology, too, is playing a pivotal role in reducing bias, with AI-driven tools helping to ensure fair recruitment processes and facilitating collaboration across diverse teams.

Diversity and inclusion are not just buzzwords—they are transformative forces shaping the future of work. By embracing them, organisations can unlock the full potential of their workforce, driving growth, innovation, and resilience. The following interview offers a closer look at how these principles are being implemented and the impact they’re having in the workplace. ∙

Ivana Kantar Director of HR and Organization at Addiko Bank Serbia

Inclusive Workplaces

Addiko’s vision fosters growth, diversity, and equal opportunities for every

employee

As Director of Human Resources and Organization at Addiko Bank Serbia, Ivana Kantar is transforming workplace culture. In this exclusive interview, she discusses the bank’s commitment to fostering a motivating work environment, empowering employees, and promoting diversity. She also shares her thoughts on the evolving role of women in business across the former Yugoslav region and the importance of partnerships like Women on Boards Adria.

Addiko Bank places significant emphasis on creating a motivating and growth-oriented environment for its employees. What drives this approach, and how does it align with the bank’s core principles?

In today’s fast-evolving labour market, where new trends constantly emerge in human resource management, we find it essential to return to the basics: understanding the kind of environment employees want to work in and creating that space for them. At Addiko Bank, our goal is to build a workplace that every employee aspires to be a part of. We strive to offer a modern, attractive, and motivating environment that encourages learning and professional development. Our workplace culture emphasises empathy, diversity, and equal opportunities while guaranteeing the protection of employee rights and transparent communication. Open communication is at the heart of our values—we stand behind what we say, as a bank and as individuals—and we believe this authenticity is key to our success. We are also committed to adapting as markets and employee expectations

change. It’s about genuinely believing in the values we promote, and we think that belief is evident in everything we do.

What is your perspective on the position of women in business across the region?

It’s hard to generalise and say that the position of women is only good or bad— it’s a mix of both, and there’s still plenty of room for improvement. We live in societies that are often burdened by stereotypes, where women are still primarily seen as wives, mothers, or friends and less frequently as successful business leaders. These roles are often seen as mutually exclusive, and unfortunately, many still doubt that women can perform as well as men in certain roles. This mindset persists across the region. However, there has been progress. Small steps are being made, and we can confidently say that women’s positions today are better than they were yesterday, and they will continue to improve tomorrow. Women in the region are increasingly aware of their potential and their right to better opportunities. They are ready to fight for what they deserve, initiating projects and campaigns that raise awareness about inequality and empower women in their personal and professional lives. What’s particularly encouraging is the support these initiatives often receive from men. It shows that equality is not just a women’s issue but a shared effort.

Gender equality is not just a women’s issue but a shared effort

Recently, Addiko Bank established a strategic partnership with Women on Boards Adria. What motivated this collaboration, and what are your shared goals?

Our partnership with WOBA allows us to share our values on a larger scale and inspire others to think and act in similar ways. This collaboration provides an opportunity to amplify our stories and projects, increasing the likelihood that they will inspire action. When people see what we’re doing, they may feel encouraged to create their own initiatives or improve on ours.

At Addiko Bank, we enjoy setting trends and being among the first to take action, and we’re proud when our practices take on a life of their own outside of our organisation. Our shared goal with WOBA is to promote diversity and leadership across the region. By aligning our values and resources, we hope to create a ripple effect that inspires businesses and individuals to advocate for equal opportunities and foster an inclusive culture. ∙

Advancing Adria’s Transport Future

Matej Zakonjšek Director of the Transport Community

Matej Zakonjšek, Director of the Transport Community, explains how EU-backed reforms and infrastructure projects are reshaping connectivity, safety, and sustainability in the Adria region

With the European Commission’s new Reform Agendas and the EU’s Growth Plan for the Western Balkans, the Adria region is on the cusp of a transformative era in transport infrastructure. This year, as the Transport Community marked its 5th anniversary in September, Zakonjšek reflects on the organisation’s accomplishments and the pivotal reforms driving further change.

From the integration of EU transport standards to green infrastructure investments, Zakonjšek outlines the region’s path to improved connectivity, economic integration, and safer, more sustainable transport systems. As he explains, these developments hold the potential to significantly impact everyday life and business in the region, marking a major step toward European alignment and regional cohesion.

How will the European Commission’s new Reform Agendas impact infrastructure projects in the Adria region, and what role does the Transport Community play in supporting these reforms?

The EU’s Growth Plan for the Western Balkans is accelerating reforms and infrastructure projects by aligning developments with EU standards. With €6 billion in funding, it incentivises progress in the rule of law, digital and green transitions, human capital, and the business environment. For the transport sector, reforms focus on adopting key EU legislation, such as Intelligent Transport Systems (ITS), to enhance road safety and interoperability in rail through the European Rail Traffic Management System (ERTMS).

The Transport Community supports these reforms by providing guidance, capacity building, monitoring, and reporting. Our Next Generation Action Plans for rail, road, road safety, transport facilitation, and waterborne transport and multimodality align with the EU’s Growth Plan. We work closely with the governments from the region and the European Commission to draft, implement, and evaluate reforms. These measures unlock funding for projects, such as Corridor VIII in Albania, Corridor Vc in Bosnia and Herzegovina, and key rail projects in Serbia, helping to improve connectivity and economic integration.

With sustainability as a growing priority, how is the Transport Community promoting greener transport infrastructure in the Adria region? Could you share some practical steps toward reducing the environmental impact of road transport?

The Transport Community actively supports greener transport in the Western Balkans, aligning with the EU’s Green Deal goal of reducing transport emissions by 90% by 2050. Our Sustainable and Smart Mobility Strategy, mirroring the EU’s strategy, helps regional partners adopt green technologies through ten flagship projects focused on decarbonisation and digitalisation. Concrete steps include supporting Alternative Fuel Infrastructure with electric vehicle charging (EVCS) and hydrogen refuel-

ling stations. For example, Serbia, Bosnia and Herzegovina, and North Macedonia are expanding EVCS networks along key corridors. We also encourage the adoption of EURO6 standards for new vehicles to lower emissions and promote zero-emission vehicles through incentives like VAT exemptions in Albania. Technical support, regulatory alignment, and cross-border collaboration are essential, with Albania and North Macedonia working together on alternative fuel legislation facilitated by the Transport Community.

What are the main challenges facing the Adria region in achieving EU-aligned road infrastructure standards? How does the Transport Community assist in addressing these, particularly for cross-border projects?

The region has made significant progress in aligning with EU standards. The extension of the Western Balkan East Mediterranean Corridor and Rhine-Danube Corridor connects the region to EU networks. Compliance with TEN-T standards is growing, with over 52% of the Core Road Network and nearly 70% of the Comprehensive Network meeting these standards in 2023. However, challenges remain, such as implementing weigh-inmotion systems and secure parking every 150 km.

Western Balkans-Eastern Mediterranean Transport Corridor Source: Transport Community

The Transport Community has identified 42 road projects covering 1,060 km, valued at €3.7 billion, focusing on critical infrastructure. Intelligent Transport Systems (ITS) are being deployed for safety and traffic management, with interoperable tolling systems now active in Serbia and North Macedonia. Road maintenance remains a challenge, as regular upkeep is essential for safety and longevity, preventing accidents and infrastructure deterioration. Additionally, climate resilience is a priority, as over half of road links are vulnerable to floods and landslides. Albania, Montenegro, and Serbia have implemented resilience measures, such as rebuilding bridges and installing Road Weather Information Systems.

Road safety remains a pressing issue across the Adria region. Could you tell us about recent initiatives to enhance safety and efficiency on major road corridors within the region?

Improving road safety is a primary focus, reflected in the Transport Community’s Road Safety Action Plan, aligned with the EU’s Vision Zero goal of zero traffic fatalities and serious inju -

ries by 2050. This plan emphasises better safety management, infrastructure improvements, and protections for all road users. The Next Generation Road Safety Action Plan 2025-2027 promotes a Safe System Approach, prioritising road and vehicle design, law enforcement, and emergency response to reduce serious injuries and fatalities.

Through the Western Balkan Road Safety Observatory, we track safety data and share best practices. Serbia’s recent observer role in the EU’s CARE database represents progress in harmonising road safety data collection with the EU. However, the region still faces high fatality rates, with 1,261 lives lost in 2023. Achieving Vision Zero will require continued cooperation across all levels of government and society.

How crucial is EU financial support for infrastructure projects in the Adria region? Are there any standout projects currently benefiting from EU funding with the potential to create a significant impact?

The EU is the biggest investor in the region’s transport infrastructure, providing essential funding for modernisation and connectivity. Examples include Corridor Vc in Bosnia and Herzegovina, with €2.7 billion in grants and loans enhancing mobility and economic ties. Rail Corridor VIII, connecting Albania, North Macedonia, and Bulgaria, represents a €2.1 billion project, with €370 million in grants already improving links between North Macedonia and Albania. In Serbia, the Belgrade-Niš modernisation on Rail Corridor X is one of the largest EU-supported projects, totalling €2.2 billion and involving major grants and loans. Serbia’s Batajnica Intermodal Terminal, funded primarily by an EU grant, is expected to increase the country’s transport capacity significantly.

Looking ahead, what are the Transport Community’s key priorities for road infrastructure development over the next five to ten years? How might these priorities impact the everyday lives of people across the Adria region?

The Transport Community’s plans focus on strategic projects and policy reforms aimed at improving regional connectivity, safety, and sustainability. The Green Lanes Initiative, developed with CEFTA and supported by the European Commission, has already saved 20 years of waiting times at borders within the Western Balkans, and further simplification of border procedures is expected to reduce delays for goods and passengers. Key priorities also include advancing TEN-T projects to connect the Western Balkans with the EU through robust road corridors. This involves digital tools and policy alignment to modernise road management, improve safety standards, and enhance sustainability. For citizens, these improvements will mean faster, safer, and more reliable travel, with better access to goods, services, and jobs. Enhanced mobility will boost local economies, foster regional cohesion, and integrate the region more closely with EU standards, positively impacting daily life and economic opportunity. ∙

The extension of the Western Balkan East Mediterranean Corridor and Rhine-Danube Corridor connects the region to EU networks. Compliance with TEN-T standards is growing, with over 52% of the Core Road Network and nearly 70% of the Comprehensive Network meeting these standards in 2023. However, challenges remain, such as implementing weigh-in-motion systems and secure parking every 150 km.The Transport Community has identified 42 road projects covering 1,060 km, valued at €3.7 billion, focusing on critical infrastructure. Intelligent Transport Systems (ITS)

The Adria region is embarking on a groundbreaking transformation in its transport infrastructure, one that promises to reshape the lives of its citizens, drive economic growth, and position the region as a vital hub in Europe’s connectivity map. Spearheaded by EU-backed reforms and the steadfast dedication of the Transport Community, this journey is bringing the region closer to achieving the highest standards of safety, sustainability, and efficiency in transportation. This dynamic period of progress is energized by the European Commission’s ambitious Growth Plan for the Western Balkans, which, with its €6 billion funding package, is unlocking the region’s potential. From rail modernization to the integration of green technologies, these advancements are not just about infrastructure—they’re about empowering communities, fostering regional cohesion, and creating a brighter future for millions

At the heart of this transformation is the modernization of rail corridors, such as Corridor Vc in Bosnia and Herzegovina and Rail Corridor VIII, connecting Albania, North Macedonia, and Bulgaria. These projects are monumental, not just in scale but in impact. Rail Corridor VIII, supported by €2.1 billion in funding, is already enhancing links between countries and opening doors to new economic opportunities. Meanwhile, Serbia’s Rail Corridor X modernization, a €2.2 billion initiative, is revolutionizing travel and trade across the region. These rail projects symbolize more than connectivity—they are lifelines for businesses and communities striving to thrive in a competitive, modern world. The integration of green technologies is another highlight. The Transport Community is working relentlessly to align the region with the EU’s Green Deal, which aims to cut transport emissions by 90% by 2050.

AT CROSSROADS

Improving road connections with the EU and across the Western Balkans region is essential to strengthening integration, though toll rates don’t always match road quality. In some cases, the toll rates charged on highways in the region don’t always equate to the actual quality of the roads

Infrastructure remains a critical issue across the region, affecting not only daily life but also the prospects for broader development. Despite varying levels of investment, toll systems, and road networks, Albania, Bosnia and Herzegovina, Croatia, Montenegro, North Macedonia, Serbia, and Slovenia each face unique challenges that hinder connectivity and competitiveness. With infrastructure directly tied to the ease of trade, tourism, and foreign investment, understanding these differences sheds light on the road ahead for each of these nations.

High Costs, Limited Highways

Albania’s infrastructure struggles, with limited highways and tolls impacting both business and daily life

According to the Institute of Statistics, Albania’s road infrastructure remains underdeveloped, with only 24.7 kilometres of the highway within a network of 3,600 kilometres of roads, the rest being mainly interurban routes and lower-quality roads. In reality, Albania’s key highways are limited to a few routes: a 114-kilometre highway from Durrës to the Kosovo border, a 46.5-kilometre connection from Fier to Vlorë, and a 31-kilometre stretch linking Tirana to Elbasan. The recently opened 21-kilometer Thumanë-Kashar segment of the Adriatic-Ionian corridor also adds to the network but lacks certain essential infrastructure elements. Only two of these highways, the Durrës-Kosovo route and the Thumanë-Kashar segment, charge tolls. The Durrës-Morinë toll road, managed by private companies, generates a significant income, reporting around €100 million in turnover from 2018 to 2021, with fees ranging from €5 for cars to €22.5 for heavy trucks. Trade and travel between Albania and Kosovo have increased steadily, making this route essential for the economy.

The Thumanë-Kashar section toll is set at €2.10 for its 21 kilometres, connecting northern Albania to Tirana and the south. Northern Albania, known for its heavy industry, relies on this route to transport goods from Tirana’s industrial zone to Kosovo, making it a vital commercial corridor.

Besides tolls, Albanians face additional fuel costs through a circulation tax added to the price of diesel, introduced to fund road maintenance. In 2023, the government collected 19.5 billion ALL (about €190 million) from this tax, significantly impacting the cost of diesel for both individuals and businesses, who now pay more at the pump.

By Geri Kolgega

Growing Highway Network and Toll Burden

Serbia’s expanded highway system promises regional connectivity, but toll hikes weigh heavily on businesses

Serbia’s development strategy highlights that a well-developed transport network is essential for sustainable growth and regional connectivity. Over the past decade, significant efforts have gone into expanding Serbia’s road network, which spans over 45,000 kilometres, with 925 kilometres covered by highways. An additional 262.5 kilometres are currently under construction, with 52.57% of the country’s highway network set to have been built in the last ten years.

Yet, tolls have become an increasingly noticeable expense. The toll price varies by route, vehicle type, and sections travelled, and in 2023, Serbia collected over 33.7 billion dinars from tolls, which made up 52.94% of the Public Enterprise Roads of Serbia’s income. A recent toll increase, effective 1st April, raised rates by 14% for all vehicles and 8% for those with TAG devices. This change means car drivers now pay 1,720 dinars from Belgrade to Preševo, 2,010 dinars from Novi Sad to Preševo, and 2,450 dinars from Subotica to the North Macedonia border.

These increases weigh heavily on all drivers, but businesses, especially those in transport, feel the greatest impact. Many in the sector argue for a vignette system similar to that in other countries, which would allow for weekly, monthly, or annual payments rather than distance-based tolls. However, the government has not yet considered this approach. Instead, the government plans to introduce toll collection on certain expressways next year, monitored through satellite vehicle tracking rather than physical toll booths. Though expressway tolls will be lower than highway rates, they will still apply to the largest haulage vehicles and some high-traffic routes, raising concerns among transport operators about further increases in operational costs.

By Nataša Damnjanović

Motorway Milestone

After decades of expansion, Croatia’s motorway network has become a critical infrastructure asset, though rising toll costs continue to spark debate over affordability and accessibility

Following independence, Croatia prioritised motorway construction as a cornerstone of its infrastructure development. From a starting point of just 280 kilometres in 1991, the country’s motorway network had expanded to 1,341 kilometres by the close of 2022. Today, Croatia’s 11 motorways, managed primarily by the public company Croatian Motorways Ltd. (HAC), have become essential for the nation, given the limitations of its railways. Three of these routes—the A2, A8, and A9, which make up the Istrian Y— are managed by private concessionaires. Now, after more than 20 years, the motorway construction initiative is nearing completion, with final sections currently under development. These include the A5 from Beli Manastir to the Hungarian border, the A11 connecting Zagreb and Sisak, and the last conversion works on the Istrian Y near Rijeka. Additionally, work on the A7 connecting Rupa to Slovenia continues, with plans to extend it southward to join the A1, linking Zagreb with Dalmatia. The final stretch of the A1, from Ploče to Dubrovnik, is also set to begin construction, further improving access to Croatia’s southern coast.

Motorways play a major role in Croatian travel and trade, given the poor state of the rail network. Toll roads see significant use, with over 80 million vehicles recorded in 2022, resulting in €426 million in toll revenue. For households and businesses, these tolls can be a substantial expense. A drive from Zagreb to Rijeka, for instance, costs €9.20 for a car, with trips to Split or Osijek reaching €24 and €16, respectively. Heavy vehicles incur higher costs, with tolls of up to €83.70, creating added expenses for freight transport. Despite growing calls to replace tolls with a vignette system to ease these burdens, both HAC and the government have so far retained the existing toll model.

By Adriano Milovan

Costly Tolls and Tunnel Fees

With new tolls on Montenegro’s completed motorway section, users find some charges fair, while others, like the Sozina Tunnel fee, draw criticism

In Montenegro, the tolls on the newly completed Smokovac-Mateševo motorway—alongside the charges for crossing the Sozina Tunnel and taking the Kamenari-Lepetane ferry—have become a part of daily life for both residents and travellers. This 41.5-kilometre stretch of the Bar-Boljare motorway, opened in July 2022, spans 20 bridges and 16 double-tube tunnels and includes four toll ramps. Managed by the state company Monteput, this route represents years of effort to modernise Montenegro’s infrastructure, yet for those who rely on it, the costs can add up quickly.

Tolls on this motorway section start at €1.5 for motorcycles and rise to €17 for heavy trucks. Meanwhile, the Sozina Tunnel toll—a €2.5 fee for cars and €10 for buses—has raised eyebrows and concerns, especially among transport groups. Davor Dokić from the NGO Transport Cluster of Montenegro calls it excessive for bus drivers who shuttle passengers between Podgorica and Bar and sometimes struggle to cover the toll. “We’ve called for a reduction because it’s hard on transport providers, especially on days when passenger numbers are low,” Dokić explains. The ferry line between Kamenari and Lepetane, now overseen by the Public Company for the Management of Maritime Assets, charges seasonal rates ranging from €1.50 for motorcycles to €25.5 for large vehicles.

While these tolls are vital for maintaining infrastructure, the Transport Cluster of Montenegro worries that the high cost of crossing the Sozina Tunnel could undermine local businesses, leaving many to question whether these tolls are fairly aligned with Montenegro’s economic realities.

By Srđan Popović

Pricey Tolls and Poor Roads

High tolls, numerous stops, and underdeveloped roads put a strain on travellers and businesses in North Macedonia

Congested Highways Challenge Business

Ageing highways and frequent congestion hinder travel and impact businesses across Slovenia

Driving through North Macedonia can be both costly and cumbersome. A 150-kilometre stretch from Serbia to Greece costs over €12 in tolls alone, making it one of the most expensive routes per kilometre in Europe. With toll booths every 25 kilometres, drivers must stop six times along this route. Other routes are no different—travellers from Skopje to Shtip, for instance, encounter three toll booths in just 40 kilometres.

Beyond the tolls, road quality is another issue. A single 44-kilometre section to Ohrid has been under construction for 11 years, leaving travellers to navigate an unsafe and unmaintained road. Recent government revisions to the project promise further delays, frustrating both locals and tourists visiting one of the country’s main destinations.

North Macedonia’s dependency on the Thessaloniki port, which is vulnerable to strikes, only heightens the impact of poor infrastructure on its economy.

The lack of alternative routes for goods and materials raises transportation costs, undermining the competitiveness of North Macedonian companies.

By Dejan Azeski

In Slovenia, dissatisfaction with road infrastructure runs high. The country’s ageing and congested highways are some of the region’s most costly, though they are not the tolls but the frequent standstills that weigh heavily on businesses and travellers alike.

Managed by the national highway operator, DARS, Slovenia’s highway network includes 624.9 kilometres of motorways and expressways, plus nearly 200 kilometres of junctions, intersections, and other roads.

The network, which spans around 39,000 kilometres in total, struggles under heavy traffic loads, especially during the peak summer tourism season, with maintenance and upgrades becoming a regular necessity. Last year, DARS invested €301 million to address these issues, including €106 million for renovation and €77 million toward new construction.

Despite these investments, frequent congestion remains a challenge for the flow of goods and commuters, particularly as Slovenia’s businesses rely on the road network for efficient transport.

By Novica Mihajlović

Highway to Nowhere

Decades of slow progress on Bosnia’s highways strain the economy and discourage foreign investment

Bosnia and Herzegovina’s highway project along Corridor Vc has become a symbol of delays, taking nearly 25 years to build only 100 kilometres out of the planned 335. With the completion date pushed back repeatedly, the new target stands at 2030. Expressway development fares no better, with only Banja Luka, Doboj, and Gradiška connected, while most other projects are still in concept stages. Bosnian citizens and businesses have paid generously for road infrastructure through fuel tolls and excise duties, contributing some 16 billion KM over the last 18 years. Yet, many feel they’ve received little in return, with no transparency over how funds are spent and empty promises of a long-awaited Sarajevo-Belgrade highway, which has yet to be mapped out.

For exporters, the country’s limited infrastructure poses a significant economic barrier. Only two border crossings with Croatia serve as inspection points for the EU market, causing delays and impacting the quality of perishable goods, diminishing Bosnia’s competitive edge.

Without a reliable infrastructure, foreign investors also remain wary, as Bosnia continues to lag behind Europe in both investment and economic growth.

By Armin Zeba

Unlocking Investment Opportunities

Adria Region Emerges as a Global Investment Hub, Tapping into Renewable Energy, Tourism, and Tech Innovation for Sustainable Growth

The Adria region, famed for its stunning natural beauty, rich cultural heritage, and strategic geographical location, is fast emerging as a global investment hotspot. With countries across the region streamlining policies and aligning economic strategies to attract foreign capital, a diverse range of opportunities is opening up in sectors such as renewable energy, tourism, agriculture, and information technology. This growth underscores the region’s ability to blend its traditional strengths with modern innovation.

Renewable energy has become one of the most exciting areas for development in the Adria region. Blessed with abundant natural resources—ample sunshine, strong winds, and plentiful water—the region offers unparalleled potential for solar, wind, and hydropower projects. Governments are collaborating with international investors to harness these resources, establishing renewable energy as a cornerstone for sustainable development and economic resilience.

Major infrastructure upgrades, such as the development of eco-friendly resorts and the integration of smart technology in tourism management, are enhancing the visitor experience. These initiatives aim to ensure that the tourism sector continues to thrive, balancing economic growth with the preservation of natural and cultural assets.

Agriculture, deeply rooted in the region’s history, is undergoing a significant transformation. Advances in technology and modern farming practices are boosting productivity and opening new markets for exports. Organic farming and the production of high-quality speciality foods are gaining momentum, catering to global demand for sustainable and premium agricultural products.

Governments are also supporting rural development initiatives, providing incentives for small and medium-sized enterprises (SMEs) to adopt innovative agricultural techniques. This not only enhances the sector’s contribution to the economy but also promotes sustainable practices that protect the environment.

The IT sector is another pillar of growth in the Adria region. Startups and established companies alike are driving technological advancements in fields such as artificial intelligence, software development, and cybersecurity. Many countries are investing in educational programs and creating incentives to retain and attract top talent, positioning the region as a burgeoning hub for digital innovation.

The region’s plentiful sunlight, strong winds, and abundant water resources create ideal conditions for solar, wind, and hydropower projects

Special economic zones and tech parks are being developed to support IT enterprises, providing a collaborative environment for research, development, and innovation. This focus on technology is not only creating jobs but also fostering an ecosystem that encourages cross-border collaboration and investment.

The commitment to green energy extends beyond production. Policymakers are actively developing frameworks to support large-scale projects, including subsidies for clean energy initiatives and reforms aimed at simplifying regulatory hurdles. These measures not only attract foreign investments but also solidify the region’s role in the global transition toward renewable energy.

Tourism has long been a vital economic driver for the Adria region. From pristine coastlines to UNESCO World Heritage sites, the region’s traditional appeal remains strong. However, countries are increasingly diversifying their tourism offerings to adapt to modern traveller preferences. Investments in health tourism, eco-tourism, and adventure tourism are reshaping the industry, attracting a broader range of visitors and creating new opportunities for partnerships and innovation in hospitality.

Efforts to improve the ease of doing business are yielding positive results across the Adria region. Simplified administrative procedures, competitive tax regimes, and a wide array of investment incentives are making the region more attractive to foreign investors. Infrastructure projects—ranging from modernising transportation networks to digitising public services—are further enhancing the region’s appeal by creating a more connected and efficient business landscape.

While the Adria region has made impressive strides, challenges remain. Bureaucratic inefficiencies, uneven infrastructure development, and legal uncertainties still pose hurdles. However, the region’s governments are committed to addressing these issues, implementing reforms that aim to create a more business-friendly environment. ∙

Montenegro’s Investment Potential

Since regaining independence, Montenegro has focused on creating a better business environment, attracting €14 billion in foreign direct investments to date

In an interview with The Region, Snežana Đurović, Director of The Montenegrin Investment Agency (MIA), spoke about the unique potential of her country that draws investors from around the world, untapped opportunities, the most attractive sectors for investment, and her hopes for continued growth in foreign direct investments (FDI) in the years to come.

How much FDI have you attracted over almost two decades? What, besides unique natural potential, do you offer investors?

Since 2006, Montenegro has attracted more than €14 billion in foreign direct investments, an exceptional achievement for our economy. In addition to its unique natural resources, Montenegro attracts investors with its strategic location at the crossroads of major European routes, favourable tax rates, straightforward administrative procedures, and a wide range of incentives. Our country offers diverse sectors that are attractive for investment, including tourism, renewable energy, IT, and agriculture, which we focus on because they offer significant opportunities for long-term sustainability and growth.

What exactly is your role, and what services do you provide to potential investors? Do you offer specific projects, provide essential information, or connect them with local businesses?

Our role is to provide reliable support for investors throughout all stages of their projects. We provide information

about the business environment, legislation, and available incentives, present specific investment projects, connect investors with local partners and institutions, and facilitate all administrative procedures. At The Montenegrin Investment Agency, we strive to ensure that every project is executed efficiently and in the best interests of both the investors and the state.

While much has been done to improve the business environment, introduce competitive tax rates, and create incentives, there’s still room for further improvement in the investment climate, isn’t there?

The Government of Montenegro is enhancing the business environment through reforms such as digitalisation of procedures, strengthening legal security, and improving infrastructure. Montenegro has recently joined SEPA and aims to become an EU member by 2028, driving further institutional and economic reforms.

A new Law on Strategic Investments will soon be adopted to attract and facilitate major investment projects. Supporting the ICT sector, the Government is introducing incentives, establishing the Innovation Fund, and opening the Science and Technology Park, positioning Montenegro as an innovation hub in the region. Ongoing efforts include harmonising regulations with EU standards, simplifying procedures, and improving infrastructure to boost investor confidence and economic growth.

As an Agency working closely with the Government, we support these processes by assisting investors and facilitating project implementation.

Finally, is there a simple answer to the question—why Montenegro and not another country in the region? And what are the underutilised potentials that should be invested in?

Montenegro offers a unique combination: strategic location, political stability, favourable tax policies, and abundant natural resources. Our openness to foreign investors and willingness to collaborate to meet their needs make us competitive. Untapped potential lies in sectors such as renewable energy, health tourism, IT development, and agriculture, which provide significant opportunities for innovative projects and sustainable development.

From Osaka to Belgrade

A Tale of Two Expos

Innovation and inspiration are set to cross continents as Osaka gears up for EXPO 2025 and Belgrade prepares to host EXPO 2027. These two global showcases, though separated by oceans and years, share a common goal: redefining the way we think about humanity’s potential.

From Japan’s visionary “Designing Future Society for Our Lives” to Serbia’s dynamic “Play for Humanity: Sport and Music for All,” both expos promise to dazzle visitors while tackling some of the most pressing challenges of our time.

In this issue, we dive into what makes these expos more than just exhibitions—they’re blueprints for the future, where culture, creativity, and technology converge to leave a lasting impact on the world.

Whether it’s Osaka’s smart city innovations or Belgrade’s transformative celebration of sport and music, these events aren’t just about showcasing ideas—they’re about shaping a better tomorrow. ∙

EXPO 2025 Osaka

Designing the Society of Tomorrow

Osaka, Japan’s vibrant innovation hub, will host EXPO 2025 from 13 April to 13 October 2025 on the picturesque Yumeshima Island. Themed “Designing Future Society for Our Lives,” the expo will tackle critical global challenges and present visionary solutions for a sustainable and inclusive future. With over 28 million visitors expected, EXPO 2025 will feature participation from more than 150 countries and organisations, offering a platform to showcase breakthroughs in health, well-being, and environmental sustainability. Businesses will find unparalleled opportunities to present pioneering ideas, particularly in biotechnology, renewable energy, and urban planning. Among the expo’s highlights is Myaku-Myaku, the official mascot designed by renowned illustrator Kouhei Yamashita

Myaku-Myaku, a shapeshifter with a flowing blue body and a vibrant red, multi-eyed head, symbolises the steady pulse of life, culture, and wisdom passed through generations. The name “Myaku-Myaku” comes from a Japanese onomatopoeia meaning “steadily pulsing,” reflecting the expo’s themes of unity and innovation. With its friendly and dynamic nature, Myaku-Myaku embodies Osaka’s deep connection to water and its role as a hub for transformation.

Another standout feature is Japan’s smart city innovations, blending cutting-edge technology with traditional Japanese principles of harmony. Visitors can explore pavilions designed as living ecosystems, showcasing advancements such as vertical farming, hydrogen energy solutions, and AI-powered healthcare systems.

Osaka’s vision for EXPO 2025 is to redefine the blueprint for global development by uniting creativity, technology, and humanity. For top business leaders, it’s more than a showcase—it’s an invitation to collaborate, invest, and shape the future. ∙

EXPO 2027 Belgrade

Where Play Meets Progress

Belgrade is poised to captivate the world from 15 May to 15 August 2027 as it hosts EXPO 2027, marking the first time a specialised international exhibition takes place in the Western Balkans. Under the theme “Play for Humanity: Sport and Music for All,” this transformative event will explore the power of sport and music as global unifiers while showcasing groundbreaking advancements in technology and culture.

The Belgrade EXPO 2027 is set to welcome participation from over 120 countries, international organisations, and companies. For businesses, the expo provides a stage to engage with global audiences through cutting-edge pavilions and interactive displays.

Set on a 25-hectare site, EXPO 2027 expects to attract over 4 million visitors, drawing international attention to Belgrade’s evolving role as a nexus of innovation and cultural exchange

The exhibition will feature state-of-the-art infrastructure, including a new aquatic centre, an innovation hub, and a trade fair complex, all built with sustainability at the forefront. With a focus on showcasing Serbia’s rich heritage alongside its forward-thinking initiatives, EXPO 2027 will offer immersive experiences, from AI-driven demonstrations to renewable energy exhibits.

The event positions Serbia as an emerging leader in leveraging soft power—through sport and music—to foster innovation, collaboration, and global understanding. For investors and stakeholders, it’s a compelling opportunity to align with a region primed for economic and cultural transformation.∙

Raising a Glass at Wine Vision 2024

Balkan wines and spirits shine at this year’s premier event, highlighting regional excellence and innovation

The third Wine Vision by the Open Balkan Fair in Belgrade has firmly established itself as a cornerstone of the international wine scene. This year’s event brought together wine producers, distillers, culinary artisans, and enthusiasts from 38 countries, solidifying the region’s reputation as a dynamic contributor to global gastronomy.

With more than 650 exhibitors, 10,000 wine labels, and over 2,000 business meetings, the fair showcased the unparalleled quality and diversity of Balkan wines. The event’s grand opening featured prominent regional leaders, including Serbian President Aleksandar Vučić, North Macedonian Prime Minister Hristijan Mickoski, and Republika Srpska President Milorad Dodik, emphasising the importance of regional collaboration through the Open Balkan initiative.

The highlight of the fair was the awards ceremony, where the best wines were celebrated across 12 categories. National trophies went to Albania’s Shesh I Bardhe 2024 from Enofama Winery, North Macedonia’s Bela Voda Red 2021 by Tikveš Châteaux & Domaines, and Serbia’s 1903 Merlot 2016 from Delena Winery.

Specialty awards underscored the region’s extraordinary winemaking talents. Serbia’s Beli Kamen Merlot 2019 by Temet winery earned the title of Best Red Wine, while North Macedonia’s Vranec Terroir Grand Reserva 2020 from Chateau Kamnik was recognised as the best indigenous red. For white wines, Serbia triumphed with Signum Chardonnay 2022 from Frug Winery and Grašac Grand Fru 2020 by Vinčić Winery.

Other standout winners included North Macedonia’s Pure Elegance Rose 2023 by Chateau Kamnik for rosé, Serbia’s Trijumf Rose Sparkling 2019 by Aleksandrović winery for sparkling wine, and the award-winning orange wine Moma Traminac 2023 by Bikicki winery. Sweet and fortified wine categories saw exceptional entries like Tri Sunca Traminac Kasna Berba 2019 from Fruškogorski Vinogradi and Bermet Krokan 2012 from Stojanović winery.

The Rakija Trophy celebrated excellence in distillation, with Serbia’s Gorda XI Grand Cru by Gorda Distillery taking the overall prize. Notable fruit brandies included Radost Dunja 5 Barrique from Podrum Radost and Želja 12 from Podrum Želja.

Running alongside Wine Vision, Food Vision by Open Balkan offered a platform for culinary excellence, with highlights such as the Best Young Chef Culinary Challenge, won by Milana Čugalj, and masterclasses celebrating the region’s gastronomic artistry.

This year’s fair welcomed delegations from 48 countries, including the UK, US, China, and Austria. Over 2,000 business meetings facilitated new global partnerships, cementing the event’s role as a hub for collaboration and innovation.

Among the standout achievements was the award for Moma Traminac 2023, which earned Bikicki Winery a top honour in the orange wine category. In this interview, we speak with Đorđe Bikicki, the passionate owner behind Bikicki Winery, about their journey, their award-winning wine, and their vision for the future of winemaking in the Adria region and beyond. ∙

Đorđe

Bikicki, Owner of Bikicki Winery

Crafting Wines with Passion and Purpose

Award-winning Traminac and sustainable practices define Bikicki Winery’s blend of tradition and innovation on the slopes of Fruška Gora

Nestled on the northern slopes of Fruška Gora, Bikicki Winery has become a symbol of dedication and craftsmanship in the world of natural wines. With Moma Traminac 2023 earning accolades at Wine Vision by Open Balkan 2024, Đorđe Bikicki shares how his commitment to organic practices, minimal intervention, and a return to traditional winemaking methods creates wines that tell a story. In this exclusive interview, Bikicki offers insights into his vineyard’s unique location, his production philosophy, and what visitors can expect when stepping into his one-of-a-kind winery.

Moma Traminac 2023, now a winner at Wine Vision by Open Balkan 2024, has brought recognition to Bikicki Winery. If this award-winning wine could tell the story of your journey, what would it reveal about your philosophy and vision?

Moma Traminac is the culmination of ten years of production, showcasing the

extent to which our radical approach to both grape cultivation and winemaking can achieve in terms of expression and elegance. Like all our other wines, it is crafted according to the same principles – from organic grapes and with minimal intervention during processing. For this wine, we harvest Traminac grapes slightly earlier than full ripeness to ensure better dynamics and acidity based solely on subjective taste. After gentle crushing, the grape juice is left for a day with the skins for better extraction and then transferred to ceramic tanks for gentle, spontaneous fermentation without any additives. The wine matures for a year on fine lees before being bottled, unfiltered and unfined in ceramic bottles.

Fruška Gora is often called a gem for winemaking. How do its landscapes, climate, and history influence the personality of your wines?

Our vineyards are located in Banoštor, on the northern slopes of Fruška Gora, overlooking the Danube and situated right on the edge of the National Park. This is undoubtedly one of the best locations in the region for producing lowyield, high-quality grapes. The Danube provides numerous benefits, including warmth in winter, reducing the risk of frost, and a gentle breeze in summer, which supports organic cultivation with minimal treatments. The predominantly clay-rich soil is highly fertile, well-drained, and easy to work with. Our grapes consistently have high sugar levels, bursting with aromas and natural sweetness. This greatly facilitates the production of premium wine during processing.

Your tasting room is ready to welcome wine enthusiasts. If you could design the perfect visit to Bikicki Winery, what emotions and memories would you want guests to take away?

Our production facility in Veliki Radinci tells a different story. It’s a garage-style winery where the wines are absolutely at the forefront. For fermentation and ageing, we use only natural materials, such as oak barrels, ceramic tanks, and concrete vats, allowing the wines to ferment and evolve slowly. We return to traditional methods without the use of modern machinery and enological equipment, respecting natural processes and applying the knowledge we have about them. We want our guests to feel our passion through an unpretentious story, honest communication, and education. We hope the quality of the wines they taste reflects the authenticity of our approach. Our production isn’t just a story to make things seem more interesting or different – it genuinely delivers better results due to this method. ∙

Tomaž Lah, CEO of Nektar Natura

Driving Nektar Natura’s Global Reach

Crowned Slovenia’s ITM Exporter of the Year 2024, CEO Tomaž Lah reflects on resilience, partnerships, and innovation driving the company’s global growth

Nektar Natura, a premier European beverage provider for the hospitality industry, has achieved a new milestone by being named ITM Exporter of the Year 2024. This prestigious award highlights the company’s exceptional international reach and best practices in global business.

In this exclusive interview, CEO Tomaž Lah shares insights on navigating crises, fostering partnerships, and leading a team with a vision. From crafting innovative solutions for the HoReCa sector to building a business culture rooted in humility and collaboration, Lah reveals the strategies behind Nektar Natura’s remarkable journey.

Your company has risen from the ashes to become a global player in over 30 countries. If you could write a letter to your past self during Nektar Natura’s toughest days, what would you say?

Our company truly rose from the ashes of the former shared, utopian Yugoslavia. It was a time of change and great crises, but out of that turmoil emerged free enterprise and new businesses led by entrepreneurs, myself included.

If I were to write a letter to my past self during those challenging times, it would go something like this:

‘Dear me, every crisis is a consequence of excessive belief in the system’s ability to absorb challenges and often stems from unrealistic expectations. Be wise and rational in your decisions before a crisis, and use every crisis as a catapult to accelerate your growth. Crises are moments when partners are more open to change, offering a unique opportunity for businesses to demonstrate energy, understanding of market needs, and their own capacity to innovate and adapt.’

It’s also important to highlight that Nektar Natura is a development-oriented company in the field of fruit-based ingredients. We are expanding our reach into various beverage segments, including the ice cream, dairy, and dietary supplement industries, alongside our strong presence in the HoReCa market. This broad scope of innovation drives our growth and resilience.

Running a business in the HoReCa sector requires constant innovation. What’s the most unusual or exciting request you’ve received from a client, and how did your team tackle it?

The HoReCa sector is B2B, which means our customers are professionals who know their business exceptionally well. This makes our approach different from selling to end consumers in retail. One of the most interesting requests came from a high-altitude hotel that wanted to serve drinks outdoors on its terrace. Ensuring juices could flow without freezing in temperatures below -15°C was a unique challenge for us. Our team tackled it successfully, enabling the hotel to host outdoor parties seamlessly. Another exciting challenge was developing a line of mocktail beverages for our Arab customers. The successful creation, launch, and ongoing sales of this product line highlight Nektar Natura’s innovative capabilities.

Sailing trips with your team sound adventurous! If you could compare leading a company to navigating a sailboat, what parallels would you draw between the two experiences?

Running a company is a lot like navigating a sailboat. You need to keep an eye on the wind—external circumstances—and adjust your sails accordingly. Leadership is about setting the right course, staying calm during storms, and ensuring every team

member is aligned and working together. Sometimes, the journey is smooth, and you can enjoy the ride, but often, unexpected waves test your skills and resilience. Like in sailing, in business, preparation, teamwork, and adaptability are key to staying afloat and reaching your destination.

Everyone has their own rituals or quirks. What’s one non-negotiable part of your daily routine that keeps you grounded or inspired as a leader?

My morning ritual is simple yet vital. I start the day by reflecting on the key tasks ahead and writing them down. I then spend time considering how we can improve the customer experience—whether through better communication or developing new solutions.

As the CEO, I focus on leading the company strategically while leaving operational leadership to our exceptional team. My primary roles include driving innovation, overseeing corporate governance, and mentoring within the organisation. These practices keep me grounded and focused on our long-term vision.

As a company built on partnership, what’s the most memorable or unexpected lesson you’ve learned from a business partner that changed your perspective?

Partnerships, much like marriage, rely on unwavering loyalty to shared goals and a mutual understanding that Nektar Natura is greater than any individual. When we reach this mindset, we eliminate weaknesses.

The company was founded to make us all as economically successful and independent as possible. This independence enables us to develop ourselves, our colleagues, society, and the environment.

The greatest lessons often come during times of success, not crises. I firmly believe that partnerships thrive on mutual humility and a service attitude. At Nektar Natura, we say, ‘Nektar Natura is no good place for egos.’ This belief fosters a culture where everyone collaborates with respect and a shared sense of purpose. ∙

Partnerships, much like marriage, rely on unwavering loyalty to shared goals and a mutual understanding that Nektar Natura is greater than any individual

LUŠTICA BAY’S NEW NEIGHBOURHOOD – HORIZON

A Place of Balance, Beauty & Belonging

• Private and intimate community of residences, offering a fresh take on the Montenegrin villages of old

• Located next to The Peaks golf course, residents have access to an exclusive Clubhouse and Luštica Bay’s amenities

• Innovation of new payment options available

A corner of calm

Horizon’s residences benefit from being close to the action and community of Luštica Bay - minutes from Marina Village, Centrale, and the new golf course - yet still in a quiet and secluded area overlooking the Bay of Trašte. The architectural language of the residences blends modern luxury with traditional Montenegrin charm to maximise views across the Adriatic Sea. Every living room, bedroom, terrace and balcony is orientated around blue vistas and natural scenery. Generous open-plan living spaces boast floor-to-ceiling windows, warm local stone, earthy colour palettes, and Mediterranean shutters. And cascading infinity pools and outdoor terraces are surrounded by lush gardens and fragrances of lime trees and lavender.

A community of life

Residents will have access to Horizon’s exclusive Clubhouse for socialising, dining and entertainment. Expansive terraces with swing sofas and sun loungers offer additional perspectives over the Adriatic, while the elevated Skybar is made for sunset drinks and alfresco dining. The Clubhouse also features an infinity pool, private cinema, state-of-the-art fitness centre, and a dedicated kids’ club.

An innovative investment opportunity

Horizon residences range from €450,000 to €1,452,000with a 20% downpayment and flexible payment terms. A unique payment structure includes a zero-interest plan extended up to four years, with up to two years of post-delivery flexibility. This allows owners to generate rental income for up to two years before making their final payment, effectively offsetting their investment through Luštica Bay’s professional Property Rental Service.

E: sales@lusticabay.com

T: +382 67 050 550 www.lusticabay.com

Serenity on the shores of Perast, Montenegro

The Power of Words: Business Trends Redefined in 2024 Green Swans

Green Swans are transformative innovations or shifts that create exponential environmental and societal benefits. Unlike “Black Swans,” which are unpredictable and often disastrous, Green Swans offer positive, systemic change. For instance, advancements in renewable energy technologies or circular economy practices exemplify such innovations. They are particularly relevant as businesses pivot toward sustainability-driven models, aiming to address climate change while generating economic value.

Pay Transparency

Language evolves with business trends, reflecting innovation and priorities. Industries drive linguistic shifts that shape and mirror economic realities. We’ve selected the most intriguing business terms shaping 2024. As economic priorities evolve, language mirrors these changes, connecting innovation, culture, and the realities of the modern workplace

Generative AI

Generative AI refers to artificial intelligence systems that create new content, such as text, images, music, and designs, based on patterns and data inputs. Tools like ChatGPT and DALL-E exemplify how AI can enhance productivity, automate repetitive tasks, and drive creativity. Businesses are adopting generative AI for personalised marketing, product design, and even customer service, enabling rapid scaling and innovation. It revolutionises industries by lowering creative barriers and streamlining processes while demanding robust ethical frameworks to address biases and intellectual property concerns.

Pay transparency involves openly sharing compensation information within organisations to ensure fairness, boost employee trust, and address wage gaps. It is increasingly prioritised in modern workplaces as employees demand accountability. By implementing transparent pay policies, companies foster equity, reduce gender and racial pay disparities, and enhance recruitment appeal. However, it requires balancing openness with privacy concerns and ensuring that pay structures align with clear performance metrics.

Cyber Hygiene

It encompasses regular and proactive measures to protect digital infrastructure from threats. As cyberattacks grow in sophistication, maintaining strong cyber hygiene, such as regular software updates, secure passwords, and employee training, becomes essential. Businesses that prioritise it minimise risks of data breaches and operational disruptions. In 2024, with increasing reliance on digital operations, cyber hygiene is not just a technical requirement but a foundational element of organisational resilience.

Inclusive Leadership

Inclusive leadership emphasises valuing diversity, fostering belonging, and encouraging equitable opportunities in workplaces. Leaders who practice inclusion actively listen to underrepresented voices, challenge biases, and implement policies promoting equity. This style boosts innovation, employee satisfaction, and retention, making it integral to contemporary business success. With heightened awareness around social justice and workplace diversity, inclusive leadership is more than a trend— it’s a business imperative.

User-Generated Content (UGC)

UGC is content created by customers, fans, or users that brands use to market products authentically. Examples include customer reviews, social media posts, or videos showcasing a product in real life. It builds trust, as potential buyers value peer recommendations over traditional ads. For businesses, UGC amplifies engagement and reduces marketing costs while fostering a community around the brand. By leveraging UGC, companies align marketing strategies with consumer trends, emphasizing authenticity.

Workplace Well-Being

Workplace well-being focuses on creating environments prioritising employees’ physical, mental, and emotional health. In 2024, this includes hybrid work models, wellness programs, and resources for mental health. Companies investing in well-being experience increased productivity, loyalty, and reduced absenteeism. As employees increasingly value work-life balance, fostering well-being becomes a competitive advantage in retaining and attracting top talent.

Experience Economy 2.0

It emphasises delivering memorable, personalised experiences rather than just selling products or services. Companies like Airbnb and Disney are prime examples of curating unique customer experiences that resonate emotionally. Businesses adopting this trend invest in storytelling, design, and immersive technology to engage consumers deeply. As customers prioritise meaning over materialism, Experience Economy 2.0 defines how brands differentiate themselves and foster loyalty.

Data Democratisation

Data democratisation makes information accessible to employees at all organisational levels, empowering informed decision-making. By implementing tools like user-friendly dashboards and training programs, companies unlock data-driven innovation and agility. This trend minimises reliance on spe -

cialised data teams, fostering collaboration and decentralising knowledge. Businesses embracing data democratisation gain competitive edges, enabling faster responses to market changes.

Web3

Web3 represents the decentralised internet, leveraging blockchain technology to empower users with ownership and transparency. Applications include decentralised finance (DeFi), digital identity systems, and non-fungible tokens (NFTs). By removing intermediaries, Web3 offers greater privacy and security. It challenges traditional business models, compelling companies to adapt to a landscape prioritising user control and decentralised collaboration.

The Timeless Appeal of In-Person Events

In the age of rapid digital transformation, where online communication has become the norm, the enduring significance of physical gatherings like trade fairs, meetups, and live networking events remains unshaken

Despite the rise of virtual trade fairs and online networking platforms, thousands of physical events take place worldwide every year. Whether it’s an expansive international trade fair, a local business expo, or a casual meetup among professionals, these gatherings satisfy an intrinsic human need: the desire for live, meaningful communication. Physical events bring people together in ways that digital platforms struggle to replicate. They provide a multisensory experience that includes seeing, hearing, and even physically interacting with people and products. This kind of connection builds trust and leaves a lasting impact, especially in business settings where relationships are paramount.

Meetups: Building Communities

Meetups have become a key driver of in-person networking. Platforms like Meetup.com have made it easier than ever for individuals to organise gatherings around shared interests, from technology and fitness to arts and entrepreneurship. These smaller, more intimate events are particularly effective in creating a sense of belonging and fostering in-depth discussions. Unlike large trade fairs, meetups emphasise close-knit interactions where ideas flow freely. They are an ideal space for professionals to collaborate, share knowledge, and build friendships in a casual, low-pressure environment.

Trade Fairs and Conferences:

Cornerstones of Business

Trade Fairs and Conferences: Cornerstones of Business Trade fairs and conferences remain essential for industries worldwide. Major events like CES (Consumer Electronics Show) in Las Vegas or the Canton Fair in China draw exhibitors, buyers, and industry leaders, creating an ecosystem of innovation, networking, and commerce. Trade fairs, meetups, and physical gather-

ings continue to thrive because they offer unique advantages that the digital realm struggles to replicate. These events provide attendees with the opportunity to experience products firsthand, engaging their senses in ways that virtual demonstrations cannot match. The tactile and visual interactions create a deeper connection, fostering confidence in products and services. Beyond transactions, in-person meetings serve as a powerful tool for forging strong relationships. Face-to-face interactions build trust, allow for genuine communication, and establish the foundation for long-term collaborations. Additionally, these events act as hubs of knowledge and innovation, featuring keynote speeches, workshops, and panel discussions that offer fresh perspectives and inspire transformative ideas.

Networking Beyond the Office

In addition to structured events, informal gatherings like networking dinners, happy hours, and community socials play an important role in relationship-building. These settings remove the pressures of formal business discussions, allowing participants to connect on a personal level. Shared experiences at these events—whether a heartfelt conversation over a meal or a moment of laughter at a social gathering—form the foundation for enduring relationships, both personal and professional.

The Rise of Hybrid Events

Recognising the advantages of both physical and virtual formats, hybrid events are becoming increasingly popular. These events combine the global accessibility of virtual platforms with the depth of in-person interaction. For example, trade fairs may include live-streamed sessions for remote participants while maintaining physical booths and on-site networking opportunities for attendees. Hybrid models expand participation and reduce costs, making events more inclusive while preserving the human connection central to their success.

The Irreplaceable Human Touch

While technology continues to redefine communication, it cannot fully replicate the nuances of face-to-face interaction. Non-verbal cues like body language, eye contact, and tone of voice add depth and context to conversations. In-person meetings also create opportunities for spontaneous connections and serendipitous encounters that often lead to breakthroughs in business and personal relationships.

The Road Ahead

As we move further into the digital age, physical gatherings will remain indispensable. The energy, creativity, and authenticity that emerge from live interaction are irreplaceable. Trade fairs, meetups, and other in-person events will continue to evolve, integrating technology to enhance the experience while preserving their core purpose: bringing people together. Whether at a bustling trade fair, an intimate meetup, or a lively conference, these gatherings remind us of the power of human connection in a world that is increasingly digital. By embracing both physical and virtual platforms, we can create a future where communication is not only efficient but also deeply meaningful. ∙

Fair Calendar

January–March 2025

The Adria region is set to host a diverse lineup of fairs this season, covering industries, culture, and innovation. From Slovenia and Croatia to Serbia, North Macedonia, and beyond, this calendar provides essential details on events taking place from January to March 2025. Whether you’re a business professional, a local enthusiast, or just looking to plan your visit, this listing includes everything you need: dates, venues, and locations across the region.

JANUARY

1. Tourism Fair

29 January – 1 February

Exhibition and Convention Centre Ljubljana, Slovenia

2. AgroBelgrade

30 January – 1 February

Belgrade Fair

Belgrade, Serbia

3. GASTexpo

29 January – 1 February

Exhibition and Convention Centre

Ljubljana, Slovenia

4. International Student Recruitment Fair

January

Exhibition and Convention Centre, Ljubljana, Slovenia

FEBRUARY

5. Furniture Fair, Home, Office, and Interior Decoration

3 – 9 February

Adriatic Fair Budva Budva, Montenegro

6. State Beekeeping Fair

8 – 9 February

Belgrade Fair

Belgrade, Serbia

7. IFAM Trade Fair

11 – 13 February

Exhibition and Convention Centre Ljubljana, Slovenia

8. B2B Trade Fair Robotics

11 – 13 February

Exhibition and Convention Centre

Ljubljana, Slovenia

9. Conventa

18 – 20 February

Exhibition and Convention Centre

Ljubljana, Slovenia

10. Zagreb Boat Show

19 – 23 February

Zagreb Fair

Zagreb, Croatia

11. Balkan Textile International Textile Fair

20 – 22 February

Belgrade Fair

Belgrade, Serbia

12. International Tourism Fair

20 – 23 February

Belgrade Fair

Belgrade, Serbia

13. HoReCa - Hospitality Equipment Fair

20 – 23 February

Belgrade Fair

Belgrade, Serbia

14. Hunting & Fishing Days

21 – 23 February

Zagreb Fair

Zagreb, Croatia

15. Halal Expo Albania

21 – 23 February

Palace of Congress

Tirana, Albania

16. ICT4Industry

February

Exhibition and Convention Centre Ljubljana, Slovenia MARCH

17. School Fair

5 – 7 March

Belgrade Fair

Belgrade, Serbia

18. Promohotel - International Fair of Food, Drinks & Equipment for Tourism 5 – 8 March

Sports hall Žatika

Poreč, Croatia

19. Beauty & Hair Expo Zagreb

7 – 9 March

Zagreb Fair

Zagreb, Croatia

20. Home Fair

5 – 9 March

Exhibition and Convention CentreLjubljana, Slovenia

21. World Education Fair Belgrade

8 March

Hilton Belgrade

Belgrade, Serbia

22. The Horeca Fair Montenegro

11 – 12 March

Knjaz Estate

Podgorica, Montenegro

23. International Book Fair

18 – 25 March

Novi Sad Fair

Novi Sad, Serbia

24. Novi Sad Art Expo

18 – 25 March

Novi Sad Fairground

Novi Sad, Serbia

25. International Motorcycle Fair Motopassion

20 – 26 March

Belgrade Fair

Belgrade, Serbia

26. International Fair for Construction

26 – 29 March

Pomurski sejem

Gornja Radgona, Slovenia

27. World Education Fair

28 March

Best Western Premier Hotel Slon

Ljubljana, Slovenia

28. World Education Fair

29 March

The Westin Zagreb

Zagreb, Croatia

29. Place2go

28 – 30 March

Zagreb Fair

Zagreb, Croatia

30. The International Food Fair Montenegro March

Adriatic Fair Budva Budva, Montenegro

A Regional Beacon of High-Tech Agriculture

Groundbreaking event unfolded in Gornji Milanovac this October, as the Luča Fair 2024 made its debut as the first fair of its kind in the region, dedicated exclusively to high technology in agriculture. Bringing together the innovative minds of science, the drive of private enterprise, and the support of local government, the fair redefined the future of farming.

This ambitious event was the brainchild of Slavko Marković, the fair’s Director, with Alek Garčević as the Program Director. The Municipality of Gornji Milanovac provided substantial support through the efforts of Lazar Nikolić, President of the Municipal Assembly. The collaboration between local authorities, the private sector, and international participants created a truly unique event that placed Gornji Milanovac on the map as a hub for modern agricultural solutions.

A Bold Vision for the Future

“Climate challenges significantly impact agriculture, and the only sustainable answer lies in embracing high technology and science,” remarked Alek Garčević during the opening ceremony. He also emphasized another key achievement of the event:

“The greatest value of this fair is the interaction we’ve created between private initiatives, local government, science, and industry. This collaboration is vital for addressing the pressing issues of our time and driving agricultural advancement.”

Slavko Marković reflected on the journey of organizing such a pioneering event:

“This fair was a real challenge, but it is our team’s contribution to the community of Gornji Milanovac. We are proud to have created a platform where tradition meets technology, setting the stage for the future of farming. I sincerely hope that next year, this fair will expand into a regional event, attracting even more stakeholders from neighboring countries.”

Spotlight on Innovation: Slovenian Slopehelper

One of the fair’s highlights was the Slopehelper, a state-of-theart agricultural robot from Slovenia capable of performing 18 different operations with minimal human intervention. Jovan Brstina, Sales Director, noted:

“The Slopehelper represents the future of farming. Its arrival from Slovenia already makes this fair a regional success. Additionally, we’ve seen the presence of drones from leading global manufacturers. While drones are no longer a novelty, their continued evolution undeniably represents the future of precision agriculture.”

Lazar Nikolić emphasized the importance of municipal support for initiatives like Luča:

“Our municipality always stands behind endeavors that enhance agriculture in the region. This fair is not just an event; it is a step towards modernizing and advancing farming practices in Gornji Milanovac and beyond.”

Where Tradition Meets Technology

One of the defining features of Luča 2024 was its unwavering commitment to celebrating local heritage while embracing the latest advancements in agricultural technology. This vision was brought to life through two standout events: the Festival of Small-Scale Producers of Traditional Foods and the Rural Tourism Festival, both of which were organized with the support of the local government.

The Festival of Small-Scale Producers of Traditional Foods provided a platform for residents of nearby villages to showcase their time-honored offerings. The air was filled with the enticing aromas of traditional cheeses, honey, homemade preserves, and artisanal spirits, creating an inviting atmosphere that encouraged exploration and interaction.

Simultaneously, the Rural Tourism Festival highlighted the diverse tourism experiences available in the surrounding countryside. From rustic farm stays to eco-tours that showcased the area’s natural beauty, the festival demonstrated the potential of rural Serbia as a key destination for sustainable tourism.

This celebration of local culture, alongside cutting-edge agricultural technology, was a reminder that innovation does not have to overshadow tradition. Instead, it can enhance and empower it. Luča 2024 proved that modern agriculture can honor and protect traditional ways of life while simultaneously preparing for the future.

A Platform for Permanent Collaboration

Through a series of expert panels and interactive discussions, the event addressed pressing challenges in modern agriculture, such as climate change, sustainability, and the integration of high-tech solutions into everyday farming practices.

One of the key highlights of Luča 2024 was the extensive series of expert panels, which delved into the most urgent issues facing the agriculture sector. The discussions underscored the importance of collaboration between science, industry, and practice in driving innovation. The panels served as a forum for sharing ideas, strategies, and solutions that can transform the agricultural landscape, making it more efficient, sustainable, and resilient in the face of global challenges.

A central topic of conversation was the role of high-tech solutions in overcoming the challenges posed by climate change. Experts discussed how satellite imagery, drones, sensors, and digital tools are revolutionizing farming practices. These technologies enable farmers to monitor crop health, assess soil conditions, and make data-driven decisions that optimize yields while minimizing environmental impact. The integration of these advanced tools into farming operations is helping to tackle issues such as water scarcity, pest control, and crop diseases, making agriculture more sustainable and adaptable to changing climates.

Looking Ahead: The Future of Luča Fair

The first Luča Fair successfully bridged tradition and technology, establishing itself as a vital platform for innovation, collaboration, and the future of agriculture in Serbia. By showcasing cutting-edge advancements like the Slopehelper robot, celebrating local heritage through traditional food and rural tourism festivals, and fostering critical discussions on sustainability and climate adaptation, Luča 2024 demonstrated the immense potential of modern agriculture.

With aspirations to grow into a regional event, the fair laid a strong foundation for a future where technology empowers tradition, ensuring prosperity for farmers and rural communities alike. This inaugural event is only the beginning of what promises to be a transformative journey for agriculture in Serbia and the wider region. ∙

Migration in Motion

Migration, a force as old as humanity, is constantly evolving, shaped by global dynamics and local realities. Today, it is no longer a linear journey of departure and settlement but a complex, multi-directional process with far-reaching impacts on economies, societies, and policies. Nowhere is this interplay more evident than in the Western Balkans—a region at the crossroads of Europe, balancing its rich cultural heritage with the demands of a globalised world.

The Western Balkans: A Hub of Mobility

Exploring how migration drives innovation, shapes policies, and unlocks economic potential in the Western Balkans

Nestled at the intersection of Europe, Asia, and the Middle East, the Western Balkans serves as both a transit corridor and a destination for migrants. Traditionally known as a region of emigration, the Balkans are increasingly attracting labour migrants from diverse countries such as Egypt, India, Nepal, and Sri Lanka. These individuals bring unique skill sets, injecting innovation and vitality into local economies. From construction projects in Serbia to healthcare in Montenegro and IT services in North Macedonia, migrants are filling critical gaps in regional labour markets.

Unlocking Economic Potential

The economic benefits of migration are undeniable. Labour migrants contribute to the development of infrastructure, the growth of industries, and the diversification of skills in the workforce. The Western Balkans, currently undergoing reforms to align with EU standards, is poised to maximise these advantages. Skills mobility partnerships and regular migration pathways are emerging as critical tools to sustain this momentum, offering a win-win scenario for both migrants and host countries. However, harnessing the full potential of migration requires robust governance frameworks. Effective policies must ensure that migration is not only economically beneficial but also socially inclusive, protecting the rights of migrants while addressing the needs of local populations.

Tackling Migration’s Challenges

While migration presents opportunities, it also brings challenges. Irregular migration, smuggling, and trafficking remain persistent issues in the region. At the same time, climate change is becoming an increasingly significant driver of migration, pushing individuals to move in search of safety and stability. The IOM plays a crucial role in addressing these complexities, working closely with governments to develop integrated border governance systems and counter-trafficking networks and establish comprehensive return management programs. One of the most impactful initiatives is the Assisted Voluntary Return and Reintegration (AVRR) program, which has helped over 1,300 migrants in Serbia safely return to their home countries.

A Glimpse Into the Future

Looking ahead, the region’s ability to manage migration will depend on its capacity to embrace innovation and foster collaboration. Sustainable solutions, such as climate-resilient communities and digital tools for migration management, must take centre stage. As the Western Balkans continue to align with EU standards, migration governance will remain a cornerstone of regional stability and development. Against this backdrop, The Region presents an exclusive interview with Mr Zeynal Hajiyev, IOM’s Chief of Mission in Serbia. Drawing on decades of global experience, Hajiyev offers insights into the organisation’s priorities, from supporting labour-driven migration to addressing climate-induced mobility. He also discusses the significance of the EU Action Plan on the Western Balkans and the transformative potential of skills mobility partnerships. ∙

Labour Migration Fuels Economic Growth

Labour-driven migration from countries like Egypt, India, and Nepal brings unique skills to the Western Balkans, driving innovation and economic growth

Today, more than ever, migration cannot be perceived as a linear phenomenon that begins with emigration and ends with permanent settlement in a new country. Rather, global mobility is increasingly multi-directional and complex, and changes in dynamics and trends, says The International Organization for Migration (IOM) new Chief of Mission in Serbia, Mr Zeynal Hajiyev, who has a rich experience in the field of migration throughout the world.

When it comes to Europe and the Western Balkans in particular, return, readmission, and reintegration have become policy priorities for migration governance and development strategies, notes our interlocutor. „As the region of the Western Balkans undertakes major reforms to lay foundations for their accession to the EU, the adoption of the EU Action Plan on the Western Balkans has driven important changes in the region. The adoption of the new EU Pact on Migration and Asylum and its implementation at EU’s external borders will also have an important impact on WB partners.“

What are today IOM key priorities in Serbia and the region?

IOM will continue to work closely with its partners in migration management and governance in the country in three key priority areas: Integrated Border Governance, Regular Pathways for Migration and Supporting the Establishment of a Comprehensive Return Management System, and Countering Smuggling and Trafficking. Much of migration nowadays is labour-driven, and we notice this with Egyptian, Indian, Sri Lankan, Cuban, Bangla-

deshi, Pakistani, and Nepalese migrants coming to the Western Balkans for work opportunities, bringing unique skill sets, thus driving innovation and development of economies. There is enormous, transformative potential in regular labour migration with a strong impact on economic growth. Therefore, skills mobility partnerships, as accelerators for the economies of Serbia and the Western Balkans, are the future. The work ahead of us will also be directed at climate-induced human mobility, for migration is one of the solutions to climate change. Sustainable and innovative solutions must be placed at the forefront of climate action to prevent forced migration caused by climate change and to protect the human rights of those most impacted by changes to their environment.

How does IOM assist migrants to safely return home and settle?

With over four decades of global experience implementing AVRR programs, IOM has assisted over 1.8 million migrants worldwide. Locally, together with the Commissariat for Refugees and Migration of the Republic of Serbia, we have supported over 1,300 migrants returning safely to more than 50 countries of origin. Each of these returns comes with tailored reintegration support, helping migrants find stability, hope, and new beginnings in their home communities. An essential component of this initiative is to support the nationalisation of the AVRR process in the country, ensuring alignment with international best practices. This ground-breaking nationalisation process is happening by large with the support of the EU and in close partnership with the Commissariat for Refugees and Migration, a mandated national authority to implement and coordinate the AVRR program in Serbia. Together, we have been steadfast in the efforts to support the safe return and reintegration of migrants unable or unwilling to remain in the country since 2016. The other day, we supported two families from Armenia, with several children and a newborn in Serbia, to safely return and celebrate the holidays at home. With optimism and dedication, we look forward to the new year, hoping that the AVRR program will continue to support an even greater number of individuals. ∙

There is enormous transformative potential in regular labour migration with a strong impact on economic growth

Zeynal Hajiyev, IOM Chief of Mission in Serbia

The Backbone of Modern Business

How IT Infrastructure, security, and managed services shape competitive success in the digital era

In today’s fast-paced, interconnected world, businesses are only as strong as the technology supporting them. IT infrastructure is no longer just a back-end necessity—it’s the backbone of modern business operations. From ensuring data security to optimising costs, IT solutions have become critical for staying competitive in an increasingly digital marketplace.

The rise of managed services has revolutionised how companies approach their IT needs. Instead of dedicating significant resources to in-house teams, businesses are outsourcing IT management to experts who can deliver scalable, secure, and cost-effective solutions. This shift not only saves time and money but also ensures access to the latest innovations in cloud hosting, data protection, and 24/7 technical support.

As cyber threats grow more sophisticated, businesses are placing security at the heart of their IT strategies. Protecting sensitive data, workstations, and communication channels is now a necessity, not a luxury. Advanced tools like endpoint security, firewalls, and data loss prevention systems are helping companies safeguard their operations, while regular audits and assessments provide a proactive approach to mitigating risks.

The convergence of these solutions—managed IT services and robust security frameworks— enables businesses to focus on their core goals without worrying about technical disruptions or vulnerabilities. In the Adria region, companies are leveraging these advancements to enhance their resilience and drive growth, proving that a solid IT foundation is key to thriving in a competitive landscape. ∙

Akton Belgrade: A Reliable Partner for Your IT Challenges

Akton Belgrade, part of the renowned Akton Group, has been a leader in IT services and technological solutions for decades. Our mission is to provide companies with secure, stable, and scalable IT infrastructure, enabling clients to focus on their business growth. In today’s fast-paced business environment driven by digital transformation, AKTON offers solutions that meet the highest industry and business standards.

IT Managed Services... Your IT, Our Responsibility

Save time and resources and increase efficiency with our IT-managed services. Understanding that every company has unique needs, we have developed a modular approach that allows customised solutions for all types of businesses. Our key services include:

1. IT Infrastructure Monitoring and Maintenance: Proactive, continuous support ensures uninterrupted system operation. Our expert team monitors performance and identifies and resolves potential issues before they impact your business.

2. VPS and Cloud Hosting: Akton solutions offer flexibility and scalability, allowing users to easily adapt resources to their needs.

3. Data Backup: Protect your data from loss due to technical issues and enable rapid recovery in unforeseen circumstances. Akton offers on-premise backup, remote location backup, or cloud backup—leaving the final decision to the user.

4. Helpdesk and 24/7 Support: Regardless of time or location, our technical team is ready to quickly and efficiently resolve any challenges.

5. IT Cost Optimization: Through resource analysis and management, we help clients transition to a managed model, reducing investment and operational costs without compromising quality.

Why Choose Akton Belgrade?

- Experience and Expertise: Our engineers and consultants bring years of experience and certifications in key technological fields.

- Tailored Solutions: Every solution is crafted to meet the specific needs and goals of the client.

- Local Support with Global Standards: As part of an international group, we bring best practices while offering local support tailored to your business’s unique needs.

Security Solutions... Protect What Matters Most

In an era of increasingly sophisticated cyber threats, security is not a luxury but a necessity. Akton Belgrade specialises in providing comprehensive security solutions to protect your data, endpoints, applications, and networks from potential attacks.

1. Endpoint Security: Our solutions provide full protection for workstations, mobile devices, and servers against malware, ransomware, and other cyber threats.

2. Firewalls and Network Security: We implement state-of-the-art systems for traffic filtering, real-time attack detection, and prevention.

3. Email Security: As email remains the leading tool for business communication and a primary attack vector, it is essential to protect it against increasingly advanced threats.

4. Data Loss Prevention (DLP): We provide tools to prevent unauthorised sharing, copying, or deletion of sensitive information, reducing the risk of data loss or leakage.

5. Security Audits and Assessments: Our expert team identifies system vulnerabilities and proposes measures to enhance your security policies, including 24/7 passive monitoring if needed.

Contact Us

Don’t wait for technology to become an obstacle to your growth— reach out to the Akton Belgrade team and let us enhance your IT infrastructure and security. Visit our website at www.akton.rs or contact us via email at prodaja@akton.rs to start a conversation about your needs.

Invest in a reliable partner. With Akton, your IT infrastructure is not just a tool but a strategic advantage.

Marijanti Babić, Country Head of Serbia at Rio Tinto

Lithium’s Role in the Green Energy Revolution

Lithium’s importance in driving the global shift to renewable energy places Serbia at the forefront of Europe’s green transition efforts

As the world accelerates its transition to renewable energy and sustainable technologies, lithium has emerged as a cornerstone of the green revolution. In this interview, Marijanti Babić, Country Head of Serbia at Rio Tinto, shares insights into lithium’s pivotal role in energy storage, the challenges and innovations shaping the mining industry, and Serbia’s unique position in Europe’s critical raw materials strategy. From addressing environmental concerns to exploring the economic potential of the Jadar project, Babić offers a thoughtful perspective on how responsible mining can balance sustainability with progress.

How do you see the role of lithium in the global energy transition over the coming decades?

The development and exploitation of lithium in Serbia can and must align with EU environmental standards

Lithium is critical to the global energy transition, particularly as it plays a central role in the production of batteries for electric vehicles (EVs) and energy storage systems for renewable energy. As we move towards decarbonising economies, lithium will play a critical role in enabling the widespread adoption of renewable energy sources and electric mobility.

Demand for the „white gold“, as it is known, is expected to rise significantly in the coming decades, with some projec-

tions indicating a 500% increase by 2050. This will drive the need for new sources of supply, and countries with deposits like Jadar could become key players in securing a sustainable, resilient supply of this essential raw material for the future.

In your opinion, what are the biggest challenges in achieving a sustainable future based on renewable energy sources?

One of the biggest challenges is ensuring a stable, reliable supply of critical raw materials (CRMs), such as lithium, cobalt, and nickel, which are necessary for the production of batteries, electric vehicles, and other renewable energy technologies. Europe currently faces a significant supply gap, and with demand for these materials set to increase drastically, it must reduce its dependency on imports. An important step in that direction was taken with the adoption of the CRMA legislation earlier this year. Additionally, public perception of mining and its environmental impact poses a barrier. Therefore, shifting public attitudes toward mining, which is not the same industry as it was 50 years ago, and ensuring these materials are sourced sustainably are critical challenges to overcome.

How do innovations in mining contribute to reducing the industry’s environmental footprint?

Innovations have made significant strides in reducing the industry’s environmental footprint. New technologies are enabling more responsible mining practices, including the use of electric transport fleets to reduce emissions, minimising

land disturbance, and using underground mining methods that leave a smaller environmental footprint. Furthermore, investments in recycling technologies help reduce waste, while advancements in processing techniques aim to reduce water usage and environmental impact. For example, we are looking for ways to ensure that 50% of Jadar waste is used to backfill mining tunnels, reducing the total area the landfill would take up. Innovations like this allow for the responsible extraction of raw materials, ensuring that mining can be part of the solution to the green energy transition.

What are the key benefits of responsible mining, and how can the industry be further improved to gain community acceptance?

Responsible mining offers significant economic, social, and environmental benefits. By adopting modern mining practices, such as underground mining in the case of Jadar, the industry can minimise its impact on ecosystems and biodiversity, allowing communities to continue agriculture, tourism and other activities vital to their way of life. Additionally, responsible mining can create high-quality jobs, stimulate local economies, and attract investment in infrastructure and technology, contributing to long-term economic growth. On the social front, it can improve the quality of life for local communities by providing stable employment and generating tax revenues that fund public services. To gain community acceptance, the industry must be transparent, accountable, and engaged with local stakeholders, addressing concerns and building trust.

How can Serbia leverage its natural resources in the green transition process?

With world-class lithium deposits and the Jadar project, which has been under development for nearly 20 years, Serbia is uniquely positioned to play a key role in Europe’s green transition. The country could become a vital lithium supplier, reducing Europe’s reliance on imported critical raw materials. The Memorandum on Cooperation in Critical Minerals with the EU lays a strong foundation for developing an integrated e-mobility value chain. According to an economic study, this could generate 21,000 high-paying jobs and attract €6.2 billion in foreign direct investment, boosting Serbia’s GDP by over 10%. However, before discussing these economic benefits, it is essential for the company to demonstrate that the project adheres to the highest environmental protection standards.

How do you expect the battery and electric vehicle markets to evolve? Is it realistic to expect other types of batteries to become dominant instead of lithium-based ones?

The battery and EV markets are set to experience exponential growth in the coming decades, driven by the global push towards decarbonisation and renewable energy. Lithium-ion bat-

21,000 high-paying jobs could be generated and attract €6.2 billion in FDI, boosting Serbia’s GDP by over 10%

teries, due to their high energy density, efficiency, and proven performance, are expected to remain the dominant technology for EVs for the foreseeable future. While alternative technologies, such as sodium-ion or solid-state batteries, are being explored, they are still in the early stages of development and face significant technical challenges, including lower energy density and limited scalability. Given the current trends, it is unlikely that these alternatives will surpass lithium-based batteries in the near future.

One of the most common criticisms from opponents of lithium mining is: “When mining begins in the EU and other developed countries, we’ll agree to open lithium mines here.” What is your response to this?

My response is that lithium projects are already advancing in developed EU countries such as Germany, Austria, France, Finland, and Portugal and will likely begin there before Serbia. This is not good news for Serbia, as it possesses one of the best-studied lithium deposits and could have been a leader in responsibly exploiting this strategic resource, reaping immense benefits. In the EU, there is a strong sense of urgency to develop sustainable domestic mining to ensure secure, ethical, and efficient critical raw material supply chains, with advanced technologies and strict environmental standards being applied to minimise ecological impact. This approach is reflected in over 20 lithium projects currently under development in the EU, showcasing how mining can align with both environmental protection and economic progress.

To what extent do you believe that the development and exploitation of lithium in Serbia can align with EU environmental standards?

The development and exploitation of lithium in Serbia can and must align with EU environmental standards. The European Union places a strong emphasis on sustainability and responsible mining, and these principles are integrated into its broader policies, including the European Green Deal and the Critical Raw Materials Act. Serbia, as a candidate country for EU membership, is committed to adhering to these standards. For the Jadar project, implementing advanced technologies and best practices to minimise environmental impact is essential. Without this, Serbia’s lithium will not be viable for the EU market, which is adopting a battery passport—a digital certification verifying the origin and sustainability of materials used in EV batteries. Leading car manufacturers already require this level of accountability, making compliance with strict environmental standards a non-negotiable for market access. ∙

Mark Harrison, Founder & Principal of Harrisons Solicitors

A Legal Pioneer in the Balkans

From navigating sanctions to shaping billion-dollar deals, Mark Harrison reflects on 37 years of legal practice in Serbia and Montenegro

Mark Harrison, Founder and Principal of Harrisons Solicitors has spent nearly four decades at the forefront of legal practice in Serbia and Montenegro, carving a unique path as the first and only English solicitor registered with the Serbian Bar Association. In this interview with The Region, Harrison shares insights into his journey from advocating for Serbian companies during the 1990s sanctions to building one of the most respected legal practices in the region. With a deep understanding of the “Balkan Way” and a client list that includes some of the world’s largest companies, Harrison discusses the keys to success, the importance of loyalty and teamwork, and why the Balkans continue to inspire his work and life.

You were the first English solicitor practising in Serbia and Montenegro, and the first European lawyer registered with the Serbian Bar Association. Twenty-five years on, you remain the only one. How do you explain this unique position?

After the Berlin Wall collapsed in November 1989, large London Law Firms decided to move into Central & Eastern Europe and open offices in the capital cities. Six months before that, Slobodan Milosevic came to power in the ex-Yugoslavia. I had

been flying back and forth to Belgrade from 1987 to 1990 and even convinced my English Law Firm to open an office in Belgrade, but then the Balkan Wars started in 1991, and my plans were scrapped. Great timing!

Therefore, the London law firms ignored Yugoslavia, even more so when UN Sanctions were imposed from May 1992 until November 1995. However, my UK Law Firm decided, quite rightly in my view, to act for Serbian and Montenegrin Companies and help them through the sanctions by representing them in the UK Courts and EU institutions and engaging with OFAC in the US. In essence, we stood up for Yugoslavia in this difficult period, even once dragging the Bank of England Enforcement Unit to give evidence on our client’s behalf and save 4 Aviogenex Planes from being seized.

When the sanctions were lifted, the British Foreign Office asked me to help rebuild trade and business between the UK, Serbia and Montenegro. So, in February 1996, I played a lead part in an FCO delegation to Serbia, followed by Montenegro. I advised the FCO we should run roadshows around the UK (instead of just London) promoting the rump Yugoslavia, which we did in various cities, and the FCO requested I host all official Government Delegations to London on their “one-night” off on official visits

I did the first privatisation in Montenegro in 1996 of the Niksic Brewery and the Pivara Skopje Brewery in Macedonia. I started to get that “Balkan blood.”

Timing clearly was not my forte as I decided to pack in everything in the UK, including my equity partnership in a

The only thing predictable about the Balkans is its unpredictability

leading law firm, and moved full-time to Belgrade in February 1998. On 31st March 1998, Sanctions were re-imposed on Serbia & Montenegro! This continued to keep the English Law Firms away.

So, when sanctions were lifted in October 2000, I was the only English Lawyer on the ground. To this day, only one other English Law Firm opened but then closed an office in Belgrade, and for geographical reasons, only 3 law firms from Austria arrived after me.

In summary, we have English fly-in and fly-out lawyers, and for economic reasons, many London and U.S. Law firms have

cut back on their C & E Europe operations. I cannot foresee a large English Law Firm opening an office in Belgrade in the future as privatisations are virtually over, and it would not be economically viable. The early bird catches the worm!

Clients often describe you as a lawyer with invaluable contacts and an impressive client list. How have you achieved this, and what does it take to maintain such a reputation?

As stated above, like any person, if you stand by them in hard times, they respect that and look after you in the future. From 1987, I have been working with Serbia & Montenegro-37 years. I have learnt the “Balkan Way” to understand the Balkan mentality, and being an avid chess player, I have learnt to think three moves ahead. I am non-political but fully aware of local politics. It is also critical you establish offices in the countries, which we did as that shows to everyone you respect them and are serious.

Our clients clearly like the fact that we are supervised and regulated strictly by the Solicitors Regulation Authority and are insured through Lloyd’s of London. We are strict about confidentiality, conflicts of interest, knowing our clients and Anti-Money Laundering Regulations.

If you are a large Western Company, say listed on a Stock Exchange, knowing you are dealing with an English Law Firm that has 25 years of experience and a deep understanding of local conditions and laws in the region that gives them that extra element of security, hence why our Client List is our best marketing tool. They feel safe with us.

You often highlight that people are what make your law firm what it is, emphasising loyalty, teamwork, and a strong sense of camaraderie as your defining traits. How proud are you of your team and the success you’ve built together?

A good football team is never based on one player. There are many good individual lawyers in Serbia, but to really succeed, you must act as a team. Backing each other, helping each other, communicating and enjoying each other’s company. There is no way I could have done this on my own. My colleagues represent the firm. I reiterate that we are a friendly team and treat everyone the way we would like to be treated. So many team members being together for so long is a testament to our firm.

Your clients include some of the world’s largest companies, and you handle transactions worth billions of dollars, yet you seem to approach it all with ease and genuine enjoyment. Is this your philosophy toward work and life?

I said from the start that if I ever did not want to go to work in our office, I would pack everything in. I still love going to the office and seeing everyone. We are a family. You work to live, not live to work. Everyone knows I am a great believer in fate, and my motto is “Carpe Diem.” I spent 10 years commuting to a London Law Firm. I now drive 5 minutes to work. The

only thing predictable about the Balkans is its unpredictability. I see why serious diplomats love this part of the world and why many want to return. It gets under your skin. Believe me, there is stress, but as Serbs would say, take everything step by step. At the end of the day, I would not want to change anything. I feel blessed by my life here, a life full of rich experiences and stories. I will never put my feet up; I will always be around, but I do fancy writing a book one day - so many memories! ∙

Kung Fu Hustle Over The Region

Economic “kung fu” has reshaped global markets, yet its rapid expansion comes at an environmental cost. As Chinese giants like Alibaba and Temu battle for global dominance, they leave not only disrupted industries in their wake but also a growing tide of waste and environmental strain

Throughout history, legendary rivalries have shaped entire industries, defining not just markets but the world itself. The competition between Steve Jobs and Bill Gates forged the personal computing landscape, laying the foundation for today’s interconnected digital world. Similarly, Henry Ford and the early pioneers of General Motors gave rise to the automobile industry, transforming mobility forever. In aerospace, Boeing and Airbus have revolutionised global transportation, connecting continents and cultures in ways unimaginable a century ago. Today, a new rivalry looms on the global stage—Jack Ma Yun’s Alibaba versus Colin Huang Zheng’s Temu. This battle is less about building lasting legacies or advancing humanity’s capabilities and more about who can dominate global e-commerce. Unlike the rivalries of the past, this clash is leaving behind not a future shaped by innovation but a trail of environmental devastation in the form of plastic waste and unchecked consumerism.

The Rise of the Giants

Alibaba, founded by Jack Ma in 1999, began as a modest B2B platform aimed at connecting Chinese manufacturers with global buyers. Over time, it evolved into an e-commerce behemoth, offering everything from wholesale trade to cloud computing. Alibaba’s consumer-facing platforms, including Taobao and Tmall, have become synonymous with online shopping in China, while AliExpress has taken its influence global. On the other hand, Colin Huang’s Temu, launched in 2022 under the Pinduoduo umbrella, is the brash newcomer challenging the status quo. Temu’s appeal lies in its ultra-low prices, aggressive marketing strategies, and focus on creating a social shopping experience. While Alibaba revolutionised how goods are bought and sold, Temu is reimagining e-commerce by embedding itself into the lives of price-sensitive consumers worldwide, particularly in the West.

Both companies are racing to dominate markets, not through innovation or quality but by outpacing each other in low-cost production and mass consumption.

Jack Ma’s vision for Alibaba was always expansive, rooted in the philosophy of empowering small businesses. Alibaba’s success lies in its ability to create an ecosystem where businesses can thrive, supported by logistics, financial services, and technology. In contrast, Colin Huang’s strategy with Temu is hyper-focused on consumers. By emphasising social buying, gamified shopping experiences, and incredibly low prices, Temu appeals to an entirely different demographic—those drawn to deals and instant gratification. Huang’s approach represents a new wave of e-commerce, prioritising scale and speed over quality and sustainability. However, this race to the bottom is not without consequences.

Microplastics Menace

One of the most glaring downsides of the Alibaba-Temu rivalry is its environmental impact. Unlike Jobs and Gates, who shaped the IT industry, Ma and Huang are fostering a culture of disposable goods.

Ultra-cheap prices and mass production mean lower-quality products, often made from plastic and non-recyclable materials. These items flood global markets, enticing consumers with affordability but contributing to mountains of waste. Temu, with its emphasis on micro-purchases and impulse buys, exacerbates this issue, as consumers often buy items they don’t need, only to discard them shortly after. Plastic never fully degrades. Instead, it breaks down into increasingly smaller pieces, known as microplastics. It’s estimated that humans consume over 100,000 pieces of microplastics annually. That equates to roughly 5 grams of plastic per week—the weight of a credit card. Essentially, every week, we ingest the equivalent of one credit card through microplastic

consumption. On a monthly scale, this amounts to 21 grams, totalling 250 grams of microplastics annually.

According to Greenpeace, 80% of goods produced in the global fast-commerce economy are non-biodegradable. These products clog landfills, pollute oceans, and harm ecosystems. As microplastics infiltrate food, water, and air, they exacerbate the damage caused by disposable goods. Alibaba has sought collaboration with Greenpeace, but Temu remains under constant pressure from the organisation, whose focus increasingly seems to prioritise anti-consumerism in recent years.

The New Face of Consumerism

This rivalry isn’t just about who controls e-commerce; it’s about redefining the relationship between consumers and consumption. Alibaba and Temu represent a new era of hyper-consumerism, where convenience and price trump sustainability and ethics.

The consequences are already visible. Items purchased on platforms like Temu are often shipped halfway across the world, only to be discarded after minimal use. The carbon footprint of such transactions is immense, compounded by the plastic packaging and materials used to manufacture these goods.

Moreover, this model perpetuates a cycle of wasteful consumption. Consumers, lured by low prices, buy more than they need, contributing to a culture where products are seen as disposable.

BlitzKrieg in the Region

Global economy and communication tools have introduced new opportunities and conveniences for regional consumers. These innovations not only enhance access to information and products but also profoundly change consumption habits. However, this transformation also brings significant challenges for

local producers and economies, as they face fast, aggressive competition tailored to the demands of modern consumers. This phenomenon can be described as “BlitzKrieg economics”—a rapid and relentless invasion of global players into regional markets, employing strategies that combine efficiency, innovation, and aggressive pricing. Across the Balkans and the broader Adriatic region, this trend is especially visible in sectors such as e-commerce, technology services, and retail.

Dopamine-driven Ordering

Consumers in the region spanning from Slovenia to Albania spent decades under socialist regimes largely detached from the consumerist lifestyle. The concept of “buy more, consume more” was foreign in economies focused on production and meeting basic needs.

Over the past decades, a seismic shift has occurred. Regional consumers have become more adept, informed, and product-hungry. The arrival of global e-commerce giants like TEMU marks the apex of this transformation. One less-discussed but crucial element of this consumption revolution is its psychological dimension. The act of shopping, particularly online, has become a form of entertainment for many consumers. Shopping platforms gamify the process with flash sales, countdown timers, and personalised recommendations, turning purchasing into a dopamine-driven activity. Frequent ordering often becomes a coping mechanism for psychological dissatisfaction. Whether it’s stress, loneliness, or boredom, the act of browsing and purchasing provides a quick hit of satisfaction. The anticipation of a package’s arrival serves as a temporary distraction, filling a void that, in many cases, has little to do with the actual need for the products ordered. Since September this year, the Indirect Taxation Authority (UIO) has announced that 468,970 orders from Temu have been received in Bosnia alone.

Global Giants In Local Realities

Regional economies, still recovering from decades of economic transition, struggle to compete with the scale and efficiency of global platforms. Moreover, the environmental impact is staggering.

The Adriatic region, already burdened by poor waste management systems and industrial pollution, faces an additional strain from the surge in e-commerce. The high volume of single-use plastics, packaging materials, and low-quality disposable goods exacerbates an already critical environmental situation. Each click that brings joy to the consumer adds to the mounting pile of waste, from discarded packaging to unwanted items. In a region where environmental awareness and infrastructure lag behind global standards, the consequences are dire. Local waste management systems are ill-equipped to handle the flood of waste, and the lack of recycling infrastructure compounds the issue.

Regional challenge

The challenge for the Adriatic region lies in finding a balance between the psychological and practical benefits of consumption and the pressing need for sustainability. BlitzKrieg economics, exemplified by global players like TEMU, is reshaping consumer behaviour and lifestyles in the Adriatic region. While it offers unprecedented access and entertainment, the psychological and environmental costs cannot be ignored. To navigate this transformation responsibly, the region must seek a path that balances the growing consumer appetite with the need for environmental and economic sustainability. Only by addressing both the psychological drivers and the material consequences of this trend can the region ensure a future with more benefits than detriments. ∙

Lesser Known Tales

Istrian Truffle Culture

Croatia’s Istrian Peninsula is a hub for truffle hunting, and the region’s truffles rival those found in Italy. Events and truffle hunts attract gourmands and chefs from around the globe.

Guardians of Balkan History

Stećci, medieval tombstones of the Balkans, stand as enduring witnesses to the region’s rich cultural tapestry. Carved between the 12th and 16th centuries, these limestone monuments span modern Bosnia and Herzegovina, Croatia, Montenegro, and Serbia. Their unique designs blend Christian, pre-Christian, Gothic, and Byzantine influences, reflecting the spiritual and artistic diversity of medieval Europe.Decorations range from geometric patterns and hunting scenes to human figures and solar sym-

bols, revealing a deep connection to life, death, and the cosmos. Inscriptions, offer poignant glimpses into the lives of those commemorated.UNESCO recognized 28 Stećci sites as World Heritage in 2016, highlighting their universal value. However, they face challenges from weathering, neglect, and development, making preservation vital.The Stećci remind us of the region’s shared heritage, transcending modern borders to celebrate a vibrant medieval past that continues to inspire.

Bunkers of Albania

Built during the communist era, Albania is known for its thousands of concrete bunkers scattered across the country, a remnant of former leader Enver Hoxha’s extreme paranoia about potential invasions.

Ancient Wine Heritage

North Macedonia has one of the oldest winemaking traditions in Europe, dating back over 4,000 years. The Tikveš wine region is celebrated for producing robust red wines that reflect the country’s rich terroir.

A Controversial Icon

The Yugo, produced from 1980 to 2008, was one of the country’s most infamous cars, often dubbed “the worst car in history” internationally, but it still has a dedicated following. Despite its reputation, it was exported to the U.S., where it sold more than 140,000 units, making it one of Yugoslavia’s most iconic products.

Sarajevo’s Jewish Legacy

Sarajevo is home to one of Europe’s oldest Sephardic Jewish communities. The Sarajevo Haggadah, a famous Jewish manuscript, has survived numerous wars and remains one of the oldest surviving Haggadot worldwide.

Europe’s Only Fjord

The Bay of Kotor in Montenegro is often referred to as Europe’s southernmost fjord due to its dramatic mountainmeets-sea landscape, making it a UNESCO World Heritage site.

Željko Knez, Award-winning Professor at the Faculty of Chemistry and Chemical Technology of the University of Maribor

Science for Everyday Life

From pharmaceuticals to eco-friendly food processing, Professor Željko Knez reveals how cutting-edge science is transforming the products we use every day

Professor Željko Knez may be known for his groundbreaking work in chemical engineering, but his innovations reach into everyday life in surprising ways. As a leading expert in supercritical fluid technology, Professor Knez has helped transform the pharmaceuticals we rely on, the food we eat, and even the cosmetics we use—making them safer, more effective, and kinder to the environment.

A member of the Slovenian Academy of Sciences and Arts, the European Academy of Sciences and Arts, as well as the Croatian Academy of Engineering and a recent recipient of the prestigious Zois Prize for Lifetime Achievement, Professor Knez has spent decades pushing the boundaries of sustainable industry practices. From pioneering purer pharmaceuticals with fewer side ef-

fects to enabling environmentally friendly food processing, his work shows that complex science can create practical solutions that matter to us all.

In this interview, Željko Knez shares his journey, the inspirations behind his career, and his hopes for a future where science continues to improve our everyday lives.

In October this year, you received the Zois Award for Lifetime Achievement. What does this recognition mean to you, and how do you hope it might inspire the next generation of scientists?

Receiving the Zois Award for Lifetime Achievement is a profound honour, marking the pinnacle of recognition in Slovenian science

and a celebration of my career in engineering and sustainable technologies. For me, this award validates decades of dedication to advancing processes and products, mainly through supercritical fluid technologies. It reinforces my belief that science must serve both innovation and environmental responsibility. This award is a reflection of my lifelong commitment to applied science, green technology, and sustainability. It acknowledges the impact my work has had on industry and society and highlights Slovenia’s growing presence in the global scientific community. I hope my achievements demonstrate that world-class research can thrive in smaller countries with strong scientific traditions.

Inspiring the next generation is a significant part of what this award means to me. I hope young scientists see my career as proof that they can make a meaningful difference with passion, perseverance, and a commitment to societal and environmental impact. I want them to value applied research, understanding that science can contribute to industry and tackle global challenges.

My journey has shown the importance of interdisciplinary thinking, combining chemistry, engineering, and environmental science. I encourage young scientists to collaborate across fields and use diverse perspectives to innovate. By fostering a culture of collaboration and pride in Slovenian science, I hope to show them they don’t need to go abroad to make significant contributions; important breakthroughs can happen right here. This award also represents a commitment to mentorship—I’m dedicated to guiding young scientists, helping them navigate challenges, and achieving their goals in science and beyond.

Many of your innovations have applications in pharmaceuticals, food processing, and environmental technology. How do you see these advancements benefiting the everyday person?

Advancements in supercritical fluid technology have brought tangible benefits to everyday life, improving the quality, safety, and sustainability of products across several key areas.

In pharmaceuticals, this technology enables the production of purer, precisely formulated drugs. For patients, this means more effective treatments with fewer side effects, as medications can be tailored for optimal absorption. Supercritical fluids also eliminate the need for harmful solvents, resulting in safer medications free from toxic residues.

In food processing, supercritical CO₂ extracts antioxidants, flavours, and essential oils without harsh chemicals. This results in healthier, additive-free food products that retain their natural flavours and nutritional value, from decaffeinated coffee to fat-free oils. Consumers enjoy foods and beverages processed in a way that supports a healthier lifestyle. The personal care and cosmetics industry benefits as well. Supercritical fluids allow for pure, high-quality ingredients without synthetic additives. Skincare products, essential oils, and fragrances become safer, gentler, and ideal for people with sensitive skin, reducing the risk of adverse reactions.

In terms of environmental sustainability, these technologies make industrial processes greener and more energy-efficient, lowering pollution and emissions. Cleaner air, water, and soil directly benefit public health and contribute to a healthier environment overall.

For waste reduction and resource use, supercritical fluids aid in efficient recycling and recovering valuable materials from waste. This supports a more sustainable economy and reduces the need for new resources, contributing to a circular economy where materials are reused.

As these technologies become more widespread, they can lead to cost savings passed down to consumers. The efficiency of supercritical fluid processes can reduce production costs, eventually making high-quality products more affordable across pharmaceuticals, food, and cosmetics.

Finally, these advancements empower consumers to make informed choices by offering sustainable, health-conscious alternatives. As people look for products that align with their

I hope my achievements demonstrate that world-class research can thrive in smaller countries with strong scientific traditions

values, these innovations support high-quality goods that are both effective and responsibly produced.

You’re helping put Slovenia and the broader Adria region on the map in terms of innovation. What unique strengths does the region offer, and what are your hopes for its scientific future?

I see Slovenia and the wider Adria region as an emerging centre for sustainable innovation with unique strengths in applied science, collaboration, and environmental ethics. My hope is for the region to lead in green technologies and sustainable practices, gaining a reputation for impactful, high-quality research. I believe that with continued public and private investment in research facilities and supporting young scientists, the Adria region can become a global centre of excellence.

The region has several unique strengths. Its strong foundation in science, engineering, and industry, especially in fields like materials science and chemistry, has created a skilled workforce and an academic community that values rigorous re -

search. This legacy of technical expertise encourages young scientists to pursue engineering and applied sciences. Strategically located between Central Europe and the Balkans, Slovenia enjoys access to diverse markets and research networks, fostering cross-border partnerships. This collaborative culture strengthens research cooperation and industrial innovation, helping to position the region as a scientific hub. With a strong environmental ethic, Slovenia and the Adria region are deeply committed to sustainability and green technologies. This ethos is reflected in public policy and is a driving force behind innovations like supercritical fluids for cleaner industrial processes. I see Slovenia becoming a leader in green chemistry and renewable energy, helping other countries achieve their environmental goals.

Educational institutions like the University of Maribor support scientific innovation and emphasise applied research with industry partnerships. I hope to see continued investment in ed-

My journey has shown the importance of interdisciplinary thinking, combining chemistry, engineering, and environmental science

ucation, empowering young scientists and engineers to tackle global challenges with fresh perspectives.

Lastly, the region’s innovation ecosystem, with start-ups, research initiatives, and public-private partnerships, supports entrepreneurship and the commercialisation of science. I envision a future where more young researchers and entrepreneurs in Slovenia will bring their discoveries to market, creating high-tech jobs and attracting international investment. In summary, the Adria region has the potential to become a leader in sustainable science and technology, with Slovenia at the forefront of green innovation.

What key scientific or technological trends do you believe we should be paying attention to?

Looking forward, several scientific and technological trends will significantly shape sectors like environmental science, healthcare, engineering, and IT. These trends align technological progress with pressing societal needs, especially sustainability and health, encouraging innovation that is both advanced and responsible.

A critical area is sustainable and green technologies. As climate change intensifies, advances in renewable energy, circular economy practices, and green chemistry will be essential across industries. Renewable energy sources like solar and wind are becoming more efficient, while circular economy innovations—such as recycling and waste-to-energy technologies—are reducing waste. Green chemistry, aimed at devel-

oping non-toxic chemicals, will support cleaner processes in fields from pharmaceuticals to materials science. Artificial intelligence (AI) and machine learning are revolutionising how we analyse data and automate processes. In healthcare, AI is transforming diagnostics, drug discovery, and personalised medicine, while in manufacturing, it drives efficiency and waste reduction. AI advancements in natural language processing also change customer service, education, and content creation.

Biotechnology and genomics are making strides with profound implications. CRISPR and gene editing enable precise genetic modifications to cure diseases, improve crop resilience, and boost food production. Synthetic biology, which creates organisms for biofuels or pharmaceuticals, is another area of interest. Quantum computing, as it advances, will open doors for tackling complex challenges. It holds promise for drug discovery and materials science by modelling molecular interactions in unprecedented detail. Its rise will also require new encryption methods for data security in light of its potential impact on cryptography.

Personalised and preventative medicine is on the rise. Genomics, wearable tech, and data analytics are moving healthcare from reactive to proactive care, allowing tailored treatments and real-time health monitoring for early detection.

Robotics and automation are enhancing efficiency across industries. Autonomous vehicles are set to reshape transport, while service robots in healthcare and hospitality are taking over routine tasks, allowing human workers to focus on complex responsibilities.

Data privacy and ethics in technology are increasingly important. As technology integrates further into daily life, ethical frameworks for AI and cybersecurity measures will be crucial to protect users’ privacy and prevent biases.

Space exploration and commercialisation are experiencing

I see Slovenia and the wider Adria region as an emerging centre for sustainable innovation

renewed interest from government and private sectors. Mining celestial bodies for resources could impact industries on Earth, while commercial space travel may create new tourism and research opportunities.

Finally, innovations in food technology and agriculture are crucial for global food security. Precision agriculture uses AI, drones, and sensors to optimise crop yields, and alternative proteins, such as plant-based and lab-grown options, aim to provide sustainable food sources with smaller ecological footprints.

These trends, at the intersection of technology and ethical responsibility, will drive a future focused on sustainability, efficiency, and innovation across all sectors. ∙

Albanian Girls Footballers Defeat Israel

The Albanian U17 girls’ football team defeated Israel 2-1 in November at the Elbasan Arena. This was a crucial first-round match in the qualifiers for the 2025 European Championship. Goals by Refjone Luari in the 27th minute and Aiše Sulejmani in the 96th minute secured the victory. Matches for Group B4 of the first qualifying round were held in Albania from 30 October to 5 November. Albania finished second in the group with three points, while Kosovo topped the standings with four points.

Team CarGo Wins Programming Competition

The CarGo Team, consisting of high school students from Nikšić and Podgorica, won the “Knowledge is Choice” programming competition organised by the Čini Dobro Foundation. Students from five schools formed teams to develop solutions over three weeks. This web programming competition is the highlight of a nine-month ICT Cortex education program, now in its third year. The program aims to complement formal education by offering practical mentorship and experience in developing web applications.

Tea

Kovačević

Wins U16 Masters in Monte Carlo

Bosnian tennis player Tea Kovačević (14) continues to achieve remarkable results, most recently winning the U16 Masters in Monte Carlo. Although eligible to compete in the U14 and U16 categories, she chose the senior category, a rare decision in the history of Tennis Europe Masters tournaments. After three consecutive victories in Group A, Tea triumphed in the finals against Vlada Razina of Belarus. This gold medal is a significant boost for Tea and her coach, Marko Kovačević, as they aim for continued success in upcoming seasons.

Budva Athlete Wins Bronze at Jiu-Jitsu World Championship

At the Jiu-Jitsu World Championship in Heraklion, Greece, Montenegrin competitor Luka Trninić from the NE WAZA club in Budva won a bronze medal in the U21 under 95kg No-Gi category. After defeating athletes from Greece and Mongolia, Luka was stopped in the semifinals. His younger brother, Mateja Trninić, despite an excellent performance, did not win a medal. This result, alongside a silver medal by Đorđe Klać, reaffirms the NE WAZA club’s exceptional training and achievements.

Matea Stanović, A Boy Who Crochets Clothes and Toys

Unlike his peers who favour sports, Matea Stanović, an eighth-grade student from the “Oktoih” Primary School in Podgorica, has taken up crocheting. He runs a social media page, creating items for himself, his family, and friends, as well as taking orders. He started three years ago after watching videos on making crochet toys. Self-taught, Matea now expertly crochets clothes, toys, and baby rattles. One of his proudest achievements is a dress he crocheted for his aunt. Recently, he also enrolled in a sewing course to pursue his dream of becoming a fashion designer.

Križevci Majorettes Win Five Medals

The Križevci Majorettes won two golds, two silvers, and one bronze on the first day of the World Cup in Pistoia, Italy. They achieved first place in the senior baton parade category and second in the senior pompon parade category, among other strong performances. Founded in 2006, the Križevci Majorettes have been part of the Croatian Majorette and Pom-Pon Teams Association since 2008.

Bronze for Urban Hamer at Judo Tournament

Young Slovenian judoka Urban Hamer secured a bronze medal in the under-73kg category at the 41st “Iršič Memorial” international judo tournament held in Maribor. Competing against strong opponents, Hamer achieved two decisive victories before losing to a finalist from Austria. His performance was the highest among participants from Judo Club Velenje.

Ballerinas from Gračanica Win Gold in Prague

Ballerinas from the Ballet School of the Gračanica Cultural Center won three golds, two silvers, and one fifth-place finish at the “Fast into Dance International” festival in Prague from 7-9 November. The competition gathered around 2,000 participants. Notable winners included Emilija Mihajlović, Neda Aritonović, and Petra Manitasević in various classical ballet solo categories.

Serbian Students Win Medals at Knowledge Olympiad

At the 14th International Knowledge Olympiad held in Antalya, Turkey, students from Belgrade’s Mathematical Grammar School won six gold medals. Andrej Drobnjaković earned gold in physics and chemistry, while Stefan Šebez achieved gold in mathematics. Vladimir Đurica also won gold in mathematics and physics, and 15-year-old Nina Šušić triumphed in mathematics. The students’ exceptional performance underscores Serbia’s bright future in education and science.

Erza Muminović Wins Silver

Kosovo’s young judoka Erza Muminović (22) claimed silver at the Sarajevo European Open 2024 in Bosnia and Herzegovina. The competition featured 105 participants from 19 countries across two continents. Erza was among six judokas representing Kosovo, led by coach Fatos Tabaku.

Stefan Melnik Places Sixth at Chess World Championship

Stefan Melnik from SK “Multi Essence” placed sixth at the IBSA World Individual Chess Championship for visually impaired and blind players held in Petrovac, Montenegro. Competing for the first time, the 16-year-old earned 5.5 points. Stefan aims to achieve even greater success in future tournaments.

Macedonian Karateka Bojan Kostov Wins Bronze

Macedonian karateka Bojan Kostov won bronze in the -52kg category at the 11th World Karate Championship for Cadets, Juniors, and U21 held in Chile. Kostov defeated competitors from Romania, Serbia, Morocco, Indonesia, and Russia. Despite narrowly missing the finals, his bronze medal is a significant achievement for the Macedonian team.

Quiet Triumph in EU Chess

Aleksandar Indjić, a grandmaster who has long been a force in the chess world, has reached a new milestone in his illustrious career by claiming the title of European Union Chess Champion. His victory not only cements his place among the greats but also serves as a testament to the discipline, dedication, and emotional depth that defines his journey in chess.

For Indjić, who hails from Serbia, chess has always been more than just a game. “I started playing primarily to spend time with my father, who is also a grandmaster, and my brother,” he recalls while talking to The Region. While family matches have become a rarity, the sense of shared passion remains. “These days, I rarely play with them, but I enjoy watching them from the sidelines,” he adds.

Known for his thoughtful approach both on and off the board, Indjić describes chess as “a battle beneath the surface,” where intense strategies and hidden emotions collide. This perspective resonates with the very essence of the game, rooted in the Persian term shah mat—”the king is dead.”

Indjić’s appreciation for chess extends beyond strategy to aesthetics. “My favourite piece is the knight because of the elegance it brings to sudden attacks,” he shares. Recently, he’s also found himself drawn to playing with the black pieces. “Although white has the opening advantage, I find the game clearer from the black side,” he explains.

Reflecting on his career, Indjić acknowledges the sacrifices that come with his level of commitment. “I hope to have more time for my emotional life in the future, which has taken a back seat in recent years due to chess,” he admits. His candour reveals the personal cost of pursuing excellence in a game that demands absolute focus.

On the subject of tournaments, Indjić explains the unpredictability of competition. “There are different types of events. At some, you know all your opponents in advance, while at others, you only learn who you’ll face the night before,” he says, highlighting the need for adaptability.

“My favourite piece is the knight because of the elegance it brings to sudden attacks,” shares Aleksandar Indjić, European Union Chess Champion

Indjić is also an advocate for equality in chess, pointing to the achievements of Judit and Zsuzsa Polgár as proof of women’s immense potential. “This shows that chess requires complete dedication—something that, unfortunately, remains more of a privilege for men than for women,” he notes, adding his hope for greater inclusivity in the future.

As Indjić basks in the glow of his European triumph, his journey serves as an inspiration. His unique blend of strategic brilliance, artistic appreciation for the game, and personal humility make him a true champion—not just on the board but in life.

Events

Tirana Digital Nomad Festival

The Tirana Digital Nomad Festival gathered thousands of digital nomads, entrepreneurs, and professionals from around the world. This event aimed to highlight the growing remote work trend, with attendees exploring the future of work, technology, and global connectivity through dynamic talks and success stories. It also served to showcase Tirana as a vibrant hub for innovation, with more than 3,000 digital nomads currently living and working in the city.

FIC Serbia Presents 2024 White Book

The Foreign Investors Council (FIC) Serbia has unveiled its White Book 2024, a strategic document offering recommendations to improve Serbia’s business climate and foster alignment with European Union standards. Highlighting progress and challenges, the report underscores the critical steps needed to drive economic growth and advance Serbia’s EU integration. Launched in Belgrade by FIC President Mike Michel, alongside EU Ambassador Emanuele Giaufret and Serbian Prime Minister Miloš Vučević, the White Book outlines priority areas for reform.

MFIC’s 2024 White Book Revealed

The Montenegrin Foreign Investors Council (MFIC) unveiled its 14th edition of the White Book – Investment Climate in Montenegro 2024, an annual publication assessing the country’s business and investment environment. According to the MFIC’s latest Business Climate Index, Montenegro scored 6.5 for ease of doing business, a slight improvement from previous years. While the rise in the index may be modest, it signals progress in addressing critical challenges, according to Tamas Kamarasi, Chair of the MFIC Board of Directors.

Slovenian Delegation Explores Saudi Opportunities

A 56-member Slovenian delegation, led by Minister Matjaž Han, visited Saudi Arabia to bolster economic ties. At a business conference attended by over 100 participants, SPIRIT Slovenia highlighted the country’s strengths in ICT and its strategic position as a European logistics hub, showcasing Slovenia’s innovative potential and commitment to global partnerships.

Wine Vision by Open Balkan

The third International Wine Fair, Wine Vision by Open Balkan 2024, was held in Belgrade from 22 to 24 November, bringing together leading winemakers, sommeliers, and wine merchants from the Balkans and beyond to celebrate the region’s rich wine heritage and foster global connections. The event featured the Open Balkan Wine Trophy, masterclasses, industry discussions, and B2B meetings aimed at expanding business opportunities and promoting Balkan wines on the global market.

eCommerce Day Sarajevo

eCommerce Day 2024, held on 28 November in Sarajevo, is a key event for digital transformation, gathering over 30 speakers and 250+ visitors from more than five countries to explore the latest strategies in eCommerce, fintech, and marketing. This unique conference offers practical solutions to help businesses grow and succeed in the digital economy, connecting leaders, innovators, and startups.

Events

The CEO Summit Belgrade

The CEO Summit Belgrade brings together business leaders and institutional representatives, gathering top executives, owners, and board members from the most successful domestic, regional, and international companies across various sectors. Held at the Sava Center in Belgrade on 3 December, the summit features key decision-makers from the private and public sectors, including entrepreneurs, directors, management teams, board members, and institutions.

WOBA Celebrates Milestones in Skopje

Women on Boards Adria (WOBA) hosted an inspiring evening in Skopje, North Macedonia, celebrating its achievements in advancing leadership, diversity, and inclusion. The evening featured a thought-provoking conversation between WOBA Chair Biljana Braithwaite and Dr. Anino Emuwa, Managing Director of Avandis Consulting and Founder of the 100 Davos Women network, offering insights into empowering women leaders and fostering inclusive leadership.

The Sinergija24 Conference

The Sinergija24 conference, the region’s leading IT and business event, was held from 3 to 5 December at Belgrade’s Crowne Plaza Hotel, focusing on the transformative potential of AI to reshape business, economies, and society. Under the theme “Piloting AI,” the event explored topics such as AI’s role in cybersecurity, its impact on programming, and its implications for regional economies, showcasing innovations like Microsoft 365 Copilot in Serbian.

AmCham Montenegro Honors Contributors

At a gala dinner, AmCham North Montenegro recognised key figures for their role in the “Rule of Dialogue” programme. Honourees included Sava Laketić, acting director of the Montenegrin Revenue Administration; Snežana Mugoša, director of CInMED; Radmila Bajić-Sekulić, commercial director of Takeda for Montenegro, Albania, and North Macedonia; and Bojana Nikčević from the law firm Jovović, Mugoša & Vuković. A donation was also presented to the “Volunteers of Montenegro” Foundation, highlighting AmCham’s dedication to fostering dialogue and community development.

Atlantic Group’s Annual Meeting

Atlantic Group’s annual management meeting took place in Split, focusing on the company’s growth and key priorities, including digital transformation, strategic planning, market expansion, and people development. CEO Emil Tedeschi closed the event with a unifying message: “What sets us apart from others is our togetherness.”

AmCham Croatia’s Holiday Reception Welcomes 370 Guests

AmCham Croatia hosted its festive Christmas Reception, bringing together 370 members, partners, and friends to celebrate the holiday season. Second Vice President Stjepan Roglić and Executive Director Andrea Doko Jelušić warmly welcomed attendees, alongside inspiring remarks from H.E. Nathalie Rayes, U.S. Ambassador to Croatia. The event featured networking opportunities and a lively quiz, celebrating the strength of AmCham’s vibrant business community.

Events

NO LIMIT BH Advertising Festival Awards Ceremony Held

Sarajevo became a centre of creativity and innovation during the 9th NO LIMIT BH Advertising Festival Awards Ceremony. Held at the European House of Culture and National Minorities, the event brought together top professionals from advertising and public relations, celebrating the year’s most creative ideas and standout campaigns.

AmCham Albania Marks Year of Success

AmCham Albania hosted members and partners to mark a year of achievements alongside its strategic partner, the U.S. Embassy. Executive Director Neritan Mullaj, AmCham President Grant Van Cleve, and U.S. Embassy Chargé d’Affaires Nancy Van Horn reflected on a productive year and emphasised the strong U.S.-Albanian partnership, paving the way for enhanced collaboration in 2025.

The Butterfly Innovation Forum

The Butterfly Innovation Forum was held on 26-27 November in Podgorica, Montenegro, at the Science and Technology Park. This year, it was titled “Skills4Jobs: Making the Western Balkans’ Businesses More Resilient” and focused on enhancing regional business resilience through skills development. The forum also included the Butterfly Innovation Award Ceremony, celebrating outstanding contributions in innovation. The event aims to foster discussions on strengthening the business landscape in the Western Balkans by aligning skills with the market's needs.

Roksanda Ilinčić

The Architect of Emotion

A Visionary Designer Blending Art, Emotion, and Empowerment Through Fashion

Fashion often operates as an art form, a statement, or a spectacle—but for Roksanda Ilinčić, it’s a medium for shaping emotions. Known for her bold colours, sculptural silhouettes, and architectural sensibility, Roksanda’s work transcends the runway to inhabit the deeply personal space between clothing and identity. Yet, beneath her global acclaim lies a fascinating story of cultural duality, artistic rebellion, and the subtle power of empathy that sets her apart from other designer

From Belgrade to the World

Growing up in Belgrade during a time of political and cultural upheaval, Roksanda Ilinčić found herself drawn to contrasts. Her formative years were shaped by Brutalist architecture, with its stark, imposing forms and a rich cultural heritage full of vibrancy and tradition. It was a world of contradictions: beauty in resilience, creativity born from constraint.

Her move to London and subsequent studies at Central Saint Martins marked a turning point. Under the mentorship of legendary professor Louise Wilson, she refined her aesthetic vision, blending her architectural influences with a newfound freedom to experiment. This duality—grounded yet exploratory—remains at the heart of her designs.

“I often think of my work as a dialogue between structure and fluidity,” she once said. “I want my designs to have strength but also softness because that’s what being a woman feels like.”

Another reflection of her roots appears in her approach to creating beauty out of challenges. “Growing up in Belgrade taught me to see possibility in adversity,” she shared. “That perspective influences everything I design.”

The Poetry of Color

Colour is the cornerstone of Roksanda Ilinčić’s design philosophy. While many designers opt for subdued palettes, Roksanda dares to juxtapose vibrant, unexpected shades: mustard with lavender, fuchsia with marigold, or cobalt blue

with soft blush. Her fearless approach has redefined the role of colour in fashion, making it not just a visual statement but an emotional one.

“For me, colour is about mood,” she explained. “It’s a way of telling a story, of evoking feelings that words can’t express.”

Her use of colour often draws from her artistic inspirations, including Mark Rothko and Kazimir Malevich, whose works explore emotion through pigment and form. Yet, her palette is also deeply personal—a tribute to the boldness and optimism she sees in the women who wear her designs.

“I don’t think of colour as just an accent,” she added. “It’s the heart of what I do. It has the power to uplift and transform.”

Redefining Power Dressing

Roksanda’s designs challenge traditional notions of power dressing. Instead of rigid tailoring and austere silhouettes, she offers garments that celebrate movement, softness, and individuality. Her creations empower women by emphasising comfort without compromising on sophistication.

Icons like Michelle Obama, Cate Blanchett, and the Duchess of Cambridge are drawn to her designs for their ability to project authority while retaining a sense of warmth and approachability. Her clothes don’t dictate how women should look; they invite women to express who they are.

“I’ve always believed that what you wear should empower you,” she remarked. “But power doesn’t have to mean hard edges— it can mean confidence, grace, and joy.”

Themes of Motherhood and Identity

Roksanda’s collections often reflect deeply personal themes, from motherhood to the complexities of identity. Her 2019 collection, inspired by her experiences as a mother, featured oversized silhouettes and practical yet elegant designs, offering a fresh perspective on how women navigate their multifaceted lives.

“Motherhood changed how I think about design,” she said. “It’s about balancing strength with vulnerability, practicality with beauty. That’s how life is, and I want my designs to reflect that reality.”

The Intersection of Fashion and Art

Roksanda’s background in architecture and her love for contemporary art are evident in every piece she creates. Her collaborations with artists and architects blur the lines between fashion and other disciplines, elevating her work to an interdisciplinary art form.

“I’ve always been inspired by spaces and structures,” she explained. “For me, designing clothes is like designing a space— every line, every fold, every movement matters.” Her flagship store in London’s Mayfair exemplifies this ethos. Designed with architect David Adjaye, the space is a testament to her belief that fashion should be experienced, not just worn. The store doubles as a gallery featuring curated artworks that complement her collections.

Sustainability with Sensitivity

In an industry often criticised for its environmental impact, Roksanda Ilinčić takes a thoughtful approach to sustainability. She champions craftsmanship and slow fashion, creating pieces meant to last both physically and emotionally. Her designs encourage consumers to invest in quality over quantity, a philosophy that aligns with her deeply personal connection to her work.

“I want my clothes to have longevity,” she has said. “They should be something you cherish, something that becomes part of your story.”

A Legacy in the Making

Roksanda Ilinčić is more than a designer; she’s a storyteller, an innovator, and a champion of women’s individuality. Her work embodies a rare blend of artistry and empathy, making her one of the most compelling voices in contemporary fashion.

“I hope my designs inspire people to see the world—and themselves—differently,” she said. “Fashion has the power to do that. It’s not just about clothes; it’s about possibilities.”

Roksanda Ilinčić’s journey is a testament to the transformative power of fashion. From Belgrade to the global stage, she has shown that clothing can be more than a statement; it can be an experience, a memory, and a celebration of life itself.

Upcoming Events

Christmas Market

Slovenia: Ljubljana 29 November – 6 January

Ljubljana will once again host one of the most beautiful Christmas markets in the region, where visitors can enjoy the festive atmosphere and the tasting of local specialities, numerous entertaining activities, and shopping for unique gifts. The Christmas market is held across several locations in the old town, along the Ljubljanica River, featuring numerous stalls offering handmade gifts, Christmas decorations, gingerbread, and mulled wine. The festive spirit is further enhanced by the stunning Christmas lights designed by renowned artist Zmago Modic, as well as concerts and street performances.

Winter Festival Tirana

Albania: Tirana 6 December - 6 January

What makes the Winter Festival in Tirana so unique and increasingly popular is its phenomenal atmosphere, the festive spirit of the locals, and traditions that make everyone feel at home. The Christmas Market at Skanderbeg Square, the Bloku Christmas Market, and the Pazari and Ri Christmas Market are perfect spots to savour Albanian dishes, shop for unique souvenirs, and enjoy the festive atmosphere with concerts and performances.

Winter Festival at Stradun

Croatia: Dubrovnik 30 December – 6 January

This year’s 11th Dubrovnik Winter Festival will welcome visitors with a rich program of music, entertainment, gastronomy, and activities, all set in a holiday atmosphere. The festival kicks off on 30 December with a performance by Jelena Rozga, followed by a lineup of performers on Stradun, including Đani Stipaničev, Parni Valjak, Bebi Lanza, Psihomodo Pop, and Toni Cetinski with Zucchero, who will headline on New Year’s Eve.

Portonovi Holiday Bazaar

Montenegro: Herceg Novi 21 December - 8 January

This winter, Portonovi transforms into a magical holiday paradise, featuring a dazzling Christmas tree at Marina Square and a lavish bazaar filled with culinary delights, warm drinks, and sweet treats. Visitors can enjoy live performances by music bands and DJs and a festive atmosphere that promises an unforgettable experience for all ages. Admission is free, and magical moments await at every turn.

Winter Carnival in Kotor

Montenegro: Kotor 3-25 February

Kotor, one of Montenegro’s most beautiful historical sites, will host the renowned Winter Carnival 2025. This unique event, with a history spanning over 500 years, attracts visitors and participants worldwide, offering an unforgettable experience through a rich program. Traditional masquerade balls, majorette performances, a children’s carnival, and numerous concerts are just part of what awaits. Admission is free and open to all, making Kotor the centre of entertainment and tradition during this period.

Open Heart Street

Serbia: Belgrade 1 January

Svetogorska Street in Belgrade will once again become the epicentre of New Year’s magic, hosting the beloved event that gathers thousands of visitors each year. Established in 1988, this long-standing tradition offers a unique opportunity to enjoy art, music, and local customs while supporting humanitarian projects. Visitors will have the chance to purchase souvenirs and postcards, contributing to noble causes.

Upcoming Events

Upcoming Events

Rijeka Carnival

Croatia: Rijeka 17 January – 5 March

We are eagerly waiting for January when the holiday decorations give way to carnival ribbons marking the beginning of the Rijeka Carnival. 17 January, i.e. the day of St. Anthony, traditionally marks the beginning of the fifth season, which ends on Ash Wednesday, when Pust will pay with his life for all the evils of the past year - because heads will roll!

Audi FIS Women’s Alpine Skiing World Cup 2025

Slovenia: Kranjska Gora 4-5 January

In January 2025, Kranjska Gora will host one of the most significant events in alpine skiing as the world’s top female skiers gather on the Podkoren slopes for the Audi FIS World Cup. The program includes giant slalom and slalom races, marking a new era for Slovenia in hosting prestigious women’s skiing competitions. This event, which combines elite sports, tradition, and Slovenian hospitality, is sure to captivate ski enthusiasts worldwide.

Wine Fest

Serbia: Novi Sad 22 February

The “Wine Fest” to be held at the Sheraton Hotel in Novi Sad offers a unique opportunity for wine enthusiasts to indulge in the richness and diversity of winemaking. The festival will host 40 of Serbia’s top wineries, along with five wineries from the region, ensuring an exceptional tasting experience. Visitors will have the chance to sample more than 300 different types of wine, with the event open to everyone. In addition to the wineries, five distilleries will also showcase their offerings.

“40 Fingers” at the Macedonian Philharmonic

North Macedonia: Skopje 9 February

After the great success of their tour and numerous sold-out concerts, the renowned Italian guitar quartet “40 Fingers” will perform in Skopje at the Macedonian Philharmonic as part of their European tour. Alongside concerts in major European cities, Matteo, Emanuele, Enrico, and Andrea will captivate audiences with their inventive reinterpretations of classic rock and pop hits. With over 350 million views across social media, this extraordinary group has earned international acclaim.

Belgrade Dance Festival

Serbia: Belgrade, Novi Sad, Subotica 7 March – 15 April

Under the slogan WE SPEAK DANCE, one of Europe’s most prestigious contemporary dance festivals announces its 22nd edition. Companies from 13 countries will present 28 new choreographic works in Belgrade, Subotica, and Novi Sad. Celebrating dance, the festival will bring together top artists and remarkable troupes, addressing important themes that explore contemporary society through a rich and diverse movement vocabulary.

Kurentovanje

Slovenia: Ptuj 22 February – 4 March

One of the most interesting carnivals in the world! Visit Ptuj in the winter, when it turns into the biggest open-air ethnographic museum showcasing intangible cultural heritage. Kurentovanje traditionally begins with a current jump, and the main program of the 65th Kurentovanje 2025 takes place from 22 February to 4 March 2025.

Upcoming Events

Upcoming Events

56th International Motor Show

Serbia: Belgrade 20 – 26 March

From compact city cars to luxury sedans, SUVs, vans, delivery vehicles, and even the largest trucks, the best offers can be found at the Motor Show. With promotional and discounted prices, as well as the most favourable purchasing terms, this event is a must-visit for automotive enthusiasts. At the same time and venue, the 17th International Motorcycle Fair will also take place. This specialised, dynamic, and engaging exhibition, dedicated to motorcycle enthusiasts, focuses on the promotion and celebration of motorsports.

IBU World Cup in Biathlon

Slovenia: Pokljuka 10 – 16 March

Biathletes from around the globe will gather in Pokljuka to compete in the prestigious IBU World Cup. Set against the backdrop of Triglav National Park, with stunning views of the Julian Alps, the event offers a unique setting for thrilling races on the course. Visitors will have the opportunity to enjoy exciting competitions while cheering on the world’s top biathletes at one of the most exhilarating winter events.

Festival of Lights Zagreb

Croatia: Zagreb 19 – 23 March

Light art is a new discipline that has escaped the confines of museum walls, its artists using as their canvas the city, its buildings, its monuments, and the night sky itself. Part art, part design, architecture, and entertainment spectacle, the festival brings you something beautiful to look at and something to make you see your world differently. Festival of Light brings an exciting new dimension to cities worldwide, enrobing their famous monuments with vivid hues or using them as an integral part of creative works.