Connecting The Region 2024 no. 3

Connecting

The Region

ECONOMY BOOST

ENTICING LUXURY

Adria Region Offers Endless Opportunities

EU Growth Plan Can Boost Economic Development

Adria Region Entices Sophisticated Luxury Travellers

No.3

9 773009 438006 >

ENDLESS ADRIA

ISSN 3009-4380

Global Waves Local Victories

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CONNECTING THE REGION GLOBAL WAVES, LOCAL VICTORIES

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Contents DIRECTOR & EDITOR IN CHIEF: Ana Novčić a.novcic@aim.rs COMMUNICATIONS DIRECTOR: Neda Lukić n.lukic@aim.rs DESIGN: INDIGOCHILD COPY EDITOR: Mark Pullen TRANSLATION & EDITING: PULLEN EDITORIAL HALIFAX CONTRIBUTORS: Ljubica Gojgić Milan Igrutinović Adriano Milovan Armin Zeba Dejan Azeski Geri Kolgega Novica Mihajlović Srđan Popović Maja Vukadinović PHOTOS: Zoran Petrović MARKETING MANAGERS: Biljana Dević b.devic@aim.rs Mihailo Čučković m.cuckovic@aim.rs Jelena Petrović j.petrovic@aim.rs OFFICE MANAGER: Svetlana Petrović s.petrovic@aim.rs FINANCE: Dragana Skrobonja finance@aim.rs Printing: Rotografika d.o.o.

Connecting the Region is published by: alliance international media d.o.o.

Prote Mateje 52 11111 Belgrade 17, Serbia PAK 125806, Serbia Phone: +(381 11) 2450 508 E-mail: info@connectingregion.com www.connectingregion.com www.aim.rs All rights reserved alliance international media 2024 Connecting The Region is quarterly publication The views expressed in this publication are those of the presenter; they do not necessary reflect the views of the publisher alliance international media

CIP – Каталогизација у публикацији Народна библиотека Србије, Београд 327 CONNECTING the Region / editor in chief Neda Lukić. - 2023, no. 1- .

- Belgrade : Alliance international media, 2024- (Subotica : Rotografika). - 27 cm Tromesečno.

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

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08 Are Things Different This Time?

David McAllister

MEP

14 2024 Election Fever as World Shifts

Elections

24 Organising the Olympics is Truly a Team Sport Etienne Thobois

Paris 2024 CEO

32 Leading Industries in the Adria Region

CONNECTING THE REGION GLOBAL WAVES, LOCAL VICTORIES

33 Inside Idea-CG’s Market Leadership Jelena Doderović

Marketing and

Communications Director, Idea CG

34 Our Brands are Part of People’s Lives Živko Mukaetov

CEO/MB President of

Alkaloid AD Skopje

37 Rapid Growth Continuing Ananas E-Commerce

39 Clients Always Deserve the Best! iliana LapadatoniL Huluta

CEO, Marsh McLennan

Adria

41 Changing the Green Game Branko Torbica

Elnos Group Vice

President

42 Regional Diary 45 Understanding Client Objectives is Key MARK HARRISON

Founder & Principal,

Harrisons

Connecting

The Region

GLOBAL WAVES, LOCAL VICTORIES

No.3 · 2024

46 Not Every Fish Finds the Net

58 Regional Diary

70 Events

51 E-mobility at the Core of Business

60 A Pillar of Regional Business Success and Sustainable Operations

80 Raising Luxury Travel Standards

Excise policy

Ostoja Mijailović

President of OMR Group

52 Regional Diary 54 Achieving European Quality Rade Samčević

Founder and Director,

HT Agency

56 Delta Auto Leads the Shift to Electric Luxury Aleksandra Đurđević

Delta Auto Group

General Manager & Vice President of Delta Holding

Nelt Group

Maud Truchi

Founder and CEO

62 Appointments

82 Luxury Travel Beyond the Ordinary

64 BAT’s Business Transformation Success in Serbia

90 Eurovilla’s Path to Real Estate Success

Jorge Araya

Dina Serdarušić

BAT SEE Area Director

COO, Eurovilla Luxury

66 What Are the Top Opportunities for Slovenians?

92 50 Years of Tradition and

Regional Market

Opportunities

Real Estate Agency

Vlatko Stefanovski

98 A Cinematic Haven in the Adria Region

Art

102 Stars Aim for Glory at Paris Olympics

Paris Olympics 2024

104 First Place is Not Relinquished Prokopije Perić

CEO, Plus d.o.o.

Podgorica

106 Adria Region Talent Shines 110 Summer’s MustSee Events

Musician

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COMMENT

Let’s Celebrate Opportunities The political outcomes of elections across Europe and the US could have a negative impact on the region’s long-term prospects.

While this might seem gloomy, the success stories of businesses tell a different tale: the region is full of opportunities for those who dare to dream

ne of the articles in this edition of Connecting the Region, devoted to demystifying our region’s water resources, discusses the opportunities and challenges we face as “a glass of water that’s half full and half empty”. Although this expression might be overused, it will likely resonate with all readers as they explore the interviews and analytical articles that we’ve compiled.

Political outcomes at the EU level, in some of the Union’s largest countries, and the upcoming US presidential election could impact our region significantly, influencing the EU enlargement process. The EU’s expansion to include the Western Balkans has been underway for over two decades, with Serbia and Montenegro having negotiated for over ten years.

Despite initial momentum, the process has since slowed significantly, while the goal of full membership remains elusive. In contrast, enlargement efforts for Ukraine, Moldova, and to some extent Georgia, have been accelerated due to political support amid ongoing conflicts. However, as noted by our political commentator Dr Milan

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Igrutinović, from the Institute of European Studies, enthusiasm for these candidates might wane as they tackle essential reforms.

The Western Balkan six have seen little accession progress, despite economic initiatives like the EU Growth Plan. A question arises as to whether a renewed push from the candidates, or fresh EU energy from viewing these negotiations as a geopolitical necessity, could help. Unfortunately, the recent European Parliament election didn’t yield strong proponents for this approach, with right-wing parties generally opposing broader EU enlargement.

For the Western Balkans, a positive shift may depend on new EU leadership that frames accession as a geopolitical and political win. This could be bolstered by changes in US leadership. Without such a vision and coordination, the region risks continued stagnation and missed opportunities, believes Igrutinović, whose article is published in this edition. Readers may also decide to check out what David McAllister, a Member of the European Parliament since 2014 and a former EP Rapporteur for Serbia, has to say on the same topic.

A significant portion of this issue is devoted to the possibilities offered by the EU’s Growth Plan for the Western

CONNECTING THE REGION GLOBAL WAVES, LOCAL VICTORIES

Balkans. Business champions like Alkaloid, Ananas, BAT, Delta, HT, Idea, Nelt, OMR, Porto Montenegro, Adriatic Marinas, Azmont, Luštica and Elcom have all recognised the region’s economic potential. They have shared their success stories from various sectors, highlighting how they have harnessed growing ties among countries in the region and with the European market. All these enterprises build on the premise of an EU future for the Western Balkans, taking steps towards creating a level playing field and making better use of the region’s natural and human resources.

As a bonus, this issue includes two powerful stories. One is an interview with Etienne Thobois, CEO of Paris 2024, who explains how a major sporting and economic event like the Paris Olympics can be transformed into a success story, boosting the prospects of a poor neighbourhood in Paris. The second is an interview with North Macedonian musician Vlatko Stefanovski, celebrating his 50-year career. Stefanovski has graced many stages across the globe, showcasing the beautiful musical heritage of our region and touching the hearts, souls and minds of many.

Let’s celebrate the opportunities and people who dare to fill our glass with joy. ∙

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Are Things Different This Time?

INTERVIEW

The European Union must signal consistently that more Western Balkan countries should become member states, while being unequivocal in insisting on all enlargement criteria

DAVID McALLISTER MEP

ith David McAllister having secured another term in the European Parliament, we took the opportunity to interview him about the elections’ impact on the Western Balkans’ prospects of accelerating its EU accession. McAllister, an MEP since 2014 and current vice president of the European People’s Party, has chaired the European Parliament’s Foreign Affairs Committee since February 2017. His previous experience as EP Rapporteur for Serbia, from 2014 to 2019, provides invaluable insights into the evolving accession process from the perspectives of both the EU and the Western Balkans, shedding light on the current momentum of enlargement.

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Given the changes brought by the European Parliament elections, do you think the EU’s overall approach to the Western Balkans will be impacted?

― The pro-European, pro-enlargement political centre continues to hold a substantial majority of seats in the coming European Parliament. The European People’s Party (EPP) won the European elections convincingly. Together with the S&D and the Liberals, we will continue to work towards the orderly enlargement of our European Union and the further strengthening of our relations with the Western Balkans.

Russia’s war of aggression against Ukraine has given new momentum to the enlargement process and underscored the importance of a consistent effort on the part of the countries of the Western Balkans to align their laws and policies with the European Union. The main challenges continue to lie in fundamental reforms, strengthening the rule of law, democratic culture and institutional resilience, as well as policy alignment – including with the EU’s Common Foreign and Security Policy.

Merit and conditionality are, and will continue to be, the guiding principles of the enlargement process. There 9

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can be no cutting corners. However, there is no question among the majority in the European Parliament that enlargement is a vital tool for peace, democracy, security, stability, prosperity and the EU’s role in the world.

The government should pursue an active and effective communications strategy with regard to the benefits of EU accession

As former EP Rapporteur for Serbia, from 2014 to 2019, what do you see as the major changes in mutual relations between the Western Balkans and the EU that have since occurred? ― Before the Russian war of aggression against Ukraine, we witnessed a certain enlargement fatigue that was neither beneficial for the EU nor our Western Balkan partners. However, since 2022, there has been a resurging interest in the further European integration of the Western Balkans.

I understand the frustration felt by many in the Western Balkans that the accession process is taking up

so much time. The European Union must not tire of sending a clear signal that more Western Balkan countries should ultimately become member states. At the same time, we need to be unequivocal in our insistence on all enlargement criteria. EU accession is a merit-based process. Each country will be considered on an individual basis – without preferential treatment or double standards.

Unresolved bilateral grievances between some Western Balkan states are a hurdle in the accession process.

In some cases, reform progress was not fast enough, while we also witnessed some backsliding on demo-

CONNECTING THE REGION GLOBAL WAVES, LOCAL VICTORIES

cratic standards and the rule of law. In addition, not all Western Balkan countries are fully aligned with the EU’s Common Foreign and Security Policy.

These aspects need to be addressed.

The ongoing enlargement debate has not only highlighted the need for good preparation within potential member states, but also within the EU itself. We need to adapt our institutions’ structures and decision-making procedures to be able to accommodate new members. This requires equal political commitment.

Is the Growth Plan for the Western Balkans an accelerator that will

help the region reconnect with its EU future or will it, as some critics suggest, fall short of its grander goals due to the modest amount of funding relative to the region’s needs? ― The Growth Plan certainly has the potential to accelerate economic development and integration. In light of the considerable technical and financial assistance provided to accession countries over the years, genuine political will to move forward – both in the current and in future member states – is the underlying

key to success.

The Reform and Growth Facility, which is a centrepiece of the Growth Plan, provides an additional six billion euros. This is a considerable amount that is added to the already existing funds of the Instrument for

Pre-Accession (IPA III), which accounts for €14.2 billion to the Western Balkans and Turkey. Accordingly, the Reform Agendas that need to be prepared under the framework of the Western Balkans Facility are vital for the success of the Growth Plan.

The ongoing enlargement debate has not only highlighted the need for good preparation within potential member states, but also within the EU

INTEGRATION

WARNING

CONVERGENCE

There has been a resurging interest in the further European integration of the Western Balkans since 2022.

Beijing is not primarily concerned with creating sustainable advantages for the Western Balkans, but with generating profits for Chinese companies.

The Reform and Growth Facility for the Western Balkans aims to boost integration into the European single market, accelerating socio-economic convergence.

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enlargement process, but also moving towards full alignment with our Common Foreign and Security Policy, including sanctions against third countries.

The objectives of the Reform and Growth Facility are set out clearly. It is now up to our Western Balkan partners to implement them.

IN EUROS

The Reform and Growth Facility provides an additional

6

billion euros

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The EP has also repeatedly underlined the importance of robust conditionality in all pre-accession funding. This needs to be complimented by coherent, consistent and transparent scrutiny of all pre-accession instruments by the European Parliament.

From the EU’s perspective, what should be the most important priorities of the Growth Plan when it comes to the establishment of a single market in the Western Balkans and faster access to the European market? ― Regional cooperation plays a crucial role in the promotion of stability, prosperity and good neighbourly relations in the Western Balkans. The agreements reached in the framework of the Berlin Process – on the Freedom of Movement with Identity Cards, on the Recognition of Higher Education Qualifications, and on the Recognition of Professional Qualifications for Doctors of Medicine, Dentists and Architects – demonstrate the added value of closer collaboration.

The Reform and Growth Facility for the Western Balkans furthermore sets out clear objectives to intensify

regional economic cooperation and progressive integration into the European single market. This can help accelerate the Western Balkans’ socio-economic convergence with the European Union.

However, economic reforms are just one of several factors. Meaning-

Taking into account the fact that China has become a serious investor, especially in Serbia, how do you think this impacts the dynamics of mutual relations between Serbia and the EU? ― The EU is Serbia’s main political and economic partner. Our investments in the country are the largest by far. There is currently a significant decrease in support for EU membership among the Serbia public, despite the country receiving the largest share of pre-accession assistance. The government should pursue an active and effective communications strategy with regard to the benefits of EU accession.

Countering disinformation about the EU must be a further priority.

In its latest resolution on Serbia, in response to the Commission’s 2022 Progress Report, the European Parliament expressed concern over the fall-

The objectives of the Reform and Growth Facility are set out clearly. It is now up to our Western Balkan partners to implement them ful transformation and growth needs to be coupled with a sustained focus on the so-called ‘fundamentals’ of the enlargement process: the rule of law, strengthened democratic institutions and fundamental rights. Genuine political will and commitment to implement reforms in this area is non-negotiable. The Reform and Growth Facility aims to further support the enlargement process by accelerating alignment with EU values, laws, rules, standards policies and practices. This means not only strengthening the so-called fundamentals of the

CONNECTING THE REGION GLOBAL WAVES, LOCAL VICTORIES

ing public support for EU membership in Serbia, linking it to longstanding anti-EU political rhetoric. Progress can only be achieved through real democratic consolidation and a cross-cutting policy alignment in Serbia.

When it comes to Chinese investments, the example of Montenegro should be a warning to those planning to make their country’s economy dependent on such funds. Beijing is not primarily concerned with creating sustainable advantages for the Western Balkans, but with generating profits for Chinese companies. ∙

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2024 Election Fever as World Shifts ELECTIONS

As 2024 unfolds, the world reflects on a series of pivotal elections that have reshaped, and will continue to reshape, global political dynamics

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n the evening of 9th June, the results of the European Parliament elections were finally revealed. Despite some national successes, the European far-right did not achieve a sweeping victory and will remain distant from executive power in Brussels. Nevertheless, they will influence many European debates and policy decisions. While the composition of the European Commission and the appointments for foreign policy and enlargement portfolios are still pending, other elections in Europe and across the Atlantic may have a more pronounced effect on Southeastern Europe.

From the European Parliament and snap elections in France to the highly anticipated US presidential race, these elections will have far-reaching implications for international relations and regional stability. This article ex-

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plores how these electoral outcomes may impact the world and, secondly, the Western Balkans.

Reform Party still to be seen. Labour has maintained a poll lead since late 2021, growing as the Conservatives

In the UK, despite Conservative hopes that improved macroeconomic figures might rally voters, a Labour victory seems inevitable EARLY JULY IN LONDON AND PARIS In the UK, Prime Minister Sunak has scheduled elections for 4th July.

Despite Conservative hopes that improved macroeconomic figures might rally voters, a Labour victory seems inevitable. There is little doubt that Keir Starmer will form the next cabinet, with the Conservatives’ fate and the potential rise of Nigel Farage’s

CONNECTING THE REGION GLOBAL WAVES, LOCAL VICTORIES

managed the succession from Johnson via Truss to Sunak. The elections are centred on domestic issues, including the future of the NHS, housing, ecology and migration. Labour’s stance on nuclear deterrence, NATO, and support for Ukraine remains unchanged, with no significant shifts in European affairs anticipated.

Across the Channel, the stakes are higher. Following a poor performance

by his coalition in the European elections and a strong showing by the National Rally (RN), Emmanuel Macron announced snap parliamentary elections. His strategy aimed to pre-empt RN’s calls for new elections and pressure centrists to rally around him.

However, this quickly faltered as six left-wing parties, including the Socialists, formed the New Popular Front, evoking the anti-fascist coalition of the 1930s. The Republicans faced internal turmoil, with President Eric Ciotti pushing for an alliance with RN

despite opposition from pro-Macron leaders.

The latest polls suggest that RN could secure 35% of the votes, the New Popular Front 28%, and Macron’s coalition around 20%. Given France’s two-round majority system, these figures don’t directly translate into seats.

Tactical voting typically disadvantages RN, aligning centrist and left-wing voters against them. Nonetheless, Macron faces a challenging path to any meaningful success. RN is poised to increase its representation in the Nation-

al Assembly. By 7th July, the new parliament will reveal whether it is fragmented and ineffective or if a functional coalition emerges, led by either the resurgent left or Macron’s centre.

IMPLICATIONS FOR EU ENLARGEMENT These elections have already diminished France’s influence in Brussels. RN’s potential to govern France and impact EU politics creates unease among Brussels stakeholders, who

SUNAK’S SUMMER SHOWDOWN

FAR-RIGHT FALLS SHORT

In the UK, Prime Minister Sunak has scheduled elections for 4th July. Despite Conservative hopes that improved macroeconomic figures might rally voters, a Labour victory seems inevitable.

There is little doubt that Keir Starmer will form the next cabinet.

On the evening of 9th June, the results of the European Parliament elections were finally revealed. Despite some national successes, the European far-right did not achieve a sweeping victory and will remain distant from executive power in Brussels.

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fear disruptions across major political projects, from fiscal discipline to Ukraine support. With a strong performance by AFD in Germany and a fragile governing coalition, the European Council lacks leaders with stable domestic majorities.

A quick agreement among the three major European Parliament groups has proposed that Ursula von der Ley-

en remain as European Commission President, Antonio Costa lead the European Council, and Kaja Kallas replace Josep Borrell with the enlargement portfolio. Focusing on Russia and Eastern Europe, Kallas faces the challenge of accelerating EU membership negotiations for Ukraine and Moldova, who have leapfrogged Bosnia and Herzegovina, and Kosovo*.

The Western Balkans’ EU enlargement has been stagnant for over two decades, with Serbia and Montenegro negotiating for over a decade without clear progress. In contrast, the swift inclusion of Ukraine and Moldova is driven by political expediency and support for Kyiv and Chișinău amid ongoing Russian aggression. Enthusiasm may wane as detailed reforms

France’s Poll Puzzle The latest polls suggest that RN could secure 35% of the votes, the New Popular Front 28%, and Macron’s coalition around 20%. Given France’s two-round majority system, these figures don’t directly translate into seats.

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EU’s Power Trio A quick agreement among the three major European Parliament groups has proposed that Ursula von der Leyen remain as European Commission President, Antonio Costa lead the European Council, and Kaja Kallas replace Josep Borrell with the enlargement portfolio. Focusing on Russia and Eastern Europe, Kallas faces the challenge of accelerating EU membership negotiations for Ukraine and Moldova, who have leapfrogged Bosnia and Herzegovina, and Kosovo*

and deliverables come into play for these new candidates.

The Western Balkans show no clear signs of progress in the enlargement process. While new economic initiatives like the Growth Plan exist, the ultimate goal of full membership remains elusive. It raises the question of whether renewed efforts by the candidates or fresh energy from the EU

to frame negotiations as a geopolitical necessity could expedite integration for countries already economically and socially aligned with the EU. The recent EP elections did not produce clear advocates for this approach, leaving doubts about whether enthusiasm for Eastern European enlargement will extend to the Western Balkans. Achieving this requires vi-

sion and political coordination from the new EU leadership.

AWAITING THE US ELECTIONS Europe’s gaze turns to the US elections on 5 th November, pitting Biden against Trump again. Most European capitals prefer a Biden victory to maintain the status quo, fearing

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Macron’s Snap Gamble Following a poor performance by his coalition in the European elections and a strong showing by the National Rally (RN), Emmanuel Macron announced snap parliamentary elections.

a more challenging relationship under Trump.

If elected, will Trump initiate a specific plan to halt the Ukraine war? He has hinted at his negotiating prowess for swift resolutions, but details

remain scarce. His advisers suggest proposals such as an armistice along current front lines, pushing Ukraine to negotiate by threatening to withdraw military aid and warning Russia of intensified US support for Ukraine if

While new economic initiatives like the Growth Plan exist, the ultimate goal of full membership remains elusive

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CONNECTING THE REGION GLOBAL WAVES, LOCAL VICTORIES

Moscow resists negotiations. This scenario contrasts with Europe’s preference for peace through Russian withdrawal, but could be a domestic win for Trump.

Secondly, would Trump favour certain EU national governments, particularly those reliant on US security commitments, such as Budapest and a few Eastern European countries? This seems likely. Additionally, Trump’s focus on China as a Cold War adversary

2024: The Year of the Vote 2024 isn’t merely an election year; it’s arguably the most pivotal. With at least 64 countries and the European Union heading to the polls, a record number of voters globally will cast their ballots.

This massive electoral participation, representing around 49% of the world’s population, is set to bring about significant and lasting changes in many nations.

will demand Europe’s alignment with US measures, such as chip sanctions involving Dutch company ASML. Regionally, some governments are preparing for a potential Trump presidency. Belgrade collaborates with Trump’s son-in-law, Jared Kushner, on a contested real estate project. At the same time, Trump’s former envoy to the Western Balkans, Richard Grenell, is engaged in Serbia and Al-

banian ventures. Grenell criticises Albin Kurti’s administration in Priština, indirectly supporting Belgrade.

THE WESTERN BALKANS’ PROSPECTS The Western Balkans’ best-case scenario lies in a change of perspective by incoming EU leaders. Brussels should foster a dynamic accession process framed as a geopolitical necessity and

TRUMP

Regionally, some governments are preparing for a potential Trump presidency.

a political win for the Union and the West, appealing to the rising EU-sceptic right. Even a Trump administration could support this shift if it occurs.

Otherwise, the region faces more lost time, passivity, and short-termism. ∙

Dr Milan Igrutinović

Institute of European Studies, Belgrade

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INTERVIEW

Organising the Olympics is Truly a Team Sport

Paris 2024 aims to make the Games accessible and sustainable, and to reduce the carbon footprint of previous Olympics by half. The legacy project focuses on developing Seine-Saint-Denis and enhancing sport’s role in addressing societal challenges across France

ETIENNE THOBOIS Paris 2024 CEO

uch has already been written about the Paris Olympics. As we count down to the 2024 Summer Games, branded as ‘Paris 2024’ and set to take place from 26th July to 11th August, we’ve decided to focus on the Olympics’ impact on the social fabric of society. Paris will be the main host city, with events also occurring in 16 other cities across Metropolitan France and one subsite in Tahiti, French Polynesia.

Our interview with Paris 2024 CEO Etienne Thobois focuses primarily on the potential impact of the Olympics on Seine-Saint-Denis, one of Paris’s departments. Seine-Saint-Denis is the youngest, fastest-growing and poorest department in France, and its inhabitants are set to benefit from the economic opportunities likely to be brought by the Games.

While each event is unique, the philosophy behind the Paris Olympics—focused on supporting equality, sustainability, and efficiency—can serve as a model of modern thinking for Serbia’s organisers of Expo 2027.

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The French government was determined to ensure this year’s Summer Olympics would be green, inclusive and socially beneficial. Could you please introduce us to this aspect of Paris 2024, before we immerse ourselves in the sports, winners and medals? ― From the bid phase, we had a clear objective – shared by all Paris 2024 stakeholders – to organise Games of a new era, which would be both spectacular and useful, responding to the challenges of our changing world.

The starting point is our plan for the Games to use 95% existing and temporary infrastructure. Those temporary venues, set among some of

in the context of an Olympic and Paralympic Games.

So, it’s about bringing the Games closer to the people, for everyone to be able to share in the experience, but it’s also about aligning them more with the needs and expectations of modern society. Our low-build venue plan supports our commitment to cut the carbon footprint of the Games in half compared to the average of London 2012 and Rio 2016. It also means that our Olympic Legacy project differs from what we’ve seen elsewhere,

the place of sport in our society and as a tool to address today’s biggest societal challenges. One good example is our ’30 Minutes’ initiative, which has been adopted by 91% of French primary schools and sees children now doing 30 minutes of sport or physical activity every day, in addition to their PE lessons. This is a type of legacy that did not need to wait for the Games, and we’ve benefitted from close and early collaboration with government and social institutions to amplify our impact.

with a very targeted physical legacy, focused on the host department of Seine-Saint-Denis, which is the youngest, fastest-growing and poorest in France. Our only two major construction projects both respond to very specific needs of the local area, and will contribute powerfully to its ongoing social and economic development.

Alongside this, we have a wider project to drive positive impacts throughout France by strengthening

With 800 sporting events, 15,000 athletes, 45,000 volunteers and 13 million meals, maintaining sustainability throughout the Olympic Games is undeniably challenging. What innovations are you most proud of? ― Our actions in this area are all geared towards doing better with less.

As we have said, it starts with using 95% temporary or existing infrastructure, but there are many examples of

We want to bring the Games and the public closer together. At the Opening Ceremony down the River Seine, more than 220,000 people will enjoy free access on the upper banks the world’s most iconic landmarks, are central to our Paris 2024 concept.

When we talk about ’Games Wide Open’, it’s this idea of taking sport out of its traditional spaces and bringing it to the heart of the city and our communities, notably with the first-ever Opening Ceremonies to be held outside of a stadium, where more than 220,000 people will have the opportunity to attend for free, and with the first-ever mass participation events

SAFETY

BENEFITS

INNOVATION

We want these Games to be open to as many people as possible on a scale we’ve never seen before. But we are very clear: these ambitions can only be delivered if the security conditions are met.

The residents and businesses of Seine-Saint-Denis, which is the youngest, fastest-growing and poorest department in France, are on the frontline to benefit from the economic opportunities of the Games.

The starting point is our Games plan to use 95% existing and temporary infrastructure. Those temporary venues, set among some of the world’s most iconic landmarks, are central to our Paris 2024 concept.

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CELEBRATION

Everything is in place for visitors to enjoy a wonderful, safe and oncein-a-lifetime celebration.

innovation across all aspects of our operations.

When it comes to venue development, for example, we are renting materials instead of buying them new – and we are guaranteeing a second life for every piece of equipment used, whether it’s a mattress in the Athletes’ Village or a seat in a temporary stand.

from French sources. This will equate to 50% carbon reduction per meal.

And something that definitely makes us proud is the way we have engaged our whole ecosystem in this effort to make the Games an accelerator of bold sustainability objectives.

One example is the work of the City of Paris and State authorities to clean

On the Paris 2024 side alone, 2.7 billion euros of contracts have been awarded, with 79% of contractors and suppliers being small or medium-sized businesses. They also include 304 social enterprises Very significantly, we are connecting every venue, including temporary venues, to the electricity grid in order to reduce our reliance on carbon-intensive diesel generators, both during the Games and for events in the future. Every Olympic venue is also guaranteed to be powered 100% by renewable energy thanks to a unique (in the context of the Games) power purchase agreement.

We could also include the example of catering, where we are doubling the amount of plant-based food on offer to athletes and spectators across our venues compared to previous Games, with 80% of all produce used coming 26

up the River Seine and make it swimmable for the first time in 100 years.

We could also talk about Coca-Cola, which is investing significantly in the accelerated roll-out of drinks fountains – representing a big factor in our effort to halve the amount of single-use plastic used in food and beverage service.

Olympic Games are often seen as having been a great hit or a miss, mostly in economic terms. What are your recipes for converting green investments, i.e., costs, into profit generating machines? ― As an Organising Committee, we are

CONNECTING THE REGION GLOBAL WAVES, LOCAL VICTORIES

not aiming to turn a profit. We’ve been clear from the start regarding our objective to maintain a balanced budget, and we are on track to achieve that.

It’s a matter of some pride, because the global macroeconomic conditions of the past seven years have not made things easy. We’ve maintained a rigorous focus on cost optimisation throughout, which has helped us keep budget increases below the overall rate of inflation across the lifetime of the project. Today, the Organising Committee budget stands at 4.4 billion euros and is 96% privately financed.

The SOLIDEO budget for Games-related, long-term investment is also 4.4 billion euros, 1.7 billion of which is publicly funded, with the remaining 60% coming from private developers.

The strategy from the outset was to invest only in new infrastructure where there was a clear and proven longterm need, with 80% of all the public money spent on the Games focused on the fast-growing Seine-Saint-Denis department.

Specifically, as the site of the Athletes’ Village and Media Village Cluster, this department will benefit in legacy from 4,000 much-needed new homes, built to the highest standards of accessibility and eco-design, 25 per cent of which will be dedicated social housing. A further third will be rented as affordable housing for students and key workers.

Alongside this, the new Olympic Aquatics Centre in Saint-Denis is the centrepiece of a major legacy project targeting an unacceptable reality whereby 60% of children across the Seine-Saint-Denis department currently leave primary school (at age 11) unable to swim.

Overall, the Games project will leave a legacy of 20 new community swimming pools across the department. In addition to the four pools of the Olympic Aquatics Centre, these include 12 new pools spread across three training venues for the Games, and four temporary pools used for the swimming competitions at Paris La Défense Arena, which will be permanently relocated to locations in Seine-

Saint-Denis after the Games.

The residents and businesses of these areas are also on the frontline to benefit from the economic opportunities of the Games, which are estimated at up to 11.1 billion euros across the Paris region, according to a recently updated forecast by France’s CDES, using new methodology developed with the OECD. What strategies are being implemented by organisers of the Games and their strategic partners in order to utilise Paris 2024 as a catalyst to develop the economy, reduce inequality and promote employment? ― Many actions have been undertaken

by Paris 2024 and SOLIDEO, our delivery partner, to guarantee that the five

billion euros of Games-related contracts awarded benefit the entire economic fabric, placing a special emphasis on the small and social business sector.

On the Paris 2024 side alone, 2.7 billion euros of contracts have been awarded, with 79% of contractors and suppliers being small or medium-sized businesses. They include 304 social enterprises.

Likewise, we have placed a major focus on ensuring the jobs boost of the Games benefits those furthest away from employment, and does so in a sustainable way, working with government and social institutions to deploy innovative solutions such as the very popular programme of sports-based job dating sessions.

In total, 181,000 people will work directly on the Games – and in sectors offering long-term employment opportunities such as construction and tourism. On Games infrastructure projects, 2,935,357 hours of work have been completed in the context of social (re)integration schemes – 120% of the target set for SOLIDEO. In today’s polarised world, when a larger number of participants are anticipated than was the case a century ago, when Paris last hosted the Summer Olympics, how complicated is it to ensure the safety and security of all participants and spectators? ― From the very beginning, security has been the condition on which our 27

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CONNECTING THE REGION GLOBAL WAVES, LOCAL VICTORIES

whole plan is based. We want these Games to be open to as many people as possible; we want them to be open to the city on a scale we’ve never seen before. But we are very clear: these ambitions can only be delivered if the security conditions are met.

That’s something we knew from the start. Before confirming the plans for the Opening Ceremony, for example, we carried out extensive feasibility studies with our partners in the State security services, considering every type of threat. We continue to work daily in coordination with the highest levels of the French State security and intelligence services.

Our confidence is based on this work, and based on France’s expertise in delivering festive major events, even in challenging security contexts. We could give the example of Euro 2016, held just a few months after the Paris attacks, which saw thousands of people celebrating together in city-centre fan zones. Indeed, since 2015, risks of a terrorist nature have been systematically built into the design of all security measures in France. This has been the case for Paris 2024.

The Games will see the biggest ever security operation for an event in France. An unprecedented 35,000 state security personnel will be mobilised every day of the Games and the Opening Ceremony will see more than 45,000 State security personnel deployed across central Paris, including specialist air and river forces – in addition to the Games private security force.

Everything is in place for visitors to enjoy a wonderful, safe and once-ina-lifetime celebration.

How will Paris celebrate sport and innovate the Olympic Games as a sporting arena? ― The experience of the Games for spectators will be like no other. Paris itself will transform into an Olympic Park as the epicentre of an incredible party, extending nationwide throughout France. The Olympic Torch Relay is already giving a taste of the spectacle and the public enthusiasm to join the celebration this summer.

Our ’30 Minutes’ initiative has been adopted by 91% of French primary schools and now sees children doing 30 minutes of sport or physical activity every day We are introducing a number of innovations, each designed to bring the Games and the public closer together.

So, we have this unique Opening Ceremony down the River Seine, with more than 220,000 people enjoying free access on the upper banks.

We have sporting competitions staged among iconic landmarks, in the very heart of the city, on a scale never before seen.

We have the first-ever Games mass participation event, the Marathon Pour Tous, which will see 40,000 members of the public run the same route, on the same day, as Olympic competitors.

And we also have the first-ever Champions Park, a free-access celebration venue at the foot of the Eiffel Tower, with 120,000 people gathering daily to honour and party with Games medallists.

We are hoping that each of these concepts will leave its mark on the history of the Games.

Finally, what can Belgrade, which is investing a lot in the upcoming Expo 2027 event, learn from your model? ― It is early for us to be giving advice.

For now, we are staying humble and focused on delivering our Games.

One key lesson learned on our side is the importance of setting a clear vision for your project – and with a high enough level of ambition to galvanise and bring together behind it all the key public and private stakeholders, as well the public. That’s because organising a major event is truly a team sport.

We certainly believe that our lowbuild model, with its very targeted legacy investments and rigorous focus on cutting carbon emissions, can serve as a blueprint for the future. But every Games, every event and every host city offers something different and you need to know how to play to your own strengths. ∙ Source: CorD 29

Highlights Gordana Siljanovska-Davkova, the VMRO-DPMNE candidate of the conservative opposition coalition, has made history by becoming North Macedonia’s first female president. Her victory in both the presidential and parliamentary elections, where she defeated incumbent president and ruling SDSM candidate, Stevo Pendarovski, with around 60% of the vote in the second round of the presidential elections, is a significant milestone. “My paths lead first to the Balkans, while Brussels is inevitable,” said Gordana Siljanovska-Davkova, the first woman to head North Macedonia.

Western Balkan Leaders Gather at Kotor Summit At the Summit on the Growth Plan for the Western Balkans, held in

Croatia Forms New Government Croatia has formed a new government led by the Croatian Democratic Union, winner of April’s parliamentary elections, headed by re-elected Prime Minister Andrej Plenković, the party leader. The government also includes the Homeland Movement, which enters the executive branch for the first time. In addition, since Plenković was first in charge, the government has not included representatives of the Independent Democratic Serb Party led by Milorad Pupovac.

North Macedonia Gets First Female President

Kotor, leaders of Western Balkan countries expressed their expectation to become part of a larger market and highlighted their commitment to reforms and the European integration process.

EU Enlargement Commissioner Olivér Várhelyi stated that the Growth Plan is no longer a draft but a “roadmap” with “great potential for the region.” “By 2027, due to the Growth Plan and the intensity of assistance from the economic and investment plan, along with reform agendas and additional financial aid, the Balkans will be ready, or could be ready, or could make themselves ready to join the EU by the end of its next mandate,” he said.

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CONNECTING THE REGION GLOBAL WAVES, LOCAL VICTORIES

Photo: KoSSev

to the European Union. The European Commission presented the Instrument for Reforms and Growth for the Western Balkans from 2024 to 2027 at the end of last year, which includes 2 billion euros in grants and 4 billion euros in favourable loans. Five months later, at the beginning of April, a political agreement was reached between European institutions on the instrument, which should provide an additional boost to Western Balkan countries on their path to the EU. Funds will be disbursed only after reforms have been implemented.

EU-Montenegro Conference Unfreezes Membership Talks

Crossing the Kosovo-Albania Border Without Document Checks An agreement between Kosovo and Albania allows border crossings without passport and ID checks at the Vrbnica (Morina) for nine months a year, in two periods—from 1st May to 30th September and from 1st November to 28th February. This new agreement is part of a package of 19 agreed protocols from the 8th joint session of the two governments, held in Pristina two years ago. On the first day of the agreement’s implementation, about 5,000 passengers, 3,000 passenger vehicles, and dozens of buses entered Albania from Kosovo in just the first few hours.

EP and EUCO Reach Agreement on Aid for the Region The European Parliament and the EU Council have agreed on a plan for additional funding for six Western Balkan countries on their path

In a landmark Brussels decision on 26th June in Brussels, the Intergovernmental Conference between the EU and Montenegro adopted the IBAR report, lifting a longstanding freeze on Montenegro’s EU membership negotiations. This move signifies Montenegro’s renewed progress after a decade-long standstill in its accession process. Montenegro, engaged in EU membership talks for 12 years, achieved a significant breakthrough by adopting the IBAR report, ending years of negotiation stagnation. Alongside the IBAR, the Montenegrin government was presented with final benchmarks for closing chapters that would lead to the conclusion of the accession process.

17th Dubrovnik Forum Held The 17th Dubrovnik Forum, themed “Dire Straits and Safe Passages,” brought together politicians and diplomats to discuss security, economic and energy challenges. Croatian PM Andrej Plenković highlighted the need for a just solution to Russia’s invasion of Ukraine. Ukrainian Foreign Minister Dmitro Kuleba called for a just peace. At the same time, Italian Foreign Minister Antonio Tajani supported Ukraine’s EU membership and stressed greater EU involvement in the Western Balkans to counter Russian influence. A trilateral meeting with Croatian, Bosnian and Turkish officials underscored the importance of preventing conflict in the politically unstable region, emphasising close Zagreb-Sarajevo relations for regional stability.

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FEATURE

Leading Industries in the Adria Region

The Adria region boasts a diverse and dynamic economic landscape, with certain sectors standing out for their development and impact across multiple countries

he Adria region, a vibrant economic powerhouse, has emerged as a beacon of growth driven by strategic investments and innovative enterprises. From sustainable energy advancements to the allure of global tourism, this dynamic area stands out with thriving industries that showcase resilience and in-

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genuity. The region’s industrial manufacturing and agriculture further highlight its versatility in a competitive market.

This article explores the most developed and influential industries in the Adria region, unveiling key players and success stories that fuel its economic engine. By delving into these

thriving sectors, we uncover the synergy and potential that position the Adria region as a significant force within the European economy. Join us as we navigate through compelling narratives and strategic endeavours, highlighting the industries that elevate the Adria region’s economic prowess. ∙

Energy Sector Dominance The energy sector is the backbone of the Adria region’s economy, driving growth and providing a competitive edge through a mix of traditional and renewable energy sources iversity and forward-thinking investments define Slovenia’s energy sector. The nation has made significant strides in renewable energy, with hydropower, solar, and wind at the forefront. Leading the charge is HSE (Holding Slovenske Elektrarne), the largest electricity producer, primarily through hydropower. GEN energija, operator of the Krško Nuclear Power Plant, contributes substantially to both domestic and regional energy supplies. The Petrol Group, a major player in oil and gas, is deeply invested in renewable energy projects and efficiency services, underscoring Slovenia’s strategic push towards sustainability and energy independence.

Despite Albania’s agricultural export dominance to the EU, its energy sector remains a cornerstone of economic stability. Major projects, such as the construction of one of the largest hydroelectric plants in the region

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CONNECTING THE REGION GLOBAL WAVES, LOCAL VICTORIES

IDEA-CG

Inside IdeaCG’s Market Leadership

Idea-CG has firmly established itself as the most widespread retail chain in Montenegro and the country’s largest employer, bolstered by its April 2021 integration into the Fortenova Group and the strategic acquisition of “Franca” retail outlets. This growth has expanded Idea-CG’s market presence and enhanced its ability to deliver a top-tier service and high-quality products to a broad customer base

JELENA DODEROVIĆ Marketing and Communications Director, Idea CG

e consistently track market trends and refine our offers based on consumer feedback,” says Jelena Doderović, underscoring the commitment of employees who approach their work with exceptional passion and dedication.

“W

How do you become the first choice for consumers who expect availability, a top-notch service and a carefully selected assortment of fresh, healthy and local products? ― A rich assortment, diverse offers, product quality and competitive prices are characteristics for which we are known. We additionally strive to provide con-

sumers with a unique shopping experience, thanks to our employees who perform their jobs with great love and effort. We are proud of the “Fair with the Consumer” certificate that we

sation and the joint action of all of these factors.

What is it like to be part of the team that’s driving one of the country’s most successful companies? ― Being part of the largest employer team in Montenegro is an honour and a responsibility. We take pride in our employees’ team spirit and dedication, which form the backbone of our success. Our integration into the Fortenova Group has opened doors to the region’s best practices and innovations, enhancing our operations.

We recently received the ‘Best Places to Work’ certificate, which testifies to our commitment to im-

Our integration into the Fortenova Group has opened doors to the region’s best practices and innovations received from the Consumer Protection Centre (CAZAP), as it indicates that our company offers added value in consumer protection, providing them with security and increasing trust. Our “Super Card” loyalty programme also allows consumers to achieve great savings and accumulate cashback. I believe the key to success lies in good synchroni-

proving working conditions. We this year invested €4.2 million in this area. We are confident that our continuous efforts will justify the trust of both our consumers and employees.

Idea-CG is recognised for numerous socially responsible activities. Which activities would you single out?

― Sustainable business is a priority and part of our strategy. We are recognised as a reliable partner of state institutions, non-governmental organisations, associations and individuals. Our company was the recipient of the “Iskra” philanthropy award for 2023, which recognises support for children and youth granted by the Fund for Active Citizenship. This award acknowledges socially responsible activities that improve the inclusion of children with developmental disabilities, raise environmental awareness and support youth social entrepreneurship.

Our commitment to children and youth is not just a business strategy; we believe that investing in future generations is crucial to sustainable development. Furthermore, we encourage equal opportunities for all and have recently launched a competition to finance NGO projects in the field of gender equality, focusing on women in the economy. We also engage in humanitarian activities, promote sports and healthy lifestyles, and support sporting events and activities aimed at the elderly... The range of activities is broad and not easy to summarise, but the message is clear: every change we make today lights the way to a better tomorrow. ∙ 33

ALKALOID AD SKOPJE

Our Brands are Part of People’s Lives

Since it was first established back in August 1936, Alkaloid has grown and developed through very tumultuous and challenging decades to become the modern, export-oriented company with nearly 3,000 employees that it is today

ŽIVKO MUKAETOV CEO/MB President of Alkaloid AD Skopje

ere we discuss a tradition dating back almost nine decades, brands built by generations of employees, investments in new products and technologies, the conquering of new markets and regional cooperation with Živko Mukaetov, CEO of one of North Macedonia’s best and most famous companies.

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Your company has grown and developed over the course of very tumultuous and challenging decades, showing that resilience and an ability to adapt quickly to changes are vital in business. Would you agree?

― The modest beginnings of Alkaloid date back to August 1936, when one of the oldest capacities for processing alkaloids was opened on the outskirts of the city of Skopje, within the borders of the then Yugoslavia. From only

A special milestone in the long history of Alkaloid was reached with the construction of the facilities for solid dosage forms and semi-synthetic cephalosporins, launched in 2002

CONNECTING THE REGION GLOBAL WAVES, LOCAL VICTORIES

two plants with 15 workers, today – 88 years later – Alkaloid has around 80,000m2 of production facilities, nearly 3,000 employees at its headquarters in Skopje and 22 subsidiaries located in 15 countries around the world.

You have just completed your largest investment endeavour of the last two decades, which required plenty of enthusiasm, knowledge and money. Could you tell us about this facility? ― A special milestone in the long history of Alkaloid was reached with the construction of our facilities for solid dosage forms and semi-synthetic cephalosporins, launched in 2002 with the assistance of an EBRD/IFC convertible loan, for which Alkaloid implemented strict principles of corporate governance. Two decades on, we decided to upgrade our 12,000m2 solid dosage forms production facilities with an additional 6,200m2, this time investing 19.4 million euros and increasing production volumes from two to four billion tablets annually.

You export more than 70% of your production, with Serbia representing your largest export market, and 90% of your pharmaceutical products Where else are you present? ― Alkaloid‘s cooperation with multinationals like Pfizer and Sanofi can be traced back five decades. It was in 2005 that we established successful cooperation with U.S. companies specialising in herbal production, such as Aveda, Arbonne International, Swanson etc. We received our first EU marketing authorisation for Lisinopril in 2007, while we today have over 950

BUILT BY GENERATIONS Alkaloid’s continuous business success and sustainable development is mainly a result of the quality of our products, the company’s personnel, the Alkaloid brand and the individual brands built over the course of decades by selflessly devoted generations of employees.

MAs of our own pharmaceutical products in the EU. The company has been growing continuously since then and to date has achieved five-fold growth, which wasn’t easy at all.

There is no stopping you when it comes to investment, innovation, and keeping up with trends. Could you share your thoughts? ― In these modern times of the rapid flow of information, people don’t communicate with anonymous products, but rather build relationships with brands in which they identify their own values. In order for a brand to survive, it must continuously fulfil promises given and deliver a high and constant level of quality. A brand is not created overnight, via a single marketing campaign; that requires time, patience, investments, lots of hard work and a clever strategy.

In order for a brand to survive, it must continuously fulfil the promises given and deliver a high and constant level of quality North Macedonia is your home country, while you have a production facility in Belgrade, a chemical laboratory in Ljubljana and a corporate legal team in Zagreb. What is your view of regional and broader cooperation? ― As vice president of the Macedoni-

an Chamber of Commerce and a member of the organisation Young Global Leaders (part of the World Economic Forum), I can state with certainty that regional synergies strengthen the businesses in the region and beyond.

They not only foster the improvement of the business climate in general, but also aid in the removing of various obstacles while contributing to sustainable development. Promoting bilateral ties, shared values, mutual interests and a common view of how to engage with the world are some of the standpoints in my honorary functions as Consul General for Denmark and Consul for Norway in North Macedonia that I have performed since 2007 and 2023 respectively.

FACILITIES

From only two plants with 15 workers, today, 88 years on, Alkaloid has around

80,000m

2

of production facilities.

There is barely a child in this region that hasn’t grown up with your Becutan brand. Would you agree that this has been one of the very rare brands to have become stronger over the years, despite competition? ― In terms of children’s cosmetics, the region’s market seems to be oversaturated. New brands come and go, mostly without fulfilling their promised claims. Our well-known Becutan brand last year celebrated its 45th anniversary. From only five products, the Becutan portfolio today includes 60 types of products with more than 100 different forms, all clinically or dermatologically tested and developed in cooperation with paediatricians, neonatologists and dermatologists. Generations have grown up with this brand. There is no greater satisfaction than when a product or brand actually becomes a part of people’s lives. ∙

GLOBAL PRESENCE Being an export-oriented company based in North Macedonian hasn’t been easy at all, but we endured on that path thanks to our own knowledge, skills and resources. We are now present on every continent. In order to succeed in developed countries, one must adhere to principles of good governance, have high and constant product and service quality, and be sufficiently competitive.

NEW FACILITIES, NEW TECHNOLOGIES The new solid dosage forms production facilities comply with strict GMP standards, with all processes fully integrated and digitalised, and data collection generated automatically. We have thus also introduced some new technologies, such as dry granulation with roller compactor and bilayer tablets.

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and extensive oil reserve exploration, are pivotal to its economy. Key players include GSA, an energy trading giant; Kurum International, a Turkish company operating several hydroelectric plants; and Gega Oil Group, a leader in the oil market. Additionally, the Albanian Parliament has approved the construction of a new hydroelectric power plant, further boosting the country’s energy infrastructure. Dutch company Shell is also expected to announce significant oil reserves in the Shpirag mountains, which could enhance Albania’s position in the regional energy market. Other notable companies in the sector are Ener Trade, involved in wholesale electricity trading and supply, the state-owned electricity corporation KESH, and Bankers Petroleum, a Canadian oil company under Chinese ownership.

These players significantly bolster Albania’s energy production, cementing its role as a regional energy stalwart.

Economic growth in Bosnia and Herzegovina is fueled by its energy sector, with indus-

NIS produces around 35,000 barrels of oil equivalent per day

INA produces approximately 25,000 barrels of oil equivalent per day

Bankers Petroleum produces approximately 20,000 barrels of oil per day

try leaders like GEN-I, a top electricity trader, and Elektroprivreda BiH (EPBiH) and Elektroprivreda Republike Srpske (ERS) at the helm.

This sector, alongside the robust metals and defence industries, forms the bedrock of the economy. ArcelorMittal Zenica and Aluminij Industries are key in the metals sector, while Optima Group Banja Luka and HIFA-Oil dominate oil and fuel distribution. Despite internal economic fragmentation, these industries ensure stability and growth, givng the country a resilient economy.

Opportunities abound in Croatia’s energy sector. INA, a leader in the oil industry, PPD in natural gas, and HEP in electricity production play crucial roles in economic stability.

Alongside tourism, these companies fortify the nation’s economic framework. Additionally, firms like Met Croatia Energy Trade and MVM Ceenergy Croatia are advancing in gas distribution and electricity production, which are vital for sustaining economic stability and achieving broader economic goals.

Predominantly hydroelectric, Montenegro’s energy sector generates a significant 36

HSE has over 2,000 MW of hydropower capacity

GEN energija supplies about 40% of Slovenia’s electricity needs

portion of its electricity. The country is also exploring renewable sources and enhancing its energy infrastructure. Elektroprivreda Crne Gore (EPCG), the main electricity producer, relies on hydroelectric plants. Jugopetrol, the leading oil and petroleum company, handles import, distribution, and sales. The Montenegrin Electric Transmission System (CGES) maintains the national grid, working to diversify energy sources, increase efficiency, and integrate more renewable energy into the grid.

Serbia’s industrial sector is robust and underpinned by mining and energy. Notable companies, such as NIS in the oil industry, Zijin Mining in the mining sector, MOL Serbia in fuel distribution, and EPS in electricity production, highlight Serbia’s rich resources and its robust industrial and energy sectors. This wealth positions Serbia as a regional leader in industrial production and export.

The energy sector remains a key driver, supporting Serbia’s industrial prowess and economic growth.

Kosovo’s* economy heavily relies on en-

CONNECTING THE REGION GLOBAL WAVES, LOCAL VICTORIES

The Petrol Group operates more than 500 service stations in Slovenia and neighbouring countries

ArcelorMittal Zenica produces over 1 million tons of steel annually

ergy production, with KEK (Kosovo Energy Corporation), KESCO (electricity supply), and KEDS (electricity distribution) as primary players. These companies meet domestic demand and ensure economic stability. Other significant entities include Eks-Pleme, Al-Petrol, and HIB Petrol, which focus on oil and fuel distribution. Together, they bolster Kosovo’s economic resilience and growth, laying a stable foundation for future development.

A blend of thermal power, hydropower, and growing investments in renewables characterise North Macedonia’s energy sector. The country is keen to enhance its energy independence and sustainability through various projects. EVN Macedonia, a leading electricity distribution company, and Elektrani na Severna Makedonija (ESM), the main electricity producer, are pivotal. OKTA Skopje, the largest oil refinery, plays a crucial role in importing, refining, and distributing petroleum products. Investments in solar and wind energy are also increasing, aiming to diversify the energy mix and reduce fossil fuel dependence.

ANANAS E-COMMERCE

Rapid Growth Continuing One of Ananas’s most significant achievements is the opening of the most modern e-fulfilment centre in this part of Europe, and a third of the approximately 1,100 retailers with whom we collaborate hold their products in our warehouse

nanas currently operates in Serbia and North Macedonia, while it plans to expand into Montenegro and Bosnia and Herzegovina in the third quarter of this year, thus further cementing its position as a leader of the regional e-commerce market.

Ananas E-Commerce has officially opened the first specialised e-fulfilment centre, spanning an impressive 10,000 square metres at a location just outside Belgrade. The Ananas warehouse adheres to high international standards, with modern technical solutions that enable the efficient and secure storage of goods.

The warehouse covers four floors and features the Pick Tower system (multi-storey storage) and a 700-metre-long conveyor belt that allows for goods to be moved to any position in the warehouse.

“With the opening of the first e-fulfilment centre of its kind in Serbia and the most modern such centre in this part of Europe, we confirm our readiness to elevate Ananas to an even higher level and continue its rapid growth in all segments of our business ecosystem,” said Ananas E-Commerce CEO Marko Carević.

This storage system increases productivity by up to 40%, while reducing order preparation times significantly.

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The Ananas e-fulfilment centre stands out thanks to its unique principle of storing goods of the same type in different positions, specially designed packaging points, and five exits to courier services.

A new software solution has been developed to optimise and manage daily operational needs at the warehouse, such as inventory tracking, receiving and dispatching goods, space optimisation and employee coordination. Additionally, this warehouse is fully integrated with the ‘ananas. rs’ platform and, at full capacity, can prepare up to 65,000 shipments daily, with all operations being environmentally sustainable. It is thanks to all of this that Ananas is now initiating deliveries to end customers from its e-fulfilment centre the day after an order is placed for 97% of orders.

“Market changes demand increasing agility from companies and a dedication to consumer needs. Increasing productivity and process efficiency, as well as adopting global e-commerce standards in the context of strong global competition, are prerequisites for market success,” said Mihailo Vesović, Director of the Sector for Strategic Analyses, Services and Internationalisation at the Chamber of Commerce and Industry of Serbia, highlighting the importance of such

initiatives for the development of Serbia’s e-commerce ecosystem.

Over half a million items are already available from the ananas.rs online shopping centre. More than 1,100 retailers sell their products through Ananas, with a third of them currently utilising the services of the e-fulfilment centre. ∙

The Ananas warehouse adheres to high international standards and uses modern technical solutions to enable the efficient and secure storage of goods

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Thriving Tourism Industry The Adria region boasts a vibrant tourism sector, from Croatia’s picturesque beaches and Montenegro’s luxurious resorts to Slovenia’s eco-friendly destinations and Bosnia and Herzegovina’s burgeoning eco-tourism ften synonymous with tourism, Croatia finds this sector crucial to its economy, contributing up to 20% of the nation’s GDP. The allure of pristine beaches, historic towns like Dubrovnik and Split, and numerous islands draw tourists from around the globe. Large hotel chains, travel agencies, and myriad service providers thrive, catering to the annual influx of visitors.

Montenegro relies heavily on exclusive tourism targeting high-paying guests, impacting its agriculture, real estate, construction, and energy industries. Stunning coastlines,

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Tourism contributes up to 20% of Croatia’s GDP

In 2023, Slovenia recorded 6.19 million tourist arrivals, a 5.5% increase on the previous year, and 16.13 million overnight stays, up 3.5%

luxury resorts, and historic sites boost its reputation as a premier tourist destination. Iconic locations such as the Bay of Kotor, a UNESCO World Heritage site, and the luxurious resorts of Budva and Sveti Stefan attract affluent travellers. Additionally, adventure tourism in Durmitor National Park and the Tara River Canyon offers thrilling experiences.

Though less developed than its neighbours, Bosnia and Herzegovina brims with tourism potential. Eco-tourism and cultural tourism are burgeoning, supported by efforts to enhance infrastructure and international promotional activities. The emerald-green Neretva River and the dramatic Dinaric Alps offer breathtaking natural landscapes. Historic cities like Mostar, with its iconic Stari Most (Old Bridge), and Sarajevo, renowned for its rich history and vibrant cultural scene, are key attractions. The Olympic mountains of Bjelašnica and Jahorina provide excellent winter sports opportunities.

Albania’s tourism sector is experiencing a renaissance, with beautiful coastlines and 38

Foreign tourists accounted for 72% of all overnight stays in Slovenia

Most visitors to Slovenia are from Germany, with 1.9 million nights (16% of all foreign overnight stays)

historical sites drawing an increasing number of visitors. Strategic investments in infrastructure and marketing are elevating Albania’s profile as a travel destination. The Albanian Riviera, with its crystal-clear waters and unspoiled beaches, is a highlight, alongside the ancient city of Butrint, a UNESCO World Heritage site. Tirana, the vibrant capital, offers a blend of culture, history, and modern amenities.

Slovenia captivates visitors with its alpine landscapes and well-preserved natural areas, celebrated for its sustainable and eco-friendly tourism. Successfully marketed as a green destination, Slovenia resonates with environmentally conscious travellers. Iconic sites like Lake Bled, with its picturesque island and medieval castle, and the majestic Triglav National Park, home to Mount Triglav, epitomise Slovenia’s natural beauty. Ljubljana, the charming capital, is noted for its green spaces, vibrant cultural scene, and stunning architecture. Additionally, wellness tourism flourishes with numerous natural spas and

CONNECTING THE REGION GLOBAL WAVES, LOCAL VICTORIES

In 2023, Croatia welcomed over 20.6 million visitors, recording 108 million overnight stays. This represents a 9% increase in arrivals and a 3% increase in tourist nights compared to 2022

thermal baths, and the country’s excellent cuisine and wine regions, such as the Vipava Valley and Goriška Brda, enhance its appeal.

Serbia’s tourism sector is increasingly popular for its rich cultural heritage, vibrant cities, and natural beauty. Belgrade, the lively capital, is famous for its nightlife and historical sites, while the scenic countryside offers eco-tourism and adventure tourism opportunities. Novi Sad, home to the renowned EXIT music festival, and Niš, one of Europe’s oldest cities, are significant draws, supported by hotel chains, tour operators, and cultural institutions.

North Macedonia uniquely blends historical, cultural, and natural attractions. Lake Ohrid, a UNESCO World Heritage site, stands out as a major tourist magnet. The country’s rich history, archaeological sites, and vibrant cultural festivals add to its allure. With rising investments in tourism infrastructure, North Macedonia aims to enhance the visitor experience and boost the sector’s economic contribution.

Marsh McLennan Adria

Clients Always Deserve the Best!

Marsh McLennan is the world’s leading professional services firm in the areas of people, risk and strategy. It today services all business segments, including top banks, IT companies, retailers, telecommunications and energy companies etc

LILIANA LAPADATONI-HULUTA CEO, Marsh McLennan Adria

iliana Lapadatoni Huluta will next year celebrate two full decades at Marsh McLennan. The Romanian team had just 20 members when she first joined, while today she leads a team of 71 colleagues.

Speaking in this interview, she explains what it’s like to be a leader in the region.

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Your company ’s tradition spans over 150 years and Marsh McLennan today operates in 130 countries, but how long have you been operating in Serbia? ― We have been operating in the region for over 20 years. Since 2019, our offices in Belgrade, Ljubljana and Zagreb have been grouped into a subregional structure, with a hub in Belgrade. We first launched our service for large industrial clients. The client needs have evolved greatly, while the role of the broker is far more important today than ever

before. Clients have come to understand that working through a broker grants them access to the entire local and international market, while working directly with an insurer limits the options to the products, services and capabilities of a single player.

Moreover, the insurance market, like any other market, is prone to

team, we have positioned Marsh McLennan, through Marsh, as the number one risk advisor and insurance broker in the Adria Region, based on financial performance and client recognition.

More than a thousand corporate clients across the region recognise Marsh as a trusted partner for people, risk and strategy, and

We have positioned Marsh as the number one risk advisor and insurance broker in the Adria Region, based on financial performance and client recognition yearly changes, so a client that chooses a broker will always be on the lookout for the best value and won’t remain a captive of the same partner.

How would you describe your journey in this brokerage firm? ― It has been an amazing growth journey of continuous learning and development, from a young graduate to a regional CEO. Together with my diverse leadership

see our team as a professional outfit that dedicates time and energy to ensuring we always deliver on our promises.

I stand for a leader who develops people, who transforms good teams into great ones, with a clear vision, excellent structure and execution. I am proud to be the sponsor of a regional graduate programme who brought on board 16 very talented young professionals.

How do you see the future of the industry? ― We can only be as big as the markets in which we operate.

While we are proud of our over 400% growth across the Adria region, as well as the constant convergence of our performance with other, more mature, markets, we have to seek constant progress.

Advancing the markets where we operate has to be our number one priority. That’s why insurance brokers in Serbia should be very proud to have created a professional brokers association. This is an important achievement that will lead to a positive shift on the market, as we will jointly invest in improving the image brokers have locally and will partner with insurers to improve the local products and services for the greater good of our clients.

We all believe our clients deserve better and it is our responsibility to improve insurance brokerage and make the insurance broker’s profession a sought-after career for the brightest young minds in Serbia. That is the future. ∙ 39

Vital Agricultural Powerhouse Agriculture is a vital sector in the Adria region, providing essential commodities for both domestic consumption and export

espite the prominence of the energy sector, agriculture plays a crucial role in Albania, with agricultural exports to the EU constituting 66% of its total exports. Key agricultural products include fruits, vegetables, and olives, with significant

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66% of Albania’s exports to the EU are agricultural products

Agriculture contributes 19% of Albania’s GDP

In 2023, 215,227 tons of corn were produced in the Federation of Bosnia and Herzegovina

contributions from companies like Agrokon and Frigo Berat.

Food production and agricultural exports play critical roles in Croatia’s economy. Companies like Podravka and Kraš lead in food production, contributing significantly to both 40

the domestic market and exports. The country’s wine industry, with renowned producers such as Kutjevo and Istravino, also plays an important role.

Serbia boasts substantial agricultural potential, with vast arable lands and a robust

Of 334,226 hectares of agricultural land in North Macedonia, a little over 190,000 hectares are irrigated

food processing industry. Companies like Delta Agrar and Carnex are significant contributors, focusing on both crop production and livestock farming. The country is also renowned for its fruit production, particularly raspberries and plums, major export items.

CONNECTING THE REGION GLOBAL WAVES, LOCAL VICTORIES

Additionally, Bambi plays a key role in the food processing sector, further strengthening Serbia’s agricultural output and food industry.

Efforts to enhance productivity and export potential in agriculture are evident in Bosnia and Herzegovina. The country’s diverse cli-

Last year, North Macedonia exported wine worth more than 61 million dollars

Just under 2 million tons of cereals and cereal products are exported from Serbia to the global market annually

mate and fertile land support various agricultural activities, including fruit and vegetable farming, dairy production, and livestock rearing. Companies such as Milkos and Vitaminka are key players in the food processing industry.

ELNOS GROUP

Changing the Green Game

Elnos Group exceeds expectations through its original approach and vision

BRANKO TORBICA Elnos Group Vice President

lnos Group is revolutionising the renewable energy sector, proving that remarkable achievements can be achieved even in the most challenging environments. Speaking in this interview, Elnos Group Vice President Branko Torbica highlights how the company’s innovative approach and visionary outlook have helped position it as a pioneer in delivering groundbreaking green solutions that exceed all expectations, setting new industry standards and inspiring others to follow its lead.

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Elnos Group’s teams are implementing various green projects across the region.

Could you highlight some of the most interesting ones? ― Our teams are in full swing, implementing a wide range of regional green projects.

In the field of wind energy, we successfully completed the Krivača Wind Farm (105 MW) in Serbia and have launched construction of the Perun Wind Farm (30 MW) in North Macedonia. A very special place in our current renewable energy portfolio belongs to the hydropower projects. In Bosnia and Herzegovina, we have been entrusted with implementation of the electrical and mechanical phase of the construction of the Dabar hydroelectric power plant (159.15 MW), while in Montenegro we have started the reconstruction of the Perućica hydroelectric power plant (307 MW). In the field of solar en-

ergy, we are making significant strides, especially in Croatia, where we recently completed construction of the Vidukin Gaj solar power plant (25 MW) and began work on the Tarabnik solar power plant (26.58 MW). We have also successfully completed a number of diverse solar projects in Bosnia and Herzegovina.

Elnos Group is known for having achieved great success in Europe, while your first project in the Danish market has attracted significant attention this year. How is Elnos Group currently positioned on international markets? ― The project in Denmark is the jewel of our portfolio. It is the construction of a 150-kilom-

around Europe, employing more than 650 workers and holding a very important and desirable position on the regional and European energy markets. Our teams have built and modernised thousands of kilometres of transmission lines and an impressive number of substations, as well as constructing the most complex energy infrastructure facilities and systems from Iceland, Sweden, Norway, Germany, Czechia, the UK, and beyond. We have this year entered the markets of Austria, where we will start our first project in July, and Romania, where we have established a new resource centre for transmission lines with more than 30 fitters actively participating in projects in their home country and across Europe.

The project in Denmark is the jewel of our portfolio. It is the construction of a 150-kilometerlong 400 kV double-circuit transmission line, OHL Endrup-Idomlund-Endrup-German border.

This is the largest project in the field of energy infrastructure in this country eter-long 400 kV double-circuit transmission line, OHL Endrup-Idomlund-Endrup-German border. This is the largest project in the field of energy infrastructure in this country.

We spent a long time preparing for it and are pleased that things are progressing well on the ground near the North Sea. Elnos Group is currently implementing projects in 15 countries across the region and

What do you think the future has in store for the energy sector? ― As we see at Elnos, the energy future involves accessibility, security, accessibility and sustainability, as key elements of a new energy era. We cannot change the wind’s direction or direct the sun’s rays, but we can harness their power most efficiently. This is the primary purpose of everything we do. ∙ 41

Regional Diary Croatia Airlines Unveils Modernised Logo as Part of Fleet Upgrade Croatia Airlines has introduced a sleek new logo as part of its fleet modernisation initiative, including fifteen A220 aircraft. The first of these new planes is expected to arrive next month. While the tail design of the airline’s livery remains unchanged, the updated logo, created by Head of Corporate Design Ivana Ivanković, presents a contemporary and streamlined version of the existing emblem. The new logo features a bold typeface in a slightly darker hue, designed to evoke the tail of an aircraft. This updated visual identity will also be reflected in the new cabin crew uniforms, which are set to be fully revealed soon.

Suez, Vinci Undertake Major Wastewater Treatment Project in Belgrade

Henkel Launches New Production Facility in Maribor with €10 Million Investment

The Serbian government has partnered with French companies Suez International SAS and Vinci Construction Grands Projets for a transformative wastewater treatment project in Belgrade. This comprehensive agreement includes designing, constructing, financing, operating, and maintaining a new wastewater treatment plant in Veliko Selo. The project highlights these companies’ global expertise and reach and promises to significantly improve Serbia’s infrastructure and utilities management. The French government’s approval of funding to support the automation of Serbia’s electrical distribution network management further underscores the project’s potential to modernise the country’s infrastructure, instilling hope for future development.

Henkel has inaugurated a new production space for hair dyes at its European Centre of Excellence in Maribor, Slovenia. This marks a significant investment of more than €10 million, partly funded with €2.1 million of European funds. Gregor Majcen, director of the Slovenian subsidiary of this German multinational, announced the investment at the opening ceremony attended by Slovenia’s Economy Minister, Matjaž Han. Marko Mintas, President of Henkel Adria, commented on the milestone, “This showcases our strong local presence in Slovenia and the Adria region, underscoring our commitment to supporting the local economy and communities.”

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CONNECTING THE REGION GLOBAL WAVES, LOCAL VICTORIES

Montenegro’s Business Climate Faces Challenges, Reveals White Book The Montenegrin Foreign Investors Council (MFIC) has released the thirteenth edition of the “White Book – Investment Climate in Montenegro 2023,” detailing the business challenges there. The publication draws on contributions from 43 MFIC members representing over 30% of Montenegro’s GDP. It highlights a continuing decline in the ease of doing business across various sectors, except for some improvement in the banking sector. President of the MFIC, Tamás Kamarási, noted that, despite using an enhanced data collection and analysis methodology, the ease of doing business index fell for a second consecutive year, now standing at 6.4. The detailed report underscores particular struggles in tourism, trade and manufacturing, with respective indices of 6.7, 6.6, and 5.5. However, Kamarási remains optimistic, citing ongoing dialogue with government decision-makers that could herald improvements in the 2024 edition of the White Book. In response,

the Minister of Finance, Novica Vuković, assured that the government would closely review the MFIC’s recommendations to foster a more attractive business environment and promote sustainable economic models.

Lidl Expands Macedonian Operations with €9.5M Acquisition German retail giant Lidl has advanced its expansion into North Macedonia by purchasing the Bricolage facility from Skopski Pazar for €9.5 million. The site, previously home to the Bricolage sales hall, is in the Gazi Baba municipality of Skopje. The Supervisory Board of Skopski Pazar ratified the transaction on 18th April, as detailed in a recent disclosure to the Stock Exchange. This strategic acquisition complements Lidl’s ongoing development of a logistics and distribution centre in the Recica industrial zone near Kumanovo, construction of which began in January. The new facility is expected to generate 150 new jobs and marks a significant step in Lidl’s plans to open stores across North Macedonia by 2025.

NLB Launches €390 Million Takeover Bid for Austria’s Addiko Bank NLB, Slovenia’s largest bank, has announced a voluntary takeover bid for Austria’s Addiko Bank. The offer is €20 per share, adjusted for any dividends issued between the announcement and the completion of the takeover. This values Addiko at approximately €390 million. NLB aims to secure at least 75% of Addiko’s shares, with full details to be revealed in a webcast scheduled for June 10. This move follows NLB’s initial expression of takeover interest three weeks prior. Addiko Bank, which emerged from the defunct Hypo Alpe Adria, operates in Slovenia, Croatia, Bosnia-Herzegovina, Serbia, and Montenegro regions, which are also strategic markets for NLB. The bank is listed on the Vienna Stock Exchange and features a fragmented ownership structure, with no single shareholder owning more than 10% of its stock.

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Industrial Manufacturing Excellence The industrial manufacturing sector is a key driver of exports and employment in the Adria region osnia and Herzegovina’s economy benefits significantly from its diversified manufacturing base, including a growing automotive parts and textile manufacturing industries. Key players like Prevent Group, which focuses on automotive components, and Bekto Precisa, which specialises in precision tools and moulds, contribute to the industrial landscape.

A diverse manufacturing base characterises Slovenia, making it a significant player in the region’s industrial landscape. Companies such as Gorenje, renowned for its high-quality home appliances, are key contributors to the economy. The pharmaceutical sector is particularly strong, with giants like Lek and Krka

leading the way in research, development, and production of a wide range of medical and health products. In Slovenia, Renault’s Revoz car factory produces between 68,000 and 98,000 vehicles annually. The country’s manufacturing sector is further diversified by its advanced machinery and equipment production, supported by firms such as Hidria and Kolektor. Medical and pharmaceutical products account for a third of Slovenia’s total exports. These industries collectively underscore Slovenia’s robust industrial manufacturing capabilities, driving innovation and economic growth.

Serbia stands out with its strong industrial manufacturing sector, contributing signifi-

In 2023, Rimac Group achieved a total annual revenue of €9,666,336

Končar Group achieved business revenues of €915.6 million, 26.2% more than in 2022

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The newly created value of the company Pliva Hrvatska in 2023 amounted to €221.28 billion

CONNECTING THE REGION GLOBAL WAVES, LOCAL VICTORIES

In Slovenia, Renault’s Revoz car factory produces between 68,000 and 98,000 vehicles annually

cantly through the automotive and machinery manufacturing industries. The manufacturing sector is strengthened by companies like Metalac, known for its production of kitchenware and home appliances, further diversifying Serbia’s industrial output. Among the largest exporters from Serbia are ZF with €504.8 million, Leoni with €489.3 million, Tigar Tyres with €454.9 million, and Bosch with €453.1 million. Henkel Serbia achieved a net profit of 2,679,144,000 dinars in 2022. Due to increased sales on both domestic and foreign markets, Gornji Milanovac-based Metalac nearly doubled its net profit in 2023, reaching €546,000.

In Croatia, industrial manufacturing is well-established, particularly in shipbuilding and automotive parts. Companies such as AD Plastik and Brodosplit are key players in these industries. Rimac Automobili is also a standout, renowned globally for its high-performance electric vehicles and cutting-edge automotive technology. In 2023, Rimac Group achieved a total annual revenue of €9,666,336.

The country also has a strong presence in pharmaceuticals and chemicals, with Pliva and Belupo leading in pharmaceuticals and Petrokemija contributing significantly to the chemical sector. The newly created value of company Pliva Hrvatska in 2023 amounted to €221.28 billion. Končar Group achieved business revenues of €915.6 million, 26.2% more than in 2022.

North Macedonia’s industrial landscape features significant contributions from companies like Johnson Matthey Skopje, the country’s most profitable company, which made €79.8 million in profits.

While smaller, Montenegro’s manufacturing sector is dominated by the processing industry, which accounts for 55% of the country’s industrial production. The total annual production of all industries in Montenegro exceeds €420 million, about 8.5% of GDP. This sector is crucial to economic stability and growth, supported by companies that enhance the country’s industrial output. ∙

To Be Continued.

Henkel Serbia achieved a net profit of 2,679,144,000 dinars in 2022

Metalac from Gornji Milanovac nearly doubled its net profit in 2023, reaching €546,000

HARRISONS

Understanding Client Objectives is Key Harrisons attribute their exceptional reputation to a unique blend of extensive international experience and deep understanding of local conditions and laws in the region

MARK HARRISON Founder & Principal, Harrisons

s the only English Solicitor practicing in Serbia and Montenegro, and the first European Lawyer to be registered with the Serbian Bar, Mark Harrison explains how his firm has ensured that the legal services it provides meet the diverse and complex needs of high-profile clients.

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How do you leverage your 25 years of experience in Central and Eastern Europe?

We are an English law firm who have had offices in the region for over 25 years ― In these competitive times, with more legal firms and a leaner market, we leverage our 25 years to make both international and domestic clients feel very comfortable working with our team, as they know we have seen it all develop from 1998 in a particularly difficult area to practise law and that we have experienced what such a market has to throw at us.

Once you have their confidence, they

feel secure and safe.

Likewise being the first and only English Solicitor/Law Firm to practice in Serbia, Montenegro and the region (also with respect to local lawyers), is a fact that clearly gives us a competitive advantage in that we are registered and regulated by a body independent of the local bar, the Solicitors’ Regulation Authority, who are very strict in how we work and operate in areas like Anti-Money Laundering, Know your Client, Conflicts of Interest, Confidentiality etc.

We are additionally insured through Lloyds of London, which is another major factor that make clients feel confident in engaging us.

You advise leading global companies, financial institutions and governments of the region. How do you ensure that the legal services you provide meet the diverse and complex needs of your high-profile clients? ― I treat them all as if I were them.

I know they want me to be on call 24/7; providing clear and precise answers that they understand, and responding quickly. I understand how the matter is particularly important to them personally. The client is always right. You need to understand

their objective and be mindful of costs. In litigation, we have a professional duty to advise them not to throw good money after bad and to settle if we believe that is in their best interests. Being commercial is key. A good lawyer is not a brilliantly intelligent academic. A good lawyer has common sense, empathy and an open mind able to think outside the box. You are learning constantly.

How do you perceive your role and influence as a leader in the legal field? Have you instilled a competitive drive in your colleagues, who describe you as fun, witty and a good boss? ― Individual footballers never make a team. I objectively believe Harrisons has got where it is today because all my colleagues have fostered a true team spirit and have taken on board various professional values from an English practitioners’ perspective. I am proud that around 75% of our firm are still with Harrisons after 20 years. I enjoy seeing everyone each day. My door is always open. Be as kind to everyone as you would like them to be kind to you. We are competitive, but we have honest, decent values. Harrisons has the exceptional reputation – our team, not me! ∙ 45

EXCISE POLICY

Not Every Fish Finds the Net The delicate balance between excise duty policy and effective tax administration will present a key challenge for policymakers in the years ahead

he countries of the region have seen significant changes to their excise duty policies over previous decades. Driven by fiscal pressures and a desire to align with European Union standards, the authorities have increased excise tax rates steadily on a variety of products, such as cigarettes, petrol and alcohol.

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This has resulted in soaring average excise yields. However, this excise yield surge was not fully reflected in tax revenues in most Western Balkan countries, with the growth of illicit trade having played a significant role in eroding revenue potential.

As the Western Balkan countries continue on their path to EU acces-

CONNECTING THE REGION GLOBAL WAVES, LOCAL VICTORIES

sion, they will be required to further align their excise duties with minimum EU levels. This article, compiled with pieces from journalists in all countries of the region, addresses the nature of excise duty burdens across the region and the need to make improvements in areas like tax enforcement and anti-smuggling efforts.

ALBANIA:

New Tax Impact xcise Duty is the fourth most important tax in Albania’s state budget, after VAT, profit tax and social security contributions. The Albanian customs administration, which has been managing this tax for years, has performed well, exceeding targets. Statistics show that revenue from excise duty has been increasing year on year.

From €448 million collected in 2019, that total had risen to €580 million in 2023, with the government planning to collect 10% more during this year. As a percentage of total budget revenue, excise duty accounts for approximately 10%.

Albania’s excise law underwent significant amendments in 2014. At that time, a schedule was set to increase this tax almost annually. Later, in 2016, the government once again intervened in excise policy, but only on fuels, reducing the ex-

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cise duty on liquefied gas for vehicles from 13 to 8 ALL per litre. Meanwhile, excise duty on gas used by households to heat and cook was set to zero. The last significant change in excise duty occurred in 2021, when the government approved a formula whereby excise would be indexed every two years in line

until it reached the European Union level.

Excise duty changes reflect immediately in the final prices of products for retail consumers.

In 2014, with the first significant change, cigarettes and tobacco products were the hardest hit. After setting the tax at 20 ALL per pack, the final price increased by

Albania unified excise duties for domestic and imported beer in 2022, thus increasing the tax burden on domestic producers and raising beer prices by 20-25% with the average inflation rate.

It also unified the excise on gas without differentiating between households and vehicle users.

The government additionally claims that a new schedule was set to increase the excise tariff on cigarettes from 2022 to 2026,

50 ALL, as reflected by retailers.

Maximum cigarette prices are reported annually to the Tax Directorate. Thus, in 2014, company Philip Morris, the largest trader, sold Marlboro Gold for 270 ALL per pack, while by 2023 the price had reached 380 ALL, marking an

increase of 30% over nine years.

Petrol and Diesel have seven taxes imposed on their retail price in Albania, with excise duty being the highest among them. It reached a 2023 average of 37 ALL per litre, the highest price in the region, but also making Albania the most expensive country in Europe for diesel, impacting all businesses directly. Together with the inflation crisis, fuels is the category that has experienced the sharpest price hikes.

Meanwhile, in the case of alcohol, beer is Albania’s top import product and main source of revenue from excise duty. In 2022, in another legal amendment, the government decided to unify the excise duty for domestic and imported beer. This increased the tax burden on domestic producers, causing beer prices, but also those of other alcoholic beverages, to rise by 20-25%, according to major producers.

BOSNIA AND HERZEGOVINA:

When the Coffee Turns Bitter f there is such a thing as an inflationary win-win combination, then Bosnia and Herzegovina’s excise policy is certainly an example.

Thanks to inflation, the collection of indirect taxes in Bosnia and Herzegovina – representing one of the main sources of revenue for the budgets of the state and entities (half of the budgets of BiH and Republika Srpska, and a third of the budget of the Federation of BiH), has been growing year on year, last year reaching a record 10.6 billion BAM, a fifth of which related to revenue from the spe-

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cial taxation of tobacco, petroleum derivatives and other high-tariff goods. At the same time, the prices of excise goods have also been the main generator of galloping inflation for years, forming a perfect circle in which taxpayers’ money increasingly fills state coffers and is spent almost exclusively on (for BiH, astronomical) salaries and other privileges of officials and civil servants at different levels of government.

Testifying to what a successful tactic this has proven to be is the fact that, according to official statistics, total revenue collect47

ed from excise duties increased by 23.9 million BAM in 2023 compared to the previous year, with annual growth rates of 3.4 (tobacco) to 3.9 per cent (petroleum derivatives). Given that the excise duty on petroleum products averages 35 BAM pfennigs per litre, while tobacco products are subject to a proportional excise duty

of 42 per cent of the retail price of cigarettes and a fixed excise duty of 1.65 BAM per pack, it is easy for even complete economics laymen to grasp why the authorities haven’t even tried to curb inflation, as that would be like shooting themselves in the foot. On the flip side, it is very easy to diagnose the impact of high excise duties on

the already meagre living standard of the majority of the country’s population, who are forced to give up “luxuries” as a result of “wild” prices. This is even impacting the centuries-old tradition of drinking coffee, with coffee consumption down so much that the collection of excise duties on it have fallen to the low-

est level since 2010.

There is nonetheless a cure for every disease, and in 2023 the highest annual rate of growth of collections, by 5.6%, was achieved in excise duties on beer, while revenues from excise duties on alcohol as a whole leapt by as much as 28.6% compared to the pre-pandemic year of 2019.

MONTENEGRO:

Sudden Excise Tariff Hikes Complicate Business ccording to the Montenegrin Ministry of Finance, revenue from excise duties totalled €323.1 million in 2023, with the largest contributions coming from duties on mineral oils and their derivatives, tobacco and tobacco products, as well as alcohol and alcoholic beverages. Excise duty revenue on mineral oils and their derivatives amounted to €179.2 million last year and accounted for seven per cent of total budget revenue in 2023. Revenue from excise duties on tobacco and tobacco products amounted to €100.2 million last year, representing 3.9% of total revenue, while revenues from excise duties on alcohol and alcoholic beverages amounted to €21.2 million, or 0.8% of total revenues.

According Suzana Radulović, Secretary General of the Montenegrin Employers Federation, increasing excise duties (or any other form of tax) is not a solution that the econ-

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omy views favourably, because it always has a (more or less) negative impact on the economy as a whole.

“Specifically, increasing excise duties inevitably leads to price hikes, which means – at least initially – falling demand for some products (sugar products, cocoa, ice cream, carbonated drinks with added sugar, non-carbonated water with added sugar etc.), while tobacco products slip from legal traffic to the

While excise duties are indeed a significant source of budget revenue, businesses see continuous changes to them as hindering their long-term planning

grey zone,” said Radulović.

She added that excise duty revenues are specific in that they are collected on the sale of products that are mostly monopolistic in nature, i.e., they have no competitors on the market, and characterised by high demand and consumption.

“Despite not being the most generous form of tax, due to the direct connection with household consumption rates and the aforementioned characteristics, excise duties represent one of the more secure and predictable sources of budget revenue, and as such play a significant role in fiscal policy,” explained Radulović.

She warned that every increase in existing tax rates, excise duties and other fiscal and parafiscal levies, or the introduction of new financial burdens, hinder the planning of business expenses and the conducting of business activities.

CROATIA:

2024 Sets Record Budget roatia entered 2024 with a record budget. Specifically, budget expenditure for the current year is estimated to total €32.6 billion, while budget revenues are planned to amount

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to €28.5 billion. VAT remains the main “filler” of state coffers, with the state planning to collect €11 billion in VAT this year. However, excise duties are also extremely important on the revenue side. The

CONNECTING THE REGION GLOBAL WAVES, LOCAL VICTORIES

state plans to collect around €2.5 billion in excise duties this year, which is up 3.9% on last year.

Budget documents don’t state specifically how much the state plans to collect from which form

of excise duty. However, excise duties have long been a rewarding source of income for the state treasury, particularly since Croatia joined the EU. They are calculated on “popular” goods, in

particular fuels, tobacco products and alcohol, and thus impact their retail prices.

According to Eurostat data for 2023, prices of alcoholic beverages in Croatia are as much as 23.3% above the EU average.

Tobacco products are still

slightly cheaper than the EU average, by around 30 per cent. However, it is noteworthy that tobacco product prices vary greatly by type – with rolling tobacco somewhat cheaper in Croatia, cigarette prices don’t differ markedly from those in neighbouring Slovenia.

For now, the average Croatian consumer only enjoys savings when paying for fuel, and that’s largely because the government limits the final prices of petroleum derivatives as part of its anti-inflationary measures. As such, the highest permitted price of petrol per litre in Croatia at time of writing was €1.43. According to the Croatian Auto Club (HAK) and specialised portals, this is cheaper than in all surrounding countries with the exception of BiH, where fuel prices remain still slightly lower than in Croatia.

Manufacturers of both tobacco and petroleum products have warned for years that high excise duties inflate their retail prices greatly.

Analysis of the Croatian Employers’ Association showed that excise duty accounted for 21% of the retail price of fuel per litre in 2022. The tobacco industry has

made similar complaints.

A consequence of this, until recently, has been many Croatian consumers heading to surrounding countries to buy these goods cheaper, especially crossing into BiH for fuel and cigarettes. However, the state put a stop to this in terms of tobacco by limiting the possibility of importing cigarettes from non-EU countries to just two boxes per person.

It also no longer pays off to cross the border to purchase petrol. All the more so since joining the Schengen zone has also brought stricter border controls resulting in long queues at border crossings.

The Croatian state shows no intention of reducing excise duties. This is evident in the published budget plans for 2025 and 2026, according to which excise duty revenues should continue to rise.

NORTH MACEDONIA:

Excise Duties are the Currency of Political Subterfuge egardless of the fact that a 2019 law officially aligned North Macedonian excise duties with EU legislation, these indirect taxes face constant change. Experts and stakeholders respond constantly by insisting that a high percentage of taxation on this basis is unrealistic, the biggest evidence for which is the fact that it varies according to the populist needs of each incoming government.

So, when mass dissatisfaction started building over the expensive energy for households, the government found the strength and a way to reduce excise duties on energy. However, in contrast, whenever the budget is lacking funds, the government has resorted to hiking excise duties on tobacco products and alcohol.

According to companies, such frequent changes to legal regulations have a devas-

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tating impact on their operations by making it impossible to conduct long-term cost planning, which forms the basis of every single business. This causes the strongest reactions among foreign investors, some of whom came to the country precisely because of its

Tax increases cause the strongest reactions among foreign investors, especially those who came to the country precisely because of its cheaper energy prices or similar advantages

cheaper energy prices or similar advantages, and have found their costs change drastically before even completing the construction of their factories.

Another problem is the lack of private-public dialogue on this subject, while the government makes decisions today for tomorrow.

This is likely to be a major subject of discussion and revision if North Macedonia ever joins the EU. Thats why the message of the business sector is short, clear and simple: the state must reduce its non-productive expenses and shorten the unnaturally large administration, thus creating space to cut at least some excise duties. As things stand, the economy is forever condemned to subsidise the huge state apparatus that doesn’t provide much benefit in reality.

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SLOVENIA:

Rising Excise Duties Contribute to Inflation lovenia’s excise duties are used solely to fund the state budget, with annual inflows amounting to almost 2.5 per cent of the country’s GDP. The state collected €1.45 billion in excise duties last year, equating to 6.2% of all consolidated budget revenue. Slovenia’s 2024 budget envisages excise duties generating just over €1.5 billion, with total budget revenues set to amount to €14 billion. VAT thus remains the biggest budget contributor and should provide approximately €5.4 billion according to plans for this year, while ex-

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cise duties represent the third largest contributor to the annual budget, providing slightly more than 10%.

Government pressure and attempts to raise excise duties is most evident in the cases of alcohol and cigarettes, while there is noticeably less room to increase tariffs in the case of fuel. The high level of excise duties reflect strongly in the price of motor fuels, which was among the causes of the country’s relatively high inflation in the previous period.

Slovenia’s current fuel price regulation model allows the govern-

ment to set the highest permitted price of fuel at filling stations every 14 days, except for those on highways, as a tool for regulating excise duties on fuel.

The most recent increase in excise duties, coming this spring, pertained to tobacco products and amounted to two to four per cent, depending on the type of product, while alcohol avoided being subjected to higher excise duties. Tobacco products are generally considered as having a retail price that contains the largest share of taxes. In the case of cigarettes, this share of price var-

ies between 70 and 90 per cent in EU countries, while it stands at slightly over 80 per cent in Slovenia. According to KPMG, 3.33 billion cigarettes were sold in Slovenia in 2022, with 0.78 billion of that total heading to neighbouring countries. According to this study, legal domestic consumption in Slovenia totalled 2.55 billion cigarettes last year, while imports from other countries and the consumption of illegally produced cigarettes each amounted to 0.1 billion. A total of 2.75 billion cigarettes are allegedly consumed in this way.

SERBIA:

Profiting on Petroleum lthough many people consider excise duties as being a luxury tax, as they are applied to motor fuels, tobacco products, alcohol and coffee, they are actually much more than that. Excise duties are among the oldest forms of tax, with the Dutch having taxed beer and other alcoholic beverages, salt and sugar as far back as the 16th century. Their modern purpose is to compensate for the negative impact of the products they are applied to, because the burning of petroleum derivatives indisputably causes environmental pollution and human illness, vehicles wear out roads that must be maintained, while consuming cigarettes, alcohol and coffee increases the risk of numerous diseases that are often treated at the collective expense of taxpayers.

As an example, total healthcare and road maintenance costs equal the revenue generated from excise duties. However, if the revenue from excise duties served only to cover the costs of the damage caused by the use of

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excise products, they would need to be several times lower than is currently the case, but it is easier for governments to increase budget revenues by increasing excise duties than increasing other tax rates – as excise taxes are not visible directly, unlike taxes on income, property or profits, so raising them tends to meet with less resistance.

And that was the case in Serbia this 1st May, when new, higher excise duties were set on fuel, coffee and alcohol, with the aim of harmonising budget revenue with last year’s

Increasing excise duties boosts budget revenues more easily than raising other tax rates, because excise duties are less visible than income, property or profit taxes

CONNECTING THE REGION GLOBAL WAVES, LOCAL VICTORIES

inflation of 7.6%. Accordingly, excise duty with VAT on fuel is up by 4.5 to 5.7 RSD, excise duty on alcoholic beverages is up from 26.8 and 30.72 RSD per litre, the coffee tariff is up from 108.06 to 405.24 RSD per kilogram, while excise duty on liquids for filling electronic cigarettes has been set at 10.4 RSD per millilitre. Excise duties on cigarettes have also been hiked, but the new tariff, amounting to 99.41 RSD per pack, was valid not from 1st May, but from 1st July to 31st December 2024.

With the average price per pack standing at around three euros, Serbia is still among the region’s cheapest countries for cigarettes, despite excise duties accounting for 61% of the retail price.

On the basis of collected excise duties, state coffers receive the most from petroleum derivatives. Serbia’s 2023 budget relied on revenues of 362 billion RSD from excise duties, while this figure is expected to grow in 2024 and total 395 billion RSD, but we’ll only know for sure at the start of next year.

OMR GROUP

E-mobility at the Core of Business

OMR Group comprises 16 companies with over 1,200 employees, integrated through several segments: OMR Automotive; OMR Finance & Insurance; OMR Leasing; and OMR Luxury & Lifestyle OSTOJA MIJAILOVIĆ

velopment. Within the OMR Luxury Store, we present prestigious car models to the market: Ferrari and other limited models from all major brands. OMR Premium Yachting, the exclusive representative of Azimut Benetti vessels for this region, also operates in this segment.

President of OMR Group

stoja Mijailović launched his own business at the age of just 22 and today owns a system of companies that operate successfully in Serbia and around the region. Drawing on his extensive experience, he explains in this interview how to provide clients with a top-quality service and products by maintaining a professional and sustainable approach in every business segment.

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How would you describe OMR Group’s development path? ― OMR Group was established two decades ago on entrepreneurial foundations. My love and interest in cars prompted me to open my first car service, followed by a company that sold used cars. British Motors is today the exclusive distributor for Jaguar and Land Rover vehicles. Our Crossroad Adria company represents Stellantis (FCA), while we also represent Isuzu, Subaru and Kawasaki. Partnerships with international companies have given us the knowledge and credibility to grow in the right direction.

Although we have an organised corporate management model, we are among the few companies that still have an entrepreneurial spirit at their core.

We offer a “complete solution” for electric vehicles – purchase, service, insurance, chargers, and the E-drive app, which monitors all of these elements OMR Holding has developed a business system focused on different but connected aspects of several industries.

How does this work? ― An important aspect of OMR Group’s operations is integrating all our services and businesses.

In this sense, fleet management leasing companies also operate within our system. Globos Insur-

ance has been operating for 30 years and has the best results in resolving auto insurance claims promptly. We have long since recognised the luxury business as a significant driver of a given market’s overall economic environment. This has long been not just a matter of prestige around the world, but also one of the most significant elements of market de-

How do you view e-mobility and sustainable business? ― E-mobility has long been at the core of our business. The market is still sceptical, so OMR Group also works to educate the public.

We offer a “complete solution” for electric vehicles – purchase, service, insurance, chargers, and the E-drive app, which monitors all of these elements. This trend also aligns with our strategy to focus on sustainable business.

In addition to the numerous socially responsible projects we’ve worked on to date, we are currently developing a CSR strategy. Business is today inseparable from the community, and it is necessary to improve our living, business, and social environments. We are also working on ESG principles, which will soon be adopted and implemented. Only professional and careful planning, dedicated work and sustainable operations can survive in modern business. OMR Group, and I personally, are guided by these principles. ∙ 51

Regional Diary Solaris Pons Opens Milestone Solar Power Plant Solaris Pons has inaugurated its 1,000th solar power plant, SE Dilj Našice, with a capacity of 990 kilowatts, located in Našice, Croatia. The plant, owned by investor Dilj, is designed to meet the company’s energy needs while selling surplus electricity back to the grid. Its clientele spans general hospitals, health centres, schools, nurseries, manufacturing facilities, industrial halls, shopping centres, private individuals and more, with partnerships throughout Croatia. “With the commissioning of our 1,000th plant, we now have a total installed solar capacity of 47 megawatts,” the company stated.

United Group Expands Largest Optical Network in SEE

Atlantic Grupa Pioneers Advanced Warehouse Automation in Europe

United Group is set to expand its already significant presence in Southeast Europe by consolidating its fixed infrastructure assets under the United Fiber brand across Bulgaria, Croatia and Slovenia. Following the successful launch of United Fiber in Greece in 2021, the company is accelerating its investments in the region, beginning with the establishing of a new company in Slovenia in March 2024, with Bulgaria and Croatia to follow by the end of the year. This modern broadband infrastructure aims to connect Europe with the Middle East and Asia.

Atlantic Grupa has become the first company in Southeast Europe to implement advanced 2D shuttle warehouse automation technology for full pallets. The official opening of the expanded LDC Vukovina facility was attended by key colleagues from Croatia’s strategic business and distribution sectors and project partners Kamgrad and Stamh. The warehouse expansion project was started due to growing sales. It aims to maximise the capacity of the existing site in Velika Gorica to meet the increasing demand and storage needs of Atlantic trade Zagreb and Cedevita’s production sites, for which Atlantic Grupa is a logistics partner.

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CONNECTING THE REGION GLOBAL WAVES, LOCAL VICTORIES

Alkaloid Skopje’s Innovation Triumphs with Patent of the Year

NGEN to Build Major Battery Storage Facility in Germany

Alkaloid AD Skopje’s pioneering liquid Omeprazole formulation has clinched the 2023 Patent of the Year, unveiled in conjunction with World Intellectual Property Day festivities. This groundbreaking pharmaceutical achievement heralds Omeprazole’s first ready-to-use liquid iteration, a drug tailored to alleviate the discomforts of reflux esophagitis and gastroesophageal reflux disease (GERD). First submitted on 17th April 2020, the patent spans a vast geographical swathe, encompassing the EU, the U.S. Canada, China and various Eurasian countries, earning its laurels on the European stage in August of the preceding year.

Slovenian battery storage specialist NGEN has signed a contract with German state-owned gas giant Uniper to construct a significant storage facility at the Heyden power station in Petershagen. The 50 MW/100 MWh battery installation, valued at nearly €50 million, is expected to be operational by 2025. NGEN, which employs 120 people and operates in ten European countries, enters the German market with this project. The company also plans new projects in Poland, Italy, Portugal and Croatia. NGEN director Roman Bernard discussed the ambitious projects, noting that they are financed with the company’s own funds.

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HT AGENCY

Achieving European Quality

HT Agency is a trailblazer in the fields of consulting and management that sets itself apart on the Serbian market by offering unique and comprehensive solutions for hotel operations. Its services encompass education, implementation and correction, making HT Agency a one-stop solution for all your hospitality needs RADE SAMČEVIĆ Founder and Director, HT Agency

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ade Samčević has spent the past 15 years as the driving force behind HT Agency,

leading the way in the hospitality industry. His journey, marked by the launch of new hotels and the optimising of the operations of existing ones, stands as testament to his unwavering commitment to employee and man-

CONNECTING THE REGION GLOBAL WAVES, LOCAL VICTORIES

agement training. Here’s a glimpse into his inspiring journey, designed to inspire potential clients.

Your agency has been providing consulting and management services to the hospitality and tourism industries for 15 years. What does your offer encompass? ― At HT Agency, we offer comprehensive services to assist investors and hotel management with specific operations, projects or hotel management.

Our services are divided into two seg-

Consultants exist to save investors’ money and time on various projects and aspects of work, because they have extensive experience

ments. The first segment focuses on opening new hotel properties, where we collaborate before and during construction, make the property operational and develop the business. The second segment is dedicated to helping existing hotels enhance their operations in accordance with their goals.

This comprehensive process includes varied but complementary functions that can be performed separately, enabling us to assist clients wanting to enhance a specific operational segment of their business. Throughout these functions, we emphasise the importance of training and educating employees and management, as we believe this is the most effective way to implement the philosophy and requirements of the business, leading to improved efficiency and profitability.

Running a successful hotel demands hard work, effort, money and experience. This is why consultants plays such a crucial role in the hospitality industry. Would you agree that, at HT Agency, you understand this and strive to save clients significant money and time, providing a sense of relief and reassurance? ― A good hotel is a profitable hotel.

And that requires more than just what has been mentioned, such as a good location, a passion for hospitality, a love for guests, a commitment to employees, high-quality staff, capable and skilled management, a quality consulting team, patience, realistic expectations, reliable suppliers, quality equipment and favourable internal and external stability (political, economic, health, etc.). Consultants exist to save investors’ money and time on various projects and aspects of work, because they

have extensive experience. It is common practice elsewhere in the world to hire consultants of various specialities (concept creators, designers, marketing experts, technical equipment specialists, HR, financial controllers etc., as well as experts responsible for setting up the operation of future hotels). In our region, the majority of investors choose to handle most of these demands independently, with varying degrees of success. This can later lead to challenges for them, as they lack experience in this field and just one

developed, while the hotel management and those responsible for efficiency play the most crucial role.

You have collaborated with many investors to create new hotel brands, improve existing ones, and train staff worldwide. In your line of work, are recommendations worth more than any paid advertisement? ― I believe that paid promotions or advertising for the type of work I do is counterproductive. You need to create your brand and prove yourself con-

CHANNELS

Our region is becoming an increasingly attractive destination thanks to new technologies and communication channels.

Often, even with a less superior offer, but good employees, you will provide good service, whereas the service will be poor with an excellent offer and poor staff wrong decision can prove very costly.

As the saying goes, “Once you board the wrong train, every stop is wrong.”

Serbia’s natural hospitality is a significant advantage of our tourism offer, but that’s no longer sufficient.

Would you agree that investing in good staff and their education is more crucial today than ever before? ― I agree. High competitiveness and the demands of modern guests require an excellent, high-quality service, because the offer alone is insufficient if you don’t have quality employees. Often, even with a less superior offer, but good employees, you will provide a good service, whereas the service will be poor if you have an excellent offer and poor staff. Modern needs are such that technical competence is no longer enough; other essential skills must be

tinuously with quality. I strive to promote each new project for the next one and to have satisfied clients recommend me to their friends. Thanks to new technologies and communication channels, our region is becoming an increasingly attractive destination for tourists worldwide.

As someone who has been in the hotel industry for over a quarter of a century, how would you evaluate the tourism offers of Serbia and the region? ― The offers at existing destinations have been improved, while new ones are opening and there is something for everyone. The offers cover an increasing market segment daily, and the quality has already reached the European level. We are lagging behind top hotel brands slightly, but this is changing. ∙

NO GOOD STAFF, NO GOOD SERVICE

TOURISTS HAVE BECOME ACTIVE PROMOTERS

EXPO 27 IS IMPORTANT FOR SERBIA

The most crucial element of good service is trained, courteous and skilled staff who have good cognitive abilities and recognise guests’ needs, meet their demands and exceed their expectations. This is achieved through quality selection and recruitment, continuous motivation and education.

Promoting destinations has become easier since information has become more accessible. Any tourist can now easily find what interests them and organise their time at the destination without too much difficulty. This also brings new challenges, as tourists have become active promoters.

The region follows trends regardless of location. Serbia, in my opinion, has the highest growth compared to the preCOVID period, both in domestic and foreign tourists, so I hope that events like EXPO 27 will contribute to the destination’s even greater competitiveness.

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forming traditional business approaches with a sharp focus on emerging technologies and market trends. In our exclusive interview, she delves into the intricacies of managing and expanding a leading automotive company, discusses the evolution of car brands under her leadership, explores the impact of new technological advancements, and outlines her ambitious plans for regional expansion and pushing the company’s operational boundaries, exciting us about Delta Auto’s future growth.

Our portfolio today includes BMW, BMW Motorrad, MINI, Honda, Maserati and KTM brands

DELTA AUTO GROUP

Delta Auto Leads the Shift to Electric Luxury

Over its 28-year journey, Delta Auto Group has risen to meet the ever-changing demands of the automotive industry. Guided by Aleksandra Đurđević’s leadership over the past 16 years, the company has not just adapted but thrived, expanding its footprint and embracing cuttingedge technologies ALEKSANDRA ĐURĐEVIĆ Delta Auto Group General Manager & Vice President of Delta Holding

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deep commitment to innovation and strategic growth has marked Aleksandra Đurđević’s tenure at Delta Auto. Since joining the company, she has been pivotal in shaping its direction, trans-

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CONNECTING THE REGION GLOBAL WAVES, LOCAL VICTORIES

Delta Auto Group, a member of Delta Holding—one of the leading business systems in the region—began as a general distributor for the Fiat Group in 1996. What does the company import today? ― I often emphasise that cars are almost the most complex consumer product, and the industry itself is very dynamic, with shifts in power and new players emerging. I came to Delta Auto 16 years ago and learned much about the automotive sector and the commercial programme through the Fiat, Alfa, and Lancia brands. Working with the brand Honda, considered a pride of Japan and a synonym for reliable cars, I learned about the strength and promise that brands provide. However, today, BMW is the leading brand in our portfolio, as one of the most influential in the automotive industry, dictating trends and creating innovations. I’ve learned much about the BMW brand’s business, clients, service, quality, and excellence.

Our portfolio today includes BMW, MINI, Honda, Maserati, and motorcycle brands BMW Motorrad, Honda, and KTM. Within our group, we also operate Delta Used Cars, Delta Rent

Services, and Delta MC, which distributes tyres and oils.

As pioneers who introduced electric vehicles to Serbia, you champion innovation, electrification, and social responsibility. How has the market responded? ― Seven years ago, we negotiated with BMW to sign a contract for BMWi, a sub-brand of fully electric vehicles. However, our market was not ready for electric cars then, and BMW believed the minimum conditions were unmet.

After a serious trade fair presence at the international car show in Belgrade, we succeeded in our intention. Although challenging, we were pleased to change the environment along with a few other market players. The Serbian Association of Importers is working to improve the ecosystem for electrified vehicles. As the president of the Association, I am directly engaged in key activities in this regard. State subsidies for electric vehicles exist, and the infrastructure is developing. It is necessary to bring our market closer to how far Europe has advanced and that only such vehicles will be sold in the future. The world has taken a clear direction: zero emissions by 2035. There is a significant growing interest in our market, but there is still much work to be done in order to expect serious shifts.

Your success is evident in both business outcomes and your skilled team. How proud are you of your professionals who continually redefine the automotive industry? ― Results are inevitable when the team is good, satisfied, motivated, relationships healthy, and we have clear goals. Dealing with people is the priority of every manager. With new technologies, products, businesses, and innovations, there is no end

to education, training, and broadening horizons. It seems that the dynamics in this regard will become even more intense in accordance with the changes we are experiencing.

The brands we represent are inspiring, from where beautiful driving energy is created. For Delta Auto and the whole of Delta, it is known that business is conducted with passion, and we are sports-minded. We have excellent relationships with foreign partners, and not only do we learn from them, but they also learn

countries. The partnership with Maserati is a big deal, as they are a very selective partner who comes to the market carefully and waits years for the right moment.

This represents a great responsibility for us, as we must meet the strictest standards of the manufacturer from Modena.

Judging by the initial results, I can say the decision was excellent. We have also started activities to open representations in Croatia and Slovenia and are confident that these markets are confident that these mar-

Delta is investing in various real estate areas with a plan to introduce luxury hotel chains

from us. We first tested many new concepts in our market, pushing boundaries.

Does your commitment to pushing boundaries encompass your exclusive contract with Maserati from Modena for the import and distribution of their vehicles across the Balkans? ― Definitely. Maserati is a brand for people with refined taste and falls within the luxury segment, which, at the time we signed the contract for our market, was still not at the level of more developed

kets will show equally great interest. I am particularly pleased that we recently opened the only official Maserati representation in the region in Belgrade, which meets the highest standards, placing our capital on par with the world’s largest metropolises. This showroom represents the completion of the first phase of Delta Auto Group’s ambitious project to build the largest multi-brand auto-moto dealership in Serbia, covering nearly 17,000 square meters.

As Managing Director of Del-

ta Auto Group and Vice President of Delta Holding, could you share your regional expansion plans? ― Delta is a company that has created many businesses and brands, raised them to a high level, and then sold them to leading European companies. These brands and businesses continue to lead in the banking, insurance, and retail segments. Today, Delta continues to grow in the country and region in distribution, with cars, agribusiness, food production, e-commerce, and primarily real estate.

The most ambitious plans, apart from a greatly modernised agriculture, are investments in real estate. Delta is entering a strong cycle of investing in vari-

ous areas of real estate, amounting to over 900 million euros by 2027. The segment to be developed is premium and luxurious, bringing a luxury hotel chain and luxurious residential-commercial concepts to the market.

The opening of the Sava Centre has completely changed the environment for regional congress tourism. With the opening of the Blue Hall in September, we can say that we have placed Serbia on the map of attractive congress destinations in Europe. Also, the regional e-commerce business, Ananas, is planned to expand further. ∙ 57

Regional Diary organisations. Marco Besso, Business Unit Director & Country Manager for Konecta Albania, highlighted the importance of this achievement, stating, “This recognition marks a significant milestone in our ongoing expansion in Albania, which continues to create more job opportunities and enhance our service offers.”

Lesnina XXXL Opens New Store in Belgrade

Konecta Albania Named Best Place to Work for Fifth Year Running Konecta Albania, a global customer interaction and process management leader branch, has been recognised as one of Albania’s best places to work for 2024. This marks the fifth consecutive year the company has earned this distinction. The certification is based on survey results which saw 84% of employees describe Konecta as a great workplace, significantly higher than the 71% local average for similar BPO

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CONNECTING THE REGION GLOBAL WAVES, LOCAL VICTORIES

Lesnina XXXL, a renowned Slovenian furniture company, celebrated its grand opening in Belgrade. Following its successful venture in Novi Sad, the company now brings its premium furniture and exceptional shopping experience to Serbia’s capital, exciting local enthusiasts. As part of the XXXL group, Lesnina XXXL offers top-quality furniture and a diverse range of products at competitive prices.

Whether you’re furnishing a home, searching for decorative accessories, or looking to refresh your space, its extensive selection is tailored to meet all your needs.

Tunnel Sozina in Montenegro Serves 1.44 Million Vehicles Tunnel Sozina in Montenegro has served nearly 1.44 million vehicles since the beginning of the year, according to data from tunnel operator Monteput. Last year, the tunnel saw 3.52 million vehicles pass

through, compared to 3.07 million in 2022 and 2.61 million in 2021.

Opened in July 2005, Tunnel Sozina cost approximately €74 million to construct, with Montenegro providing €50 million and the remaining €24 million funded by a European Investment Bank (EIB) loan.

Stretching 4.19 kilometres, the tunnel connects Montenegro’s coastal region with its central area.

Regional Electricity Market Strengthened by Slovenia, Serbia and Hungary

Burger King Set to Open in Banja Luka

Serbia, Slovenia and Hungary have signed an agreement to merge their electric power exchanges, thus enhancing regional energy cooperation. The agreement was signed in Budapest by the directors of the transmission systems of Serbia, Hungary, Slovenia, and the European exchange EPEX SPOT, as shareholders in the company ADEX. Under the BlueSky project agreement signed in Budapest, the Hungarian electric power exchange HUPX joined the first regional electric power exchange for Central and Southeast Europe – ADEX, founded in 2022 by the Serbian and Slovenian transmission system operators and the European electric power exchange EPEX SPOT.

The highly anticipated arrival of globally recognised fast-food chain Burger King in Banja Luka is set to mark another milestone in its expansive international presence. Founded in 1954 and famed for its flame-grilled Whopper, Burger King is extending its footprint by bringing its iconic offer to new markets. Known as the “Home of the Whopper,” the new outlet in Banja Luka will allow local patrons to experience the well-loved flavours and high-quality food that have become synonymous with the brand. The restaurant will feature the chain’s signature modern and minimalist design, providing a contemporary dining experience.

Akrapovič Revs Up Partnership with Ferrari Akrapovič has secured a multi-year technical partnership with Ferrari to support its Hypercar team in the FIA World Endurance Championship (WEC). This partnership positions Akrapovič as a technical collaborator for the Ferrari Hypercar team, which competes in the prestigious FIA World Endurance Championship (WEC). This collaboration will commence with the Ferrari 499P, a four-wheel-drive, hybrid-engine prototype contender in the championship’s top tier.

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NELT GROUP:

A Pillar of Regional Business Success and Sustainable Operations

Nelt Group stands as an exemplary business system that has successfully navigated various challenges for three decades, adapting to market trends, client demands, and employee needs FOCUS ON DIGITALISATION, STRATEGIC PROJECTS, AND LONG-TERM PARTNERSHIPS

elt Group is one of the most successful regional groups in the logistics and distribution of consumer goods, tobacco, pharmaceutical, and cosmetic products. Its remarkable results are achieved not only by its manufacturing operations—Baby Food Factory and Neoplanta—but also by its dedicated employees. Nelt Group is committed to accelerating transformation, digitalising operations, and, most importantly, educating and developing our employees, who are integral to our success.

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A GLOBAL COMPANY OPERATING IN 12 MARKETS

As an international group, Nelt employs 5,500 people across 18 companies in 12 markets in Europe and Africa. With over 90 sales principals and more than 100 logistics clients, the company is distinguished by its business approach based on ethical and responsible principles of sustainable growth. Clients recognise Nelt as a partner ready to adapt to their specific needs and market demands. Through digitalised processes, cost reduction, and transparency, Nelt aims to optimise operations to maximise efficiency for its clients.

CONNECTING THE REGION GLOBAL WAVES, LOCAL VICTORIES

CEO Darko Lukić highlights the company’s empowerment through the success of the “Accelerate 2025” strategy and its ongoing transformation based on a healthy organisational foundation, investments in digital innovations aimed at process optimisation and greater efficiency, and the development of the Adria and African markets. Lukić emphasises the importance of long-term partnerships with leading global companies from various industries, demonstrating the ability to adapt to the specific demands of different markets. He also notes significant investments in process automation (RPA - Robotic Process Automation and digital document exchange), Power BI reporting automation, and advanced analytics (software solutions and algorithms for route optimisation).

BUSINESS ACHIEVEMENTS IN 2023 In 2023, Nelt Group achieved a consolidated turnover of €1.3 billion and double-digit revenue growth across all markets. The company focused on new partnerships, the development of intermodal transport, and the regional expansion of the pharmaceutical business through an existing and

new principal portfolio.

A new intermodal terminal was opened in Kruševac, significantly enhancing the region’s logistics infrastructure and expanding Nelt’s logistics service portfolio. The development plan for this segment includes establishing regular rail services with regional ports and logistics hubs in the EU and Turkey.

INVESTMENT IN EMPLOYEES AND ESG PRACTICES Nelt Group strongly emphasises employee education and development. Continuous investment in employees is central to Nelt’s corporate culture. The company aims to strengthen its team’s capabilities and improve the working environment through various training programs, workshops, and mentorship. In 2023, Nelt invested €5 million in additional salaries and added 265 new colleagues to its workforce.

The company has adopted and consistently implemented ESG practices and standards, putting them into action through digitalisation, new technologies, and other initiatives that positively impact the climate and environment. Examples include installing 11GW of solar panels and planting 100,000 Black Pine sap-

lings in Montenegro and honey plants in Bosnia and Herzegovina in collaboration with the principal company Mondelez.

STRATEGIC PARTNERSHIP WITH UNICEF Beyond its business engagements, Nelt Group is notable for its contributions to the community through activities promoting sustainable development and en-

vironmental protection. The partnership with UNICEF, which involves a $1.3 million investment over three years, focuses on improving education systems and developing digital and green skills among children in Serbia, North Macedonia, Bosnia and Herzegovina, and Angola.

In Serbia, this collaboration will benefit 15,000 children from 30 schools by enhancing their digital skills, which is essen-

tial for future success. In North Macedonia, 500 students will gain valuable experience to improve their employability, while more than 8,100 students will acquire “green” skills crucial for sustainable development. In Bosnia and Herzegovina, over 5,000 students will develop key 21st-century skills, preparing them for future challenges and opportunities.

This strategic partnership not only confirms Nelt Group’s commitment to social responsibility but also its capacity to address global challenges such as youth unemployment and the need for modernising education systems. By combining resources and expertise, Nelt Group and UNICEF are together laying the foundation for a better future for the next generations, creating stronger and more resilient societies through empowering children and youth with the knowledge and skills needed to thrive in the 21st century and beyond. ∙

Strategy and Innovation

CEO Darko Lukić notes that the company is strengthened by the success of the “Accelerate 2025” strategy and continues its transformation based on a healthy organisation, investments in digital innovations aimed at process optimisation and greater efficiency, and the development of the Adria and African markets.

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Appointments Danica Maljković Elected to Hydrogen Europe’s Board of Directors

he was the General Manager for Risk Management. His extensive background in financial leadership also includes high-level roles at the National Bank of the Republic of North Macedonia, where he served as the General Director of the Supervision, Banking Regulation and Financial Stability Sector.

Ante Mandić Appointed Head of Petrol Croatia for Four-Year Term

Dr Danica Maljković, a key figure from the Croatian Chamber of Commerce, has been elected the first Croatian member of the Hydrogen Europe Board of Directors. This recognition underscores her pivotal contributions to advancing hydrogen technologies and sustainable energy solutions in Croatia and Europe. Dr Maljković’s appointment to the board ensures that Croatian advancements in hydrogen technology will be well-represented within this significant European organisation. Her role is expected to enhance the visibility and support for Croatian projects, facilitating greater cooperation and development within the hydrogen technology sector.

Toni Stojanovski Appointed Chairman of the Board at NLB Bank Skopje Following a decision by the bank’s Supervisory Board, Toni Stojanovski has been named the new Chairman of the Board of NLB Bank Skopje. Stojanovski transitioned to this role after a notable 15year tenure on the Board of Directors at Stopanska Banka Skopje, where he most recently held the position of General Manager for Corporate Banking since 2020. Prior to this, from 2010 to 2020,

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CONNECTING THE REGION GLOBAL WAVES, LOCAL VICTORIES

Ante Mandić has been named the new head of Petrol Croatia, taking over from Simona Kostrevc, who has transitioned to a directorial role within the company. Mandić, who holds a master’s degree in pharmacy and an MBA, brings extensive experience in leadership and strategic management to his new role. His career began in 2001 as a medical representative at Wyeth, followed by positions at PharmaSwiss and Mandis Pharm, which he founded in 2011. Petrol emphasised that Mandić’s appointment aims to further strengthen the company’s position on the Croatian market. Mandić highlights a strategic focus on positioning the company towards energy transition.

Dušan Živković Appointed CEO of Elektroprivreda Srbije

The Supervisory Board of Elektroprivreda Srbije (EPS) has appointed Dušan Živković, an electrical engineering expert with over 30 years of experience in investments, financing, engineering, and energy systems design and management, as the company’s new Chief Executive Officer. Živković, a key figure at EPS, was appointed CEO within the legal timeframe following his interim appointment on 15th June 2023.

Aleksandra Đurđević Re-elected Head of the Serbian Vehicle and Parts Importers Association

Aleksandra Đurđević, current President of the Serbian Association of Vehicle and Parts Importers, has been re-elected to lead the organisation for another term. Đurđević, who also serves as General Director of Delta Auto Group and Vice President of Delta Holding, was unanimously voted in during the Association’s electoral assembly. Her leadership will extend for another two years, continuing until June 2026. The unanimous decision was proposed by the Association’s Management Board, reflecting strong support for her ongoing presidency.

Klemen Boštjančič Assumes Chairmanship of EBRD Board

Liana Keserić Raiffeisen Bank Croatia Reappoints Liana Keserić as CEO Raiffeisen Bank Croatia has confirmed Liana Keserić for a third term as CEO, marking her continued leadership of one of Croatia’s leading banks. Keserić, the first woman to hold this position when initially elected in 2020, began her career in the bank’s Transaction Services Sector over two decades ago. Under her leadership, the bank has undergone significant transformations, including the major transition to the Euro. Keserić’s tenure has been notable for systemic changes and technological advancements, keeping the bank at the forefront of the industry.

Lorenzo Mayol Takes the Helm as General Manager of Glovo Croatia Celebrating five years on the Croatian market, Glovo, a versatile platform offering on-demand access to a range of products and meals, has appointed Lorenzo Mayol as its new General Manager.

Expressing his vision, Mayol aims to bolster Glovo’s presence, expand partnerships and solidify its status as the leading sameday delivery online retailer nationwide, catering to diverse needs beyond food. Moreover, Mayol envisages Glovo becoming a premier tech recruiter in Croatia, fostering local talent while upholding the company’s commitment to innovation and long-term success.

Slovenian Finance Minister Klemen Boštjančič has been appointed chairman of the Board of Governors of the European Bank for Reconstruction and Development (EBRD) during its annual meeting.

This marks the first time a Slovenian official has held such a position, signifying a notable moment for the country. Looking ahead, Minister Boštjančič outlined his focus on steering the adoption of the Bank’s strategic and capital framework at the upcoming meeting in London next year. He intends to advocate a more proactive engagement of EU countries within the Bank’s initiatives.

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BAT SEE AREA DIRECTOR

BAT’s Business Transformation Success in Serbia

In an exclusive interview, Jorge Araya, the South Eastern Europe Area Director for BAT, sheds light on the company’s strategic initiatives and transformative goals in Serbia JORGE ARAYA BAT SEE Area Director

verseeing operations across 13 countries from his base in Bucharest, Araya underscores the pivotal role Serbia plays

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within BAT’s global framework. From substantial investments in the Vranje factory to launching innovative smokeless products, BAT’s commitment to modernisation and sustainable growth is evident. Araya also addresses critical industry challenges, including underage product use and

CONNECTING THE REGION GLOBAL WAVES, LOCAL VICTORIES

environmental concerns, highlighting BAT’s efforts to navigate these issues responsibly while fostering a smokefree future. This interview offers a comprehensive look at how BAT is shaping the tobacco industry’s future in Serbia and beyond.

Our ambition remains to have 50 million consumers of our non-combustible products by 2030 Jorge Araya has been the South Eastern Europe Area Director for BAT since 1st April 2023, overseeing the company’s operations across 13 countries from his base in Bucharest, Romania. His extensive career with BAT began in Chile in 1995, during which he has held numerous senior leadership positions. During his visit to Serbia, Jorge emphasised that Serbia

is an extremely important market for BAT, with the company continuing to invest in modernising and developing its business.

A visit to Serbia certainly signifies the importance of a local organisation in the BAT world. How do you position Serbia and the region as small markets with below-average purchasing power compared to the EU? ― Serbia holds a significant position within the BAT group, with continuous investments in production, innovative technology, job creation, and exports.

Since the acquisition, BAT has invested over 280 million euros in the Vranje factory in southern Serbia. Additionally, BAT employs more than 500 people in Serbia and has contributed over four billion euros to the Serbian budget through taxes and excises.

The factory in Vranje stands out as one of the most successful within the BAT Group, a testament to our commitment to excellence. Remarkably, BAT Vranje is the only European factory to have received the Global Award for Excellence in Quality for four consecutive years, a feat that we can all take pride in.

Looking ahead, new categories are the future of this industry. The group’s global ambition is to predominantly produce smokeless products by 2035, ushering in a new era. Serbia and the Adria Cluster are pivotal in supporting this transformative goal, inspiring us all with the potential of a Smokeless World.

How important are new categories for BAT? Can they fully replace cigarettes? ― Our vision is for a Smokeless World built on smokeless products where, ultimately, cigarettes have become a thing of the past. This is not just a goal, but a commitment to a healthier future. We envision a world where adult smokers have migrated from cigarettes to smokeless alternatives, making a switch to better options.

Our consumers are key to our transformation, and we diligently follow

their needs and expectations. Over the last three years, we have invested more than £1.2 billion in developing, commercialising, and science behind a reduced-risk tobacco and nicotine product portfolio.

Six years ago, BAT launched the GLO tobacco heating device in Serbia.

At the end of last year, the company also introduced new products—Vuse, the leading global e-cigarette brand by market share, along with VELO nicotine pouches. These initiatives place Serbia at the centre of BAT’s strategy for creating a better tomorrow, thanks to a portfolio of innovative smokeless alternatives.

bacco or nicotine. Our products are developed, designed, and marketed exclusively to adult consumers.

We adhere to Responsible Marketing Principles (RMP) and maintain high standards across all markets where we operate, often exceeding local regulatory requirements.

Disposable vapes are just one of the products in our wide portfolio that aligns with our consumer preferences. We acknowledge both the benefits and drawbacks of these products, underscoring the importance of informed discussions to optimise regulations that unlock their full potential for consumers and society. We caution

The factory in Vranje stands out as one of the most successful within the BAT Group I am genuinely proud that we are the only company in our industry in Serbia that offers all new product categories.

This not only showcases our unwavering commitment to the THR (Tobacco Harm Reduction) concept but also reflects our sincere dedication to building a smoke-free future.

Our ambition remains to have 50 million consumers of our non-combustible products by 2030 and to accelerate the growth of our New Category revenues at a faster rate than our total revenue, aiming to reach £5 billion by 2025.

We have already made significant progress towards these targets: as of December 31, 2023, we have 23.9 million consumers of non-combustible products, and revenue from these products accounts for 16.5% of Group revenue.

When it comes to the generation of new heated tobacco and vape products, BAT and the entire industry have two major problems: the consumption of these products by minors and a significant impact on environmental pollution. How do you handle it? ― We are strongly committed to preventing underage access to our products. No one underage should ever smoke or use products containing to-

against prohibitions or unilateral decisions, which could inadvertently fuel black market activities.

You had the opportunity to meet with high-level government representatives during your visit to Serbia. What are your impressions? ― First of all, I am delighted to have the opportunity to visit Serbia, which is an exceptionally important market for our company.

We are pleased with the outcomes of our meeting with the Minister of Internal and External Trade in Serbia, Mr Tomislav Momirovic. We are particularly grateful for the commitment to combating the grey economy, which negatively impacts all economic sectors and prevents the state from achieving all its social and developmental plans and needs.

Additionally, we are encouraged by Serbia’s support and clear regulation of new categories, particularly e-cigarettes and nicotine pouches. Effective regulation yields positive results, exemplified by recent amendments to Serbia’s Tobacco Law, which we fully endorse. These amendments not only regulate nicotine levels but also, importantly, prohibit the sale of nicotine products to minors. ∙

INVESTING

Over the last 3 years, BAT has invested more than £1.2 billion in developing, commercialising, and science behind a reducedrisk tobacco and nicotine product portfolio.

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REGIONAL MARKET OPPORTUNITIES

What Are the Top Opportunities for Slovenians?

Slovenian businesses are making waves in the Adria Region, skilfully navigating unique market advantages to seize lucrative opportunities in renewable energy, infrastructure, automotive, ICT and tourism

ur insightful interlocutors shed light on the most promising sectors for Slovenian enterprises in Bosnia & Herzegovina, Serbia, and North Macedonia.

They delve into the unique advantages of these markets, including ge-

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ographical proximity, cultural ties, and favourable economic conditions, which Slovenian businesses are adeptly leveraging to thrive. This piece unveils the dynamic potential and strategic opportunities that await Slovenian companies in these vibrant and evolv-

CONNECTING THE REGION GLOBAL WAVES, LOCAL VICTORIES

ing markets, capturing the essence of a region ripe with possibilities for ambitious enterprises.

In this comprehensive exploration, we engage with three prominent figures at the helm of Slovenian business associations in the region: Danijela Fišakov, President of the Slovenian Business Club (SPK) in Serbia; Jure Peljhan, Chairman of the Board of the Slovenian Association of Businesspeople BiH and Member of the Management Board of NLB Bank Sarajevo; and Vojdan Jordanov, Chairman of the Board of the Association of Slovenian and Macedonian Businesspeople and Executive Director at Triglav Insurance JSC Skopje.

We asked them about the specific sectors or industries that hold the most promise for Slovenian businesses in their respective countries—North Macedonia, Serbia, and Bosnia & Herzegovina. Additionally, they shared insights into the unique advantages these countries offer Slovenian businesses, from geographical and cultural ties to economic incentives, painting a compelling picture of the opportunities and potential for growth in the Adria Region.

DANIJELA FIŠAKOV President Slovenian Business Club (SPK) in Serbia

hat specific sectors or industries in Serbia do you see as most promising for Slovenian businesses, and why? ― Serbia has long moved past being perceived only as a source of raw materials and cheap labour, with significant developments in its industry-changing Slovenian business interests. The IT sector in Serbia is particularly noteworthy, offering vast potential for collaborative technology projects. Equally promising is the automotive industry, where Serbia boasts a strong tradition and proximity to key European markets. Its fertile land and favourable agricultural conditions continue to attract investment in agricultural production and food processing. Having recently focused on renewables and energy efficiency, Serbia has provided opportunities for Slovenian firms to become involved in green technologies. We must not for-

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get the robust construction and infrastructure activities or the burgeoning tourism and hospitality market, which also present significant opportunities.

What unique advantages does Serbia offer Slovenian businesses, and how can they best leverage these advantages to succeed? ― Strong historical ties, geographical proximity and mutual cultural understanding have always facilitated business relations between Serbia and Slovenia. Mutual geographical proximity offers an equal advantage in accessing Western and Eastern Europe. Ser-

bia remains cost-competitive and also benefits from a wealth of qualified professionals. The Serbian government actively encourages foreign investments, offers significant incentives and is engaged in the intensive development of infrastructure projects. Potential Slovenian investors can benefit significantly through strategic partnerships with Serbian companies and a local presence on the Serbian market. Adapting to this dynamic and expansive market, Slovenian companies can optimally utilise all the potentials and advantages that the Serbian market offers. ∙

Serbia Shines

Green Gains

Serbia is now noted for its booming IT and automotive sectors, making it a hotbed for collaborative technology projects and investments.

Recently focused on renewable energy sources and energy efficiency, Serbia has opened up opportunities for Slovenian firms in green technologies.

Competitive Edge Serbia remains costcompetitive and also benefits from a wealth of qualified professionals

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JURE PELJHAN Chairman of the Board, Slovenian Association of Businesspeople BiH & Member of the Management Board of NLB Bank Sarajevo

hat specific sectors or industries in BiH do you see as most promising for Slovenian businesses, and why? ― Several sectors in Bosnia and Herzegovina (BiH) present opportunities for Slovenian enterprises to leverage their existing expertise. The energy sector offers potential for collaboration in renewable energy projects, particularly in hydropower, wind and solar, areas where Slovenia has significant experience. BiH’s transportation infrastructure modernisation—including roads, bridges, and railways—provides opportunities for construction and engineering firms.

Additionally, the development demand for modern residential and commercial properties invites expertise in construction, architecture, and urban planning. Opportunities also exist in the automotive sector, particularly for companies engaged in parts manufacturing and supply chain management.

BiH’s rich natural and cultural assets offer growth prospects in tourism, especially for businesses focusing on sustainable and eco-friendly travel.

The ICT sector in BiH is expanding, providing investment opportunities in software development, IT services, and digital transformation, areas where Slovenia can contribute significantly. Upgrades in telecommunications infrastructure further create opportunities for Slovenian telecoms experts.

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What unique advantages do Bosnia and Herzegovina offer Slovenian businesses, and how can they

Energy Collaboration The energy sector offers potential for collaboration in renewable energy projects, particularly in hydropower, wind and solar, areas where Slovenia has significant experience.

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best leverage these advantages to succeed? ― BiH offers several unique advantages for Slovenian businesses, including close geographical proximity, cultural and historical ties, a favourable economic environment, and opportunities in diverse sectors. The close distance between the two countries enhances logistics and business relations. Shared cultural and historical backgrounds from their time in Yugoslavia simplify communication and business dealings.

BiH’s developing economy and preferential trade agreements with the EU and CEFTA open up markets for goods and services, providing expansion opportunities. The country’s lower labour costs compared to other European nations at-

Infrastructure Opportunities BiH’s transportation infrastructure modernisation—including roads, bridges, and railways—provides opportunities for construction and engineering firms.

CONNECTING THE REGION GLOBAL WAVES, LOCAL VICTORIES

tract the manufacturing and labour-intensive industries. Rich in natural resources like timber and hydropower, BiH offers opportunities in energy and forestry. Ongoing reforms aimed at EU integration are improving the business environment and regulatory framework and increasing investment appeal. Supported by international funding, infrastructure development is a prime area for Slovenian expertise and investment.

Additionally, BiH’s scenic landscapes and cultural heritage make it a promising market for investments in hospitality and tourism services. These factors collectively make BiH an attractive destination for Slovenian companies looking to explore new markets and capitalise on emerging opportunities.. ∙

ICT Sector Expansion The ICT sector in BiH is expanding, providing investment opportunities in software development, IT services and digital transformation, areas where Slovenia can contribute significantly.

VOJDAN JORDANOV Chairman of the Board of the Association of Slovenian & Macedonian Businesspeople and Executive Director at Triglav Insurance JSC Skopje

hat specific sectors or industries in North Macedonia do you see as most promising for Slovenian businesses, and why? ― Macedonia offers promising opportunities in sectors like ICT, automotive components, energy, wine, agriculture, food processing, textiles, and pharmaceuticals. Slovenian businesses can leverage their engineering skills and high-quality production capacities in these industries. The automotive sector, with over 10 large production facilities mainly in economic free trade zones, is particularly attractive. The agricultural sector, known for its fruits and vegetables, and the wine industry, with Macedonia being the 13th largest wine exporter globally, also present significant opportunities. Agriculture is complemented by the food processing sector, with capacities in meat, fruit, and vegetable processing. Energy sector investments, especially in solar, wind and biomass, are booming, while the textile sector offers high-quality production for international brands. The pharmaceutical sector, including medical cannabis, is another area of interest. The ICT sector, with significant export growth

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and a large talent pool, also stands out. Metals, furniture, manufacturing, and business process outsourcing present additional opportunities for Slovenian companies.

What unique advantages does North Macedonia offer Slovenian businesses, and how can they best leverage these advantages to succeed? ― Macedonia offers financial and administrative support to foreign investors, with potential financial support of up to 50% of the investment amount. The tax environment is simpler, and the regulatory environment

is less demanding compared to Slovenia. The country boasts highly skilled talent with good language capabilities and experience in international business. Proximity to the EU and agreements with Slovenia and the EU ensure a smooth flow of goods and services. Slovenian businesses can leverage these advantages by connecting with the Association of Slovenian and Macedonian Businesspeople for support and networking opportunities at www.dsms.mk or via email at contact@dsms.mk. Further information can be found on the Macedonian foreign investment agency - Invest North Macedonia’s website.

Support and Networking

Fruits and Wine

Investor Incentives

Slovenian businesses can leverage these advantages by connecting with the Association of Slovenian and Macedonian Businesspeople for support and networking opportunities at www.dsms.mk.

The agricultural sector known for its fruits and vegetables and the wine industry, with Macedonia being the 13th largest wine exporter globally.

Macedonia offers financial and administrative support to foreign investors, with potential financial support of up to 50% of the investment amount.

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Events 16th RCC Annual Meeting in Skopje he Regional Cooperation Council annual meeting in Skopje highlighted significant advancements over the past six years. The RCC has led the region through pivotal changes, including establishing a roaming-free zone and reducing roaming costs between the region and the EU. Key initiatives such as the opening and expanding of Green Lanes, endorsement of the Common Regional Market, and implementation of four mobility agreements, were showcased. The RCC also promoted the Green Agenda for the Western Balkans and developed a strategic framework under the SEECP’s SEE2030 Strategy. The meeting celebrated efforts to boost youth entrepreneurship through initiatives like Balkathon.

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Croatian President Honours NFL Coach Bill Belichick roatian President Zoran Milanović has awarded William Stephen Belichick, the most decorated coach in American football history, with the Order of the Croatian Morning Star with the image of Franjo Bučar, according to the Office of the President.

“The President decorated Belichick for special merits in promoting

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CONNECTING THE REGION GLOBAL WAVES, LOCAL VICTORIES

Croatia’s reputation and interests in the United States of America during an exceptional sports career over many years,” an official press release noted. Bill Belichick, an American of Croatian descent, has coached several professional National Football League (NFL) teams throughout his long and successful career.

Los Angeles County Declares Croatian Culture Week os Angeles County proclaimed 20th26th May 2024 “Croatian Culture Week” to celebrate the rich heritage of its significant Croatian American community in San Pedro. Supervisor Janice Hahn, who represents the area, highlighted the profound influence of Croatian culture and traditions on the community, noting that “San Pedro would not be San Pedro without the Croatian community.”

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Money Museum Opens in Zagreb roatia’s central bank has opened Moneterra, a new Money Museum, in Zagreb. It aims to enhance financial literacy and offer a modern, engaging education on the history and role of money. Moneterra, the name of which blends “moneta” (money) and “terra” (land), aims to educate people of all ages about the financial world and its everyday importance. Boris Vujčić, the Croatian National Bank (HNB) governor, inaugurated Moneterra. The opening ceremony was attended by over 200 guests from various sectors, including economics, science, education, culture, politics, diplomacy finance, and business.

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AmCham Croatia Hosts Business Lunch business lunch hosted by the American Chamber of Commerce (AmCham) Croatia at Zagreb’s Sheraton Hotel saw over 100 American companies gather to discuss their significant investments in Croatia, totalling approximately $820 million. The event underscored the strong and growing economic ties between the United States and Croatia. During her speech, US Ambassador to Croatia, Nathalie Rayes, emphasised that these investments are more than mere financial transactions; they symbolise a shared commitment to growth, innovation and mutual prosperity.

She highlighted the strengthening bilateral relationship, noting that it has never been stronger.

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Celebration of The National Day of Slovenia n a heartwarming celebration of Slovenia’s National Day, President Nataša Pirc Musar welcomed citizens to the Presidential Palace, marking the founding of the nation with an open invitation to Slovenian young men and women.

President Pirc Musar addressed visitors in a relaxed atmosphere, offering congratulations on the national holiday and engaging in a dialogue highlighting the importance of patriotism and communal solidarity. President Pirc Musar asserted that Slovenia’s small size does not define its capabilities, as evidenced by the accomplishments of its people in various fields.

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ESG Adria Summit Held in Montenegro

he second annual ESG Adria Summit concluded in Tivat, Montenegro, under the theme “Act now for a sustainable tomorrow,” drawing over 600 participants across the region.

Biljana Braithwaite, Executive Director of Sustineri Partners and summit founder, highlighted the event’s focus on sustainable financing,

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CONNECTING THE REGION GLOBAL WAVES, LOCAL VICTORIES

green transitions, and leveraging AI and start-ups for regional growth.

The summit marked a significant expansion and strategic deepening of the ESG initiative across the Adria region. President Jakov Milatović highlighted Montenegro’s commitment to sustainable practices and the green transition, aligning with the European Green Deal.

Albania Hosts Key Balkan Summit on EU Integration Goals for 2030 irana, Albania, hosted the third instalment of the BSC Leaders Meetings series, focusing on the topic “Albania and the Western Balkans in the EU by 2030: Tackling the Obstacles Ahead.” This event featured a panel of prominent figures, including Albania’s Prime Minister Edi Rama, Daniela Schwarzer Ph.D. from the Bertelsmann Stiftung, Majlinda Bregu, Secretary General of the Regional Cooperation Council, and Vessela Tcherneva, Deputy Director of the European Council on Foreign Relations.

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FIC BiH Celebrates 18 Years of Success he Foreign Investors Council (FIC) marked 18 years of success in Bosnia and Herzegovina at Sarajevo’s Vijećnica, with around 200 attendees, including Foreign Affairs Minister Elmedin Konaković and Labour and Social Policy Minister Adnan Delić. The celebration featured a performance

by Nina Badrić. Over its 18-year journey, the FIC has improved the country’s investment climate, attracting over 9 billion BAM of investments, thanks to its partners’ and friends’ collaborative efforts and support.

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FIC Serbia and EBRD Host Conference on Digital and Green Financing n cooperation with the EBRD, the Foreign Investors Council of Serbia held the second conference on financial services, focusing on digitalisation and green financing. The event aimed to enhance public-private sector dialogue to improve digital financial service efficiency and security and to promote the importance of green financing. This approach encourages shifting investment goals towards sustainable development and environmental protection. Key speakers included Zoran Petrović of Raiffeisen Bank Serbia, Matteo Colangeli of the EBRD, and National Bank of Serbia Governor Jorgovanka Tabaković.

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Jahorina Economic Forum Held he seventh Jahorina Economic Forum opened with fanfare on the scenic Jahorina mountain in Bosnia and Herzegovina, gathering over 600 participants, including experts, officials and distinguished guests. Spearheaded by Republika Srpska President Milorad Dodik, the forum centres on the long-term developmental trajectories of the Western Balkans. The forum, which has become one of the most significant regional events according to its president, Goran Račić, discusses the integration of a market of 18 million people and the strategic utilisation of EU funds designated for growth plans.

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CONNECTING THE REGION GLOBAL WAVES, LOCAL VICTORIES

Montenegro Celebrates Independence Day t the formal reception marking Montenegro’s independence, numerous politicians, members of parliament and government officials were present, along with leading figures from the state prosecution and the NGO sector. Hosted by Prime Minister Milojko Spajić, the event included the presence of Deputy Prime Minister Aleksa Bečić and ministers Danilo Šaranović, Novica Vuković, Dragan Krapović and Vladimir Joković. Among the distinguished guests were Supreme State Prosecutor Milorad Marković, Chief Special Prosecutor Vladimir Novović, members of the diplomatic community and others.

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Lidija Tomić Named “Engineer of the Year” in Serbia r Lidija Tomić, an air traffic engineer and assistant at the Aviation Academy, has been awarded the title of “Engineer of the Year” for 2024 in Serbia. This accolade forms part of an initiative of the Serbian Chamber of Commerce, Siemens Serbia and the Engineer of the Year Association to inspire young women to pursue careers in engineering. At the ceremony, Medeja Lončar, General Director of Siemens for Serbia, Slovenia and Croatia, stressed the importance of closing the “dream gap” for young girls, encouraging them to realise their full potential.

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Nadal Visits Durres to Announce Multi-Sports Complex uring his visit to Durres, Albania, tennis legend Rafa Nadal announced plans to open the Rafa Nadal Sports Centre, featuring 12 tennis courts, 6 padel courts, a multi-sports court, a gym and wellness area, a swimming pool and a restaurant. The complex will also house a shop and a museum showcasing Nadal’s trophies and memorabilia. The project aims to promote tennis and sports in Albania, using the Rafa Nadal Academy by Movistar’s training methodology.

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Over 150 Companies at FranceWestern Balkans Forum he two-day France-Western Balkans Forum, entitled “Production, Supply Chain, and ESG Practices,” was opened in Belgrade, organised by the French-Serbian Chamber of Commerce to facilitate dialogue between French companies and those from the Western Balkans and to strengthen regional cooperation. Minister of Internal and External Trade Tomislav Momirović emphasised the importance of consolidating the markets of Western Balkan countries, which are individually small. Dragan Stokić, President of the French-Serbian Chamber of Commerce, highlighted that over 150 companies from France and the Western Balkans represent a clear indicator of successful connectivity.

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CONNECTING THE REGION GLOBAL WAVES, LOCAL VICTORIES

Pope Francis Holds Private Audience with Croatian National Football Team he Croatian national football team and the delegation of the Croatian Football Federation, led by President Marijan Kustić, were granted a private audience with Pope Francis in the Paul VI Hall in Vatican City. The Pope greeted the Croatian delega-

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tion, saying: “While you play football, you are a team and have the honour of representing your nation. I would love to highlight this ‘being a team’ aspect of sports because it mirrors social life in various environments where people live and work together.”

Regional Creative Network Launched in Belgrade elgrade hosted the inaugural gathering of creative hubs, organisations and initiatives from across the region, leading to the establishing of the Regional Creative Network. This initiative, spearheaded by the National Platform “Serbia Creates” and the Ložionica Centre, includes creative centres, organisations and initiatives from Serbia (Ložionica), Slovenia (Rog Centre), Croatia (Pučko otvoreno učilište Varaždin – Centar kulturnih i kreativnih industrija UPVŽ), Bosnia and Herzegovina (Sklonište, Banja Luka), North Macedonia (UMPACI), Albania (Creative Industries Agency Municipality of Tirana), and Montenegro (CIM Forum Kotor, Kotor ART Festival).

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Royal Danish Consulate in Podgorica Celebrates 20th Anniversary he Royal Danish Consulate in Podgorica marked its 20th anniversary with a celebration hosted by Ambassador Susanne Shine at her residence in Belgrade. The event honoured Denmark’s honorary consul in Montenegro, Mr Saša Vujačić, commemorating his two decades of service and his recent elevation to Knight 1st Class of the Order of Dannebrog. This prestigious order, awarded to Mr Vujačić, was one of the final decorations bestowed by Her Majesty Queen Margrethe II before her abdication. The honour recognises his longstanding dedication and hard work for Denmark, which began in 2004. In her speech, Ambassador Shine expressed gratitude for the consul’s unwavering support and assistance to Danish citizens in Montenegro.

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Russia Opens New Diplomatic Office in Banja Luka ussia has inaugurated an embassy office in Banja Luka, deepening its diplomatic presence within Bosnia and Herzegovina, specifically in the Republika Srpska entity. The ceremony was marked by traditional diplomatic formalities, including the singing of the Russian national anthem and the hoisting of the national flag

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CONNECTING THE REGION GLOBAL WAVES, LOCAL VICTORIES

on a six-metre flagpole. The opening was officiated by Igor Kalabuhov, Russian Ambassador to Bosnia and Herzegovina, and Milorad Dodik, President of Republika Srpska. Sergey Lavrov, the Russian Minister of Foreign Affairs, also delivered a virtual address, underscoring the significance Moscow places on its relations with Republika Srpska.

Xi Jinping Visits Serbia hinese President Xi Jinping embarked on a European tour visiting Serbia, Hungary and France. During his official visit to Belgrade, Xi emphasised that the historic friendship between Serbia and China was forged through their shared struggle for global peace and development. He affirmed that China and Serbia will continue to resist hegemonism and power politics together and that building a shared future between the two nations is a strategic choice. The visit culminated in the signing of a Joint Statement by Xi and Serbian President Aleksandar Vučić, aimed at deepening the comprehensive strategic palartnership and build a China-Serbia community for a shared future in the new era.

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SEEnergy Conference Sparks Innovation in Green Energy he SEEnergy international energy conference, held at the Celje Fair, successfully concluded, marking a significant advancement in the energy sector. The event attracted approximately 600 visitors, featured 86 influential speakers, and showcased 20 innovative exhibitors across 10 thematic sections, creating a dynamic platform for discussion and innovation. This year’s confer-

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ence emphasised the integration of various energy solutions that contribute to the global green transition, offering financially viable options tailored to businesses and the industry. The event’s rich programme spanned three days, focusing on critical aspects of energy like digitalisation, wind energy, CO2 capture, hydrogen use, solar energy and more.

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MASLINA

Raising Luxury Travel Standards

Maslina, the latest 5-star luxury resort on Croatia’s sunniest island of Hvar, with its impressive design and amenities, undoubtedly provides true indulgence for its guests

MAUD TRUCHI Founder and CEO

aud Truchi is an entrepreneur who has merged her experiences in banking, luxury goods, wine, investments and tourism to create the five-star Maslina Resort, thus realising her childhood dream.

She combines the needs of today’s high-end travellevers with sustainability and elevates luxury travel standards. In this interview, she announces the resort’s expansion with new villas and residences.

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Throughout your diverse and dynamic career, spanning banking, luxury, wine, investments, and tourism, what key personal characteristic has helped you succeed? ― Thanks to this diversity in all my experiences, I have come to believe that honesty, hard work and truthfulness, in who you are and what you wish to achieve and accomplish, represent the foundation of a successful career. Life is a constant learning curve and it is crucial not to lose sight of your goals.

We sometimes lack a precise idea.

However, experiences, encounters and opportunities will present them-

CONNECTING THE REGION VISIONARY LEADERS OF THE ADRIA REGION

selves, and it is our responsibility to grab them in order to grow.

On the more technical aspect of my career, finance has been the base of my endeavours. With a financial background, you learn how to understand and manage a company, which is the foundation of any dream or project. Always remain open-minded, because there is nothing you cannot do if you put your mind to it!

Attention to detail and precise and meticulous work will always pay off.

I believe that there is no point in doing something if you don’t do it to perfection.

I would also add that you shouldn’t rush into any project before having enough experience in different companies. Learn first, because it is better to know how to swim before you dive in.

The currents are strong enough, and you need to be prepared! Building a strong team to stand by your side is the key to success. Be gentle in what you do and how you treat people, but firm and true in how you do it.

Could you elaborate on how your extensive background in luxury goods has shaped the development of Maslina, the prestigious five-star resort on the Island of Hvar that’s the jewel in the crown of Croatian tourism? ― Thank you for this compliment! All of my life, I have travelled the world, and during my years in private banking, I met very successful entrepreneurs. Thanks to my experience in the wine industry, I encountered the most prestigious winemakers and owners. It then made perfect sense to align this

Building a strong team to stand by your side is the key to success. Be gentle in what you do and how you treat people, but firm and true in how you do it

high-end expertise and bring Maslina to life. I am also extremely concerned about waste management and my legacy, which pushed me to focus on the high-end sector and align it with a more sustainable way of living.

At Maslina, I endeavoured to develop an environment based on fairness, honesty, respect and luxury, with a team that is skilled, creative, authentic and international.

Maslina Resort attracts successful individuals who demand the best.

Besides the service provided, what makes a destination outstanding – is it natural beauty, authenticity, people or cultural heritage? ― It is all of the above. Today’s travellers view impressive design and amenities as a given. They are searching for meaning through experiences that broaden their horizons and open their minds. Attention to detail, amazing customised services and the use

I had a flashback. How your subconscious mind guides you. One thing is certain — self-belief and personal conviction are essential to bypassing all the set standards and boxes in which people live.

ing, studying and questioning if you are making the right decisions. Empathy is greatly needed and I believe that one cannot lead without it. A leader leads by example. They are the one who sets and shows the example, and I believe that is how people will want to follow. They are the one who sets and shows the example, and I believe that is how people will want to follow. They are not forced.

There is a crucial difference. My father is a great leader and he showed me the way throughout my childhood.

It definitely helps!

Throughout your global career, people everywhere have trusted and followed you. Do you believe leaders are born, or do leadership skills develop with experience? ― I don’t believe people followed me everywhere; I wouldn’t be that pretentious! What is most important is to have a vision, to be able to share that vision with your team and lead them to success. This is the path to becoming a leader.

There’s probably a predisposition that helps, but leading is hard work.

It requires a lot of analysing, research-

As someone who thrives on setting ambitious goals, what can we expect to see as your next professional steps? Are there any exciting ventures on the horizon in Croatia or around the region? ― We are expanding with additional villas and residences to be sold under the Maslina brand. We are also creating hilltop suites embedded in nature and a Maslina Outback ranch by the Cetina River! For more details on the next chapter of our story, visit maslinaresort.com - and for the rest, stay tuned! ∙

At Maslina, I endeavoured to develop an environment based on fairness, honesty, respect and luxury, with a team that is skilled, creative, authentic and international of top quality, solid and raw materials totally change the feel of a place.

The true authenticity of Maslina’s location provides a special undefinable vibe that forces you to let go.

Everything at Maslina Resort falls under ‘Mindful Luxury’, a more intimate, honest and transparent guest experience based on respect – of everything from the destination to the local culture and people. It is about what becomes of our legacy when we return to dust.

Realising your dream of building a luxury resort on an island sets you apart. How important was self-belief to your success? ― I actually only realised that this was a childhood dream after building it! Which is quite funny. My mother brought this up during a dinner and

OPEN-MINDED

Always remain open-minded, because there is nothing you cannot do if you put your mind to it!

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REFINED LUXURIES

Luxury Travel Beyond the Ordinary Luxury tourism epitomises the pinnacle of travel experiences, characterised by unparalleled indulgence exclusivity, and sophistication

Portonovi

Portonovi

uxury tourism epitomises the pinnacle of travel experiences, characterised by unparalleled indulgence, exclusivity and sophistication. It caters to discerning travellers who seek uniquely tailored experiences that offer the highest levels of comfort, privacy, and personalised service. This sector of the tourism industry has evolved significantly, driven by the increasing demand for high-end travel options that go beyond the ordinary and venture into the realm of the extraordinary.

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Unique Exclusive Experiences Luxury tourism thrives on offering unique and exclusive experiences

Porto Montenegro

Portonovi

The Adria Region, far from lacking in luxury business, boasts a well-developed array of high-end offers. From opulent yachts and marinas to exquisite resorts and Michelin-starred restaurants, the region caters adeptly to the sophisticated tastes of luxury travellers, ensuring an exceptional and indulgent experience.

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Grand Hotel

Porto Montenegro

Portonovi

Grand Hotel

Impeccable Personal Service Service is impeccable, often including personal butlers and concierge services that anticipate every guest’s needs

Maslina Resort Grand Hotel

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CONNECTING THE REGION GLOBAL WAVES, LOCAL VICTORIES

Luxury tourism accommodations often serve as destinations unto themselves. Renowned resorts hotels, such as Maslina Resort in Croatia, Portonovi and Porto Montenegro in Montenegro, Losinj Hotels & Villas in Croatia and Villa Bled in Slovenia are synonymous with opulence, offering exquisitely designed rooms and suites that exude elegance and comfort. The Chedi Luštica Bay in Montenegro and the Grand Hotel on Kopaonik, Serbia, also exemplify top-tier luxury accommodation. These establishments provide world-class amenities, including private pools, top-tier fitness centres and exclusive spas.

Maslina Resort

Maslina Restaurant

Gourmet Dining Excellence Gourmet dining is a critical component of the luxury travel experience

Service is impeccable, often including personal butlers and concierge services that anticipate every guest’s needs. Located in prime spots like private islands, secluded beaches, or bustling city centres, these hotels provide guests with unrivalled access to some of the world’s most desirable locales, ensuring a luxurious stay that is both serene and exhilarating.

Personalisation is the cornerstone of luxury tourism, catering to the unique preferences and desires of high-end travellers. This level of service includes private butlers who are on call to meet every need, bespoke itineraries that offer customised ex-

Portonovi

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periences, and personalised dining that can be tailored to dietary preferences or specific tastes. High-end travel agents and concierges are pivotal in crafting these unique experiences, ensuring that every aspect of the journey is meticulously planned and flawlessly executed. The goal is to create a seamless and unforgettable experience that feels both unique and tailored specifically to the traveller.

Gourmet dining is a critical component of the luxury travel experience. The Adria Region is home to several Michelin-starred restaurants,

Chedi Luštica Bay

such as Hiša Franko in Slovenia, Pelegrini in Croatia, and Restaurant 360 in Dubrovnik. These establishments, led by world-renowned chefs, provide culinary adventures that celebrate both local and international cuisines. These dining experiences are often enhanced by private dining options, exclusive wine tastings and immersive cooking classes, allowing travellers to engage with the culinary arts on a deeper level. The emphasis is on high-quality ingredients, innovative cooking techniques and exceptional service, creating a gastronomic journey that delights the senses and

Chedi Luštica Bay

Wellness and Relaxation The luxury tourism sector places a significant emphasis on wellness and relaxation

Losinj Hotels & Villas

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CONNECTING THE REGION GLOBAL WAVES, LOCAL VICTORIES

Hiša Franko

Chedi Luštica Bay

adds a memorable dimension to the travel experience.

The luxury tourism sector places a significant emphasis on wellness and relaxation. Luxurious spas, wellness retreats and health resorts offer a wide range of treatments and programmes designed to rejuvenate the mind, body and spirit. Guests can indulge in traditional spa therapies, yoga sessions, holistic healing practices and advanced fitness programmes all tailored to promote relaxation and well-being. These wellness experiences are often set in serene environments, enhancing the overall sense of tranquillity and escape that is central to luxury travel.

Luxury tourism thrives on offering unique and exclusive experiences that are inaccessible to the average traveller. These can range from private tours of cultural and historical landmarks to VIP access to major events and personalised shopping experiences. Adventure activities like private yacht charters and helicopter tours are designed to create unforgettable memories and provide a deeper connection to the destination. Porto Montenegro and Portonovi offer state-of-theart marina facilities that cater to luxury yachts, providing a perfect base for exploring the Adriatic Sea. These exclusive experiences are curated to of-

Losinj Hotels & Villas

Portonovi

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Maslina Resort Welness

Porto Montenegro Regatta

Unforgettable Adventure Activities Adventure activities like private yacht charters and helicopter tours are designed to create unforgettable memories

Losinj Hotels & Villas

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CONNECTING THE REGION GLOBAL WAVES, LOCAL VICTORIES

fer a level of access and personalisation that sets luxury travel apart from conventional tourism.

A growing trend in luxury tourism is the focus on sustainable and responsible travel. High-end travellers are increasingly seeking experiences that align with their values, including environmental sustainability and social responsibility. Luxury resorts and tour operators are responding by implementing eco-friendly practices, supporting local communities, and offering conservation-focused activities.

This shift towards sustainable luxury allows travellers to enjoy their experiences while also making a positive impact on the destinations they visit, ensuring that luxury tourism can be both indulgent and conscientious.

Technology plays a crucial role in enhancing the luxury travel experience. From virtual reality tours that allow potential guests to explore destinations before booking to advanced booking systems that streamline the planning process, technology is making luxury travel more accessible

Losinj Hotels & Villas Porto Montenegro

and convenient. Smart hotel rooms equipped with personalised digital services and seamless connectivity ensure guests can enjoy modern comforts and conveniences. These technological innovations are transforming the way luxury travellers experience the world, making every journey smoother and more enjoyable.

Luxury tourism is defined by its ability to offer bespoke, exclusive and high-quality experiences that cater to the unique preferences of affluent travellers. It is a sector that continues to evolve, embracing new trends and innovations while maintaining its core values of indulgence, sophistication and personalised service. As the world of luxury tourism expands, it promises to deliver even more outstanding and memorable experiences for those seeking the ultimate in travel indulgence. ∙ 89

EUROVILLA

Eurovilla’s Path to Real Estate Success Eurovilla’s rise to the top of Zagreb’s real estate market is a testament to ambitious goals, personalised client service, and continuous improvement, says COO Dina Serdarušić

DINA SERDARUŠIĆ COO, Eurovilla Luxury Real Estate Agency

n an insightful interview, Dina Serdarušić, COO of Eurovilla Luxury Real Estate Agency, shares the company’s journey from a small family business in 2002 to becoming Zagreb’s leading real estate agency. She discusses the importance of setting ambitious goals, personalising client interactions, and continuously improving services to maintain their top position.

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Did success come gradually, step by step, and are you extremely proud of everything you have achieved? ― I believe that no success comes overnight and that if you want to achieve something of quality and value, you must work hard and not give up. Also, achieving one goal does not exclude setting new, more ambitious, and larger goals, and I think that quality companies with vision must keep this in mind.

Is a personal approach, listening to clients’ needs and wishes, key to finding the perfect property? How does this philosophy, backed by 80 experts and 20,000 satisfied customers, drive Eurovilla’s success?

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― At Eurovilla, we are firm believers in the power of a personal approach.

We understand that every client is an individual with unique preferences, wishes, and requirements. This understanding and our maximum focus on and adaptation to these desires are key to Eurovilla’s success. We strive to find the best possible properties for our clients, and our track record of satisfied customers is a testament to this.

We also practice a personal approach when selecting our agents. I like to say that in our team of 80 experts, no two people are alike, and that is precisely why we have such a high-quality working atmosphere.

Despite being Zagreb’s top real estate agency, Eurovilla constantly strives to enhance services, operations, and team development.

Do you always focus on future improvements? ― Setting new and more ambitious goals is always a plus for a serious company that wants to grow exponentially. I believe that our way of implementing new and more modern working methods sets us apart as one of the best real estate agencies in the region.

We regularly follow the latest technological achievements, conferences, education, and news in the world of real estate and advertising. We maintain a

CONNECTING THE REGION VISIONARY LEADERS OF THE ADRIA REGION

high level of digitalisation in our operations (website, administration, connectivity) and follow trends in social media, where we are extremely active (Instagram, TikTok, Facebook, LinkedIn). I am a great supporter of the saying “Knowledge is power” and often organise training for our agents and lawyers, as well as many conferences related to the real estate business. ∙

In our team of 80 experts, no two people are alike, and that is precisely why we have such a high-quality working atmosphere

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CONNECTING THE REGION VISIONARY LEADERS OF THE ADRIA REGION

Years

of Tradition and Innovation

For me, music is the quickest link to connect with the universe, with some cosmic balance. Perfect harmony exists in the universe, in that chaos.

Music can also be chaos. From notes, tones and sounds. Organise that chaos, those frequencies, and making that organisation of sounds say something to us and mean something emotionally. Frequencies that touch my heart, that’s music ~ Vlatko Stefanovski

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INTERVIEW

VLATKO STEFANOVSKI Musician

ew musicians in our region have bequeathed us such a rich cultural heritage as Vlatko Stefanovski. In this exclusive interview for The Region, we discuss his creative journey, accolades, cooperation with greats of world and regional music, and the concerts with which he will mark the 50th anniversary of his career.

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Vlatko, we congratulate you on the massive achievement of a 50-year musical career! When you look back, how would you describe your journey from the beginning to your current status as one of the region’s most influential musicians? ― I don’t like to talk about successes.

Listing successes is unrewarding and pathetic. I would refer to my fascination with what I do. I’m still fascinated by music and the guitar as an instrument. I’m thrilled that I’m able to

playing abroad. That’s what feeds me, not successes. If I start listing the albums we recorded, the kinds of tours we had, everywhere we’ve travelled, that gets boring.

And carving out your own place under the sun, for your craft, for your love and passion, that’s success. My friend Miroslav Tadić says: “When I fly on a plane and find myself surrounded by strangers, and when someone asks me what I do for a living and I say that I play the guitar and make a living from it, that’s success”! A man should be proud of that status. Success is being satisfied with what you do and what you’ve achieved in life.

A little girl neighbour of mine asked me a while ago: “Uncle Vlatko, are you happy?” I thought for a second and said, “that’s a difficult question, but I can say that I’m satisfied, and that’s enough.” Happiness is an illusion. One sad news item that you read in a newspaper or one stupid message is enough to upset your equilibrium.

Perhaps you have a fine balance for a

Politics has divided people and someone has to complete the mission of again recognising and fusing cultures. No matter how diametrically opposed they might be, how different their affinities and historical circumstances perform, to travel, and that I’m in relatively good health and can thus still be active. Success isn’t something that feeds me, it’s something that comes despite me. Other people decided that I should succeed, specifically the audience. What’s important to me is that I see that same boy who was obsessed with the idea of making doing music when I look back. I can still see him sitting in the yard in Skopje’s Taftalidže neighbourhood, trying to produce expensive sounds on a cheap instrument. And that discipline of making bands at that time was so exciting!

Create a band with your generation and try to perform in public. Not just to stay in a garage or a shed with your ideas, but to perform at school, in the city, in the country, not to mention 94

while, but then comes a time of imbalance, the dynamics of life. You don’t have comprehensive insurance on that balance, or on happiness. And it is in that poetic sense that happiness is an illusion.

Music is a universal language. What is it to you? ― For me, music is the quickest link to connect with the universe, with some cosmic balance. Perfect harmony exists in the universe, in that chaos.

Music can also be chaos. From notes, tones and sounds. Organise that chaos, those frequencies, and making that organisation of sounds say something to us and mean something emotionally. Frequencies that touch my heart, that’s music.

CONNECTING THE REGION GLOBAL WAVES, LOCAL VICTORIES

Success isn’t something that feeds me, it’s something that comes despite me. Other people decided that I should succeed, specifically the audience

You were born in Prilep, where you stayed until the age of three.

You say that it’s thanks to this that you “have a permit” to play the blues. How does industry inspire musicians? ― Yes, I found that connection because Prilep is a tobacco city, Tobacco Road. That thought crosses my mind by chance... I’ve been in Seattle, in Philadelphia, in New York, and in Rotterdam. I’ve also been in Rijeka, in Pula.

I think young people are a little frustrated in those industrial cities and big cities.

They are buried under physical pollution, but also social pollution. In their search for salvation, they form bands to express their frustrations.

It’s much nicer to cause a din on your amp than to drift the tyres of your car.

It’s also better for the environment, for the neighbourhood, and for our mental and spiritual state.

You’ve recorded almost 40 albums.

The album Kao Kakao exploded back in 1987. What was it like to create during those years? ― That had a very strong impact, strong energy. Powerful inspiration.

And a bit of survival. The struggle to be or not to be. When it comes to the album Kao kakao, it was a creative explosion and the salvation of the group Leb I Sol...

During your 50-year career, you’ve been involved in various projects that highlight the rich musical heritage of the Balkans, including collaborations with Bijeli Dugme during the time of Leb i solo, with Šaban Bajramović and later also with Miroslav Tadić, Gibonni et al.

How would you describe the Yugoslav scene of that time from today’s perspective? ― It was important back then to record a good album, to have a tour, to generally deal with me; to be good, not to say the best. And even in a social sense, not only in our musical environment, to have a good attitude towards things. It wasn’t politicians on 95

the front pages, but rather musicians.

That’s why I say it was important in the social sense. Yugoslavia began disintegrating slowly, with various commotions occurring, but we were so obsessed by music, socialising, festivals, recording albums, that we didn’t even notice. Everything turned on its head during the years of the ‘90s. Values collapsed. And we are still witnessing that collapse. That which we’re offered by modern is limited, very limited. We are offered shopping centres and malls, consumerism and social media. One big nothing! Your happiness is your product, which you will buy with your hard-earned cash.

You’ve received numerous accolades and awards for your contribution to music throughout your career. You performed in 2013 with the London Symphony Orchestra (Miroslav Tadić and Teodoski Spasov). Could you share your impressions of that with us? What does it mean for an artist to find himself in the same group as the likes of Deep Purple and Pink Floyd? ― I must admit that it meant a lot to me. While I was waiting to appear on stage, I once again saw that 11-yearold boy that I once was, sitting in the yard, playing an acoustic guitar. The road was long, and I again looked to that little boy who was yearning not for success, but for music, for the guitar; to create something beautiful and to experience that artistic satisfaction. If the Himalayas exist, if the Mount Everest of artists or musicians exists, it was right then that I climbed to its summit.

There are few people who haven’t had a formal education and perform with that orchestra. There are almost none.

How did it come about that the members of Kings of Strings met?

How did the idea of teaming up come about? ― That was a great adventure; three guitarists from different backgrounds.

One Westerner, Tommy Emanuel, a country and western fingerpicker; one gypsy jazz musician from the Netherlands, Stochelo Rosenberg, a genius 96

CONNECTING THE REGION GLOBAL WAVES, LOCAL VICTORIES

on the gypsy jazz guitar; and little old me, the boy from Skopje’s Taftalidža neighbourhood. And those are moments when you cross instruments, exchange life and musical experience, worldviews; when you share taste and knowledge. When you see how people conduct themselves and how much they practice during the day. That was all a big school for me.

As a prominent figure on the Western Balkan music scene, you are actively engaged in advancing cultural exchanges through your collaborations and performances. How do you see the role of music in overcoming cultural differences and promoting unity across the region?

How important is it for this cultural space of ours that artists collaborate; that we have the opportunity to see that a scene exists that knows no barriers? ― It’s very important. Politics has divided people and someone has to complete the mission of again recognising and fusing cultures. No matter how diametrically opposed they might be, how different their affinities and historical circumstances. People col-

you preparing for us? ― I will try to channel my entire life’s journey for that one evening. I won’t make a documentary about myself, I’ll simply invite the friends who’ve have made my career and life more beautiful over the years, and who’ve helped me realise some dreams. That will be an acoustic concert, and later an electric one. And they will be different. I’m not a fan of major spectacles, I don’t like too many lights and stage attractions. I love the magic to happen between the people on stage.

Too much emphasis is placed on production today. Well, I’m not going to watch someone’s light show.

Pink Floyd did that 35-40 years ago, when they turned a light show into art. Everything is so predictable today. All those scanners, monitors behind the scenes, fireworks and pyrotechnics – it’s all been seen before. I need to see a man on stage who knows something and who feels something.

Give me a little knowledge, skill and a bit more emotion. If you can throw me some emotional medallion, I’ll thank you. The concerts that have been most moving to me in my life had precisely that human dimension. Ray Charles in

sky. And those are tribute gigs and I have nothing against the artistic ones.

The problem is that there are increasingly more quick offers with ideas of quick profit. Fast food, fast music. I would hereby encourage young people to borrow phrases and learn from others, from vinyl records, from CDs, from YouTube.

But I would encourage them to

It used to be important to record a good album, to have a tour, to generally deal with me; to be good, not to say the best. And even in a social sense, not only in our musical environment, to have a good attitude towards things. It wasn’t politicians on the front pages, but rather musicians laborate, love one another and love to show that love on stage; to show their mutual respect and demonstrate that it is possible to cooperate without prejudices, without divisions, without any excessive ambitions. That’s all so simple.

Concerts commemorating the 50th anniversary of your career have been announced to take place in Skopje on 14 th December, in Belgrade on 16th December and in Zagreb on 18th December. What are

Skopje, a few string players from the Macedonian Philharmonic. His voice and his piano. Pure emotions.

We’re witnessing a veritable flood of tribute bands. How important is it for young people to create original, authentic music? How would you encourage them on that path? ― Bands got old, some died. Only the Stones provide solace... However, on the other hand, all symphony orchestras are actually tribute bands … to Bach, Beethoven, Mozart, Stravin-

make new music. The world doesn’t need copies; we need originals. I don’t need someone to perform Dire Straits for me – I saw them play live.

Okay, musicians need work and that should be understood. On the other hand, it takes courage and audacity to make original music. And to compel listeners to buy it, to seek it out. I know that’s terribly difficult, but it’s also very sweet. If you manage to offer that audience your taste, your music, and they accept it, then that’s a very sweet victory. ∙ 97

A Cinematic Haven in the Adria Region ART

Captivating landscapes, competitive production costs, rich film heritage, skilled crews and enticing financial incentives draw foreign film crews to the region. Croatia and Serbia, in particular, are becoming hotspots for bigbudget studio projects 98

CONNECTING THE REGION GLOBAL WAVES, LOCAL VICTORIES

Photo: Knives Out 2

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proven its versatility and appeal, offering a wealth of diverse and cost-effective filming locations.

Croatia

SEAL Team Season 3. Photo credits: Courtesy of Aleksandar Letic

he Adria Region, a rising star in the film and television industry, offers a unique blend of captivating landscapes, competitive production costs, rich film heritage, and skilled crews. Once overshadowed

by Hungary and the Czech Republic, it has now emerged as an appealing destination for foreign film productions. Western Balkan countries boast stunning landscapes, including mountains, lakes, rivers and picturesque countryside. Well-preserved historical sites, charming old towns and mod-

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Croatia, with its stunning coastlines and historical sites, became a Hollywood favourite after HBO’s Game of Thrones

Financial incentives are a key advantage for foreign production. Serbia leads with a cash rebate of 25% for projects over $350,000 and 30% for projects over $5.4 million. Other countries, including Slovenia, Croatia, and Montenegro, offer up to 25% cash rebate. North Macedonia stimulates investments for projects, offering up to 20%. These incentives, combined with other advantages, make the former Yugoslavia a highly attractive destination for foreign film productions.

The region’s potential for international filmmaking is best illustrated by the success of recent projects. Croatia and Serbia have hosted a range of big-budget studio projects. From scenes in major blockbusters to B-list movies and TV series, the region has

ern urban settings are prevalent. Croatia, Slovenia and Montenegro have beautiful coastlines, allowing filmmakers to capture a wide range of visuals without extensive travel.

A significant cost advantage of the Adria Region is a major draw for foreign film productions. The region’s rich filmmaking heritage and history of hosting numerous foreign productions further enhance its appeal. Serbia and Croatia, in particular, have well-developed film industries supported by highly skilled crews and state-of-the-art studios, making them ideal locations for big-budget projects.

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CONNECTING THE REGION GLOBAL WAVES, LOCAL VICTORIES

Croatia was among the first Balkan nations to woo Hollywood productions after HBO’s Game of Thrones chose Dubrovnik to film exteriors of King’s Landing. This success from 2011 opened doors for Hollywood productions and drew attention to Croatia as a film (and tourism) destination.

Since then, Croatia has lured big productions, including HBO’s Succession.

Croatian sets have often doubled for locations from other countries. At the same time, Lionsgate’s action comedy The Hitman’s Wife’s Bodyguard and Amazon Prime Video’s The Wheel of Time were represented as authentic locations.

Serbia Over the last ten years, Serbia has become a sought-after film destination for large projects such as Netflix’s Glass Onion, Johnny Depp’s Minamata, and the British-American crime series Miss Scarlet and The Duke. Producer-director Jonathan English filmed Ironclad and its sequel Ironclad: Battle for Blood, and even decided to move to Belgrade, where he established a production company that produced The Outpost

The November Man filmed in Montenegro

(seasons 2, 3, and 4), Seal Team, and The Ark, all made in Serbia. Important films include Crawl (2019), Ibiza (2018), The November Man (2012) and Luc Besson’s Anna. In 2021, the highly anticipated Knives Out 2, featuring Daniel Craig, Naomi Watts and Edward Norton, was partially filmed in Belgrade. The main star location for film crews in recent years was Stara Planina (The Old Mountain), whose scenery was perfect for the 2022 Australian Oscar Nominee You Won’t Be Alone and the Bollywood blockbuster Uri: The Surgical Strike. According to Tanja Mitić from the Serbia Film Commission, 29 municipalities and towns are designated as ‘film friendly,’ attracting numerous international film crews due to streamlined shooting procedures.

Slovenia Before the increased interest in film production, Slovenia was particularly attractive to advertisers in the automotive industry. Filmmakers then discovered the Mediterranean town centre of Piran, and the rest is history. Piran’s most recent film title shot is the action thriller The Union with a star-studded cast (Halle Berry, Mark Wahlberg, and J. K. Simmons). The most famous film with scenes shot in Slovenia is The Chronicles of Narnia: Prince Caspian (2008). Another example is The Witcher (2019), filmed

by Netflix and considered one of the most popular TV series of all time. Recent credits include the high fantasy television series The Wheel of Time (2021) and Infinite Storm (2022) starring Naomi Watts. The South Korean film crew of the popular Black Knight TV series also worked there. Scenes for Bollywood films were shot at various locations.

Bosnia and Herzegovina The most high-profile production shot in Bosnia and Herzegovina was In the Land of Blood and Honey, directed by Angelina Jolie. Another no-

table movie is No Man’s Land, which won the Academy Award for Best Foreign Language Film in 2001. The city of Mostar has been a popular location for filmmakers, with movies such as The Hunting Party and The Peacemaker having been shot there. Most productions in Bosnia are still centred on war-related themes, including Twice Born (2011) with Penelope Cruz and Triage (2009) with Colin Farrell.

In terms of international film and TV production, Bosnia struggles to compete with larger neighbours Croatia and Serbia, which have become important centres of activity.

Montenegro Over the last decade, several big productions have shot parts of their films in Montenegro. Michael Noer’s Papillon (2017), starring Charlie Hunnam and Rami Malek, made the most of the country’s location diversity. Other examples include Rian Johnson’s The Brothers Bloom (2011), Roger Donaldson’s use of the striking Boka Bay as Lake Geneva in The November Man (2014), and most recently, Andrew Levitas shot some of the Japan scenes for Minamata (2020) around Tivat. Local production houses can service small and mid-sized productions, while for bigger productions, it is easy to bring in larger crews and equipment from neighbouring countries.

North Macedonia The government of North Macedonia actively supports the film industry and encourages foreign productions.

Numerous co-productions with neighbouring countries have been produced over the years. With its iconic

Over the last decade, Serbia has drawn big projects like Netflix’s Glass Onion and Johnny Depp’s Minamata Stone Bridge and Old Bazaar, Skopje has been featured in several movies such as The Third Half and Shadows. The movies The Lake and Balkan Is Not Dead were filmed in the surroundings of Ohrid’s historic architecture and picturesque lake. Recently, famous US actor John Malkovich announced a plan to build Stonebridge Studios, a film, music and media production facility in Skopje that is supposed to be the largest of its kind in the Balkans.

The Adria region offers a rich tapestry of backdrops to entice any filmmaker. With stunning landscapes, financial incentives, skilled crews and a growing international reputation, the region is poised to attract even more film projects in the near future. ∙ 101

PARIS OLYMPICS 2024

Stars Aim for Glory at

Paris Olympics NOVAK ĐOKOVIĊ Serbian tennis player

eing part of the Olympic Games and representing your country is a huge privilege and honour. [It’s so special to be] part of the oldest event in the sport’s history.

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Of course, winning a gold medal or any medal for my country is a great wish and desire. It is one of the greatest priorities and goals for [this] season.

The Olympics are unique. Just being in that village makes you feel incredibly inspired and proud to be there. But I’m also going to learn from my previous Olympic experiences and try to keep my routine so that I can perform my best.

I won a bronze medal quite some time ago, in Beijing in 2008.

I had the greatest honour of carrying the Serbian flag in the opening ceremony.

I haven’t had an opening ceremony experience since London 2012, so I really hope that I’ll be able to experience that and really enjoy my experience at the Olympic Games [in Paris] because it’s like nothing else. ∙ 102

CONNECTING THE REGION GLOBAL WAVES, LOCAL VICTORIES

Croatian discus thrower Sandra Elkasević is laser-focused on defending her titles, while Serbian tennis ace Novak Đokoviċ dreams of adding another Olympic medal to his collection. Their insights reveal the dedication and passion driving these athletes as they prepare for the world’s grandest stage

SANDRA ELKASEVIĆ Croatian discus thrower

his year, I have only one goal— to be at my best when it is most needed and to give my all to the process once again.

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The Olympic Games in Paris and the European Championships in Rome were my targets for this year, and from 1st January until 15th September, I was in a sort of quarantine to achieve my dream.

Many athletes calculate their chances, but I have never been one of them, neither then nor now.

I defended my six European titles in Rome and will defend my two Olympic gold medals in Paris. The desires and goals are always the same, but we take it step by step.

I know that in Paris, for what I want to achieve, I will have to throw very far, to my London 2012 and Rio 2016 levels. The mentioned 70 metres is a significant number, something that no one had thrown for 30 years before I arrived, and that result must always be respected and not taken lightly. Seventy metres is always a respectable number.

Every throw over 67 metres is very valuable, and getting into such form is a great battle. ∙ 103

PLUS D.O.O. PODGORICA

First Place is Not Relinquished It is a great honour to be among the best, and Plus d.o.o. will maintain this position by continuing to invest in employees and acquisitions of other quality companies

PROKOPIJE PERIĆ CEO, Plus d.o.o. Podgorica

s Montenegro’s peak tourist season fast approaches, and is set to be particularly significant for this company due to the launch of a new smokeless tobacco product device, Prokopije Perić, CEO of Podgorica-based Plus d.o.o., proudly discusses the company’s excellent business results and ambitious plans for our magazine.

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Another tourist season has begun, and is this year expected to surpass previous ones. How is Plus d.o.o. preparing for it? ― The last days of June show that we can expect another good and quality season. For starters, we never cut corners with preparations and procurement; we always prepare as if we’re being awaited by the best season ever, because we can always balance the stock after the end of July. It is risky to enter the season without sufficiently high levels of stock, given that many manufacturers take their collective summer breaks or renovate factory facilities during the season.

This summer season is particularly significant for us, because in mid-June – together with our long-term partner, Japan Tobacco International (JTI) – we launched smokeless tobacco device PLOOM, and WINSTON STICKS products, on the Montenegrin market. Montenegro was selected as Ploom’s 18th market worldwide. Expectations are 104

high because this is a growing category within new tobacco products, but I’m confident we will meet the challenge strongly, because we have a very competent team that can handle it. The support of our JTI colleagues is also very important and strong, as their experience of other markets guides us on how to develop Ploom, which we can say is the highest quality device of its kind on the market, with Japanese experts having managed to fix all the shortcomings of similar existing devices. And, most importantly, Winston Sticks contain real tobacco, providing consumers with an experience that’s closest to regular cigarettes.

It is a great honour to be among the best, because a large number of high-quality and successful companies operate in Montenegro Your company has been awarded the Top Business Montenegro 2024 accolade in the category of medium-sized enterprises, based on last year’s financial reports.

You are once again among the best? ― The Montenegrin market is small, but very competitive. It is a great honour to be among the best, because a large number of high-qual-

CONNECTING THE REGION VISIONARY LEADERS OF THE ADRIA REGION

ity and successful companies operate in Montenegro. It is much easier to win than to retain first place later, but we will certainly strive, as a company, to hold this position for a long time. And in order to succeed we must continue to invest primarily in our employees, and then in the potential acquisition of other quality companies.

Cigarettes represent a key category of your business, but you’re also working to strengthen other categories? ― We provided the Montenegrin budget with over €43 million in excise duties on tobacco products in 2023, making us the largest excise taxpayer in this category. If the first half of the year is any indication, we will likely be the largest contributor again this year, as we’ve paid over €23 million in excise duties over the first six months of 2024. We work on other categories perhaps even more than on cigarettes, because the competition is greater. Cooperation with all partners is very important for us, and we never differentiate between them on the basis of size and scope of cooperation. We are equally dedicated to all of them, because each one contributes to our success in its own way. Without our partners – like L’Oreal, Essity, Hausbrand, Banjalučka pivara and all others – we wouldn’t be what we are. Each industry in which these companies operate has its own specificities that help us better understand the market and apply good practices to other industries. ∙

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Adria Region Talent Shines

The dynamic youth of the Adria region are making waves on the international stage, clinching medals and accolades that highlight their exceptional talent and drive

Serbia Wins Two Medals at the Culinary Olympics Stuttgart, Germany - February 2024

n the competition of junior national teams at the IKA Culinary Olympics held in Stuttgart in early February, the Junior Chefs Club of Serbia won two bronze medals in the Chef’s Table and Restaurant of Nations categories. The Serbian team, consisting of eight young and ambitious chefs, showcased their skills on the world’s biggest stage against 89 teams from around the globe. This achievement is a testament to their undeniable talent, perseverance, passion, and dedication to the culinary arts. National, junior national, catering, and regional teams, along with over 500 individual culinary artists and carving masters, participated in this prestigious event.

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Lana Pudar Wins Silver for BiH at European Championship Belgrade, 23 June 2024

osnian swimmer Lana Pudar (18) competed in the final of the European Championship in Belgrade. She finished second in the 200-metre butterfly with a time of 2:08.15, earning her 20th career medal. The “golden fish” from Mostar narrowly missed the gold, trailing by just 0.27 seconds to Danish swimmer Helena Rosendahl Bach, who finished with a time of 2:07.88. Lana Pudar will represent Bosnia and Herzegovina at the Olympic Games in Paris this year.

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Croatian Students Triumph at Innovation Fair Suceava, Romania, 31 May - 2 June 2024

tudents from the Faculty of Mechanical Engineering and Naval Architecture (FSB) in Zagreb won two gold medals at the 8th International Fair of Innovation and Creative Education for Youth held at Stefan cel Mare University in Suceava. Fran Hruškar was awarded gold for his Mobile Fire Fighting Robot – Firebot, while Ante Ivanković received gold for his Pneumatic Manipulator for Obstacle Avoidance on Conveyor Belt. Additionally, Fran Hruškar earned a silver medal at the 16th EUROINVENT 2024, held in Iasi, Romania, from 6th to 8th June 2024.

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Young Serbian Scientists Shine in Izmir Izmir, Turkey - April 2024

t the 30th ICYS 2024 conference, Serbian high school students excelled among more than 150 competitors from 16 countries. Milica Tonić, a second-year student at Dušan Vasiljev Gymnasium in Kikinda, won a gold medal in physics. Aleksandra Spasojević from Lazarevac Gymnasium earned a silver in informatics, while Anđela Zorić from the Third Belgrade Gymnasium secured a silver in environmental science. Ljiljana Konjević from the Mathematical Gymnasium won a bronze in mathematics. Mihajlo Janjićijević from the Twelfth Belgrade Gymnasium received a bronze in informatics, and Tara Koldžić from the First Belgrade Gymnasium and Mihajlo Ninkov from “Jovan Jovanović Zmaj” Gymnasium in Novi Sad both won bronzes in environmental protection.

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Sokolovski Sisters Bring Medals to N.Macedonia International Rhythmic Gymnastics Competition January 2024

lina and Eva Sokolovski won gold, silver, and bronze medals at an international rhythmic gymnastics competition.

They competed against over 150 athletes from countries such as France, Bulgaria, Czechia, Slovakia, Poland, Switzerland, Germany and Macedonia. Ilina (17) competed with a ribbon and ball, while Eva (14) performed with a hoop and ribbon. Eva took first place in both of her routines, while Ilina secured second place with the ball and third place with the ribbon.

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Podgorica High School Students Create Top App Podgorica, June 2024

he “Vision Assist” app, developed by students from Vaso Aligrudić Secondary Electrical Engineering School in Podgorica, was declared the best at the 7th Regional App Challenge organised by Telekom Srbija, m:tel BiH, and m:tel Montenegro. Competing against 15 teams from the region, the Podgorica team’s app, designed to facilitate daily life and impact positive societal development, won the Innovation Power - Igor Osmokrović special award for innovation.

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Kosovo’s Handball Team Qualifies for World Championship Tashkent, Uzbekistan - August 2024

he Kosovo (U18) handball team triumphed in the final of the IHF Intercontinental Trophy in Tashkent, defeating Nigeria 22-16 to qualify for the World Championship in China this August. Kosovo also secured victories over Uzbekistan (27-21) and Guatemala (31-12) in the preliminary rounds and New Caledonia (27-16) in the semi-finals. In the final match, Diona Dresh was named the best player, scoring seven goals.

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Young Slovenian Ski Jumper Outshines Experienced Competitors Two Nights Tour - January 2024

ika Prevc won the first competition of the Two Nights Tour, outperforming Norway’s Erin Marie Kvandal and Canada’s Abigail Strate. The 18-year-old Slovenian, who set a new hill record with a 133-metre jump in the first round, is the youngest in her family, with all three of her brothers—Peter, Cene and Domen Prevc—also being ski jumpers. She now leads the competition with a 13-point advantage, making her a strong contender for victory in this newly established tournament.

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Albania Welcomes Two New Public Health Experts Liverpool, UK - June 2024

reskida Miloti, a pharmacist and host of the medical show Diagnosis, and Leni Bocaj, a laboratory technician, successfully graduated from Liverpool John Moores University with master’s degrees in public health. As top students with scholarships, they represented Albania admirably and look forward to contributing to their country’s public health sector with their newfound expertise.

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Summer’s Must-See Events

Dubrovnik Summer Festival Celebrates 75th Anniversary

his summer marks the 75th anniversary of the Dubrovnik Summer Festival, Croatia’s oldest cultural event and one of Europe’s oldest festivals. Audiences will be treated to a diverse range of over 60 top-tier drama, music, ballet and folklore performances in unique settings like the Rector’s Palace, Lovrijenac Fortress, Minčeta and Revelin Fortresses, Lokrum Island,

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Croatia: Dubrovnik, 10 July - 25 August 2024

Gundulić Square and the Park of the School of Arts. This variety ensures there’s something for everyone, from drama enthusiasts to music lovers. Highlights include performances by renowned Croatian and international artists such as Goran Višnjić, Zrinka Cvitešić and Luka Peroš, with the grand finale featuring opera stars Sonya Yoncheva, Joseph Calleja and Ante Jerkunica.

Dragačevski Trumpet Festival Kicks Off in Early August Croatia: Serbia: Guča, 1-4 August 2024

he traditional Guča Festival, featuring the 63rd Dragačevski Trumpet Festival, will kick off on 2nd August with the ceremonial firing of a cannon and the anthem Sa Ovčara i Kablara. It will include all the customary programmes visitors have come to expect, such as parades, the Dragačevska Wedding, midnight concerts and contests for the best tra-

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ditional costumes. Guča will host the finest trumpet orchestras and hundreds of thousands of tourists from around the globe, celebrating musical heritage and Serbian cultural traditions. The festival’s international appeal, with visitors from diverse cultural backgrounds, is what makes the Dragačevski Trumpet Festival a unique and inclusive event for all.

Top Sailors to Compete at Luštica Bay Montenegro: Luštica Bay, 30 August - 1 September 2024

rom 30th August to 1st September, Luštica Bay will host the 2024 ILCA Montenegro Open Championship, focusing on family-oriented sailing in classes 5 and 6. Visitors will witness young under-21 sailors demonstrating their skills in single-person din-

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ghies. Concurrently, the Luštica Bay Sailing Cup 2024, featuring cruisers racing along the picturesque Adriatic coast, will take place. Organisers highlight this nautical weekend as a must-see, showcasing Luštica Bay as an increasingly popular European sailing destination.

High Interest in Sarajevo Film Festival Bosnia and Herzegovina: Sarajevo, 16-23 August 2024

he Sarajevo Film Festival, featuring directors, producers, actors, screenwriters, cinematographers, editors and film critics from Southeast Europe and the South Caucasus, will be held from 16th to 23th August. The 540 applications from 16 out of the

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20 countries covered by the programme, 60 participants have been selected. The ART/FICIAL segment, part of the festival’s 30th edition, includes masterclasses, lectures, seminars, discussions, workshops and film screenings led by internationally recognised industry experts.

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Furniture Fair Gathers Top Exhibitors Serbia: Belgrade, 1-6 October 2024

he International Fair of Furniture, Equipment, and Interior Decoration (UFI) is the premier event in the region for the design, manufacturing and distribution of furniture. Held in Belgrade from 1st to 6th October, this leading industry fair showcases domestic and international brands, providing an insightful look into the latest trends, innovations, designs and advanced technologies. Exhibitors will present a wide array of furniture for various spaces, including residential, office, children’s, garden, kitchens, bedrooms, bathrooms and more.

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Major Stars to Perform at Pula Arena Croatia: Pula, 28 and 30 July 2024 112

merican musician Lenny Kravitz is set to perform at Pula Arena on 28 th July as part of his “Blue Electric Light” album promotion.

Just two days later, legendary British band Duran Duran will take the stage.

Known for hits like Planet Earth, Girls

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on Film, and Rio, the band will be promoting their latest album Danse Macabre, showcasing their enduring popularity over four decades. Both performances promise an unforgettable musical experience at one of Croatia’s most iconic venues.

All Set for the 64th Ohrid Summer Festival North Macedonia: Ohrid, 12 July - 20 August 2024

rom 12th July to 20th August, Ohrid will come alive with art for the 64th Ohrid Summer Festival, the country’s largest and most renowned cultural event. Art enthusiasts will enjoy dozens of concerts, numerous theatre performances, ballet, photography exhibitions and book promotions at venues like the Ancient Theatre, Church of St. Sophia, Lower Sarai, Grigor Prličev Cultural Centre, and other intriguing locations across the city.

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Ten-Day Opera Festival in Pristina Kosovo: Pristina, 21 July - 2 August 2024

he International Opera Festival Rame Lahaj, the first of its kind in the region, will be held in Pristina from 21th July to 2nd August. This ten-day event aims to promote opera art and culture, turning Pristina into a hub for global artists. The festival includes workshops that allow young

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talents to connect with world-renowned artists, fostering the creation of a platform that will produce new stars like Rama Lahaj. This cultural celebration unites artists from diverse backgrounds and nurtures talented newcomers through masterclasses, encouraging growth and innovation in opera.

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ION Electronic Music Festival by the Sea Albania: Dhërmi, Summer 2024

ON, an electronic music festival held annually in Dhërmi, attracts visitors worldwide who seek a unique fusion of music, nature and culture. Renowned DJs and electronic music artists perform in the picturesque coastal town, covering genres like techno, house, trance and more. The festival offers an unforgettable experience for electronic music lovers, featur-

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ing interactive experiences and dancing under the stars along the Riviera with stunning sea views. With multiple stages showcasing both established acts and rising talents, the festival ensures something for everyone. Additionally, the festival provides various amenities and accommodation to ensure a comfortable and enjoyable experience for all participants.

International Craft and Entrepreneurship Fair in Celje Slovenia: Celje, 18-22 September 2024

he 56th International Craft and Entrepreneurship Fair (MOS) will be held at the Celje Fair from 18th to 22th September. This event, with over fifty years of tradition, attracts more than 800 direct and 1,400 other exhibitors and around 100,000 visitors annually. The fair is divided into five segments: MOS Plus (home and garden equipment, consumer products, personal use products), MOS Tourism (camping, caravanning, destinations, and cuisine), MOS Dom (home building and renovation), MOS B2B (digital solutions and business services, international business opportunities), and MOS Tehnika & Energetika (professional energy solutions, equipment, and tools for businesses and home craftsmen).

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