Austrian Business Sector

FDI Foreign Direct Investment

AUSTRIAN BUSINESS SECTOR

Valuable Partnership April 2010

Valuable Partnership

AUSTRIAN BUSINESS SECTOR

CONTENTS 7

H.E. Mr. Clemens Koja, Austrian Ambassador to Serbia - LONG-TERM GOALS

EDITOR IN CHIEF Tatjana Ostojić t.ostojic@cma.rs

19

Franz Weiler, UNIQA Insurance Executive Board Member HIGH SECURITY STANDARDS

EDITOR Veljko Jovanović v.jovanovic@aim.rs ART DIRECTOR Tamara Ivljanin t.ivljanin@cma.rs EDITORIAL CONTRIBUTORS Ana Stojanović PHOTO Slobodan Jotić, Darko Cvetanović LECTOR Pat Andjelkovic

Andreas Haidenthaler, Commercial Counselor, Austrian Embassy THE BIGGEST INVESTOR IN SERBIA

20

PROJECT MANAGERS Vesna Vukajlović, v.vukajlovic@aim. rs; Marija Savić, m.savic@aim.rs; S.Terzić, s.terzic@aim.rs

FINANCIAL DIRECTOR Ana Besedić a.besedic@cma.rs EDITORIAL MANAGER Tanja Banković, t.bankovic@cma.rs PRINTING Rotografika d.o.o.

Segedinski put 72, Subotica FDI Foreign Direct Investment – Austria “Valuable Partnership” 2010 published by: alliance international media in association with Austrian Embassy Commercial Section Knjeginje Zorke 11b, 11000 Belgrade, Serbia Phone: +(381 11) 308 99 77, 308 99 88 Fascimile: +(381 11) 244 81 27 E-mail: office@ allianceinternationalmedia.com www.allianceinternationalmedia. com ISSN no: 1451-7833 All rights reserved alliance international media 2010

4 Austrian Business Sector

Austria & Serbia Cooperation MAJOR PARTNER

8

TRANSLATORS Snežana Bjelotomić

GENERAL MANAGER Ivan Novčić i.novcic@cma.rs

32

12

Jelena Marjanović, Assistant To The Minister Of Economy And Regional Development In Charge Of Bilateral Relations SUCCESSFUL BILATERAL COOPERATION

Oliver Roegl, Chairman of the Managing Board, Raiffeisen Banka SUCCESSFUL GREENFIELD STORY

15

Tourism INTERNATIONAL TOURIST CENTER

24

16

Milan Parivodić, Chairman Foreign Investors Services and Former Minister of International Economic Relations of Serbia COOPERATION BASED ON UNDERSTANDING

38

POSITIVE BUSINESS TREND

Mira Erić-Jović, Vice-Governor of the national Bank of Serbia AUSTRIAN BANKS NO.1 IN SERBIA

36

GREEN ENERGY

42

Culture THE LAND OF MUSIC

26

Facts & Figures GROWTH, SERVICES AND DEVELOPMENT

46

COMPANY REGISTER

Valuable Partnership

AUSTRIAN BUSINESS SECTOR

CONTENTS 7

H.E. Mr. Clemens Koja, Austrian Ambassador to Serbia - LONG-TERM GOALS

EDITOR IN CHIEF Tatjana Ostojić t.ostojic@cma.rs

19

Franz Weiler, UNIQA Insurance Executive Board Member HIGH SECURITY STANDARDS

EDITOR Veljko Jovanović v.jovanovic@aim.rs ART DIRECTOR Tamara Ivljanin t.ivljanin@cma.rs EDITORIAL CONTRIBUTORS Ana Stojanović PHOTO Slobodan Jotić, Darko Cvetanović LECTOR Pat Andjelkovic

Andreas Haidenthaler, Commercial Counselor, Austrian Embassy THE BIGGEST INVESTOR IN SERBIA

20

PROJECT MANAGERS Vesna Vukajlović, v.vukajlovic@aim. rs; Marija Savić, m.savic@aim.rs; S.Terzić, s.terzic@aim.rs

FINANCIAL DIRECTOR Ana Besedić a.besedic@cma.rs EDITORIAL MANAGER Tanja Banković, t.bankovic@cma.rs PRINTING Rotografika d.o.o.

Segedinski put 72, Subotica FDI Foreign Direct Investment – Austria “Valuable Partnership” 2010 published by: alliance international media in association with Austrian Embassy Commercial Section Knjeginje Zorke 11b, 11000 Belgrade, Serbia Phone: +(381 11) 308 99 77, 308 99 88 Fascimile: +(381 11) 244 81 27 E-mail: office@ allianceinternationalmedia.com www.allianceinternationalmedia. com ISSN no: 1451-7833 All rights reserved alliance international media 2010

4 Austrian Business Sector

Austria & Serbia Cooperation MAJOR PARTNER

8

TRANSLATORS Snežana Bjelotomić

GENERAL MANAGER Ivan Novčić i.novcic@cma.rs

32

12

Jelena Marjanović, Assistant To The Minister Of Economy And Regional Development In Charge Of Bilateral Relations SUCCESSFUL BILATERAL COOPERATION

Oliver Roegl, Chairman of the Managing Board, Raiffeisen Banka SUCCESSFUL GREENFIELD STORY

15

Tourism INTERNATIONAL TOURIST CENTER

24

16

Milan Parivodić, Chairman Foreign Investors Services and Former Minister of International Economic Relations of Serbia COOPERATION BASED ON UNDERSTANDING

38

POSITIVE BUSINESS TREND

Mira Erić-Jović, Vice-Governor of the national Bank of Serbia AUSTRIAN BANKS NO.1 IN SERBIA

36

GREEN ENERGY

42

Culture THE LAND OF MUSIC

26

Facts & Figures GROWTH, SERVICES AND DEVELOPMENT

46

COMPANY REGISTER

We welcome all steps taken by the Serbian government to improve the economic climate and circumstances for foreign investors

S

erbia and Austria have been economic partners for a long time. In past years, our bilateral trade has seen a steady increase, reaching almost 900 million euros in 2008. Austria is the biggest foreign investor in Serbia. Since 2000, Austrian companies have invested more than 2.2 billion euros and have thus created thousands of jobs.

2009 was a difficult year for everyone. We still have to deal with a worldwide economic crisis, which does not have its roots in Europe, but still affects us all. It is

Together we will overcome the obstacles and realise that a crisis can also be seen as an opportunity strange that Austria is sometimes being criticized for its engagement in Southeastern Europe by the very same people who applauded this engagement before.

What tends to be overlooked is that the engagement of Austrian companies in Southeastern Europe is a success story! Austrian companies were amongst the first to understand what the fall of the Iron Curtain really meant and what opportunities would arise thereafter.

Austrian companies took advantage of these opportunities, together with their partners in these countries. We had a flying start: Austria is a neighbor to

FOREWORD

Long-term goals

Southeastern Europe. The distance between Belgrade and Vienna, for example, is only 600kms. We share a common history; we have a mutual understanding for each other’s culture and tradition. The commercial section of the Austrian Embassy in Belgrade has existed since 1952 and has been operating ever since without interruption. That means that Austrian economy has been present in Serbia continuously, also in difficult times.

I can assure our Serbian friends: Austrian companies present on the Serbian market have a long-term goal. They are committed to the country and believe in its economic future. You don´t become the biggest investor and employer of thousands of people if you leave the country after 6 months.

In this respect, we welcome all steps taken by the Serbian government to improve the economic climate and circumstances for foreign investors. We have high hopes for the project of the “regulatory guillotine” and we hope that it will prove to be successful. We also congratulate Serbia on its chosen path towards the European Union.

Serbia is not only geographically part of Europe, but also in the economic field. 55% of Serbia´s foreign trade is done with the EU. I mentioned that we have to deal with a crisis. It is true that we cannot claim to have “business as usual” again, but together we will overcome obstacles and realize that a crisis can also be seen as an opportunity. Even in difficult times there are good projects and even in difficult times the sun rises in the East. In this respect, I would like to wish all of you good luck and all the best for your future projects!

H.E. Mr. Clemens Koja, Austrian Ambassador to Serbia

Austrian Business Sector 7

We welcome all steps taken by the Serbian government to improve the economic climate and circumstances for foreign investors

S

erbia and Austria have been economic partners for a long time. In past years, our bilateral trade has seen a steady increase, reaching almost 900 million euros in 2008. Austria is the biggest foreign investor in Serbia. Since 2000, Austrian companies have invested more than 2.2 billion euros and have thus created thousands of jobs.

2009 was a difficult year for everyone. We still have to deal with a worldwide economic crisis, which does not have its roots in Europe, but still affects us all. It is

Together we will overcome the obstacles and realise that a crisis can also be seen as an opportunity strange that Austria is sometimes being criticized for its engagement in Southeastern Europe by the very same people who applauded this engagement before.

What tends to be overlooked is that the engagement of Austrian companies in Southeastern Europe is a success story! Austrian companies were amongst the first to understand what the fall of the Iron Curtain really meant and what opportunities would arise thereafter.

Austrian companies took advantage of these opportunities, together with their partners in these countries. We had a flying start: Austria is a neighbor to

FOREWORD

Long-term goals

Southeastern Europe. The distance between Belgrade and Vienna, for example, is only 600kms. We share a common history; we have a mutual understanding for each other’s culture and tradition. The commercial section of the Austrian Embassy in Belgrade has existed since 1952 and has been operating ever since without interruption. That means that Austrian economy has been present in Serbia continuously, also in difficult times.

I can assure our Serbian friends: Austrian companies present on the Serbian market have a long-term goal. They are committed to the country and believe in its economic future. You don´t become the biggest investor and employer of thousands of people if you leave the country after 6 months.

In this respect, we welcome all steps taken by the Serbian government to improve the economic climate and circumstances for foreign investors. We have high hopes for the project of the “regulatory guillotine” and we hope that it will prove to be successful. We also congratulate Serbia on its chosen path towards the European Union.

Serbia is not only geographically part of Europe, but also in the economic field. 55% of Serbia´s foreign trade is done with the EU. I mentioned that we have to deal with a crisis. It is true that we cannot claim to have “business as usual” again, but together we will overcome obstacles and realize that a crisis can also be seen as an opportunity. Even in difficult times there are good projects and even in difficult times the sun rises in the East. In this respect, I would like to wish all of you good luck and all the best for your future projects!

H.E. Mr. Clemens Koja, Austrian Ambassador to Serbia

Austrian Business Sector 7

INTERVIEW ANDREAS HAIDENTHALER, COMMERCIAL COUNSELOR, AUSTRIAN EMBASSY

THE BIGGEST INVESTOR IN SERBIA

By Tatjana OSTOJIC erbia and Austria are almost neighbors, Austrian products and Austrian companies are generally known to and appreciated by the Serbian people,” said Andreas Haidenthaler, Commercial Counselor at the Austrian Embassy for our Special Edition.

S

What are the main fields in which Austria has economical cooperation with Serbia?

According to official figures published by the National Bank of Serbia, Austria is the biggest investor in Serbia.

In the past, the majority of Austrian investment was in the services sector, notably banks and insurance companies, or in the telecommunications industry. Austria can claim the biggest greenfield investment with VIP mobile, a subsidiary of Austria´s Mobilkom. OMV petrol stations can be found all over Serbia, we have seen the arrival of Kika, and since the beginning of February of this year we can even claim that we have 2 airlines flying to Belgrade, namely Austrian Airlines and Fly Niki.

the Austrian Trade Commission here in Belgrade was set up in 1952 and has been operating ever since without any interruption. Austrian companies were among the first to understand what the fall of the Iron Curtain really meant, and consequently they started to come to these “new” markets. Serbia is also the biggest single market among the successor states of the former Republic of Yugoslavia. I would also like to mention the fact that Austrian banks not only form a significant part of the Serbian banking sector, but this banking sector has also proven to be very stable during the worldwide economic crisis.

Therefore, I do expect further expansion of Austrian bank activities in Serbia.

A large number of Serbian people are living in Austria. Are they a factor of cooperation or misun-

The majority of Austrian investment was in the services sector, notably banks and insurance companies, or in the telecommunications industry

One of the most visible is the investment sector. How is it that Austrian banks were among the first to come in Serbia? Can we expect an expansion of the banking sector in Austria and its consequences in Serbia?

For Austrian companies in general, Serbia was always an important market and will continue to be so in the future. Serbia and Austria are almost neighbors, Austrian products and Austrian companies are generally known to and appreciated by the Serbian people. Our own office,

AUSTRIAN MARKET

For Austrian companies in general, Serbia was always an important market and will continue to be so in the future 8 Austrian Business Sector

H

istorically, Austrian exports to Serbia have always been a bit larger than the Serbian exports to Austria, but the latter have increased at a higher rate. Therefore, I would definitely say that Serbian companies have something to offer.

In our “Austrian Business Circles,” the regular meetings of the Austrian business community and their Serbian business partners, we provide a platform for networking, an exchange of information, and a platform to find new business partners.

Austrian Business Sector 9

INTERVIEW ANDREAS HAIDENTHALER, COMMERCIAL COUNSELOR, AUSTRIAN EMBASSY

THE BIGGEST INVESTOR IN SERBIA

By Tatjana OSTOJIC erbia and Austria are almost neighbors, Austrian products and Austrian companies are generally known to and appreciated by the Serbian people,” said Andreas Haidenthaler, Commercial Counselor at the Austrian Embassy for our Special Edition.

S

What are the main fields in which Austria has economical cooperation with Serbia?

According to official figures published by the National Bank of Serbia, Austria is the biggest investor in Serbia.

In the past, the majority of Austrian investment was in the services sector, notably banks and insurance companies, or in the telecommunications industry. Austria can claim the biggest greenfield investment with VIP mobile, a subsidiary of Austria´s Mobilkom. OMV petrol stations can be found all over Serbia, we have seen the arrival of Kika, and since the beginning of February of this year we can even claim that we have 2 airlines flying to Belgrade, namely Austrian Airlines and Fly Niki.

the Austrian Trade Commission here in Belgrade was set up in 1952 and has been operating ever since without any interruption. Austrian companies were among the first to understand what the fall of the Iron Curtain really meant, and consequently they started to come to these “new” markets. Serbia is also the biggest single market among the successor states of the former Republic of Yugoslavia. I would also like to mention the fact that Austrian banks not only form a significant part of the Serbian banking sector, but this banking sector has also proven to be very stable during the worldwide economic crisis.

Therefore, I do expect further expansion of Austrian bank activities in Serbia.

A large number of Serbian people are living in Austria. Are they a factor of cooperation or misun-

The majority of Austrian investment was in the services sector, notably banks and insurance companies, or in the telecommunications industry

One of the most visible is the investment sector. How is it that Austrian banks were among the first to come in Serbia? Can we expect an expansion of the banking sector in Austria and its consequences in Serbia?

For Austrian companies in general, Serbia was always an important market and will continue to be so in the future. Serbia and Austria are almost neighbors, Austrian products and Austrian companies are generally known to and appreciated by the Serbian people. Our own office,

AUSTRIAN MARKET

For Austrian companies in general, Serbia was always an important market and will continue to be so in the future 8 Austrian Business Sector

H

istorically, Austrian exports to Serbia have always been a bit larger than the Serbian exports to Austria, but the latter have increased at a higher rate. Therefore, I would definitely say that Serbian companies have something to offer.

In our “Austrian Business Circles,” the regular meetings of the Austrian business community and their Serbian business partners, we provide a platform for networking, an exchange of information, and a platform to find new business partners.

Austrian Business Sector 9

INTERVIEW I would also like to mention the fact that Austrian banks not only form a significant part of the Serbian banking sector, but this banking sector has also proven to be very stable during the worldwide economic crisis

derstanding between Serbia and Austria? What is the percentage of their involvement in Serbian economy and how they are important for Austrian economy?

As far as I know, there are approximately 300,000 Serbian people living and working in Austria. Their economic activity has not yet been measured in detailed figures, but their role should not be underestimated, be it as a source of information about Austria and Austrian products or their remittances which they are sending to Serbia. Their biggest role is that Austrians have realized that Serbia is almost a neighbor country. Belgrade and Vienna are only approximately 600 km from each other.

body invests in a country just because it offers a slightly lower tax rate than its neighbors. Companies always look at the bigger picture. Companies also need to be able to plan their operations.

This is of utmost importance to investors. They not only need this for their own purpose, but also for their supervisory boards back in the head office, for their banks, for their shareholders, and many more. The question of planning also does not stop at the tax bureau; it touches all aspects of business.

Any sudden, negative change in the le-

What are the main obstacles to improvement and widening economical cooperation between two countries?

Generally speaking, if somebody should ask me what a country should do to attract foreign investment, my answer would be to present itself as a stable, reliable business partner with an efficient, quick administration that ensures predictable circumstances and equal opportunities for everyone. No-

gal framework which affects predictability, whether it be additional taxes for certain industries like the mobile phone industry, or the introduction of complex new legal regulations, is bound to create irritation and loss of trust among investors. Therefore, I hope that the reforms planned by the government will increase predictability and therefore also trust, because the latter is the most precious element a country has.

How does Austria inform its potential investors about the Serbian investment climate, and what are the difficulties you are facing in keeping information updated?

How has the economic crisis influenced Austrian companies in investing in Serbia?

I do not see many difficulties in obtaining or updating information.

In the current time of global financial crisis and uncertainty about the future, our biggest task is to pass on information, in other words to create more awareness of the opportunities and the chances for common growth in both countries. 2009 was a difficult year, and Serbian-Austrian trade, which had almost reached the 900 million-euro mark in 2008, saw a reduction last year. It is only natural that in such a difficult climate several investments are being postponed and several projects are being rescheduled. Still, I do hope that we can begin to see acceleration in our trade figures again from this year on.

The Austrian Trade Commission here in Belgrade was set up in 1952 and has been operating ever since without any interruption

10 Austrian Business Sector

What is your opinion on the future development of Serbia’s economy and when do you forecast the end of the crisis in this part of Europe?

I think after what we have seen in the past 1 ½ years, everybody is a bit more cautious when it comes to forecasts and dates. The effects of the worldwide economic crisis are not felt in all industries the same way and at the same time, which makes forecasts even more difficult.

Another difficult issue is the psychological aspect of the crisis, which tends to create a kind of self-fulfilling prophecy. Still, I do hope that we have hit rock bottom and that from now on we can begin to see acceleration in economic growth. There are some positive signals, one of them being that the OECD has upgraded Serbia in its latest country rating, something which happened with Austrian support, I might say. There are lots of business opportunities, and with Serbia being on its way towards the European Union, the country is definitely worth a second look.

With 2 billion euros and more than 300 Austrian companies in Serbia, do you think that they are satisfied with their business in Serbia?

I think it is in the nature of business never to be satisfied, just like the old saying that the progress of mankind is mostly achieved by people who are dissatisfied with the status quo. Austrian companies are the biggest investors in this country, so obviously they know how to deal with the business environment.

There is still room for improvement, though. First and foremost, companies would like to see less red tape and a simplification of bureaucratic procedures. I would only like to cite the matter of obtaining building permits or the regional differences and difficulties as far as bureaucratic processes are concerned. Therefore, I do welcome the project of the “regulatory guillotine” of the Serbian government and hope that it will be successful.

Should we expect the arrival of Austrian SMEs in the future?

More than 90% of all Austrian companies fall under the definition of SMEs, so the answer is yes, provided that Serbia can continue to attract them by offering more and more attractive conditions for investors. The attraction of investment is in fact a competition between countries.

Austrian Business Sector 11

INTERVIEW I would also like to mention the fact that Austrian banks not only form a significant part of the Serbian banking sector, but this banking sector has also proven to be very stable during the worldwide economic crisis

derstanding between Serbia and Austria? What is the percentage of their involvement in Serbian economy and how they are important for Austrian economy?

As far as I know, there are approximately 300,000 Serbian people living and working in Austria. Their economic activity has not yet been measured in detailed figures, but their role should not be underestimated, be it as a source of information about Austria and Austrian products or their remittances which they are sending to Serbia. Their biggest role is that Austrians have realized that Serbia is almost a neighbor country. Belgrade and Vienna are only approximately 600 km from each other.

body invests in a country just because it offers a slightly lower tax rate than its neighbors. Companies always look at the bigger picture. Companies also need to be able to plan their operations.

This is of utmost importance to investors. They not only need this for their own purpose, but also for their supervisory boards back in the head office, for their banks, for their shareholders, and many more. The question of planning also does not stop at the tax bureau; it touches all aspects of business.

Any sudden, negative change in the le-

What are the main obstacles to improvement and widening economical cooperation between two countries?

Generally speaking, if somebody should ask me what a country should do to attract foreign investment, my answer would be to present itself as a stable, reliable business partner with an efficient, quick administration that ensures predictable circumstances and equal opportunities for everyone. No-

gal framework which affects predictability, whether it be additional taxes for certain industries like the mobile phone industry, or the introduction of complex new legal regulations, is bound to create irritation and loss of trust among investors. Therefore, I hope that the reforms planned by the government will increase predictability and therefore also trust, because the latter is the most precious element a country has.

How does Austria inform its potential investors about the Serbian investment climate, and what are the difficulties you are facing in keeping information updated?

How has the economic crisis influenced Austrian companies in investing in Serbia?

I do not see many difficulties in obtaining or updating information.

In the current time of global financial crisis and uncertainty about the future, our biggest task is to pass on information, in other words to create more awareness of the opportunities and the chances for common growth in both countries. 2009 was a difficult year, and Serbian-Austrian trade, which had almost reached the 900 million-euro mark in 2008, saw a reduction last year. It is only natural that in such a difficult climate several investments are being postponed and several projects are being rescheduled. Still, I do hope that we can begin to see acceleration in our trade figures again from this year on.

The Austrian Trade Commission here in Belgrade was set up in 1952 and has been operating ever since without any interruption

10 Austrian Business Sector

What is your opinion on the future development of Serbia’s economy and when do you forecast the end of the crisis in this part of Europe?

I think after what we have seen in the past 1 ½ years, everybody is a bit more cautious when it comes to forecasts and dates. The effects of the worldwide economic crisis are not felt in all industries the same way and at the same time, which makes forecasts even more difficult.

Another difficult issue is the psychological aspect of the crisis, which tends to create a kind of self-fulfilling prophecy. Still, I do hope that we have hit rock bottom and that from now on we can begin to see acceleration in economic growth. There are some positive signals, one of them being that the OECD has upgraded Serbia in its latest country rating, something which happened with Austrian support, I might say. There are lots of business opportunities, and with Serbia being on its way towards the European Union, the country is definitely worth a second look.

With 2 billion euros and more than 300 Austrian companies in Serbia, do you think that they are satisfied with their business in Serbia?

I think it is in the nature of business never to be satisfied, just like the old saying that the progress of mankind is mostly achieved by people who are dissatisfied with the status quo. Austrian companies are the biggest investors in this country, so obviously they know how to deal with the business environment.

There is still room for improvement, though. First and foremost, companies would like to see less red tape and a simplification of bureaucratic procedures. I would only like to cite the matter of obtaining building permits or the regional differences and difficulties as far as bureaucratic processes are concerned. Therefore, I do welcome the project of the “regulatory guillotine” of the Serbian government and hope that it will be successful.

Should we expect the arrival of Austrian SMEs in the future?

More than 90% of all Austrian companies fall under the definition of SMEs, so the answer is yes, provided that Serbia can continue to attract them by offering more and more attractive conditions for investors. The attraction of investment is in fact a competition between countries.

Austrian Business Sector 11

INTERVIEW JELENA MARJANOVIĆ, ASSISTANT TO THE MINISTER OF ECONOMY AND REGIONAL DEVELOPMENT IN CHARGE OF BILATERAL RELATIONS

SUCCESSFUL BILATERAL COOPERATION We are satisfied that despite a rather complex economic situation, not a single Austrian company or bank has withdrawn from the Serbian market. On the contrary, the leading Austrian banks have participated in the implementation of the Vienna Agreement, which assured Serbia’s solvency in the most difficult period at the beginning of economic crisis one of the most economically engaged countries in Serbia, with Austrian companies expressing the biggest interest for agricultural production and the sector’s export potential, followed by forestry, the automobile and textile industries, and investments in new technology. When it comes to EU countries, Austria takes 6th place according to overall foreign trade volume. We are satisfied that despite a rather complex economic situation, not a single Austrian company or bank has withdrawn from the Serbian market. On the contrary, the leading Austrian banks have participated in the implementation of the Vienna Agreement, which assured Serbia’s solvency in the most difficult period at the beginning of economic crisis.

By Tatjana OSTOJIĆ udging by the number and volume of foreign investments in Serbia, Austria has secured the number one place. The overview of Serbian and Austrian bilateral cooperation and the future of economic relations between the two countries were just some of the topics that we wanted to discuss with Jelena Marjanović, an assistant to the Minister of Economy and Regional Development in Charge of Bilateral Relations

J

12 Austrian Business Sector

Austria is one of the biggest foreign investors in Serbia. Austrian investments have amounted to 2.9 billion euros so far, and there are currently 280 branch offices of Austrian companies and banks in Serbia. What is your view of cooperation so far and what are your expectations for the future?

The overall relations with Austria have been quite good in the last few years and following the democratic changes in Serbia, bilateral cooperation between the two countries grew tremendously. Austria is

Just like in most cases, an FDI is justified if it yields profit. Bearing in mind that you are engaged in bilateral relations, how do you rate the efficiency of Austrian investments in Serbia so far, from the both sides’ perspectives?

Austria is the biggest investor in Serbian economy, and the country has invested a total of $2.63 billion. Austria was among the first countries to realize the potential of the Serbian market and the investment opportunities it brings. Austrian companies say that Serbia’s excellent geographical position, qualified workforce, and many similarities in mentality of the two nations are the three most important reasons for investing. Since 2000, a total

of 20,000 new jobs have been created as a result of Austrian investments. The 480 million-euro-investment made by VIP Mobile is the biggest greenfield investment by a foreign company in Serbia.

Also, Henkel Merima is an example of a successful privatisation. This company is now operating as any multi-national corporation and has reached the top when it comes to productivity among companies from 30 or so countries in Central and Eastern Europe. Due business results, the company’s headquarters in Vienna is ready to invest even more in order to further advance the company’s efficiency, working conditions, and boost its employees’ zeal (the average salary in the company is much higher than the average salary in the Kruševac area and the region). The company also has two other quite successful factories – a liquid detergent factory and a soap factory, and almost one-third

of the entire production is exported. CA Immo International has been present in Serbia since 2007 and has already become the leader in the business real estate sector. So far, the company has invested 150 million euros in three facilities – Belgrade Office Parks I and II and Sava Business Centre, which has a total of 20,000 square metres of class A business premises. We should also mention Kika, which made a 30-million-greenfield investment in the time of economic downturn. This investor was quite satisfied that it faced almost no obstacles in acquiring building and administration permits. In addition to new jobs, this investment has also provided Serbian furniture makers with an opportunity to market their own products on markets where Kika is present. I would also like mention the banking sector, where six leading Austrian banks have invested over 700 million euros.

TRADE EXCHANGE

T

rade exchange between Serbia and Austria is constantly growing, with a rather unfavourable export structure. However, there is a tendency from Serbia to reduce its trade deficit with Austria. Due to the overall economic crisis, which unfortunately did not bypass Serbia and Austria, exports in 2009 were 207.7 million euros (a 33% drop compared to the year before), while imports amounted to 318.4 million euros (a 18% decline). This year started on a much better note, so Serbian exports in January amounted to 20 million euros, a 33% increase in comparison to the same period last year, while imports declined by 18% and stood at 19.3 million. In 2009, exports covered 65% of the entire imports, which is higher than the EU average. Serbia mostly exports chemical products, food, iron and steel products, while it imports mainly machinery and transport devices, chemical products, paper, wood products, and food.

Austrian Business Sector 13

INTERVIEW JELENA MARJANOVIĆ, ASSISTANT TO THE MINISTER OF ECONOMY AND REGIONAL DEVELOPMENT IN CHARGE OF BILATERAL RELATIONS

SUCCESSFUL BILATERAL COOPERATION We are satisfied that despite a rather complex economic situation, not a single Austrian company or bank has withdrawn from the Serbian market. On the contrary, the leading Austrian banks have participated in the implementation of the Vienna Agreement, which assured Serbia’s solvency in the most difficult period at the beginning of economic crisis one of the most economically engaged countries in Serbia, with Austrian companies expressing the biggest interest for agricultural production and the sector’s export potential, followed by forestry, the automobile and textile industries, and investments in new technology. When it comes to EU countries, Austria takes 6th place according to overall foreign trade volume. We are satisfied that despite a rather complex economic situation, not a single Austrian company or bank has withdrawn from the Serbian market. On the contrary, the leading Austrian banks have participated in the implementation of the Vienna Agreement, which assured Serbia’s solvency in the most difficult period at the beginning of economic crisis.

By Tatjana OSTOJIĆ udging by the number and volume of foreign investments in Serbia, Austria has secured the number one place. The overview of Serbian and Austrian bilateral cooperation and the future of economic relations between the two countries were just some of the topics that we wanted to discuss with Jelena Marjanović, an assistant to the Minister of Economy and Regional Development in Charge of Bilateral Relations

J

12 Austrian Business Sector

Austria is one of the biggest foreign investors in Serbia. Austrian investments have amounted to 2.9 billion euros so far, and there are currently 280 branch offices of Austrian companies and banks in Serbia. What is your view of cooperation so far and what are your expectations for the future?

The overall relations with Austria have been quite good in the last few years and following the democratic changes in Serbia, bilateral cooperation between the two countries grew tremendously. Austria is

Just like in most cases, an FDI is justified if it yields profit. Bearing in mind that you are engaged in bilateral relations, how do you rate the efficiency of Austrian investments in Serbia so far, from the both sides’ perspectives?

Austria is the biggest investor in Serbian economy, and the country has invested a total of $2.63 billion. Austria was among the first countries to realize the potential of the Serbian market and the investment opportunities it brings. Austrian companies say that Serbia’s excellent geographical position, qualified workforce, and many similarities in mentality of the two nations are the three most important reasons for investing. Since 2000, a total

of 20,000 new jobs have been created as a result of Austrian investments. The 480 million-euro-investment made by VIP Mobile is the biggest greenfield investment by a foreign company in Serbia.

Also, Henkel Merima is an example of a successful privatisation. This company is now operating as any multi-national corporation and has reached the top when it comes to productivity among companies from 30 or so countries in Central and Eastern Europe. Due business results, the company’s headquarters in Vienna is ready to invest even more in order to further advance the company’s efficiency, working conditions, and boost its employees’ zeal (the average salary in the company is much higher than the average salary in the Kruševac area and the region). The company also has two other quite successful factories – a liquid detergent factory and a soap factory, and almost one-third

of the entire production is exported. CA Immo International has been present in Serbia since 2007 and has already become the leader in the business real estate sector. So far, the company has invested 150 million euros in three facilities – Belgrade Office Parks I and II and Sava Business Centre, which has a total of 20,000 square metres of class A business premises. We should also mention Kika, which made a 30-million-greenfield investment in the time of economic downturn. This investor was quite satisfied that it faced almost no obstacles in acquiring building and administration permits. In addition to new jobs, this investment has also provided Serbian furniture makers with an opportunity to market their own products on markets where Kika is present. I would also like mention the banking sector, where six leading Austrian banks have invested over 700 million euros.

TRADE EXCHANGE

T

rade exchange between Serbia and Austria is constantly growing, with a rather unfavourable export structure. However, there is a tendency from Serbia to reduce its trade deficit with Austria. Due to the overall economic crisis, which unfortunately did not bypass Serbia and Austria, exports in 2009 were 207.7 million euros (a 33% drop compared to the year before), while imports amounted to 318.4 million euros (a 18% decline). This year started on a much better note, so Serbian exports in January amounted to 20 million euros, a 33% increase in comparison to the same period last year, while imports declined by 18% and stood at 19.3 million. In 2009, exports covered 65% of the entire imports, which is higher than the EU average. Serbia mostly exports chemical products, food, iron and steel products, while it imports mainly machinery and transport devices, chemical products, paper, wood products, and food.

Austrian Business Sector 13

INTERVIEW If we set aside mobile telephony and banks, what are other important Austrian investment projects in Serbia?

We expect good investment results in other sectors too, and I would like to mention several companies: Kronospan plans to invest a total of 300 million euros (the company produces wood panels and similar products) in the Lapovo industrial zone. The first production facility that Kronospan opened in Serbia in August 2009 is worth 80 million euros.

The Lapovo municipality is quite popular with Austrian investors due to high environmental standards. There is also the ASA Company that recycles waste, while the car parts manufacturer, Wacker Neuson also plans to invest. The industrial estate development compan Eyemaxx is building its first outlet centre in Serbia that will resemble Austrian Parndorf. The company plans to invest close to 35 million euros in a facility built on a 50-hectare plot of land located along the Belgrade – Novi Sad motorway that the company bought several years ago. The same company has begun building a logistics centre close to Niš airport, with the British investment fund Chayton Capital as the partner in this project. In November 2009, the Gebrüder Weiss Company, which is engaged in transport and logistics, became a majority holder of the Serbian Eurocargo company, with the aim of becoming the biggest freight forwarder in Serbia. By the end of 2011, the company plans to invest 100 million euros in the region and thus become one of the three most important transport companies in Southeastern Europe. In 2009, Austria invested a total of 234 million euros and, in a time of severe economic crisis, the country remained one of the leading foreign investors in Serbia (immediately after Russia). At the moment, the Austrian company PORR is participating in a very important project – constructing a bridge across the river Sava, worth 120 million euros. In addition, several Austrian companies have already announced new investments totaling over 700 million euros. The priority investment sectors are the automobile industry and electronics and IT, for which the state provides the biggest incentives and subsidies.

14 Austrian Business Sector

CORPORATE

POSITIVE BUSINESS TREND

I

nformation is the most important resource in a modern business environment. Its availability and effective use could be considered as essential elements for safely building a business.

“OeKB Financial Services doo” provides information about Serbian companies to a wide range of clients, including foreign credit insurers, export agencies, and factoring companies, as well as domestic and foreign companies with receivables of Serbian companies in default.

The company has been operating since 2007. Its majority owner “Oesterreichische Kontrollbank AG” (OeKB) holds 51% of the company’s equity, while “Export Credit and Insurance Agency of the Republic of Serbia” (AOFI) holds 49%.

Its main task is to collect credit and payment information on Serbian companies

according to the standards of professional private credit insurers within the OeKB Group, “OeKB Versicherung AG,” and “Prisma Kreditversicherung-AG,” but also with reference to professional know-how of the French-German global leader, “Euler Hermes Group.”

Information provided by “OeKB Finan-

Since September 2008, “OeKB Financial Services doo” is offering out-of-court debt collections services. With more than 70 cases received in 2009, the company assured positive results in spite of current crisis conditions.

Within the first three years of its existence “OeKB Financial Services doo” has succeeded in maintaining the positive trend of Net result. In 2009, Net result increased significantly.

“We have already created a data base of more than a thousand companies.

We expect to continue a positive business trend in 2010 and to expand our data base and network of clients and users of credit reports and debt collection services,” explained Mrs. Lidija Vasić, President of the Board of Directors of “OeKB Financial Services doo.”

With more than 70 cases received in 2009, the company assured positive results in spite of current crisis conditions

Bearing in mind the projects that Austrians announced in December 2009 and the interest they expressed for investing in sectors like machine building, reconstruction and construction of mini hydro-electric power plants, agricultural ecology, and utilization of renewable energy resources, has any of this materialized?

Currently, the most significant project that an Austrian company is participating in – in this case PORR - is the planned 120-million-euro construction of the bridge across the Sava River in Belgrade. The investments in the sectors that you have mentioned are in Serbia’s best interest and we are already conducting negotiations.

Serbia and Austria share the biggest bilateral development programme – i.e. harmonizing Serbian regulation with that of the EU - estimated to be worth around 5 million euros. What is the purpose of this programme, and can you tell us something about its development?

True, this is one of the biggest development programmes that is being im-

THE VISIT

O

n March 25, Serbian Economy Minister Mlađan Dinkić met with his Austrian counterpart. On the occasion, Minister Dinkić met with 50 leading Austrian companies, most of which plan to invest in Serbia.

plemented quite successfully. The main goal of the implementation of Austria’s general assistance strategy is to expedite the transformation process in Serbia, i.e. to make the country’s economy truly competitive and dynamic, with development based on knowledge and fulfilling the needs of different social structures.

Austria is particularly focused on sectors where it can provide its own technology and apply its vast experience, primarily through collaborating with local institutions. The agreement on development assistance concluded between the Republic of Serbia and the Republic of Austria was signed on February 6, 2009, following which Austria made donations to several institutions in Serbia with the aim of helping less-developed areas in South Serbia.

cial Services doo” goes under professional credit assessment, and results in credit decisions that can be directly used by credit insurance companies for coverage in insurance contracts in the form of so-called “credit limits.”

At the beginning of February this year, Austrian Foreign Minister Michael Spindelegger said in Belgrade that Austria was absolutely ready to support Serbia’s efforts on joining the EU. In which areas should Austria help us the most?

The main course that Austria has with respect to Serbia is based on priorities that are in both countries’ interest, like supporting our path towards the EU, economic cooperation, and the Danube River. Austria has been an EU member since 1995 and the country’s experiences in the accession process are certainly of great benefit to Serbia.

Austrian Business Sector 15

INTERVIEW If we set aside mobile telephony and banks, what are other important Austrian investment projects in Serbia?

We expect good investment results in other sectors too, and I would like to mention several companies: Kronospan plans to invest a total of 300 million euros (the company produces wood panels and similar products) in the Lapovo industrial zone. The first production facility that Kronospan opened in Serbia in August 2009 is worth 80 million euros.

The Lapovo municipality is quite popular with Austrian investors due to high environmental standards. There is also the ASA Company that recycles waste, while the car parts manufacturer, Wacker Neuson also plans to invest. The industrial estate development compan Eyemaxx is building its first outlet centre in Serbia that will resemble Austrian Parndorf. The company plans to invest close to 35 million euros in a facility built on a 50-hectare plot of land located along the Belgrade – Novi Sad motorway that the company bought several years ago. The same company has begun building a logistics centre close to Niš airport, with the British investment fund Chayton Capital as the partner in this project. In November 2009, the Gebrüder Weiss Company, which is engaged in transport and logistics, became a majority holder of the Serbian Eurocargo company, with the aim of becoming the biggest freight forwarder in Serbia. By the end of 2011, the company plans to invest 100 million euros in the region and thus become one of the three most important transport companies in Southeastern Europe. In 2009, Austria invested a total of 234 million euros and, in a time of severe economic crisis, the country remained one of the leading foreign investors in Serbia (immediately after Russia). At the moment, the Austrian company PORR is participating in a very important project – constructing a bridge across the river Sava, worth 120 million euros. In addition, several Austrian companies have already announced new investments totaling over 700 million euros. The priority investment sectors are the automobile industry and electronics and IT, for which the state provides the biggest incentives and subsidies.

14 Austrian Business Sector

CORPORATE

POSITIVE BUSINESS TREND

I

nformation is the most important resource in a modern business environment. Its availability and effective use could be considered as essential elements for safely building a business.

“OeKB Financial Services doo” provides information about Serbian companies to a wide range of clients, including foreign credit insurers, export agencies, and factoring companies, as well as domestic and foreign companies with receivables of Serbian companies in default.

The company has been operating since 2007. Its majority owner “Oesterreichische Kontrollbank AG” (OeKB) holds 51% of the company’s equity, while “Export Credit and Insurance Agency of the Republic of Serbia” (AOFI) holds 49%.

Its main task is to collect credit and payment information on Serbian companies

according to the standards of professional private credit insurers within the OeKB Group, “OeKB Versicherung AG,” and “Prisma Kreditversicherung-AG,” but also with reference to professional know-how of the French-German global leader, “Euler Hermes Group.”

Information provided by “OeKB Finan-

Since September 2008, “OeKB Financial Services doo” is offering out-of-court debt collections services. With more than 70 cases received in 2009, the company assured positive results in spite of current crisis conditions.

Within the first three years of its existence “OeKB Financial Services doo” has succeeded in maintaining the positive trend of Net result. In 2009, Net result increased significantly.

“We have already created a data base of more than a thousand companies.

We expect to continue a positive business trend in 2010 and to expand our data base and network of clients and users of credit reports and debt collection services,” explained Mrs. Lidija Vasić, President of the Board of Directors of “OeKB Financial Services doo.”

With more than 70 cases received in 2009, the company assured positive results in spite of current crisis conditions

Bearing in mind the projects that Austrians announced in December 2009 and the interest they expressed for investing in sectors like machine building, reconstruction and construction of mini hydro-electric power plants, agricultural ecology, and utilization of renewable energy resources, has any of this materialized?

Currently, the most significant project that an Austrian company is participating in – in this case PORR - is the planned 120-million-euro construction of the bridge across the Sava River in Belgrade. The investments in the sectors that you have mentioned are in Serbia’s best interest and we are already conducting negotiations.

Serbia and Austria share the biggest bilateral development programme – i.e. harmonizing Serbian regulation with that of the EU - estimated to be worth around 5 million euros. What is the purpose of this programme, and can you tell us something about its development?

True, this is one of the biggest development programmes that is being im-

THE VISIT

O

n March 25, Serbian Economy Minister Mlađan Dinkić met with his Austrian counterpart. On the occasion, Minister Dinkić met with 50 leading Austrian companies, most of which plan to invest in Serbia.

plemented quite successfully. The main goal of the implementation of Austria’s general assistance strategy is to expedite the transformation process in Serbia, i.e. to make the country’s economy truly competitive and dynamic, with development based on knowledge and fulfilling the needs of different social structures.

Austria is particularly focused on sectors where it can provide its own technology and apply its vast experience, primarily through collaborating with local institutions. The agreement on development assistance concluded between the Republic of Serbia and the Republic of Austria was signed on February 6, 2009, following which Austria made donations to several institutions in Serbia with the aim of helping less-developed areas in South Serbia.

cial Services doo” goes under professional credit assessment, and results in credit decisions that can be directly used by credit insurance companies for coverage in insurance contracts in the form of so-called “credit limits.”

At the beginning of February this year, Austrian Foreign Minister Michael Spindelegger said in Belgrade that Austria was absolutely ready to support Serbia’s efforts on joining the EU. In which areas should Austria help us the most?

The main course that Austria has with respect to Serbia is based on priorities that are in both countries’ interest, like supporting our path towards the EU, economic cooperation, and the Danube River. Austria has been an EU member since 1995 and the country’s experiences in the accession process are certainly of great benefit to Serbia.

Austrian Business Sector 15

INTERVIEW MIRA ERIĆ - JOVIĆ, VICE-GOVERNOR OF THE NATIONAL BANK OF SERBIA

AUSTRIAN BANKS NO.1 IN SERBIA “Although the current crisis was marked by overall caution when it came to global financial markets, as well as difficult access to solvency resources, parent banks have maintained the liquidity of their branches in Serbia.”

By Veljko JOVANOVIĆ

T

he arrival of the biggest Austrian banks was the first step in the opening of the Serbian banking sector. With almost a 20% share in this sector, Austrian banks take first place. The National Bank of Serbia’s Vice-Governor, Mira ErićJović, says that despite the crisis, for-

16 Austrian Business Sector

Mira Eric - Jovic, Vice – Governor of the National Bank of Serbia

When it comes to the origin of capital, Austrian banks took first place, with a 21% share at the end of 2009.

eign-owned banks in Serbia are operating without many problems.

Austrian banks were among the first to enter the Serbian market.

How many are operational here?

There are 34 banks in Serbia today, with 20 of them being owned by foreign banks. In nine banks, the state of Serbia is either a minor or major shareholder, while five banks are en-

tirely domestic. Foreign-owned banks have a 74% share in overall banking activities. When it comes to the origin of capital, Austrian banks took the first place with a 21% share at the end of 2009, following the Republic of Austria’s acquisition of Hypo Alpe Adria Bank International. Before that, this share stood at 15%. Italian banks take second place with 20.5%, while Greek banks follow with close to 16%. There are four Austrian banks currently operational in Serbia: Raiffeisen Bank, Hypo Alpe Adria Bank, Erste Bank, and Volksbank. Raiffeisen Bank and Hypo Alpe Adria Bank are among the banks with the highest market share, 9% and 6.4% respectively.

Raiffeisen Bank, for instance, was established as a domestic company with a majority foreign share. Is this the usual way for foreign, including Austrian banks, to do business in Serbia? Are there any legal obstacles to advancing their operations here?

According to the existing Law on Banks, only those banks that have been set up in line with this law are allowed to render banking services.

In other words, banks that are active in Serbia, regardless of the origin of their core capital, need to get an NBS permit first and subsequently register.

All banks in Serbia operate as separate legal entities with their own capital and are obligated to do business in accordance with Serbian regulations.

From the standpoint of safety and stability of banking operations, this operational model is the best kind of model since it enables banks to fulfill obligations towards their creditors, and this is something that the bank guarantees with its own capital that the founders cannot simply withdraw

National Bank of Serbia

Undoubtedly, the Vienna Agreement was significant in terms of maintaining macro-economic and financial stability in 2009 whenever they please. This model also reduces the possibility of negative effects of the operations carried out by their parent banks spilling over into the branches.

European banks underwent a tremendous crisis last year, which can be illustrated with the state of Austria taking over Hypo Alpe Adria Bank. To what extent did the crisis, felt by European banks, affect their branches in Serbia?

There was a period of a month and a half (October and half of November 2008) when 17% of all saving deposits were withdrawn from the banks.

This did shake up the sector and jeopardized hard-won stability and public trust in the banking sector. Due to the so-called anti-cyclical and restrictive policy exercised by the National Bank of Serbia during the expansion period,

RECOMMENDATION

T

he message I can give to banks that are still not operational in Serbia is to have a look at other banks in Serbia. They are stable, solvent, liquid, and profitable while the market is highly competitive and carries a significant regional potential, with market concentration being low.

the banking sector was highly liquid when the crisis struck, with a capital adequacy of over 20%. This meant that the sector was able to respond to the challenge and has successfully ‘passed this exam.’ Thanks to this, public trust in banks was not affected and only one year later people started to re-deposit the money they used to keep in safe deposit boxes and mattresses until that point. It’s worth mentioning that current savings exceed those before the aforementioned ‘shock’.

On the other hand, although the current crisis was marked by overall caution when it came to global financial markets, and difficult access to solvency resources, parent banks have maintained the liquidity of their branches in Serbia. They also provided the much-needed financial support, thus maintaining their profit in Serbia.

Also, following the initiative and support rendered by the IMF and international financial institutions in 2009, the so-called Vienna Agreement was concluded, following which the parent banks of the biggest banks in Serbia undertook to maintain their exposure in Serbia at the December 2008 Austrian Business Sector 17

INTERVIEW MIRA ERIĆ - JOVIĆ, VICE-GOVERNOR OF THE NATIONAL BANK OF SERBIA

AUSTRIAN BANKS NO.1 IN SERBIA “Although the current crisis was marked by overall caution when it came to global financial markets, as well as difficult access to solvency resources, parent banks have maintained the liquidity of their branches in Serbia.”

By Veljko JOVANOVIĆ

T

he arrival of the biggest Austrian banks was the first step in the opening of the Serbian banking sector. With almost a 20% share in this sector, Austrian banks take first place. The National Bank of Serbia’s Vice-Governor, Mira ErićJović, says that despite the crisis, for-

16 Austrian Business Sector

Mira Eric - Jovic, Vice – Governor of the National Bank of Serbia

When it comes to the origin of capital, Austrian banks took first place, with a 21% share at the end of 2009.

eign-owned banks in Serbia are operating without many problems.

Austrian banks were among the first to enter the Serbian market.

How many are operational here?

There are 34 banks in Serbia today, with 20 of them being owned by foreign banks. In nine banks, the state of Serbia is either a minor or major shareholder, while five banks are en-

tirely domestic. Foreign-owned banks have a 74% share in overall banking activities. When it comes to the origin of capital, Austrian banks took the first place with a 21% share at the end of 2009, following the Republic of Austria’s acquisition of Hypo Alpe Adria Bank International. Before that, this share stood at 15%. Italian banks take second place with 20.5%, while Greek banks follow with close to 16%. There are four Austrian banks currently operational in Serbia: Raiffeisen Bank, Hypo Alpe Adria Bank, Erste Bank, and Volksbank. Raiffeisen Bank and Hypo Alpe Adria Bank are among the banks with the highest market share, 9% and 6.4% respectively.

Raiffeisen Bank, for instance, was established as a domestic company with a majority foreign share. Is this the usual way for foreign, including Austrian banks, to do business in Serbia? Are there any legal obstacles to advancing their operations here?

According to the existing Law on Banks, only those banks that have been set up in line with this law are allowed to render banking services.

In other words, banks that are active in Serbia, regardless of the origin of their core capital, need to get an NBS permit first and subsequently register.

All banks in Serbia operate as separate legal entities with their own capital and are obligated to do business in accordance with Serbian regulations.

From the standpoint of safety and stability of banking operations, this operational model is the best kind of model since it enables banks to fulfill obligations towards their creditors, and this is something that the bank guarantees with its own capital that the founders cannot simply withdraw

National Bank of Serbia

Undoubtedly, the Vienna Agreement was significant in terms of maintaining macro-economic and financial stability in 2009 whenever they please. This model also reduces the possibility of negative effects of the operations carried out by their parent banks spilling over into the branches.

European banks underwent a tremendous crisis last year, which can be illustrated with the state of Austria taking over Hypo Alpe Adria Bank. To what extent did the crisis, felt by European banks, affect their branches in Serbia?

There was a period of a month and a half (October and half of November 2008) when 17% of all saving deposits were withdrawn from the banks.

This did shake up the sector and jeopardized hard-won stability and public trust in the banking sector. Due to the so-called anti-cyclical and restrictive policy exercised by the National Bank of Serbia during the expansion period,

RECOMMENDATION

T

he message I can give to banks that are still not operational in Serbia is to have a look at other banks in Serbia. They are stable, solvent, liquid, and profitable while the market is highly competitive and carries a significant regional potential, with market concentration being low.

the banking sector was highly liquid when the crisis struck, with a capital adequacy of over 20%. This meant that the sector was able to respond to the challenge and has successfully ‘passed this exam.’ Thanks to this, public trust in banks was not affected and only one year later people started to re-deposit the money they used to keep in safe deposit boxes and mattresses until that point. It’s worth mentioning that current savings exceed those before the aforementioned ‘shock’.

On the other hand, although the current crisis was marked by overall caution when it came to global financial markets, and difficult access to solvency resources, parent banks have maintained the liquidity of their branches in Serbia. They also provided the much-needed financial support, thus maintaining their profit in Serbia.

Also, following the initiative and support rendered by the IMF and international financial institutions in 2009, the so-called Vienna Agreement was concluded, following which the parent banks of the biggest banks in Serbia undertook to maintain their exposure in Serbia at the December 2008 Austrian Business Sector 17

CORPORATE

INTERVIEW FRANZ WEILER, UNIQA INSURANCE EXECUTIVE BOARD MEMBER level all throughout 2010. They also pledged to maintain capital solvency and adequacy above the required level. In addition, the banks are willing to consider preventive recapitalization providing that the results of the stress tests, carried out by the NBS in order to ascertain the banks’ capital adequacy in the worst-case scenario, are not satisfactory. Undoubtedly, this Agreement was significant in terms of maintaining macro-economic and financial stability in 2009. A year later, and bearing in mind that macro-economic indicators have improved and financial stability has been preserved, stress tests have shown that even in the worst-case scenario there is no need for banks to undergo preventive recapitalization. The overall exposure of banks was not only maintained at the agreed level, but it even went up slightly. It was ascertained that it would be useful to make the agreed exposure level in Serbia a bit more flexible, which in turn would help banks with a gradual reduction of the exposure by maximum 20%, just like at the beginning of March 2010.

Globally speaking, existing strategies are being reviewed and new strategies prepared. Also, banks are getting ready for restructuring and cutting back on both costs and existing networks, which in some cases includes changing the banks’ ownership structure. This in turn can affect banks in Serbia, depending on which bank are we talking about. All of these processes are an anticipated result of the crisis, and they should not cause any alarm. Let me remind you that if a bank wants to change ownership structure in Serbia, it has to obtain permission from the NBS. Such changes would in no shape or form affect existing bank clients.

Depositors will be able to dispose of their savings as before the ownership change, and debtors will have to continue fulfilling their finan18 Austrian Business Sector

Regardless of the media’s reporting about this nationalization even before it actually took place and the constant questioning of the state of Hypo Alpe Adria Bank in Serbia, the bank’s business was not affected much. This is a highly solvent bank, with capital adequacy indicators exceeding 26%, 3.5 times higher than the internationally required minimum of 8%, and twice as high as the required minimum in Serbia (12%). The bank’s solvency indicator is above 1.6, again higher than the required 1, which makes it possible for the bank to fulfill all of its obligations towards creditors.

There are four Austrian banks currently operational in Serbia: Raiffeisen Bank, Hypo Alpe Adria Bank, Erste Bank and Volksbank cial obligations. Bear in mind what I mentioned earlier – all banks in Serbia operate as separate legal entities with their own capital which cannot be withdrawn as long as the legal entity is operational. It can only be sold to another entity that, following acquisition, undertakes all of the obligations of previous owner.

One of the examples of this change in ownership structure is certainly Hypo Alpe Adria Bank and the activities on the bank’s recapitalization which we are monitoring very carefully. We are also constantly keeping in touch with the relevant institutions in Austria. The fact that the Republic of Austria has become the owner of this group just validates the significance the bank has in Austria and the state’s readiness to jump in and support the bank on a whole. This will also contribute to further stability and development of its daughter banks, including the one in Serbia.

Could you describe the partnership between the state, the NBS, and Austrian banks? Also, could you explain to us how you coordinate activities in cases like writing off penalties for early repayment of loans and similar?

The moment we noticed that the crisis was spilling over into Serbia, the NBS, following on its anti-cyclical policy, began to cautiously relax relevant regulation, which the bank is still doing to this day. Also, in November 2008 we gave recommendations and reached an agreement with all banks pertaining to helping bank clients to overcome temporary difficulties in repaying their loans, i.e. reducing or eliminating altogether exposure to foreign currency risks. The NBS and banks in Serbia have agreed to offer bank clients additional repayment options like changing to loans indexed in euros to dinars, as well as those in Swiss francs to euros, waving penalties for early repayment of loans and extending the repayment period for up to a year for credit-worthy debtors.

This agreement was initiated by the NBS and was accompanied by certain alterations of regulation. The agreement reached with every single bank in Serbia, including Austrian ones, has without a doubt yielded positive results.

HIGH SECURITY STANDARDS

In 2009 for the second year in a row, UNIQA was declared the company with the most efficient claims settlement, according to the NBS’s official report

By Ana STOJANOVIC Photo Slobodan JOTIC

S

ince 2004, the insurance industry in Serbia has experienced impressive positive development. Although important steps for development have been taken, there is still much to be done. For example, the insurance market regarding motor cars is still organized in a very questionable way. The processes about motor car registration in connection with MTPL insurance are so inefficiently organized for the consumer. The insurance business could arrange a transparent and efficient management system jointly with the authorities within the shortest period of time that would benefit all participants. By means of joint activities with other insurance companies initiated by UNIQA, activities of the insurance association have become more intensive.

There is, for example, a joint initiative about the development of life insurance, which, being a capital forming product, could first play an important role in overall financial services, and has a significant development potential in Serbia. Second,

it might be also used for national financing of projects and the state budget, said Franz Weiler, UNIQA insurance Executive board member for our Special.

In which direction should the insurance sector in Serbia develop, bearing in mind the economic downturn in the country?

Due to the nature of the business itself,

the contrary, insurances are strictly supervised. The investment of a client’s assets is one of the most secure in the world, and with a long-term invested tendency with high security standards. Our clients have confidence in the insurance business. The strength of the insurance industry shall be visible, especially in crisis periods!

What will be your target group in the future?

From the very beginning, UNIQA has always followed a long-term strategy in Serbia.

We offer our customers the security of an international enterprise with experience on many markets.

For years UNIQA has been awarded for being the most trusted name. In addition, recently Standard and Poor’s “A” rating was reconfirmed for the group. Consequently, here in Serbia we will continue to focus on organic growth and stability. We are one of the most innovative companies on the market. For three years we have been one of the fastest-growing companies on the market. In 2009, after only three years of business operations, we recorded a profit, and since 2007 UNIQA has opened approximately 400 working places in Serbia. In 2009 for the second year in a row, UNIQA was declared the company with the most efficient claims settlement, according to the NBS’s official report. To summarize, our future strategy is not one element. It is more a co-action of all measures on the basis of clear strategic focusing and a clear orientation to the clients’ requirements that shall guide our future activities.

Due to the nature of the business itself, insurance companies always have a long-term invested strategy insurance companies always have a longterm invested strategy. Life insurance contracts run up to 20 or 30 years, so paying attention to short-term advantages is not permissible, but stability and safety play the main role here. Our job is not intended for players on financial markets. We are committed to our clients who rely on our products when planning their life financially. In this respect, only those companies who had rejected their core business had problems during the crisis, as for example, some companies in the USA. In Europe, on

THE SERBIAN INSURANCE MARKET

T

he Serbian market is on a similar development level as we had it in Austria 20 to 30 years ago. However I expect quicker development in Serbia. For example, more than 70 active companies are present in Austria at the moment. In Germany or France, the markets are also densely populated. So you will see that there is no problem when many companies move on the market. For a healthy and functioning market, it is a good sign when dominant companies do not establish quasi-monopolies. It is important that all participants on the market have to comply with the same conditions. In that sense there is something left to be done in Serbia, because the companies structured by the state are still privileged in official tenders. This is something that the state or undertakings close to the state should not allow themselves.

Austrian Business Sector 19

CORPORATE

INTERVIEW FRANZ WEILER, UNIQA INSURANCE EXECUTIVE BOARD MEMBER level all throughout 2010. They also pledged to maintain capital solvency and adequacy above the required level. In addition, the banks are willing to consider preventive recapitalization providing that the results of the stress tests, carried out by the NBS in order to ascertain the banks’ capital adequacy in the worst-case scenario, are not satisfactory. Undoubtedly, this Agreement was significant in terms of maintaining macro-economic and financial stability in 2009. A year later, and bearing in mind that macro-economic indicators have improved and financial stability has been preserved, stress tests have shown that even in the worst-case scenario there is no need for banks to undergo preventive recapitalization. The overall exposure of banks was not only maintained at the agreed level, but it even went up slightly. It was ascertained that it would be useful to make the agreed exposure level in Serbia a bit more flexible, which in turn would help banks with a gradual reduction of the exposure by maximum 20%, just like at the beginning of March 2010.

Globally speaking, existing strategies are being reviewed and new strategies prepared. Also, banks are getting ready for restructuring and cutting back on both costs and existing networks, which in some cases includes changing the banks’ ownership structure. This in turn can affect banks in Serbia, depending on which bank are we talking about. All of these processes are an anticipated result of the crisis, and they should not cause any alarm. Let me remind you that if a bank wants to change ownership structure in Serbia, it has to obtain permission from the NBS. Such changes would in no shape or form affect existing bank clients.

Depositors will be able to dispose of their savings as before the ownership change, and debtors will have to continue fulfilling their finan18 Austrian Business Sector

Regardless of the media’s reporting about this nationalization even before it actually took place and the constant questioning of the state of Hypo Alpe Adria Bank in Serbia, the bank’s business was not affected much. This is a highly solvent bank, with capital adequacy indicators exceeding 26%, 3.5 times higher than the internationally required minimum of 8%, and twice as high as the required minimum in Serbia (12%). The bank’s solvency indicator is above 1.6, again higher than the required 1, which makes it possible for the bank to fulfill all of its obligations towards creditors.

There are four Austrian banks currently operational in Serbia: Raiffeisen Bank, Hypo Alpe Adria Bank, Erste Bank and Volksbank cial obligations. Bear in mind what I mentioned earlier – all banks in Serbia operate as separate legal entities with their own capital which cannot be withdrawn as long as the legal entity is operational. It can only be sold to another entity that, following acquisition, undertakes all of the obligations of previous owner.

One of the examples of this change in ownership structure is certainly Hypo Alpe Adria Bank and the activities on the bank’s recapitalization which we are monitoring very carefully. We are also constantly keeping in touch with the relevant institutions in Austria. The fact that the Republic of Austria has become the owner of this group just validates the significance the bank has in Austria and the state’s readiness to jump in and support the bank on a whole. This will also contribute to further stability and development of its daughter banks, including the one in Serbia.

Could you describe the partnership between the state, the NBS, and Austrian banks? Also, could you explain to us how you coordinate activities in cases like writing off penalties for early repayment of loans and similar?

The moment we noticed that the crisis was spilling over into Serbia, the NBS, following on its anti-cyclical policy, began to cautiously relax relevant regulation, which the bank is still doing to this day. Also, in November 2008 we gave recommendations and reached an agreement with all banks pertaining to helping bank clients to overcome temporary difficulties in repaying their loans, i.e. reducing or eliminating altogether exposure to foreign currency risks. The NBS and banks in Serbia have agreed to offer bank clients additional repayment options like changing to loans indexed in euros to dinars, as well as those in Swiss francs to euros, waving penalties for early repayment of loans and extending the repayment period for up to a year for credit-worthy debtors.

This agreement was initiated by the NBS and was accompanied by certain alterations of regulation. The agreement reached with every single bank in Serbia, including Austrian ones, has without a doubt yielded positive results.

HIGH SECURITY STANDARDS

In 2009 for the second year in a row, UNIQA was declared the company with the most efficient claims settlement, according to the NBS’s official report

By Ana STOJANOVIC Photo Slobodan JOTIC

S

ince 2004, the insurance industry in Serbia has experienced impressive positive development. Although important steps for development have been taken, there is still much to be done. For example, the insurance market regarding motor cars is still organized in a very questionable way. The processes about motor car registration in connection with MTPL insurance are so inefficiently organized for the consumer. The insurance business could arrange a transparent and efficient management system jointly with the authorities within the shortest period of time that would benefit all participants. By means of joint activities with other insurance companies initiated by UNIQA, activities of the insurance association have become more intensive.

There is, for example, a joint initiative about the development of life insurance, which, being a capital forming product, could first play an important role in overall financial services, and has a significant development potential in Serbia. Second,

it might be also used for national financing of projects and the state budget, said Franz Weiler, UNIQA insurance Executive board member for our Special.

In which direction should the insurance sector in Serbia develop, bearing in mind the economic downturn in the country?

Due to the nature of the business itself,

the contrary, insurances are strictly supervised. The investment of a client’s assets is one of the most secure in the world, and with a long-term invested tendency with high security standards. Our clients have confidence in the insurance business. The strength of the insurance industry shall be visible, especially in crisis periods!

What will be your target group in the future?

From the very beginning, UNIQA has always followed a long-term strategy in Serbia.

We offer our customers the security of an international enterprise with experience on many markets.

For years UNIQA has been awarded for being the most trusted name. In addition, recently Standard and Poor’s “A” rating was reconfirmed for the group. Consequently, here in Serbia we will continue to focus on organic growth and stability. We are one of the most innovative companies on the market. For three years we have been one of the fastest-growing companies on the market. In 2009, after only three years of business operations, we recorded a profit, and since 2007 UNIQA has opened approximately 400 working places in Serbia. In 2009 for the second year in a row, UNIQA was declared the company with the most efficient claims settlement, according to the NBS’s official report. To summarize, our future strategy is not one element. It is more a co-action of all measures on the basis of clear strategic focusing and a clear orientation to the clients’ requirements that shall guide our future activities.

Due to the nature of the business itself, insurance companies always have a long-term invested strategy insurance companies always have a longterm invested strategy. Life insurance contracts run up to 20 or 30 years, so paying attention to short-term advantages is not permissible, but stability and safety play the main role here. Our job is not intended for players on financial markets. We are committed to our clients who rely on our products when planning their life financially. In this respect, only those companies who had rejected their core business had problems during the crisis, as for example, some companies in the USA. In Europe, on

THE SERBIAN INSURANCE MARKET

T

he Serbian market is on a similar development level as we had it in Austria 20 to 30 years ago. However I expect quicker development in Serbia. For example, more than 70 active companies are present in Austria at the moment. In Germany or France, the markets are also densely populated. So you will see that there is no problem when many companies move on the market. For a healthy and functioning market, it is a good sign when dominant companies do not establish quasi-monopolies. It is important that all participants on the market have to comply with the same conditions. In that sense there is something left to be done in Serbia, because the companies structured by the state are still privileged in official tenders. This is something that the state or undertakings close to the state should not allow themselves.

Austrian Business Sector 19

INTERVIEW OLIVER ROEGL, CHAIRMAN OF THE MANAGING BOARD, RAIFFEISEN BANKA

SUCCESSFUL GREENFIELD STORY The banking sector entered the crisis very well prepared, mainly because of the very restrictive monetary policies over the last years, which limited credit growth and led to high capital levels and strong liquidity

By Ana STOJANOVIĆ Banks are among the biggest Austrian investors in Serbia, including Raiffeisen Bank. How efficient have the bank’s investments been so far?

We are very satisfied with the development of our operations in Serbia so far, Raiffeisen Banka can serve as a very good example of the successful development of a greenfield organization in every respect.

As the first bank with foreign ownership on the Serbian market, we received very positive signals both from the Central Bank and the government nine years ago when we started operating in this country.

Nowadays, I can say that these pos-

20 Austrian Business Sector

itive signals were used in the best possible way and that our conviction that the best results would be achieved by organic growth and not by acquisitions proved to be correct.

Over the last 9 years we have developed into a universal bank with a strong market position in all our target market segments: corporate banking, retail banking, treasury and investment banking, and leasing.

We are present all over Serbia with an extensive branch network in all major towns, but more important, we are one of the leading banks on the market, in respect of the balance sheet, total assets, and deposits, capital base, and net profit. Still, up to 2008 and the global financial crisis, our infrastructure has been built

for a much stronger growth rate of the market, which is not the case now and which is not likely to return in the mid-term. Therefore, we need to adjust our cost structure to the limited income potential during the next 2-3 years in order to make the bank even more efficient.

There has been a lot of talk lately about Serbian companies having difficulties obtaining corporate loans due to their over-indebtedness and insufficient guarantees? What is your experience?

How do you see the development of loans in Serbia?

Companies with an experienced and forward-looking management, sound financial standing, and adequate products and markets have not had any difficulties to obtain

THE REGULATION GUILLOTINE

T

his is important not only for banks but for all companies both existing as well as potential investors. It would imply a more efficient government administration and judiciary system, which would definitely decrease operating costs and push Serbia as a more attractive destination for foreign investments. A good example would be that it is quintessential for every bank to know that they can swiftly obtain the collateral for a particular loan if it becomes necessary. This requires an efficient judiciary system as I mentioned. I am confident that the government will have the perseverance to complete this process.

Even today we are witnesses to numerous debates in the most developed economies whether or not bailouts in the past eighteen months were justified or not loans before or during the crisis, and will not face any difficulties in this respect in the periods to come. These companies are usually modestly leveraged i.e. their level of debt is within very acceptable limits; they do not grow beyond their capacities, and hence can adjust to the crisis swiftly. We are proud that such entities constitute the main portion of our customer base, and we are of course continuing to finance them both with short and long term loans.

However, there are also many companies which entered the crisis heavily indebted, and they had or will have to review their approach. Over the last 3-4 years, many of them expanded their operations away from their core business into areas not at all related to their primary field, or expanded in their core business way too quickly. Such expansions were mainly financed by bank loans. Very often such acquisitions had a speculative character, e.g. purchases of assets (e.g. plots of land or sometimes entire companies) with the expectation to sell them at a profit shortly thereafter. These companies would most likely have faced problems even without a crisis, but the deep current crisis amplified their problems as their debt level cannot be upheld at the existing levels. Many such businesses now need to deleverage strongly and start selling non-core assets, even at depressed prices, in order to save their core businesses.

A significant number of them may not survive the current crisis, in particular if the recovery of the economy remains slow. However, even these companies are still in a position to raise new bank loans, as many banks which entered the market late and therefore are eager to expand their market share at almost any price continue to target even such high risk companies.

This approach of putting quantitative targets ahead of qualitative targets in parts of the banking sector has started a few years ago, and has continued also during the crisis. These differences in risk policies will sooner or later be reflected in the write-offs and provisions in the banking sector. More conservative banks such as Raiffeisen Banka, which focus on prime customers at lower margins, will have lower risk costs, while more aggressive banks with higher margins focusing on higher risk companies will be faced with higher risk

PORR – A STRONG AND RELIABLE PARTNER

One of Austria’s largest and longest established construction companies, the PORR Group has been involved in realising numerous construction projects in many countries across eastern and south-eastern Europe. PORR is a flexible full service provider in the infrastructure sector and offers a full range of services covering every aspect of project development, building construction and civil engineering right through to road and tunnel construction. The seamless value chain enables the PORR Group to apply its comprehensive expertise to realising the most complex of projects.

The PORR Group is proud to be part of Europe’s largest ongoing bridge construction project, carrying out commercial and technical management in Serbia’s capital city as head of the consortium. The bridge over the Sava will link Old and New Belgrade, with a length of almost a kilometre and central pylons towering to heights of 200m. The structure is held together by a unique steelcable construction and will have lanes for bicycles and pedestrians, three lanes for vehicles and one tramline in each direction. The Sava Bridge will have a key impact on relieving congestion, as well as making Belgrade even more attractive as a business hub. It is also likely to be one of Serbia’s most imposing structures.

In addition to this, the PORR Group offers comprehensive expertise in the fields of environmental engineering and remediation.

Our extensive experience and top know-how in this field has already been applied in regions across Serbia. Solid waste landfills and recycling centres such as those in Jagodina or Leskovac do not only create a high number of new jobs, they are also a key contributor to raising environmental standards, thereby ensuring the ongoing economic growth and ecological progress of the country.

Allgemeine Baugesellschaft - A. PORR Aktiengesellschaft has been working successfully for 140 years and is known as a strong and reliable partner to its clients.

PORR GRUPA SRBIJA & CRNA GORA Milutina Milankovića 11a, Belgrade, Serbia | Tel. + 381 11 3642-200 | FaxAustrian + 381 11 3642-201 Business Sector| 21 | www.porr.at | www.porr.rs | www.porr-montenegro.me |

INTERVIEW OLIVER ROEGL, CHAIRMAN OF THE MANAGING BOARD, RAIFFEISEN BANKA

SUCCESSFUL GREENFIELD STORY The banking sector entered the crisis very well prepared, mainly because of the very restrictive monetary policies over the last years, which limited credit growth and led to high capital levels and strong liquidity

By Ana STOJANOVIĆ Banks are among the biggest Austrian investors in Serbia, including Raiffeisen Bank. How efficient have the bank’s investments been so far?

We are very satisfied with the development of our operations in Serbia so far, Raiffeisen Banka can serve as a very good example of the successful development of a greenfield organization in every respect.

As the first bank with foreign ownership on the Serbian market, we received very positive signals both from the Central Bank and the government nine years ago when we started operating in this country.

Nowadays, I can say that these pos-

20 Austrian Business Sector

itive signals were used in the best possible way and that our conviction that the best results would be achieved by organic growth and not by acquisitions proved to be correct.

Over the last 9 years we have developed into a universal bank with a strong market position in all our target market segments: corporate banking, retail banking, treasury and investment banking, and leasing.

We are present all over Serbia with an extensive branch network in all major towns, but more important, we are one of the leading banks on the market, in respect of the balance sheet, total assets, and deposits, capital base, and net profit. Still, up to 2008 and the global financial crisis, our infrastructure has been built

for a much stronger growth rate of the market, which is not the case now and which is not likely to return in the mid-term. Therefore, we need to adjust our cost structure to the limited income potential during the next 2-3 years in order to make the bank even more efficient.

There has been a lot of talk lately about Serbian companies having difficulties obtaining corporate loans due to their over-indebtedness and insufficient guarantees? What is your experience?

How do you see the development of loans in Serbia?

Companies with an experienced and forward-looking management, sound financial standing, and adequate products and markets have not had any difficulties to obtain

THE REGULATION GUILLOTINE

T

his is important not only for banks but for all companies both existing as well as potential investors. It would imply a more efficient government administration and judiciary system, which would definitely decrease operating costs and push Serbia as a more attractive destination for foreign investments. A good example would be that it is quintessential for every bank to know that they can swiftly obtain the collateral for a particular loan if it becomes necessary. This requires an efficient judiciary system as I mentioned. I am confident that the government will have the perseverance to complete this process.

Even today we are witnesses to numerous debates in the most developed economies whether or not bailouts in the past eighteen months were justified or not loans before or during the crisis, and will not face any difficulties in this respect in the periods to come. These companies are usually modestly leveraged i.e. their level of debt is within very acceptable limits; they do not grow beyond their capacities, and hence can adjust to the crisis swiftly. We are proud that such entities constitute the main portion of our customer base, and we are of course continuing to finance them both with short and long term loans.

However, there are also many companies which entered the crisis heavily indebted, and they had or will have to review their approach. Over the last 3-4 years, many of them expanded their operations away from their core business into areas not at all related to their primary field, or expanded in their core business way too quickly. Such expansions were mainly financed by bank loans. Very often such acquisitions had a speculative character, e.g. purchases of assets (e.g. plots of land or sometimes entire companies) with the expectation to sell them at a profit shortly thereafter. These companies would most likely have faced problems even without a crisis, but the deep current crisis amplified their problems as their debt level cannot be upheld at the existing levels. Many such businesses now need to deleverage strongly and start selling non-core assets, even at depressed prices, in order to save their core businesses.

A significant number of them may not survive the current crisis, in particular if the recovery of the economy remains slow. However, even these companies are still in a position to raise new bank loans, as many banks which entered the market late and therefore are eager to expand their market share at almost any price continue to target even such high risk companies.

This approach of putting quantitative targets ahead of qualitative targets in parts of the banking sector has started a few years ago, and has continued also during the crisis. These differences in risk policies will sooner or later be reflected in the write-offs and provisions in the banking sector. More conservative banks such as Raiffeisen Banka, which focus on prime customers at lower margins, will have lower risk costs, while more aggressive banks with higher margins focusing on higher risk companies will be faced with higher risk

PORR – A STRONG AND RELIABLE PARTNER

One of Austria’s largest and longest established construction companies, the PORR Group has been involved in realising numerous construction projects in many countries across eastern and south-eastern Europe. PORR is a flexible full service provider in the infrastructure sector and offers a full range of services covering every aspect of project development, building construction and civil engineering right through to road and tunnel construction. The seamless value chain enables the PORR Group to apply its comprehensive expertise to realising the most complex of projects.

The PORR Group is proud to be part of Europe’s largest ongoing bridge construction project, carrying out commercial and technical management in Serbia’s capital city as head of the consortium. The bridge over the Sava will link Old and New Belgrade, with a length of almost a kilometre and central pylons towering to heights of 200m. The structure is held together by a unique steelcable construction and will have lanes for bicycles and pedestrians, three lanes for vehicles and one tramline in each direction. The Sava Bridge will have a key impact on relieving congestion, as well as making Belgrade even more attractive as a business hub. It is also likely to be one of Serbia’s most imposing structures.

In addition to this, the PORR Group offers comprehensive expertise in the fields of environmental engineering and remediation.

Our extensive experience and top know-how in this field has already been applied in regions across Serbia. Solid waste landfills and recycling centres such as those in Jagodina or Leskovac do not only create a high number of new jobs, they are also a key contributor to raising environmental standards, thereby ensuring the ongoing economic growth and ecological progress of the country.

Allgemeine Baugesellschaft - A. PORR Aktiengesellschaft has been working successfully for 140 years and is known as a strong and reliable partner to its clients.

PORR GRUPA SRBIJA & CRNA GORA Milutina Milankovića 11a, Belgrade, Serbia | Tel. + 381 11 3642-200 | FaxAustrian + 381 11 3642-201 Business Sector| 21 | www.porr.at | www.porr.rs | www.porr-montenegro.me |

INTERVIEW

More conservative banks such as Raiffeisen Banka, which focus on prime customers at lower margins, will have lower risk costs, while more aggressive banks with higher margins focusing on higher risk companies will be faced with higher risk costs. costs. These are different strategies, and both concepts have their justification. Still, the longer the crisis continues and the slower the recovery is, the bigger the differences will become in the quality of credit portfolios and levels of non-performing loans. Even though our non-performing loans have been declining over the last six months and will decline further, I expect a further increase of non-performing loans in the overall banking sector, due to the aggressive risk-taking of quite a few banks over the last 3-4 years, which is yet to be reflected in the development of their portfolios.

If the state were to decide to back up Serbian companies, would that increase the number of loans 22 Austrian Business Sector

granted to these companies?

Such state guarantees would for sure increase the possibilities for financing, because the state is a very acceptable credit risk for any bank.

Still, taking into account the current state of the budget and the strong efforts to be taken to keep the budget deficit within acceptable limits, and the limits agreed with the IMF, such guarantees are not very likely, as they would substantially burden the already stretched budget.

If at all, they could only be offered for certain areas of strategic importance - e.g. for export oriented businesses, the energy sector or similar, and in very limited amounts. If the income side of the budget were to visibly increase, only then could we perceive this measure as some-

thing that could effectively change the volume of loans extended to Serbian companies.

Furthermore, the question is whether such guarantees are socially and economically justified. They would basically mean that troubled companies are bailed out by the state.

This in a way defies the basic principles of a free market economy, where competition and competence are the only arbiters of who survives and who perishes, whereas profits went to the shareholders during the fat years, losses would now be absorbed by the budget, i.e. by every single taxpayer. Therefore, even much richer economies which could afford such bail-outs with greater ease than Serbia treat such guarantees very restrictively, or do not offer them at all. Even today we are witnesses to numerous debates in the most developed economies whether or not bailouts in the past eighteen months were justified or not.

the banking sector, where the transition was very successful.

Because of the very high capital adequacy levels of the banking sector, even the increased provisions and write-offs which are to be expected for some banks, as mentioned before, will not impact this stability, but will strongly affect the profitability of these banks in the years to come.

The regulation guillotine has been often talked about recently. Have you reaped any benefits from it and what else needs to be done in order for banks to develop even more?

The regulation guillotine is something that was much discussed in the previous months and is quite welcome and eagerly anticipated. The Ministry of Economy led

by Minster Dinkić is spearheading these initiatives, which I hope will be implemented in the near future. It is not something that will be easy, as if I am not mistaken, hundreds of regulations are in the scope. A very positive aspect of this initiative is that the actual actors on the market in all segments were consulted as to what they perceived were the major obstacles they were facing in their everyday business.

In short, what is your view of the Serbian banking sector and the way it has been operating during the economic crisis?

The banking sector entered the crisis very well prepared, mainly because of the very restrictive monetary policies over the last years which limited credit growth, led to high capital levels, and strong liquidity. Therefore, the banking sector overall is one of the healthiest in the region, and will for sure not be a source of uncertainty as was the case in other countries. This was solidified by the stress tests conducted by the central bank, which commercial banks passed with flying colors.

Even though the Serbian economy has not made full advantage in the transition time lag compared to other Eastern European economies, this was definitely not the case with Austrian Business Sector 23

INTERVIEW

More conservative banks such as Raiffeisen Banka, which focus on prime customers at lower margins, will have lower risk costs, while more aggressive banks with higher margins focusing on higher risk companies will be faced with higher risk costs. costs. These are different strategies, and both concepts have their justification. Still, the longer the crisis continues and the slower the recovery is, the bigger the differences will become in the quality of credit portfolios and levels of non-performing loans. Even though our non-performing loans have been declining over the last six months and will decline further, I expect a further increase of non-performing loans in the overall banking sector, due to the aggressive risk-taking of quite a few banks over the last 3-4 years, which is yet to be reflected in the development of their portfolios.

If the state were to decide to back up Serbian companies, would that increase the number of loans 22 Austrian Business Sector

granted to these companies?

Such state guarantees would for sure increase the possibilities for financing, because the state is a very acceptable credit risk for any bank.

Still, taking into account the current state of the budget and the strong efforts to be taken to keep the budget deficit within acceptable limits, and the limits agreed with the IMF, such guarantees are not very likely, as they would substantially burden the already stretched budget.

If at all, they could only be offered for certain areas of strategic importance - e.g. for export oriented businesses, the energy sector or similar, and in very limited amounts. If the income side of the budget were to visibly increase, only then could we perceive this measure as some-

thing that could effectively change the volume of loans extended to Serbian companies.

Furthermore, the question is whether such guarantees are socially and economically justified. They would basically mean that troubled companies are bailed out by the state.

This in a way defies the basic principles of a free market economy, where competition and competence are the only arbiters of who survives and who perishes, whereas profits went to the shareholders during the fat years, losses would now be absorbed by the budget, i.e. by every single taxpayer. Therefore, even much richer economies which could afford such bail-outs with greater ease than Serbia treat such guarantees very restrictively, or do not offer them at all. Even today we are witnesses to numerous debates in the most developed economies whether or not bailouts in the past eighteen months were justified or not.

the banking sector, where the transition was very successful.

Because of the very high capital adequacy levels of the banking sector, even the increased provisions and write-offs which are to be expected for some banks, as mentioned before, will not impact this stability, but will strongly affect the profitability of these banks in the years to come.

The regulation guillotine has been often talked about recently. Have you reaped any benefits from it and what else needs to be done in order for banks to develop even more?

The regulation guillotine is something that was much discussed in the previous months and is quite welcome and eagerly anticipated. The Ministry of Economy led

by Minster Dinkić is spearheading these initiatives, which I hope will be implemented in the near future. It is not something that will be easy, as if I am not mistaken, hundreds of regulations are in the scope. A very positive aspect of this initiative is that the actual actors on the market in all segments were consulted as to what they perceived were the major obstacles they were facing in their everyday business.

In short, what is your view of the Serbian banking sector and the way it has been operating during the economic crisis?

The banking sector entered the crisis very well prepared, mainly because of the very restrictive monetary policies over the last years which limited credit growth, led to high capital levels, and strong liquidity. Therefore, the banking sector overall is one of the healthiest in the region, and will for sure not be a source of uncertainty as was the case in other countries. This was solidified by the stress tests conducted by the central bank, which commercial banks passed with flying colors.

Even though the Serbian economy has not made full advantage in the transition time lag compared to other Eastern European economies, this was definitely not the case with Austrian Business Sector 23

LAW

GREEN ENERGY Serbia seeks to increase electricity production from renewables

TENCZER A REGIONAL PARTNER

Slaven MORAVČEVIĆ / Miloš LAKOVIĆ

A

t the end of 2009, the Government of Serbia introduced feed-in tariffs, a long awaited support scheme for promoting the production of electricity from renewable energy sources. The move was made in order to harmonize national energy regulations with those of the EU in accordance with the treaty the establishing an Energy Community signed in 2005 by the European Community and nine contracting parties from Southeast Europe.

Up until now, renewable electricity producers in Serbia could only sell renewable electricity at market price. This made investments in the renewables sector unprofitable due to comparatively high costs of electricity production from such sources. It is Serbia’s hope that the introduction of feed-in tariffs, which guarantee the offtake price and accompanying market certainty, will motivate investors to turn out to compete in the Serbian market for electricity from renewable sources.

Feed-in tariffs, as a policy instrument, place the obligation on utility companies to purchase electricity from renewable energy producers at predetermined rates over a guaranteed period of time.

Nevertheless, on November 20, 2009, in accordance with the promoted objectives of its energy policy, the Government of Serbia passed the Decree on Feedin Tariffs, which entered into force on 24 Austrian Business Sector

January 1, 2010 and will remain in effect until December 31, 2012.

The Decree regulates in detail incentive measures for electricity generation using renewable energy sources (hydro, biomass, biogas, landfill, and sewage gas, wind, solar, geothermal and combined heat and power - CHP plants), identifies power plants producing electricity from such sources, and defines basic aspects of the incentive-based off-take agreement.

The feed-in tariff rate is guaranteed and determined separately for each renewa-

The extra cost produced by feed-in tariffs will be shared among all tariff consumers in Serbia ble energy source in such a way as to ensure profitable operation of the facilities.

For small hydro power plants, tariffs have been set between 5.9 and 9.7 c€/kWh, for biomass power plants - between 11.4 and 13.6 c€/kWh, for biogas power plants between 12 and 16 c€/kWh, for fossil fuel fired CHP plants (combined heat and power plants) - between 7.6 and 10.4 c€/ kWh, for waste fired power plants - between 8.5 and 9.2 c€/kWh and for landfill and sewage gas power plants, wind power plants, solar power plants and geothermal power plants - 6.7, 9.5, 23 and 7.5 c€/kWh respectively (regardless of their installed capacity). Only power plants with a capacity of less than 10 MW (save

wind, landfill and sewage gas, solar, and geothermal) can be eligible for the application of feed-in tariffs. Feed-in tariffs relating to CHP plants are pegged to fossil fuel prices.

Certain limitations have been placed on the applicability of feed-in tariffs with respect to two renewable energy sources. For power plants using wind energy, feed-in tariffs are applicable only to the sum of installed capacities in all such power plants of 450 MW plus 10% of the sum of new generating capacities built by a utility for power generation, distribution and trade (i.e. Serbian national electric utility - EPS).

The guaranteed term of the off-take agreement (power purchase agreement with EPS) under which the feed-in tariffs will be paid is 12 years. The possibility to extend this term is not regulated. An electricity producer may terminate the off-take agreement by a 30-day written notice.

The extra cost produced by feed-in tariffs will be shared among all tariff consumers in Serbia. It also is worthwhile mentioning that high investment security with respect to the guaranteed return is not backed by low administrative and regulatory barriers. The procedures for obtaining certain permits in Serbia have not been sufficiently regulated and leave room for different interpretations.

Moravčević, Vojnović & Zdravković in cooperation with Schönherr

D

kfm. L. Tenczer GesmbH was founded in Vienna, Austria, on March 3, 1972. At that time, the company’s main business was supplying raw-materials to the chemical and packaging industry. As the packaging sector developed, so did the Tenczer Company. Over the course of years, the company searched and found strategic partners in order to conquer new markets.

Bearing in mind that our activities have been streamlined towards East European countries, we are considered a reliable partner in the region today. Our company’s headquarters is on neutral grounds in Austria, and with the support of many other economic entities, we have managed to fully adapt the quality of services to our partners’ demands. Today, the Tenczer company offers complete project solutions in the packaging industry.

Goran Reljic, CEO Dkfm.

L. Tenczer GesmbH

• Plastic and aluminum closures for beverage industry • Flexible packaging for the chemical and food processing industry • Raw materials for the plastics processing industry/PET; HDPE; LDPE; PP; PVC • Filling and packaging machines • Private label product • Packaging design and customer product development • Representation and distribution

You can contact us at + 43 1 367 74 77 or via E-mail: office@tenczer.at

• TODAY • TOMORROW • TOGETHER • TENCZER •

LAW

GREEN ENERGY Serbia seeks to increase electricity production from renewables

TENCZER A REGIONAL PARTNER

Slaven MORAVČEVIĆ / Miloš LAKOVIĆ

A

t the end of 2009, the Government of Serbia introduced feed-in tariffs, a long awaited support scheme for promoting the production of electricity from renewable energy sources. The move was made in order to harmonize national energy regulations with those of the EU in accordance with the treaty the establishing an Energy Community signed in 2005 by the European Community and nine contracting parties from Southeast Europe.

Up until now, renewable electricity producers in Serbia could only sell renewable electricity at market price. This made investments in the renewables sector unprofitable due to comparatively high costs of electricity production from such sources. It is Serbia’s hope that the introduction of feed-in tariffs, which guarantee the offtake price and accompanying market certainty, will motivate investors to turn out to compete in the Serbian market for electricity from renewable sources.

Feed-in tariffs, as a policy instrument, place the obligation on utility companies to purchase electricity from renewable energy producers at predetermined rates over a guaranteed period of time.

Nevertheless, on November 20, 2009, in accordance with the promoted objectives of its energy policy, the Government of Serbia passed the Decree on Feedin Tariffs, which entered into force on 24 Austrian Business Sector

January 1, 2010 and will remain in effect until December 31, 2012.

The Decree regulates in detail incentive measures for electricity generation using renewable energy sources (hydro, biomass, biogas, landfill, and sewage gas, wind, solar, geothermal and combined heat and power - CHP plants), identifies power plants producing electricity from such sources, and defines basic aspects of the incentive-based off-take agreement.

The feed-in tariff rate is guaranteed and determined separately for each renewa-

The extra cost produced by feed-in tariffs will be shared among all tariff consumers in Serbia ble energy source in such a way as to ensure profitable operation of the facilities.

For small hydro power plants, tariffs have been set between 5.9 and 9.7 c€/kWh, for biomass power plants - between 11.4 and 13.6 c€/kWh, for biogas power plants between 12 and 16 c€/kWh, for fossil fuel fired CHP plants (combined heat and power plants) - between 7.6 and 10.4 c€/ kWh, for waste fired power plants - between 8.5 and 9.2 c€/kWh and for landfill and sewage gas power plants, wind power plants, solar power plants and geothermal power plants - 6.7, 9.5, 23 and 7.5 c€/kWh respectively (regardless of their installed capacity). Only power plants with a capacity of less than 10 MW (save

wind, landfill and sewage gas, solar, and geothermal) can be eligible for the application of feed-in tariffs. Feed-in tariffs relating to CHP plants are pegged to fossil fuel prices.

Certain limitations have been placed on the applicability of feed-in tariffs with respect to two renewable energy sources. For power plants using wind energy, feed-in tariffs are applicable only to the sum of installed capacities in all such power plants of 450 MW plus 10% of the sum of new generating capacities built by a utility for power generation, distribution and trade (i.e. Serbian national electric utility - EPS).

The guaranteed term of the off-take agreement (power purchase agreement with EPS) under which the feed-in tariffs will be paid is 12 years. The possibility to extend this term is not regulated. An electricity producer may terminate the off-take agreement by a 30-day written notice.

The extra cost produced by feed-in tariffs will be shared among all tariff consumers in Serbia. It also is worthwhile mentioning that high investment security with respect to the guaranteed return is not backed by low administrative and regulatory barriers. The procedures for obtaining certain permits in Serbia have not been sufficiently regulated and leave room for different interpretations.

Moravčević, Vojnović & Zdravković in cooperation with Schönherr

D

kfm. L. Tenczer GesmbH was founded in Vienna, Austria, on March 3, 1972. At that time, the company’s main business was supplying raw-materials to the chemical and packaging industry. As the packaging sector developed, so did the Tenczer Company. Over the course of years, the company searched and found strategic partners in order to conquer new markets.

Bearing in mind that our activities have been streamlined towards East European countries, we are considered a reliable partner in the region today. Our company’s headquarters is on neutral grounds in Austria, and with the support of many other economic entities, we have managed to fully adapt the quality of services to our partners’ demands. Today, the Tenczer company offers complete project solutions in the packaging industry.

Goran Reljic, CEO Dkfm.

L. Tenczer GesmbH

• Plastic and aluminum closures for beverage industry • Flexible packaging for the chemical and food processing industry • Raw materials for the plastics processing industry/PET; HDPE; LDPE; PP; PVC • Filling and packaging machines • Private label product • Packaging design and customer product development • Representation and distribution

You can contact us at + 43 1 367 74 77 or via E-mail: office@tenczer.at

• TODAY • TOMORROW • TOGETHER • TENCZER •

FACTS & FIGURES

GROWTH, SERVICES AND DEVELOPMENT A stable economy, dedication to sustainable development, and strong cooperation with neighboring countries are Austria’s economy key points. By investing more than 10 billion euros in East European countries, Austria shows that Serbia is, along with its neighbors, high on the Austrian agenda

GENERAL SURFACE AREA: 83,858 km² POPULATION: 8.3 million (2007) CAPITAL: Vienna LANGUAGE: German (98%) RELIGION: Roman Catholic (73.6%), Protestant (4.7% mainly Augsburg Confession), Muslim (4.2%) CURRENCY: Euro ORGANIZATION: Federal (9 independent federal states): Burgenland, Carinthia, Lower Austria, Upper Austria, Salzburg, Styria, Tyrol, Vorarlberg and Vienna), with their own provincial governments.)

TYPE OF GOVERNMENT: Republic (president and the two chambers of parliament) MEMBER OF THE EU: Since 1995 CLIMATE: Moderate LOCAL TIME: CET TELEPHONE CODE: +43 The country is an economically strong European partner and its population enjoys a high standard of 26 Austrian Business Sector

living. Austria is a leading European country in the production of hydroelectric power. Other resources include timber, coal, oil, iron ore, copper, lignite, zinc, salt, and graphite. Industries are steel, construction, machinery, vehicles, communications equipment, chemicals,

electronics, and paper. Agricultural products are grains, potatoes, sugar beets, fruit, wine, and dairy products.

The services sector produces the largest percentage of the country’s Gross Domestic Product. Tourism is a major foreign exchange earner.

The federal legislation is exercised by the national council (Nationalrat) together with the Upper House of Parliament (Bundesrat) – the two chambers of Parliament. Of the approximately 8 million inhabitants of Austria, 98% speak German. The six ethnic groups officially recognized in Austria (Burgenlandic Croatians, Roma, Slovaks, Slovenians, Czechs, and Hungarians) are concentrated in the east and south of the country.

Approximately 74 % of Austrians are

Roman Catholic, 5 % are Protestant, and the rest belong to other faiths.

HISTORY The first record showing the name Austria is from 996 where it is written as Ostarrîchi, referring to the territory of the Babenberg March. In 1156, the Privilegium Minus elevated Austria to the status of a duchy.

Otakar II of Bohemia effectively assumed control of the duchies of Austria, Styria, and Carinthia. His reign came to an end with his defeat at Dürnkrut at the hands of Rudolf I of Germany in 1278. Thereafter, until World War I, Austria’s history was largely that of its ruling dynasty, the Habsburgs.

Austria is a leading European country in the production of hydroelectric power In 1804, the Empire of Austria was founded. The assassination of Archduke Franz Ferdinand in Sarajevo in 1914 by Gavrilo Princip was used to persuade the emperor to declare war on Serbia, thereby prompting the outbreak of World War I, which led to the dissolution of the Austro-Hungarian Empire.

On March 13, 1938, the Anschluss of Austria was officially declared.

Austria was incorporated into the

Third Reich and ceased to exist as an independent state. Vienna fell on April 13, 1945, the federal constitution of 1929 was put into valid-

ity again, and Austria was divided into British, French, Soviet and U.S. zones governed by the Allied

Austrian Business Sector 27

FACTS & FIGURES

GROWTH, SERVICES AND DEVELOPMENT A stable economy, dedication to sustainable development, and strong cooperation with neighboring countries are Austria’s economy key points. By investing more than 10 billion euros in East European countries, Austria shows that Serbia is, along with its neighbors, high on the Austrian agenda

GENERAL SURFACE AREA: 83,858 km² POPULATION: 8.3 million (2007) CAPITAL: Vienna LANGUAGE: German (98%) RELIGION: Roman Catholic (73.6%), Protestant (4.7% mainly Augsburg Confession), Muslim (4.2%) CURRENCY: Euro ORGANIZATION: Federal (9 independent federal states): Burgenland, Carinthia, Lower Austria, Upper Austria, Salzburg, Styria, Tyrol, Vorarlberg and Vienna), with their own provincial governments.)

TYPE OF GOVERNMENT: Republic (president and the two chambers of parliament) MEMBER OF THE EU: Since 1995 CLIMATE: Moderate LOCAL TIME: CET TELEPHONE CODE: +43 The country is an economically strong European partner and its population enjoys a high standard of 26 Austrian Business Sector

living. Austria is a leading European country in the production of hydroelectric power. Other resources include timber, coal, oil, iron ore, copper, lignite, zinc, salt, and graphite. Industries are steel, construction, machinery, vehicles, communications equipment, chemicals,

electronics, and paper. Agricultural products are grains, potatoes, sugar beets, fruit, wine, and dairy products.

The services sector produces the largest percentage of the country’s Gross Domestic Product. Tourism is a major foreign exchange earner.

The federal legislation is exercised by the national council (Nationalrat) together with the Upper House of Parliament (Bundesrat) – the two chambers of Parliament. Of the approximately 8 million inhabitants of Austria, 98% speak German. The six ethnic groups officially recognized in Austria (Burgenlandic Croatians, Roma, Slovaks, Slovenians, Czechs, and Hungarians) are concentrated in the east and south of the country.

Approximately 74 % of Austrians are

Roman Catholic, 5 % are Protestant, and the rest belong to other faiths.

HISTORY The first record showing the name Austria is from 996 where it is written as Ostarrîchi, referring to the territory of the Babenberg March. In 1156, the Privilegium Minus elevated Austria to the status of a duchy.

Otakar II of Bohemia effectively assumed control of the duchies of Austria, Styria, and Carinthia. His reign came to an end with his defeat at Dürnkrut at the hands of Rudolf I of Germany in 1278. Thereafter, until World War I, Austria’s history was largely that of its ruling dynasty, the Habsburgs.

Austria is a leading European country in the production of hydroelectric power In 1804, the Empire of Austria was founded. The assassination of Archduke Franz Ferdinand in Sarajevo in 1914 by Gavrilo Princip was used to persuade the emperor to declare war on Serbia, thereby prompting the outbreak of World War I, which led to the dissolution of the Austro-Hungarian Empire.

On March 13, 1938, the Anschluss of Austria was officially declared.

Austria was incorporated into the

Third Reich and ceased to exist as an independent state. Vienna fell on April 13, 1945, the federal constitution of 1929 was put into valid-

ity again, and Austria was divided into British, French, Soviet and U.S. zones governed by the Allied

Austrian Business Sector 27

FACTS & FIGURES 20 LARGEST COMPANIES

O

MV AG, Bank Austria AG, Post Austria, VA Technologie AG, Bau Holding Strabag AG, VoestAlpine Stahl, Erste Bank, Telekom Austria AG, Boehler-Uddeholm, Red Bull GmbH, Austrian Airlines, Wienerberger Baustoffindustrie AG, A-Tech Industries, RHI AG, BMOC (BÖHLER-UDDEHOLM AG), Egger, BBAG Osterreichische BrauBeteiligungs-AG, Polytec, BWT (Best Water Technology) AG.

The geographical position, close proximity, and historic relations with Central and East European countries are the reasons why the country exports so much to the East Commission for Austria.

On May 15, 1955, Austria regained full independence. The country became a member of the European Union on January 1, 1995.

ECONOMY Economic growth over the last few years has been marked by quite positive results, including a 2.9% in-

crease in the GDP. The projected GDP growth rate of 3.5%, after the year 2000, was not achieved due to the global economic situation and financial crisis. During this period, the inflation rate in Austria stood at close to 2%, while the unemployment rate was 4%. The budget deficit amounts to 0.6%, and the total public debt makes 57.7% of the

GDP. The Austrian economy is stable and realistically growing.

Austria has very good business relations and connections to East Europe. The geographical position, close proximity, and historic relations with Central and East European countries are the reasons why the country exports so much to the East. So far, Austria has invested over €10 billion in the countries of Southeast Europe, hence becoming the number one investor in Romania and Bulgaria. Austria also takes the same place when it comes to investment volume in Serbia.

tions of economic policy with those of other organisational units in the Ministry, and also undertakes the implementation in partial areas. The current emphasis is on location policy, employment policy, and competition policy for Austria as well as in the European context. Location policy formulates positions and measures for the sustained enhancement of Austria’s international competitive strength. Its results are closely connected with employment policy, which also receives many impulses from overall European employment strategy. Competition policy creates the market framework for the other policies.

MAIN INDUSTRIES Construction, machinery, vehicles and parts, food, metals, chemicals, lumber and wood processing, paper and paperboard, communications equipment, tourism

The assassination of Archduke Franz Ferdinand in Sarajevo in 1914 by Gavrilo Princip was used to persuade the emperor to declare war on Serbia, thereby prompting the outbreak of World War I, which led to the dissolution of the AustroHungarian Empire RESOURCES It has deposits of iron ore, non-ferrous metals, and important minerals.

The constant growth of the industrial sector, however, increasingly requires supplementary imports. This is also true of fuels, energy resources, and the electricity generating industry. Austria has its own resources of petroleum and natural gas. The generation of hydroelectric power is constantly being expanded, making Austria the number one country in this sector of energy generation in the European Union.

ENERGY About one third of the Austria’s energy consumption is covered by the national energy industry. Up to 70% of the energy comes from renewable sources such as water. Industry, which still is considered to be the national growth engine, is made up of mainly small and medium-sized enterprises. Austria’s industrial sector is, however, one of the world’s largest: between 1995 and 2003 industrial production increased nominally by 28% to a total volume of 90.9 billion euros. With 11.4 billion

ECONOMIC POLICY Economic policy aims at the sustainable improvement of the citizens’ quality of life by securing employment, income growth, and fair income distribution with due consideration of adequate social and environmental standards. The Federal Ministry of Economy, Family and Youth primarily deals with questions of structural policy and searches for long-term solutions.

Center 1 develops strategic approaches, coordinates its concep-

FOREIGN TRADE INDICATORS

2003

2004

2005

2006

2007

Imports of goods (millions USD)

89,799

110,905

120,977

133,419

160,302

Exports of goods (millions USD)

88,105

109,875

119,228

133,844

162,147

Imports of services (millions USD)

23,738

27,986

30,730

33,514

39,033

Exports of services (millions USD)

32,455

37,945

42,589

46,112

55, 736 Source: World Bank

28 Austrian Business Sector

Austrian Business Sector 29

FACTS & FIGURES 20 LARGEST COMPANIES

O

MV AG, Bank Austria AG, Post Austria, VA Technologie AG, Bau Holding Strabag AG, VoestAlpine Stahl, Erste Bank, Telekom Austria AG, Boehler-Uddeholm, Red Bull GmbH, Austrian Airlines, Wienerberger Baustoffindustrie AG, A-Tech Industries, RHI AG, BMOC (BÖHLER-UDDEHOLM AG), Egger, BBAG Osterreichische BrauBeteiligungs-AG, Polytec, BWT (Best Water Technology) AG.

The geographical position, close proximity, and historic relations with Central and East European countries are the reasons why the country exports so much to the East Commission for Austria.

On May 15, 1955, Austria regained full independence. The country became a member of the European Union on January 1, 1995.

ECONOMY Economic growth over the last few years has been marked by quite positive results, including a 2.9% in-

crease in the GDP. The projected GDP growth rate of 3.5%, after the year 2000, was not achieved due to the global economic situation and financial crisis. During this period, the inflation rate in Austria stood at close to 2%, while the unemployment rate was 4%. The budget deficit amounts to 0.6%, and the total public debt makes 57.7% of the

GDP. The Austrian economy is stable and realistically growing.

Austria has very good business relations and connections to East Europe. The geographical position, close proximity, and historic relations with Central and East European countries are the reasons why the country exports so much to the East. So far, Austria has invested over €10 billion in the countries of Southeast Europe, hence becoming the number one investor in Romania and Bulgaria. Austria also takes the same place when it comes to investment volume in Serbia.

tions of economic policy with those of other organisational units in the Ministry, and also undertakes the implementation in partial areas. The current emphasis is on location policy, employment policy, and competition policy for Austria as well as in the European context. Location policy formulates positions and measures for the sustained enhancement of Austria’s international competitive strength. Its results are closely connected with employment policy, which also receives many impulses from overall European employment strategy. Competition policy creates the market framework for the other policies.

MAIN INDUSTRIES Construction, machinery, vehicles and parts, food, metals, chemicals, lumber and wood processing, paper and paperboard, communications equipment, tourism

The assassination of Archduke Franz Ferdinand in Sarajevo in 1914 by Gavrilo Princip was used to persuade the emperor to declare war on Serbia, thereby prompting the outbreak of World War I, which led to the dissolution of the AustroHungarian Empire RESOURCES It has deposits of iron ore, non-ferrous metals, and important minerals.

The constant growth of the industrial sector, however, increasingly requires supplementary imports. This is also true of fuels, energy resources, and the electricity generating industry. Austria has its own resources of petroleum and natural gas. The generation of hydroelectric power is constantly being expanded, making Austria the number one country in this sector of energy generation in the European Union.

ENERGY About one third of the Austria’s energy consumption is covered by the national energy industry. Up to 70% of the energy comes from renewable sources such as water. Industry, which still is considered to be the national growth engine, is made up of mainly small and medium-sized enterprises. Austria’s industrial sector is, however, one of the world’s largest: between 1995 and 2003 industrial production increased nominally by 28% to a total volume of 90.9 billion euros. With 11.4 billion

ECONOMIC POLICY Economic policy aims at the sustainable improvement of the citizens’ quality of life by securing employment, income growth, and fair income distribution with due consideration of adequate social and environmental standards. The Federal Ministry of Economy, Family and Youth primarily deals with questions of structural policy and searches for long-term solutions.

Center 1 develops strategic approaches, coordinates its concep-

FOREIGN TRADE INDICATORS

2003

2004

2005

2006

2007

Imports of goods (millions USD)

89,799

110,905

120,977

133,419

160,302

Exports of goods (millions USD)

88,105

109,875

119,228

133,844

162,147

Imports of services (millions USD)

23,738

27,986

30,730

33,514

39,033

Exports of services (millions USD)

32,455

37,945

42,589

46,112

55, 736 Source: World Bank

28 Austrian Business Sector

Austrian Business Sector 29

FACTS & FIGURES Economic policy aims at the sustainable improvement of the citizens’ quality of life by securing employment, income growth, and fair income distribution with due consideration of adequate social and environmental standards euros in 2003, the mechanical and steel industries were the greatest contributors to Austria’s total output, followed by the chemical industry (10.6 billion euros), and the electrical and electronics industry (10.2 billion).

SERVICES The services industry is Austria’s fastest growing industrial sector.

About one- sixth of Austria’s three million wage and salary workforce is employed in the trade and industry sector, which contributes some 13% to the GDP. Tourism is the country’s biggest foreign exchange earner and the fastest growing sector: 220,000 people in 40,000 tourist establishments generate 10% of Austria’s economic output. In 2004, Austria logged some 117 million bed nights. Tourism is an essential pillar of the Austrian economy. Austria is a mountainous country with one of the largest unspoiled natural land reserves in Central Europe. Some 32 million visitors came to Austria in 2006; seven out of ten are foreign tourists. Visitors from Germany make up the vast majority of guests in Austria.

30 Austrian Business Sector

AGRICULTURE The primary sector (agriculture and forestry) accounts for only about 2% of Austria’s gross domestic product (GDP). The secondary sector (commodities manufacture, energy, and mining) makes up about 31%, while the tertiary sector (services, banking, public services, commerce, transport, tourism) contributes the major share to Austria’s GDP with 67%.

In the field of agriculture, the trend is increasingly towards organic farming.

With an overall share of 11.9% organic farms, Austria occupies a leading position among the EU Member States. In this organic branch of agriculture, 88.1% of enterprises are dedicated to livestock farming.

SUSTAINABLE DEVELOPMENT The concept of “sustainable development” (also called enduring or future-oriented development) is closely related to the “Brundtland Commission on Environment and Development” of the United Nations. In its 1987 report, the Commission gave the following definition: “Sustainable development is development that meets the

needs of the present without compromising the ability of future generations to meet their own needs and to choose their own lifestyle.

The call for a “sustainable” nature of this development applies to all countries and human beings.”

In order to promote decoupling, increasing economic growth must be linked to increased resource efficiency. As far as this is technically feasible and economically justifiable, top priority must be given to avoiding the consumption of raw materials and energy, with the goal of an absolute reduction of the overall consumption of resources.

Consequently, any Austrian sustainability strategy should pursue the target of continuously increasing the market share of products and services with reduced resource and energy consumption.

AUSTRIA ON THE INTERNET

www.government-austria.at/ www.austria.gv.at/ www.austria.info www.advantageaustria.org www.wien.info www.studyguide.at

POSITION IN THE WORLD POLITICS The end of the Cold War enabled Austria to move from its peripheral position at the borderline between “East” and “West” closer to the centre of a larger Europe. The East-West conflict, which had been the determining factor before the disintegration of the Soviet Union and the consequent collapse of Communism, was replaced by new forms of partnership and cooperation across Europe. Against this background, Austria started to set a new and important course for itself: It joined the European Union (EU) on January 1, 1995 and has already held the Presidency of the EU Council twice since then, in 1998 and in 2006. For Austria, EU membership not only meant participation in a successful and future-oriented economic project that it had wanted to join for a long time, but it also offered the opportunity to become part of a peace project promising stability and security on the European continent. In this spirit, Austria has focused its efforts from the outset also on fostering the integration of neighbouring states in Eastern and Central Europe and the Western Balkans. In February 1995, Austria accepted the invitation to participate in NATO’s Partnership for Peace. Under the Individual Partnership Programme, Austria therefore supports NATO in peace missions, crisis management activities, and rescue operations in disaster areas. Austria is thus continuing its long-standing tradition of active membership in the United Nations, the Council of Europe, and the Organization for Security and Cooperation in Europe (OSCE).

In this context, Austria participated, for instance, in missions in Kosovo, Bosnia-Herzegovina, and Afghanistan. Through its membership in international organisations like the United Nations,

With 11.4 billion Euros in 2003, the mechanical and steel industries were the greatest contributors to Austria’s total output, followed by the chemical industry (10.6 billion Euros), and the electrical and electronics industry (10.2 billion) the Organization for Security and Co-operation in Europe, and the Council of Europe, Austria has undertaken every effort to support and proactively contribute to their peace and security policies. In this spirit, Austria has been actively

participating in UN missions in the Middle East (UNDOF, UNTSO), in Cyprus (UNFICYP) and in Africa (UNOWA) by providing troops and also by dispatching personnel to a large number of other UN and OSCE missions.

Austrian Business Sector 31

FACTS & FIGURES Economic policy aims at the sustainable improvement of the citizens’ quality of life by securing employment, income growth, and fair income distribution with due consideration of adequate social and environmental standards euros in 2003, the mechanical and steel industries were the greatest contributors to Austria’s total output, followed by the chemical industry (10.6 billion euros), and the electrical and electronics industry (10.2 billion).

SERVICES The services industry is Austria’s fastest growing industrial sector.

About one- sixth of Austria’s three million wage and salary workforce is employed in the trade and industry sector, which contributes some 13% to the GDP. Tourism is the country’s biggest foreign exchange earner and the fastest growing sector: 220,000 people in 40,000 tourist establishments generate 10% of Austria’s economic output. In 2004, Austria logged some 117 million bed nights. Tourism is an essential pillar of the Austrian economy. Austria is a mountainous country with one of the largest unspoiled natural land reserves in Central Europe. Some 32 million visitors came to Austria in 2006; seven out of ten are foreign tourists. Visitors from Germany make up the vast majority of guests in Austria.

30 Austrian Business Sector

AGRICULTURE The primary sector (agriculture and forestry) accounts for only about 2% of Austria’s gross domestic product (GDP). The secondary sector (commodities manufacture, energy, and mining) makes up about 31%, while the tertiary sector (services, banking, public services, commerce, transport, tourism) contributes the major share to Austria’s GDP with 67%.

In the field of agriculture, the trend is increasingly towards organic farming.

With an overall share of 11.9% organic farms, Austria occupies a leading position among the EU Member States. In this organic branch of agriculture, 88.1% of enterprises are dedicated to livestock farming.

SUSTAINABLE DEVELOPMENT The concept of “sustainable development” (also called enduring or future-oriented development) is closely related to the “Brundtland Commission on Environment and Development” of the United Nations. In its 1987 report, the Commission gave the following definition: “Sustainable development is development that meets the

needs of the present without compromising the ability of future generations to meet their own needs and to choose their own lifestyle.

The call for a “sustainable” nature of this development applies to all countries and human beings.”

In order to promote decoupling, increasing economic growth must be linked to increased resource efficiency. As far as this is technically feasible and economically justifiable, top priority must be given to avoiding the consumption of raw materials and energy, with the goal of an absolute reduction of the overall consumption of resources.

Consequently, any Austrian sustainability strategy should pursue the target of continuously increasing the market share of products and services with reduced resource and energy consumption.

AUSTRIA ON THE INTERNET

www.government-austria.at/ www.austria.gv.at/ www.austria.info www.advantageaustria.org www.wien.info www.studyguide.at

POSITION IN THE WORLD POLITICS The end of the Cold War enabled Austria to move from its peripheral position at the borderline between “East” and “West” closer to the centre of a larger Europe. The East-West conflict, which had been the determining factor before the disintegration of the Soviet Union and the consequent collapse of Communism, was replaced by new forms of partnership and cooperation across Europe. Against this background, Austria started to set a new and important course for itself: It joined the European Union (EU) on January 1, 1995 and has already held the Presidency of the EU Council twice since then, in 1998 and in 2006. For Austria, EU membership not only meant participation in a successful and future-oriented economic project that it had wanted to join for a long time, but it also offered the opportunity to become part of a peace project promising stability and security on the European continent. In this spirit, Austria has focused its efforts from the outset also on fostering the integration of neighbouring states in Eastern and Central Europe and the Western Balkans. In February 1995, Austria accepted the invitation to participate in NATO’s Partnership for Peace. Under the Individual Partnership Programme, Austria therefore supports NATO in peace missions, crisis management activities, and rescue operations in disaster areas. Austria is thus continuing its long-standing tradition of active membership in the United Nations, the Council of Europe, and the Organization for Security and Cooperation in Europe (OSCE).

In this context, Austria participated, for instance, in missions in Kosovo, Bosnia-Herzegovina, and Afghanistan. Through its membership in international organisations like the United Nations,

With 11.4 billion Euros in 2003, the mechanical and steel industries were the greatest contributors to Austria’s total output, followed by the chemical industry (10.6 billion Euros), and the electrical and electronics industry (10.2 billion) the Organization for Security and Co-operation in Europe, and the Council of Europe, Austria has undertaken every effort to support and proactively contribute to their peace and security policies. In this spirit, Austria has been actively

participating in UN missions in the Middle East (UNDOF, UNTSO), in Cyprus (UNFICYP) and in Africa (UNOWA) by providing troops and also by dispatching personnel to a large number of other UN and OSCE missions.

Austrian Business Sector 31

ECONOMY AUSTRIA & SERBIA COOPERATION

MAJOR PARTNER

to Austrian investments in Serbia.

Almost 70% of the entire Austrian investments is spent on reforms carried out in Southeast European countries.

There are over 280 branch offices of Austrian companies in Serbia, a country that these companies consider “an extended domestic market.”

AUSTRIAN INVESTMENTS IN SERBIA SINCE 2000 Austrian companies have taken part in quite a few successful privatizations such as Henkel’s purchase of Kruševac-based Merima, Tondach’s buying Potisje from Kanjiža, and a greenfield investment by Mobilkom.

Also, one of the biggest investments was certainly ATB Group’s acquisition of Sever from Subotica. The company produces engines that have never been produced in ATB before, and will expand market and export volume. The Serbian branch has close to 1,700 workers all trained to work

Austria ranks 9th out of 160 countries when it comes to foreign exchange with Serbia

with new technologies. By acquiring Sever, ATB Group became operational in markets that it had never worked on before, and, during the process, the company acquired a production location that is better than most locations in Germany and Austria. “In Subotica, we produce big, high-voltage engines that ATB has never produced before. Hence, ATB will continue investing in new technology,” says Rainer Vogl, Managing Director of ATB Sever. Mr. Vogl adds that over the next five years, the company will invest an additional €16 million in modernizing infrastructure and computerizing production. There are plans to increase exports to 80%, and aside from exporting to Europe and the Far East, ATB Sever wants to export to the Middle East, as the company used to do in the past.

The Austrian company Knauf has built a brand-new factory for production of powdery materials that are the

Southeast Europe, including Serbia, is the focal point of Austria’s foreign policy. In addition to being in close geographical proximity, Austria is particularly interested in political and economic stability in the region, while providing strong support to Serbia in getting on the Euro-integrations bandwagon. Serbia and Austria have been closely cooperating within the framework of regional initiatives like the Regional Cooperation in the Danube Region, the Central European Initiative, and the Danube Commission

By Veljko JOVANOVIC hen it comes to implementation of projects in the countries in Southeast Europe, particularly Serbia, Austria is supporting mainly those projects that pertain to environmental protection, education, social issues, and employment. Technically and organizationally-wise, emphasis is put on transfer of Austrian know-how. The number of Austria-owned companies in Serbia has been growing year-on-year, particularly when it comes to companies orientated towards production and providing financial services.

W 32 Austrian Business Sector

INVESTMENTS With an invested $2,090.91 million (since the year 2000), Austria takes first place in Serbia when it comes to foreign investments. The most significant Austrian investors in Serbia are the following: Mobilkom Austria, OMV Austria, Henkel, ATB, Tondach, Metro Cash & Carry, Grawe, Knauf, Wienerberger, Asamer Wietersdorfer / Lafarge, Rauch Saefte, and the following banks and insurance companies: Raiffeisen International, Hypo Alpe Adria Austria, Oesterr. Volksbanken, BA-CA (HvB), Erste Bank, Uniqa and others.The main feature of Austrian investments is that these investments

are mainly strategic, made with the aim of advancing technology, and increasing production and export. 2007 was particularly fruitful when it came

YEAR 2000 2001 2002 2003 2004 2005 2006 2007 2008 Total:

VALUE IN $000 183 1.421 33.876 93.747 146.101 201.189 520.356 1.161.096 475.613 2.636.585 Austrian Business Sector 33

ECONOMY AUSTRIA & SERBIA COOPERATION

MAJOR PARTNER

to Austrian investments in Serbia.

Almost 70% of the entire Austrian investments is spent on reforms carried out in Southeast European countries.

There are over 280 branch offices of Austrian companies in Serbia, a country that these companies consider “an extended domestic market.”

AUSTRIAN INVESTMENTS IN SERBIA SINCE 2000 Austrian companies have taken part in quite a few successful privatizations such as Henkel’s purchase of Kruševac-based Merima, Tondach’s buying Potisje from Kanjiža, and a greenfield investment by Mobilkom.

Also, one of the biggest investments was certainly ATB Group’s acquisition of Sever from Subotica. The company produces engines that have never been produced in ATB before, and will expand market and export volume. The Serbian branch has close to 1,700 workers all trained to work

Austria ranks 9th out of 160 countries when it comes to foreign exchange with Serbia

with new technologies. By acquiring Sever, ATB Group became operational in markets that it had never worked on before, and, during the process, the company acquired a production location that is better than most locations in Germany and Austria. “In Subotica, we produce big, high-voltage engines that ATB has never produced before. Hence, ATB will continue investing in new technology,” says Rainer Vogl, Managing Director of ATB Sever. Mr. Vogl adds that over the next five years, the company will invest an additional €16 million in modernizing infrastructure and computerizing production. There are plans to increase exports to 80%, and aside from exporting to Europe and the Far East, ATB Sever wants to export to the Middle East, as the company used to do in the past.

The Austrian company Knauf has built a brand-new factory for production of powdery materials that are the

Southeast Europe, including Serbia, is the focal point of Austria’s foreign policy. In addition to being in close geographical proximity, Austria is particularly interested in political and economic stability in the region, while providing strong support to Serbia in getting on the Euro-integrations bandwagon. Serbia and Austria have been closely cooperating within the framework of regional initiatives like the Regional Cooperation in the Danube Region, the Central European Initiative, and the Danube Commission

By Veljko JOVANOVIC hen it comes to implementation of projects in the countries in Southeast Europe, particularly Serbia, Austria is supporting mainly those projects that pertain to environmental protection, education, social issues, and employment. Technically and organizationally-wise, emphasis is put on transfer of Austrian know-how. The number of Austria-owned companies in Serbia has been growing year-on-year, particularly when it comes to companies orientated towards production and providing financial services.

W 32 Austrian Business Sector

INVESTMENTS With an invested $2,090.91 million (since the year 2000), Austria takes first place in Serbia when it comes to foreign investments. The most significant Austrian investors in Serbia are the following: Mobilkom Austria, OMV Austria, Henkel, ATB, Tondach, Metro Cash & Carry, Grawe, Knauf, Wienerberger, Asamer Wietersdorfer / Lafarge, Rauch Saefte, and the following banks and insurance companies: Raiffeisen International, Hypo Alpe Adria Austria, Oesterr. Volksbanken, BA-CA (HvB), Erste Bank, Uniqa and others.The main feature of Austrian investments is that these investments

are mainly strategic, made with the aim of advancing technology, and increasing production and export. 2007 was particularly fruitful when it came

YEAR 2000 2001 2002 2003 2004 2005 2006 2007 2008 Total:

VALUE IN $000 183 1.421 33.876 93.747 146.101 201.189 520.356 1.161.096 475.613 2.636.585 Austrian Business Sector 33

ECONOMY ONGOING INVESTMENTS

V

ienna-based company WERNER &WEBER is building a regional sanitary landfill near Jagodina, worth €14 million. t *O .BSDI "VTUSJBO DPNQBOZ A.S.A. and the municipality of Kikinda signed an agreement on forging a strategic partnership on building and maintaining a sanitary landfill in Kikinda, in which the Austrian company will invest €23 million. t *O 4FQUFNCFS DPNQBOZ 1033 Unicredit Bank, and the International Finance Corporation (IFC) signed a contract on a loan for construction of sanitary landfills in Leskovac and Jagodina, worth €12 million.

With an invested $2,090.91 million (since the year 2000), Austria takes first place in Serbia when it comes to foreign investments base for machine plaster. The factory also produces dry building materials, stone wool insulation, tile adhesives, etc. Knauf has also expressed interest in taking part in the privatisation of the Unizol Company from Surdulica, which would round off its product offer. In collaboration with the Ministry of Education and the Association of Secondary Construction Schools, Knauf YEAR 1990 1991 1996 1997 1998 1990 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

EXPORT 196,96 129,24 24,25 36,43 46,87 30,92 41,50 33,56 64,70 88,27 102,10 121,50 146,80 301,40 458,10 298,11

34 Austrian Business Sector

IMPORT 282,11 198,32 117,27 145,60 138,64 100,86 101,01 125,81 159,98 226,79 292,50 253,80 180,50 601,80 573,00 462,04

has decided to sponsor the creation of a brand- new education profile.

In 2007, Mobilkom Austria was the biggest greenfield investor in Serbia, with a total of €320 million euros invested. The company also plans to invest an additional €250 million.

The third mobile telephony operator, VIP, became operational on June 8th, 2007. Together with the national opTOTAL 479,06 327,56 141,52 182,03 185,51 131,78 142,51 159,37 224,68 315,06 394,60 375,30 327,30 903,20 1.031,10 760,15

BALANCE - 85,14 - 69,08 - 93,02 - 110,07 - 91,77 - 69,94 - 59,51 - 92,25 - 95,28 -138,52 -190,40 -132,30 -33,70 -300,40 -114,90 -163,93

erator, VIP provides complete mobile phone coverage in Serbia.

In mid-2007, a representative of the Henkel Company for Central and Eastern Europe formally opened a 100,000-ton capacity Ceresit and construction adhesive factory. A total of €5 million has been invested in the factory, with the overall investments this year reaching a figure of €7.5 million. The factory was erected in Inđija’s industrial zone. The company produces industrial adhesives that are bought by construction companies all over Europe.

Austria has invested significant financial means for other projects and programmes after the year 2000 such as reconstruction of the health clinic on Tiršova Street in Belgrade (€36,000), implementation of a project entitled ‘A more beautiful Serbia,’ during which many building façades in Belgrade, Novi Sad, and Niš have been reconstructed, a donation to the city water supply company (€200,000), providing funds for restructuring Serbian forests with Srbijašume (€170,000), and advancing university education together with the University of Belgrade (€1,136,506,14).

In February 2006, the Serbian government, EU representatives, the UN Development Programme, and govern-

ments of Austria, Sweden, and Norway signed a document covering the development programme for municipalities in South Serbia which actually marked the beginning of the implementation of the second stage of the Municipal Improvement and Revival Programme (MIR 2, for short). A total of €10 million was invested in the municipalities of the Pčinjski and Jablanski Districts during this stage. The money covered investments in infrastructure, SME development, privatisation process completion, and increasing agricultural production.

At the beginning of August 2009, Austrian company Kronospan embarked on a first investment phase by producing wood panels and panel materials in Serbia, in line with the highest environmental standards.

The investment is valued at close to $300 million. The production facility covers 55 hectares of land in the Lapovo industrial zone and will employ 200 workers during the initial stage. We should also mention investments made by companies like Kika (€30 million) and Vig Plaza, which has built a Wiener Staeditsche build-

In 2007, Mobilkom Austria was the biggest greenfield investor in Serbia, with a total of €320 million euros invested. The company also plans to invest an additional €250 million ing for €42 million.

IMPORT - EXPORT Goods exchange is a dominant cooperation venue between Serbia and Austria. Foreign exchange data (starting from 1990) can be seen in the table below (in million $): Austria ranks 9th out of 160 countries when it comes to foreign exchange with Serbia. However, despite the constant growth of exchange, it still doesn’t cover the possibilities and needs of both the Serbian and Austrian markets. The companies that have exported the most from Serbia are the following: US Steel Serbia, Electronics d.o.o., Moeller Electric, Stav d.o.o., Victoriaoil, ATB Sever, Podgorina Frucht, the Sevojno Copper Mill, and others.

The products that were exported the

most were colour TVs, automatic switches, rapeseed oil, panels, refined copper sheets, frozen raspberries, constructions and construction parts, machine parts, sugar, refined lead, fruit juices, fresh fruit, and other.

The biggest importers are the following: Moeller Electric, CT Computers, The Drinsko – Limske Hydro-Electric Power Plants, Henkel Merima, Linzer Agro Trde, Peštan Bukovik, Pharma Swiss, Unifarm Medicom, Tetrapak, Hemofarm, ATB Sever, Rauch Serbia, and others.

The following products were imported in the largest quantities: turbo-generators, machine parts and equipment, medicine, paper (for newspapers), polyethylene, processed wood, aluminum foils, artificial fertilizers, transformers, washing-up liquids and detergents, motor oil, and others.

Austrian Business Sector 35

ECONOMY ONGOING INVESTMENTS

V

ienna-based company WERNER &WEBER is building a regional sanitary landfill near Jagodina, worth €14 million. t *O .BSDI "VTUSJBO DPNQBOZ A.S.A. and the municipality of Kikinda signed an agreement on forging a strategic partnership on building and maintaining a sanitary landfill in Kikinda, in which the Austrian company will invest €23 million. t *O 4FQUFNCFS DPNQBOZ 1033 Unicredit Bank, and the International Finance Corporation (IFC) signed a contract on a loan for construction of sanitary landfills in Leskovac and Jagodina, worth €12 million.

With an invested $2,090.91 million (since the year 2000), Austria takes first place in Serbia when it comes to foreign investments base for machine plaster. The factory also produces dry building materials, stone wool insulation, tile adhesives, etc. Knauf has also expressed interest in taking part in the privatisation of the Unizol Company from Surdulica, which would round off its product offer. In collaboration with the Ministry of Education and the Association of Secondary Construction Schools, Knauf YEAR 1990 1991 1996 1997 1998 1990 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

EXPORT 196,96 129,24 24,25 36,43 46,87 30,92 41,50 33,56 64,70 88,27 102,10 121,50 146,80 301,40 458,10 298,11

34 Austrian Business Sector

IMPORT 282,11 198,32 117,27 145,60 138,64 100,86 101,01 125,81 159,98 226,79 292,50 253,80 180,50 601,80 573,00 462,04

has decided to sponsor the creation of a brand- new education profile.

In 2007, Mobilkom Austria was the biggest greenfield investor in Serbia, with a total of €320 million euros invested. The company also plans to invest an additional €250 million.

The third mobile telephony operator, VIP, became operational on June 8th, 2007. Together with the national opTOTAL 479,06 327,56 141,52 182,03 185,51 131,78 142,51 159,37 224,68 315,06 394,60 375,30 327,30 903,20 1.031,10 760,15

BALANCE - 85,14 - 69,08 - 93,02 - 110,07 - 91,77 - 69,94 - 59,51 - 92,25 - 95,28 -138,52 -190,40 -132,30 -33,70 -300,40 -114,90 -163,93

erator, VIP provides complete mobile phone coverage in Serbia.

In mid-2007, a representative of the Henkel Company for Central and Eastern Europe formally opened a 100,000-ton capacity Ceresit and construction adhesive factory. A total of €5 million has been invested in the factory, with the overall investments this year reaching a figure of €7.5 million. The factory was erected in Inđija’s industrial zone. The company produces industrial adhesives that are bought by construction companies all over Europe.

Austria has invested significant financial means for other projects and programmes after the year 2000 such as reconstruction of the health clinic on Tiršova Street in Belgrade (€36,000), implementation of a project entitled ‘A more beautiful Serbia,’ during which many building façades in Belgrade, Novi Sad, and Niš have been reconstructed, a donation to the city water supply company (€200,000), providing funds for restructuring Serbian forests with Srbijašume (€170,000), and advancing university education together with the University of Belgrade (€1,136,506,14).

In February 2006, the Serbian government, EU representatives, the UN Development Programme, and govern-

ments of Austria, Sweden, and Norway signed a document covering the development programme for municipalities in South Serbia which actually marked the beginning of the implementation of the second stage of the Municipal Improvement and Revival Programme (MIR 2, for short). A total of €10 million was invested in the municipalities of the Pčinjski and Jablanski Districts during this stage. The money covered investments in infrastructure, SME development, privatisation process completion, and increasing agricultural production.

At the beginning of August 2009, Austrian company Kronospan embarked on a first investment phase by producing wood panels and panel materials in Serbia, in line with the highest environmental standards.

The investment is valued at close to $300 million. The production facility covers 55 hectares of land in the Lapovo industrial zone and will employ 200 workers during the initial stage. We should also mention investments made by companies like Kika (€30 million) and Vig Plaza, which has built a Wiener Staeditsche build-

In 2007, Mobilkom Austria was the biggest greenfield investor in Serbia, with a total of €320 million euros invested. The company also plans to invest an additional €250 million ing for €42 million.

IMPORT - EXPORT Goods exchange is a dominant cooperation venue between Serbia and Austria. Foreign exchange data (starting from 1990) can be seen in the table below (in million $): Austria ranks 9th out of 160 countries when it comes to foreign exchange with Serbia. However, despite the constant growth of exchange, it still doesn’t cover the possibilities and needs of both the Serbian and Austrian markets. The companies that have exported the most from Serbia are the following: US Steel Serbia, Electronics d.o.o., Moeller Electric, Stav d.o.o., Victoriaoil, ATB Sever, Podgorina Frucht, the Sevojno Copper Mill, and others.

The products that were exported the

most were colour TVs, automatic switches, rapeseed oil, panels, refined copper sheets, frozen raspberries, constructions and construction parts, machine parts, sugar, refined lead, fruit juices, fresh fruit, and other.

The biggest importers are the following: Moeller Electric, CT Computers, The Drinsko – Limske Hydro-Electric Power Plants, Henkel Merima, Linzer Agro Trde, Peštan Bukovik, Pharma Swiss, Unifarm Medicom, Tetrapak, Hemofarm, ATB Sever, Rauch Serbia, and others.

The following products were imported in the largest quantities: turbo-generators, machine parts and equipment, medicine, paper (for newspapers), polyethylene, processed wood, aluminum foils, artificial fertilizers, transformers, washing-up liquids and detergents, motor oil, and others.

Austrian Business Sector 35

INTERVIW MILAN PARIVODIC, CHAIRMAN OF FOREIGN INVESTORS SERVICES AND FORMER MINISTER OF INTERNATIONAL ECONOMIC RELATIONS OF SERBIA

COOPERATION BASED ON UNDERSTANDING

About 300 Austrian companies operate in Serbia. They are very successful and the Austrian way of doing business is considered to be very reliable.

By T. OSTOJIC and V. JOVANOVIC

A

ustria and Serbia are age-old neighbors and we know each other very well. Austrian ways, culture and industry were very important for the development of Serbia already in the nineteenth century. I believe that relations between Austria and Serbia today are at one of their historical peaks, in the sense that I see excellent political ties between the two countries, and economic cooperation is remarkable.

It can always be even stronger, but the status is high and the tendency is one of growth. Cultural relations are strong.

Hundreds of thousands of Serbian citizens are living and raising their families in Austria, so the relation is multilayered, and in all respects I would say it is good and getting better.

What are relations like at this point between Austria and Serbia?

Austrian companies are the largest direct investors in Serbia. Austrian

companies, from year 2000 to 2009, according to both Austrian and Serbian statistics, have invested around 2.2 2.3 billion Euros into Serbia. The largest investment to date is from Mobilcom Austria, which initially invested 320 million Euro for a third mobile telephony license called VIP, and has now reached approximately 700 million Euro of investment. That makes Mobilcom one of the most important and most successful investors in Serbia. Another major investment comes from OMV which has many excellent gas stations in Serbia on prime locations. A new important investment is Kika, the furniture and home equipment stores chain. They have a successful store in Serbia and I wish them a speedy expansion. Another new investment comes from the Kronospan, which has opened a factory between Belgrade and Nis that produces plywood. There are several large construction companies from Austria and they are very successful in Serbia. The largest bridges are built by Austrian

companies: Alpine is constructing the Beska bridge, and Porr is constructing the Ada bridge.

All this Austrian presence would hardly be possible without the presence of the Austrian service providing companies giving the necessary support.

Wolf Theiss is the law firm that has an excellent team in Serbia and serves many Austrian and other businesses. A multitude of Austrian banks operates in Serbia, first of which was Raiffeisen Bank. It started as a greenfield, and soon became one of the leading banks in Serbia. Others came later, like Hypo Alpe Adria, Erste Bank, and Bank of Austria. They have all developed a strong network. You have a number of Austrian insurance companies operating in Serbia, like Wienerstaedishe and Grawe, and other large insurance companies. In Sever Subotica the ATB Austrian group employs 1700 employees. There is also Knauf. Foreign Investors Services, the company that I run, is a true partner to foreign investors giving focal strategic support

ROOM FOR IMPROVEMENT

T

here is always room for improvement by bettering the buying capacity of Serbian citizens. On the other hand, Serbia space for improvement in the field of infrastructure, legal environment, and in the field of openness of the market.

It is important that Serbia is clearly on the road to Europe, and 36 Austrian Business Sector

that this message is fully understood by Austrians. Any next government will surely be pro-European, because the citizens want so. Stability, which Serbia now has in the political arena, and its approach to the EU gives a peace of mind to investors from the EU.

to larger investment into Serbia. We work with some of the major Austrian and other larger companies, expanding their business and solving all important issues which come along in doing business in Serbia. We are partners with the Vienna Economic Forum of Dr Busek.

What is the main problem for foreign investors in Serbia?

Time and expenditures predictability is an issue, in the sense that you are not sure when are you going start operating your business. In order to be sure that your plans for Serbia will unfold according to planned schedule, it is easier

operate in Serbia. They are very successful and the Austrian way of doing business is considered to be very reliable. They are predictable, solid, and Serbs like to work in Austrian-owned companies because they know they will be treated well. Austro-Serbian relations are an example of close, reliable, friendly, lucrative, and productive relations that two countries can enjoy in this part of the world.

The arts are responsible for stimulating a large portion of the tourist trade in Austria as well and so are considered excellent investments for private supporters to have a serious partner from Serbia.

This is actually why I have established Foreign Investors Services: to speed up investment into Serbia, and I see it as a noble service to both the investors and the Serbian economy simultaneously.

Someone has to support the investment project so that all actors are coordinated and that they meet their obligations in a timely fashion, be it banks, lawyers, the state or municipality. It is in everybody’s interest that new investment starts up as soon as possible, and this is my job. About 300 Austrian companies

Is it the time for SMEs to come to Serbia?

Austrian economy is to a great extent based on industries having fewer than 100 employees. I think a full investment infrastructure is present.

Foreign Investors Services, Wolf Theiss, banks, insurance companies, and I think there is a lot of room for expansion of those SMEs into Serbia that can benefit from an inexpensive and high-quality work force. Serbia is a safe place for SMEs to do business because they are very welcome

and they understand Serbia, which is an important aspect. They are quick in grasping and understanding the mentality of the people. As far as understanding the Serbian mentality goes, Austria and Greece are the closest nations.

Is there a place for us in Austria?

We have investments in Austria.

Mr. Zoran Drakulic has invested in acquiring a large fleet of river ships, and I think that trade between the two countries is promising. Just to give an example, in 2008, trade between the two countries was at the level of about 900 million euros. That is a very high volume of trade. Close to 600 million was imported and 300 million was exported to Austria. Traded products include machinery, electrical equipment, paper, pharmaceuticals, plastics, iron, steel and raspberries. There is a lot of room for improvement. Apart from the Vienna Economic Forum, which has done a very good job, the two countries’ Chambers enjoy a close relationship. The Serbian Chamber of Economy has a representation office in Vienna and the Austrian Chamber is very instrumental in fostering interest of Austrian industry in other regions, including Serbia.

Austrian Business Sector 37

INTERVIW MILAN PARIVODIC, CHAIRMAN OF FOREIGN INVESTORS SERVICES AND FORMER MINISTER OF INTERNATIONAL ECONOMIC RELATIONS OF SERBIA

COOPERATION BASED ON UNDERSTANDING

About 300 Austrian companies operate in Serbia. They are very successful and the Austrian way of doing business is considered to be very reliable.

By T. OSTOJIC and V. JOVANOVIC

A

ustria and Serbia are age-old neighbors and we know each other very well. Austrian ways, culture and industry were very important for the development of Serbia already in the nineteenth century. I believe that relations between Austria and Serbia today are at one of their historical peaks, in the sense that I see excellent political ties between the two countries, and economic cooperation is remarkable.

It can always be even stronger, but the status is high and the tendency is one of growth. Cultural relations are strong.

Hundreds of thousands of Serbian citizens are living and raising their families in Austria, so the relation is multilayered, and in all respects I would say it is good and getting better.

What are relations like at this point between Austria and Serbia?

Austrian companies are the largest direct investors in Serbia. Austrian

companies, from year 2000 to 2009, according to both Austrian and Serbian statistics, have invested around 2.2 2.3 billion Euros into Serbia. The largest investment to date is from Mobilcom Austria, which initially invested 320 million Euro for a third mobile telephony license called VIP, and has now reached approximately 700 million Euro of investment. That makes Mobilcom one of the most important and most successful investors in Serbia. Another major investment comes from OMV which has many excellent gas stations in Serbia on prime locations. A new important investment is Kika, the furniture and home equipment stores chain. They have a successful store in Serbia and I wish them a speedy expansion. Another new investment comes from the Kronospan, which has opened a factory between Belgrade and Nis that produces plywood. There are several large construction companies from Austria and they are very successful in Serbia. The largest bridges are built by Austrian

companies: Alpine is constructing the Beska bridge, and Porr is constructing the Ada bridge.

All this Austrian presence would hardly be possible without the presence of the Austrian service providing companies giving the necessary support.

Wolf Theiss is the law firm that has an excellent team in Serbia and serves many Austrian and other businesses. A multitude of Austrian banks operates in Serbia, first of which was Raiffeisen Bank. It started as a greenfield, and soon became one of the leading banks in Serbia. Others came later, like Hypo Alpe Adria, Erste Bank, and Bank of Austria. They have all developed a strong network. You have a number of Austrian insurance companies operating in Serbia, like Wienerstaedishe and Grawe, and other large insurance companies. In Sever Subotica the ATB Austrian group employs 1700 employees. There is also Knauf. Foreign Investors Services, the company that I run, is a true partner to foreign investors giving focal strategic support

ROOM FOR IMPROVEMENT

T

here is always room for improvement by bettering the buying capacity of Serbian citizens. On the other hand, Serbia space for improvement in the field of infrastructure, legal environment, and in the field of openness of the market.

It is important that Serbia is clearly on the road to Europe, and 36 Austrian Business Sector

that this message is fully understood by Austrians. Any next government will surely be pro-European, because the citizens want so. Stability, which Serbia now has in the political arena, and its approach to the EU gives a peace of mind to investors from the EU.

to larger investment into Serbia. We work with some of the major Austrian and other larger companies, expanding their business and solving all important issues which come along in doing business in Serbia. We are partners with the Vienna Economic Forum of Dr Busek.

What is the main problem for foreign investors in Serbia?

Time and expenditures predictability is an issue, in the sense that you are not sure when are you going start operating your business. In order to be sure that your plans for Serbia will unfold according to planned schedule, it is easier

operate in Serbia. They are very successful and the Austrian way of doing business is considered to be very reliable. They are predictable, solid, and Serbs like to work in Austrian-owned companies because they know they will be treated well. Austro-Serbian relations are an example of close, reliable, friendly, lucrative, and productive relations that two countries can enjoy in this part of the world.

The arts are responsible for stimulating a large portion of the tourist trade in Austria as well and so are considered excellent investments for private supporters to have a serious partner from Serbia.

This is actually why I have established Foreign Investors Services: to speed up investment into Serbia, and I see it as a noble service to both the investors and the Serbian economy simultaneously.

Someone has to support the investment project so that all actors are coordinated and that they meet their obligations in a timely fashion, be it banks, lawyers, the state or municipality. It is in everybody’s interest that new investment starts up as soon as possible, and this is my job. About 300 Austrian companies

Is it the time for SMEs to come to Serbia?

Austrian economy is to a great extent based on industries having fewer than 100 employees. I think a full investment infrastructure is present.

Foreign Investors Services, Wolf Theiss, banks, insurance companies, and I think there is a lot of room for expansion of those SMEs into Serbia that can benefit from an inexpensive and high-quality work force. Serbia is a safe place for SMEs to do business because they are very welcome

and they understand Serbia, which is an important aspect. They are quick in grasping and understanding the mentality of the people. As far as understanding the Serbian mentality goes, Austria and Greece are the closest nations.

Is there a place for us in Austria?

We have investments in Austria.

Mr. Zoran Drakulic has invested in acquiring a large fleet of river ships, and I think that trade between the two countries is promising. Just to give an example, in 2008, trade between the two countries was at the level of about 900 million euros. That is a very high volume of trade. Close to 600 million was imported and 300 million was exported to Austria. Traded products include machinery, electrical equipment, paper, pharmaceuticals, plastics, iron, steel and raspberries. There is a lot of room for improvement. Apart from the Vienna Economic Forum, which has done a very good job, the two countries’ Chambers enjoy a close relationship. The Serbian Chamber of Economy has a representation office in Vienna and the Austrian Chamber is very instrumental in fostering interest of Austrian industry in other regions, including Serbia.

Austrian Business Sector 37

TOURISM

INTERNATIONAL TOURIST CENTER

Tourism is one of Austria’s most important sources of income. In 2008, the tourism industry generated revenue worth around EUR 20 billion; growth of almost 2.5% over the previous year. Tourism is also a significant creator of employment in Austria. Throughout 2008, approximately 180,000 people found a job in the tourism industry, while in the winter season more than 200,000 people worked in seasonal jobs in tourism. The Austrian tourism industry’s income creates a 40% share of Austria’s exports of services.

Hungary, Slovenia, Italy, Switzerland, and Liechtenstein.

Since tourism is influenced by a variety of areas such as environment, transport, border crossing procedures, labour laws, regulations, etc., which lie within the scope of federal legislation, the necessity of establishing a tourism body on a federal basis has become more and more evident. Therefore, in 1999 a Department for Tourism was created in the Federal Ministry of Economics and Labour. As Austrian tourism, for historical and financial reasons, is a cross-sector industry, several bodies are involved at all national levels in the task of co-coordinating, representing, and financing all kinds of tourist activities. At the provincial level, there are nine autonomous tourism associations, and at the regional and local level there are also numerous tourism associations.

Each of the nine provincial governments has its own tourism department exercising fiscal jurisdiction in the field of tourism, especially concerning issues such as taxes and aids. At the international level, tourism is also linked to each of the main economic organizations.

Federal and provincial governments and interest groups must interact and cooperate with each other in order to safeguard national interests. Thus, the tasks of the Austrian National Tourist Office (a federal body) include joint marketing measures both on the domestic market and abroad, developing and marketing of the brand “Austria,” and acting as a strategic think-tank.

VIENNA Vienna is the capital of the Republic of Austria and one of the nine states of Austria. Vienna is Austria’s primary city, with a population of about 1.7 million (2.3 million within the metropolitan area, more than 25% of Austria’s population), and is by far the largest city in Austria, as well as its cultural, economic, and political centre. It is the 10th largest city by population in the European Union. Vienna is host to many major international organizations such as the United Nations and OPEC. Vienna lies in eastern Austria and is close to the Czech Republic, Slovakia, and Hungary. In 2001, the city centre was designated a UNESCO World Heritage Site.

A

ustria is situated in the south-central region of Europe, covering part of the eastern Alps and the Danube basin. It is a mountainous country and one of the natural landscape reserves of Central Europe with a large variety of different landscapes

38 Austrian Business Sector

Sightseeing opportunities can be found in abundance.

Wander along narrow, medieval alleyways, or across imperial squares, view Schönbrunn Palace or the Imperial Palace (Hofburg) in the footsteps of Sissi and Emperor Franz Josef, and marvel at the majestic architecture along Ring Boulevard. Be inspired by an atmosphere steeped in history, which also boasts the comforts and infrastructure of a modern city!

The city possesses a lively and vast array of cultural attractions. Whether classical or experimental theatre, film or dance festivals, opera or operetta, or exhibitions and concerts, no matter when you come or how long you stay, there is sure to be something exciting for you to discover. If your tastes are not quite so culturally refined, then visit one of Vienna’s famous coffee houses or traditional wine taverns (“Heurige”) and work your way through famous culinary specialties.

The outstanding musical heritage has been preserved right to the present day. The Wiener Philharmoniker is one of the world’s top orchestras, the Vienna Boys’ Choir is triumphantly successful wherever it tours, and the Vienna Conservatorium has produced innumerable international

including bathing lakes on a territory of 83,858 square kilometers.

Given its location, it has since time immemorial been a crossroads of travel routes between the major European economic and cultural regions. Austria has common borders with eight other countries: Germany, the Czech Republic, Slovakia,

Austrian Business Sector 39

TOURISM

INTERNATIONAL TOURIST CENTER

Tourism is one of Austria’s most important sources of income. In 2008, the tourism industry generated revenue worth around EUR 20 billion; growth of almost 2.5% over the previous year. Tourism is also a significant creator of employment in Austria. Throughout 2008, approximately 180,000 people found a job in the tourism industry, while in the winter season more than 200,000 people worked in seasonal jobs in tourism. The Austrian tourism industry’s income creates a 40% share of Austria’s exports of services.

Hungary, Slovenia, Italy, Switzerland, and Liechtenstein.

Since tourism is influenced by a variety of areas such as environment, transport, border crossing procedures, labour laws, regulations, etc., which lie within the scope of federal legislation, the necessity of establishing a tourism body on a federal basis has become more and more evident. Therefore, in 1999 a Department for Tourism was created in the Federal Ministry of Economics and Labour. As Austrian tourism, for historical and financial reasons, is a cross-sector industry, several bodies are involved at all national levels in the task of co-coordinating, representing, and financing all kinds of tourist activities. At the provincial level, there are nine autonomous tourism associations, and at the regional and local level there are also numerous tourism associations.

Each of the nine provincial governments has its own tourism department exercising fiscal jurisdiction in the field of tourism, especially concerning issues such as taxes and aids. At the international level, tourism is also linked to each of the main economic organizations.

Federal and provincial governments and interest groups must interact and cooperate with each other in order to safeguard national interests. Thus, the tasks of the Austrian National Tourist Office (a federal body) include joint marketing measures both on the domestic market and abroad, developing and marketing of the brand “Austria,” and acting as a strategic think-tank.

VIENNA Vienna is the capital of the Republic of Austria and one of the nine states of Austria. Vienna is Austria’s primary city, with a population of about 1.7 million (2.3 million within the metropolitan area, more than 25% of Austria’s population), and is by far the largest city in Austria, as well as its cultural, economic, and political centre. It is the 10th largest city by population in the European Union. Vienna is host to many major international organizations such as the United Nations and OPEC. Vienna lies in eastern Austria and is close to the Czech Republic, Slovakia, and Hungary. In 2001, the city centre was designated a UNESCO World Heritage Site.

A

ustria is situated in the south-central region of Europe, covering part of the eastern Alps and the Danube basin. It is a mountainous country and one of the natural landscape reserves of Central Europe with a large variety of different landscapes

38 Austrian Business Sector

Sightseeing opportunities can be found in abundance.

Wander along narrow, medieval alleyways, or across imperial squares, view Schönbrunn Palace or the Imperial Palace (Hofburg) in the footsteps of Sissi and Emperor Franz Josef, and marvel at the majestic architecture along Ring Boulevard. Be inspired by an atmosphere steeped in history, which also boasts the comforts and infrastructure of a modern city!

The city possesses a lively and vast array of cultural attractions. Whether classical or experimental theatre, film or dance festivals, opera or operetta, or exhibitions and concerts, no matter when you come or how long you stay, there is sure to be something exciting for you to discover. If your tastes are not quite so culturally refined, then visit one of Vienna’s famous coffee houses or traditional wine taverns (“Heurige”) and work your way through famous culinary specialties.

The outstanding musical heritage has been preserved right to the present day. The Wiener Philharmoniker is one of the world’s top orchestras, the Vienna Boys’ Choir is triumphantly successful wherever it tours, and the Vienna Conservatorium has produced innumerable international

including bathing lakes on a territory of 83,858 square kilometers.

Given its location, it has since time immemorial been a crossroads of travel routes between the major European economic and cultural regions. Austria has common borders with eight other countries: Germany, the Czech Republic, Slovakia,

Austrian Business Sector 39

TOURISM award-winners in all musical disciplines. Yet Vienna also boasts a lively scene for young people - if you love music, you are sure to profit from Vienna.

Through the centuries, Vienna has always produced and nurtured world-famous artists. The collecting passion of art-loving rulers and monarchs has made Vienna a treasure house par excellence. The Museum of Fine Arts, for instance, is one of the world’s largest and most distinguished museums, housing priceless works of art. Vienna is also uniquely passionate as far as its literature is concerned.

AUSTRIA:TOURIST ORGANIZATIONS t "VTUSJBO /BUJPOBM 5PVSJTU 0óDF "/50 o ½TUFSSFJDI 8FSCVOH ½8

5IF "VTUSJBO /BUJPOBM 5PVSJTU 0óDF JT UIF OBUJPOBM NBSketing and service organization for the entire Austrian tourism industry. In the financial year 2005, the budget BNPVOUFE UP NJMMJPO FVSPT NJMMJPO 'FEFSBM 4UBUF 'FEFSBM &DPOPNJD $IBNCFS 5IF PCKFDUJWF PG UIF "/50 JT UP TUSFOHUIFO "VTUSJB BT B UPVSJTN EFTUJOBUJPO 5ISPVHI JUT XFCTJUF XXX BVTUSJB JOGP "/50 IBT TVDceeded in combining all relevant internet tourism partners MJLF 5*4DPWFS 'FSBUFM /FU)PUFMT UIF "VTUSJBO 'FEFSBM &DPOPNJD $IBNCFS BOE UIF QSPWJODFT PG UIF GFEFSBM SFQVCMJD PO POF TJUF 5IF "/50 IPNFQBHF IBT UIVT CFDPNF UIF most important platform for Austrian tourism. t "VTUSJBO )PUFM BOE 5PVSJTN #BOL o ½TUFSSFJDIJTDIF )PUFM und Tourismusbank ½)5 5IF "VTUSJBO )PUFM BOE 5PVSJTN #BOL CFDBNF B DPOUBDU QBSUOFS GPS UPVSJTN QSPKFDU BHFOUT CZ TUSFOHUIFOing innovation potential and offering attractive financing NPEFMT 5IF PCKFDUJWF PG UIF QSPNPUJPO BDUJWJUJFT JU QFSforms is to maintain and/or improve competitiveness, to TFDVSF BOE DSFBUF KPCT JO FYJTUJOH FOUFSQSJTFT PG UIF UPVSism and leisure industry, and to assist in setting up such enterprises. t "TTPDJBUJPO PG "VTUSJBO )PUFMJFST o ½TUFSSFJDIJTDIF )PUFMiervereinigung This Association provides for a voluntary representation of UIF JOUFSFTUT PG UIF MFBEJOH"VTUSJBO IPUFMT *UT PCKFDUJWFT are to maintain the quality of the Austrian hotel offer, to ensure contacts with other interest groups, to raise awareness of the interests of hotels,and to engage in measures in the field of further training.

40 Austrian Business Sector

INNSBRUCK Innsbruck is the capital city of the federal state of Tyrol in western Austria. It is located in the Inn Valley at the junction with the Wipptal (Sill River), which provides access to the Brenner Pass, some 30 kilometers south of Innsbruck. Located in the broad valley between high mountains, the Nordkette (Hafelekar, 2,334 meters) in the north, Patscherkofel (2,246 meters) and Serles (2,718 meters) in the south, it is an internationally renowned winter sports centre, and hosted the 1964 and 1976 Winter Olympics and the 1984 and 1988 Winter Paralympics. It is to host the first Winter Youth Olympics in 2012. The word “bruckâ€? comes from the German word “BrĂźckeâ€? meaning “bridge,â€? which leads to “the bridge over the Inn.â€?

The Imperial Palace at Innsbruck was erected by Archduke Siegmund the Rich in late Gothic style around 1460. It was rebuilt in the Baroque style (but with Rococo detailing) between 1754 and 1773 on orders of Empress Maria Theresa.

The Palace, flanked by a set of domed towers, is a fine example of Baroque secular architecture. The structure has four wings and a splendid two-story Riesensaal (Giant´s Hall), painted in white and gold and filled with portraits of the Habsburgs.

SALZBURG Salzburg is the fourth-largest city in Austria and the capital of the federal state of Salzburg. Salzburg’s “Old Town�

(Altstadt), with its world famous Baroque architecture, is one of the best-preserved city centres north of the Alps, and was listed as a UNESCO World Heritage Site in 1997. The city is noted for its Alpine setting. It is the birthplace of 18th-century composer Wolfgang Amadeus Mozart. In the mid-20th century, the city was the setting for parts of the musical and film The Sound of Music, which also features famous land-

marks in Austria. With three universities, Salzburg is filled with the liveliness of a large student population.

Some 4,000 cultural events combine to make Salzburg one of the most important cultural metropolises. The acclaimed Salzburger Festspiele, founded in 1920, is the high point in Salzburg’s culture calendar and includes concerts, opera and theatre performances.

DANUBE - WACHAU A region which straddles the banks of the Danube, rich in history, blessed with a mild climate and outstanding white wines, the UNESCO cultural heritage site of Wachau is a magical land in every season.

Gently rolling hills, almost completely striped with vineyards, the medieval character of its villages and the picturesque banks of the Danube combine to a delightful whole. The mild climate, influenced by the river valley, sunny wine slopes and the special geology mean that excellent wines are produced here, appreciated by wine connoisseurs the world over. Furthermore on the 33 kilometre long stretch of the Danube – from Melk to Krems – there is a wealth of historic buildings to be visited.

The Wachau also boasts a high density of restaurants and inns, where you can enjoy top quality regional cooking at reasonable prices and which promise a delicious balance of local ingredients and creative flair.

SPA & WELLBEING ALPENRESORT SCHWARZ

With some 300 years of history, the Schwarz is a cosy and traditional retreat that offers state-of-the-art well-being facilities.

Located on a sunny plateau, close to Innsbruck, this is an ideal hotel for families.

Improving the appearance of skin and reducing cellulite, based on the philosophy of traditional Chinese medicine. With a perfected combination of applying vacuum suction and aromatherapy, skin and tissue will be tightened, achieving visible and lasting results.

ALPINE RESORT & SPA ĂœBERGOSSENE ALM Surrounded by dramatic mountain peaks, the hotel accents well-being with a healthy dose of pampering. Take a morning dip in the outdoor heated lake before breakfast. ‘Healthy living in laid-back style surrounded by dramatic mountain scenery’

Austrian Business Sector 41

TOURISM award-winners in all musical disciplines. Yet Vienna also boasts a lively scene for young people - if you love music, you are sure to profit from Vienna.

Through the centuries, Vienna has always produced and nurtured world-famous artists. The collecting passion of art-loving rulers and monarchs has made Vienna a treasure house par excellence. The Museum of Fine Arts, for instance, is one of the world’s largest and most distinguished museums, housing priceless works of art. Vienna is also uniquely passionate as far as its literature is concerned.

AUSTRIA:TOURIST ORGANIZATIONS t "VTUSJBO /BUJPOBM 5PVSJTU 0óDF "/50 o ½TUFSSFJDI 8FSCVOH ½8

5IF "VTUSJBO /BUJPOBM 5PVSJTU 0óDF JT UIF OBUJPOBM NBSketing and service organization for the entire Austrian tourism industry. In the financial year 2005, the budget BNPVOUFE UP NJMMJPO FVSPT NJMMJPO 'FEFSBM 4UBUF 'FEFSBM &DPOPNJD $IBNCFS 5IF PCKFDUJWF PG UIF "/50 JT UP TUSFOHUIFO "VTUSJB BT B UPVSJTN EFTUJOBUJPO 5ISPVHI JUT XFCTJUF XXX BVTUSJB JOGP "/50 IBT TVDceeded in combining all relevant internet tourism partners MJLF 5*4DPWFS 'FSBUFM /FU)PUFMT UIF "VTUSJBO 'FEFSBM &DPOPNJD $IBNCFS BOE UIF QSPWJODFT PG UIF GFEFSBM SFQVCMJD PO POF TJUF 5IF "/50 IPNFQBHF IBT UIVT CFDPNF UIF most important platform for Austrian tourism. t "VTUSJBO )PUFM BOE 5PVSJTN #BOL o ½TUFSSFJDIJTDIF )PUFM und Tourismusbank ½)5 5IF "VTUSJBO )PUFM BOE 5PVSJTN #BOL CFDBNF B DPOUBDU QBSUOFS GPS UPVSJTN QSPKFDU BHFOUT CZ TUSFOHUIFOing innovation potential and offering attractive financing NPEFMT 5IF PCKFDUJWF PG UIF QSPNPUJPO BDUJWJUJFT JU QFSforms is to maintain and/or improve competitiveness, to TFDVSF BOE DSFBUF KPCT JO FYJTUJOH FOUFSQSJTFT PG UIF UPVSism and leisure industry, and to assist in setting up such enterprises. t "TTPDJBUJPO PG "VTUSJBO )PUFMJFST o ½TUFSSFJDIJTDIF )PUFMiervereinigung This Association provides for a voluntary representation of UIF JOUFSFTUT PG UIF MFBEJOH"VTUSJBO IPUFMT *UT PCKFDUJWFT are to maintain the quality of the Austrian hotel offer, to ensure contacts with other interest groups, to raise awareness of the interests of hotels,and to engage in measures in the field of further training.

40 Austrian Business Sector

INNSBRUCK Innsbruck is the capital city of the federal state of Tyrol in western Austria. It is located in the Inn Valley at the junction with the Wipptal (Sill River), which provides access to the Brenner Pass, some 30 kilometers south of Innsbruck. Located in the broad valley between high mountains, the Nordkette (Hafelekar, 2,334 meters) in the north, Patscherkofel (2,246 meters) and Serles (2,718 meters) in the south, it is an internationally renowned winter sports centre, and hosted the 1964 and 1976 Winter Olympics and the 1984 and 1988 Winter Paralympics. It is to host the first Winter Youth Olympics in 2012. The word “bruckâ€? comes from the German word “BrĂźckeâ€? meaning “bridge,â€? which leads to “the bridge over the Inn.â€?

The Imperial Palace at Innsbruck was erected by Archduke Siegmund the Rich in late Gothic style around 1460. It was rebuilt in the Baroque style (but with Rococo detailing) between 1754 and 1773 on orders of Empress Maria Theresa.

The Palace, flanked by a set of domed towers, is a fine example of Baroque secular architecture. The structure has four wings and a splendid two-story Riesensaal (Giant´s Hall), painted in white and gold and filled with portraits of the Habsburgs.

SALZBURG Salzburg is the fourth-largest city in Austria and the capital of the federal state of Salzburg. Salzburg’s “Old Town�

(Altstadt), with its world famous Baroque architecture, is one of the best-preserved city centres north of the Alps, and was listed as a UNESCO World Heritage Site in 1997. The city is noted for its Alpine setting. It is the birthplace of 18th-century composer Wolfgang Amadeus Mozart. In the mid-20th century, the city was the setting for parts of the musical and film The Sound of Music, which also features famous land-

marks in Austria. With three universities, Salzburg is filled with the liveliness of a large student population.

Some 4,000 cultural events combine to make Salzburg one of the most important cultural metropolises. The acclaimed Salzburger Festspiele, founded in 1920, is the high point in Salzburg’s culture calendar and includes concerts, opera and theatre performances.

DANUBE - WACHAU A region which straddles the banks of the Danube, rich in history, blessed with a mild climate and outstanding white wines, the UNESCO cultural heritage site of Wachau is a magical land in every season.

Gently rolling hills, almost completely striped with vineyards, the medieval character of its villages and the picturesque banks of the Danube combine to a delightful whole. The mild climate, influenced by the river valley, sunny wine slopes and the special geology mean that excellent wines are produced here, appreciated by wine connoisseurs the world over. Furthermore on the 33 kilometre long stretch of the Danube – from Melk to Krems – there is a wealth of historic buildings to be visited.

The Wachau also boasts a high density of restaurants and inns, where you can enjoy top quality regional cooking at reasonable prices and which promise a delicious balance of local ingredients and creative flair.

SPA & WELLBEING ALPENRESORT SCHWARZ

With some 300 years of history, the Schwarz is a cosy and traditional retreat that offers state-of-the-art well-being facilities.

Located on a sunny plateau, close to Innsbruck, this is an ideal hotel for families.

Improving the appearance of skin and reducing cellulite, based on the philosophy of traditional Chinese medicine. With a perfected combination of applying vacuum suction and aromatherapy, skin and tissue will be tightened, achieving visible and lasting results.

ALPINE RESORT & SPA ĂœBERGOSSENE ALM Surrounded by dramatic mountain peaks, the hotel accents well-being with a healthy dose of pampering. Take a morning dip in the outdoor heated lake before breakfast. ‘Healthy living in laid-back style surrounded by dramatic mountain scenery’

Austrian Business Sector 41

CULTURE

THE LAND OF MUSIC The arts and culture in general are highly respected in Austria, and Vienna was known during the eighteenth and nineteenth centuries as a world center of culture, especially in music

I

t was home to some of the greatest classical composers, including Haydn, Mozart, Beethoven, Schubert, and Brahms. During that time, the Habsburg family and the Roman Catholic Church were the chief supporters of the arts. Austria is sometimes known as “the land of music.�

Annual festivals throughout the country feature Austrian orchestras, choirs, and other groups. The best known is thew , founded in 1920. Austria is famous for its Vienna Philharmonic Orchestra and Vienna Boys’ Choir.

42 Austrian Business Sector

THE NEW YEAR’S CONCERT OF THE VIENNA PHILHARMONIC

I

U IBT MPOH CFFO B 1IJMIBSNPOJD USBEJUJPO PO /FX :FBS T %BZ UP QSFTFOU B QSPHSBN consisting of the lively and at the same time nostalgic music from the vast repertoire of the Johann Strauss family and its contemporaries. These concerts not only delight BVEJFODFT JO UIF .VTJLWFSFJO JO 7JFOOB CVU BMTP FOKPZ HSFBU JOUFSOBUJPOBM QPQVMBSJUZ through worldwide television broadcasts, which now reach over 50 countries.

0SJHJOBUJOH EVSJOH B EBSL QFSJPE PG "VTUSJB T IJTUPSZ UIFTF DPODFSUT XFSF JOJUJBMMZ DPO ceived for a local audience as a reminder of better times and a source of hope for the future. Today millions of people throughout the world are similarly encouraged by the MJHIU IFBSUFE ZFU TVCUMZ QSPGPVOE DIBSBDUFS PG UIJT NVTJD BOE ESBX KPZ BOE PQUJNJTN GPS UIF /FX :FBS BIFBE *U JT UIF EFTJSF PG UIF 1IJMIBSNPOJD OPU POMZ UP QSPWJEF NVTJ cally definitive interpretations of the masterworks of this genre, but at the same time, BT NVTJDBM BNCBTTBEPST PG "VTUSJB UP TFOE QFPQMF BMM PWFS UIF XPSME B /FX :FBS T greeting in the spirit of hope, friendship, and peace.

ALBERTINA

O

OF PG UIF XPSME T Ăś O est art collections has been housed since 1805 in the Albertina, a grand 7JFOOFTF QBMBDF JO UIF /FP classical style. The palace takes its name from the DPMMFDUJPO T GPVOEFS %VLF Albert of Saxe-Teschen

B TPO JO MBX of Austrian Empress Maria 5IFSFTB *U XBT CVJMU JO GPS $PVOU Emanuel Teles Silva-Tarouca

*O UIF OFXMZ FTUBCMJTIFE 3FQVCMJD PG "VTUSJB FYQSPQSJBUFE UIF )BCTCVSH QBMBDF BOE UIF BSU DPMMFDUJPO JU DPOUBJOFE OPX SFOBNFE UIF "MCFSUJOB (SBQIJD "SU $PMMFDUJPO Severe bomb damage in 1945 destroyed many of the staterooms, the palace facades and the access ramp leading to the bastion. The palace underwent complete renovation in 20002003. The facades were returned to their original appearance, the historical state apartments were fully restored, and the %BOVCJVT 'PVOUBJO XBT SFBDUJWBUFE 'PVS TUBUF PG UIF BSU FY IJCJUJPO SPPNT XFSF DSFBUFE "SDIJUFDU )BOT )PMMFJO DBOPQJFE UIF FOUSBODF UP UIF NVTFVN XJUI B TQFDUBDVMBS NFUSF UJUB nium wing-shaped roof. Installed in 2004, the daring structure has become the hallmark of the new Albertina.

The Vienna State Opera is a state institution that supports Austria’s premier cultural home, the Vienna Opera House, one of the most opulent in the world. It accommodates Austrians on a budget by providing standing room on graded aisles with rails to support viewers during a long opera.

Austrian children have compulsory music and art classes in primary and secondary schools, and private music schools and conservatories abound. Provincial theaters and orchestras bring the arts to rural and town dwellers.

The arts are responsible for stimulating a large portion of the tourist trade in Austria as well and so are considered excellent investments for private supporters.

LITERATURE Because it is written in German, Austrian literature is often considered a part of German literature, and the first significant literature in German appeared in Austria in the form of epic poems and songs around 1200.

Seventeenth-century minister Abraham a Sancta Clara wrote prose about the social classes that left a permanent mark on Austrian literature. Adalbert Stifter was the best-known fiction writer of the nineteenth century, and Rainer Maria Rilke was a gifted philosophical poet of the twentieth century. Several Austrian writers Austrian Business Sector 43

CULTURE

THE LAND OF MUSIC The arts and culture in general are highly respected in Austria, and Vienna was known during the eighteenth and nineteenth centuries as a world center of culture, especially in music

I

t was home to some of the greatest classical composers, including Haydn, Mozart, Beethoven, Schubert, and Brahms. During that time, the Habsburg family and the Roman Catholic Church were the chief supporters of the arts. Austria is sometimes known as “the land of music.�

Annual festivals throughout the country feature Austrian orchestras, choirs, and other groups. The best known is thew , founded in 1920. Austria is famous for its Vienna Philharmonic Orchestra and Vienna Boys’ Choir.

42 Austrian Business Sector

THE NEW YEAR’S CONCERT OF THE VIENNA PHILHARMONIC

I

U IBT MPOH CFFO B 1IJMIBSNPOJD USBEJUJPO PO /FX :FBS T %BZ UP QSFTFOU B QSPHSBN consisting of the lively and at the same time nostalgic music from the vast repertoire of the Johann Strauss family and its contemporaries. These concerts not only delight BVEJFODFT JO UIF .VTJLWFSFJO JO 7JFOOB CVU BMTP FOKPZ HSFBU JOUFSOBUJPOBM QPQVMBSJUZ through worldwide television broadcasts, which now reach over 50 countries.

0SJHJOBUJOH EVSJOH B EBSL QFSJPE PG "VTUSJB T IJTUPSZ UIFTF DPODFSUT XFSF JOJUJBMMZ DPO ceived for a local audience as a reminder of better times and a source of hope for the future. Today millions of people throughout the world are similarly encouraged by the MJHIU IFBSUFE ZFU TVCUMZ QSPGPVOE DIBSBDUFS PG UIJT NVTJD BOE ESBX KPZ BOE PQUJNJTN GPS UIF /FX :FBS BIFBE *U JT UIF EFTJSF PG UIF 1IJMIBSNPOJD OPU POMZ UP QSPWJEF NVTJ cally definitive interpretations of the masterworks of this genre, but at the same time, BT NVTJDBM BNCBTTBEPST PG "VTUSJB UP TFOE QFPQMF BMM PWFS UIF XPSME B /FX :FBS T greeting in the spirit of hope, friendship, and peace.

ALBERTINA

O

OF PG UIF XPSME T Ăś O est art collections has been housed since 1805 in the Albertina, a grand 7JFOOFTF QBMBDF JO UIF /FP classical style. The palace takes its name from the DPMMFDUJPO T GPVOEFS %VLF Albert of Saxe-Teschen

B TPO JO MBX of Austrian Empress Maria 5IFSFTB *U XBT CVJMU JO GPS $PVOU Emanuel Teles Silva-Tarouca

*O UIF OFXMZ FTUBCMJTIFE 3FQVCMJD PG "VTUSJB FYQSPQSJBUFE UIF )BCTCVSH QBMBDF BOE UIF BSU DPMMFDUJPO JU DPOUBJOFE OPX SFOBNFE UIF "MCFSUJOB (SBQIJD "SU $PMMFDUJPO Severe bomb damage in 1945 destroyed many of the staterooms, the palace facades and the access ramp leading to the bastion. The palace underwent complete renovation in 20002003. The facades were returned to their original appearance, the historical state apartments were fully restored, and the %BOVCJVT 'PVOUBJO XBT SFBDUJWBUFE 'PVS TUBUF PG UIF BSU FY IJCJUJPO SPPNT XFSF DSFBUFE "SDIJUFDU )BOT )PMMFJO DBOPQJFE UIF FOUSBODF UP UIF NVTFVN XJUI B TQFDUBDVMBS NFUSF UJUB nium wing-shaped roof. Installed in 2004, the daring structure has become the hallmark of the new Albertina.

The Vienna State Opera is a state institution that supports Austria’s premier cultural home, the Vienna Opera House, one of the most opulent in the world. It accommodates Austrians on a budget by providing standing room on graded aisles with rails to support viewers during a long opera.

Austrian children have compulsory music and art classes in primary and secondary schools, and private music schools and conservatories abound. Provincial theaters and orchestras bring the arts to rural and town dwellers.

The arts are responsible for stimulating a large portion of the tourist trade in Austria as well and so are considered excellent investments for private supporters.

LITERATURE Because it is written in German, Austrian literature is often considered a part of German literature, and the first significant literature in German appeared in Austria in the form of epic poems and songs around 1200.

Seventeenth-century minister Abraham a Sancta Clara wrote prose about the social classes that left a permanent mark on Austrian literature. Adalbert Stifter was the best-known fiction writer of the nineteenth century, and Rainer Maria Rilke was a gifted philosophical poet of the twentieth century. Several Austrian writers Austrian Business Sector 43

CULTURE MUSIC

V

ienna has been an important center of musical innovation. 18th and 19th century composers were drawn to UIF DJUZ EVF UP UIF QBUSPOBHF PG UIF )BCTCVSHT BOE NBEF 7JFOOB UIF &VSPQFBO DBQJUBM PG DMBTTJDBM NVTJD 8PMGHBOH Amadeus Mozart, Ludwig van Beethoven and Johann Strauss ** BNPOH PUIFST XFSF BTTPDJBUFE XJUI UIF DJUZ %VSJOH UIF #BSPRVF QFSJPE 4MBWJD BOE )VOHBSJBO GPML GPSNT JOøVFODFE "VTUSJBO NVTJD 7JFOOB T TUBUVT CFHBO JUT SJTF BT B DVMUVSBM center in the early 1500s, and was focused around instruments including the lute.

Franz Joseph Haydn .BSDI o .BZ XBT one of the most prolific and prominent composers of the DMBTTJDBM QFSJPE )F JT PGUFO DBMMFE UIF i'BUIFS PG UIF 4ZNQIPOZw BOE i'BUIFS PG UIF String Quartetâ€? because of his important contributions to UIFTF HFOSFT )F XBT BMTP JOstrumental in the development of the piano trio and in the evolution of sonata form. " MJGF MPOH SFTJEFOU PG "VTUSJB )BZEO TQFOU NVDI PG IJT DBSFFS BT B DPVSU NVTJDJBO GPS UIF XFBMUIZ )VOHBSJBO BSJTUPcratic EsterhĂĄzy family on their remote estate. Isolated from other composers and trends in music until the later part of his long life, he was, as he put it, “forced to become originalâ€?.

[5] At the time of his death, he was one of the most celebratFE DPNQPTFST JO &VSPQF < > +PTFQI )BZEO XBT B DMPTF GSJFOE PG 8PMGHBOH "NBEFVT .Pzart and a teacher of Ludwig van Beethoven.

Wolfgang Amadeus Mozart +BOVBSZ o %FDFNCFS JT BNPOH UIF NPTU enduringly popular of classical DPNQPTFST FWFS )F DPNQPTFE PWFS XPSLT NBOZ BDLOPXMedged as pinnacles of symphonic, concertante, chamber, piano, operatic, and choral music. Mozart showed prodigious ability from his earliest childhood in Salzburg. Already competent on keyboard and violin, he composed from the age of five and performed beGPSF &VSPQFBO SPZBMUZ BU IF XBT FOHBHFE BT B DPVSU NVTJcian in Salzburg, but grew restless and traveled in search of a CFUUFS QPTJUJPO BMXBZT DPNQPTJOH BCVOEBOUMZ 8IJMF WJTJUJOH 7JFOOB JO IF XBT EJTNJTTFE GSPN IJT 4BM[CVSH QPTJUJPO )F DIPTF UP TUBZ JO UIF DBQJUBM XIFSF IF BDIJFWFE GBNF CVU MJUUMF ĂśOBODJBM TFDVSJUZ %VSJOH IJT ĂśOBM ZFBST JO 7JFOOB IF composed many of his best-known symphonies, concertos, BOE PQFSBT BOE UIF 3FRVJFN 5IF DJSDVNTUBODFT PG IJT FBSMZ death have been much mythologized.

44 Austrian Business Sector

The arts are responsible for stimulating a large portion of the tourist trade in Austria as well and so are considered excellent investments for private supporters wrote plays and operas in addition to verse and fiction.

Among them were Hugo von Hofmannsthal, who, with innovative dramatist Max Reinhardt, annually produced the mystery play Everyman at the Salzburg Festival. The works of early-twentieth-century novelists Franz Werfel and Franz Kafka are world-famous. Well-known interwar novelists are Heimito von Doderer and Robert Musil. Thomas Bernhard and Peter Handke achieved fame in the late twentieth century.

Today, the Vienna Philharmonic is a world-renowned classical music ensemble and tours throughout the year all over the world. Their News Years Day concert held in Vienna every year is one of Europeâ&#x20AC;&#x2122;s most important classical concerts during the year

Coffeehouses, especially in Vienna, have long been known as a gathering place for writers and poets. Today, many coffeehouses feature literary readings as part of the culture that makes them so popular.

ing prints, drawings, and water-colors by artists such as Michelangelo, da Vinci, Rubens, Cezanne, Manet, Modigliani, and Schiele.

The Kunsthistorisches Museum in Vienna numbers among the most important European museum buildings erected during the 19th century. The monumental structure, built at the behest of Emperor Franz Joseph I as part of his expansion of the city in 1858, was intended to both unite and appropriately represent the artistic treasures that had been collected by the Habsburgs over the centuries. Construction work lasted 20 years, from when ground was first broken in 1871 to the museum buildingâ&#x20AC;&#x2122;s completion in 1891.

The Museumsquartier is one of the ten largest cultural complexes in the world, where Baroque buildings, new architecture, cultural institutions, and various disciplines of art are united.

The Leopold Museum and the MUMOK (Museum of Modern Art Ludwig Foundation Vienna) are large art museums. Additional highlights include the TanzQuartier, an international, state-of-the-art centre for dance, the Architektur Zentrum Wien, production studios for new media, artist studios for artists-in-residence, outstanding art and cultural facilities designed for children, and a variety of other events and festivals such as the renowned Viennale film festival, the ImPulsTanz Festival, and many others.

GRAPHIC ARTS As capital of the illustrious Habsburg Empire, Vienna was a center for the fine arts as well as for music and the theater. Realist painter Ferdinand G. Waldmuller and painter Hans Makart were the most famous of the nineteenth century. Gustav Klimt painted in the unconventionally sensuous â&#x20AC;&#x153;Secessionâ&#x20AC;? style, founded in 1897.

Oskar Kokoschka painted the realities of World War I. In the twentieth century, artists such as Herbert Boeckl painted ornamentation on residential blocks and cathedrals. Anton Kolig and Josef Mikl were abstract painters, and Ernest Fuchs and Anton Lehmden were known for â&#x20AC;&#x153;fantastic realism.â&#x20AC;?

The Albertina museum in the Hofburg quarter of Vienna houses a world-famous collection of graphic arts, featur-

PERFORMING ARTS Religious drama flourished during the Middle Ages, especially in the Tirol. During the Counter-Reformation, Jesuit priests wrote countless religious dramas and staged plays at Jesuit schools. Vienna became the center for German-speaking drama during the 18th century.

Viennaâ&#x20AC;&#x2122;s Burgtheater was the most eminent during the nineteenth century, when playwright Franz Grillparzerâ&#x20AC;&#x2122;s plays were first performed there. Social dramas, folk farces, and satires also premiered during the nineteenth century. Around 1900, the Vienna School of dramatists, led by Austrian playwright Arthur Schnitzler, created a new style of playwriting in Europe, featuring psychological drama. The Salzburg Festival showcases drama as well as music.

The Leopold Museum

MUSIC Johann Strauss II 0DUPCFS o +VOF XBT UIF composer of light music, particularly dance music and opFSFUUBT )F DPNQPTFE PWFS waltzes, polkas, quadrilles, and other types of dance music, as well as several operettas and a CBMMFU )F XBT LOPXO BT i5IF 8BMU[ ,JOHw BOE XBT MBSHFMZ responsible for the popularity of the waltz in Vienna during the 19th century.

4USBVTT XBT CPSO JO 4U 6MSJDI OPX B QBSU PG /FVCBV UIF TPO PG +PIBOO 4USBVTT * BOPUIFS DPNQPTFS PG EBODF NVTJD )JT father did not wish him to become a composer, but rather a CBOLFS IPXFWFS UIF TPO EFĂśFE IJT GBUIFS T XJTIFT BOE XFOU PO UP TUVEZ NVTJD XJUI UIF DPNQPTFS +PTFQI %SFDITMFS BOE UIF WJPMJO XJUI "OUPO ,PMMNBOO UIF CBMMFU SĂ?QĂ?UJUFVS PG UIF 7JFOOB $PVSU 0QFSB 4USBVTT IBE UXP ZPVOHFS CSPUIFST +PTFG and Eduard Strauss, who became composers of light music as well, although they were never as well-known as their elder brother.

4PNF PG +PIBOO 4USBVTT T NPTU GBNPVT XPSLT JODMVEF UIF XBMU[FT 5IF #MVF %BOVCF ,BJTFS 8BM[FS 5BMFT GSPN UIF 7JFOOB 8PPET UIF 5SJUTDI 5SBUTDI 1PMLB BOE UIF /FVF 1J[[JDBUP 1PMLB "NPOH IJT PQFSFUUBT %JF 'MFEFSNBVT BOE %FS Zigeunerbaron are the most well-known.

The most popular form of modern Austrian folk music is Viennese schrammelmusik, which is played with an accordion and a double-necked guitar. Modern performers JODMVEF 3PMBOE /FVXJSUI ,BSM )PEJOB BOE &EJ 3FJTFS Schrammelmusik is a mixture of SVSBM "VTUSJBO )VOHBSJBO 4MPWFOJBO .PSBWJBO BOE #BWBSJBO immigrants crowded the slums of Vienna. At the time, waltzes and ländlers mixed with the music of the immigrants absorbing sounds from all over central and eastern Europe and the Balkans. The name Schrammelmusik comes from two of UIF NPTU QPQVMBS BOE JOøVFOUJBM QFSGPSNFST JO 4DISBNNFMNVTJL T IJTUPSZ CSPUIFST +PIBOO BOE +PTFG 4DISBNNFM Today, the Vienna Philharmonic is a world-renowned classical music ensemble and tours throughout the year all over UIF XPSME 5IFJS /FXT :FBST %BZ DPODFSU IFME JO 7JFOOB FWFSZ ZFBS JT POF PG &VSPQF T NPTU JNQPSUBOU DMBTTJDBM DPODFSUT EVSJOH UIF ZFBS 4UBIMIBNNFS BOE $ISJTUJOB 4Uà SNFS BSF UXP PG the most popular Austrian acts.

Austrian Business Sector 45

CULTURE MUSIC

V

ienna has been an important center of musical innovation. 18th and 19th century composers were drawn to UIF DJUZ EVF UP UIF QBUSPOBHF PG UIF )BCTCVSHT BOE NBEF 7JFOOB UIF &VSPQFBO DBQJUBM PG DMBTTJDBM NVTJD 8PMGHBOH Amadeus Mozart, Ludwig van Beethoven and Johann Strauss ** BNPOH PUIFST XFSF BTTPDJBUFE XJUI UIF DJUZ %VSJOH UIF #BSPRVF QFSJPE 4MBWJD BOE )VOHBSJBO GPML GPSNT JOøVFODFE "VTUSJBO NVTJD 7JFOOB T TUBUVT CFHBO JUT SJTF BT B DVMUVSBM center in the early 1500s, and was focused around instruments including the lute.

Franz Joseph Haydn .BSDI o .BZ XBT one of the most prolific and prominent composers of the DMBTTJDBM QFSJPE )F JT PGUFO DBMMFE UIF i'BUIFS PG UIF 4ZNQIPOZw BOE i'BUIFS PG UIF String Quartetâ&#x20AC;? because of his important contributions to UIFTF HFOSFT )F XBT BMTP JOstrumental in the development of the piano trio and in the evolution of sonata form. " MJGF MPOH SFTJEFOU PG "VTUSJB )BZEO TQFOU NVDI PG IJT DBSFFS BT B DPVSU NVTJDJBO GPS UIF XFBMUIZ )VOHBSJBO BSJTUPcratic EsterhĂĄzy family on their remote estate. Isolated from other composers and trends in music until the later part of his long life, he was, as he put it, â&#x20AC;&#x153;forced to become originalâ&#x20AC;?.

[5] At the time of his death, he was one of the most celebratFE DPNQPTFST JO &VSPQF < > +PTFQI )BZEO XBT B DMPTF GSJFOE PG 8PMGHBOH "NBEFVT .Pzart and a teacher of Ludwig van Beethoven.

Wolfgang Amadeus Mozart +BOVBSZ o %FDFNCFS JT BNPOH UIF NPTU enduringly popular of classical DPNQPTFST FWFS )F DPNQPTFE PWFS XPSLT NBOZ BDLOPXMedged as pinnacles of symphonic, concertante, chamber, piano, operatic, and choral music. Mozart showed prodigious ability from his earliest childhood in Salzburg. Already competent on keyboard and violin, he composed from the age of five and performed beGPSF &VSPQFBO SPZBMUZ BU IF XBT FOHBHFE BT B DPVSU NVTJcian in Salzburg, but grew restless and traveled in search of a CFUUFS QPTJUJPO BMXBZT DPNQPTJOH BCVOEBOUMZ 8IJMF WJTJUJOH 7JFOOB JO IF XBT EJTNJTTFE GSPN IJT 4BM[CVSH QPTJUJPO )F DIPTF UP TUBZ JO UIF DBQJUBM XIFSF IF BDIJFWFE GBNF CVU MJUUMF ĂśOBODJBM TFDVSJUZ %VSJOH IJT ĂśOBM ZFBST JO 7JFOOB IF composed many of his best-known symphonies, concertos, BOE PQFSBT BOE UIF 3FRVJFN 5IF DJSDVNTUBODFT PG IJT FBSMZ death have been much mythologized.

44 Austrian Business Sector

The arts are responsible for stimulating a large portion of the tourist trade in Austria as well and so are considered excellent investments for private supporters wrote plays and operas in addition to verse and fiction.

Among them were Hugo von Hofmannsthal, who, with innovative dramatist Max Reinhardt, annually produced the mystery play Everyman at the Salzburg Festival. The works of early-twentieth-century novelists Franz Werfel and Franz Kafka are world-famous. Well-known interwar novelists are Heimito von Doderer and Robert Musil. Thomas Bernhard and Peter Handke achieved fame in the late twentieth century.

Today, the Vienna Philharmonic is a world-renowned classical music ensemble and tours throughout the year all over the world. Their News Years Day concert held in Vienna every year is one of Europeâ&#x20AC;&#x2122;s most important classical concerts during the year

Coffeehouses, especially in Vienna, have long been known as a gathering place for writers and poets. Today, many coffeehouses feature literary readings as part of the culture that makes them so popular.

ing prints, drawings, and water-colors by artists such as Michelangelo, da Vinci, Rubens, Cezanne, Manet, Modigliani, and Schiele.

The Kunsthistorisches Museum in Vienna numbers among the most important European museum buildings erected during the 19th century. The monumental structure, built at the behest of Emperor Franz Joseph I as part of his expansion of the city in 1858, was intended to both unite and appropriately represent the artistic treasures that had been collected by the Habsburgs over the centuries. Construction work lasted 20 years, from when ground was first broken in 1871 to the museum buildingâ&#x20AC;&#x2122;s completion in 1891.

The Museumsquartier is one of the ten largest cultural complexes in the world, where Baroque buildings, new architecture, cultural institutions, and various disciplines of art are united.

The Leopold Museum and the MUMOK (Museum of Modern Art Ludwig Foundation Vienna) are large art museums. Additional highlights include the TanzQuartier, an international, state-of-the-art centre for dance, the Architektur Zentrum Wien, production studios for new media, artist studios for artists-in-residence, outstanding art and cultural facilities designed for children, and a variety of other events and festivals such as the renowned Viennale film festival, the ImPulsTanz Festival, and many others.

GRAPHIC ARTS As capital of the illustrious Habsburg Empire, Vienna was a center for the fine arts as well as for music and the theater. Realist painter Ferdinand G. Waldmuller and painter Hans Makart were the most famous of the nineteenth century. Gustav Klimt painted in the unconventionally sensuous â&#x20AC;&#x153;Secessionâ&#x20AC;? style, founded in 1897.

Oskar Kokoschka painted the realities of World War I. In the twentieth century, artists such as Herbert Boeckl painted ornamentation on residential blocks and cathedrals. Anton Kolig and Josef Mikl were abstract painters, and Ernest Fuchs and Anton Lehmden were known for â&#x20AC;&#x153;fantastic realism.â&#x20AC;?

The Albertina museum in the Hofburg quarter of Vienna houses a world-famous collection of graphic arts, featur-

PERFORMING ARTS Religious drama flourished during the Middle Ages, especially in the Tirol. During the Counter-Reformation, Jesuit priests wrote countless religious dramas and staged plays at Jesuit schools. Vienna became the center for German-speaking drama during the 18th century.

Viennaâ&#x20AC;&#x2122;s Burgtheater was the most eminent during the nineteenth century, when playwright Franz Grillparzerâ&#x20AC;&#x2122;s plays were first performed there. Social dramas, folk farces, and satires also premiered during the nineteenth century. Around 1900, the Vienna School of dramatists, led by Austrian playwright Arthur Schnitzler, created a new style of playwriting in Europe, featuring psychological drama. The Salzburg Festival showcases drama as well as music.

The Leopold Museum

MUSIC Johann Strauss II 0DUPCFS o +VOF XBT UIF composer of light music, particularly dance music and opFSFUUBT )F DPNQPTFE PWFS waltzes, polkas, quadrilles, and other types of dance music, as well as several operettas and a CBMMFU )F XBT LOPXO BT i5IF 8BMU[ ,JOHw BOE XBT MBSHFMZ responsible for the popularity of the waltz in Vienna during the 19th century.

4USBVTT XBT CPSO JO 4U 6MSJDI OPX B QBSU PG /FVCBV UIF TPO PG +PIBOO 4USBVTT * BOPUIFS DPNQPTFS PG EBODF NVTJD )JT father did not wish him to become a composer, but rather a CBOLFS IPXFWFS UIF TPO EFĂśFE IJT GBUIFS T XJTIFT BOE XFOU PO UP TUVEZ NVTJD XJUI UIF DPNQPTFS +PTFQI %SFDITMFS BOE UIF WJPMJO XJUI "OUPO ,PMMNBOO UIF CBMMFU SĂ?QĂ?UJUFVS PG UIF 7JFOOB $PVSU 0QFSB 4USBVTT IBE UXP ZPVOHFS CSPUIFST +PTFG and Eduard Strauss, who became composers of light music as well, although they were never as well-known as their elder brother.

4PNF PG +PIBOO 4USBVTT T NPTU GBNPVT XPSLT JODMVEF UIF XBMU[FT 5IF #MVF %BOVCF ,BJTFS 8BM[FS 5BMFT GSPN UIF 7JFOOB 8PPET UIF 5SJUTDI 5SBUTDI 1PMLB BOE UIF /FVF 1J[[JDBUP 1PMLB "NPOH IJT PQFSFUUBT %JF 'MFEFSNBVT BOE %FS Zigeunerbaron are the most well-known.

The most popular form of modern Austrian folk music is Viennese schrammelmusik, which is played with an accordion and a double-necked guitar. Modern performers JODMVEF 3PMBOE /FVXJSUI ,BSM )PEJOB BOE &EJ 3FJTFS Schrammelmusik is a mixture of SVSBM "VTUSJBO )VOHBSJBO 4MPWFOJBO .PSBWJBO BOE #BWBSJBO immigrants crowded the slums of Vienna. At the time, waltzes and ländlers mixed with the music of the immigrants absorbing sounds from all over central and eastern Europe and the Balkans. The name Schrammelmusik comes from two of UIF NPTU QPQVMBS BOE JOøVFOUJBM QFSGPSNFST JO 4DISBNNFMNVTJL T IJTUPSZ CSPUIFST +PIBOO BOE +PTFG 4DISBNNFM Today, the Vienna Philharmonic is a world-renowned classical music ensemble and tours throughout the year all over UIF XPSME 5IFJS /FXT :FBST %BZ DPODFSU IFME JO 7JFOOB FWFSZ ZFBS JT POF PG &VSPQF T NPTU JNQPSUBOU DMBTTJDBM DPODFSUT EVSJOH UIF ZFBS 4UBIMIBNNFS BOE $ISJTUJOB 4Uà SNFS BSF UXP PG the most popular Austrian acts.

Austrian Business Sector 45

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EBNJS LMBTOKB! SBJMPH ST PĂł DF!SBJMPH ST www.railog.rs RAPS ZAÄ&#x152;INI D.O.O. Herr Mag. Thomas Neumayr #VMFWBS %S ;PSBO %KJOEKJÇ&#x17D; C /PWJ #FPHSBE 5FM

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IPDIIPMEJOHFS! wup.baumit.com WIENER STÄDTISCHE OSIGURANJE A.D. BEOGRAD Director Christoph Rath .JIBJMB 1VQJOB B / #FPHSBE

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WFMJDLP!FVOFU ST YKK AUSTRIA GMBH Predstvnistvo u Srbiji %JSFDUPS ,SJTUJKBO .JMBOPWJǎ ,PTBOǏJǎ *WBOB /PWJ 4BE

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LSJTUJKBO@NJMBOPWJD!ZLL co.rs YU ROHÉ D.O.O. Director Vladimir Antić 1BUSJKBSIB %JNJUSJKB #FPHSBE

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