Business Dialogue - CorD Magazine No.172

Leaders’

ADIR EL AL, CEO of AFI Serbia

OLIVERA ZULOVIĆ, Affluent Clients Manager for Societe Generale Bank Serbia

TANJA JELIĆ, Expositur

Business Philosophy Of Simplicity

Avantage – Keeping Up With Your Success

Facilitating Serbian Business In Germany

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MEETING POINT VLADIMIR BOŠKOVIĆ,

Member Of The Executive Board Corporate And Global Markets Chief Officer Sberbank

FRANK BAUMANN, Director, Goethe-Institut Belgrade

VESNA KUKIĆ LONČARIĆ, Jysk Country Manager For Slovenia, Croatia, Bosnia & Herzegovina And Serbia

Bridge Between Reliable Partner Serbia And To Exporters Germany

Scandinavian Values

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ADIR EL AL, CEO OF AFI SERBIA

Business Philosophy Of Simplicity The most beautiful solutions are simple – a philosophy of success

company’s projects in Serbia and for your reporter is also proof of what we spoke about a few years ago when Mr. El Al told CorD Magazine that AFI Europe is here to stay as it has recognized Serbia as a good place to invest.

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he holiday season is behind us - we are sitting in the cozy premises of Airport City like many times before with our host Mr. Adir El Al. Just a few years ago, I would add “CEO of Airport City” next to his name and everybody would immediately associate him with the most successful business complex in Belgrade, beautiful glass façade buildings in New Belgrade with a long list of famous companies residing there -etc.

What is different now?

The current title would be longer, as it includes another project: CEO of Skyline.

Also it would be extended with the title of CEO of AFI Serbia, and that’s probably the biggest difference - since it represents new investments that AFI Europe has here. It represents a steady development of the

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Where should we start: with your expectations and plans for 2019?

We see our future and the future of projects as stable and prosperous in 2019.

When it comes to Airport City, which became a ‘must’ on the office space market, we plan to continue and add another building in 2019. The ACB family is growing and companies working here demand more space, as their businesses are developing, so it’s natural that we follow the market demands.

What about the concept, having in mind that ACB is recognizable as a “City within a City”?

Our concept proved to be superior and broad enough to give us space to expand.

We will continue to offer the best quality, but also the best possible maintenance and this very special atmosphere of a City within a City.

It seems that all your project have that special ingredient: “atmosphere”. How do you achieve that? Airport City is for years now repeatedly winning the Award for the best brand - it is not usual for a real estate complex to be recognized as a brand.

It just seems on the surface that these

things do not go together. On the contrary, in the modern world, in working or private environments, you must provide the appropriate atmosphere. Much more than an office and a desk, an apartment and a garage... you must provide a lot more.

People need to feel good. They shouldn’t lack anything that makes their work and life easier and simpler. I think that all wisdom is in simplicity; in understanding the needs of clients – from the global companies to which we lease business premises to the tenants of our future residential buildings. Ambience is what defines and contents are what meet people’s needs.

After you add to this list comfort that is unobtrusive, plus an exterior that encourages and inspires you, and an interior that relaxes and doesn’t burden you, this all together gives people a good feeling; both for working and living. The formula for success is in the synergy of the most modern architecture, infrastructure and adequate ambient units.

Do you expect Skyline to also have a special atmosphere?

Skyline is certainly a great challenge.

It is a marvellous project in a very special place which will change the silhouette of Belgrade. With its three towers overlooking the river on one side, providing its residents with the best views of green Dedinje and Avala on the other.

However, the concept we are offering is as important as it was in all other projects: apart from architecture and quality

buildings, which represent our standard, it will give its inhabitants the security and comfort of a nest with a piazetta in the middle, elegant shops, the marvellous little Three Keys Park and plenty of modern facilities - from parking to the best private swimming pool in the city. I am sure that it will become a synonym for a beautiful –lifestyle, just as ACB became a synonym for a successful and special business environment. We know how to develop a consistent concept and this is what sets our projects apart from some others. And 2019 will be a start for us in Skyline in that very direction.

Is this something you brought with you or has it developed over the years you’ve spent in Belgrade - after all, you have been here for 16 years and that has certainly influenced you?

If you were asked to compare the time when you started with today’s time what would you say?(A broad smile appears on Mr. El Al’s face) Well, you bring your heritage with you, but sixteen years is a long time in one’s life. Belgrade’s atmosphere and your life habits certainly influenced me. I am different than I was in the beginning and my understanding of different cultures is certainly more profound.

From the time I came until today, Belgrade has experienced a huge transformation. I can say with great satisfaction that the progress is fantastic. My company and I feel as though we’re part of this prosperity, because it’s something we partly participated in. The arrival of global companies, the economic progress achieved, the business environment provided for them – all of that is part of the chain that has contributed to this success. I am very proud that our clients, people from successful business circles, found a fitting business space precisely in our facilities, and that the standards we provide them with are the same as those provided to top-notch businesses anywhere around the world.

What are the reasons for your conviction

The huge infrastructure developments we’ve built bring with them immense value that remains in Serbia. I have a special relationship with this which isn’t only in a business sense, but also human and slightly emotional. I love Serbia and I love Belgrade

in the prosperity of real estate here?

Serbia is progressing and the business environment is improving every year, even though people might not notice certain processes that businesspeople and investors from abroad recognize.

And when it comes to our situation, my conviction comes from the fact that the huge infrastructure developments we’ve built bring with them immense value that remains in Serbia, many people got jobs and companies developed their businesses

with us, and I feel that people and officials here appreciate that.

My company appreciates Serbia as a very important strategic destination.

We at AFI Europe have big plans for the years ahead.

And you personally?

I have a special relationship with Belgrade that isn’t only in a business sense, but also human and emotional. I love Serbia and I love Belgrade. My family lives here. We have been very happy here for years now.

Belgrade is a beautiful place to live. It’s simple; the people are cordial and open.

Dealing with business, administration and regulation might not be that simple, but it’s nice for living.

And that simplicity we mentioned at the beginning brings us back to the conclusion that new ideas are born and created from simple things.

Yes. When you manage to make complicated, tricky things seem clear and simple, solutions will emerge. This is both my business and private philosophy. Make it beautifully simple,” concludes Adir El Al.

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Cooperation

“German-Serbian cooperation had produced visible effects, while the focus was particularly on encouraging sustainable growth and employment.” – THOMAS SCHIEB, GERMAN AMBASSADOR TO SERBIA

LOCAL NEWS

BRITISH COMPANY DELPHI

SBERBANK AND TELEKOM SRBIJA

British company Delphi has opened the Aptiv Packard factory in Leskovac. The factory will produce electrical installations for the auto industry and should employ around 2,000 people by year’s end 2020.

Delphi invested €25 million in the factory complex, which occupies up 30,00m2 in the Green Zone location, while the City of Leskovac permitted the British company to use six hectares of land for this investment.

Over 400 workers have been employed at the factory so far, while another 700 are planned to be employed by the end of this year.

Delphi has over 147,000 workers in factories in 45 countries, among which is a factory in Novi Sad that opened in 2015 and currently employs around 3,000 people.

On the occasion of the visit of the President of the Russian Federation, Vladimir Putin, Sberbank Srbija and Telekom Srbija signed a memorandum of cooperation (MoC). This memorandum was initiated by a closed contract concluded between the two companies. Namely, Sberbank Serbia participated with €25 million in the €77 million loan to Telekom Serbia.

This credit investment is part of the wider “Milion+” campaign, conducted by Telekom Srbija in order to reach over a million users of its multimedia services and the internet. Sberbank Serbia is a unique partner in building bridges between companies in Serbia, Russia and the Commonwealth of Independent States, with a comprehensive portfolio of banking services.

NEW PLANT IN LESKOVAC

BRAUEREI GROUP

NEW OWNER OF VALJEVSKA PIVARA The Valjevo Brewery, Valjevska Pivara, has been sold for over €3.5 million to the Belgrade-based Brauerei Group, which announced that €5 million will be invested in the modernisation of this company over the next two years.

Valjevska Pivara is the oldest company in Valjevo, currently employing around 200 workers.

Brauerei Group was founded in 2018 by Zivojin Jovanovic and Miloje Blizanjac from Trlic near Ub and Zoran Kostic from Brzece near Bris. Jovanovic also heads the Trlic Farming Cooperative, while Kostic is head of the Brzecebased company Brzmin.

Based on the information available on the website of the Business Registers Agency, the Brauerei Group was founded on 6th December 2018 as a limited liability company with beer production as its main activity.

BELGRADE WATERFRONT

IMPROVING LIVES IN CITIES Supporting the development of new technologies is crucial for the contemporary lifestyle in large cities, as they get more complex on a daily basis. This support needs to be concrete and action-orientated – at least this is the opinion of socially responsible companies like Belgrade Waterfront, which organised “I have a solution for a smarter city” prize contest, aimed at helping to develop innovative solutions in the area of “smart cities”. The mission has been quite successful, if measured by the quality of the winning ideas, which shared a prize pool of 10,000 euros. The Energym team won first place with their idea of a smart gym that creates energy while you work out, while other two teams – Smart Light and Smart Solutions – were no less innovative with ideas about smart street lighting and smart containers helping in more effective waste treatment, respectively. To further develop or apply the best solutions, Belgrade Waterfront has also secured an additional pool of 25,000 euros!

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SIGNED A MOC

GAZPROM

TURKSTREAM TO BE COMPLETED BY END-2019 The construction of the TurkStream pipeline across the territory of Serbia will be completed by the end of 2019, said head of Gazprom Alexey Miller, adding that the pipeline will be 403 kilometres long.

“The pipeline will cross the Serbian-Bulgarian border and go all the way up to the Serbian-Hungarian border. As for the deadlines, the main line will be built by the end of 2019,” Miller said.

Russia and Serbia have signed a Memorandum of Mutual Understanding on the expansion of the capacities of the Banatski Dvor underground gas storage facility. The memorandum defines the basic parameters of the expansion of the underground storage to 750 million cubic metres per year.

Education

“With fake news, we will best deal with investing in education, and that’s why Serbia invests in changing the concept of education - let’s teach young people how to think, not what to think.” – ANA BRNABIĆ, SERBIAN PRIME MINISTER

Placements postings

&

appointments@aim.rs

ANDRÉ RINNENSLAND, NEW CEO OF METRO CASH & CARRY SERBIA

ADRIA HOTEL FORUM

HOSPITALITY EXPERTS IN BELGRADE The 7th Adria Hotel Forum (AHF) will for the first time be held in Belgrade’s Crowne Plaza hotel on 20th and 21st February, covering the topic ‘Is The Future Bright?’

The conference will be opened by three renowned international companies: TripAdvisor, STR and Colliers International, with the goal of comparing travel results with travel rates and investments. Immediately after, the EBRD’s chief economist will present what we should expect of a new economic crisis to arrive during 2020.

Beside this two presentations, panellists and participants will discuss the following questions: “Who wants to finance and invest in projects and is there a model to insure the investment?”, “How can large projects change the city perspective?”, “What is the future model of employment and where will the employees be coming from?”, “New lifestyle brands and how much design effects the guests’ emotions and experience,”, and many more issues.

AHF is a “must” for all relevant decision makers and hospitality leaders. Some of the AHF panellists are the global hotel investment funds that are interested in investing in this region and leading regional companies linked to hotel industry.

BULGARIAN SOPHARMA

ACQUISITION OF LEKOVIT

Bulgaria’s largest pharmaceutical company, Sopharma Trading, took over a 100% stake in the Serbian Lekovit.

Looking for scale and continuous dynamic growth, the company started regional expansion by entering the Serbian market in May 2015 with initial plans aimed at the market penetration of a portfolio of exclusive brands, followed in the summer of 2017 by the acquisition of a majority share in the fastest growing Serbian pharma distributor – Lekovit.

The agreement was signed following the unconditional approval of the agreement on the purchase of a majority stake by the Commission for the Protection of Competition of Serbia in late July.

In 2016, the compay had 150 employees and an operating income of over €50 million.

André Rinnensland previously held the position of Global Director of ‘House of Learning’ and regional HR Director of operations at METRO AG in Asia. With this appointment, Serbia has received a director who has amassed great professional experience within the scope of the company, which will primarily contribute to further development and investment in employees, and in turn lead to an increase in the growth and development of the company’s operations as a whole. Rinnensland gained his comprehensive professional experience working in various sectors within the industry, which ensures he is additionally qualified to lead and further develop the company in Serbia. He has worked within the framework of METRO Italy and METRO Turkey, as well as at the company’s headquarters in Germany, where he gained significant practical experience and insight into the development of human skills and competences, focusing on their professional advancement.

GERMAN COMPANY WITZENMANN

TO BUY LAND IN KULA

The sale by auction of a plot of land to German company Witzenmann for the construction of a facility that should employ 350 workers, according to the company’s director, Michael Scheib, is set to take place in Kula.

The working meeting involved the president of the Temporary Authority of the municipality, Velibor Milojicic, and representatives of Witzenmann. The company expressed its intention to buy six hectares of land for the production of flexible elements for the auto industry in the Kula industrial zone.

“The decision on the sale of the parcel is expected to be reached in mid-February, after which Witzenmann will be registered as the owner and formally eligible for a building permit,” Milojicic announced.

The deadline for the German company to commence its operations is March 2020.

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OLIVERA ZULOVIĆ, AFFLUENT CLIENTS MANAGER FOR SOCIETE GENERALE BANK SERBIA

Avantage – Keeping Up With Your Success Avantage premium business model offers clients superior banking expertise and service, which saves time, but also money

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lan to invest your funds in real estate? Want the best education for your child or a safe future by retaining your savings? If you have these or similar ambitions, you will need the right financial advice and support on how to achieve them. In short, you will need the services of Avantage, a Societe Generale Bank business model. Olivera Zulović, manager for affluent clients of Societe Generale Bank Serbia explains us what it implies and what benefits it brings to clients.

What is the Avantage business model?

Avantage fulfills the needs of the clients who have high expectations from their bank. The entire concept of the Avantage business model offers our premium clients security in planning their personal finances. It is designed for everyone with high expectations of daily banking and of products and services that support their lifestyle. Professional support from their bankers is constantly at their disposal. Our duty is to offer exceptional daily banking, the highest service quality, constant availability and top expertise.

What are the daily banking benefits for Avantage clients?

When they are not in the office, businessmen work on the go, between meetings

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and calendar bookings. For financial planning, the Avantage business model offers premium clients both top-quality banking expertise and time-saving service, but also money through a number of benefits at their disposal such as m-banking and e-banking payment applications and transactions without commission, support in planning

Our duty is to offer exceptional daily banking, the highest service quality, constant availability and top expertise

savings or investing in securities. Bankers are also available in online bank branches, both after business hours and at weekends.

Personal bankers of Avantage clients are branch managers at the same time, which means that these clients’ requests are processed as a priorities.

What distinguishes Avantage from classic banking services is the concept of ‘Avantage učitavanje’ events. What do the clients - visitors to these events receive from you?

They receive an unforgettable experience they receive an unforgetable experience, different from the one that they cannot afford otherwise and also and also great impressions after exceptionally well designed theme events that are retold for months. “Avantage učitavanje“ is a series of several events in a year which we organize following the interests of our clients. So far, we have ‘taken’ their families to horse racing, where they had the opportunity to be horse owners for a day, while the bravest could follow the race riding in a judge’s jeep. We have also taken them through the underground passages of the old city heart of our capital and told them the secrets of the love life of the Obrenović dynasty. The home of the famous architect Ilija Gligorijević, a scene of turbulent artistic life, was the meeting place of the Avantage clients at the last Učitavanje event we organized last year.

We peeked into a house whose interior and aesthetics leave nobody indifferent.

Societe Generale Serbia seeks to offer unique experience from the worlds of culture, business and art to its premium clients even outside working hours. ’Učitavanje’ is our way to share pleasant experiences, enrich ourselves and spice up relationships with clients. The whole team we are organizing events with is positively ‘infected’ by Učitavanje, and

we inevitably transfer this inspiration to our clients.

Investing in a relationship with clients based on trust is the right thing to do, if we understand what they expect from us

In general, Avantage implies a unique type of personalized access to clients?

We realize that the personalized approach is the right approach after we make sure that our clients have built an almost friendly relationship with our bankers, which is the result of great confidence in our expertise and quality of service. We have invested a lot of effort into researching and understanding the actual needs of our clients and I believe Avantage is the answer to the whole lifestyle of individuals, and much more than banking. Investing in a relationship with clients based on trust is the right thing to do, if we understand what they expect from us. I think every manager should be curious to test himself as many services as possible that he offers to his clients, because only in this way he can recognize what is a good product or if further improvements are needed. On the other hand, the same curiosity motivates us to ask them for suggestions and advice, to test the boundaries of the whole concept for affluent clients and move them further together.

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Invaders

“We don’t see these people as Muslim refugees. We see them as Muslim invaders.” – VIKTOR ORBAN, HUNGARIAN PRIME MINISTER

REGIONAL NEWS ALBANIA

TIRANA BANK SOLD MACEDONIA’S KOMERCIJALNA BANKA

BULGARIA

OTE SELLS TELEKOM ALBANIA Deutsche Telekom’s Greek subsidiary, OTE, is to sell the whole of Telekom Albania to Bulgarian Vivacom owner Spas Roussev and an Albanian-Bulgarian businessman, Elvin Guri, OTE said.

Roussev is a controversial figure in Bulgaria who boasts a long history of links with Bulgarian politicians and Russian financiers, having participated in key deals with Russian banks.

His telecommunications company Telelink has a strong foothold on the market in Bulgaria.

His most significant purchase by far came in 2014-2015 when he bought Vivacom, one of the three largest mobile networks in the country, in a consortium with VTB Capital and the Delta Company of ex-finance minister Milen Velchev.

Albania’s competition authority said it has approved the sale of the 98.83% stake in Tirana Bank held by Greece’s Piraeus Bank to Albanian investment group Balfin and Macedonia’s Komercijalna Banka.

Komercijalna said in a filing to the Macedonian Stock Exchange in August that Balfin will own a majority stake in Tirana Bank after the purchase.

Tirana Bank will continue to operate as a separate entity, Komercijalna Banka added.

Including the investment in Tirana Bank, Balfin’s investment portfolio totals $1.4 billion, with investments in Albania, Macedonia, Kosovo, Bosnia, Montenegro, Austria and the United Kingdom.

Komercijalna Banka is Macedonia’s largest lender, with assets in excess of €1.7 billion.

MACEDONIA

HELLENIC PETROLEUM SUES MACEDONIA Macedonia hopes negotiations can persuade Hellenic Petroleum to lower the sum of $32 million that the Greek company is demanding in damages before the Court of Arbitration in Paris.

The government is launching a process of negotiation aimed at finding a solution which will decrease the potential damage to the Macedonian budget, for something that has been done by a previous government.

This is the second dispute between the Greek company and the Macedonian government. Macedonia lost the first one in 2007 and had to pay $52 million in damages.

In the much criticized deal, Macedonia agreed to buy 500,000 tons of heating oil annually from OKTA for the next 20 years, which energy experts warned was way more than the country actually needed.

ROMANIA

DACIA SOLD OVER 700,000 CARS IN 2018 Dacia has recorded the best performance in its history in 2018, with sales of 700,798 cars on the domestic and international markets, up by 7% against the previous year.

One of the best performances was in Europe, with 511,000 units, placing the manufacturer on the 14th position in the rankings of best sold brands, with a market share of 2.9%, up by 0.27 percentage points against the previous year.

Historical records of sales were noticed in France, Italy, Spain, Poland and Belgium, while in Germany Dacia has reached a level close to the record in 2009. About 50,000 cars were sold in Morocco.

The sales on the Romanian market reached 54,593 units, by 26.2% more than in the previous year, reaching a market share of more than 30% of new cars sales. The new Duster was sold to 13,179 customers, most of them (77%) choosing the 4×4 option.

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HUNGARY

AQUAWORLD AND FOUR SEASONS WIN BIG AT WORLD SPA AWARDS Aquaworld Resort Budapest Hotel and Spa has been awarded ‘Hungary’s Best Resort Spa 2018’, while the spa at Four Seasons Hotel Gresham Palace Budapest was awarded ‘Hungary’s Best Hotel Spa 2018’. The international World Spa Awards are often regarded as the ‘Spa Oscars’ and the fact that Hungary received two nods is amazing, especially as the prizes are voted on by 650,000 professionals in each category.

Hungary’s spas have been making quite a splash in international media of late, just recently CNN published two articles on the spas and wellness in Budapest.

TANJA JELIĆ, EXPOSITUR

Facilitating Serbian Business In Germany Agency “Expositur” makes it easier for enterprises from Serbia to enter the world of entrepreneurship in Germany, providing them with support before, during and after the establishment of their company, advising on conditions for working and hiring employees, as well as help in running their business

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t was important for me to be able to do a lot of the work regardless where I’m located, to be able to live in Serbia and go to Germany as required, so that’s how ‘Expositur’ opened in Belgrade, explains Tanja Jelić.

You’ve spent your whole life in Germany. How are your connections with Serbia?

Emotional. I love Serbia; my parents are

Serbs and I spent my childhood here. My husband is a Serb, and as such our three daughters can’t be German either. For the past eight years we’ve been living between Belgrade and Bad Neuenahr-Ahrweiler, and for the last two years, since our children have had school obligations, our base has been in Belgrade.

With your help, Serbian entrepreneurs can relatively quickly and easily establish an enterprise in Germany, and you are there to ease the running of their companies. How did you come up with the idea of doing this job?

Ten years ago, via my Xing profile, someone described to me a problem that a Serbian company has in Germany. I had a suggestion

for a solution, and he recommended me to the next company, and that’s how it started. We’ve gradually been able to define the needs of our companies on the German market.

In Germany, while seeking institutions that cooperate with Serbia, I came across GIZ. A few months prior to my final arrival in Belgrade, GIZ contacted me with the news that the “Returning Experts” programme has also been launched in Serbia and that they would be pleased to recommend me to a potential employer. The recommended company “Telegroup d.o.o.”, whose activities in Germany I’ve been monitoring for the last two years, saw the need for this type of work and enabled me to establish the company “Expositur” in Belgrade.

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VLADIMIR BOŠKOVIĆ, MEMBER OF THE EXECUTIVE BOARD CORPORATE AND GLOBAL MARKETS CHIEF OFFICER SBERBANK

Reliable Partner To Exporters The international rating agency Brand Finance has pronounced Sberbank the strongest bank brand in the world. A member of the Sberbank Serbia Executive Board speaks about the great responsibility that this recognition imposes on all of its staff

important resource to be recognized as a reliable partner and suitable support for our clients.

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or all clients who choose to export to the Russian market or to increase their business with Russian partners, we have prepared special products and services to facilitate exports but also to reduce the risks that accompany them, announces Vladimir Bošković.

What level of responsibility does the position of an Executive Board Member in such a large system demand?

It is a privilege to be part of the system of a large banking group like Sberbank. We at Sberbank Serbia understand the responsibility that is given to us as a daily challenge to continuously be better and consistent, and to provide the highest quality service to our clients and partners.

We face many challenges every day because the market is becoming more dynamic year by year. More and more, clients understand, follow and require the latest technology, expecting the highest standards in the services and products they use, so meeting their expectations is becoming more and more challenging.

Fulfilling all legislative, regulatory and technological requirements is a great challenge for every innovative and responsible manager. Every Executive Board Member of Sberbank Serbia pays great attention to the satisfaction of our staff as the most

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Sberbank Serbia provides strong financial support to domestic and foreign corporate clients. What are the benefits of your bank?

As a universal bank, Sberbank Serbia has a development strategy for all segments and markets. As the Republic of Serbia has signed a free trade agreement with Russia we, as a member of Russia’s largest bank, have the obligation to support all companies that operate with the RF and to support their presence in this huge market. The value of exports of Serbian food products to the Russian Federation in 2018 amounted to $340 million. It sounds a lot, but it is a very small percentage of the food that Russians imported. We consider ourselves to be a bridge between east and west, and it is

We must be ready to provide the highest level of service for the largest and most successful companies and their customers.

This brings many opportunities in spreading our future joint services among a wide range of clients - companies and individuals

exactly here that we see the main advantage of our bank. We see ourselves as the main factor in supporting the increase of exports of Serbian products to Russia and reducing the overall foreign trade deficit of Serbia, as well as an important promoter of Serbian business with Russian import-oriented companies and institutions.

During the visit of Russian President Vladimir Putin to Serbia, 26 interstate agreements were signed. Do you see this as a chance to improve your bank`s performance?

The fact that Sberbank took its place among the signatories of the memorandum is a great recognition, but also an obligation for us to justify this privilege in the coming period and to show that we deserve a high ranking when it comes to supporting the development of Serbian business.

We are very pleased that Telekom Srbija, as the leading provider of telecommunications services in Southeast Europe and a leader in Serbia, has recognized us as an important partner for further development.

This is a confirmation that Sberbank Serbia is definitely heading in the right direction in supporting the expansion of the business interests of the largest companies in Serbia and Russia and the economies of the two countries.

We see a great opportunity for further improvement of our business, as companies like Telekom constantly improve technologies and services, and, accordingly, the number of users of their services, which has grown to 10 million.

FRANK BAUMANN, DIRECTOR, GOETHE-INSTITUT BELGRADE

Bridge Between Serbia And Germany The Goethe-Institut is a cultural institution from Germany that has been promoting and advancing German language learning for nearly 50 years and that fosters international cultural cooperation

T

he biggest and most exciting collection of German art ever presented by the Goethe-Institut to the Serbian public will be the art exhibition “Weltreise”, to be shown at the Museum of Contemporary Art in Belgrade from 25th January to 26th March 2019.

Apart from offering German language courses,

what are some other activities of the GoetheInstitut in Belgrade?

The Goethe-Institut aims to connect people from the cultural spheres of Serbia and Germany for their mutual benefit. I’m talking about film and stage directors, authors, artists, musicians, photographers, architects, as well as professionals in the fields of education and culture.

Developing cultural programmes means collaborating as closely as possible with everyone in the cultural sphere, not only those in the limelight; our focus is set on all cultural managers and their institutions, and vice versa. We have close relations with official institutions, as well those representing

so-called civil society. Some of our partners in 2018 have been – in no specific order – BITEF Festival, Belgrade Cultural Centre, Belgrade Jazz Festival, Kragujevac Jazz Festival, Museum of Modern Art of Vojvodina in Novi Sad, KROKODIL Centre, Belgrade Photo Month, Beldocs Festival, Merlinka Festival, Festival Dev9t in Stara Ciglana, KC Grad, Kinoteka, Remont Art Centre etc.

European cooperation is also essential, and it’s great to have an active EUNIC structure in Serbia. Not to forget our regional training programmes, like First Films First – a Young Directors Academy, or the Next Generation project on the “Art of Failure”. Well, the latter is not our general motto.

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Diversity

“We can embrace diversity and the new ideas that spring from it, while simultaneously fostering a shared identity and shared values in safe, stable communities that work.” – JUSTIN TRUDEAU, PRIME MINISTER OF CANADA

WORLD NEWS EGYPT

SWEDEN

Mercedes-Benz said in a statement.

The programme is backed by a $12 billion loan from the International Monetary Fund since late 2016 under which Egypt made deep cuts to energy subsidies, introduced new taxes and devalued its currency.

Sweden’s Riksbank has repeatedly raised the idea of ‘e-krona’ or digital currency in recent years, but last month reiterated that a project launched in 2017 to look into the possibility of launching such a currency had not yet been completed.

Despite that, several potentially fraudulent claims have been made about e-krona, the bank warned.

The Riksbank has also been contacted by individuals describing how they have been called by companies claiming to be selling ekronas on behalf of the Riksbank.

It urged anyone who sees this kind of information or receives an offer to buy ekronor to contact the bank.

MERCEDES-BENZ TO OPEN CAR ASSEMBLY PLANT IN EGYPT Mercedes-Benz is planning to open a car assembly plant in Egypt, North Africa’s largest economy, to expand its market share in the region.

The passenger car assembly plant will be built by a local business partner and the company is developing its local expansion plans in “close collaboration” with the Egyptian government,

SWEDEN WARNS OF E-CURRENCY SCAM

JAPAN

TOYOTA AND PANASONIC TO LAUNCH JOINT VENTURE Toyota Motor Corp. and electronics giant Panasonic Corp. announced end last month they will jointly establish a new company to make batteries for automobiles, including electric vehicles, by the end of 2020. With the joint venture, the firms aim to counter Chinese and other foreign rivals. Toyota and Panasonic hope to TOYOTA MOTOR CORP. PRESIDENT accelerate the development of high-performance batteries for AKIO TOYODA (LEFT) AND PANASONIC supply to automakers at home and abroad, while redoubling CORP. PRESIDENT KAZUHIRO TSUGA efforts to increase the price competitiveness of their batteries.

The joint company will be owned 51 percent by Toyota and 49 percent by Panasonic. The combined number of Toyota and Panasonic employees to be reassigned to the new firm will total about 3,500.

USA

VOLKSWAGEN AND FORD NEW ALLIANCE Volkswagen and Ford are to join forces to build pickup trucks, delivery vans and possibly electric cars and self-driving vehicles. The companies have pledged to put old rivalries aside and work together to confront a rapidly-changing auto industry.

The collaboration on vans and possibly other areas show how carmakers are pooling resources to better compete with tech giants like Google. The partnership will help cut development costs and optimise factory capacity, Volkswagen said.

The tie-up on commercial vans and pickups will improve operating results from 2023, the partners said.

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EUROPE

FRANCE, GERMANY STEP UP PRESSURE OVER ALSTOMSIEMENS DEAL France and Germany raised pressure on the European Union’s competition chief to approve the merger of Alstom and Siemens’ rail businesses, warning that thwarting the proposed European champion would be a strategic error. People familiar with the matter told Reuters that Siemens’ and Alstom’s plan to create a European rail champion to take on a Chinese rival had failed to win over EU antitrust regulators, despite German and French backing.

Comments from politicians reflect a frustration that the EU’s competition laws no longer reflect modern-day geopolitical realities, and in particular the threat from China.

“We need international champions in Europe that are able to compete globally”, said German Economy Minister Peter Altmaier.

HENRI POUPART-LAFARGE (RIGHT), CHAIRMAN AND CHIEF EXECUTIVE OFFICER OF ALSTOM, AND SIEMENS PRESIDENT AND CEO JOE KAESER

VESNA KUKIĆ LONČARIĆ, JYSK COUNTRY MANAGER FOR SLOVENIA, CROATIA, BOSNIA & HERZEGOVINA AND SERBIA

Scandinavian Values The Danish Royal Court has been our regular customer for years and we’re very proud of that fact

T

he catchword of our multi-year strategy is “CUSTOMER FIRST”, which places our consumers at the forefront. Thousands of buyers visit JYSK outlets on a daily basis and we are only here because they choose to buy from us, says Vesna Kukić Lončarić, JYSK Country Manager for Slovenia, Croatia, Bosnia&Hercegovina and Serbia.

JYSK is an international retail chain that offers “everything for the home” and that is still owned by its founder, Lars Larsen, who is known throughout Denmark for always having a “great offer”. The JYSK Group today has about 2,700 retail outlets in 51 countries worldwide. What does the word ‘Jysk’ mean?

The word ‘JYSK’ has always been part of the company’s name. In Danish, ‘JYSK’ represents someone or something from the Jutland Peninsula, and it is associated with modesty, thoroughness and honesty – three values with which Larsen himself has always been associated.

JYSK primarily represents reliability, because a deal is always a deal. I would point out something else that we are proud of, and that is our interpersonal relations. Here I’m not only referring to relations within the company, but rather also relations with our business partners and customers.

The catchword of our multi-year strategy

is “CUSTOMER FIRST”, which places our consumers at the forefront. Thousands of buyers visit JYSK outlets on a daily basis and we are only here because they choose to buy from us. That’s why we always strive to ensure the best ratio of price to quality, and to be available, professional and interactive. It is precisely for this reason that we’ve also come up with four promises to our customers, which we call the JYSK

We’ve come up with four promises to our customers, which we call the JYSK CUSTOMER PROMISES and which are: an excellent offer, reliable quality, easy shopping and a competent service

CUSTOMER PROMISES and which are: an excellent offer, reliable quality, easy shopping and a competent service.

JYSK is a Scandinavian firm that’s deeply rooted in Scandinavian culture. What does that actually mean in the context of your company?

We are proud of the Scandinavian values that we nurture in our company. We value honesty and reliability, open communication and the right of all employees to give their opinion. It is only with open communication that we can continue to develop

and be better. Being Scandinavian doesn’t only mean having trust in your employees and providing them with excellent working conditions, rather it also means having an important role in terms of the offer. We offer our customers Scandinavian-style products based on a contemporary and minimalist design. This means that each of our customers can choose the method and place of their purchase (store, Click&Collect, web-shop), and if the customer isn’t satisfied with the product for any reason, they can easily replace or return it in the simplest way.

The Danish Royal Court has for years been a regular customer of JYSK. They are obviously satisfied, but are you satisfied with your operations in this region?

The Danish Royal Court has been our regular customer for years and we’re very proud of that fact. Permission to use the designation of an official supplier to the Danish Royal Court is only granted to companies that are well organised, economically stable and have a good reputation.

In that context, I would add that JYSK in Serbia achieved the best results so far last financial year, with a turnover of 3,949,024.782 RSD and EBIT of 294,979.991 RSD. This is an increase of 612,381.081 RSD, or 18.4 per cent compared to the previous year.

This was definitely the best year to date for JYSK Serbia. Strong growth recorded for the fourth consecutive year is the result of investment in the education of our employees.

In parallel with this, we also work intensively on the assortment and have made great advances in the attractiveness of our offer, which our customers have also recognised.

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