Business Dialogue - CorD Magazine, no.169

Leaders’

WARREN BOWERS, Lower School Principal, the International School of Belgrade

DR DRAGAN KOSTIĆ, director, Free Zone Pirot

Diversity Makes Our School Culturally Rich

Best In Europe And Third In The World

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DARREN GIBSON, CEO, Luštica Bay

MEETING POINT Stojan Rangelov, B.Sc. engineer, co-owner of company Putevi Ivanjica (Roads of Ivanjica)

Vibrant, Inclusive & Sustainable Safe Roads Made Year-Round To EU Standards Resort Town PAGE /36

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VLADIMIR NOVAKOVIĆ, General Manager Apatin brewery

Three-CenturyLong Tradition PAGE /41

LEGAT 1903

Discover The New Best Place For Business Dining PAGE /43

WARREN BOWERS, LOWER SCHOOL PRINCIPAL, THE INTERNATIONAL SCHOOL OF BELGRADE

Diversity Makes Our School Culturally Rich Students nowadays have immediate access to information at their fingertips and can find facts with the push of a button. Our job as educators is to show them what to do with that knowledge

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e need to give them opportunities to work in groups with effective communication skills and to solve problems independently using creativity and critical thinking skills, notes Warren Bowers, Lower School Principal at the International School of Belgrade, sppeaking to CorD. The International School of Belgrade (ISB) has been engaged in teaching foreign children in Belgrade since as far back as 1948.

How do those seven decades look to you now, from today’s perspective?

The world we are preparing our students for now is completely different to that of 1948. Serbia itself has gone through more changes than most countries over that time and the fact that ISB has remained in action over the past 70 years is a testament to its resilience, its quality and its ability to grow with changing needs and expectations. The

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school has grown to become the top-quality, highly-respected international school that we have today thanks, in part, to the history and traditions of the past.

Some of the major achievements of which the school is particularly proud are the fact that ISB remained open throughout the period of the ex-Yugoslavia wars in the 1990s, when most expats left the region. Additionally, gaining authorization to implement the three programmes of the International Baccalaureate (IB) was a natural and important outgrowth of the ISB commitment to educate globally-minded citizens who contribute positively to society. ISB became authorized by the International Baccalaureate Organization to offer the Diploma Programme, the Middle Years Programme, and the Primary Years Programme during the 2005-2007 years, and in May 2010, ISB was one of 583 International Baccalaureate World Schools to offer all three IB programmes.

International Schools (CIS) and the New England Association of Schools and Colleges (NEASC). As well as this, we adhere to standards set by the Serbian Ministry of Education. All of these accreditations mean that our programmes are subject to external standards, are top quality and recognised internationally.

Our curriculum is described as transdisciplinary, with the curriculum areas intersecting and connecting and often being taught together. For example, if the students are learning about plants and other living things, they will be reading about this and their writing might look at the genre of a report. If students are learning about the impact that significant people have on us, their reading and writing might be biographies.

We make learning interesting and exciting and students enjoy working this way.

ISB has always focused on strong academics, and at the same time embraced

What kind of education does the school represent and which standards does your curriculum adhere to?

The educational programme here at ISB is truly international. We have students from more than 40 different countries from all over the world and we highlight and celebrate the diversity they represent. The Lower School at ISB uses the Primary Years Programme (PYP) of the International Baccalaureate for the curriculum framework. On top of being authorised by the International Baccalaureate Organization for many years to teach all three programmes of the IB, we are also accredited by the Council of

On top of being authorised by the International Baccalaureate Organization for many years to teach all three programmes of the IB, we are also accredited by the Council of International Schools (CIS) and the New England Association of Schools and Colleges (NEASC)

teaching methodologies that enable students to gain the skills to be able to apply their knowledge, and to critically analyse issues from various perspectives.

Which age categories does the school cater for and are there any prerequisites for enrolling to study?

ISB as a whole school has students from Pre-Kindergarten to Grade 12. In the Lower School, our students finish at Grade 5 before moving to middle school for Grade 6. So our youngest students are 3 years old and our oldest primary students are 11 years old.

We have a Learning Support department that helps students who find aspects of the curriculum challenging and we provide additional English language classes to those who are new to English.

We have entrance assessments in literacy and mathematics to determine the proficiency of our applicants in these two areas and set up the programs to successfully meet their needs.

What is the typical profile of the ISB teaching staff?

One of the great things about ISB is that we do not have a ‘typical profile’ for our teachers. We have teachers from many different parts of the world and from many different backgrounds. It is this diversity, and the diversity of our student body, that makes our school culturally rich. Many of our teachers have worked in different countries throughout their career and some of our teachers have a Serbian background but were raised in other countries. All of our teachers are fully-qualified and experienced and many have a Masters degree. We have a very good reputation in the international schools’ community which makes ISB a sought after place to work.

Having amassed a great deal of experience leading international schools around the world, how are your first impressions of Belgrade?

I am grateful every day to be living and working in such an interesting and beautiful city as Belgrade. This is my fifth international school experience and I have to say that the transition to Belgrade has

We have a Learning Support department that helps students who find aspects of the curriculum challenging and we provide additional English language classes to those who are new to English

been second to none. The people have been extremely welcoming and friendly, especially my Serbian colleagues at ISB. I’m enjoying exploring the markets, with the incredible selection of fruit and vegetables, and discovering the various eating spots around the city. I like live music and am enjoying the local bands at various events. It’s only been three months since I moved here, but I’m already excited to call Belgrade home.

Apart from equipping them with knowledge, do you train the pupils with some other skills?

Students nowadays have immediate access to information at their fingertips and can find facts with the push of a but-

ton. Our job as educators is to show them what to do with that knowledge. We need to give them opportunities to work in groups with effective communication skills and to solve problems independently using creativity and critical thinking skills. It is vital for schools to create environments where students can try things out and make mistakes as part of their learning process. We need to teach our students to be resilient and flexible when things do not work out the way they want them to and to help them manage disappointment. Being open-minded and being able to see things from different perspectives is becoming more and more important in our swiftly changing world.

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Recognition

“It is important that everyone understands that it has been clear from the very beginning of the dialogue process that normalization of relations, or dialogue in general, will not happen without de facto recognition of the territorial integrity of the Republic of Kosovo. That should be clear.”

– GERMAN PARLIAMENTARIAN PETER BEYER

LOCAL NEWS HEMOFARM

INTERNATIONAL AWARD FOR DON’T LET IT BURST’ CAMPAIGN ‘Don’t let it Burst’, the campaign of Hemofarm Foundation for prevention of high blood pressure, was awarded the Silver Drum award in the category of OOH /Out-of-Home/ advertising at 25th Golden Drum International Festival, organised in Portorož (Slovenia) this year.

Bearing in mind that high blood pressure is currently the most widespread disease, as well as that each second citizen of Serbia suffers from high blood pressure, Hemofarm Foundation conducted the ‘Don’t let it Burst’ national campaign this year with the aim of improving the health culture and encouraging citizens to check their blood pressure on a regular basis. ‘The award we won at this, 25th Festival, symbolically coincided with the 25th birthday of Hemofarm Foundation.

We found it particularly important to do something significant for our citizens in this year of our jubilee. If we managed to save even one life with this educational campaign on the importance of high blood pressure prevention, it would be the best award for us’, Suzana Đorđević, Director of Hemofarm Foundation pointed out.

ALIPLAST

ALIPLAST TO BUILD ITS OWN FACILITY IN SIMANOVCI Aliplast Serbia, a part of international Aliplast Group, with factories in Poland, Belgium, France and England, has been operating in Simanovci for two years and now the company plans to start looking for an adequate space for the construction of their own facility, as they are currently renting. The main activity of Aliplast is the trade of aluminum profiles used in construction, as well as the additional services of painting the profiles. “The plan is to cover the entire territory of the former Yugoslavia and some other countries in the Balkans in the future. As for the location in Simanovci, due to the highest possible level of cooperation so far, Aliplast decided to build their own hall and increase production of aluminum profiles,” said Bojan Jovicic, the director of Aliplast Serbia.

Placements postings

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appointments@aim.rs

H.E. ESTANISLAO ANGEL ZAWELS, NEW AMBASSADOR OF ARGENTINA TO SERBIA

Estanislao Angel Zawels was born in Buenos Aires in 1954 and earned his degree (BA. Economics) at the University of Poitiers, France, in 1973, before going on to earn his BSc. Economics degree at the University of Buenos Aires’ Faculty of Economic Sciences in 1984. He joined the Argentine Foreign Service in 1985, serving in the Argentine Mission to the United Nations and the Argentine Mission to the United Kingdom. He has served at the Argentine MFA since 2009 as Director for Economic Negotiations with the EU, Director for Asia and Oceania and Director General for International Organisations. A professor of the course ‘Introduction to International Relations’ at the Pontifical Catholic University of Argentina’s Faculty of Political Sciences, he is also a professor of the University of Buenos Aires’ Faculty of Law and a professor of International Relations at the Catholic University of Salta. A Consulting member of CARI (Argentine Council for International Relations), he has published numerous articles and books. Alongside his native Spanish, Ambassador Zawels speaks English and French, while his hobbies include sailing and fly fishing.

TOBIAS FLESSENKEMPER, NEW HEAD OF THE COUNCIL OF EUROPE OFFICE IN BELGRADE

Tobias Flessenkemper was appointed by the Secretary General of the Council of Europe as Head of the Belgrade Office as of 1st October 2018. His previous postings include the European External Action Service (EEAS) in Bosnia-Herzegovina, the Council of the European Union in Brussels, Skopje and Sarajevo and the OSCE. In 2012-13 he was visiting fellow at the German Institute for International and Security Affairs (SWP), while in 2013 he became managing director of the Berlin-based agency elbarlament.org - cultures of democracy. A regular contributor to research and higher education programmes, with a focus on European cooperation, he was Secretary General of the European Youth Forum from 1998-2001. He holds a Master’s Degree in Political Science from the University of Cologne and is a European Master in International Humanitarian Assistance (E.MA) from the Ruhr-University Bochum.

LEONI

START OF CONSTRUCTION WORKS OF THE NEW LEONI PLANT IN KRALJEVO Leoni, a global provider of energy and data management solutions in the automotive sector and other industries, started the construction works of its fourth plant in Serbia, in the city of Kraljevo. The new plant will not only be the largest Leoni plant in Serbia, but it will also employ the biggest number of people at full capacity (end of 2023) among all Leoni plants in Serbia, namely up to 5.000.

There will be produced harnesses for one of the world’s premium carmakers, Mercedes Benz. Leoni will invest 60 million EUR in building and equipping the new production facility. By the end of the year, the first 6.500sqm will be finished and around 150 people we will employed. By the end of January next year, the test production will start. The entire building will have more than 60,000sqm, out of which 45,000sqm represent the production area, and will be completely finished in the first quarter of 2020. The Leoni plant will be the first new plant built in almost 30 years in the region of Kraljevo and is expected to significantly contribute the decreasing the unemployment rate in the area.

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DR DRAGAN KOSTIĆ, DIRECTOR, FREE ZONE PIROT

Best In Europe And Third In The World We have developed an effective system which, apart from providing a free zone regime with customs and tax breaks, eases our users’ operations through a unified set of services

City of Pirot was ranked 100th in Serbia in terms of salary levels ten years ago, while today it is ranked 14th.

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he result is that there are 60 trade and 23 production companies operating in the free zone regime today, employing about 6,500 workers, explains Dr Dragan Kostić, director of Free Zone Pirot.

Free Zone Pirot was this year declared the best such free zone in Europe and the third best in the world by the renowned fDi Magazine and The Financial Times. What ensured you were among the very best in the world for the sixth consecutive year?

This result was created through continuous progress, from the zone’s establishment in 1996 to the present days, using the latest knowhow and operational methods.

We have developed an effective system which, apart from providing a free zone regime with customs and tax breaks, eases our users’ operations through a unified set of services. The result is that there are 60 trade and 23 production companies operating in the free zone regime today, employing about 6,500 workers. Users of the zone generated total turnover of nearly a billion euros in 2017, more than half of which was realised through export. Investments in the previous period exceeded 500 million euros, and our biggest user, Tigar Tyres, which is a member of the Michelin Group, is Serbia’s third largest exporter. The

What additional incentives do you offer large users?

Our services are conceived with a view to the most modern free zones in the world. We enable our users to focus on their core business, while we take care of their needs in the areas of customs

Users of the zone generated total turnover of nearly a billion euros in 2017, more than half of which was realised through export. Investments in the previous period exceeded 500 million euros, and our biggest user, Tigar Tyres, which is a member of the Michelin Group, is Serbia’s third largest exporter

documentation, freight forwarding, organising international transport, providing warehouse space, cargo handling from railways and haulage vehicles, thereby providing them with a comprehensive service and easing their operations, which impacts on accelerating the development of companies operating within our regime and increasing interest among companies in doing business in the Zone.

The favourable position of Pirot, in close proximity to Bulgaria and Romania and situated along Corridor 10, forms just part of the benefits. What have you invested in and what processes have you developed in order to become the best in Europe?

The proximity of Bulgaria, Romania and Corridor 10 certainly represents an advantage, but there are also good logistical connections between Free Zone Pirot and the ports of Burgas and Thessaloniki, first and foremost, as well as other intermodal hubs in the Balkans. We monitor trends and rely on technological innovations, but we consider our people the key to the successes we achieve in the business world. We consider continuous investment in the development of employees and team building as the most successful investment in the quality of services and operations as a whole. In cooperation with users, we’ve developed modern software applications that ease the monitoring of goods imports and exports, thereby minimising users’ engagements with regard to logistics services. In that way we enable companies to realise all the benefits in one place and focus on the development of their own businesses.

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DARREN GIBSON, CEO, LUŠTICA BAY

Vibrant, Inclusive & Sustainable Year-Round Resort Town Luštica Bay is a unique project, not only in the context of Montenegro, but throughout the entire Mediterranean.

We are the only greenfield project in Montenegro

completion of the project, notes Luštica Bay CEO Darren Gibson.

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t is the combination of various project attributes that create conditions for something that is quite unique in the region. Encompassing seven million square metres along the Luštica Peninsula of the Adriatic coastline, our size and scale alone sets us apart from others; being one of the largest – if not the largest – projects of its type in Southeast Europe. We are also the only greenfield project in Montenegro. This means that we are developing in a completely undeveloped and initially inaccessible area of land that lacks all the required infrastructure, which we have included in our plans with the intention of developing the project according to the highest contemporary architectural and ecological standards.

As opposed to ‘one-off’ resorts or hotel destinations, Luštica Bay is being created with the clear intention of becoming a sustainable, fully-integrated, state-of-theart town that will operate year-round and not only deliver an outstanding tourism offer, but also provide a permanent home for around 3,000 to 4,000 people upon

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What kind of contents will Luštica Bay offer through this superior tourist offer and what categories of guests are you targeting?

Our Master Plan envisages the construction of seven hotels of four- or fivestar category, two marinas with berthing and support facilities for up to 226 vessels, an 18-hole championship golf course, a combination of real estate typologies consisting of apartments, family houses and villas, as well as a town centre – “Centrale” – equipped with all the facilities necessary to support permanent

Centrale will be constructed on an area of 240,000 square metres alongside the existing village of Radovići and will serve as a link between the villages of Luštica Bay and bordering villages, as well as with Tivat and Kotor

residents. Despite this impressive list of features, bricks and mortar will cover only around ten per cent of the leased land, with the balance being allocated to nature and the like. In terms of the residential and guest experience, our diverse topography allows us to deliver a collection of stunning sea, bay and golf view properties, set amongst the lush greenery of the surrounding landscape.

Our ideal Luštica Bay resident is an aspiring community member, not merely a property buyer. We want people who share our vision of creating a vibrant, inclusive and sustainable year-round resort town, attracting regional and international renown for its value proposition, high quality natural and built environments, diverse offers and experiences, a relaxed lifestyle and a strong sense of community. We see our clients as people who appreciate comfort, quality and privacy.

With this August’s opening of hotel The Chedi and part of the marina, the construction of this complex has just begun. At what tempo will its development continue?

Our immediate future plans focus primarily on the commencement of construction in Centrale, which will form

the core of the town of Luštica Bay. We believe that, through seven phases over the next ten years, Centrale will become an attractive place, ensuring the privacy that is so often lacking along with the privileges of cosmopolitan life. Centrale will be constructed on an area of 240,000 square metres alongside the existing village of Radovići and will serve as a link between the villages of Luštica Bay and bordering villages, as well as with Tivat and Kotor. The apartments in the Centrale are already selling, with very competitive pricing on both the domestic and regional markets.

We will also be ‘rounding off’ the first phase of the Marina Village, with finishing works expected on the second stage of the main marina and the completion of real estate projects.

Separately, we are working closely with the relevant authorities to create the conditions necessary to recommence works on our golf course. We will also be looking to commence the development process for the second hotel of 300 keys in the Marina Village in the coming period.

This project is worth €1.1 billion and is the only greenfield investment in Montenegro to promise outstanding economic potential. How much will this project impact on the advancement of Montenegro’s tourism potential?

Overall, the impact of Luštica Bay and investment projects like it goes far beyond satisfying the profitability aspirations of investors. For example, one of the inevitable and desirable by-products of such projects is the global destination promotion that takes place; marketing the country’s attributes and potential to an international audience. The substantial and diversified offer of Luštica Bay, its quality and service standards, also adds significantly to Montenegro’s ability to attract and accommodate tourists with higher spending capacities for longer periods, and to drive repeat business. We firmly believe that the complete package we bring to the industry in Montenegro, including our needs and expectations for

quality and standards, will see a continuous improvement in the quality, standards and overall offer of the tourism sector in the years to come. Of course, our success as a foreign investor in Montenegro will also instil confidence in other investors and drive interest in further investment in the industry in Montenegro.

Have your expectations been met in terms of the number of potential buyers of houses and apartments in this new city?

Yes. We have sold around 250 properties in the project to date and this number continues to grow each week, with new

We have been particularly effective in selling the vision of Luštica Bay across a wide range of markets and are proud of the fact that our buyer pool comprises 38 different nationalities

sales and reservations. We have been particularly effective in selling the vision of Luštica Bay across a wide range of markets and are proud of the fact that our buyer pool comprises individuals and families from 38 different nationalities.

How would you assess the competitiveness of the Montenegrin tourism market, especially during the off-season period?

Seasonality remains an issue. Montenegro needs to continue to develop ways to grow its offer to cater for and encourage increasing visits during the winter months. The development of win-

ter tourism in the north, including its ski slopes and hotel capacities, is a key part of this, as is the diversification of the offer in the tourism areas of the coast that are already developed. This diversification could be achieved, for example, through the establishment of MICE facilities and indoor facilities. Further development of other year-round outdoor leisure activities is another important element. The establishment of our golf course, and others like it, is an example.

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Democracy

“We need to say it out loud because you can’t reform a nation in secrecy: The era of liberal democracy is over. Rather than try to fix a liberal democracy that has run aground, we will build a 21st-century Christian democracy.”– VIKTOR ORBAN, HUNGARIAN PRIME MINISTER

REGIONAL NEWS ALBANIA

ALBCHROME PLANS ТО EXPANSIONД BURREL PLANT

HUNGARY

BUDAPEST BECOME THE CAPITAL OF DENTAL TOURISM Every year thousands of dental tourism patients fly to Hungary from English-speaking countries, such as Canada, the UK, Ireland or the USA. They visit Budapest, capital of Hungary, and get their teeth fixed while doing so. Recently, a new trend has been developing, as tourists from France, Switzerland, Germany in addition to Austria are now visiting Hungary since local dental treatment fees are very high in these countries. Quality dental & medical care associated with important financial savings are the main reasons for dental tourist waves. Foreign patients can save up to 70% on dental care in Budapest in comparison to Western European prices, with the same quality, if not higher.

Albanian investment group Balfin’s local subsidiary AlbChrome plans to invest €8.6 million in a project for expanding the production capacity of its ferrochrome plant in the northern town of Burrel.

The company is seriously considering the possibility of putting into operation a third furnace at the plant which will significantly increase the production volume and create at least 100 new jobs, the company said in a statement.

AlbChrome took over the Burrel ferrochrome plant in 2012. The company also operates a ferrochrome plant in Elbasan, a metal ore enrichment plant in Klos and Bulqiza chrome mine.

The Balfin Group owned by Samir Mane is active in real estate, retail, tourism, agriculture, energy, mineral industry, investments, and services through subsidiaries in Albania, Austria, Macedonia, Dubai, Kosovo, Greece, Bosnia and Herzegovina, Italy, and the United States.

Source: /seenews.com

CROATIA

INCLUDE WINS DELOITTE’S RISING STARS Coatian smart bench manufactures Include has been named the fastest growing company of Central Europe in Rising Stars category by the Deloitte Technology Fast 50 Program.

Include, who is behind the hugely successful Steora smart benches which continue to be placed all over the globe, are the first Croatian company to win in this category after growing a massive 1950% in the last three years of business operations.

Founded by young innovator Ivan Mrvoš (22) in Solin near Split on the Croatian coast, Include have quickly become one of Europe’s leading producers of smart street furniture with over 800 benches in 36 markets around the world and are involved in many major ‘Smart City’ projects and have made their presence known in 250 cities and municipalities across five continents.

Currently, the benches, which manufactured in Solin at their 2,000m2 facility, can be found in all corners of the world, including Croatia, Australia, Germany, Slovakia, Belgium, Denmark, Czech Republic, Hungary, USA, UK, Portugal, Qatar, and Dubai.

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10 REASONS

YOU NEED A DIGITAL MARKETING STRATEGY IN 2019 Digital marketing strategy is a common challenge since many businesses know how vital digital and mobile channels are today for acquiring and retaining customers.

Here are 10 reasons why you need a digital channel strategy 1. You’re directionless 2. You won’t know your online audience or market share 3. Existing and start-up competitors will gain market share 4. You don’t have a powerful online value proposition 5. You don’t know your online customers well enough 6. You’re not integrated (“disintegrated”) 7. Digital doesn’t have enough people/budget given its importance 8. You’re wasting money and time through duplication 9. You’re not agile enough to catch up or stay ahead 10. You’re not optimizing

Interest

“There is and there can be no alternative to Macedonia’s membership of Nato and EU. Let’s not play games with our unity and our Macedonia… let’s put the national interest, the interest of the citizens and strategic interests of the state above politics and above party interests.”– ZORAN ZAEV, PRIME MINISTER OF MACEDONIA BULGARIA

BANSKO – EUROPEA’S CHEAPEST SKIING RESOURCES Bansko in Bulgaria is ranked as the cheapest European ski resort for this winter in new research issued laast month.

A marginal year-on-year fall in resort prices mean that the Bulgarian ski spot and Bardonecchia in Italy are now better value than last year’s bargain resort of Kranjska Gora in Slovenia.

Although prices have fallen by only one per cent year-on-year, Bansko’s total cost of six days essential items at £405.20 is 10% less than in Kranjska Gora because prices there have risen by 13% to £452.

The 12th annual Post Office Travel Money ski resort report, produced in conjunction with Crystal Ski Holidays, reveals that prices have fallen marginally in both Bansko and Bardonecchia for a week’s ski holiday essentials including equipment hire, lift pass, ski tuition, lunch on the slopes and a range of drinks.

ROMANIA

DACIA RANKED LARGEST COMPANY BY REVENUE IN SEE Automobile Dacia tops again this year’s ranking of the largest companies in South East Europe by revenue, for the fourth year in a row. OMV Petrom, Romgaz and the Serbian chemical company Hip-Petrohemija overtaken Hidroelectrica, who went down to the fourth position.

A total of 51 Romanian companies are included in this year’s edition of the largest 100 non-financial companies in the southeast of the continent, produced

by SeeNews. Slovenia has 13 companies, Serbia 12 companies, Croatia 11 companies, Bulgaria 10 companies, Bosnia and Herzegovina 2 companies and Macedonia one company.

With revenues of €5.02 billion, up by almost 12 percent compared to 2016, Dacia maintained the first place in the ranking.

BOSNIA AND HERZEGOVINA

EXPORT HIGHER BY 8.8% In the period January-September 2018 export amounted to 8.8 billion BAM (€4.5 bln), which is 8,8% higher than in the same period of 2017, and import amounted to 14 billion 287 million BAM, which is 6,9% higher than in the same period of last year. The coverage of import by export was 61,7% and foreign trade in goods deficit amounted to 5 billion 478 million BAM. Export to CEFTA countries amounted to 1 billion 412 million BAM, which is 8% higher than in the same period of 2017, while import amounted to 1 billion 720 million BAM, which is 1,6% higher than in the same period of last year. The coverage of import by export was 82,1%.

According to statistics by BiH Agency for Statistics, export to EU countries amounted to 6 billion 476 million BAM, which is 11,3% higher than in the same period of 2017, while import amounted to 8 billion 578 million BAM, which is 5,4% higher than in the same period of last year. The coverage of import by export was 75,5%.

CENTREVILLE HOTEL

MONTENEGRO

QANNAS INVESTMENTS SELLS MONTENEGRIN HOTEL OPERATOR Cayman Islands-based closed-ended investment company Qannas Investments has sold its stake in Montenegrin special purpose vehicle Capital Hotel d.o.o., the owner of the CentreVille luxury hotel in Podgorica.

The stake was sold to Capital Investment for a total consideration of €9.5 million received up front in cash, Qannas Investments said in a filing with the London Stock Exchange last week.

The total return generated by Qannas Investments since its original investment in Capital Hotel in 2016 amounts to €1.4 million, or 7.4% per annum, the investment company said.

Capital Investment is a shareholder of Abu Dhabi Financial Group.

Source: SeeNeews

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STOJAN RANGELOV, B.SC. ENGINEER, CO-OWNER OF COMPANY PUTEVI IVANJICA (ROADS OF IVANJICA)

Safe Roads Made To EU Standards For a full 56 years already, company Putevi d.o.o. Ivanjica has been building, reconstructing and maintaining roads on the territory of Ivanjica and surrounding municipalities. It is Serbia’s only manufacturer of safety and sound barriers under license from DELTABLOC International GmbH – the world’s leading producer of traffic safety systems, which operates in over 55 countries worldwide, from almost all European countries, to Africa, Australia and Latin America

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t Putevi Ivanjica they are particularly proud of their safety and noise barriers, as these special fences have been tested and certified according to European standards. EU countries have introduced standards up to the H4b level, while Serbia is still awaited by final standardisation through the adoption of the Guidelines on Road Safety and Noise Protection Systems in accordance with European Standards (CEN).

DELTABLOC barriers also passed safety tests in Serbia on the Zrenjanin Road. Moreover, Putevi Ivanjica is Serbia’s only manufacturer of integrated barriers , which represent a combination of noise and safety barriers, and is the the sole patent owner, under license , for that type of barrier anywhere throughout Europe.

One of Putevi Ivanjica’s co-owners, construction engineer Stojan Rangelov, has been in charge of this company since 1992. Speaking about operations to date, he says: “We have adjusted ourselves to the market and launched new jobs. We maintain roads covering a length of around 220 kilometres, from Ivanjica, as the hub, towards Arilje, Guča, Sjenica, Kokin Brod, Raška etc. We own our own quarry and deal with the exploitation of stone and the production of gravel and aggregates of different granules, as well as various types of asphalt. We also produce concrete, amounts of which we have increased multiple times in the past several years.

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“Under license from DELTABLOC we produce prefabricated concrete elements – we’ve constructed security barriers at several locations, in particular for different contractors along Corridor 10. We also produce sound or noise barriers. The first combined safetynoise barrier system established in Serbia, around a roundabout in Kruševac, was constructed and installed by Putevi Ivanjica. We invest continuously in new equipment and machinery, in order to be able to respond to new challenges.

What makes Putevi Ivanjica specific?

That would be working at high altitudes and rough mountainous areas. The IvanjicaSjenica road route traverses a ridge at 1,400 metres above sea level, on Javor Mountain, while we also maintain the roads od Mount Golija as well as many others that are at altitudes exceeding 1,000 m/a.s.l. Maintaining such roads requires special mechanisation,

Under license from DELTABLOC we produce prefabricated concrete elements – we’ve constructed security barriers at several locations, in particular for different contractors along Corridor 10. We also produce sound or noise barriers – all attested to adhere to the latest European standards

great expertise and experience – from quarrying, via construction and electrical engineers, to technologists and architects.

Which major works have marked the previous period for your company?

That would certainly be completion of the reconstruction of the most difficult section of the Topola-Rudnik state road, while the most important works in 2018 were the projects for the Ministry of the Economy in cooperation with the municipalities of Arilje (construction of a 3.4-kilometre-long road in Bogojevići) and Ivanjica (Construction of a street in the Topali

industrial zone), as well as the conducting of works in the aforementioned municipalities on the construction and reconstruction of local roads. We’ve also carried out significant work on the maintenance and reconstruction of state roads, particularly on on the IB30 Ivanjica-Studenica Road. We also built – in record time and almost impossible weather conditions – a 3km-plus road on Mount Javor that has finally connected the municipalities of Ivanjica and Nova Varoš.

VLADIMIR NOVAKOVIĆ, GENERAL MANAGER APATIN BREWERY

Three-Century-Long Tradition With a tradition dating back three centuries, Apatin Brewery is the oldest working brewery in the region. Since being established as the Imperial Brewery, it has gone on to become one of the leaders of the Serbian market. Assessing the beer market in Serbia and the region for this issue of CorD is Apatin Brewery’s managing director, Vladimir Novaković

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patin Brewery is the oldest active brewery in this region. Its journey from the “Imperial Brewery“ to becoming the third largest beer producer in the world, as a member of Molsoon Coors Group, lasted over two and a half centuries and required a lot of work, knowledge and brewing experience.

Today, being a part of the Group they are still a genuine treasure trove of the most famous beer brands from all the world’s meridians and markets. At the same time, they continue to cultivate, in the best possible way, their three-century-long tradition of brewing in Serbia. Following a negative trend, the brewing industry in Serbia has recorded a mild recovery over the past two years. Compared to 2008, the trend of beer consumption per capita is falling, but the market is certainly richer. Consumers are increasingly demanding, and on shelves they now certainly have a large selection of different beer brands, both foreign and domestic, to suit every taste.

To what extent does the appearance of mini breweries impact on competition on the beer market and do you expect significant market shifts?

The appearance of craft breweries has

been expanding in recent years. They are an important segment of the beer market.

On the other hand, it is essential that we all struggle together for the growth of the beer industry as a whole. Competition is good in every sense of the word. The more of us there are – the more we progress, learning together and providing more diversified products to our consumers. Craft beers symbolise a certain lifestyle, which is extremely important to some consumers, because they find themselves in that.

Today, as a member of the Molson Coors Group, we are still a genuine treasure trove of the most famous beer brands from all the world’s meridians and markets, while we simultaneously continue to cultivate our three-century-long tradition of brewing in Serbia

How would you assess cooperation between Apatin Brewery and the local selfgovernment, especially when it comes to the European and world standards that you apply in your CSR activities and in other innovative sectors?

We cooperate intensively with the local

self-government, with the aim of advancing the community in which we operate. Alongside donations of computers to sporting associations and secondary schools in Apatin and Sombor, we are also organising – under the scope of our “When I drink I don’t drive” campaign – the educating of young drivers and the raising of awareness with regard to responsible driving. In cooperation with municipalities and with the support of the Traffic Police Directorate of the Serbian Interior Ministry, we organise safe driving training courses for school-leavers from Sombor, Apatin, Odžak and Kula, which has already become a tradition. These are just some examples of the ways we contribute to the community in which we operate.

Through the relationship that we nurture with our partners to raise awareness among citizens about the importance of preserving the environment, a series of successful solutions have seen the light of the day.

Through sustainable development projects and activities within the scope of Sekopak, of which we are the founders, we are working on the full implementation of primary waste selection and clearing the river of packaging waste. This year, thanks again to our activities, Vrnjačka Banja became the first town in Serbia to gain a complete system for the primary selection of packaging waste, while the River Raška received the first netted dam, which has already prevented some five tonnes of packaging waste ending up in the river.

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WORLD NEWS

Politics “When politics is no longer a mission but a profession, politicians become more self-serving than public servants.” – EMMANUEL MACRON, PRESIDENT OF FRANCE JAPAN

JAPAN PLANS TO ATTRACT 500,000 FOREIGN WORKERS

CZECH REPUBLIC

CZECH FACTORY DRIVES HYUNDAI’S EUROPE EXPANSION Carmaker’s Czech plant considers manufacturing green cars in line with growing market demand. On a 2 square-kilometer Hyundai Motor’s plot has full auto manufacturing capabilities, and is partly operated by robots. Considering the massive size of the plant, there are not many workers around. Instead robot arms move endlessly to weld steel components.

Built in 2008, it is one of the youngest plants in Hyundai’s global network, and holds a relatively high automation rate. As of August, the plant manufactured 2.75 million units in total since its establishment in 2008. By April, it is expected to surpass the 3 million mark. Behind the high production rate is highly skilled local workers. It hires 3,200 local workers and works with 19 contractors nearby.

The plant, into which the South Korean carmaker poured around €1.12 billion 10 years ago, the biggest foreign investment by that time, has grown as a key driver of the company’s Europe expansion.

WORLD

FINANCIAL CRIME COSTS GLOBAL ECONOMY US$2.4 TRILLION ANNUALLY Financial crime costs the global economy US$2.4 trillion annually. But banks and financial institutions have been hesitant to share data with regulators for fear of breaching privacy laws, or handing in evidence that could be used to sue them, said David Craig, chief executive of data and trading platform on the sidelines of the Refinitiv Pan Asian Regulatory Summit. A report released by Refinitiv in May found organisations in 19 countries had spent 3.1 per cent of their turnover, or US$1.28 trillion, to fight financial crime, which includes bribery, corruption, money laundering, fraud, theft, cybercrime and human trafficking.

But Craig said the amount was “not invested effectively”. The report also found that 49 per cent of businesses in Asia-Pacific had been victims of financial crime over the past 12 months.

About 20 initiatives across the world, are currently combating such crime, but their effort has been “very limited”, said Craig.

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Japan has traditionally been cautious about accepting unskilled workers from abroad and currently limits residential status to highly skilled professionals However, mid last month Japan unveiled a plan to attract more foreign blue-collar workers, as the world’s third-largest economy battles a crippling labour shortage caused by an ageing and shrinking population. The plan reportedly aims to fill gaping shortages in sectors such as agriculture, nursing, construction, hotels and shipbuilding. Under the draft legislation, foreign nationals with skills in fields identified as facing shortages would be awarded a visa allowing them to work for up to five years. Foreign workers in those fields who hold stronger qualifications and pass a Japanese language test will also be allowed to bring family members and can obtain permanent residency status.

RUSSIA&BELARUS

DIGITAL TECHNOLOGIES - CRUCIAL TO ECONOMIC SECURITY Switching the economy of Belarus and Russia to digital rails is not just a fashionable trend, it is a matter of economic security. The statement was made by Chairman of the Economy, Budget, and Finance Commission of the Council of the Republic of the National Assembly of Belarus Vladimir Pantyukhov. According to the senator, the output capacity of equipment has increased considerably lately, quantity has a quality of its own, the phenomenon of digital economy has been born as a result. It is now possible to develop new digital products, processes, and business models. Startups of the past are now major Internet companies and online platforms (Facebook, Airbnb, Amazon, and other ones). Investments in such companies exceed the investments poured in top long-established industrial companies.

TURKEY

EASING FOREIGN INVESTORS’ CITIZENSHIP PROCESS Turkey will open service offices to ease citizenship or long-term residence permit procedures for foreign investors, the Turkish Interior Ministry announced last month. In September, the country has reduced required limits for foreigners to acquire Turkish citizenship in order to encourage investment. “Service offices will be opened in Istanbul and Ankara to follow an finalize citizenship or long-term residency permit processes for foreign visitors who met the conditions in a single location,” the ministry said in a written statement. Foreigners, who want to be a citizen of Turkey, need to make a $500,000 investment, buy real estate worth $250,000 or generate jobs for at least 50 people.

LEGAT 1903

Discover The New Best Place For Business Dining OUR RECOMMENDATION:

If you still haven’t heard about the new classy venue and five-star restaurant “Legat 1903”, then you should heard there and conduct a reconnaissance visit ahead of time, to gauge the noise levels and decide which table best suits your needs. At “Legat 1903” you will find everything you need for a successful business meeting over a meal.

LOCATION

made to the highest standards of quality will not leave you feeling indifferent.

First of all, “Legat 1903”, aka “the new hidden treasure of Belgrade”, is situated just a few minutes from the city centre, on the corner of Jasenička and Vojislava Ilića streets, making it easy to reach and convenient for parking, as it also has it’s own car park area.

CUISINE

AMBIENCE

The restaurant’s luxury and elegance, but also the intimacy of its ambience, are well-suited for the relaxed atmosphere required to really talk business without any disturbances. With that in mind, tables are arranged in such a way that no one is able to eavesdrop on your conversation. And if you want complete secrecy for your meeting,

With ever more business meetings and interviews taking place over lunch or even early dinner these days, it makes sense to take a moment or two to consider how to choose the best place for business dining.

Experience tells us that it’s never “just lunch”, and you should therefore make the effort to choose the very best restaurant for your meeting

“Legat 1903” has a VIP salon with a separate entrance, toilet and kitchen access.

Conducting any meeting at “Legat 1903” will be a pleasurable experience for your guest and a real surprise for all hedonists and aesthetes. The combination of modern and sophisticated design and unique details

When deciding on a restaurant’s cuisine, it’s always best to opt for one that offers international cuisine. At “Legat 1903”, the restaurant staff will gladly provide recommendations according to your personal preferences. Here you can try delicious, top-quality food, while the unique wine list will only add to the beauty of the overall experience. And only then will you understand why “Legat 1903” is considered the new “hidden treasure of Belgrade”, able to stand shoulder-to shoulder with the finest restaurants of other European capitals.

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Enterpreuner YUSAKU MAEZAWA

Yusaku Maezawa is a Japanese billionaire.

According to Forbes, his net worth is approximately $2.9 billion as of September 2018.

Most of his net worth comes from founding Japan’s largest online fashion mall, Zozotown. He’s #18 on Forbe’s list of Japan’s 50 Richest in 2018, and he’s #822 out of all billionaires in 2018

Japan’s Corporate

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Yusaku Maezawa (42) is a Japanese billionaire entrepreneur and art collector. He founded Start Today in 1998 and launched the online fashion retail website Zozotown, now Japan’s largest, in 2004. Most recently, Maezawa introduced a custom-fit apparel brand ZOZO and at-home measurement system He went to school at Waseda Jitsugyo High in 1991, where he started up a band with his classmates called Switch Style. The band released their first EP in 1993. After graduating from high school, he decided not to go to college; instead, he moved to the US with a girlfriend, where he started collecting CDs and records. When he returned to Japan in 1995, his album collection became the basis for his first company, which sold imported albums and CDs through the mail.

In 1998, Maezawa used the basis of the mail-order album business to launch the company Start Today. The same year, his band signed with the label BMG Japan. By 2000, Start Today had moved to an online platform, had begun selling clothing, and had become a public company. In 2001, Maezawa declared a hiatus on his music career. Start Today opened the retail clothing website Zozotown in 2004, and six years later, Start Today became a publicly traded company, listed on the “Mothers” Index of the Tokyo Stock Exchange. By 2012, Start Today was listed in the First Section of the Tokyo Stock Exchange.

Prior to launching his company, Maezawa was a drummer for a hardcore punk band signed with a major label. He had another passion, however: collecting imported punk and hardcore records and CDs, a hobby that turned into a mail order catalog business that was incorporated into Start Today in 1998.

The firm went online in 2000 and began offering niche fashion apparel in addition to music before opening the shopping website Zozotown in 2004.

Today the site features about 6,800 brands

with over 650,000 items, and the company, which began with just four staff members, now employs nearly 1,000. With a market capitalization of about ¥1.03 trillion and annual sales topping ¥98 billion in the fiscal year ended March 31, Maezawa, who owns about 38 percent of Start Today’s shares, is Japan’s 18th-richest man, according to Forbes.

Much like Horie once was, Maezawa is his generation’s corporate enfant terrible — an anomaly in the nation’s conservative business climate that prefers low-key executives who shun the spotlight.

He is active on social media, where he shares glimpses of his lavish lifestyle, and the

Prior to launching his company, Maezawa was a drummer for a hardcore punk band signed with a major label. He had another passion, however: collecting imported punk and hardcore records and CD’s

father of three children from past relationships is a regular on entertainment news, most recently for dating popular actress Ayame Goriki. He also owns a private jet and is known as an avid wine collector, owning thousands of bottles.

Unlike many startups, which often opt to headquarter their companies in Tokyo, Start Today’s main office has remained in Chiba Prefecture, where Maezawa was born and raised. Maezawa bought the naming rights to the home of the Chiba Lotte Marines baseball team in 2016, renaming the ball park Zozo Marine Stadium.

He made headlines in July by declaring his desire to own a baseball team, a move that would put him alongside other teamowning tech giants such as Masayoshi Son’s SoftBank Group Corp. and Hiroshi Mikitani’s Rakuten Inc. But perhaps Maezawa is best known for his love of art. Last year he broke the auction record for a U.S. artist by splurging $110.5 million on a painting by Jean-Michel Basquiat at Sotheby’s. That followed a $57.3 million purchase of another Basquiat piece at Christie’s in 2016. He plans to open a museum in Chiba where he can showcase his vast collection of art, furniture and antiques. Maezawa is also a visionary of sorts, preaching world peace and universal basic income. In an essay he shared

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Enterpreuner

last month, he laid out his dream of seeing a world devoid of money, a radical change he believes will alter people’s attitudes toward work and relationships for the better.

Maezawa is the founder of the Tokyobased Contemporary Art Foundation, which he started in 2012 with a goal of “supporting young artists as a pillar of the next generation of contemporary art.” The Contemporary Art Foundation currently hosts collection shows twice a year. In May 2016 Maezawa attracted significant media attention with a record purchase price at auction of $57.3 million for an untitled work by Jean-Michel Basquiat and broke a record again in May 2017 with a $110.5 million auction for a piece by the same artist.

At the same 2016 auction, Maezawa bought pieces by Bruce Nauman, Alexander Calder, Richard Prince, and Jeff Koons, spending a total of $98 million over two days. Maezawa plans to open a contemporary art museum in Chiba, which will house his collection In an interview with The Japan Times in March, Maezawa said he intends to make his company one of the world’s leading apparel retailers. To that end, Start Today has been opening overseas offices and promoting the Zozosuit, a skin-tight garment that can capture 15,000 precise body measurements.

Linked via Bluetooth to a special app, the data from the suit’s sensors allows shoppers to find the best fit from the thousands of brands offered on the Zozotown website, as well as

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In September 2018, it was announced that Maezawa would be the first commercial passenger to attempt a flyby around the Moon. He will fly onboard the SpaceX BFR rocket, which is currently in development

purchase made-to-order clothing from Zozo, the company’s private brand. Start Today will be renamed Zozo Inc. from October. “I think there’s a chance for us to become the No. 1 apparel company in the world,” he said in the interview.

One question that many people following SpaceX’s big lunar mission announcement are wondering is just what is the net worth of the first private citizen passenger, Yusaku Maezawa.

Elon Musk said during the press conference that Maezawa put down a “significant deposit” for a chance to go on the trip, and this will help pay for the development of the BFR. Here is what we know about Yusaku Maezawa’s net worth.

In September 2018, it was announced that Maezawa would be the first commercial passenger to attempt a flyby around the Moon.

He will fly onboard the SpaceX BFR rocket, which is currently in development. The flight is slated to take place no earlier than 2023 with a duration of nearly six days. He will take six to eight artists with him as a part of an art project he has created called #dearMoon