Cord Magazine No.129 by CorD Magazine

THE MARKET AND PUBLIC INTEREST NOT IN CONFLICT

GOOD FOUNDATIONS FOR EVEN BETTER COOPERATION

ECONOMIC COOPERATION COULD INCREASE

Vice President of Corporate Affairs at United Group

Ambassador of Belarus to Serbia

Belgian Ambassador to Serbia

H.E. VLADIMIR CHUSHEV

H.E. LEO VINCENT M. D’AES

JULY ’15 / ISSUE No. 129

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MATE RIMAC

SEE FURTHER THAN OTHERS HEART IS STILL NO. 1 PROMOTING COOPERATION BETWEEN NATIONS EXIT

EXPO 2015

EXCLUSIVE

ZORANA MIHAJLOVIĆ PH.D. SERBIAN DEPUTY PRIME MINISTER AND MINISTER OF CONSTRUCTION, TRANSPORT AND INFRASTRUCTURE

Resistance

CANNOT STOP US

ISSN 1451-7833

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CONTENTS

EDITOR: Ana Novčić a.novcic@aim.rs

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ISSUE 129

DESIGN: Branislav Ninković

08 | C O M M E N T

82 | P R O F I L E

Serbia as a Future Beacon For Migrants?

NEW TOWN IN NEW BELGRADE

New “Competence centre” in Smederevo

RADOS ĐUROVIC

Executive Director of Serbian Asylum Protection

Resistance Cannot Stop Us ZORANA MIHAJLOVIĆ PH.D.

Serbian Deputy Prime Minister and Minister of Construction, Transport and Infrastructure

Good Foundations for Even Better Cooperation H.E. VLADIMIR CHUSHEV

Ambassador of Belarus to Serbia

The Market and Public Interest Not in Conflict DRAGICA PILIPOVIĆ CHAFFEY

Vice President of Corporate Affairs at United Group

ADIR EL AL

Director, Metech

PHOTOS: Zoran Petrović

COPY EDITOR: Mark Pullen

What Makes an IT Leader

150 Years of Experience

OGNJEN SIMIĆ

DEJAN JANČIĆ

IT leader

Director, Carmeuse

What You Plant Now, You Will Harvest Later

Heart is still No. 1

ĐURAĐ CARANOVIĆ

Entrepreneur

SEE FURTHER THAN OTHERS MATE RIMAC

Rimac Automobili CEO

CHILL OUT

Spanish Eatery Reclaims Crown

CULTURE CALENDAR

World’s 50 Best Restaurants 2015

World’s Markets and Opportunities

BELGIUM

GLOBAL DIARY

DUSAN KOVACEVIC

Director of EXIT

AFTER WORK

EXPO 2015

EDITORIAL MANAGER: Tanja Banković t.bankovic@aim.rs

CEO of Airport City Belgrade

FACES AND PLACES

Promoting Cooperation Between Nations

EDUARD RUTTEN

CONTRIBUTORS: Rob Dugdale, Mirjana Jovanović, Radmila Stanković, Steve MacKenzie, Zorica Todorović Mirković, Sonja Ćirić

LENOVO INCREDIBLE DEVICES TECHNO TALK 82

Beach Trends

FASHION

Economic Cooperation Could Increase

H.E. LEO VINCENT M. D’AES Belgian Ambassador to Serbia

TRANSLATION: Snežana Bjelotomić, MRP Editorial EXECUTIVE PROJECT MANAGER Maja Vidaković m.vidakovic@aim.rs PROJECT MANAGERS: Biljana Dević, b.devic@aim.rs Aleksandra Ebilji, a.ebilji@aim.rs Mila Oreščanin, m.orescanin@aim.rs EXECUTIVE DIRECTOR: Ruža Ristanović r.ristanovic@aim.rs GENERAL MANAGER: Ivan Novčić i.novcic@aim.rs FINANCIAL DIRECTOR: Gordana Obradović g.obradovic@aim.rs OFFICE MANAGER: Nataša Nešić n.nesic@aim.rs PRINTING: Rotografika d.o.o., Segedinski put 72, Subotica CorD is published by: alliance international media Makenzijeva 67, 11111 Belgrade 17, PAK 126909, Serbia Phone: +(381 11) 2450 508 Fax: +(381 11) 2450 122 E-mail: cordeditorial@cma.rs www.cordmagazine.com www.allianceinternationalmedia.com ISSN no: 1451-7833 All rights reserved alliance international media 2015

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COMMENT

Serbia as a Future Beacon For Migrants? RADOŠ ĐUROVIĆ

Executive Director of Serbian Asylum Protection

Hungary’s announcement that it will build a wall on the border with Serbia in order to halt the influx of a growing number of migrants has, apart from the ethical aspect, raised extremely practical questions. The key question is whether it is even possible to stop migration to Europe, as a better and safer place to live?

hort-term and long-term solutions are proposed. However, the stay in Serbia. It is clear that this would be a bold step for a country that only real solution, albeit one that seems the most difficult for has no developed mechanisms and key institutions capable of implenow, is to establish stable societies in countries that are now menting such a plan. There is also a fear that such a huge number of hit by war and violence, and where the tangled interests and people would freely roam the land, and that there is no adequate caplans of many of the world’s centres of power meet. pacity to control this situation. However, there is no alternative to this It is easy to understand that no one wants to leave their homeland solution, because sweeping the problem under the carpet and closing and their whole world behind, if there is no need. It would be hardly our eyes to the existence of thousands of migrants will result in the possible elsewhere, even in a better place, to feel at home. What I want very eventuality that the state fears. to say is that if the secular states of the Middle East (Iraq, Syria) and The migrant problem will not disappear by itself. Neither Serbia nor North Africa (Libya) had not collapsed, Europe would not now be hit the countries of the EU, which represent the final destination for these unby such a dramatic increase in the number of refufortunate people, will relocate to another place. gees, even though this might have been a scenario Unfortunately, migration process will become And when migration ever more intense and this will continue to cause that would have soon prevailed in any case. increases and people increasing tensions between European states However, there is no sense in lamenting. Rather, we should seek solutions, even short-term ones. also start to flee due over the division of the burden of costs and other That’s because an ever increasing number of refconsequences of this migration. The EU member to water shortages, ugees are entering Serbia and staying here longer. states will continue to try to physically stop this and not only because process. Some of them will raise fences, selfishly The process of migration will not be stopped from neighbouring Macedonia and Bulgaria, while the solving their problem without common consenof wars and misery controls will continue to strengthen in the north. sus and ideas on how to move forward. – a scenario that is Serbia will become a migration stopgap and a land On the other side, countries on the periphalready expected of purgatory, from which the directions of migraery of the EU will be faced with a major dilemma tion will develop depending on current circumof whether to open their borders and permit mi- people will not stances, while the services and prices of traffickers grants to pass, or to strengthen their protection. even be stopped by will continue to increase. Few people will ignore the suffering of refugees; The only solution for these people, but also few will not see them as a burden that should be rephysical barriers. our society, is to make them visible in the eyes of moved as a condition of the survival of European institutions and systems. They need to be pulled out of grey areas as societies, in economic and other areas. I'm afraid that the concept of soon as possible, which is where they practically reside if they have “Fortress Europe” will ultimately prove victorious. no documents and remain unreported. This is a particularly vulnerThus, Serbia will in the future represent a beacon for migrants, the able group of people that anyone can beat, rob and exploit for labour last free territory before entering the Schengen zone, a collection cenand sex. They do not report to the police and do not seek assistance tre where hundreds of migrants will come and try to continue their or protection when harmed by criminals, because they have no docjourney. And when migration increases and people also start to flee uments. They suffer in silence only in order to continue their journey. due to water shortages, and not only because of wars and misery – a The essence, thus, is that these people need to be registered, to rescenario that is already expected - people will not even be stopped by ceive asylum seeker status and identity documents that would allow physical barriers. them freedom of movement, the right to healthcare, emergency acThis will be a question of life and death for refugees, as well as for commodation, social assistance and residency permits for a limited the Garden of Eden called Europe. 

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INTERVIEW

ZORANA MIHAJLOVIĆ PH.D. Serbian Deputy Prime Minister and Minister of Construction, Transport and Infrastructure

Resistance

CANNOT STOP US The government has deeply entered into change and does not intend to give up. On all fronts – from building major infrastructure projects, to privatisation and fulfilling the conditions of the agreement with the IMF – the government sticks to its principles and does not flee from difficult tasks

ajor infrastructure projects represent the backbone of economic cooperation with European countries, future economic growth and investment, and the atmosphere of connecting the Western Balkans, as well as the support of the EU for these processes, gives us the right to believe that this region will enter a phase of rapid development, says Deputy Prime Minister and Minister of Construction, Transport and Infrastructure, Zorana Mihajlović.

■ The key question for economic growth is public investments, where the opportunities we have are currently underutilized. What is the government preparing in this segment and what effect on economic growth can we expect in the coming period? The competitiveness of the economy and trade is deeply linked to the efficiency of the transport system as a

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SUCCESS

ACCELERATION

PRIORITY

This government succeeded in agreeing for the airports, ports, railways and roads of Serbia to become part of the European transport network, which was not the case previously

I expect a significant acceleration of the development of the Western Balkans, because we have moved forward with projects and EU institutions show willingness to support and finance development

The first priority of the government is the creation of infrastructure corridors that should enable economic development and the faster flow of goods and capital between our countries and EU countries and within Serbia

whole and the efficiency of transport services. That’s why the first priority of the government is the creation of infrastructure corridors that should enable economic development and the faster flow of goods and capital between our countries and European Union countries, as well as better connectivity within Serbia’s borders. Transport is an area with major growth potential. The share of transport in GDP totals around 4.3 per cent. If we take into account the broader transport domain, such as warehousing, telecommunications, investments in the construction and reconstruction of transport infrastructure, then the GDP share increases to 10 per cent. More specifically, our Corridor X is a direct competitor of Corridor IV (Romania-Bulgaria). Thus, the complete construction of Corridor X will return part of the goods and passenger flows that passed this way prior to the breakup of Yugoslavia and the construction of Corridor IV. Accelerating work on the corridors, which is up to 10 times greater than in previous years, means that we realising the government’s priority objective of completing Corridor X road and rail links, which also includes the Belgrade bypass, as well as building and reconstructing the Belgrade-Budapest railway, which connects Serbia with central Europe and provides access to the Port of Piraeus. The completion of Corridor XI will allow better connectivity between Serbia and the countries of the Adriatic-Ionian region. The government also plans to build the transversal corridor Pojate-Preljina (Moravian corridor), which should connect corridors X and XI, facilitating East-West and North-South transit, as well as the economic development of the parts of Serbia traversed by these routes. ■ You are responsible for fundamental infrastructure projects, primarily in terms of transport, where a major shift was reached at the summit in Riga. What are the key findings of this gathering from our perspective, and what will they bring to Serbia? This government succeeded in agreeing for the airports, ports, railways and roads of Serbia to become part of the European transport network, which was not the case previously. A few days ago we saw the adoption of the proposal of the final document at the meeting of the Transport Ministers of the Western Balkans with Violeta Bulc, European Commissioner for transport, in Riga. As part of the European transport network on the territory of the Republic of Serbia, there are road and rail Corridor X and

Corridor XI, the Niš-Pristina Highway, Belgrade international airport, the rivers Danube, Sava and Tisza, the Port of Belgrade and the Port of Novi Sad. In the broader existing comprehensive network of the EU and the Western Balkan countries at the meeting in Riga there was also inclusion of the directions that the Republic Sbija additionally nominated. These include a Novi Sad-Ruma national road, which would connect

The fact that those changes are difficult to implement, and that there is great resistance, is indeed important, but it is even more important that the Government does not give up and does not reduce pressure on the system to change

via Šabac and Loznica with Corridor X and Corridor V in Bosnia-Herzegovina, as well as two existing rail lines. These are the Lapovo-Kraljevo railroad, which will establish a direct connection with Corridor X to the north, and the Niš-Doljevac-Pristina railroad, with the objective of establishing links between Corridor VIII and Corridor X. Riga didn’t happen to us by accident. Since the first day of his term, Prime Minister Vučić has been creating a political framework for reconciliation and economic cooperation within the re-

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gion, and I worked in a series of bilateral meetings on the creation of a project and technical framework for such a policy. I expect a significant acceleration of the development of the Western Balkans, because we have moved forward with projects and EU institutions show willingness to support and finance development. ■ Europe has big plans when it comes to a unique approach to rail transport. How do our plans, particularly

erability (compatibility) for the period up to 2030. A Spatial Plan of special purpose is being drafted for the Belgrade-Novi Sad-state border-Kelebija railway. Certified planners on the Hungarian and Serbian sides have compiled feasibility studies for the parts of the tracks on their national territories and the project designer of China’s railways, the TDSI Institute, are unifying them and, after receiving the comments of national planners, will prepare a consolidated Feasibility study for which the government has appointed a tripartite working group that should discus the plan on 16th July in Budapest. After this negotiations would commense on a possible model for financing these investments. ■ How could increased activity on the construction of roads influence the revival of activity in the sectors of construction and the production of construction materials? I expect that, thanks to increased investment in transport infrastructure, construction will jump from the current 4 per cent of GDP to 6.5 per cent in the coming years. For the first time in the Republic of Serbia there will be regulations on the use of ash in the construction of infrastructure facilities. The value of this construction resource, which was left unused in the depots of power plants, is estimated at a billion euros.

those related to the construction of the railroad to Budapest, fit into these plans; and how much progress has actually been made with that plan? The ministry pays great attention to all activities related to transport, especially development issues and plans to ensure full interoperability of rail transport in Europe. We are an active member of the “WESTERN BALKANS 6” initiative in the EU, and with our actions we have contributed substantially to the successful planning of linking the region to which we belong with the European Core Network and connecting it to regional routes, both road and rail. The aim of the project to modernise the Belgrade-Budapest railway is to create a rail link that satisfies, with its infrastructure, equipment and rolling stock, all the norms set by the European TENT Programme full interop-

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Since the first day of his term, Prime Minister Vučić has been creating a political framework for reconciliation and economic cooperation within the region, and I worked in a series of bilateral meetings on the creation of a project and technical framework for such a policy.

■ You have provided significantly more room for domestic contractors on large projects. Did they justify this trust? I’m not satisfied with the division of roles. Domestic companies are usually subcontractors. I want to change this and we are well on the way to realising that change. About 540 companies are currently engaged in works on corridors in the Republic of Serbia in various fields (contractors, subcontractors, designers, technical supervision, service providers, etc.), of which 20 are foreign companies. Oversight of works carried out is conducted by a technical supervision unit which checks whether the state of the works carried out is in accordance with prescribed standards. When it comes to the quality of work, we can be satisfied. When it comes to the agreed deadlines, it is evident that deadlines are broken by both domestic and foreign contractors. There is a great opportunity for domestic road construction companies within

the context of the programme for the rehabilitation of roads, which includes plans to restore 1,100 km of category I and II state roads across the entire territory of the Republic of Serbia. The value of this project is around €390 million, financed by international banks (EIB, EBRD and WB) and funds from the Serbian budget. The works will be carried out by local companies and this will give them an opportunity to justify the confidence of investors.

able the completion of the privatisation process for construction land in the Republic of Serbia, and will finally abolish usage rights for construction land, as a relic of past times and quasi-property rights. Alongside the previously reaffirmed principle of the unity of real estate, completing the ownership transformation of construction land will return Serbia to the circle of countries that have regulated the issue of real estate property ownership.

■ Your ministry has introduced significant amendments to the Law on Planning and Construction, while the Law on Land Conversion should soon be adopted. What effect do you expect from the implementation of this law when it comes to investors who are already here and are awaiting a final solution of this issue? By amending the Law on Planning and Construction, the ministry made a systemic shift compared to the existing practice in the issuance of building permits. Primarily, the average period of 249 days, which was the waiting time for a building permit in Serbia, according to local government reports, we see that this period is now 3-10 days, and we also have the example of company Ikea, which received a building permit in two days. However, realising that it is not enough to merely pass a law and the bylaws, the Ministry permanently controls the work of local governments and helps towns and municipalities issue building permits in a legal and efficient way, as a service to citizens. Full implementation of the law is expected as of 1st January next year, when the e-exchange of data and issuance of e-building permits will begin. The Law on Land Conversion with a charge will en-

■ How would you evaluate the current pace of implementation of the arrangement with the IMF and how you expect the issue of finding strategic partners for Azotara, Petrohemija and MSK to be resolved? The ministry I lead successfully implements its commitments agreed with the IMF. In the past six months, the reform of Serbian Railways received the highest marks of IMF and WB, and as of 1st July this year three new entities will operate for the transport of goods, passengers and infrastructure, alongside Serbian Railways Inc. The project of fundamental reforms will continue in the next three years. The second obligation of merging Corridor of Serbia and Roads of Serbia has also been successfully implemented in terms of the implementation of the Resolution of the Government of Serbia from 28th July 2014 and enabling all preconditions to conclude this process. According to the Resolution of the Government from 22nd April 2015, the jurisdiction of the Ministry of Economy was defined for this type of procedure and the completion of this process is expected soon. The stabilisation of operations and indentifying of strategic partners in the newly defined period represents a solution for Azotara, Petrohemija and MSK.

For the first time in the Republic of Serbia there will be regulations on the use of ash in the construction of infrastructure facilities. The value of this construction resource, which was left unused in the depots of power plants, is estimated at a billion euros

■ Many economists suggest that the government has only scratched the surface of reforms, with almost no actual progress made in the public sector. What is your opinion on that? Has there been progress in the restructuring of EPS, Srbijagas, Roads and Corridors of Serbia, to mention just a few of the key problem areas? The government has deeply entered into change. The fact that those changes are difficult to implement, and that there is great resistance, is indeed important, but it is even more important that the Government does not give up and does not reduce pressure on the system to change. The process of merging Cor-

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ridor and Roads of Serbia is in the final stage and we expect that to be completed in the next few weeks. The programme of reorganising EPS was adopted by the government in November 2014 and is in accordance with the planned dynamics and is being implemented. In parallel with these measures, fiscal consolidation measures will be implemented for EPS and subsidiaries within EPS. Restruction is also underway in the case of Srbijagas. The government has adopted a Restructuring Plan, as well as an Action Plan, with specifically defined deadlines for its implementation. By June 2016, legal separation will have been carried out in Srbijagas, in accordance with the directives of the EU’s Third Energy Package. Thus, it is clear that changes are visible and very significant. The results will be felt in the years ahead of us. ■ How much has the new Privatisation Law actually contributed to more easily clearing up the situation regarding the privatisation of companies undergoing restructuring and why has this job been moving so slowly to date? All previous governments swept this issue under the carpet, even though they all knew that many privatisations were non-transparent and that companies that operated well for years were destroyed by bad privatisations. This resulted in the departure of owner, who left compa-

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We have enough resources and I think that building a nuclear power plant is too long and expensive an investment for Serbia, from the perspective of construction, price per kWh cost, but also the cost of disposing of radioactive waste.

nies to languish for years without development and without jobs. However painful this issue is, we are committed to resolving it, because it is more painful for them to continue not working, and for workers not to receive wages. ■ With the example of the approval of building permits, we have seen that local administrations can be effective if they want to be. Where do you see the key places at the level of national and local administrations where bottlenecks should be removed in order to reduce the complaints of foreign investors regarding bureaucratic and complicated procedures? The law has established a framework within which all must act. In the initial period of application of the Law, we tried to ensure all employees underwent a training process on the issuance of building permits. Controls determined that there are shortcomings in the work of local governments in the implementation of unified procedures, thus in these municipalities the Ministry organised meetings at which employees were able to present all problems and receive immediate responses from representatives of the Ministry. Likewise, there is a special “Frequently Asked Questions” section on the website of the Ministry, while the Call Centre has started working and guides are expected to be issued for employees and investors. ■ Which key laws would you single out among those the government is currently preparing that should bring improved conditions for investment? It is very important to highlight the law on conversion, or the changing of rights of use to rights of ownership of construction land, because that was the stumbling block in the construction industry. Nobody wanted to build with only usage rights. The law and public debate have passed and it will soon be up to the government. Apart from that, there is also the law on legalisation, which

will soon be subjected to public debate and which we want to use to resolve the issue of over a million illegally constructed buildings. We are also preparing an umbrella law on capital investments, in order to speed up capital projects. ■ One of the problems faced by foreign investors who wish to engage in exploration and exploitation of mineral resources is legislation that is either inadequate or inconsistent. What does the government intend to do in order to free the potential for investment in this sector? I believe the Ministry of Energy and Mining is working on that. From the example of the adoption of the Law on Planning and Construction, I know how important it is to harmonise legislation. This issue is also being resolved through the Working Group for a better rating of Serbia on the Woorld Bank’s Doing Business list, which I head. ■ Giving up on the South Stream project led to the emergence of a number of other gas supply options, which have both economic and political weight. What are Serbia’s realistic options and how much power does the country have to fight for the option that would be optimal for Serbia? The most unsafe for Serbia is to remain in the current situation in terms of the gas industry, or in an uncertain direction of the gas supply from Russia via Ukraine and Hungary, with an underground gas storage facility of which Serbian is a minority owner. Serbia needs to build every gas pipeline for which interest exists. For now, that is certainly the Niš-Dimitrovgrad pipeline, which can be built relatively quickly, because the most expensive gas is certainly the gas we don’t have. ■ After having high hopes, many investors are today disappointed because not a single mini-hydro plant has been constructed among those that were granted permission. Where is green energy production when it comes to the government’s priorities? In my term as Minister of Energy and Environmental Protection, for almost two years, I proposed all key strategic, regulatory and implementation mechanisms for the exploitation of renewable energy sources in Serbia and they were adopted. Today in Serbia there are almost 200 privileged producers of electricity from renewable sources, mainly in the sector of

small hydro power plants. Public calls for the construction of mini hydroelectric power plants in 2013 and 2014, particularly the first call, resulted in the allocation of 212 locations. They were granted to around 90 local and foreign investors and that was a prime example of transparent procedures. Implementing an investment requires about three years and I am convinced that a significant number of these locations will be realised.

I see the future of energy in the development of existing conventional energy sources that Serbia has the capacity and resources for, as well as renewable energy sources in compliance with all European standards governing this sector

■ Hungary has begun serious preparations for the expansion of its nuclear power plants, while Serbia’s moratorium banning the construction of nuclear power plants recently expired. What kind of position should Serbia take in relation to this and if, for example, there was a decision against a further moratorium, could Serbia have the option of considering this source of energy? Serbia has a defined energy strategy and action plan for the development of renewable energy sources. These strategic documents, as well as implementation measures, were realised while I was Minister of Energy and Environmental Protection. I see the future of energy in the development of existing conventional energy sources that Serbia has the capacity and resources for, as well as renewable energy sources in compliance with all European standards governing this sector. We have enough resources and I think that building a nuclear power plant is too long and expensive an investment for Serbia, from the perspective of construction, price per kWh cost, but also the cost of disposing of radioactive waste. ■

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INTERVIEW

H.E. VLADIMIR CHUSHEV Ambassador of Belarus to Serbia

Good Foundations for Even

BETTER COOPERATION Two decades of diplomatic relations between Belarus and Serbia are characterised by a continued rise in cooperation, but also the discovery of many new areas, primarily in the field of the economy and tourism, the potential of is not sufficiently utilised. Cooperation is developing between the higher education institutions of Belarus and Serbia. Agreements have been signed and cooperation implemented between the Belarus State University and the University of Belgrade, the Belarus National Technical University and the Higher Railway School, the International State Ecological University “A. Sakharov” and the Scientific-Research Institute of Novi Sad, the universities of Gomel and Novi Sad, Mogilev and Kragujevac, Vitebsk and Niš, as well as the police and military academies of the two countries. There is also a valid cooperation agreement between the National Academy of Science of Belarus and the Serbian Academy of Science and the Arts (SANU).

■ The two countries recently marked the 20th anniversary of the establishing of bilateral relations. Could you single out the most important moments in the history of relations between Belarus and Serbia?

ruitful cooperation between Belarus and Serbia is not only developing at the central government level, but rather extends to connecting institutions, culture, tradition, scientific potential, cities and regions of the two countries – says H.E. Vladimir Chushev, Ambassador of Belarus to Serbia, in this interview for CorD.

■ Are you satisfied with the quality of current bilateral relations between Serbia and your country?

I would always want there to be more, but I can evaluate the level of bilateral relations between Belarus and Serbia as being quite high. Regular political dialogue is conducted at the highest and high levels. In 20132014, official visits of the presidents and foreign ministers of our countries were organised. In June this year, the President of the Serbian Parliament visited Minsk. We understand that Serbia is an EU membership candidate and, naturally, the country wishes to enter into this international formation as soon as possible. It is clear to us that Belgrade has taken on a series of commitments, including the aligning of its foreign policy with that of the EU. However we appreciate the efforts of the Serbian leadership to expand contacts with our country. 14 |

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Diplomatic relations between the Republic of Belarus and the Federal Republic of Yugoslavia were established on 15th November 1994. The 20th anniversary of the establishment of diplomatic relations between Belarus and Serbia was marked in November 2014 with bilateral cultural events – Days of Belarusian film were held in Serbia, while in Belgrade there were two photo exhibitions, the BelTA exhibition on the history of diplomatic relations of Belarus and Serbia, and the exhibition of contemporary posters of Vladimir Tsesler, renown Belarusian artist; in Belarus this occasion was marked with the issuing of a special series of stamps. In the past 20 years, relations have gradually evolved between our two countries, which have common cultural and historical roots, share Slavic literacy and Orthodox religion. In 1996, the Embassy of Belarus was opened in Belgrade and the Serbian Embassy was established in Minsk. The President of the Republic of Belarus has visited Serbia four times: 1998, 1999, 2009, and 2014. Heads of the Serbian state have visited Minsk twice (1996 and 2013). The development of the Belarusian-Serbian inter-parliamentary dialogue contributed to the 2013 formation of national friendship groups in the parliaments of the two countries. The Friendship with Belarus Group in the National Assembly of Serbia is led by Dragomir Karić, an MP from the Snaga Srbije Movement. The head of the Group for cooperation with the Parliament of Serbia in the National Assembly of the Republic of Belarus is the President of the Permanent Commission for International

BUSINESS

EXPORT

We understand that Serbia is an EU membership candidate and, naturally, the country wishes to enter into this international formation as soon as possible

Business circles in Belgrade and Serbia are increasingly seeing the prospects offered by the free trade regime between our two countries

The basis of Belarusian exports is currently represented by liquefied gas, petrochemical products, wires and machine engineering products

Affairs and National Security of the Council of the Republic of the Parliament, Vladimir Senjko. During the past 20 years, about 40 bilateral agreements have been signed that facilitate economic cooperation and contacts between citizens, including the Agreement on Friendship and Cooperation signed in 1996, on visa-free travel of citizens, from 1999, and on free trade and mutual employment of citizens, from 2009. I cannot but mention the introduction of direct Minsk-Belgrade flights, which have been conducted by Belarusian national airline "Belavia" since September 2013.

■ How strong are cultural and scientific ties between Belarus and Serbia?

Cooperation in the field of culture is realised on the basis of interstate agreements on cooperation and the five-year cooperation programme signed in 2012 by the culture ministers of Belarus and Serbia. The cooperation programme in the field of culture and art until 2017 envisages the development of contacts between the two countries in the fields of music and theatre arts, film arts, museology and exhibition activities, the preservation of historical-cultural values, library activities and others.

Under the auspices of the separate agreements, cooperation is developed between the National Academic Bolshoi Theatre Opera and Ballet of the Republic of Belarus and the National Theatre in Belgrade, the National Library of Belarus and the National Library of Serbia, the National Art Museum of Belarus and the National Museum in Belgrade. Serbia participates actively in cultural events that take place in Belarus, including the International Festival "Slovenian Bazaar in Vitebsk", the Minsk International Film Festival “Listopad” and “Sozhski Dancing Festival”. Belarusian publishing houses are regular participants of the International Book Fair in Belgrade, while Serbian delegations participate in the International Book Fair in Minsk. In 2012, the book “Anthology of Belarusian poetry” was translated and published in the Serbian language. This anthology includes 68 Belarusian authors, presenting poems from the period between the 12th and 21st centuries. In Belarus, dozens of works of Serbian authors have been published, translated by Ivan Charota, a professor at the Belarusian State University of Minsk and SANU academician.

■ When it comes to the customs union and domestic and especially foreign companies operating in Serbia, the advantages of doing business with Russia, Belarus and Kazakhstan are

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usually to the fore. To what extent has this agreement acted as a lure for the arrival of partners from Serbia in Belarus?

Business circles in Belgrade and Serbia are increasingly seeing the prospects offered by the free trade regime between our two countries. After the signing of the 2009 Intergovernmental Agreement on free trade, the goods turnover increased fivefold – reaching $245.5 million in 2014. At a meeting of heads of state in June 2014, as a mark of our trade and economic relations in the nearest perspective, the figure of €500 million was determined. In terms of Belarus’s foreign trade exchange and export in 2014, Serbia climbed to 25th place from 53rd and 45th respectively. ■ What advantages of Belarus have Serbian companies yet to sufficiently utilise?

including those at the highest level. Almost every year sees the holding of sessions of the joint intergovernmental trade commission and business council. I must say that these visits always yield results – concrete contracts are signed and a favourable atmosphere for cooperation is secured. The necessary contractual-legal basis for cooperation has been created. As an example, I will mention the fact that after staging the economic forum with the participation of Serbian President Tomislav Nikolić, your country was visited by a number of representatives of Belarusian big business - potential investors. We offer technology and our market, and we are interested in highly qualified Serbian experts. The basis of Belarusian exports is currently represented by liquefied gas, petrochemical products, wires and machine engineering products. Belarus is interested in increasing the supply of high quality petrochemical products to Serbia, tyres, agricultural technology and trucks, fertilisers, as well as the further development of industrial cooperation and assembly production.

It is important to emphasise the balance of Belarusian-Serbian trade. We buy practically the same amount of Serbian goods as we sell products to Serbia. Accordingly, in 2014 Belarus supplied only on 155 items to ■ Belarus and Serbia recently signed a Serbia, while Serbia exported 210 items as prodroad map for cooperation in economic ucts to Belarus. Apart from the free trade regime, another comrelations. What does this mean in pracpetitive advantage that should be pointed out is tical terms for the promotion of mutual the optimal ratio of price and quality of Belarueconomic cooperation? In February 2015 we signed the Plan for the sian products, as well as instruments of support development of cooperation between Belarus for Belarusian exports, such as leasing and affordable loans for large deliveries of Belarusian and Serbia. This document should provide a goods under Serbian systematic approach to the development of guarantees. Logistics between our countries are bilateral relations through a wide range of direlatively inexpensive – between the closest Berections, including industry, energy, transport, Tomislav Nikolić, Serbian President and Alexander Lukashenko, larusian and Serbian district centres, Brest and Belarus President investment, trade, environment, medicine, Subotica, there are only 1100 km of good roads. education, agriculture and more. For the first We cooperate successfully within the framewe have such a complex document whose In the past 20 years, relations time work of production chains cooperation. Serimplementation is controlled by both parties. have gradually evolved bian companies supply their spare parts and In the regular sessions of the joint intergovequipment to giant Belarusian industries, ernmental trade commission in the coming between our two countries, such as the Minsk tractor factory, the Minsk years we will analyse the results of work, but which have common cultural car factory and others. Assembly production we can already conclude that many decisions and historical roots, has been established in Serbia for tractors, are being implemented. buses and trucks, using the products of Serbishare Slavic literacy and ■ What is the level of bilateral cooperaan industry. And we Orthodox religion tion in the field of tourism and what are are ready to increase localisation when offers the prospects? exist on the Serbian side. Unfortunately, the level of Belarusian-Serbian cooperation in the field We are very interested in developing scientific and technological coof tourism is not high. Tourists from Belarus mainly use the transit operation. Our special economic zones function well, as do high-tech capacity of Serbia to travel to holidays in Montenegro, staying for a few parks whose residents take advantage of an extremely favourable climate for doing business. days. In accordance with their nature, climate and landscapes, as well In terms of the formation of joint ventures, Belarus is also of particuas history and culture, both Belarus and Serbia are unique and interlar interest to Serbia in different areas, in terms of the development of esting countries. Belarus is ready to offer Serbia its spas, resorts, huntEurasian integration and improving access for Serbian goods via Being and fishing grounds, rural tourism, pilgrimage to the Belarusian larus to the countries of the Eurasian Economic Union. The maximum Orthodox churches and monasteries, sports and historical tourism. For their part, Belarusian tourists can take advantage of Serbia’s ski favourable conditions have been created in Belarus for the operations of Serbian businesses. resorts, unique nature parks and spas, pilgrimage to Serbian OrthoSerbian investors are currently realising huge projects in the capital of dox monasteries. It should be noted that information about the tourBelarus – “Minsk Lighthouse” and “MinskWorld”. ist potential of Serbia and Belarus are not sufficiently represented for the time being. But we're working on that. A new intergovernmental ■ Delegations of Belarusian companies are seen increasingly in agreement on cooperation in the field of tourism is in the development phase and we are also developing the possibility of establishing coopSerbia. What most interests them in Serbia? That’s right. In recent years both sides have become importantly active eration between the Tourist Organisation of Serbia and the National – bilateral visits of delegations of our countries have become frequent, Tourism Agency of Belarus. ■ 16 |

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ENTREPRENEURSHIP

DRAGICA PILIPOVIĆ CHAFFEY Vice President of Corporate Affairs at United Group

The Market and Public Interest

NOT IN CONFLICT The ambition of United Group is to continue expanding its operations in the region and the group expects legal solutions and the adoption of market principles of doing business will enable state and private actors to offers citizens higher quality

Photo by Zoran Petrović In this interview for CorD, Dragica Pilipović Chaffey, Vice President of Corporate Affairs at United Group, explains the functioning of this conglomerate which is, by Serbian standards, extremely large and complex, revealing its plans for expansion in the region, as well as the legal and other dilemmas the group encounters. ■ Changes were made recently to the management of United Group, which so you take over the function of vice president of corporate affairs. How does the internal structure of United Group look today and what are the strategic objectives of setting up the structure in such a way? The structure of United Group (UG) is complex. The first group of companies are cable distributors engaged in the distribution of TV signals, telephony and the internet. These are Serbia Broadband, Telemach Slovenia, Telemah Bosnia and Telemah Montenegro. Some of them, such as Telemah Slovenia, have mobile phone operations and are able to provide users with so-called 4-play. Apart from those mentioned, this group also includes Total TV, a satellite platform (which has subsidiaries in Slovenia, Croatia, Bosnia-Herzegovina, Macedonia and Montenegro), which also distributes TV signals, albeit via satellite. And, finally, this group also includes D3i (domestic distribution via the internet) and Net TV, which is distributed via the internet and is intended exclusivley for the former Yugo diaspora worldwide.

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GOAL

SAVINGS

DIFFERENCES

With a view to the best European companies in this industry, our goal is to offer our customers everything from basic products to the most recent and advanced products

Less state media, but better quality, would be good for all of us, from viewers to distributors and content producers

It’s clear that a distributor should not producing programming content, but there’s nothing wrong distributors and content producers having the same owner, as is the case with Sky in the UK and Canal+ in France

The second group includes content producers; all sports channels, including Golf and Hunting and Fishing, N1 info channels with content for children (Ultra, Mini Ultra), as well as channels providing entertainment programmes or films. The third group includes companies that provide support to the others in the system. Here, for example, there are Ces Media, Serbia and Ces Media, Slovenia. These two companies are engaged in the sale of advertising on the channels for which the group has the right to sell advertising. The strategic goals have not changed much since the very beginning. With a view to the best European companies in this industry, our goal is to offer our customers everything from basic products to the most recent and advanced products, based on the latest technologies. ■ How is the synergic effect achieved through the vertical and horizontal concentration within the company and how much has this synergic effect contributed to increasing efficiency within the group? Our industry is an industry of large numbers, and therefore large companies, at the global level. On many individual markets there are perhaps only three or four competitors, as is the case with us in the mobile telephony sector. Investments are very expensive and major. Hence, horizontal integration, which expands the market geographically, helps to create greater efficiency, enabling the financing of major projects and following world trends in this domain. For example, purchasing content for the whole group is much more efficient than if this was done by each company individually. It is clear that a large, reputable group, such as UG, negotiating with, say, HBO or Discovery, is better than every part of our company doing that separately. The efficiency ensured by vertical integration helps to satisfy the requirements of our customers, and that means diverse, high quality content at affordable prices. ■ SBB was among the first in the region to recognise the importance of new media technologies and to establish infrastructure that offers great opportunities in the field of broadband Iiternet and data transfer. What are the group’s plans in this area and what kind of market and system developments do you expect in Serbia and the region? Yes, we were lucky that our vision was such from the beginning that we chose technology that adapted perfectly over time and permitted the introduction of new products easily, efficiently, very reliably and with good quality. The technological quality and number of products SBB offers are now absolutely comparable with the offer provided to customers of the largest companies in the EU, while our prices are much lower.

When it comes to developments on the market, digitization has led to improvements in quality and enabled a much larger number of channels and greater variety of programmes. The quality and capacity of the internet will increase and improve, while the whole area of providing for B2B (business to business), in which UG has a leadership role in the region, will also grow in terms of the quantity and diversity of the requirements and needs as the economy develops... ■ You are the leading provider of media content in the region. Do you think you have more room for expansion in this

Having 54 cable providers on the Serbian market is not sustainable and we intend to buy some of them when they appear on the market.

segment or have you reached the limits prescribed by the regulatory bodies to ensure the protection of competition? There is a lot of media content in the region, although not all of it is of the same quality. Our expansion in this area will be very selective, because that is not one of our priorities. For instance, we spent years looking for a partner for a regional 24-hour news channel, but in the end we had to do it alone. For a long time we have been considering introducing the “24-hour kitchen” channel (now a foreign channel), but we have not yet come to a decision and I'm not sure we’ll realise this idea. When it comes to further expansion (of distribution, for example),

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we still have a lot of potential and space. A few months ago we bought Tuš Mobile in Slovenia and received all the approvals from the Competition Commission without any trouble. I still insist that having 54 cable providers on the Serbian market is not sustainable and we intend to buy some of them when they appear on the market. In Bosnia-Herzegovina we are already the biggest provider, and just a few days ago we received approval to consolidate another four smaller providers. Potential still exists in mobile telephony in the region, as well as in cable distribution, because this region is lagging behind other parts of Europe. ■ In which segments do regulations on the protection of competition in Serbia differ from those applied in the EU and elsewhere in the world? This question is also topical because of other media in Serbia, where there is usually no internationally recognised measurement methodology that could protect competition on the basis of precise data. First of all, not all regulations are the same in the EU. Some countries are more liberal, and some a little stricter, but the basic principles are still the same everywhere. Our legislation has been harmonised a lot with the EU, however, there are still some strange solutions, such as those relating to quotas on foreign content. The regulation is written in such a way that it is unclear whether it applies to all TV channels. I think the aim was for that to refer to TV channels with national coverage, which should serve the development of this society. Otherwise, I wonder how we at UG would, for example, fill our Golf Club channel with local content. Mission Impossible! We have also seen of late that the EU has relaxed the concentration of its rules a lot, so that can lead to further mergers in this industry. In accordance with European measures, UG is still a smaller or medium-sized company, so it would not have any restrictions on further expansion. I hear that in other parts of the media industry there are some

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Institutions are less experienced in Bosnia-Herzegovina and Serbia, where some competitors still think that they can use some political pressure to change or adjust laws and thereby disqualify a competitor or otherwise receive preferential treatment.

restrictions that I think are outdated. For example, I do not understand why the same group of companies cannot engage in both the distribution and production of print publications. I am sure that no distributor would cancel sales of all other newspapers at their kiosk just because their owner prints one or two newspapers. What is important, and never seems to reach the heads of our people, is that distribution and production are separate segments. Our Commission for the Protection of Competition understands this all well and monitors possible violations. ■ To what extent is the regulatory environment in the region in line with the rules of the EU and developed countries when it comes to the media, and especially new channel distribution media. For instance, under the current Serbian Law on Advertising, the existence of the internet has not been recognised even after 25 years? Yes, this is strange when it is known that the internet is everything nowadays – for shops and schools and cinemas, and even cafés and especially television. And who knows what will happen in a few years? In some clauses of the law we amend, we mention small details, so I'm sure that something will be left out or some new options will appear in life that will not be covered by the law, and that this will create additional problems in application. On the other side, very vague clauses are written that are contradictory or inapplicable. What's stranger, or even worse, is that in many areas of business there are no existing bylaws. It seems to me that the institutions which should bring them are afraid of responsibility. ■ The local media often points out that European experience shows that cable operators should not produce programming, because there may be conflicts and favouritism for certain interests, as well as a threat to technological neutrality. In which way, in the institutional and internal domains, have you ensured that such abuse will not occur? I think this is also an issue that people do not understand or deliberately refuse to understand. I agree completely that distributors do not need to produce programming content. However, I also think that the same owner can have in their possession both distributors and content producers. Here are just two European examples: Sky in the UK and Canal+ in France. Both of these groups have distribution and production. At the end of the day, the Republic of Serbia is the owner of both Emisiona Tehnika and RTS. This issue of the separation of distribution

and production is repeated in many industries, not just ours. For instance, that was one of the main problems the EU had with the South Stream gas pipeline project.

EU, however, heated debates are led about this and some rules will emerge from this. At UG we monitor events and we will adjust to the measures that are one day defined. I sincerely hope that this will include the participation of representatives of our industry, so ■ In which way does UG ensure the pluralism of its content? we do not reach a situation where one goal dominates (e.g. nationSince we introduced D3, our digital offer, we gained the possibility al security), thereby jeopardising other equally important objecof expanding the number tives, such as adequate of channels significantly informing, communicaThe private segment should take care of its customers tion and so on. and that’s what we did. and respond to their needs, while the public segment For each analogue chan■ Given that you are nel we abolished, we inmust be additionally engaged in programmes and present in a number of troduced 16 new digital activities that are of national interest, and those are countries that regulate channels. I think our offer most commonly issues of culture and education. is spectacular in terms of the issues of concentration, possibilities of the number and variety production and distribution of media content in different of channels. Some content, however, is very expensive, so our viewways, how did you deal with the process of adapting to the ers are probably unable to pay for that. I hope for better times and business conditions imposed by each of the markets? an increase in our economy and gains. We operate in all countries of the former Yugoslavia. Work in Slove■ One sensitive question and subject of discussion on media nia and Croatia is much simpler and easier when it comes to relapolicies within the EU is the question of traffic management. tions with the regulator or the state in general. The rules are quite How has this issue been solved at the level of your company? clear and institutions have already gained a lot of experience, which Yes, we often read about and listen to the debate on net neutrality ensures faster decisionmaking and problem-solving. Things are and how to establish priorities and ensure sufficient capacity to caslightly more complicated in Bosnia-Herzegovina and Serbia, although they are not comparable. Institutions are less experienced, ter for the needs of all users. In our country this is not yet a critical some competitors still think that they can use some political presissue, because the capacities in both the cable and IPTV networks are large, while demand is still relatively small. In the U.S. and the sure to change or adjust laws and thereby disqualify a competitor

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or otherwise receive preferential treatment. Here's an example in Serbia. I think we're the only country in Europe, and certainly differ from the EU, where prices for the distribution of TV signals are controlled. I don’t understand the reasons, because even when we were here the only major provider we didn’t abuse our dominant position. Now, when we have IPTV Telekom, as real and credible competition, we can do so even less. This will change under the pressure of EU negotiations, but I’m sorry that we have to wait for the EU to order us to do this. It seems to me that this is to do with the privatisation of Telekom. ■ You have also announced expansion in the field of advertising and the sale of advertising space. Does this imply new acquisitions in the region and what are these plans based on (the last part of the question relates to the issue of advertising on foreign channels in Serbia)? For a long time, UG has included two small companies – Ces Media, Serbia and Ces Media, Slovenia – that are engaged in the sale of advertising space on the channels that we produce, as well as the channels for which we received the right to sell advertising space. It is more profitable for foreign channels to sell us this space and for us to “fill” it with advertisements than it would be for them to create their own teams to do so. We have warned the We are waiting for a new draft legislature that such of the Law on Public Advertisa clause, if it was ing, but we hear it has a clause that forbids this practice. We actually adopted, have warned the legislature would contravene that such a clause, if it was actuthe European ally adopted, would contravene Convention that the European Convention that Serbia signed and legalised in Serbia signed and our parliament. This is also an legalised in our example that illustrates the atparliament. tempts of competitors to lobby for someone to be banned from engaging in work, thereby ensuring someone else would have to fill the “void”. Well, now imagine, if that proposal was actually adopted, how much we in Serbia would watch empty space on Discovery! That’s because this segment of content would remain obscure not only on our system, but also on all other distribution systems that have Discovery.

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From your perspective, how is the equal treatment of private and state actors ensured on the markets where you operate and how does this situation vary from country to country? First, I'm not sure that the equal treatment of private and state actors has been secured. While some are financed from the budget, others must earn profit on the market. The more of those on the budget, the more difficult it is for those on the market, and thus we create a cumbersome and excessively large state segment and collapse (in terms of quantity and quality) the existing private sector. Just look at Tanjug and Beta. While one lives on the budget the other has to earn everything, and it seems to me that the quality of the news they find and process is very similar. Furthermore, I think all actors should behave in market terms and in accordance with laws. The public sector needs to have elected governing bodies which do not change whenever the political option in power changes (as is often the case with public services). The private segment should take care of its customers and respond to their needs, while the public (not all countries have national media, some also have public service broadcasting) must be additionally engaged in programmes and activities that are of national interest, and those are most commonly issues of culture and education. For that part, which certainly should not be abused for the promotion of politics and ideology, there should exist very strict rules that state institutions should monitor very seriously. Public service broadcasters should receive for this part of their programme (I would like that to be a big part of their programme) financial support from society, but this money must not be wasted on all sorts of nonsense, but rather used exclusively for the purposes for which it is intended. For example, I would demand that public service broadcasters have reputable auditing companies, to ensure that their balance is transparent and that it operates honestly. In the UK there has been a long-stnding accusation that the BBC spends a lot of money on things that are not directly related to production. The other day, for example, it was reported that only 40% of the total annual costs of the BBC are spent on programming, while in 2014 some £250,000 was spent on tea! I dare not think how this calculation looks in our country. In any case, I'm sure we do not need so many state-owned media companies and I think the state could start making savings in this segment. Less but better quality would be good for all of us, from viewers to distributors and content producers. ■

EXPO 2015

Promoting Cooperation Between Nations The impressive World Expo 2015 opened in Milan in May and will run until the end of October

or the first time in its centuries-old history, the Expo will not simply be an exhibition of human progress, but the opportunity to promote discussion and cooperation between nations, organizations and businesses to develop joint strategies to improve the quality of life and support the environment. In fact, the Universal Exposition has always represented an opportunity to show the best of the various countries to an audience of millions of people from all over the world. Located half an hour outside of the city centre of Milan, the Expo 2015 grounds cover more than one million square meters, incorporating an array of impressive architectural projects and unique landscapes that represent different cultural identities. World expositions date back to 1851 in London and the 2015 event features 145 participating countries, 53 of which have their own architecturally designed pavilion. When we talk about "pavilions" we're talking about huge structures that cost millions to build and transport visitors through a series of compelling and beautiful interactive experiences. This year's Expo is dedicated to sharing of diverse and innovative ideas under the theme: "Feeding the Planet, Energy for Life." Many coun-

tries put their best thinking caps on to present ideas of how we can address the big questions surrounding global food supply and the sustainability of the planet, while others simply used the event as a platform to promote their tourism and other industries. The event also features a series of "Clusters" which are shared exhi-

about theses cultures. In addition to the 53 pavilions, visitors can explore the five thematic zones which include: Pavilion Zero; The Future Food District; Children’s Park; Biodiversity Park and Arts and Food. These explore the story of mankind and food; the current paradox of famine and obesity, shortage and abundance and ideas of what future food supplies might look like. A harmonious blend of flavours, food and memories of antiquity, tradition and modernity: this is the at-

Serbian Contemporary Fashion Designers Exhibition

This year's Expo is dedicated to sharing diverse and innovative ideas under the theme: "Feeding the Planet, Energy for Life." bition spaces dedicated to smaller countries and regions from around Italy. These Clusters host a variety of different traditions from classic food sources such as rice, coffee, cocoa, spices, fruit and vegetables, cereals and tubers. In some of the clusters visitors get the opportunity to taste local food cuisine and learn

mosphere reflected in Serbia’s participation at Expo Milano 2015.

SERBIAN PAVILION With its 250 square metres of exhibition space within the BioMediterraneum Cluster, Serbia seeks to stimulate dialogue among visitors about the problems that

still exist in the field of nutrition. This aims to reveal, on the one hand, its cultural identity, its history and its traditions; and on the other, the possibilities posed by the combination of the territory’s rich natural resources and technological innovation in agriculture, promoting a better quality of life and food. Serbia’s cultural, social and gastronomic identity was and is today influenced by its historical and geographical proximity to the Mediterranean Sea and the Adriatic Sea, so its decision to participate in the Cluster dedicated to this region is not by chance. Within its exhibition space, Serbia develops three "thematic paths" that run through the country's history and the evolution of its cuisine: Wheat and Water – Food of Neolithic to Modern Man, an exploration of the origins of modern Serbian cuisine, mirroring the spirit of its people; Organic Serbia – Food that is Organic and Healthy, as Energy for the Future, or in other words, a rediscovery of traditional recipes using local ingredients, grown in a natural way, such as raspberries; Fusion Cuisine from Serbia – Food as a Tourist Attraction, because if it is true that to learn about the life, culture and traditions of a country you have to taste its food, this applies even more so in Serbia, where its cuisine results from centuries of exchange between different cultures and civilisations.

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GLOBAL DIARY

CRISIS

"We are not faced with two separate crises, one environmental and the other social, but rather one complex crisis which is both social and environmental." — Pope Francis

SERBIA CROWNED UNDER-20 WORLD CHAMPIONS ▶ After losing to Uruguay and beating Mali and Mexico in

the group stage, the Eaglets defeated Hungary (in extra time), the United States (on penalties), Mali once again (and once again in extra time) and Brazil in the final (needless to say -- in extra time). What was supposed to be a lazy Saturday morning in Belgrade on 21st June turned into a nervous awakening for many in front of television screens. Two and a half hours later, after the end of regular time and Nemanja Maksimović's goal in the 118th minute, Serbs were in a delirium. Carousels of honking cars with flags, people dancing and singing on the streets, some of them even swimming in a fountain. "Srbija je prvak sveta" (Serbia is the world champion!) was echoing through the whole country. "The best morning show in the history of Serbian television," said Alaksandar Stojanović, commentator on the national TV.

FRENCH REPLICA SHIP HERMIONE ARRIVES IN USA

HOW TO BUY YOUR OWN CROATIAN ISLAND

▶ A replica of the French ship Hermione that brought General Gilbert du Motier de Lafayette to American shores to support U.S. rebels during the War of Independence has arrived in the small port of Yorktown, USA beginning of June. The vessel, which took 17 years to make using 18th-century shipbuilding techniques was welcomed by a 21-gun salute. Several hundred well-wishers turned out to see the arrival of the three-masted tall vessel with its 80 voluntary sailors. The replica project cost €25 million, financed by more than four million visitors to the shipyard in Rochefort in south-western France where the Hermione was built.

▶Between 15 and 20% of Croatia’s small islands are privately owned. Anyone interested in purchasing an island must register their interest first. The island is then offered to the town, county and finally the state for first rights to buy. If there is no interest from any of the above, a private buyer may make an offer. However, a rock-bottom price is set in advance by the state.. Before negotiations start a “coastal

belt” wide six metres or more is determined. That is a zone where everyone has the right to come and swim, explained Telegram.hr, That part of the beach doesn’t belong to the new owner. However, it is possible to get concessions, and then the owner can control this area. The procedure is a bit complicated, which may be the reason why only five Croatian islands have been sold in the last 13 years.

MONTENEGRO'S JAZ BEACH - BEST IN EUROPE

Kids ON Elections ▶It’s actually very interesting. It’s when politicians make lots of promises, which some don’t ever bother to stand by. But some do. Everyone has to try and work out who’ll keep his or her promises and then that person gets chosen to be the prime minister.

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▶ Lonely Planet, the world's leading travel guide publisher, ranked Montenegro’s Jaz Beach first on the list of the ten best European beaches that must be visited this year, thus positioning Budva and Montenegro as the best tourist destination, ahead of Portugal, France, Italy, the UK, Spain, Greece and Lithuania.

MARBELLA IS TO CLEAR OF ALL SIGNS OF FRANCO AND CORRUPTION ▶José Bernal, Mayor of Spanish

Marbella city is a trained historian, and he wants the Málaga University to revise the names of all the streets and identify names of ‘dictators or people who have acted against the citizens in any moral, ethical or physical ambit’ Bernal said he would respect the mayors of the town under the Franco regime if they made a positive contribution, and he gave the example of one, ‘Paco Canto was mayor under Franco and put his name to the new sports center in Marbella, and his actions favored the municipality during his tenure’. He also spotted that there is a window

HELP

“No country should be left to deal with a massive humanitarian emergency with so little help from others, just because it happens to share a border with a country in conflict.” — Salil Shetty, Secretary General, Amnesty International

SWEDISH PRINCE CARL PHILIP MARRIES SOFIA HELLQVIST ▶ Sweden's Prince Carl Philip (36), third in line to the throne,married former model and reality TV star Sofia

in the Town Hall which has an etching of the Franco symbol of an eagle and he named his plan ‘The window will be taken down, but it will be conserved as artistic patronage, as the work is by painter and sculptor from Valencia, Vicente de Espona.

Hellqvist (30) in the chapel of the royal palace in Stockholm After their marriage, the couple took to a horse-drawn carriage to parade through the cobbled streets of Stockholm's old town, waving to crowds in the hot summer sun, before returning to the palace for a 21-gun salute and wedding banquet. About 550 guests attended the ceremony, many of them royals, including Princess Takamado of Japan, Queen Mathilde of Belgium and the Earl and Countess of Wessex from Britain. After the ceremony the newly married couple have headed to a private island in Fiji for a honeymoon.

ROYAL ASCOT 2015

The Earl and Countess of Wessex (third row, right hand side) joined other guests for a group photo following the Royal Wedding of Prince Carl Philip and Sofia Hellqvist

▶Royal Ascot is Britain’s most valu-

able race meeting, attracting many of the world’s finest racehorses to compete. With 51,000 bottles of champagne on ice, 2,900 lobsters on order and 160,000 glasses of Pimms at the ready, as well as £5.5 million in prize money, Royal Ascot is one of the world’s pinnacle events of the summer social season.

Every year Royal Ascot is attended by Elizabeth II and other members of the British Royal Family, arriving each day in a horse-drawn carriage with the Royal procession taking place at the start of each race day and the raising of the Queen's Royal Standard It was Queen Anne who first saw the potential for a racecourse at Ascot whilst out riding in 1711. The first ever race meeting took place that year, with the first four-day meeting in 1768.

Canada - The Most Educated Populace ▶ They aren’t just about their lakes, bacon and flannels, with 50% of its population ducated at the post-secondary level, Canada easily has the most educated populace in the world. It is followed by Israel, at 45%, and Japan, at 44%.

MILLIONS WORLDWIDE MARK INTERNATIONAL YOGA DAY ▶ Millions of yoga enthusiasts across the world contort-

ed their bodies in complex postures on 21st June to mark International Yoga Day. Indian Prime Minister Narendra Modi, who had lobbied the U.N. to declare 21st June, a solstice date, as International Yoga Day, spread his mat among rows of people, including his members and foreign diplomats, at New Delhi’s main thoroughfare, which was transformed into a yoga yard. Thousands of people dressed in white sat on yellow mats under the Eiffel Tower, and similar events were held in Bangkok, Kuala Lumpur, Seoul, Beijing, Manila and other places.

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B y Z O R A N V I TA S

ENTREPRENEURSHIP

MATE RIMAC Rimac Automobili CEO

SEE FURTHER

THAN OTHERS It's amazing how many facts in common you could find in the biographies of all the great modern entrepreneurs, like Richard Branson, Elon Musk, Larry Page, Bill Gates or the late Steve Jobs. First of all is their ability to see farther than others, and then the second fact that their success generally originates out of their enthusiasm.

Photo Rimac Automobili Branson stated interestingly that you cannot be successful if the thing you do is seomthing you really don't care about. The fact is that all of these companies are actually small compared to the specific sectors they deal with. High technology means an extremely high level of knowledge and, thus, the efficiency that this knowledge allows. Time is not lost in today's successful companies. They all started with a little money, mostly borrowed, and at some point came close to collapse, which best shows the difference between an average entrepreneur and a successful one – that moment overcomes your faith in what you're doing. Nothing was different for Mate Rimac Rimac and his Rimac Automobili company. The author of this text had the good for-

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tune over the last few years to follow the work of this company located near Zagreb, in Sveta Nedjelja. The headquarters of Rimac Automobili, how symbolically, is housed in the former salon of conventional cars of a major European brand that was supposed to be the biggest in the Balkans. Now it is home to a company that manufactures electric vehicles and practically everything that concerns them. Mate Rimac made it in the media thanks to his iGlove, an alternative keyboard and mouse. That was nine years ago. A year later he announced how he would “Make the world's fastest electric car. It will have 540hp and reach about 260km/h. The engine he designed was already being made in Bulgaria. It would be filled at a regular electric plug socket and a single charge would be enough to exceed 300 kilometres. “It was a converted 1986 BMW 323i that Mate Rimac would use to gain five world records. – Nikola Tesla, of course! But I think that the electric motor is generally far better, especially for driving a car. If you want to make the best car, it simply must be electric. Not because of the ecology, not because of fuel savings, but rather because of performance, responded Mate Rimac to the question of why electricity. Indeed, in a prominent place in the facility at Sveta Nedjelja is a large poster with the image of Nikola Tesla, probably the greatest Balkan scientist of all time. Two years later, in 2011, he founded Rimac Automobili and introduced Concept One to the world. An unbelievable plot is another common trait shared by most of

ten, these guys want two units!” I replied, “Okay, but I have no money, and production costs.” Okay, he said, start working. But somewhere halfway through things got stuck, they wanted to move the company to Abu Dhabi, there were problems with administration and then paperwork, and the job was never actually realised. The promised funds were stopped,” says Mate, recalling those crucial days. In order to complete that first unit, Mate borrowed part of the money

In order to complete that first unit, Mate borrowed part of the money from his father and took out a loan to cover part. The rest is history, Concept_One was the star of the Frankfurt motor show and it was only a matter in which direction things would develop today's successful entrepreneurs. Rimac Automobili was contacted by a representative of the royal family of Abu Dhabi, with an offer to finance the first Concept_One, which was to be presented at the Frankfurt Motor Show and then another. “I showed him the Concept_One, which was then just in sketches. He asked if he could show the sketches to his employers and clearly I said yes, as I had nothing to lose. He called two days later and said, “Lis-

from his father and took out a loan to cover part. The rest is history, Concept_One was the star of the Frankfurt motor show and it was only a matter in which direction things would develop. However, somewhat contrary to expectations, it was much harder to secure the money. One of the reasons was the fact that the vision of a potential investor had to coincide with the vision of Mate Rimac. And such investors are rare.

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The first appeared last year, when a circle of investments worth €10 million closed. Until then, Rimac Automobili was living on the edge. “The multimillion-dollar loans I used to create the company are still on my back. Before the first investor entered, we were constantly on the brink of collapse. Before the entry of the investor I never had money on my account to cover the next salary, which was very stressful

we will get them because they view the balance, so they look at gain made in the last few years, and we are a young company, and we will not win easily in competition with companies that have a longer tradition. We didn’t succeed in some tenders precisely for that reason. The administration is not interested in what we are doing, who we’re working for, what kind of work and products are in question. Perhaps we now seem small to them, but they do not count on us having the potential to be a serious industry player with several hundred employees already in the next few years,” says Rimac. His company is most hindered by Croatian government subsidies for the purchase of environmentally clean cars. Controversial? No, this is money, according to staff at Rimac Automobili, which is used to help buy

The administration is not interested in what we are doing, who we’re working for, what kind of work and products are in question. Perhaps we now seem small to them, but they do not count on us having the potential to be a serious industry player with several hundred employees already in the next few years

for me. I would always agree to some job at the last minute, borrow funds or manage to sell a private car or something like that,” Mate Rimac tells us. HBOR credit helped him get through 2013, and that was about all that was received from the state or any state institutions. “From the state we still only got negligible resources. We will now apply for subsidies to equip the plant. But we are not sure whether

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cars manufactured in some other country. That is money that the Sveta Nedelja-based company would know how to use. The U.S. government has invested $25 billion in the development of electric cars, the Tesla company would probably not exist without state money. This year the first Concept_One vehicle was delivered to a foreign customer as part of a series of eight units that have already been sold. The first Rimac car has been recognised as a premium product. A sig-

nificant role in that was played by the first investor in the company, Mate Rimac’s aim is to create an international leader in the field of Colombian Frank Kanayet Yepes. He brought Rimac Automobili into propulsion systems and electric sports car technology, and at the the new Formula E competition, thereby opening many doors for the same time remain the best employer in the region. A stroll through company, as he is himself a representative of Ferrari and Maserati in the premises of Rimac Automobili is reminiscent of another world. this South American country. After him, a Chinese investor also arAlthough everyone in the company will claim persistently that they rived and for now that is all as far as investors are concerned. are not yet even close to a factory, but rather they are still only a workshop and will remain so for The first money from EU several more years. funds should arrive soon. In Rimac Automobili is switchMarch this year, the great ing to new production pronews arrived that Rimac cesses. It will set up special Automobili’s project Hybrid lines for motorcycles and Battery Pack was ranked cars that will not be proamong the top three per cent duction lines, but rather in Europe in the incentive production stations. Plans programme “Horizon2020 also include a paint shop SME instrument”. The secand increasing the machine ond round is set to follow, park, while a facility is being after which – provided it is successful – Rimac Automobuilt for the production of a bili will receive two million carbon monocoque chassis euros of European funding. for future models. All carAt home, Mate Rimac rebonic parts, except the chasceives more awards than sis, are already produced funds. Though it took severin-house. A tubular chassis al years, Mate Rimac is today will replace the carbon type, a recognised and beloved which will make future modNow more than 70 people work here, and by the end entrepreneur who last year even lighter and provide of the year there will be about 160 of them. And I want els won an award as an employthem with an even better to see a thousand people working here by 2020. They performance. Nothing is er. This award is especially left to chance. The producimportant to Rimac, because will produce several hundred cars annually! it was awarded by workers in tion process for an ordinary his own company. door hinge takes as many as 20 steps. A battery for Just two years ago, Rimac the Koenigsegg Regera, the Automobili had just 15 workcar of Swedish nobles, has ers. Today Rimac Automobeen enriched with a Ribili has 70 employees, and in mac battery system that is the meantime a sensational electric bicycle, Greyp, has made up of an unbelievable three thousand parts, 900 of emerged from its hangar – a which are cells that are the contraption that was actualonly not produced at Sveta ly created quite by accident. Nedelja. The battery is in Sales are going better than good, while there are plans fact the company’s greatest for a cheaper, 22kg-lightachievement. er model that would cost In Rimac’s drawers there €3,500. are more than 20 completed The E-Runner was also restudies for European patcently completed, as a car of ents. This method is expen1000kW for Japanese hillsive, but it is the only way to climb racer Nobuhiro “Monprotect the ideas of Rimac Automobili that have the greatest value. It is no wonder that the Rester” Tajima, with which he will try to win America’s traditional Pikes gera was one of the sensations of this year's Geneva car salon. Just a Peak race. While assembling Monster’s “monster”, in the next pit a vessel with an innovative concept is being made. The client requestsingle Concept_One has 185 body parts made from carbon fibre. The story certainly doesn’t end here. We must pass through the deed 300 propulsion and battery systems by the end of this year, with velopmental sector, which now occupies an entire hall, where 30 another thousand pieces next year. Everything had to be developed and make from scratch, which is quite a major challenge, but that’s engineers work and pay attention to the software in which Rimac has found a new business model. Here engineers work on computexactly what this is.

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ers equipped with software his desire is for Rimac Automobili to become Google. whose price can reach up to “I have too little space here for $50,000. The new product everything I want to do. When of Rimac Automibili is comwe are finished with the forpletely new software for the mation of all production lines, Concept_One, which will be connected to the internet at we'll fill all these halls you see here. I'll also make a canteen all times. At any moment it just for employees, as there’s will be possible to track the no quality food around here tiniest detail of the telemetry, and I'm very concerned that such as how much energy is my employees get only the left in the battery, the capacbest,” explains Mate. “We will ity of each cell in the battery, eat organic food exclusively. the behaviour of the electric motor at each wheel, and all We will even plant a lot of it this in the car and using reand produce it ourselves. Mate Rimac’s aim is to create an international leader here mote control. They are also We are not doing ordinary in the field of propulsion systems and electric sports work and that’s why I want creating an infotainment system, which includes both car technology, and at the same time remain the best this company to look like an audio system and navigaGoogle. I want employees to employer in the region tion, practically everything be free to move around, to you'll find in the most luxuriwork on a bench outside the ous conventional cars. building connected via WiHere we come to the compaFi. Interiors must be fun, so ny’s most important technowe’ll install hanging gardens. logical breakthroughs. We’re Everyone must feel maximum comfort, expressing already used to concepts like their vision of the company.” ABS, ESP or TCS. With ConMate confirms his seriouscept_One all these systems ness with plans on the table work through Torque Vectoring, which manages each in the design office. What would Mate Rimac do wheel separately. As much as a hundred times per second for a living if he was not dealinformation is exchanged ing with high-tech? between the central system “Food! It is not clear to me how long we intend to feed of the vehicle and the wheel ourselves in a country where drive, which takes about 20 fewer and fewer people promilliseconds to react. It is duce food. We must change precisely because of this sysour way of life, otherwise tem that Concept_One is a everything around us will be super-car that can be driven by any average driver, as this worth nothing,” says Rimac. system allows for the adjust“Selling the company is out ment of the car’s conduct to of the question, I will stay in suit the driver’s wishes. Any Croatia forever.” possible predicted situation is He says, that as an entrepretested on the computer before neur who has not yet turned the car heads for the testing 30, he wants to prove that one can still succeed in Croatia, ground. Where will at all end? that knowledge still proves Mate Rimac has a very specifvictorious. They were aware ic vision. from the beginning that the “Now more than 70 people work here, and by the end of the year there will be about 160 of them. company cannot survive merely by selling cars, so circuits and the aforeAnd I want to see a thousand people working here by 2020. They will mentioned future patents should be their primary source of income. produce several hundred cars annually! That was the plan from the beHowever, they are developing two new models, in performance terms one above and one below the Concept_One model. ginning and we are heading in that direction. We are already achieving The stronger model will be shown at the 2016 Geneva Motor Show. ■ better results than we planned four years ago,” says Rimac, adding that

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BUSINESS DIALOGUE

BUSINESS LEADERS’ MEETING POINT

JULY 2015

32 PAGE

36 PAGE

40 PAGE

New Town in New Belgrade

What Makes an IT Leader

Reliable Partner in Legal Dilemmas

OGNJEN SIMIĆ

LJUBIŠA ŽIVADINOVIĆ

ADIR EL AL

CEO OF AIRPORT CITY BELGRADE

IT LEADER

ATTORNEY AT AFEJA CONSULTING BELGRADE J U LY

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BUSINESS DIALOGUE

INTERVIEW

NEW TOWN IN

NEW BELGRADE ADIR EL AL

CEO OF AIRPORT CITY BELGRADE

Airport City Belgrade is the first multiuse commercial facility in Serbia that combines the latest construction technology with an approach focused on users/tenants. ACB is a business complex that offers tenants its “City within a City” concept.

he concept of a “City within a City” provides residents with comfortable and humane working conditions. To date, this complex has consisted of seven buildings covering an area of 87,000 square metres. Its leasable space is 97% occupied.

■ How would you summarise the development of the Airport City Belgrade complex to date? In the last 13 years, as long as I’ve been here, I can say that I am very proud of what we have achieved so far, because there is no real difference between the vision

said that such complexes are not even common in many European countries. We have succeeded in all of this thanks to the knowledge and capacities we invested in the project, and also thanks to the wonderful people we worked with and who supported us all the time, such as designers, construction workers, architects, PR marketing. Of course, we also owe a debt of gratitude to the Serbian Government, which supported us all the time and still does so, and I must admit that I’m really satisfied with that. The level of support we receive always from

we had when we came here and what we have managed to create. We have achieved almost everything we planned in terms of capacity, concept, usability and the possibility for us to offer Belgrade something that had not previously existed. It could be

the market and our tenants gives us the strength to work further, strengthening our foundations, upon which we will continue to build our future investments and activities, says Adir El Al, CEO of Airport City Belgrade, speaking to CorD.

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■ What is most important factor when deciding on a new investment and when arriving in a new country? Is that location, location and location, or is there something else? We are on the real estate market and, of course, location is the most important factor. However, we also monitor all other options. Eastern Europe 13 years ago, and still today, is very attractive for new properties and it is useful to us as that capitals, and other major cities, are still underdeveloped. It is also important that when we offer the market the

was not enough office space on the market. The truth was that such content, as well as being either non-existent, insufficiently modern or not big enough, was in problematic locations, and telecommunications represented a major probel, says Adir El Al. As such, he noted, it was important for many foreign companies, but also a large number of Serbian firms, to relocate to category A space, which can provide them with modern means of communicating with the outside world. We decided to do that here, unlike other investors, at precisely this

right product, such as a complex like this, then we can relatively quickly and with certainty enjoy the fruits of our investments. When we came here and considered the concept of a business park, i.e., a complex of office buildings, we realised that there

location and on a larger scale than others. That is why today we have more than a hundred companies who believe in this project, enjoy this space and stay with us.

Phase IV of the construction of ACB construction means a new 63,000 square metres; four new “smart building” will be built. The first new building, which will be completed by April 2016, already has potential tenants, whose special wishes and requirements are already being met

■ When you said that you had great support from the Govern-

ment of Serbia, what did you mean specifically and how are your experiences when it comes to bureaucratic procedures in our country? Bureaucracy will never leave us alone, says Adir with a smile, it’s like that all over the world, but we have to live with that and I can say that we’ve already grown accustomed to it. Truth be told, we deal with bureaucracy and we understand that bureaucracy is often a necessity, with the aim of directing a process in the right direction and avoiding chaotic situations, so I can understand that, but I cannot understand or tolerate a lack of knowledge and lack of professionalism, but bureaucracy I understand and know how to solve. Thanks to the positive attitude of government institutions during construction and their desire and willingness to solve problems, in honesty not always successfully, we are also where we are because they always showed us the right path, and we continue to expand our activities. The support I’m talking about applies equally to the municipal, city and state levels. That has always been a positive chain reaction.

beyond, because I also talk with other investors and they feel that the climate is changing; that there is a foundation for the market to open up again, for investments and new opportunities. In the real estate sector, I could mention several important projects that lie ahead, while we are also facing a new venture. Exciting projects

■ Apart from your excellent experience, how would you assess the general investment environment in Serbia? I think I can identify a very good climate for investment and business in Serbia, and not only in the real estate sector, but also

are also being developed in New Belgrade, elsewhere in Belgrade and beyond, but for now we are orientated towards activities in large cities.

I think competition is healthy, of course while it exists in a correct and professional way; I am not against competition, on the contrary, I think competition contributes to the development of the economy and is even useful to competitors themselves, because if you do not have anyone to compare and compete with, you will stagnate.

I would also like to use this occasion to encourage new investors to come to Serbia. We have already enticed some of them, because we want to expand our activities so we will bring new investors and launch joint ventures with them.

■ What do you think of your competition?

■ What are your estimates for real estate market developments in the next five to 10 years? Ten years is a lot, but in the next five years I truly believe in the Serbian market. We monitor economic parameters carefully and

analyse market trends, which is also why we decided to launch Phase IV of Airport City and in the next few years we will almost double the size of the complex, which is the best testimony to the faith and confidence we have in Serbia.

■ Do you expect saturation to be reached on the real estate market and will you then shift your focus beyond Belgrade? As I have already said, we will always focus on big cities in Eastern European countries. I would not completely rule out the possibility that we could also build in other locations, but my experience to date has shown that investing in capital cities, or major cities, is always a good decision. ■ Following the completion of Phase IV, will there be some new investments? We have more free plots and land in front of our Airport City Belgrade complex, which is the part in Omladinskih Brigada Street, where we plan to build a hotel. We are still checking out these opportunities and seeking the right operator. Analysis of why we will most likely build a

hotel there is on-going continuously. This is a very dynamic environment and the situation is changing, so it is possible that our decisions will yet change. All decisions are based on an estimate of the current situation and possibilities. ■ J U LY

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BUSINESS DIALOGUE

LOCAL NEWS

CONSOLIDATION “In terms of austerity, the new three-year fiscal consolidation plan is similar to the one from 2012-2014, which collapsed because there were no structural reforms” — PAVLE PETROVIC, President of Fiscal Council

01 BAT

British American Tobacco buys TDR

02 TELENOR

Secure Roaming With Telenor

British American Tobacco (BAT) has signed an agreement to buy TDR Ltd. from Adris Grupa at a total cost of €550 million. TDR is the top independent manufacturer of cigarettes in Central Europe, with a leading position on the Croatian market and a strong position in both Bosnia-Herzegovina and Serbia. By combining its existing business in the region with TDR, BAT expects to benefit from a highly qualified staff, well-established brands, increased tobacco processing capacities at the regional level, high-quality local factories and a printing house. This transaction represents a result that is around 12.5 times higher (on the basis of results achieved by TDR at the end of the 2014 financial year, EBITDA of around €44 million). 03 NALED

More than 50 per cent of Telenor’s postpaid users recognised the TravelSure roaming tariffs as the best way to maintain full control over their costs when roaming. TravelSure allows you to select two roaming tariffs, with the billing of services divided into two zones - the first Europe (excluding Russia) and the second covering the rest of the world. Users of TravelSure tariffs can activate tariff addons that enable them to make additional savings. Users who travel to Montenegro have an extremely favourable roaming offer under the auspices of unlimited daily and weekly tickets. The Daily ticket allows free outgoing calls

Serbian Government 'C' for Business Environment Quality The Government of Serbia and relevant ministries were given a “C” grade (3) for the quality of preparation, adoption and implementation of laws in the third Regulatory Index of Serbia (RIS), presented by NALED – the National Alliance for Local and Economic Development. According to RIS, the quality of the regulatory environment in our country has reached 45.9% of the desired standard and there is an evident trend of progress in the legislative process. RIS is an objective mechanism for measuring the quality of the process of adoption and implementation of laws based on the monitoring of six indicators, including the quality of the preparation of regulations, public preparation of regulations, the predictability of the regulatory environment, timeliness of law enforcement, the administrative and financial burden imposed by legislation, as well as the availability of information.

to Telenor Serbia and Telenor Montenegro networks, free incoming calls from all networks and internet access at a price of 199 dinars, to be paid 24 hours after activation. The Weekly ticket allows users to make free calls to Telenor Serbia and Telenor Montenegro networks for a period of 7 days after activation, including unlimited incoming calls from all networks and internet access at a price of 999 dinars.

04 ALPHA BANK

05 PODRAVKA

Volunteery Day For 450 Employees

New Products

As part of the company’s traditional Volunteer Day event, around 450 employees of Alpha Bank in several cities in Serbia carried out a voluntary campaign to collect and donate books to restock endangered school libraries in Serbia. Employees in four cities – Belgrade, Ruma, Valjevo and Pirot – collected more than 3,000 books and thus helped to renew and enrich school literature funds. This is the seventh consecutive action with which Alpha Bank has shown how much it believes in stimulating the impact of education and general culture to ensure the healthy growth and development of the potential of youngsters. The campaign was supported by the Ministry of Education of the Republic of Serbia, the Secretariat for Education and Child Care of the City of Belgrade and local municipalities.

Podravka Serbia organised a “sweet and hot” luncheon to present new mono-spices – Podravka Sweet Pepper and Podravka Chilli Pepper. Actors Boda Ninković and Jelena Jovičić hosted the luncheon and, together with a renowned Belgrade restaurant chef, presented dishes prepared with this all natural spice. “There are almost no dishes or specialities from Serbian cuisine that are prepared without ground pepper, which is why it is paramount to have a good quality product. Podravka Ground Pepper and Podravka Chilli Pepper are 100% natural and contain no additives and impurities. We use only the best ingredients – peppers that are grown, picked and dried in a completely natural way,” says Suzana Pavlović, Brand Manager at Podravka Serbia.

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INVESTMENTS

DID YOU

“Only new investments into capacities for producing finished products can change the structure of Serbian exports, where one third are finished products, while the rest are raw materials.”

KNOW?

— MARKO CADEZ, President of Serbian Chamber of Commerce 06 TELEKOM

BizPaket For Better Business Communication Business users of Telekom Serbia services will have even better business communication with a new offer intended for small and medium-sized enterprises BizPaket. This business package combines fixed and mobile telephony services and the internet. BizPaket users are able to connect from nine to 20 fixed and mobile lines with internet Net 10. Those who choose this package receive 150 free minutes, which are available to all lines of packages for calls to all national fixed networks. Biz InfoCall and Caller ID services will be activated free of charge on all fixed lines that are part of the BizPaket agreement. Depending on the tariffs they select, BizPaket users can choose from some of the most advanced handsets, for a price starting at just one dinar. Thanks the BizPaket, users also receive a free WiFi router, with Telekom Serbia providing installation. The advantage of this business package is that it integrates fixed-line, mobile telephony and internet services within the BizPaket, while customers receive only one bill and can adapt usage to suit individual needs.

07 OTP GROUP

New Bank Purchases OTP Bank Serbia has signed an agreement with specialised Italian bank Findomestic Banca SpA to buy 100% of shares in Findomestic Bank in Serbia. With this transaction, OTP Bank’s market share in Serbia increases from 1.4% to 1.9%, representing a new step towards the achievement of optimal market dimensions. Findomestic Bank has a network of 26 branches, seven of which are located in Belgrade, while its number of clients has reached almost 90,000. This sale expands the branch network of OTP Bank Serbia, boosting its number of clients to in excess of 200,000. Following the conclusion of legal formalities, which include gaining approvals from regulatory bodies, OTP Bank Serbia will carry out comprehensive integration.

In the famous “Kafana ?” i.e. “Znak pitanja” (Question mark), the first pool party was played in 1834 in Belgrade.

Placements & postings appointments@aim.rs

DRAGICA PILIPOVIĆ CHAFFEY UNITED GROUP BOARD MEMBER

Managing director of SBB, a company owned by global investment fund KKR, she is a banking expert with an impressive biography. She began her career at the International Monetary Fund in Washington, continuing at the European Bank for Reconstruction and Development, where she served until 2003 as director of the Department for Russia, followed by three years as director of the Department for Serbia and Montenegro and the same function in Poland and the three Baltic states. She became president of the Management Board of SBB in May 2008, taking over the position of SBB general manager in 2009. She is also a board member at United Group.

GORAN VASIĆ

NEW MANAGING DIRECTOR AND TECHNICAL DIRECTOR OF SBB

Goran Vasić has more than 20 years’ experience in telecommunications. He worked for Lucent in Thailand, Taiwan, and Australia, before working for Ericsson in Israel, the U.S. and Mexico. Since 2006 he has been part of the management team at Telenor, where he progressed from the position of executive director of corporate development to take on the position of managing director and technical director of SBB.

ZORAN PETROVIĆ

PRESIDENT OF THE BOARD OF GOVERNORS OF THE AMERICAN CHAMBER OF COMMERCE IN SERBIA (AMCHAM)

Chairman of the Managerial Board of Raiffeisen Bank, Zoran Petrović, has been appointed as the new President of the Board of Governors of the American Chamber of Commerce in Serbia (AmCham). Hewlett Packard’s Miloš Đurković takes over the duties of First Vice President of AmCham’s Board, while Managing Director of Philip Morris International for Serbia, Montenegro and Bosnia-Herzegovina, Jelena Pavlović, has been appointed as the new Untitled Governor of AmCham on behalf of PMI. Petrović succeeds Stacey Kennedy as president, following her appointment as Managing Director of Philip Morris for Germany and Austria. 08 UNICREDIT BANK

“Idea for a better tomorrow” The Ana and Vlade Divac Foundation, UniCredit Foundation and UniCredit Bank presented the winners of the contest “Idea for a better tomorrow”, which aims to contribute to the development of social business and existing business, as well as finding ideas for products and services that can best contribute to improving the image Serbia in the region and abroad. The seven best candidates were selected and awarded with grants worth a total amount of €45,000.

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BUSINESS DIALOGUE

INTERVIEW

What Makes an

IT Leader OGNJEN SIMIĆ IT LEADER

Understanding changes and predicting future technological trends represent prerequisites for an IT leader to successfully positioned the company he leads and motivate people to follow him on the road to achieving these objectives

e should’ve paid more attention to developing our own IT, investing in start-ups and, with small investments, creating the possibility for great technological leaps – considers Ognjen Simić, an IT leader who followed up his start-up by spending the last decade in challenging management positions in Sales, Business Development and Delivery in “SAGA” - number one serbian System Integrator.

■ What does it mean to be an experienced IT leader on this market? IT is the fastest-changing branch of industry, so to be a leader in IT really means being opened up to constant changes. The experience and knowledge I’ve gained actually represents the mandatory background of a leader, ensuring he is able to run a certain company in the right way. I can state with certainty that gaining a leadership skills requires serious and hard work, constant effort, proving oneself, as well as creativity in developing and implementing new ideas. A true leader must be able to get out of his comfort zone and reach out for solutions. A leader must 36 |

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the near future, and then positioning the company in accordance with that. Although one of the few experienced and cross technology educated professionals, I am still learning every day. ■ The IT sector has been considered one of the most promising areas in Serbia for

have the ability to see the “big picture”,to be the one who drives others to take action towards achieving common goals which means to “light a fire in people, not under them”. A good leader can be a leader in any situation.

■ As a recognised IT leader in region, what is your opinion regarding the lack of leaders on our market? The current trends in the IT industry are start-ups, small companies with great ideas that can defy big ones. We have very talented people with great potential, but a lack of real support for

Leaders light a fire in people, not under them

start-ups and a failure to invest in that potential means we are faced with outflows of experts and potential leaders. ■ Does your regional knowledge help you with business development and dynamic new trends on the market? Monitoring the movement of trends in the region allows me to predict what awaits us technologically in our branch of industry in

years, but we are still seeking solutions to stimulate intellectual capacities in this area. In your opinion, what is the most important prerequisite for a breakthrough of Serbian IT? As in many other areas, we’re not dealing with our own affairs, but rather those of other people. If we were dedicated to our own IT, investing in start-ups that could bring us a lot and do not represent excessive risks, things

would be much better for us. At some point, something significant and large would certainly appear. These are profitable investments. However, we export people to work for salaries in foreign companies, rather than us giving them an opportunity and investing in them. I think that’s the biggest problem.

■ Given that you originate from one of the oldest Belgrade families, which has produced two prime ministers and a president of the ministerial and state council, where does political involvement fit into your life? I am very proud of my origins and I’d be lying if I said I was not thinking about following in the footsteps of my ancestors. However, I still haven’t found an appropriate political platform, so these plans have been left for some future period, because I believe there is always time for politics. ■

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BUSINESS DIALOGUE

REGIONAL NEWS 01 CROATIA

SREBRENICA “We don’t deny that this term set by the international tribunal [for war crimes in the former Yugoslavia], the crime of genocide, happened in Srebrenica.” — H.E. PETAR IVANCOV, Russian ambassador in Sarajevo

02 MONTENEGRO

Construction of Bracˇ Medical City Starts in 2016

The first One & Only Resorts in Europe

Construction on the medical centre complex Medis Brachia, iceland of Brač, will be located in the village of Nerežišća, is expected to start in 2016. The complex, which includes a special clinic for healing tumors, dependence hotels, apartments, wellness and spas, sports facilities and restaurants, will open up 1,300 jobs on the island when it is complete. Necessary permits and documentation are expected to be obtained by the end of this year. One of the investors in the project is Malta-headquartered Croatian Land Holdings Plc, who have invested in similar projects in Italy, reports Poslovni.hr. Croatia’s Tourism and National Health Development Strategies until 2020, both are focus on the development of all forms of health tourism and developing a platform to raise the competitiveness of health tourism in Croatia.

Azmont Investments, a Montenegrin subsidiary of Azerbaijan’s State Oil Company (SOCAR), will invest € 500 million in the construction of the first One & Only resorts in Europe and a super luxurious complex in Kumbor in the Bay of Kotor, Montenegro. Government of Montenegro has concluded a long-term lease agreement of the former military site “Orjen Battalion” in Kumbor for a period of 90 years with

03 FYR MACEDONIA

Gasoline Prices Went Up- Diesel Decreased From mid June the prices of gasoline increased by MKD 1.5 per liter and diesel reduceed by half a Denar, the Energy Regulatory Commission (ERC) has decided. Thus, the new price of “Eurosuper BS-95” is MKD 71.5 per liter (€1.16) and that of “Eurosuper BS-98 is MKD 73.5 (€1.19). The price of Eurodisel now stands at MKD 56.5 (0.92) and extra light household fuel (EL-1) is sold for MKD 45 (€0.73). The price of crude oil M1-HC increased and now stands at MKD 27.816 (€0.45) per kilogram. The ERC says the new prices come as a result of the lowered prices of crude oil at world markets and the higher US Dollar exchange rate in the past fortnight. By this decision the prices of oil derivatives were reduced by an average of 1.61%.

04 ROMANIA

IKEA to Open Second Store in Bucharest Swedish retailer IKEA purchased the land for the construction of the second store in Bucharest. The land has an area of approximately 13.7 hectares and is located in Bucharest, District 3, 57 Pallady Blvd. The first IKEA store was opened in 2007 in Northern Bucharest, in Baneasa, having been built from scratch.

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SOCAR, who made the best bid for the construction of a luxurious resort at the 60-acre site. Located at the narrowest part of the entrance to Tivat Bay, less than an hour from Dubrovnik International Airport, the 60-acre project will command an enviable position between mountain and sea and will overlook 1.2 km of Adriatic coastline reports the Government

THE TOP 10 REASONS WHY SMALL BUSINESSES FAIL Why do some businesses succeed when others fail? While it may seem to be a matter of luck, in reality there are common mistakes that kill many small businesses before they ever get off the ground. Try to avoid these 10 top startup missteps. 1. Growing too fast; 2. Failing to track your finances; 3 Overspending: Many new entrepreneurs burn through their startup capital before their cash flow is positive; 4. L ack of reserve capital: Be prepared for unexpected increases in the costs; 5. Poor choice of location; 6. P oor execution: Poor customer service and overall employee incompetence will quickly sink your business; 7. An inadequate business plan; 8. Failing to change with the times; 9. Ineffective marketing; 10. Underestimating the competition: Customer loyalty doesn’t just happen — you have to earn it.

RESOLUTION “Although some political leaders in Serbia and Republika Srpska have taken offence at the word ‘genocide’ in the proposed Security Council resolution, it was a legally-agreed fact.” 05 HUNGARY

— H.E. EDWARD FERGUSON, British ambassador in Sarajevo

Opel to Augment Engine Manufacturing

General Motors-owned carmaker Opel will add 17 new engine models to its product palette by 2018, most of which will be made at the Szentgotthard plant in western Hungary, vice president Péter Küspert announced at the celebration held on the occasion of the 8 millionth engine being manufactured at the plant. Opel has invested €1.5 billion in Hungary to date and has manufactured 8 million engines and 6 million cylinder heads in Szentgotthard since 1992. The company expects demand in small petrol engines to grow in the coming period, with this line to account for half of the Flex engine factory’s output in 2016.

06 ALBANIA

Bulgarian Co Hired Repair Albania Power Plant Bulgarian companyis now engaged in repair works at Komani, Albania’s biggest hydro power plant (HPP), local reports suggest. The BGN 1 M (€ 500,000) has been commissioned by the Albanian utility KESH, the stateowned electric company in the country. CERB (Centralna Energoremontna Baza) is taking part as a subcontractor to Andrits Hydro GmbH (Austria) and will replace parts (including the cooling unit) at three of Komani’s voltage transformers, according to the website money.bg. Repair works are expected to extend the HPP’s life by 8 to 10 years. The voltage transformers currently in use were produced in 1984 and no upgrades have been made on them since they were first installed.

07 BOSNIA AND HERZEGOVINA

Bosnian Dita Rises From Ashes Workers at the Tuzla’s bankrupt Dita detergent company have restarted production on their own, following years of financial problems - and are winning cheers from the local community. The Dita Detergent factory in the north-eastern industrial town of Tuzla was once a leading brand in the former Yugoslavia, but after surviving the war it went bankrupt and stopped production in February 2013 After a year of protests over unpaid wages, health care and pension contributions Dita workers wanted their jobs back, So, they restarted production without a new investor, working for free and using materials that still remained in the company’s storerooms. Most of the local media have offered free marketing services and some of the regional companies also offered help. One is an old partner company, TKI, from Hrastnik, Slovenia, which has promised to send some raw materials. Representatives of the company have already met representatives of several supermarket chains which have agreed to include Dita products among their offer.

Placements & postings appointments@aim.rs

MARIA ROUSSEVA

PRESIDENT OF THE EXECUTIVE BOARD OF SOCIETE GENERALE SRBIJA

Maria Rousseva previously held the position of Deputy CEO of Societe Generale Expressbank, a subsidiary of Societe Generale in Bulgaria. She began her career in the banking sector after studying International Economic Relations at the University of National and World Economy in Sofia, Bulgaria, and graduating from the University of Leipzig. After gaining experience of several positions in different banks, she joined Societe Generale Group in 2005 and, during her decade with Societe Generale Expressbank, she held several managerial positions in the Corporate and Financial Market Division. Since 2012 she has been a member of the Supervisory Board of Societe Generale Group in Macedonia – Ohridska Banka. Frederic Coin, outgoing president of the Executive Board of Societe Generale Srbija, will continue his career at Societe Generale Group in Paris.

NIKOLA NEDELJKOVIĆ

DIRECTOR GENERAL OF BELGRADE WATERFRONT

Company Eagle Hills has appointed Nikola Nedeljković as the new Director General of Belgrade Waterfront. A graduate of university in Boston, U.S., he gained his Master’s Degree in Milan, Italy. Nedeljković amassed substantial experience in corporate finance, development and real estate in local and international markets from New York, the Netherlands and Luxembourg, to Hong Kong and Serbia, where he previously worked as Director General of MPC Properties and founded the company Novaston Asset Management. He is also a member of the Royal Institute of Chartered Surveyors (RICS). The previous Director General of Belgrade Waterfront, Aleksandar Trifunović, will be appointed by the Serbian Government as Deputy Director General of Belgrade Waterfront.

MANJE GRČIĆ

NEW DIRECTOR OF ANTENNA GROUP FOR SERBIA AND MONTENEGRO

The management of Antenna Group has decided to appoint Manje Grčić as group director for Serbia and Montenegro. She will also continue to manage Antenna Group’s corporate and regulatory affairs in Southeast Europe. Grčić has amassed more than 15 years’ experience in the media industry, where she has served as executive director at both regional and international media companies. A graduate of a prestigious School of Journalism in England, she began her media career at the BBC, before returning to Belgrade and becoming part of the information desk at TV B92. Manje also worked as a public relations advisor for the American agency USAID and as director of Media System company on TV Pink, before becoming deputy director of Fox TV in 2006. She continued her career in Slovenia, where was appointed director of National Television TV3 Slovenia in 2008, before returning to Serbia from 2011 to 2013, as general director of B92, and then joining the Antenna Group, initially as director of corporate and regulatory affairs at the regional level. J U LY

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BUSINESS DIALOGUE

INTERVIEW

Reliable Partner

in Legal Dilemmas LJUBIŠA ŽIVADINOVIĆ ATTORNEY AT AFEJA CONSULTING BELGRADE

Afeja Consulting assists its clients in resolving various dilemmas imposed on them by the Serbian legislation like company privatization, resolution of legal labour issues or many problems associated with unsolved property rights in Serbia.

mployers in Serbia face many vague regulations that complicate their work and bring uncertainty to their daily business operations which, in turn, requires constant professional legal assistance like the one provided by Afeja Consulting. This law firm also specialises in medical law which is becoming an increasingly interesting area for foreign investors.

■ Which legal and business services Afeja Consulting and its legal team provide? Afeja Consulting provides services associated with establishing companies, acquiring all sorts of permits needed for business operations, changing the company legal form, status and founder(s), liquidation and other. The company provides consultancy services online (via e-mail and through its website) that cover all business segments our clients are engaged in. It also gives legal advice, opinions and information relating to the implementation of laws. Afeja Consulting writes decisions, programmes, plans and reports that clients need to adopt and implement in accordance with the relevant laws and submits those documents to the client via e-mail. Afeja Consulting is also engaged in drafting contracts 40 |

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with business partners, suppliers and patients on the client's behalf and performing activities relating to labour law.

■ Who are your most important clients and which business sectors do they come from? Most of our clients come from healthcare and business.

■ What kind of legal dilemmas do your clients, who are interested in joint investments and generally investing in Serbia, have been dealing with the most? The most frequent dilemmas stem from property regulation, namely real estate, considering that the majority of real estate in Serbia is not included in land books or is undergoing the legalization process. Additionally, there are still quite a few building plots that can only be used but not owned. Frequent amendments to laws and bylaws which regulate conditions for performing certain business activities, especially in areas like healthcare, lead foreign investors to question the security of their investments. The existing Labour Law is still a huge obstacle in acquisition of companies since foreign investors are forced to take on

workforce that is difficult to lay off later. Changing the retirement threshold to 40 years of work and 65 years of life is another great hurdle because, in this case,

Afeja Consulting also specialises in medical law which is becoming an increasingly interesting area for foreign investors foreign investors are taking on workers that are quite old. All of the aformentioned creates a lot of uncertainty for employers.

■ What motivates you to practice medical law too?

Healthcare is a very interesting sector for future investments because, for many years, this sector in Serbia has been run by the state which is, for the most part, true today too. The practice has shown that the state authorities are not the best of employers and the economic crisis has additionally aggravated the work done by the healthcare institutions because of

lack of funds in the state budget. On one hand, this creates an opportunity for private healthcare to become competitive since it offers better services, while, on the other hand, the state healthcare still has a privileged position because the money collected through compulsory health insurance is only directed to the state-run medical institutions. Also, the patients in Serbia have become increasingly aware of their rights and they are now more encouraged to pursue their rights in court. This is what makes healthcare business different and a real challenge both for medical profession and attorneys. ■

BUSINESS DIALOGUE

INTERVIEW

What You Plant Now,

You Will Harvest Later ĐURAĐ CARANOVIĆ ENTREPRENEUR BELGRADE SERBIA

“Moja bašta”, one of the largest organic food projects in Serbia, is fully focused on consumers and obsessed with quality of food. Entrepreneur Đurađ Caranović uses his extensive knowledge as a financial expert to pursue his ambition of ensuring products are just a click away for domestic consumers

ntrepreneur Đurađ Caranović spent over eight years in the corporate sector, nurturing big dreams and an attention to details. During those years he acquired ACCA, FRM and PMI certificates. His business leadership skills are recognised in the investor/finance community and he is rated highly as a financial consultant and start-up expert. Famous for his peculiar strategic thinking and distinguished by the community, he chose to devote himself to a large scale project of organic food production not just as a business opportunity, but rather as a lifestyle choice.

■ Considering you are already recognised as a financial expert, what was the crucial factor in you getting involved in organic food production and the “Moja bašta” project? - When, at the age of 24, I told my boss (somewhat tongue in cheek) that I wanted to become a CEO, he nearly fell off his chair. It was 2007 and I was just getting started in the accounting department. At that time, as now, I was a great

dreamer, with strong analytical skills. After years of development, I learned to listen to customers and understand how their business model works, and how we create value for them. All my life I have followed my passion for quality food. My father always was telling me how cucumbers and tomatoes tasted and smelled during his time. Not many years ago, I was lucky enough to taste that quality for myself. In that moment, in that

markets do you intend to direct production towards? - We are a company focused on consumers and obsessed with quality of food. Our beliefs are to share our passion and offer the best experience to our customers. We are currently exporting to small organic shops in the EU region and establishing cooperation with other farmers. I must mention that we are proud of our premium quality and seek to share our experience with other organic producers, always striving to be better. We are also very excited with our next step in the “Moja bašta” project, which aims to ensure our products are just a click away for domestic consumers and that we offer everyone a beautiful experience at an affordable price. In the near future we will launch a portal that will unite the local organic community

We are always trying to educate customers and raise awareness about the quality of the food we eat tasty mouthful, I knew I needed to share this phenomenon with others. So now we have premium quality organic food production; we constantly enjoy the real natural tastes of nature and are honoured to be able to share that with others. ■ With one of the biggest organic food projects, which

and offer the best quality organic products with home delivery, while also providing other organic farmers with the chance to offer their products. It will be a unique experience that will differ completely from the current practice.

■ How did you succeed in bringing this project to life in

such a short space of time? - I didn’t, we did. The idea was born only a couple of years ago and our passion united us with consumers. We succeeded, as a team, in providing and sharing our products with others. There were many tears, sweat and energy spent on realising our vision, but now, when I look at what we have achieved, I am honoured to be part of that. I would also like to offer assistance to all enthusiastic farmers who are considering going organic.

■ In your opinion, how much more profitable is it to invest in organic farming as opposed to classic agricultural production? Would you say that organic food production is a promising sector? - We don’t understand organic food as a business sector, but rather as part of life. Every employee invests at least eight hours of their lives, while we invest 24 hours of passion and energy into this project. We are always trying to educate and raise awareness of the quality of the food we eat, especially when it comes to pregnant women and children. We are giving special attention for pregnant women, kids, healthcare and of course animals. The financial aspect of organic production is certainly a factor, but it is not the leading one… It takes months to find a customer and only a second to lose them. My advice to everyone is: “What you plant now, you will harvest later.” ■ J U LY

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BUSINESS DIALOGUE

WORLD NEWS 01 TURKEY

ACCIDENT “Solve the Greek crisis once and for all, ... we are dangerously close to a state of mind which accepts an accident”. — YANIS VAROUFAKIS, Greek Minister of Finance

02 POLAND

Turkish Airlines Named Best Airline in Europe

Porr Bau Acquires Bilfinger Infrastructure

Turkish Airlines has been named the “Best Airline in Europe” for the fifth year in a row by Skytrax, which is recognized by the aviation industry for its global ranking system which tracks customer satisfaction of airlines service and performance around the world, the company said in a written statement on June 16. The awards, based on over 13 million surveys of worldwide airline customers from May 2014 to January 2015, evaluated traveler experience using key performance factors including check-in, arrivals, transfers, security and immigration. The carrier also received the distinction of having the “World’s Best Business Class Airline Lounge” and “World’s Best Business Class Lounge Dining.”

Porr Bau, a subsidiary of Austrian Porr will take over Polish Bilfinger Infrastructure owned by German Bilfinger, for €21.5 million, Puls Biznesu daily informed. As Poland is one of Porr’s “strategic markets,” according to CEO, Karl-Heinz Staruss, the firm was “looking for a company which specializes in infrastructure constructing.”…

dr.Temel Kotil, CEO, Turkish Airlines (left) and Edward Plaisted. CEO of Skytrax

03 USA

Boeing Wins $50.2bln of Business at Paris Airshow US planemaker Boeing Co informed that it won orders and commitments for 331 aircraft worth $50.2 billion at this week’s Paris Airshow held last month, compared with the 421 aircraft tally worth $57 billion notched up by European rival Airbus. Of the $50.2 billion of business signed by Boeing, 145 aircraft worth $18.6 billion were firm orders, with the balance either commitments or orders already in the order book from airlines, which had not been identified. Airbus said it signed firm orders for 124 aircraft worth $16.3 billion and commitments for 297 aircraft worth $40.7 billion at the show. Airbus saw off competition from Boeing to win a last-minute 110-plane order from European low-cost carrier Wizz Air, grabbing the limelight in the final hours of Paris Air Show, at the Le Bourget Airpor.

04 RUSSIA

05 ZAMBIA

VEB Bank to Hold 50% Stake in Company Extending Gas Pipeline to Greece

Mining Group Urges Single Mine Royalties

A subsidiary of Russia’s Vnesheconombank (VEB) will hold a 50 percent stake in the construction company that will be building the extension of the Turkish Stream gas pipeline to Greece, announced the Greek Energy Ministry. The Turkish Stream is a proposed pipeline with an annual capacity of some 63 billion cubic meters. The pipeline will run from Russia to Turkey across the Black Sea, ending in a gas hub on the TurkishGreek border, from where it is planned to continue to southern Europe. It is expected to become operational in December 2016.

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Zambia’s Chamber of Mines called for the introduction of one royalty tax rate for all mining operations to attract investment in Africa’s No.2 copper producer. Zambia’s government set the royalty tax rate for open cast and underground mining at 9 percent in April, rowing back from earlier plans to charge as much as 20 percent. But at the beginning of June the state announced cut of mineral royalties for underground mines to 6 percent “because underground mining was more expensive than open cast mining.” With that, Zambia would be the only country in the world to enforce different royalty rates based on mining method.

WILL “Where there’s a will, there’s a way, but the will must come from everybody. ... right that we talk to each other again and again” — ANGELA MERKEL, Chancellor of Germany

DID YOU

KNOW?

06 KAZAKHSTAN

09 EUROPEAN UNION

New Reserves of Hydrocarbon in the Caspian Lowlands

EU Releases World tax Havens Blacklist

EMAIL It takes 2 billion electrons to produce a single email message

The Caspian lowland may contain 60 billion tonnes of hydrocarbon reserves, Kazakh Minister of Energy Vladimir Shkolnik said . The estimate is based on studies carVladimir Shkolnik, Kazakh ried out by leading experts, he said. The Minister of Energy Kazakh-Russian Eurasia exploration project has already begun and is generating interest from oil and gas companies around the world, Shkolnik said. The project will be implemented from 2015–2020 and is estimated to cost $500 million. A consortium has been formed to find potential investors for the project. The project will use innovative technologies for subsoil and super-deep wells drilling to a depth of 15 kilometers. Eighty percent of Kazakhstan’s hydrocarbon reserves are located in the Caspian lowlands.

07 CHINA

Didi Kuaidi Offers Users Green Cars Cooperating with car rental firms, Didi Kuaidi has bought 10,000 new-energy cars from domestic firms BAIC and SAIC that will run on roads of the major cities, including Shanghai and Beijing. Each new-energy car is 30,000 to 100,000 yuan (€4,270 €14,225) cheaper than petrol-driven cars, said Didi Kuaidi, a merger of Alibababacked Kuaidi Taxi and Tencent-backed Didi, which are China’s two most popular taxi-hailing apps. The car can drive for up to 260 kilometers between each charge — suitable for in-town transport. “It’s the right time for a leading taxi-hailing application firm like us to promote green transportation and new-energy cars in China,” said Didi Kuaidi. Liu Qing, president of Didi Kuaidi, said that the company has got government support for such services.

The European Union published its first list of international tax havens on June 17 as part of a crackdown on multinational companies trying to avoid paying tax in the 28-nation bloc. The list of 30 territories includes Hong Kong and Brunei in Asia, Monaco, Andorra and Guernsey in Europe and a series of Caribbean havens including the Cayman Islands and British Virgin Islands. The European Commission proposals also include reforms to end sweetheart tax deals following a series of investigations into arrangements between EU countries and firms including Amazon, Apple and Starbucks. “We are today publishing the top 30 non-cooperative jurisdictions consisting of those countries or territories that feature on at least 10 member states’ blacklists,” EU Economic Affairs Commissioner Pierre Moscovici told a news conference. The former French finance minister said the publication of the blacklist was a “decisive step” that would “push non-cooperative non-EU jurisdictions to be more cooperative and adopt international standards.” The full list is: Andorra, Liechtenstein, Guernsey, Monaco, Mauritius, Liberia, Seychelles, Brunei, Hong Kong, Maldives, Cook Islands, Nauru, Niue, Marshall Islands, Vanuatu, Anguilla, Antigua and Barbuda, Bahamas, Barbados, Belize, Bermuda, British Virgin Islands, Cayman Islands, Grenada, Montserrat, Panama, St Vincent and the Grenadines, St Kitts and Nevis, Turks and Caicos, US Virgin Islands.

08 SPAIN

Spanish Exports Grew by 4.9% Between January and April this year, Spanish exports grew by 4.9% (a record since the accounting method began in 1971), which sent the commercial deficit down 10.1% over the first four months annually to reach €7.777 billion, according to the Spanish Economy Ministry statement end of June Overseas sales were €81.89 billion up to April, up 4.9% on the year while imports reached €89.69 billion , up 3.4%. The export growth was the highest in the European Union and the eurozone with the main recipients Italy, France and the United Kingdom. Exports to the European Union were 65% of the total, up 6.9% and to the eurozone at 50.8% up 6%. Countries receiving Spanish exports saw Italy with the highest growth at 13.1%, the UK 12.5%, Italy 13.1%, Germany 8.1% and France 4.6%.

10 THINGS

YOU'LL OVERLOOK WHEN STARTING A BUSINESS 1. You may not have enough knowledge about the industry; 2. You may underestimate the complexity of paperwork; 3. You may have a falling out with partners; 4. You have to take on all the risk; 5. You will face constant obstacles; 6. You will be liable for a lease; 7. You can potentially lose a lot of money; 8. You will have to be your own motivator; 9. You may underestimate your expenses; 10. You will be responsible for other people J U LY

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AFTER WORK

JUNE

FRIKOM CELEBRATES 40TH ANNIVERSARY

Manufacturer of iconic ice cream brands Rumenko, Čoko Moko, Rum Koktel, Leni and Kapri, which were among the most beloved national brands in Yugoslavia, Frikom was founded in Belgrade back in 1975. Marketing wizard Dragan Sakan was the brains behind these popular brands and it was his New Moment advertising agency that took charge of the jubilee celebration. Today, 40 years on, Sakan’s New Moment, now run by his sons, Žarko and Lazar, has been in charge of devising a creative concept for the celebration of the 40th birthday of Frikom, one of the most successful companies in Serbia, and its brands, which were an integral part of our childhood.

JUNE

SLOVENIAN BUSINESS ASSOCIATION AND FON MEET

DRAŠKO VESELINOVIĆ, Ph.D., Chairman of the Slovenian Business & Research Association

JUNE

A presentation of different EU funding formats featured at the latest meeting of the Slovenian Business Club in Belgrade. The presentation was given by Draško Veselinović, Ph.D., Chairman of the Slovenian Business & Research Association. The EU allocates the highest amounts for research projects - almost €88 billion. Both EU and non-EU countries are eligible to apply for these funds. Apart from the Horizon 2020 programme for research projects, there are several other programmes that have proven popular, such as COSME for SMEs, which has a budget of €2.3 billion, the ERASMUS youth education programme, with €18 billion, and the Creative Europe culture programme, which has a budget of €1.8 billion. The overall EU budget for the 2014-2020 period stands at €960 billion.

“AMCHAMPS YOUNG LEADERS IN CHANGE” VISIT COCA-COLA HELLENIC

Participants in the ‘AmChamps - Young Leaders in Change’ one-year educational programme, which being run by the American Chamber of Commerce in Serbia for the second consecutive year, visited CocaCola Hellenic Serbia during Sustainable Business Week. Students and young managers, who comprise the class of 2015, were able to gain first-hand knowledge about sustainable business concepts and the results achieved by this company in four segments – market, environment, local community and work environment. The AmChamps Young Leaders in Change educational programme is intended for the best students of the University of Belgrade and successful young managers from AmCham member companies.

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GOJKO ĐOŠIĆ, Frikom CEO

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JUNE

PROCREDIT BANK CELEBRATES 15 SUCCESSFUL YEARS IN SERBIA

ProCredit Bank celebrated 15 years of successful operations in Serbia with the ProAction event, held at the Ada Ciganlija urban resort and attended by over 3,000 people. The event also provided a good opportunity to showcase environmental initiatives and creative workshops for children. The event saw ProCredit Bank hand out eco-friendly shopping bags that were created as part of the Responsible for the Future project, which will see over half a million reusable shopping bags distributed across the region, in an effort to reduce plastic waste. The Čarolija Children’s Choir and Viva Vox Choir both sang at the event, which ended with a spectacular fireworks display.

JUNE

CLIMATE CHANGES AND ENERGY DEBATE

Belgrade’s Centre for International Relations and Sustainable Development (CIRSD) and the French Embassy in Serbia held a debate on climate change and energy at the French Ambassadorial Residence in the Serbian capital. The discussion was attended by CIRSD President Vuk Jeremić, H.E. French Ambassador Christine Moro, Head of the EU Delegation to Serbia, H.E. Michael Davenport, Professor of the Belgrade Faculty of Electrical Engineering, Nikola Rajaković, climate expert from the Faculty of Physics and the Meteorology Institute, Vladimir Đurđević, CEO of Continental Wings Serbia and Deputy President of the National Alliance for Local Economic Development (NALED), Ana Brnabić, and numerous students, experts and media representatives.

JUNE

MARKO ČADEŽ, President of the Serbian Chamber of Commerce (left), ŽELJKO SERTIĆ, Minister of Economy and RONALD SELIGER, Managing Director and Chairman of the Board of Directors of Hemofarm

JUNE

HEMOFARM AGAIN RECEIVES “BEST OF SERBIA” AWARD

In this jubilee year marking 55 years of business, Hemofarm has been declared the best corporate brand in the category of chemistry, cosmetics and pharmaceutical products for the second consecutive year and the third time overall. The decision was made by the expert jury and the votes of consumers under the auspices of the “Best of Serbia” Award, which is awarded by the Serbian Chamber of Commerce in cooperation with the Ministry of Foreign and Internal Trade and Telecommunications and daily newspaper “Economic Review”. Around 6,000 citizens voted to select the best brands among 160 nominees. This year’s campaign included around 160 competing department stores and corporate brands. The main criteria for judging were market-finance, perception of the respondents and the assessment of the expert jury.

JUNE

IAA CONFERENCE IN BELGRADE

FARIS ABOUHAMAD

NIKOLA JOVANOVIĆ, CIRSD Programme Director (left), VLADIMIR ĐURĆEVIĆ, VUK JEREMIĆ, H.E. CHRISTINE MORO, NIKOLA RAJAKOVIĆ and ANA BRNABIĆ

DSW SOMMERFEST

DSW – The German-Serbian Business Association, which is known for organising many different events for its 300-plus members, held its Sommerfest party on 11th June, which is traditionally organised for DSW members just before their short summer break. Guests had a great time on the terrace of the Crowne Plaza Hotel, socialising, drinking cocktails and enjoying a Cuban-themed party, with entertainment provided by the Salsa Y Punto band and a salsa dance couple. Guests were also addressed by DSW president Ronald Seeliger and Deputy General Manager of the Crowne Plaza Hotel, Roland Fredersdorf.

RONALD SEELIGER, DSW president

Leading global and local marketing experts gathered in Belgrade for the European IAA Conference. The conference speakers presented the latest global trends in the industry and spoke about the importance of introducing a self-regulatory system to the marketing industry. In Serbia, plans are underway to establish a self-regulatory body that will supervise the implementation of the Marketing Communications and Advertising Code, which is required in order for the Serbian market to comply with European standards. The conference was followed by a regular IAA Serbia assembly meeting which saw the appointing of new management team members.

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AFTER WORK

JUNE

PHASE IV IN CONSTRUCTION OF AIRPORT CITY OFFICIALLY INAUGURATED

Phase IV of construction of four buildings in the Airport City Business Park has begun. At the official inauguration of the construction works, CEO of AFI Europe Avraham Barzilay said that the company, which is the official investor, has full confidence in the future of Serbia, adding that the company was also searching for other investment options. The Serbian Construction, Transport and Infrastructure Minister Zorana Mihajlović invited business owners to invest in Serbia because that results in creating new jobs. CEO of Airport City Adir El Al also addressed those present. To celebrate the beginning of construction, Airport City put together a spectacular event called Dancing Illuminations which was an interplay between light, modern ballet and music. „This was an exceptional opportunity to play hosts to 800 business partners, clients and foreign guests. Such interest shown for a business event like ours just illustrates the prestige of our concept which is so unique for Belgrade“, said Marina Deleon, the communication advisor and creative director of the event.

JUNE

SAM: TRADITIONAL JUNE MEETING

JUNE

AVRAHAM BARZILAY, AFI Europe CEO (left), ADIR EL AL, Airport City Belgrade CEO, H.E. JOSEF LEVY, Israeli Ambassador, ZORANA MIHAJLOVIĆ, Deputy PM and GILI DEKEL, president of company Airport City Belgrade

STUDENT AWARD OF THE FRENCH-SERBIAN CHAMBER OF COMMERCE

MILAN PETROVIĆ, President of SAM (left), JADRANKA JOKSIMOVIĆ, Minister without portfolio responsible for European integration, FRANC BOGOVIČ, Slovenian MEP (SLS/EPP), VLADIMIR ČUPIĆ, Atlantic Group Crountry Manager for Serbia and JELENA BULATOVIĆ, Executive Director, SAM

The Serbian Association of Managers (SAM) organised its traditional June meeting, this time attended by Minister without portfolio responsible for European integration, Jadranka Joksimović, who said that Serbian legislation will be harmonised with that of the EU by 2018, which means a lot, but not everything, because the most important aspect is the full implementation of adopted regulations. She pointed out that business leaders should also participate in the process of European integration and the adaptation of legislation and that the first step in this direction has already been taken. Guests were also addressed by Slovenian MEP Franc Bogovič, SAM President Milan Petrović and SAM Executive Director Jelena Bulatović.

H.E. CHRISTINE MORO, French Ambassador, SANJA IVANIĆ, Director CCIFS

For the fifth time, the French-Serbian Chamber of Commerce (CCIFS) presented its Student Award for the best student essays on the topic “How to fight against climate change and its consequences.” First prize this year was won by Olja Milovanov, a student of the Subotica Faculty of Economics. This year's award also served as a kind of announcement of the 21st consecutive Climate Change Conference of the United Nations, which this year will be held in Paris from 30th November to 11th December and is expected to include the signing of important international agreements related to climate change.

The winners: Bogran Urosević, Mihalj Bakator and Olja Milovanov

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JUNE

INTERNATIONAL DAY OF YOGA

DR. SASA PLECEVIC, H.E. MRS. NARINDER CHAUHAN, Ambassador of India, ZORAN DJORDJEVIC, State Secretary, Ministry of Defence, H.E. IRENA VOJACKOVASOLLORANO, UN Resident Coordinator and VUK STAMBOLOVIC, Vice President of the Republic Committee for Traditional Medicine

The International Day of Yoga (IDY) in Serbia was jointed celebrated by Embassy of India Belgrade with the Government of Serbia and United Nations Country Team in more than 52 cities and municipalities on 21st June. The IDY was celebrated in Belgrade at the Studentski Park, which was attended by large number of public. H.E. Mrs. Narinder Chauhan, Ambassador of India, Zoran Djordjevic, State Secretary, Ministry of Defence of Serbia; H.E. Ms. Irena Vojackova-Sollorano, UN Resident Coordinator in Belgrade; Una Pavlovic, Chief of Staff, Ministry of Youth and Sports and. Aleksandar Jankovic, Head of Asia, Australia and the Pacific Department of the Ministry of Foreign Affairs, and many others graced the celebrations.

JUNE

GOLDEN TRIGA FOR THE PRAGUE QUADRENNIAL 2015 GOES TO ESTONIA

Award ceremony

The international jury awarded the Golden Triga for best exposition to the Estonian project Unified Estonia. The unusual approach to the project’s realization won it nominations in several other categories as well. It was recognized in particular for its use of scenography in a way that contributes to development ways of combining narration with performance design. The Gold Medal for Best Exhibition Design went to Belgium, the Netherlands were recognized for Best Curatorial Concept, and Best Performance Design went to the Chinese team. The jury voted in a wide range of categories, including exhibition design, innovative approach to performance design, performance architecture, promising student talent, and the exposition’s ability to provoke dialogue – a total of 22 prizes. And the Gold Medal PQ 2015 for Provoking a Dialogue went to Serbia’s artists and students, who fully worked with the idea of art.

MERCEDES-BENZ FRESH FASHION

Company Star Import, general distributor for Mercedes-Benz vehicles, organised the Mercedes-Benz Fashion Fresh event, in collaboration with the University of Belgrade's Faculty of Applied Arts and the Embassy of the Federal Republic of Germany to Serbia. Under the patronage of H.E. German Ambassador Wilhelm Heinz, in the beautiful setting of the German Ambassadorial Residence in Senjak, talented young fashion designers from Serbia presented their design skills at an exclusive fashion show. The event was attended by many distinguished guests from the world of politics, diplomacy and the arts, who followed the switching of models on the runway enthusiastically. ROLF-JUERGEN SEYERLE, Managing Director Emil Frey Auto Centar

H.E. WILHELM HEINZ, German Ambassador

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CULTURE CALENDAR

CONCERTS

ANASTACIA

Kombank Arena, 1st July @ 20.00 There are singers around the world who give us amazing songs and unforgettable sounds. However, there are very few singers whose unique tone of voice we can identify with certainty. The status of an enchanting, spirited, big-voiced superstar doesn’t belong to many singers, but Anastasia is just that: a superstar with that something special.

the black vote”. “Sometimes I wonder if my purpose on earth is to be a role model. I look at my challenges as a gift and my voice as an instrument,” – says Anastacia. Her last album, “Resurrection”, was labeled by critics as powerful, emotional and contagious, while they declared Anastasia’s voice as never being more present, radiating strength, vulnerability and wisdom. Anastasia’s support act for her Belgrade concert will be Vukašin Brajić and his band.

JOVAN AND NADA KULUNDŽIJA K O L A R A C , 8 T H J U LY @ 2 0 . 0 0

BELEF

various locations, 21st June – 25th July Every summer, the Belgrade Summer Festival - BELEF brings a refreshing entertainment programme ‘I'm Outta Love’, ‘Paid My Dues’, ‘Left Outside Alone’, ‘Sick and Tired’ are among the most requested songs of many radio stations and we can rightly state they already rank among alltime hits. Anastacia has so far sold over 85 million albums worldwide. One of the last iconic figures of the world music scene, she is also a role model for women around the world due to her public speaking about her personal struggle with a serious illness that slowed her career. In 2009 she received the prestigious award “World Artist Awards” from the Women’s World Artist Association, as an influential performer and in recognition of her decades-long humanitarian efforts to raise awareness about breast cancer. Anastacia became only the second woman ever to receive the Humanitarian Award and Men of the World Award of GQ magazine in 2013. Anastacia was the first white singer to be declared the “white woman with

to our city. From concerts and theatre plays to dance and visual art performances, from 21st June to 25th July the BELEF programme will feature in several urban locations, from the main stage in the yard of Captain Miša's Mansion, to the Kolarac Endowment, the House of King Petar, Student Park, Republic Square, Knez Mihaila Street and the Vuk Karadžić Culture Centre. The highlights of this year’s diverse and rich programme will include the Blues Brothers theatre play, directed by Serbian actor Ivan Jevtović. The premiere performance of this stage piece is scheduled for 29th June on the openair stage of Mikser House - Miksalište. In terms of displays of visual art,

▶ Jovan Kolundžija, violin Nada Kolundžija, piano Programme: Jean-Marie Leclair Sonata for violin and piano in D major Ludwig van Beethoven Sonata for piano and violin No. 8 in G major, Op. 30/3 (1803) Transformer statues were presented prior to the beginning of BELEF, as part of the Belef Intro programme, and will remain on display in the city centre throughout the summer. The Belef Plus ancillary programme, supported by the Embassy of Israel in Belgrade, will provide the Belgrade public with the opportunity to see the theatre play “Our Class” by the Kemeri theatre troupe from Tel Aviv, directed by Hanan Snir.

LIV WARFIELD

25th July

Liv Warfield and the New Power Generation Horns, became known to

Camille Saint-Saëns Havanaise, Op. 83 (1887) Henryk Wieniawski Polonaise in D major, Op. 4 Serbia’s leading violinist, Jovan Kolundžija graduated from the Belgrade Academy of Music and continued his post-graduate studies. During his early career he became Professor Szeryng’s favourite disciple and one of the world’s most praised violinists. Jovan Kolundžija has performed more than 4,000 concerts worldwide, including at the most prestigious concert halls, including New York’s Carnegie Hall, the Tchaikovsky Concert Hall in Moscow, Salle Gaveau in Paris, the Georges Enescu Philharmonic Concert Hall in Bucharest, Santa Cecilia in Rome, Beas Artes in Mexico City, Gevand Haus in Leipzig, Dvořák concert hall, etc. Nada Kolundžija is an internationally renowned concert pianist and Serbia’s most prominent performer, as well as a passionate promoter of contemporary music. the public as part of Prince’s band. Emerging from stardust, Liv Warfield appeared on the music scene, reinforcing her place as a legend of her own time. Under the influence of musical heroines like Nina Simone, Sade, Etta James, Tina Turner and Mary J. Blige, Liv still brings a unique soulful sound. Overwhelmed by her charisma, powerful vocals and raw energy, Prince simply had to have Liv in his band, bearing in mind that her place is at the front. Her musical style defies definition, but if she had to define it herself, Liv would call it “alternative R&B, soul, with a little rock ‘n’ roll”. She is coming with the amazing NPG horns. Don’t miss this unique event!

CULTURE NEWS

YVES BOISSET Y U G O S L AV C I N E M A T H E Q U E / F I L M A R C H I V E MUSEUM, 1ST – 5TH JUNE A retrospective of the films of Yves Boisset was held from 1st to 5th June at Belgrade’s Yugoslav Cinematheque, with Boisset awarded the Gold Seal of Yugoslav Film. At the opening of the Festival of Nitrate Film (from 6th to 8th June), the Yugoslav Cinematheque ODAC gave recognition to eminent French director Yves Boisset, presenting him with the Gold Seal of Yugoslav

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FIlm. The retrospective of films was screened in the hall of the Cinematheque Museum. Yves Boisset, born 1939, collaborated with several magazines dedicated to the art of film and worked in collaboration with fellow directors Jean-Pierre and Bernard Tavernier on the first edition of “Vingt Ans de Cinéma américain” (1960). In the 1970s, Boisset personified cinematic rebellion, which at that time was particularly reliant on reality. His works often contained inspiration and criticised the police (“License to Kill”), the Mehdi Ben Barka disappearance (“Assassination”), racism (“Event at the campsite”) and police involvement in the justice system (“The judge called the sheriff”). He was also the first director to openly embrace Algeria’s war of independence (“RAS”). He also adapts the works of famous writers for film: Michel Deon in “The Purple Cab”, Mary Cardinale in “Key in the Lock”, JeanPatrick Cuff in “Crazy, who is killed” and Philip Jian in “Blue Hell”. From the mid-1980s he was almost entirely devoted to television, but his films continued to be very engaged, with works including “The Seznek Affair”, “The Dreyfus Affair”, “Trousers” and “Jean Moulin”.

SUMMER3P FESIVAL PALIĆ, 23

– 26

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▶ Launched in 2003 with the aim of enlivening Subotica’s youth and offering a different and higher standard of youth entertainment, the Summer3p festival is organised by the NGO ASC (Anti Kitsch Corporation). Traditionally held at the Men's Lido and the thermal pool at Lake Palić, the fact that the festival’s main stage is located beside a thermal pool is one of the key factors ensuring its popularity, while the Men’s Lido area is an ideal location for non-music content and ancillary events, such as workshops and sporting activities. What distinguishes Summer3p from

most other festivals is the existence of a diverse daytime programme, which offers visitors a chance to participate in workshops, music production, journalism, painting, hip-hop dancing, daily yoga sessions by the serene Lake Palić, attending campaign promotions etc. As such, all visitors are offered an opportunity to not only be consumers of a finished music programme, but also to learn something new and make their stay in Palić useful and interesting. For programme details, please visit summer3p.subotica.com

MUSICOLOGY FESTIVAL

Kalemegdan Fortress, 23rd – 26th July

nated for Grammy awards for his first two albums, his career was additionally elevated when he won a Grammy in 2014 for the best jazz vocal album, for his third album “LiquidSpirit”. Adding to the significance of his success is the fact that Porter is the main author on this album.

OPERA

WILLIAM TELL – LIVE FROM THE ROYAL OPERA HOUSE

Sava Centre, 5th July @ 20.15

Musicology is a unique Belgrade festival promoting quality music (soul, funk, jazz, rock, pop) and amazing new artists, but also established musicians who rarely perform in the region. The festival is located in the most beautiful part of Belgrade at Kalemegdan fortress. This incredible mixture of music and old city walls gives a totally new feel to the festival, and that’s a feel that every music lover needs to experience for themselves. Musicology also has the goal of awakening the Serbian music scene, so if you want to hear young artists from Serbia and the Balkans, Musicology is the place to go. Musicology is here to open the doors to the new Belgrade and restore the image and feel of the old Belgrade.

GREGORY PORTER

26th July

Gregory is one of those true jazz voices that slide down your ear directly to your soul, like honey. Acclaimed by both critics and audiences since the release of his first album in 2010, Gregory has since grown as a songwriter and as a musician, and, after being nomi-

Live broadcast from London’s Royal Opera House Rossini’s last opera premiered at the Paris Opera on 3rd August 1829. This

son, Arnold. The young man is in love with Hapsburg princess Matilda, who belongs to the hated Austrians, who the Swiss authorities want to get rid of. Austrian governor Gessler appears with his army at the joyful celebration of the village. The crowd gets scared when a shepherd called Leutold is wounded and Gessler tells them that he killed an Austrian soldier who was trying to tempt his daughter. Fisherman Ruodi is too scared to cross the lake, but the brave William Tell manages to save the unfortunate shepherd and Rodolphe, the captain of Gessler’s Guard, vows revenge.

ART

TRADITIONAL AFRICAN MURALS

Museum of African Art, 1st – 10th July

work was written libretto by Etienne de Julia and Ippolit Bisa, who used the motives of Schiller's William Tell pieces. Rossini’s opera was composed on the basis of a contract signed with the French government in 1824, when he moved to Paris. The choice of Schiller's William Tell showed Rossini’s boldness, but also the kind of interest paid at a mature stage of his creativity to topics such as the political aspirations that can be achieved through peaceful means and the psychology of family relations, in particular the relationship between father and son. The first act happens on the shore of Lake Lucerne, where we meet the main characters – including the famous shooter, William (Wilhelm) Tell, and his family – wife Hedwig and son Jamie, wise old man Melktal and his

OPENING OF BELEF

Student Park, 21st June

Concert violinist Nemanja Radulović and the Double Sens orchestra held a concert in honour of World Music Day and the opening of the Belgrade’s summer festival, BELEF. On the occasion of World Music Day, the French Institute joined the Kolarac Foundation to organise this special outdoor concert featuring Radulović and his orchestra. The concert, held outdoors in Student Park, was attended by over 5,000 people! Radulović enjoys great popularity in France, Serbia and around the world. The concert programme promoted Radulović’s new CD for Deutsche Gramophone, which is suitable for an open environment, such classical music performance areas in Paris and all other major European cities. This project was supported by the Secretariat for Culture of the City of Belgrade, the

Anyone who hasn’t already visited the “Traditional African Murals” exhibition, or wishes to see it again, can still take advantage of the opportunity, with the exhibition running until 10th July. The exhibition presents photographs of painted, relief and mosa-

ic decorations that appear on architecture – elements of house exteriors and interiors and entire settlements from different parts of the continent. Murals as an artistic form are a centuries-old tradition, with examples of exceptional visual solutions that distinguish the works of artists of the Igbo (Nigeria), Gurunsi (Burkina Faso and Ghana), Ndebele and Basotho (South Africa) peoples. Due to the climate, the murals are restored or repainted each year after the rainy season. The ephemeral nature of the murals did not impact on the artistic style or themes. On the contrary, female muralists transferred their painting skills from one generation to another, maintaining this form of artistic expression, continuously transmitting – by means of the aesthetic and semantic prism employed – the most important values of the community, such as virtue, morality, pride, identity and spirituality.

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FACES & PLACES

NORDIC DESIGN AND INNOVATION 1

JUNE

The Nordic Business Alliance (NBA) in Serbia held an educational business event at the Radisson Blu Hotel in Belgrade under the title Nordic Design and Innovation. The aim of the

gathering was to showcase innovative products and services offered by Nordic companies doing business in Serbia. IKEA, Telenor, Volvo, Sekopak, DSV, Triplan, Astra Zeneca, SKF and several other companies participated in the event, which was officially opened by Executive Director of the

Nordic Business Alliance, Andreja Pavlović. During the opening ceremony he underlined that, as a non-profit organisation, the NBA is engaged in promoting Nordic business ethics and corporate values and principles, as well as serving as a good idea and project incubator for the Serbian business community.

ANDREJA PAVLOVIĆ, Swedish Ambassador H.E. BERTIL CHRISTER ASP, Deputy Finnish Ambassador in Serbia, OUTI AULIKKI ISOTALO, State Secretary at the Serbian Economy Ministry, MILOŠ PETROVIĆ

FIRST ANNIVERSARY OF SWISS-SERBIAN CHAMBER OF COMMERCE 2

JUNE

The Swiss-Serbian Chamber of Commerce (SSCC) has marked its first anniversary. Established upon an initiative of the Swiss business community, with the support of the Embassy of Switzerland in Belgrade, the SSCC aims to present the business environments and opportunities of the two countries. Switzerland is one of top 10 investor countries in Serbia, with Swiss businesses having invested more than €500 million in the last decade. “A good start for this Chamber is a clear sign that the Swiss business community believes in the future of Serbia. The trade exchange volume increased 9.5% last year and has been growing since,” said SSCC President Marinko Ukropina.

CLAUDIO SOARE, General Manager of Holcim (left), MARINKO UKROPINA, President of the SSCC, H.E. JEAN-DANIEL RUCH, Swiss Ambassador and ANA GRUJOVIĆ, Executive Director of the SSCC

Serbian President TOMISLAV NIKOLIĆ and MRS and H.E GIUSEPPE MANZO

ITALIAN REPUBLIC DAY 2

JUNE

The Italian Embassy held an official reception to celebrate Italy’s national holiday – Republic Day. Speaking on the occasion, H.E. Italian Ambassador to Serbia, Giuseppe Manzo, said that Italy had provided strong support to Serbia’s EU accession path. He also noted that Italian President Sergio

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Mattarella had visited Serbia seven days prior and that, two weeks ago, on the basis of an Italian initiative, a meeting of “Friends of Serbia” took place. The Ambassador also pointed out that over 1,500 Italian friends of Serbia came to celebrate Italian national holiday, underlining that the statement he made about Italian investments at last year’s celebration had proved accurate, with several Italian companies, including Ferrero, having since invested in Serbia. “There are more investments to come,” the ambassador added.

SOCITE GENERALE BANK 3

JUNE

Societe Generale Bank in Serbia hosted a farewell reception for the bank's departing Executive Board Chairman, Frederic Coin, who

spent three years in that position. The reception, organised to wish Coin a successful continuation of his career at Societe Generale Group in Paris, was held at the French Embassy in Belgrade and attended by many of the bank's business partners, associates and

friends. The bank’s new executive board president, Maria Rousseva, was also officially introduced at the reception. Rousseva previously served as Deputy CEO of Societe Generale Expressbank in Bulgaria, a member of Societe Generale Group.

MARIA ROUSSEVA, GIANLUCA SOMA, Head of the Europe region, International Banking and Financial Services, GORAN PITIĆ, Chairman of BoD, MICHEL GASSIE, Financial Director IBFS, FREDERIC COIN, outgoing chairman of the bank’s executive board, and STANISLAS TERTRAIS, EB Vice President

NATIONAL DAY OF THE RUSSIAN FEDERATION 10

H.E. NURBAH RUSTEMOV (left), MILANKA KARIĆ and DRAGOMIR KARIĆ

Mrs. NIKOLIĆ, Serbian President TOMISLAV NIKOLIĆ and H.E. NURBAH RUSTEMOV

HONORARY CONSUL OF THE REPUBLIC OF KAZAKHSTAN 5

JUNE

MP Milanka Karić was appointed Honorary Consul of the Republic of Kazakhstan following the official submission of accreditation by Deputy Foreign Minister of Kazakhstan, Alexei Yuryevich Volkov, and Kazakhstan's Ambassador to Hungary, H.E. Nurbah Rustemov. Karić was appointed honorary consul at an official reception held at Dedinje’s Villa Jelena, attended by the highest state officials, representatives of the Serbian Orthodox Church and many renowned figures. Karić was granted the status of honorary consul by the Serbian Government, following an official proposal by the Republic of Kazakhstan. She is also Chairwoman of the Serbian-Kazakhstani Friendship Group in the Serbian National Assembly.

JUNE

Russian Ambassador to Serbia, H.E. Alexander Chepurin, hosted an official reception to commemorate the National Day of the Russian Federation. Speaking on this occasion, Ambassador Chepurin said that Russia and Serbia were bound by history, roots, victories and successes dating back several centuries. Ambassador Chepurin further reminded that Russia was celebrating the 1,153rd anniversary of its statehood, as the world’s only country to be celebrating over 500 years of state sovereignty. The reception was attended by Serbian President Tomislav Nikolić and government ministers, as well as many guests from the dipomatic corps and public life in Serbia.

ZORANA MIHAJLOVIĆ, Serbian Deputy Prime Minister and H.E AMBASSADOR ALEXANDER CHEPURIN

Serbian President TOMISLAV NIKOLIĆ with AMBASSADOR and MRS CHEPURIN

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FACES & PLACES

6TH DIPLOMATIC GOLF TOURNAMENT HELD 14

H.E. DENIS KEEFE and his wife welcome H.E. MICHAEL KIRBY and his wife

H.E. FALAH ABDUL HASSAN, Iraqi Ambassador and H.E. DENIS KEEFE

QUEEN’S BIRTHDAY CELEBRATED 11

JUNE

British Ambassador to Serbia, H.E. Denis Keefe, and his wife, Kate, held a reception to mark the birthday of Queen Elizabeth II at the UK Embassy in Belgrade. The central theme of this year’s reception was the 800th anniversary of the Magna Carta Libertatum, the Great Charter of Liberties, the first constitutional act in the world and the cornerstone of British democracy. Guests had the opportunity to see one of 400 official copies of the Magna Carta, to be donated to the National Library of Serbia. Besides ministers Bratislava Gašić, Ivan Tasovac, Nebojša Stefanović and Jadranka Joksimović, the reception was also attended by the embassy’s guests and partners in the domain of politics, business, media, culture, science and sport.

TRADITIONAL AMCHAM LUNCHEON 15

JUNE

According to participants of June’s traditional AmCham luncheon, expediting building permit issuance and resolving issues related to land conversion will provide a significant boost

to the business climate in Serbia and, in order for that to happen, consistent implementation of good legal solutions is needed at all levels. Positive changes to legal regulations governing the construction sector; and in particular amendments made to the Spatial Planning and Construction Law, are the result of the minis-

ZORAN PETROVIĆ, AmcHam President, ZORANA MIHAJLOVIĆ, serbian deputy prime minister and H.E. MICHAEL KIRBY, US Ambassador

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MAJA PIŠČEVIĆ, AmcHam executive director, ZORANA MIHAJLOVIĆ and ZORAN PETROVIĆ

JUNE

SHIN IN KEUN (left), MILOŠ STEFANOVIĆ and SAŠA JOKIĆ

Under the organization of the Royal Netherlands Embassy and Golf Centre, the 6th Diplomatic golf tournament was held in Belgrade, attracting great attention from representatives of the diplomatic crops and international business community. First place in the Stableford competition went to Dejan Dedier from Belgrade, while second place went to American golfer Jonathan Clifton and the third went to Karl Heinz Schmitz, representing the German embassy. The best player in the ladies competition, Ms Sung Li Park, proved more successful than Mrs Patricia Schmitz. The overall winner of the tournament was Shin In Keun from Korea.

try’s resolve to be attentive to the needs of the business community and the pooling of business associations’ expertise. The priorities of the AmCham in Serbia in 2015, in terms of improving the business climate, are increasing the predictability of the tax system and preventing new tax and non-tax levies on businesses.

DRAGINJA DJURIĆ, CEO Banca Intesa and MILOŠ DJURKOVIĆ, AmcHam vice president

NATIONAL DAY OF SLOVENIA 22 JUNE

The Embassy of the Republic of Slovenia to Serbia ceremoniously marked the country’s National Day with a reception at Belgrade’s Hotel Metropol Palace. The event was attended by several hundred guests, including representatives of the political and the diplomatic corps, church dignitaries and a large number of guests from the public and cultural life of Serbia. The guests were welcomed by Mateja Norčič Štamcar Chargé d´Affaires a.i.

H.E GIUSEPPE MANZO with MRS MANZO and H.E. MENHA MAHRUS BAHUM

H.E. HARRY RICHARD JAMES KANDOU, Indonesian ambassador and H.E. MENHA MAHRUS BAHUM

EGYPTIAN INDEPENDENCE DAY 15

JUNE

Egyptian Ambassador H.E. Menha Mahrus Bahum held a festive reception at his Dedinje residencetro mark the country’s national holiday. Egypt was twice under British Imperial rule, until it was declared a Republic in 1953. Since then this date has been marked as the country’s Independence Day. The reception was attended by representatives of the diplomatic corps and numerous figures from the cultural and political life of Serbia, including the Speaker of the Serbian National Assembly, Maja Gojković.

CROATIAN STATEHOOD DAY 24 JUNE

The Embassy of the Republic of Croatia staged a reception at Belgrade’s Crowne Plaza Hotel to officially celebrate the country’s

MATEJA NORČIČ ŠTAMCAR Chargé d´Affaires a.i.

Statehood Day and Armed Forces Day. The cocktail reception was attended by guests from the political scene, the diplomatic corps, religious communities and celebrities from the world of culture and the arts. Guests were welcome by H.E. Croatian Ambassador Gordan Markotić.

H.E. GORDAN MARKOTIĆ, Croatian Ambassador

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WAVE – THE GLOBAL SURVEY

Understanding Content For the eighth time, global agency network UM carried out Wave – the global survey on the use of social networks and relations between users and brands on social networks. The survey was conducted in 65 countries, including Serbia, Croatia, Bosnia-Herzegovina and Macedonia. Data was collected from over 50,000 active internet users aged from 16 to 54, presenting a representative picture of the needs, views and behaviour of over a billion users of social media worldwide.

he theme of this global survey is the importance and influence of content on users of social networks. Wave8 aims to determine why consumers share certain content on social networks, and why some do not, and what represents the determining factor for successful brand communication. It concluded that it is vital for a high quality social network strategy to have an understanding of what kind of power and influence over consumers is possessed today by content that is shared and exchanged, and that has already entered the sphere of social commodity exchange. “After eight years of research, we have realised through Wave

that there are only five real and basic human needs that consumers want to satisfy in the online sphere – the need to learn, belong, recognise, advance and imagine,” says Katarina Kostić, Business Development Director media operations SEE I&F McCann Grupa, adding: “In the overcrowded world of online content, where both brands and individuals want to single themselves out, the kind of content consumers watch, share and spread has become a kind of social commodity exchange, which helps us achieve various personal, social and professional ambitions. That’s why it is important that the content is shared, and not only seen and

liked. Personal ambition is satisfied in that way and if we are assisted in that by content that is created by some brand, the usefulness is mutual, and is irreplaceable for brands.”

ulation and product category and provides answers in relation to them,” says Katarina, emphasising that Wave research yields many interesting results, such as unprecedented

"These findings are just one part of the results and insights offered by Wave8. Wave provides answers to many more questions on the subject content, why we share it and what impact content has on brands. Wave covers any target pop-

growth in the use of smartphones and the increasing percentage of people who make purchases via this device. This tells us that our interaction with content and sharing of it is also moving in the direction of the smartphone. ■

Among internet users, 82% in Serbia will share information about a product they’ve purchased at least once a month, 85% in Bosnia-Herzegovina, 82% in Croatia, 88% in Bulgaria and 76% in Macedonia.

Wave8 comes up with three conclusions that can help brands develop a higher quality presence on social media:

• In order for the Content to ’work’ it must be adapted to the needs and wants of the target group. The time has come for brands to move away from the idea “let’s think up something interesting and cool” towards understanding needs and differences. • There is a big difference between content that consumers appreciate and love to see, and which generates a large number of hits, for example on a YouTube channel, and content that consumers will share with their friends on social networks. Only 15% of consumers in Serbia value and view content that “also reflects their views”, but 35% will be happy to share content with friends that precisely reflects personal views. • Consumers are emotionally tied to the content they share. When we share content on social networks we also want to say something about our personal attitudes and such content is linked to our online reputation. This strong emotional link to shared content also has consequences for brands. 54 |

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SPECIAL EDITION

“WORLD’S MARKETS AND OPPORTUNITIES”

BELGIUM

2015

INTERVIEW

H.E. LEO VINCENT M. D’AES, BELGIAN AMBASSADOR TO SERBIA

Bilateral relations between Serbia and Belgium are increasingly related to the process of Serbia’s gradual integration into the European Union. On the other side, there is room for stronger activity in the field of trade and, in particular, economic relations

Economic Cooperation Could Increase H .E. Leo Vincent M. D’Aes arrived in Serbia a little over a year ago and immediately engaged in many bilateral activities – in high-level political or military consultations, parliamentary contacts, cooperation with the Ministry of Foreign Affairs in the EU, on OSCE matters, or in the fields of culture and academia. However, the focus is naturally on bilateral relations related to Serbia’s EU accession process. “As one of the founding members of the European Union, we welcome Serbia, in the spirit of the 2003 conclusions of the Council of the European Union in Thessaloniki, which reaffirmed the full and effective support of the European perspective of the

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Western Balkan countries, which will become an integral part of the EU once they meet the established criteria. In our bilateral relations, therefore, we naturally view Serbia as a future member of the EU, seeking the best possible ways to help Serbia achieve this ambitious, noble objective,” says H.E. Leo Vincent M. D’Aes, speaking in this interview for CorD. We are witnessing a stalemate in the

European integration process. Does Belgium consider that conditions have been met for the opening of individual membership negotiation chapters? - Together with the Commission and other Member States, we regularly take stock of

| WORLD’S MARKETS AND OPPORTUNITIES

Serbia’s progress, in a spirit of “strict and fair conditionality”: what has been agreed must be carried out, but assistance is available, according to well-defined criteria. This basic understanding is functioning well, but it takes place in difficult times, in an economic or geopolitical sense. In this context, the European Union is faced with ever-increasing demands for assistance, or to assume responsibility in almost every sector of society. This clearly illustrates its relevance, weight and mission, but equally the need to define priorities and take consecutive actions. I do not consider that as an impasse in the European integration process, but rather an exercise of consolidating the acquis of more than 60 years of gradually building peace

and prosperity, and deciding on how to best deal with this changing European continent – not just politically, but also with regard to the economy, the environment, energy, and – first and foremost – the burning social issue of unemployment. Are you an optimist when it comes to

the possibility of Serbia opening at least one chapter in 2015? - As I mentioned, we faithfully apply strict and fair conditionality. In this spirit, the opening of a chapter is entirely possible this year. How do you rate Serbia’s efforts to be-

come a pillar of regional stability?

- I think we all appreciate the recent regional diplomatic initiatives, for example in relations with Albania, in which historic high level meetings have taken place. The EU-sponsored dialogue with Pristina is another example of difficult but courageous outreaching. Stability means reassuring citizens, including the business community, that mistrust is being overcome and gradually replaced by common efforts to jointly tackle

ever-increasing socio-economic challenges. The key to success is sustaining these efforts, and Serbia’s active involvement in regional forums, like the WB-6 or the Berlin process, is a good sign of such engagement. Serbia has been the focus of world at-

tention due to its complicated situation in Kosovo. Can the Kosovo issue advance and,

EU actively sponsors the dialogue between Belgrade and Pristina. It seems that Belgium and Serbia are

also connected in terms of their governments’ introduction of austerity measures. Belgians strongly opposed the reducing of pensions and extending of the retirement age. We also have this problem in

We all appreciate the recent regional diplomatic initiatives, for example in relations with Albania, in which historic high level meetings have taken place if so, in which segments - with a view to the division between Flanders and Wallonia? - The peaceful and harmonious coexistence of communities is a noble and fundamental objective which we all have to promote, wherever we are in the world. But every situation is different and I think it is inappropriate to compare the Kosovo issue with the Belgian state system, in which three linguistic communities live together peacefully. We are heartened by the fact that the

Serbia, while there is a global question about what the price of economic reforms should be. How do you view this? - Getting the state’s financial house in order is a long-term, permanent undertaking. The Belgian authorities began tackling this seriously in the early ‘80s and every year we have to take measures to keep the budget deficit under the prescribed three per cent of GDP, but it is a rewarding effort if you remain persistent and consistent and, in the

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end, you get international credit for that, both in the literal and the broader sense. You know what? I recently learned that as a result of the so-called selective recruitment policy in our public sector, initiated five years ago, the number of civil servants in our federal departments has fallen by 17,000 staff members, or 11 per cent. And we are planning to maintain this effort by replacing only every 5th retiring civil servant. So, very tangible results can be achieved. The question of adapting the pension system, taking into account notably the evolving demographic situation, is a sensitive topic, of course, but it is a debate that cannot be avoided. In Belgium we have seen this coming for a long time, so I think there is a mental readiness to make an effort on all sides, provided that the weakest are protected.

supermarkets are of Serbian origin, thereby contributing greatly to the development of the local economy. We have other examples of success, like Metech in Smederevo, Carpet Land, Puratos, Blockx, Carmeuse, Agfa and TVH, to name but a few. I think more Belgian investment is certainly possible, for example in the

Where do you see room for the im-

provement of bilateral relations between our countries? - In the field of trade and economic relations, in particular. Belgian business leaders are looking for Serbian partners to establish small-scale joint ventures for the mutual benefit of safeguarding employment in Belgium and creating employment in Serbia. In order to intensify such relations, we must not wait for the miracle of “growth” to happen, but rather the reverse: contribute to small-scale local development and encouraging SMEs to invest prudently, creating modest but real prospects for local prosperity, which is the best way to jointly tackle the root problem of unemployment. If we start from economic cooperation

and investment, the most well-known Belgian example is the arrival in Serbia of the Delhaize retail chain. Are you satisfied with this investment; and could this company’s experience open the door to other investors from your country? - The investment made by Delhaize is a major one indeed: worth about a billion euros and creating direct employment for more than 11,000 people. The new distribution centre, which was formally opened by Prime Minister Vučić in November last year, represents an additional investment of €50 million and further employment for nearly 400 Serbian workers. Moreover, 70% of so-called “Private Brands” on sale at the 400 Delhaize

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extent are regions free to pursue their own agendas when it comes to bolstering growth. Are there any lessons Serbia can learn in order to accommodate the needs of its diverse regions? - The three regions (Flanders, Walloon, Brussels-Capital) have indeed a wide socio-economic autonomy since 1980. It allows them more flexibility in exploiting the different assets they have and want to promote in order to attract investments or increase the competitiveness of their enterprises. On the other hand, national coordination mechanisms, like the important High Council for Finance, keep the overall financial and fiscal situation of the country as a whole in check. It is also quite clear that any regional decision must be in absolute conformity with international obligations, notably EU legislation. The power of the purse should cut both ways: the regions can spend, but need to assure good economic governance, just like the state. A main lesson is that decentralisation is good in order to increase local responsibility and initiative, but must not lead to costly additional bureaucracy. Two of your predecessors fell in love with

Serbia and still come back to Belgrade?

Belgian business leaders are looking for Serbian partners to establish small-scale joint ventures for the mutual benefit of safeguarding employment in Belgium and creating employment in Serbia agro-industry. This, in my opinion, is a basic pillar of the Serbian economy which should get full attention and support through a constructive cooperation between foreign investors and local partners and authorities. In order for foreign entrepreneurship to succeed, it needs encouragement and support. In this respect, the experience of Energo Zelena, the state-of-the-art Belgian plant in Inđĳa for transforming dangerous animal by-products/waste into energy products (thereby combining food safety, environmental protection and alternative energy production), shows that there is room for improvement. How does Belgium coordinate the de-

velopment of its regions and to what

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- Yes indeed, my predecessor decided to continue living in Belgrade, while his predecessor bought a house in South Serbia, where she stays during many months of the year. This confirms the hospitality, open mindedness and friendly attitude of the Serbian people. My first year in Serbia has been intense, lively and very enjoyable. The way Serbia is gradually moving towards the EU, and the delicate but necessary improving and strengthening of intra-regional relations, are two major, fascinating themes of professional interest. In the coming year I would like to develop and broaden our bilateral relations equally outside Belgrade, into the countryside, which is lovely and filled with potential for partnerships in all fields. ●

CORPORATE

EDUARD RUTTEN, DIRECTOR, METECH

New “Competence Centre” in Smederevo Photo by Nataša Cvetković

members continuously receive all the necessary training and education! And Metech people also invest time in education after their working hours.

Metech is an example of a successful merger between a Belgian mother company, in this case METES, and its Serbian investment, METECH. The Smederevo based company invests continuously in new equipment and the education of its workforce

n 25th April this year, Belgian company “Metech” opened a new production facility in Smederevo and launched a new project to assemble products for company “Agfa”. With its own engineering, programming, sheet processing, shading in bending, welding and painting departments, in which it has invested €17 million, Metech exports around 95 per cent of its high quality products to clients in all European markets, including compressors, telecoms equipment, printing machines, heating, airco, construction products, health, pharma, diamonds and others. ● You’ve been in Serbia since 2008. In which domains do you see the most significant effects of synergy between the parent company in Belgium and your firm in Smederevo? There is a good feeling between the two companies when it comes to working together. The synergy is the language of knowledge, the drive to go forward and try to find a solution. They know that there is “a better way to follow every time”.

● Recently, after a series of investments in equipment, you decided to expand your company in Smederevo. What are the key advantages of doing business in Serbia and, in addition to expanding capacities, does it imply a transfer of knowledge and technology to Smederevo? We created a new “competence centre” in Smederevo and that is an intangible investment that we are implementing now. First

● Which industries do you work with and which market segments do you target in Serbia? At this moment we are working for all industry markets in Europe, like compressors, telecom, printing machines, heating, airco, construction products, health, pharma, diamonds… there is no limit at present. Everybody who needs sheet metal products or a total concept is welcome at Metech Serbia. I think we must wait a little bit in order for new companies who are coming now to find a good match between us. ● Are you satisfied with the support you receive from the state and local government, and where do you see room for further support to be provided for investors? The state and local government do their job and try to help us if they can. The state provides support when it comes to connections between the world of work and the world of education. Schools are ready to accept our support in terms of innovation and investment in knowledge and practical education. The open issues are streamlined administrations at all levels, with clear procedures, and

The state provides support when it comes to connections between the world of work and the world of education, but it should do more to ensure clear procedures at all levels of administration comes investing in people, then in machinery, and finally in the buildings and space. We feel that customers are coming because we organise the best solution to meet the needs of professional consumers in Smederevo. We know that our investments are long-term, as are our people, and we trust that they will stay and grow together with Metech. Metech’s staff

then we can bring more investors to Serbia. At present Serbia is losing a lot of time and money without improving value for the country. Every year more than 40 business leaders from Europe come to visit Metech and Serbia to see what the possibilities are, and every time they are surprised how many potential opportunities exist here. ●

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ANN-VERONIQUE MORTIER, INVESTMENT AND TRADE COMMISSIONER AT THE OFFICE OF THE COMMERCIAL ATTACHÉ, EMBASSY OF BELGIUM

COMMENT

Strategic Partner for Companies Belgian companies from all three reagions are welcome to find market information on Serbia and Montenegro at the Belgrade office Our office represents the three regions of Belgium in Serbia and Montenegro and the three regional agencies specialised in foreign trade - Brussels Invest & Export (http:// www.invest-export.irisnet.be/), Wallonia Foreign Trade and Investment Agency (www. awex.be) and Flanders Investment and Trade (www.flandersinvetsmentnadtrade.com). We offer the following services to Belgian companies: research of local markets and information on potential local partners (importers, distributors, agents etc.); preparation of individual visits of potential local partners (logistical support, agenda etc.); general market information (statistics, information on sectors and industries etc.); general information on local legislation (custom tariffs, procedures, local laws and regulations); and a whole set of information on fairs, tenders and bids; information on establishing a business in Serbia and in Montenegro and others. Our services offered to Serbian companies include: information on potential suppliers from Belgium; general market information about Belgium; contact information for Belgian authorities and institutions; information on fairs and trade events in Belgium and contacts with Belgian foreign trade promotion agencies. BRUSSELS INVEST & EXPORT Brussels Invest & Export is the foreign trade and foreign investment department of the Brussels Region Public Service (BRPS). It falls under the auspices of Brussels Economy and Employment, one of the six administra-

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tions that make up the BRPS. Since 30 May 2011 it combines the responsibility for promoting Brussels’ exports. Brussels Invest & Export works on behalf of the economic development of the Brussels-Capital Region by fulfilling a two-fold mission: helping companies from Brussels to expand into international markets and prospecting among foreign companies and assisting them in planning their strategic relocation to the capital of Europe. The Brussels Invest & Export team consists of some 40 employees in Brussels and

from joint ventures to technology transfers. At another level, Flanders Investment & Trade enhances Flanders’ position as the gateway to Europe for inward investors. The agency identifies, informs, advises and supports overseas enterprises by establishing production and research facilities, contact centres, headquarters, logistics operations and the like in Flanders, the northern region of Belgium. This broad focus on international entrepreneurship, involving outward trade as well as inward investments, requires not only

Our office represents the three regions of Belgium - Brussels, Wallonia and Flanders - in Serbia and Montenegro, as well as three regional agencies specialised in foreign trade relies on a network of more than 90 economic and commercial attachés, posted around the world and covering nearly 150 countries. Services are completely free of charge. FLANDERS INVESTMENT & TRADE Flanders Investment & Trade agency promotes sustainable international business, in the interest of both Flanders-based companies and overseas enterprises. Whatever sector you are involved in, FIT will help you establish contact with the Flemish companies you are seeking. This includes not only products or services you may be sourcing, but also various types of business relationships,

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thorough knowledge of the Flemish economic essence, but also an extensive worldwide network beyond Flanders. AWEX The Wallonia Foreign Trade and Investment Agency (AWEX) is the government agency in charge of export promotion and foreign investment attraction for the Wallonia Region of Belgium. AWEX has two main missions. The first is export promotion: helping Walloon companies expand abroad, while the second main mission is investment promotion – attracting foreign investment to Wallonia. ●

CORPORATE

DEJAN JANČIĆ, DIRECTOR, CARMEUSE

150 Years of Experience Carmeuse is one of the world’s major producers of lime and lime-related products, with more than 150 years of experience and a proven track record of long-term vision and sustainable business.

We operate successfully in over 20 countries worldwide, with production operations in 80 locations and more than 8,000 satisfied clients. Our first investment in Serbia was preceded by serious and thorough market analysis of the country and its potential for our business, says Dejan Jančić, director of Carmeuse. ● As a leading global company in the lime industry, what made Carmeuse decide to come to Serbia? We recognised Serbia as a good place to invest. Carmeuse has a long-term focus and our expectations are based on long-term plans. The Jelen Do factory has great potential and we think it will become a strong asset. We intend to stay here, as we have demonstrated through our immediate investments in the new kiln and a number of projects aimed at improving technological and environmental standards, as well as the health and safety of our workers. We see Belgrade as a regional centre, from where we coordinate all activities related to our companies in neighbouring countries, and where we will establish a small office base. ● Two years ago you came as an investor in Serbia. How do you see the situation in Serbia with respect to your investment? We came to Serbia via our 2013 investment in Jelen Do, with later additional investment in our production capacities, which we have improved significantly in a technical

sense, replacing out-dated production processes with the most advanced technology available, which is in line with global trends and meets the highest EU standards. This will help us manage the cost base of the production process and also comply with increasingly stringent environmental laws and regulations. Our goal is to operate in a safer and greener working environment and develop the skills of our employees. Carmeuse is committed to continuing and further developing its business in Serbia. ● Carmeuse also has production operations in neighbouring Bosnia-Herzegovina. What do you plan when it comes to the region? The addition of the Jelen Do plant furthers

The region has key industries that use our products and we think that we should produce them here the capacity of our production network, allowing us to serve more customers and provide back-up production in the event that any issues arise. The wider use of modern technology

also provides room for production quality improvements, which will benefit our customers. Our production and supply network are much stronger now and we are able to offer customers the highest possible service in terms of quality and reliability. We plan to open the office in Belgrade soon, which will be a regional centre providing commercial and administrative support in production and supplying customers in the region. ● As part of heavy industry, in what way do you manage environmental protection? One of the main drivers in the decision to invest in installation of a new kiln was the environmental aspect. In addition to this investment, our company plans new investments to further reduce air and water emissions and improve waste removal from the factory, plus many others. Carmeuse is committed to operating in an environmentally responsible manner and is prepared to make the required investments to ensure that happens. ● Your raw materials are supplied to key industries in the country. Who are your key partners? Where does lime have applications? The lime industry is significant because it provides a key raw material without which it is impossible to operate in other important industries. In Serbia we cooperate with about 300 clients. Our biggest partners are EPS, RTB Bor, Zelezara Smederevo, TE Nikola Tesla, etc. Lime is used in the metallurgical industry – RTB Bor and Zelezara Smederevo need lime for their production processes; water treatment is impossible without lime – drinking and waste water; construction cannot do without lime – the construction of roads and railways, as well as construction of new houses, buildings and apartments. ●

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BELGIUM & SERBIA

ECONOMIC COOPERATION AND INVESTMENT

Growing Interest Among Belgian Companies

The trade exchange between Serbia and Belgium is on the rise, while investments by Belgian companies are more widespread in many branches of economy, providing the basis for the improvement of cooperation

otal trade between Serbia and Belgium in 2014 amounted to $466.3 million, which is 24 per cent more than in 2013. The Kingdom of Belgium is among Serbia’s most important foreign trade partners. Among the 165 countries to which Serbia exported products in 2014, Belgium was ranked 18th in terms of export value, while Belgium was ranked 20th among the 202 countries from which Serbia imported products. We mostly export raspberries, bags for packaging, medicines and tobacco, while importing polyethylene, medicines, vehicle body parts, road tractors for semi-trucks, cotton vests and cables. The upward trend of this exchange was interrupted in 2009, due to the financial crisis, but the period before and after that time is marked by continuous growth of trade and inflows of Belgian investments. A rise in both directions of the trade exchange was recorded in 2010, but values did not reach the 2008 level. According to the results for 2011, Serbian imports from Belgium amounted to $218.3 million, while Serbian exports to Belgium totalled $133.8 million. Similar trends were recorded in the following two years. However, Serbia has traditionally maintained a negative balance in the

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exchange of goods with Belgium throughout the whole period. The coverage of imports by exports in the goods exchange with Belgium was constantly on the rise until 2009, when the global economic crisis interrupted this trend. In 2011 we see the growth of this indicator once again, with an improvement of the trade balance with Belgium. The possibilities for industrial cooperation between Serbian and Belgian entrepreneurs can be found in the area of production cooperation, especially in the metal

cent of imports. Among other forms of business worth mentioning is breeding, which accounted for exports of about 8 per cent and imports of around two per cent. There are currently around 60 companies with Belgian capital, or representatives of Belgian companies, present in Serbia. The most significant Belgian investment in Serbia to date was the acquisition of 100 per cent of the foreign companies’ share of the Delta Maxi Group for a total of €932.5 million, including net debts of approximately €300 million. Some pioneers among Belgian companies in Serbia are Energo Zelena in Indjĳa, the most modern power plant that converts animal waste into renewable energy using

Serbia mostly exports to Belgium raspberries, bags for packaging, medicines and tobacco, while importing polyethylene, medicines, vehicle body parts, road tractors for semi-trucks, cotton vests and cables processing industry (mechanical engineering, electronic industry, production vehicles), but also in the chemical industry and agri-food sector. The dominant form of economic cooperation between Serbia and Belgium at present is classic trading, which accounts for over 80 per cent of exports and more than 90 per

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a 100 per cent organic method, Metech, a manufacturer of premium metal products in the Smederevo Free Zone, international company Puratos, headquartered in Brussels, which offers a complete range of innovative products and expertise in applications for the bakery, patisserie and chocolate goods sector, which has been present in Serbia

since 1989, when Belgian products first appeared on the market. A Serbian-Belgian subsidiary company was established in 1997 and since then Puratos has been operating via four regional centres in Serbia, last year opening its own Innovation Centre in Zemun. There are also Carmeuse - Carmeuse Jelen Do - a Belgian group of companies that provide products based on calcium for multiple use in everyday life, Blockx, Europe’s leader in the production of jumbo bags for packaging, which employs more than 100 people in Bački Petrovac, while in the IT

Serbian partners. In May 2013, the Serbian Office for European Integration and the Belgian-Serbian Business Association presented Serbia and its opportunities at a workshop in Brussels dedicated to the “Danube Strategy” and organised by the Agency of Flanders Investment and Trade - FIT and the Walloon Agency for Export - AWEX. The workshop was attended by more than 100 representatives of companies from Flanders and Walloon that are interested in investments in the wider Danube region. The greatest interest was in cooperation with

In March this year representatives of seven Belgian companies specialised in the distribution and production of fresh fruits and vegetables held talks with their Serbian counterparts on the possibilities of joint projects sector Guidance and ITAF are present, in the production of floors there’s Kenzai Group, the area of outdoor lighting has Schroeder and Windvision has invested in the field of renewable energy sources. The newcomer to Serbia is INDEC - Industrial Engineering and Contracting - a company that provides engineering and implementation services for clients from industry and for public companies. The same group also owns SADE and Veolia Water Solutions & Technologies, which operate in the field of engineering services for water management. Medi-Earth is a Belgian company that provides equipment in several areas: medicine, environmental protection and agriculture. There is also independent international law firm ALaw Attorneys. The last two years have seen visibly increasingly interest among Belgian companies when it comes to doing business with

Serbian companies in the sectors of trade, services and manufacturing. In March this year representatives of seven Belgian companies specialised in the distribution and production of fresh fruits and vegetables held talks with their Serbian counterparts on the possibilities of

Trade exchange between Serbia and Belgium, in million USD

Export to import ratio, in % 80 60 40

59.01 59.18

45.24

66.55

61.29

74.36 55.18

57.19

45.17

300 200 100 0 -100

20 0

joint projects. Within the context of a twoday visit of a Belgian economic delegation, bilateral talks were held at the Serbian Chamber of Commerce between companies of the two countries. The Belgian delegation consisted of the heads of seven companies (DBS-DBS AGRO DSF, BEL’EXPORT, CALSA, VANCO BELGIUM, VERGRO, BOUSSIER J and BELFRUTEX) that all specialise in the distribution and production of fresh fruits and vegetables. During their stay in Belgrade, which was organised by the Commercial Section of the Embassy of the Kingdom of Belgium in cooperation with the Flemish Association for the Promotion of Agriculture - VLAM and the Serbian Chamber of Commerce, these Belgian business leaders visited retail trade chains Delhaize and Mercator, where they were familiarised with conditions for doing business. The delegation visited the Belgrade Wholesale Market, greenmarkets and retail outlets in the DIS and Aman retail chains. During the B2B talks, representatives of Serbian companies from the fresh and frozen fruits and vegetables sector were interested in improving cooperation, implementing joint projects and joint production with the goal of approaching the EU and third markets. Belgian companies expressed their satisfaction with the complementarity and quality of the production potential presented. Belgian companies are also interested in cooperation in the field of high technologies. Among the problems most commonly mentioned by Belgian companies present in Serbia are bulky, expensive and time-consuming import-export procedures, a complicated tax system, an unclear and non-transparent administration, as well as a lack of clear business rules. ●

-200 2005 2006 2007 2008 2009 2010 2011 2012 2013-VII

2005 2006 2007 2008 2009 2010 2011 2012 2013-VII Export in USD

Import in USD

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CULTURE

MONS, EUROPEAN CAPITAL OF CULTURE 2015

Celebrating Art Mons, the European Capital of Culture, opened five museums simultaneously, thereby showing its commitment to art and culture – not only this year, but into the future

Mons, the European Capital of Culture

he opening ceremony of the year for the European Capital of Culture took place on 24th January with happenings all over the town of Mons, under the theme of “illumination”. The remainder of the year is divided in four periods: the dazzling, the great reveal, the blazing summer and the renaissance. The first two have already passed, but visitors still have a lot to choose from before the

exhibitions throughout the year. The incredible diversity of the projects paints a unique and vibrant panorama of ancient and contemporary art, from the figure of St George in the history of art, to monumental sculpture in China. One of the best exhibitions – covering the development of Vincent Van Gogh from a clergyman to an artist – has already been and gone, but the Verlaine exhibition is still to come. These are two major

Mons is set to play host to more than 20 exhibitions throughout the year. Although some of the best have already come and gone, a lot more will be offered to every visitor heading to this year’s European capital of culture end of the year. In total, the four themes will present 300 events and a thousand cultural and artistic activities, five new museums, two new concert halls, the very best artists performing in cultural institutions, as well as on the streets, squares, parks, waterways and in public buildings, houses, open-air cafés and other trendy eateries. Mons is set to play host to more than 20

the Borinage area to the west of the city of Mons, known for its former coal mining industry, and worked as a preacher, living with the coal miners. It was soon afterwards that he ended his career as a clergyman and opted instead for the life of an artist. During his stay of almost two years in Belgium, he wrote to his brother Theo, who was both his financial and emotional support, about his desire to sketch. It was here that he began his studies by copying prints. Some of the brothers’ correspondences were exhibited as testimony to his growth as a person, and his transformation into an artist. Lovers of the work of the poet Verlaine will have the opportunity to visit an exhibition devoted to him from 17th October 2015

figures in modern art whose time in Mons is thought to have influenced their artistic career. All of these events and exhibitions are sure to appeal not only to the public at large, but also to cultural enthusiasts. Those who didn’t come to Mons in the first part of the year missed out on an excellent exhibition dedicated to Van Gogh’s early years, when he arrived, aged 25, in The Saint George Exhibition

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Mons Memorial Museum

to 24th January 2016. He was one of the most talented and popular French poets. The exhibition will read like an epic novel, with numerous objects and previously unseen works illustrating his incredible saga and constant struggle between sin and repentance. At the same time, visitors may visit another exhibition devoted to Saint George, one of the most venerated saints in the Catholic, Anglican, Eastern Orthodox and Oriental Orthodox churches. The Saint George exhibition contains a selection from the many paintings, sculptures, drawings and illuminations that have represented this great saint in several ways. It aims to demonstrate that the traditional image of Saint George and the historical knowledge we possess about him have the unique privilege of being a powerful stimulant for the imagination. It shows how the legend of Saint George and the Dragon is perceived as man’s various struggles against hostile forces and also, and perhaps more importantly, man’s struggle against himself in affirming his own destiny.

The five new museums opened in Mons are: The Artotheque, a new art and history museum with a fascinating collection, is located in the chapel of a former Ursulines convent. The museum’s collection is a mixture of Neolithic materials and contemporary pieces, representing an historical com-

The museum delves not only into the story of war, but also the men and women whose lives were changed as a result. The Doudou Museum shows the shared cultural spirit of Mons. The Doudou, celebrating St. George’s defeat of the dragon, has been named a UNESCO World Heritage Event. It has taken place in Mons for centuries. The Silex ventures deep beneath the earth so that we can understand the origins of our society and how culture and humans have evolved throughout the centuries. The Silex decodes the discoveries made at the Neolithic mines in Spiennes, where the museum is located. A wealth of other projects will be implemented at exhibition sites around the Mons region: local and international artists, young and established talent, transitory and unusual artworks – all will make their mark on Mons’ artistic agenda. Being a European capital of culture doesn’t mean that everything circles just in one city and within its borders. From Intra Muros and the Borinage, to the centre, Char-

From Intra Muros and the Borinage, to the centre, Charleroi and Namur, Brussels, Valenciennes, 17 museums will be opening their doors to Mons’ impressive exhibitions during 2015 bination that is hard to find elsewhere. The Belfry is the newly renovated Belfry of Mons, a 17th century UNESCO World Heritage Site. Its 365 steps and 49 bells have been made good as new, while the visitor may learn about the original construction of the Belfry at its interpretation centre. The Mons Memorial Museum explores the gruesome yet important history of war, from the centuries-old local battles to the more recent histories of the two world wars.

leroi and Namur, Brussels, Valenciennes, 17 museums will be opening their doors to Mons’ impressive exhibitions during 2015. These partner programmes will involve Belgian and international artists, contemporary and classical art, museum projects, town walks and countless surprises for all kinds of fans of every sort… a rich year which, in this way, will see the (re-)birth of iconic exhibition locations such as the B.P.S.22, Keramis and the Mundaneum. ●

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ECONOMY

Strong Fiscal Position Belgium benefits from a resilient economy and strong fiscal position. Its economy, worth approximately €470 billion, is the sixth-largest in the Eurozone and is supported by a healthy private sector

Cranes in Port of Antwerpen

elgium’s modern, private enterprise economy has capitalised on its central geographic location at the crossroads of Western Europe, with a highly developed transport network, diversified industrial and commercial base and a highly skilled and educated workforce, as well as its participation in the EU. For most of its history, the Belgian economy was based on the nation’s manufacturing capabilities. The country was the first in continental Europe to experience the Industrial Revolution, and throughout the 19th century it was a major steel producer. Large coal deposits helped fuel industrialisation. In the post-World War II era, heavy manufacturing and mining declined, while significant growth in the service sector

in the two biggest Walloon cities, Liège and Charleroi, along the sillon industriel. Belgium imports basic or intermediary goods, adds value to them through advanced manufacturing and then exports finished products. Except for its coal, which is no longer economical to exploit, Belgium has few natural resources other than fertile soil. Nonetheless, most traditional industrial sectors are represented in the economy, including steel, textiles, refining, chemicals, food processing, pharmaceuticals, automobiles, electronics and machinery fabrication. Despite the

Belgium’s modern, open, private-enterprise-based economy has capitalised on its central geographic location, highly developed transport network and diversified industrial and commercial base saw the country switch from heavy production to light manufacturing and begin producing finished products instead of steel, textiles and raw materials. During its industrial period, Belgium developed a highly efficient and capable transportation infrastructure that included roads, ports, canals and rail links. The multilingual nature and industriousness of the country’s workforce has made it one of the world’s most productive. Industry is concentrated mainly in the populous Flanders in the north, around Brussels and

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heavy industrial component, services account for 74.9% of GDP, while agriculture accounts for only one per cent. Roughly three-quarters of Belgium’s trade is conducted with other EU countries and Belgium has benefited most from its close proximity to Germany. Thanks to its strong structure, the economy started to recover last year, though GDP growth is expected to remain at around one per cent in the coming years, mainly due to weak export demand. Belgium has a substantial debt burden of about 105% of GDP, but the country has a

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strong debt reduction track record. The country’s central bank, the National Bank of Belgium (NBB), is now more optimistic about economic growth in the country during the coming years. Governor Jan Smets expects 94,000 extra jobs to be created over the next three years, half of which will be in industries that are sensitive to changes in market conditions, such as private sector service industries. Meanwhile, around 10,000 public sector jobs are expected to disappear as a result of public spending cuts. The NBB predicts that by 2017 unemployment in Belgium will have fallen to 7.9%, down from 8.5% this year. This is set against the backdrop of a growing working population and federal government measures to keep people at work for longer. In December 2014 the NBB predicted 0.9% growth for this year and 1.4% for 2016. However, it has since revised its growth predictions to 1.2% and 1.5% respectively. The NBB now even predicts growth of 1.7% for 2017. These revised growth figures have come about as a result of falling oil prices and the fall in value of the euro. Both these factors have served to improve competiveness. Furthermore, the European Central Bank recently took measures to help kick start the economy in the Eurozone. Belgium’s weak economic recovery mirrors that of its major European trading partners, as

it relies heavily on exports from the Eurozone, which equated to 83% of GDP in 2013. While Belgium compares well relative to similarly rated countries in terms of productivity and competitiveness, the country’s wage growth has exceeded that of its European trading partners. According to the latest OECD prognosis, the recovery is projected to gradually strengthen. Economic growth is expected to broaden with rising exports and business investment, owing to supportive financial conditions and improving external demand. Household consumption growth will be held back by fiscal consolidation and wage restraint. Inflation will pick up somewhat in 2016, as the effects of falling oil prices wears off. Fiscal consolidation is set to resume, mainly on the spending side. Further structural reforms to secure fiscal sustainability and promote employment and competitiveness should be pursued, such as increasing the effective retirement age, reforming wage setting and shifting the tax burden from labour to less growth distortive taxes, such as consumption and environmental taxes. Investment in the aftermath of the crisis has been stronger than in other Eurozone countries. While recovery in business investments is set to continue, public investment remains subdued and low compared to the international trend, reflecting a need for fiscal consolidation. However, further infrastructure spending cuts may undermine future growth. Belgium’s economic freedom score is 68.8, making its economy the 40th freest according to the 2015 Index. Its overall score has decreased by 1.1 points from last year, with declines in labour freedom, public spending management and fiscal freedom outweighing improvements in monetary freedom, business freedom and freedom from corruption. Belgium is ranked 18th among the 43 countries in the Europe region, while its overall score

is above the regional and global averages. Corruption remains minimal in Belgium. The government prohibits and punishes all forms of bribery. Property rights are well protected by law. Laws are well codified and the judicial system is generally respected.

the culmination of longstanding national support for economic cooperation. For instance, in 1921 Belgium joined Luxembourg to form the Belgian-Luxembourg Economic Union (BLEU). This economic union provided for an interchangeable currency and established a joint QUICK FACTS (September 2014)

Population: 11.2 million GDP (PPP): $422.8 billion 0.2% growth in 2013 Five-year compound annual growth 0.3% $37,881 per capita Unemployment: 8.6% Inflation (CPI): 1.2% FDI Inflow: –$2.4 billion Public Debt: 99.8% of GDP 68.8

Belgium’s economic freedom score is 68.8, making its economy the 40th freest according to the 2015 Index The overall regulatory environment is efficient and transparent. The cost of establishing a company has been reduced and starting a business takes only three days and requires only four procedures. The financial sector remains vibrant and generally free from government involvement. Some institutions received bailouts during the economic slowdown and the recently passed Financial Crisis Law grants the state stronger powers during crises. Belgium was one of the founding members of the European Community (later the EU) and has been one of the foremost proponents of regional economic integration. In 2000, 80 per cent of Belgium’s trade was conducted with other EU members. Membership in the EU was

customs union. Belgium and Luxembourg also joined the Netherlands to form the BENELUX customs union – an organisation which oversaw cross-border trade between the three nations. Belgium is also a member of the Organisation for Economic Cooperation and Development (OECD), which brings together the world’s most highly developed industrialised democracies. Belgium has supported the main economic initiatives of the EU, including the elimination of trade barriers, such as tariffs between the organisation’s member states. The EU also coordinates the external trade of its member states. In 1999 Belgium was one of the founding members of the European Monetary Union (EMU), which went on to replace the national currencies of its members with the single currency. ●

National Bank of Belgium WORLD’S MARKETS AND OPPORTUNITIES |

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TOURISM

FLANDERS

Stunning Architecture, Culture and Sandy Beaches! Belgian chansonnier Jacques Brel described Flanders as le plat pays, the flat country, with ‘cathedrals the only mountains’ beneath skies ‘so low that canals get lost in them’

Leuven is Belgium’s reigning brewing capital

elgians love Flanders for its immaculate – albeit slightly overly commercialised – sandy beaches, while foreigners adore the breath-taking views of its fabulous medieval city centres, belfries and begĳnhoven. Bruges and Ghent come to mind fist, but even lesser-known towns such as Oudenaarde and Veurne, Ypres and Diksmuide, have wonderfully picturesque town squares, some of them having been meticulously rebuilt following WWI. For most of people Belgium is synonymous with Bruges. Canals loop across the town like a string of pearls, creating the well-earned moniker of “the Venice of the North”. With cobblestone paths, brick archways, stone churches and quaint bridges, it’s nearly impossible to take a bad photograph. The addition of swans on the water, horsedrawn carriages in the lanes and daffodils in the park, make it appear almost magical. Listed on UNESCO World Heritage Sites, Bruges has the best-preserved example of a medieval city centre, with its bell tower overlooking the wide open marketplace. With the centre pedestrianized, all the stunning beauty

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and culture of this unforgettable city can be easily explored on foot, although a boat ride along the quiet canals is not to be missed. While only a small city, to truly uncover the many pleasures around each corner, from lace boutiques and chocolate shops to architectural and historical treasures, give yourself plenty of time to get happily lost. Antwerp is all about architecture - from medieval buildings like the impressive town hall and square, to the contemporary courthouse, with numerous Art Nouveau gems in between. From stylish buildings to welldressed window displays, Antwerp is a city that’s appealing to the eye. The city has been this way for many centuries. One of the greatest, richest cities in all of Europe in the 1500s, a century later it was home to iconic Flemish Baroque painter Peter Paul Rubens and Anthony Van Dyck. Mechelen is a small and picturesque city that is big on charm and history, thriving with quaint shops, pedestrianized areas and pleasant small squares. The grace of centuries-old palaces and majestic churches appeals to everyone. There are no less than

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336 listed buildings and monuments, including eight gothic and baroque churches from the 14th-17th centuries. The Begĳnhofkerk is especially unique, with its feminine art schemes and pastel colours. Mechelen offers something to people of all ages. Young people can actively enjoy themselves in the Toy Museum or the Tivoli Children’s Farm, while the young at heart can entertain themselves at the Anker, one of the oldest functioning breweries in Belgium. Students from all over the world come to learn to play church bells at Mechelen’s carillon school. Sitting outside on the terrace of a café, sipping a local beer while listening to the bell music coming from the skies, is nothing short of delightful. The town is also home to one of the last remaining places in the world that restores and repairs antique tapestries, at Royal Manufacturers De Wit. Ghent is an undiscovered Flemish jewel of a city that boasts an opera house, a handful of museums, even more ancient churches, and countless bridges spanning the two rivers that wind their way through the city. The true joy of the town is to be found whiling away an afternoon in an outdoor café. Leuven, on the other hand, is the Mecca of Books and Beer. A vibrant student population and rich history combine in the city of Leuven, home to one of Europe’s oldest universities (KU Leuven), founded in 1425. The university, still one of Europe’s most important, has its roots in the centre of Leuven, where its historic college build-

CORPORATE Bruges

Good winds are coming NEDA SRETOVIĆ, COUNTRY MANAGER WINDVISION

ings dominate many of the squares and streets. A few lucky students even have the distinct privilege of living in the 13th century stone beguinage, a UNESCO world heritage site that’s well worth a visit. Some 28,000 students and professors lend a distinctly youthful atmosphere to the city… or perhaps that’s the beer! Leuven is Belgium’s reigning brewing capital – no small feat in a country that produces hundreds of delicious varieties. Leuven is the headquarters of Inbev, the world’s second largest brewery, famous for its Stella Artois beer. Centuries of Flemish tradition and craftsmanship lie behind Leuven’s premium brews. Leuven is a great place for the curious traveller with time to explore. It is an intimate city; any spot can be easily reached on foot or by bicycle. Although many in our region would never consider Flanders as a summer holiday destination, this is actually an exquisite idea. The

Bruges and Ghent come to mind fist, but even lesser-known towns, such as Oudenaarde and Veurne, have wonderfully picturesque town squares coastline’s 42 miles of sandy beaches has 13 resorts, each with its own character and unique atmosphere. Oostduinkerke is the only seaside municipality in the world where you can see shrimp fishermen working on horseback. A lovely sight! The Shrimp Festival is held during the first week of every summer holiday. Other treasures include the large nature reserves, a charming village that honours the folklore and the National Fisheries Museum. De Panne is just a stone’s throw from northern France and has the widest beach (without breakwaters!) on the coastline. It is perfect for long walks, sporty inland sailing trips or horse riding. De Haan is a seaside town with absolutely picturesque décor. The pastoral polders surrounding the city provide the perfect opportunity for walks and cycling trips. Nieuwpoort has cosy little squares; atmospheric shopping streets and a well-designed seaside boulevard: all the result of successful urban renovation. Bredene is a true paradise for those seeking peace and tranquillity, with its dozens of campsites making it a camping municipality par excellence. Middelkerke is the ideal destination for a family beach holiday, while at the same time being an excellent starting point for cycling or walking trips. ●

Windvision’s 200 million EUR project of constructing the wind power plants in Alibunar will create conditions for the long-term local development and greatly improve Serbian energy security The total installed capacity of wind power complex Alibunaris 174 MW (Alibunar 1 - 99MW, Alibunar 2 - 75mW). Having in mind that 500 MW of wind turbines can replace 90 percent of Serbian import electricity, after the competition, this project will significantly contribute to improving energy security of Serbia. ● At which point is your project at this moment? After Alibunar municipality adopted a Plan of detailed regulation, during 2014 Windvision started preparation of necessary technical documentation and at the moment we are in finalization phase of obtaining allnecessary permits for the construction of wind farms whose start is expected in the first quarter of 2016. After the successful development and construction of wind farms, Windvision will be power producer throughout theperiod of exploitation that is 25 years. ● In the past we heard a lot about Serbian potentials when it comes to wind power, but we haven’t seen the realization of any project yet. Why is that? In my opinion, the first wind turbines in Serbia will start spinning during 2015. Since 2009, investors in the field of wind energy, which are members of the Serbian Wind Energy Association (SEWEA) invested over 30 million euros in the development of wind farms in Serbia. Upon the commencement of construction of these projects, the total investment potential would be between 700 million and a billion euros. I consider that as the best signal of Serbia’s readiness to embrace energy production from renewable sources and the major message for major European investors. ● Does Windvison has some other plans in Serbia apart from Alibunar wind farms? We have started this project in 2010, starting from its early development phase, permitting procedures until planning of construction.. However, we are open for new projects in all fields of renewable energy resources exploitation, especially after Serbian energy market proves it is ready for their realization.● WORLD’S MARKETS AND OPPORTUNITIES |

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Belgium lies at the heart of the wealthiest, most populated area of Europe. Its neighbours are France, Germany, Luxembourg, the Netherlands and, across the Channel, the UK

The Kingdom of Belgium has three official languages: Dutch, French, and German. A number of non-official, minority languages and dialects are also spoken.

Brussels, capital of Belgium and administrative centre of the European Union, is one of the most cost-efficient cities in northern Europe

Beer in Belgium varies from pale lager to lambic beer and Flemish red. There are approximately 180 breweries in the country, ranging from international giants to microbreweries

Belgium has an excellent infrastructure, housing the world’s 5th largest port in Antwerp, Europe’s 5th largest freight airport, inland waterways and one of the world’s highest density road and rail networks

Belgium produces 220,000t of chocolate per year. This amounts to 22kg of chocolate per inhabitant annually, i.e. 61gr per day in average.

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INTERVIEW

DUŠAN KOVAČEVIĆ, Director of EXIT

Heart is

STILL NO. 1 In the 15 years of its existence, EXIT has evolved from a product of enthusiasm to a serious global brand which has so far generated over €100 million for the Serbian economy. Still, it is the initial enthusiasm that keeps it going.

or young people all over the world EXIT and Sea Dance Festival are synonymous with top music festivals and for state planners, and numerous big and small businesses it is an event that creates opportunity for additional income every single year.

■ How much is EXIT a product of

Independent surveys conducted during EXIT have shown that, in the last few years, 80% of the foreign visitors of the festival were highly educated people from the middle or upper middle class

heart today and how much of serious financial planning and applying the traditional economic know-how? The very first EXIT was only the product of heart and no serious financial planning whatsoever. Hence, it doesn't come as a surprise that the spent funds were three times higher than the then budget of 300,000 German Marks. It was then that we learned that it is vital to apply the traditional economic know-how. Still, when it comes to a product like EXIT, heart still has to be No. 1 because without it, EXIT would not exist.

■ Compared to early days of EXIT how much has the festival changed in the last 15 years in terms of planning? How much

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of institutional planning at the city, province and state level is involved in organizing it and to what extent is it included in the business plans of private businesses that have created their offer based on EXIT? I often like to say that many public enterprises and privately owned companies are the festival's co-organizers. EXIT is included in the plans of many local, provincial and state institutions. As far as the privately owned companies go, for many of them EXIT is the foundation of their business and many were established thanks to EXIT while subsequently becoming the leaders in their respective market niches. Directly or indirectly, EXIT employs several thousand people every year.

■ There were times in the festival's history when the state authorities were reluctant to help you and questions arose why the festival was not self-sustainable despite being so successful. Could you elaborate on the festival's internal economy from the aspect of costs and direct / indirect contribution that EXIT has

to the economy of Novi Sad and the country's tourism? The ticket prices for the festivals in Western Europe which are at EXIT’s level range between €200 and €400. But, due to a low living standard of young people in this region, EXIT is not in a position to charge economically justifiable price for the tickets so the ticket price in Serbia and the region stands at €50. Also, sponsor’s budgets in Serbia cannot be compared to those in Great Britain or Germany. Because of all of the aforementioned we need state’s help which is something that happens in the countries wealthier than ours. For instance, the Hungarian Government helps with organization of the Sziget Festival in Hungary with €1.5 million annually. On the other hand, EXIT is one of the most profitable investments this country has made according to estimates done by Booz Allen Hamilton (an independent consultancy hired by USAID). EXIT generates between €10 and €15 million per annum for tourism industry in Novi Sad, Vojvodina and Serbia and the survey conducted by the Serbian Government just confirmed this. During his existence, EXIT has generated over €100 million for the country’s economy and, in the next 10 years, it will generate at least that much too.

■ How much did festival's expansion to the region and putting together Sea Dance Festival extended the tourist stay in the region and increased the festival's revenue? The survey conducted on foreign visitors of the festival has shown that their intention was to stay in the region or the Balkans at least four days longer than EXIT. The vast majority of them chose to stay at the Adriatic coast even after the festival finished. This was especially true of the overseas visitors so it made sense for us to organize a festival at what Lonely Planet called „the most beautiful beach in Europe“ particularly considering the growing popularity of coastline festivals. Despite many people having doubts about it, Sea Dance Festival lead to an increase in the number of tourists that also visit EXIT in Novi Sad just as we expected. As far as a bigger revenue goes, the new festival brought new costs but our strategy is that by increasing the appeal of our offer, we are also going to increase the number of tourists that visit the both countries.

statement considering that apart from the tourists, who sometimes sleep in local parks, very famous world musicians stayed here after EXIT? It's a big mistake to think that. Youth tourism is one of the main segments of the global tourism industry with a 25% share and a revenue of over €130 billion. Festival tourism is at the very centre of youth tourism. Young tourists often stay longer and, on average, spend the same or even more than older ones. Independent surveys conducted during EXIT have shown that, in the last few years, 80% of the foreign visitors of the festival were highly educated people from the middle or upper middle class. This categorization applies to the Westen European countries

EXIT is one of the few festivals that were born out of social activism and changing its core mission is out of question

■ How much did the structure of sponsors and festival partners change as a result of the festival's growth? Just like anywhere else in the world, telecommunications companies and breweries have been the festival's main sponsors since its very beginning. Carlsberg and MTS are the biggest and most loyal sponsors of the EXIT Festival. There is a global trend now of financial companies becoming sponsors too. As far as the sponsorship amounts are concerned, they have drastically declined since 2008 following the financial crisis but this year we can feel a slight financial consolidation going seeing that we have signed several multi-year contracts.

■ It has been often said that the tourists who come to EXIT are the ones with the shallowest pockets. Do you agree with this

where the both categories are much wealthier than our middle or upper class. Considering this, it's no surprise that the EXIT generates a lot of money for the city, provincial and state budgets. Very wealthy people quite often come to EXIT which is why the Montenegrin Government sees Sea Dance Festival as one of the elements required for bolstering so-called elite tourism.

■ The festival has a very high place among the best global festivals and has been a recipient of many awards. How much does this contribute to EXIT's brand and have you ever considered selling the festival which happened to many similar festivals in Europe? Ever since the prestigious EU Festival Award was founded, EXIT has been one of the very few festival that made the top 10 festival list every year, while, in the last two years, EXIT was declared „The Best Major European Festival“ in 2014 and Sea Dance Festival „The Best Medium-Sized Festival in Europe“ in 2015. These awards, along with the similar accolades from the leading world media like CNN, BBC, MTV, The Guardian, the Times, Lonely Planet and many others, just confirm that EXIT is one of the most prestigious festival brands in the world. On the other hand, the festival is one of the few festivals that were born out of social activism and changing its core mission is out of question. ■

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CHILL OUT

AUSTRALIA

BOSNIAN REFUGEE CROWNED MISS UNIVERSE AUSTRALIA ▶ A Bosnian refugee Monika Radulo

vic whose parents arrived in Australia when she was four ,with just 'one lit tle suitcase between them' has been crowned Miss Universe Australia. Ms Radulovic said her experienc es when arriving in Australia were ex tremely positive, and she wants oth ers seeking refuge in Australia to en joy the same reception. "The Australian community was so helpful, so supportive. It real ly opened its arms up to us and wel comed us in. It was amazing," she said . Ms Radulovic wants to use her position to encourage a more compassionate and open-minded approach to those who seek ref uge in Australia.

Classic Paintings on Real Butterflies ▶ After experimenting with candy and

toothpaste paintings, Mexican artist Cristiam Ramos is now working with preserved butterflies. He spends several hours pouring over each wing, painstakingly decorating them with detailed replicas of classical paintings. Butterfly wings don’t naturally make for good canvases – they’re small, and the texture isn’t altogether right for painting. So Ramos has to use a magnifying glass to get the intricacy and details right. He spends a good 56 hours painting each wing, meticulously applying one brushstroke at a time.

TURKEY

FATHER OF 13 BECOMES DAD AGAIN AGED 85 ▶ Farmer Abdullah Sevinc (85) from the city of Van, Turkey has become a

father for the 15th time with a pair of newborn twins . Sevinc re-married nine years ago after his first wife, who gave him 10 children, passed away 15 years ago. He already has two boys and one girl with his second wife Hanifa Abdullah Mihrinaz (46). “I am old but I have my health. I'm a little ashamed, but there's nothing I can do,” said Sevinc. “"By God's will, I did not expect twins. After this I will not consider another child. 15 is enough for me” N O R WA Y

NORWEGIAN DØDSING SPORT THRILLS ▶ This belly-flop diving style from Oslo’s Frognerbadet is all about the fear factor. This sport, essentially a game of chicken against the dreaded belly flop, is increasing in popularity, with World Championships each summer. Each year, more and more Norwegians flock to the high dive as the sport of dødsing gains popularity. It is a unique diving style designed to thrill the divers and stun the spectators: the divers jump from a 10-meter high dive in an x-formation (essentially a belly flop) and curl into a ball immediately before hitting the water. The person who dares to stay in the flat position the longest wins. Dødsing—called death diving in English—was originally developed at Oslo’s Frognerbadet in the late 1960s, most likely among young men hoping to show off their bravery to their friends.

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ELIZABETH SACKLE and MISS PIGGY

USA

MISS PIGGY HONOURED WITH FEMINIST AWARD ▶ Screen and TV star, diva and be loved Muppet, Miss Piggy, is being recognised for her contributions to society with a feminist award at the Brooklyn Museum in New York be ginning of June The glamorous, outspoken pig received the award at the ceremony from the Elizabeth A. Sackler Centre for Feminist Art. The presentation included a conversation with veteran women's rights campaigner Gloria Steinem and a 20-minute video ret rospective of Miss Piggy's career. Miss Piggy's long-time squeeze, Kermit the Frog, was in the audience for the ceremony. Miss Piggy starred in "The Mu ppet Show," that ran from 1976 to 1981, and has appeared in films, inclu ding 2014's "Muppets Most Wanted." The tickets for the reception and program started at $300.

RUSSIA

SAINT PETERSBURG’S WHITE NIGHTS FESTIVAL ▶ The White Nights Festival in St. Petersburg (from mid-May to mid-July), Russia is an annual international arts festival during the season of the midnight sun. The White Nights Festival consists of a series of classical ballet, opera and music events and includes performances by Russian dancers, singers, musicians and actors, as well as famous international guest stars. The Scarlet Sails celebration is the culmination of the White Nights season, the largest public event anywhere in Russia with the annual estimated attendance about one million people, most of whom are students from thousands of schools and colleges, both local and international. It is the oldest and most popular event of the White Nights Festival began after World War II as a tribute to the popular 1922 Russian children’s tale “Scarlet Sails” by Alexander Grin. JAPAN

SWITZERLAND

NEW JAPANESE IDEA: TOILETS IN LIFTS

MYSTERY OF DISAPPEARING HOLES IN SWISS CHEESE SOLVED

▶ Japan's infrastructure ministry announced last month that the coun try's lifts may soon have a surprising new feature - toilets. It sounds odd, but while the idea of a fully plumbed potty zooming up and down the sides of a Tokyo skyscraper may seem like Japanese techni cal ingenuity taken a step too far, in reality this idea is born of reasonable and sensible practical concerns. The Japanese government called meetings with the country's lift industry to discuss the idea after a magnitude-8.1 earthquake struck south of Tokyo in early June, causing about 19,000 lifts in the city and nearby to stop working. People were trapped in 14 elevators and it took 70 minutes to rescue some of them. If a larger earthquake strikes, the problem could be far, far worse. In light of the practical problems caused by being stuck in an eleva tor for so long, the Japanese government began looking into installing wa ter and toilet facilities in all elevators. CHINA

DRAGON SCULPTURE WITH 83,600 PIECES OF STRAW ▶ 70-year-old Chinese master craftsman Fangze Yu can bring mythical creatures to life using nothing but straw. His most re cent piece of work is an impressive dragon that he hand-crafted out of 83,600 pieces of rice straw! Mr. Yu and his daughter spent four months working on the dragon at his workshop in China’s Jiangxi province. He started by creating a bamboo frame to support the structure. He then painstaking ly assembled individual pieces of straw, using 10 different knitting and weaving techniques, to com plete the 28-m, 35-kg masterpiece.

Top 10 Most Expensive Perfumes

▶ The mystery of Swiss cheese

and its disappearing holes has been solved: The milk's too clean. A Swiss agricultural institute dis covered that tiny specks of hay are responsible for the famous holes in cheeses like Emmentaler or Appenzeller. As milk matures into cheese these "microscopically small hay particles" help create the holes in the traditional Swiss cheese varieties. The government-funded Agro scope institute said in a statement that the transition from age-old milk ing methods in barns to fully-auto mated, industrial milking systems had caused holes to decline during the last 15 years. In a series of tests, scientists add ed different amounts of hay dust to the milk and discovered it allowed them to regulate the number of holes.

1. Golden Delicious: Million Dollar – DKNY (€895,000) 2. No. 1 Imperial Majesty – Clive Christian (€190,000) 3. Les Larmes Sacrees de Thebes – Baccarat (€6,000) 4. Grand Extrait – Chanel (€3,750) 5. No. 1 – Clive Christian (€1,970) 6. Poivre – Caron (€1,800 7. Pure Parfum Limited Edition – Jean Patou Joy Baccarat (€1,600) 8. 24 Faubourg Extrait – Hermes (€1,340) 9. Bolt of Lightning – JAR (€895) 10. Shalini – Shalini (€800)

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FEATURE

World’s 50 Best Restaurants 2015

Spanish Eatery

RECLAIMS CROWN

Cuisine from Europe’s warmer climes is back on top of the annual list of the World’s 50 Best Restaurants, which this year sees El Celler de Can Roca of Girona, Spain, reclaim the title it last held in 2013

ictory was achieved at the expense of Noma, a four-time Danish winner known for its clinical servings of deep-fried moss and pine foam, which was bumped down to third to make way for an Italian runner-up, Modena’s Osteria Francescana. But while the list will be toasted in Spain and Italy, the complete absence of any restaurants from France in its top 10 is likely to ensure that Gallic knives remain out after a number of top French chefs including Joël Robuchon and Georges Blanc signed an online petition criticising the 50 Best on a number of grounds. Here is the World's 50 Best Restaurants 2015 full list.

1 “EL CELLER DE CAN ROCA” - GIRONA, SPAIN Last year: No.2/ Standout dish: Mackerel with pickles and mullet roe

Curiosity and creativity propel the Rocas back to the top. The collective genius of the Roca brothers is well documented. The holy trinity of head chef Joan’s thoughtful but original cooking, pastry chef Jordi’s imagination-defying desserts and sommelier Josep’s beautifully considered wine pairings already adds up to significantly more than the sum of its parts. But the reason this 55-seat contemporary Catalan restaurant is back on top of the world is the trio’s equal brilliance in ensuring that they never stop feeding their own (and their team’s) knowledge and imaginations through unusual initiatives. A meal in the tranquil glass-walled dining space is at once comforting and yet gastronomically challenging, the food simultane76 |

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JOAN, JOSEP and JORDI ROCA

EL CELLER DE CAN ROCA, Girona, Spain

ously artisanal and technical, with references to both the traditional and the avant-garde. Crucially, this is a restaurant that has never forgotten its humble roots, its sense of familial warmth, or the need to serve remarkably delicious dishes and outstanding wines. Booking: + 34 972 222 157; restaurant@cellercanroca.com

2 “OSTERIA FRANCESCANA” - MODENA, ITALY Last year: No.3 / Standout dish: The crunchy part of the lasagne

MASSIMO BOTTURA

It has been something of a whirlwind 12 months for René Redzepi and the team from Noma. As well as reclaiming the number one spot in the 2014 edition of The World’s 50 Best Restaurants list, Redzepi upped sticks and moved Noma to Japan for a hugely over-subscribed five-week pop-up earlier this year that received wild critical acclaim. Now back on Danish soil, the Noma team has been re-energised by its experience in the Land of the Rising Sun, where indigenous ingredients such as raw botan ebi shrimp and wild duck were served to Tokyo diners with dramatic effect. Dishes are in step with the seasons, such as milk curd and the first garlic of 2015; and the first green shoots of spring with a scallop marinade. And it sees Redzepi doing what he does best: playing with techniques such as fermenting and pickling for creations beyond most people’s eating perceptions. Booking: www.noma.dk; +45 3296 3297

4 “CENTRAL” - LIMA, PERU

New entry/Standout dish: Octopus in purple coal

OSTERIA FRANCESCANA, Modena, Italy

Despite the fact that charismatic chef Massimo Bottura frequently travels the globe, his food remains deeply Italian. In fact, his dishes are a joyful celebration of Emilia-Romagna – the chef’s food-producing home province of northern Italy in which his elegant restaurant resides. The Sensations tasting menu experiments with local, seasonal ingredients to extraordinary effect. From snacks such as exquisite rabbit macaroons through eel ravioli to suckling pig with balsamic vinegar, dining at Osteria Francescana is an exploration of the region’s produce and traditions delivered in a supremely contemporary fashion. It’s also a reflection of Bottura’s inquisitive nature; he is always looking at how to evolve his country’s food, inspired by art, music, his family and his travels. Now 20 years old, the restaurant is located in Modena’s quiet back streets and houses a series of striking modern artworks across several dining spaces. The faultless service and imaginative wine programme is directed with quiet charisma by Beppe Palmieri. Booking: +39 059 223912; www.osteriafrancescana.it

3 “OSTERIA FRANCESCANA” - MODENA, ITALY Last year: No.3 / Standout dish: The crunchy part of the lasagne

RENÉ REDZEPI

VIRGILIO MARTINEZ

CENTRAL, Lima, Peru

Chef Virgilio Martinez has taken Peruvian cuisine to a whole new extreme elevation. Central takes diners on a vertical journey across Peru’s landscape, serving native ingredients sourced at various altitudes. The mountains, sea, desert and jungle are all represented as Central’s tasting menu travels from 25 metres below to 4,200 metres above sea level. The restaurant celebrates Peru’s biodiversity and ancient Andean heritage, pushing culinary limits to delight guests with inventive creations. Produce from the restaurant’s urban garden and the in-house filtration system (promising the purest of water) are a strong presence. But diners must also try ingredients previously unknown to the majority of Peruvians, let alone the rest of the world. These include cushuro, the caviar-like bacteria found in the mountains after a rainstorm; tunta, a white freeze-dried tuber dating back to Inca times; and airampo, a bright magenta member of the cactus-family grown in the Andes. Booking: +51 1 242 8515; www.centralrestaurante.com.pe

5 “ELEVEN MADISON PARK” - NEW YORK, USA

Last year: No.4/Standout dish: Honey lavender duck with apple and rutabaga

NOMA, Copenhagen

If the recipe for an outstanding restaurant is creating the perfect balance between great food and impeccable service, then Eleven Madison Park co-owners Daniel Humm and Will Guidara have hit J U LY

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DANIEL HUMM and WILL GUIDARA

norms in its quest to deliver a complete sensory and creative experience. Edible cutlery and centrepieces are other routes to delivering the stories, flavours, smells and textures that make up chef-owner Andoni Luis Aduriz’s idea of the perfect journey through food. Named after a solitary, 200-year-old oak tree that grows in the hills inland from San Sebastián, Mugaritz is as spectacular in its location as in its food. The small wooden building – entirely rebuilt after a devastating fire in 2010 – is surrounded by breath-taking scenery, further enhancing the sensory experience delivered by dishes such as edible stones or candy caviar. Booking: +34 943 522 455; www.mugaritz.com

7 “DINNER BY HESTON BLUMENTHAL” - LONDON, UK

Last year: No.5/Standout dish: Meat Fruit – chicken liver parfait dipped in mandarin jelly

ELEVEN MADISON PARK, New York, USA

the jackpot. The pair believe in running the restaurant from both sides of the wall – the kitchen and the dining room – and the combination of chef Humm’s talent with Guidara’s front-of-house charisma makes for an unforgettable experience. Despite dazzlingly white tablecloths and a grand, high-ceiling dining room, there is not a hint of stuffiness here. Dishes are playful and often interactive – the ‘Name That Milk’ dessert comes as an ornate wooden box containing four bars of specially commissioned Mast Brothers chocolate, some pencils and a card with four animal drawings. Diners must taste each bar to determine which belongs to which animal: cow’s milk, sheep’s, goat’s or buffalo’s. Humm’s tasting menu focuses on New York’s rich agricultural bounty, but dishes are frequently adapted and tailored specifically for guests, who are each painstakingly researched by Guidara’s team to create the perfect bespoke experience.

6 “MUGARITZ” - SAN SEBASTIAN, SPAIN

Last year: No.6/Standout dish: Ice shreds, scarlet shrimp perfume

At Mugaritz, there is no menu – at least, not in advance of a meal. Diners are instead treated to 24 individually tailored courses to suit their dietary requirements, wants and desires. The lack of menu is just one example of how Mugaritz dispenses with traditional dining

ANDONI LUIS ADURIZ

MUGARITZ, San Sebastian

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ASHLEY PALMER-WATTS

DINNER BY HESTON BLUMENTHAL, London, UK

When Dinner by Heston Blumenthal opened less than 5 years ago, many wondered whether it would offer London the same hyper-experimental cuisine as the chef’s famous The Fat Duck in Berkshire. But by celebrating bigger, more boisterous flavours, recreating British culinary history and teleporting age-old recipes into the 21st century, Dinner has carved out its very own niche. Firm signature dishes such as meat fruit (a ball of chicken liver parfait encased in mandarin jelly) and tipsy cake (brioche soaked in Sauternes, brandy and vanilla cream served with spit-roast pineapple) have long gained cult status, but Dinner continues to reinvent the past with ever-evolving creations. The eponymous chef is a guiding rather than a physical presence here, with Blumenthal’s long-term right-hand-man, Ashley Palmer-Watts, in charge of the kitchen. Under his direction, chefs bring forgotten dishes from as far back as the 1300s back to life, using present-day ingredients. Booking: +44 20 7201 3833; www.dinnerbyheston.com

8 “NARISAWA” - TOKYO, JAPAN

Last year: No.14/Standout dish: Bread of the Forest 2001

Today Yoshihiro Narisawa’s dishes share many qualities of the best haiku: restrained and highly thoughtful without being austere or anything less than generous. Narisawa – the restaurant, the man and his food – are all deeply in tune with the landscape and the moment. Though this is a decidedly international restaurant – more cosmopolitan in its outlook than many of its Tokyo contemporaries. These include fugu from Aichi prefecture, skewered,

YOSHIHIRO NARISAWA

NARISAWA, Tokyo, Japan

grilled and served with sudachi citrus; or irabu sea snake from Okinawa transformed into an elegant broth abob with cubes of taro. The now-famed ritual of fermenting and baking the bread at the table, meanwhile, takes place amidst an extraordinary nest of twigs and leaves. The drinks programme is just as compelling. This might well be the best place in the world to develop a nuanced appreciation of the winemaking of Japan. Booking: +81 3 5785 0799; www.narisawa-yoshihiro.com

the country’s rich natural resources, while respecting the environment and working with local producers and indigenous communities. His favourites include jambu, a tongue-tingling herb that he also sells in a potent cachaça, and priprioca, a root previously used only in cosmetics and developed into a foodstuff after his team’s meticulous research. Such produce forms the centrepiece of a pared back à la carte list as well as four- or eight-course tasting menus. One of the most expensive restaurants in São Paulo, its prices reflect the cost of transporting ingredients from the most remote parts of Brazil. Booking: +55 11 3088 0761; www. domrestaurante.com

10 “NARISAWA” - TOKYO, JAPAN

Last year: No.14/Standout dish: Bread of the Forest 2001

GAGGAN ANAND

9 “NARISAWA” - TOKYO, JAPAN

Last year: No.14/Standout dish: Bread of the Forest 2001

ALEX ATALA

D.O.M., Sao Paulo

Something of a rock star in Brazil, Alex Atala has amassed more than 200,000 Instagram followers – as much fans of his food pics as of his tattoos, his dogs and his frequent trips to the Amazon in search of new ingredients. It is on these trips that the DJ-turned-chef gains inspiration and fuel for his main objective: to reshape Brazilian food using

LIST FROM 11 TO 50

11. MIRAZUR, Menton (France) 12. ARPÈGE, Paris (France) 13. ASADOR ETXEBARRI, Atxondo (Spain) 14. ASTRID Y GASTÓN, Lima (Peru) 15. STEIRERECK, Vienna (Austria) 16. PUJOL, Mexico City (Mexico) 17. ARZAK, San Sebastian (Spain) 18. LE BERNARDIN, New York (USA) 19. AZURMENDI, Larrabetzu (Spain) 20. THE LEDBURY, London (UK) 21. LE CHATEAUBRIAND, Paris (France) 22. NAHM, Bangkok (Thailand) 23. WHITE RABBIT, Moscow (Russia) 24. ULTRAVIOLET, Shanghai (China) - NEW ENTRY 25. FÄVIKEN, Järpen (Sweden)

GAGGAN, Bangkok, Thailand

The street food of his home town of Kolkata and a formative stint at El Bulli are the twin inspirations behind chef Gaggan Anand’s boundary-pushing restaurant in downtown Bangkok Set up in 2010 and taking top spot in this year’s Asia’s 50 Best Restaurants, Gaggan reinvents regional Indian cuisine using modernist cooking methods. It’s a clever balancing act that clearly draws on skills and techniques acquired by the chef during an internship with Ferran Adrià’s research team in Spain. Liquid nitrogen, smoke and dehydrated ingredients add theatre as well as texture and flavour to the chef’s creations. Lamb chops are given a molecular makeover with smoked whisky, spherified yoghurt and mango chutney, while the humorously named Green with Envy sees green peppercorn chicken kebabs combined with coriander foam. Booking: +66 2 652 1700; www.eatatgaggan.com

26. ALINEA, Chicago (USA) 27. PIAZZA DUOMO, Alba (Italy) 28. THE TEST KITCHEN, Cape Town (South Africa) Best Restaurant in Africa, sponsored by Acqua Panna 29. NIHONRYORI RYUGIN, Tokyo (Japan) 30. VENDÔME, Bergisch Gladbach (Germany) 31. RESTAURANT FRANTZÉN, Stockholm (Sweden)

32. ATTICA, Melbourne (Australia) - Best Restaurant in Australasia, sponsored by Acqua Panna 33. AQUA, Wolfsburg (Germany) 34. LE CALANDRE, Rubano (Italy) 35. QUINTONIL, Mexico City (Mexico) 36. L'ASTRANCE, Paris (France) 37. BIKO, Mexico City (Mexico) 38. AMBER, Hong Kong (Hong Kong)

39. QUIQUE DACOSTA, Denia (Spain) 40. PER SE, New York (USA) 41. MANI, Sao Paulo (Brazil) 42. T ICKETS, Barcelona (Spain) - NEW ENTRY and Boragò, Santiago (Chile) - NEW ENTRY 44. MAIDO, Lima (Peru) - NEW ENTRY 45. RELAE, Copenhagen (Denmark) NEW ENTRY and SUSTAINABLE RESTAURANT 46. RESTAURANT ANDRÉ, Singapore (Singapore) 47. ALAIN DUCASSE AU PLAZA ATHÉNÉE, Paris (France)

48. SCHLOSS SCHAUENSTEIN, Fürstenau (Switzerland)

49. BLUE HILL AT STONE BARNS, Tarrytown (USA) - NEW ENTRY 50. THE FRENCH LAUNDRY, Yountville (USA)

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TECHNO TALK CORPORATE

LENOVO INCREDIBLE DEVICES www.lenovo.com/rs/sr/ www.facebook.com/Lenovo.Srbija lenovosrbija@lenovo.com

FLEX 3

Adds More Flexibility with More Modes An ideal entry convertible laptop, the FLEX 3 now comes with a 360° hinge, allowing the touch screen to rotate full circle so users can put it in Tablet mode. FLEX 3 gives users even more flexibility to do more in any mode: watch the latest hit drama in Tent mode, view family photos in Stand mode, read a novel in Tablet mode or type a document in Laptop mode. Thin and light, the FLEX 3 convertible laptop also offers a full Windows 8.1 Update computing experience with live tiles and a consistent interface across users’ Windows devices. They offer powerful computing with up to 5th generation Intel® Core™ i7 processors in the 14-in and 15-in models and up to Pentium processors in the 11-in model and also feature up to 1 TB of storage for holding users’ digital content libraries. The FLEX 3 provides an equally compelling audio and visual experience with an HD 1366x768 screen in 11, 14 or 15-in screen sizes (or up to FHD on 14-in and 15-in) along with stereo speakers and Dolby Home Theatre.

Lenovo S90

Top multimedia smartphone Lenovo Sisley S90 is a stylish device with an all metal body. It has a 5-inch super AMOLED display with 720 x 1280 pixels resolution. It has a 1.2 GHz quad-core Snapdragon processor with 1 GB of RAM and runs Android 4.4. The smartphone has a 13 MP rear camera and an 8 MP front facing camera with dual LED flash for picture clarity. It has a non-expandable 32 GB memory. Connectivity options included are 4G, Wi-Fi, GPS/ A-GPS, Bluetooth, NFC and FM radio. The Lenovo Sisley S90 is backed by a 2,300mAh battery. The Lenovo Sisley S90 comes in Silver, Grey, Pink, Orange and Blue colors.

ThinkPad YOGA

Readying Professionals with Power of Two New Innovations Lenovo Sisley S90 is a stylish device with an all metal body. It has a 5-inch super AMOLED display with 720 x 1280 pixels resolution. It has a 1.2 GHz quad-core Snapdragon processor with 1 GB of RAM and runs Android 4.4. The smartphone has a 13 MP rear camera and an 8 MP front facing camera with dual LED flash for picture clarity. It has a non-expandable 32 GB memory. Connectivity options included are 4G, Wi-Fi, GPS/ A-GPS, Bluetooth, NFC and FM radio. The Lenovo Sisley S90 is backed by a 2,300mAh battery. The Lenovo Sisley S90 comes in Silver, Grey, Pink, Orange and Blue colors. 80 |

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ADVERTORIAL

X1 Carbon

Lenovo’s Best Business Ultrabook gets even Better The third generation state-of-the-art X1 Carbon continues the tradition of ThinkPad brand equity. The lightest 14” performance ultrabook in the world features new options like a super bright FHD display for the best viewing experience and a PCIe solid state drive for up to 80% faster storage performance than standard SSDs. The newest X1 Carbon is also the most mobile ever, with even longer battery life and still weighing under 2.9 pounds with a durable and rugged carbonforged chassis. Coupled with 5th Generation Intel® Core™ processors and a whole suite of accessories to optimize the experience, the X1 Carbon permeates the ThinkPad heritage and continues to inspire relentless innovation. The updated ThinkPad portfolio for 2015 highlights expanded business-class features and builds on the legacy of ThinkPad DNA: thin and light, with extended battery life to maximize mobility, and bright and clear displays up to 3K resolution for optimum viewing pleasure and ergonomic comfort. These new ThinkPads sport a complete set of ports and connections to make viewing, sharing and transferring data simple and effective. Featuring 5th Generation Intel® Core™ processors, the new ThinkPad X, T, L and E series continue the brand focus on trusted quality.

Lenovo Z41 and Lenovo Z51

The ultimate multimedia workstation for music and movie lovers The new 14-inch Lenovo Z41 and 15-inch Lenovo Z51 laptops are equal parts homeentertainment center and powerful workstation. Featuring a stunning FHD display, optional AMD discrete graphics and immersive Dolby® DS 1.0 Home Theater® Surround Sound for crisp sound and sharp visuals, they are ideal for streaming videos, downloading music and gaming. The new Lenovo Z41 and Lenovo Z51 come with advanced 802.11 a/c WiFi technology for up to three times[1] the Internet speed of regular laptops for faster web surfing, streaming and downloading content. Engineered for productivity, the new laptops are powered by up to the latest Intel® CoreTM i7 processor with up to 1 TB of storage. The new Lenovo Z51 and Lenovo Z41 stand out for their beautiful color options in ebony black, chalk white and crimson red (for the 14-inch laptop). Revolutionary Intel® RealSenseTM 3D camera on the new Lenovo Z51 The new Lenovo Z51 also features an optional Intel® RealSenseTM 3D camera that brings the world to life in 3D. Featuring full 1080p color and a depth sensor, the revolutionary 3D camera allows the new Lenovo Z51 to sense and capture depth like the human eye. Users can 3D scan objects to 3D print, play 3D games or use gestures to control the laptop. Customers can also create a more lifelike video chat experience by changing the background and sharing content.

YOGA 3

Flexible Fit for Today’s Consumer The new YOGA 3 gives consumers even more flexibility with choices of an 11-in model or a new 14-in model with a backlit screen. Both convertibles showcase an envelope-thin design, measuring 18.3mm thin or less. In fact, the larger 14-in model gives users even more screen real estate yet remains extremely thin and light built in a 13-in chassis. And at just 15.8mm thin and 1.1kg, the 11-in model remains the lightest convertible in the YOGA family. Both feature the classic YOGA two-hinge design allowing 360° flexibility to give consumers amazing function and value with four special modes – Laptop, Stand, Tent and Tablet. Lenovo refined the hinge to now open and close more smoothly and also allow the screen to lay flat at 180°. J U LY

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FASHION

Beach Trends

From the Beach to an Evening Out PRICE:

€80

Draped Maxi Dress With its grand drape at the bustline and maxi length, this fully lined tropical print dress should be paired with gladiator sandals and plenty of bangles to tap into the ancient power of beauty.

Malina' Sandal Lush suede amplifies the effortless sophistication of a strap-embellished sandal crafted with a cushioned, comfortfocused sole. PRICE: €155

When the summer months roll around, women of all ages strive to look their best, whether they’re enjoying sunny beaches or warm evenings on the town. The emphasis is placed on comfort and practicality. New colours are greens, pinks and varying shades of blue for skirts, dresses and casual wear. The trends reflect colourful sundresses, strappy sandals, lightweight ca pris and funky handbags. The spaghetti-strap dress is hot this year, as are loose belts, bold swimwear and printed t-shirts and tank tops. Khaki shorts and linen blouses are ideal for wearing after a day spent at the beach and for partying after dark, sassy ruffled skirts and peasant tops will be seen on dance floors everywhere this summer...

Head Wrap A glimmering chain provides a sophisticated finish for a slim, stretchy head wrap. PRICE: €20 PRICE:

€37

Peplum Halter Cami This trend-right shape with a ruffle hem, giving you a well-crafted look of lovely to the slim spaghetti straps. Let it further elongate your look with ankle pants.

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Alexander McQueen Sunglasses

PRICE:

€46

A suave cat-eye silhouette heightens the old-school glamour of scene-stealing sunglasses fitted with smoky gradient lenses. PRICE: €340

Sailor Shorts This seductively casual style takes on a flattering high waist and a legflaunting inseam. In a soft stretch cotton twill, these shorts are sturdy enough to handle any adventure seafaring or otherwise.

'Holiday' Stripe Scarf Bright, bold stripes lend festive flair to a beautifully soft, semi-sheer wool scarf edged in feathery fringe. PRICE: €135

PRICE:

€105

Stripe Floppy Sun Hat Mod stripes lend monochrome allure to a floppy sun hat shot through with subtle sparkle. PRICE: €44

Two-Piece Maternity Swimsuit The halter top sports bright white eyelets and a playful tie just under the bust.

Wedge Sandal

Floppy Hat

A strappy wedge sandal channels impeccable modern minimalism, while the signature comfort-focused insole makes it easy to strut your stuff all day long.

A floppy brim distinguished by sunny stripes styles a summer-fresh hat perfect for relaxing poolside.

PRICE:

€1000

PRICE:

€20

PRICE:

€128

Dolce&Gabbana Rose Print Tote A lush rose print lends romantic elegance to a textured tote generously sized for your next great escape.

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FASHION

Beach Trends

Shorts: How to Avoid Common Mistakes Shorts are a casual menswear item. Coming in differing styles, lengths and various fabrics, shorts are good for everything from beach holidays to weekend getaways, summer garden parties and lounging around the home. The top rule regarding shorts: they must not be worn in a cor porate setting or in a formal environment. Cotton is the most common fabric for shorts, as it’s lightweight, breathable and comfortable – all the things you expect of summer clothing. The most playful of the shorts styles, swimwear shorts, comes in floral and animated animal prints this season, as well as hyper block colours. Never wear them wet when away from the beach. As a general rule, shorts should be short enough so the knees are visible. Shorts that do come up to mid-thigh should be limit ed to athletic body types. Final rule: never go past the knee!

PRICE:

€55

Shorts – Patriot Red This shorts is comfort and versatility. The striped belt helps kick off your styling whether you opt for the simplicity of a tee or the flair of a dressy-casual shorts and blazer combo.

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Stripe And Lion Flip Flop All-over black and charcoal gray contrast makes this a highly versatile summer shoe. PRICE: €23

PRICE:

€54

Swim Shorts This side striped swim style is ready to dive into any summer adventure you plan. Just top it with a your cotton shirt during your time spent surfing the sand.

Straw Bucket Hat A classic bucket hat composed of breezy straw makes for a retromeets-modern style. PRICE: €37

Prada Rectangle Sunglasses Crafted in durable metal with a cool matte finish, these stylish Rectangle Sunglasses from Prada are an essential for the modern man. PRICE: €230

Mid-Volume Duffel Bag Whether you're headed to the beach or gym or pack it all in this mid-volume duffel bag . PRICE: €50 PRICE:

€55

Slide Sandal

Stripe Board Shorts

A plush lining and footbed enhance a slide sandal fitted with a flexible, ultra-lightweight foam sole. PRICE: €108

Perforated Driving Shoe Fashioned from soft, perforated suede, a casual driving shoe is detailed with contrast topstitching and a brushed-metal bit. PRICE:

€83

Kick it poolside with a preppy style constructed to last you year after year.

PRICE:

€2,734

Stefano Ricci Eagle Buckle Croc Belt This glossy patent blue belt from Stefano Ricci has been crafted in genuine crocodile skin and fastens with a gold-tone buckle featuring an eagle’s head. Destined to provide a statement finish to jeans and trousers, it will ensure first-class style whatever the occasion.

G-Shock Bluetooth Watch

PRICE:

€252

The 2nd Generation Oversize Bluetooth Watch by G-Shock is water resistant and equipped with a symbiotic mobile link function, which allows you to link to your smart phone and receive incoming notifications and alerts.

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PROFILE

To Do List Warrior Born in Germany and raised in Serbia as a working class kid, I learned that you can do anything you set your mind to. Passion is crucial. You really need to love what you do and believe in what you say, in order to be both happy and trusted professionally

MONIKA NOVIČIĆ New Business Manager at Homepage

ou don’t have to work hard in order to be successful, you just need to be disciplined, focused and organised. If someone asked me to define myself professional ly, my response would be “To Do List Warrior”. It is just a way to split your main goal into numerous small ones. In that way you can reward yourself with the feeling of completion hour ly, daily, weekly, monthly… Working for over a decade as a public relations manager at one of the biggest confectionary compa nies in Serbia made me realise that everything you do is PR – not on ly professionally, but personally as well. Once you adopt this rule, you stop worrying about what the fu ture might bring. If you do well, your future will be bright. This job also taught me that you need to invest in people. Every single person you meet in your life is part of your network. Invest your time in them and you can never be poor. Constant education is very impor tant. In order to become good, then better, and finally the best, at what you do, you need to learn every single

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day. Living in the time of the internet makes that so easy. You don’t need to go to back to school – you just have to use Google. All knowledge at this moment of mankind is at the tip of your fingers and that is an almost un thinkable advantage of our genera tion and those yet to come. On the other side, classical education can not be ignored and overlooked. A uni versity degree is a kind of passport. It is important for you to have it in or der to gain entry to the “land” of busi ness “legally”. Looking back at my be ginnings and my latest job searches, it was a great advantage for me that I graduated theatre and radio produc tion at the Faculty of Dramatic arts in Belgrade. My later education at NLP was also greatly respected.

In order to become good, then better, and finally the best, at what you do, you need to learn every single day. Living in the time of the internet makes that so easy One of the reasons why I crossed over from PR to digital is my over whelming infatuation with innova tion and technology itself. Being a member of the leading Serbian dig ital agency, for me, both profession ally and personally, means that I am at the very source of innovation. Becoming the new business manag

er at the Homepage agency seemed such a logical professional step for me, as I had been in love with digital for years. Being surrounded by young, creative and dedicated people, work ing on social media campaigns, web sites, mobile applications, online ad vertising and digital support to of fline events, for the best domes tic and global brands and agencies, makes me feel like I’m in a good place. That is great starting position for me to approach my job. When you have impeccable quality to work with and you trust colleagues who are able to make great digital stories all over the world, you will do everything you can to bring that world to them. If you want to progress constantly, you need to be courageous. You real ly need to “stay hungry and stay fool ish”. Once you embrace that change is the only constant in life, you be come open to everything that life it self brings to you. Whatever you do for living, nev er make it something you live to do. Private time is a necessity for every great professional. Your job should never become your life. If you do not nourish your body and soul, they will fail you when you need them the most. Trusting your gut instinct can be a great filter, both at work and at home. If something doesn’t feel right, it probable isn’t. Don’t increase your fears. Learn to step out of your com fort zone. Sometimes it is more im portant than thinking out of the box. 

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