CorD Magazine no. 242, December 2024

Vesna Mišković Stanković

Corresponding Member of the SASA

SUPPORTING YOUNG, TALENTED PEOPLE

LIFE IS BOTH CHEMISTRY AND ALCHEMY

www.cordmagazine.com

FOSTERING PARTNERSHIP IN AN UNPREDICTABLE ENVIRONMENT

Jelena Begović

Minister of Science, Technological Development and Innovation

DECEMBER 2024/ ISSUE NO. 242

H.E. Jan Bondy

Czech Ambassador to Serbia

interviews opinions news comments events COMMENT

From Angela to Donald FOCUS

U.S. Presidential election EXCLUSIVE

Pavle Petrović

Leasing as an Economic Driver cordmagazine.com

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SPECIAL EDITION 2024

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DIGITAL DAWN

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Bad Seeds Cannot Produce Prosperity

ISSN1451-7833 ISSN1451-7833

full member of the Serbian Academy of Sciences & Arts (SANU)

Bridging Business Across Adria

BRIDGING BUSINESS ACROSS ADRIA

Connecting

No.4

The Region H.E. MOHAMMAD ALI RASHED LOOTAH

9 773009 438006 >

ISSN 3009-4380

President and CEO Dubai Chambers

Dubai Eyes Investment in the Region BUSINESS GROWTH

INNOVATIVE LEADERSHIP

GLOBAL CONNECTIONS

Foreign direct investments reshaping the Adria Region

Leaders driving innovation and global impact

Adria strengthens partnerships from U.S. to Dubai

DIGITAL DAWN

Contents

SPECIAL EDITION 2024

Leasing as an Economic Driver cordmagazine.com

06 FROM ANGELA TO DONALD

96 THE VISIONARY

16 GLOBAL DIARY

BEHIND NOTION’S SUCCESS

BY ZORAN PANOVIĆ

18 HOW WILL TRUMP’S

08 BAD SEEDS

CANNOT PRODUCE PROSPERITY

49

IVAN ZHAO

Co-founder and CEO of Notion

RETURN SHAPE THE WORLD?

100 SCIENCE, EDUCATION AND CULTURE AS PRIORITY IMPERATIVES

ANA PETROVIĆ Director of the Science Festival in Belgrade

FOKUS

PAVLE PETROVIĆ full member of the Serbian Academy of Sciences & Arts (SANU)

99 EVERY GOAL IS ACHIEVABLE!

24 URGENT

DR NEMANJA RAKIĆEVIĆ

COOPERATION NEEDED

SOUFIANE ADJALI

12 FOSTERING

PARTNERSHIP IN AN UNPREDICTABLE ENVIRONMENT”

UNHCR Representative in the Republic of Serbia

Scientist at Google DeepMind

106 LIFE IS BOTH

CHEMISTRY AND ALCHEMY

VESNA MIŠKOVIĆ STANKOVIĆ Corresponding Member of the Serbian Academy of Sciences and Arts

H.E. JAN BONDY Czech Ambassador to Serbia

67 BUSINESS DIALOGUE

112 CHILL OUT 114 FASHION 116 CULTURE CALENDAR 118 FACES & PLACES

“CorD - 21 Years of Independent Thought and Inspiration”

CorD_Magazine cordmagazine thecordmagazine cordmagazine cordmagazine The views expressed in this publication are those of the presenter; they do not necessary reflect the view of publications published by alliance international media

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COPY EDITOR: Mark Pullen

CONTRIBUTORS: Ljubica Gojgić Zoran Panović Radmila Stanković Maja Vukadinović Mirjana Jovanović Miša Brkić, Rob Dugdale Steve MacKenzie Zorica Todorović Mirković Sonja Ćirić, Miloš Belčević

TRANSLATION & EDITING: Pullen Editorial, Halifax

PHOTOS: Zoran Petrović

EDITOR IN CHIEF: Neda Lukić n.lukic@aim.rs DESIGN: Slađan Radosavljević Zoran Perović design@aim.rs

november

SALES MANAGERS: Biljana Dević b.devic@aim.rs Mihailo Čučković m.cuckovic@aim.rs Jelena Petrović j.petrovic@aim.rs OFFICE MANAGER: Svetlana Petrović s.petrovic@aim.rs FINANCE: Dragana Skrobonja finance@aim.rs

PRINTING: E-mail: office@aim.rs CEO: office@cordmagazine.com Rotografika d.o.o.

Ana Novčić a.novcic@cordmagazine.com Segedinski put 72, Subotica www.cordmagazine.com www.aim.rs CorD is published by: PUBLISHER: ISSN no: 1451-7833 alliance international Ivan Novčić All rights reserved media d.o.o. i.novcic@aim.rs alliance international media Resavska 1/III, 2024 11111 Belgrade 17, PAK 125806, Serbia Phone: +(381 11) 2450 508

COMMENT

From Angela to Donald

By Zoran Panović

EU enlargement has been treated as an important security matter since the outbreak of the war in Ukraine, providing more encouragement to candidate countries than the documents signed in Berlin that aim to integrate the region economically

ngela Merkel, who has just published her memoirs, was responsible for launching the initiative intended to integrate the Western Balkans that is known as the Berlin Process. Despite the tangible results achieved by the Berlin Process over the past decade, there is still debate over whether it represents a shortcut or a substitute for EU membership. When initiating the process that recently marked its tenth anniversary, Merkel – in her then capacity as German Chancellor – emphasised that strengthening regional cooperation and fostering political and economic connectivity were crucial to accelerating the reforms required for EU accession. However, as long as the war narratives of the 1990s and the taboos built around them remain paramount, the Berlin Process is limited, as it seemingly attempts to return the region to a position it would have been in if Yugoslavia had been disbanded without disintegrating into war.

At this year’s 10th Berlin Process Summit, held in Berlin on 14th October, Eu-

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ropean Commission President Ursula von der Leyen and German Chancellor Olaf Scholz offered encouragement to the Western Balkans. However, they opted for a new model of encouragement: since the outbreak of the war in Ukraine, EU enlargement has been framed as a critical security issue, which is a perspective that provides greater optimism than the documents signed in Berlin to promote the region’s economic integration. With this acceleration of history, as Olaf Scholz hinted, waiting another ten years may not be an option. Meanwhile, in addressing 46 leaders gathered at the Budapest Summit of the European Political Community, Serbian President Aleksandar

After Nixon in 1970, Ford in 1975 and Carter in 1980, could Trump become only the fourth U.S. President to visit Belgrade, or will Trump’s Serbian supporters need to make a pilgrimage to Budapest Vučić remarked that everyone in Europe must recognise that the world has changed.

The Black Swan may be a gripping psychological thriller starring Natalie Portman, but it’s also a metaphor for unforeseen events with severe consequences, a concept popularised by statistician and risk analyst Nassim Nicholas Taleb, who is incidentally also an essayist and former Wall Street trader.

Dutch explorers were the first Europe-

ans to encounter black swans back in 1697, on the west coast of what is now Australia. It had been previously believed that only white swans exist. For the Serbian government, the tragedy at the Novi Sad train station is a “black swan” event that has once again seen tragedy injecting political dynamics into Serbia.

Donald Trump’s victory is, for now, a “white swan” for Vučić. The opposition fears, perhaps to the point of despair, that international circumstances may once again work in Vučić’s favour. Even the reputable Gallup Poll confirmed that Trump’s highest support in Europe was recorded in Serbia. It is also true that Serbian Americans participated in U.S. elections in an organised and focused manner for the first time. Vučić’s administration has cultivated good relations with individuals close to Trump.

After Nixon in 1970, Ford in 1975 and Carter in 1980, could Trump become only the fourth U.S. President to visit Belgrade, or will Trump’s Serbian supporters need to make a pilgrimage to Budapest, as Orbán precedes Vučić?

Will Budapest be visited like one would visit the Hungaroring circuit, or to see the Rolling Stones when Serbia was off their radar, or akin to Catholics visiting the Pope? Could Orbán and Vučić organise Trump’s visit together, ensuring he visits both capitals? Ideally, Trump would visit Pranjani, the site of Operation Halyard, which resulted in Serbian royalists rescuing U.S. pilots during World War II. But that is assuming, of course, that Serbs aren’t disappointed in the meantime.

A place where mornings begin in peace, with a view of the linden and pine forest. Tucked away in the green heart of New Belgrade, Block 6 is becoming the most desirable place to live in Belgrade.

Ozone Residence, a gated community project inspired by the nature that surrounds it, architecturally integrates into the landscape. All buildings have only four floors, while ground apartments have their private yards. Ecological pearl of New Belgrade awaits for you.

WHERE NATURE IS NOT A PLACE TO VISIT, IT'S HOME .

A peaceful life in a green oasis includes facilities intended only for its residents - from sports courts, padel court, Mediterranean gardens and cafes, to a gym and spa center. Learn more about the project at www.ozoneresidence.rs.

The investors donation of the trim track to the forest surrounding Ozone Residence, together with additional afforestation, enriches the green paradise of Block 6 and raises awareness of nature conservation.

www.ozoneresidence.rs I +381 63 777 44 11 I prodaja@ozoneresidence.rs

OZONE RESIDENCE I BELGRADE, SERBIA

INTERVIEW

EXCLUSIVE

Bad Seeds Cannot Produce Prosperity In order to escape the looming low growth trap, Serbia must restructure towards advanced, high-value sectors that leverage cutting-edge technology and employ highly skilled labour. This requires dramatic improvements to institutions, which have been weakening since the mid-2010s Pavle Petrović full member of the Serbian Academy of Sciences & Arts (SANU)

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hat does the future hold for the Serbian economy? This question is particularly relevant in light of new global economic disruptions caused by deglobalisation, climate change, multiple war zones and other factors. If we were to step into the shoes of Pavle Petrović—a professor at the University of Belgrade Faculty of Economics, full member of the Serbian Academy of Sciences & Arts (SANU) and former President of the Fiscal Council of the Republic of Serbia—the short answer might be: “It depends on what you’ve sown”. A deeply elaborated and evidence-based answer to this very question is contained in Petrović’s book Macroeconomic Crises and Reforms in Serbia, 1980–2023: An Econometric Analysis, which was published by SANU. Speaking in this interview, Petrović touched on some of the most pressing issues ahead of the upcoming conference ‘Economic Growth in Serbia: Determinants and Prospects’, which SANU is hosting on 5th and 6th December.

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Some existing foreign investment, e.g. in the automotive industry in southern Serbia, might become unviable, as indicated by recent tensions in these companies Over the previous decade, we’ve primarily viewed GDP growth through the lens of FDI and the rising exports that such investment has driven. FDI was also defined and promoted as the most powerful vehicle for Serbia’s reindustrialisation and even as a key channel for technological upgrades. This approach is today further supported by efforts to integrate Serbia into global value chains through nearshoring. Furthermore, substantial public investments in EXPO 2027, particularly in the budget for 2025 and beyond, are being viewed as a panacea for accelerating GDP growth and improving citizens’ wellbeing. How

viable are these options over the long term?

— Serbia has achieved middle-income status, building on high foreign investments and, recently, high public investment. However, international evidence indicates that reaching the middle-income level has left many countries stuck at that same level for decades (”middle-income trap”), which may well happen to Serbia. Namely, the current ‘more of the same’ approach, i.e. sizeable FDI channelled into traditional sectors and coupled with public investments that are poorly prioritised, cannot elevate Serbia to the level of a high-income country. That would require substantial reforms.

In a paper to be presented at the SANU conference of 5th and 6th December, we show that growth in Serbia has been driven predominantly by the sheer increase in employment and capital, as opposed to the countries of the Central and Eastern EU (CEE), where large investment infused advanced technology in their economies, thus powering technical advancement and consequently economic growth.

We further demonstrate that traditional low-tech sectors have dominated the Serbian economy and driven overall growth in Serbia, in contrast to CEE countries.

This growth model, which is based on cheap labour and has attracted FDI to Serbia’s low value-added sectors, is coming to an end. Specifically, both Serbia and the CEE countries face adverse demographic developments and substantial emigration to advanced EU countries, which has reduced the available labour force significantly and thus led to rising wages and labour costs. In contrast to CEE countries, Serbia’s dominant low value-added sectors cannot afford to pay these higher wages, compelling investors who are seeking cheap labour to turn to other destinations. Moreover, some existing foreign investment, e.g. in the automotive industry in southern Serbia, might become unviable, as in-

SHIFT

REVERSAL

DIFFERENCE

A dramatic improvement of institutions is needed, because high corruption and weak rule of law have created an uneven playing field, discouraging investment and innovation in the domestic private sector

High “euro wages” have reduced the Serbian economy’s international competitiveness, impeding exports and deterring FDI that seeks cheap labour

Serbia’s growth has been driven mainly by increased employment and capital, unlike in CEE countries, where large investments in advanced technology fuelled technical progress and economic growth

dicated by recent tensions in these companies.

The Serbian government nevertheless expects higher wages to help prevent the labour force from abandoning the country and believes strongly that the solution to the low growth trap lies in increasing budget allocations significantly for projects like EXPO 2027.

They argue that this would attract more investments and stimulate growth, thus balancing the rise in wages. Why do you think this approach might not work?

— The average wage rate has more than doubled over the last seven years and reached 850 euros a month, which might be unsustainable for the Serbian economy because it is approaching the average income levels of more advanced CEE countries, but also those of Greece (€1,100) and Portugal (€1,200).

Moreover, just part of this increase (40%) led to a real rise in purchasing power, while the rest (60%) was propelled by inflation at home and partly in the euro area. High “euro wages” have reduced the Serbian economy’s international competitiveness, impeding exports and deterring FDI that seeks cheap labour. The first in-

dications that the current “more of the same” growth model is untenable are Serbia’s increasing trade deficit and the fact that inflation has yet to be tamed. The 2025 budget and medium-term government plan (Fiscal strategy) indicate a structural shift towards high fiscal deficit and increased public spending, which may further magnify the aforementioned macroeconomic imbalances – external deficit and inflation – and hinder Serbia’s growth prospects.

The 2025 budget and medium-term fiscal strategy indicate a structural shift towards high fiscal deficit and increased public spending, which could worsen the external deficit and inflation, thus hindering Serbia’s growth prospects

If current support for FDI and the rising standard of living cannot provide the desired results, what could prove fruitful?

— In order to escape the looming low growth trap, the Serbian economy should restructure towards advanced, high value-added sectors that utilise cutting-edge technology and can afford to employ and pay highly qualified workers. This requires a dramatic improvement in the quality of institutions in Serbia, which have been systematically deteriorating since the mid-2010s. High corruption and weak rule of law have created an uneven playing field, which has discouraged investments and innovation in the domestic private sector.

Is Serbia set to benefit from “nearshoring” and “friendly shoring”?

We’ve touched on some pressing issues in this interview, while further insights will be provided at the upcoming conference ‘Economic Growth in Serbia: Determinants and Prospects’. Which topics will this event cover?

Apart from the themes mentioned in this interview, the topics to be covered at the conference also include how (de)globalisation might impact economic growth in Serbia, and specifically whether our country can benefit from current “nearshoring” and “friendly shoring” trends.

Entrepreneurship, the start-up scene in Serbia and the region, and AI will be addressed, with their importance for economic growth to be explored.

Specifically, conference participants will examine why Serbia lags behind the region’s key countries on the entrepreneurial development of new high-tech companies. Apart from the institutional framework and the economic context, and more specifically the high-tech industry context, it turns out that demographic developments are critical. That’s why the conference has a separate section devoted to this latter issue and addressing factors like ageing and late retirement, labour force availability in Serbia etc. Finally, exploring economic inequality in Serbia and its determinants, the gender wage gap, and the impact of FDI, shows how the fruits of a growing economy are distributed.

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INTERVIEW

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EXCLUSIVE

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Fostering Partnership in an Unpredictable Environment Defence-industrial cooperation encompasses much more than just buying and selling military or special equipment; it’s a reflection of the strength of relations between countries that’s built on trust, mutual respect and friendship ~ Jan Bondy

H.E. Jan Bondy Czech Ambassador to Serbia

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he new ambassador of the Czech Republic sees Serbia as “one of the most attractive investment destinations in Europe at the moment”, while he recognises opportunities to boost bilateral economic cooperation in the IT and biomedicine sectors. Speaking in this interview for CorD Magazine, Ambassador Bondy explains that a platform for this new cooperation should be represented by the memoranda of understanding that were signed by the two ministers of the economy and industry during the Czech prime minister’s recent visit to Serbia.

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Your Excellency, how would you assess the impact of the recent visit of the Czech Prime Minister to Serbia?

— The recent visit to Belgrade of Mr Petr Fiala, the Prime Minister of the Czech Republic, was very important.

Our countries are deeply connected not only historically, but also, and more importantly, in modern times, mainly through economic and cultural ties. It was therefore necessary to build on the political dialogue as well, and I greatly appreciate that both Prime Minister Milos Vučević and President Aleksandar Vučić created a very dignified environment for the meeting and bilateral talks.

The delegations had the opportunity to meet in person and discuss current issues for the first time since the Covid-19 pandemic.

The prime ministers of both countries share a similar view on current security threats, and both are committed to even deeper mutual ties. Prime Minister Fiala has long been a strong supporter of Serbia’s accession to EU structures, regularly mentioning Serbia in his speeches and showing interest in developments in Serbia and across the Western Balkans. Together with President Vučić, he launched a business forum that was attended by a large number of companies. A Memorandum of Cooperation was also signed, which will serve to intensify mutual trade and investments.

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What effects should we expect from the recently signed Memorandum of Understanding between the Serbian Ministry of Economy and the Czech Ministry of Industry and Trade?

— The signed MoU is proof of the common interest in further developing and increasing our mutual business cooperation, especially in the

Prime Minister Fiala has long been a strong supporter of Serbia’s accession to EU structures, regularly mentioning Serbia in his speeches and showing interest in developments in Serbia and across the Western Balkans

field of transport. By signing it, both sides also confirm their interest in working further on the identification of other areas of mutual interest. We are now discussing with the Serbian side the upcoming session of the Joint Economic Committee that is scheduled to take place in Prague during spring 2025. We believe that, by that time, we will be able to prepare the draft of the document that will specify further areas of common interest for business cooperation. There is huge demand among our companies, particularly in the fields of defence, railways, retail and the agriculture industry.

Trade between Czechia and Serbia has shown steady growth, surpassing €2 billion. Cooperation to date has been particularly notable in agriculture, telecommunications and the chemical industry. One of the most well-known brands in Serbia, Knjaz Miloš, is now Czech-owned.

What do you see as new potential areas for cooperation?

— First of all, the majority of our investors who are already present in Serbia have an appetite and intention to further develop their existing investments. Furthermore, they are also exploring the possibility of investing in new areas. Serbia is one of the most attractive investment destinations in Europe at present. I believe this is valid not only for Czech investors. When it comes to specific investment opportunities, we can also point out the interest of our investors in IT and biomedicine. The most recent new investments have arrived exactly from these two areas. Looking at the structure of Serbia’s future investment plans, that can’t be surprising for anyone.

The Forum on Czech-Serbian Cooperation in the Defence Industry, held in Belgrade last spring, included an announcement of strengthened cooperation between the two countries. How might this be made tangible and should citizens be con-

TIES

DEMAND

INVESTMENT

Our countries are deeply connected not only historically, but also, and more importantly, in modern times, mainly through economic and cultural ties

There is huge demand among our companies, particularly in the fields of defence, railways, retail and the agriculture industry

One of the most notable recent examples is the €24 million investment by Czechoslovak Group into its production facility in 14.

Oktobar

cerned about growing investment in the defence sector?

— Defence-industrial cooperation is about far more than just buying and selling arms or special military equipment. It’s a reflection of the strength of relations between countries, built on trust, mutual respect and friendship. It involves collaboration at multiple levels—not just between industries and companies, but also between defence departments and governments. What sets the Czech Republic apart is its approach. Instead of merely showcasing its advanced production capabilities, it seeks to actively integrate Serbian industries into its supply chains. This isn’t just about trade; it’s about fostering a partnership that benefits both nations, particularly in today’s unpredictable global environment. Given the strong historical ties between Czechia and Serbia, this cooperation is an opportunity to build on that foundation and create a model for sustainable and inclusive collaboration.

One of the most notable recent examples is the €24 million investment

by Czechoslovak Group into its production facility in 14. Oktobar. This step not only strengthens the European and global standing of Czech defence companies, but also contributes to the consolidation of the European defence industry as a whole. For Serbia, it brings significant benefits—new jobs, modern manufacturing technologies and the chance to be part of the dynamic growth of our defence sector. Given the sensitive nature of this field, it’s not appropriate to discuss all the details publicly, but I’m confident that you’ll see an even greater presence of Czech companies in Serbia in the future.

We are happy that we have opened here the Czech Centre that is the cultural institution and an integral part of Czech foreign policy and a one of the tools of diplomacy During his recent visit to Belgrade, Prime Minister Fiala inaugurated the Czech House, envisaged as a future hub for cultural, scientific and educational exchanges. Since one of your goals is to promote cooperation in these fields, do you already have plans for activities at Czech House?

— As regards the Czech House, we are happy that we have opened the Czech

Centre here which is the cultural institution and an integral part of Czech foreign policy and one of the tools of diplomacy. They operate within the domain of public diplomacy, the mission of which is to promote and support the good reputation of Czechia abroad and to strengthen cultural relations between countries.

The Czech Centre in Belgrade is also a great meeting place for people in Serbia who are interested in the Czech culture, language and traditions. The centre provides Czech language classes and participates in organising certified language exams. They do a lot of other activities as well and you can easily check out the kinds of events you can attend via their webpage: https:// belgrade.czechcentres.cz/sr.

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Global Diary

“The unexamined life is not worth living” Socrates

Belarus Granted BRICS Partner Country Status Belarus has officially been granted the status of a partner country within the BRICS framework, the country announced. According to the statement, BRICS has steadily strengthened multilateral cooperation since its inception, becoming a pillar of multipolarity. The status of the partner country allows Belarus to participate in special summit sessions and meetings of BRICS foreign ministers. Additionally, partner countries can join BRICS’ final declarations, extending the group’s geographic reach and amplifying its voice in international affairs.

Pakistan’s Smog Visible from Space NASA satellite images have captured smog over Pakistan visible from space, highlighting the country’s struggle with record-breaking air pollution. The images show eastern Pakistan shrouded in toxic haze, smog extending into northern India and New Delhi.

Lahore, the capital of Punjab with a population of 14 million, recorded an air quality index (AQI) above 400 in mid-November, according to IQAir, a global air quality tracker. An AQI above 300 is considered hazardous, while readings between 0 and 50 are deemed good. Earlier in November, parts of Lahore reported shocking AQI levels exceeding 1,900.

Shigeru Ishiba Stays Japan’s PM Japanese Prime Minister Shigeru Ishiba retained his position after winning a second-round parliamentary vote despite his coalition losing its majority in last month’s elections. Succeeding Fumio Kishida, who resigned amidst scandals, Ishiba now leads a minority government, requiring opposition support to pass laws and budgets. Known for his outspoken criticism of party figures, including Kishida and former leader Shinzo Abe, Ishiba faces challenges of potential gridlock in Japan’s parliament.

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“He who has a why to live can bear almost any how” Friedrich Nietzsche

Donald Trump Wins 2024 Presidential Election Donald Trump has won the 2024 U.S. presidential election, reclaiming the White House after defeating incumbent Joe Biden. This marks Trump’s return to power following a decisive campaign focusing on economic revival and immigration reform. The victory reaffirms his influence within the Republican Party and his appeal to a significant portion of the electorate.

Analysts point to strong voter turnout in battleground states as pivotal in securing his win. His return to the presidency signals a shift in U.S. domestic and foreign policy in the coming years.

Brazilian Valdecy Urquiza Named INTERPOL Chief The General Assembly of INTERPOL has elected Valdecy Urquiza as the new Secretary General of the world’s largest police organisation. The Brazilian police commissioner assumed his role on 7th November, following the conclusion of the General Assembly.

He succeeds Jürgen Stock, who is stepping down after a decade of leadership across two terms. Urquiza has pledged to prioritise equality and diversity within the organisation, enhance coordination among member states for effective investigations, and introduce capacity-building initiatives tailored to regional policing challenges.

Radmila Šekerinska Appointed NATO Deputy Secretary General Radmila Šekerinska, North Macedonia’s former Minister of Defense, has been named NATO’s new Deputy Secretary General.

The appointment was announced by NATO Secretary General Mark Rutte, who highlighted Šekerinska’s deep understanding of NATO’s mission and her experience in guiding North Macedonia through the rigorous process of joining the Alliance. With her appointment, Šekerinska is expected to play a crucial role in advancing NATO’s strategic objectives and supporting its member states. cordmagazine.com

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FOCUS

U.S. PRESIDENTIAL ELECTION

How Will Trump’s Return Shape the World?

The global landscape is constantly shifting, and the re-election of Donald Trump as U.S. president for a second term signals potential new challenges, as he joins the ranks of prominent right-wing leaders shaping today’s political arena

ow that the results of 2024’s most anticipated election are clear, what kind of world is likely to emerge? Will geopolitical tensions increase or decrease? How will continued polarisation in the U.S. shape domestic politics and international relations? Are we heading into a new era of protectionism and deglobalisation, and what does this mean for the EU’s position, con-

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flicts in Ukraine and the Middle East, and other global hotspots?

Will a new “wall” emerge, and where will Serbia stand?

Many analyses will follow Trump’s victory, examining his decisions and their impact on both the U.S. and the world. We spoke with experts to get their initial thoughts on what the new Trump era might look like.

FOCUS

Aleksandar R. Miletić Research Associate of the Institute for Recent History of Serbia; Executive Director of the Centre for History Studies and Dialogue

Trump’s Troublesome Decisions for a Troubled World If Trump’s election promises are realised, the global landscape could shift dramatically, with potential economic strain on the EU and increased refugee flows

uring his election campaign, Trump pledged to impose tariffs on Chinese and EU goods and vowed to end the conflicts between Russia and Ukraine and between Israel and Palestine.

This first commitment suggests a potential shift towards the deglobalisation of trade, while the latter raises the possibility of military outcomes that could potentially lead to the loss of independence for both Ukraine and Palestine.

Now that Trump has won the election, it remains to be seen whether he will follow through on these promises. Should he do so, we could indeed find ourselves in an entirely new economic and geopolitical landscape. In a worst-case scenario, the EU could face severe challenges, with economic strain from American protectionism and the added pressure of refugee influxes from a “pacified” Ukraine and Palestine.

The potential U.S. gains from a protectionist agenda remain uncertain, both in the short and long term. Historical precedent—such as the Smoot– Hawley Tariff Act of 1930—suggests that such policies could prove counterproductive, ultimately harming the U.S. economy and exacerbating broader economic downturns, as was the case during the Great Depression.

My sincere hope is that, as with other populist leaders, Trump’s election promises may not fully reflect the policies that will ultimately be implemented post-election. However, any part of Trump’s foreign policy agenda, when enacted, will likely have adverse effects on European stability, security and

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prosperity. At the very least, it could incite protectionist and populist movements at the national level.

The Western Balkan countries are deeply integrated into the EU’s economic sphere and will inevitably share in the economic consequences of Trump’s tariffs, especially if combined with the destabilising ef-

My sincere hope is that, as with other populist leaders, Trump’s election promises may not fully reflect the policies that will ultimately be implemented post-election fects of conflicts involving Russia. Serbia’s case is particularly complex, as its hybrid regime shares much of its populist rhetoric with leaders like Trump, Putin, Erdogan and Orbán, while simultaneously maintaining its EU candidate status. Moreover, the recently rebranded “Serbian World Agenda”, representing a modern iteration of the Greater Serbia concept, poses a continual threat to regional stability.

As the U.S. shifts back to isolationist policies, the responsibility for establishing a new framework for security and cooperation in this region increasingly rests with EU institutions. This framework should encompass a more comprehensive approach to Serbia, addressing its foreign policy agenda, the rule of law and media freedoms.

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FOCUS

Duško Lopandić Ph.D diplomat and president of the European Movement in Serbia’s Forum for International Relations

What Awaits Europe?

The European Union appears to lack the required unity and preparedness to adapt to new global challenges. Will it continue to wait for U.S. voters to decide its fate?

he U.S. presidential election was the last in the series of major elections held this year, but was undoubtedly the most important.

These elections were held in a world that is becoming ever-more chaotic. We are witnessing two major wars – in Ukraine and the Middle East – as well as a series of smaller wars and conflicts that have no end in sight. Alongside the (de)globalisation process, climate change, as well as major and rapid technological changes, we are also seeing trends of new world divisions, multilateral organisations in crisis, as well as new forms of political propaganda – primarily populism – that have taken on the role of serious ideologies. International public law that has never been particularly well respected is now receiving a series of fresh blows in various forms: from the abusive attitude of some UN members (Israel) towards the UN Secretary General, to attacks on UN peacekeepers and the return of war to Europe in a big way.

Along with the paralysis of the UN Security Council, the U.S. – as the world’s most powerful military, economic and technological power – is no longer able to act positively in terms of controlling the international order, and it appears that Washington isn’t overly interested in maintaining this role in the new age of multipolar “disorder”.

The European Union appears to lack the required unity and preparedness to adapt its economy and geostrategic approach to new planetary challenges following a series of crises that has included Brexit, the pandemic, mass migration and wars in the neighbourhood. Will Europe continue to wait for its fate to be decided each four years by a few thousand voters in Wisconsin or Pennsylvania?

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Despite the subject of EU enlargement having seemingly shifted from the deadlock that it was stuck in for years, this shift merely hints at a more decisive policy and strategy that we are still just beginning to glimpse over the horizon.

The war in Ukraine represents perhaps potentially the most dangerous crises since World War II and the wars of the Far East. In a kind of historical turnaround, seven decades after the major war that divided Korea, (North) Korean soldiers are arriving to join this major European war.

Unprecedented threats of nuclear war represent an existential peril for humanity as a whole, and not just for Europe. The hand of the “doomsday clock” is moving ever-closer to midnight Unprecedented threats of nuclear war represent an existential peril for humanity as a whole, and not just for Europe. The hand of the “doomsday clock” is moving ever-closer to midnight.

Serbia’s foreign policy is shifting increasingly away from the country’s basic interests. Under conditions of deepening confrontation in Europe, straddling “two chairs”, between the West and the East, can no longer be justified. A more energetic course correction towards EU accession is a logical step, but principled statements about the path to Europe aren’t being accompanied by concrete reforms. There can be no sustainable stabilisation of relations in our region, which is one of the country’s vital interests, without European integration.

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Ivan Vejvoda political scientist

Institutions and Their Would-be Destroyers and Defenders The malevolent nature of Trump’s intentions isn’t disputed; the question is whether American democracy has strong enough safeguards to contain those intentions onald Trump’s more than convincing victory in the U.S. presidential election of 5th November marks a significant turning point for the world.

It is necessary to couch this victory in the broader context of the growth of the political right and the extreme right; parties with conservative worldviews in European countries like the Netherlands, Italy, Germany, Slovakia, Austria, or even, for instance, in India.

The U.S., as the country that remains the world’s strongest, with the largest economy, certainly has a greater influence over world trends than others. Agreement exists that unpredictability represents Trump’s key characteristic. It is also true, however, that he is much more prepared this time around to take on his second term as the 47th president of the U.S. He has noted that one of his primary goals on the domestic front will be to take revenge for all the actions that he claims have been taken against him by both individuals and institutions of the state. The malevolent nature of his intentions isn’t disputed, but what remains unknown is his ability to implement his intentions and, in accordance with that, the question of how resilient U.S. democratic institutions will prove in resisting those moves – in colloquial terms, whether there are strong enough safeguards to prevent his intentions.

American society is divided. He was victorious and now controls almost all key branches of government, both executive and legislative, and will attempt to subordinate the judiciary (we will see if he can really succeed in that).

On the economic front, protectionism will be at the foundation of his policies. He has stated that “tariff” (customs barriers, excise duties) is his favourite word. Europe and China will be the first in the firing line, but many economists warn that this could have very detrimental consequences for the U.S. economy and entrepreneurs. We also

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shouldn’t forget the example of China, which holds approximately nine hundred billion dollars of U.S. debt.

This all means that geopolitical circumstances will be complicated, to say the least. When it comes to transatlantic relations, it is difficult to predict at present whether he will seek the U.S.’s withdrawal from NATO or “merely” a cooling of relations, i.e., a reduction in the U.S. contribution to Europe’s defence and security. He has stated that he would resolve the Russo-Ukrainian War in 24 hours (with typical Trumpian arrogance). Ukraine should certainly prepare to receive significantly less support, if

In this constellation, the Western Balkans – including Serbia - aren’t a high priority for the incoming U.S. administration...

The EU is their home port and anchor not the complete suspension of American aid. Europe and the EU are already preparing to take on the biggest burden and to help Ukraine by themselves. The war in the Middle East is the second major challenge and support for Israel will certainly be as high as it’s been to date, or even higher, leading to even greater uncertainty over the end of this conflict.

Trump’s first term was marked by his opposition to multipolar institutions and prioritising of transactional, direct relations with other countries - all of which yielded mixed results.

In this constellation, the Western Balkans – including Serbia - aren’t a high priority for the incoming U.S. administration. The region represents part of Europe geographically and geopolitically, and its countries aspire to join the EU, which is their home port and anchor, but they should certainly also strive to find their interests in relations with the new administration in Washington.

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FOCUS

Dr Srećko Đukić former ambassador and current member of the Forum for International Relations

Towards a New “New” World Agreement between the UN Security Council’s five permanent members is key to a truly new world, a fairer world, a more secure world, a multipolar world and every other, better world

nternational relations, i.e. “the world”, is erroneously viewed as a static quantity or unchanging value, while in reality “the world” is in constant turmoil. In international relations, processes aren’t static, they unfold in front of us and somewhere in their depths carry the sprouting shoots of a “new” world. Following the final victory over Napoleon, Europe’s empires forged an alliance that they hoped to use to preserve their positions and ensure they remained untouchable and unchangeable.

This alliance, established by Russian Tsar Alexander I, was supposed to suppress any change (revolution) and safeguard its own geopolitical monopoly.

The only things that remain unchanged in “the world” since 1945 is the UN Security Council and the U.S. dollar (no alternative is more universal). The monopoly of the five permanent members of the Security Council (U.S., USSR / Russian Federation, China, UK and France) has lasted for 80 years, incomparably longer than the aforementioned imperial alliance. This has happened despite many attempts to reform the UN by adapting the composition and decision-making processes of the “world government” to the “new” worlds that have been paraded since its foundation. Agreement between the big five is key to a truly new world, a fairer world, a more secure world, a multipolar world and every other, better world.

Several “new worlds” have come and gone since World War II. The cannon barrels hadn’t yet cooled when the Cold War and the arms race broke out. The world was sliding towards nuclear apocalypse. An exit was found in negotiations between the superpowers on arms limitation, and later on disarmament; this led to the birth of another “new” world,

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to détente and cooperation between the two worlds, opposing blocs. An epochal shift in international relations came with the collapse of the Soviet socialist system, marking the end of the bipolar world. The world came to be ruled by one power, one system.

This ushered in the era of the unipolar world of the U.S. (Fukuyama’s end of history), but there is no end.

There is only forward movement, towards a more or less predictable future. No one has yet managed to turn back the wheel of history.

Following the U.S. presidential election (2024) and Donald Trump’s return to the White House, we are awaited by years during which it will be decided how the “new” world will look. The responsibility doesn’t lie only with the U.S., though it will be cru-

Following the 2024 election and Donald Trump’s return to the White House, we are awaited by years during which the U.S., as the key country, but also smaller countries, will have an opportunity to shape the “new” world cial in shaping that world, as the key country. Small countries also have a right to shape this “new” world.

Trump is a specific representative of the far right, of big capital, as a unifying, unpredictable and eccentric character of “easily promised speed”. Nobody is satisfied with today’s existing relations and everyone is seeking the transformation of international relations towards a safer and more just world for all.

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DIPLOMACY

Urgent Cooperation Needed An urgent need exists for real cooperation and concerted efforts by states to address conflict, climate change and other root causes of displacement ~ Soufiane Adjali Soufiane Adjali

UNHCR Representative in the Republic of Serbia

ith conflict, climate change and other crises driving unprecedented levels of forced displacement worldwide, there has never been a greater need for real cooperation and strategic action. In this exclusive interview for CorD Magazine, Soufiane Adjali discusses the alarming global trends of displacement, the challenges of addressing humanitarian needs and efforts underway in Serbia to strengthen the asylum system, support refugee integration and combat statelessness.

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We are bearing witness to the unprecedented scale of conflict and war worldwide, with images of human suffering often presented in both national and international media.

Many people have been forced to flee their homes due to war and persecution. What does UNHCR’s data show about the number of forcibly displaced persons globally? And what is the situation like in Serbia?

— According to the UN Refugee Agency’s (UNHCR) 2024 Mid-Year Trends report, at the end of June 2024, 122.6 million people worldwide remained forcibly displaced due to persecution, conflict, violence and other human rights violations. What is particularly worrying is that the number of people remaining forcibly displaced has continued to 24

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grow for more than 12 years. The data also show that the vast majority of refugees – over 70% – are hosted in low and middle-income countries.

When it comes to Serbia, according to the data from the Serbian Commissariat for Refugees and Migration, as of mid-November there were around 580 refugees, asylum-seekers and migrants in governmental centres. Additionally, around 250 people have been

granted international protection in Serbia since the 2008 adoption of the Law on Asylum.

UNHCR is on the ground in 136 countries worldwide, working to support millions of forcibly displaced and stateless people. Unfortunately, with global forced displacement at historic highs, funding is falling short of meeting the practical needs on the ground.

Why is the gap between known humanitarian needs and funding to address them continuing to grow?

— The system for protecting people who have been forced to flee is under unprecedented strain. There is vast demand for UNHCR’s work because of persisting crises, but also new ones that have led to record numbers of people being uprooted by conflict. Many of them are now also impacted by disastrous climate events, which exacerbate their desperation and misery.

There is an urgent need for real cooperation and concerted efforts among countries to address conflict, climate change and other root causes of displacement. Solutions are harder to find, but UNHCR continues to make concerted, focused efforts both to expand sources of funding and to reshape the traditional paradigm through new approaches for people on the move, and the practical, coordinated development of synergies between humanitarian, development, private sector, host community and many other interested actors. Support from donors, including funding JPOs, is critical in this regard.

Could you tell us more about the focus of UNHCR’s work in Serbia?

— UNHCR has been present in Serbia since 1976. Two years from now, UNHCR will mark half a century of its active presence in the country. The focus of UNHCR’s work has shifted over the years to adapt to the context. Currently, in close collaboration with the Serbian authorities (the Interior Ministry, Serbian Commissariat for Refugees and Migration, various line ministries, independent bodies etc.), civil society and the diplomatic community, UNHCR has developed a multi-year strategy to guide our work over the next five years.

This strategy focuses on assisting the Serbian authorities to further strengthen their national asylum system, including the asylum procedure and reception conditions for asylum-seekers, bringing it closer to international standards.

UNHCR also works to promote a positive narrative and welcoming attitudes towards forcibly displaced people, and

advancing effective, tangible inclusion and integration opportunities. Additionally, one of the main objectives of UNHCR’s remit is to work with the authorities on the prevention of statelessness and support to vulnerable Roma in accessing personal documents.

stein German Academic Refugee Initiative) scholarship programme in Serbia since 2021, enabling the first refugees here to access public tertiary education. UNHCR is proud of the six university students who are currently studying in Serbian successfully.

What are the most important measures implemented by UNHCR in Serbia to ensure the integration of refugees?

UNHCR has also led a notable global campaign to end statelessness.

What is the situation in Serbia in this regard?

— UNHCR Serbia is trying to explore innovative and individualised approaches to inclusion and integration, taking into consideration refugees’ specific situation and needs, but also their unique skills and talents. For instance, UNHCR and IKEA last year launched the #ForRefugees private sector network in an effort to mobilise the support of socially responsible businesses for people forced to flee their homes and rebuild their lives

According to the UN Refugee Agency’s (UNHCR) 2024 Mid-Year Trends report, at the end of June this year, 122.6 million people worldwide remained forcibly displaced due to persecution, conflict, violence and other human rights violations from scratch in Serbia. The private sector plays an increasingly significant role in supporting refugees through its commitment to the local communities, diversity and inclusion, as well as the sustainable development goals.

UNHCR is also strengthening its engagement with financial service providers, advocating the improved financial inclusion of refugees and asylum seekers. Access to bank accounts and other financial products are essential not only for their economic survival, but also for fostering meaningful integration, self-reliance and participation in economic and social life.

Additionally, UNHCR has been implementing the DAFI (Albert Ein-

— This year marks the end of UNHCR’s decade-long #IBelong Campaign to End Statelessness, which has mobilised action and raised awareness of this very important issue. Since the campaign’s 2014 launch, more than 500,000 stateless people and individuals with undetermined nationality globally acquired citizenship. Serbia has also taken significant strides, with thousands of people receiving personal documents that grant them access to essential rights, including education, healthcare and employment. Through legislative reform and the combined efforts of state institutions, international organisations and the non-governmental sector, Serbia has progressed in tackling this issue and serves as an example of good practice. Despite evident progress and results, all stakeholders need to continue working to resolve this problem as long as people remain at risk of statelessness in Serbia. To continue global efforts to address statelessness after the conclusion of the #IBelong Campaign, the Global Alliance to End Statelessness was officially launched in Geneva in October this year, at the 75th session of the Executive Committee of the UN High Commissioner for Refugees. This Global Alliance brings together states, intergovernmental organisations, UN agencies, civil society organisations, stateless-led organisations and others working to bring transformative change so that everyone can enjoy the right to a nationality without discrimination. UNHCR hopes that Serbia will join the Global Alliance to share its best practices and benefit from the experiences of others. cordmagazine.com

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BASEL 3.1

A Crossroads for Global Banking Regulation The Basel Committee’s minimum capital requirements have faced criticism for years, but the effort to implement global banking-supervision rules post-2008 now seems on the brink of collapse n 2023, the US Federal Reserve proposed stricter capital requirements, potentially raising them by 19% on average for American banks. This sparked a fierce backlash from the financial industry, including high-profile figures like JPMorgan’s Jamie Dimon. As a result, the Fed revised its proposals, halving the original impact, yet even these diluted measures face uncertainty. The Federal Deposit Insurance Corporation has signaled reluctance, and political opposition is mounting, with some advocating abandoning the Basel regime entirely.

Europe presents similar challenges. French President Emmanuel Macron has urged the European Commission to reconsider its plans for implementing Basel 3.1, arguing that the EU shouldn’t be the only region adhering to

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these rules, especially as European banks lose market share to their US counterparts.

The UK, historically a strong proponent of Basel rules, faces internal pressure to prioritise growth and competitiveness, particularly for small-business lending.

Disagreements over facts exacerbate the situation. US banks argue the Fed’s proposals would disadvantage them, while European leaders claim the opposite. A report by Oliver Wyman found EU banks to be better capitalised, but conflicting internal research from the European Central Bank suggests otherwise. The ECB’s reluctance to publish its findings highlights the political sensitivity of these issues.

What began as a response to the global financial crisis has stalled. While Basel III’s

core provisions were introduced in 2010, the latest revisions are proving more divisive. Political will for reform has diminished, with little mention of Basel at the recent G20 summit in Brazil. Countries that have already implemented the new rules, like Australia and Singapore, may soon protest the uneven application, potentially derailing the process entirely.

As new leadership takes the reins in the US and EU, there’s a pressing need for collaboration. The stakes are high, and further delays risk leaving the entire framework in limbo.

It’s a moment of waiting — not unlike Samuel Beckett’s Waiting for Godot — and the financial world can only hope Godot arrives soon.

DIGITAL DAWN SPECIAL EDITION 2024

THE ETHICAL COMPASS OF OUR DIGITAL FUTURE Artificial Intelligence (AI) ethics and responsibility are crucial in ensuring that AI technologies are developed and used in ways that respect human rights, fairness, and transparency. Ethical AI involves addressing biases, safeguarding privacy, and promoting inclusivity to prevent harm and discrimination. Responsible AI development also requires accountability from creators and stakeholders to ensure that the technology serves societal needs while minimising potential risks.

By prioritising ethical principles, we can build trust in AI systems and harness their potential for the greater good.

CONTENTS 32 Towards Responsible AI COMMENT

38 For Responsible Artificial 42 Missing Steps Intelligence to a Unicorn Mihailo Jovanović

Director of the Serbian Office for IT & eGovernment

41 RNIDS - Pillar of 34 Supporting Serbia’s Internet Young, Talented Development People Predrag Milićević

Jelena Begović

Serbian Minister of Science, Technological Development and Innovation

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Marketing and Communications Advisor, Serbian National Internet Domain Registry Foundation (RNIDS

44 Leading the Digital Revolution Danilo Savić

CEO, Data Cloud Technology

Tanja Kuzman

CEO of the Digital Serbia Initiative

46 Responsible AI EVIDEN

47 A New Dawn Awaits Sanja Pešić

Chief Executive Officer, Alma Quattro

DIGITALISATION 2024

54 AI Facilitates Diagnosis

48 Technology Serving People

Vukašin Radulović

Heliant d.o.o. Co-founder

Vanja Ožegović

55 Tomorrow, Today

Nites Group CEO

50 From Legacy IT Systems to the AI Revolution

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56 The EU Must Break Up Big Tech

Ljiljana Milić

Egzakta Advisory Director

52 Level Up in Asset Management Anđelko Vizićanin AIGO Team Manager for Digital Business Automation

53 PANTHEON ERP: Powerful Catalyst for Business Growth

60 Central and Eastern Europe’s Path to AI Leadership 64 Unlocking AI-Powered Learning

Borko Ristić

Datalab SR MD

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COMMENT

TOWARDS RESPONSIBLE AI By hosting the GPAI Summit, as a first of its kind event in Europe, Serbia demonstrates its commitment to ensuring that transformative technologies serve the greater good

osting the 2024 GPAI Summit is a significant milestone for the Republic of Serbia, spotlighting its commitment to the responsible development and use of artificial intelligence. In a world grappling with the balance between efficiency and ethical AI, this summit marks an important moment for global discussions.

The Global Partnership on Artificial Intelligence (GPAI), established during the 2020 G7 summit

by Canada and France, aims to address these challenges. The OECD has this year become the partnership’s official host, with the Belgrade summit being the first since this transition.

A critical component of responsible AI is preparing future generations to navigate its complexities. The first GPAI Summit in Europe will bring together leading voices from the OECD, global AI experts and industry leaders to discuss AI’s role in society and forge collaborative solutions to its challenges.

Serbia has already taken notable strides towards responsible AI. Within the first 100 days of its new government, a Council for Artificial Intelligence was established to coordinate and implement the national AI strategy. This builds on Serbia’s 2020–2025 AI Development Strategy, which laid the groundwork for ethical AI through initiatives like the Artificial Intelligence Institute and the adoption of an ethical framework for responsible AI development.

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Looking ahead, the 2024–2030 AI Development Strategy aims to harness AI to enhance education, science, the economy, public services and security, while regulating ethical aspects and minimising misuse. The vision is for Serbia to become a regional leader in AI, fostering innovation and attracting investment.

Serbia is transitioning its economy to a knowledge-based model, with ICT emerging as the largest net-exporting industry. ICT exports exceeded a value of €3.44 billion in 2023, showing growth at an annual rate exceeding 26% over the past 11 years.

This success is underpinned by Serbia’s engineering excellence and skilled talent pool, nurtured through strong STEM education.

According to the 2023 Shanghai Ranking, the University of Belgrade ranked 301–400 globally, and 201–300 in Physics. Coding is part of the compulsory school curriculum from 5th grade, where pupils learn tools like Scratch, Python, Pygame and Jupyter. Serbia also boasts high English language proficiency, ranking 24th among 113 countries on the 2023 English Proficiency Index, with Belgrade ranking 19th among cities globally.

Serbia’s vibrant start-up ecosystem plays a key role in its knowledge economy. By integrating AI into health, agriculture and education, Serbian start-ups are addressing real-world problems and fostering innovation.

Challenges nonetheless remain.

The start-up system is still in its infancy, while traditional industries are lagging behind in terms of automation, robotisation and AI adoption. Overcoming these hurdles requires not just legal and innovation infrastructure, but also a broader cultural shift towards embracing technological advancements.

SERBIA IS LAYING THE GROUNDWORK FOR A FUTURE IN WHICH TECHNOLOGICAL INNOVATION WILL BENEFIT ALL MEMBERS OF SOCIETY DIGITALISATION 2024

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INTERVIEW

SUPPORTING YOUNG, TALENTED PEOPLE “We aim to facilitate and accelerate exchanges of knowledge and resources, as well as the transfer of technologies between academia, industry and start-ups, in order to establish solid foundations for our continued economic and social development” ~ Jelena Begović

JELENA BEGOVIĆ Serbian Minister of Science, Technological Development and Innovation

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ccording to a recent study, AI-based tools are used, to varying degrees, by only 15% of companies analysed in Serbia.

In contrast, 36% of companies neither use AI nor consider it necessary, while 49% of managers view AI as an innovation and are actively gathering information and ex-

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ploring potential applications. In this interview with Serbian Science, Technological Development and Innovation Minister Jelena Begović, we discuss the gap between traditional industries and startups in their adoption of digital technologies and Serbia’s advancements in artificial intelligence.

How would you interpret the fact that few domestic companies rely on artificial intelligence in their operations, even though we, as a country, aspire to transition to a knowledge-based economy?

— This study’s findings aren’t surprising when we consider the phase of the digital transformation

DIGITALISATION 2024

process that we are in as a society and globally. That 15% of companies are already using AI isn’t insignificant, as it shows that initial steps have been taken and that some segments of our economy recognise the potential of AI to enhance business operations.

On the other hand, the fact that 36% of companies see no need for AI points to a gap in digital literacy, as well as a lack of knowledge or information about the opportunities this technology offers. This is quite normal, given that we are discussing a technology that is still in the infancy of its broader adoption.

However, the term “artificial intelligence” is often used without basis, as AI has become a buzzword

other, we might even be using it on a daily basis.

On a positive note, nearly half of managers recognise AI’s potential and are actively exploring its applications. This is promising, as AI can serve as a powerful tool and aid in business and many other activities. Serbia is experiencing growth in the number of startup companies focusing on various applications of AI, from medicine to agriculture. I am confident that this trend will continue and likely accelerate. AI has the potential to contribute significantly to the transformation of the economy through the optimisation of business processes, enhanced efficiency, and competitiveness—priori-

THE 2019 ADOPTION OF THE ARTIFICIAL INTELLIGENCE DEVELOPMENT STRATEGY DEMONSTRATED SERBIA’S COMMITMENT TO BEING PART OF THE TECHNOLOGICAL FUTURE and companies frequently use it to draw attention.

A study by London-based investment firm MMC Ventures analysed 2,830 European companies claiming to use AI. It found that as many as 40% of these companies did not utilise machine learning— an area of AI that has seen significant development over recent years, in both academia and commerce. According to Eurostat, only 8% of companies in the EU currently use AI technology.

It is crucial to understand that transitioning to a knowledge-based economy is not solely a technological issue but also a matter of changing mindsets, acquiring new skills, and adapting to global trends. On the other hand, the question arises as to whether everyone is aware of how present artificial intelligence is, how its applications are expanding, and how, in one way or ancordmagazine.com

ties that Serbia has already recognised in its ongoing development.

The very fact that we adopted the Artificial Intelligence Development Strategy back in 2019 demonstrates Serbia’s commitment to being aboard the train that is driving technology into the future.

Why does Serbia still lack detailed and comprehensive statistical data on the application of new technologies, which would provide a clearer picture of digital transition within the economy?

— This question touches on a broader issue related to tracking technological trends. To obtain a precise picture of digital transition in the economy, complex and extensive mechanisms for data collection and analysis need to be established, requiring collaboration between government institutions, academia and the private sector.

The challenge currently lies in system fragmentation—many companies, especially SMEs, don’t report data on their use of new technologies or lack the capability to map their digital transformation processes accurately.

In collaboration with relevant institutions, we should establish standardised methods for gathering data on the implementation of new technologies in the economy.

This will not only provide a clearer understanding of the current situation but will also serve as a key tool for strategic decision-making, identifying potential weaknesses and developing targeted support for companies.

At the same time, we have a relatively significant number of start-ups developing AI-based applications. How well-supported are such companies within government structures and the innovation system to ensure their growth and development?

— Support for start-ups that are developing AI-based applications is substantial. However, we view the entire start-up ecosystem as a future driver of innovation and economic transformation. Serbia has invested significant resources in developing its innovation ecosystem over recent years, including establishing science and technology parks in Belgrade, Niš, Novi Sad and Čačak, with new facilities like the industrial technology park in Kruševac currently under construction.

These parks provide start-ups with infrastructure and mentoring support, as well as access to specific financial mechanisms critical for growth and development. Additionally, the Innovation Fund offers financial and mentoring support for existing start-ups and scientists to turn their innovative ideas into reality and establish their companies.

Serbia’s start-up ecosystem comprises over 800 companies valued at approximately €1 billion.

It’s worth noting that the number

TREND Serbia is seeing a rise in the number of start-ups applying AI across various fields, from medicine to agriculture. I am confident that this trend will continue and is likely to accelerate

GOAL One of our key objectives is to encourage academic institutions to establish their own start-ups

INVESTMENT

We aim to reach every innovator in Serbia, which requires continued investment in infrastructure and in talented young people for whom start-ups are becoming a new business reality

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of start-ups in Serbia grows annually by about 25%. Our current focus as a country is on increasing the value of our start-ups. For instance, around 25% of our startups are valued at nearly $1 million.

We must now find the most effective way to attract venture capital (VC) and other investors to recognise Serbia as a prime destination for investing in these high-risk companies.

This event allowed them to present their products and network with the 70,000 members of the global start-up ecosystem.

One of our key goals is to encourage the academic community at universities and institutes to establish their own start-ups. Additionally, we must strengthen research, development and innovation activities within the domestic private sector, as this enhances its

IT IS CRUCIAL TO UNDERSTAND THAT TRANSITIONING TO A KNOWLEDGE-BASED ECONOMY IS NOT SOLELY A TECHNOLOGICAL ISSUE, BUT ALSO ONE OF CHANGING MINDSETS, ACQUIRING NEW SKILLS AND ADAPTING TO GLOBAL TRENDS Moreover, it is essential for our start-ups to gain international experience and connections to prepare to enter global markets. In collaboration with the Chamber of Commerce & Industry of Serbia, 24 Serbian start-ups were showcased on the “Serbian Island” during this year’s prestigious Web Summit in Lisbon, where they drew significant attention from global visitors.

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competitiveness and resilience to challenges. In this context, introducing tax incentives for research and development, as well as for investments in start-ups, plays a significant role in accelerating the growth of these companies.

What do you see as the strengths of the infrastructure provided by the government to foster

innovation, and where do you think new steps are needed?

Our science and technology parks, as well as 24 regional innovation start-up and smart city centres, offer companies the opportunity to connect with mentors, access infrastructure and develop new technologies. We have also significantly improved the regulatory framework to support innovation, including tax incentives, financing programmes and incentives for our innovative individuals through programmes run by the Innovation Fund.

Additionally, Serbia is establishing its first venture capital funds to boost investments in startups. However, there is room for further development, especially in networking all stakeholders within the innovation ecosystem and providing additional support to regions not yet fully integrated into innovative processes.

We aim to reach every innovator in Serbia, which requires continued investment in both infrastructure and people—talented and entrepreneurial young individuals for whom start-up companies are becoming a new business reality.

DIGITALISATION 2024

INTERVIEW

FOR RESPONSIBLE ARTIFICIAL INTELLIGENCE Belgrade’s hosting of the Ministerial Summit of the Global Partnership on Artificial Intelligence will strengthen Serbia’s position as an important player in the global development of AI

MIHAILO JOVANOVIĆ Director of the Serbian Office for IT & eGovernment

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DIGITALISATION 2024

elgrade is hosting the Ministerial Summit of the Global Partnership on Artificial Intelligence on 3rd and 4th December, marking the first time this event has been held in Europe. This was among the key topics that we discussed with Mihailo Jovanović, director of the Office for IT & eGovernment.

We began our conversation by citing data showing that the export of Serbia’s ICT services reached €2.96 billion over the first nine months of 2024, marking a 19% increase compared to the same period of 2023.

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How much has this sector recovered from the crisis and what are your expectations moving forward?

— The data published by the National Bank of Serbia reflect the continuous growth and progress of our ICT sector. In September alone,

ing increasingly to national economic growth.

The State Data Centre in Kragujevac, which also hosts the first National Platform for Artificial Intelligence, is a key symbol of Serbia’s digital transformation.

What are your plans when it comes to applying AI to improve public administration?

— Serbia adopted its Artificial Intelligence Development Strategy for 2020–2025 back in 2019, becoming the first country in Southeast Europe to have such a document. The new government led by Prime Minister Miloš Vučević has already demonstrated a strong commitment to digitalisation and new technologies, particularly AI. Within the administration’s first 100 days, the Prime Minister established the Artificial Intelligence Council, bringing together leading experts from public adminis-

SERBIA IS SET TO ADOPT ONE OF THE MOST SIGNIFICANT STRATEGIC DOCUMENTS OF THE DECADE: THE ARTIFICIAL INTELLIGENCE DEVELOPMENT STRATEGY FOR 2024–2030 Serbia achieved record ICT exports of €338 million, 20% more than in September 2023, which highlights the sector’s steady growth and increasing contribution to the country’s economic balance.

The ICT services surplus of €2.3 billion for the first nine months of 2024 is a significant indicator, particularly regarding its impact on GDP and Serbia’s foreign currency stability. This surplus enables not only the sector’s sustainability, but also further investment in new technologies and support for domestic innovation. Given current trends and growth dynamics, we expect the ICT sector to continue playing a leading role in Serbia’s economy, contributcordmagazine.com

tration, industry and academia.

As a regional leader in AI, Serbia will continue investing in this field. The State Data Centre currently houses a supercomputer powered by four NVIDIA DGX A100 systems with 32 GPUs, 1,024 processor threads and 150 TB of storage, delivering five petaflops of AI performance. This system will be upgraded early next year, with six additional NVIDIA DGX H200 systems with 48 GPUs, which are seven times faster, along with an additional 120 TB of storage.

Significantly, Serbia will soon adopt one of the most important strategic documents of our time: the Artificial Intelligence Development Strategy for 2024–2030. This

document will guide modernisation across all sectors – not only in the economy, but also in education, energy, transport, environmental protection and healthcare, making AI a cornerstone of societal progress.

A partnership with CERN has also been announced. What are the key benefits of this collaboration for Serbia?

— In December 2023, Serbia signed a Memorandum of Understanding with CERN to collaborate on the implementation and operation of the Global LHC (Large Hadron Collider) computing grid at the State Data Centre in Kragujevac. We are proud that Serbia is one of only 24 member states of the world’s largest scientific laboratory.

Thanks to the exceptional capabilities of the Kragujevac Data Centre, we are not only ready to store, but also to analyse and process data for one of the LHC’s four main experiments—CMS (Compact Muon Solenoid). Serbia is likely to be among the first countries classified as TIER1 (one level below CERN’s own data centre), with the goal of reaching 10% of all TIER1 resources.

The entire system, forming part of the Global LHC computing grid, will be designed by our own engineers with the aim of introducing new trends. Additionally, our IT professionals will gain valuable expertise in managing complex systems, creating a new generation of specialists able to apply their knowledge across other scientific domains.

As the main national partner, you are implementing the threeyear project “Click with Citizens” in collaboration with relevant ministries. What are the primary goals of this initiative and what will it mean for your administration and for citizens?

— The launch of the project “Centre for Digital Services Development – Click with Citizens” marks

COMMITMENT The new government formed the Artificial Intelligence Council within its first 100 days, bringing together experts from public administration, industry and academia

LEADERSHIP Given current growth dynamics, we expect the ICT sector to continue playing a leading role in Serbia’s economy, contributing significantly to the development of the national economy

BREAKTHROUGH As a result of collaboration with CERN, Serbia will host one of the most advanced data centres, with hopes that our engineers’ expertise will be shared with other professionals

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a new chapter for the Office of IT and eGovernment. It is extremely important for us to hear the voices of the users of our services.

With the support of partners such as UNDP, UNICEF and FAO, we will listen to and study our most important target group: the citizens of Serbia. Our aim is to include citizens in every stage of digital service development, involving them in design and testing to ensure services are accessible, user friendly, available on all devices and inclusive of people with disabilities.

We are also focusing on understanding the barriers faced by non-users of e-services, striving to simplify processes and reduce steps. To achieve this, we will introduce new procedures and tools to our daily work and train our staff in citizen-focused service design. Over the next three years, we aim to perfect this new approach

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in such a way that citizen-oriented service development becomes the standard for digital public services.

THE BELGRADE SUMMIT WILL SEE MORE THAN 500 EXPERTS, INCLUDING 70 SPEAKERS, DISCUSS THE RESPONSIBLE DEVELOPMENT OF AI AND ITS APPLICATION FOR THE BENEFIT OF SOCIETY

Belgrade is hosting the Ministerial Summit of the Global Partnership on Artificial Intelligence on 3rd and 4th December, which will include the participation of ministers and leading experts from around the world. What will be the key topics of this summit?

— Belgrade will undoubtedly become the global centre for the development of artificial intelligence in early December. This is the first time such an event is being held in Europe, further solidifying Serbia’s position on the global stage.

The summit will focus primarily on the responsible development of artificial intelligence and its application for the benefit of society as a whole. We expect over 500 experts, including more than 70 speakers, to participate across 25 sessions. We additionally plan to sign the Belgrade Declaration during this event.

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CORPORATE

RNIDS - PILLAR OF SERBIA’S INTERNET DEVELOPMENT Serbian national domains aren’t just internet addresses—they are symbols of Serbia’s presence and identity on the global network. The Serbian National Internet Domain Registry Foundation (RNIDS) is the key organisation managing Serbia’s national domains – .rs and .срб. Since its 2006 establishment, RNIDS has become synonymous with Serbia’s safe, stable and reliable global internet presence RNIDS is among the most important organisations for the Serbian internet, ensuring the functional stability and security of national domains, while safeguarding Serbia’s internet identity and sovereignty in the digital space. Its role extends beyond technical responsibilities and includes working actively to enhance users’ trust in Serbian domains and fostering domestic internet entrepreneurship. Over the years, through various projects, initiatives and educational efforts, RNIDS has significantly raised awareness of the importance of the internet for business development.

SERBIA’S DIGITAL ECOSYSTEM

RNIDS plays a crucial role in developing Serbia’s digital ecosystem. Through various activities, the Foundation promotes and encourages greater participation of local businesses online. Beyond technical issues and support for internet infrastructure, RNIDS also addresses legal matters related to domain management and user rights. By collaborating with legal experts, cordmagazine.com

the organisation has contributed to creating a legal framework that ensures the secure use of national domains, directly strengthening user trust in domestic e-commerce.

One of RNIDS’s key tasks is to raise awareness of online security threats. The Foundation continuously organises events and educational programmes for businesses, companies and individuals, encouraging responsible conduct in the digital space. These activities bring together experts from the IT industry and representatives of the private sector and state institutions, fostering intersectoral collaboration and enhancing the security of Serbia’s digital space.

BROADER ROLE

The significance of RNIDS extends beyond the Serbian market; it plays a broader role in the Western Balkan region and globally, serving as a successful model organisation in its field. The Foundation works actively to increase its international visibility by collaborating with various global organisations and initiatives.

Through partnerships with international bodies like ICANN and RIPE NCC, as well as associations of national registries like CENTR and APTLD, RNIDS keeps up-todate regarding innovations in internet resource management and contributes to the development of global standards. Simultaneously, through its collaboration with state institutions and international organisations, RNIDS has positioned itself as a key player in the development of internet infrastructure and security across the region.

RNIDS also collaborates with local and regional organisations to share knowledge and experiences. It is not uncommon for RNIDS to serve as a model for other countries that are seeking to improve their internet infrastructure management.

Thanks to RNIDS, Serbia has a strong and stable foundation for the future development of online business, which is critical to building user trust in domestic internet resources and integrating Serbia into the global digital economy.

PREDRAG MILIĆEVIĆ Marketing and Communications Advisor, Serbian National Internet Domain Registry Foundation (RNIDS)

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INTERVIEW

MISSING STEPS TO A UNICORN

Photo Credit Branislav Nenin

In order for us to have a unicorn in the next few years, we need support mechanisms to enable their growth on the global market, along with mentorship from a larger number of successful entrepreneurs and international experts

TANJA KUZMAN CEO of the Digital Serbia Initiative

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he startup ecosystem continues to grow due to the establishment of a large number of "young" startups as shown in Startup Scanner.

It is important to have a greater number of new startups in the ecosystem, since many of them will not survive. However, in order to move to the next phase of ecosystem development, we need

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a significantly higher number of scaleups on the global market,” says Tanja Kuzman, CEO of the Digital Serbia Initiative (DSI).

According to the latest Startup Scanner, created by DSI through the “Venture an Idea” project implemented with the support of USAID, the number of startups that have the potential to become unicorns is significantly smaller when compared to ecosystems similar to ours.

“The emergence of unicorns begins with founders identifying a pressing global challenge early on and developing a solution that delivers substantial value to a large user base. Later on the key is in achieving exponential revenue growth while keeping cost increases minimal. Currently, 80% of startups launch products on local or regional markets, while lacking exper-

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tise in sales and marketing,” explains Kuzman.

Prior to taking the role of CEO at DSI, you worked in the private and public sectors, as well as working for international organisations. In your opinion, which of these sectors should provide the most support for the further development of startups?

— All three sectors—public, private and international—play a crucial role in developing the startup ecosystem. If we look back, even those startups that were launched “in garage” emerged in ecosystems that were strategically and systematically built with the support of all three sectors.

DSI believes that the private sector should provide the greatest support for the ecosystem development, because it understands what is needed for the global success and positioning in the global markets. This role is closely connected to the roles that the public and international sectors should play.

The public sector should create a regulatory framework that eases

and what we want to achieve as an ecosystem.

Instead of Economy 4.0, we are now already talking about Economy 5.0, which entails, among other things, business transformation through AI, automation, the personalisation of services etc. We therefore need to focus on successfully transitioning to Economy 5.0.

Despite us having globally recognised experts and teams, our share of AI startups in the total number of startups is lower than in many European countries.

countries of Southeast Europe.

How would you compare Serbia’s innovation system to those of these other countries?

— According to the Global Innovation Index for 2024, Serbia ranks 52nd, behind Croatia,

THE DIGITAL SERBIA INITIATIVE WILL FOCUS ON THE DEVELOPMENT OF THE STARTUP ECOSYSTEM, INFORMAL EDUCATION, ENTREPRENEURSHIP AND THE ESTABLISHING OF STRONG INTERNATIONAL LINKS business operations for startups, such as simplified procedures, tax incentives and specially trained officers to work with innovative companies. Meanwhile, international institutions should offer access to expertise from developed markets in an effort to accelerate ecosystem development and ensure the creation of the required knowledge and resources for global markets.

In your previous role as Director for Digital, Startups and Innovation, you led projects across nine cordmagazine.com

Bulgaria, Hungary and Romania, which indicates that there’s room for improvement. In terms of the development of a startup ecosystem, .Serbia lags behind some countries in the region in terms of the number of unicorns, innovation commercialisation and total investments in startups. On the other hand, we have the most developed innovation and startup ecosystem among the Western Balkan countries. In this context, the question is who we want to compare ourselves with

The DSI today brings together over 30 organisations and member companies from various sectors that are relevant to the growth of the digital ecosystem. With this experience and knowledge, in which areas do you identify the greatest need for DSI to engage?

— Our goal is to address challenges that currently aren’t being tackled by other actors in the digital ecosystem and for which we have the required resources, knowledge and expertise among our members.

All activities of the organisation will focus on creating value for society as a whole, and by that I’m referring to four key areas that will be in the focus of the DSI in the period ahead.

The first is the startup ecosystem, where we will support startups in significantly increasing their presence in developed markets. The second is informal education, where we will develop programmes to familiarise future generations and professionals with the use of advanced technologies. The third area is entrepreneurship development, with the aim of increasing the number of experienced startup founders through mentorship and support programmes. The fourth area is internationalisation through establishment of strong international connections and support for global growth of our companies.

CHALLENGES Our challenge lies in increasing the global presence of our innovative solutions and supporting founders in developing startups with global ambitions

SHORTFALL Serbia has the potential to make a significant leap towards Economy 5.0, but we need to build a greater knowledge base about digital transformation

COMPARISON Serbia lags behind in terms of the number of unicorns, innovation commercialisation and investments in startups, but is the Western Balkans’ most developed startup ecosystem

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INTERVIEW

LEADING THE DIGITAL REVOLUTION Despite having been established only four years ago, the Government Data Centre represents the infrastructural cornerstone of Serbia’s digitalisation strategy, and recent accolades confirm that we are on the right track, says Data Cloud Technology CEO Danilo Savić, with obvious pride

DANILO SAVIĆ CEO, Data Cloud Technology

peaking in this interview for CorD Magazine, the CEO of Data Cloud Technology discusses the pace of digitalisation in Serbia and the construction of both the Innovation District and the National Cybersecurity Centre, which he sees as pivotal to Serbia’s strategic approach to information security. We also explore staff training and professional development, as well as the challenges of the modern digital environment for which DCT offers optimal solutions.

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Are you proud of your role in advancing digitalisation, which is an essential need in today’s world?

— The Government Data Centre is not merely an infrastructural base— it is a catalyst for digital transformation in Serbia. As the organisation behind this pivotal component of the national strategy, we are proud to contribute to the modernisation of both the public and private sectors. Digitalisation has become a fundamental necessity of modern society, and our role is to provide secure, reliable and innovative services that enhance business operations and everyday life. Our focus is not only on addressing current needs, but also on creating solutions that will shape the future.

The international community has praised Serbia’s digitalisa-

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tion efforts, especially progress on eGovernment, yet much remains to be done. The benefits are significant, and it’s clear that you’re on the right track.

— The progress Serbia has achieved in digitalisation, particularly through initiatives like eGovernment, represents a significant step towards sustainable societal development. International recogni-

tion undoubtedly confirms that we are heading in the right direction.

However, we are aware that digitalisation is a continuous process requiring constant improvement, especially in education and technological accessibility. The benefits are clear: increased efficiency, transparency and resource savings for citizens and businesses alike.

At DCT, our mission is to continue

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driving change and accelerating this process.

Resource savings, particularly savings on time, motivate businesses to embrace digitalisation. Do they see the Government Data Centre as a guarantee of secure and high-quality implementation?

— Resource savings are a key driver motivating businesses to adopt digital solutions. The Government Data Centre is recognised as a synonym for security and reliability, offering companies additional assurance in the digitalisation process. Our infrastructure not only ensures the secure processing and storage of data, but also provides integrated solutions tailored to users’ needs. The combination of our team’s technological expertise and skills guarantees the highest quality digital transition for every client.

Speaking of security and reliability, the Government Data Centre has been classified at the highest internationally recognised level.

There’s no room for improvisation here, is there?

— Certification at the Tier 4 level represents the pinnacle of technical excellence and reliability in the industry. This means that every system is secured redundantly and every process is optimised meticulously.

To clarify—this certification, in line with international standards (EN 50600 and TIA-942), ensures that all key systems of the centre—power, cooling and telecommunications— are built with complete redundancy (the “2N” concept), where a backup component automatically takes over in the case of a primary system failure. Tier 4 guarantees service availability of 99.995%.

This infrastructure is designed for the highest levels of resilience and security without compromise.

Achieving this level of certification requires exceptional precision in every aspect of operations—from design and construction to management and maintenance. Becordmagazine.com

yond technical specifications, it reflects our commitment. I believe this dedication provides our clients with an invaluable sense of security, knowing their data is in the hands of a reliable and expert partner. Setting new standards also carries additional responsibility—in terms of continuously exploring and developing new solutions and leading the future of sustainable digital vision.

Apart from making life easier for citizens by saving time and eliminating queues, digitalisation also helps businesses improve their operations. Does this require the continuous introduction of new services and solutions?

— Digitalisation has a transformative impact on society and the economy, creating opportunities to improve business processes and increase efficiency. Understanding client needs is key to developing new services that support business innovation. Our services, such as colocation, cloud options and AI platforms, provide companies and institutions with scalable solutions that eliminate the need for significant investment in their own infrastructure.

At the core of our mission is the motto ’Available. Anywhere, Anytime.’ We ensure data security and infrastructure availability 24/7. I must emphasise that this is backed by the highest level of security, as evidenced by the fact that only eight data centres across Europe have achieved the Tier 4 standard.

As IT technology evolves rapidly, we adopt a similar approach: continuous research into innovative solutions within the sector. This is the role of experts—analysing deeply, anticipating needs and developing new solutions. I firmly believe that, as leaders of the digital revolution, this is our responsibility.

Following the construction of the Innovation District, the National Cybersecurity Centre will also be located near the Government Data Centre. Does this signal the

need for a serious approach to security challenges?

— We see the Innovation District and the National Cybersecurity Centre as key components of Serbia’s strategic approach to information security. The reason is clear: information security is a growing challenge in today’s dynamic digital environment. We face daily challenges in the digital realm, such as attacks on critical infrastructure systems. These events can be highly complex and can have far-reaching consequences.

At Data Cloud Technology, we take a strategic approach to this issue, deploying the most advanced software tools for threat detection and prevention, developing incident response scenarios and in-

THE COMBINATION OF TECHNOLOGICAL EXCELLENCE AND THE EXPERTISE OF OUR TEAM GUARANTEES THE HIGHEST QUALITY IN THE DIGITAL TRANSITION PROCESS FOR EVERY CLIENT vesting in the continuous training for our team. We place special emphasis on awareness-building and training professionals from various fields, as security is not solely a technological challenge, but rather also a human one.

The National Cybersecurity Centre will provide further expertise and support in this area, positioning Serbia as a regional leader and a model for cybersecurity best practices. To summarise: education, multidisciplinary teams and strategic planning are the key elements of our response to the challenges of the modern digital environment.

This makes us not only a pillar of security, but also a partner in enhancing resilience against increasingly complex threats, ensuring the security of data and systems is imperative.

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RESPONSIBLE AI Generative AI is revolutionising our world. According to American tech research and consulting firm Gartner, it will have an impact “similar to that of the steam engine, electricity and the internet.” McKinsey estimates that it could add trillions in value to the global economy annually

n an effort to support our clients in this transformation, Eviden launched its GenAI Acceleration programme in mid-2023. This comprehensive offer includes services and solutions across our Digital, Cloud and BDS business lines, along with accelerators to help businesses fully exploit, scale and leverage GenAI for trusted, fast-time to value.

These offers present a powerful opportunity to grow business in all industries. Gartner estimates spending on IT services related to AI in Europe will grow from $78 billion in 2024 to $94 billion in 2025.

Phenomenal forecasts have been accompanied by real-word examples of potential risks and challenges like complying with regulations, redesigning processes, establishing trust, coping with embedded ethics etc. The answer to these challenges is to implement responsible AI holistically.

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How can Eviden help your company implement AI responsibly?

Our business-driven consulting team accesses, analyses, explores and realises your capabilities. Eviden’s end-to-end consulting approach is leveraging 8,000 Data and AI experts across Europe, MEA, the Americas and Asia.

We perceive AI not merely as a technical solution. This is very much about people, culture and new ways of working impacting all organisational layers. We support you throughout the AI

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journey, from assessment to operations. Our holistic approach considers not only financial returns, but also social, ethical and strategic benefits.

Let us not overlook the importance of addressing the environmental impact.

Our next-gen solutions can help you reduce your environmental impact by benefiting from the best energy-efficient system on the market and align with sustainability goals. Eviden’s AI architecture is designed to be the market’s most energy-efficient option, thanks to Eviden’s advanced and unique Direct Liquid Cooling solution, which is integrated into our BullSequana XH3000 nextgen hybrid supercomputer. BullSequana XH3000 reduces your environmental impact, on the one hand, while powering your AI journey, on the other.

High performance computing, Eco-Consciousness and AI go hand-in-hand in our portfolio. Fuelled by the BullSequana XH3000 direct liquid cooled architecture, an Eviden-led consortium received the distinction of being awarded the first European Exascale contract by EuroHPC to provide the very first Exascale supercomputer in Europe. This not only showcases our technological powerness, but also marks a significant milestone in Europe’s strategic advancements in high-performance computing.

We look forward to opportunities to apply our worldwide experience in Serbia, but also to bring the benefits of the most modern technologies to our country and economy.

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CORPORATE

A NEW DAWN AWAITS For more than three decades – since its establishment and to this day, as it celebrates its anniversary – Alma Quattro has been a market leader in out-of-home (OOH) advertising. The company takes great pride in its accomplishments, but also its contribution to the development of new communication channels

SANJA PEŠIĆ Chief Executive Officer, Alma Quattro n this interview for our magazine, Alma Quattro CEO Sanja Pešić speaks with undisguised pride about creativity, courage and the need to be different, but also the need to keep up with trends and introduce innovations. She announces a major leap forward in the planning and offering of advertising space coming up next year, with an even smarter approach to leveraging the advantages of digitalisation.

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You recently celebrated 30 years of Alma Quattro, marking this significant anniversary in late October.

Congratulations!

— We believe that 30 years of work is truly something to celebrate, and we’re proud of everything we’ve accomplished. We also like to highlight the fact that we’ve contributed to the development of a new communication channel in Serbia’s advertising market.

We’ve also changed over these three decades – those of us who started it all have grown wiser, more patient and better prepared for the inevitable changes necessary for the continued development of the business.

Keeping up with modern technologies is crucial for any business, and you’ve embraced digitalisation. Do you believe the best results are achieved by combining OOH with other advertising formats?

— If we use the advantages of digitalisation wisely, a new dawn awaits us. The main adcordmagazine.com

vantage of digitalisation is that OOH has become an additional screen alongside TVs, mobile phones and computers. It enables more attractive presentations of advertising messages, faster response times and shorter preparation deadlines, while offering vast creative and interactive possibilities—especially at eye level. Here I’m referring primarily to smaller formats, particularly at bus stops.

What’s missing on the market is precisely the use of these possibilities, which digitalisation enables. The interactive benefits of digital media are already being widely utilised worldwide. I believe, and expect, our creative industry will follow this path.

Technological advancements and innovations make OOH and DOOH even more engaging, distinctive and capable of drawing consumers into deeper communication with brands. It is people themselves –

IT IS PEOPLE THEMSELVES – THEIR CREATIVITY, IDEAS, COURAGE AND DESIRE TO BE DIFFERENT – THAT CAN INFLUENCE THE INNOVATIONS DIGITALISATION ENABLES

their creativity, ideas, courage and desire to be different – that can influence the innovations digitalisation enables. Creative concepts can be adapted on the basis of weather conditions, time of day or specific events. However, the potential of motion, video and animated content remains underutilised.

What can we expect in the future from Alma Quattro, a company that embraces innovation?

— I believe this process cannot be stopped or slowed and that, in the future, we will rely exclusively on new technologies that will not only shape business environments, but also manage them. It will ultimately be up to people to decide to what extent, and in which ways, these technologies are utilised.

We still believe that the combination of the classic billboard, which allows 24/7 display of advertising material, and the modern digital screen, which offers great advantages in terms of creativity and animation, but is visible only a fraction of the time, is a winning formula.

Alma Quattro has always been dedicated to innovation, and we’ve decided to take a step further for the coming year in terms of planning and offering advertising space, as well as updating smaller formats. But we’ll save those details for another issue of CorD Magazine. The year to come will undoubtedly bring clarity, and we view 2025 as the year of a new dawn.

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VANJA OŽEGOVIĆ NITES Group CEO

INTERVIEW

TECHNOLOGY SERVING PEOPLE “The future we are building is based on digital solutions that connect industries, resources and communities, enabling faster exchanges of information and more sustainable development,” says NITES Group CEO Vanja Ožegović peaking in this exclusive interview, NITES Group’s Vanja Ožegović reveals how digital transformation acts as a catalyst for industrial change, its im-

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pact on energy sector strategies, its role in improving accessibility to, and quality of, healthcare services, its contribution to the development of sustainable and connected urban spaces, and how a

future shaped by digital solutions could look.

How does digital transformation act as a catalyst for progress across sectors, laying the foundations for a more connected future?

— Digital transformation is changing how we work and live, offering new opportunities by connecting data, systems and processes. We believe that digitalisation is the key to more efficient resource management and adapting industries to the needs of modern society.

For example, in the energy sector, digital solutions enable real-time grid monitoring and predictive capabilities based on weather forecasts and user habits.

In urban environments, data analytics improves citizens’ quality of life by optimising traffic flows, reducing pollution and

DIGITALISATION 2024

managing resources more effectively. In healthcare, digital tools simplify access to information, though there remains significant room for further progress.

Our goal is to develop solutions that empower individuals, enabling them to benefit fully from digitalisation in their everyday lives.

How are digital innovations shaping strategies for modern energy systems and adapting them to new demands?

— Developing modern energy systems requires integrating technologies capable of addressing increasingly complex challenges in the energy and utilities sector.

Our vision for the energy sector includes using machine learning, real-time analytics and predictive modelling to optimise energy production and consumption, while improving the efficiency of utilities companies.

These technologies make energy systems more flexible and adaptable, enabling precise forecasting and swift decision-making. Actively involving end-users—as prosumers—is a critical step towards more stable networks and overall sector sustainability.

Our approach focuses on sustainability, efficiency and reducing CO₂ emissions through the advanced integration of renewable energy sources. Our solutions additionally help utilities companies address the growing demands of both the market and their customers, building energy-efficient and environmentally-friendly systems that are ready for the future.

How does digital transformation in healthcare improve accessibility and quality of services, and what impact does it have on the patient experience?

— Our healthcare philosophy places the patient at the centre— as the owner of their data and an active participant in the treatment cordmagazine.com

process. Digitalisation in healthcare enables quick and secure access to information, eliminating the need for paper documents and accelerating decision-making processes.

With advanced analytical tools, we provide more accurate diagnoses, personalised therapies and better preventative measures. Patients gain better insight into their health and greater trust in the healthcare system.

Our mission is to ensure healthcare focuses on people, using technology as a tool to improve the quality of care.

able sources supported by advanced analytical tools. Healthcare will become more accessible and personalised, while smart cities will set the standard, providing safe and sustainable living environments.

OUR GOAL IS TO DEVELOP SOLUTIONS THAT EMPOWER INDIVIDUALS, ENABLING THEM TO BENEFIT FULLY FROM DIGITALISATION IN THEIR EVERYDAY LIVES

How do smart city solutions contribute to sustainable urban development, and what benefits do they bring to communities?

— Smart cities represent our vision for the future of urban life. Their core idea is to use technology to collect and analyse data in order to improve efficiency and residents’ quality of life.

By monitoring parameters such as traffic, air quality and energy consumption, cities can make strategic decisions that directly enhance daily life. Smart management of traffic and energy reduces CO₂ emissions, saves time and resources, and creates more sustainable environments.

Our solutions connect people, resources and data, ensuring cities become dynamic communities that not only tackle challenges, but also create new opportunities to improve quality of life.

How do you envisage a future shaped by digital solutions across various industries?

— The future we are building is based on digital solutions that connect industries, resources and communities. We believe technology will enable faster information exchanges, better decision-making and more sustainable development.

In energy, we envisage the extensive integration of renew-

Our goal is to ensure that technology serves people, enabling an improved quality of life and fostering responsible community development. Digitalisation is not just a tool, but rather a pathway to a sustainable, connected future.

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CORPORATE

FROM LEGACY IT SYSTEMS TO THE AI REVOLUTION Egzakta Advisory is a trusted partner helping companies in transforming from traditional to modern digital organizations, enhancing their digital capabilities and ensuring competitive sustainability in a dynamic market

LJILJANA MILIĆ Director, Egzakta Advisory e speak with Ljiljana Milić, Director at Egzakta Advisory for Serbia, about digital transformation. Ljiljana leads a team that implements the Group's strategy based on consulting, IT solutions, and artificial intelligence, positioning Egzakta Advisory as a leading par tner for digital transformation within the region.

Their approach combines an under standing of business processes with the cutting-edge technologies, transforming traditional companies into agile digital organizations.

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Digital transformation is essential, yet many companies strug-

gle to determine where to begin.

How does Egzakta Advisory initiate this process?

— Our approach starts with deep understanding of client’s business and the industry they operate in.

We begin by identifying critical business processes and evaluating their readiness for digitalized transforma-

WE EMPLOY A METHODOLOGY THAT BEGINS WITH A CLEAR BUSINESS VISION, FOLLOWED BY DEFINING IT PRIORITIES, ORGANIZATIONAL STRUCTURE, AND OPERATIONAL MODELS. THIS FRAMEWORK ESTABLISHES A SOLID FOUNDATION FOR CREATING A ROBUST SYSTEM ARCHITECTURE AND A COMPREHENSIVE IMPLEMENTATION ROADMAP 50

tion. The cornerstone of our methodology lies in effectively translating business needs into technology-driven solutions. For instance, if a client aims to improve customer experience, we translate that objective into the implementation of CRM systems, develop omnichannel solutions, and design applications seamlessly integrated with their existing core infrastructure.

Recently, we developed a comprehensive track and trace system that digitalizes the entire journey of goods from the manufacturer to the end customer. Following a year of detailed analysis, workshops, and adaptation to global best practices, we delivered a solution that fully met the client’s needs. Effective digitalization demands a systematic approach that combines a deep understanding of business processes, operational models, and advanced technologies.

IT strategy plays a crucial role in business growth. How does Egzakta Advisory create IT strategies for its clients?

— An effective IT strategy must be closely aligned with the business strategy. We employ a methodology that begins with a clear business vision, followed by defining IT priorities, organizational structure, and operational models. This framework establishes a solid foundation for creating a robust system architecture and a comprehensive implementation roadmap. A critical component

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involves identifying legacy systems that require upgrades or replacement, as these often pose significant barriers to progress. Ensuring seamless business operations while minimizing risks during modernization is a top priority. We also identify the essential technological skills and IT competencies that organizations need to develop within their teams.

Finally, a successful IT strategy incorporates well-defined success metrics to ensure that the evaluation of investments aligned seamlessly with business objectives, enabling organizations to achieve measurable and sustainable growth.

Legacy systems are often perceived as barriers to progress. What is Egzakta Advisory’s approach to overcoming these challenges?

— Transformation legacy IT systems goes beyond technology – it’s about adopting new mindset. Our “From Legacy to Digital” approach facilitates gradual transformation using microservices architecture and APIs, ensuring operational continuity throughout the transformation process. By employing a phased approach, we ensure a smooth transition that avoids disruptions to business operations. The transformation of organizational culture is equally important. We recognize that sustainable technological change requires a shift in mindset and commitment to enhancing of employees’ digital competencies.

By addressing both the technical and human aspects of transformation, we help organizations embrace the digital future with confidence.

Artificial intelligence is becoming increasingly significant in business.

How does Egzakta Advisory guide its clients in implementing AI? — Artificial intelligence has become a transformative force in modern business. At Egzakta Advisory, our dedicated AI Lab, established two years ago, has been at a forefront of this revolution. We have developed a suite of platforms and solutions to help companies seamlessly integrate AI into their operations. cordmagazine.com

Our approach to AI is pragmatic prioritizing tangible business outcomes. We have developed a framework for rapidly assessing an organization's AI readiness and identifying high-impact use cases with the greatest potential for return on investment (ROI).

Additionally, we are actively creating platforms for customized AI solutions tailored to address the unique needs of specific businesses and industries, ensuring maximum relevance and effectiveness.

In partnership with the Innovation Fund, we are developing a cutting-edge SaaS model designed specifically for business consultants.

Initially implemented within our own operations, this solution is being prepared for commercialization, targeting over 350,000 boutique consulting firms globally. The platform is designed to be applicable across a broad range of service-oriented industries.

AI has the power to fundamentally transform businesses, and our own experience demonstrates its potential. By integrating AI tools, we have achieved productivity gains several times greater than those experienced before adopting these advanced technologies.

AI is not a universal solution to all challenges and success lies in a deep understanding of business processes and the careful selection of use cases where AI can provide the greatest value. Additionally, staying ahead of trends is critical, as AI technology evolves at a rapid pace. Keeping up with these advancements on an almost daily basis is essential to leverage the full potential of AI and maintain a competitive edge.

What key messages would you like to convey to companies facing digital transformation challenges?

As consultants, we often distill complex concepts into essential points, so let me conclude with the following insights: • Digital transformation is essential: Adapting to the digital world is necessary to remain competitive.

• Holistic approach to transformation: Requires understanding of business processes, models, and technology.

• Continuous process, not a onetime project: A journey of constant adaptation to innovations and market shifts.

• Alignment of business and IT strategies: IT must align with business goals, evolving into a core business component.

• Step-by-step modernization of legacy systems: Plan phased updates to ensure continuity and minimize risks.

• Transformation of organizational culture: Shifting mindsets and building digital skills are crucial for success.

RECOGNIZING TRENDS IS CRUCIAL, IN THE RAPIDLY EVOLVING FIELD OF AI. IT IS ESSENTIAL TO MONITOR TECHNOLOGICAL SOLUTIONS ALMOST ON A DAILY BASIS TO REMAIN ALIGNED WITH THIS DYNAMIC DEVELOPMENTS AND HARNESS FULL POTENTIAL OF AI INOVATIONS • Identification of priority areas for digitalization: Focus on areas with the highest value for minimal resource use.

• Implementation of artificial intelligence: Strategically implement AI to boost productivity and efficiency.

• M onitoring technological trends: Stay updated on rapid technological advancements for a competitive edge.

• Collaboration with expert partners: Collaborate with experienced teams for strategy, solutions, and skill development.

Egzakta Advisory is a trusted partner for organizations seeking to transform, enhance their digital capabilities, and secure a competitive position in their industry.

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CORPORATE

LEVEL UP IN ASSET MANAGEMENT According to AIGO, the synergy of ESG and AI provides decision-makers with tools to create more sustainable, efficient and competitive strategies that are rooted in ethical and sustainable principles

ANĐELKO VIZIĆANIN AIGO Team Manager for Digital Business Automation e spoke with leading experts in modern IT solutions and their integration into business systems about the role artificial intelligence plays in transforming modern business, its intersection with ESG, particularly in asset ma nagement, and the revolutionary changes b e i n g b r o ug h t b y t e c h n o l o g i c a l advancements.

and ESG enhances trust in a company, bolstering its credibility and securing a leadership position in responsible investment.

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What’s the direction of technological trends and how are they shaping modern business?

— Two directions are absolute imperatives: sustainability and technological innovation. Sustainable practices and ESG (environmental, social, and governance criteria) factors have become an integral part of the strategy of any company wishing to remain competitive and responsible. Simultaneously, by accelerating data analysis and decision-making, artificial intelligence enables organisations to adapt to increasingly rapid and complex challenges.

How do you see AI’s role in the transformation of modern business?

— Without AI, it would now be inconceivable to carry out timely, precise and comprehensive analysis of massive amounts of data. Additionally, predicting future trends based on historical data is impossible without AI in modern business. Ar-

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tificial intelligence is not merely an aid; it is a survival tool.

ESG factors are being increasingly mentioned in business. Why have they become so significant?

— Because we live in a world that demands closer consideration of the connection between the environment, social standards and governance. These factors are now at the core of investment strategies for asset management by leading managers worldwide, deeply embedded in investment processes. This ensures that company portfolios align with the highest sustainability and ethical management standards.

How can ESG and AI be interconnected, particularly in the context of asset management?

— Artificial intelligence brings revolutionary change to asset management. The synergy of ESG and AI on a single platform primarily enables comprehensive ESG analysis. AI accelerates, deepens and increases the accuracy of analysis by processing and interpreting large data sets.

AI-driven insights enable proactive engagements with partners and stakeholders on ESG issues. The combination of AI

What are the key advantages of this approach for companies; how will the future of asset management look?

— Integrating ESG and AI into asset management strategies is not merely about following trends, but rather about laying the required foundations to secure investments for the future. Users of this solution actively and effectively shape a sustainable future for both their company and the community as a whole. By embracing the cutting-edge synergy of ESG and AI in asset management, they transform their investment strategies and drive sustainable success. It is a true ‘Levelling Up’ in every sense.

How would you summarise the significance of these trends for business decision-makers?

— Socially responsible business practices are becoming a key factor for long-term success and market competitiveness. The combination of ESG and AI equips decision-makers with tools to craft more sustainable, efficient and competitive business strategies that are rooted in sustainability and ethical company standards. In short, businesses must respond to the imperatives of preserving the world we live in – and must provide the best possible answers.

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CORPORATE

PANTHEON ERP: POWERFUL CATALYST FOR BUSINESS GROWTH The Datalab system fosters innovation, enhances education, contributes to sustainability and connects people and markets, creating positive effects at every level, explains Managing Director Borko Ristić

BORKO RISTIĆ Datalab SR MD peaking in this interview, Datalab SR MD Borko Ristić explains how digital tools and business software can drive innovation, entrepreneurship, transparency in business and the creation of a digital economy. This company’s PANTHEON ERP system is increasingly becoming the choice for a growing number of users.

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Do you believe digital tools and business software can contribute to societal and economic advancement, beyond just business development?

— Absolutely! Digital tools and business software like our ERP PANTHEON have the potential to significantly impact societal and economic advancement, beyond the development of individual companies. Digital tools enable the faster and more efficient development of ideas and start-ups. E-commerce platforms, project management tools and financial software make it easier for SMEs to launch operations by lowering barriers to market entry.

The use of software for financial tracking and managing projects and resources fosters greater transparency in business operations. This reduces opportunities for corruption, builds trust among cordmagazine.com

partners and clients, and contributes to a healthier economic environment.

By leveraging advanced technologies and software solutions, countries can develop sectors like IT, fintech and E-commerce, making them globally competitive.

This diversification strengthens economies. Digital tools and business software aren’t just mechanisms for improving business operations; they are catalysts for broader social and economic transformation. Their application drives innovation, enhances education, promotes sustainability and connects people and markets, creating positive effects at all levels.

Which industries use PANTHEON and how many companies currently use it?

— PANTHEON’s broad applicability spans numerous industries, due to the system’s flexibility and adaptability. Across this region, nearly 100,000 users rely on PANTHEON. Its powerful tools for accounting, reporting and cost management make it a favourite in the accounting and financial sectors.

In retail, PANTHEON is chosen for supply chain optimisation, inventory management, sales tracking and performance analysis. Manufacturers use it for planning, resource management, monitoring production processes and cost optimisa-

tion. PANTHEON is also widely used in logistics and transportation, construction, agriculture, the food industry and the service sector.

What direction will PANTHEON’s future development take?

— The future development of the PANTHEON ERP system will undoubtedly be driven by user needs and growing demand for business digitalisation. We anticipate deeper integration with digital technologies like cloud solutions, mobile applications, web-based platforms, further automation and AI. This specifically relates to predictive analytics, customer support and the introduction of robots to handle repetitive tasks.

PANTHEON will continue developing tailored functionalities for specific industries, such as manufacturing, comprehensive solutions for lawyers and legal professionals, veterinary practices (compliance with regulations and patient management) and E-commerce. The development trajectory will combine global technological trends with the specific needs of users in Southeast Europe. The focus will continue to be on automation, cloud solutions, industry specialisation and integrating emerging technologies while adapting to local legislation and market demands.

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CORPORATE

AI FACILITATES DIAGNOSIS We are proud of our contribution, as we’ve spent more than two decades developing information solutions for healthcare and have become a leader in the Western Balkans, says Heliant Co-founder Vukašin Radulović

VUKAŠIN RADULOVIĆ Heliant d.o.o. Co-founder he Serbian Ministry of Health has made significant advances in the digitalising of healthcare nationwide over recent years, and this progress is partly thanks to Heliant. Speaking in this CorD Magazine interview, Heliant’s Vukašin Radulović discusses the role of new technologies and the invaluable contributions of medical professionals who share their practical insights in an effort to improve and advance the system.

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How would you assess the digitalisation of healthcare and progress achieved in this area?

— A great deal has been accomplished.

Our information systems ensure that business processes in healthcare institutions are digitalised, creating structured

isation, which is crucial. The pace of progress depends directly on healthcare workers accepting new technologies.

Will the new Law on Health Documentation and Records in the Field of Healthcare enable the integration of all health sector stakeholders into a unified health information system?

— The adoption of the new law is a crucial step towards the inclusion of all healthcare stakeholders in an integrated health information system. This process facilitates centralised data collection and analysis from various sources, which is incredibly significant for improving healthcare.

Our mission at Heliant is to provide relevant medical data in real time. Inte-

INTEGRATION ENSURES THE IMPROVED MANAGEMENT OF HEALTHCARE RESOURCES, IMPROVING COORDINATION BETWEEN INSTITUTIONS AND CONTRIBUTING TO HIGHER QUALITY AND MORE EFFICIENT HEALTHCARE SERVICES databases that can be analysed and used to inform both medical and business decisions. Such databases are essential for improving the knowledge of healthcare professionals and implementing modern technologies like AI effectively.

The Ministry of Health has demonstrated its clear commitment to digital-

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gration ensures the improved management of healthcare resources, improving coordination between institutions and contributing to higher quality and more efficient healthcare services. We are thereby doing the groundwork for continuous improvements to Serbia’s healthcare system.

What role in advancing healthcare do you envisage for digital technologies?

— We always emphasise the importance of healthcare data security. Our information systems enable precise access control, data protection and anonymisation that ensures patient privacy. We further enable data to be analysed and used in ways that enhance medical practice without compromising on privacy.

Heliant has developed a telemedicine platform that allows doctors to conduct consultations and examinations remotely. This platform has been in use for three years and the number of telemedicine consultations continues to grow.

Everything complies fully with legal regulations.

In collaboration with the Ministry of Health, we have implemented 16 different clinical pathways in primary healthcare centres. These pathways have been used hundreds of thousands of times, as doctors appreciate having clear protocols for common chronic conditions like hypertension or asthma. This is just one example of digitalised procedures aiding healthcare.

When it comes to artificial intelligence, its importance has already been demonstrated in areas like haematology and radiology. The key to successfully applying AI in medicine lies in the quality and availability of data, and our role is to ensure that data from healthcare institutions is incorporated into analytical databases that AI can utilise.

As I’ve stated before, AI will never replace doctors, but doctors who use AI will quickly replace those who don’t.

DIGITALISATION 2024

CORPORATE

TOMORROW, TODAY SOX, as the critical ICT infrastructure in Serbia, has to stay ahead of any threats. Together with our partner Developico, we developed a software solution for network telemetry. This is a story of success, hard work, product development, and great honour

X-Ray or FLIR – Thermal Night Vision Using InSight, we changed the way we look at internet traffic altogether. Having learned the amount and distribution of our internet traffic, we decided to completely change the way we design our network. More importantly, we immediately gained security and scalability.

As we delved deeper into the world of telemetry, both we and Developico discovered “just how deep the rabbit hole goes” and literally felt like Alice in Wonderland.

A whole new world of opportunity emerged.

While some were more inclined towards comparing it with the invention of X-Ray technology, others leaned towards night vision cameras. Both comparisons emphasized that our tool, InSight, provided us with a completely new perspective into what is normally left unseen. Not because we didn’t want to see traffic details, but because we lacked the proper tool to perform the analysis.

Beyond the Realm of Possibility Eventually, we came to think of our InSight tool results as blood test results—giving us strong indications of network health while also providing a guideline for where to look or test next.

As with any health assessment, you need an expert to give meaning to the data. That’s why we decided to incorporate all our combined experience and knowledge into the InSight tool, further enriching it with ML/AI features. This takes the tool beyond the realm of possibilities and into uncharted territocordmagazine.com

ry. No human could analyze such large datasets or identify irregularities and opportunities by examining graphical traffic patterns alone. That’s where ML and AI assist.

Serbian Open eXchange

Eyes Wide Open Today, we understand that if one so much as blinks (in an internet network), someone will try to enter the network, someone will try to read your data, and someone will try to steal something from you. And usually, they steal your serenity.

Using the InSight tool, we now: •Feel safer.

•Know much more about our internet traffic.

•Understand normal and safe traffic patterns.

•Protect what matters.

•Have ML/AI forces working for us.

•Plan future network expansions more easily.

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FEATURE

THE EU MUST BREAK UP BIG TECH

By Cori Crider, Senior Fellow at Open Markets Institute and the Future of Tech Institute

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Photo Nicolas Ortega

ig Tech Firms Are Not Just Draining Europe’s Resources but Threatening Its Economy. To save the European Union’s Green Deal and restore economic competitiveness, the bloc’s new antitrust chief, Teresa Ribera, must rein in these firms’ outsized power Teresa Ribera faces a formidable challenge. In September, Spain’s Socialist Deputy Prime Minister was appointed by

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European Commission President Ursula von der Leyen to take on the role of Executive Vice President for a Clean, Just, and Competitive Transition, placing her in charge of two critical policy areas: competition and climate action.

This is an expansive and highly contested portfolio. On the competition front, Ribera will inherit several landmark cases, including the European Union’s efforts to dismantle Google’s online adver-

tising monopoly – an outcome that could reshape the digital economy.

On the climate front, the European Green Deal has triggered mass protests from enraged farmers who argue that environmental regulations are driving up costs and undermining the competitiveness of their products. Ribera’s strong green credentials suggest she may decide to focus on saving the Green Deal, potentially relegating competition poli-

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cy, as one senior EU competition official quipped, to a mere “side dish.”

However, Ribera does not need to choose between enforcing competition policy and advancing climate action. As a recent report by the Open Markets Institute and other leading anti-monopoly organisations highlights, freeing Europe’s economy from the grip of tech monopolies is crucial for tackling the climate crisis and fostering green innovation.

Artificial intelligence is a case in point. In Barcelona, where I live, a severe drought earlier this year limited households to 200 litres of water per day. The recent floods that devastated Spain’s Mediterranean coast are the flip side of the same coin: such extremes are expected to become more frequent in the coming years. Yet, even as climate-driven droughts intensify, US tech giants are building massive data centres in Spain to support AI expansion. These facilities consume enormous and growing amounts of energy and water, while Big Tech firms obscure their environmental impact. One study, for example, suggests that their actual carbon dioxide emissions could be 662% higher than reported.

Big Tech firms are not only draining Europe’s resources and straining the continent’s energy grids but also posing a direct threat to its economy. The data centre boom is part of a broader effort to monopolise digital infrastructure. Companies such as Alphabet (Google) and Meta (Facebook) know that their current business models – which depend on addicting children, dividing societies, and misusing personal data – are increasingly unpopular. This is why they are tightening their grip on a less visible yet essential part of the economy: infrastructure. Google, Microsoft, and Amazon already control twothirds of the world’s cloud infrastructure, and their share is growing rapidly.

Big Tech’s monopoly power undermines European tech firms’ ability to compete globally far more than any EU regulation does. Former European Central Bank President Mario Draghi warns in his report on EU competitiveness that the bloc risks missing out on the AI revolution unless it supports local firms. While industrial policy is vital to this effort, Europe’s tech industry cannot hope to challenge dominant firms

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BIG TECH’S DIGITAL ADVERTISING MONOPOLY HAS DEVASTATED THE ECONOMIC FOUNDATION OF EUROPEAN JOURNALISM, MAKING IT HARDER TO COMBAT ONLINE MANIPULATION AND PROTECT DEMOCRATIC INSTITUTIONS

such as Google or Amazon in their current form. These giants control much of the world’s computing power and have amassed vast amounts of data, inexorably drawing European AI firms into their orbit. Mistral AI, once touted as France’s AI national champion, exemplifies this by partnering with Microsoft, OpenAI’s largest investor.

Big Tech’s dominance also hinders the development of smaller, less carbon-intensive AI models. Fortunately, Ribera has the tools to confront their power and enforce EU law. Some progress has already been made. Last month, the European Commission won a major legal victory when the European Court of Justice overturned

DIGITALISATION 2024

a lower-court ruling, ordering Apple to pay €13 billion (£14.2 billion) in back taxes to Ireland.

Contrary to claims by industry lobbyists, the EU’s fight against Big Tech’s dominance is not about protectionism. In August, US antitrust regulators secured a significant victory against Google when a federal court ruled that the company had maintained an illegal monopoly over online search.

Another trial addressing its dominance in digital advertising is underway.

The ongoing US case against Google’s advertising monopoly mirrors the European Commission’s 2023 findings, which concluded that only the “mandatory divestment” of Google’s ad business

would restore competition. While reports suggest that some EU regulators may be wavering in their commitment to breaking up Google, Ribera should hold firm.

She might consider assigning top talent – such as the financial analysts behind the successful case against Apple – to the team devising the breakup.

More than technology is at stake. In a fractured EU increasingly threatened by the rise of far-right forces, European democracy itself is at risk. In May, Ribera warned that the bloc faces a poten-

tial “implosion,” partly driven by the far right’s use of digital tools to spread disinformation and incite hatred. Meanwhile, Big Tech’s digital advertising monopoly has devastated the economic foundation of European journalism, making it harder to combat online manipulation and protect democratic institutions. To build consensus around the Green Deal, Ribera must ensure a level playing field that enables the press to perform its vital role.

The crises facing the natural and digital worlds are becoming increasingly in-

REWILDING A BUILT ENVIRONMENT ISN’T JUST SITTING BACK AND SEEING WHAT TENDER, LIVING THING CAN FORCE ITS WAY THROUGH THE CONCRETE; RATHER, IT INVOLVES RAZING TO THE GROUND THE STRUCTURES THAT BLOCK OUT LIGHT FOR EVERYONE NOT RICH ENOUGH TO LIVE ON THE TOP FLOOR terconnected. In a recent essay, Maria Farrell and Robin Berjon propose a potential solution to both: “rewilding.” They argue that the internet, once a diverse and healthy ecosystem, has become a sterile, tightly controlled space. Restoring its vitality requires sweeping structural reforms.

Meaningful change demands dismantling the monopolistic forces that have turned the internet into a walled garden.

As Farrell and Berjon explain, “rewilding a built environment isn’t just sitting back and seeing what tender, living thing can force its way through the concrete”; rather, it involves “razing to the ground the structures that block out light for everyone not rich enough to live on the top floor.”

Europeans deserve better than what today’s tech giants offer. While a competitive and sustainable EU is within reach, rewilding Europe’s economy will require decisive action to curb the invasive monopolies that dominate the digital ecosystem, exploit resources, and pollute the public square. Ribera’s new role equips her with the tools to clear the way for green innovation to flourish. Breaking up Big Tech would be an excellent place to start.

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FEATURE

CENTRAL AND EASTERN EUROPE’S PATH TO AI LEADERSHIP To secure its position as a global tech leader, Central and Eastern Europe must tackle infrastructure challenges, invest in talent, and harness the transformative potential of AI through innovation and international collaboration

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n recent years, Central and Eastern Europe (CEE) has emerged as a dynamic hub for innovation, producing a growing number of tech unicorns. Companies like Romania’s UiPath, Poland’s Docplanner, Croatia’s Infobip, and Bulgaria’s Payhawk are not only reshaping industries but also highlighting the region’s potential in artificial intelligence (AI). From automating workplace tasks to improving healthcare access and streamlining corporate finance, these firms exemplify the transformative power of AI. The next breakthrough in tech could well originate from a startup in Warsaw, a university lab in Bucharest, or even a co-working space in Kyiv—developed at a fraction of the cost compared to Western Europe.

This wave of innovation is occurring in a region facing considerable challenges. While CEE countries strive to maintain competitiveness in traditional industries like automotive manufacturing, they are also dealing with post-pandemic financial pressures and the European Union’s revised budgetary rules. These constraints make AI an even more critical tool for addressing systemic challenges, such as enhancing public services like healthcare and education, countering foreign interference, and securing energy networks.

CEE countries have a strong foundation to build upon. With a significant pool of STEM graduates and engineers, the region has seen company valuations increase more than sevenfold between 2017 and 2022. Furthermore, international investment is on the rise, with non-EU funding doubling from 9% in 2022 to 21% in 2023, reflecting the region’s growing global appeal. However, significant barriers remain. Research highlights that CEE economies lag behind Western Europe in infrastructure and investment. While the region boasts over 150 million people and

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a combined GDP nearing €2.5 trillion, private-equity investment fell sharply by 40% in 2023, dropping to €1.7 billion. For many entrepreneurs, launching a startup can feel like attempting to build a rocket with bicycle parts.

The rise of populist politics further complicates the economic landscape, as short-term fiscal policies, such as raising corporate and VAT taxes, take precedence over long-term economic stability. Such measures risk undermining in-

COMPANY VALUATIONS IN CENTRAL AND EASTERN EUROPE INCREASED MORE THAN SEVENFOLD BETWEEN 2017 AND 2022, REFLECTING THE REGION’S GROWING APPEAL 62

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vestor confidence and slowing down progress in an already underfunded tech sector.

To harness the transformative power of AI and secure a competitive edge, CEE countries must prioritise three key areas:

Expanding STEM Education and Retaining Talent

The region’s biggest obstacle is a shortage of skilled professionals. While hundreds of promising startups have emerged across sectors like biotech, finance, and

robotics, their growth is limited by an insufficient talent pool. Policymakers must reform educational systems to better prepare the workforce for the digital age, while the private sector should invest in upskilling and talent retention initiatives.

Deeper European Integration

Cross-border collaboration is essential for innovation. By facilitating the exchange of ideas, talent, and resources, greater integration with European initiatives like the European Commission’s AI Factories can accelerate progress. Structured partnerships among CEE governments and other European nations could also help align strategic technological priorities.

Attracting Foreign Investment

Despite geopolitical uncertainties and a recent decline in private-equity inflows, CEE has shown resilience.

Boosting foreign investment is crucial not only for tech innovation but also

AI’S TRANSFORMATIVE POTENTIAL LIES IN ENHANCING PUBLIC SERVICES, COUNTERING FOREIGN INTERFERENCE, AND SECURING CRITICAL ENERGY NETWORKS, OFFERING A PATH FOR CEE TO ADDRESS SYSTEMIC CHALLENGES for critical infrastructure projects, such as 5G networks, data centres, and quantum computing facilities. Strengthening the region’s appeal to investors will drive both economic and technological advancements.

A Pivotal Moment for CEE

Central and Eastern Europe stands at a crossroads. The region has the talent, ambition, and innovation to become a global leader in AI, but swift action is required. Without targeted investments in infrastructure, education, and international partnerships, CEE risks losing its brightest minds to opportunities elsewhere. By embracing AI’s transformative potential, CEE can secure its position as a vital player in the digital economy of the future. cordmagazine.com

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FEATURE

UNLOCKING AIPOWERED LEARNING In addition to its corporate applications, artificial intelligence (AI) is addressing broader and more complex challenges, particularly in education. Industry leaders and policymakers should collaborate to establish a shared approach to AI-powered learning and promote greater accessibility to training in the fundamentals of this transformative technology

By Justina Nixon-Saintil Vice President and Chief Impact Officer at IBM

rtificial intelligence has captivated corporate leaders eager to integrate cutting-edge solutions into their industries. Yet AI also holds immense potential for tackling larger societal issues, especially in education. This potential is already becoming a reality, with AI enhancing student learning, opening new pathways to fulfilling careers, and aligning today’s education systems with the demands of tomorrow’s workforce.

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A recent report revealed that nearly half of teachers and school administrators surveyed in the United States who are currently utilising AI are optimistic about its potential. However, a lack of training remains a significant obstacle to broader adoption.

Fortunately, overcoming this barrier is relatively simple. To begin with, business leaders and policymakers should collaborate to provide educators with free training in the fundamentals of AI and its practical applications. A “trainthe-trainer” model, delivered through low-cost or free online courses tailored to specific education levels and local curricula, would allow teachers to build confidence in using the technology and begin exploring practical applications in their classrooms.

Moreover, educators trained in AI are better positioned to support students interested in the sector. An IBM survey found that many learners aspire to secure well-paid tech jobs but feel unqualified due to a lack of academic credentials.

Others are unsure where to start. Generative AI can address this by recommending coursework tailored to learners’ levels and interests and providing real-time feedback as they progress. AI-powered

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INDUSTRY LEADERS AND POLICYMAKERS MUST CONTINUE TO FOSTER A UNIFIED APPROACH TO EDUCATION AND JOB CREATION IN THE AI ERA AND PRIORITISE WIDESPREAD TRAINING IN THE TECHNOLOGY’S FUNDAMENTALS

tools can also connect students with mentors to guide them through higher education and career planning. This creates a more personalised and immediate learning experience than traditional online education.

Equally vital are cross-sector collaborations such as the AI Alliance, which promotes transparency and knowledge-sharing about AI systems, and the AI-Enabled Information and Communication Technology (ICT) Workforce Consortium, which directs workers to relevant training programmes. These collective efforts leverage the enthusiasm surrounding AI to build common frameworks and develop a skills-first approach for nurturing the tech leaders of tomorrow.

However, the work is far from complete. Industry leaders and policymakers must continue to foster a unified approach to education and job creation in the AI era and prioritise widespread training in the technology’s fundamentals.

While IBM SkillsBuild marks a step in this direction, shaping the industries and jobs of the future will require a broad range of AI-powered features and lifelong learning programmes to deliver truly personalised educational experiences.

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Business Dialogue

Three Decades of Growth and Success ROMAN KRATOCHVIL

CE Industries Managing Partner, Beohemija CEO Page 68

Focusing on Clients and Processes Leads to Success ANDRIJANA ĐORĐEVIĆ Centrosinergija General Manager

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LEADERS’ MEETING POINT

STOP SHOP The Place for Shopping, Gathering and Entertainment CPI PROPERTY GROUP (CPIPG) Page 74

A Smart Investment in Tradition: Ethno Household as a Business Opportunity for the Future

SCORDIA Page 76

The More Alternatives, the Better TOMMASO DI GIOVANNI

Vice President International Communications and Engagement, PMI Page 77

A Unique Gem Among Serbian Wineries ŠAPAT WINE ATELIER Page 80

Our Way PETAR NIKOLIĆ Director, Tigar Tyres

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Years of Investment and Growth PETAR MILJKOVIĆ 14. Oktobar CEO

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Unique Credit Line in Serbia USPON TECHNOLOGY Page 88

Development as a Constant NEBOJŠA JANIĆIJEVIĆ Chairman of the Intesa Leasing Executive Board

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Three Decades of Growth and Success Roman Kratochvil CE Industries Managing Partner, Beohemija CEO

Our focus in 2025 will be on innovation, sustainability and optimising production processes, which will fortify Beohemija’s position as a key regional player, says CEO Roman Kratochvil — Beohemija is one of the pillars of CE Industries and a prime example of the successful combining of tradition and innovation to meet the demands of the modern market. Its ability to adapt to diverse markets and continuously evolve is crucial to the group’s success, particularly in the Balkans and Central Europe.

Its significance lies not only in its business results, but also in its commitment to innovation and sustainable development.

This wouldn’t be possible without the vision of CE Industries’ owner, Mr Jaroslav Strnad, whose philosophy emphasises long-term sustainability and global competitiveness for companies within the group.

he story of Beohemija is one of challenges, partnership, support and success, built on solid foundations, quality and dedicated people. One such person, the company’s current leader, Roman Kratochvil, shared this story with us. Having amassed professional experience across the globe, he ultimately relocated to Serbia with his family, seeing it as the perfect base to expand CE Industries to new markets.

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Beohemija, a renowned manufacturer of detergents and household chemical products, with production facilities in Zrenjanin and operations within Czech holding company CE Industries, celebrates its 30th anniversary this year. What does this milestone mean to you; and how would you describe the company’s development over these three decades?

— Thirty years of Beohemija is not just a milestone: it’s a story of perseverance and trust, and constant growth. As part of CE Industries, Beohemija is a significant regional player in the FMCG industry, recognised for the quality of its products and dedication to its customers.

We’ve faced numerous challenges over past decades, but each of them has made us stronger. Our success wouldn’t have been possible without the support of our consumers, distributors and suppliers, with whom we’ve built mutually beneficial partner-

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ships. This year is not only an opportunity to reflect on our achievements, but also to lay the groundwork for an even more successful future.

Does working under Jaroslav Strnad’s leadership bring additional responsibility; and what goals have you set for 2025?

— Working under Mr Strnad’s leadership undoubtedly carries responsibility, but also immense motivation. His ability to recognise potential and inspire teams across various industries sets high standards.

We have set ambitious goals for 2025.

We plan further growth on European markets such as the Czech Republic, Romania, Germany and Austria, as well as expansion beyond the European continent. Our focus will be on innovation, sustainability and optimising production processes, which will further strengthen Beohemija’s position as a key regional player.

CE Industries is among the most dynamic holding companies in the region. How would you rate Beohemija’s significance within the group?

How do you view Serbia’s position as a strategic market for CE Industries?

— Serbia is one of the key countries for CE Industries, due to its geostrategic location

Trust and loyalty are built through quality, innovation and environmental responsibility

that connects East and West. It serves as an ideal base for expanding to new markets, with Belgrade as the hub of economic and political initiatives for the entire region.

I would highlight rail transport in particular, where CE Industries sees enormous potential for investment and improvement.

We plan to modernise existing infrastructure and establish European standards, thus contributing to Serbia’s further development as a regional hub.

How do sustainability and innovation contribute to Beohemija’s success?

— Sustainable development is at the core of our strategy. We focus on using sustainably sourced raw materials, recyclable packaging and energy-saving technologies. We are currently working to develop innovative products with high performance at low temperatures and short washing cycles.

We plan to relaunch the Spin brand and introduce an ultra-premium line, Deus, aimed at Western European consumers. We build trust and loyalty through quality, innovation and environmental responsibility.

You’ve personally gained extensive business experience worldwide, from Europe

We plan to modernise existing infrastructure and establish European standards, thus contributing to Serbia’s further development as a regional hub

to America. What was the decisive factor in you opting to relocate to Serbia with your family?

— Serbia was a natural choice, due to Beohemija’s strategic importance and its potential for further growth. Beyond professional reasons, I wanted to give my family the opportunity to experience life in a different cultural and social environment.

How would you compare the Serbian and Czech peoples; what do you enjoy most about Serbia?

— Serbs and Czechs share many values: they are both proud, hospitable and cherish family bonds. However, Serbs might be more emotional and passionate, while Czechs are more pragmatic.

It’s precisely the warmth and spontaneity of the Serbian people that have particularly won me over.

What would you highlight as your greatest achievement in Serbia, both professionally and personally?

— In addition to positioning Beohemija as an established regional player recognised for quality and innovation, adherence to implemented standards, investments in modernisation, strategic partnerships and advancements in production processes, as well as its commitment to socially responsible business practices under the umbrella of the Green Agenda, I am particularly proud of the employees of Beohemija. Their extraordinary dedication has contributed significantly to strengthening awareness of both the company and the brand.

It is truly remarkable to witness a team of managers, to whom you pass on your acquired knowledge and experience, evolve into experts in their respective fields. With the same enthusiasm they had at the very beginning, they continue to contribute to the company achieving its strategic goals.

On a personal note, my greatest accomplishment has been that my family and I have felt at home here. The friendly openness and unique Serbian hospitality have made us feel like an integral part of this community.

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Focusing on Clients and Processes Leads to Success Andrijana Đorđević Centrosinergija General Manager

As one of the leading distribution companies in Serbia, Centrosinergija achieves excellence through a focus on clients and responsible processes. By emphasising innovation, automation and sustainability, this company continues to set new logistics and distribution standards

entrosinergija is one of the largest companies on our market in the field of distribution for e-topups, tobacco products and FMCGs. We were established in 2011 and operate on the basis of strong corporate principles that shape every aspect of our business. Transparency, responsibility and ethics are at the foundation of our approach, which allows us to build long-term relationships with our partners and clients, says Centrosinergija GM Andrijana Đorđević in this interview for CorD Magazine.

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We understand that you’re a young company, but how is Centrosinergija’s size and scale reflected?

— We offer a wide range of services that encompass goods imports, exports, warehousing, sales, commissioning and deliv-

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ery, value-added services such as repackaging, labelling and customisation as well as marketing, merchandising and return logistics. Apart from our wide range of services, also testifying to our size is the sheer business turnover volume of 430 million euros, which places us among the top 30 companies in Serbia, but also our 800 employees, our distribution at 18,000 points of sale, with up to 4,500 daily delivery points, and the 160 delivery vehicles of various capacities that comprise our own fleet.

Centrosinergija forms part of the Moj Kiosk group. To what extent is that an advantage for you, and which other advantages would you highlight?

— We are the only distribution company that is able to depend on its own retail chain, in the form of Moj Kiosk, the largest retail chain in Serbia. This unique structure provides us with added value, while also enabling our clients and brands to quickly pen-

etrate the market by gaining visibility and a presence in central city areas. Simultaneously, being able to rely on the developed infrastructure of the country’s largest retail network is invaluable when it comes to the efficient and reliable distribution of goods nationwide.

I would also highlight our focus on the client as a key part of our business philosophy. We strive to never lose sight of our role in the supply chain, which is that of a service provider that is, by definition, focused on the needs of others. We manage our own ambitions and development carefully, in order to remain consistent with the aforementioned. Our focus on the client, as a commitment, coupled with strong, adaptable and agile processes, ensure that we fulfil our clients’ expectations and desires, while having appreciation for all of their specificities.

How do you maintain such high quality of service standards?

— Strong, adaptable and agile processes are a result of the strength of the resources that comprise them, which is something we work on continuously. Those are primarily competent, dedicated and motivated people who work – through the value system and corporate culture – to continuously improve their competences via programmes provided by Centrosinergija. Our company’s top management is mostly composed of employees who’ve been with the company since its establishment; people with ingrained loyalty and specific knowledge tailored to us. Another interesting fact is that 70% of our top managers are women, which is a rarity for distribution/logistics companies and is the result of decision-making on appointments based solely on competences and our gender equality policy that’s based on equal opportunities.

I’ve focused on people, which is essential and crucial, while the strength of our processes also lies in other resources: an information system set up in such a way that employees are provided with relevant and up-to-date data; IT infrastructure, both applicative and software, the architecture of which is designed to fully support digitalised processes and information security. Standardised and documented processes are interconnected through the quality management system, in accordance with the ISO 9001 standard, which we use to turn our employee’s knowhow into company knowhow.

Throughout the organisation we simultaneously promulgate the spirit of the Kaizen phi-

losophy, with its “continuous improvements towards achieving excellence”.

What are your key focus areas when it comes to further company growth and development?

— The continued expansion of our product range and brand portfolio, as well as the further improvement of our services, but also the development of additional new services that we plan to bring to market in the future. Our priority strategic direction is the automation and robotisation of processes that have already been digitalised and flows of processes through the information system. We are currently working diligently to harmonise with legal regulations governing the monitoring of traceability for tobacco products, within the scope of which we are implementing a system of the latest generation of conveyors and scanners. The next phase is the complete automation and robotisation of picking process and the controlling and dispatching of goods, which will lead to the more efficient management of warehousing operations. Through the applying of the latest technologies and software, we plan to achieve the full automation of logistics processes, with which we will gain maximum precision, speed and efficiency in the services we provide.

Which values do you consider as being the most important when it comes to running a company and how do you implement them in your daily operations?

— Permeating all achievements of Centrosinergija are the dominant values of our culture, which are mutual respect and trust, integrity, loyalty and the conduct of a good host. For Centrosinergija’s employees, working at this company represents a platform for personal growth and development, but also a platform to build a working environment that’s aligned with universal ethical and moral principles. We endeavour to fix the world by fixing ourselves.

How does your company contribute to sustainable development and social responsibility through your operations, particularly in the context of the logistics industry that has a significant environmental impact?

— Half of our fleet is fuelled by natural gas, CNG, which reduces both CO2 emissions and noise pollution levels, while the complete electrification of the fleet using our own power sources is a project that we launched recently. Warehousing operations imply the handling of materials, primarily cardboard and plastic, which we recycle persistently and consistently. Alongside our environmental initiatives, we participate actively in donations and support programmes for vulnerable people and marginalised groups. Our aim is to contribute to the community and to represent a positive example of corporate social responsibility, oriented towards protecting the environment and supporting the communities in which we operate.

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Business Dialogue

„Key pillar of our community engagement focuses on raising awareness of risks” Svetlana Smiljanić

Member of the executive board of Wiener Städtische Insurance

LOCAL NEWS

Office for IT and e-Government Introduces eSeal Cloud

€24 Million Investment Announced for ’14. Oktobar’

The Office for Information Technology and e-Government has introduced eSeal in the cloud, a new service that allows public administration institutions to use electronic seals without physically obtaining certificates, making it the first provider of this service in Serbia, according to the Ministry of Information and Telecommunications.

A €24 million investment is set to enhance the “14.

Oktobar” factory by constructing new facilities and infrastructure within the existing complex, alongside the acquisition of equipment to boost production capacity. This initiative is pivotal in advancing the factory’s production and technological capabilities. Projections for 2025 anticipate annual revenue reaching €30 million, with the workforce expanding to 370 employees. Plans for 2026 include projects valued at €42 million and creating 50 new jobs.

Belgrade to Launch Its First Startup Factory in January Belgrade is set to open its first startup factory, Tesla Venture Studio, in January, creating a platform to develop and strengthen startups while serving as a regional hub, announced Marko Čadež, President of the Serbian Chamber of Commerce. Čadež highlighted that the Serbian Chamber of Commerce supports innovation and startups not just in Serbia but across the region. He also noted that Microsoft AI Azure was developed in Belgrade’s research centre. Novi Sad-based tech company RT-RK produces smart camera systems from major brands like Volvo. Leading Tesla Venture Studio will be Antonia Norman, former CEO and board member of Virgin Unite Africa.

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„One of our greatest accomplishments this year is the BRANKOV Business Center“ Pinar Yalcinkaya MPC Properties CEO

Foreign Investors Council Presents 2024 White Book The Foreign Investors Council (FIC) Serbia has unveiled its White Book 2024, a strategic document offering recommendations to improve Serbia’s business climate and foster alignment with European Union standards. Highlighting progress and challenges, the report underscores the critical steps needed to drive economic growth and advance Serbia’s EU integration. Launched in Belgrade by FIC President Mike Michel, alongside EU Ambassador Emanuele Giaufret and Serbian Prime Minister Miloš Vučević, the White Book outlines priority areas for reform.

EPS to Connect Its First Solar Park to the Grid by Early 2025

MK Group Reshapes Corporate Structure with New Holdings MK Group has significantly restructured its business operations, transferring portions of its assets and liabilities to nine newly formed companies. This strategic move, completed at the end of October, reflects a major shift in the company’s ownership and operational focus. As part of this restructuring, MK Group reduced its core capital from RSD 6.13 billion to just RSD 223,068.24. The newly established entities, registered as holding companies, now manage various assets and responsibilities, ranging from real estate to equity stakes in key businesses.

Elektroprivreda Srbije (EPS) is set to connect its first solar park, “Petka,” in Kostolac, to the power grid within the first quarter of 2025.

The announcement was made by Serbia’s Minister of Mining and Energy, Dubravka Đedović Handanović, during her visit to the construction site. The minister also revealed that EPS’s first wind farm is expected to be operational next year, further diversifying Serbia’s energy production. cordmagazine.com

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STOP SHOP The Place for Shopping, Gathering and Entertainment CPI Property Group (CPIPG)

As a longstanding investor in the Serbian market, CPI Property Group invests in projects that not only contribute to the development of local communities, but also provide lasting value PI Property Group currently operates STOP SHOP retail parks in Subotica, Sombor, Šabac, Sremska Mitwwrovica, Vršac, Belgrade, Lazarevac, Požarevac, Smederevo, Čačak, Valjevo, Zaječar, Niš and Leskovac. While its portfolio of 14 parks is already impressive, all indicators suggest that significant potential for expansion still exists in Serbia.

A STOP SHOP retail park is far more than just a shopping space. It is also a gathering place and a hub for interactions between residents of a city and its broader region.

It exemplifies our contribution to the local communities where we aim to enable long-term development and enhance quality of life. We are proud of our collaborations with all our partners, but also excited about future business opportunities that allow us to continue our mission of creating spaces that are synonymous with quality, safety and innovation.

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STOP SHOP SUBOTICA: THE NEWEST AND LARGEST We are witnessing significant changes when it comes to consumers’ needs and expectations. New generations are seeking more than just a shopping experience – they want spaces that offer engagement, connection and quality. That’s why we carefully curated the tenant mix for the STOP SHOP retail park in Subotica in order to meet these expectations. In line with our corporate goals, construction of the second phase of STOP SHOP Subotica represents a significant step forward in our strategy. Upon completion and opening, scheduled for the November

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In line with corporate goals, the construction of the second phase of the STOP SHOP Subotica retail park represents a significant step forward in our strategy this year, this retail park will become our largest in Serbia, spanning almost 16,000 square metres of commercial space.

EACH DEVELOPMENT PHASE ADHERES TO SUSTAINABILITY STANDARDS Sustainability is a company priority that’s reflected in every project we undertake. We are developing solar power plants and installing solar panel systems on rooftops at several STOP SHOP locations, thereby providing sustainable energy and reducing our ecological footprint. Every new phase of development adheres to sustainability standards and contributes to resource conservation. Our goal is to become a unique example of a responsible investor, while encourag-

STOP SHOP Subotica, attracting renowned brands like Decathlon (making its first appearance in our Serbian portfolio), McDonald’s Drive-Thru, KFC, Maxi, Kengur, Lilly and many others. Numerous important contracts have also been signed and are set for implementation over the coming year.

According to Senior Asset Manager Mladen Mladenović, the portfolio (approximately 300 units, plus speciality leasing) saw a year-long increase in visitor numbers, contributing to a rise in tenant turnover—one of the main indicators of successful operations. “A collection rate above 99% is testament to the effort and diligent work invested,” notes a proud Mladenović.

ing our tenants to join us in adopting sustainable solutions. Our ambition is for every retail park to become self-sufficient, relying heavily on green energy.

Finally, we must emphasise that our success isn’t solely business-oriented. While we take pride in our achievements, our greatest success lies in the involvement and support of our partners and the everyday lives of residents in the cities where we operate.

By enhancing their quality of life and convenience, we aim to create lasting value.

YEAR OF CONTINUOUS INVESTMENT AND DEVELOPMENT

For Maja Dulc, CPIPG Country Manager for Serbia, 2024 was a year marked by ongoing investments and growth. She expressed her satisfaction with the expansion of the STOP SHOP retail park in Subotica, which added an additional 6,000 square metres to bring the total to nearly 16,000 square metres, making it the largest retail park in the company’s portfolio.

“Given that the Serbian market is well-suited for implementing retail park solutions, we see potential for further expansion of our portfolio, particularly in smaller communities that currently lack this concept of one-stop shopping,” says Dulc.

Additionally, CPI Property Group, as a leader in retail sustainability and green building, continued to invest in this area. In addition to the operational PV power plants in Požarevac, the company can now boast sim-

Through a diverse range of brands and services, our retail parks have become new hubs for shopping and entertainment, as well as gathering places for families and young people ilar installations in Zaječar, Leskovac and Smederevo, with another, in Šabac, expected to launch operations by the end of the year.

FULLY LEASED PORTFOLIO From a leasing perspective, the company has tackled challenges successfully and maintained a stable portfolio. Senior Leasing Manager Vladimir Perović notes that the business year concludes with 100% occupancy across all STOP SHOP retail parks.

“The opening of the second phase of the STOP SHOP Subotica project, characterised by an attractive tenant mix, symbolically crowns our successful business year,” highlights Perović.

Leasing Manager Nikola Veličković agrees and states proudly that the entire STOP SHOP portfolio, totalling 132,000 square metres, has been fully occupied for the fourth consecutive year. An equally important achievement was leasing the new second phase of

CREATING DISTINCTIVE AND UNIQUE EXPERIENCES For Senior Development Manager Miodrag Perović, 2024 was also a successful year.

“We successfully integrated the second phase of STOP SHOP Subotica into the existing concept, adhering to the construction standards that we apply, resulting in a unique openair shopping centre. One particular challenge was creating a standalone unit for a tenant specialising in hospitality, where our traffic solutions ensured full functionality and operational efficiency,” explains Perović.

This year, as part of CPIPG’s commitment to sustainable development, the company completed the installation of solar power plants at four locations, significantly advancing the company’s long-term ESG goals.

Marketing & PR Coordinator Milena Milenković is equally pleased with the marketing results. She emphasises that, through a diverse range of brands and services, the company’s retail parks have become new hubs for shopping and entertainment, as well as gathering places for families and young people.

“By implementing a targeted marketing strategy and maintaining excellent daily cooperation with tenants, our goal is to create distinctive and unique experiences for visitors. This often includes themed and seasonal events, targeted promotions and special shopping experiences through dedicated shopping days tailored to different objectives and target groups. This approach builds brand awareness and fosters an emotional and loyal connection with visitors and end consumers,” explains Milenković.

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A Smart Investment in Tradition: Ethno Household as a Business Opportunity for the Future n a world where financial stability is increasingly challenging, real estate remains one of the most reliable investments. Unlike stocks, bonds, or cryptocurrencies, which can lose value in an instant, real estate offers stability even during economic turbulence. Regardless of market fluctuations, real estate offers capital security, stable income, and long-term value growth. Investments in nature are particularly attractive, bringing not only financial benefits but also an enhanced quality of life and environmental preservation.

More and more people are escaping the hustle and bustle of city life, choosing the peace and authenticity of natural surroundings. This return to nature is more than just a trend—it reflects a growing desire for a more sustainable and fulfilling way of living. Investments in properties situated in pristine nature combine the comfort of modern living with the harmony of the environment, while eco-sustainable projects further enhance the value of such ventures.

rich cultural and historical heritage, attracting tourists year-round.

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Lotus Garden: A Unique Investment Opportunity Located near Mount Cer, just an hour away from Belgrade and Novi Sad, Lotus Garden is a modern ethno-complex spanning nearly 1,000 square meters. It offers a perfect blend of authenticity, comfort, and practicality.

Why Invest in Lotus Garden?

• Diverse Amenities The Lotus Garden complex is meticulously designed to combine rustic

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charm with modern convenience, offering features that enhance its investment value. The accommodations include well-appointed bungalows and mountain cabins, each blending traditional aesthetics with contemporary functionality to appeal to a broad spectrum of guests. The property also features a serene outdoor pool and a cozy cabin sauna, designed to provide guests with relaxation and rejuvenation in a natural setting. Rather than a typical spa center, the sauna and leisure spaces are harmoniously integrated with the surrounding environment, offering a distinctive and intimate retreat experience. These carefully curated amenities enhance the property’s appeal for rental purposes while reinforcing its uniqueness as an investment in both hospitality and nature-driven lifestyle trends.

• Attractive Location Proximity to Šabac, rich natural resources, and cultural-historical landmarks make it an ideal destination for relaxation, adventure, and property rental. Mount Cer is complemented by its

• Unique Offerings The complex offers unique amenities such as a mini zoo for families, specialized halls for yoga, workshops, and team-building activities, as well as spaces for savoring authentic local delicacies.

• An Ideal Rental Opportunity Lotus Garden is perfect for both short-term and longterm rentals, attracting guests seeking peace and an authentic experience. High occupancy rates ensure a swift return on investment.

• Ethno Meets Modern: A Winning Combination Lotus Garden merges natural beauty with modern amenities, offering opportunities for unforgettable family moments and business success.

Interested investors can learn more from Scordia International Properties, a company known for its comprehensive approach covering all stages of investment, from planning to the implementation of top-tier solutions.

Lotus Garden is not just an investment in property—it’s a step toward a meaningful tomorrow, where your aspirations align with cultural preservation and environmental harmony. By choosing Lotus Garden, you’re building a legacy that blends prosperity with purpose, creating a lifestyle rooted in authenticity, comfort, and sustainability. +381 11 7887 788, +381 11 7887 888 office@scordiaproperties.rs

same time, we know very well that, in order to accelerate the pace of change, we need to provide a portfolio of alternatives, with several alternatives, because different consumers have different tastes. In countries like the UK, they would prefer e-cigarettes. In countries like Sweden, they prefer snus. In the U.S., nicotine pouches are becoming ever-more popular. This is why I think, for Serbia as well, at some point, the more alternatives, the better.

The More Alternatives, the Better Tommaso Di Giovanni Vice President International Communications and Engagement, PMI

PMI has invested significantly in harm reduction and Serbia has focused a lot of its progress on innovation, says Tommaso Di Giovanni, at the Conference „Rethink: Let’s learn from Sweden“ organized by „Philip Morris“ e spoke with Tommaso Di Giovanni why the concept of harm reduction is important for civilisation and how to encourage smokers to switch to scientifically proven smoke-free products if they don’t quit nicotine alltogether.

which is ultimately a good thing, or continue to use cigarettes. And with smoking being so commonplace, with almost 4 out of every 10 Serbian adults smoking, I think progress can still be made in terms of encouraging them to switch if they don’t quit.

It was 10 years ago that IQOS was launched in Japan and Italy. How much easier is it today to explain to smokers, as well as to the general public, why the concept of harm reduction is so important for civilisation?

— There’s been a lot of progress among people with regard to understanding what causes diseases, why these products are a better choice and how they function. Even if I refer to Serbia, here in Belgrade, approximately 15% of smokers have adopted IQOS, but that means there’s still 85% of smokers who will either adopt competitive smoke-free products,

PMI recently expanded its product range to include nicotine pouches. What market potential do you see for this product in Serbia?

— I think the potential is related to the fact that smokers clearly want better alternatives. And we’ve seen the rapid adoption of IQOS in Serbia, which I think is a testament to the fact that there is significant demand for better alternatives. Globally, IQOS products have been adopted by 36 million people, 72 per cent of whom have abandoned cigarettes. There is strong demand. At the

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What would you say to Serbian smokers who are sceptical about switching; why should they consider trying these new products?

— I think they should do it because it’s the best thing they can do if they don’t quit. That’s because the science is clear: all these products that don’t burn tobacco generate significantly lower levels of harmful compounds.

And for those who really like the sense of the experience, the ritual of a cigarette - if that’s what Serbian consumers like – heated tobacco remains the best alternative. It’s what most closely approximates a cigarette.

We had the opportunity today to hear you state that PMI has invested significantly in harm reduction. How does PMI view Serbia’s role in its long-term business strategy to advance the reduced-risk product market?

— First of all, I think that, over the last few years, Serbia has focused a lot of its progress on innovation. All the support the country is giving to start-ups, for instance, is extremely intelligent, because it’s a way to drive progress through innovation and diversity of inputs.

And I think the same can and should continue to be applied to tobacco and nicotine. PMI has recognized innovative potential of Serbia, therefore announced investment in production of smokre free products in our factory in Nis. Also, as I said there’s good progress with a certain part of the population that’s already switching. But there’s still a significant segment of the population that needs to be convinced, which is probably where Serbia can even accelerate the switch, by providing even more information, encouraging change and creating an almost snowball effect, so that, 10 or 15 years from now, it could really be among the first countries to consign cigarettes to a museum.

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Business Dialogue

“Success is not measured by what you achieve but by the opportunities you create for others” Miroslav Mišković

Founder of Delta Holding

REGIONALNEWS

Ericsson Nikola Tesla Celebrates 75 Years of Business Ericsson Nikola Tesla celebrated its 75th anniversary by unveiling a new visual identity that reflects its commitment to innovation and excellence. The event brought together numerous distinguished guests, including high-ranking representatives of national and local authorities, members of the diplomatic corps, customers, partners, business leaders, academics, representatives of Ericsson Corporation, media, and both former and current employees.

OTP Banka Slovenia Announces New Leadership OTP Banka Slovenia has appointed András Hámori as the President of the Management Board. Before assuming the role of CEO, pending regulatory approval, Hámori is set to join the bank as a procurator in May 2025. Following the successful merger of two major banks, OTP Banka Slovenia has emerged as a market leader with a robust foundation and a forward-looking strategy. The supervisory board’s decision to appoint Hámori reflects its commitment to driving further growth and innovation.

Delta Auto Becomes Regional Distributor for Farizon Delta Auto Group is now the official importer, distributor, and authorised service provider for Farizon’s fully electric light commercial vehicles. Farizon operates under the globally acclaimed Geely Group, which is known for its innovation in the automotive industry. These vehicles will now be available in Serbia, Montenegro, North Macedonia, and Bosnia and Herzegovina.

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“Innovation and perseverance are the strongest currencies in the global economy”

SOURCE: connectingregion.com

Mate Rimac,

Founder of Rimac Automobili

MFIC’s 2024 White Book Presented The Montenegrin Foreign Investors Council (MFIC) unveiled its 14th edition of the White Book – Investment Climate in Montenegro 2024, an annual publication assessing the country’s business and investment environment. According to the MFIC’s latest Business Climate Index, Montenegro scored 6.5 for ease of doing business, a slight improvement from previous years.

Jadrolinija Breaks Records with 12 Million Passengers Croatia’s Jadrolinija has set new records in 2024, transporting over 12 million passengers and 3.5 million vehicles—a 2% increase in passenger numbers and a 4% rise in vehicles compared to last year. The company announced on Tuesday that these figures represent the highest traffic levels in its history. Growth was evident across all sailing areas, with the Zadar region leading the charge with a 4% increase in passengers and an 8% jump in vehicles. Vehicle transport along the entire coast showed the strongest growth trend overall.

Rimac Group Welcomes Antony Sheriff as New CEO The Rimac Group has appointed Antony Sheriff as its new CEO, while founder Mate Rimac steps into the role of President of the Rimac Group Management Board. Mate Rimac will continue to oversee operations as CEO of Bugatti Rimac and Rimac Technology. The Rimac Group, the majority shareholder of Bugatti Rimac and sole shareholder of Rimac Technology, has grown into a global force in the automotive world under his leadership, merging innovation with performance at an unprecedented scale. cordmagazine.com

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ŠAPAT WINE ATELIER

A Unique Gem Among Serbian Wineries A clear vision, carefully curated varietals, a perfectly balanced portfolio of labels, tradition and cutting-edge technology position Šapat Wine Atelier among the truly rare premium wineries in the region

he winery’s unique terroir, characterised by its wind rose, gentle Danube-influenced climate and ample sunshine, coupled with exquisite gastronomy and exceptional service, creates the magic of Šapat Wine Atelier near Novi Slankamen. This eminent winery has gained global recognition in just a few years, further enriched by two restaurants, including the fine dining jewel of Serbian hospitality – Fleur de Sel. Offering premium wines and a refined menu, Šapat is a genuine haven for true hedonists.

Led by renowned oenologist Mladen Dragojlović, the team behind Šapat’s unique wines refuses to rest on its laurels. The bar has been raised, and the results are already in sight. Šapat Wine Atelier will soon unveil several new wines, completing the offer of this extraordinary place on the bank of the Danube. This achievement is the result of a long-term vision, years of dedicated work and investments in vineyards and restaurants, as well as the extraordinary team spirit that defines Šapat. Alongside winery direc-

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tor Mladen Ćirić, the team includes celebrated chef Nikola Stojaković and experienced restaurant general manager Dušan Vranić.

“We cultivate Muscat Yellow, Sauvignon Blanc, Chardonnay and a particularly high-quality local varietal – Grašac. Our

terrain is ideal for Chardonnay, of which we have the highest expectations. We additionally have Merlot and Cabernet, while we’re also the only winery in Serbia to produce wine from the northern Italian Teroldego variety. We also cultivate Blaufränkisch and Pinot Noir,” explains Dragojlović, one of the creators of this prestigious winery’s esteemed reputation. Šapat Wine Atelier’s vineyards span 12 hectares and the company has no expansion plans, despite increasing market demand. “Šapat is a premium winery, designed to remain exclusive, producing around 50,000 litres of first-class wine exclusively from its own vineyards. When our new vineyard reaches its full yield, we will produce a total of 100,000 bottles, and no more,” explains winery director Mladen Ćirić.

Wine connoisseurs are already familiar with Šapat’s established labels: the lively Muscat Bianca and the floral and fragrant rosé with the distinctive name “Šu-Šu”. One of the winery’s strongest assets is its Chardonnay, representing a perfect blend of na-

ture, Fruška Gora’s geography and expert winemaking. The premium Chardonnay line, named Atila, was awarded a gold medal by the prestigious London-based Decanter.

“The premium line consists of two white wines and one red – Atila Sauvignon, Atila Chardonnay and Atila Cabernet. With these wines, we have aimed to highlight the full potential of our terroir. Our vineyards rest on loess soil, a unique substrate that allows for the production of rich, full-bodied, complex and phenolic wines that are destined for the premium category. These wines are aged in oak barrels, while for our Sauvignon and Chardonnay we employ specific techniques to enhance their strength and complexity,” explains Dragojlović.

The Atila Sauvignon wine received an impressive 92 points from James Suckling, the most influential figure in the wine world.

FLEUR DE SEL: GASTRONOMIC PARADISE The Fleur de Sel Restaurant is a true gastronomic paradise and a standout gem of Serbia. Equipped to the highest standards, it provides the perfect ambience to enjoy authentic cuisine paired with an exclusive wine list. Elegant aesthetics, meticulous attention to detail and spectacular views of

the Danube contribute to the unique character of this venue.

Fleur de Sel received the prestigious “Best of Award of Excellence” for 2024 from Wine Spectator magazine. This accolade, awarded to only 1,500 restaurants worldwide, represents the pinnacle of excellence in wine programmes. Fleur de Sel is now the only restaurant in Serbia to have received this

honour. Esteemed international culinary guide Gault & Millau also awarded it four chef’s hats in its 2024 edition, confirming its high quality and exceptional service.

This prestigious gastronomic destination on the bank of the Danube near Slankamen is complemented by the Šapat restaurant – a refined à la carte venue designed for the true enjoyment of good food and fine wines. Both restaurants feature a meticulously curated menu that changes seasonally, four times a year. At the heart of renowned chef Nikola Stojaković’s culinary philosophy are the finest local ingredients from the Fruška Gora region and the best Danube fish, as well as carefully selected international components.

LOOKING AHEAD

Fleur de Sel received the prestigious “Best of Award of Excellence” for 2024 from Wine Spectator magazine. This accolade, awarded to only 1,500 restaurants worldwide, represents the pinnacle of excellence in wine programmes

The Šapat team continues to innovate. A winter menu is currently being prepared, while the wine cellar’s barrels and amphoras hold several true vinous marvels that await their time to shine in their full splendour.

“A new line of red wines is ready and will soon be available. Our wine sales are growing both domestically and internationally.

In addition to Montenegro, the UK, Switzerland and China, our wines have recently been exported to Bosnia and Herzegovina and Slovenia. This recognition of their quality makes us immensely proud. The best of Šapat is yet to come,” announces winery director Mladen Ćirić.

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Our Way Petar Nikolić Director, Tigar Tyres

Tigar Tyres boasts a longstanding tire manufacturing tradition that dates back to 1959. The company entered a new era in 2009, when it became part of the Michelin Group, explains company director Petar Nikolić.

emonstrating its agility and resilience, Tigar Tyres is a company that remains committed to innovation, as it strives – together with its employees, customers and partners – to create conditions for a sustainable future. In this exclusive interview with CorD Magazine, its CEO shares his own vision for Tigar Tyres’ future and the roadmap for achieving it, as well as providing insights into the trends shaping the automotive industry.

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How has Michelin’s arrival impacted your operations over the past decade and a half?

— Michelin’s decision to invest in Pirot, in Serbia, was a pivotal event that ensured the survival of our factory. The decision for us to join the Michelin Group followed an extensive due diligence process. Beyond formal and highly technical analysis, Michelin representatives spent significant time with us on-site, in an effort to gaining an understanding of who we are as a collective.

They were particularly impressed by the knowledge and dedication of our people, as well as the environmental stewardship they observed within the factory and its surroundings. This demonstrated that, alongside profitability and people, environmental responsibility has always been a core value for Michelin. These principles of sustainable business continue to guide us today.

Strong of our values and our purpose, we have always cared about giving people

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a better way forward. Everyone in the factory shares the same values, working, and dreaming together as one Michelin. These values include respect for people, shareholders, facts, customers, and the environment.

More than 50 companies in Serbia specialize in tire manufacturing and retreading, yet Tigar Tyres remains the leader. What sets Tigar Tyres apart from the competition?

— I would dare to say: resilience, which represents our capacity to operate even in difficult conditions. In a complex political-economic context, with an unstable market and frequent supply chain disruptions, our core comparative advantage – agility – is of utmost importance. We have skilled, transversal teams that manage to overcome all unpredictable circumstances and turn them into new opportunities for development.

Also, we have frugality in our DNA in Tigar Tyres, which means that we adopt strategies that maximize efficiency and minimize costs without compromising quality. Lean Manufacturing helps us to reduce waste, improve processes, and enhance productivity.

This includes just-in-time production, continuous improvement (Kaizen), and value stream mapping.

There are many strategies through which we can achieve frugality, ensuring that we remain competitive while delivering high-quality products.

Furthermore, what sets us apart is certainly the excellent, I would say unique, service and experience we provide to our customers. This is proven by the increase in the number of direct customers, to whom we deliver requested products to more than 500 different destinations worldwide. With efficient industrialization, we continuously enrich our product portfolio by introducing dozens of new products, meeting increasingly sophisticated market demands.

Despite challenging business environment, your revenue figures remain strong, as

customers. Exports continue to dominate our business. Crucially, we are building a culture of trust in which every employee can achieve their goals, discover their talents and boost their productivity, motivation and engagement.

Sustainability has been a buzzword both globally and locally in recent years. What initiatives and projects are currently underway to make Tigar Tyres even more sustainable?

— The Michelin Group bases its ‘All Sustainable’ strategy on the PxPxP formula: Peo-

Our priority for 2025 remains ensuring workplace health and safety, adhering to preventative health and environmental measures, and maintaining occupational safety standards does foreign market demand for your products. Have no reason to complain about overall revenues or the demand for your products in foreign markets. You are still one of Serbia`s largest exporters. How do you maintain the position?

— The key to sustainable business lies in constant growth, which is our focus for the years ahead. We offer high-quality products and an exceptional customer service, as evidenced by our impressive Net Promoter Score (NPS) of 74%. This year we expanded our product portfolio and acquired new

ple, Profit, Planet. We believe that our full potential can only be realized if these three pillars are viewed as interdependent. If one pillar falters, the others are also impacted.

Conversely, any value created for one pillar benefits the others.

We create value for people, profit and the planet. Value for people means providing equal opportunities for all employees to grow and develop. For example, in 2023 alone, we delivered over 160,000 hours of training at Tigar Tyres, demonstrating that the development of people

and their empowerment, as well as fostering a culture of continuous learning, are at the core of our production system.

Our skills and expertise are aligned with sustainable development.

We create value for the planet by reducing the environmental impact of our operations. Naturally, we also generate economic value by transforming our factory through technological innovation, digitalization and automation, offering our clients high-quality products and services.

This is achieved through our CARE and TECH approaches.

CARE reflects our commitment to people.

Employees are at the heart of everything we do. We create an environment in which all employees have equal opportunities to learn, are supported in their personal and professional growth, are empowered to make decisions, take responsibility and achieve results and success. This requires a robust system, which we have in place through our Michelin Manufacturing Way (MMW) foundations that underpin daily performance management.

TECH encompasses digital and technical innovations and enhancements. We modernize our working environment continuously, to ensure an improved performance and employee experience. TECH represents all the projects we are already implementing and those that we will launch in the future to enhance our products, improve our machinery and leverage the benefits

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of smart data management and digitalization. It focuses on improving production performance and participating in innovation processes through new technical advancements.

Our priorities for 2025 remain safeguarding workplace health conditions, respecting preventative health and environmental measures, ensuring workplace safety and achieving production and sales targets, alongside other economic indicators.

One of our flagship projects is the transition from coal to gas: the Coal Exit initiative. While our current steam production method complies with all Serbian laws and environmental regulations, we believe we can do even better. Transitioning to gas will further improve our environmental impact by reducing CO2 emissions. This involves adapting existing boilers, installing a new one and connecting to the regional gas network. Our goal is to cut CO2 emissions by 50% compared to 2021 levels, thereby reducing our environmental footprint and improving working and living conditions.

I am genuinely excited about this project, as are all of our employees, who are very well aware of the importance of saving energy and other resources.

Through our “Growing Together” initiative, Tigar Tyres is actively engaged in the life of the local community, supporting projects in schools, healthcare, safety and environmental protection You are renowned for your investments in employee training and education, improving working conditions and being a reliable partner to the local community.

What are the key areas where you provide the most support?

— For us, corporate social responsibility represents a contribution to sustainable development through our work with employees, their families, the local community and society as a whole, fostering processes that promote overall development and benefit the company. Through our “Growing Together” initiative, Tigar Tyres is actively engaged in the life of the local community, supporting projects in schools, healthcare, safety and environmental protection.

In addition to material support in the form of donations, we are particularly proud of our employees’ volunteer actions.

They have to date planted what could be called an entire “Tigar Forest” of approximately 4,000 trees. The company has also supported the purchase of 550 additional

trees to form a “green belt” along the motorway near the factory. We traditionally organize Family Health and Safety Day, as well as Goodwill Day, mobilizing compassion and solidarity among employees and local residents to help socially vulnerable groups. Many other initiatives are implemented in collaboration with key stakeholders and our partners in the local community.

All of this, as well as our overall business activities, is predicated on adherence to ethical standards. This entails the daily application of ethical principles by our employees, both internally and externally, with all stakeholders. Today, more than ever, business ethics represent one of the key elements of successful operations. We have developed a system that continuously improves the application of these standards, starting with training and extending to compliance checks.

To conclude, 2025 promises to be equally challenging, but we have OUR WAY. We have demonstrated agility and resilience, remain committed to innovation and will continue working with our employees, customers and partners to create the conditions for a sustainable future.

Tigar Tyres volunteers have planted a forest of 4.000 trees so far.

Go Green(er) in 2025 and happy holidays!

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Years of Investment and Growth Petar Miljković 14. Oktobar CEO

A major investment worth 24 million euros marks a step towards global recognition for 14. Oktobar, a centennial company that has, within the last year, become one of the most desirable employers in Kruševac and the surrounding area ompany 14. Oktobar recently commemorated its 101st anniversary, with the celebration providing an excellent opportunity to present future plans and announce new investments. Here CEO Petar Miljković shares his insights with CorD Magazine, addressing innovation, automation, digitalisation and investment in people, among other topics.

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You are planning substantial investments in the building of facilities and infrastructure, purchasing equipment and increasing production capacities and employment levels. What is the scope of this investment?

— The planned investment of €24 million represents a significant step forward in enhanc-

ing our production and technological capabilities over the next three years. Our goal is to meet top industry standards, keep pace with global demands, expand our capacities, and develop new products that will enhance our global market recognition and reputation.

These considerable investments will boost our competitiveness and ensure the factory’s long-term sustainability while contributing significantly to the development of the local community and economy. We additionally place great emphasis on safety and product quality as our top priorities, thus ensuring that we meet the needs of our partners and customers.

Investing in people is the first pillar of your success, while automation and

digitalisation form the second. Is that correct?

— Absolutely! Innovation, automation and digitalisation are key factors that we focus on and will continue to prioritise in the future. Over the past two years, we have invested in machinery that eases employees’ workloads and in digitalisation, which is essential for modern business operations.

We believe that investing in people is the fundamental and most important pillar of our success. We consistently invest in employee development, as their satisfaction and numbers are crucial to our company’s long-term stability and progress.

Your defence industry segment is “sold out” three years in advance. What about your civil sector operations?

— The civil sector represents a significant part of our business. We manufacture high-quality metal components for a wide range of industrial sectors, including civil machinery.

Although we don’t currently provide specific figures for civil production, our products in this segment meet the highest international standards and demand for them remains consistent. Considering our continuous investments in innovation and process improvements, we are confident that growth in this sector will continue.

The 14. Oktobar factory was privatised by the Czechoslovak Group, which operates in numerous countries worldwide.

How important is it for your operations that you belong to such a major group?

— Belonging to the Czechoslovak Group (CSG) is immensely important for us. CSG is a globally recognised industrial and technology group with production capacities worldwide, enabling us to be part of a vast international network.

Since we became part of CSG back in 2017, our factory has undergone significant modernisation and expansion. CSG consistently invests in all its companies, including ours, allowing us to upgrade production facilities, improve quality and expand our market reach.

This affiliation is crucial, as it enhances our competitiveness, efficiency and sustainability on the global market.

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Business Dialogue

„The goal is not to be better than the other man, but your previous self“ Kazuo Inamori

Former chairperson of Japan Airlines

WORLD NEWS

Nvidia Surpasses Apple as World’s Most Valuable Company Nvidia has overtaken Apple to become the world’s most valuable company, with its stock rising 2.9%, bringing its market capitalisation to $3.43 trillion, surpassing Apple’s $3.38 trillion. The surge is attributed to the growing demand for Nvidia’s AI chips, particularly its Hopper series, and anticipation for the upcoming Blackwell generation. CEO Jensen Huang credits the company’s rapid growth to its pivotal role in advancing AI technology.

Nearly 12% of Materials in he EU Come from Recycling In 2023, 11.8% of materials used in the European Union originated from recycled sources. Known as the “circular material use rate,” this indicator measures the share of recycled materials in total material consumption. According to Eurostat, the rate increased by 0.3 percentage points compared to 2022, marking its highest level to date. The highest circularity rates in 2023 were recorded in the Netherlands (30.6%), Italy (20.8%), and Malta (19.8%), while the lowest rates were found in Romania (1.3%), Ireland (2.3%), and Finland (2.4%).

Romania, Bulgaria Join Schengen Fully Romanian Prime Minister Marcel Ciolacu announced that Romania and Bulgaria will fully join the EU’s Schengen Zone of open borders starting January 2025. This milestone follows their partial entry in March 2023, which allowed air and sea access after overcoming Austria’s initial opposition due to concerns about illegal immigration. Both countries, located along major routes for illicit trade, have since demonstrated compliance with all Schengen requirements, according to a detailed investigation by the European Commission.

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“The biggest risk is not taking any risk” Mark Zuckerberg CEO of Facebook

China Leads Global Offshore Wind Energy Capacity China has connected 39.1 million kilowatts of offshore wind power to its national grid by the third quarter of 2024, securing its position as the world leader in this sector, according to a recent offshore wind energy industry conference. With a comprehensive technological and industrial chain for offshore wind energy, China’s capabilities span design, manufacturing, construction, operations, and maintenance. Conference participants discussed strategic innovations, key offshore wind technologies, and international collaboration in advancing modern industrial chains for offshore wind energy.

Morocco Becomes EU’s SecondLargest Car Exporter After China Morocco’s car exports to the European Union reached €15.1 billion in 2023, marking a 30% increase compared to the previous year, according to the Moroccan Foreign Exchange Office (FCO). While vehicle exports totalled 536,000 units, placing Morocco second after China, which exported 782,000 vehicles, the growth was also significantly driven by auto parts exports. Spain, France, and Italy are Morocco’s largest automotive markets, reported EUobserver. French factories in Morocco produce models like the Renault Clio, Dacia Sandero, and Dacia Jogger, while Stellantis manufactures Peugeot, Opel, and Fiat vehicles.

Global Cryptocurrency Market Surpasses $3 Trillion The global cryptocurrency market has exceeded $3 trillion, driven by expectations that Donald Trump’s election as U.S. president could lead to favourable regulations, sparking renewed growth across the sector. According to CoinGecko, the combined market value of cryptocurrencies reached nearly $3.2 trillion on November 14, marking its highest level to date. Bitcoin continues to dominate the market, with its price surging to a record $93,480, coinciding with the market’s milestone. Bitcoin has doubled in value this year, gaining an additional 30% following the U.S. elections. cordmagazine.com

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Unique Credit Line in Serbia Uspon technology

Through a dedicated credit line, Uspon is expanding its team and fostering an inclusive workforce with new investments in skills training and development hanks to financing from a dedicated credit line of UniCredit Bank and the European Investment Bank, Uspon has hired 25 new employees, including six women. This support has also enabled the company to launch a new investment and to invest further in people via various forms of training.

Founded in 2001, Uspon d.o.o. is a computer engineering company that has amassed extensive experience in producing ZEUS-branded computers that are known for their excellent performance and high quality that’s compliant with domestic and international standards.

“Our production is based on highly reliable components from world-renowned manufacturers. The efficiency and quality of our computers have earned us a high level of trust among IT equipment users, which, in turn, guarantees our success,” says Uspon CEO Vladimir Krstić.

This successful Čačak-based company is among those to have received support from UniCredit Bank and the European Investment Bank (EIB), through a dedicated credit line for the long-term employment and professional development of people from vulnerable social groups. This financing enables UniCredit Bank to provide additional support to Serbian companies that are committed to enhancing their social impact and creating opportunities for women’s entrepreneurship, as well as employment for women, youth and people who face greater employment challenges.

“Any support for businesses, particularly micro, small and medium-sized enterprises, is always welcome. This credit line was important for us, primarily as an incentive to increase employment and foster the inclusion of people who are, in some way, on the margins of society. It further enables us to

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invest in people through various forms of training. I want to highlight our excellent and longstanding collaboration with UniCredit Bank and our respect for the people who recognised us as valuable partners,” says Krstić.

Thanks to this support from UniCredit Bank and the EIB, Uspon now has 25 new employees, including 19 men aged under 30 and six women, one of whom has a disability.

The credit line has supported new hiring and the professional development of marginalized groups

“Inclusion is very important at our company, and it means providing opportunities for every individual, regardless of differences, so that everyone can contribute to improving and developing the business. This credit line has also made it easier for us to pursue a major investment, which is very important to us,” explains Dijana Kovačević, an economist at Uspon.

Uspon’s continuous growth is evident in its development over the years, including a significant increase in its workforce. The company was launched with just 12 employees, while it now has over 100, who are able to secure its position on both wholesale and retail markets thanks to effective management, a broad product range, a commitment to customers and constant innovation.

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Leasing Drives Serbia’s Mobility and Economic Growth The leasing industry in Serbia is expected to surpass €1 billion in financed goods in 2024, reflecting its growing role in supporting SMEs and sustainable mobility. Digitalisation and green initiatives are shaping the future of leasing, aligning with global trends and local needs easing in Serbia is set to achieve a historic milestone in 2024, with projections indicating the industry will finance over €1 billion in goods for the first time. This remarkable growth highlights leasing as a vital financial instrument, particularly for micro, small, and medium-sized enterprises (MSMEs), which represent the majority of clients in the sector. According to Ivan Jauković, President of the Serbian Association of Leasing Companies (ALCS), the value of newly signed contracts grew by 30% in the first nine months of 2024 compared to the same period last year, underscoring the sector’s importance in driving economic growth.

Passenger vehicles dominate Serbia’s leasing market, accounting for over 40% of all financed goods, with commercial vehicles and buses contributing an additional 35%. As Serbia works to modernise urban mobility, leasing is pivotal in financing public transport upgrades, taxi standardisation, and the adoption of electric delivery vehicles. However, the country lags behind Europe in EV adoption, with just 1% market penetration compared to Croatia’s 5%. A lack of charging infrastructure remains a chal-

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lenge, though ambitious government plans aim to expand the network significantly in the coming years.

Leasing also plays a critical role in Serbia’s green transition, enabling access to environmentally friendly technologies such as EVs and energy-efficient machinery. Since 2017, leasing companies have been key partners in government programmes supporting MSMEs, with over RSD 5.5 billion in financial leasing approvals to date.

Digitalisation is reshaping the leasing industry in Serbia, with processes increasingly streamlined to enhance efficiency and user experience. Contracts are now signed digitally within minutes, reducing time and resource demands. This transition reflects a broader move towards paperless operations and adherence to ESG principles, aligning the sector with modern standards and sustainability goals.

With a 30% increase in the value of new agreements and continued investments in digitalisation and green initiatives, the Serbian leasing industry is poised for sustained growth. This milestone year highlights its crucial role in advancing mobility, economic development, and sustainability.

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Continuous development as the basis of success Nebojša Janićijević President of the Executive Board of Intesa Leasing

Intesa Leasing has grown over the past 20 years from a market newcomer to a company that has achieved the leadership position for the second consecutive year, excelling in all key performance indicators of leasing operations, explains Nebojša Janićijević

peaking in this CorD Magazine interview, President of the Executive Board of Intesa Leasing Nebojša Janićijević reveals that his company outpaced market growth in 2024, thanks to continuous efforts to enhance and optimise its operations. Our conversation also touched on process automation, the development and enhancement of the company’s offer, pricing strategies, expansion of the partner network and the crowning achievement of Intesa Leasing’s work to date: the local market’s first fully digitally signed financial leasing agreement.

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Serbia’s leasing market achieved yearon-year growth of approximately 25% in the first half of 2024, with this trend expected to continue in the future. What is Intesa Leasing’s position in this context, and what kind of year-end results do you expect?

— The high growth rates of the leasing market reflect not only the prospects of the leasing industry in Serbia, but also significant growth of our economy as a whole. Leasing has been recognised as an essential product for financing investment needs, particularly for the SMEs that are the drivers of economic growth. At Intesa Leasing, we are focused on them in particular. In an effort to enhance their customer experience, we began transforming our business model over 12 years ago.

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The first cycle of this transformation concluded in 2020, when the Intesa Leasing portal—a unique sales tool that allows clients to apply for financing online and receive approval within minutes—was deployed. However, we didn’t stop there.

Thanks to the synergy of our longstanding efforts, which included digitalisation and process automation, as well as the development and enhancement of our offer, the application of an appropriate pricing policy and the expansion of our partner

network, we this year crowned our work by signing the first digitally signed financial leasing contract on our market. As a result, Intesa Leasing not only grew faster than the market in 2024, at a rate of 33%, but we will also end the year as the absolute market leader, with the market’s highest levels of new production, portfolio and assets.

Four new leasing companies have emerged on our market over the last two years, while the share of financial leasing has also increased, yet we still lag behind the European average. Where do you see room for further growth?

— Under the dynamic conditions created by a highly competitive environment, it is certain that maintaining a leadership position requires directing efforts towards further developing an offer that will best respond to the changing needs of clients over time. I would say that, at Intesa Leasing, thanks to our existing portal for quick approvals, as well as the fully paperless financing process we implemented this year, we have laid solid foundations that provide significant savings for clients in terms of both time and money.

We have exerted significant efforts over the last two years in developing a platform for digitally signing contracts and other documentation, receiving strong support from our partners Regardless of that, prospects exist for further growth and closing the gap with the European average, reflected in the further development of personnel and the strengthening of partnership relations with suppliers and institutions that are significant stakeholders in the execution process, as well as during the lease contract period, and in securing access to additional sources of funding. All of this aims to achieve even greater speed and simplicity of approval, security in col-

lection and the enhancement of the portfolio’s overall quality.

You mentioned that you have created the first fully paperless solution on our financial market. Could you tell us more about that?

— We have exerted significant efforts over the last two years in developing a platform for digitally signing contracts and other documentation, and it is here that we also received strong support from our partners.

Firstly, in cooperation with the Office for IT and eGovernment of the Republic of Serbia, we enabled the implementation of their ConsentID – a qualified electronic signature in the cloud – in our internal processes, with the increase in internal efficiency serving as the basis to implement electronic signatures in providing our services. To make this work, we complemented the process with a complete solution for managing and processing electronic documentation from our partner EIM, as well as the Gemikro IT solution, which integrates contracting processes and the realisation of financing in one place. This allowed us to create the conditions to implement the first fully paperless solution on our financial market, enabling clients and suppliers to digitally sign contractual documentation and thus significantly improving the efficiency of cooperation between all participants in the process. I am proud that, in just the three months since the launch of this service, we have nearly 170 digitally signed contracts, with over 1,200 documents, totalling a value of more than 4.2 million euros. In addition to distinguishing us as leaders in digitalisation, this service is fully aligned with our focus on implementing ESG principles in our operations, particularly in the area of improving resource consumption efficiency.

Paperless solutions are truly aligned with the application of ESG principles, which are being discussed increasingly. Do you find additional ways to integrate them into your business?

— Introducing the possibility of digitally signing contractual documentation is an obvious example of implementing ESG principles, as each digitally signed contract saves

Not only did we outpace market growth in 2024, achieving a growth rate of 33%, but we will also end the year as the absolute leader, with the highest levels of new production, portfolio and assets paper equivalent to the amount needed to produce 4.5 kilograms of wood. However, in line with the strategic goals of our Intesa Sanpaolo Group, we are focused on applying ESG principles primarily through support for the financing of vehicles and other projects in the field of sustainable energy sources. In these efforts, we strive to provide our clients with the support of the Group and collaboration with supranational institutions, with the most favourable conditions for funding and grants for financing green projects. I believe that we are on the right track, as we have to date supported nearly 1,000 projects with over 44.7 million euros, with demand growing consistently.

Intesa Leasing last year celebrated two decades of operations. We’d like to congratulate you and ask what plans and ambitions you have moving forward.

— Our more than 20 years have been filled with numerous opportunities and challenges, and we have dedicated them to the goal of always being one step ahead of trends and responding appropriately to all the needs of our clients and the market. Testifying to this path having been the right one for us are the results that have brought us from a completely new company on the market to a position where we are leaders in all parameters of leasing business success for the second consecutive year. Our ambitions for the future remain unchanged: along with a strategic focus on the application of modern technologies, artificial intelligence and sustainability principles in business, we continue to prioritise strengthening our employees and improving working conditions, as our success is the result of the exceptional effort and dedication of our people.

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ency. This flexibility helps businesses manage cash flow and operational needs more effectively.

TAX BENEFITS Leasing payments can often be deducted as business expenses, reducing the overall tax burden. This is a key advantage for both small and large businesses. For smaller businesses, tax deductions can directly enhance financial stability, while larger companies can leverage these savings to reinvest in growth. inancial leasing is an essential financing option for businesses of all sizes. It provides flexibility, preserves capital, and enables access to modern equipment, making it a valuable tool for both small enterprises and large corporations.

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IMPROVED CASH FLOW MANAGEMENT

The Advantages of Financial Leasing for Businesses

Leasing allows businesses to preserve their working capital by eliminating the need for large upfront payments. Regular, predictable payments free up cash for other investments or operational needs. This is especially important for small businesses with limited capital and large businesses that prefer to keep funds available for strategic opportunities.

ACCESS TO MODERN EQUIPMENT Leasing gives businesses access to the latest technology without substantial upfront costs. For small businesses, this ensures they remain competitive by using modern equipment. Larger businesses benefit from the ability to quickly upgrade their asset base without significant capital expenditure.

FLEXIBLE TERMS Leasing contracts are flexible, allowing businesses to choose terms that fit their needs. Smaller companies may prefer shorter-term leases, while larger companies often opt for longer terms to maintain cost consist-

OFF-BALANCE-SHEET FINANCING Leasing is typically considered offbalance-sheet financing. This means the leased asset is not owned by the business and may not appear as a liability on the balance sheet. This helps maintain a strong financial position, which can improve a company’s credit profile and make it easier to obtain additional financing.

REDUCED MAINTENANCE AND OPERATIONAL COSTS Leasing often includes maintenance packages, reducing operational costs for businesses relying on equipment.

For small businesses, this can prevent costly repairs. Larger enterprises benefit by ensuring that assets remain in optimal condition without dedicating significant resources to maintenance.

SCALABILITY AND GROWTH OPPORTUNITIES Leasing offers businesses the flexibility to scale operations as needed. Small businesses can lease assets without long-term ownership commitments, while larger businesses can expand more easily by leasing large-scale assets or fleets of equipment. This enables both small and large companies to adapt and grow with market demands.

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Ivan Zhao Co-founder and CEO of Notion

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ENTREPRENEUR

The

Visionary

Behind

Notion’s Success From a modest start to leading a $10 billion tech revolution, Ivan Zhao’s journey is a testament to vision, resilience, and the power of innovative design van Zhao is the creative mind and driving force behind Notion, a groundbreaking productivity app that has transformed the way millions of people organize, collaborate, and create. From his early days as a curious student in Canada to becoming a global tech entrepreneur, Zhao’s story is one of vision, persistence, and an unwavering commitment to design excellence.

Born in China, Zhao moved to Canada during his childhood. This early relocation exposed him to diverse cultures and ways of thinking, shaping his interest in the intersection of design, technology, and human behavior. Zhao pursued a degree in cognitive science at the University of British Columbia, a multidisciplinary field that combines psychology, computer science, linguistics, and philosophy.

His academic training was pivotal, as it nurtured a mindset for approaching problems holistically. Zhao became fascinated by how tools could enhance human potential, an idea

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deeply influenced by his studies and a profound admiration for pioneers of computing like Douglas Engelbart, who believed in technology’s role in augmenting human intellect.

After university, Zhao worked as a designer, but he soon realized he wanted to create something that combined beauty and function—a tool that would empower people to think and work better. In 2013, he co-founded Notion Labs, Inc., in San Francisco alongside Simon Last. Their mission was ambitious: to design a flexible, all-in-one workspace that users could customize according to their needs without requiring any coding skills.

However, Notion’s early days were challenging. Despite its promise, the first version of the app failed to resonate with users. Funding was scarce, competition was fierce, and the team was on the brink of shutting down. Yet Zhao’s determination to fulfill his vision drove him and his team to rebuild Notion from scratch in 2015. This second attempt introduced a modular in-

terface that allowed users to create databases, manage tasks, and take notes seamlessly in one platform. The result was a revolutionary tool that blended simplicity with versatility, paving the way for its future success.

By 2018, Notion was gaining traction among startups, freelancers, and tech-savvy users. Its ability to adapt to diverse workflows, whether for project management, knowledge sharing, or personal organization, set it apart from competitors. The app became especially popular among creative professionals who valued its aesthetic design and modular functionality.

Notion’s success was bolstered by Zhao’s emphasis on community. He encouraged users to share templates and workflows, creating a grassroots movement that extended Notion’s reach far beyond its original audience. This approach also fostered a sense of ownership among users, who became advocates for the product.

The COVID-19 pandemic in 2020 further accelerated Notion’s growth.

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As remote work became the norm, teams and individuals turned to the app for its ability to unify fragmented workflows and keep everyone on the same page. By the end of the year, Notion was not just a tool but a cultural phenomenon, inspiring countless imitators and solidifying its place as a leader in the productivity space.

In 2021, Notion reached unicorn status with a valuation of $10 billion.

By 2024, it had amassed over 100 million users globally, becoming a staple in the digital toolkits of professionals, students, and organizations.

What set Notion apart wasn’t just its features but the philosophy behind it. Zhao envisioned Notion as more than a productivity tool; it was a platform for creativity, problem-solving, and connection.

The funding and acclaim allowed Zhao to expand his team, invest in cutting-edge AI features, and enhance the platform’s capabilities.

Despite its explosive growth, Notion maintained its user-focused ethos, a reflection of Zhao’s commitment to building tools that genuinely empower people.

At the core of Zhao’s success is his unique approach to leadership and design. Unlike many tech CEOs, Zhao prioritizes aesthetics and functionality equally, believing that a tool must not only work well but also inspire its users. His background in cognitive science and passion for art are evi-

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At the core of Zhao’s success is his unique approach to leadership and design dent in every aspect of Notion, from its clean user interface to its intuitive workflows.

Zhao is also deeply influenced by the history of computing and the philosophies of early tech visionaries. He often cites Engelbart’s idea of “augmenting human intellect” as a guiding principle, striving to create tools

that help people think more effectively. This perspective has made Notion not just a product but a movement, resonating with users who share a desire to do more with less.

Today, Ivan Zhao is not only the CEO of Notion but a thought leader in the tech industry. His journey from struggling startup founder to the head of a $10 billion company is a testament to the power of resilience, innovation, and staying true to one’s vision. Yet Zhao shows no signs of slowing down.

He continues to push the boundaries of what productivity tools can achieve, integrating AI to make Notion even smarter and more intuitive.

Zhao’s ultimate goal remains unchanged: to democratize computing and give users the tools to create their own solutions. Whether it’s a freelance designer organizing their projects or a multinational team collaborating across continents, Notion reflects Zhao’s belief in the power of technology to amplify human potential.

Ivan Zhao’s story is one of persistence, creativity, and a relentless pursuit of excellence. From its humble beginnings to its position as a global leader, Notion embodies Zhao’s vision of a world where technology empowers people to think, create, and connect in ways they never thought possible. As the digital landscape continues to evolve, Zhao’s impact will undoubtedly be felt for generations to come.

PROFILE

Every Goal is Achievable!

What motivates me the most in this work is the intellectual creativity that permeates the scientific process – from the initial idea, through research and development, to publication or integration into products, as well as collaborations between researchers and engineers on large projects

Dr Nemanja Rakićević Scientist at Google DeepMind fter completing my studies in mechatronics, robotics and automation at the Faculty of Technical Sciences in Novi Sad, as the top student at the University, I wanted to continue my career by exploring advanced robotic systems. This led me to enrol in the EMARO dual master’s programme (European Masters in Advanced Robotics), where I earned my master’s degree in 2013. I had the opportunity to learn from European experts in Italy and France and to work on my master’s project at Japan’s Keio University, where I collaborated with the Japanese Space Agency (JAXA) on mobile robots for planetary exploration.

As an engineer with the RIS group, LAAS-CNRS in Toulouse, I worked on

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diagnosing rover motion using sequential machine learning models. I later became a research associate with the iBug group at the Department of Computing, Imperial College London, where I applied deep learning methods to recognise human emotions based on multimodal data, including facial expressions and speech.

My career journey continued in the UK, where I completed my Ph.D. at Imperial College London’s Robot Intelligence Lab. There I developed machine learning algorithms for robot control and my thesis focused on neuroevolutionary algorithms that identify a collection of diverse controllers for robots to solve tasks in multiple ways, thereby making it eas-

ier for them to adapt to environmental changes.

Throughout my career, I’ve transitioned from robotics to computing and artificial intelligence, which required additional effort and self-directed learning. That’s why I believe that a multidisciplinary perspective contributes significantly to the scientific creative process.

I am today a scientist at Google DeepMind, focused on the development and application of large language models. My research interests include reinforcement learning and large language models, such as Gemini. I’m working to advance Gemini’s capabilities, which are implemented across all Google products.

What drives me in this field is the intellectual creativity that encompasses the entire scientific process – from conception to research, development and integration into products – along with collaboration on largescale projects.

My goal is to present complex AI topics in an accessible and comprehensible way, inspiring people to engage with artificial intelligence and develop a deeper understanding of its potential and applications I’m also dedicated to sharing knowledge of AI through mentoring, scientific education and science popularisation. My goal is to present complex AI topics in an accessible and comprehensible way, inspiring people to engage with artificial intelligence and develop a deeper understanding of its potential and applications.

I believe that the key to success lies in a continuous desire to learn and adapt to change. To anyone aspiring to pursue science, I would say: believe in yourself and your abilities, and remain persistent, because every goal is achievable with effort and dedication.

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CULTURE

Science, Education and Culture

as Priority Imperatives Ana Petrović Director of the Science Festival in Belgrade

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Photos Marko Đoković

We nurture young people interested in science, encouraging them to choose the more challenging path in education. The expectation is that they will one day become leaders and solve global problems.

Who can truly evaluate the value of this investment?

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Photo Nebojša Babić

assist with implementation. With 18 years of experience in promoting science and a wealth of international expertise, we always have something to offer as a solution.

he 17th edition of the Science Festival will be held from 12th to 14th December 2024 at the Belgrade Fair, under the slogan The Evolution of Ideas. As the organisers’ state: “New scientific fields are emerging constantly, while others fade away, and scientific theories develop and change,” adding that the festival aims to explain how these changes occur, what they tell us about the evolving nature of science, and what this means for all of us. Here Science Festival Director Ana Petrović discusses the challenges of organising such a significant event and the themes it inspires.

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The Science Festival in Belgrade attracts increasing attention year after year. What are the biggest challenges in organising such a major event; and what do you see as the key to its success?

— Unquestionably, the biggest challenge is securing funding for such a large-scale, independent event. The situation becomes critical when you put the costs of production and participants down on paper, given that we’re talking about 750 science communicators of various ages and educational backgrounds, resources for visualising all their programmes, and other technical expenses.

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On the other hand, those very science communicators, and their interest in sharing their knowledge in innovative ways, represent the key to success.

Children and young people are naturally curious and eager to learn about scientific phenomena and knowledge.

It’s up to us to nurture that enthusiasm.

This year’s festival offers a wide range of scientific topics. How do you select the areas and content to be included, and what are the selection criteria?

— We firstly choose a central theme; the idea around which we will build the festival. This year, we had the special pleasure of seeing our proposed theme, The Evolution of Ideas, warmly embraced by participants.

We received 75 applications through our open call, from which we had to select 50.

A mandatory criterion is the scientific foundation of the content, along with rigorous fact-checking. However, the institutions we collaborate with are among the most reputable in Serbia in the fields of science and research, so problems rarely arise in this area. We next assess the communicative potential and presentation style of each topic. This segment involves a lot of work, as our production team is expected to

Does this year’s festival have a particular focus—such as certain scientific disciplines or global issues that you consider particularly important at the current juncture?

— Yes, this year we wanted to highlight the phenomenon of the idea itself. We’ve reached a point at which artificial intelligence has evolved to the extent that it can write essays and create images based on one’s imagination, or analyse X-rays. I think we are all starting to forget what science truly is, and we wanted to remind everyone of that with the slogan The Evolution of Ideas.

Our message is that ideas are both the beginning and the end of everything, and that they must be nurtured and developed. Ideas lead to evolution, and evolution leads to progress for all. We arrive

Our message is that ideas are both the beginning and the end of everything and must be nurtured and developed.

Ideas lead to evolution, and evolution leads to progress for all at ideas through thought, reflection, and the development of critical thinking.

How does the Science Festival contribute to the popularisation of science among younger generations in Serbia? Which part of the programme do you consider crucial for inspiring future scientists among the youngest visitors, and how do you motivate them to consider careers in science?

— We were fortunate that the Science Festival chose the right approach to popularising science from the very beginning. As a result, we quickly entered

schools and became an event eagerly anticipated throughout the year, as we “translate” and present lessons from the current curriculum in a different way. Inspired by our festival, over 30 smaller festivals have emerged across Serbia and are now our valued guests in the Peer Education Zone.

The festival’s Teenage Experts segment improves each year. It features the most talented pupils from schools across Serbia, who present the knowledge they have refined throughout the year in preparation for the Science Festival. These are our Science Ambassadors, who receive recognition at the end of the festival and take on the “duty” of promoting science throughout the following year. Their teachers, who are by far the most enthusiastic among us, work tirelessly with them on these programmes.

Additionally, the programmes of universities and scientific institutes are designed to present complex sci-

entific phenomena in a simple manner. The very fact that science can be touched, smelt and explored through

hands-on experiments is incredibly important for demystifying science as an inaccessible field.

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Inspired by our festival, over 30 smaller festivals have emerged across Serbia and are now our valued guests in the Peer Education Zone port specific content. An exceptionally interesting example this year comes from the Faculty of Health Studies at the University of Sarajevo, which demonstrates the use of 3D printing in medicine. This showcases how new technological tools aid science.

What are your favourite moments from past festivals, and is there a specific event or presentation this year that you’re particularly proud of?

— There have been so many memorable moments over the past 17 years.

It always comes down to the awe and excitement of children when they visit the Science Festival and say, “Wow! I didn’t know this could be so interesting!”

On the other hand, there’s the joy of a researcher, scientist, Ph.D. holder or science communicator who sees the sparkle in visitors’ eyes and answers thousands of questions.

They might lose their voice or be exhausted, but they’ll talk all year long about how they inspired someone.

The first impression of international guests after the festival is often their amazement at how engaged our children are and how many questions they ask. It’s also important that many of our international guests— whether from NASA, MIT, Thailand, Australia or top European universities in over 40 countries—have maintained contact with our scientists over the years.

Photo credit Inger Ekström

How does this year’s festival use modern technologies and digital tools to make science more accessible and engaging for visitors?

— Since its inception, the Science Festival has utilised advanced technologies in its presentations. For example, as early as 2009, the festival showcased the application of VR, AR and holograms in science for the first time.

Similarly, the 2008 festival introduced a segment combining science and art, demonstrating how new technologies transform both fields.

However, today we see a certain saturation with screens and other aids, and there is a declining need for tangible, hands-on presentations.

We still believe that such presentations are essential and the key to fostering a love for science. One could say that we now use modern technologies like AI and VR in a controlled manner and strictly as tools to sup-

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How do you see the future of the Science Festival over the coming years? Are there plans to expand the programme or involve more international guests and organisations?

— The Science Festival somehow starts anew each year, and the future feels increasingly uncertain, especially given that ever-fewer companies are will-

We also have an exceptionally rich international programme this year, featuring participants from seven countries, thanks to cultural centres and embassies from those nations

ing to invest in science, education and young talent. These investments may not yield immediate financial returns, but they should never be questioned.

Investing in science, education and culture must be a given, as it delivers long-term benefits.

We nurture young people interested in science and encourage them to choose the more challenging path in education. They are expected to one day become leaders and to solve global problems. Who can truly assess the value of this transaction?

— Just as we help young people understand and love science, so we must urge decision-makers to base their policies on science and recognise the importance of scientists participating in public discourse. Perhaps this is one area where the festival has fallen short, and it’s something we must focus on improving.

At the same time, the festival has the capacity, experience and resources to expand its programme, space and duration. Before the pandemic, it was held in three halls and lasted four days, but everything boils down to possibilities. We remain hopeful of the best.

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Life is Both MY LIFE

Chemistry

and Alchemy Vesna Mišković Stanković Corresponding Member of the Serbian Academy of Sciences and Arts

By Radmila Stanković

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She is the first woman to have been elected to the SANU Department of Technical Sciences and was one of the 12 women newly admitted as corresponding members of the Academy in this year’s election. A graduate of the University of Belgrade’s Faculty of Technology and Metallurgy, it was also there that she completed her master’s studies and defended her doctoral dissertation, while she served as a full professor of this college until 2022.

The mother of a successful daughter, she also has two grandchildren

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he has been a visiting professor at Italy’s University of Trento, America’s Ohio University, Laval University in Quebec, Canada, and Kyung Hee University in Seoul, South Korea. She also had longstanding collaboration and shorter professional residence stays at the Jožef Štefan Institute in Ljubljana, the Politehnica University of Bucharest and China’s Shandong University, Jiangsu Normal University and Fudan University.

She is today a full professor of the Faculty of Ecology and Environmental Protection at Belgrade’s Union – Nikola Tesla University, while she is also engaged at the University of Novi Sad’s Faculty of Technical Sciences.

Born in Belgrade in 1957, Vesna Mišković Stanković attended the city’s Saint Sava Primary School while living in the street of the same name, directly opposite umestu right across the street from the city’s famous Temple of Saint Sava. She has fond memories of school saint’s days, when the pupils would be greatly excited in preparing school performances. She graduated from the 14th Belgrade Gymnasium secondary school and subsequently the Faculty of Technology and Metallurgy, University of Belgrade, always excelling as the top student of her generation. This en-

S

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LEFT: with colleagues from the University of Trento, Italy RIGHT: with colleagues and students at America’s Ohio University

sured that, during her university studies, she received four awards of the Academic Panta Tutundžić Fund as the best student of her class, from the first to the fourth years of her studies. An only child, she grew up in a house of university professors and was raised in accordance with what she learned living with them.

“The first things I learnt were related to the concept of work, to work discipline and a system of values. My

I was raised to prioritise moral norms that had to be respected, and that’s remained with me forever parents worked and read constantly, and I adopted that as the way things should be. I was raised to prioritise moral norms that had to be respected, and that’s something that’s remained with me forever.”

Vesna’s parents were second generation of graduated engineers of metallurgy who spent their working lives as professors at the Faculty of Technology and Metallurgy. It would be easy to conclude that they actually

influenced her choice, but that isn’t the whole truth.

“I liked to read books and one of my options was to study Serbian language and literature. However, I had an equal love for chemistry and that turned out to be an enduring commitment. That’s why I graduated in organic technology and continued dealing with chemistry and materials engineering.”

Professor Mišković-Stanković’s main contributions to science have been in the fields of materials science and materials engineering, particularly biomaterials. They encompass the synthesis, characterisation and development of technologies for obtaining and applying multifunctional materials with defined properties - organic, oxide-based and polymeric coatings on modified metal surfaces, as well as bioceramic composite coatings and hydrogel composites representing biomaterials for applications in orthopaedics for bone and soft tissue implants.

Her significant scientific literature opus has included the publishing of one monograph of international importance, eight chapters in monographs of international importance, one monograph of national importance, 162 papers published in journals on the

Science Citation Index list and 43 papers in national journals, as well as 312 scientific papers presented at international and national meetings. She has given 51 guest lectures, holds two registered patents and four technical solutions. She has also managed and participated in 13 international projects and 13 national ones.

According to the Scopus citation database, her works have been cited 5,055 times and she has a rank of 44 on the Hirsch (h) index, while the Google Scholar database accredits her with 6,665 citations and an h-index ranking of 51. She is ranked among the world’s most influential scientists in all fields of science as published by Stanford University (Top 2% of scientists in the world) for her entire career and the individual years of 2019, 2020, 2021, 2022 and 2023. According to the AD Scientific Index World Scientist and University Ranking for 2023 and 2024, she is one of the top 10 Serbian female scientists living and working in Serbia (2021).

A member of the Serbian Scientific Society and the Academy of Engineering Sciences of Serbia, she is deservedly also an honorary member of the Serbian Chemical Society and its former president (2017-2021). A member of the Electrochemical Society of America and the International Socie-

The ratio between men and women in my work is far more favourable in our country than elsewhere, even in managerial positions ty of Electrochemistry, she is a recipient of nine gold medals, two silvers and one bronze at international innovation exhibitions.

Prior to the most recent elections, the Technical Sciences Department of the Serbian Academy of Sciences and Arts didn’t include a single woman.

Vesna became the first on 19th November this year, after having been suggested by the Department of Technical Sciences itself. She was also one of the 12 women among the 22 new corresponding members admitted to SANU this year. She admits that this is one of the most pleasant surprises and fundamentally important changes ushered in by the November elections.

“It would be understating the situation to say how great an honour and recognition this election to SANU is for me. And I’m glad that 12 women candidates were elected in this election cycle. Academic Vladimir Kostić, as SANU president over the previous two terms, as well as current president Zoran Knežević, contributed a lot to

With colleagues and students at Kyung Hee University in Seoul, South Korea

these positive changes. For me, SANU is primarily a top scientific institution, representing a national and historical category of enormous importance, and being a member of SANU is a special honour and acknowledgement.”

CorD’s interlocutor explains what it means to be on Stanford’s prestigious list of the top two per cent of the world’s most influential scientists in all fields.

“To be on that list, and I’ve been on it for five consecutive years, is very important. It is important due to the recognition of our science around the world, personal satisfaction and colleagues, while it is also very important because of our young associates, young researchers who can thus find motivation for their work.”

We asked her if she represented a rarity as woman in this field of work, both here in Serbia and around the world.

“From the time of my student days, and later during my career as a professor, the ratio of men to women in our country was generally 50-50.

However, it seems to me that there are more female students today. Given that I collaborate with colleagues from various universities around the world, I know that there are many female researchers in our country, in my profession, more than there are male colleagues. With that awareness, I headed out into the world and was generally surprised to find that I was among the few women in those collegial circles. For instance, I was at the Faculty of Engineering in Seoul, where the Department of Mechanical Engineering had only one female professor, while the other ten were men. I found exactly the same situation at Ohio University. As such, I think the situation is much better in the engineering profession in our country, at least when it comes to the equal representation of the sexes.

“Interestingly, I was at a major national congress on corrosion in the U.S. that included five thousand participants, very few of whom were women. One session was organised dedi-

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cated precisely to this problem, which presented analysis of numerous stats showing that the number of women in science is falling significantly compared to the number of graduate students, and that the number of women professors at universities is even lower, while the number of females in management positions is negligible.”

A very simple explanation was offered: first through marriage, and then childbirth, women tend to disregard jobs that require serious scientific work. Vesna even heard the same story in the highly technologically developed country of South Korea.

“South Korea is a very rich country that invests a lot in scientific research, while it is simultaneously a very traditional country that nurtures family values. That’s why young women often can’t pursue a career in their chosen scientific field because they have to conform to the rules of life.

On the other hand, numbers of marriages and children are also declining today, which is explained by the fact that young women don’t only want a family with children, but also a career.

“Due to these numerous revelations and comparisons with our country, I can state unreservedly that the ratio between men and women in our work is far more favourable in our country, even in managerial positions.”

This scientist has forged a very successful career, but has also had a good marriage and raised a daughter who is today herself a successful scientist and doctor with two children of her own. Vesna’s husband, Dragan, was a pharmacist and director of the Serbian representative office of a major pharmaceutical company. Of course, she could also always count on the help of her parents, particularly her mother.

“My husband and I shared the workload, but my mother was always there for our daughter. Without her help, I wouldn’t have been able to achieve such success in science.

I’m very well aware of how complicated it is to have a demanding job, a family and a child. My daughter, Iva Stanković Tutuš, is in that same

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Plagiarism exists in science today, as it does in other areas of life.

That’s why honesty is the first basic postulate in science

With colleagues and students at the University of Belgrade

situation today. She is a neurologist and clinical assistant professor at the Faculty of Medicine, while her husband, Vladimir Tutuš, is an anaesthesiologist and also a clinical assistant professor at the Faculty of Medicine.

They both have very demanding jobs, but I’m always there for them, as a grandmother who adores her grandchildren, Mila and Marko, who represent an endless source of happiness and pleasure for me.”

As she explains: “I was fortunate that I did my job with enthusiasm and still do, and that it represents a great source of satisfaction for me.”

She was also fortunate that her job was never subjected to any political

machinations. She is aware of what a privilege that is. She has lived her two parallel lives with a degree of ease: one dedicated to her family, the other committed to science and a profession that enabled her to establish precious contacts with people around the world, make acquaintances with great people in her work and forge friendships that have meant a lot to her. Her residence visits as a guest professor in South Korea are particularly interesting.

“What I found particularly interesting in that milieu was the culture, behaviour and value system. For example, children there are taught Confucianism from an early age. And the foundational postulate in that teaching is respect for elders, firstly parents and teachers. The profession of teacher and professor is afforded the highest admiration and respect. With an awareness of that, it makes me very sad when I see how certain students behave towards their teachers. In Korean society, professional positions are acquired exclusively by graduating from top faculties. There are 600 universities, which are strictly ranked from 1st to 600th place, and attending a good faculty allows a young person to gain an excellent starting position for their career.”

South Korea is known for investing huge resources in its schooling and education system, and for allo-

cating approximately eight per cent of the state’s total budget to science. A large number of the country’s graduate students head to America to earn their doctorates, but it is obligatory for them to return to their home country after completing their studies.

“I’ve written many recommendations here in Belgrade for my students who were departing for the wider world, and I was happy that - in terms of knowledge and abilities - they were on equal to everyone in America or anywhere in Western Europe. On the other hand, I was always sad that the best students left and never returned.

Fortunately, some other new, young student would appear and everything would start all over again.

“I had an opportunity to talk with a fellow professor from Israel who told me that their best students also leave to undertake their doctoral studies in America. I asked him whether or not they return afterwards, and he seemed not to understand what I was asking him. There it is a given that they will all return to their own country. Unfortunately, our best students rarely return, because as a state we aren’t able to offer them the kind of working and living conditions that they enjoy there.”

Friends are a precious part of Vesna’s life.

“I have my closest female friends, who I’ve been hanging out with through-

out my life. I share beautiful moments with them, but they were also beside me when I was enduring difficult moments. Life is much easier and more beautiful with friends, which is why they’re greatly precious to me.”

She emphasises the very important role played by the professors who taught her, particularly her academic mentor Dragutin Dražić, under whose guidance she completed her doctoral dissertation and with whom she worked closely for many years. She learned from him very early on that experimentation is the most important thing for the natural sciences, as

LEFT: with colleagues and students at Laval University in Quebec, Canada RIGHT: with colleagues from the Politehnica University of Bucharest, Romania

Interactions between student and professor, when you create something together, is irreplaceable and phenomenal it determines one’s understanding of the essence of processes. She would later pass this knowledge on to many generations of her own students and younger associates.

It comes as no surprise that professor Mišković Stanković is strict towards her students – strict, but fair.

She considers it essential to have knowhow, because without it you can have major problems in your work.

“When my students would head out into the world, they would often

tell me how good it was that I’d sought that they learn everything they would need, because they often confirmed how essential some of that knowledge was for them wherever they happened to find themselves.”

Is it possible to compare scientific research work, which is her first love, with teaching work? Vesna says she can’t compare them and explains why.

“Work with students represents in-person contact in which you see just how much of the knowledge you attempt to pass on to someone else is really passed on. That interaction between student and professor, when you create something together, is irreplaceable and phenomenal. Work in the laboratory without working with students is something I can’t imagine. They can exist without each other, but the right combination is when they go together.”

Who sets ethical boundaries in science? This it today a very important and complex issue. For example, science strives to create new materials that will be used for implants in the body or new medicines. And what is the ethical issue here?

“The ethical issue is that the purpose of science in medicine is to help the patient. Everything that is new, that could help a person, is necessary and no other question is posed.

All that matters is that it has proven useful and beneficial to mankind. Of course, plagiarism exists in science today, just as it exists in other areas of life. That’s why honesty is the first and most fundamental postulate in science.”

Our interlocutor was once asked whether life is chemistry or alchemy, to which she responded: “Life is both chemistry and alchemy. There are many things in life that can be planned and carried out, and explained and even predicted, just like in chemistry. However, with the passing years it seems to me that there is ever-more alchemy. That’s because, in some of the most important human frameworks that we cannot influence greatly, life is nonetheless alchemy.”

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Chill Out MAGRITTE’S MASTERPIECE BREAKS AUCTION RECORD René Magritte’s 1954 painting set a new auction record for surrealist art, fetching over $121 million at Christie’s in New York. Initially estimated at $95 million, the artwork titled The Empire of Light surpassed the previous record of $79 million for a piece by the Belgian artist, set in 2022. The painting depicts a house lit by a night lamp under a bright blue sky and was sold after a 10-minute bidding war. It previously belonged to Mica Ertegun, a Romanian-born interior designer and prominent art collector who made her mark in the U.S. art world.

PORTUGAL LEADS EUROPE IN BICYCLE PRODUCTION In 2023, the European Union produced 9.7 million bicycles, marking a 24% drop compared to 2022’s 12.7 million. According to Eurostat, Portugal retained its position as the top bicycle producer, manufacturing 1.8 million units, followed by Romania (1.5 million), Italy (1.2 million), and Poland (0.8 million). Data reveals that 14 out of 17 EU countries reported a decline in bicycle production between 2022 and 2023. Romania saw the largest drop, producing one million fewer units, followed by Italy with 0.7 million fewer bicycles and Portugal with a reduction of 0.4 million.

NEW YORK TO INTRODUCE TRAFFIC CONGESTION FEE IN JANUARY Governor Kathy Hochul has announced that New York will implement a $9 congestion fee for cars entering Manhattan starting in January, aiming to reduce traffic. Trucks and buses will face fees of up to $21.60, while nighttime rates will be reduced by 75%. The fee will apply once daily per vehicle, regardless of the number of trips. Taxis will pay $0.75 per ride within the Manhattan zone, while Uber and Lyft rides booked via apps will incur a $1.50 charge per trip. Newly elected U.S. President Donald Trump disagrees with the decision to introduce the fee.

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URANUS MAY HARBOR CONDITIONS FOR LIFE The planet Uranus and its five largest moons may not be lifeless, sterile worlds as previously believed. Instead, scientists suggest they could harbour oceans and potentially support life. Much of what we know about Uranus comes from NASA’s Voyager 2 spacecraft, which visited the planet nearly 40 years ago. However, new analysis reveals that Voyager’s encounter coincided with a strong solar storm, potentially leading to misconceptions about the planet’s true nature.

BERLIN’S GREEN PARTY PROPOSES WOMEN-ONLY METRO CARS In response to a rise in sexual violence in Berlin, with nearly 400 incidents reported in public transport last year, the city’s Green Party is advocating for women-only metro cars during evening hours.

Antje Kapek, the party’s spokesperson for transit policy, suggested placing women-only cars at the ends of trains, inspired by a model successfully implemented in Tokyo.

FIRST AI-CREATED ARTWORK SELLS FOR OVER $1 MILLION The first-ever artwork created by an AI-powered humanoid robot has been sold at auction for an impressive $1.32 million. The piece is a 2.2-meter portrait of British mathematician and computer pioneer Alan Turing titled A.I. God, which was sold at Sotheby’s in London to an anonymous buyer after 27 bids. The humanoid robot, named Ai-DA, resembles a young woman with short black hair. She produced a series of 15 paintings in just eight hours, with only one making it to the auction block.

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FASHION

PARTY-TIME

WEAR Get ready to shine this New Year’s Eve with stylish wardrobe suggestions

TOM FORD Break the rules of black tie with a plush velvet suit. Tailored for a slim fit from dark-brown cotton, it has the hallmarks of evening style, including peak lapels and front flap pockets.

Wear it with matching trousers and Derby shoes.

TOM FORD From Elvis Presley to Harry Styles, the velvet suit is a favourite of icons and superstars.

‘Dyllan’ suit trousers have the it-factor with their plush cotton fabrication and neat, slim cut.

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GUCCI

GUCCI This glossy black version has been crafted in Italy from leather embellished with the hallmark horsebit that nods to the brand’s equestrian heritage.

When suiting starts to feel formulaic, opt for a bit of colour to break up the routine. Gucci’s burgundy twill trousers have been tailored in Italy and subtly embossed with the brand name above the back welt pocket.

MATEO This ring from Mateo’s ‘La Barre’ collection is simple, classic and understated, making it ideal as a wedding band or a daily stacking piece.

It’s been handcrafted in NYC from a single bar of polished gold.

BOTTEGA VENETA They’ve been made in Italy using the country’s signature intrecciato technique—a labour-intensive process that involves weaving together leather strips—and are set on thick, durable rubber-lug soles.

JIMMY CHOO Made in Italy from silver leather, they’re set on slender 90mm heels with knotted straps that beautifully frame your feet. Keep them on display with mini hemlines.

CHLOÉ Chloé’s ‘Bracelet’ bag is defined by its hammered jewelry-shaped handle. The mixed metal hardware matches any pair of earrings or rings.

REBECCA VALLANCE

JENNY PACKHAM It’s cut from beige tulle for a figure-skimming fit and has an elegant mock neckline. The full satin lining provides added coverage and smoothness.

TOM FORD A halterneck gown is made from slim panels of plush velvet and sheer tulle.

The fabric is strategically placed to reveal glimpses of your skin while accentuating your natural curves.

It’s cut for a close fit from burgundy cady with a fitted waist and floorskimming hem.

Turn to reveal the elegant open back.

SOLACE LONDON The gown perfectly captures the brand’s understated glamour.

Made from stretchcady, it’s designed with a satin-twill overlay at the strapless neckline, dotted with scores of tiny, lightcatching crystals. cordmagazine.com

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CULTURE CALENDAR

MARIZA

THE NUTCRACKER

5 December – Sava Center

24, 25 December – MTS Hall

Fado superstar Mariza will return to Sava Centar on 5th December, bringing her timeless voice back to the stage where she first captured the hearts of local audiences. Renowned worldwide, Mariza will perform her greatest hits, promising an unforgettable musical experience celebrating two decades of her extraordinary career.

Launching her journey in Lisbon twenty years ago, Mariza rose to global fame with her 2001 album Fado em Mim. Since then, she has graced some of the world’s most iconic stages, including Paris’s Olympia, London’s Royal Festival Hall, and New York’s Carnegie Hall.

The Nutcracker, the most beloved Christmas ballet, returns to the MTS Hall on 24th and 25th December in a spectacular performance by the Ukrainian Classical Ballet. Belgrade audiences will have the chance to step into the enchanting world of Clara, a young girl who discovers an extraordinary gift beneath the Christmas tree—a wooden Nutcracker doll—and embarks on magical adventures, all set to the timeless music of Pyotr Ilyich Tchaikovsky.

NEW YEAR’S CONCERT OF CHILDREN’S PHILHARMONIC 26 December – MTS Hall

BEETHOVEN’S MISSA SOLEMNIS 26 December – Kolarac Hall

Prepare to immerse yourself in an unforgettable evening of jazz as the talented young musicians from the “Stanković” Music School’s jazz department take the stage, joined by special surprise guests. This concert promises to enchant both newcomers with its introduction to the vibrant world of jazz and seasoned aficionados, delivering a remarkable musical journey. The celebrated Children’s Philharmonic will bring its unparalleled energy to the performance. Adding to the magic, over 80 award-winning young artists will shine on stage.

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Close out the musical year of 2024 with Ludwig van Beethoven’s Missa Solemnis! The RTS Choir and Symphony Orchestra, joined by exceptional soloists Mirjana Nedeljković (soprano), Ivana Srbljan (mezzo-soprano), Marko Živković (tenor), and Sava Vemić (bass), under the baton of conductor Aleksandar Marković, are preparing a spectacular finale to the RTS Music Production season.

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Physicist and polymath, as familiar with Hindu scriptures as he was with quantum mechanics, J. Robert Oppenheimer - director of the Manhattan Project that developed the atomic bomb - was the most famous scientist of his generation. In their meticulous and riveting biography, Kai Bird and Martin J. Sherwin reveal a brilliant, ambitious, complex and flawed man, profoundly involved with some of the momentous events of the twentieth century.

Barbra Streisand is by any account a living legend, a woman who, in a career spanning six decades, has excelled in every area of entertainment. She is among the handful of EGOT winners (Emmy, Grammy, Oscar, and Tony) and has one of the greatest and most recognisable voices in popular music.

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A loner and a risk-taker, Xi is the most consequential leader of our time. Drawing on intimate stories from the closed world of China’s leading families and two decades of first-hand reporting, Michael Sheridan sheds new light on the history and politics of China.

The book reveals that behind the facade of the Chinese Communist Party, there is a modern dynasty and a new emperor.

Lady Sings the Blues is the inimitable autobiography of one of the greatest icons of the twentieth century. Born to a single mother in 1915 in Baltimore, Billie Holiday had her first run-in with the law at age 13. Her memoir tells the story of her life spent in jazz, smoky Harlem clubs and packed-out concert halls, her love affairs, her wildly creative friends, her struggles with addiction and her adventures in love.

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Explore the incredible life of Novak Djokovic – from his boyhood in war-torn Serbia to his 24th Grand Slam title at the 2023 US Open.

Find out more about the world’s #1 male tennis player in this stunningly illustrated biography. Join expert tennis journalist Dominic Bliss for an up-close look at the unbelievable talent of a player destined for greatness.

In Behind the Seams: My Life in Rhinestones, global superstar Dolly Parton shares, for the first time, the full story behind her lifelong passion for fashion, including how she developed her own distinctly Dolly style, which has defied convention and endeared her to fans around the world.

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Faces & Places Embassy of Turkey Celebrates Republic Day 29/10/2024 The Embassy of Turkey, led by H.E. Hami Aksoy, hosted an elegant event at the Hyatt Hotel to mark the Republic Day of Turkey.

The celebration brought together dignitaries, diplomats, and esteemed guests to commemorate this significant occasion in Turkish history. The evening highlighted the strong ties between Turkey and its partners, underscoring the country’s progress and enduring traditions.

Embassy of Italy Marks National Unity and Armed Forces Day 4/11/2024 The Embassy of Italy, headed by H.E. Luca Gori, hosted a solemn event at its premises to celebrate National Unity and Armed Forces Day. The gathering brought together diplomats, officials, and distinguished guests to honour Italy’s rich history and the vital role of its armed forces. The event emphasised the importance of shared values and ongoing collaboration between Italy and its partners.

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Embassy of Algeria Marks National Day 5/11/2024 The Embassy of Algeria, led by H.E. Fatah Mahrez, hosted a commemorative event at Dom Vojske Srbije to celebrate Algeria’s National Day. The gathering brought together diplomats, officials, and distinguished guests to honour Algeria’s rich history and strengthen ties with its partners in Serbia and beyond.

IWC Welcomes New President 7/11/2024 The International Women’s Club of Belgrade (IWC) introduced its new president, Mrs. Andrea Pavukova, spouse of the Slovak ambassador, during a Coffee Morning event at the National Museum of Serbia. The occasion offered a preview of the 2024 International Charity Bazaar, set for 1st December at the Hyatt Regency Belgrade, where approximately 30 embassies will present cultural displays, cuisines, and festive goods. Guests also viewed the Miroslav Gospel, emphasising IWC’s commitment to cultural appreciation and charitable initiatives. cordmagazine.com

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FIC Serbia Unveils White Book 2024 15/11/2024 The Foreign Investors Council (FIC) has released its highly anticipated White Book 2024, a comprehensive document offering strategic recommendations to enhance Serbia’s business environment, drive economic growth, and align the country with European Union standards. Since 2003, this annual publication has been a cornerstone for fostering open market policies and promoting Serbia’s economic integration with the EU.

French Week Held in Belgrade 20/11/2024/2024 Belgrade welcomed the 12th annual French Week with a glittering soirée marking the arrival of the Beaujolais Nouveau, a quintessential French tradition embraced worldwide. Organised by the French-Serbian Chamber of Commerce, the week-long series of events celebrates the cultural, historical, and economic ties between France and Serbia. At its heart lies the introduction of the young French wine Beaujolais Nouveau, an occasion eagerly anticipated by connoisseurs and casual enthusiasts alike.

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EU Delegation Presents EC’s Annual Progress Report 22/11/2024 H.E. Emanuele Giaufret, Head of the EU Delegation to Serbia, presented the European Commission’s Annual Progress Report for 2024 to members of the Parliamentary Committee on European Integration. On this occasion, he commended Serbia’s commitment, as conveyed by President Aleksandar Vučić, to align national legislation with EU standards by 2026. The presentation underscored Serbia’s dedication to its European integration path.

3rd Edition of Wine Vision by Open Balkan 23/11/2024 The third edition of the Wine Vision by Open Balkan fair, held in Belgrade, brought together winemakers, distillers, culinary experts, and wine enthusiasts from around the globe. With over 650 exhibitors, 10,000 labels, and participants from more than 38 countries, the event showcased impressive numbers and underscored its growing international significance.

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Faces & Places UK and Western Balkans Strengthen Trade Ties 21/11/2024 H.E. Edward Ferguson, UK Ambassador to Serbia, emphasised the importance of building new trade relations with Serbia and the Western Balkans at a trade conference held at the Serbian Chamber of Commerce (PKS). Ambassador Ferguson highlighted the steady growth in trade between Serbia and the UK, which has risen from £1 billion in 2014 to £4 billion in 2023, showcasing the region’s potential for expanding economic cooperation.

Swedish Embassy Opens “16 Women” Exhibition 25/11/2024 As part of the global campaign “16 Days of Activism Against Gender-Based Violence,” H.E. Charlotte Sammelin, Swedish Ambassador to Serbia, hosted the opening of the exhibition “16 Women” at the Parobrod Cultural Centre. The exhibition features portraits of 16 prominent women from Serbia’s public life, standing in solidarity with survivors of psychological violence. Its goal is to shed light on this often invisible form of abuse and inspire women to find the courage and strength to resist it. The exhibition also aims to raise awareness about combating violence against women while promoting gender equality and human rights.

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