CorD Magazine no. 248, June 2025

CHARTW EL L Towards Excellence

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ARTUR

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“CorD - 22 Years of Independent Thought and Inspiration”

CONTRIBUTORS:

Ljubica Gojgić

Zoran Panović

Radmila Stanković

Maja Vukadinović

Mirjana Jovanović

Miša Brkić, Rob Dugdale

Steve MacKenzie

Zorica Todorović Mirković Sonja Ćirić, Miloš Belčević

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Zoran Petrović

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Speaking in the presence of Serbian President Aleksandar Vučić, current Polish Prime Minister Donald Tusk stated during his April 2018 visit to Belgrade, then as president of the European Council, “allow me to quote your renowned writer, Borislav Pekić, who devoted his life to the European values of democracy and freedom and who, thirty years ago, wrote an article entitled ‘The Desire for Europe’, in which he stated: I want Serbia’s history to also be its future, not merely a patriotic recollection.”

Despite Pekić being a founder of the Democratic Party, a rival and opponent of Šešelj’s Radicals and subsequently Vučić’s Progressives, it was only under a Progressive-led government in Belgrade that a monument was finally erected in his honour. Vučić took pride in this, and would even occasionally make reference to Pekić in public, despite his and his party’s practices gradually drifting away from Pekić’s ideals – if indeed Vučić was ever genuinely so inclined. It is worth recalling that Pekić lost the 1991 local elections in the Belgrade municipality of Rakovica to Vučić’s mentor, Vojislav Šešelj.

Following the recent Belgrade meeting between Vučić and EU High Representative for Foreign Affairs and Security Policy Kaja Kallas, Serbia is – at least officially – continuing its EU integration path. Whether this is in the true spirit of that process is questionable, given the headline of one pro-government daily’s coverage of the Vučić-Kallas encoun -

One Step Forward, Two Steps Back

By Zoran Panović

Former European Commission President Jean-Claude Juncker’s statement that Serbia had “travelled an impressive part of the path” towards the EU, and his encouragement (short of a promise) that candidate countries might join the EU by 2025, now leaves a somewhat bitter taste

ter: “We Will Preserve Peace, Stability and Our Vital Interests.” Which could be translated as: EU, yes, but on our terms. Speaking on Europe Day, while Vučić was attending the Victory Day parade in Moscow, outgoing EU Ambassador Emanuele Giaufret stated that “Serbia needs to turn towards the EU,” a remark that sounds paradoxical for a country that’s been headed squarely in that direction for years. The recent Tirana summit sent another strong message of support for enlargement, which even Vučić’s media outlets acknowledged, albeit with a precautionary note via another telling headline on the eve of the European Political Community summit in Tirana: “Serbia, a Sovereign Bastion in a Visionless Europe.” Pro-government narratives regarding the student protest situation clearly suggest “Brussels interference”.

Former European Commission President Jean-Claude Juncker’s statement that Serbia had “travelled an impressive part of the path” towards the EU, and his encouragement (short of a promise) that candidate countries might join the EU by 2025, now leaves a somewhat bitter taste. Juncker made that statement in Albania, which officially overtook Serbia on the European path this May, through the opening of Cluster 3. There is legitimate concern

among Serbia’s liberal circles that the country will miss the window to accede alongside Albania and Montenegro, with the latter remaining the region’s frontrunner.

At least one timeframe remains in place: the one proposed by Greek PM Kyriakos Mitsotakis at the 2022 summit of the Southeast European Cooperation Process in Thessaloniki, when he suggested that 2033 serve as the target date for the EU accession of all Western Balkan countries.

Commissioner for Enlargement Marta Kos emphasised in late March that the protesting students’ demands mirrored those of the Commission. These include urgent reforms, with a timeframe of three to four weeks for “swift action” to be taken. We are now in June, the weeks have passed, Vučić has regained control to some extent, and the Đura Macut government is even more reactionary than that of Miloš Vučević. That’s why, as the well-informed would say with a hint of cynicism, Serbia remains on the European path. At least Kallas refrained from calling Vučić “dear Aleksandar”, unlike Ursula von der Leyen and António Costa before her.

Although the EU is a capitalist construct, Lenin’s phrase “one step forward, two steps back” remains the most accurate characterisation of Serbia’s so-called EU journey.

Bridging Business Across Adria

Strategic Gains or Missed Opportunities?

Without stronger support and market reform, the Western Balkan region risks missing a critical window to turn climate ambitions into strategic gains

Artur Lorkowski Director of the Energy Community Secretariat

The Western Balkans are now better positioned than ever to accelerate their green transition, with the continued support of the Energy Community,” says Artur Lorkowski, Director of the Energy Community Secretariat, speaking in this interview that was conducted on the eve of the opening of the Third Belgrade Energy Forum (BEF 2025), which he inaugurated alongside Serbian Mining and Energy Minister Dubravka Đedović Handanović. Nevertheless, he notes, turning this opportunity into lasting progress will require focused effort and sustained commitment.

The forum brought together more than 400 participants from over 30 countries, gathering leading energy experts from the region, Europe, and beyond. Among them were ministers and senior officials from Serbia, Montenegro, Croatia, Hungary and Repub-

lika Srpska, as well as high-level delegations from the Energy Community Secretariat and the EU’s energy regulator, ACER. The event also drew directors of international energy institutions, representatives of regional utilities enterprises and power exchanges, investors, bankers, consultants and top industry professionals.

It provided a timely platform for stakeholders to take stock of progress and chart the next phase of the region’s energy transition. Mr Lorkowski utilised this interview to underscore the key steps that now stand between ambition and real transformation.

“The Energy Community was created with the purpose of extending the EU’s internal energy market and climate standards to its neighbours, and we’ve made important strides together over previous years,” explains Lorkowski. “Through the adoption of

the Clean Energy for All Europeans Package, the development of National Energy and Climate Plans (NECPs), and the implementation of core market reforms, the Western Balkan countries have taken meaningful steps towards aligning their objectives with EU climate and energy goals.”

However, notes our interlocutor, the pace of progress has been uneven. While expectations have often been high, real-world constraints— economic, institutional and political—have shaped the trajectory in ways that were not always predictable. “That said, we have a functioning regional framework in place, and in many ways, the Western Balkans are better positioned today to accelerate their green transition than they were even five years ago,” says our interlocutor. “With the upcoming obligation to prepare second-generation NECPs

and the need to define 2040 targets, there is a unique opportunity to further embed long-term climate neutrality as a shared goal.”

What are the main reasons behind the gaps? Is this a matter of political will, institutional capacity, or economic constraints; and how can the Energy Community help close them moving forward?

— In reality, it is a combination of all three. Political will fluctuates with domestic circumstances and election cycles; institutional capacity is still maturing in many Contracting Parties; and economic constraints—especially the high upfront costs of the energy transition—remain a major barrier.

The Energy Community Secretariat works to address each of these dimensions. Our role is not only to monitor and report on implementation, but also to provide hands-on assistance, legal guidance and platforms for peer learning and coordination. Going forward, we see our role expanding further: supporting just transition planning, advising on carbon pricing models, coordinating regional investment efforts and strengthening the political narrative that the green transition isn’t an EU-imposed obligation, but rather a strategic development opportunity for the region. Importantly, we know that the willingness is there, but the countries need significantly more structured support for decarbonisation, especially in terms of access to financing. There is also an urgent need to scale up deployment of renewable energy, particularly wind and solar, where untapped potential remains high. And perhaps most critically, Contracting Parties must accelerate the establishment of functioning electricity markets that enable integration of renewables and facilitate the broader green transition. Without this, the pace of transformation will remain constrained, regardless of political ambition.

Serbia recently aligned its Environmental Impact Assessment proce-

dures with EU law—marking a development that was acknowledged as a significant step forward. From your perspective, have these legal reforms led to observable improvements in how EIAs are conducted and enforced in practice? More broadly, do you see a narrowing of the gap between legal compliance and on-wthe-ground implementation across the Western Balkans?

— Non-compliance risked jeopardising key strategic energy investments in the country, including renewable

Missing the 2025 deadline to couple with the EU market and gain CBAM exemption is expected to have a negative impact on trade, the nancial stability of coal-based producers and the pace of the energy transition in the Western Balkans

energy projects, some of which were backed by international financial institutions. The Secretariat actively assisted Serbia in preparing the draft legislation, which was prepared in 2023 and finally adopted in December 2024. We are still awaiting the adoption of necessary secondary legislation that will complete the legislative framework. Only once this full package of legislation is in place will it be possi-

ble to properly assess any improvements in the EIA procedures on the ground. The adoption of the law itself is a critical and essential step, but effective implementation requires robust secondary legislation to enable key processes and enforcement.

Where do you see the greatest disconnect between legal frameworks and actual practice in the region, and what are the risks if this gap persists, particularly when it comes to renewable energy and infrastructure projects?

— While most Contracting Parties have transposed elements of the Renewables Directive into national law, actual implementation is often lagging behind. Permitting procedures in the Energy Community remain excessively complex and non-transparent, despite legal obligations to streamline them. Similarly, while legal provisions often guarantee grid access for renewable energy projects, in practice they frequently encounter delays and restrictive connection conditions driven by limited network capacity and the need to maintain system stability. This situation underscores the urgent need for comprehensive grid upgrades to enable the reliable integration of growing renewable energy volumes within modern power systems. In an effort to help overcome some of these obstacles, the Energy Community Secretariat has launched the project “Planning, Programming, and Permitting of RES Projects.” This initiative aims to streamline planning and permitting procedures, develop practical guidelines and identify tailored solutions for each Contracting Party. A core focus is the establishment of RES acceleration areas and the initiation of pilot projects—particularly on brownfield sites—to demonstrate effective spatial planning and permitting in practice. By addressing institutional shortcomings and supporting comprehensive assessments, the project seeks to foster a more informed, coordinated and efficient approach to renewable energy deployment across the region. Ultimately, it aims to align

MISALIGNMENT

Serbia adopted key environmental legislation in 2024, but its impact hinges on the finalising of secondary legislation required for proper implementation and investment protection

national frameworks with EU standards, enable faster project development and strengthen stakeholder cooperation across the Energy Community.

With regard to the disconnect between legal frameworks and actual practice in the region, I should also mention the high level of non-compliance with environmental standards, especially those related to air pollution.

While Contracting Parties have successfully transposed the relevant legislation into their national legal frameworks and adopted the related plans, we observe that implementation is still lagging. Investments to refurbish and upgrade fossil-fired combustion plants are being delayed, with the result of breaching the pollutant ceilings for sulphur dioxide, nitrogen oxides and dust for several consecutive years. The Secretariat is following up these cases via dispute settlement procedures.

In accordance with the Energy Community Treaty, Serbia is already part of the single energy market. What are the main challenges preventing fully liberalised trade in electricity and gas, and what new developments does market coupling bring? Are there any distortions in the functioning of the single market caused by state aid or EU assistance? — The full market integration of Serbia and other Contracting Parties is yet to be achieved. In terms of electricity, it is advancing with the November 2024 adoption of the new Energy Law and the ongoing adoption of remaining decrees to finalise the transposition of the Electricity Integration Package as a precondition for the market coupling with the EU. This is not yet the case when it comes to gas. Whilst Serbia has finalised certification of the Transportgas company, alignment with

SUPPORT

We see our role expanding to support just transition planning, carbon pricing, regional investments and the reframing of the green transition as a strategic opportunity – rather than an EU-imposed obligation

POLLUTION

Many Western Balkan countries continue to breach air pollution limits due to delayed upgrades to fossil fuel plants, exposing a persistent gap between legislation and implementation

outstanding issues with the SRB’s formal unbundling of the transmission owner, as conditioned by AERS in line with the Secretariat Opinion, real independence of the Serbian TSO needs to materialise. Serbia needs to ensure effective, non-discriminatory and transparent third-party access at all gas entry points, most notably with Hungary (Horgos) and Bulgaria, and to certify the Banatski Dvor underground gas storage facility in accordance with the

The Energy Community plays a key role in helping Western Balkan states align with EU energy and climate goals through a coordinated, realistic and inclusive transition that leaves no country behind

Gas Storage Regulation, align with and implement the Gas SoS Regulation, including the development of a Risk Assessment, Preventive Action Plan and Emergency Plan.

What tangible ramifications should the Western Balkan countries expect to face if they fail to comply with electricity market integration requirements after 2026 – particularly in terms of financial costs and their pathway to EU energy integration? — The fact that the CPs missed the opportunity to couple by 2025, and thus receive an exemption from the Carbon Border Adjustment Mechanism (CBAM) as of 1st January 2026, when it will start to apply, is expected to have a negative impact on electricity trading in the Western Balkans and its electricity exchanges with EU member states. Even though the region as a whole is mainly an importer at the annual level, the negative impact on the trading activities and financial balance of incumbent producers that have a high share of coal-based electricity production, as well as on the volumes traded in the regional power exchanges, is anticipated. Furthermore, due to the lack of clarity on how transits will be calculated, it is possible that the region – as an important transit route for EU member states – will not be utilised fully, and negative impacts could be expected on both sides of the borders. Since EU imports of RES production from this region are subject to a set of very strict conditions that must be met in order to be exempted from the CBAM, it is also expected that it will have a negative impact on the pace of energy transition and we are already seeing a slowing down of power purchase agreement (PPA) contracts in the region.

Rebuilding Consensus Around the EU

H.E. Luca Gori Ambassador of Italy to Serbia

By Ljubica Gojgić

Speaking in the third year of his mandate in Belgrade, Italy’s ambassador insists that bilateral relations between Italy and Serbia are excellent. Ambassador Gori also notes that Italy remains Serbia’s third largest trading partner, while he responds to concerns among citizens over the departure from Serbia of sev-

eral well-known Italian companies by explaining that this is a “complex issue” and that decisions to leave “were linked to difficult challenges not directly related to the Serbian market”. Ambassador Gori is nonetheless encouraged by the arrival of other Italian companies, such as Ariston, which is building a production facility in Niš.

I have often said that the length of the European integration process is one of the causes of frustration for candidate countries, and that this leads to a loss of appeal among citizens. This is why Italy is working to make the accession mechanisms faster and more concrete

~ Luca Gori

Your Excellency, given that you’ve been resident in Serbia since 2022, how would you describe the current state of bilateral relations?

— Our bilateral relations are excellent. Italy and Serbia have profited since 2022 from constant and high-level political dialogue, most recently with Minister Tajani’s visit to Belgrade in January.

IMPORTANCE

Since we are convinced that Serbia is a key player in terms of regional stability, our bilateral relations are of primary importance

TRADE

Our economic relations have maintained their highest level, with the bilateral trade exchange totalling €4.47 billion in 2024, confirming Italy as Serbia’s third largest trading partner

CLUSTER 3

Italy strongly supports Serbia’s accession to the EU and that we continue to be in favour of opening Cluster 3

We have also revitalised parliamentary diplomacy, with the presidents of the Foreign Affairs Committees of the Senate and the Chamber of Deputies, Craxi and Tremonti, having visited Belgrade, while the President of Serbia’s National Assembly, Ana Brnabić, visited Italy. Our economic relations have maintained their highest level, with the bilateral trade exchange totalling €4.47 billion in 2024, confirming Italy as Serbia’s third largest trading partner. We continue to work to strengthen and renew our economic partnership by focusing both on trade promotion and scientific cooperation. Since 2022, we have organised three Business Fora (two in Belgrade and one in Trieste), two Scientific Fora (one in Serbia and one in Italy), and one Innovation and Start-up Forum. These events were joined by hundreds of companies, many universities and research centres, while we also promoted the organising of hundreds of business meetings and the signing of several agreements.

Since we are convinced that Serbia is a key player in terms of regional stability, our bilateral relations are of primary importance. Italy is the leading European contributor to the region’s security in light of the role played by the Italian Armed Forces in the framework of the KFOR mission in Kosovo, which we currently command, and the EUFOR Althea mission in Bosnia and Herzegovina.

Cultural diplomacy is also very important to us. It is the best way to reinforce existing ties between our countries. Together with the Italian Cultural Institute, we organise numerous events, screenings, exhibitions and concerts that feature renowned Italian artists, while we also work to promote the Italian language.

As the ambassador of a country that strongly supports Serbia’s European integration, you have stated that Italy advocates concrete progress from Serbia on this path in the near future, particularly through the opening of new negotiating chapters. It nonetheless appears as though Italy currently finds itself in the minority among EU member states when it comes to holding this position. In your view, why has this process remained blocked for over two years? — I can once again confirm that Italy strongly supports Serbia’s accession to the EU and that we continue to be in favour of opening Cluster 3. I have often said that the length of the

Since 2022, we have organised three Business Fora (two in Belgrade and one in Trieste), two Scienti c Fora (one in Serbia and one in Italy), and one Innovation and Start-up Forum

European integration process is one of the causes of frustration for candidate countries, and that this leads to a loss of appeal among citizens. This is why Italy is working to make accession mechanisms faster and more concrete, and to ensure that the entire process continues to be merit-based. Italy also plays a leading role within the Friends of the Western Balkans group, the most recent meeting of which was hosted by Minister Tajani in Rome last February. This initiative brings together some like-minded EU member states and candidate countries from the region, with the aim of accelerating their European integration process.

As for Serbia specifically, since enlargement has regained a central place on the European agenda, Belgrade needs to give new momentum to the reforms required for accession, in order to avoid the risk of the process falling to a standstill. We welcome President Vučić’s commitment to completing the reform process by the end of 2026. It is an ambitious goal, but we encourage the Serbian Government to work towards achieving it, starting with reforms concerning media freedom, the fight against corruption and electoral law. These reforms are also crucial to take full advantage of the Growth Plan — the EU’s flagship tool designed to accelerate the accession process by fostering the gradual economic integration of the region into the Single Market and providing up to six billion euros in funding for the Western Balkans.

The European Parliament adopted its Resolution on Serbia in May, which contains messages concerning the rule of law. Would you share the view that Serbia faces challenges in the fight against corruption, media freedom and electoral legislation? — The fight against corruption, media freedom and the rule of law are foundational values of the EU — the core of the European Union’s transformative power and central to the accession process. As Enlargement Commissioner Marta Kos emphasised recently, the European integration process brings both benefits and responsibilities. The responsibility lies with the candidate countries to create the conditions for these principles to flourish. The benefit is the wellbeing of their citizens and the opportunity to live in freer, more democratic and fairer societies.

You recently presented your new book in Serbia, in which you examine the European Union and the Western Balkans. One of its key messages is that both the security and credibility of the EU depend on its success in the Western Balkans. Is it possible to change the regional reality in which, despite formal commitments to EU integration, external players like the United States, China, Turkey or Russia are often seen as more influential than the EU?

— The European Union is Serbia’s most important partner by far: over twothirds of Serbia’s total trade is conducted with the EU and European companies account for more than 60% of total foreign direct investment.

EU funds also supported critical reforms in Serbia in sectors including infrastructure, public administration, healthcare, education, the environment and the rule of law. These are tangible facts that reflect a longstanding and deep commitment built on real partnerships and enduring engagement.

Although the data clearly shows that the EU has been, and remains, Belgrade’s main partner both politically and economically, the fatigue surrounding the enlargement process has for too long left a vacuum that other international actors have quickly moved to fill— at times even resorting to disinformation strategies.

It is therefore vital to re-commit to a joint effort in the region to rebuild consensus around the EU. As I have said, an effective accession process requires reforms, but they cannot be implemented successfully without the broad involvement of all stakeholders: the government, the parliament and civil society organisations.

The EU itself is facing numerous internal challenges, and the situation appears to have grown even more complex following Donald Trump’s victory in the U.S. presidential election. In this context, Italy has been perceived as a country that managed to establish common ground with the United States more swift-

ly than others. In today’s EU, would you consider this an advantage or a disadvantage?

— Transatlantic relations are an extraordinary asset for Italy and the European Union, as well as for the United States, with which Rome has traditionally maintained a deep bond. I believe that the relationship between Rome and Washington can be seen not only in bilateral terms, but also as a contribution to strengthening ties between the U.S. and EU.

Rome is working actively towards a concrete revitalisation of Washington-Brussels relations. The United States and Europe, after all, are the pillars of Italian foreign policy — two sides of the same coin.

Italy plays a leading role within the Friends of the Western Balkans group, the most recent meeting of which was hosted by Minister Tajani in Rome last February

It was once again confirmed during the recent visit of Italian Foreign Minister Antonio Tajani that Italy will take part in Belgrade’s specialised Expo 2027 exhibition. In what way does Italy intend to be represented at this important event?

— Following the announcement made by Foreign Minister Tajani on the occasion of the third Italy-Serbia Business Forum in January, Italy’s participation in Expo 2027 was further confirmed through an official letter from Prime Minister Giorgia Meloni to President Vučić. This high-level communication reflects the great importance that Italy attaches to this international event that will be hosted in Belgrade.

Expo 2027, dedicated to the themes of sport and music, touches on areas of particular significance to Italy — two sectors in which our country boasts a longstanding tradition and world-renowned excellence. Italy stands ready to cooperate actively with Serbia in shaping the

event’s programme, contributing both ideas and expertise, building on the legacy of Expo 2015 that was held in Milan. Moreover, numerous Italian companies have already expressed strong interest in participating in the Expo. We therefore hope that, in addition to being a cultural and social celebration, this exhibition will also serve as a powerful catalyst to further strengthen our economic and commercial relations.

It was noted at January’s Italy–Serbia Business Forum, which gathered several hundred businesspeople from both countries, that bilateral trade had reached five billion euros and that Italy remains one of Serbia’s most important economic partners. In which sectors of the economy do you see the greatest potential to further strengthen economic cooperation? — There is still significant untapped potential in the economic relations between Italy and Serbia. Areas like artificial intelligence, agri-tech, green transition and energy sustainability are key fields where we see great opportunities for collaboration.

We are also focusing strongly, together with the Italian Trade Agency (ICE), on the Serbian trade fair system, which is undergoing significant expansion. Following the positive experiences of recent years, Italy participated as Strategic Partner of the International Agricultural Fair in Novi Sad last May, while we were the Partner Country at February’s Tourism Fair in Belgrade and we next year aim to renew our presence by focusing on the HoReCa sector, where Italy boasts great expertise. We will also take part again in the Wine Vision fair, together with VeronaFiere in November.

Moreover, as Minister Tajani mentioned, it is also essential to improve the flow of goods between our two countries. To that end, we are working actively on a long-term project for the Trieste-Belgrade railway corridor. This is a strategic initiative that will not only enhance trade exchanges, but will also improve connectivity between Italy and Serbia, contributing to stronger

economic ties and a more sustainable economy for both countries.

Although Serbia is experiencing a phase of political instability due to internal protests, we are firmly convinced that our bilateral economic relations present many opportunities to be grasped. We are working on it.

It was nonetheless announced not long after the forum that, following Geox, Benetton would also be shutting down its operations in Serbia. Alongside Fiat in Kragujevac—which is itself facing serious existential challenges—these two companies were among the most recognisable Italian brands in the country. Do you have any insight into the reasons for these closures?

— This is a complex issue. The decisions taken by the companies you mentioned were linked to difficult challenges not related directly to the Serbian market. Nevertheless, it is important to maintain a positive and forward-looking

attitude, building on the new investments and partnerships that are currently taking shape.

Among them, I would like to highlight Ariston, which is building a production facility in Niš, along with a research and development centre, representing a total investment of €75 million. Also in Niš, UCIMU — the largest Italian association for machine tools — is in contact with the Science and Technology Park, with the goal of hopefully launching a technology centre featuring state-of-the-art Italian machinery by the end of the year. Furthermore, important investments are expected in the intermodal connectivity sector, with the aim of improving rail-based goods exchanges. In conclusion, despite the complex context, Serbia continues to represent an appealing and strategic market for Italian companies.

You announced recently that Italy will continue to support Serbia through the Central European Initi-

ative Fund within the EBRD. Which projects will receive special attention in the upcoming call for proposals – to be launched in June? — Italy is giving new momentum to the activity of the Central European Initiative (CEI), and we are particularly pleased that Serbia holds the CEI Presidency this year. The Serbian Presidency has rightly chosen to focus on artificial intelligence and connectivity—two areas that are also of strategic importance for us. In this framework, the CEI Fund at the EBRD—entirely financed by Italy—will continue to support Serbia. The upcoming call for proposals, to be launched in June, is open to all initiatives that contribute to bringing Serbia closer to the European Union – an objective that Italy supports strongly and believes must remain a strategic priority for Belgrade. To date, the Fund has already supported 118 projects in Serbia, confirming our longstanding commitment to the country’s European accession path.

Global Diary

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SERBIA AND THE EU

What Game Are People Playing?

President Vučić’s trip to Moscow doesn’t represent a turning point, rather a move within a broader balancing act—one which the EU continues to tolerate, despite its increasingly sharp rhetoric, due to interests that are far from clear-cut. In this game, in a world that’s no longer unipolar, the only certainty is who the losers are: the citizens of Serbia

Was Vučić’s visit to Moscow truly a watershed moment that resulted in Europe beginning to seek his replacement, or merely a political misstep that the EU will soon forgive—particularly if, as some analysts suggest, the move was primarily aimed at shoring up domestic support at a time when his popularity ap-

pears to be waning? Should the EU’s muted response thus far be interpreted as further encouragement for the so-called “four pillars” policy that Vučić has been pursuing, with varying degrees of consistency? Ultimately, is such a policy now passé, or does it retain strategic value in a world that no longer revolves around a single power

centre? How should we interpret current geopolitical shifts, and how can a small country pursue a far-sighted foreign policy in an era of renewed competition between global and regional powers? The contributors to this issue’s CorD Focus offer numerous—and often contradictory—interpretations of the Serbia–EU relationship.

Duško Lopandić Ph.D., diplomat, President of the Forum for International Relations at the European Movement in Serbia

Dangerous Games

A policy without strategic direction resembles geopolitical Russian roulette—it erodes trust in Vučić and, in the long run, threatens Serbia’s security and international standing

The primary motive behind Vučić’s visit was domestic. It was a means of bolstering support among his pro-Russian voters amid the deep political crisis facing the regime, a loss of legitimacy and a string of foreign policy blunders—including the unfulfilled meeting with Trump in Florida and broader, more serious diplomatic issues like ongoing negotiations with the EU and strained relations with some neighbouring countries. A secondary, more objective reason relates to Serbia’s interest in securing energy supplies (gas) and addressing the issue of sanctions against NIS. However, these matters need not have been tied to his highly controversial appearance at the military parade in Moscow—particularly at a time when Russian drones are bombing Ukrainian cities and Russia has claimed a fifth of its neighbour’s territory.

The visit will provoke varying degrees of negative reaction across the EU, depending on the member states or particular EU institutions involved (for instance, it will likely resonate more strongly within the European Parliament). Some consequences will be significant—such as the definitive (albeit informal) suspension of Serbia’s EU accession negotiations, which are massively dependent on the approval of individual member states. It is now clear that no further negotiation clusters will be opened. In effect, EU accession as a strategic goal for Serbia has been knowingly sacrificed. On the other hand, the EU will still attempt to exert pressure through Serbia’s obligations under the Reform Agenda, in an effort to retain some degree of influence over the reform process, including political reforms (such as the appointment of REM members, electoral conditions, and so on). Access to funding from the EU’s Growth Plan

for the Western Balkans (€1.6 billion for Serbia by 2027) is conditioned by the implementation of these reforms, meaning the regime still has an incentive to pursue superficial, cosmetic measures that will—as before—only formally, and not substantively, demonstrate a false “commitment” to the European path. Vučić inherited the “four pillars” policy from his democratic predecessors. It initially emerged as a response to the declaration of Kosovo’s independence, coupled with the EU’s sluggish and ineffec -

Through this visit, Serbia has consciously sacri ced its EU accession goal. The EU will nevertheless continue to attempt to maintain in uence over reforms in Serbia—political ones included—via pressure linked to the implementation of the Reform Agenda

tive enlargement policy. However, Vučić has transformed its meaning, turning it into a transactional manoeuvre that could be described as “strategic omni-alignment”—a diplomatic balancing act aimed at preserving power at home and enriching the elite that controls state resources. A foreign policy of erratic zigzagging, devoid of a genuine strategic compass, represents a form of geopolitical Russian roulette in today’s chaotic world. Beyond the diminishing trust of international partners in Vučić, it ultimately undermines the security and global standing of a small country like Serbia.

Ivica Mladenović

Political Sociologist, Research Fellow at the Institute for Philosophy and Social Theory in Belgrade, Lecturer at Paris 1 Panthéon-Sorbonne University

With a Little Help from Our ‘Friends’

Strategic and economic interests – such as the Jadar lithium project – continues to drive EU support for stable authoritarian governance in Serbia. A change of leadership would not only jeopardise those economic plans, but also risk sparking resistance, which is why President Vučić’s position is in fact being bolstered rather than brought into question.

President Vučić’s recent visit to Moscow was neither a turning point nor a diplomatic whim, rather it was an act aligned with the deeply contradictory logic of Serbia’s peripheral capitalism. The country functions in a semi-colonial mode – formally sovereign, yet effectively under the sway of foreign capital and centres of political power. Domestically, pro-Russian rhetoric is used as a legitimising tool to appeal to the regime’s electoral base. Yet, in reality, the levers of fiscal, military, security and foreign policy are subject to the influence of the U.S. Embassy and Western-dominated global financial institutions.

Within such a framework, one shouldn’t expect a strong reaction from European leaders. On the geopolitical stage, the U.S. and Russia – despite the ongoing war in Ukraine – are still probing for common ground, particularly in view of an impending global showdown between the U.S. and China for global supremacy in the 21st century. In this context, President Trump seeks to draw Russia closer, mirroring Nixon’s Cold War strategy of aligning with China against the USSR. As such, the U.S. has no interest in destabilising any regime on Europe’s periphery that could act as a communication channel with Moscow or serve as a Trojan horse in potential confrontations with the EU – an entity which, according to a senior American official, currently finds itself in a vassal-like position, but may ultimately strive for strategic autonomy. Beyond geopolitical considerations, material interests also call for a maintaining of the status quo. Despite its performative pro-Russian narrative, Vučić’s government continues to sell arms to Ukraine and has long allowed Western capital to treat Serbia as a low-cost, low-regulation economic outpost. Cheap labour, generous state subsidies, weakened labour rights and unimpeded access to natural resources have made Serbia one of the most profitable sites for value extraction on Europe’s periphery – wealth that finances billionaire-owned media outlets and the election campaigns of leaders perceived, often naively, as standard-bearers of European democratic values.

Preserving such a privileged relationship hinges on maintaining a strong, centralised and repressive state that’s capable of absorbing social tensions and delivering the ‘stability’ required for capital accumulation. The lithium issue underscores this dynamic. Confronted with its own shortage of strategic raw materials, the EU is fully aware that only an authoritarian government can deliver a project like the Jadar mine – one that involves the trampling of local communities, environmental standards and political opposition. A potential change of government would open space for destabilisation, contractual review and mass resistance.

As long as he secures economic concessions, resources and stability, Vučić’s authoritarianism will be tolerated as a useful deviation. The struggle for a di erent Serbia must extend beyond a mere change in leadership – it must dismantle the entire model of peripheral dependency

Hence, not only is pressure on Vučić absent – his position is being quietly stabilised as vital to executing economic and strategic objectives. This was clearly demonstrated during his recent meeting in Paris with the French President.

In other words, the ongoing ‘four pillars’ policy doesn’t reflect Serbia’s autonomy, but instead masks its dependence: a façade of balance concealing deep subjugation to all powers apart from its own people. It is therefore unrealistic to expect Vučić’s Moscow visit to disrupt his relations with the West. As long as he delivers what truly matters – economic concessions, access to resources and political stability – his authoritarianism will be treated as a functional aberration and not a threat.

Dr Srećko Đukić Ambassador, Forum for International Relations, Belgrade

From One Misstep to Another – and Back Again

Tragedy lies not only in our failure to comprehend the changes that followed the fall of the Berlin Wall, but also in our continuing inability to recognise the direction in which the world is headed. We drift between global powers while turning a blind eye to the EU – the only natural ally to which we truly belong

On the international stage, Serbia continues to veer from one misstep to another – a course it has followed not just for a year or a decade, but for much longer. Unlike nearly every other European nation, Serbia chose this uncertain path during the disintegration of the former Yugoslav state. We are all too aware – and painfully so – of the high price we have paid since then, and will continue to pay, until we clearly define our place in Europe.

Those who should have recognised the shifting tides of global order with the fall of the Berlin Wall – the end of bipolar geopolitics – either chose not to see, or were unable to comprehend, the magnitude of the moment. But perhaps even more concerning is the fact that we still lack clarity today. Lost in a fog, we continue to wander from one major power to another, neglecting the European Union – the one alliance to which we are bound by history, geography and shared values. Instead, we lag behind our closest neighbours, failing to keep pace with the continent that is our rightful home.

The EU understands the nature of Serbia’s political mindset all too well, but also the character of its leaders over the past four decades. Each has, without exception, played the Moscow card, only to return – belatedly – to Europe. Brussels’ patience and understanding for Serbia have proven remarkably generous, as demonstrated once again by its response to Serbian President Aleksandar Vučić’s presence at the 9th May 2025 military parade in Moscow and his meeting with Vladimir Putin – both carried out despite clear opposition from Brussels.

If Belgrade considers itself the victor in this diplomatic showdown, that may indeed be the case – but only in the short term. Serbia will continue to lag behind the EU, and the long-term cost will be irreparable.

It is no longer viable to attribute Serbia’s internal problems – including the artificial bolstering of the electorate with Russian sentiment – to external influences. This tendency has become a hallmark of Serbian politics and a contributor to the deepening moral, ethical, economic and cultural crisis.

It is not the European Commission in Brussels that decides how Serbia is perceived – every member state has an equal voice, and each is essential in shaping EU decisions. Serbia’s current leadership lacks both the strength and vision required to alter the existing state of affairs, whether domestically, regionally or in its relations with Europe. The policies pursued thus far have been drained of their

European integration demands a new political force – the only one capable of leading Serbia away from its compromised course

substance and are no longer capable of generating momentum – let alone rebooting the process of European integration. That process demands a fresh political force, one with the energy and legitimacy to steer Serbia away from a compromised path.

At stake is Serbia’s place in a redefined global order. History has shown that multipolar worlds are rarely kind to smaller nations. Once again, we are faced with a choice. Will Serbia’s leadership choose our own continent – one that has always been, and will remain, one of the pillars of global development and decision-making?

Strahinja Subotić Programme Manager and Senior Researcher, CEP

Sharper Tones from Brussels

It would be inaccurate to say that the European response to Vučić’s visit to Moscow was mild – on the contrary, Brussels has rarely, if ever, spoken in sharper tones

The EU will never formally call for a change of government in Serbia. However, what it can – and does – do is assess whether that government is moving the country closer to membership status. And the signals coming from various EU institutions of late are crystal clear: neither the rhetoric nor the behaviour of Belgrade is aligned with European values.

The fact that President Vučić’s visit to Moscow was intended primarily for domestic audiences doesn’t absolve it of international scrutiny. EU leaders are guided by their own interests, and one of those is ensuring that the enlargement policy brings together countries with a shared vision of the world. In that regard, Serbia is increasingly an outlier.

With this in mind, I would strongly disagree with any assessment suggesting the EU’s response has been “soft”. Quite the contrary – I believe we have never heard such strong and unequivocal messaging from Brussels. The work carried out by Enlargement Commissioner Marta Kos during her recent visit to Belgrade goes beyond the combined efforts of her two predecessors, Johannes Hahn and Olivér Várhelyi, over the past ten years.

The fact that EU representatives spoke directly and openly – stating that the Serbian govern -

ment has reneged on all reform promises, while at the same time recognising the legitimacy of student protests – shows that Brussels now feels the need to signal more explicitly the seriousness of the situation. Vučić’s Moscow visit has only deepened EU concern.

This also explains why Serbia has not received funding from the new Growth Plan, which it had expected to arrive a month earlier.

Commissioner Marta Kos has achieved more during her visit to Belgrade than her two predecessors managed over the last decade

In addition to Commissioner Kos, the European Parliament has also raised its voice – by recently adopting a highly critical report on Serbia with overwhelming support. Furthermore, there are now a double-digit number of member states within the EU Council that oppose the opening of Cluster 3 in accession negotiations with Serbia. Each EU institution, in its own way, is making it clear that Serbia can no longer expect leniency.

FEATURE

EU Or Nothing?

Although the EU High Representative for Foreign A airs and Security Policy reiterated her support for the European future of the Western Balkans during her visit to Belgrade, Pristina and North Mitrovica, answers to several key questions – such as the concrete steps towards opening Cluster 3 in negotiations with Serbia, and the EU’s stance on lithium exploitation in the context of the green transition – remained unavailable

At a time when EU enlargement is once again high on Brussels’ agenda, the EU’s High Representative for Foreign Affairs and Security Policy, Kaja Kallas, continued her Balkan tour with visits to Belgrade, Pristina and Skopje. Having previously visited Montenegro, Albania and Bosnia and Herzegovina in April, Kallas resumed her dialogue in May with the remaining decision-making centres in the region. The messages she delivered were not new, but they were clear: the Western Balkans must resolutely step towards a European future, and do so through reforms that bring tangible change, not mere declarations.

NO COMPROMISE ON THE SEPARATION OF POWERS

During her stay in Belgrade, Kallas met with President Aleksandar Vučić, newly appointed Prime Minister Đura Macura, National Assembly President

Ana Brnabić, and several ministers. She also held important talks with opposition representatives, civil society and youth, emphasising that it is precisely the energy of young people and their striving for justice that should drive reform.

At a press conference, Kallas highlighted that the enlargement process had gained new political momentum and that now was the time to seize it. “Europe must be a shared vision. Serbia says it wants to join the EU, but we want to see concrete steps. Reforms are the only path to membership,” she stated. She placed particular emphasis on media freedom, the fight against corruption, electoral reforms, and the necessity of respecting university autonomy.

She did not shy away from sensitive issues either: she commented on President Vučić’s visit to Moscow and indirectly criticised his attendance at the

military parade alongside Vladimir Putin, stating that she “does not understand the need to stand beside someone who is waging a devastating war in Ukraine.”

When asked by reporters about the beaten and detained activists, Kallas reminded that the foundation of the EU lies in the separation of powers and judicial independence: “We expect EU candidates not to exert political pressure on the courts.”

LISTENING TO THE PEOPLE ON THE GROUND IS CRUCIAL

In North Mitrovica, Kallas visited the local court and schools, stressing the importance of gaining direct insight into conditions on the ground in areas where narratives differ. “One side says one thing, the other says something else. But international presence allows for a more objective view,” she said. She particularly emphasised that the return of Serbian judges is key to the functioning of the judiciary in northern Kosovo.

In Pristina, her message was unequivocal: political parties must overcome their differences in order to end the institutional deadlock that has persisted since the February elections. “Forming a new Assembly and Government is an essential step towards stability and Kosovo’s European future,” said Kallas.

She also addressed the sanctions imposed by the EU on Kosovo in 2023 due to developments in the north. She announced their gradual lifting, conditional upon avoiding further escalations like those seen last summer.

NO EU PATH WITHOUT NORMALISATION

In the context of the Belgrade–Pristina dialogue, Kallas stressed that the EU had appointed a new Special Representative and was actively mapping the issues and potential solutions. According to her, the normalisation of relations is not merely a formality, but a prerequisite for the European path of both sides.

“If countries in the region implement reforms but see no progress because of EU inertia, then the responsibility is on us,” she said, adding that enlargement must not remain mere political rhetoric

“Candidate countries must align with the EU’s common foreign and security policy. If you want to be part of the Union, you must act in accordance with its values and principles,” said Kallas, also underlining the importance of aligning with the EU’s policy on Russia – which is currently not the case with Serbia.

EUROPE MUST ALSO BE CREDIBLE TO ITSELF

Finally, Kallas pointed to the frustration simmering in the region due to the sluggish pace of enlargement. “If countries in the region implement reforms but see no progress because of EU inertia, then the responsibility is on us,” she said, adding that enlargement must not remain mere political rhetoric.

She cited Estonia as an example – a country which, before joining the EU, had a GDP per capita of only 36% of the European average, and which today has reached nearly 90%. “The European Union is a convergence engine; it brings prosperity,” concluded Kallas.

TIME FOR SERIOUS DECISIONS

Kaja Kallas’s visit to the Western Balkans showed that Europe is once again turning its attention to the region – but also that it expects decisive, unambiguous actions. At a time of growing global tensions, the choice between a European future and isolation could not be clearer. However, in order for that path to remain open, as Kallas said, results are needed – and they are needed now, not later.

INSIDE BANKING

Jorgovanka Tabaković Governor

Ana

Rosanda

JORGOVANKA TABAKOVIĆ

Governor of the National Bank of Serbia

BANKING SECTOR STRENGTHENS WITH NBS SUPPORT

Thanks to the backing and regulatory role of the National Bank of Serbia (NBS) and the concerted efforts of the banking sector, we now have a system that is more stable, attuned to the needs of both the economy and citizens, and firmly oriented towards the development of digital services

The banking sector in Serbia, like all others, must share the fate of the wider economy and its citizens – only then can we ensure longevity. In recent years, this sector has witnessed accelerated consolidation, an ever-stronger focus on financing small and medium-sized enterprises, increased investment in innovation and digital infrastructure, and a clear profiling of the social role of banks within society.

The consolidation of banks in Serbia has brought greater stability and benefits to citizens through more efficient services and record-high savings – as neither banks nor any other institution should exist solely for their own sake, but for their clients. Only within this mutual relationship, where all interests intertwine, can achieved success be preserved and advanced.

Over the past several years, Serbia’s banking sector has seen a continuing trend of mergers and acquisitions. This process was predominantly driven by changes in the ownership structures of individual banks, initiated by their parent companies in response to developments in their countries of origin. Global consolidation trends and the pursuit of stronger market positioning have also played a key role.

Today, the banking sector in Serbia comprises 19 banks – 15 with majority foreign ownership, two privately owned by domestic shareholders, and two stateowned. Given the growing fragmentation of financial markets globally, maintaining an optimal balance between foreign and domestic investment has proven to be a significant factor of stability for the banking sector. Moreover, the diverse origins of capital on the

Serbian banking market attest to the benefits of the diversification of the sources of funding, which is vital for the sector’s stability.

Thanks to the timely and appropriate supervisory and regulatory measures of the NBS – particularly during the procedures for granting prior consent for bank mergers – the consolidation process has enhanced operational efficiency and improved the range of products and services on offer. Citizens and businesses today have access to more efficient and varied financial services.

The success of this process is also reflected in the banking sector’s performance indicators. Since December 2012, the total balance sheet assets of the banking sector have more than doubled, reaching RSD 6,640 billion (€55.8 billion) at the end of March 2025. Credit activity has nearly doubled, driven by growth in both household and corporate lending, while total deposits have almost tripled. Foreign currency savings increased from €8.3 billion in 2012 to €15.7 billion in May 2025, while dinar savings rose from under RSD 18 billion to RSD 193 billion – an almost elevenfold increase.

It can therefore be concluded that the consolidation of Serbia’s banking sector has had a positive impact on both citizens and the economy, with stability and trust in the sector preserved. Today, it stands as one of the key pillars of the country’s overall financial system.

Thanks to decisive and necessary reforms, and the NBS’s responsible approach, an appropriate framework has been established in recent years, enabling banks to orient their operations towards specific market segments in line with their business models. Accordingly, the Serbian market

today includes banks focusing on financing SMEs, while others are steering towards full digitalisation.

The financing of SMEs has a particularly significant impact on Serbia’s economy, as this sector forms the backbone of the country’s economic activity. It employs more than two-thirds of the workforce and generates a substantial share of GDP. Providing SMEs with favourable loans tailored to their specific needs is a fundamental mechanism for encouraging sustainable economic growth. This segment of lending has recorded continuous growth, with a year-on-year increase of 10.5% in March 2025.

Properly directed credit policy – supported by guarantee funds and incentive schemes – can have a multiplier effect across various economic areas such as employment, exports, regional development and innovation.

As part of their support to the population, banks in Serbia actively participate in housing loan programmes. The housing loan programme for young people enables significantly lower down payments for first-time buyers – allowing them to secure property with a minimum contribution of just 1% of the total property value. This significantly eases access to financing for young people. The programme also includes subsidised interest during the first six years of repayment, along with a one-year grace period, thereby easing the financial burden on young families at the start of independent living. In addition, the state guarantees the loan during the first ten years of repayment. The popularity of this programme, as shown by high demand and efficient loan approval by banks, is the best indicator of its success. I would also remind readers that, at the proposal of the

PROACTIVITY

Thanks to reforms and the responsible approach taken by the NBS, a framework has been created that allows banks to focus on target markets in line with their individual business models

STABILITY

In the context of increasing fragmentation of financial markets, maintaining a balance between domestic and foreign investments has proven crucial to the stability of the banking sector

COMMITMENT

The housing loan scheme for young people facilitates the purchase of a first home with minimal down payment, subsidised interest rates and state guarantees –significantly easing the path towards independent living

IN A PERIOD MARKED BY HEIGHTENED INFLATIONARY PRESSURES, GLOBAL CRISES AND GROWING SOCIETAL CHALLENGES, BANKS IN SERBIA ARE INCREASINGLY RECOGNISING THEIR BROADER ROLE

NBS, four exceptionally important laws were adopted by the Serbian National Assembly – legislation that benefits financial service users, the banking industry, and the system as a whole. These are part of our broader response to the new realities in which we live and work.

As a leader in the development of digital payment services, the NBS

In recent years, mobile banking has emerged as one of the key drivers of the digital transformation of the financial sector. Payment service providers have recognised that mobile phones are now central to their users’ daily lives and, accordingly, view mobile devices as platforms for enabling a fully-fledged digital ecosystem of financial services. By investing in the development of sophisticated applications, they are working to ensure continuity and reliability in service provision.

This commitment to technological advancement is clearly reflected in the NBS IPS system, which has been implemented to meet stringent standards of security and reliability. Through secure authentication, integration of diverse payment channels, and improved transaction methods, the NBS IPS system provides a modern framework for the development of mobile banking services. It contributes to faster transaction processing, lower costs, enhanced data security and increased transaction volume. The growing adoption of modern payment methods is also evidenced by the fact that the number of registered users of mobile banking services reached 4.6 million at the end of 2024, compared to 1.7 million at the end of 2019. In 2024 alone, a total of 251.9 million payments were processed via mobile and online banking.

plays a crucial role in the modernisation of the payment system, enabling users to execute transactions more quickly and securely. The collaboration between banks and the NBS further encourages the advancement of digital infrastructure, creating a stable and transparent environment for the development of financial services.

In a period marked by heightened inflationary pressures, global crises and growing societal challenges, banks in Serbia are increasingly recognising their broader role. Through support for education, financial literacy, entrepreneurship, sustainable development and environmental initiatives, the banking sector is helping to strengthen public trust in the financial system. The NBS will continue to support all those who understand the importance of stability – a matter of collective interest.

MENTAL HEALTH AS A PRIORITY

“Mental Health for All” is a project implemented by the Psychosocial Innovation Network (PIN), with the support of the Association of Serbian Banks, aimed at providing free and accessible psychological support to those who need it most

ASSOCIATION OF SERBIAN BANKS (UDRUŽENJE BANAKA SRBIJE)

In Serbia, over 700,000 people are faced with challenges such as depression, anxiety, and alcohol abuse, while systemic support is often lacking – primarily due to a shortage of psychologists in health centres, a limited number of community mental health centres, and the stigma that still surrounds this topic.

The project is being implemented in several cities across Serbia,

mental health as a private issue and instead treat it as a matter of social responsibility that we must all, as a society, prioritise.

Currently, three support programmes are active: support groups addressing workplace burnout, support groups for youth, and support groups for parents of children with developmental disabilities. The first two groups are held in Belgrade, at PIN’s premises, while the programme for parents takes place in Ruma, at the Marriage and Family Counselling Centre. Following the initial cycle, further workshops are planned in the same locations.

“When mental health is compromised, the consequences are not only felt by the individual –they extend to the family, the work

THE IDEA IS TO STOP VIEWING MENTAL HEALTH AS A PRIVATE ISSUE AND INSTEAD TREAT IT AS A MATTER OF SOCIAL RESPONSIBILITY THAT WE MUST ALL, AS A SOCIETY, PRIORITISE

through services made available within local communities, where PIN professionals provide support to young people, parents of children with developmental difficulties, individuals experiencing work-related stress, and anyone encountering psychological challenges. The idea is to stop viewing

environment, and the wider community. Our model is based on the principles of community mental health, which are also advocated in national strategies. It’s important that people know – support exists, and it’s not far away,” says Maša Vukčević Marković, Director of PIN.

However, in order for the project to truly become accessible to all, additional support is necessary. On the occasion of the second Banking Summit, to be held at the end of 2024, a charity dinner was organised, with funds raised sufficient to cover support for 100 beneficiaries. The goal now is to secure additional funding in order to reach over 400 people across the country.

“Banks in Serbia have recognised the importance of this initiative and have shown their willingness to help. But this is an opportunity for all of us – both companies and individuals – to contribute to a better society. When we invest in mental health, we invest in people,” states Marina Papadakis, Secretary General of the Association of Serbian Banks.

Statistics confirm the urgency: one in three people in Serbia experience mental health difficulties, yet there are fewer than two psychologists per 100,000 citizens within primary healthcare. For years, Serbia has been among the top European countries in terms of the consumption of sedatives –often the only available solution, though one that does not address the root of the problem.

Over the past ten years, the PIN organisation has implemented more than 75 projects, with the support of numerous donors, including the World Health Organization and the Ministry of Health of the Republic of Serbia. More than 12,000 people have taken part in their programmes.

ANA DRAŠKOVIĆ

Vice President and General Manager of Visa Southeast Europe

THE SEAMLESS EVOLUTION OF PAYMENTS

By leveraging its global infrastructure, user trust, and expertise in digital payments, Visa is emerging as a key player in building trust between consumers, banks and merchants in the new AI economy

From Cards to AI-Powered Commerce: The Payments of Tomorrow Will Be an Integral Part of Everything We Do, says Ana Drašković, Vice President and General Manager of Visa Southeast Europe, with whom we spoke about digital payments, the influence of cashless transactions and other innovative electronic payment models on both the local economy and the global market.

Visa has been synonymous with innovation for decades, and recently you marked the beginning of a completely new era of commerce globally – AI commerce. What exactly does it entail, and how does it impact the future of digital payments?

— We are at a pivotal moment for digital payments. At Visa, we recently unveiled an initiative that has been in development for years, marking the beginning of a new era in commerce – AI commerce. Powered by artificial intelligence, it fundamentally changes how consumers discover, purchase and manage products and services. At the same time, Visa’s network is becoming open to developers and AI collaborators, enabling a seamless, secure and personalised payment experience.

By leveraging its global infrastructure, user trust and longstanding experience in digital payments, Visa is emerging as a key player in fostering trust between consumers, banks and merchants in the new AI economy. Our collaboration with leading technology partners such as Microsoft, OpenAI, Stripe and Samsung further reinforces this vision. AI is no longer simply a tool for fraud prevention – it now underpins a wholly new, intuitive and automated form of commerce.

In practical terms, this means an AI agent could book a table at a sought-after restaurant in New York – or secure villa accommodation in the Maldives – within seconds, all without exposing card data or triggering fraud alerts.

In what way does the growth of cashless payments via innovative electronic transaction models affect the local economy’s reach into the global market? Can it be said that Serbia, in this regard, is part of the developed world?

— Digital payments are a key driver of economic development and one of the primary engines of future growth. In the region’s least developed countries, expanding access to the digital economy could increase GDP per capita by as much as 46% over the next thirty years.

Major changes are under way, and we are part of this transformation. Digital payments enable small and medium-sized businesses to more easily access global markets, optimise their operations, and increase their competitiveness. Serbia is making notable progress, both in adopting digital solutions and in its openness to innovation. According to the National Bank of Serbia, a record 82.4 million online purchases were made in 2024 – averaging over 225,000 transactions per day.

This represents a 39.2% increase compared to 2023, and a 288.5% rise compared to 2020.

The banking and financial sector has long been evolving beyond its original boundaries. Are we seeing more collaboration and reliance on fintech companies that provide efficient digital payment solutions?

— The line between traditional financial institutions and the fintech sector is becoming increasingly blurred. This type of collaboration delivers optimal results by combining the agility and innovation of start-ups

with the trust and expertise of established banks.

In the near future, thanks to the concept of “agentic commerce”, users will be able to delegate tasks like browsing, purchasing and managing financial transactions to AI agents. But for this model to succeed, it’s essential that AI agents earn the trust not only of users, but also of banks, merchants and other stakeholders. Visa plays a central role in building that trust by providing simple and secure access to its network for partners across the AI industry, tech companies, the banking sector, financial institutions and retailers.

Visa has always been synonymous with innovation, but also with secure and reliable transactions. Does the advancement of modern technologies call for more public education on the benefits of cashless payments?

— Absolutely. While technology is advancing rapidly, public perception tends to evolve more slowly. Many users still harbour concerns, largely due to a lack of information and fear of the unknown. In terms of security, Visa has invested over $9 billion in new technologies and the development of 100 distinct tools. This enables us to protect users and stay several steps ahead. In just one year, Visa prevented $27.1 billion worth of fraudulent activity.

Visa has swiftly evolved from a card payment technology provider into a catalyst for change and a pioneer of digital transformation in the financial sector. What comes next?

— We remain committed to advancing innovations that will define the

SOON, CONSUMERS WILL BE ABLE TO DELEGATE PAYMENTS TO AI AGENTS THAT CAN USE VISA CARDS WITH ANY OF THE MORE THAN 150 MILLION MERCHANTS THAT ACCEPT THEM, FOR VIRTUALLY ANY PURPOSE

DIGITAL PAYMENTS ARE A KEY DRIVER OF ECONOMIC DEVELOPMENT AND ONE OF THE PRIMARY ENGINES OF FUTURE GROWTH. IN THE REGION’S LEAST DEVELOPED COUNTRIES, EXPANDING ACCESS TO THE DIGITAL ECONOMY COULD INCREASE GDP PER CAPITA BY AS MUCH AS 46% OVER THE NEXT THIRTY YEARS

commerce of tomorrow – from AI-integrated payment tools to partnerships such as the one with X (formerly Twitter), Elon Musk’s platform. Through the new X Money service, we are part of a ‘super app’ that integrates social media, communication and financial tools – offering limitless potential. This also provides an opportunity to redefine the user journey and make financial services more accessible, especially to younger generations seeking connected digital experiences.

Can you predict where technological advancement will take us? How do you personally see the future of financial services?

— I see payments becoming invisible and effortless – intelligent, secure, personalised and universally available, all powered by AI. Visa aims to expand the infrastructure and frameworks of both traditional and digital commerce to embrace AI-powered commerce.

Soon, consumers will be able to delegate payments to AI agents that can use Visa cards with any of the more than 150 million merchants that accept them, for virtually any purpose. This evolution will transform everything – from everyday tasks to complex processes. I believe this is the moment where Visa, through its innovations and approach, will reshape the way we think about finance.

n conversation with Rosanda Milatović Skorić, we learn how this institution approaches security in the digital environment. The focus is on current cyber security challenges, user education, and cooperation with regulatory bodies to ensure client protection and financial system stability.

IDigital banking today involves a continuous struggle against complex cyber threats. How does OTP Bank respond to these challenges, and what measures does it take to protect its clients?

— We face increasingly complex cyber threats, ranging from phishing and malware to attacks on mobile applications and cloud infrastructure. Banks are frequent targets of cybercriminals, with potential consequences including financial losses, erosion of trust, and reputational damage.

For this reason, OTP Bank invests in cutting-edge technologies and multi-layered protection. We implement a Zero Trust architecture, where no access is trusted by default; every access attempt is verified

SAFE ONLINE

Digital banking today is not merely a matter of convenience but an ongoing battle against sophisticated cyber threats. OTP Bank reveals how it protects and educates its clients in the world of digital risks

ROSANDA MILATOVIĆ SKORIĆ

Member of the Executive Board responsible for IT, OTP Bank

and limited. We use multi-factor authentication (MFA), which requires, in addition to a password, an extra code or biometric verification, making unauthorised access much harder. Data is protected by encryption both in transit and at rest. We also employ artificial intelligence and machine learning to detect threats in real time, allowing automatic responses to suspicious activities.

Employees undergo regular training to recognise phishing attacks and other frauds. We conduct security audits and simulate attacks (cyber drill exercises) to improve crisis response. Although incidents do occur, we have a detailed plan for swift threat isolation, user notification, and system recovery.

User education is often the weakest link in the digital security chain. How does OTP Bank inform and empower clients to recognise and avoid potential online scams?

— User education is key, as even the best systems cannot prevent misuse if users carelessly share their data. Therefore, OTP Bank runs the ongoing ‘Safe ON-

LINE’ campaign through social media, the website, emails, and SMS messages. We provide clients with practical advice on recognising phishing, fake surveys, social media scams, and safe use of cards and ATMs.

Video clips, infographics, and guides tailored to everyday situations are available. The bank clearly warns it will never request confidential information via email, SMS, or phone. When new scams emerge, we promptly inform clients and the public, as was recently the case with fake investment ads on social media, alongside taking legal action against fraudsters.

OTP Bank is also part of sector initiatives such as FIN-CSIRT, which facilitate threat information sharing and joint actions to strengthen the financial sector’s resilience, including user education.

Enhancing cyber security requires collaboration between banks, regulators, and other financial system actors. What joint initiatives does OTP Bank participate in, and what is their tangible impact on the market?

— Cyber security demands cooperation with regulators, banks, fintech companies, and other stakeholders. OTP Bank actively participates in working groups with the National Bank of Serbia, other banks, and IT experts, exchanging experiences and developing standards for risk management, resilience testing, and incident reporting.

Over the past year, we have placed particular focus on implementing the DORA regulation (Digital Operational Resilience Act), which from 2025 sets strict requirements for financial institutions in the EU and their subsidiaries.

REGULATION SHOULD KEEP PACE WITH TECH DEVELOPMENT

Djokić + Partners boasts nearly two full decades of successful operations, number of satisfied clients, over 60,000 cases handled, and projects valued at up to a billion euros – and the best is yet to come

e spoke with Đorđe Đokić, one of Serbia’s most prominent lawyers, about innovations in the banking and financial sectors, technological advancement, the link between regulation and new technologies, and the issue of digital assets.

WThe pace of business is accelerating. How can we keep up with the changes? — All industries are striving to make their services more efficient, faster and of higher quality through the use of new technologies. What I particularly notice, both in the local market and the region, is significant progress in payment systems and the collaboration between traditional banks and the fintech industry. The same trend is evident in the way legal services are delivered. An increasing number of law firms are aiming to make their services more efficient, faster and of higher quality. We are identifying the most advanced tools and integrating them into our day-to-day operations – precisely to meet the demands of clients for rapid and accurate legal advice.

The goal is not to replace human resources, but to automate as many repetitive processes as possible, thereby enabling lawyers to truly focus on delivering high-quality, strategic legal services. In the long term, such innovations

Senior Partner, Djokić + Partners

may also help reduce working hours and extend the time available for private life and family.

Your firm is known for its strong expertise in banking and finance, with a special focus on the IT sector. How important is it to keep up with developments in the IT sector?

— In our practice, this is not a matter of choice – it is a necessity. The tech companies we work with are advancing rapidly, while regulation is, as a rule, lagging behind. In this context, we are compelled to think creatively, sometimes outside established frameworks, in order to devise sustainable solutions that are not only legally grounded but also technologically viable.

This process is where trust is built – if you succeed in enabling your client to operate in compliance with the law, without stifling their innovative potential, you become far more than a legal adviser – you become a development partner.

Thanks to technological progress, the potential of the banking and financial sectors continues to grow year by year. It’s not easy to list all the new developments...

— I would first highlight the most topical development, which is Serbia’s entry

into SEPA (Single Euro Payments Area), meaning we can soon expect significantly faster transactions with the EU and the region, as well as reduced payment transaction costs. In this regard, harmonisation of regulation is expected over the next year, and I personally see our entry into SEPA as a strategic lever for economic growth.

In addition, a topic I believe will gain increasing relevance – despite the existing regulatory framework established by the Digital Asset Law of 2020 – is that of digital tokens and the conditions they create for alternative project financing. It is vital to demystify this subject through investment education, as this relatively new instrument opens up considerable possibilities for alternative funding.

A digital token, as a form of digital asset, grants certain rights to its holder –the investor – in relation to the token issuer (e.g. entitlement to interest, etc.), with the ownership right existing solely over the digital token, not over the issuer or their assets. In this way, the issuer is able to raise significant funds from various investors to finance projects, without having to sell any part of their own assets. Meanwhile, investors gain the opportunity to allocate funds to projects they deem promising, and which have been vetted by the Securities Commission.

PREPARE FOR THE GLOBAL EURO

After serving as the world’s hegemon for decades, the US appears to be renouncing the role by refusing to supply global public goods and eroding confidence in the dollar. This creates an opportunity for the eurozone to capture some of the exorbitant privilege long enjoyed by the US

International monetary and financial systems may not be immutable, but nor do they change often. That is why the upheaval spurred by US President Donald Trump’s trade and tariff war is so remarkable – and difficult to decipher. To figure out what is going on, it is worth revisiting Charles P. Kindleberger’s theory of hegemonic stability, which he spelled out in his book The World in Depression: 1929-1939. Kindleberger’s theory essen-

tially states that an open and stable international system depends on the presence of a dominant world power.

In the nineteenth century, that power was Britain. As the world’s financial hegemon – leader of the global economic system and issuer of the dominant international currency – Britain supplied critical public goods. These included, as Kindleberger put it, a “market for distress goods, provided by British free trade,” and a countercyclical flow of capital,

produced by the City of London. Britain also supported “coordination of macroeconomic policies and exchange rates,” through the “rules of the gold standard,” which were “legitimized and institutionalized by usage.” Finally, the Bank of England served as a “lender of last resort.”

But World War I took its toll on Great Britain, which by the 1930s no longer had sufficient resources to underpin the international monetary system. And though the United States was an ascending pow-

er, it was not yet ready to fill Britain’s shoes. This “Kindleberger gap” – the period between world hegemons – coincided with the Great Depression and the escalating political turmoil that culminated in World War II.

Near the end of the war, in 1944, delegates from 44 countries met in Bretton Woods, New Hampshire, where they orchestrated a smooth transition between the old and the new hegemons. In doing so, they validated the de facto supremacy of US trading, financial, and military power.

At the time, the US accounted for 35% of world GDP. But though America’s share of global GDP has declined, the US dollar has retained its dominance as a reserve asset, invoicing currency, and anchor for fixed exchange rates. Moreover, the US Federal Reserve’s policy decisions

THE ECONOMIC AND FINANCIAL DISTRESS TRUMP INITIATED IN THE US CREATES AN OPPORTUNITY FOR THE EUROZONE – WHICH ISSUES THE WORLD’S SECOND-MOST-IMPORTANT INTERNATIONAL CURRENCY – TO CAPTURE SOME OF THE EXORBITANT PRIVILEGE LONG ENJOYED BY THE US

and the US economy’s performance still shape the global financial cycle.

Nonetheless, we seem to be approaching a new “Kindleberger gap.” The existing hegemon appears to be self-destructing, as it refuses to supply global public goods, and there is no clear candidate to fill its shoes. The European Union is not prepared to take up the mantle, and China is not even integrated into global financial markets.

Whereas the rest of the world views the dollar’s primacy as an “exorbitant privilege,” the Trump administration appears convinced that global demand for dollar assets is a burden, as it believes it drives up the currency’s value. But if the US continues on its current policy trajectory, it will soon be “relieved” of this burden, whether it likes it or not.

If a currency is to serve an international role, the country issuing it generally needs to enjoy economic preeminence and occupy a central position in global trade. These qualities depend on innovative capabilities and growth potential, with military power and geopolitical alliances also playing a role. None of this is possible without an open economy and high-quality, stable institutions.

By pursuing policies that undermine US institutions, fundamental research, multilateralism, and the economy’s longrun growth prospects, the US under Trump is rapidly eroding trust in the dollar. Never has this been more apparent than in the wake of Trump’s announcement, in early April, of ultra-high tariffs on goods from dozens of countries running bilateral trade surpluses. US Treasury yields rose, the US stock market fell, and the dollar depreciated – a combination often seen in emerging economies.

The economic and financial distress Trump initiated in the US creates an opportunity for the eurozone – which issues the world’s second-most-important international currency – to capture some of the exorbitant privilege long enjoyed by the US. This includes cheaper capital for eurozone governments and businesses –which could support fiscal sustainability – and easier refinancing during times of crises, since demand for “safe” euro as-

sets would rise. It also includes increased geopolitical clout – crucial at a moment when the EU is working to achieve strategic autonomy.

While internationalization does carry risks, the eurozone is well-positioned to mitigate them. For example, the eurozone’s macroprudential policy frameworks, which are much stronger than those in the US, can help it cope with increased capital-flow and asset-price volatility. Europe also boasts powerful institutions, starting with the European Central Bank, and a robust rule of law.

But more must be done to enable the eurozone to raise the euro’s international profile. For starters, the eurozone must deepen its single market in goods and services, and strengthen its trade relationships wherever possible. Given Europe’s global climate leadership, it could consider starting to invoice climate-friendly products – such as decarbonized energy equipment, electric vehicles, and commodities used in electrification – in euros, while building up corresponding financial instruments (such as those linked to hedging climate risk).

The eurozone should also commit to completing the banking union and the savings and investment union, as spelled out in multiple recent policy reports. To deliver deep and integrated capital markets – crucial for innovation and growth

THE EUROZONE SHOULD ALSO COMMIT TO COMPLETING THE BANKING UNION AND THE SAVINGS AND INVESTMENT UNION, AS SPELLED OUT IN MULTIPLE RECENT POLICY REPORTS

– efforts should be made to deliver a true eurozone-wide safe asset. Joint debt issuance for emergency defense spending could be a good starting point.

Moreover, rather than allowing eurozone payments to remain largely dependent on US payment systems, the bloc must increase the sovereignty of its own. This would probably rely on a central bank digital currency (CBDC), complemented with a robust payment system that may or may not involve euro stablecoins. Finally, the ECB’s function as lender of last resort must be carefully structured, so as to ensure widespread and strong confidence in the euro.

These changes will not be easy to implement. But if Kindleberger taught us anything, it is that the world economy will be better off if, as America retreats from global economic and financial leadership, Europe steps quickly into the breach.

By Hélène Rey is Professor of Economics at the London Business School

Business Dialogue

Speed, Power and Luxury

Even with increased ground clearance, Mercedes-Benz vehicles from the AMG line never compromise on their sporting pedigree. Exceptional design, unique performance, comfort and unquestionable quality come as standard

Aone-day media event was recently organised at the NAVAK Centre for representatives of specialist automotive outlets. On a track purpose-built to showcase the full force and above-average capabilities of Mercedes-Benz models, guests had the honour and pleasure of testing AMG vehicles.

With decades of tradition in crafting exceptional cars, Mercedes-Benz remains synonymous with luxury, reliability and outstanding performance. It is the dream of every driver – after all, who wouldn’t wish to own, or at least take the wheel of, one of the most prestigious models from the powerful AMG range?

In a controlled environment, journalists recently explored, under the guidance of an instructor, the full potential of vehicles boasting over 500 horsepower. All braking and stability tests were performed behind the wheel of AMG models from the SUV class. Each vehicle proved highly engaging, with more than impressive technical characteristics:

Mercedes-AMG CLE 53 4MATIC+

The new sports coupé from the AMG stable combines the elegant design of the CLE series with powerful performance. It features a 3.0-litre inline six-cylinder engine with turbocharging and an additional electric compressor, delivering 449 hp with the support of a mild-hybrid system. The CLE 53 accelerates from 0 to 100 km/h in just 4.2 seconds,

with a top speed electronically limited to 250 km/h – extendable to 270 km/h with the optional AMG Driver’s Package.

Mercedes-AMG GLC 43

4MATIC

(2024)

The new GLC 43 brings thrilling performance to the mid-size sports SUV segment. Its 2.0-litre four-cylinder engine, familiar from the A45 model, has been further enhanced. It is equipped with a turbocharger and an integrated starter-generator (ISG) providing an additional 14 hp, contributing to smoother starts and energy recuperation. Acceleration from 0 to 100 km/h takes 4.8 seconds, while the top speed is limited to 250 km/h.

Mercedes-AMG GLE 53 4

MATIC+ (2024)

This model delivers a blend of sporty performance and luxury in a large SUV format. It features a 3.0-litre inline six-cylinder engine with an electric compressor. Thanks to the 9G-TRONIC transmission and AMG Performance 4MATIC+ drive, the GLE 53 acceler-

The most attention was drawn to the MercedesAMG GT 63 Coupé (2024), powered by a hand-built 4.0-litre V8 biturbo engine from A alterbach

ates from 0 to 100 km/h in 5.0 seconds, with a maximum speed of 250 km/h. The interior offers luxury and technology, including the MBUX system with AMG displays, sports seats, ambient lighting, and dedicated AMG drive mode controls.

Mercedes-AMG GT 63 Coupé (2024)

This was the model that attracted the greatest interest among the media. It boasts a handbuilt 4.0-litre V8 biturbo engine from Affalterbach, producing 585 hp and a remarkable 800 Nm of torque. Acceleration from 0 to 100 km/h takes just 3.9 seconds, with a top speed reaching 310 km/h. The GT 63 features active rear-axle steering, AMG RIDE CONTROL+ adaptive suspension, and a sophisticated active aerodynamics system with a movable rear spoiler.

Mercedes-AMG SL 55

4MATIC+ (2024)

The AMG SL 55 revives the spirit of the classic roadster, enhanced with modern AMG engineering and technology. Power comes from a 4.0-litre V8 biturbo engine delivering 476 hp and 700 Nm of torque, paired with the AMG SPEEDSHIFT MCT 9G transmission and fully variable 4MATIC+ all-wheel drive. Acceleration from 0 to 100 km/h takes 3.9 seconds, while the top speed reaches 295 km/h. The chassis is crafted from aluminium to reduce weight, and the electric soft-top opens in just 15 seconds – even while driving at speeds up to 50 km/h.

Sustainable Energy for a Resilient World

Bonnie Norman President Rob Russo Founder and CEO of E3 International

We deliver sustainable energy strategies and solutions that bene t enterprise bottom lines, increase energy security, enhance electricity grid stability, support local and national government objectives—such as better air quality—and improve lives

We spoke with Bonnie Norman and Rob Russo of E3 International about their work in advancing sustainable energy strategies across the globe, their impact in Serbia, and how collaboration and innovation drive their success.

What is the core business of E3 International (E3I)?

— Rob: Based in Belgrade and Washington, DC, with offices around the world, E3I helps our clients achieve their energy transition and risk mitigation goals. We’ve successfully completed over 800 energy efficiency, renewable energy, and infrastructure resilience projects in more than 20 countries. We deliver sustainable energy strategies and solutions that benefit enterprise bottom lines, increase energy security, enhance electricity grid stability, support local and national government objectives—such as better air quality—and improve lives.

What sets E3I apart?

Who are your partners and clients?

— Rob: We work with development finance institutions, governments, international development organisations, donors, banks, investors, NGOs, utilities, hospitals, municipalities, and enterprises across all sectors.

What are some E3I project highlights?

— Bonnie: For USAID Serbia Better Energy—as Local Implementation Lead—we laid digital, financial, policy, and engineering groundwork and built local capacity for scaling up energy-saving investments in the

— Bonnie: E3I’s expert team not only delivers high-quality feasibility studies but also— more importantly—operationalises change and implements best-in-class engineering, finance, and digital solutions so our clients achieve measurable benefits. We prioritise listening to and working closely with clients to build their capacity to achieve transformative results, such as the innovative new financial products for multi-family building energy improvements recently established at four banks in Serbia with E3I support.

residential building sector and for advancements in the district heating sector. For USAID’s Serbia Energy Efficiency Activity, we designed and implemented projects to improve district heating systems, including the largest district heat system solar thermal project in the Western Balkans region.

— Rob: With the support of the Austrian Development Agency, GIZ, EPS, and others, we developed and showcased at the UN COP our Sustainable Land, Livelihoods, and

Energy Initiative for the Western Balkans, which develops sustainable biomass supply chains and markets, onsite renewables, and new value chains for coal mining areas. This has led to a pending biomass boiler conversion with sustainable biomass supply for EPBiH Tuzla in partnership with EBRD ReDEWeB. As Technical Consultant (Lead) for the EBRD Western Balkans Sustainable Energy Finance Facility, we deployed nearly EUR 200 million in investment in over 400 energy efficiency and renewable energy projects across most sectors. We are also involved internationally in smart electric grid improvements.

What makes your collaboration work?

— Bonnie: Rob has long been a leader in providing innovative energy solutions, especially in this region.

— Rob: Bonnie brings expertise in commercial real estate and is an international leader in green banking and blended finance investment for sustainable energy and resilience. E3I’s key strength, though, is our local team of talented, experienced experts.

What challenges lie ahead and what needs to be done?

— Bonnie: Uncertainty is on the rise, and energy security is a growing concern around the world. We help our clients make better energy transitions, proactively reduce risk, and improve livelihoods and lives—both now and for future generations. www.eeeinternational.com

Business Dialogue

LOCAL NEWS

Delta Launches €85M Green O ce Hub in Novi Sad

”Through

incentive schemes, we promote the growth of insured electric and hybrid vehicles”

Svetlana Smiljanić Board Member, Wiener Städtische Insurance

Burnout Moves to a New Location

Built to the highest international standards, Delta Iron aims to be the first business complex of its size in Serbia with LEED Platinum certification, with 60% of its energy sourced from renewables. Smart energy systems, triple-glazed windows, rainwater recycling, and green landscaping will contribute to a 54% boost in energy efficiency compared to average buildings.

Andrijana Pjevović Wins Mixology Crown

Eight finalists, selected from nearly 100 applicants from Serbia, Montenegro, and North Macedonia, gathered in Belgrade for the finale of the prestigious bartending competition – Schweppes Mixology Session 2025. After months of preparation, the winner, Andrijana Pjevović, claimed the top prize –a seven-day trip to London and exclusive participation in London Cocktail Week, one of the world’s most prominent mixology events.

Burnout has officially opened the doors of its new Ducati sales and service centre. Following a successful decade of collaboration with this globally renowned brand, a new chapter begins – one filled with exciting experiences for motorcycle enthusiasts – now at a new address: Bulevar Milutina Milankovića 3v, New Belgrade.

The Future of Power –Smart Grids Matter Today

Vladan Krsman Chief Technology O cer - Digital Grid, Schneider Electric Serbia

Vladan Krsman from Schneider Electric Serbia, in his authored piece for CorD, discusses the development of One Digital Grid Platform — an innovative software solution rede ning power systems management in the era of energy transition

In an era marked by energy transition and accelerated digitalisation, power systems world-wide face complex challenges — from climate risks and rising electricity demand to growing calls for more flexible and resilient grids. In this context, we have developed the One Digital Grid Platform — a software solution with the potential to redefine how we think about and manage the power systems of the future.

The platform is designed as a unified digital environment connecting all key processes — from planning and design, through day-to-day operations and analysis, to delivery of electricity to end-users. It is based on principles of hybrid cloud architecture, interoperability, data unification, and real-time application of artificial intelligence. This enables companies not only to digitalise but also to modernise their grids in line with the highest standards of energy efficiency and sustainability.

In operational sense, the platform links a range of user applications which together deliver significant benefits: reduced power outages, lower operational costs, resilience to extreme weather conditions, and accelerated integration of renewables and electromobility. The platform facilitates powers system that is more reliable, efficient, and resilient.

What sets the One Digital Grid Platform apart is its ability to directly support the ESG goals of power utilities. Through advanced analytics and transparent consumption insights, the platform contributes to reducing CO2 emissions, optimising energy flows, and

improving the utilisation of renewable energy sources. Moreover, it accelerates the integration of distributed energy resources such as solar panels, battery systems, and electric vehicle chargers, making sustainability part of everyday practice rather than a long-term strategy.

A particularly important aspect is the platform’s capacity to consolidate data from a broad spectrum of sources — sensors, SCADA systems, software solutions, and external partners — into a single, comprehensive overview of grid performance. Supported by tools developed in collaboration with our partners AiDASH and Uplight, we are opening new chapters in climate analytics and interaction with consumers and prosumers.

The key to the platform’s success lies in data consolidation and the application of artificial intelligence, delivering a new de-

cision-making paradigm in the industry — faster, more precise, and aligned with market needs. In today’s modern power system environment, this is essential.

We plan to launch the first version of the One Digital Grid Platform by the end of 2025, with continuous development through new functionalities and cooperation with leading global partners such as Microsoft, Esri, and EPRI. The focus is on scalability, adaptability, and constant innovation — in line with energy transition pace.

Serbia plays a vital role in this journey. Our R&D centre in Novi Sad and the Innovation Hub at our InGrid building are the core of the platform global development. Key components for worldwide application are being developed here, localy, demonstrating that the knowledge, dedication, and technological potential of the local team can shape the energy future of the entire world.

Business Dialogue

”For BAT, embedding sustainability into its operations isn’t just good ethics, it’s good business”

Tadeu Marroco CEO of BAT

ProCredit Backs SME Equipment Program

ProCredit Bank Serbia is one of eight banks and three leasing companies participating in the Support Program for small enterprises for procurement of equipment, implemented in cooperation with the Ministry of Economy and the Development Agency of Serbia. Through this program, businesses were granted access to favorable loans and non-repayable funds in 2024.

Yettel Tops Mobile and Home Internet Rankings

In the latest independent network quality assessments conducted by umlaut, Yettel has once again confirmed the quality of its services – twice over. The operator has won the award for the best mobile network in Serbia for the ninth time, as well as for the best home internet for the second consecutive year.

IKEA Serbia Enters New Era with Leadership Change

IKEA Serbia has appointed Aleksandar Rajčević as its new Market Manager, signalling a new chapter as the company posts strong growth and outlines ambitious expansion strategies. With 17 years of experience within the Swedish retail giant, Rajčević will oversee operations in Belgrade, Novi Sad, and Niš, as well as planning studios in New Belgrade and Novi Sad.The company recorded an 8.7% increase in total sales and a remarkable 17.7% rise in products sold for fiscal 2024.

Food For a Better Tomorrow: Lidl’s Strategic Commitment

Awareness that our dietary choices are becoming a key factor in safeguarding human health and protecting the planet for a shared “better tomorrow” is increasingly widespread. The latest expert research shows that small changes—such as embracing a diet rich in fruit, vegetables, whole grains and healthy fats—can not only significantly reduce the risk of chronic diseases, but also considerably slow climate change and other negative environmental impacts. Lidl recognises the importance of this issue and believes that conscious nutrition is both a solution and a shared responsibility—towards ourselves and the world around us.

RESEARCH SAYS:

“THE PLANETARY DIET”

According to findings by the EAT–Lancet Commission, a team of scientists contributing to The Lancet, a publication with a 200-year tradition of addressing key medical topics, many of today’s global challenges could be addressed by adopting a “planetary health diet.”1

This approach to eating minimises environmental harm by promoting plant-based foods and items with a low carbon footprint. It outlines a way to preserve planetary resources essential for feeding an estimated 10 billion people by 2050, while maintaining biodiversity. To ensure the world’s growing population can eat healthily within the planet’s environmental boundaries, a transformation of the global food system is essential—and Lidl has been working for years to help realise this goal.

1 Global Nutrition Report: What we eat matters: Health and environmental impacts of diets worldwide, 2021.

In addressing global challenges, Lidl strives to be part of a broader transformation that improves food systems worldwide

CONSCIOUS NUTRITION AT LIDL

As one of Europe’s leading food retailers, Lidl is fully aware of its influence and the fact that its products are a staple in many households. In response, Lidl has assumed part of the responsibility by promoting con-

scious dietary habits. Lidl offers a wide range of plant-based products, wholegrain options, and items with reduced sugar and salt content, as well as a growing number of sustainable products—those with a lower environmental impact, such as plant-based protein foods, vegan products, and organically grown fruit and vegetables.

Recognising that excessive intake of saturated fats increases the risk of cardiovascular disease, Lidl is continuously improving the fat and oil quality in its own-brand products—raising the proportion of unsaturated fats while reducing saturated ones. Moreover, as dietary fibre from whole grains contributes positively to human health and may help prevent conditions such as diabetes, Lidl is expanding its range of wholegrain products and gradually increasing the proportion of whole grains in its existing branded lines. Excessive sugar and salt consumption also poses a serious challenge in today’s diet, raising the risk of numerous illnesses including heart disease and diabetes. Lidl is therefore actively working to reduce the average levels of added sugar and salt in its own-brand products.

TRANSPARENCY AND SUSTAINABILITY: LIDL AS A DRIVER OF POSITIVE CHANGE

In addressing global challenges, Lidl strives to be part of a broader transformation that improves food systems worldwide. Through the above-mentioned initiatives and by reporting progress transparently, Lidl empowers consumers to make more sustainable choices, thereby contributing to positive global change and laying the foundations for a sustainable future for all.

“We are expanding our solutions business in the Adriatic region“

Marko Nikolić CEO of Innomotics Serbia

€100m Solar Power Plant Rises in Bosnia

Construction has begun on the largest solar power plant in Bosnia and Herzegovina, located on the sunny plateau of Komanjsko Brdo near the town of Stolac. Valued at approximately €100 million, the project is expected to be completed within 12 months and will generate 200 million kilowatt-hours of clean electricity annually for the next 30 years. Led by Aurora Solar d.o.o.—a company based in BiH with support from Hungarian and domestic partners—and built by the international engineering firm NORINCO International, this project marks a significant investment in the country’s renewable energy sector.

Slovenia Courts China with Green Tech at Ningbo Expo

Slovenia took centre stage at the China-CEEC Expo in Ningbo on 22 May, unveiling a forward-looking agenda centred on high-tech, green mobility, and strategic trade ties. As an honoured guest at the largest Chinese trade fair for Central and Eastern Europe, Ljubljana stressed shared views on open global trade and pushed for smoother access to critical rare earths—essential for the electrification of transport.

Atlantic Grupa Presented a New Brand

Beneath the dusky skies of Zagreb’s Riverside Garden, Atlantic Grupa unveiled its latest venture: Lemonish, a sparkling leap into the “better for me” beverage category. In a celebration laced with sun, sound, and citrus, a crowd of influencers, media figures, and Croatian celebrities, including Ivana Mišerić and Marko Braić, toasted the new lemon-forward fizz, while cult-favourite band TBF provided a nostalgic soundtrack.

“Our integrated business model has proven to be extremely e ective in Montenegro

Ljilja Pižurica Executive Director of NELT MNE

Končar’s €20 Million Investment Marks Milestone

Končar has embarked on a €20 million investment in a state-of-the-art laboratory in Bedekovčina. The facility, covering 2,700 square metres with a towering 28-metre structure, will specialise in testing high-voltage equipment, particularly focused on the green energy transition. Designed to meet global standards, it aims to bolster innovation in the energy sector, especially around high-voltage direct current (HVDC) technologies.

Uber Rolls into Ljubljana

Uber, the American ride-hailing giant, has finally made its Slovenian debut—though not in its usual disruptor guise. As of 20 May, residents of Ljubljana can now summon a ride via the familiar Uber app. But there’s a twist: every driver behind the wheel is a licensed taxi professional. Morena Šimatić, Uber’s director for Slovenia and Croatia, says the focus is on local compliance and long-term sustainability. Rides will follow Ljubljana’s official tariff structure, and over 150,000 users already have the app—many from travels abroad.

Taco Bell Set to Enter Croatian Market

Taco Bell is preparing to launch its first restaurants in Croatia as part of a broader regional push supported by a €9.9 million investment from the European Bank for Reconstruction and Development (EBRD). The fast-food giant, known globally for its Mexican-inspired offerings, has chosen the Adriatic nation for its initial entry into the market. The investment is being directed toward Bosnia-based firms Aptha Global and Tastra, to support the expansion of Taco Bell in Croatia, Slovenia, and the wider region, as well as the growth of KFC operations in Bosnia and Herzegovina.

Decline in Gig Workers in Southeast Europe

In the rst half of 2025, the number of gig workers continued to decline due to a combination of global economic uncertainty, market saturation, strengthening local employment opportunities, and the increasing migration of young people from the region

The number of active gig workers in Southeast Europe continued to decline in the first half of 2025. According to the latest data from Gigmetr, presented in May at the PPRC, the number of platform workers fell by a further 0.7%. Although modest, this marks the fourth consecutive decline — signalling that the wave of growth has come to a halt.

Most notably, workers from software development and creative services left the digital labour market: as many as 90% of those who exited came from these two professions.

“The changes we observe cannot be interpreted in isolation,” says Vladan Ivanović, lead researcher at Gigmetr and full professor at the Faculty of Economics in Kragujevac.

“This is the result of a combined effect of global economic uncertainty, slower growth, and local factors such as the strengthening of the domestic labour market, which today offers better opportunities for employing skilled workers compared to the previous period.”

precise estimates. Nevertheless, with the consistent methodology we apply, it is possible to estimate the main trends,” says Zoran Kalinić, full professor at the Faculty of Economics in Kragujevac and member of the Gigmetr team.

Romania is the only country in the region to record growth in the number of workers on all three platforms: from 0.5% on Guru to 4.8% on Freelancer. The largest declines were observed in Albania and North Macedonia, both in absolute and relative terms. Looking at Upwork alone, the most dom-

direction, especially pronounced in countries where a larger number of young people leave their home countries, as is the case with the Western Balkans.”

Data show that gig work is less attractive in countries offering more opportunities in the traditional labour market, and vice versa. For example, North Macedonia has as many as 7.3 times more gig workers per capita than Hungary, which has the lowest number of workers per 100,000 people in the region.

“We see clear differences in patterns of response to the same external situation,” says Tanja Jakobi, executive director of the PPRC. “In some countries, gig work remains a temporary solution, while in others, despite stagnation, it still represents an important survival strategy.”

inant platform in the region, the share of women in gig work rose to 37.3%, partly because the decline was more intense among men (3.5%) than women (2.3%).

Upwork remains the most dominant platform with 55.6% of the total market, but it is experiencing a decline in its share. Freelancer and Guru are growing — Freelancer notably with an increase of 4.8%. “However, it is important to consider that platforms do not disclose all parameters for displaying active users, which somewhat complicates more

“The significant growth in the number of freelancers in recent years could not last forever and the market has likely reached its limits,” says Branka Anđelković, co-founder and programme director of the PPRC. “This is a result of both the creation of better opportunities in domestic and foreign labour markets, and flows working in the opposite

The average requested hourly rate rose by only 2%. Croatia continues to record the highest average rate (27 USD per hour), while North Macedonia is the only country below 20 USD (19.8 USD). Growth was somewhat more pronounced among men (2.2%) than women (1.8%).

“Although women now constitute a larger share of the total population than before, the gender pay gap is widening,” notes Ljubivoje Radonjić, assistant at the State University in Novi Pazar. “This indicates that most female gig workers remain in professions that are lower paid or less in demand.”

Smart, Tailored and Long-Term

Zoran Janovac General Manager, Perspekta

For years, Perspekta has played an active role in the eld of cyber security, closely monitoring global trends. Its mission is to make technology both accessible and controlled – because security, exibility and oversight must go hand in hand

Our company selects the world’s best solutions and delivers them to clients in Serbia. We offer a free Proof of Concept (PoC) for every Quest solution, alongside a complimentary Active Directory security assessment, which is proving very popular locally, – explains Mr Zoran Janovac.

Cyber security will only become more important in the years ahead. Does that call for the constant introduction of new tools, services and solutions?

— We provide tried-and-tested solutions that deliver a level of protection unrivalled in the industry. These are founded on three key pillars: educating users to recognise threats, implementing preventative protection, and conducting vulnerability analyses. At Perspekta, we believe that investment in tools and services that reduce risk always justifies the cost – which is inevitably lower than the potential damage that can result from an attack.

You recently organised the event ‘Secure. Smart. Connected: TeamViewer Tensor and Frontline Solutions in Practice’ in partnership with TeamViewer. Does that title capture what you aim to offer?

— Indeed. The event provided an opportunity to showcase how solutions such as TeamViewer Tensor and Frontline enable secure remote working and the seamless connection of people, devices and processes. Our role is to ensure that technology remains both accessible and under control – with security, flexibil-

ity and oversight working in unison. We work closely with clients to help them respond swiftly and securely to the challenges of modern business through an integrated environment.

TeamViewer Frontline is an augmented reality (AR) platform that leverages artificial intelligence to support remote teams and technicians (hands-free operation using smart glasses), digitalise and standardise work instructions, enable real-time staff training, reduce errors, and boost operational productivity.

Quest, a US-based company, is also among your partners. What from their portfolio might interest clients in the region?

— Globally, Quest ranks as the third largest provider in the database segment. When it comes to managing user infrastructure, optimising and administering databases, and implementing security protocols, Quest is a global leader. Their catalogue includes over

200 solutions, among which Foglight stands out as the leading multi-database monitoring tool, alongside products such as Erwin, KACE, Security Guardian and Disaster Recovery for Identity.

Perspekta is a Premier Partner of KnowBe4 – can you tell us more?

— Yes, we are the only certified Premier Partner of KnowBe4 in the Balkans. For many years, according to Gartner, KnowBe4 has been the global leader in the area of Security Awareness Training – an increasingly critical field given the rising frequency of cyber-attacks worldwide. We offer free tools and a powerful platform for training users, allowing them to explore and assess the system themselves. We also provide a free demo presentation to introduce the platform’s features in detail.

In addition to off-the-shelf solutions, do you also offer customised services tailored to the specific needs of your clients?

— There is no one-size-fits-all solution. Our approach starts with understanding the client’s business model, IT infrastructure and the digital literacy of their workforce. Only then do we design a comprehensive and sustainable protection system. If you’re in a decision-making role, you may not be an IT expert – but you do know one thing: risk must be managed. Investment in cyber security is not a cost – it’s business insurance. That’s why it’s vital to have a partner who understands you, knows what they’re doing, and doesn’t just sell you a software package – but a system that protects everything you’ve spent years building.

Perspekta is here to provide precisely that: smart, tailored, and long-term protection.

Business Dialogue

“Business opportunities are like buses, there’s always another one coming

Sir Richard Branson Founder of Virgin Group

BYD Surpasses Tesla in EV Sales

Chinese automaker BYD outpaced Tesla in Q1 2025, selling over 1 million electric vehicles, including 416,388 battery electric vehicles, compared to Tesla’s 336,681 deliveries. BYD’s net income doubled to $1.26 billion, while Tesla’s earnings dropped 40%, with revenue falling 9% to $19.34 billion.

German Business Sentiment Improves

Slightly

Germany’s Ifo business climate index rose to 87.5 in May from 86.9 in April, indicating slight improvement in business sentiment. The expectations index climbed to 88.9, suggesting cautious optimism despite ongoing economic challenges.

U.S. and China Agree to Temporary Tari Reduction

The U.S. and China agreed to a 90-day truce, reducing tariffs from 145% to 30%, prompting a surge in American companies importing goods from China. Container bookings reached 2.2 million 20foot containers, the highest in over a year, though logistical challenges persist.

“Never give up. Today is hard, tomorrow will be worse, but the day after tomorrow will be sunshine”

Jack Ma Founder of Alibaba Group

UK and EU Reach Trade Agreement Easing Plant Exports

A new trade agreement between the UK and EU aims to reduce sanitary and phytosanitary checks, easing the export of plants and perishable goods. Businesses anticipate lower costs and reduced delays, though implementation details remain pending.

Rio Tinto CEO Jakob Stausholm Steps Down

Rio Tinto CEO Jakob Stausholm announced his departure after reshaping the company’s culture and investing $10 billion in Arcadium Lithium, positioning Rio as a leading lithium producer. Former CEO Leigh Clifford praised Stausholm’s leadership and strategic focus.

Elon Musk Commits to ‘24/7’ Work Schedule

Following a major outage on X (formerly Twitter), Elon Musk announced a return to a “24/7” work schedule to focus on X, Tesla, SpaceX, and xAI. The outage was linked to a fire at an Oregon data center, revealing weaknesses in the platform’s redundancy systems.

Naval Ravikant Entrepreneur & Investor

The Philosopher of Startups

Naval Ravikant on wealth, wisdom, and the inner game of success

In an age of noise, Naval Ravikant speaks in signal. Entrepreneur, angel investor, philosopher of the digital world—he is the rare figure in Silicon Valley whose words are quoted more often than his portfolio is studied. And yet, behind the quiet voice and minimalist tweets lies a man who has reshaped the way a generation thinks about startups, self-worth, and wealth.

Born in India and raised in New York, Ravikant’s story is one of subtle yet striking ascent. He didn’t build a unicorn or disrupt an industry in the traditional sense. Instead, he invested early in companies like Twitter, Uber, and Yammer, and built AngelList—one of the most important

infrastructure platforms for startup funding globally. But ask Naval what he does, and he’s more likely to speak about how to live than what to build.

He’s an entrepreneur, yes. But he’s also become something rarer: a public thinker with real resonance in the tech and business world. His most viral ideas—succinct, striking aphorisms about wealth creation, happiness, leverage, and learning—have been shared millions of times, often with reverence usually reserved for spiritual leaders or philosophers.

“You’re not going to get rich renting out your time.”

“Play long-term games with longterm people.”

“Desire is a contract you make with yourself to be unhappy until you get what you want.”

He’s an entrepreneur, yes. But he’s also become something rarer: a public thinker with real resonance in the tech and business world

These are not slogans. They’re principles—rooted in experience, distilled through introspection, and delivered with disarming clarity.

What sets Ravikant apart is that his concept of wealth is holistic. It isn’t

just about money. It’s about time, freedom, peace of mind. In a world obsessed with hustle, he advocates leverage—not in the financial sense, but in creating systems, building products, and cultivating audiences that work for you even when you sleep. His idea of leverage includes code, capital, and content—tools that scale effort without scaling stress.

As the startup ecosystem matured and the shine of hyper-growth began to fade, Ravikant became something of a counterpoint to the grind mentality. He encourages young founders not just to build businesses, but to build themselves.Not to chase status, but truth. Not to seek validation, but clarity. His podcast, appearances on Tim Ferriss and Joe Rogan, and most famously, his distilled “How to Get

Rich (without getting lucky)” thread, have become required reading across industries.

And yet, there’s no pretence. Naval is not interested in empire-building.

What sets Ravikant apart is that his concept of wealth is holistic

He has no need for a media company or a speaking tour. His presence online is sparse and deliberate. He tweets rarely. He appears selectively. When he does, people listen.

That restraint, too, is part of the message.

In recent years, Ravikant has turned further inward, speaking more about consciousness, meditation, and the nature of happiness. He is part of a new wave of thinkers who bridge the worlds of business and inner work, suggesting that the most important startup is the self—and that the most overlooked ROI is peace.

In a landscape crowded with gurus and growth hackers, Naval Ravikant offers a rare voice of calm intelligence. He doesn’t shout. He doesn’t sell. He reflects.

And in doing so, he’s helped a generation of founders, investors, and thinkers ask better questions—not just about wealth, but about purpose, time, and the kind of life worth building.

Bridging Traditions Driving Innovation

62 BRIDGING TRADITIONS

DRIVING INNOVATION

COMMENT

64 SLOBODAN ŠEŠUM

Ambassador of Slovenia to Serbia

Advancing Science Diplomacy

68 DRAGAN MARKOVIĆ

Chairman of the Executive Board, Triglav osiguranje a.d.o. Belgrade

Steady Business in Unsteady Times

69 TILEN REBEC

Director, SRC Doo Belgrade

Banking with a Heart

70 SPK ACTIVITIES

Supporting Our Members and Creating Opportunities

71 The Bristol Belgrade

72 DANIJELA FIŠAKOV

President of the Slovenian Business Club (SPK)

A Legacy of Trust and Recognition

Slovenia 2025

80 LAIBACH – 45 YEARS OF PROVOCATION, ART, AND SONIC RESISTANCE

Laibach is a state of mind

Weishaupt doo Beograd

Omladinskih brigada 88 11070 Beograd

tel: +381 11 35 33 430

e-mail: info@weishaupt.rs

www.weishaupt.rs

Strong cooperation between Slovenia and Serbia is not only a testament to historical bonds but a foundation for future prosperity. The economic figures speak for themselves — with trade volumes surpassing €2 billion and Slovenian investments flourishing, the partnership yields tangible benefits on the ground

Bridging Traditions Driving Innovation

Ambassador Šešum, recently appointed to his post in Belgrade, underscores the importance of science diplomacy as a cornerstone of bilateral cooperation. His conviction that nuclear energy collaboration and the exchange of knowledge between research institutions will be pivotal for both nations speaks to a forward-looking agenda. Concrete steps are already underway, exemplified by the recent visits between Serbian and Slovenian nuclear research centres, reflecting a shared commitment to innovation and sustainable development. His emphasis on Serbia’s European path, framed within the broader context of rule of law and institutional reform, resonates with Slovenia’s steadfast support for Western Balkans integration — a perspective grounded in experience and political resolve.

Meanwhile, Danijela Fišakov offers an illuminating perspective from the business community. Under her leadership, the Slovenian Business Club has evolved into a vital platform that fosters robust business net-

works and facilitates meaningful connections for Slovenian companies operating in Serbia. The Club’s unique approach — balancing tradition with innovation — addresses the diverse needs of its members through a combination of classic gatherings, cutting-edge formats like speed networking, and focused discussions on pressing themes such as digitalisation, the green transition, and regional cooperation. In a global environment marked by economic uncertainty and shifting markets, the SPK’s role in supporting investment opportunities and nurturing regional ties is more critical than ever.

Both voices converge on a shared message: strong cooperation between Slovenia and Serbia is not only a testament to historical bonds but a foundation for future prosperity. The economic figures speak for themselves — with trade volumes surpassing €2 billion and Slovenian investments flourishing, the partnership yields tangible benefits on the ground. Tourism acts as a vibrant bridge, bringing people closer and enriching cultural understanding, while initiatives such

as the Brdo-Brijuni Process continue to facilitate political dialogue and regional stability.

This edition also honours Slovenia’s cultural imprint in Serbia, celebrating 45 years of the avant-garde band Laibach and the vibrant Slovenian Film Days festival, which continue to captivate Serbian audiences and deepen cultural exchanges.

Supported by key corporate partners — NLB Banka, Triglav Osiguranje, Bristol Hotel and SRC — this issue highlights Slovenia’s enduring presence and the multifaceted nature of cooperation between the two nations. From sustainable business practices to cultural vibrancy, Slovenia and Serbia illustrate how shared values and mutual respect can create lasting impact.

As we explore tourism gems, sustainability initiatives and cultural milestones throughout this edition, we invite our readers to appreciate the depth and breadth of this bilateral relationship — one that harmoniously blends tradition and innovation, forging a path toward a prosperous, interconnected future.

INTERVIEW

ADVANCING SCIENCE DIPLOMACY

I am convinced that cooperation in the field of nuclear energy is in the interest of both countries, and I can confirm that we are already taking concrete steps in this direction. I visited the Vinča Institute recently and familiarised myself with Serbia’s plans for the potential construction of a nuclear power plant ~ Slobodan Šešum

SLOBODAN

Ambassador of Slovenia to Serbia

Slovenia’s new ambassador to Serbia is well acquainted with the region and says that he “genuinely wishes for Serbia to make substantial progress on its European path” during his mandate. Speaking in his first interview for CorD Magazine, Am -

bassador Slobodan Šešum insists that Slovenia “remains strongly com mitted to the Western Balkans”.

Your Excellency, you last month took on the role of ambassador to Serbia, a country with which you’re certainly well acquaint-

ed. What have you identified as your priorities?

— I would like to emphasise that I have fond memories of Serbia, having worked here before. Alongside the priorities I have envisaged, I have many aspirations. I sincerely wish for Serbia to make substantial progress on its European path

Photo Irena Herak

ECONOMIC COOPERATION BETWEEN SLOVENIA AND SERBIA IS VERY GOOD: 20% OF SLOVENIAN FOREIGN INVESTMENTS ARE IN SERBIA AND ARE WORTH IN EXCESS OF TWO BILLION EUROS, WITH APPROXIMATELY 1,200 SLOVENIAN COMPANIES REGISTERED IN THE COUNTRY

during my tenure. I am convinced that the EU accession process contributes to strengthening the rule of law, Serbia’s institutions and the economy, which in turn leads to the comprehensive modernisation of society and improved quality of life.

Enhancing cooperation in science diplomacy – specifically by connecting research institutes with innovative companies – will certainly be one of the priorities. We are already carrying out significant activities in this area.

Economic cooperation between Slovenia and Serbia is very good: 20% of Slovenian foreign investments are in Serbia, amounting to

cant increase in Serbian visitors interested in our tourist destinations. The reverse is, naturally, also true – with many Slovenians choosing to spend part of their holidays in Belgrade or other rapidly developing tourist centres in Serbia.

The Slovenian Embassy is very active in cultural affairs in Serbia, and we pride ourselves on the exceptional cooperation between our countries. Slovenian artists are present at all major cultural events in Serbia, proudly representing our rich culture across numerous fields – fine art, dance, photography, literature, film… When it comes to film, one of our most recognisable and important cultural events in Serbia is the Slovenian Film Days festival, which we’ve been organising for many years in cooperation with the Sava Association of Slovenians from Belgrade. It was a particular honour for me to open the 11th edition in Belgrade earlier this May. The Slovenian Film Days event also takes place in other Serbian cities, which we find particularly encouraging.

TRADE

The trade exchange between Serbia and Slovenia exceeded €2 billion last year

EU

over €2 billion, with approximately 1,200 Slovenian companies registered in the country. The expansion of these companies’ successful operations benefits both Slovenia and Serbia.

The trade exchange between Serbia and Slovenia last year exceeded €2 billion. Data from the first quarter of this year shows a trade volume of over half a billion euros, representing a further increase compared to the same period of last year. Service exchange is also on the rise, reaching almost €600 million last year. The largest share of this relates to tourism, with Slovenia observing a signifi-

You are expected to continue promoting enhanced economic cooperation between our two countries. According to your predecessor, our bilateral economic cooperation is expanding into new areas such as energy efficiency, ecology, tourism and biotechnology. Do you believe Slovenia and Serbia can also develop cooperation in the field of nuclear energy, as has been suggested?

— Certainly. I am convinced that cooperation in nuclear energy is in the interest of both countries, and I can confirm that we are already taking concrete steps in that direction. I recently visited the Vinča Institute and familiarised myself with Serbia’s plans for the potential construction of a nuclear power plant, as well as ongoing related research. In late May, an expert delegation from the Vinča Institute visited the Krško Nucle-

We believe the European perspective of the region is key to the stability, prosperity and democratic development of Europe as a whole

SERVICES

Bilateral service exchanges are also on the rise, having reached almost €600 million last year

Photo Irena Herak

ar Power Plant and the Jožef Stefan Institute in Ljubljana, where possibilities for future cooperation were identified. Innovation, research and development are crucial for the continued growth of both countries. Through collaboration among our research insti-

ic and Public Diplomacy at the Slovenian Ministry of Foreign Affairs, you closely monitored developments in the Western Balkans. Do you believe some countries in the region will realistically be able to join the EU before the end of the current Euro-

tutions, universities and the economy, we can create strong synergies for economic development. This precisely concerns the aforementioned science diplomacy, where we connect scientists and innovative companies and seek joint projects.

In your capacity as director of the Directorate for Econom -

perspective of the region is key to the stability, prosperity and democratic development of Europe as a whole. Statements from Brussels suggesting the possibility of accession for certain countries in the region by the end of this European Commission’s mandate are certainly encouraging. However, ultimate progress depends primarily on fulfilling the reform conditions and criteria clearly established by the EU for candidate countries. Some countries have made significant strides, while others still face serious challenges. Slovenia remains a firm supporter of the enlargement policy and is ready to assist the countries of the region on their European path with its experience and political support. At the same time, we believe the EU must maintain the credibility of the enlargement process through clear and fair steps based on the merits of each individual country.

pean Commission’s term, as was suggested recently in Brussels?

— As a longstanding director of the Directorate for Economic and Public Diplomacy at the Ministry of Foreign and European Affairs of the Republic of Slovenia, I can say that Slovenia monitors developments in the Western Balkans with great attention and commitment. We believe the European

Slovenia is very present in the Western Balkans – not only economically, but also politically. What are Ljubljana’s further plans regarding the Brdo-Brijuni Process, which represents a platform for dialogue on relations between the region and the EU? — Slovenia remains strongly committed to the Western Balkans, both through bilateral relations and regional initiatives like the Brdo-Brijuni Process. This platform is of great importance to us, as it facilitates an open dialogue among the region’s leaders and encourages a shared understanding of the key challenges and opportunities on the European path. Our further plans involve continuing and fortifying this initiative as a forum that promotes stability, cooperation and European integration. Particular focus will be placed on concrete political signals that can contribute to accelerating reforms and building trust among the countries of the region. The next meeting within the Brdo-Brijuni Process is planned for autumn this year.

Photo

Irena Herak

Steady Business in Unsteady Times

Despite global challenges, Triglav continues to grow thanks to its reliance on modern technologies, a personalised approach to clients, and fostering partnerships built on full trust

Triglav osiguranje a.d.o. Belgrade, as part of the Triglav Group, contributes 7% to the Group’s leadership in the Adria region, steadily increasing its market share by insurance premiums in Serbia, reaching 7.6% market share in 2024, highlights Dragan Marković, Chairman of the company’s Executive Board.

Last year, Triglav exceeded its targets and strengthened its leading position both in Slovenia and across the Adria region. Is this the result of rapid adaptation to market conditions and changes in the business environment?

— The Triglav Group retained its market leadership in the Adria insurance market in 2024, holding just over one fifth of the total insurance market in the region, with total business volumes of €1.72 billion, a pre-tax profit of €159 million (ROE 14%) and a combined non-life insurance ratio of 93.6 per cent.

Triglav osiguranje a.d.o. Belgrade, as a member of the Triglav Group, contributes 7%, steadily increasing its market share (by insurance premiums) in Serbia, reaching 7.6% market share in 2024,

es enable us to operate steadily, sustainably and securely even amid growing uncertainty.

How would you assess the current conditions in the financial market?

In our market, voluntary health insurance and insurance of movable and immovable property have recorded the fastest growth in recent years

while maintaining a stable fifth position among insurers.

A flexible business model, business diversification, personalised services and client trust, employee care, and continuous improvement of business process-

— Following a series of global crises, starting with the Covid pandemic and the global energy crisis, supply chain restrictions, limitations on movement and inflationary pressures, the region has additionally been affected by catastrophic

natural disasters and increased frequency of motor vehicle insurance claims. Despite all this, we have demonstrated business stability and security, expecting to be better prepared and more determined for further progress in 2025. In our market, voluntary health insurance and insurance of movable and immovable property have recorded the fastest growth in recent years.

The challenges are immense – from geopolitical influences and their impact on economic growth, through catastrophic natural disasters and their effects on property and health, to changes in client demands, service personalisation, digitalisation and optimisation of business processes.

Your company still insists on an individual approach, fostering trust, preserving long-standing partnerships and creating tailored products...? — Digitalisation is one of the key drivers transforming the insurance market, aiming to personalise service offerings to clients and build an ecosystem by using predictive analytics, various IoT technologies, recognising the needs of different client segments, streamlining the compensation process for potential insured losses, and creating satisfaction and long-term trust relationships with clients.

Environmental care and social responsibility, greater service availability (development of B2B and B2C portals) and informed clients, automation of repetitive tasks and cost optimisation enable higher-quality individual communication with clients about their needs to minimise surrounding uncertainties and ways to mitigate risks and potential negative consequences should they materialise.

Banking with a Heart

In today’s digital age, it’s easy to forget that banking is ultimately about people and their aspirations. Tilen Rebec, Director of SRC d.o.o. Belgrade, shares his perspective on why the future of banking depends not only on digital innovation, but also on preserving a deeply human connection with clients. At SRC, Banking with a Heart means combining cutting-edge technology with a human touch. Their solutions automate routine tasks, allowing teams to focus on delivering exceptional customer experiences.

SPEED, EFFICIENCY, AND TIME FOR CUSTOMERS

Modern customers expect fast, seamless service. SRC’s software automates mundane tasks so effectively that processes which once took days can now be completed in minutes. End-to-end automation significantly increases efficiency and frees up valuable staff time. With loans approved swiftly and accounts opened instantly, customers enjoy an enhanced experience –one they both notice and appreciate.

PRIORITISING CUSTOMER EXPERIENCE

With automated operations running smoothly in the background, your bank can concentrate on elevating the customer experience. SRC’s technology empowers staff to deliver faster resolutions, warmer interactions, and genuine care, significantly boosting satisfaction. These positive encounters create memorable experiences and reinforce customer loyalty.

INNOVATIVE SOLUTIONS BEHIND THE SCENES

SRC’s advanced platforms support every stage of banking:

• Product Factory – Launch bespoke financial products quickly, without complex coding, accelerating time to market.

• Loan Origination and Approvals – Streamlined lending processes automate applications and credit assessments, expediting approvals and reducing wait times.

• Customer Onboarding – Digital tools authenticate identities and manage compliance efficiently, en-

abling account openings within minutes and ensuring a seamless welcome.

• Communication Management – Centralised systems manage customer interactions consistently across email, SMS, and apps, keeping users informed and engaged.

• AI-Powered Insights – Predictive analytics tailor offers and anticipate customer needs, while AI chatbots ensure every query receives prompt, intelligent attention.

SRC enables banks to use technology to elevate customer experience, ensuring each interaction feels meaningful and supportive

Each innovation enhances efficiency and simplifies the customer journey – from the initial interaction to long-term engagement.

STAYING AHEAD WITH A HUMAN TOUCH

Rapid market shifts, driven by tech-savvy consumers and agile fintechs, mean banks must deliver tailored, value-added digital experiences. SRC’s solutions help financial institutions meet these demands while preserving the human touch that fosters lasting relationships. Investing in intelligent automation and AI today gives banks a competitive edge over slower-moving rivals. Ultimately, technology should enhance – not replace – human connection, making banking more accessible and personable. SRC enables banks to use technology to elevate customer experience, ensuring each interaction feels meaningful and supportive. That’s the essence of Banking with a Heart.

SUPPORTING OUR MEMBERS AND CREATING OPPORTUNITIES

The Slovenian Business Club (SPK), with over 150 members, has for more than 22 years fostered connections between the business communities of Serbia and Slovenia, offering its members a platform for growth, networking and the exchange of experiences. Its longevity rests on clearly defined values, open communication and continuous responsiveness to members’ needs. Each year, the Club

CEBAC Conference – EXPO 2027

The regional CEBAC Expo 2027 conference, held under the slogan “The Future Is Ours”, brought together over 200 participants in Belgrade, giving strong impetus to regional cooperation through inspirational discussions, new memberships and high-quality networking.

III Regional Conference on Transport and Logistics –“The Power of Joint Planning for a Stable Regional Economy”

In partnership with regional business associations, the Slovenian Business Club organised the third Regional Conference on “The Power of Joint Planning for a Stable Regional Economy”, focusing on the development of transport and logistics. More than 200 participants from five countries discussed digitalisation, infrastructure investment and sustainability. The event also featured the signing of an Agreement on the Empowerment of Women in Logistics.

organises or co-organises around 30 events of varying formats and relevant content, with a particular focus on cooperation with European representatives—through its active membership in CEBAC—as well as with other bilateral associations. SPK continues to develop new formats and strengthen regional cooperation, providing its members with support and opportunities for networking and dialogue.

Panel Discussion – “Green Transition in Industry: Perspectives and Challenges of

the New Legislative Framework”

The panel discussion “Green Transition in Industry”, organised in cooperation with the Embassy of the Republic of Slovenia, brought together experts and business leaders from various sectors. Through dialogue and the sharing of experiences, they examined the challenges and opportunities introduced by the new legislative framework in the fields of sustainability and energy.

Slovenian Showroom

The Slovenian Business Club once again successfully held its annual “Slovenian Showroom” exhibition. The exhibition showcased a number of Slovenian companies, where visitors were introduced to the offerings of leading brands and opportunities for business cooperation.

New Year’s Cocktail Reception

The Slovenian Business Club hosted its traditional New Year’s gathering at the elegant Hyatt Regency Hotel, marking a successful year. The event celebrated members’ support and key moments from 2024, with an emphasis on the importance of bilateral cooperation.

Working Breakfast – National Employment Service

In cooperation with Serbia’s National Employment Service, a working breakfast was held focusing on current public calls and support measures for employers in 2025. The latest employment programmes were presented, and the event concluded with an informal exchange of experiences.

SPK Annual General Meeting

The regular Annual General Meeting of the Slovenian Business Club was held at the IN Hotel, where the results of 2024 were reviewed and plans for 2025 presented. Membership growth, a rich calendar of events and the founding of CEBAC were highlighted as key milestones in strengthening dialogue with institutions. The meeting concluded with informal networking among members.

Speed Business Meeting

The Speed Business Meeting, organised by the Slovenian Business Club and partner associations, brought together 50 company representatives from various sectors. The event offered a platform for quick one-on-one meetings and the exchange of business ideas, concluding with informal networking aimed at fostering further cooperation.

The Bristol Belgrade

A Bridge Between Historic Identity and Contemporary Business Needs

In the heart of Belgrade, at the intersection of heritage and modernity, stands one of the city’s enduring symbols – Hotel Bristol, a landmark whose tradition dates back more than a century. Since 1912, it has served as a sanctuary for distinguished public figures and a silent witness to pivotal moments in Serbian history. Today, elegantly restored and modernised, it has reclaimed its position among the capital’s most prominent landmarks under the name The Bristol Belgrade – a trusted destination for a new generation of business leaders, cosmopolitans and aesthetes with a refined appreciation for both style and substance.

A DIVERSE OFFERING REFLECTING THE HOTEL’S IDENTITY

The Bristol Belgrade features 143 meticulously appointed rooms and suites featuring modern amenities, seamlessly blending the charm of old Belgrade with the finesse of contemporary hospitality. Every corner exudes warmth and sophistication, providing guests with comfort and breathtaking views of the Sava River and the New Belgrade skyline.

Guests seeking inner balance during their stay can enjoy a fully equipped SPA center, designed according to the highest wellness standards. This space offers a wide range of relaxing and revitalizing treatments, while a modern gym is avail-

The Bristol Belgrade –a tr usted destination for a new generation of business leaders, cosmopolitans, and aesthetes with a refined sense for style and substance

able for those who wish to maintain their fitness routine.

Belgrade’s business scene has gained a new cornerstone in The Bristol’s meeting rooms, which provide complete privacy and top-tier equipment — a natural continuation of Bristol’s legacy as a former stage for historical milestones, today tailored for corporate visionaries.

GASTRONOMY:

A FUSION OF BALKAN HERITAGE AND MODERN CULINARY TECHNIQUES

In the hotel’s remarkable atrium lies Beatrice – a serene urban oasis ideal for relaxation, informal meetings, exquisite specialties, and expertly crafted cocktails in a laid-back atmosphere. For those seeking a true gastronomic experience, there is The Dining Room – a restaurant that effortlessly blends local traditions with international influences through seasonally curated menus and premium ingredients. Perfectly integrated into the hotel’s ambiance, along with The Library, it captures the spirit of a historic institution paired with the rhythm of modern urban life –an ideal setting for any occasion.

The vision behind The Bristol Hotel is to establish a new hotel chain– an exclusive brand whose journey begins here, in Belgrade. In an era where authenticity is both rare and cherished, The Bristol Belgrade remains a trusted partner and discreet witness to life’s most meaningful moments.

INTERVIEW

A LEGACY OF TRUST AND RECOGNITION

The reputation of SPK today is such that Slovenian companies often decide in advance to become members upon entering the Serbian market.

As a result, each new year brings an expansion of the network and the strengthening of mutual connections

By combining best practices with new formats, the Slovenian Business Club remains a key networking hub for its members and provides tangible support to companies, enabling easier and more successful business operations on the market.

Danijela Fišakov, President of SPK, says the reputation they enjoy among members is the result of decades of dedicated work, which

continues to support the Club’s growing membership.

Are your new members primarily companies newly entering the Serbian market, or those that have been operating here longer and appreciate your work?

— For over two decades, the Slovenian Business Club has worked tirelessly to consistently deliver quality and value to its members. These values take many forms –

members find them in the provision of information and expert advice, the creation of business opportunities, access to resources, or other forms of support. In order to remain relevant over the years, SPK has not only had to adjust its activities and programmes to changes in the economic and social environment, but – and I must emphasise this – to the concrete needs of its members. In doing so, SPK has proven itself both successful and innovative, and a good reputation does indeed travel far. Through years of diligent work, the Slovenian Business Club has become a widely recognised brand among businesspeople.

We have succeeded in building a strong network of members who actively cooperate, support one another, and significantly contribute to the stability and vitality of the Club. We have become a reliable partner for all those wishing to grow their business and build long-term ties between Serbia and Slovenia. Those who have operated in Serbia for some time eventually come to recognise the value and support the Club offers and choose to join us. All of this also generates a steady influx of new members – companies that have only just entered the Serbian market but had already heard about us in Slovenia.

You uphold tradition, yet also work on creating new formats and activities for the Club. Which

DANIJELA FIŠAKOV President of the Slovenian Business Club (SPK)

topics and formats suit your members best?

— SPK activities are diverse and are developed in two main directions. One direction is reflected in the organisation of events where members gather, network, deepen their acquaintances, exchange experiences and information, learn, and create opportunities for future business cooperation. In this context, we organise meetings with varied content, seminars and round tables involving distinguished representatives not only from Serbia and Slovenia but from the wider region, and we enjoy successful cooperation with other business associations in Serbia.

The second direction involves the Club’s work with individual companies on a one-to-one basis, focusing on finding solutions to specific challenges they face –challenges which SPK can help to overcome. We also support our

cussions on current topics. We focus on themes that are most relevant to our members – digitalisation, the green transition, legal aspects of doing business, and regional cooperation – as we believe the key to success lies in the combination of trusted tradition and innovation. Increasingly important will be our role in promoting investment opportunities across the region. Our strength lies precisely in this diversity and our ongoing attentiveness to the needs of our members.

International financial institutions have recently released forecasts indicating lower-than-expected economic growth globally, including in Serbia, while also highlighting the risks of turbulence in trade and financial flows. How are such forecasts affecting your members, and which national policies might be of benefit in such circumstances?

OUR ROLE IN PROMOTING INVESTMENT OPPORTUNITIES IN THE REGION WILL BECOME INCREASINGLY IMPORTANT

members in identifying potential partners for collaboration. In this way, the Club delivers added value to its members, because even in today’s age of advanced technologies, it remains difficult to find the right person with whom one can make and realise a successful business agreement. At the end of the day, it is always people who make deals with people.

Our members recognise the value of both traditional and innovative formats. We maintain classic gatherings and workshops that encourage direct communication and the exchange of experiences, while at the same time introducing dynamic formats such as speed networking and panel dis-

To what extent can cultivating business ties and cooperation at the regional level compensate for or at least soften these unfavourable trends?

— Regional cooperation becomes all the more important in times of turbulent global geopolitical developments. Strong business ties enable companies to diversify their markets, broaden their scope of operations, gain easier access to resources and partnerships, and respond jointly to challenges such as logistical or regulatory barriers. The networking and trust we are building through SPK – and more recently through initiatives such as CEBAC – create a more stable environment for doing business and open up space for concrete projects and investments, even in times when global flows become unpredictable.

What are the key advantages that broad cooperation with other associations and chambers brings to your members?

TRUST

Through direct engagement with companies, SPK helps resolve specific issues and connects them with the right partners –because even in the digital age, success is built on people

STRENGTH

— Our members, as part of international business systems, are certainly feeling the effects of global challenges – from disruptions in supply chains and rising financing costs to shifts in consumer behaviour. In such circumstances, the stability of the national regulatory framework, a predictable and transparent tax policy, as well as incentives for new investments and innovation become even more important. Additionally, timely and clear communication between competent institutions and the business sector, alongside support through development and export programmes, will be key factors in mitigating the effects of global turbulences going forward.

— In partnership with similar organisations, we organise events and engage in dialogue with government institutions with the aim of improving Serbia’s business environment and the position of our members within it. We often organise joint gatherings where our members meet, network, deepen existing relationships, exchange experiences and information, educate themselves and create opportunities for future business cooperation.

Collaboration with other associations and chambers provides our members with access to relevant information, joint initiatives and increased visibility in the market. Such partnerships open many doors to new contacts, knowledge and projects – be it through regional forums, sectoral dialogues, or engagement with decision-makers. For our members, this translates into tangible opportunities for growth, capacity building and a stronger position in the wider business context.

Our strength lies in the variety of activities we offer and our continuous attentiveness to the needs of our members

NETWORKING

Cooperation with associations and chambers gives SPK members access to information, partnerships and new business opportunities

Leading Transition Green Digital the and

Slovenia continues to distinguish itself as one of the region’s most proactive economies when it comes to aligning with the twin goals of the European Green Deal and the digital transformation agenda. The country’s business community, supported by clear governmental strategies and EU funding mechanisms, is emerging as a leader in sustainable innovation, circular economy models, and green tech deployment

Slovenia ranks among the top EU countries in terms of circular material use rate and waste recycling. From large industrial players to agile SMEs, Slovenian companies are increasingly integrating sustainability into core operations— not just as a compliance measure, but as a long-term strategic imperative. Leading manufacturers are investing in energy efficiency, green hydrogen applications, and eco-design, while the ICT sector is experiencing significant growth in green digital services, such as smart mobility, energy optimisation and sustainable cloud computing.

At the same time, the government’s commitment to the twin transition is visible through its Recovery and Resilience

Plan, which earmarks over 40% of funds for green investments and nearly 22% for digitalisation. Public-private partnerships are actively encouraged, and an increasing number of Slovenian companies are expanding their R&D activities, often in cooperation with international partners, including those from the Western Balkans. The Slovenian example demonstrates how small economies can act as incu -

There is considerable potential for deeper collaboration with Slovenian companies— particularly in sectors such as energy, mobility, construction, and environmental services

bators of sustainable innovation. With a strong emphasis on education, research, and cross-border cooperation, Slovenia is not only preparing its economy for the challenges ahead, but also positioning itself as a reliable partner in building a resilient and forward-looking regional economy.

As Serbia and its neighbours seek to accelerate their own green and digital transformation, there is considerable potential for deeper collaboration with Slovenian companies—particularly in sectors such as energy, mobility, construction, and environmental services. These synergies could help turn regional ambitions into measurable progress, grounded in shared European values and a common sustainable future.

GO! 2025 A Borderless Cultural Capital

For the first time since its inception, the European Capital of Culture title is being shared between two cities – Nova Gorica in Slovenia and Gorizia in Italy – in a project that transcends national borders and celebrates the unity of culture, creativity and community

Under the banner of GO! 2025 = BORDERLESS, this year’s cultural capital invites visitors to experience a unique fusion of heritage and vision, shaped by history and animated by the vibrant spirit of two intertwined towns.

Nova Gorica, the youngest city in Slovenia, was born out of post-war necessity and quickly grew into a dynamic urban centre. Established after World War II, it developed next to the demarcation line that separated the former Yugoslavia from Italy. Just across the border lies Gorizia, with its centuries-old architecture and multicultural roots. For decades, the physical and symbolic wall between them stood as a reminder of division. Today, that same location – the shared square between the two cities – will become the epicentre of connection, dialogue and celebration in 2025.

The story of GO! 2025 is rooted in the landscape that cradles these two cities. Between the emerald

Nova Gorica

Vipava Valley

Between the emerald waters of the Soča River and the undulating vineyards of the Brda and Vipava valleys, this region is a mosaic of natural beauty and human endeavour

waters of the Soča River and the undulating vineyards of the Brda and Vipava valleys, this region is a mosaic of natural beauty and human endeavour. To the south, the Karst plateau stretches toward the Adriatic Sea, while to the north, alpine peaks shape the horizon. It is here, between hills and history, that culture finds its most authentic expression.

The programme of GO! 2025 is ambitious, inclusive and borderless in every sense. Over a thousand events are planned throughout the year, ranging from large-scale public spectacles and immersive art installations to intimate performances and cross-border collaborations. The cultural calendar embraces all forms of artistic expression – from music and visual arts to literature, theatre and film – with a strong focus on innovation, sustainability and youth engagement.

At the heart of GO! 2025 is the desire to redefine the role of borders – not as barriers, but as places of meeting. The twin towns of Nova Gorica and Gorizia will act as a living laboratory for European integration, where the past is acknowledged, the present celebrated, and the future envisioned together. Special attention is given to the cultural and linguistic diversity of the area, reflecting the multilingual and multicultural identities that have long coexisted here.

A particularly symbolic project is the transformation of the former border strip into a space of encoun-

Castello di Gorizia

Over

a thousand events are planned throughout the year, ranging from large-scale public spectacles and immersive art installations to intimate performances and cross-border collaborations

Franciscan Monastery Kostanjevica , Nova Gorica

ter and creativity. This area – once marked by checkpoints and fences – will host the European Square, a new urban platform connecting the two city centres. The square will feature open-air exhibitions, concerts and participatory events designed to promote shared experiences and collective memory.

In addition to the flagship events, visitors are encouraged to explore the region beyond the city centres. The lush Brda hills, with their family-run wineries and rural charm, offer a taste of Slovenia’s finest hospitality. The Vipava Valley, known for its innovative winemakers and outdoor adventures, provides a perfect backdrop for cultural tourism. The Karst region, with its mysterious caves and distinctive stone architecture, tells stories of resilience and beauty shaped by nature and tradition.

GO! 2025 is not just a celebration of culture – it is a call for cooperation. By engaging local communities, cross-border institutions, artists, educators and cit-

In this shared year as the European Capital of Culture, Nova Gorica and Gorizia invite you to cross borders – not just geographical ones, but those of the mind and heart

Nova Gorica

izens, this initiative seeks to leave a lasting legacy of openness and creativity. It is a timely reminder that even in a world marked by fragmentation and uncertainty, culture remains a powerful force for unity.

In this shared year as the European Capital of Culture, Nova Gorica and Gorizia invite you to cross borders – not just geographical ones, but those of the mind and heart. Discover a region where the past has not been erased, but embraced; where identities are layered, not isolated; and where the future is being built through collaboration, vision and art.

GO! 2025 is more than a title. It is a movement – borderless, bold and beautifully European.

Gorizia

LAIBACH – 45 YEARS OF PROVOCATION, ART, AND SONIC RESISTANCE

Laibach

state of mind is a

Marking Laibach’s radical creativity and political symbolism – from their Slovenian roots to their lasting resonance with audiences in Serbia and across the Balkans

As one of the most enigmatic and uncompromising bands to emerge from the former Yugoslavia, Laibach has spent the past 45 years blurring the lines between music, visual art, performance, and political commentary. Founded in the industrial town of Trbovlje in 1980 by Dejan Knez, with early contributions from artists such as Milan Fras, Ivan Novak, and Ervin Markošek, the group quickly evolved into a cultural phenomenon that transcended conventional definitions of a band. Its very name—“Laibach,” the German name for Slovenia’s capital Ljubljana—was

Laibach has performed multiple times in Serbia, including a notable concert at Belgrade’s Kombank Hall in 2019, showcasing their album “The Sound of Music”

a deliberate provocation, echoing the ambiguities of identity and power in the region.

From the outset, Laibach drew on stark totalitarian aesthetics, martial rhythms, and cryptic messaging, challenging not only the Yugoslav authorities but also audiences across Europe to confront the seductive nature of ideology and the aesthetics of authority. Their work was initially banned in Slovenia, and their first performances often sparked controversy, yet their uncompromising stance earned them a cult following that persists to this day.

Operating as part of the larger Neue Slowenische Kunst (NSK) collective—founded in 1984— Laibach embraced a deeply interdisciplinary approach. NSK’s vision merged music with painting, theatre, philosophy, and statehood itself: in 1992, the group even declared the creation of the NSK State in Time, a stateless state offering passports and promoting a radical reimagining of citizenship.

Over the years, Laibach’s lineup has changed, but Milan Fras’s distinctive growling vocals and Ivan Novak’s conceptual leadership have remained constants. As Novak once explained, “Laibach is not a band. Laibach is a state of mind.”

Whether performing Wagner with a military marching beat, covering the entire Let It Be album by The Beatles in industrial style, or staging a historic concert in North Korea in 2015—the first

In 2024, Laibach collaborated with Goran Bregović to release a Slovene-language cover of Bijelo Dugme’s “Top,” titled “S topom te bom ciljal moja mala”

Western band ever to do so—Laibach has never ceased to question the borders of culture, ideology, and provocation.

Their influence and presence have been consistently felt in Serbia. From memorable concerts in Belgrade and Novi Sad, to collaborations with renowned regional artists such as Goran Bregović, Laibach has engaged in a kind of cultural diplomacy that bridges the complex legacies of the former Yugoslavia. Their 2024 cover of Bijelo Dugme’s “Top,” translated into Slovene as “S topom te bom ciljal moja mala,” is both a nostalgic homage and a contemporary act of reinterpretation.

In Belgrade, Laibach has built a particularly devoted following, with regular performances

at Dom omladine drawing packed halls and fervent anticipation. The band’s relationship with this venue—long associated with alternative and progressive culture—reflects their enduring bond with the city’s audiences, who eagerly await each new artistic chapter.

The band’s connection with Serbia also includes their presence in exhibitions such as Yugoslavia: From the Beginning to the End at the Museum of Yugoslav History, where their work was featured as emblematic of the artistic rebellion and intellectual vigour that defined late socialist Yugoslavia.

In their 45th year, Laibach remains as vital and relevant as ever. Their most recent projects continue to interrogate contemporary mythologies, from consumerism and globalism to surveillance and digital identity. At a time when issues of nationalism, censorship, and cultural fragmentation dominate headlines, Laibach’s voice rings out with clarity, irony, and resistance. Their longevity is not only a testament to their artistic vision, but also to Slove -

Laibach was featured in the exhibition “Yugoslavia: From the Beginning to the End” at the Museum of Yugoslav History in Belgrade, underlining their pivotal cultural ole in the region

nia’s enduring and often subversive contribution to avant-garde and critical culture in the Balkans and beyond. From the shadows of socialism to the spotlight of global stages, Laibach has never compromised—and in doing so, they’ve built a legacy that belongs to everyone who dares to think critically, act boldly, and listen carefully.

Words Connect People Like Bridges

If the 19th century was the age of neuroses, and depression the plague of the 20th, then the 21st century is marked by loneliness. The demands of modern work are encroaching ever more on the private lives of families already caught in transition between tradition and modernity. Life has accelerated; communication has become diluted, and we seem to have forgotten how to truly listen. Emotions are simpli ed, leisure is rare. The inherited models of parenting are proving inadequate in the face of contemporary challenges

My profession carries a rare privilege: being allowed access to another’s inner world, often in a moment of deep vulnerability, when empathy is most needed. It is a responsibility that demands great care. When a problem is shared with genuine intent, both parties become bound to it—moving together towards some form of resolution, forging a profound connection in the process.

Psychiatrists practise a branch of medicine where words carry unusual weight. More than in other fields, Hippocrates’ reminder applies: it is not the illness, but the person who is ill, that matters most.

First encounters are particularly significant—moments of unearned trust, the first hearing of a personal symphony. Much like the opening moves in a game of chess, early exchanges often shape the entire course of the relationship. In human affairs, the first impression tends to linger,

Dr Aleksandar Misojčić Psychiatrist

and timing—recognising the moment when the ‘last drop’ spills—is crucial. When sorrow, jealousy, anger or rebellion rise to the surface, it marks a turning point.

I believe that true psychotherapy rests on an egalitarian exchange between therapist and client. Neither should assume ownership of absolute truth. Does this not apply to all relationships?

As was once the case in Vienna at the dawn of the last century, there is a strong and growing need for psychotherapy among people in Serbia today. Mental hygiene—an oft-used phrase of vague meaning—is gaining ground, joining the ranks of “developed” awareness such as that of healthy eating and regular exercise. Yet despite increasing openness to therapy, psychiatry remains somewhat burdened by stigma and prejudice. That is precisely why I envisioned my clinic, Reč (The Word), as a space for reconciliation—where biological psychiatry and psychotherapy may converge and intertwine. “Words connect people like bridges, yet just as often create unbridgeable distances deeper than the darkest abyss,” wrote Miroslav Krleža.

Therapeutic relationships aren’t always easy. While psychiatrists often assume the role of expert—identifying diagnoses, prescribing treatments—I believe that true psychotherapy rests on an egalitarian exchange between therapist and client. Neither should assume ownership of absolute truth. Does this not apply to all relationships?

This kind of support is all the more complex because success is harder to define. In classical psychiatry, success is marked by the disappearance of symptoms. In psychotherapy, however, many respected thinkers teach us that simply becoming more aware of one’s issues may itself be a form of healing. Whether one stops at awareness or proceeds further depends on both the therapist and the client.

The person seeking therapy knows their story best and is emotionally invested in it. The therapist brings conceptual frameworks and sincere interest. From this meeting of perspectives emerge hypotheses, insights—and a shared curiosity. If they see things similarly, the message may be clear. But when their views diverge, the resulting tension may be even more valuable. It is precisely in these acknowledged differences that growth often begins.

Where Art Lives Now

Inside Serbia’s Most Vital Contemporary Art Spaces

Art doesn’t just hang on walls — it lives in the spaces that hold it. In Serbia, the story of contemporary art is inseparable from the places that nurture it. Some are grand, state-run institutions with deep histories. Others are small, self-run, and precariously funded. But all of them — from the polished floors of Kalemegdan to the graffiti-tagged corners of artist collectives — form the nervous system of the country’s cultural life.

Over the past decade, and especially in the years since 2020, Serbia’s art spaces have become more than exhibition venues. They are places of resistance, of experimentation, of reinvention. Together, they reflect a creative landscape that’s complex, collaborative, and increasingly international, while remaining unmistakably Serbian.

At the institutional level, the Museum of Contemporary Art (MoCAB) in Belgrade has reclaimed its central role

At the institutional level, the Museum of Contemporary Art (MoCAB) in Belgrade has reclaimed its central role. After years of closure and controversy, it reopened with a renewed mission: to honour history while provoking the present. Recent

exhibitions have ranged from retrospectives of Yugoslav modernism to immersive installations by emerging Serbian artists, curated with intellectual rigour and visual boldness.

Equally vital is the Museum of Yugoslavia, which has evolved from a mausoleum of memory into a dynamic site of dialogue. Exhibitions like “The Nineties: A Glossary” and “The Non-Aligned” have turned the past into a canvas for reinterpretation, attracting younger audiences curious to understand — and question — what came before.

breathing new life into one of the region’s most historic exhibitions.

Then there’s the October Salon – Belgrade Biennale, an event that continues to bring global perspectives to the local stage. Its most recent edition, under the theme “The Pleasure of Love,” wove together works exploring intimacy, politics, and form,

But Serbia’s true artistic energy often pulses outside state institutions. Independent art spaces — flexible, experimental, and often underfunded — are where some of the most daring ideas take shape.

Serbia’s true artistic energy often pulses outside state institutions

October Salon

Kvaka 22

U10 Art Space, run by a collective of young artists, has become a hub for emerging practices. With rotating exhibitions, residencies, and performances, U10 gives space to what’s still forming — not just what’s already approved.

Kvaka 22, located in a former apartment, is something between a gallery and a happening. With its DIY ethic and anarchic programming, it prioritises community, conversation, and process over commercial polish. Here, exhibitions feel less like events and more like collective rituals.

Meanwhile, Galerija HUB and X Vitamin have become known for strong curatorial voices and support of both mid-career and established names. Their programming offers a mix of local grit and international relevance, placing Serbian work within broader contemporary currents.

Museum of Contemporary

Though Belgrade dominates the scene, other cities are steadily contributing. In Novi Sad, the Museum of Contemporary Art of Vojvodina plays a central role in showcasing regional voices and

decentralising the national narrative. During Novi Sad’s turn as European Capital of Culture, formerly neglected art spaces were revitalised and repurposed for broader public use.

Nadežda Petrović Gallery

In Niš, NKC Gallery and Galerija Art55 continue to support local artists with modest resources but deep commitment. In Čačak, the Nadežda Petrović Gallery — named af -

ter the pioneering Serbian painter — has become a site for both heritage and experimentation, hosting national competitions and provocative solo shows alike.

These art spaces often work in quieter ways, but their impact is no less significant. They root the conversation in lived experience and help prevent Belgrade-centric echo chambers.

Art55

Art Space

Museum of Yugoslavia

In Serbia, art spaces are more than venues — they’re platforms of identity, protest, possibility. They remind us that culture doesn’t appear from nowhere; it needs walls and people, dialogue and risk.

In Serbia, art spaces are more than venues — they’re platforms of identity, protest, possibility

Their programming is often bold, their budgets modest, their futures uncertain. And yet, they continue. They evolve. They reflect who we are — and who we might become.

For those watching Serbia’s cultural landscape, these spaces are where to begin.

NKC Gallery

Ruined Reputation Journalism’s

She spent her career working as a professor at the University of Belgrade Faculty of Political Science, where she taught four courses in journalism. She simultaneously wrote articles for Politika, Duga, Pro l and NIN, among others, as well as serving as editor-in-chief of Bazar. She was also a Television Belgrade screenwriter and presenter of the outstanding shows Kino oko (Cine Eye) and Nedeljno popodne (Sunday Afternoon)... She is also an author of numerous books, including an anthology work in the eld of mass communications entitled Women’s Press and the Culture of Femininity. She has a daughter called Mia and grandsons Maksim and Miron, and has spent the past two decades as the life partner of lm director Zdravko Šotra.

Neda Todorović

Professor at the University of Belgrade Faculty of Political Science

By Radmila Stanković

Photo by Marko S. Todorović

Her graduate students are scattered around newsrooms across the former Yugoslavia. Journalists, copy editors, editors-in-chief... Those of them that are respected and accomplished know how much they owe her and happily invite her to make guest appearances on their shows. The others flee when they see her on the street. They feel momentarily ashamed, because they know what she taught them and what they’re nonetheless doing on behalf of the government.

My mother showed me with her personal example, inherited from her own mother, that women are actually the stronger sex

Alongside her work as a professor at the Faculty of Political Science, she always had two or three other jobs to which she was devoted. Being active in journalism also suited her nature, as she was convinced that journalism could only be taught by someone who constantly practiced the profession alongside their career as a university professor. This was reflected in her work as a journalist, copy editor, editor-in-chief,

screenwriter, TV presenter and author of numerous television projects. During the period of the coronavirus pandemic, she authored and published exceptional journal entries as columns for the Nova S portal, which were subsequently collated and published as the book “Dnevnik pod maskom” (Diary under a Mask), representing an extraordinary document testifying to a time when we were wretchedly humiliated as human beings. She established the Journalism department at the Faculty of Philosophy in Banja Luka, while she’s also lectured at the University of Belgrade Faculty of Music.

Who is this exceptional woman who made a massively important contribution to the Yugoslav journalism scene? She says that answering that question provides an opportunity to confront oneself, to once again pose questions to herself about her origins and a heritage that seems to be increasingly imposed on us with the years that pass so dizzyingly.

“I look at old family photos in copper tones of fading sepia with new and more mature eyes today. I have a greater sense of understanding for the characters in those pictures and forgive more easily, with the odd tear. In the photo of my maternal ancestors, I see ten of them, all my closest relatives, all dearly departed. And those are the figures who fill the world of my first memories, the entire universe of my child-

1 Neda with her daughter, Mia

2 Neda’s mother (first left) with her family

3 With Politika director Dragan Marković and Marija Kranjc

4 Bazar’s newsroom, with actor Alain Noury

hood. Mother, grandmother, aunts, uncles, cousin. And all of them have their own story that’s worthy of a novel. That’s a black and white picture from my first seaside holiday, in the summer of 1948, in Kvarner Gulf’s ancient town of Crikvenica. I was three months old, while my brother was four and had already managed to get a plaster cast on his broken arm. My understanding is that it must be from then onwards that those forces began constantly pulling me, a woman from the continental interior, towards the sea, that dancing heart when I see it, whether approaching by land or air. Or is that the call of my paternal ancestors, who came to Serbia from Konavle [on the Croatian coast]? I’m fascinated by Predrag Matvejević’s book Mediterranean Breviary. Its cover even notes that no one ad-

mires the sea and the coast any longer more than those from the interior.”

Ever since she’s had a public presence, Todorović has been known as a discerning interlocutor who speaks accurately and precisely, and without raising her voice. She defends her principles and beliefs using the power of knowledge and argumentation. She conceals her firmness with the gentleness of her smile and understanding for her interlocutor. It would be most accurate to describe her as a well-mannered person.

“The upbringing I received in my childhood was harsh, with elements of occasional, inexplicable indulgence. There was the early divorce of my parents, so my mother – a former beauty queen with a sash from Šibenik, where she spent her summers; a character

I nd myself in the articles written by rebellious writers Vedrana Rudan and Slavenka Drakulić about growing up in the Yugoslavia of our youth

with an unbridled temperament, talented at painting, writing and music; a person who moved in artistic circles – trained in the strictness of her profession as an educator and extracted the splendour of knowledge and good grades as a guarantee of some future success of mine. She simultaneously provided me with the cutting-edge fashion of the first Mary Quant miniskirts, Cannes hats, knee-high boots and bell bottom flares from Carnaby Street; during the first year of my journalism studies, she encouraged me to attend the 1968 protests at the Kapetan Mišina building, where I regularly encountered her; she led me around European metropolises, museums, exhibitions; she showed me that women are actually the stronger sex with her personal example inherited from her own mother, who had been vice president of the Circle of Serbian Sisters in pre-war Sarajevo.

“From today’s perspective, I don’t forgive her excessively harsh discipline and incurable authoritarianism, though it was probably born of her fear,

her responsibility. I find myself in the articles written by rebellious writers Vedrana Rudan and Slavenka Drakulić about growing up in the Yugoslavia of our youth, but also in their current texts about the maturity of the third age of life in small states that are saturated with nostalgia for bygone better times. Did I manage to avoid such rigidity in raising my daughter? You should ask her.”

She grew up with her schoolmates and those of her brother from the Starina Novak School and the Fifth Belgrade Gymnasium High School. She socialised with children of all nationalities from the building where she lived in Belgrade’s Professor’s Colony, with the basketball players of OKK Belgrade from Zdravka Čelara Street, where both her and her brother trained from the pioneer grade to the open-age teams.

“Our mother directed us towards sports. She believed in the harmony of a healthy body and a healthy mind. My first coach was the famous Borislav Reba Ćorković, then later I was trained by Miodrag Sija Nikolić and Milorad Erkić. I travelled all around Serbia playing matches, then became a cheerleader for the famous OKK Belgrade men’s team, which had players like Korać, Nikolić, Trajkovič, Gordić et al., who were ten years our senior, but still gradually accepted us into their company on the street corner in front of Jugoexport or at Tašmajdan swimming pool.

I became friends with Korać around a year before his tragic, premature death.

“We actually spent most of our time as children in the company of books. My brother introduced an unachievable tempo of a book a day. We were, and remained, addicted to literature. On more than one occasion I heard the taunt: ‘You haven’t perhaps already read it? I took away from my home a belief in the value of education. I was attracted to writing and literature the most, but I wasted an entire summer preparing for the admission exam for medical studies, despite my graduate dissertation being about Milan Rakić. The school’s director, Zdravko Pecelj, a member of the three-member commission for the defence of works, sought that I recite some poem by Rakić. He stopped me after the first stanza: It is so, there’s no part of you that could be hidden from my eye, no curve of your shimmering body that my kiss hasn’t landed on...

“I headed towards that admission exam at the Faculty of Medicine, then I just continued on towards Voždovac and enrolled in journalism studies at 165 Jove Ilića Street, the Faculty of Political Science. I never regretted it. Those were modern, stimulating studies. We had excellent professors, easily found employment and forged lifelong friendships. I considered my assistant professor Ratko Božović a top intellectual, cultural scientist, brilliant and witty person, courageous figure and best friend. He familiarised us more closely with entire generations of the most important thinkers and top theoreticians, who irradiated us with their ideas and insights into the interpretation of the zeitgeist. I can see how much he is missed today by entire generations of his former students. I turn to him for advice in my mind to this day, whenever I have dilemmas and doubts.”

In bidding farewell to her friend and professor Ratko Božović (1934-2023), she wrote one of the most precious essays about him, which includes the resounding sentence: “He taught us how one learns!” And that education never stops if you adopt a culture of reading.

With Ratko Božović

“He used argumentation to demolish stereotypical thinking and adopted prejudices. He forever marked us by showing us live and in person that humour is the highest form of intelligence, that a student is a Personality, that he saw only the best in each of us, that the calling of a lecturer incorporates some almost lovers’ passion, that sweetness made of words is more seductive than any other eroticism. His lectures resembled unforgettable spiritual feasts, games of competition and intellect, charm and knowledge. He

I can see how much Professor Ratko Božović is missed today by entire generations of his former students

preached and lived the antique principle – what is beautiful is good, and what is good is beautiful.”

Neda remains close to her former colleagues from the time of her studies at the Faculty of Political Science. She believes in those lifelong friendships. Just as journalism was her lifelong choice.

“When I became a professor of journalism at the Faculty of Political Science, at the first motivational lecture I would always tell my students – who often wondered if they were in the right place – that each of them can become anything they want under one condition: that they want it strongly enough. I would them offer them my own example. I enrolled in journalism studies with a desire to deal with women’s

issues, which were underrepresented in media outlets during the 1970s. I’d wanted to be the editor of a women’s magazine. I remained at the university as an assistant professor, but from 1982 to 1986 – after ten years of collaborating constantly at NIN and several years of contributing to TV Belgrade (in the shows Ona [Her], Nedeljno popodne [Sunday Afternoon], Noćni programme [Nightly Programme], Novinarska radionica [Journalism workshop], Modni magazin [Fashion Warehouse] etc.) – I became editor-in-chief of Bazar. That was a high-circulation magazine for women, with a refined style and language, representing the then pinnacle of graphical aesthetic expression.

As editor, I also introduced the spirit of feminism to this publication. And so it was that those dreams of mine were realised. I also told my students that it was extremely important that they experience at least one great love affair during their studies, as the most beautiful period of their lives. I realised much later that one’s first love in life perhaps isn’t always the greatest, rather that’s most likely to be one’s last love. But that’s already another story.”

She had her first article published in NIN, in its old, newspaper format, in the commemorative edition of 29th November 1969. It was a replica of the task given to novice BBC journalists prior to them being hired: what do I think of myself and what do my best friend and worst enemy think about me? She thus learned immediately that she had to cite at least three different sources.

“As only the second female journalist at NIN during that time, I commonly experienced genuine astonishment when interviewing some interlocutor: Is it possible that you’re Neda Todorović? They were expecting some serious older person and not a 22-year-old girl in a miniskirt. It is thanks to my collaboration with NIN that I have since come to know the largest number of personalities from Who’s Who publications. I completed the strictest journalism specialisation at NIN, working alongside greats like Dragan Marković, Đorđe Radenković, Jug Grizelj, Tihomir

Lešič, Sergije Lukač, Miloš Mišović, Vasa Popović, Vlada Stojšin, Frane Barbieri, Dušan Simić, Dragoslav Rančić, Steva Stanić, Zvonko Simić and, later, Mirko Klarin, Bogdan Tirnanić, Saša Tijanić (I was an assistant professor when he enrolled at the Faculty)… Those journalists showed how it is possible to win freedom in a one-party system. I had to work alongside them to ensure I wouldn’t disgrace myself. They all shared one characteristic: they were perfectly acquainted with the field they dealt with and were top intellectuals. NIN gathered many such people. Journalism was an elite profession that was fairly well paid. You could travel a lot if you wanted, with no expense spared when you wanted to interview someone or research the topic you were working on. There were also excellent journalists at other media outlets (Politika, Borba, TANJUG, Večernje Novosti, Radio Belgrade). TV Belgrade’s editors were the same kind of intellectuals (Duško Radović, Filip David, Slobodan Stojanović, Vasilije Popović), such that they were dubbed the mini academy of sciences.

Negative changes came when she entered her eighth decade, when nationalism stifled cosmopolitanism, obedience became more important than talent and knowledge, and cheering on the authorities replaced journalistic courage. Only a small number of high-quality, objective media outlets survive today, the reputation of journalism as a profession has been ruined, while citizens are offered tabloids and reality shows that are maintained by an unbearably high

percentage of illiterate and semi-literate people. Such illiteracy is present on the television networks that I have to agree with Umberto Eco when he said that, today, social media gives legions of idiots the right to speak when they once only spoke at a bar after a glass of wine, without harming the community. The general state of mind at the planetary level could be defined as – anti-intellectualism.”

Neda has authored two textbooks in the field of journalism and several anthologies, as well a trilogy about the phenomena of modern life: Spir-

Negative changes came when she entered her eighth decade, when nationalism sti ed cosmopolitanism and obedience became more important than talent and knowledge

it of the Nineties, Food as Second Sex and The Year Two Thousand. She is editor and co-author of the books Exceptional Women of Serbia, Exceptional Couples of Serbia and Icons of Serbian Style. When it comes to reading, it’s as though she’s still sticking to her brother’s tempo from childhood: a book a day:

“Books are my lifebelt in this sea of mediocrity that’s drowning us in this 21st century, which had promised so much. This century is the stone age of literacy, as it was defined by Alexander Genis in his book The Kamasutra

With Alek Kavčić

of the Bookworm. There aren’t as many literary greats today as there were in previous centuries. However, there is huge production that’s been created by some very good writers and excellent books. What pleases me in particular is the massive infiltration into literature of female writers, who have gifted the field their own, specific, refined sensibility. I enjoy their books and rejoice in the fact that they’ve won the right to have their own voice after so many centuries of silence, hiding, secret diaries, signing with men’s names. They have cast light on an entire hidden and unknown history, revealing large parts of reality that remained hidden in the shadows for centuries. They’ve gifted us new insights and the joy of discovering what’s possessed and emitted by the other sex.”

During her marriage to film director Mića Uzelac, who died before his time, Neda gave birth to a daughter Mia, who is today a political scientist and has given her grandchildren Maksim and Miron. She speaks with, listens to and teaches them. Neda has shared the past two decades of her life with director Zdravko Šotra, a man whose films and TV shows have long represented indispensable contributions to the cultural heritage of Yugoslavia. In his biography, Hanging On for Air, Šotra gave one chapter the title Neda, writing: “And then Neda entered my life. She meant the end of my loneliness. And with that my life also changed, unexpectedly enriched and conceived with elementary life values.”

And Šotra entered Neda’s life as the kind of person she’d wished for.

“I constantly repeated to myself that I would like to finally be with someone who has a stronger personality than mine. And it was only when I achieved it that I realised how demanding it is to be with such a person. There’s no relaxing for a moment. I’m of course exaggerating when I say that, as it’s really a lot of fun. And Zdravko often says the same thing in jest, in his own way: ‘If I’d killed a man, I’d already have completed my sentence’. We’re obviously never bored.”

JAPANESE MONASTERY

OFFERS SILENT TEA TASTING RETREATS

A remote Zen monastery in the Japanese Alps has launched a new form of silent retreat — centred entirely around the act of tasting rare teas. Visitors spend three days in near-total silence, sipping carefully curated infusions while guided by monks through aroma meditation. Bookings are now full until late autumn.

FINNISH LIBRARY ADDS ‘NAP PODS’ FOR STRESSED CITIZENS

Helsinki’s central library has introduced soundproof “nap pods” where visitors can take 20-minute power naps between reading sessions or during lunch breaks. The idea was inspired by a local wellness startup and has proven so popular that a waiting list had to be installed.

ITALIAN VILLAGE PAYS VISITORS TO LEARN SLOW LIVING

The small village of Ollolai in Sardinia is offering free accommodation and workshops in exchange for tourists spending three weeks learning the art of “slow living.” From basket weaving to digital detoxes and daily nature walks, the initiative is part of a wider push to revive depopulated towns.

DUBAI AIRPORT DEBUTS BREATHWORK LOUNGE

In an effort to combat travel stress, Dubai International Airport has opened a “breathwork lounge” for transit passengers. The space offers guided breathing exercises, scent therapy, and reclining hammocks. Early reviews call it “the most peaceful place in an airport.”

WORLD’S FIRST MEDITATION TUNNEL OPENS IN SWITZERLAND

Beneath the Alps, a Swiss design studio has converted a decommissioned railway tunnel into a multi-sensory meditation space. The tunnel features light installations, ambient soundscapes, and guided mindfulness programs, attracting both wellness seekers and architecture lovers.

SOUTH KOREA’S ‘BLANK PAPER’ EXHIBITION ENCOURAGES STILLNESS

An art gallery in Seoul has opened an exhibition titled “Blank Paper,” where all works are intentionally left empty. Visitors are invited to sit quietly and interpret the meaning of absence. The exhibit’s goal is to “counter overstimulation and offer space for internal dialog.

Chanel –

Pearl Drop

Earrings Modern heritage with every movement

THAT MATTER EVENINGS

Elie

Saab –Embroidered

Gown

Grace in motion with goldthreaded detailing

Louboutin – Suede Evening Pumps

Quiet luxury with bold intent

A curated selection of standout pieces for every dignified occasion

Jimmy Choo –Patent

Leather Loafers Polished perfection for evening diplomacy

Dior – Bar Jacket

The art of structured feminine power

Cartier – Tank

Louis Watch

A legacy wrapped around your wrist

Small detail, major impression

Rich texture meets timeless masculine elegance

Gucci – Silk Pocket Square

Tom Ford –Midnight Tuxedo

For the host who owns the room

Max Mara – Evening Cape Soft volume, sharp entrance

Oscar de la Renta – Beaded Clutch

Hold elegance in one hand

Boglioli – DoubleBreasted Blazer Classic silhouette with effortless charm

Armani Privé – Velvet Dinner Jacket

LARA FABIAN - VOICES

7 June – Sava Centar

The beautiful soprano, a cult singer with over 28 million albums sold worldwide, returns to the stage as part of the long-awaited tour called “Voices”. The author of eternal hits such as “Je t’aime” and “La Différence” will perform at the Sava Center accompanied by 7 strong vocalists and a dynamic band, where she will present some of her famous songs in a new arrangement.

RÓISÍN MURPHY –

OPENAIR CORNER

7 June - Luka Beograd

Avant-garde pop icon and former Moloko frontwoman

Róisín Murphy returns with her genre-bending electro-glam sound. Set against the industrial backdrop of Belgrade Port, her open-air concert invites audiences to dance under the stars to her eclectic and theatrical beats.

WINE GARDEN

7-8 June - Botanical Garden Jevremovac

A beloved open-air event combining fine wine, laid-back jazz and a lush green setting. Held in Belgrade’s historic botanical garden, this festival offers an intimate summer experience with select local and international wineries and a mellow musical backdrop.

MATTEO BOCELLI – SUMMER NIGHTS

16 June – Mts Dvorana

Following in the footsteps of his legendary father Andrea, Matteo Bocelli presents his unique blend of classical and pop music to Serbian audiences for the very first time. With a distinctive voice and captivating stage presence, his performance promises an elegant evening of romance and musical virtuosity at Mts Dvorana.

CONTEMPORARY JEWISH MIGRATIONS

Lecture by Professor Bojan Aleksov

5 June – SASA Hall 2

Bojan Aleksov (b. 1971) is a Serbian historian and long-standing anti-war and human rights activist. He gained recognition for his outspoken opposition to the Yugoslav Wars, notably through his involvement with the Centre for Anti-War Action, Women in Black, and advocacy for conscientious objectors in Serbia. Since 2007, he has served as Assistant Professor, and later Associate Professor, of Southeast European History at the School of Slavonic and East European Studies, University College London. The lecture is organised by the SASA Board for the Study of Minorities and Human Rights.

THE ROVINA PROJECT, A FUTURE SOURCE OF COPPER IN THE CURRENT EUROPEAN CONTEXT, AND ROSIA POIENI

Lecture by Dr. Eng. Mihai Ovidiu-Sorin 12 June – Grand Hall of the SASA Palace

The Rovina Project is a large-scale mining initiative for the extraction of gold and copper located in the west-central region of Romania. It is owned by Euro Sun Mining Inc. through its subsidiary, Samax Romania. The project encompasses three major porphyry deposits: Rovina, Colnic and Cireșata. In March 2025, the European Commission designated the project as a European Strategic Project. This presentation will showcase the modern solutions applied in open-pit mining operations, ore transport and processing at the plant, surface water management, tailings and waste disposal, progressive environmental rehabilitation of disposal sites, and the measures implemented to mitigate the impact on the environment and local communities.

11 th LANDSCAPE ARCHITECTURE SALON

Biennial Exhibition

12–26 June – Gallery of Science and Technology, SASA

The Landscape Architecture Salon, now in its 11th edition, is once again being held at the Gallery of Science and Technology of the Serbian Academy of Sciences and Arts. This year’s exhibition will showcase around 70 works by authors from both Serbia and abroad.

In addition to the exhibition, the programme includes presentations of award-winning works and lectures by distinguished guest speakers.

The Salon is organised by the Serbian Association of Landscape Architects – UPAS.

STOJAN ĆELIĆ: SHIFTED BOUNDARIES OF SPACE – EXHIBITION

Curated by: Dr Zoran Erić 24 June – 14 September – SASA Gallery

An exhibition dedicated to artist, educator and academician Stojan Ćelić (1925–1992) will be held at the SANU Gallery to mark the centenary of his birth and the family’s initiative to establish a legacy collection, which is to be entrusted to the Serbian Academy of Sciences and Arts. Focusing on space as both a central motif and a key category in Ćelić’s artistic expression, the exhibition explores his mature period from the early 1960s onwards. By examining the interplay between the tangible and precise aspects of space – such as depth and perspective – and its psychological, reflective, and irrational dimensions, the exhibition delves into the ways in which Ćelić conceptualised and reimagined spatial experience through his art.

Faces & Places

IWC Fuels Local Action Across Serbia

6/5/2025

The International Women’s Club (IWC) has awarded funding to ten grassroots organisations across Serbia under its annual initiative, Women for Women. The announcement was made during a ceremony at the Hyatt Regency Belgrade on 5 May, where contracts were signed with local partners tackling some of the most urgent challenges facing women today.

EU Day Marked with Farewell to Ambassador Giaufret

9/5/2025

The Delegation of the European Union to Serbia hosted a reception in Belgrade to mark Europe Day. Ambassador Emanuele Giaufret, Head of the EU Delegation, addressed guests with a message of unity and progress — his final speech in Serbia before concluding his mandate. The event gathered representatives of the diplomatic community, Serbian institutions, civil society, and the media.

Israel Celebrates National Day in Belgrade

14/5/2025

The Embassy of Israel hosted a reception to mark the country’s National Day, bringing together guests from the diplomatic, political, and cultural spheres. Ambassador Avivit Bar-Ilan welcomed attendees and spoke about the strong ties between Israel and Serbia, as well as opportunities for deepening cooperation. The evening featured Israeli music, cuisine, and a warm atmosphere of friendship.

Norwegian National Day Celebrated in Belgrade

15/5/2025

The Embassy of Norway marked Norwegian National Day with a reception at the ambassador’s residence in Belgrade. Ambassador Kristin Melsom welcomed guests from the diplomatic, business, and cultural communities to celebrate Norway’s Constitution Day. The event featured traditional Norwegian music and cuisine, highlighting the strong ties between Norway and Serbia.

Faces & Places

Malaysia Marks 58 Years of Diplomatic Ties with Serbia

16/5/2025

The Embassy of Malaysia hosted a reception at Madlenianum to celebrate the 58th anniversary of diplomatic relations between Malaysia and Serbia. Mrs. Carmallia Budiaty Bt Che Embi, Chargé d’Affaires a.i., welcomed guests and highlighted the longstanding friendship and growing cooperation between the two countries. The event brought together members of the diplomatic corps, Serbian officials, and friends of Malaysia for an evening of cultural exchange and celebration.

Belgrade Thriller Fest Debuts with Swedish Support

17/5/2025

The first-ever Belgrade Thriller Fest was officially opened at the Youth Center, bringing the world of Nordic noir to Serbian audiences. Supported by the Embassy of Sweden, the three-day festival celebrates crime fiction and suspense literature, with acclaimed Swedish author Arne Dahl opening the event. Visitors had the chance to explore Swedish culture and literature through panels, discussions, and screenings dedicated to the thriller genre.

Eurovision Evening Hosted at Swiss Residence

17/5/2025

Ambassador Anne Lugon-Moulin welcomed guests to the Swiss Residence in Belgrade for a live viewing of the Eurovision Song Contest. The gathering brought together members of the diplomatic and cultural community for an evening of music, conversation, and celebration of Europe’s most iconic music event. The festive atmosphere reflected Eurovision’s spirit of diversity and connection across borders.

CEBAC Summit to Debut in Belgrade

27/5/2025

The first edition of the CEBAC Summit, organised by the Council of European Business Associations and Chambers (CEBAC), and hosted by the French-Serbian Chamber of Commerce, which serves as CEBAC’s general secretariat. The event explored the theme “Europe – Serbia Business Bridge: Innovating Sustainability, Technology and Talent,” and brought together over 250 business leaders, government representatives, and financial institutions. The official inauguration ceremony included remarks by Sanja Ivanić, General Secretary of CEBAC; H.E. Emanuele Giaufret, Head of the EU Delegation to Serbia; and Jagoda Lazarević, Minister of Domestic and Foreign Trade.

Faces & Places

Adria Circle: A New Dialogue Begins

29/5/2025

With the goal of creating stronger connections across the Adria region, The Region magazine launched its first Adria Circle event on 29 May at the Riddle Bar, Crowne Plaza Belgrade. The event brought together representatives of more than 30 companies for a dynamic evening of dialogue, exchange, and future collaboration. Editor-in-Chief Ana Novčić opened the evening by presenting the idea behind The Region: “We created this magazine to unite seven markets in one — to give visibility to companies and voices across borders. It’s not just a magazine, it’s a platform for cooperation.”

Guests then heard insights from three speakers who offered European, Swiss, and American perspectives on business in and with the region. The message was clear: the Adria region holds vast potential, but real progress depends on deeper integration, stronger domestic companies, and regional cooperation. EU accession, innovation, and legal certainty emerged as shared priorities — along with the understanding that countries of the region are stronger when presented as one.

Belgrade was the first stop of the Adria Circle series — similar gatherings are planned across other Adria capitals.

The event was supported by Carlsberg, Marushka, Riddle Bar, and Crowne Plaza Belgrade.