Greece 2016

TRUE FRIENDSHIP DESPITE ADVERSITIES

FRIENDSHIP STRONGER THAN CHALLENGES

MANY OPPORTUNITIES FOR FURTHER COOPERATION

H.E. Constantine Economides, Ambassador of Greece to Serbia

Jadranka Joksimović, Serbian Minister without portfolio Responsible for European integration

Georgios Papanastasiou, President of the HBA Management Board

GREECE & SERBIA

BILATERAL TRADE & REGIONAL SYNERGY

FDI Foreign Direct Investment

2016

GREECE & SERBIA

BILATERAL TRADE & REGIONAL SYNERGY CO N T E N T S

EDITOR Ana Novčić

6 TRUE FRIENDSHIP DESPITE ADVERSITIES

ART DIRECTOR Jasmina Laković j.lakovic@aim.rs PROJECT MANAGERS Biljana Dević b.devic@aim.rs Ljiljana Kneževć lj.knezevic@aim.rs Aleksandra Ebilji a.ebilji@aim.rs Dragana Radović d.radovic@aim.rs Nataša Trifunović n.trifunovic@aim.rs COPY EDITOR Mark Pullen TRANSLATION Snežana Bjelotomić / MRP

FANINA KOVAČEVIĆ-POPAZ HBA EXECUTIVE OFFICER

24 HELLENIC SUGAR READY FOR EXPANSION

H.E. CONSTANTINE ECONOMIDES AMBASSADOR OF GREECE TO SERBIA

10 FRIENDSHIP STRONGER THAN CHALLENGES

GEORGIOS PAPANASTASIOU (ALPHA BANK SRBIJA), PRESIDENT OF THE HBA MANAGEMENT BOARD

19 ONLY EXCELLENT IS GOOD ENOUGH

26 GREEK BUSINESS ETIQUETTE AND PROTOCOL GREECE: BUSINESS

PHOTOS Zoran Petrović OFFICE MANAGER Svetlana Petrović s.petrovic@aim.rs EDITORIAL MANAGER Neda Lukić n.lukic@aim.rs

RITA LOZINSKY CEO & Managing Director ALUMIL YU INDUSTRY A.D.

FINANCIAL DIRECTOR Dragana Skrobonja d.skrobonja@aim.rs

JADRANKA JOKSIMOVIĆ SERBIAN MINISTER WITHOUT PORTFOLIO RESPONSIBLE FOR EUROPEAN INTEGRATION

EXECUTIVE DIRECTOR Maja Vidaković m.vidakovic@aim.rs

14 NEW PATHWAYS FOR COOPERATION

MAJO HODŽIĆ DIRECTOR AT FAST START – HRANA MEDITERANA

28 HOPING FOR THE BEST

PRINTING Rotografika d.o.o.

Makenzijeva 67, 11000 Belgrade, Serbia Phone: +(381 11) 2450 508 Fascimile: +(381 11) 2450 122 E-mail: office@aim.rs www.cordmagazine.com ISSN no: 1451-7833 All rights reserved alliance international media 2016

27 INIMITABLE FLAVOURS OF THE MEDITERRANEAN

20 ENERGY SECTOR AND RENEWABLES MORE INTERESTING FOR INVESTMENT

GENERAL MANAGER Ivan Novčić i.novcic@cma.rs

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PETROS GEMINTZIS CEO of Hellenic Sugar

LAMBIS KOUNALAKIS MINISTER COUNSELOR, HEAD OF THE ECONOMIC AND COMMERCIAL SECTION OF THE EMBASSY OF GREECE IN SERBIA

16 MANY OPPORTUNITIES FOR FURTHER COOPERATION

BILATERAL TRADE & REGIONAL SYNERGY

VELJKO JOVANOVIĆ VICE PRESIDENT OF THE SERBIAN CHAMBER OF COMMERCE & INDUSTRY

22 GREEK COMPANIES HERE TO STAY

FOCUS

31 RAISE YOUR EXPECTATIONS CORPORATE ISOMAT

32 HOPE FOR BETTER DAYS ECONOMY

34 POTENTIAL GREATER THAN THE REALITY ECONOMIC EXCHANGE

BILATERAL TRADE & REGIONAL SYNERGY

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H.E. CONSTANTINE ECONOMIDES

INTERVIEW

AMBASSADOR OF GREECE TO SERBIA

True Friendship

DESPITE ADVERSITIES As a longstanding member of the EU, Greece consistently supports Serbia’s European perspective. Excellent bilateral relations are further supported through the strong presence of Greek companies and the longstanding friendship between our people. Some of the challenges that both countries are currently facing haven’t altered the bigger picture

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lthough both countries are facing some global challenges, such as dealing with the migrant crisis or struggling to cope with internal economic imbalances, the strong friendship, good bilateral ties and economic interconnectedness established through Greece’s resilient presence in the Serbian economy promise the further development of mutual ties.

the flow towards Europe, as it is on Turkish soil that refugees and migrants can be checked before being allowed to embark on their journey towards the EU. Furthermore, urgent action is needed to dismantle trafficking networks. Finally, and perhaps most importantly, when dealing with this issue we should never forget that it concerns human beings, not just numbers on charts.

■ Serbia and, to a greater extent, Greece are both affected by the fact that the EU still doesn’t have a unified response to the migrant crisis. What is your view of the challenges ahead?

- The intense refugee and migratory flow which Greece has been experiencing from its eastern border has reached unprecedented levels in the past months. Our immediate concern is to stem and manage the flow. In order to be effective, short-term measures need to be combined with a comprehensive long-term strategy.

Addressing the root causes of this phenomenon is essential, as is cooperation with third countries. Everyone recognises that Turkey is under a great deal of pressure, hosting over two million refugees. Nevertheless, it remains a key country in managing

■ The majority of Greek citizens who participated in a recent public opinion survey said that they expected even tougher austerity measures this year. What is the current situation in Greek society and the Greek economy compared to the time prior to the reaching of an agreement with creditors?

- Since the beginning of the crisis, a series of wide ranging austerity measures have been implemented in Greece. Measures of such magnitude and their adverse effects inevitably test the limits of social cohesion when it is most needed. After an extended period of negotiations, a new agreement between the Hellenic Republic and the Institutions was concluded in July 2015. This agreement has introduced the Third Programme for the support,

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MIGRANTS

When dealing with the intense refugee and migratory flow we should never forget that it concerns human beings, not just numbers on charts

SUPPORT

It goes without saying that Greece will continue to provide strong support and, within the Council of the European Union, facilitate all efforts exerted by the Serbian Government to achieve its strategic goal of EU accession

fiscal adjustment and structural reform of the Greek economy.

The timely and sustainable implementation of the current programme will depend on our ability to address effectively structural imbalances that affect the Greek economy, so that the social and economic impact of reforms will not be unevenly and severely felt by the most vulnerable. From an economic point of view, we are expecting the recovery process to accelerate in 2016, so that a return to positive growth can be possible during the second semester of 2016. This means that significant improvement of the economic climate in Greece is expected.

RECOVERY

The expected recovery and growth of the Greek economy will help companies increase their competitiveness and elaborate more ambitious business plans in terms of future foreign expansion

Greece is prepared to offer all possible assistance and knowhow to the Serbian government and administration, in its firm belief that Serbia’s European integration constitutes a factor of strategic importance for the stability, development and prosperity of the entire region.

■ Every time the Greek economy is in trouble, representatives of Greek banks and companies in Serbia assure us that the risky situation in Greece has no influence over their operations in Serbia. How much are Greek companies in Serbia actually affected by the challenges arising from their home country?

■ Greece has long been viewed as - More than 200 Greek companies, emthe EU member state tasked with making Serbia’s transition to the EU ploying about 25,000 people, are curas smooth and efficient as possible. rently operating in Serbia, in sectors How true is that today and in which such as finance, construction, retail, ways are our respective countries banking, telecommunications and incollaborating to complete this task? formation technology etc. Despite the - As a longstanding member of the EU, economic crisis, Greek companies have Greece considers Serbia to be an intemanaged to maintain their stable and recognisable presence on the Serbian gral member of the European family market. Greek banks in Serbia, in parand supports its European perspective steadfastly. Following the start of Serticular, have regained public confidence by using the crisis as an opportunibia’s accession negotiations with A series of wide ranging austerity ty to restructure, in order to achieve the Union during the Hellenic measures have been implemented safer and more robust growth in the Presidency in January 2014, the opening of the first two negotiatnear future. in Greece. Their timely and ing chapters last December represustainable implementation ■ Do you think that the interest sents a major new development in depends on our ability to address shown in Serbia by Greek comthis respect. It goes without saying that Greece will continue to pro- structural imbalances that affect the panies has waned or increased in the meantime, and what can vide strong support and, within Greek economy effectively we hope for in the near future? the Council of the European Un- It is true that conditions on the domestic market have made ion, facilitate all efforts exerted by the Serbian Government it quite difficult for small and medium-sized enterprises in to achieve its strategic goal of EU accession. Furthermore, the Greece to envisage business expansion abroad. However, bigexcellent level of cooperation between our two countries in the field of accession negotiations was reaffirmed last year ger companies have continued to invest in the Serbian marthrough the reinvigoration of the bilateral Memorandum of ket, contributing significantly to the Serbian economy. In 2014 Cooperation on EU affairs. In particular, bilateral consultaGreece was ranked 5th among the biggest foreign investors, while total Greek investments in Serbia today exceed €2.5 biltions were held twice in Belgrade and Athens respectively, while a specialised seminar was organised in Belgrade in the lion. The expected recovery and growth of the Greek econofield of agriculture and rural development. In this context, a my, as well as the regaining of international confidence, will Serbian diplomat was hosted at the Directorate of EU Affairs no doubt help companies increase their competitiveness and of the Hellenic Ministry of Foreign Affairs, where he successelaborate more ambitious business plans in terms of future foreign expansion. fully concluded a two-week exchange programme. In short, BILATERAL TRADE & REGIONAL SYNERGY

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■ Greece is the favourite holiday destination for many Serbs, but it seems that this fact, as well as excellent bilateral relations, is not sufficient to boost trade between the two countries significantly. What is the reason for that?

- Greece is by far the most popular tourist destination for Serbian people. A significant increase in the number of Serbian visitors, nearing one million, was recorded in 2014. Unfortunately, Greece’s dominant position as a tourist destination is not reflected in bilateral trade. As such, we believe that there is great potential to develop our trade relations, considering

The arrival of the retreating Serbian Army on the Greek island of Corfu during World War I represents one of the most important milestones in our shared history. This year we are celebrating a centenary of that true friendship between our two peoples both their modest starting base and Serbian consumers’ familiarity with Greek products, thanks to their summer holidays in our country.

■ We are this year marking the centenary of the arrival of the Serbian Army on Corfu and the centenary of true friendship between the people of Corfu and the people of Serbia. In your opinion, what is the reason that these relations have survived all historical turmoil?

- The traditional friendship and excellent relations between Greece and Serbia are founded, first and foremost, on the close and strong bonds between our peoples. Undoubtedly, our common historical experiences have played a significant role

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in forging this long-standing relationship. By all accounts, the arrival of the retreating Serbian Army on the Greek island of Corfu during World War I represents one of the most important milestones in our shared history. Indeed, a hundred years ago the people of Corfu welcomed Serbian soldiers, together with their government in exile, providing them with a safe haven and shelter during one of the most difficult and turbulent periods of Serbian history. The frank and close ties that the Serbs established and cultivated with the local population during their stay on Corfu have lasted to the present time, whereas the memory of the event has left a deep impression in the collective conscience of our people. Of course, literature and/or folk music have played a significant role in this respect: for instance, “Tamo daleko”, one of my favourite Serbian songs, was composed on the island of Corfu and inspired by the tragic events of that particular historical turmoil. Accordingly, Corfu will always constitute an everlasting point of reference among the peoples of Greece and Serbia, nourishing our traditional bonds of friendship and cooperation.

■ The Greek Embassy has a new website, you personally have a Twitter account and the Embassy also has a dedicated Facebook page.

Quite a few people in Serbia have responded to your invitation to nominate the most beautiful place in Greece and thereby gain the chance to win a trip to Greece. How efficient are social networks as a diplomatic tool?

- During the last few years, public diplomacy has been adapting to modern social trends by enlarging its footprint in the field of digital social networks. As a consequence, social media sites are rapidly gaining ground in everyday diplomatic practice and becoming an indispensable medium in the tool kit of every diplomat. In this framework, the Greek Embassy in Serbia is actively engaged in the field of digital diplomacy. In particular, besides its official website and my personal Twitter account, the Greek Embassy currently maintains pages on social media sites such as Facebook, Twitter, Youtube, Flickr and Pinterest, whereas two new additional pages, on Linkedin and Google+, are about to be launched. Through its social media engagement, the Embassy interacts directly and in real time with the broader Serbian public, with the aim of bringing together all Greeks and friends of Greece in Serbia, while simultaneously disseminating the latest news about Greece and the Embassy’s activities, and thus increasing the visibility of its public action. The feedback we have thus far received from our followers is very positive, and we definitely intend to pursue our engagement in this particular field. I would like to take this opportunity to invite all your readers to follow us @GreeceInSerbia and share with us their thoughts, comments and suggestions, in order to further enhance our level of mutual understanding and cooperation. ■

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INTERVIEW

JADRANKA JOKSIMOVIĆ

SERBIAN MINISTER WITHOUT PORTFOLIO RESPONSIBLE FOR EUROPEAN INTEGRATION

Friendship Stronger than

CHALLENGES

Bilateral ties between Greece and Serbia are excellent. We value strongly the support we receive from Greece on our EU path, and look forward to new and additional models of mutual economic cooperation, in spite of the challenges Greece is facing

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he reasons Serbia wants to be a member of the EU have not changed due to the migrant crisis that has shook the European Union. “There has been crisis in the European Union before and it would not be a good idea for us to wait for it to pass,” says Jadranka Joksimović, Minister without portfolio responsible for European Integration in the Government of the Republic of Serbia, Here Minister Joksimović talks about bilateral relations between Serbia and Greece, which put the crisis in this country to the test; the valuable assistance of this country in Serbia’s European integration process, and the Serbian government’s priorities in the context of negotiating chapters 23 and 24.

When speaking of bilateral relations, Minister Joksimović emphasises traditionally friendly relations between the two countries, Greece’s unconditional support for Serbia’s process of European integration, its political stance towards the Kosovo issue and the expert assistance of Greece in harmonising legislation with the EU acquis.

Concerning the ongoing economic crisis in Greece, Minister Joksimović says that the impact of such circumstances has a temporary negative effect on the economic relations between the two countries, but at the same token seeks further efforts from both sides to find new avenues and models of cooperation which may weather current obstacles. She also notes that Greek businesses and banks are important players in the Serbian market. “We should not forget the fact that

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Greece has been one of the biggest investors in Serbia in the last 15 years,” says Joksimović.

When speaking about the migrant crisis, to which both Greece and Serbia are exposed, Minister Joksimović says that Serbia fully supports a comprehensive common European solution, which is the only approach that may yield a sustainable response to the given circumstances.

■ You are about to attend a business forum at Delphi, which will be opened by the Greek President, and you will be joined among the speakers by leading Greek politicians from all parties and representatives of major Greek businesses.

What are your key expectations from this meeting?

- In formal and informal contacts with senior representatives of the Greek political authorities is certain that we will discuss topics related to the European integration of our country, but also the current issue of the migrant crisis and the need to achieve a unified EU response to this crisis. In contacts with Greek businesspeople and company representatives, we will of course discuss the possibilities for improvement of business cooperation between Greece and Serbia, but also regarding regional cooperation projects, of course in light of current circumstances, primarily the economic situation confronting Greece. For Greek businessmen we will present the results of the reforms undertaken by the Government of Serbia, as well as positive changes in the environment for doing business and investments in Serbia.

■ Greece strongly supports our country’s European integration road. In which areas is this Greek support most important?

- Greece is one of the EU countries that supports Serbia’s process of European integration without any conditions whatsoever. We do not have any open bilateral issues. Greece is one of the five member states that

EU INTEGRATION

It is in our national interest to use the process of EU accession to fully implement the reform process, end the transition process and secure the conditions for our citizens to be equal to EU citizens in all respects

REFUGEES

Serbia will not raise fences, but will have to protect its interests if all other European countries close their borders

have not recognised the unilaterally proclaimed independence of Kosovo. Support from Greece on our EU path, which is primarily reflected in the exchange of experience, is tangible and valuable. On several occasions Greece has also been our important partner: having recently completed a project which improved the efficiency and transparency of the work of the National Assembly of the Republic of Serbia, as well as its capacity for harmonising legislation with the EU acquis.

Likewise, we also have ongoing expert assistance for the State Council of the Prosecution and the High Judicial Council in the implementation of existing laws. The total value of these Twinning contracts amounts to €5.3 million, and the Greek government – via the Hellenic Plan for the Economic Reconstruction of the Balkans – supported the construction of two sections of Corridor 10, with a total of €16 million.

Greek colleagues relayed to us their experience and knowhow in establishing the professional services of the Ombudsman and then helped at the central level, but also in local governments, to strengthen the capacity for air quality management.

CORRUPTION

The main goal of the Serbian government, the judiciary and all other regulatory authorities is consistent implementation of measures and deadlines set out in the plan for the fight against corruption

wards such a solution. The EU has repeatedly praised the Serbian policy on the migrant crisis, which is highlighted in the European Parliament’s recently adopted resolution on Serbia. That document praised the constructive approach of Serbia, which is dubbed an essential and reliable partner of the EU in the Balkans.

In this sense, as PM Vučić has stressed repeatedly, Serbia will not raise a fence, but will have to protect its interests if all other European countries close their borders. Serbia will monitor what is happening in the countries of the region and the wider environment, with the expectation that an agreement on how to resolve the migrant crisis will be reached within the EU. We also expect that, following the influx of new migrants, the EU will provide adequate financial assistance to which it has already committed. In this regard, it was decided to grant us additional resources from the Madad Fund, which will see its mandate expanded to operate on the Western Balkans when it comes to aid for Syrian refugees.

Greece is one of the EU countries that support the European integration process of Serbia without any conditions, and a country whose experience is valuable to us

■ In your assessment of today’s overall relations between Greece and Serbia, how much are they conditioned by the crisis this country is going through?

- The two countries are characterised by traditionally friendly relations and that will form the basis of future economic and political relations between the two countries.

The tough economic situation in Greece in recent years has had a negative impact on overall economic relations between Greece and Serbia, especially in the segment related to investments in our country.

However, regardless of this, we should seek new and additional models of economic cooperation between Greek and Serbian companies, under the given circumstances and limitations. We should not forget the fact that Greece has been one of the biggest investors in Serbia in the last 15 years, both during the privatisation process and through greenfield investments, but also through investments in the banking sector.

■ There has been much debate about the possibilities of the migrant crisis that is afflicting Greece and all other countries on the Balkan route in terms of both the political and economic impact on the functioning of the EU and its priorities, which will undoubtedly have a chain reaction of consequences on the region. What do you expect in this regard?

- Serbia advocates in favour of a comprehensive common European solution to the migrant crisis. Our position remains unchanged on this point. We believe that only a common approach can lead to a solution and we welcome all efforts being taken that lead to-

■ In your opinion, how much could a temporarily extended freeze on the Schengen Agreement impact on Serbia?

- Strengthened border controls between Member States do not mean the mutual introduction of visas, or, importantly for Serbia, the return of the visa regime for candidate countries that have enjoyed visa regime liberalisation. As you know, our citizens can – with regular documents and in accordance with the Schengen rules on the movement of persons – move freely and reside in EU Member States for up to 90 consecutive days. So, Schengen rules have not been suspended.

Given that we are very present in discussions with our European counterparts, that awareness of the importance of Schengen exists and that measures for the protection of internal borders are directed primarily towards improving security within the EU and the member states themselves. Confirming that things are progressing with small but common steps is the fact that EU Member States agreed, precisely for the sake of security, to introduce a new form of control on external borders in the form of patrols of border and coastal guards.

The abolition of the Schengen zone would cause massive economic damage to EU member states. We should not forget that the Schengen Agreement is one of the EU’s greatest achievements.

■ It’s been over a decade since the Thessaloniki Summit, after which it was expected that Serbia would become a candidate relatively quickly and then a full member of the Union. But this initiative was only recently restored with the launching of the Berlin initiative. How optimistic are you today when it comes to the pace of Serbia’s EU integration?

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The main goal of the Serbian government, the judiciary and all - The accession process is a demanding and long-term process. In orother regulatory authorities is consistent implementation of measures der to properly understand the process, we need to know what the oband deadlines set out in the plan for the fight against corruption, conjectively established criteria are that form part of the acquis, but also the overall context of international relations at a time when the canditained in the Action Plan for Chapter 23. I would emphasise that one of the first measures that will be achieved in this area in the future date begins negotiations or is in the middle of them. In the process of is adoption of the Strategy for the Investigation of Financial Crime, integration there is a clear principle of conditionality, the same for all, which will be another mechanism to implement the policy of zero tolthese are the standards that the candidate is expected to implement.

Of course, there are political circumstances that are mitigating or agerance towards corruption. According to the reports of all relevant ingravating. Some countries, thanks to some favourable international ternational institutions, Serbia has made progress in terms of improvcircumstances for them, have even being the business environment and the further opening of membership negotiacome members even though they were not prepared for that. tion chapters will be an opportunity to It is in our national interest to use further improve this area. the process of EU accession to imple■ We are often criticised for bringment the reform process in full, end the transition process and secure coning good laws that are harmonised with the EU and are then not apditions whereby our citizens will be equal to the citizens of the EU in all plied – and that is also a common respects. After all, these are the basic complaint of the international preconditions for creating an organbusiness community in Serbia.

When will we see in the application ised, modern, and functionally effecof European regulations in everytive country with a strong economy, while European integration only repday life?

- Given the regular dialogue mainresents the framework that provides extra dynamism to that process. The tained with the business community reasons Serbia wants to be a member in Serbia, which is one of the partners of the EU have not changed due to the in the society which provide expert migrant crisis. There has been crisis support in the negotiation process in the European Union before and it with the European Union, we are would not be a good idea for us to wait aware that more needs to be done for for it to pass. We are working actively our business conditions to be at the to fulfil our commitments and implelevel of Europe. It is precisely in this context that a Memorandum of Coopment standards in many areas of society, and we expect the Euroeration was recently signed pean Union to evaluate that We should not forget the fact that Greece has between the Office for Euroadequately. pean Integration and the Serbeen one of the biggest investors in Serbia bian Chamber of Commerce, the umbrella association for ■ Chapters 23 and 24, in the last 15 years. Therefore, despite the which relate to justice and existing restrictions, we should look for new and Serbian economy, which enthe judiciary and should visages joint activities of the additional models of economic cooperation be opened soon, are those Office and the Chamber in in which we have achieved the aim of ensuring the most relatively little progress to date. What will be the governeffective possible preparation of the business community of Serbia for the future single market of the EU. ment’s key activities in this field, particularly bearing in Of course, remarks that to some extent there is a delay in the mind that this is an area that interests the business sector? application of the regulations are not without foundation, and the - Chapters 23 and 24 do not apply only to the judiciary, but also to Government is making significant efforts to implement, without exthe fight against corruption, human and minority rights, asylum, migration and fight against organised crime. The EU positively asception, is in line with the plans. Yet the process of harmonization of legislation is lengthy, and in addition to drafting the legislation also sessed our legislative and institutional framework for the protection consists of building institutions for their implementation and buildof human rights and Serbia’s commitment during the adoption of the Action Plan for National Minorities, which will provide for further ing capacity for the subsequent judicial control over the legality of improvement in the exercising of minority rights. Progress has also work of the state administration. This approach has already brought been made in the fight against corruption and organised crime, and real changes in Serbia and the citizens can feel them, but often are all of these activities impact on the creation of a better economic ennot aware that these changes are the result of harmonization with EU regulations. ■ vironment.

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INTERVIEW

LAMBIS KOUNALAKIS

MINISTER COUNSELOR, HEAD OF THE ECONOMIC AND COMMERCIAL SECTION OF THE EMBASSY OF GREECE IN SERBIA

New Pathways

FOR COOPERATION

The construction of the Budapest – Belgrade railway, as well as Chinese investments in the port of Piraeus, will benefit both Greece and Serbia by accelerating the flow of goods through the Balkans

D

espite the economic crisis, Greek companies and banks in Serbia have managed to maintain their stable and recognisable presence in the Serbian market. The expected recovery of the Greek economy will, no doubt, allow companies to think more ambitiously about their foreign expansion, says Lambis Kounalakis, Head of the Greek Embassy’s Economic and Commercial Relations section.

■ It seems that the excellent bilateral relations are not met with a more significant boost in trade between the two countries. How do you explain that?

- Greece and Serbia have always enjoyed excellent bilateral relations, mirrored through important Greek investments in Serbia over the past 15 years. Unfortunately, this high level of business cooperation is not equally reflected in the commercial sector, where our overall volume of bilateral trade, despite our potentials, remains relatively low (about €380 million in 2015), while the trade balance results in a surplus for the Greek side.

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■ How much can exports be boosted by the fact that both Serbia and Greece are on China’s New Silk Road route, thanks to the Port of Piraeus, the construction of the Budapest–Belgrade railway, and the transport of cargo to the Czech Republic?

- The construction of the Budapest–Belgrade railway is part of a broader plan to turn the Port of Piraeus, where Chinese shipping giant Cosco Pacific holds a 35-year concession, into a regional hub for trade with Europe. These projects can benefit both Greece and Serbia, as they will accelerate the flow of goods through the Balkans, putting in place a corridor between China and Europe and giving us the opportunity to increase the scale of our trade considerably. They can also create synergies between the EU Trans-European Network, involving the completion of 30 priority projects across EU member states, that will play a key role in facilitating the mobility of goods and passengers within the EU. ■ Greek companies are represented in all economic segments and all parts of Serbia. Which investments have been the most successful in confronting the challenges of the Greek domestic market and the Serbian market?

- More than 200 Greek companies, employing about 25,000 people, are currently operating in Serbia, in sectors such as finance, construction, retail, telecommunications and information technology, food and beverage production etc. In the finance sector alone, according to the most recent data (Q3 2015), the four Greek banks that are active in Serbia (Alpha Bank Srbija, Eurobank, Piraeus Bank, Vojvođanska Banka) hold slightly more than 13% of total banking sector assets (€3,3bn of €25bn). They are also well capitalised, with total equity of €778 million of €5.3bn for the entire sector (14.5%).

■ Although the crisis has undoubtedly impacted on the pace of trading, the general impression is that trade between the two countries is increasingly dominated by more complex products. Which specific products are those?

- Over a long period, Serbian imports from Greece have mainly consisted of food and beverage products, but also raw materials, finished metal products etc. However, during the last few years we have recorded a significant rise in Serbian demand for more complex Greek products, such as pharmaceuticals, machinery and other manufactured goods.

The structure of Serbian exports to Greece is fairly similar, with increasing positive trends in chemicals and manufactured goods.

■ To what extent has the actual situation on the ground in Greece impacted on the dynamic of Greek investments in Serbia?

- Bigger Greek companies have continued to invest in the Serbian market, contributing significantly to the Serbian economy. Greece was ranked 5th among the biggest foreign investors in Serbia in 2014, while total Greek investments in Serbia today exceed a value of €2.5 billion. The expected recovery and growth of the Greek economy, as well as the regaining of international confidence, will no doubt allow companies to increase their competitiveness and elaborate more ambitious business plans in terms of future foreign expansion.

transport corridors, which runs through Serbia and connects Austria, Hungary, Slovenia, Croatia, Serbia, Bulgaria, Macedonia and Greece.

The goal of this important project is to create a transport system that will be compatible with the transport systems of the European Union.

As a result of the recent growth of the Serbian construction sector, a number of construction companies based in Greece have contacted us to express their interest in expanding their activities in Serbia.

■ In which areas has your department been providing the strongest support to Greek companies interested in doing business in Serbia, and to Serbian companies interested in exporting their products to the Greek market?

- There is strong interest in business cooperation from both sides, especially in the sector of food and beverages, but also in new dynamic sec-

■ One of the expectations circulating for years is the possibility of certain Greek banks in Serbia merging. Do you think this is a realistic expectation?

- Greek banks are among the country’s top banks, both in terms of lending and savings operations, representing major employers, with almost a fifth of tors of activity, such as construction, building total banking sector workers (5,000 employees) and a network of 300 branches As a result of the recent growth materials and renewable energy sources. In nationwide with, almost 1/5 of total bankorder to fully exploit our economic and trade of the Serbian construction ing sector employees (5000 employees). potential, we intend to organise a series of A possible merging of their operations sector, a number of construction events in Serbia as well as in Greece, such as would create economies of scale and would sector-specific business missions etc. companies based in Greece place Greece among the top three players in have contacted us to express the Serbian banking sector. However, such ■ Last year saw Serbian tourists their interest in expanding their spend €242 million in Greece and a merger is not among the top priorities of these banks at the moment, as their busithere are indications that tourist activities in Serbia ness plans are currently focused on internal arrangements for the 2016 high restructuring aimed at achieving efficiency gains. season are already sold out. How interested are Greek tourists in visiting Serbia?

■ How appealing are large-scale infrastructure projects - Greece is by far the most popular tourist destination for the Serbian people. In 2014, a significant increase was recorded in the number of Serbian to Greek construction companies and do you, i.e. the Embassy, receive inquiries from companies in this segment? visitors, reaching almost a million. At the same time, Greek visitors to Serbia show increasing trends, for example in December 2015 there was a - More than ten Greek construction companies are currently active in 10% rise in Greek tourist arrivals and a 20 per cent rise in overnight stays Serbia, most of which have a long-established presence, and some of compared to the same period in 2014. These figures are very optimistic, which have successfully carried out major projects in road and building considering that economic conditions in Greece are still not favourable construction. Major Greek construction companies are involved, as suband show that more Greek tourists are choosing Serbia as a holiday desticontractors of Korridori Serbia, in the construction of a number of highway routes along Corridor 10, one of the most important pan-European nation, as they consider Serbia to be a very friendly country. ■ BILATERAL TRADE & REGIONAL SYNERGY

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INTERVIEW

GEORGIOS PAPANASTASIOU

(ALPHA BANK SRBIJA), PRESIDENT OF THE HBA MANAGEMENT BOARD

Many Opportunities for

FURTHER COOPERATION The crisis provides an incentive to Greek investors to seek markets where they could expand their activities. In this sense, Serbia is becoming more attractive as there is finally clear consensus in the country on the importance of attracting foreign investors in order to reduce unemployment, and, even more importantly, the willingness to put to use their 'knowhow' and to develop a competitive economy

A

number of steps have been taken in Serbia with the aim of making the environment for foreign investments attractive, and it is necessary to work constantly on that for the market to become stable and predictable, believes Georgios Papanastasiou, the new President of the Management Board of the Hellenic Business Association (HBA) and President of Alpha Bank Srbija.

Although the situation in Greece has set certain challenges for parent companies in the domestic market, it has also spurred the interest of these companies to seek other emerging markets with attractive environments for investment. Serbia is very interesting for Greek companies in this context, estimates Papanastasiou.

Greek companies in Serbia are present in the banking sector, food and beverages, telecommunications, retail trade, tourism, construction, heavy industry and the service sector, while tourism and energy impose themselves as two particularly prospective, where the possibility exists for even greater development.

16 |

BILATERAL TRADE & REGIONAL SYNERGY

■ You were recently appointed president of the HBA Management Board. Could you tell us something about the new management’s ambitions?

- The Hellenic Business Association of Serbia is one of the largest investment organisations in Serbia and represents roughly 80 Greek and Serbian companies, small and large, operating in Serbia and employing over 20,000 people. Precisely due to the fact that their presence is in the interest of both Serbia and Greece, our primary objectives remain the same, and that means increasing the number of members of the Association and strengthening ties between them, as well as strengthening the image of the Association among institutions in the country. At the same time, we also have broader ambitions aimed at achieving better and stronger economic interconnectedness between the two countries. Additional objectives of the new management include more visible activities of the Association in the media, as well as lobbying actively for Serbia as an ideal business destination in order to attract further Greek investments.

■ How much have the challenges faced by companies in Greece and the fiscal austerity measures in Serbia affected the volume of the activities of Greek companies in Serbia and their investment plans?

- The challenges Greece faces certainly affect the decisions of parent companies when it comes to additional investments abroad,

but, on the other hand, also act as catalysts for further international expansion, in the hunt for alternative sources of profitability and growth. The lion’s share of Greek investments in Serbia were realised in the period between 2001 and 2008, and, to this day, Greece remains one of the biggest investors in Serbia.

Despite the fact that Serbia is in a period of transition during which it has had to comply with EU regulations, this does not impact negatively on the plans of Greek investors in the first place, because Serbia and Greece historically have good diplomatic and economic relations. Ultimately, a good geographical position, low tax rates, an educated workforce, and attractive subsidies for investors are the main factors that are undoubtedly on Serbia’s side when it comes to the attractiveness of the business environment.

Serbian banking sector, which indicates that economic relations between the two countries are stronger than ever.

■ Are you satisfied with the support of the Serbian institutions regarding the aforementioned issue?

- Personally, I am happy to see that representatives of Serbian institutions and government officials are almost always ready to provide constructive support with specific issues related to companies that are members of our Association. However, on the other hand, I believe that the HBA should participate actively in formal consultations in relation to the adoption of new laws that impact the economy and doing business in Serbia. By forging a relationship of this kind we could strengthen relations between the Association and Serbian institutions, and in turn provide economic benefits for both countries.

■ Could we safely say that the Serbian public’s initial fears about Due to its good geographical location, the future of Greek companies in Serbia have been low tax rates, educated workforce and the eradicated? possibilities of state subsidies, Serbia is - I would say this with certainty, still a very favourable market for and the success of Greek comGreek investors ■ Coincidentally, the crisis panies that have invested in was also a catalyst for the Serbia, to date, clearly supports this stance. In recent years, Greece has held one of the top posi- international expansion of Greek companies. In that contions on the list of foreign investors in Serbia (currently ranked text, do Greek companies consider Serbia an interesting third), with total invested capital of over 2.5 billion euro - a figure destination? which is increasing constantly. Greek companies in Serbia oper- - While the crisis certainly creates opportunity and gives an incenate in various sectors - banking, food and beverages, telecommu- tive for Greek investors to seek markets where they could expand nications, retail, tourism, construction, heavy industry, providing their activities, as I have noted, the presence of Greek investments various services, etc. Four Greek banks operate in Serbia today in Serbia preceded the current economic crisis. The crisis just hap– Alpha Bank, Eurobank, Vojvođanska banka, and Piraeus Bank pens to make Serbia even more attractive. And what makes the – and these banks hold a little less than 15% market share of the situation even better for both sides is the fact that there is finally

BILATERAL TRADE & REGIONAL SYNERGY

| 17

a clear consensus within the country on the importance of attracting foreign investors. The country’s aim of resolving the problem of unemployment and, even more importantly, the willingness to make use of the investors’ ‘knowhow’, while developing a competitive economy, are clearly helped through the investments of Greek companies.

be to create a sustainable economic environment, reduce the fiscal deficit and continue its European integration. This includes reform of the judicial system, the fight against corruption, reform of the pension system, accelerating the speed of issuing various permits, as well as stepping up the process of harmonisation with the EU acquis.

■ How justified are the warnings that the Serbian banking market is too small for all the banks that operate in the country; and can we expect some banks to merge?

- According to a recently completed Asset Quality Review (AQR test) by the National Bank of Serbia (NBS), conducted in 14 banks, that represent more than 90 per cent of the country’s banking sector, it was confirmed that all these banks in Serbia operate under regulations and are adequately capitalised to deal with potential risks in the future. The NBS has said that banks in Serbia, including those owned by banks from Greece, are highly solvent ■ Last year you joined the Alliand liquid, and that there are no ance of Greek Business Associproblems in their operations. ations of Southeast Europe.

The HBA should participate actively The fact is that many foreign What are your expectations banks are currently considfrom this association? in formal consultations regarding the ering reducing their interna- I expect the set goals to be adoption of new laws that relate to tional presence, and in evaluachieved, and that means crethe economy and doing business in ating this decision the return ating new jobs, the internationSerbia, thus it is necessary in that sense on investment (ROI) is one of alisation of industry, and the the main criteria. Moreover, it development of international to strengthen relations between the is quite normal for banks to connectivity. The “Alliance” Association and Serbian institutions group (merge) together or to (Federation/Union/Network) was formed after recent economic instability, when the Fed- leave a market where they no longer have an interest in workeration of Industries of Northern Greece (FING) undertook the ing. Therefore it is more important the banking sector in Serbia initiative to coordinate Greek business activities in Southeast to remain healthy and profitable, attracting foreign and local Europe. FING, and all five organisations in the region (The Hel- capital rather than the number of the banks in the country. lenic Business Association of Serbia, Hellenic Business Council in Bulgaria, Hellenic-Romanian Chamber of Commerce and ■ One of the HBA’s tasks is to work on encouraging and Industry, the Union of Foreign Investors in FYROM and the advancing economic cooperation between the two counGreek- Albania Chamber of Commerce and Industry), aim as tries. What are HBA’s main activities in this respect? much to increase the prosperity of Greece, and to strengthen it - In the tourism and energy sectors there is a possibility for even economically, as they do to further strengthen relations in the greater development, but I believe bilateral trade is an area that definitely hasn’t reached the full potential between the two region – and not just economic relations. countries. In my opinion, great potential exists to increase bi■ Serbia has been striving to improve its business envi- lateral trade, both because of the large number of Serbian tourronment. Which areas do you think have improved the ists who visit Greece, as well as because of the large number of Greek companies operating in Serbia. These are the areas premost, and which are still suffering from obstructions?

- A number of steps have been taken in Serbia to attract foreign cisely where the HBA is encouraging most the cooperation by investment, and it is essential to work constantly to ensure that the supporting relevant events and striving to bring closer Greek market becomes stable and predictable. Serbia’s priorities should and Serbian business. ■ ■ In the same context, what is your opinion of the efforts exerted by Western Balkan countries aimed at building more infrastructure links and creating a common market?

- The global economic crisis has slowed down the development of economies around the world to a great extent, and in this regard I welcome efforts to create a common market in this region. This type of cooperation could eliminate uncertainty and strengthen the prospects for progress and security of all states that coexist in this common market.

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BILATERAL TRADE & REGIONAL SYNERGY

INTERVIEW

RITA LOZINSKY

CEO & MANAGING DIRECTOR ALUMIL YU INDUSTRY A.D.

Only Excellent is Good Enough

By adhering to the highest standards of the demanding international markets where Alumil does business, the company provides its clients from Balkan countries with an opportunity to develop and expand their respective businesses

W

ith the progress of reforms in Serbia, the country is becoming an increasingly attractive destination both for national and international investments, which, in turn, increases the demand for our sophisticated products, says Rita Lozinsky, Director of Alumil.

■ In the last ten years, Alumil has managed to become the undisputed leader both on the domestic market and neighbouring markets, in addition to markets in the European Union, Russia, the Middle East and Africa. What is the biggest challenge you face?

- Apart from investing in our production capacities and expanding our factory, we have been investing a lot of time and effort into the development of our products and worldwide sales network. In addition to constantly boosting our performance on the mentioned markets, we are also continuing with our investments in the U.S. and Australia. The U.S. market is very demanding because it requires the development of new systems, big investments in getting certified and the fulfilment of very precise and strict norms. Thanks to a huge effort exerted by all of our employees, and especially by our president George Milonas, we have managed to fulfil all the requirements and, in a short period, begin implementing several largescale projects, one of the most important being Google’s New York headquarters.

■ Alumil is one of Greek biggest industrial investments in Serbia and a good example of a company that exports highly sophisticated products. What can your clients

expect from you in the following period?

- Thanks to the great advantages we used to position our company as a regional leader, which include complete and prompt services, quality, and technical and commercial support, we have created the new Supreme series of our products and obtained the necessary certificates (CSTB, IFT Rosenheim), in order to adapt to the strict market requirements of Western Europe. Apart from comprehensive training, support and various marketing activities, we provide our Balkan clients with a direct opportunity to develop and expand their businesses. Moreover, through its activities, Alumil showcases at all of the biggest international fairs, while our sales personnel are constantly communicating with clients on site.

for additional profile cutting, as well as establishing the most advanced coating painting facility in the Balkans and a regional logistics centre. We are this year working on a detailed investment plan that will facilitate our development in the years ahead, including the opening of an international logistics centre that will provide better service to our clients worldwide.

■ What are your plans for 2016?

- Alumil will spend substantial funds this year on the development and training of our employees, who are the key to our success and the success of our clients. Additionally, we plan to invest in new information technologies, while continuously developing new products and pro-

We are especially proud of our wide range of solar system profiles, which are used in the construction of solar parks and solar plants, both in the country and all around the world ■ Despite being a Greek company, Alumil continued to invest in the expansion and modernisation of its industrial and sales facilities despite the crisis. How much money have you invested in the previous period and what are your investment plans for the period ahead?

- In the last ten years, we have made a two- phase of investment in the aluminium profile factory in Nova Pazova, worth €26 million, where we have purchased 10 hectares of land, built 30,000 square metres of production facilities and warehouses, acquired two extrusion lines, two lines for thermal break profiles and processing centres

moting them on new markets. Considering that the business environment and new reforms in Serbia are improving, I believe that this country will become a very attractive destination, both for domestic and international investments.

Hence, in 2016, we expect to see an increase in the construction sector and other industrial branches, because aluminium profiles produced in Nova Pazova are used not only in construction, but also in the automobile and rail industries. We are especially proud of our wide range of solar system profiles, which are used in the construction of solar parks and solar plants, both in the country and all around the world. ■

BILATERAL TRADE & REGIONAL SYNERGY

| 19

INTERVIEW

VELJKO JOVANOVIĆ

VICE PRESIDENT OF THE SERBIAN CHAMBER OF COMMERCE & INDUSTRY

Energy Sector and Renewables

MORE INTERESTING FOR INVESTMENT

G

Slight indicators of Greece exiting its economic recession could be a good start for improving cooperation and investment in the energy sector and renewable energy sources, tourism, food processing and the furniture industry

20 |

reece’s private companies show visible growth of interest in our market, but it is of course up to us to make them offers in the areas in which we want to cooperate, considers Veljko Jovanović, Vice President of the Serbian Chamber of Commerce & Industry.

■ What are the basic characteristics of foreign trade between Serbia and Greece?

- Greece traditionally represents an important economic partner of Serbia. The dominant form of economic cooperation between the two countries is the exchange of goods, while there are higher forms of economic cooperation in the sense of Greek investments in the Serbian economy. The commodity exchange is characterised by stability, versatility and almost constant growth from the year 2000 until 2009, when the global crisis emerged. Serbian exports to Greece entered a period of stagnation during the course of 2012, as a result of falling demand for Serbian raw materials and intermediate goods on the turbulent Greek market. In 2015, total trade between Serbia and Greece amounted to $392.53 million. Of that total, imports valued $240.89 million and exports were

BILATERAL TRADE & REGIONAL SYNERGY

worth $151.64 million. This ranked Greece 22nd in Serbia in terms of both imports and exports.

■ We have recently seen an increased share of products with higher added value among Serbian exports to the Greek market. Which products are those?

- The products dominating export to the Greek market in 2015 were: paper, cardboard and cellulose products (13.25%); iron and steel (9.95%); plastics in primary forms (8.28%); sugar, sugar products and honey (6.82%), metal products, nes (5.45%); solid vegetable fats and oils (4.80%), cork and wood (2.81%);. (Source: Customs Administration of the Republic of Serbia).

■ While we record constant growth in the foreign trade exchange, it is still at a relatively low level. Where do you see opportunities to expand cooperation?

- In general terms, promising sectors for cooperation between Serbia and Greece, besides the banking sector – where the most significant Greek investments have been forthcoming - also include the telecommunications sector, energy, infrastructure, agriculture, hotels, wholesale trade and retail. According to the opinions of Greek business leaders,

Serbia has great potential to attract foreign investment, particularly in tourism, energy and construction. According to their view, Serbia has comparative advantages for the development of tourism – geographic location, professional people and good managers, a rich culture and tradition, low tax rates and a cheap workforce. They also see potential in the area of alternative forms of generating energy – wind farms, hydropower plants, solar panels and biomass.

■ How much has the Greek crisis affected the scale of Greek companies’ operations in Serbia and the falling pace of new Greek investments?

- Greece is one of the biggest investors in Serbia, with the total value of investment amounting to around 2.2 billion euros (according to the NBS, increased with the assessment of inflows to NBS coming from the accounts of Greek enterprises in Cyprus), realised in the privatisation process, through greenfield investments and in joint ventures. The majority of investments came in the pre-crisis period, ■ There is great potential for deepening cooperation beuntil 2008, and were made in the banking sector. As of 2014, the NBS tween Greece and Serbia in the fields of renewable energy, uses a new methodology for the purposes of recording foreign direct the food processing industry and environmental protecinvestment that is consistent with the IMF Guidelines for the balance tion. Is this potential better utilised today? of payments and international investment position, sixth edition, - The conclusion that emerges from these meetings on the topic of and, according to that data, Greece improving economic cooperation beinvestments in Serbia in cash in the tween Serbia and Greece is that the first nine months of 2014 amounted business leaders of both countries to €46,922 million. have shown interest in cooperating, Following the financial crisis in and that it is up to the institutions to Greece, and under the pressure of attempt to return economic relations the current government’s anti-crisis between Serbia and Greece to the level measures, Greek state capital is no of cooperation from the 2000-2010 longer directed towards foreign counperiod, when they were at the highest level, both in terms of investment and tries, Serbia included. On the other the trade exchange. This is also the hand, Greek private capital will deficase with the aforementioned sectors. nitely look for new ways to bear fruit, Mild indications that Greece is exiting seeking alternative markets and profits economic recession could be a good itable investment projects. start for improving cooperation. If you The Greek side has shown intertalk with Greek partners, in the last few est in investing in the energy sector years you will have seen a growth of inand renewable energy sources (Aktor, Terna et al). Investments of compaterest in our market, but it is of course According to the opinions of Greek up to us to make them offers in the arnies in the food industry and furnibusiness leaders, Serbia has eas in which we want to cooperate. ture industry have been announced comparative advantages for the and should be realised in the future.

■ How much could the further development of tourism – geographic In 2016 Lamda Development plans – economic connecting of Greece location, professional people and good after resolving its property issues – to start construction at the “Beko” site in and Serbia be influenced by the managers, a rich culture and tradition, central Belgrade – with the planned fact that both are on the route of low tax rates and a cheap workforce value of the project estimated by the China’s New Silk Road, and what investor at between 150 and 200 mildo you expect in this regard when it comes to increasing the volume of rail cargo from the port lion euros. The Greek fund ELETSON also intends to continue the proof Piraeus towards the Czech Republic and Hungary? ject of renovating hotel Yugoslavia in 2016.

- This issue is certainly important to the whole region and the connecting of regional infrastructure. We must use China’s interest in ■ How present are Greek companies as works contractors speeding up trade flows for infrastructure projects that will bring on major infrastructure projects in Serbia? benefits to our region. This region has primary importance for China - The Greek side has shown interest in investing in the energy sector as a gateway to the EU. Of paramount importance is Corridor 11, the and renewables. In these sectors Greek companies Aktor and Terna route that leads through Serbia to Montenegro. The rail routes to are present. Terna is engaged in the construction of several sections the north of Europe are also very important. Here we are also talkof Corridor 10 and engages Serbian companies that are working well as subcontractors. There are also prospects for joint actions on the ing about multiple high-speed rail links; then this naturally calls for markets of North Africa and the Middle East. intermodal points, which are enormously important for regional deAround 80 Greek companies operate directly on the Serbian market, velopment. When you offer developed infrastructure, then you do while another 150 are operating through joint ventures with local partnot have to think about many other subsidies for foreign investors, because you provide them with competitive conditions simply by ners (mainly in the financial sector, infrastructure projects, trade, hospilowering transport costs. tality, consulting and legal services, agriculture and the food industry). ■ BILATERAL TRADE & REGIONAL SYNERGY

| 21

INTERVIEW

FANINA KOVAČEVIĆ-POPAZ HBA EXECUTIVE OFFICER

Greek Companies

HERE TO STAY The Hellenic Business Association today has the largest number of members since its establishment, which is yet more proof that Greek companies have longterm plans for the Serbian market and that they represent a stable economic partner of Serbia

■ What are the main priorities of your activities and how do you execute those priorities?

- The presence of Greek investments in a substantial number of different sectors gives Association member companies an opportunity to find stable business partners for almost any segment of their operations. Our members participate actively in the Association’s operations, and their genuine attitude and open-minded stance have greatly

T

eased communication, the everyday functioning of the Association

he Hellenic Business Association (HBA) is committed to boosting economic, social and cultural ties between Serbia and Greece – says Fanina Kovačević-Popaz, HBA’s Executive Officer.

and the organising of all sorts of events.

The needs of our members are always our priority, whether those needs relate to mutual communication, cooperation, or promotions of their activities. Supporting Greek investment initiatives, in terms of in-

■ How many members does HBA have today and which industries

troducing Greek companies to the Serbian market, offering advice, and

do these members represent?

proper management and protection of investments, are also among our

- The Hellenic Business Association, as a private, non-governmental

priorities. Activities aimed at furthering economic, social and cultural

and non-profit organisation, currently has almost 80 companies as its

ties between Serbia and Greece hold special importance, and in that re-

members. Our members are mostly Greek and Cypriot companies, but

spect I would like to mention the excellent collaboration we have with

there are also many Serbian and international companies that have

the Greek Embassy, the Hellenic Foundation for Culture and the Greek

identified their interest in this association.

National Organisation in Belgrade.

I am especially proud of being able to confirm that the Association today has the largest number of members since its establish-

■ Which of the HBA’s activities from last year would you like to

ment. This is yet more proof that Greek companies have long-term

highlight and what are your plans for 2016?

plans for the Serbian market and that they represent a stable eco-

- Last year was very successful for us. A large number of new mem-

nomic partner of Serbia.

bers, who joined us in the previous period, led to an increase in the

The traditionally excellent relations between Greece and Serbia

Association’s activities with some member companies, even initiating

– be that economic, political, historical, religious or social – have cer-

some of these activities. One such initiative pertains to the creating

tainly contributed to this.

of incentives in the form of special services and discounts offered to

Greek companies in Serbia operate in sectors such as banking,

other members. This initiative was realised in the form of an annual

food & beverage, telecommunications, retail, tourism, construction,

publication listing all the benefits in one place. By listening closely to

heavy industry and services.

suggestions from our members, we have also boosted their promotion

22 |

BILATERAL TRADE & REGIONAL SYNERGY

via active presentations of their activities and prod-

nies that are our members. The project turned out to

ucts on our official website, as well as putting to-

be very popular among students and our members

gether an internal newsletter called “Member News”.

alike, and, with the help of the University of Bel-

In addition to the existing events organised by

grade, we also staged a series of promotional activi-

our Association, in 2015 we also organised joint

ties pertaining to this programme.

events with other foreign chambers of commerce, in

Encouraged by its success, we have decided that

an effort to enable our members to meet and poten-

the Greek Initiative to Work Experience programme

tially establish cooperation with companies that are

will become an integral part of our Association’s an-

not members of our Association.

nual activities.

Thanks to our traditionally excellent coopera-

This year’s project will officially start on 14 th

tion with the Greek Embassy in Belgrade, we have

March and run until 13 th June 2016. A total of 13

the honour of meeting almost all Greek officials

companies will participate in the programme,

who visit Serbia. As you probably know, in the

with 64 positions for students, which is four times

previous period we met with Mr Tsipras, who was

more than last year. The positions in which they

then the representative of the Greek opposition,

will be able to carry out their three-month work

and with the Mayor of Thessaloniki, Mr Boutaris.

experience are only open to active students of

Last year we met with the Deputy Greek Foreign

graduate and postgraduate studies at the Univer-

Minister Mr Ioannis Amanatidis and Greek Min-

sity of Belgrade.

ister of State for Coordinating Government Opera-

The three-month work experience programme

tions Mr Terence Kuik, while they were officially

for students – The Greek Initiative to Work Experi-

visiting Belgrade.

ence – is organised with the goal of promoting the

We actively support Serbian students, partici-

members of the Hellenic Business Association in

pating in charity campaigns and increasing cooperation with other chambers of commerce and associations in Serbia, which will all continue this year too. There is a new type of activity that we are going to carry out via the newly founded Network of Greek Business Associa-

Serbia, as well as providing

Thanks to our traditionally excellent cooperation with the Greek Embassy in Belgrade, we have the honour of meeting almost all Greek officials who visit Serbia

tions in Southeast Europe, of which we are a member.

professional training for students, introducing them to the labour market and help-

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■ Your association and its members are also great donors. What criteria do you use to set priorities in this

area of activity?

office@alinifoods.com www.alinifoods.com TEL: +381 69 659 277, +381 69 5000 525

- As a socially responsible organisation, the Hellenic

■ In which areas do the HBA’s member compa-

Business Association of Serbia supports charity

nies most require your support?

campaigns. Every December, our members give do-

- Small and medium-sized enterprises need our

nations to the Greek stand at the IWC Christmas Ba-

support the most. In that respect, our support is

zaar, which was selected among the top three stands

centred on further improving their communication

in the last three years. I would also like to add that

with other members and increasing their visibil-

our members have donated over 22 million Dinars,

ity within the Association. In some cases, we are

be that in money or in goods, to the victims of the

asked by our members to provide assistance when

catastrophic floods in Serbia.

it comes to communicating with public institutions

Apart from charity campaigns, our Association

which, thus far, have been offering tangible assis-

also promotes the Greek language and culture. The

tance to our members.

best examples of this include the renovation of the classrooms of the Department of Neohellenic Studies

■ The training programme you conducted last

at the University of Belgrade and the sponsoring of

year at HBA member companies proved very

the Greek Film Festival. I would also like to mention

popular among students. Do you intend to ex-

last year’s donation to the commemoration of Rigas

tend that programme this year?

Feraios, as well as the organising of the concerts of

- In March 2015, and in cooperation with the Greek

Giorgos Dalaras in Belgrade. Our Association has also

Embassy in Belgrade and the University of Belgrade,

been a traditional sponsor of the reception held by

we launched a pilot project of a three-month-long

the Greek Embassy in honour of Greek Independence

student work practice to be carried out at compa-

Day on 25th March. ■ BILATERAL TRADE & REGIONAL SYNERGY

| 23

INTERVIEW

PETROS GEMINTZIS CEO OF HELLENIC SUGAR

Hellenic Sugar

READY FOR EXPANSION A

s one of the very few foreign managers who also spent 17 years in managerial positions in large companies in Serbia, Petros Gemintzis is known as a man who knows the Serbian economy and its market inside out.

He worked as CFO of Coca-Cola HBC, general manager of Imlek and PepsiCo, and, as of recently, he is the CEO of the Crvenka and Žabalj sugar plants, which operate under the umbrella of Greek company Hellenic Sugar. CEO Gemintzis says that he associates Serbia with very nice experiences and that he is proud to have contributed to the development of the companies for which he has worked.

Our experience so far, and our potential, both corroborate expectations that Hellenic Sugar Industries can become the leader of sugar Company in Balkan.

Despite the fact that 2015 was the most perilous year for the sugar industry in Serbia, we meet 2016 with optimism

24 |

■ Considering your experience, what would you say about the Serbian agricultural potential and government incentives?

- Serbia has huge agricultural potential, which is untapped.

In order for the Serbian agriculture and food industry to prepare properly for the challenges of the EU market, it is necessary for them to increase their competitiveness, first and foremost.

For instance, Serbia is a sugar exporter, but the yield and the sucrose concentration of its sugar beet is quite lower than in Northern Europe, despite the land here being of exceptional quality. The sugar beet yield in the EU varies from region to region and is between 55 and 85 tonnes per hectare, while in Serbia the yield is between 45 and 60 tonnes.

Together with sugar beet producers, we are focusing on increasing productivity year-onyear, as no progress has been made in this area in the last three to four years. We have a pro-

BILATERAL TRADE & REGIONAL SYNERGY

ject that we want to implement together with scientific institutions, the agricultural faculties in Novi Sad and Belgrade, and the agricultural school in Sombor. The main aim of this project is to study the land composition in areas where sugar beet is planted and, subsequently, apply adequate agrotechnical measures, which would be of great assistance to our suppliers.

We recently presented the project at a meeting in Novi Sad, with over 150 producers in attendance.

Domestic experts are of the opinion that if sugar beet was properly handled with the help of modern agrotechniques, the yield in Serbia could reach more than 70 tonnes per hectare, with a sucrose content of over 16.5 per cent.

All of the aforementioned prompted Hellenic Sugar, as the proprietor of sugar plants in Crvenka and Žabalj, to more closely cooperate with producers and help them to increase the quantity of sugar beet produced per hectare.

The project also stipulates long-term cooperation between agriculture experts and sugar beet producers and will be implemented on 60 land plots covering a total of 620 hectares. We want to help our suppliers and we can guarantee them certain yield and polarization, provided they apply the advice provided by experts. All of this should contribute to the realisation of our end goal, which is boosting sugar production over 10,000 tonnes per hectare.

In terms of subsidies for agriculture provided by the Serbian Government, they are far lower than in EU countries, which is all the more reason to increase competitiveness, as a solution that should eliminate that handicap.

Considering that Serbian agriculture cannot expect to be granted the same subsidies as in the EU, the only solution is to increase productivity. We have an excellent plan that we are going to offer to our producers

■ Looking back, do you think that investing in Serbia was a good decision and would you recommend the same to other Greek companies?

- I have had very positive experiences here. For 17 years I have been working in various large, renowned companies that have been very successful in Serbia. I started my career here as a financial director of Coca-Cola and continued along the same path in other companies too. I am most proud of the fact that I have helped many of my collegues develop and perfect their skills, and it is these collegues that are now high up in their respective companies.

Our experience so far, and our potential, both corroborate expectations that Hellenic Sugar Industries can become the leader in the Balkan region. Hence, I would recommend other investors invest Serbia. On the other hand, the Serbian Government also has to help industry become more competitive. First and foremost, it needs to facilitate energy efficiency and do everything in its power to keep the prices of energy products as low as possible. We, for instance, use natural gas, and it would be of great help to us if the price was aligned with the prices of natural gas in neighbouring countries.

■ How connected are Hellenic Sugar in Greece and in Serbia?

- Due to the major economic crisis in Greece, our HQ has gone through a very tough period. The problems reached their peak last year and the year before that, but I think the most difficult period is now behind us.

This year, we will increase sugar production in Serbia and I think Hellenic Sugar in Greece will handle its problems and produce enough sugar to fulfil its the quota within for exports to the EU. The problems in Greece did not effect much the sugar plants in Crvenka and Žabalj and they have always done well.

■ With a view to market challenges, in which way have you redefined your business strategy in Serbia and the Western Balkans?

- There is plenty of room for development, considering regional needs for sugar and how much sugar the Serbian sugar industry produces. The produced quantity is much smaller than market demands in the region. We are not going to let this opportunity slip by, and we will do everything in our power to achieve the best possible results together, as well as to substantially increase our exports to other Western Balkan and EU countries.

■ Could you tell us something about the situation on the Serbian sugar market?

- An exceptionally difficult and highly perilous year for the Serbian sugar industry is just behind us. The number of hectares under sugar beet has been the lowest in recent history and barely reached 40,000 in 2015, which, compared to 78,000 hectares in 2014, was down almost by half. Add to this low polarisation and the lowest production of sugar ever in this country – approximately 280,000 tonnes. Although the purchase price of sugar beet grew slightly, the modest yield per hectare, combined with low polarisation for

the second consecutive year, caused great concern among producers about the future of their crops. Furthermore, exceptionally low prices of sugar last year raise the question of the competitiveness of the country’s sugar industry, which is exactly what happened to the neighbouring Balkan countries in the past.

In the following period, the biggest challenge in the sugar industry will be achieving a fast and dramatic boost of competitiveness in all stages of the supply chain – primary production, processing and sales.

In response, sugar plants should increase their production and capacities substantially, and reduce their overheads drastically, while being more energy efficient – given that energy consumption is the second biggest overhead after purchasing sugar beet. Better commercialisation of sugar products can also determine the final value.

If you consider regional needs for sugar and how much sugar the Serbian sugar industry produces, you can see that the produced quantity is much smaller than market demands. This is an opportunity that we are not going to let slip by ■ Why do you feel more optimistic in 2016?

- Despite last year being one of the most perilous years for the Serbian sugar industry, Hellenic Sugar Serbia managed to process the contracted 600,000 tonnes of sugar beet and produce 73,000 tonnes of sugar. We have reduced our overheads, thanks to production at one of our two plants, and with higher sales prices we have managed to fulfil our obligations on time and, at the Crvenika plant, compensate for last year’s losses, despite the low production volume.

The company is starting to prepare for the 2016 campaign, the goal of which is to increase production by at least 50 per cent. This goal requires both of our plants – in Crvenka and in Žabalj – to be producing actively. Thanks to bigger investments, we expect the sugar beet yield to increase compare to previous years. ■ BILATERAL TRADE & REGIONAL SYNERGY

| 25

THE HELLENIC BUSINESS ASSOCIATION OF SERBIA – FACTSHEET

Devoted Members

OF SOCIETY

I

n 2015, the Hel-

eign Minister Ioannis Amanatidis during his visit

lenic Business

to Belgrade. The reception was held at the Greek

Association of

Ambassadorial residence on 2nd December.

Serbia undertook

HBA TRADITIONAL ANNUAL EVENT, METROPOL PALACE

Since its inception in 2003, the Hellenic Business Association of Serbia, a private, non-government, nonlobbying, non-profit organisation, has been devoted to activities with one ultimate goal – to help the advancement of Greek-Serbian economic relations

One of the main activities in 2015 was imple-

different

mentation of a programme of practical training

activities in line

for students at HBA Member Companies, which

with its goals.

proved to be very successful. The HBA also sup-

many

Following

ported students through the conference “Diplo-

the initiative of

matic Days of Greece” at Belgrade University’s

the Federation of

Faculty of Law, which was dedicated to economic,

Industries of Northern Greece (FING) to support

political, cultural, historical and social ties between

the internationalisation and expansion of Greek

Greece and Serbia.

business activities in Southeast Europe, HBA be-

Throughout the year, the HBA held an intro-

came a member of the “Union of Greek Business Associations in Southeast Europe”.

In February, the HBA organised its traditional annual event of cutting “vasilopita” pie at Hotel Metropol Palace. A month later, on 25th March, the HBA was the official sponsor of a reception at the Metropol Palace hosted by the Embassy of Greece in Belgrade to celebrate the country’s National Day. The HBA Management Board and representa-

CLOSING CEREMONY OF THE TRAINING PROGRAMME FOR STUDENTS , UNIVERSITY OF BELGRADE

tives of the Embassy of Greece met with Greek

ductory cocktail reception for members of the

Deputy Minister of State for Coordinating Gov-

French-Serbian Chamber of Commerce and the

ernment Operations, Terence Kuik, during his

HBA, a cocktail reception of Greek–Serbian syner-

official visit to Belgrade on 23rd June. The HBA

gy with the Belgrade Chamber of Commerce, a din-

Management Board and main sponsors also took

ner with the Grand Sponsors of the Association, an

the opportunity to meet with Greek Deputy For-

Autumn Members’ Meeting in September, as well as the traditional Christmas dinner.

Along with the Embassy of Greece to Serbia, the Greek National Tourist Organisation and the Belgrade branch of the Hellenic Foundation of Culture, the HBA supported the three-day event “Days of Greece” in November. Along with the Rigas Velestinlis International Institute for Balkan Cooperation, HBA supported a commemoration in memory of Rigas Feraios, known in Serbian as Riga od Fere. With the support of HBA’s members, famous Greek musician George Dalaras participated in the Belgrade Guitar Art Festival, while HBA members also helped the Greek stand at the IWC Charity Ba-

DINNER WITH GRAND SPOSORS

26 |

BILATERAL TRADE & REGIONAL SYNERGY

zaar, providing support in money and goods.

NEW BOARD OF DIRECTORS

an international environment. He transferred to the hospitality industry

The HBA elected a new Board of Directors at its November 2015 Gen-

in 1999, when he started working at Hyatt Regency Thessaloniki. Since

eral Assembly.

then he has been engaged in various assignments in the hospitality and gaming industries in Thessaloniki (GR), Warsaw (PL), Milan (IT), Athens GEORGIOS PAPANASTASIOU, PRESI-

(GR) and Bucharest (RO). He currently resides in Belgrade, where he has

DENT OF THE MANAGEMENT BOARD

been since 2009, engaged as General Manager of the Hotel Excelsior and

Georgios Papanastasiou holds a

Director of Engineering at Hyatt Regency. He was re-elected as a member

BSc in Economics from Thessaloniki’s

of the Board of Directors of the Hellenic Business Association in 2015 for

Aristotle University and an MBA from

another two-year term, where he also acts as treasurer. Mr Lampadaridis

Bentley College, U.S. He started his

is married to Jelena Bralić and is a proud father of two sons, Giorgos (7)

career in the banking sector in 1987 as

and Alexandros (2).

a credit assistant at the Bank of Nova Scotia, after which, in 1991, he joined

STEFANOS KARAPETSIS, MEMBER OF

ABN AMRO Bank and served as Rela-

THE MANAGEMENT BOARD

tionship Manager and Area Commer-

Stefanos Karapetsis became Gen-

cial Manager. From the year 2000, Mr

eral Manager of Mellon Serbia in 2010

Papanastasiou continued his career at

and is one of the founders of Mellon

Stopanska Banka, where he held several management positions before

Technologies, the parent company of

being appointed General Manager in 2005. In 2009 he left the position

a Group that now extends to 11 coun-

of Second General Manager at Stopanska Banka, a member of the NBG

tries in Central and Southeast Europe.

group in FYROM, and joined the Alpha Bank team. He became a member

At Mellon Mr Karapetsis has held the

of the Executive Board of Alpha Bank Srbija in April 2009, and in May

positions of Marketing and Sales Di-

that same year took over the duties of President of the Executive Board of

rector of Business Units and the entire

Alpha Bank Srbija.

group. Prior to Mellon, he was a founding member of Ideal Group, where he VASILIS KAKAGIOTIS, VICE PRESI-

led IT activities as GM of Ideal company IMTEC from 1989 to 1994. He

DENT OF THE MANAGEMENT BOARD

started his IT career in 1977 at Scapaneus SA, a major construction com-

Vasilis Kakagiotis is Deputy Gen-

pany, then (1993) he worked as Sales Director at Informer, an IT company

eral Manager of Robne Kuće Beograd

and IBM distributor. He has also worked as a freelance IT consultant and

(the largest retail real estate platform

participated in several bodies, such as being a member of BoD of Greek

in the region, with over 250,000 NLA

ICT Enterprises (SEPE), member of the Strategic Committee of Digital

and 38 department stores). He joined

Greece 2020, member of the Steering Committee of the eEurope Smart

Robne Kuće Beograd in September

Card initiative and as an accredited expert of the European Commission

2014, after having spent 13 years in the

in the security domain. He studied Physics at Macalester College, MN in

position of General Manager at Vero-

the U.S. as a Fulbright scholar and has earned several IT diplomas.

poulos Supermarkets Serbia. Prior to taking control of Serbian operations,

STYLIANOS ZAKOF, MEMBER OF THE

he served the company as Deputy

MANAGEMENT BOARD

General Manager of FYROM operations for four years. Mr Kakagiotis has

Stylianos Zakof was born in

amassed 28 years of experience in pure retail business, all gained from

1969 (Mytilini, Greece) and spent his

serving in multiple positions within the Veropoulos organisation. He

childhood in Germany. After com-

studied as a Topographer Engineer at the Technical Educational Founda-

pleting high school in Thessaloniki,

tion of Athens (“TEI”).

he moved to Belgrade to earn a university degree. Besides holding a BA, ZAFIRIS LAMPADARIDIS, MEMBER OF

he also has a Master’s degree in Busi-

THE MANAGEMENT BOARD

ness Development – University Kurt

Zafiris Lampadaridis, born 1970,

Bosch Sion, Switzerland. Mr Zakof

holds a BSc in Electrical Automation

started his professional career in

& Robotics and a Master’s in Business

1995, working for Anthemia company

Administration. He began his career

(daughter company of Chipita SA), where in 1999 he was promoted to

in the construction industry in 1994

the position of supervisor of sales for North Greece. In 2001 he relocated

and has been engaged in a number of

to Belgrade and from the very first day has served as Country Manager

largescale industrial construction pro-

of Chipita YU. Along with his mother tongue, he also speaks English,

jects in the power generation field of

German and Serbian fluently. He is a married father of two children,

engineering in Greece, working within

Eleni and Konstantinos. ■ BILATERAL TRADE & REGIONAL SYNERGY

| 27

GREECE: BUSINESS

Greek Business Etiquette and

PROTOCOL

I

t is important to dress in a professional and stylish manner, especially when meeting business associates for the first time, as great value is placed on first impressions. Colleagues often address each other on a first name basis, although it is best to let the other person make the first move, especially when they are older than you or hold a higher position in the company.

RELATIONSHIPS & COMMUNICATION • Relationships are the linchpin of business dealings since Greeks prefer to do business with those they know and trust.

• They maintain an intricate web of family and friends to call upon for business assistance since they can be confident of their trustworthiness.

• Nepotism is not viewed negatively and it is very common for relatives to work for the same company.

• Greeks prefer face-to-face meetings rather than doing business by telephone or in writing, which are seen as too impersonal.

• It takes time to develop relationships: this can be done in the office, over extended lunches, dinners, and social outings.

• Never say or do anything that can be construed as challenging the honour or integrity of a business colleague.

• Under no circumstances should you publicly question someone’s statements.

• Greeks do not like people who are pretentious or standoffish.

• Although business is relaxed, it is also serious. Acting informal before a relationship has developed is considered discourteous.

• If your Greek business colleagues become quiet and withdrawn, you may have said or done something to upset them.

• • • •

BUSINESS MEETING ETIQUETTE Appointments are necessary and should be made 1 to 2 weeks in advance, although it is often possible to schedule them on short notice.

Confirm meetings one day in advance by telephone.

Many businesspeople eat lunch between 1 and 3 p.m., so this is not the optimal time for a meeting.

Quite often it is not until the third meeting that business is actually conducted. During the first meeting your Greek business colleagues will want to get to know something about you as a person. The second

28 |

BILATERAL TRADE & REGIONAL SYNERGY

When meeting someone for the first time, shake hands firmly, smile and make eye contact. There is no formal ritual when it comes to exchanging business cards in Greece, although it is a good idea to have one side translated into Greek and present the business card with this side facing up

• • • •

meeting is used to develop trust and mutual respect. By the third meeting, business may begin.

Have printed material available in both English and Greek.

Meetings are often interrupted. Several people may speak at the same time.

Greeks will deviate from agendas. They view agendas as starting points for discussions and will then follow the discussion to the next logical place.

Although some business people speak English, it is a good idea to hire an interpreter.

BUSINESS NEGOTIATION • Forming a personal relationship is critical to developing a successful business relationship.

• Companies are hierarchical. Greeks respect age and position.

• Business is conducted slowly. You will have to be patient and not appear ruffled.

• Demonstrate how your product or service enhances your colleague’s reputation.

• Do not lose your temper or appear irritated during business discussions.

• Greeks are skilled negotiators. They quite enjoy haggling.

• Decision making is held at the top of the company.

• Imposing a deadline on reaching a decision may end the negotiations.

• Contracts are often quite simple since the personal relationship dictates that accommodations will be made on either side should the need arise.

BUSINESS DRESS • Business dress is as in most of Europe.

• Men should wear dark coloured, conservative business suits.

• Women should wear either business suits or tasteful dresses, preferably in dark or subtle colours.

BUSINESS CARDS • Business cards are exchanged without formal ritual.

• Have one side of your business card translated into Greek.

• Present your card so the Greek side faces the recipient. ■

INTERVIEW

MAJO HODŽIĆ

DIRECTOR AT FAST START – HRANA MEDITERANA

Inimitable Flavours of the

MEDITERRANEAN When our customers in Serbia know how to make a proper Greek salad and are able to recognise real feta cheese, high quality olives and olive oil, and to smell the aroma of good oregano, we will know that they have become real lovers of Mediterranean cuisine

W

e want our consumers in Serbia to learn to distinguish between feta produced according to traditional recipes, from goat’s milk and sheep’s milk, with protected geographical origin, and cheese from domestic cow’s milk that until recently plagiarised the name Feta, and – as every Greek knows – when you want to buy high quality feta cheese you immediately think of the renowned Greek producers Dodoni, says Majo Hodžić.

■ How interested are people in Serbia when it comes to healthy foods from the Mediterranean?

- The concept of “Hrana Mediterana” (Food of the Mediterranean) was created with the intention of making carefully selected Mediterranean products available to the market and consumers throughout the calendar year.

We initially chose the cheeses of renowned Greek producers Dodoni, in order to create a new product category on the domestic market. When we say Feta, every Greek in the world will think of Dodoni, because Dodoni is synonymous with Feta cheese.

We are now faced with a process of educating consumers through various marketing activities, certainly the most effective of which are promotional activities in the form of tastings, which we conduct from weekend to weekend, with the aim of helping consumers in Serbia learn to distinguish between feta produced according to traditional recipes, from goat’s milk

and sheep’s milk, with protected geographical origin, and cheese from domestic cow’s milk that until recently plagiarised the name Feta.

Professionalism and dedication compel us to expand our supply portfolio to include other products, primarily from Greece, and then from other parts of the Mediterranean. We have secured “Halkidiki” olives, green and, of course, Kalamata olives; and, thanks to the Hrana Mediterana concept, the range of Dodoni products in Serbia has been enriched

have succeeded. We’ll succeed when the consumer is able to recognise in a Greek salad real feta, high quality olives and olive oil, and to smell the aroma of oregano.

When it comes to the distribution of Hrana Mediterana products, we have a big surprise in store, both for domestic consumers and for the Greek community in Serbia. We will create a new alternative sales channel for them, making the distribution of our products accessible to every individual with their recognisable traditional tzatziki and Greek yoghurt.

This road has no end, and the next stops along the way are olive oil, oregano, wine ...

I would reiterate the fact that every Hrana Mediterana product is carefully selected, special and unique.

Our trade mark and our mission are simple: the Greek salad. When consumers know how to make a proper Greek salad and which ingredients are used, we will know that we

■ Where can your products be purchased?

- In addition to traditional distribution methods through the Tt and Ka sales channels, for the operations of Hrana Mediterana we have a big surprise in store, both for domestic consumers and for the Greek community in Serbia. We will create a new alternative sales channel for them, making the distribution of our products accessible to every individual. ■

BILATERAL TRADE & REGIONAL SYNERGY

| 29

FOCUS

Hoping For

THE BEST

The way Greek companies that operate in Serbia envisage 2016 proves that their business fortune is inextricably linked to outcomes on the Serbian market, and the global challenges it is facing. The pace of modernisation in Serbian telecoms, banking and retail creates space for the influx of disruptive technologies, while tourism holds strong growth potential. Despite food consumption and retail banking feeling the burden of slower economic growth and the waning purchasing power of consumers, Greek business leaders and bankers feel confident that their business strategies provide them with an upper hand on the tough market.

All businesses benefit from Serbia’s reform efforts and EU accession process.

TOPICS: From the perspective of your company, what do you see as Serbia’s greatest advantages; and what represents the biggest challenges to your operations in 2016?

Strong Tourism Potential  Growing competition will force hotels to strive to find new ways to attract guests, and

that will benefit not only those guests, but Belgrade and Serbia as well

better offers for guests will be created. That will also help to solve For the last seven years that I have the problem of increasingly unfair competition between hospitalibeen living and working on the SerZAFIRIS bian market I have witnessed many good ty companies and unlicensed accommodation providers, which is LAMPADARIDIS GENERAL MANAGER OF things happening. In general, Serbia is a one of the biggest challenges we are currently facing.

THE HOTEL EXCELSIOR AND very attractive market for foreigners Belgrade has seen many new hotels open in the last two years, DIRECTOR OF ENGINEERING AT HYATT REGENCY; MEMBER due to the competitive taxation system and this is a great challenge for us - to stand out from the crowd OF THE HBA MANAGEMENT BOARD and educated workforce, and that is deby creating a better hospitality product. This will also be a very interesting year from an analytical perspective, regarding the acfinitely one of Serbia’s biggest advantages when it comes to attrahieving of financial results, but concerning the increase cting new investors. I would Belgrade has seen many new hotels open also in competition. Hotels will be also like to emphasise the in the last two years, and this is a great competing and trying to find great steps the Serbian Gochallenge for us - to stand out from the their own way to attract guevernment has taken in the European integration process. If sts, and that will not only benecrowd by creating a better hospitality you ask me why that is imporfit those guests, but Belgrade product and Serbia as well. The challentant from the perspective of tourism and the hotel industry, I will simply tell you that it is becauge for the State, the City, but also the whole industry, will be to find a way to increase visits to the country. Everything is important – se of standardisation. Even though the Hotel Excelsior, as part of business travellers, MICE or leisure – and there is huge room for the Lampsa S.A., is following the best standards and practices of the improvement of all of these segments. This is also our goal, and we hotel industry worldwide, I believe there is plenty of room to imwill do our best to accomplish it by using high standards, knowhow prove this segment in Serbia. Through the accepting of new EU and new ideas to develop an attractive hospitality product. legislation and better implementation, more standardisation and

I

30 |

BILATERAL TRADE & REGIONAL SYNERGY

New Solutions for a New Business Landscape  In 2016 we will face a changing landscape in the sectors in which we do business: banks, telecoms and retail, with new disruptive technologies mandating new solutions

ellon started operations in Serbia in 2001 as a processing company STEFANOS for banking card transactions and a KARAPETSIS GENERAL MANAGER AT provider of IT solutions, business and MELLON SERBIA; MEMBER managed services. The processing buOF THE HBA MANAGEMENT BOARD siness was sold to Euronet in 2009.

With the country’s growth progressing more slowly since 2009, modernisation and investments in Retail Banking and Mobile Telephony have been, and remain, the main drivers of Mellon’s successful operations in Serbia.

The road to EU integration and important investments by international players allows Mellon’s technological experience and knowhow to provide reliable solutions as a regional partner – being present in five EU member states and six non-EU countries.

In 2016 we face a changing landscape in the sectors in which we do business: banks, telecoms and retail. New disruptive technologies mandate new solutions, models and skills that we are building in Serbia, as part of our group efforts.

M

Mellon participates in the Serbian Initiative for Mobile Payments, with banks, telecoms, processors and Card schemes that aim to coordinate this modern payment method on a national level.

Mellon launches its cooperation with NEC enterprise solutions in 2016, bringing to Serbia state-of-the-art servers and storage products from this leading Japanese company.

When it comes to business services, Mellon is a leader in the management of receivables and increasingly provides outsourced services to major companies. The market in Serbia is not growing fast, thus we plan to expand our services to near- and off-shore customers.

Although Mellon Serbia’s revenue is relatively small compared to other companies in our group, the results are good and improving every year. This year, in which we celebrate 15 years of our presence in Serbia, we plan to consolidate our growth and become a main partner for our customers in all our lines of business.

BILATERAL TRADE & REGIONAL SYNERGY

| 31

Inner Strengths Above External Challenges

TOPIC: SERBIAN BANKING SECTOR CONSOLIDATION

Prepared for the Challenges Ahead VOJISLAV LAZAREVIĆ

PIRAEUS BANK A.D. BEOGRAD, EXECUTIVE BOARD CHAIRMAN AND GENERAL MANAGER

 For the Serbian banking sec-

tor, 2016 will be a very challenging year – not only because of the strong competition, but also because of the way the issue of non-performing loans will be tackled

t is realistic to expect further banking sector consolidation, one reason being the extremely low return on capital invested over the past five years. The profitability of the Serbian banking sector is significantly lower than on regional banking markets.

Consequently, the trend of optimising operating costs will continue during this year.

It is certain that the fight for every customer will continue, and we should expect a better offer, new direct sales channels and service packages that can meet all clients’ needs.

Piraeus Bank AD Beograd’s plan for this year are investments, especially in new technology and modern business support systems that we believe are the right answer to modern needs and further acquisitions. Further growth will be achieved through the additional increase in efficiency and a focus on the most profitable business areas.

I

Piraeus Bank AD Beograd’s plan for this year are investments, especially in new technology and modern business support systems that we believe are the right answer to modern needs and further acquisitions.

Piraeus Bank will continue its eleven-year tradition of supporting economic recovery and improving banking quality. When it comes to operations with companies, this means we will focus equally on large companies, while encouraging entrepreneurship and strengthening the SME segment, which has the greatest potential to stimulate further economic growth.

In the retail segment, the bank will strive to ensure the best offer for the client, as well as to develop new concepts which meet the needs of specific client groups. Our goal is to provide a seamless, inexpensive and easy-to-use service, which will be available directly, regardless of the time of day and location.

32 |

BILATERAL TRADE & REGIONAL SYNERGY

STYLIANOS ZAKOF

COUNTRY MANAGER OF CHIPITA YU, MEMBER OF THE HBA MANAGEMENT BOARD

 The combination of a relatively large market and a high quality product seems like a good formula for growth, although potential adversities cannot be ignored

rom the perspective of Chipita, the biggest advantage of the Serbian market is the fact that it is the largest in the Western Adriatic region and that our products are recognised as high quality products with acceptable prices. Because of that, I am hoping for growth in 2016. With a good business strategy, excellent quality and an exquisite selection of products, we are, and will continue to be, on track.

F

With a good business strategy, excellent quality and an exquisite selection of products, we are, and will continue to be, on track On the other hand, the main challenges I would point out are: a stable business environment in Serbia and throughout the region, stable exchange rates as much as possible, low inflation and consumer increases. Considering the refugee crisis – that is a European problem and not only a Western Balkan one – coupled with lower private sector activity, the challenges remain high. However, good organisation with subventions in the private sector and FDI should provide a good basis for stability and growth.

I’m hoping for the best, and prepared for the worst.

CORPORATE

Raise Your EXPECTATIONS

Founded in 1980, ISOMAT S.A. is one of Europe’s most important manufacturers of construction chemicals and premixed mortars

The company also offers integrated technical solutions that maximise its customers’ benefits, with a superbly trained team of experienced engineers available to provide prompt technical support for any interested party, both individuals and corporate clients.

ISOMAT currently has two ultra-modern production plants, one in Thessaloniki, Greece, and the other in Šimanovci (near Belhe current product range of ISOMAT grade), Serbia, while in 2015 it also started consists of more than 300 products and producing paints and polymer plasters in Buis enriched with new products every year, charest, Romania. which are developed in the company’s R&D With six subsidiary companies – in Romania, department, in accordance with the latest conSerbia, Bulgaria, Turkey, Russia and Slovenia – a struction industry trends.

Spanish affiliate and a broad network of local disMoreover, all products of ISOMAT are tributors, ISOMAT conconstantly subjected to meticulous tests that are Company offers integrated ducts international sales with clients in more than carried out by the Qualtechnical solutions that 40 countries worldwide. ■ ity Control Department, maximise its customers’ thereby ensuring a stable benefits, with a superbly For more information, and high level of quality, both during and after the please visit trained team production procedure. www.isomat.rs

T

BILATERAL TRADE & REGIONAL SYNERGY

| 33

ECONOMY

Hope for BETTER DAYS There are good reasons to believe that Greece is on its way to growth, and that 2016 and 2017 will be much better than the previous years of tough austerity. However, some risks still linger as a new round of debt relief talks commences

T

he economy of Greece is the world’s 45th largest, with nominal gross domestic product (GDP) of $235.6 billion, and the 51st largest in the world in terms of purchasing power parity, at $283.6 billion per annum.

The Greek economy is based primarily on the service sector (81%) and industry (16%), with the dominant industries being tourism and shipping. The Greek Merchant Navy is the world’s biggest, with Greek-owned vessels accounting for 15 per cent of global deadweight tonnage as of 2013. Increased demand for international maritime transportation between Greece and Asia has resulted in unprecedented investment in the shipping industry in the past three years.

Greece has the largest economy in the Balkans and is as an important regional investor.

In recent years the Greek economy was hit hard by the global financial crisis, as well as internal factors, and went through a number of bailout programmes and austerity measures.

Greece recorded government debt of 177.10 per cent of the country’s GDP in 2014, which shrank by 25 per cent during the crisis, while unemployment rose and the country faced a long recession.

However, things started to look up recently.

34 |

In an interview with the Financial Times, the governor of the country’s central bank, the Bank of Greece, Yannis Stournaras, said recently that the possibility of ‘Grexit’ is “a closed chapter”. Along with some distinguished analysts and economists, Governor Stournaras believes the local economy will return to growth in the second half of 2016, after something of a slowdown was observed in the last quarter of 2015.

Earlier last year the European Commission said in a statement that the Greek economy’s ongoing recession was projected to end in 2016, and that the country may experience real growth in 2017. After long-lasting uncertainty, this would be more than good news.

According to Governor Stournaras, the bailout programme review will greatly determine the Greek economy’s future progress. The hardest part of the programme, he added, is the controversial reform of the country’s social security system. The Greek central banker said that he has urged the coalition government in Athens to focus on the implementation of the bailout agreement, considering that any delay in the process may incur unbearable risks for Greece.

The governor also said that he is looking forward to less austerity, more investments

BILATERAL TRADE & REGIONAL SYNERGY

and greater efforts made to better take advantage of state property. He also stressed that the promised debt relief, which has yet to be implemented, will be both meaningful and symbolic. Finally, when asked about the migrant crisis, the central banker told the FT that the countries benefitting the most are those which host migrants, while the cost tends to be higher for the countries which they have departed. With a maritime border of thousands of kilometres, it will be very difficult for Greece to curb the influx or migrants. He estimates the immediate fiscal impact for Greece as being between 0.3 and 0.4 per cent of GDP. More good news was recently delivered

by Greek Finance Minister Euclid Tsakalotos, who said that Greece recorded a primary budget surplus of €2.270 billion in 2015, up from a surplus of €1.872 billion in 2014, but down from a revised budget surplus target of €3.257 billion. While some results are not that flattering – especially when it comes to taxes – the overall situation is positive.

In its last quarterly report, the Foundation for Economic & Industrial Research (IOVE) estimated that the rate of recession for 2015 amounted to 0.5 per cent, a significantly low-

er number than previously estimated, due to higher revenue from tourism, reduced energy costs and the overall weakness of the euro.

Nikos Vettas, managing director of IOVE, said that the unemployment rate was expected to rise to 25.5 per cent of the workforce this year, up from 25 per cent in 2015 and down from 26.5 per cent in 2014, while the inflation rate was expected to range between 0.5% and 1.0%. The Institute warned, however, that the domestic economy will continue to contract unless there is a significant increase in investments being made in Greece.

European Commission Vice-President Valdis Dombrovskis said earlier last year that it is likely that Greece will return to positive economic growth around the middle of 2016, provided the government exerts a serious effort to regain financial stability.

“If the government works seriously to regain financial stability, it can return to economic growth,” he said.

“If the economy gets back on track, there can be also some positive surprises in terms of performance, because the Greek economy is now substantially below potential and can catch up to that poten-

will be the beginning of the end, “a final exit from economic crisis”. With a financial lifeline sealed via an €86 billion aid package from the International Monetary Fund, the EU and the European Central Bank, the country could look ahead to radical change and “national rebirth”.

“The risk for the country now is an anaemic recovery, unable to bring down

If the economy gets back on track, there can be also some positive surprises in terms of performance, because the Greek economy is now substantially below potential, analysts say tial quite quickly,” he told media.

The economic growth rate will also have an impact on Greece’s debt servicing ability, as its eurozone creditors are considering debt relief through capping its gross debt servicing costs at a maximum of 15 per cent annually.

Dombrovskis said that Greece’s net debt servicing costs, which exclude debt rollover, were only four per cent of GDP annually, less than the same costs for both Portugal and Italy.

GDP growth may gather momentum in 2017 and is forecast to hit 2.7 per cent, as long as proposed structural reforms are implemented to boost the domestic demand.

However, the possibility exists for the negative aspects of 2015 to be carried forward into 2016, which may have somewhat negative impact.

Prime Minister Alexis Tsipras predicted at the beginning of 2016 that this year

etary Fund launched fresh negotiations on debt relief at the beginning of February. In return for money from the country’s third bailout, which was agreed last summer, Greece’s left-leaning government has to meet a series of conditions, from reducing spending to enacting wide-ranging economic reforms.

The most serious problems are the question of reform of the national pension system,

enforcement of higher taxes on farmers and a privatisation programme. This would be a tough task for any government, and even more so for one with leftist tendencies.

The country spends roughly 17 per cent of GDP on pensions, the highest rate in the European Union, and - with a shrinking workforce, tax collection below expectations, and legal loopholes existing - the system is no longer sustainable. On the other hand, pensions, which have so far been cut 12 times, represent the only source of income for many families. ■

unemployment and put the real economy back on track,” said Theodore Pelagidis, economics professor at the University of Piraeus and a fellow at the Brookings Institution think-tank.

In its January report, the IMF was more pessimistic about growth perspectives, both at the global level and at the level of the EU, and revised its prognosis further down. Such a dynamic will also impact on the Exclusively from the 1st of May Greek economy.

Representatives Vero 1 Milutina Milankovica 86a, Novi Beograd, +38111/3109-312 from Greece’s EuroVero 2 Mis Irbijeva bb Konjarnik +38111/2831-835 pean creditors and the Vero 3 Nikodima Milasa 2 Palilula +38111/2070-302 International MonVero 4 Ace Joksimovića 2b +38111/ 2363-380 Vero 5 Vojvode Stepe 253 Vozdovac +38111/3989-182, Vero 6 Brace Jerkovic 114 +38111/ 3962-077 BILATERAL TRADE & REGIONAL SYNERGY

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ECONOMIC EXCHANGE

Potential Greater than Greek companies have adapted to the crisis and renewed their interest in investing in Serbia.

Both countries have initiated several meetings aimed at establishing new cooperation channels and increasing what is currently rather modest trade

I

THE REALITY

n the period of the biggest expansion of the Greek investments in the pressed interest in investing in the food and furniture industries. In terms of large-scale infrastructure projects, Lamda Development plans Western Balkans, various indicators showed that Greece was ranked to start constructing a shopping and residential complex at the Beko either second on third in terms of FDI between 2005 and 2011, immediately behind Austria and Norway. In 2012, a net decrease was relocation in central Belgrade in 2016, once it resolves ongoing property corded in the level of FDI, followed by slight increases in the following issues. The investors have estimated that the project is worth between 150 and 200 million euros. Greece’s Eletson Fund also plans to continue few years. In the first nine months of 2014, according to the National renovating the Yugoslavia Hotel this year.

Bank of Serbia (NBS), Greek companies made cash investments in Serbia worth €46.92 million.

The main Greek companies operating in Serbia are EKO, Hellenic Sugar, The majority of Greek investments in Serbia were made in the periTITAN cement plant, Coca Cola HBC, Veropoulos, Intracom, Alumil, The od between 2001 and 2008, during a time when the global economy was National Bank of Greece, Alpha Bank, Eurobank EFG, Piraeus Bank, IKPP developing and Europe had stable growth. The global economic crisis, Rokas, Lamda Development, Casino Loutraki, Daskalantonakis Group, followed by the Greek sovereign debt crisis, slowed down the process, Laskaridis Group, Isomat, Kleeman, ELVIAL, Thrace Plastics etc. whilst on the other hand also encouraging Greek companies to invest Over ten Greek construction companies are currently active in Serbia. more abroad than at home.

Most of them have been here for a long The main segments for Greek inves- In 2015, the total exchange of goods time and several have participated in the tors in Serbia are banking, general conmost important development projects in between Serbia and Greece was struction and construction materials, reSerbia, including the construction of road valued at $392.53 million, which tail, telecommunications, the hospitality networks, reconstruction of railways and marks a reduction compared to 2014. high-rise construction. industry and tourism, consulting, food and Greece was ranked 22nd on the list beverage production etc.

There are four banks with a majority There are approximately 200 Greek of countries with which Serbia trades Greek stake operating in Serbia and currently controlling approximately 13 per companies operating on the Serbian marin 2015 ket, employing over 25,000 people. Total cent of the banking sector’s total assets.

Greek foreign direct investments are estimated at around €2 billion, while These are not branch offices of Greek banks, but rather independent subsidiaries which deposited joint stock capital in Serbia. According to Serbia’s the total amount of both direct and indirect investments exceeds €2.5 billion. central bank, The National Bank of Serbia, these banks have demonstrated Greek companies are at present mostly interested in investing in that they have higher than average liquidity indicators. energy and renewable energy resources. Greek partners have also ex-

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BILATERAL TRADE & REGIONAL SYNERGY

Chamber of Commerce. This Chamber, the establishment of which was Greek banks and other Greek companies in Serbia have continually initiated by the Association of Retailers of Northern Greece and the claimed that the economic crisis in Greece has never had a significant adverse effect on the operations of Greek companies in Serbia. A handful of Leskovac Regional Chamber of Commerce, should boost economic ties Greek companies did leave Serbia, but the main reason for that was their between Serbia and Greece. poor performance in Greece, not in Serbia, while the departure of OTE from The Republic of Serbia and the Hellenic Republic have concluded the Serbian telecommunications sector had the biggest overall impact on rea series of bilateral agreements important for the development of ecoducing the level of Greek investments in Serbia. nomic relations, including the Protocol between the Republic of Serbia In the meantime, Greek companies and banks have adjusted to the new and the Hellenic Republic on Amendments to the Agreement on Double Taxation in Respect of Taxes on market conditions and continue to Income and on Capital concluded do business as usual. between the Federal Republic of Economic cooperation between Yugoslavia and the Hellenic ReSerbia and Greece, and especially the public (2009), the Agreement beexchange of goods as the dominant tween the Federal Government of area of trade between the two countries, is characterised by stability, dithe Federal Republic of Yugoslavia versity and almost constant growth and the Government of the Hellenic Republic on International from 2000 to 2009, when the global Road Transport of Passengers and crisis struck. The best ever result in Goods (2004), the Agreement bethis trade exchange was recorded tween the Federal Government of in 2008, when total bilateral trade the Federal Republic of Yugoslavia amounted to around €500 million. and the Government of the HellenSerbian exports to Greece entered a period of stagnation in 2012, ic Republic on Economic and Technological Cooperation (2003); the but have been recovering since then.

Agreement between the Federal In 2013, the total exchange of Government of the Federal Repubgoods between Serbia and Greece In the first nine months of 2014, according lic of Yugoslavia and the Governamounted to €390.1 million, which ment of the Hellenic Republic on was up €73.3 million on the previto the National Bank of Serbia (NBS), ous year.

Greece made cash investments in Serbia Cooperation in the Field of Education and Culture (2002) and the In 2014, the total exchange of worth €46.92 million.

Several Greek Agreement between the Federal goods between Serbia and Greece stood at $472.12 million, with im- companies have announced investments in Government of the Federal Repubports amounting to $258.5 million lic of Yugoslavia and the GovernSerbia in 2016. ment of the Hellenic Republic on and exports totalling $168.7 million. the Mutual Promotion and Protection of Investments (1998).

That year saw Serbia mostly export the following products to Greece: sugar, In terms of development cooperation, the Hellenic Plan for the Ecosugar-based products and honey; plastics in primary forms; paper, cardboard and paper pulp products; iron and steel; and metal products. nomic Reconstruction of the Balkans (ESOAV) was widely considered as the In 2015, the total exchange of goods between Serbia and Greece was most important document in the previous period, but the crisis has meant valued at $392.53 million, with imports amounting to $240.89 million and that Greece no longer invests state capital abroad. ■ exports totalling $151.64 million. Greece was that year ranked 22nd on the list of countries with which Serbia trades.

According to the Republic of Serbia’s Customs Administration, Serbia mostly exports the following products to Greece: paper, cardboard and paper pulp products (13.25%); iron and steel (9.95%); plastics in primary forms (8.28%); sugar, sugar-based products and honey (6.82%), metal products not specified elsewhere (5.45%); solid vegetable fats and oils (4.80%), and cork and wood (2.81%). (Source: Customs Administrametal recycling and trading company tion of the Republic of Serbia) At a Belgrade meeting in February last year, the national chambers of commerce of Greece and Serbia agreed to support the activities of the mixed Greek-Serbian Chamber of Commerce in an effort to advance INOS BALKAN economic cooperation between the two countries. The Serbian ChamMirka Obradovica bb, 14000 Valjevo, Serbia ber of Commerce & Industry and the Union of Hellenic Chambers of tel:+38114221191, fax: +38114221877 Commerce, as national associations of businesspeople from both countries, agreed to delegate one representative each to the Greek-Serbian

Dunavska bb, 11000 Belgrade tel: 00381 11 2766662, fax: 00381112751186 BILATERAL TRADE & REGIONAL SYNERGY | 37

CULTURE

Greek History

MADE CINEMA

From greats like Theo Angelopoulos, Costa Gavras, Michael Cacoyannis, Irena Papas and Melina Mercouri, to Hollywood stars with Greek origins, such as Nick Cassavetes, Jennifer Aniston, Melina Kanakaredes, and Billy Zane, the list of talented artists is almost endless

CACOYANNIS'S ZORBA THE GREEK

A

Greece has produced some great movie directors, actors and actigone (1961) and Electra (1962), both of which starred Irene Papas, The tresses over the years, many of whom have gone on to direct popRed Lanterns (1963) by director Vasilis Georgiadis, and Battlefield Conular comedies, dramas and horror movies, becoming Hollywood stantinople (1970), which starred Aliki Vougiouklaki, the so-called “Greek legends. Here we present just a short list of those who made the history Brigitte Bardot”. Notable films also include The Counterfeit Coin (1955), of Greek cinema and those who forged global careers. directed by George Tzavellas, Bitter Bread (1951), directed by Grigoris Grigoriou, and The Ogre of Athens (1956), directed by Nikos Koundouros.

Greek cinema has a long and rich history. Its first days can be traced The 1969 Costa-Gavras film Z was nominated for the Academy Awards back to the 1900s, but the first movies showing the style and air of the for both Best Foreign Language Film and Best Picture. country were produced in the 1920s. The Greek film industry dominates Among the figures who not only dominated the artistic scene, but the domestic market and has experienced some notable international were also recognised as important intellectual figures, were Alekos Sakelsuccesses, such as those of Missing (1982) and Eternity and a Day (1998), larios, Nikos Tsiforos, Iakovos Kambanelis, Katina Paxinou and Ellie which won the Palme d’Or at the Cannes Film Festival, while five Greek Lambeti, amongst others. Followfilms have received nominations ing the reinstatement of democfor the Academy Award for Best Greece has produced some great movie racy in the mid-1970s, the Greek Foreign Language Film. directors, actors and actresses over the film industry again flourished, The 1950s and ‘60s are considered as the golden years for years, many of whom have gone on to direct led by director Theo AngelopouGreek cinema. Among the most popular comedies, dramas and horror movies, los, whose films frequently won international awards. Among his memorable productions of the becoming Hollywood legends best works are The Travelling time is Michael Cacoyannis’s Stella (1955), which was screened Players (1975), The Hunters (1977) and Voyage to Cythera (1984). Angelopoulos won numerous awards, at Cannes. The 1960 film Never on Sunday was nominated for five Academy Awards and its lead actress, Melina Mercouri, won the Best Actress including the Palme d’Or at the 51st edition of the Cannes Film Festival Award at Cannes. Cacoyannis’s Zorba the Greek (1964), starring Anthoin 1998 for Eternity and a Day (Mia aioniotita kai mia mera). His films ny Quinn, was a major commercial success that was nominated for the have been screened at the most important film festivals worldwide and Academy Awards for Best Director, Best Adapted Screenplay and Best Angelopoulos’s work has been described by Martin Scorsese as that of “a masterful filmmaker”.

Film. The movie was based on the novel of the same name by author Michael Cacoyannis’s 1977 film Iphigenia was nominated for an Nikos Kazantzakis. Other important films during this period include An-

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BILATERAL TRADE & REGIONAL SYNERGY

Oscar for Best Foreign Language Film.

When the left-leaning Panhellenic Socialist Movement came to power in Greece in 1981, actress Melina Mercouri became minister of culture and the government channelled more money into the Greek film industry, setting up networks to promote Greek cinema abroad. It was during this time that Costa-Gavras’s film Missing won the Palme d’Or at the 1982 Cannes Film Festival and director Costas Ferris’s 1983 film Rembetiko won a Silver Bear at the Berlin International Film Festival.

In 1998, with his work Money, A Mythology of Darkness, Vassilis Mazomenos created the first European 3D animation feature film, representing a visual essay on the impact of money on humanity.

The film was acclaimed both domestically and overseas, where it was nominated for the 1999 European Fantasy Award (George Méliès Award) and won the Fantasporto special jury award that same year.

The 2003 film A Touch of Spice, a big-budget production by director Tasos Boulmetis, was the most successful film of the year at the Greek box office, making over 12 million euros, while 2004 was also a good year for Greek film, with Pantelis Voulgaris’s Brides being watched by more than a million filmgoers and earning over seven million euros at the box office. The most successful Greek film in 2007 was El Greco,

IRENA PAPAS

JENNIFER ANISTON

GREEKS IN HOLLYWOOD Noteworthy screenwriters, film actors and movie directors of Greek origin include Melina Eleni Kanakaredes – best known for her role as Sally Bowles in the Broadway play Cabaret, and the movie 15 Minutes (2001), in which she co-starred opposite the legendary Robert De Niro. Another prominent figure is Nick Cassavetes, son of actress Gena Rowlands and Greek-American actor and film director John Cassavetes, who appeared in two of his father’s films: Husbands (1970) and A Woman Under the Influence (1974), before gaining recognition for his roles in the films Face/Off, The Wraith, Life and Class of 1999 II: The Substitute, amongst others. He has also directed several films, including John Q, Alpha Dog, She’s So Lovely, Unhook the Stars, The Notebook, and My Sister’s Keeper.

Greek Canadian actress and writer Nia Vardalos is best known for the movie My Big Fat Greek Wedding (2002).

Olympia Dukakis became a household name and in-demand film actress at the age 56, after turning in a glorious, Oscar-winning performance as Cher’s sardonic mother in the romantic comedy Moonstruck (1987), following a rich career in the theatre. Her adaptability to various ethnicities (Greek, Italian, Jewish, Eastern Euro-

MELINA MERCOURI

pean etc.), as well her chameledirected by Yannis Smaragdis.

Dogtooth (2009), directed by One of Europe’s most important and influential on-like versatility in everything Yorgos Lanthimos, won the Prix film festivals, the Thessaloniki International from cutting edge comedy to stark tragedy, has kept her in Un Certain Regard at the Cannes Film Festival, was first held in 1960 and has high demand for the past 30 Film Festival and was also nomisince evolved into the primary showcase for years as one of Hollywood’s nated for the Best Foreign Language Film at the 83rd Academy top-notch character actresses. emerging filmmakers from Greece and the Awards in 2011. The 2010 film Actress and producer Rita Balkan region Attenberg, directed by Athina RaWilson, known for Sleepless in chel Tsangari, won the Coppa VolSeattle (1993), Jingle All the Way pi Award for Best Actress (Ariane Labed) at the Venice Film Festival and (1996) and Runaway Bride (1999), was married to Tom Hanks and is in 2011 the film Alps won the Osella Award for Best Screenplay (Yorgos half Greek. Her mother, Dorothy, was born and raised in a Greek village on the Albanian border.

Lanthimos and Efthimios Filippou) at the 68th Venice Film Festival. Miss Violence, directed by Alexandros Arvanas, won a Silver Lion for Best DiPerhaps the best know contemporary actress with Greek roots is rector at the 70th Venice International Film Festival in 2013.

Jennifer Aniston, who spent a year of her childhood living in Greece, One of Europe’s most important and influential film festivals, the after which she reallocated to New York City. With the success of the television sitcom Friends (1994), Jennifer became famous and Thessaloniki International Film Festival, was first held in 1960 and highly marketable, turning her hand to roles in movies during a hiahas since evolved into the primary showcase for emerging filmmakers from Greece and the Balkan region. The festival awards, among tus from the hit TV show. Interestingly, her godfather was the late other prizes, the “Golden Alexander” for best feature film.

Telly Savalas. ■ BILATERAL TRADE & REGIONAL SYNERGY

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TOURISM

Experience a GREEK EASTER

SKIATHOS - THE ISLAND OF ALEXANDRE PAPADIAMANTIS

Early May is a wonderful time for everyone to get acquainted with the Easter traditions of the Greek Islands and to experience popular summer tourist sites in a different light. Here are some suggestions

F

aithful Christians all over Greece follow the Holy Week ritual devoutly, giving their body and soul to the culmination of the Passion of Christ and, finally, rejoicing in his Resurrection. Each community celebrates Easter with a pinch of local tradition and flavour.

Easter celebrations are exciting all over Greece, but some of the most famous destinations for Easter celebrations include Corfu, Skiathos, Patmos, Chios, and Leonidio. This is a oneof-a-kind opportunity to delve into an overwhelming spiritual atmosphere and participate in sacred rituals, age-old traditions and joyful celebrations!

Here are some elements of the tradition you will find everywhere: On Maundy Thursday the Service of the Holy Passion is held, while preparations for the celebration of the Resurrection are underway. The Easter brioche (“tsoureki”) and painted eggs are prepared with special red dyes, a custom that symbolises the rebirth of life and nature. On Good Friday, the sacred day of the culmina-

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BILATERAL TRADE & REGIONAL SYNERGY

tion of the Passion of Christ with the Deposition from the cross and Christ’s burial, people decorate the Epitaph, as tradition calls for the Crown of Thorns of Jesus Christ to be covered with flowers.

In the evening the Epitaph Mass takes place and people join the procession on its way through the streets of every single village and city, listening to chanters reciting the funeral psalms in a mystic atmosphere of devout concentration.

Before midnight, people gather in church holding white candles, which they light with the “Holy Light”. The Resurrection of Christ is celebrated at 12 midnight sharp, with drum beats and fireworks. When “Christós Anésti” (Christ has risen) is proclaimed against a background of loudly tolling bells, people repeat the phrase “Christós Anésti” to one another and respond with “Alithós Anésti” (He has truly risen). An impressive firework display lights up the night sky, and people gather around the festively laid tables, crack red eggs and feast on the traditional “maghiritsa” (a tripe and herb soup). On Easter Sunday morn-

ing, as the 40-day period of fasting finally comes to an end, it is time for lamb prepared on the spit or roasted in the oven. The atmosphere is festive. Easter tables are set and people merrily rejoice, eat and drink with their family until late at night.

SKIATHOS

Spending Easter on Skiathos, the island of “the saint of Greek literature”, Alexandre Papadiamantis, is definitely a spiritual experience, as the locals observe the monastery ritual of Mount Athos and spend the Passion Week in devoutness and deep contemplation. The sound of the funeral bells ringing, and the scents of the nature in blossom, blend harmoniously in sweet melancholy.

In the morning, Christians go to church to receive the body and blood of Jesus Christ to symbolise the Last Supper, while children HOLY WEEK IN THE CITY OF CORFU AT EASTER move from house to house, holding cane crosses adorned with rosemary, violets, roses, lilies and poppies, singing Easter songs dy Thursday in the Duomo, the Catholic Cathedral, 12 candles for treats. On Good Friday, unlike elsewhere in Greece, the Epitaph are ignited and extinguished one at a time after the reading of Mass starts at 1am and the circumambulation at 4am. The litany each of the 12 Gospels. On Good Friday young girls decorate passes through the narrow the epitaphs. The last and streets of the town of Skiáthos, most impressive epitaph, the During the Passion Week on Patmos, where the houses are all lit and Epitaph of Corfu Cathedral, visitors are immersed in a deeply spiritual people wait by the windows to makes its appearance at 10pm see the procession approach. At atmosphere. The presence of the Monastery with the Corfu Philharmonic, 5:30am the litany returns to the of St. John, devoted to St. John the Baptist, giving an ecstatic dimension church and everybody shouts to this mournful night. brings a special tone to the occasion “Open the gates!” The church On Easter Saturday at 11am, opens in a representation of the the first Resurrection brings a descent of Jesus Christ to the Underworld. truly unique celebration: “Christós Anésti” is proclaimed against a They congregation then gathers again for the First Resurrection background of loudly tolling bells and the joyful sounds of bands parading through the streets. At night there is the Catholic Mass of the Resurrection in Duomo, or the Orthodox Resurrection Service at “Páno Platía” (Upper Square).

PATMOS

The island of Patmos owes its fame to St. John the Baptist, the most beloved disciple of Christ, and to the monastery, built during the 11th century AD, to honour his name. This monastery has always represented the “heart” of the island.

During the Passion Week, visitors are immersed in a deeply spiritual atmosphere. The presence of the Monastery of St. John

TSOUREKI (GREEK EASTER BREAD)

service, listening to the bells ringing in joyous celebration of the victory of life over death. The priests hold palm leaves, i.e. symbols of victory and triumph, and sprinkle the Christians with holy water.

In the afternoon, religious rituals give way smoothly to prevailing gastronomic desire, with everyone focusing on the preparation of the Lucullian Easter meal.

CORFU

Another good option is the city of Corfu, where fascinating religious celebrations are held at Easter. The Municipal Chorus sings ecclesiastical hymns on Good Wednesday, while on MaunBILATERAL TRADE & REGIONAL SYNERGY

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CHIOS WINDMILLS

THE TEMPLE OF POSEIDON AT CAPE SOUNION

leads to uninterrupted observance and practice of the preserved Early Christian traditions like “The Washing of the Disciples’ Feet” and the Re-enactment of the Deposition from the Cross in the Monastery of St. John.

CHIOS

LEONIDIO

During Easter time on Leonidio devoutness and excitement go hand in hand, thanks to a spectacular balloon custom that dates back more than a century. Although its origin is unknown, it is believed that the custom is a recreation of a similar custom that local seamen saw practiced in some Asian country.

On the night of Easter Saturday, locals and visitors alike gather in the central square of the village and wait impatiently for the big moment. It is midnight, and when the words “Christos Anesti”

Next is Chios, or Hios, which is also well known for its magnificent Easter festivities. The scenic picture of ship owners’ mansions with exquisite flower garden designs, peaceful little ports with colourful boats, and picturesque windmills by the During Easter time in Leonidio devoutness and excitement go hand sea, changes dramatically folin hand, thanks to a spectacular balloon custom that is more than lowing the Resurrection mass.

On the night of the Holy Sata century old. The custom is a recreation of a similar one that local urday, a rocket war breaks out seamen saw practiced in some Asian country there. Dating back to the age of the Ottoman occupation (15th19th centuries), this custom turns the village into a virtual bat(Christ is risen) are heard, the men of the village set fire to oil-andtlefield. petroleum-soaked pieces of cloth at the bottom of each balloon.

Preparations for this bloodless “war” last for months and It all boils down to a competition between the five parishes the improvised rockets, made of coal, sulphur and nitro, are put of the village. Preparations last for six weeks until Easter, while on wooden stands ready for the “gunners of Chios” to fire them.

Easter Saturday night sees five to six hundred balloons fill the sky Teasing and challenging each other alternately with test shots with their sparkling light. until the sound of a horn signals “fire”, late at night. The followTradition has it that, regardless of the weather conditions, ing day finds the beautiful village of Vrontádos again restored calmness takes over and only a gentle westerly blows, just strong to its peaceful self. enough to allow the balloons to reach for the stars. ■

MONASTERIES IN LEONIDIO

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BILATERAL TRADE & REGIONAL SYNERGY

PATMOS

COMPANY REGISTER ALINI FOODS DOO BEOGRAD Stefanos Peristerakis office@alinifoods.com 069 659277 Sindjeliceva 8, 11 000 Beograd www.alinifoods.com ALPHA BANK SRBIJA AD Georgios Papanastasiou marketing@alphabankserbia.com 011 324 6840 Kralja Milana 11, 11000 Beograd www.alphabankserbia.com AKTOR A.T.E. OGRANAK BEOGRAD Dimitrios Arvanitis legal@aktor.rs 011 228 9421 Milutina Milankovica 19a, 11 000 Beograd www.aktor.gr ALUMIL YU INDUSTRY AD Charikleia Lozinsky alumilyuindustry@alumil.com 022 321 302 Vojacki put 3, 22 000 Nova Pazova www.alumil.com THE ARLA DOO Christos Stergiou office@thearla.rs 011 404 9410 Svetozara Radojcica 80v, 11 000 Beograd www.thearla.com AUTOTECHNICA SERBIA DOO (HERTZ) Dimitrios Mangioros office@hertz.rs 011 2028 200 Đorđa Stanojevića 14, 11 070 Novi Beograd www.hertz.rs AXA OSIGURANJE Adamantios Chatzistylis contact@axa.rs 011 7155 444 Bulevar Mihaila Pupina 6, 11 070 Novi Beograd www.axa.rs BALKAN CARGO DOO Darko Asik office@balkancargo.rs 011 311 5483 Bul. Zorana Djindjica 92, 11 070 Novi Beograd www.balkancargo.rs HYATT REGENCY BELGRADE Hom Parviz belgrade.regency@hyatt.com 011 311 2234 Milentija Popovića 5, 11 070 Novi Beograd www.belgrade.regency.hyatt.com BEOTELNET-ISP DOO Radivoje Milicevic prodaja@isp.beotel.net Bul.Vojvode Misica 37, 11 000 Beograd 011 4255 000 www.beotel.net BLUEGRASS DOO Nikolaos Karakostas nk@bluegrassconsultants.biz 011 2663 083 Dunavska 15, 11 080 Zemun BRITISH AMERICAN TOBACCO SOUTH-EAST EUROPE DOO Athanasios Trimis 011 3108 700 Bulevar Mihaila Pupina 165g, 11 070 Novi Beograd www.bat.com CBS INTERNATIONAL DOO Dragan Radulovic office@cbre.rs 011 2258 777 Omladinskih brigada 88b,11 070

Novi Beograd www.cbre.rs CHIPITA YU AD Stylianos Zakof office@chipita.rs 011 3122 081 Bulevar Mihajla Pupina 10v, 11 070 Novi Beograd www.chipita.com CITY COLLEGE OF THESSALONIKI (PREDSTAVNIŠTVO CITY LTD) Nikolaos Dimitriadis ndimitriadis@city.academic.gr 011 715 6905 Vladimira Popovica 38-40, 11 000 Novi Beograd www.citycollege.sheffield.eu COCA-COLA HBC - SRBIJA DOO Aleksandar Ružević pr.rs@cchellenic.com 011 3073 111 Batajnički drum 14-16, 11 080 Zemun www.coca-colahellenic.rs CONFIDA CONSULTING DOO Christian Braunig office@confida.rs 011 303 9104 Kneza Mihaila 22, 11 000 Beograd www.confida.rs CONGRESS RENTAL DOO Panagiotis Podimatas rental@congressrental.eu 011 208 44 10 Ramadanska 16c, 11 000 Beograd www.congressrental.rs CORD MAGAZINE Ana Novcic office@aim.rs 011 2450 508 Makenzijeva 67, 11 000 Beograd www.cordmagazine.com www.aim.rs CRVENKA FABRIKA SECERA AD (HELLENIC SUGAR INDUSTRY) Petros Gemintzis info@secerana-crvenka.rs 025 5731 122 Masarikova 7, 25 220 Crvenka www.secerana-crvenka.rs CYCLE CREDIT DOO Georgios Panoutsopoulos office@cyclecredit.rs 011 3219 400 Omladinskih brigada 90v , 11 070 Novi Beograd www.cyclecredit.rs DA FRATELLO DOO Slobodan Delic info@fratello.rs 011 3086 024 Brace Ribnikara 37, 11 000 Beograd www.fratello.rs DANOS AND ASSOCIATES DOO Ivan Simic office@danos.rs 011 2600 603 Španskih boraca 3, 11 070 Novi Beograd www.danos.rs DIASTASI CONSTRUCTION DO Georgios Kapolonaris office@diastasicon.rs 011 361 4887 Kneza Miloša 95, 11 000 Beograd www.diastasicon.gr EKO SERBIA AD Goran Dejanovic 011 2061 500 Tošin bunar 274a , 11 070 Novi Beograd www.ekoserbia.com ERB LEASING AD Vladan Miljanovic administration@ebrleasing.rs

011 3027 555 Vuka Karadzica 10, 11 000 Beograd www.eurobank.rs ETEM S.C.G. DOO Emmanouil Kartsomichelakis etem.sr@etem.com 022 328 019 Bul.Arsenija Carnojevica 52a, 11 070 Novi Beograd http://www.etem.rs EUROBANK SERBIA AD Phlippos Karamanolis office@eurobank.rs 011 2023 353 Vuka Karadzica 10, 11 000 Beograd www.eurobank.rs EUROFAST GLOBAL DOO Panagiotis Diallinas belgrade@eurofast.eu 011 3241 484 Beogradska 31, 11 000 Beograd www.eurofast.eu EVEXIA HEALTH CLUB DOO Georgios Karadimas office@evexia.rs 011 2626 131 Strahinjića Bana 74, 11 000 Beograd www.evexia.rs EXCELSIOR AD Zafeirios Lampadaridis sales@hotelexcelsior.rs 011 3231 381 Kneza Miloša 5, 11 000 Belgrade www.hotelexcelsior.co.rs EXTRA COFFEE Konstantinos Nektarios Giovanis grckavina@yahoo.com 065 8698996 Dimitrja Sabova 14a, 21 205 Sremski Karlovci FASTSTART DOO Petros Gemintzis office@faststart.rs 011 404 7930 Oskara Davica 42, 11 080 Zemun www.faststart.rs G4S SECURE SOLUTIONS DOO Panagiotis Dermitzoglou direkcija@rs.g4s.com 011 2097 900 Kumodraska 240, 11 000 Beograd www.g4s.rs CPDIGITAL - GLOBAL PRINT DOO Ruza Cvetkovic office@globalprint.rs 011 2970 177 Mirijevski bulevar 41ž, 11 000 Belgrade www.globalprint.rs GRAND CASINO BEOGRAD DOO Sokratis Charitatos info@gcb.rs 011 2202 800 Bulevar Nikole Tesle 3 ,11 080 Zemun www.grandcasinobeograd.com (GREEK TAVERN) PIATAKIA DOO Georgios Papanikolaou tavernapiatakia@gmail.com 065 2696 996 Novogradska 10, 11080 Zemun www.tavernapiatakia.com HBRAIN MANAGEMENT –DEVELOPMENT –CONSULTING DOO Nikola Senesi info.serbia@hotelbrain.com 011 3555 700 Radovana Dragovica 12, 11 000 Beograd www.hotelbrain.com HRISTOS DOO

Christos Papadimitriou office@hristos.rs 011 2399 254 Stojana Matica 11a, 11 000 Beograd www.klimatizacija.rs IASIS TECHNOLOGIES EUROPE DOO Nikolaos Skyvalidas info@iasistech.rs 011 322 1206 Bul. Zorana Djindjica 45b, 11 070 Novi Beograd www.iasistech.rs ICAP BUSINESS SERVICES DOO Georgios Panoutsopoulos office@icap.rs 011 3219 420 Omladinskih brigada 90v , 11 070 Novi Beograd www.icap.rs IKRP I PARTNERI DOO Marika Bajic belgrade@rokas.com 011 263 5184 Tadeusa Koscuskog 30, 11 000 Beograd www.rokas.com INOS - BALKAN DOO Andreas Deligiannis contact@inosbalkan.com 014 227469 Mirka Obradovica bb, 14 000 Valjevo www.inosbalkan.com INTELLI DOO Pavlos Tziorkas info@intelli-corp.com 011 331 9317 Pancevacki put 38, 11 000 Beograd www.intelli.rs INTERALLIS CHEMICALS DOO Marko Malavrazic serbia@interallis.com 011 3679 230 Neznanog junaka 27a, 11 000 Beograd www.interallis.com INTERNATIONAL CERTIFICATION GROUP DOO Radoje Djordja info@icertgroup.org 011 286 1183 Pljevaljska 2b, 11 000 Beograd www.icertgroup.org INTERNATIONAL STONE CRETE DOO Ioannis Dangoulidis office@stonecrete.rs 011 347 0187 Narodnog fronta 86a, 11 000 Beograd www.stonecrete.rs INTRACOM TELECOM DOO Efthymios Partsalis office@intracom.rs 011 20 40 500 Jurija Gagarina 7g, 11 070 Novi Beograd www.intracom.rs ISOMAT DOO Spyridon Vlachos info@isomat.co.rs 022 2150 100 Prhovacka bb, 22 310 Simanovci www.isomat.rs AD JUNIOR BRUS Nikolaos Sliousaregko info@junior-kopaonik.com 037 823 355 Brzece BB, 37 225 Brzece www.juniorhotel.rs JUNIOR K.M. CARDS DOO Costas Michaelides biljana@juniorkm.com 011 307 2585 Cara Dušana 205a, 11 080 Zemun

www.juniorkm.com KARANOVIC & NIKOLIC OAD Dragan Karanovic / Dejan Nikolic knserbia@karanovic-nikolic.com 011 3094 200 Resavska 23, 11 000 Beograd www.karanovic-nikolic.com KLEEMANN LIFTOVI DOO Zoran Djuric office@kleemann.rs 022 409 000 Golubacka bb, Simanovci www.kleemannlifts.rs LAZAREVIĆ & PRŠIĆ AOD Igor Prsic / Ana Lazarevic ljiljana.jaksic@lp.rs 011 328 3301 Kosančićev venac 11a, 11 000 Beograd www.lp.rs KLSER COMMERCE DOO (MOTHERCARE) Ioannis Lappas mothercaresrb@vektor.net 011 220 3908 Bulevar Arsenija Carmojevica 101, 11 070 Novi Beograd www.mothercare.com LAMDA DEVELOPMENT DOO Zisimos Danilatos adomanovic@lamda-development. net 011 2182 228 Bulevar Vojvode Bojovica 6-8, 11 000 Beograd www.lamda-development.net LG HEMIJA DOO Georgios Eleftherakis office@lghemija.co.rs 011 66 00 191 Bulevar Mihaila Pupina 3, 11 000 Beograd www.lghemija.co.rs LINK CONSULTANTS INTERNATIONAL DOO Sasa Milosevic marketing@link-consultants.com 011 3670 264 Omladinska 11a, 11 000 Beograd www.link-consultants.com MARFIN BANK AD Borislav Strugarevic office@marfinbank.rs 011 3306 300 Dalmatinska 22, 11 000 Beograd www.marfinbank.rs MELLON SERBIA DOO Stefanos Karapetsis office@mellon.rs 011 71 50 400 Bulevar despota Stefana 68c, 11 000 Beograd www.mellon.com.gr METROPOL PALACE DOO Ioannis Daskalantonakis office@metropolpalace.com 011 3333 100 Bulevar Kralja Aleksandra 69, 11 000 Beograd www.metropolpalace.com MEZESTORAN DVORISTE (MEDITERRANEAN & GREEK CUISINE) Mirko Butulija info@restorandvoriste.rs 011 3246515 Svetogorska 46, 11 000 Beograd www.restorandvoriste.rs PALO TECHNOLOGIES DOO Nikolaos Arvanitis na@paloservices.com 011 324 5614 Kosovska 6, 11 000 Beograd www.paloservices.com PIRAEUS BANK AD Vojislav Lazarevic banka@piraeusbank.rs

011 3024 000 Milentija Popovića 5b , 11 070 Novi Beograd www.piraeusbank.rs PRINTEC DOO Nebojsa Bjelotomic rs-office@printecgroup.com 011 415 5510 Augusta Cesarca 12, 11 000 Beograd www.printecgroup.com RDP B92 AD Stefanos Papadopoulos marketing@b92.net 011 301 2000 Bulevar Zorana Djindjica 64, 11 070 Novi Beograd www.b92.net ROBNE KUCE BEOGRAD DOO Krsta Sandic office@rkbeograd.rs 011 3206 540 Makenzijeva 57, 11 000 Beograd www.rkbeograd.rs S.P. EURO-DOM CO.CO. DOO Stefanos Papazoglou office@speurodom.com 011 2120 566 Bul.Zorana Djindjica 95, 11 070 Novi Beograd www.speurodom.com SRPSKA FABRIKA ZA RECIKLAZU DOO Slavisa Ognjanovic office@sfr.rs 018 881 038 18219 Grejač, Aleksinac www.sfr.rs SUBARU ZA SRBIJU I CRNU GORU DOO Olivia Kattami info@subaruserbia.com 011 307 2580 Cara Dušana 205 a, 11080 Zemun www.subaruserbia.com TGI GROUP INTERNATIONAL DOO Symeon Tsomokos office@tsomokos.rs 011 3032 235 Rige od Fere 8, 11 000 Beograd www.tsomokos.rs THE END OF LINE DOO Patrikios Sarantakos info@teol.rs 011 7850531 Patrijarha Dimitrija 24, 11 000 Beograd - Rakovica www.teol.rs TITAN CEMENTARA KOSJERIĆ AD Miroslav Gligorijevic acajic@titan.co.rs 031 590 333 Živojina Mišića bb, 31 260 Kosjerić www.titan.rs UTR SOLUNAC Christos Konas solunacbg@sezampro.rs 011 3626 610 Terazije 36, 11 000 Beograd VEROPOULOS DOO Lazar Gavran office@veropoulos.rs 011 3119 111 Milutina Milankovica 86a,11 070 Novi Beograd www.veropoulos.gr VOJVOĐANSKA BANKA MarinosVathis office@voban.groupnbg.com 021 421 077 Trg slobode 5-7, 21 000 Novi Sad www.voban.co.rs V+O COMMUNICATIONS Natalija Rackovic office@vando.rs 011 3242 772 Svetozara Markovića 2, 11000 Beograd www.vando.rs

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