Greece 2024

SPECIAL EDITION 2024

GREECE

New Start for an Old Friendship

INTERVIEW | NIKOLAOS SLIOUSAREGKO PRESIDENT OF THE MANAGEMENT BOARD OF THE HBA

New Investment Opportunities The fact that Greek Prime Minister Kyriakos Mitsotakis and Serbian President Aleksandar Vučić were present at the Greek-Serbian Business Forum marks a major shift in economic relations erbia has succeeded in preserving economic stability and investor confidence, as testified to by GDP growth over the past three years, as well as the growth of private sector employment and earnings. According to the estimates of analysts, the current year could prove favourable for the Serbian economy, considering predicted GDP growth of 3.5%, but also an anticipated drop in inflation and interest rates. ​ “The greatest challenge awaiting us certainly relates to energy products and fluctuations in their prices, which are difficult to predict. For our member companies, which predominantly hail from the construction sector, the hotel industry, the cement and sugar industries, the petroleum trade sector, recycling, the production of building materials and aluminium profiles, but also the service sector, the previous year proved successful, given that these sectors recorded growth in sales and services,” says Nikolaos Sliousaregko, president of the HBA Management Board. “Good prospects exist when it comes to the operations of Greek companies continuing to be successful in 2024,” says our interlocutor.

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Considering that we are awaiting the formation of a new government, what would be your primary message for the cabinet?

— The Government of Serbia has been working actively for many years on the implementation of structural reforms, investing in the upgrading of infrastructure, promoting IT sector growth and implementing the Green Agenda, but also numerous other segments of the economy. Apart from this, and very importantly for our members, is continuous work on improving the business climate. I believe that the new government will continue to work in this direction and that it will contribute to the further development of the business environment and enable the overcoming of the challenges confronting us, which relate 02

to finding an adequate workforce, the long-term harmonisation with EU regulations and complicated procedures for obtaining various business permits, such as procedures related to import and export operations.

What impressions did you take away from the recent Serbian-Greek Business Forum that was attended by Greek Prime Minister Kyriakos Mitsotakis and Serbian President Aleksandar Vučić?

— Relations between our two countries – from bilateral and economic relations, to cultural and historical ones – have always shown themselves to be at an extremely high level, testifying to which are the regular visits of Greek officials to Serbia and Serbian officials to Greece.

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The attendance of Greek Prime Minister Mitsotakis and Serbian President Vučić at the recently held Serbian-Greek Business Forum testifies to the commitment and aspirations of the two countries to improve economic cooperation in multiple fields. One fact that’s of great importance is that the discussions noted specific sectors for the further improvement of cooperation, among them energy, oil pipelines, gas pipelines, gas purchases, renewable energy sources and transport infrastructure, but also President Vučić’s call for Greek banks to once again show an interest in the Serbian market. The Forum also confirmed a determination to cooperate in all fields, given that Prime Minister Mitsotakis arrived in Serbia accompanied by four ministers and a large business delegation that comprised representatives of 76 Greek companies, mainly from the energy, construction, manufacturing, real estate and banking sectors. The Forum served to confirm the existing strong economic ties between Serbia and Greece, while at the same time presenting new investment opportunities for Greek businesses in Serbia and major strides in advancing economic relations. We are particularly encouraged by the objective President Vučić set to increase the trade exchange between Serbia and Greece – which totalled 750 million euros last year – to more than two billion euros in the next three years. These intentions were also confirmed by Prime Minister Mitsotakis, who pointed out that Greek companies will be a major part of the success that will be achieved by the Serbian economy in the coming period.

How is the Hellenic Business Association preparing to leverage the opportunities presented by the six-billion-dollar investment plan in the Western Balkans?

— The EU growth plan provides a great opportunity for the Western Balkans, given that European institutions have the goal of using programmes within the plan to double the economies of the countries of the region in the next ten years. With the free movement of people, capital and services, as well as the Western Balkans common market, access to the European market will be enabled even before the countries become full EU member states. There are numerous possibilities for further business development within the four pillars of the Growth Plan, provided of course that the implementation of the reforms allows it. Programmes linked to the decarbonisation of the energy sector and the implementation of the green agenda, as well as the further development of road transport, are areas in which cordmagazine.com

SUPPORT The Hellenic Business Association of Serbia will provide support to all Greek companies expressing an interest in participating in the implementation of the European growth plan for the Western Balkans EXPERTISE Greek companies have expertise in the decarbonisation of the energy sector and the development of road transport and could contribute to the implementation of the plan for the Western Balkans in these areas PROGRESS Alongside a more favourable economic situation and the Serbian Government’s efforts to improve the business climate, the prospects of Greek companies continuing to operate successfully in 2024 are good

Greek companies could contribute to the plan’s implementation. Our member companies have been active for many years in the construction and waste management sectors, while room to further improve cooperation in the energy sector exists with the scope of the Growth Plan. Specifically, Greece has made a largescale shift towards renewable energy sources that are mostly based on solar and wind energy, and Greek companies’ expertise in this sector could play a vital role in the implementation of the Green Agenda for the Western Balkans and the circular economy. In this sense, the Hellenic Business Association of Serbia will provide support to all Greek companies expressing an interest in participating in the Plan’s implementation.

To what extent is the hospitality industry benefiting from the positive developments associated with EXPO 2027 Belgrade?

— During the recent Serbian-Greek Forum and official addresses given by top officials of Serbia and Greece, we had an opportunity to hear about Serbia’s key development projects in

The EXPO will contribute to the development of tourism and the urbanisation of Belgrade, and the hotel sector will record high growth from this internationally acknowledged exhibition the coming period, and EXPO 2027 certainly stands out among them. At the diplomatic level, Serbia will have an opportunity to demonstrate that it is capable of hosting foreign delegations and that it is open to the world. At the same time, the EXPO will contribute to the development of tourism and the urbanisation of the capital, considering the envisaged construction of completely new parts of the city. The hotel sector will certainly record high growth from this internationally acknowledged exhibition, particularly if we take into consideration the fact that 2.1 million tourists visited Serbia over the course of 2023 and that, according to President Vučić, 2.6 million more tourists are expected to arrive during EXPO 2027. Such numbers will certainly require the reorganisation of existing hotel facilities and the construction of completely new ones.

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CORPORATE | IOSIF VANGELATOS GENERAL MANAGER, INOS BALKAN

Proud of Tripling Trade Volume Inos Balkan already possessed extensive expertise in the recycling sector, with its collection and processing centres, while it has today transformed itself successfully to become Serbia’s premier metal recycling company

his company remains committed to sustaining its momentum and further solidifying its position as a leading force in the metal recycling industry, in the belief that advances in digital technologies can contribute to better compliance with waste management laws by improving the trackability of waste.

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Was the acquisition of Inos Balkan part of your group’s strategic plan for 04

expansion into the Balkan region and has it proven successful? Is this region proving to be the right market for you?

— Viohalco has a rich history spanning more than 85 years, having originated as a family business and evolved to become a prominent holding company overseeing some of the leading metal processing firms throughout Europe. Most of our production facilities are situated in the Balkans, a region that we consider as

being our home market for both product distribution and the procurement of secondary raw materials.

Our strategic entry into Serbia, including the acquisition of Inos Balkan, was part of a broader investment plan and emphasises the pivotal importance of the Serbian market to our operations.

Inos Balkan already possessed extensive expertise in the recycling sector, with its collection and processing centres strategically encompassing a large part of Serbia’s territory. Despite encountering diverse challenges, we transformed successfully to become the country’s premier metal recycling company. Over the past decade, our unwavering commitment to continuous investments in equipment and the development of our human capital, coupled with a robust commercial strategy and an extensive network of partners, has enabled us to achieve an impressive feat: tripling our trade volumes. This accomplishment stands out even amid the supply chain disruptions caused by the COVID-19 pandemic and amid the high interest rates fiscal environment.

Our resilience and strategic foresight allowed us not only to overcome these obstacles, but also to thrive in the face of adversity. As we look ahead, we remain committed to sustaining this momentum and to further solidifying our position as a leading force in the metal recycling industry, while adapting to the dynamic economic landscape.

According to the World Bank’s assessments, Serbia has been improving its ranking in the Ease of Doing Business Index year on year. Based on your practical experience, what additional improvements do you see as being necessary?

— Serbia’s business environment, as assessed by the Doing Business rankings, has experienced significant im-

Inos Balkan already possessed extensive expertise in the recycling sector, with its collection and processing centres strategically encompassing a large part of Serbia’s territory GREECE 2024

provements. In contrast to the 91st position that it occupied in 2015, the 2020 Doing Business Report revealed that Serbia had achieved an overall ranking of 44th among 190 economies. Renewed efforts to enhance the business environment were launched in 2015, with the attracting of foreign investments emerging as a key priority for the Serbian government. Remarkable advancements have been observed in safeguarding the rights of minority investors and addressing insolvency issues, particularly in the domain of construction permits.

Despite Serbia’s strides in advancing its business environment, significant challenges persist in governance, institutions and regulations. Notably, there are substantial concerns regarding property rights and regulations, with perceived risks remaining high in Serbia. Furthermore, while Serbian companies show confidence in the legal system and existing laws, the judiciary is perceived as lacking efficiency.

The corporate tax system, as well as labour legislation, require further simplification, and the streamlined processes implemented with regard to construction permits should be extended to various other regulated sectors in

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order to achieve more comprehensive improvements.

How is the secondary raw materials industry impacted by Industry 4.0, digitalisation, robotics and other scientific and technological advancements?

— Industry 4.0, or the fourth industrial revolution, is marked by the integration of advanced digital technologies into manufacturing and industry. It involves the use of things like automation, data exchange, artificial intelligence and the Internet of Things (IoT) to make industries smarter, more efficient and adaptable.

The objective is to enhance productivity, product quality and overall oper-

nance and improving supply chain efficiency. Furthermore, advancements in digital technologies can contribute to better compliance with waste management laws by augmenting the traceability of waste.

Serbia’s total FDI from Greece is estimated to stand at around 1.5 billion euros, while direct and indirect investments made over the last 20 years exceed 2.5 billion euros. To what extent is the Hellenic Business Association responsible for this?

— Last year marked a momentous occasion, as we celebrated the 20th anniversary of the establishing of the Hellenic

Despite Serbia’s strides in advancing its business environment, significant challenges persist in terms of governance, institutions and regulations ational efficiency within the manufacturing and industrial sectors. Specifically, within the secondary raw materials industry, digital technologies can play a pivotal role in enhancing the sorting and preparation of raw materials, energy efficiency, predictive mainte-

Business Association (HBA) of Serbia.

During an outstanding evening gala, we seized the opportunity to pay tribute to our esteemed founding board of directors. It was a touching moment that also served as a reminder of the pivotal role played by the Greek business community, which ranked among the pioneers of investing in Serbia in the aftermath of the tumultuous 1990s.

Over the course of the past two decades, the HBA has operated diligently, serving as a vital bridge and fostering collaboration between the Greek and Serbian business communities. Our commitment to facilitating this connection has been instrumental in ensuring a robust business environment in Serbia.

We have advocated tirelessly for fairness and equity, striving to amplify the voices of Greek companies and guaranteeing that the business landscape in Serbia remains conducive and just for all investors.

Our visionary founding members envisaged a brighter future for Serbia and its people – one marked by both financial and social progress, as well as enduring peace and security for all. We take immense pride in witnessing the transformation of this vision into a tangible reality day by day.

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CORPORATE | ARIS KAROUSOS CEO OF EKO SERBIA

Drivers Know Why They Choose EKO Two decades ago, when this company launched its operations in Serbia, the desire was for the EKO brand to become synonymous with reliability, quality and top services, and that vision quickly became a reality

“EKO Serbia aligned its strategy for Serbia with the “Vision 2025” strategic plan, in order – like all companies operating within the Group – to accelerate its transformation and provide financially affordable solutions for everyone, as well as significant benefits for its customers,” explains EKO Serbia’s CEO. Will your commitment to prioritising consumers, the local community and the environment remain at the core of your business for the next 20 years?

— EKO Serbia has invested over 100 million euros over the past two decades, and today more than 700 people are directly and indirectly employed within our company. We operate through a network of 57 petrol stations, offering a complete portfolio of fuel products, including high-quality premium fuels Diesel Double Filtered and EKO Racing 100 RON. Additionally, consumers have access to the well-supplied Kalypso minimarket, where they can find everything that they need for their travels and maintaining their car. EKO petrol stations are also places where drivers can rest and refresh with high-quality coffee.

Expansion of the EKO petrol station network is planned, while simultaneously introducing innovations to improve the quality of our products and services. Also, through digital transformation, we aim to improve the customer experience, particularly with the EKO Smile loyalty programme, which recently celebrated its 10th anniversary and, 06

Through our digital transformation, we are working to improve the customer experience, particularly with the EKO Smile loyalty programme with over 700,000 members, has become one of the most successful programmes of its kind on the Serbian market. As a socially responsible company, we continue to support projects aimed at socially disadvantaged groups, education, traffic safety and environmental protection.

What is EKO Serbia’s strategy regarding a sustainable future?

— Adapting to changes in the global energy market, HELLENiQ ENERGY,

of which EKO Serbia is a member, has defined a strategic development plan called “Vision 2025”, representing one of the most ambitious targeted investment programmes and worth almost four billion euros.

EKO Serbia aligned the strategy for Serbia with the “Vision 2025” strategic plan. This means that, like all companies operating within the Group, it is accelerating its transformation in order to provide financially affordable solutions for everyone, as well as significant benefits for its customers.

In line with the business strategy of the Group and the energy transition process, EKO Serbia is undertaking several initiatives. We are firstly exploring opportunities to install small photovoltaic panels at our petrol stations throughout Serbia, thus enabling increased use of solar energy. Additionally, the company plans to introduce electric vehicle chargers, promoting sustainable transportation and contributing to a cleaner and more sustainable future.

Will you continue to stand by Serbian athletes during their quest for medals and records at the upcoming Paris Olympics?

— EKO Serbia is a proud long-standing sponsor of the Olympic Committee of Serbia, as a company that shares common values and contributes to the development of sports in Serbia. Through this partnership, the company expresses satisfaction in supporting the Serbian Olympic team – young, talented and successful athletes representing their country in Paris this year, at one of the world’s most important sporting competitions.

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CORPORATE | DANILO ĐUROVIĆ, GENERAL MANAGER, AUTOTECHNICA SERBIA – HERTZ

Introducing Flex Drive As part of the Autohellas Group, which has been the absolute leader of Greece’s automotive sector since 1974, Hertz is more than just a traditional car rental company

hanks to its experience and flexibility, this company is able to satisfy almost all the demands of clients, even when they extend beyond standard products. And in addition to standard daily car rental and long-term leasing services, this company also offer monthly rentals and its new Flex Drive pro­g­ra­m.

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What makes you the number one choice on our market and on many others that are much more demanding?

— As franchisees of a brand that has been a global leader of the car rental industry for over a century, we are obliged to apply the highest standards in all aspects of our operations. Moreover, as part of the Autohellas Group, we proudly emphasise that service provision and customer orientation are ingrained in the very DNA of our corporate structure. As a globally recognisable brand, our commitment to providing customers with the best possible experience in using our services every day and our readiness to meet our customers’ needs, even the most complex, is what sets us apart from the competition.

Thanks to experience and flexibility, you are able to meet almost all client demands, even when they extend beyond your standard services. Which services are in the highest demand?

— Daily car rental and long-term leasing (operational leasing) still represent the largest part of our business activities. In addition to these now-standard services, I would highlight the increasing interest in so-called monthly rentals, both among corporate clients and, increasingly, among individuals. This type of arrangement combines operational leasing and daily rental, taking the best of both services and providing customers with flexible rental at costs cordmagazine.com

that are priced almost at the level of operational leasing. In these times of rapid change and uncertainty, this type of vehicle rental represents an ideal way to ensure mobility with a high level of cost efficiency.

Recognising this trend, we have developed a special programme for our clients at the level of the Autohellas Group under the Flex Drive brand. This programme allows clients to use a vehicle for a period of at least 30 days without a contractual obligation, on a subscription basis, at an

The Flex Drive brand allows clients to use a vehicle without a contractual obligation extremely favourable price that includes a full-service (all-inclusive). This programme is extremely simple and allows the customer to conclude an arrangement with minimum engagement and provides maximum comfort during use, because it requires almost no additional interaction.

The programme has been designed with a view to the model of popular digital subscription programmes, providing users with simplicity, flexibility and cost-effectiveness in vehicle rental.

The participation of vehicles acquired through operational leasing in the total sales of new vehicles in Serbia is estimated at around 20% annually. Could this percentage be higher, i.e., is there growth potential?

— This concept is still in its infancy in our country and the potential for development is great. I believe that this percentage should be much higher and – following the example of European countries – has the potential to exceed 50% of total sales of new vehicles. The presence of multiple companies providing operational leasing services creates a competitive market environment, which can stimulate innovation and improve service offers for customers. This can drive further growth in this segment of the market. Institutional support, in the form of tax incentives and clear regulatory frameworks, could prove crucial to the further development of operational leasing. These mechanisms can reduce the costs and legal uncertainties associated with this type of financing, thereby increasing the attractiveness of operational leasing for potential users. Additionally, the organising of associations or groups that bring together companies that provide operational leasing services can facilitate exchanges of knowhow, experiences and best practices.

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CORPORATE | NIKOS VEROPOULOS OWNER, VEROPOULOS

Super Vero, Super Successful For two decades already, company Veropoulos has been known on our market for its unique offer and high-quality products at promotional prices, but also for the excellent customer experience it provides ikos Veropoulos was considered a risk taker when in 2001 decided to buy an expensive piece of land in Novi Beograd and built a big supermarket . But this bold move was the start of a success story . When we asked Mr Veropoulos why he decided to enter in Serbia so early he replayed that he had a strong feeling that he made the right move at the right time at the right country.

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Veropoulos was one of the first foreign investors in Serbia. You purchased land in 2001 and thus began operations in Serbia. Did you believe that our country was the right place for investment?

— I think we were probably the first foreign retailer to buy land in Belgrade for a major store. Yes, that was in 2001. I had no doubt that investment in Belgrade would be an immediate success. I took a calculated risk that I knew, inside me, was really no risk.

You gradually integrated Jumbo into Super Vero. Is the combining of these two brands yielding good results?

— Super Vero has been a success for decades. It was at the end of 2016 that we introduced Jumbo to the Serbian market.

The combination of the two is loved by our customers, as it satisfies a lot of the basic needs of most families.

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Veropoulos is known on the Serbian market for its unique range, high-quality products at promotional prices and excellent customer experience. Is this your winning combination?

— The key to success is the overall experience as a daily routine. Starting from parking at the store, finding our great assortment, good quality at affordable prices, propositions for all family budgets, our comfortable store layout and good service. Ever more customers are realising that our regular prices are better compared to our main competitors. Also, more of our customers who use our loyalty card regularly are benefiting from money returning to their wallet in the form of coupons. These coupons can be used in their next purchase. The value of the coupons that we returned to our customers in 2023 totalled 84,100,000 RSD.

We achieved sales in Serbia of €80,000,000 (with VAT) in 2023, which was an increase of 35.3%... We expect the value of our profits to increase by 12% this year

You opened Novi Sad’s first hypermarket in late 2022, covering an area of 10,000 square metres. How were you received by the people of Vojvodina’s provincial capital?

— That was a big risk that we took because it has been a very big investment, but we felt strong enough to take that risk.

I am very happy with this store. Is at a prime location with easy access from the main boulevard and very comfortable parking. This store is our most advanced design.

The good thing is that our customers find the store great, and they fill up the parking area. It is at its busiest in the afternoons and on weekends. Of the 10,000m2 sales area, 3,000 is reserved for Vero and 7,000 for Jumbo.

This Jumbo is by far the best Jumbo in Serbia. You will be surprised by the fantastic range of products - even I’m surprised every time I visit the store.

Is it accurate to say that the past year was exceptional for you and that you broke all records since the arrival of your company in Serbia? Have you increased your turnover, number of customers, profitability, market share etc.?

— We achieved sales in Serbia of €80,000,000 (with VAT) in 2023, which was an increase of 35.3%.

In total, our Group (North Macedonia and Serbia) reached sales of GREECE 2024

€174,600,000 and that is a total increase of 19 %.

We expect the value of our profits to increase by 12% this year. Our asset value exceeds €100,000,000 and our loan obligations towards banks will be less than €4,500,000 by March 2024.

Yes, we have a very stable performance today, we employ 1,700 employees in both countries.

The Paralympic Games will be held in Paris this year. Will your Company once again sponsor the Paralympic Committee of Serbia and our Paralympians? cordmagazine.com

Ever more customers are realising that our regular prices are better compared to our main competitors, and ever more customers are regularly using our loyalty card

— Yes, we are one of the main sponsors of the Serbian Paralympic team and will continue to support the team.

The retail sector has faced numerous challenges over recent years – from the pandemic to the energy crisis and inflation. Are you hoping for better days?

— One of the main pillars of our strategy is to try to have an operation with low energy costs. It is for this reason that we continuously invest in the latest technology and equipment, regular maintenance and store design which take advantage of sunlight and geothermal energy.

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CORPORATE | PANAGIOTIS PITSIKOS CEO, AUTOSTOP INTERIORS

The Best is Yet to Come Company Autostop Interiors was established in 2013 and specialises in manufacturing car floor mats and leather covers. These 10 years have been a journey of growth, innovation and dedication to excellence player in the automotive interior parts industry.

How do you reflect on these first 10 years? We believe that you have plenty of reason to be satisfied.

— Reflecting on the first 10 years of Autostop Interiors fills me with immense pride and satisfaction. Since our establishment in 2013, we have worked tirelessly to become a leading manufacturer of car floor mats and leather covers. Our success over the past decade can be attributed to the unwavering commitment

of our team. From our skilled designers and engineers to our dedicated manufacturing staff, every member of the Autostop family plays a crucial role in our achievements.

Looking ahead, the next decade holds immense promise for Autostop Interiors. We are poised to expand our product offers, explore new markets and leverage emerging technologies to remain at the forefront of the automotive industry. Together with our talented team and valued partners, I am confident that the best is yet to come for Autostop.

Since our inception, we have made it a priority to create a supportive and nurturing work environment in which every member of our team feels valued, respected and cared for

You often highlight that your main goal is to gain satisfied customers with quality products. Are your long-term customers the best indicators of the quality of your products?

— One of the most rewarding aspects of our journey has been the evolution of our

he company’s Leskovac factory has already embarked on a strategic expansion initiative, marked by the addition of new projects and esteemed OEM customers to its growing portfolio. With the introduction of these new projects and partnerships, Autostop Interiors is not only diversifying its operations, but also solidifying its position as a leading

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products. We started with a vision to create high-quality car floor mats and leather covers that not only enhance the aesthetics of vehicles, but also provide durability and functionality. Over the years, we have refined our manufacturing processes, embraced cutting-edge technologies and collaborated with industry experts to continually improve the quality and design of our products. I am today proud to be able to say that Autostop Interiors sets the standard for excellence in automotive interior parts.

You are a very unusual director and owner of the company, because – as your employees state – you are involved in the company’s daily activities. Is this because you are one of us? Do you have Serbian citizenship?

— Indeed, I am deeply involved in the daily activities of Autostop, and I take great pride in being hands-on within the company. I firmly believe in leading by example and being actively engaged in all aspects of our operations. This approach allows me to stay connected with our team, understand their challenges and triumphs firsthand, and foster a collaborative and supportive work environment.

Yes, I can say that I’m one of you!

From the moment I arrived in Serbia, I felt a profound sense of belonging, and obtaining citizenship nearly five years ago solidified that feeling. Being part of this community has been incredibly meaningful to me, and it’s an honour for me to contribute to the growth and success of our company and community alongside such dedicated and talented individuals.

As you probably know, Greeks and Serbs are Brothers and that’s a reality!

A few years ago, there were discussions about possible capacity expansion and the building of a new factory. Have negative global events slowed down your plans?

— While negative global events – such as the pandemic, wars, energy crises and inflation – have presented challenges, I’m proud to say that they have not derailed our long-term growth and expansion vision. It’s true that we’ve had to navigate uncertain economic times and volatility on the global marketplace, but we are cordmagazine.com

also thrilled to announce that Autostop has already embarked on a strategic expansion initiative, marked by the addition of new projects and esteemed OEM customers to our growing portfolio.

With the introduction of these new projects and partnerships, we are not only diversifying our business, but also solidifying our position as a leading player in the automotive interior parts industry. These ventures represent exciting opportunities for growth, allowing us to leverage our expertise and capabilities to meet the evolving needs of our customers and the market.

From the moment I arrived in Serbia, I felt a profound sense of belonging, and obtaining citizenship nearly five years ago solidified that feeling Autostop Interiors is a family company that has shown its care for employees from day one. Is it true that you are one of the few companies that have a daycare centre for the children of your employees?

— Indeed, at Autostop Interiors we pride ourselves on being a family-oriented company that values and prioritises the wellbeing of our employees. Since our inception, we have made it a priority to create a supportive and nurturing work environment, where every member of our team feels valued, respected and cared for.

One of the ways we demonstrate our commitment to our employees is by offering a range of benefits and support services designed to meet their diverse needs. Our employees are the heart of our company, and their health, happiness and work-life balance are paramount to us.

One aspect of our employee support initiatives that sets us apart is the provision of a daycare centre for the children of our employees. We recognise that balancing work and family responsibilities can be challenging and believe that pro-

viding onsite childcare is not only a practical solution, but also a reflection of our commitment to supporting our employees’ personal and professional lives.

Our daycare centre is staffed by qualified and experienced caregivers, who provide a safe, nurturing and stimulating environment for the children in their care. By offering this service, we aim to alleviate the stress and logistical challenges that working parents may face, allowing them to focus on their work with peace of mind, knowing that their children are well cared for nearby.

Furthermore, we go beyond just providing childcare by offering a range of other benefits and support services, including flexible work arrangements, wellness programmes, professional development opportunities and more. These initiatives reflect our belief that happy and fulfilled employees are essential to the success and sustainability of our company.

We know that you are operating a second manufacturing Plant near Leskovac in the town of Bojnik... What exactly are you producing at this plant?

— Autostop proudly operates its second manufacturing facility in Bojnik, which is strategically located near Leskovac. This facility is dedicated to the production of high-quality PVC and PU leather and PU foam materials tailored specifically to the automotive and aviation industries. It is a unique plant and the only one of its kind in Serbia and across the Balkans.

We have assembled a team of highly skilled professionals at this cutting-edge facility, including an experienced research and development team and meticulously trained production members.

This talented team collaborates tirelessly in order to pioneer innovative, advanced and sustainable PVC and PU materials that meet the stringent requirements of seating applications in automotive interiors and the aviation and rail industries.

Furthermore, our dedication to sustainability drives our efforts to minimise our environmental impact throughout the manufacturing process. Through continuous innovation and improvement, we strive to develop ecofriendly materials that contribute to a greener and more sustainable future for the automotive and aviation industries.

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INTERVIEW | FANINA KOVAČEVIĆ-POPAZ EXECUTIVE DIRECTOR OF THE HBA

Consistency & Innovation The Hellenic Economic Association of Serbia’s 20 years of successful operations represent a source of inspiration and good practices that the HBA will continue to apply in the third decade of its work hrough its activities, the Hellenic Business Association of Serbia aims to contribute to connecting its member companies and advancing their networking with other foreign and domestic companies operating in the country, but also to promote the Greek economy in the broader business community. The HBA pursues these aims through the organising of various events, from its traditional annual receptions to activities that are organised

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in cooperation with the community of bilateral chambers and business associations. Through internal channels of communication and its specially created newsletters, this association promotes activities and innovations in the operations of its member companies.

Additionally, the HBA provides full support to its membership in communication with Serbian and Greek institutions, with the intention of contributing to the stability of operations and a secure investment environment.

The Hellenic Business Association of Serbia last celebrated the 20th anniversary of its operations. What ambitions do you have as you enter a new decade?

— The jubilee commemorating 20 years of our work showed the importance of the presence of Greek companies in Serbia and their enduring presence as investors and contribution to the local economy, paying tribute to all member companies and Greek businesspeople who participated in the establishment and work of the association. The formal reception at the Hyatt Regency Belgrade hotel to celebrate the anniversary, which we are very proud to have organised successfully, brought together more than 200 representatives of member companies, the diplomatic corps, state institutions, chambers of commerce and the wider Serbian and Greek business community. The HBA was particularly honoured by the presence of Serbian First Deputy Prime Minister and Foreign Minister Ivica Dačić, Internal and Foreign Trade Minister Tomislav Momirović and Greek GREECE 2024

Ambassador to Serbia H.E. Maria Levanti, all of whom addressed the audience.

The guests of honour also included Cypriot Ambassador to Serbia H.E. Andreas Photiou, HRH Crown Prince Aleksandar Karađorđević and Princess Katarina Karađorđević, as well as Bishop of Lipjan Archimandrite Dositej. In the third decade of its operations, the HBA will continue to represent the interests of the Greek business community in Serbia, strengthening the recognisability of Greek companies among the country’s authorities and institutions, fortifying links between HBA member companies and other stakeholders in Serbian entrepreneurship, as well as providing support to the implementation of Greek investment initiatives.

How much have Greek companies contributed to the development of the Serbian economy over the past 20 years and which sectors are they most interested in today?

— Total Greek FDI in Serbia is estimated at around 1.5 billion euros, while direct and indirect investments over the last 20 years exceed 2.5 billion euros. HBA member companies represent Greek economic interests in the broadest sense

and are present in almost all sectors: the hotel and construction industries, the cement and sugar industries, the petroleum derivatives sector, the manufacturing of building materials and aluminium profiles, the recycling sector, the food and beverage retail sector, the service sector etc.

What are the most important topics today when it comes to doing business and creating a level playing field on the market?

— The HBA organises various sector-specific training courses, seminars and workshops for employees within its member companies, the topics of which are aligned with current events relevant to the economy, but also regular business operations. Our members consider such events extremely useful, which is why we’ve organised training courses in the previous period that were intended for middle and top management

and covered the areas of HR, marketing, tax and accounting topics, inspection oversight and many others. We will this month address the topic of amendments to the Decree on Customs Procedures and Customs Formalities through a workshop for the employees of our member companies that we are organising in cooperation with the Serbian Customs Administration, the Belgian-Serbian Business Association, the Croatian Business Club and the Swiss-Serbian Chamber of Commerce, while this workshop will also enable networking between the members of these four bilateral associations.

How do the HBA and its members contribute to the wider community?

— Over the course of the previous 20 years, our Greek member companies have made numerous donations to healthcare and educational institutions, cultural institutions, churches and mon-

Total Greek FDI in Serbia is estimated at around 1.5 billion euros, while direct and indirect investments over the last 20 years exceed 2.5 billion euros asteries, environmental protection causes and for the empowerment of students and young people. In endeavouring to promote Greek business practices as being socially responsible, the HBA has been organising humanitarian activities for many years, with our humanitarian Christmas dinner standing out as a particularly successful event. We direct the funds collected at this event to one of Serbia’s many humanitarian organisations and last year donated the collected money to the organisation SOS Children’s Villages. Apart from this, and in the scope of promotions of the Greek language and culture, the HBA has for the past three years awarded scholarships to students of the University of Belgrade Faculty Orthodox Theology. Even though the HBA is primarily driven by business interests, strengthening the common cultural and historical heritage of our two peoples and cultures gives a human touch to our activities.

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CORPORATE | DIMITRIOS BOGDANOS FOUNDER AND DIRECTOR OF ZEUS AUTO

Passion for Mercedes

Zeus Auto is a workshop specialising in repairs and maintenance of Mercedes-Benz produced passenger vehicles, vans and smart vehicles, as well as tuning & styling he core work of Zeus Auto relates to the all maintenance, mechanical and electronic repairs, diagnostics, A/C and body and paint works of all Mercedes vehicles, smart cars and van programmes. Its workshop is staffed by specialised experts with vast experience and possesses the latest technology, equipment and parts. And it is this that distinguishes it on the market.

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Did the establishing of Zeus Auto represent a logical step in your career?

— Establishing Zeus Auto Mercedes-Benz was a logical step for me to take and one that came as a kind of natural progression of my career, given that I’m a graduate Automotive Engineer and that I spent years studying at two universities in England. Cars and motorcycles have always been my passion.

As far back as I can remember, I would hold a toy car or bike on my hand and play with it, making the sound of the exhaust.

The steps I took prior to establishing the company included amassing long-

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term experience as an After-Sales Network Auditor at Mercedes Benz Hellas in Greece and, of course, as After-Sales Manager at Mercedes-Benz Serbia and Montenegro, leading a team of 120 people. However, in the back of my mind was always a desire to have my own Workshop-Service and to pursue my passion.

That opportunity ultimately arrived here in Serbia, when Mercedes-Benz Srbija i Crna Gora was sold to Emil Frey, a Swiss company, and was no longer in the hands of Germany’s DAIMLER AG. I had to make a decision and that decision was “to realise my dream”, as my dear friend, Mercedes-Benz Hellas CEO Dr Paufler, would say.

You employ exclusively specialised experts at Zeus Auto, who – in addition to their specialist knowhow – can boast of rich experience, creativity and passion. Is this what sets you apart on the market?

— We have all the authorised MercedesBenz equipment needed to carry out the

required repairs, otherwise we wouldn’t be able to do anything, given that these vehicles are full of electronics and complicated mechanical parts. Moreover, and even more importantly, we have the right specialised expert technicians to do that work, and they have all spent their entire careers working exclusively on Mercedes-Benz vehicles. You see, in this job, the human factor is still the most important aspect when it comes to achieving success – not only in a technical sense, but also at the level of communication with the customer. As one colleague once noted, in this job you have to be a good technician, have very good organisation, be well mannered in communication and settlements, good at mathematics in order to provide the right price for the right work, and a good psychiatrist able to tell the customer precisely what he wants to hear.

This is a very demanding job indeed, one that requires motivation, love and passion. And that characterises to the entire Zeus Auto team.

GREECE 2024

CORPORATE | ALEXIOS GKEGKIOS DIRECTOR, GLOBE WILLIAMS

Adding Value to Clients’ Facilities Globe Williams is present in 34 countries on all continents and has an excellent team of ambitious and dedicated managers who strive to meet the needs and expectations of all clients

ur organisation has an infinite collection of global knowhow all around the world through an expanded network of affiliate partners, which is then transferred and utilised in every operation, inclusive of the continuously growing Serbian market,” says Globe Williams Director Alexios Gkegkios.

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Globe Williams represents a concept that offers something entirely new on our market. Is it your company’s global experience, comprehensive offer and all accompanying services that make it so superior?

— What makes our company stand out in the Serbian market and all others in which we operate is primarily our peo-

ple; people who give their absolute best in terms of expertise and experience, effort and commitment, coupled with the strong supervisory presence of senior management at different levels. This obviously wouldn’t be possible without the continuous support and guidance of our strong local leadership, global procedures and international experts who are ready to be dispatched at any time and wherever needed by GW’s people.

Having the combined capacity of an organisation that spans 34 countries across all continents and delivers services in more than 80 states through a vast network of affiliate partners acts as a base for collecting global knowhow that is subsequently transferred and utilised in all of our operations, inclusive of the continuously growing Serbian market.

You have an excellent team of ambitious and dedicated managers who strive to meet the needs and expectations of all clients. They work contin-

uously to introduce new services and improve existing ones.

— The real strength of Globe Williams International is its people, combined with the managerial element that distinguishes itself through devotion, dedication, knowledge, educational skills and a duty of care for all our personnel who are at the forefront of our clients’ facilities. In an era in which it is rare to find skilled personnel, at GW Serbia we continue to attract the crème de la crème of people, as they strive to join a global organisation that has endless possibilities for growth and success and a workplace environment that meets the latest standards of hybrid working spaces. It is no longer a secret that working under such conditions ensures that they not only deliver services to our clients that meet with an average satisfaction rate of 97%, but they are also very successful in their cross-selling targets, as they continue adding services to our clients’ facilities on a daily basis.

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FEATURE | GREEK-SERBIAN ECONOMIC RELATIONS

New Start Greek Prime Minister Kyriakos Mitsotakis’ visit to Belgrade on February 12, 2024, is poised to be a pivotal moment in Greek-Serbian economic relations reek Prime Minister Kyriakos Mitsotakis’ February 12, 2024 visit to Belgrade is likely to be remembered as a turning point in Greek-Serbian economic relations. That’s because it marked the return of Greek companies and banks to the Serbian market, but also the bolder entry of Serbian companies into the Greek market and new joint infrastructure projects that will prove significant not only for Greece and Serbia, but also for the region of Southeast Europe as a whole.

After over a decade of declining Greek investments and capital withdrawal from Serbia, coupled with sluggish mutual trade growth, new prospects for collaboration emerge. The Greek economy, now valued at nearly 200 billion euros, and the growing Serbian economy, aiming for a 33% GDP increase to 100 billion euros by 2027, along with substantial public investments in both nations, create fresh opportunities for cooperation between the two countries and their business communities.

Serbia is initiating a significant investment cycle for the 2027 EXPO, with around €17-18 billion earmarked for the EXPO complex and various infrastructure projects. This not only generates local jobs but also widens opportunities for Greek companies in Serbia. The robust recovery of Greek public investments, supported by European funds, signals opportunities for Serbian companies to expand internationally, especially in Greece. President Aleksandar Vučić’s invitation to Greek companies aligns with state infrastructure investments, fostering a new era for Greek investment in Serbia and Greece’s resurgence as a top investor in Serbia.

Future economic ties between the two nations will notably strengthen, especially in energy collaboration. Greek business leaders are keen on participating in Serbia’s green energy transition projects, particularly in renewable energy

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sources (RES). The upcoming launch of the Alexandroupolis LNG terminal, a vital project for energy security and gas supply diversification in Serbia and the region, further emphasizes this cooperation. Serbia has already secured 300 million cubic meters of gas from the terminal, and the completed gas interconnector with Bulgaria will facilitate natural gas delivery to Serbia.

While energy seems poised to surpass banking in bilateral cooperation, the participation of Greek banks in the Greek-Serbian Business Forum in Belgrade is crucial. It underscores their commitment to facilitating investment and trade arrangements between Greek and Serbian companies in the Serbian market.

Improved transport infrastructure is crucial for increased movement of people, goods, and capital between Serbia and Greece. Despite a 2.3-fold trade increase from 2014 to 2023, bilateral trade remains modest at €792 million, falling short of the targeted two to three billion euros.

Serbia has upgraded its road infrastructure on Pan-European Corridor X to Greece, and a Greek-Serbian agreement aims to accelerate the development of a high-speed railway covering 1,512 km, connecting Piraeus to Budapest via North Macedonia. Serbia is keen on utilizing Greek ports, Thessaloniki and Piraeus, for Serbian goods heading to distant markets. Additionally, an agreement on a unified electronic road toll system will further facilitate efficient transportation and movement between the two countries.

Tourism, synonymous with Greece and a unifying factor for our people, remains a vital aspect of bilateral economic cooperation. Greece was the partner country at the 45th International Tourism Fair in Belgrade, held from 22nd to 25th February reflecting its significance.

Around a million Serbian tourists visit Greece annually, and efforts are underway to attract more Greek tourists. Serbia also seeks Greek investors for the hospitality industry, aiming to build over a hundred hotels before EXPO 2027, supported by state subsidies of 20%.

GREECE 2024