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I T A LY & S E R B I A

INTENSIFYING FUTURE COOPERATION

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CONTENTS

I TA LY & S E R B I A

INTENSIFYING FUTURE COOPERATION

S ERBIAN GOVERNMENT WORK DESERVES RECOGNITION

F ULL STEAM AHEAD

Italian President Sergio Mattarella visited Belgrade on 25th May

2015

EDITOR Saša Marić

B UYERS RECOGNISE HIGH QUALITY PRODUCTS SLODESTRADE

COPY EDITOR Mark Pullen

MARCO LEONE Head of Economic Affairs at the Embassy of Italy to Serbia

ART DIRECTOR Ilija Petrović i.petrovic@aim.rs EXECUTIVE PROJECT MANAGER Maja Vidaković m. vidakovic@aim.rs

H.E. GIUSEPPE MANZO Italian Ambassador to Serbia

PROJECT MANAGERS Biljana Dević b.devic@aim.rs Mila Oreščanin m.orescanin@aim.rs Ivana Fidler i.fidler@aim.rs Aleksandra Ebilji a.ebilji@aim.rs

OFFICE MANAGER Nataša Nešić n.nesis@aim.rs

E XEMPLARY COOPERATION

MARKO ČADEŽ President of the Serbian Chamber of Commerce

PHOTOS Zoran Petrović

FINANCIAL DIRECTOR Gordana Obradović g.obradovic@aim.rs

I T A LY & S E R B I A

W ORSHIPPING THE LEGEND OF FILMOGRAPHY

Italian economy

EXCITING CULTURE: Cinecittà Film studios

S UPPORTING CLIENTS THROUGH ALL STAGES OF INVESTMENT

G OOD EXPERIENCE AS A MAGNET FOR NEW INVESTMENT

C OOPERATION CONSTANTLY ON THE RISE

CLAUDIO CESARIO President of the Italian-Serbian Chamber of Commerce and CEO of Unicredit Bank Serbia

PRINTING Rotografika d.o.o.

S TRONGER INVESTOR CONFIDENCE IN SERBIA

Italian investments in Serbia

GENERAL MANAGER Ivan Novčić i.novcic@cma.rs

A LIVE AND KICKING

Comm. VLATKO SEKULOVIĆ Sekulović Law Firm

EXECUTIVE DIRECTOR Ruža Ristanović r.ristanovic@aim.rs

MARIĆ & MUJEZINOVIĆ JOINT LAW FIRM

I NVESTORS ENCOURAGED BY REFORMS

EDITORIAL MANAGER Tanja Banković t.bankovic@aim.rs

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I TALY SUPPORTS SERBIA ON ITS EU PATH

I NTESA LEASING BELGRADE – MARKET LEADER NEBOJŠA JANIĆIJEVIĆ Chairman of the Executive Board of Intesa Leasing Belgrade

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Economic cooperation – Serbia and Italy

L IVING IS EASY ON FERRAGOSTO Italian customs and tradition

M ILAN’S MAGNET Italian tourism

INTERVIEW

H.E. GIUSEPPE MANZO ITALIAN AMBASSADOR TO SERBIA

Serbian Government

WORK DESERVES RECOGNITION almost all parts of Serbia. Cultural cooperation is intense, spanning from student exchanging to artistic collaboration. No wonder, then, that the Italian language is the number one foreign language studied in Serbia after English. This constant surge in bilateral relations reached a peak last 24th-26th May, when Italian President Sergio Mattarella paid an official visit to Belgrade, marking the first visit ever of an Italian President to the Republic of Serbia. ■ Several high ranking Italian officials visited Serbia recently. Where is Serbia on the Italian agenda and how do you rate the pace of Serbia’s EU accession process?

Italy supports Serbia’s accession to the EU strongly and considers the pace as being positive, especially when it comes to the work undertaken by the Serbian Government in the field of economic reforms 6 |

I T A LY & S E R B I A

elations between Italy and Serbia are a success story on many different levels: when it comes to the political field, Italy strongly supports and encourages the Serbian government on its road to the EU, as well as supporting the Serbian Chairmanship in OSCE. Bilateral cooperation in the area of the fight against corruption and organised crime represents another example of great work in progress. Good business links were further fortified by FIAT’s arrival in Serbia, but there are many other Italian companies building their presence here, not just in the domestic economy, but also in everyday life, in

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- Serbia is very high on the Italian agenda, as demonstrated clearly by the remarkable series of recent meetings, starting with the Trilateral meeting of Italian, Serbian and Albanian foreign ministers hosted in Rome in January, followed by Minister Gentiloni’s visit to Belgrade in March and the EU ministerial meeting “Friends of Serbia”, promoted jointly by Italy and Austria in Brussels a few weeks ago. Our strong bilateral relations reached their peak last 24th-26th May with the official visit to Belgrade of President Mattarella, marking the first visit ever of an Italian President to the Republic of Serbia. All these visits and events are connected by the common underlying theme of Serbia’s EU accession process. Italy supports this process strongly and I consider the pace of

Serbia’s EU accession process as being positive, especially when it comes to the work undertaken by the Serbian Government in the field of economic reforms. Of course, there is always room for further improvement in certain areas, such as the Belgrade-Pristina dialogue and the rule of law, but I am convinced the work already done deserves recognition through the prompt opening of the first negotiating chapters with the EU. ■ How do you see the current issues related to Greek negotiations with the EU, with regard to their obligations toward creditors and the stability of the Eurozone and the region?

- The situation is serious and all EU partners are actively involved in identifying an exit strategy for the sake of the stability of the Eurozone. Athens has to respect the conditions of Greece’s international bailout. At the same time, a stronger focus should be placed on growth. I will quote Prime Minister Renzi when he said a few months ago: “In the match between austerity and growth, Italy stays on the side of growth, because that’s the only way to exit this crisis.”

to establish new prospects for further cooperation in this crucial field of Serbia’s EU path. ■ How do you see the impact of Serbia’s Chairmanship of the OSCE so far?

- The Chairmanship of the OSCE is both a unique opportunity and a challenge for Serbia, which is showing the will to play a more active role and exercise more responsibilities within the international community. We support this commitment, not only when it comes to the crisis in Ukraine, but also on overarching issues such as the continuing negotiations on a new European security dimension, peacekeeping activities and the common fight against terrorism. So we encourage Belgrade to continue to

■ We recently witnessed some incidents in the Balkans (in Macedonia and in Zvornik, Republika Srpska) and heard talk about Greater Albania. Do you see these as important happenings or are fears of possible instability premature and without grounds?

- We all deeply regret the recent incidents in the region, especially those that saw people lose their lives. The political leadership in the region was firm in condemning violence and remained committed to further promoting regional cooperation and good neighbourly relations. Against this backdrop, an important role is being played by Serbia, as a net contributor to Belgrade has a strong interest in, and is showing stability in the Balkans. Belgrade has a strong interest in, and is showing clear commitment to, clear commitment to, promoting and increasing promoting and increasing good relations with good relations with other countries of the region other countries of the region. As I said, Italy is also doing its part, favouring the dialogue in the region through play a constructive role on the Ukrainian crisis, but also on the dialogue with the Mediterranean area and, once again, in terms the trilateral initiative with Serbia and Albania. of regional cooperation in the Western Balkans. Of course, no■ Italy has an excellent track record with regard to combating body expects Serbia to solve all these complex issues during its chairmanship. At the same time, however, there is interest and corruption and organised crime. How do you assess the level expectations among the international community towards Belof mutual cooperation with Serbia in this area? - Our bilateral cooperation in the area of the fight against cor- grade. And Italy is ready to support Serbia in its endeavour. ruption and organised crime represents a real success story. We have longstanding and very successful mutual cooperation when ■ In your opinion, what were the major successes and what it comes to the fight against organised crime and in this regard I are the most challenging issues for the Serbian government, would like to mention just the most recent activity we are jointly which recently marked the first year since its inauguration? carrying out thanks to the OSCE Mission in Serbia. This relates to - Reforms, reforms and reforms. I really think that, since last a donation to the Office of the Serbian Special Prosecutor for or- summer, the Serbian Government has proved with facts that the ganised crime of database software developed by the Italian DNA priority given to reform, mainly in the economic field, is some(Direzione Nazionale Antimafia) that increases substantially the thing concrete. This was shown clearly by the recent agreement capabilities of the competent Serbian authorities to conduct in- with the IMF. Moreover, EU Commissioner Hahn made very vestigations of criminals. Even more recently, the President of positive comments about the economic policy of the Serbian the Italian Anticorruption Authority, Raffaele Cantone, visited Government during his recent visit to Belgrade. Of course, this Belgrade upon the invitation of his Serbian counterpart I order does not mean that all the work has been done. Rather, this

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I T A LY & S E R B I A

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commitment needs to continue, for example in the implementation phase of the laws that were recently passed. This is the real challenge for the future period. ■ How do Italian investors already established in the country perceive the business climate in Serbia?

- First of all, as I mentioned many times, Italian companies as a whole represent the top foreign investor in Serbia: they are more than 500 companies employing more than 20,000 workers. These numbers show that our investors found an interesting reality to develop their business here. This certainly does not mean that there is no room for further improvement: Serbia still has a long way to go in order to reform its economic sector and improve the local business climate. But the good news, as I said, is that the Serbian Government is working hard on its reform agenda: this is clearly recognised by the Italian investors who I meet with on a daily basis and, more importantly, this commitment is also recognised by the International community and EU Institutions.

some Italian culture and cuisine to Kragujevac, for example?

- In many Serbian cities there is a strong presence of Italian companies and Italian businessmen, a presence that is always well accepted and always entails mixing with the local Serbian society. This is certainly true in Kragujevac, thanks to the FIAT investment, but is also happening in Novi Sad, Jagodina and Smederevo, to offer just a few other examples. There is also a strong Italian presence in Subotica and there an Italian businessman is working, together with other Italian companies in the area, to create an association to promote Italian culture and cultural activities. It is a process that we are trying to help and a way for Italian companies to bring cultural and social development together with economic development. ■ Are you satisfied with the cultural cooperation between our two countries and what can we expect next in this area?

- Our cultural cooperation is intense, but again we can do more and more. To mention some data, I can tell you that the Italian language is the top foreign language studied in Serbia ■ You said recently that Novi Pazar is after English and that cultural relations between students and unisoon to return to the map of Italian versities are particularly strong (I investors. What did you see there as think this represents a very imbeing most promising from the aspect of further cooperation between portant element, since it involves youngsters and future generations): domestic and Italian companies? - I recently visited Novi Pazar and for instance, the Serbs are the largest group of foreign students at Bocsaw strong potential in many secWe encourage Belgrade to tors: first of all textiles and apparel coni University in Milan. The Italian continue to play a constructive are, of course, areas in which there’s Embassy and the Italian Cultural a strong tradition in Novi Pazar, and Institute in Belgrade are also playrole on the Ukrainian crisis, ing their part. Last year, during the in which Italian companies are parbut also on the dialogue with ticularly active. But I also met repreItalian Presidency of the EU, we prothe Mediterranean area and sentatives from the agriculture secmoted different cultural events, such tor, from the footwear and furniture on regional cooperation in the as the photo exhibition “For the Serbian Army”, which tells the story of clusters (areas in which Italian comWestern Balkans panies are also very active) and some the rescue of the Serbian Army by Italian companies are developing projects in the region’s hy- the Italian Navy during World War I, or the Tiepolo Exhibition, dropower sector. Commercial cooperation between Italian and a major event at which we exposed a big painting by one of the Sandžak companies has existed for a long time, but now is the greatest Italian artists of all time, coming from Italy, next to time to increase that by favouring direct investments and work- an original Tiepolo painting belonging to the Serbia National ing on the area’s production expertise. In the coming months Museum. These days we are participating in and supporting a few Italian companies are actually starting to invest directly a new cultural initiative by a group of young Serbian artists: in this area and I really hope this process can continue helping the Festival “Devet” in Belgrade. Moreover, in July, icons from economic development in Sandžak. Matica Srpska will travel to Perugia. So I am satisfied with the level of cooperation, and yet we are always working on new ■ Italian investors are now present in several larger Serbian citprojects, particularly on contemporary art. But you will have to ies. Do they feel accepted and would you say they transferred wait until the autumn for this. ■

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I T A LY & S E R B I A

| INTENSIFYING FUTURE COOPERATION

INTERVIEW

MARKO ČADEŽ

PRESIDENT OF THE SERBIAN CHAMBER OF COMMERCE

Exemplary

COOPERATION

Exceptional partnership relations between Italy and Serbia are reflected in a constant rise in trade between the two countries, Italy's continuous investments in the Serbian economy, transfers of knowhow and technology, as well as cooperation in regional bodies 10 |

I T A LY & S E R B I A

erbian-Italian economic cooperation has been constantly on the rise and the information provided by the president of the Serbian Chamber of Commerce (SCC) further corroborates the fact that economic relations between the two countries are becoming stronger. ■ Annual trade between Serbia and Italy is worth almost $4.9 billion, which is a quarter of Serbia’s trade with the EU. To what extent do Fiat’s import and export activities contribute to this; and how much is it the result of an actual increase in trading?

- Italy has been Serbia’s number one foreign trade partner and the top export destination for Serbian products for the third consecutive year. The volume of our trade grew fivefold in the last ten years. Total trade amounted to a record €3.9 billion (or $4.9 billion) in 2014. Serbia exported goods worth €1.93 billion to Italy, we achieved

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a trade surplus in the amount of €200 million, while the export to import ratio was higher than ever – at 111.5%. In comparison, our export to import ratio in trade with the EU is just 73.4%. Fiat’s contribution to our exports, including exports to Italy, is undeniable. Last year FAS was the leading domestic exporter. The company exported €1.36 billion worth of vehicles worldwide from its Kragujevac factory, accounting for 13 per cent of total Serbian exports. Of that amount, €1.064 billion was export to Italy. FAS remained Serbia’s number one exporter in Q1 this year. Although over half of our export to Italy (55.3%) is attributed to Fiat, other Italian companies that do business here, particularly those from fashion and other industries, also contributed to good export results last year and in previous years. A substantial segment of Serbian export to Italy is carried out through so-called LOHN deals with Italian companies, particularly in sectors like footwear production, textiles and wood processing. Further analyses would probably show that our export to Italy grew by 7.9%, despite Fiat slightly underperforming last year compared to 2013. What this tells us is that other companies have increased their export activities. The biggest exporters are also the biggest importers and they participate in trade between the two countries with close to a thousand products. ■ How much has the arrival of Fiat and its partners contributed to the transfer of advanced technology to Serbia?

- At this stage, foreign investments are a prerequisite for improving the competitiveness, productiveness and technological modernisation

and 2013 Italians invested net €972.4 million in cash according to the data compiled by the National Bank of Serbia. According to the available data from 2014, Italian net investments during the first three quarters of last year amounted to €71 million. There are over 600 Italian companies in Serbia (including banks, insurance companies and law firms), with 60 per cent of them engaged in the textiles industry. The following companies opened their production facilities here: Benetton, Pompea, Golden Lady, Calzedonia, Fulgar, Fiorentino and Italtex Intimo. Some of them (Pompea, Golden Lady and Calzedonia) opened several production facilities. Calzedonia, for instance, has recently opened its third factory in Serbia. Apart from clothing manufacturers, Italian footwear manufacturers, such as Falc SpA, Progetti and Pakerson, also came to Serbia. Fiat brought its own cooperatives to Serbia from the automobile, machine building and electrical sectors, including Magnetti Marelli, Dytech Dynamic Fluid Technologies, Lames Group, Sigit, Proma SSA SR together with the MA Company (which is part of the CLN Group), HT&L Fitting, and Confezioni Andrea S.r.L. We also have Italian construction, energy, wood processing, furniture and publishing companies here, while there is also growing interest among Italian companies in the Serbian agricultural sector. Total trade amounted to a record Leading Italian banks and insurance companies are also successful €3.9 billion (or $4.9 billion) in in Serbia. Italian banks have a 21.1% 2014. Serbia exported goods share of total Serbian banking sector worth €1.93 billion to Italy. We assets, while Italian insurance companies have a 44 per cent share in the achieved a trade surplus in the amount of €200 million, while the Serbian insurance sector.

of our economy, which also provides the basis for higher production and export. Fiat’s investment in the automobile factory in Kragujevac is the best example of this. The arrival of Fiat at Zastava resulted in Serbia achieving higher production in this and other supporting branches, as well as achieving industrial and technological progress. A new production programme has been put in place that complies with the requirements of foreign markets and has led to bigger export figures, which in turn led to a reduced trade deficit and better export structure. Fiat’s investments also brought other investors (cooperatives) to Serbia. Analyses have shown that one job at an assembly line creates four new jobs in the cooperatives and tertiary companies. This brought higher revenue to the state and local budgets, as well as creating new development opportunities. The City of Kragujevac began developing rapidly following Fiat’s arrival. It has experienced a real investment boom and has become one of the biggest construction sites in Serbia. The town leapt from 137th place to 3rd place on the list of the most developed Serbian cities. ■ What do you think is the main reason for only a handful of Serbian companies establishing cooperation with Fiat, be that as direct or indirect suppliers of FAS?

- In order to launch production for Serbia, it was much faster and more rational for Fiat to engage tried and tested cooperatives, i.e. Italian car parts manufacturers that have already complied to the required standards and possess certain certificates. There are very good companies in export to import ratio was higher ■ Why has Serbia failed to signifiSerbia that will become Fiat’s coopthan ever – at 111.5% eratives. The time needed for this to cantly apply Italian knowhow in the happen depends directly on how fast development of SMEs? these companies can fulfil very formal and strict prerequisites - Italian experiences in organising and providing tools to supfor certification, how efficient they will be in fighting competi- port the development of SMEs are inestimable. Of 3.7 million tion and how much they will appeal to Fiat in terms of the price companies operating in Italy, SMEs employ a total of 67 per cent and quality of their products. When it comes to complying with of the workforce and generate 60 per cent of the national revestandards of becoming a supplier of foreign companies that are nue. Thanks to such a structure, the Italian economy has been coming to the Serbian market, it was stated clearly at meetings able to face market challenges and changes which often caught big companies off guard. Although the structure of the Serbian between Italian and Serbian business leaders that Serbia needs economy is now getting closer to that of Italy in terms of the SME to invest much more in standardisation, knowhow, science and innovation in order to maintain the level of competitiveness re- share, there is still a lack of support, particularly from EU funds. quired for new investments and higher export. Italy has developed an excellent system of production clusters, which is something Serbia has also been working on. ■ Could you tell us something about the structure of Italian ■ Italy recently granted a favourable credit line for SMEs in companies that have already invested in Serbia? - Italy is among the top five investors in Serbia and between 2005 Serbia, with applicants required to buy at least 70 per cent of

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their equipment from Italy. Which industrial sectors do the SMEs most interested in these credit lines come from?

- Following successful implementation of the first credit line in the amount of €33.25 million, which, through the revolving system, enabled the placement of approximately €58 million with over 180 SMEs from 12 production segments, the Italian Government has granted a second line of credit amounting to €30 million, which will be spent on micro, small, medium and public enterprises. The loans, in amounts from €5,000 to €1 million, will be affordable, with an annual fixed interest rate of 4.35%, a two-year grace period and an eight-year repayment period. The aim of this credit line, which is being implemented in cooperation with nine banks,is providing financial support to development of private sector and improving the core services of public utility companies. This credit line is important particularly when we see how difficult is for the SMEs to obtain funding.

on the Adriatic-Ionian Strategy will cover sectors like infrastructure, energy, tourism and building SME capacities. In 2013 and 2014, the Serbian Chamber of Commerce participated in the fully sponsored project called “Innovative Skills and Competencies for Small Business Owners to Promote New Sustainable Tourism in the Adriatic-Ionian Area”. New project initiatives are now being prepared together with other chambers of commerce in this macro region. Serbia, as a founder and one of the members of the Danube Strategy, contributes substantially to development programmes for the region. The aforementioned strategy helps Serbia to access many funds and sources of financing which, in turn, expedites development processes and the EU accession process in Serbia.

■ The number one priority in cooperation between Serbia and Italy in the coming period is implementation of projects that entail the application of macro-regional strategies like EUSAIR (The Adriatic-Ionian Strategy) and EUSDR (The Danube Strategy). What does the implementation of these projects mean for Serbia?

■ In cooperation with Italian partners, the SCC has been implementing a substantial number of projects aimed at improving the competitiveness of companies in Serbia, the internationalisation of business and advancement of the business environment. Which ones would you like to single out?

- Together with its Italian partners, the Serbian Chamber of Commerce has implemented 20 projects financed by European funds (INTERREG, IPA, SEE), funds of the Italian Government or the budgets of individual Italian regions. The quality of these projects was enhanced by contacts between our and Italian associations and individual companies, which gave our members an opportunity to train their staff and obtain privileges when participating in fairs, exhibits and conferences

- In June 2012, the European Commission received a mandate to create an EU strategy for the Adriatic – Ionian region (EUSAIR). The EUSAIR is actually based on cooperation between eight countries – four EU members (Croatia, Although the structure of the Greece, Italy and Slovenia) and four countries outside the EU (Albania, Serbian economy, in terms of Bosnia-Herzegovina, Montenegro and the SME share, is now getting ■ How would you rate cooperation Serbia). The aim of this strategy, which closer to the Italian structure, between the Serbian and Italian is founded on positive experiences there is still a lack of support, chambers of commerce? from Baltic countries, is to ensure faster economic and social development - The Serbian Chamber of Commerce particularly from EU funds through regional networking and raisis mostly engaged in forming regional ing the attractiveness and competitiveness of our region. The and sector-based links to Italian businesses, since Italy is our main pillars and activities of this strategy are geared towards number one foreign trade partner. This also corresponds to the improving regional ties, achieving higher environmental qual- structure of Italian chambers, i.e. more than 100 regional and ity, sustainable development, research and innovation, creating provincial chambers with which we cooperate and have signed new jobs and promoting competitiveness. Serbia has accepted a 20 cooperation agreements. We cooperate mostly with chamrecommendation from Italy to become a coordinator in region- bers from the Italian regions that mostly collaborate with Serbia, al networking with Italy. namely Lombardi, Friuli Venezia Giulia, Veneto, Piedmont, RegThe Adriatic-Ionian Chamber of Commerce Forum is an in- gio Emilia, and Puglia. We have implemented quite a few joint tegral part of the Adriatic-Ionian Initiative (AII). The Forum was projects and organised several business meetings, business fofounded in Ancona in 2001 and the Serbian Chamber of Com- rums, fair participations, educational programmes and training merce has been an associate member since 2011. The funds spent courses for chamber staff. ■

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I T A LY & S E R B I A

| INTENSIFYING FUTURE COOPERATION

INTERVIEW

CLAUDIO CESARIO

PRESIDENT OF THE ITALIAN-SERBIAN CHAMBER OF COMMERCE AND CEO OF UNICREDIT BANK SERBIA

Investors Encouraged

BY REFORMS

regarding important issues between the government and the business community and considers that providing the business experience of member companies and the knowledge of European and international legislation enables Italian companies to bring new quality to this process. ■ What are the major areas where the business climate has improved in the last year, and where do you still see uneven progress or a regression?

An improving business climate, as well as the creation of a more stable macroeconomic outlook, provides encouragement for existing and new ventures between Italian and Serbian partners, while the ItalianSerbian Chamber of Commerce plays an active role in stimulating these ties 14 |

I T A LY & S E R B I A

he Italian-Serbian Chamber of Commerce diligently develops cooperation with numerous Italian and Serbian institutions, with the aim of promoting economic exchange and cooperation between the two countries, and these efforts yield impressive results, says Claudio Cesario, President of the Italian Serbian Chamber of Commerce, which has over 250 members – among them the largest and most important Italian investors in Serbia. They have been implementing numerous projects with the goal of improving the business environment and bringing new Italian companies to the Serbian market. Considering that Italy is Serbia’s most important foreign trade partner, the Chamber actively promotes and encourages further cooperation and plays a proactive and important role in maintaining positive economic ties between Serbia and Italy. The Chamber welcomes the exchange of views

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- In my view, improvements to the business climate happened mainly in sectors like the automotive industry, processing, the chemicals sector and energy sector, as well as in renewable energy resources. I would also like to highlight agriculture and agricultural production processing as two sectors that are expected to see further development, boosted by legislation on financing and subsidies in agricultural production. Another improvement for both foreign and local investors is the significant drop in interest rates and a more stable outlook on macroeconomic developments following a successful first review of the precautionary standby arrangement with the IMF. Feedback from the market is very positive in terms of legislative developments, specifically in response to the adoption and implementation of new laws regulating construction, payment services and bankruptcy, the new Labour Law and other areas. We have finally witnessed a significant level of commitment from the government to the corporatization of state-owned enterprises, which is sure to have a positive impact on the overall business climate. ■ We recently saw a new Italian investment in Smederevo. Compared to the previous period, is the Chamber receiving more enquiries from investors since the launch of reforms?

- Italy is Serbia’s most important foreign trade partner and the Chamber’s activities aim to further strengthen the potential of our eco-

nomic cooperation, and to play a proactive and important role in ■ What are the major problems faced by members of the Chamber in their everyday work? maintaining positive economic ties between Serbia and Italy. We - In an environment in which a number of regulations are in the diligently develop cooperation with numerous Italian and Serbian phase of adjustment and harmonisation to European standards, we institutions, with the aim of promoting economic exchange and believe that timely implementation will be essential to improving cooperation between the two countries. In terms of economic reforms, we primarily expect further improvement of the business everyday business. The adoption of new regulation is the first step environment for the Italian companies already doing business in and achieving full implementation requires numerous intermediate actions, such as the adopting of bylaws that will govern more inSerbia. When it comes to investors, we are seeing ever-increasing tricate and practical aspects. We also expect the upcoming adoption interest from Italian companies in doing business in Serbia. Particularly motivating is the character of these investment projects, of the new Foreign Investment Law and the restructuring of SIEPA as companies are more intent than ever when it comes to manufacto have an extremely positive impact, both in terms of attracting turing final “Made in Serbia” products. new investments and reinvestment activity. We are seeing However, in order to promote Serbia as an investment destination attractive to Italian com■ In which area is the Chamber most engaged ever-increasing panies, we should, and will, work even harder and present and how would you comment on the interest from Italian at new Decree on conditions and methods for atremain ready to provide full support to the Govcompanies in doing tracting direct investments and the new Law ernment of Serbia.As you mentioned, the Municipality of Smederevo is a very good example, with business in Serbia on Investment? - The Italian-Serbian Chamber of Commerce has one of three production halls within the industrial zone to be built by the local government, while the remaining over 250 members, including the biggest and most important Italian two will be erected by Italian rolling bearings producer CCVI. The investors in Serbia: Fiat, Benetton, UniCredit Bank, Generali Insurance, Banca Intesa, Fondiaria SAI (DDOR Serbia) and many others. In overall value of this investment is €4 million and it is expected to cooperation with all members and numerous partners, we have imgenerate around 100 new jobs by year’s end. In this way, another plemented numerous projects aimed at improving the business envicompany has joined the large family of Italian companies operating in Serbia, sending a particularly encouraging message to new ronment and enticing new Italian companies to the Serbian market. investors considering the possibility of launching a business and Considering the fact that Serbia is developing and improving the making significant investments in Serbia. SME sector vigorously, which will be primarily export orientated,

s and downs. both.

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Italy recently supported this initiative with a favourable credit line. We would like to mention that for this year’s world exhibition, EXPO Milano 2015, under the slogan “Feed the planet, energy for life”, the Italian-Serbian Chamber of Commerce was particularly engaged in providing direct support to Serbia in the presentation of its national pavilion, as well as in connecting Italian companies interested in cooperating with Serbia. Moreover, we are also ready to support all Serbian companies that want to present themselves and participate in this world exhibition as a way of finding business partners, luring investors and accessing the latest technologies and knowhow. ■ Do you feel that businesses are now consulted more when it comes to new legislation? In which areas is there a need for better or improved legislation?

■ From the perspective of UniCredit Bank, how would you assess the overall macroeconomic climate?

- The macroeconomic situation was very difficult and complex in 2014, resulting in GDP contraction of around two per cent, due to reduced industrial production, a drop in net exports and a decline in credit activity. The catastrophic floods that hit Serbia in May 2014 caused damage and losses of around €1.7 billion, according to World Bank estimates. Flood related losses hit almost every sector of the economy and represented the leading contributor to GDP reductions. The government launched a process of fiscal consolidation through reductions in public sector salaries and pensions, supported by the three-year precautionary arrangement with the IMF. Several very important legislative changes were adopted in 2014, including the Labour Law, the Law on Privatisation and the Law on Bankruptcy Procedures, while there is still a marked need to accelerate the restructuring process in the public sector and state-owned companies. Inflation was at a record low in 2014 (1.7% YoY), remaining below the central bank’s tolerance band from April. Foreign direct investment in Serbia almost doubled in 2014 YoY, totalling €1.4 billion. Decline in economic activity reflected on the banking sector through a further slowdown in credit activity and a persistently high share of NPLs. The government subsidised lending programme prevented a more dramatic drop and ensured more or less flat real YoY lending growth. Despite all the difficulties and turbulences that have characterised the business environment in 2014, the Serbian banking sector has proven itself as a well-capitalised and liquid sector, with solid future prospects.

- Our Chamber fully supports the model in which economic players are involved in making regulations. In this way, a number of companies have had the opportunity to participate directly in these processes and, as such, many of our members were able to express their perspectives via the Chamber. Thus, we participate actively together in two directions: by providing the business experience of member companies and the knowledge of European and international legislation. We noticed that the government is open to the proposals of entrepreneurs and in some instances the results are already visible. However, the fact is that progress has been made in the areas of the general legal framework, taxation, telecommunications and information technologies, illegal trade, leasing and insurance, food and agriculture, while significant reforms are still ahead in some areas. For example, there is room for improvement in the business environment as it applies to the areas of human resources, real estate and construction. There is room for ■ As a banker, you are brought up to speed with the problems facing Serbian companies on a daily basis. How could the new line of credit from Italy help them?

improvement in the business environment in the areas of human resources, real estate and construction

- Despite the recent reduction of the base referent rate and subsequent decrease of nominal interest rates, for the majority of companies this issue still represents one of the main obstacles when it comes to borrowing. However, there are several opportunities on the market for customers to gain financing with favourable interest rates for specific investments. One of these is the Italian credit line, which offers very affordable terms for Serbian companies on the local market. It should also be noted that these loans are intended for SMEs and micro businesses, as well as public companies representing the main drivers of local economic growth. Serbian companies will have the possibility to use loans both for the purchase of goods and services labelled as “Made in Italy” brands, which is synonymous with high quality and longevity, but also for working capital, equipment or other investment projects.

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■ At the beginning of this year we witnessed slightly better credit activity. Is this a short-lived phenomenon or a sign of the arrival of slightly better times?

- Serbia is one of the few countries which marked increased lending despite the 20082012 crisis, though we did witness negative market developments in terms of overall lending volumes, especially in the corporate sector. However, the local banking sector is one of the best capitalised in the region and the banks are able to support the economy and strong competition. As far as UniCredit Bank is concerned, despite the lack of credit worthy demand, the bank is managing to find suitable clients and thereby show its commitment and determination to support the expected future development of Serbia and the financial needs of clients. Moreover, various collaborations were also implemented with the aim of providing more approachable solutions for our clients and contributing to economic growth, such as the aforementioned Italian credit line, the agreement signed with EIF for the SME sector and the agreement with MIDF for municipal infrastructure development. ■

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CORPORATE

NEBOJŠA JANIĆIJEVIĆ

CHAIRMAN OF THE EXECUTIVE BOARD OF INTESA LEASING BELGRADE

Intesa Leasing Belgrade –

MARKET LEADER

A new strategic direction and functional changes to the way the company operates have ensured that Intesa Leasing became a leader in almost all business segments at the end of 2014

t the end of 2012, Intesa the launch of our company and the lowest per Leasing made a U-turn cent of uncollectible receivables. The fact that Inin its development strat- tesa Leasing is one of the very few companies with egy, in an effort to accom- practically no repossessed leasing objects speaks plish results that would follow the volumes about how good our sales strategy and global success achieved by Intesa our risk assessment policy are. Leasing’s mother company, Intesa Intesa Leasing has been working constantly to Sanpaolo, to an ever greater extent. improve the reputation of the leasing industry and Financial market trends and an in- promote all the advantages of leasing as a product, sufficient number of quality users which stem from the distinct ownership of objects of leasing services, coupled with acquired in this way. I am very proud of the fact that the difficult legacy facing the leas- we have managed to make this type of financing ing market due to the financial cri- more familiar to the general public, thanks to our sis and the distinct structure of de- transparent and clearly defined sales and collection mand in the leasing sector, all required a different policies, in addition to adequately managing the approach to managing the company. During the quality of our portfolio, without competing with last two years we have corrected our approach to banking products. Intesa Leasing’s range includes clients, with the most important change being the the provision of funds for the procurement of agricultural machinery, construction and processing creation of a more targeted offer, while focusing equipment and machinery, passenger and comon the agricultural sector, transport and exportorientated production companies. While search- mercial vehicles and business real estate, which is a ing for more favourable funding sources, we have unique service on our market. contracted several long-term Our plan for 2015 is to reWe will remember alise major goals in sales, credit lines, enabling our clilast year as the year ents to have more easily accesportfolio and asset quality, sible and affordable funding. when we achieved the while raising our projected Furthermore, we have almost Our intention highest sales ever since profitability. completed implementation is to solidify our position as Intesa Leasing became market leader, both this year of the Business Process Management (BPM) project at the operational in Serbia, and for many years to come; company level, which is based as well as the highest as a leader which sets trends, on automation of all work proprovides the highest quality quality of our assets cesses and will greatly boost services and offers appealing since the launch of our terms for all clients. To that our business organisation, whilst increasing overall effi- company and the lowest end, I would like to announce ciency and work productivity. Intesa Leasing has seper cent of uncollectible that cured exceptionally favourThe new strategic direcreceivables tion, and equally important able financing conditions for functional changes, enabled us to become the all classic leasing products that are available to leader in almost all business segments at the end both existing and new clients, who we would like of 2014. Specifically, we will remember last year as to reassure that financing through leasing is simthe year when we achieved the highest sales ever ple and cost-effective, because business deals are since Intesa Leasing became operational in Serbia, concluded while taking into account the interests as well as the highest quality of our assets since of both sides. ■

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INTERVIEW

MARCO LEONE

HEAD OF ECONOMIC AFFAIRS AT THE EMBASSY OF ITALY TO SERBIA

Full Steam AHEAD where there’s more room to improve our relations is the area of the services provided by public utilities companies,” says Leone, noting that Serbia needs to innovate in this broad domain and may benefit from the experience of Italian companies in that area. In the municipalities of Subotica and Zrenjanin, Italian companies are already engaged in that field and are introducing new financing models, such as Project Finance. “But there’s still a lot of room for further improvement,” insists Leone.

The impressive work of the Serbian Government in the area of economic reforms will play an important role in attracting new Italian investors. Those who are already in Serbia praise the country’s educated workforce, geographical position and free trade agreements 18 |

he Serbian government has been very active in passing reform laws, such as the Labour Law, new laws on privatisation and bankruptcy procedures and the Construction Law, which all head in a positive direction towards improving the business climate. On top of that, the government also concluded the arrangement with the IMF and is progressing well in the line with the EU Accession process. All of the aforementioned represent important steps in attracting new investors, including, of course, Italians, who are already present in good numbers in Serbia. “The single most important element in attracting foreign investments is represented by the start of the EU Accession process,” says Marco Leone, Head of Economic Affairs at the Embassy of Italy to Serbia. Among the Italian investors already in Serbia, he notes, the Labour Law was welcomed the most. Improvements in overall macroeconomic stability, as well as in the business climate, were met on the investors’ side with new Italian investments in agriculture (such as Ferrero and Rigoni di Asiago). “Apart from agriculture, I would say that an area

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■ How would you assess economic reforms in Serbia so far and the overall macroeconomic situation, in terms of further economic cooperation between the two countries? - Impressive work was done by the Serbian Government in the area of economic reforms last year. This was proven clearly by the international support to the strong commitment of the government in this field. This will certainly play an important role in attracting new Italian investments and improving our bilateral economic cooperation, since the first element considered by investors is the overall business climate. The recent new forecast of positive GDP growth in Serbia for this year also represents positive news for our economic cooperation: Italian companies in Serbia – which, as you know, all-told represent the number one foreign investor in Serbia – will certainly benefit, along with the whole country, from growth of the economy. ■ In your opinion, which of the laws in the economic sphere passed within the last year have the biggest impact on the climate for doing business? - As I said, a lot was done in the economic reform sector last year: the approval of the new Labour Law, new laws on privatisation and bankruptcy, and the Construction Law that was recently adopted, represent major successes for the Government, with positive outcomes, such as the approval of the Standby Arrangement with the IMF. I have to say that in my almost daily contacts with Italian investors I have registered many positive comments about this work, but at the top of the list is probably the new Labour Law, which was largely evaluated positively.

■ Serbia recently adopted a new Decree on conditions and methods for attracting direct investments and announced a new Investment law with similar provisions. How attractive are those particular two pieces of legislation to Italian investors? - These decrees were certainly being awaited and have been carefully studied by Italian investors planning to invest in Serbia in recent months. Generally though, I would say that the most important element in attracting Italian investments in Serbia (and attracting foreign investments in general) is improving the business environment in the country. In this sense, the single most important element in attracting foreign investments is represented by the start of the EU Accession process. The many requirements imposed by the negotiation process will represent an impulse to launch reforms in many different sectors, and the business climate is not only the result of purely economic components, but also a wider set of elements, such the judiciary, the education system, rule of law and so on.

■ Italy remains Serbia’s most important partner when it comes to trade, while Fiat tops the list of Serbia’s biggest exporters. Can we be satisfied with these results or is there space for further progress? - I would say for sure that we need to be very happy with the high level enjoyed by our economic bilateral relations. But there’s always room for further improvement and my job is to find it! During the last few months we have worked hard in the agriculture field, and this does not mean we’ve been working as farmers – even though the ambassador did actually establish a small kitchen garden at the embassy, based on the concepts of the Italian Slow Food Movement and producing typical Serbian products like cabbage! Speaking seriously, agriculture is an area where there’s a lot of room to improve our relations (important investments from Italy have arrived in this sector in the form of Ferrero and Rigoni di Asiago).That’s why ICE – the Italian Trade Agency this year organised a major appearance at the Novi Sad Agriculture Fair (the biggest of its kind in the region): Italy was present as a “Friend Country”, with an Italian pavilion and different events!

■ Which braches of the Serbian economy are of the most interest to new Italian investors (clothing, textiles, furniture etc.)? - Apart from agriculture, I would say that an area where there’s more room to improve our relations is the area of the services provided by public utilities companies. Serbia really needs to innovate in this broad domain, starting from waste disposal and ending with water treatment, and I really think Italian companies in this field are well equipped to work in Serbia, thanks to their experiences in Italy – our countries are similar in many ways! Some Italian companies are already active in this sector, in Subotica and Zrenjanin, for instance, where they are also introducing new financing models, such as Project Finance, but there’s still a lot of room for further improvement!

■ Italy has approved a new line of credit to Serbian companies. Which companies may apply and under which conditions? - The purpose of “Italian Credit Line” programme is to strengthen Serbian SMEs by increasing the accessibility of medium-term and long-term credit lines available through 10 Local Banks, as well as to contribute to the competitiveness of SMEs on domestic and foreign markets. The project was recently also extended to include micro companies and Serbian Local Public Utilities, in order to facilitate the acquisition of goods, equipment and plants to be utilised for provision of basic services to the local communities. The Credit Line Facility amounts to €30 million and grants credit at an effective interest rate up to 4.35% (all inclusive) per annum (about half of the average interest rate granted for similar loans in Serbia), with a repayment period of up to eight years and a grace period of up to two years. All relevant information can be found via the website www.italiancreditlineserbia.org.

In my almost daily contacts with Italian investors I have noted many positive comments about the work of the current government

■ Around 500 Italian companies operate in Serbia, including the latest investment of CHVI in Smederevo. What do the companies already present in our country consider as Serbia’s strengths and where do they see the room for improvement? - I can certainly tell you that the first positive element usually mentioned to me by Italian entrepreneurs here is the good level of Serbian workers (from both an educational and a human point of view). This, together with Serbia’s favourable geographical position, the free trade agreements it has with many important countries and the high-level dialogue between the Serbian and Italian Governments, represents the first strength of the country in attracting Italian investments. Having said that, there’s certainly always room for improvement and in this case, generally, I would say that a lot still needs to be done to reduce the burden of bureaucracy on business and the level of uncertainty.

■ What other institutional measures does Italy utilise to support the Serbian economy? - We are trying to favour our entrepreneurial cooperation by also organising conferences and meetings in areas where we see concrete room for further improvement and where we can add something to the local debate. For instance, we recently organised, in conjunction with an Italian company and the Serbian Chamber of Commerce, a conference about how to increase competences and capabilities to use funds made available by the EU or other International donor programmes. In Italy we previously experienced how important it is to develop these competences in order to use the funds and credits of International donor programmes correctly. ■

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CORPORATE

MARIĆ & MUJEZINOVIĆ JOINT LAW FIRM

Stronger Investor Confidence

IN SERBIA

The interest shown by Italian investors in Serbia has been growing in the last two years and their investments and confidence in the overall business environment have proven to be justified

instellar, an international law firm which has been cooperating with Marić & Mujezinović Joint Law Office, is present in a number of CEE countries and Central Asia. Lawyers Selma Mujezinović and Branislav Marić say that one of the advantages of working with Kinstellar is its in-depth of international experience and EU expertise.

goslav republics. The interest shown by investors in our country has been growing over the last two years and it is up to our government bodies to continue creating the best environment possible for FDIs. The investors we have been working with recently have been interested in our agriculture, energy, metal processing industry and mining, as well as the ICT sector.

working at the highest professional level under very short deadlines. The lawyers at our Belgrade office have significant experience in many domestic and international transactions. In practice, the combination of our domestic and international / comparative experience represents one of our major advantages. Consistently high quality of legal services remains our primary objective and our ambition is to further grow our team in Serbia as well as our regional activities in other countries of the Former Yugoslavia.

One of our biggest advantages is a combination of national and international / comparative experience gained through working on exceptionally complex projects

■ What would be your main advice for Italian companies contemplating starting a business in this market?

■ What sets Serbia apart from other countries in which you work and in which areas do your clients seek legal advice the most when it comes to Serbia?

- Our country is still in the pre-accession process, which entails a series of activities on the harmonisation of norms and practices with those of the EU. The experiences that our colleagues from Kinstellar have in transitional countries that are already EU members (like the Czech Republic, Slovakia and Hungary) have helped us to better understand, and better respond to the needs of our clients in Serbia. We are usually asked to provide legal advice in areas of corporate and company law, energy, competition, bankruptcy & restructuring, financial and banking law, and real estate law. ■ Who are your typical clients in Serbia and how interested do you think investors are in Serbia, judging by the amount of work you have?

■ Five years ago you were the first recipient of the New Law Firm of the Year Award, presented by British magazine The Lawyer. You were awarded on the basis of the quality of your services and your flexibility, beating off very tough competition. What are your current ambitions and how do you set up quality benchmarks?

- We advise multinational companies, banks, insurance companies and investment funds that have been investing and operating in Serbia and other former Yu-

- As one of the leading international law firms in Central and Eastern Europe, Kinstellar possesses substantial experience in dealing with complex legal issues while

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- Considering that the time of political instability is behind Serbia and that the country is slowly but surely moving towards the EU,we think Italian companies should continue investing in Serbia. Moreover, bearing in mind that caution is at the very core of our profession, we think investors should consider the relevant legal and financial aspects of their investment projects carefully and, in certain cases, carry out additional forensic research into past operations of the company they are investing in or acquiring. It is important to say that sometimes investors should arm themselves with ample patience, since circumstances in certain situations make it impossible to accomplish everything in a short period of time. The current investment yield in Serbia justifies this patience, as well as the overall confidence in the general business environment in the country. ■

CORPORATE

Comm. VLATKO SEKULOVIĆ SEKULOVIĆ LAW FIRM

Supporting Clients Through All

STAGES OF INVESTMENT The Sekulović Law Firm specialises in providing legal services to foreign investors in all areas of commercial law and, in particular, providing legal services to its Italian clients in their mother tongue ship segment in Serbia complies with European standards to a great extent. Foreign investors often want us to assist them in setting up or acquiring a company and the associated legal aspects of that, as well as providing them with services that cover areas like labour law, banking operations, tax system and construction & spatial planning, since these are the areas where legal norms frequently change in Serbia. We also provide services from other areas of commercial law.

hanks to its very long tradition and detailed knowledge of investors’ needs, the Sekulović Law Firm can provide legal support to its clients through all stages of their operations in Serbia. ■ What legal services do foreign investors coming to the Serbian market most require?

- Our law firm is honoured to represent numerous foreign investors, particularly those from Italy. When foreign companies come to Serbia, the first step they take is the most important, since their future work and business usually hinges on this first step. Of course, they know what they want and which business activity they want to engage in here. However, their knowledge of legal modalities of their own activities is sparse because, up until ten to twenty years ago, our commercial law was very different to that of Western European. We invest a lot of effort into explaining everything to them in detail and reassuring them that the entrepreneur-

■ In which segments do you usually advise your Italian clients who are already doing business in Serbia?

- Certain clients have been with us from day one and we have been assisting them in their activities in Serbia since the very beginning in segments pertaining to current legislation, with the aim of helping them to be as successful as possible. On the other hand, there are certain clients

We advise our Italian clients to contact us before they undertake a business decision who started their business activities on their own or in cooperation with others and subsequently came to us when the need for certain legal advice arose. We take great care in ensuring our clients feel safe doing business in Serbia and that’s why, as a law firm, we specialise in providing services from all segments of commercial law and, of particular importance, in their mother tongue. In dealing with

our Italian clients we insist that they contact us before they undertake a business activity and not afterwards. ■ What does inclusion on the Lawyers of Confidence list, compiled by the Italian Embassy and the Italian Business Delegation in Serbia, mean for you and your firm?

- This is, of course, great recognition and an expression of trust that we greatly appreciate and have been constantly seeking to uphold. We have this honor for 25 years and for that reason the then President of Italy, Oscar Luigi Scalfaro, presented the founder of our company, Dr Aleksandar Sekulović, with the title of Commendatore Ordine al Merito della Repubblica Italiana. Furthermore, I worked as a senior trade analyst at the Italian Business Delegation (ICE) for over four years, between 1996 and 2001, after the ICE resumed its activities in Belgrade. ■ Which regulations should foreign investors focus on the most at this juncture and why?

- A great many Serbian regulations need to be improved in line with the objections and requirements of foreign investors. Generally speaking, I think we need to reduce red tape, since it constitutes a heavy burden on all businesses, as well as to refine our legal system, which still applies laws and bylaws from the time of socialism, alongside European laws. One of the laws that need to be updated is certainly the Law of Obligations, which suffers from the so-called debtor philosophy – meaning that courts usually favour debtors over creditors. ■

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ITALIAN INVESTMENTS IN SERBIA

Good Experience as a Magnet for

NEW INVESTMENT

Although the level of foreign direct investment in Serbia has decreased since the beginning of the crisis, Italian partners continue to show interest in investing capacities in Serbia, due particularly to the fact that their colleagues who are already here have had good experiences

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talian company Rigoni di Asiagio announced in late April that it is interested in leasing another 280 hectares of land in the Negotin area for the organic production of hazelnuts, having already leased 190 hectares of land for the same purpose in January (investment of €30 million). This Italian company has announced that in the future it plans to lease 3,000 hectares in this area and also construct processing facilities. This is one of two large contracts signed by Italian companies in the domain of agriculture in recent years. In fact, as is well known, Ferrero, renowned as the manufacturer of Nutella, bought agricultural company Aleksa Šantić for €8 million, also with the intention of developing hazelnut plantations on an area of 700 hectares.

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This is not the only Italian investment in the agriculture and food sector. Vicenzabased SFIR previously became the majority owner of sugar factories in Senta and Nova Crnja. With the announcement of new investments (Tecnostruttura in Zrenjanin, Itec in Jagodina), and an increasing number of employees at other companies it is highly likely that the current number of around 400 Italian companies operating in Serbia will soon increase. For example, Italian company Fulgar, which has been operating in Zrenjanin for years, signed a contract in April confirming the fourth consecutive expansion of its production facilities, which is certainly proof that the conditions for doing business in Zrenjanin are excellent and the City has good cooperation with investors. As investors, Italian companies entered Serbia via all forms of foreign investment on offer from privatisations of existing firms to partnership investments with the state (as in the case of Fiat), or local government, i.e. municipalities (gasification of Požega and Arilje by Acegas). In certain cases urban construction land has been leased without charge (e.g. Italian oils and lubricants manufacturer Dytech Dynamic Fluid in Niš) or for a symbolic price (e.g. Municipality of Inđija). In April the Zrenjanin City Assembly brought a decision to lease vacant construction land owned publicly by the City of Zrenjanin to company Gruppo Zilio, which will build a plant for the purification of drinking water on the basis of that agreement.

Good investment experiences in Serbia Park was established by Italian company Italian firms for years, including Gucci, Lamp East, which specialises in printing Prada and Max Mara. are the best recommendation for the arThe metal processing sector has also rival of new Italian companies in Serbia. on aluminium and PVC foil for the pharmaceutical industry. recorded successful cooperation with Italian company SIPLA S.r.l. from Bologna founded company Promek in VeItalian partners showed great interest Italy: Pometon, from Venice, formed lika Plana in 2006, which deals with main investing in the wood processing seca joint company with Bor’s Topionica chining parts, assembly and packaging tor (where company Casa Italia opened smelter for the expansion of copper equipment for the food industry. a furniture factory in the Bačka Palanka powder production capacities. ValjevoAccording to the company, Promek Free Zone a few years ago – initially for based Krušik has long-term cooperad.o.o. was the result of the vision of the export and later for the domestic mar- tion with Cedite in terms of exchanging founders and was created to satisfy the ket). Famous Italian chipboard manufac- components for the production of huntnew requirements of competitive mar- turer, Fantoni, from Udine, bought Špik ing ammunition. Milan Blagojević from kets and the need to conquer new and Ivanjica in late 2006, while Bari-based Smederevo is constantly developing promising markets. The idea was born in kitchen manufacturer Turi completed production cooperation in the field of 2004 and started with the building of a construction of its plant in Jagodina. household and small home appliances factory, followed by the selection of staff Footwear manufacturing is also a with Candi and Germi. members and their training in Italy. very interesting potential sector for coCooperation with two renowned tyre The goal was to create a strucmanufacturers, Trayal and Mature that would be able to meet rangoni, can also be considered any client’s request at any time, promising. Utility services also or offer the client, as a partner, represent a sector with comparative advantages for Italian firms, solutions to their problems with as confirmed by the successful a turnkey service. connection of Fast Park with Today, thanks to a stock of certified raw materials and weekly the Parking Service (prefabricated parking lots), the Italian transport from Serbia to Italy government project for the enviand vice versa, the company can ronmental clean-up of Pančevo satisfy any request of the market and the separation and baling of very rapidly. waste in Novi Sad by Makpress. When asked why they had Italian company Lames has had opted for Serbia, this Italian company stated that after exploring a factory in Sremska Mitrovica new markets it had found that The arrival of Rigoni di Asiagio and since 2011 for the production of Serbia appeared to perfectly correelectric windows for the autoFerrero suggests that the potential motive industry. spond to its desires.The aim of the for the cultivation of hazelnuts will founder is to create a new plant Company STG also opened a able to meet clients’ demands for be utilised in Serbia for the first time steel smelting works in Sremska a very high quality product. Mitrovica, Sirmium Steel ($40 Another company that decided to ex- operation, as evidenced by the success- million investment). pand its presence on the Serbian market ful cooperation between Serbian comThree years ago, Italian company Bitufollowing its initial entry is Italian sock panies (Laki Line from Čačak, Solid from men Adige bought the rights for stone surmanufacturer Calzedonia, which – in ad- Subotica, Šimanovci-based Milateks and face mining (Kijevo - Straževica) and Piero dition to its factory for ladies’ underwear Kula’s Aska footwear factory) with Ital- Zanella bought Zlatibor Mermer (marble). in Sombor (€20 million investment) – ian partners (Filante, Lorekanti Olip, Italian firm Alkalinea is also involved opened a new plant in Subotica in Sep- Gian Pietro et al.). Similar initiatives also in the field of building materials in Sertember 2014 (also representing a €20 mil- exist in the textiles industry: Fibest be- bia, having built – in partnership with lion investment). came the owner of Belgrade-based com- Kraljevo-based Građevinar – a facility for The most important Italian invest- pany ATEKS, Golden Lady built its factory the production of quick-montage partiment in the pharmaceutical industry is for ladies’ stockings in Valjevo, while tion walls, while Martini construction in the production of packaging for medi- Dale Carbonare invested in the Štofara erected a plant for the production of precines (Zanini - Hemofarm). Hemofarm mills in Paraćin. Companies Diana, from cast concrete structures in Inđija and also invested jointly with Italian compa- Sremska Mitrovica, and Fruška Gora, Fantini Scainatico Balkan established ny Bertele in a plastics factory in Vršac, from Ruma, have been successfully con- three facilities (Smederevo, Ub and Bečej) where the first facility in the Technology ducting finishing works for renowned for the production of bricks. ■

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ECONOMIC COOPERATION – SERBIA AND ITALY

Cooperation Constantly

ON THE RISE

Although the results of foreign trade in the first quarter of this year are slightly worse than last year, announcements of new Italian investments support expectations that overall economic cooperation will continue to rise

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n the first quarter of this year Italy was the number one partner of the Serbian economy, both in terms of the value of our exports and the total realised trade, and third place in terms of imports. In the first three months of 2015, Serbia sold goods worth $618.1 million in Italy, while importing products worth €458.2 million, with the total trade exchange representing €1,076.3 million, which is a good result (a fifth of total Serbian exports went to the Italian market), although it is lagging behind compared to the first quarter of last year. Italy’s importance as a country that Serbia has significant long-term exchange with is higher compared to all other EU countries and lies in the fact that it is more or less balanced and characterised by growth in the complexity of products exported from Serbia. The most important stamp of foreign trade since 2012 has been provided by Fiat, which is by far the largest Serbian exporter and also a significant importer. However, the history of this exchange itself supports the fact that, even without this exceptional boost for the Serbian automotive industry, the interest of the two economies is significantly deeper and longer term and that the arrival of new Italian investments only con-

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tributes to that. On the Serbian side, increasing the exchange will this year already undoubtedly be contributed to by the new start for the Smederevo Steelworks and the announced igniting of the second furnace in August, as the steel industry provided a significant contribution to Serbian exports to Italy for many years. The traditionally most important products in the structure of exports to the Italian market are dominated by finished cars (almost half of total exports to the Italian market), finished clothing and footwear products, non-ferrous metals (copper and aluminum in various processed forms), wood industry products (lumber, compensators, kitchen units and veneers), agri-food products (mushrooms, sugar, sugar beet pulp, fruit and fresh and frozen vegetables), tyres, raw leather (vet - blue), polyethylene and magnesium. Serbia traditionally most imports from Italy: parts and components for the automotive industry, raw materials for the footwear and clothing industry (finishing works for Italian partners), machines for the packaging and plastics industries, new and used passenger and transport vehicles and parts, kitchen appliances, furniture and parts, seamless tubes, confectionary products, paper and cardboard, marble, granite etc.

If we compare the commodity strucwith whom the coverage of imports by ports by exports in trade with the EU durture of exports and imports, it can be exports totalled only 72%. ing the same period was 74.1%. concluded that exports of finished prodIn cooperation with Serbia, several These good results of the trade exucts are increasingly common (thanks change with Italy were achieved primar- sectors that are seen as complementary to cars) instead of the earlier dominance ily thanks to Fiat’s programme, but also stand out and represent promising secof raw materials and their primary pro- investments in the textiles industry, foot- tors for cooperation. These insluce agricessing (which is a common character- wear industry, exports of non-ferrous met- culture and the food industry, as well as istic of our exports to the EU), while on allurgy products, fruits in all forms of pro- the wood processing and furniture prothe import side consumer products have cessing and sugar.This export even largely duction sector, where Italy has been a trasignificant participation (which is also compensated for the absence of tradi- ditional partner for for many years when it comes to the placement of primary characteristic of our total trade flows tional exports of ferrous metallurgy in processed wood from Serbia, while on the globally), but with an increasingly sig- previous years. Considering the continued nificant presence of components/parts investments by Italian partners and the other side the dominant part of Serbia’s for the automotive industry and mate- expected good performance of Fiat, it can wood processing capacity is based on rials for finishing works in the clothing be expected that Italy will retain the lead- Italian technology, both in terms of sawn ing position among foreign trade partners and footwear sector. timber and further processing. In the last decade, which has been of the Serbian economy in the future. On the Italian market, the textile industry sector is dominated by characterised by a steady rise in the commodity exchange, spoBased on the results achieved, Italy large and well developed firms radic falls in the trade exchange is ranked first among Serbia’s foreign whose tendency is to change were recorded in 2009 (29%) and constantly in terms of productrade partners in terms of exports, tion and design. Due to high 2012 (when exports fell by 6.7% as well as on the basis of realised competition, most Italian mandue to the closure of the Smederevo Steelworks) and changes ufacturers relocate part of their commodity exchange in the coverage of imports by exproduction to countries in North ports, partyl due to the crisis. In the year 2014 a record volume of ex- Africa, developing countries and, in part, During the past decade, the total vol- change of $4,885.5 million was reached, to Serbia. Well-known Italian brands ume of trade varied from two to three bil- which represents 21.6% of Serbia’s total present on the Serbian market through lion, only for the arrival of Fiat to cause trade exchange with the EU. What is of vi- their own production facilities include that figure to rise in the last two years to tal importance for Serbia,which treats the Pompeu, Fulgar, Calzedonia, Fiorentino almost five billion euros, with the contin- development of the competitive sector of and Benetton. uation of the previous trend of equilibri- tradable products is an imperative, is the Cooperation between Italy and Serbia um exchange. In 2013 there was a signifi- fact that the last year, for the second con- in the metal processing sector is manicant rise in exports of finished cars from secutive year, and for the first time since fested through industrial cooperation in the Fiat range, which – at almost $300 the 1980s, exports totalled $2,576.9 million the sectors of manufacturing transport million – became the most important ex- (marking an increase of 8.3% compared to equipment, agricultural machinery and port commodity (25% of total exports to 2013) and significantly exceeded imports household appliances. Italy). Trade with Italyreached $4,738 bil- from Italy, worth $2,308.6 million (down Energy also represents an extremely lion in 2013, and for the first time since 2.1% compared to 2013 imports), resulting promising sector for cooperation, due to the ’80s the export performance exceed- in a foreign trade surplus of $268.3 mil- the obligation of EU Member States to ened realised imports, which also makes lion and import-export coverage of 111.6%, sure 20 per cent of their energy is produced Italy unique among other EU partners, while, by comparison, the coverage of im- from alternative energy sources by 2020. ■ Leading SITC segments in imports from Italy

Leading SITC segments in exports to Italy

Metal-based products, not specified elsewhere General purpose ind. machinery Specialised machinery for individual industrial branches

Road vehicles

4% 3% 3% 3% 72%

15%

Clothing

64%

Plastic materials in primary forms Iron and steel Non-ferrous metals

6% 7%

Other

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Road vehicles Yarn, fabrics and textile products Other

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FEATURE

ITALIAN PRESIDENT SERGIO MATTARELLA VISITED BELGRADE ON 25TH MAY

Italy supports Serbia on its

EU PATH Italy will stand by you as a great and sincere friend, the Italian president said at a special session of parliament that was also attended by Prime Minister Aleksandar Vučić and ministers

Sergio Mattarella, Italian President (left), and Tomislav Nikolić, Serbian President

talian President Sergio Mattarella visited Serbia on Monday 25th May, on the invitation of Serbian President Tomislav Nikolić. He also met with PM Aleksandar Vučić and Parliament Speaker Maja Gojković, as well as addressing Serbian MPs at an extraordinary session. Mattarella and Nikolić held a meeting, followed by talks between Serbian and Italian delegations. The two countries’ relations are characterised by “mutual trust and friendship,” the presidents told journalists during a joint press conference. Mattarella said that his country supports the opening of chapters in the EU accession negotiations with Serbia as soon as possible, adding that Italy and Serbia are bound by good relations and broad cooperation in numerous fields. The Italian president voiced his hope that relations would be improved even further. Italy will stand by you as a great and sincere friend, the Italian president said at a special session of parliament that was also attended by Prime Minister Aleksandar Vučić and his government ministers. The full EU integration of the Balkans is undoubtedly a significant objective and the economic and social difficulties experienced by the countries in the region cannot justify taking steps backward, said the Italian president. Noting that he can feel strong Euro-

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pean aspirations in Serbia, Mattarella said that the reforms implemented - even at the cost of great difficulties for the people - and the dialogue with Pristina are specific examples of efforts towards achieving that objective. The European integration process should be complete within a reasonable timeframe, as there is a danger that otherwise citizen sentiment towards the EU could change, the Italian president warned. For the international community, Serbia has become a hotbed of peace and stability in the Balkans, as indicated by the involvement of Serbian troops in inter-

He said that Serbia is taking strong steps towards EU integration and the Union must respond to this effort. He pointed out the role of the National Assembly in Serbia’s European integration and the promotion of regional stability. Mattarella voiced confidence that Belgrade will meet European expectations and that the bloc’s answer will be positive. For years now Serbia has resolved to choose its future and return to the place it deserves. The future of Serbia, and the future of Italy, is in Europe and, in terms of history, culture and values, both countries belong to Europe, Mattarella said, adding

“The full EU integration of the Balkans is undoubtedly a significant objective and the economic and social difficulties experienced by the countries in the region cannot justify taking steps backward.” - SERGIO MATTARELLA, Italian President

national peacekeeping missions and the country’s OSCE chairmanship, noted the Italian president. Mattarella voiced concern over the conflict along the EU’s eastern border and the deterioration of relations with Russia, as well as the migrant crisis in the Mediterranean, noting that Europe must approach those challenges successfully and that Serbia is part of those efforts.

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that he is the first Italian president ever to address the National Assembly of Serbia. Mattarella said that the two countries take identical positions on international issues. The visit also saw Nikolić and Mattarella lay wreaths at the Italian military cemetery and Mausoleum to Defenders of Belgrade in World War I at the New Cemetery. ■

CORPORATE

SLODESTRADE

SOL Srbija d.o.o. Industrijska zona b.b 22330 Nova Pazova - Srbija t +381 22 328 000 f +381 22 328 002 e office@solsrbija.rs www.solworld.com

Buyers Recognise High

QUALITY PRODUCTS

TECHNICAL AND MEDICAL GASES

Along with the replacing of aged fleets, users in Serbia pay increasing attention to the use of quality lubricants, motor oils and cosmetics. This trend is confirmed by the constant growth of interest in SlodesTrade products

mproved business conditions in Serbia mean that users in a vast number of industries are upgrading and innovating their machinery parks and vehicles. Albeit slowed in the recent period, the same trend is visible in the market for passenger cars too. This trend is helping SlodesTrade – general importer and distributor of Petronas Lubricants and Arexons car care products for Serbia, Montenegro and Bosnia-Herzegovina, too to broaden its niche on the market. In partnership with Petronas – one of the leading manufacturers of lubricants for a wide range of automotive and heavy duty engine oils, industrial and marine lubricants and transmission gear oils – SlodesTrade is offering Serbian and regional markets quality products for end users. SlodesTrade products meet all the requirements of manufacturers like Fiat, Alfa

The SOL Group founded in 1927, has more than 60 production plants in 17 European countries,Turkey, Morocco and India, more than 40,000 industrial and civil clients and 250,000 patients cared for every day, more than 2,500 employees and a consolidated turnover of more than 600 million Euro. Tenth group in the world, the sixth in Europe and the leading independent Italian player not associated with any of the multinationals in the sector.

Romeo, Iveco, Mercedes Benz, New Holland Construction, Case, Steyr, Piaggio and Vespa, to name just a few. Passenger vehicle and motorcycle oils, Syntium and Selenia, are well known among Serbian users, says SlodesTrade director Snežana Ivanović. With a growing number of buyers of Fiat cars in Serbia, the market niche for Selenia motor oils and lubricants is growing too. Since its inception in 2001, SlodesTrade has grown to become a household name when it comes to lubricants for the construction and agricultural machinery sectors. Ambra, Arbor, Akros and Akcela are the brand names users easily recognise among the competition. SlodesTrade has spent almost 15 years building its reputation on the market and among end users. Its performance is monitored by credit rating company Coface. ■

Today SOL Group operates in the following sectors: technical gases, medical gases, home care service, renewable energy and biotechnologies. Group companies operating in the technical and medical gases sector produce and distribute such gases as oxygen, nitrogen, argon, hydrogen, carbon dioxide, acetylene, nitrous oxide, helium, gas mixtures, refrigerating gases, medicinal gases, high purity and special gases; Due to the expansion of its business in Eastern Europe, in 1998 SOL Group started its operation in Serbia and established its presence through its newly founded company SOL Srbija d.o.o. In this period SOL Srbija d.o.o. succeeded to build strong distributing network, followed by very strong client support and post-sales service. In 2006, as completely green field investment, started operation of new modern secondary transformation plant, located in Nova Pazova. Furthermore, SOL Srbija expertise, being always close to customers needs trough SOL Srbija technical and commercial service, is able to support customers in development,suggesting and supplying the most updated technologies tailored to customers needs.

SOL GROUP a breath of life

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ITALIAN ECONOMY

Alive and

KICKING

Matteo Renzi, Italian Prime minister

The Italian economy is expected to expand for the first time in four years in 2015. Experts say that many Italian companies, despite the crisis, possess strong value and potential in terms of branding, knowhow and innovation capacity, which will act as a flywheel as soon as recovery starts

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taly’s Gross Domestic Product (GDP) expand- mand and exports pick up, according to the latest ed 0.6 per cent in the first quarter of 2015 com- European Commission (EC) forecast. pared to the previous quarter.The GDP growth Exports will be the main driver of growth, rate in Italy averaged 0.61 per cent from 1960 aided by a weaker euro, with the pace of growth until 2015, reaching an all-time high of six per picking up in 2016, as Italy benefits from incent in the first quarter of 1970 and a record low creasing external demand and investment. Italy is the world’s ninth biggest economy of -3.50 per cent in the first quarter of 2009. According to the latest IMF and OECD fore- and has an economic structure that is mainly cast for 2016, economic growth is set to pick up supported by the services and manufacturing to between 1.1 and 1.6 per cent. sectors. The service sector accounts for almost The latest OECD prothree quarters of total GDP jection for the Eurozone’s and employs around 65 per According to the latest cent of all employees. The third largest, but most sluggish, economy is in line IMF and OECD forecast, three most important conwith those of the Internathe Italian economy to tributors within the sertional Monetary Fund, the vice sector are wholesale, expand 0.5% this year, Italian government and the retail sales and transporwhile for 2016, economic tation. Industry accounts country’s central bank. The recovery will be ungrowth is to pick up to for a quarter of Italy’s total derpinned by the European production and employs 1.1% to 1,3%% Central Bank’s expansionaround 30 per cent of the ary measures, the depretotal workforce. ciation of the euro, which will help exports, the Manufacturing is the most important subplunge in oil prices and less restrictive fiscal poli- sector within industry and is well known for cies by the government, the OECD said. specialising in high-quality goods mainly proThe latest report by the European Commis- vided by SMEs, most of them family-owned ension voiced similar expectations. Italy’s economy terprises. Agriculture contributes the remainis expected to return to growth this year, with the ing share of total GDP and employs around four recovery set to strengthen in 2016, as external de- per cent of the total workforce.

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The country is divided into a highly-industrialised and de- sults. After a long period of stagnation which left the economy veloped northern part, where approximately 75 per cent of the vulnerable when the financial crisis hit, Italy is undertaking nation’s wealth is generated, and a less-developed, more agricul- broad-based and ambitious reforms aimed at boosting growth, turally-dependent southern part. These facts are mirrored by the taking advantage of synergies across policies. Many previous employment figures: unemployment in the north is lower and good reform projects were not implemented fully in Italy, depriving the economy of their full benefit. The government is thereper capita income is higher compared to the south. fore focusing on changes in the political and institutional frameAccording to many analysts, better results in 2015 and 2016 works and judicial system, in order to remove previous impedishould come as a result of reforms conducted by Italy in the wake of the financial crisis that hit the county while it was al- ments to the full implementation of reforms. ready idling in a low gear. In fact, Italy grew an average of 1.2 per The key challenges going forward are to make the economy cent between 2001 and 2007. and the global crisis had a deterio- more productive, more competitive and more adaptable, thereby rating effect on the already fragile Italraising the living standards and well-beian economy. In 2009 the economy sufing of all Italians. The immediate priorfered a hefty 5.5 per cent contraction— ity is to reform the labour market, where the strongest GDP drop in decades. Since much rigidity prevents job creation and then, Italy has shown no clear recovery efficient matching of skills, believes the trend. Indeed, in 2012 and 2013 the econOECD. The government intends to comomy suffered contractions of 2.4% and plete this task by mid-2015. For example, 1.8% respectively. it intends to transfer the responsibility The unemployment rate has infor active labour market policy from local creased constantly in the last seven governments to the central government, years. In 2013 it reached 12.5 per cent, thereby increasing effectiveness. which is the highest level on record. The There are structural weaknesses in stubbornly high unemployment rate other areas, notably competition and highlights the weaknesses of the Italian regulation, which the government intends to tackle with broad-based reforms labour market and growing global competition. Another challenge is presented over the next two years. These steps are Despite the crisis, some by the difficult status of the country’s needed to reverse past declines in productivity and get the economy back on public finances. In 2013 Italy was the secsectors of the industrial ond biggest debtor in the Eurozone and system, such as high-value- track towards steady growth. If implemented fully, they could increase the the fifth largest worldwide. added products and machine GDP level by six per cent within 10 years. According to the EC, unemployment – tools, are performing well Sustained public expenditure rewhich stood at 12.7 per cent in February straint and tax increases have gone a – is forecast to decline marginally in 2015 long way towards strengthening the fiscal position. Together and stabilise in 2016. Meanwhile, the pressure on labour costs will subside thanks with renewed growth and low interest rates, this will help lower to tax cuts included in Italy’s 2015 budget, while labour produc- the public debt burden, consider OECD experts. tivity is tipped to improve. Although figures are not completely optimistic, it is possible Recent reforms are also appealing to foreign investors. Italy that foreign experts are failing to recognise the strengths of the was ranked 12th in the 2015 foreign direct investment confidence Italian economy that are known to local experts and observers. index by management consultancy firm AT Kearney, rising from Nicola Saldutti, economy editor at national newspaper Corriere della Sera, described the Italian economy as “fragile, with a 20th place last year. On public finances, the OECD trimmed its forecast for Italy’s wait-and-see attitude, but lively.” Saldutti told Xinhua that Italy budget deficit this year to 2.7 per cent of GDP from 2.8 per cent, “appears more impoverished than it really is”. Some sectors of the which is below the EU’s three per cent ceiling and broadly in line industrial system are performing well, he added, such as highwith Rome’s target of 2.6 per cent. value-added products and machine tools. However, the OECD noted that Italy’s public debt, the largConsidering many companies as being in trouble without est in the Eurozone after Greece’s, will continue its upward trend, taking into account their “industrial content”, Saldutti pointed reaching an all-time record of 133.5 per cent of GDP in 2016, from out that this was a “mistake made frequently in evaluating the a projected 132.8 per cent this year. Italian economy.” He said that many Italian companies, despite If reforms planned by PM Matteo Renzi’s government over being in financial difficulty due to the general economic situthe next two years are implemented fully, they could raise ation, possess strong value and potential in terms of branding, knowhow and innovation capacity, which will act as a flywheel GDP by six per cent within a decade. According to the OECD, Italy’s reforms are yielding first re- as soon as recovery starts. ■

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ITALIAN CULTURE

EXCITING CULTURE CINECITTÀ FILM STUDIOS

Worshipping the legend of

FILMOGRAPHY

Known as The Dream Factory, Cinecittà Film Studios offer us a fantastic journey through the history of filmography. Today this place with a glorious past is looking for its future

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Amarcord

ocated just nine kilometres from the centre of Rome, the most important European film industry complex spans a wonderland of 400,000 square metres and for more than 70 years has been the birthplace of masterpieces of Italian and world cinema. For 76 years Cinecittà has produced a stunning number of films: around 4,000 in total. Within the walls of Cinecittà more than 3,000 films have been shot, among them 90 Oscar nominated movies and 47 Oscar winners, including blockbusters Quo Vadis, Ben Hur (which still holds the record of 11 Oscars), Cleopatra and Fellini’s La Dolce Vita, costume drama Baron Munchausen (Oscar nomination for set design, costumes, makeup and special effects), romantic drama The English patient (winner of 9 Academy Awards); Scorsese’s Gangs of New York, the musical Nine, the charming Baaria and the adventurous Mission Impossible 3. Today the name Cinecittà stirs special interest: it’s a symbol and kind of talisman, arousing the curiosity of a public always keen to know how this legend originated and how we can revisit it. Cinecittà represents a major part of Italian cin-

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ema, from 1937 to 1943-44, when production was interrupted by World War II, paving the way for great Neo-realist directors. To pay homage to the movies, Cinettà studios is presenting the exhibition Cinecittà si Mostra (“Cinecittà Shows Off”), a kind of self-congratulatory exhibition about the history of this place, through the projection of film scenes, displays of different costumes, the reconstruction of sets, exhibiting of photographs and memorabilia belonging to some people who have worked in this place, providing their own contribution to the construction of this “dream factory”. This show was born as a tribute to all the people who have worked at Cinecitta: from directors to actors and producers to writers, to those passing through behind the scenes, who have given their contribution to transforming dreams into something tangible. The exhibition reproduces all the steps of creating a movie, from script to post production, tracing the work of professionals involved in the creation of a film. Many areas are now exhibition spaces, both indoors and outdoors, the Directorate General house, the Palazzina Fellini, Broadway Avenue, the set of Scorsese’s Gangs of New York and the sets of imperial Rome. Walking through the park one can admire the historic buildings of rationalist architecture and sculptures used in many films, such as the statue made for the movie Ben Hur that became its almost iconic image. Visitors can see theatres and laboratories where the entire production process of a movie unfolds, greeted with the words of the movies that have been shot at the studios. In the prestigious Palazzina Fellini, which once served as the Studios’ “Cinefonico” (where the dubbing and mixing rooms were located), an exhibition on the motives behind the creation of Cinecittà, from its inception in the 1930s until the tragedy of World War II, is currently on display. Three different aspects are examined: the historical, politi-

cal and cultural reasons for the birth of the “City of Cinema,” its major productions and tragic epilogue. From silent movies to talkies, from the fire at Cines to the planning of an ultra-modern city of cinema, the foundation and inauguration of an in-depth architectural project brought about many years of national productions in Italy. Narration takes us through the period between 1936 and 1945, revealing the reasons for the birth of Cinecittà and the goals behind the re-launching of the national cinema. Footage and excerpts connect the development of Cinecittà to historical events and the socio-political context of those years. Shooting in Cinecittà narrates the story of Cinecittà from 1937 to 1989, highlighting the Studio’s most important produc-

The route ends with a room dedicated entirely to the great master of cinema that was Sergio Leone, with a scenic design inspired by the movie great Once Upon a Time in America, and the screening of scenes from his masterpieces: The Colossus of Rhodes, 1961; The Good, the Bad and the Ugly, 1966; Once Upon a Time in the West, 1968; Duck, You Sucker!, 1971; and Once Upon a Time in America, 1984. An entire hall is dedicated to Maestro Federico Fellini, who chose Cinecittà as the place where his vivid imagination would take shape. The question, “Perché Cinecittà?” is answered with reels of Fellini’s unreleased footage, drawings and images presented within an evocative atmosphere created precisely for this purpose. The maestro’s images are given room among the mystical columns of the “Square Colosseum”, the EUR building beloved by Fellini and replicated in the set design of the hall. Symbolic objects from some of the best-known films inhabit the room’s corners and recesses: the Cardinals of Rome, the tree from Amarcord, the ship’s prow and the rhinoceros in E la Nave Va, the elephant fron Intervista, the moon from La Voce della

Casanova from Federico Fellini

The name Cinecittà stirs special interest: it’s a symbol and kind of talisman arousing the curiosity of a public that's always keen to know how this legend originated and how we can revisit it

Totò in L’oro di Napoli

tions, which are now part of cinema history. This journey pays tribute to the most famous performers and films, through an accurate selection of photographs, videos and a rich collection of costumes. The exhibition shows such historical and propaganda movies as The Siege of Alcazar, 1940; The Iron Crown, 1941; excerpts from Neorealistic films like Miracle in Milan, 1951; Bellissima, 1951; Umberto D, 1952, as well as a large section dedicated to the international stars of the so-called Hollywood on the Tiber, with Audrey Hepburn, Jayne Mansfield, Ava Gardner and Italians Loren, Lollobrigida, Mangano and other celebrities who generated the very first fanbases. The costumes on display evoke unforgettable actors and films: Alida Valli and Farley Granger in Senso, 1954, by Luchino Visconti; Elizabeth Taylor and Richard Burton in The Tame of the Shrew, 1967, by Franco Zeffirelli; the costume of character Don Saverio Petrillo, “O pazzariello”, interpreted by Totò in L’oro di Napoli, 1954, by Vittorio De Sica, or the outfit worn by Clint Eastwood in Sergio Leone’s 1964 classic A Fistful of Dollars. The Spaghetti Western genre, Italian comedy, the Seventies and Eighties, are narrated over three areas, each with its own themed set.

Luna and the original model of the Venusia created for il Casanova di Federico Fellini, by Giantito Burchiellaro. The costumes, selected by Nicoletta Ercole, include those worn by Giulietta Masina and Marcello Mastroianni in Ginger and Fred and Giulietta degli Spiriti, Anita Ekberg in La Dolce Vita, the cast of I Clowns, and the child playing the flute in the final scene of 8 1/2. A fitting tribute to Fellini on the 20th anniversary of his death. In the Visconti Room – transformed into a cinema theatre – a selection of videos and montages edited by Italo Moscati depict the protagonists of The City of Cinema, as well as providing indepth analysis of Cinecittà’s story. Apart from Cinecittà’s 20 sound stages, which can be considered its flagships, the Studio’s almost 100 acres host several major permanent sets made by the construction department that is known throughout the world for its technical and artistic skills. Rome, where an entire ancient Roman neighbourhood was recreated for the famous TV series of the same name; Florence of 1400, reconstructed for Neri Parenti’s film Come tutto ebbe inizio and the Temple of Jerusalem created for the movie Christ the Lord, due out in 2016. ■

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ITALIAN CUSTOMS AND TRADITION

Ferragosto is one of the days when a festive lunch is traditional

Living is Easy at

across the empire and working animals - oxen, donkeys and mules - were exempt from work and decked with flowers. These ancient traditions are still alive today, virtually unchanged in form and participation, during the “Palio of the Assumption”, held in Siena on 16th August. The name “Palio” is derived from “pallium”, the drape n 15th August both the ancient Roman of fine cloth which was the usual prize for the feast of Feriae Augusti and the Catholic winners of horse racing in Ancient Rome. religious festivity of the Assumption of In the Christian era, since the 4th century AD, Mary are celebrated. The term Ferragos- this date has marked the celebration of one of to derives from the Latin phrase Feriae Augusti the most important religious holidays, the As(Augustus’s rest): the feast was established by sumption of Mary to Heaven, which celebrates the instant (proclaimed by Pope Pius XII on 1st the Emperor Augustus in 18 BC and added to the November 1950) when the Blessed Virgin Mary, already existing ancient holidays falling in the same month (the old Sextilis, renamed August in having completed the course of her earthly life, honour of the first Roman emperor), such as the was raised up to Heaven with her sinless soul and Vinalia and Consualia, which celebrated the har- incorrupt body. The popularity of the festivity was vest and the end of the main agricultural work. accompanied by the large use of the female name The ancient Feriae Augusti, in addition to the Assunta, in honour of Mary, for girls born on or policy of self-promotion, around 15th August. In the 1930s Mussolini was intended to connect The traditional dish par made Ferragosto a national major holidays and proexcellence of Ferragosto vide a period of rest, also holiday and initiated the Lunch is roast pigeon. called Augustali, necesprocess of holidaying in AuThis custom, once sary after the great hardgust. Italian workers earn six ship of the previous weeks. widespread in large areas weeks paid leave for every Throughout the course year worked. In the 1960s the of Italy, seems to have of the festivities, horse industrial revolution of the originated in Tuscany races were organised Italian economy was in full

FERRAGOSTO The holiday of Ferragosto is still honoured today as a day of feasting, when families take a short holiday and head to the beach for family time, parties and, of course, huge meals are central to the festivities even during the hottest temperatures

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swing and the composition of the workforce had moved from agriculture to heavy industry. This created a serious problem during the hot month of August, when working conditions in factories were unbearable due to the heat. The Unions and Industrialists got together and decided to close the plants for three weeks during the hottest days of August, requiring employees to use part of their paid leave for this purpose. Although changes in the Italian economy, from Industrial to high-tech, and the introduction of air conditioning have made the necessity to close the plants obsolete, this tradition still persists. Presently companies rarely shutdown for more than the four days surrounding Ferragosto and summer holidays are now spread out from June through late September, however they do run on limited personnel, as most Italians prefer to take their summer break in August. Alongside Christmas and Easter, Ferragosto is one of the days when a festive lunch is traditional, known as the “pranzo di Ferragosto”, and the next day (San Rocco) is also usually festive in many areas; Ferragosto is associated with a traditional trip to the seaside or the mountains, the

The First rule of Ferragosto, however, is that you do not have to cook on that day, therefore meals are prepared a day in advance, either to be baked in the morning or consumed cold or at room temperature, and since the lunch usually takes place away from home, all courses must be easy to carry. August, as a national month-long holiday period, with Ferragosto as its apex, is an integral part of the memory of each generation. Songs and films have been made recounting the feelings, experiences, summer loves and parties marking Ferragosto. Since the

Box Palio Dell'Assunta

August, as a national month-long holiday period, with Ferragosto as its apex, is an integral part of the memory of each generation. Songs and films have been made recounting the feelings, experiences, summer loves and parties marking Ferragosto “gita fuori porta” for the inhabitants of Rome, bonfires on the beach, fireworks beside the sea. Today Ferragosto is still honoured as a day of feasting and families take a short holiday, for those who are not on leave for the whole month of August, and head to the beach for family time and parties. Of course, huge meals, even in the hottest temperatures, are central to the festivities, as well as taking in the sights of the beautiful Perseid Meteor Shower, which takes place during this time, and celebrating with extravagant firework displays. The traditional dish par excellence of Ferragosto Lunch is roast pigeon. This custom, once widespread in large areas of Italy, still survives in some areas and seems to have originated in Tuscany, in the Carolingian era. Sicily has a traditional dish “gelu di muluna” (melon frost), a cold dessert with lemon leaves and jasmine flowers. In Rome the traditional menu may include fettuccine with chicken liver, stewed chicken with peppers and cold watermelon. In Stresa special cookies called Margheritine are prepared; they were traditionally offered to guests by Queen Margherita on the occasion of the August receptions at the Royal House. In Emilia it is customary to eat small aniseed doughnuts, as the Biscotto di Mezz’agosto of Pitigliano or the Zuccherino montanaro bolognese of Grizzana Morandi.

1960s to this day, Ferragosto remains in the collective memSicilia Isola Bella-Beach ory of Italians, like studying Dante at school or Italy Winning the 1982 World Cup. The weeks surrounding Ferragosto in Rome can be a bit surreal. The whole town is deserted, as most residents have fled to either the sunny beaches, or the cooler air in the mountains. In the city center, it’s liked you’ve accidently wandered onto the set of a Fellini film—a strange sort of dream that is at once alluring and unsettling. Shops are closed and restaurants are empty. However, the advantage of this for tourists is that Rome’s streets are empty of traffic, while museums, gift shops and tourist attractions usually remain open for business. The disadvantage is that some inland towns and villages become virtual ghosttowns, with businesses closing. Tracking down a tradesman can be almost impossible, as plumbers, electricians and builders take the day off. Sicilians who have migrated north often head home for the entire month to visit family and friends. Many local bars, food shops and restaurants also close, so finding a good cup of espresso or food supplies becomes a little trickier. And coastal roads are tested to their limits around Ferragosto, with extended families packing up and heading for sun, sea and sand. ■

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ITALIAN TOURISM

Castel Sant'Angelo and Bridge, Rome,

Opened on 1st May, Expo Milano 2015, the Universal Exhibition in Milan, is expected to welcome over twenty million visitors, adding to the already strong Italian tourism figures 34 |

Milan’s MAGNET

ntil 31st October, Expo Milano 2015, the Universal Exhibition in Milan, will act as a global showcase, where more than 140 participating countries will gather at their pavilions to exchange ideas and share solutions on the central theme of food, stimulating each country’s creativity and promoting innovation for a sustainable future. Expo 2015 will also give everyone the opportunity to discover and taste the world’s best dishes, while familiarising themselves with the best agrifood and gastronomic traditions of each of exhibitor. Euromonitor sees Expo 2015 as an event that

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will further contribute to the performance of travel and tourism in the country, representing a platform that will attract many more visitors, who are then expected to remain for longer in the country and visit other locations, adding to the country’s GDP and employment figures. The direct contribution of Italian Travel & Tourism to GDP in 2014 was €66 billion (4.1% of total GDP) and is forecast to rise by 1.8% in 2015 and 2.1% annually from 2015-2025, to €82.4 billion (4.6% of total GDP) in 2025, according to the World Travel and Tourism Council. The total contribution of Travel & Tourism to

2015 and 2% annually over the next decade, to €11.2 billon in 2025. GDP was €162.7 billion (10.1% of GDP) in 2014 and is forecast to Travel & Tourism’s share of total national investment will rise rise by 1.7% in 2015 and 1.7% annually to €195.5 billion (11% of from 3.3% in 2015 to 3.4% in 2025. GDP) in 2025. Classical European and U.S. markets are very important for Leisure travel spending (inbound and domestic) generated Italy and visitors from these countries are still attracted by this 81.9% of direct Travel & Tourism GDP in 2014 (€99.6 billion) compared to 18.1% for business travel spending (€22 billion). Business destination, which provides a complete mix of experiences, intravel spending is expected to grow by 1.1% in 2015, to €22.2 bil- cluding culture, history, art, food and wine itineraries, the “dolce lion, and by 0.9% annually to €24.2 billion in 2025. Leisure travel vita” lifestyle, sport, nature, beaches, mountains, lakes and shopspending is expected to grow by 1.4% in 2015 to €101 billion, and ping, which fascinate the first-time traveller, but also continue to be a strong attraction for second time visitors to the country. rise by 2.4% annually to €127.6 billion in 2025. However, Euromonitor expects Italy to enjoy the lasting trend Domestic travel spending generated 71.4% of direct Travel & Tourism GDP in 2014, compared to 28.6% for visitor exports (i.e. of a good performance, due to double-digit increases in tourism foreign visitor spending or international tourism receipts). Do- flows from BRIC countries. mestic travel spending is expected to grow by 0.9% in 2015 to With its picturesque towns, monuments and scenery, Italy ranks eighth in the world and sixth in €87.6 billion and rise by 2.2% annually to Europe for travel and tourism competi€108.5 billion in 2025. With its picturesque tiveness, according to a new report by the Visitor exports are expected to grow by towns, monuments and Geneva-based World Economic Forum. 2.5% in 2015 to €35.6 billion and by 2% annuscenery, Italy ranks ally to €43.3 billion in 2025. Italy’s strength lies in its culture and Travel & Tourism directly supported history, ranking high in demand for culture eighth in the world, 1,082,000 jobs (4.8% of total employment) in and entertainment, as well as natural tourand sixth in Europe, ism, the report said. 2014. This is expected to rise by 1.7% in 2015 for travel and tourism Italian tourism services were described and 2.3% annually to 1,375,000 jobs (6.0% of competitiveness as “excellent”, while the country also prototal employment) in 2025. vides reliable health and hygiene services. Last year’s total contribution of Travel Interest in Italian tourism is shown by the rising competi& Tourism to employment, including jobs indirectly created by visitor exports, generated €34.8 billion (7.4% of total exports) in tion from low-cost carriers, mainly easyJet and Ryanair, which 2014. This is forecast to grow by 2.5% in 2015 and 2% annually are increasing their presence in Italy by opening new bases and providing new routes, with subsequent increases in their from 2015-2025, to €43.3 billion in 2025 (6.9% of total). Travel & Tourism investment in 2014 was €9.2 billion, or 3.2% respective market shares. Euromonitor expects that after a slight setback due to crisis, of total investment. This should rise by 0.4% in 2015 and 2% annually over the next ten years to €11.2 billion in 2025 (3.4% of total). Italian domestic tourist will bounce back into picture and add to In 2014, Italy generated €34.8 billion in visitor exports. In 2015 the already good figures for Italian tourism. this is expected to grow by 2.5% and the country is expected to According to the latest poll, eight in 10 Italians plan to spend attract 49,697,000 international tourist arrivals. their holidays travelling in their home country, a survey by ConfBy 2025 international tourist arrivals are forecast to total turismo-Confcommercio tourism and trade associations showed. Tuscany and Sicily are the top destinations of choice, with 69,697,000, generating expenditure of €43.3 billion, marking an Lombardy in third place, as the Milan Expo world fair draws annual increase of 2%. Travel & Tourism is believed to have attracted capital invest- crowds and one in three Italians say they consider it a great opment of €9.2 billion in 2014. This is expected to rise by 0.4% in portunity, in terms of both the economy and reputation.

Lake Garda

Milan Expo 2015, Italian Pavilion

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Either by fist visiting Expo 2015 in Milan or not, Italy is offering tourists a lot of other attractions. Medardo Rosso, the Italian artist who gave sculpture the opportunity to vibrate and impress as much as painting, is on display with his outstanding works in Milan until 31st May. Thanks to national and international loans, this solo exhibition offers a selection of sculptures and photographs enabling the public to gain a comprehensive vision of his poetics and artistic evolution through various thematic sections leading from his beginnings to the main experiments on matter. Until 2nd June Rome pays tribute to the legend of Octavian Augustus, with a series of initiatives to celebrate the 2000th anniversary of the death of this great emperor. Among these many events, Romans and tourists arriving in the capital will appreciate the “I fasti e i calendari nell’antichità” (Splendours and calendars of ancient times) exhibition, which is being held at the National Roman Museum in Palazzo Massimo, just a few steps away from Termini Station. The museum, which already contains works of the utmost importance concerning the figure of Augustus, including the statue representing him as Pontifex Maximus, also safeguards the Fasti Praenestini tablets. Also until 2nd June, the city of Vicenza offers a new and interesting attraction to its tourists and visitors. The Palladian Basilica, a Renaissance masterpiece and UNESCO World Heritage Site, now also houses the Jewellery Museum, the first museum of its kind in Italy and one of the few in the world completely dedicated to goldsmithing and jewellery. The protagonists of the new space within the exhibition centre are gold, silver, precious metals and stones: about 400 pieces, placed in nine halls, illustrating the history of the jew-

Travel & Tourism is believed to have attracted capital investments of €9.2 billion in 2014. This is expected to rise by 0.4% in 2015 and 2% annually over the next ten years to €11.2 billion in 2025

Selva Valgardena

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Montepulciano, Tuscany

els through time and different cultures, confirm Vicenza as the “city of gold”, thanks to a tradition that is widespread throughout the territory. In addition to this there is also a scientific and educational itinerary thanks to temporary exhibitions and the presence of Italian and foreign jewellery texts. Ancient works, such as those of Etruscan or classical and neoclassical origin, are displayed alongside modern and innovative objects, thanks to the use of modern technologies such as 3D printers. More than three months of programming; around 50 events and more than 400 artists: these are the numbers of the 16th edition of Crossroads 2015, the music festival that crosses Emilia Romagna and will last until 2nd June. Passion for jazz acts as a thread for the event that will tour some twenty locations in Emilia Romagna, allowing fans of the genre and tourists in search of new shows and attractions to visit one of the richest Italian regions, enjoying its artistic, cultural and gastronomic offer. Modena, Parma, Ravenna, Piacenza, Rimini, Imola, are just some of the places affected by the “festival on the road”; different settings for concerts by groups from all over the world. Food, art and the territory: all together in a long journey spanning four centuries just by staying in Brescia, until 14th June. Palazzo Martinengo, in the heart of the Lombard city situated at the foot of the Alps, hosts the exhibition entitled “Food in art. Masterpieces of the great masters from the seventeenth century to Warhol” which is closely linked to the main theme of Expo 2015: “Feeding the Planet, Energy for Life”. More than 100 paintings starting from the seventeenth century that tell us about the deep link between the immense historical-artistical heritage and the extraordinary Italian gastronomic tradition.

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with loans from Paris and also with works by Degas, De Nittis, Modigliani and Zandomeneghi, which ensure this exhibition is the most extensive and complete concerning this author, conveying the most important phases of his career and tracing parallels with other artists, contemporary or not. The only Italian exhibition of the works of Fernando Botero will be held in Palermo at the Sale di Duca di Montalto in Palazzo Reale until 21st June.

Eight in 10 Italians plan to spend their holidays travelling in their home country, a survey by Confturismo-Confcommercio tourism and trade associations showed

Until 14th June, the San Domenico Museums in Forlì, Emilia Romagna, host “Boldini. Lo spettacolo della modernità “, the exhibition that celebrates the artist from Ferrara and his multifaceted creative activity. More than 230 works including paintings and graphic works, drawings, watercolours and engravings,

Music, great orchestra conductors and a full season of concerts for the 34th edition of the “Bologna Festival” which brings names like Riccardo Muti, Daniel Harding, Philip Pickett to the capital of Emilia-Romagna. The Festival began on 18th March and will run until 5th November. Italy is the country of opera, symphony, ballet and theatre; the undisputed destination for those planning a journey comprising art and culture. In Palermo, Sicily, the Teatro Massimo offers a 2015 season full of events for fans from all around the world. Those who are interested may catch “La Bohème” (in September) and “Siegfried” (in December). ■

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COMPANY REGISTER 2BLOGISTICS DOO Jovan Mutavdžić, Director Partizanske Avijacije 14/1 11070 Beograd Tel: +381 11 6304039 Mob: +381 60 6060381 office@2blogistics.net 2blogistics.net/ AB ENERGY SRBIJA DOO Graziella Calzavacca, Director Surčinski Put 1 nj 11070 Beograd Tel: +381 11 71 29 503abenergysrbija@gruppoab.com www.gruppoab.it ACTUS MAGICUS DOO Paolo Alberto Guidetti, Director Kralja Petra, 58/6 11000 Beograd Tel: 38111 291 08 55info@okovizastolariju.rs www.actusmagicus.rs/ADIGE BITUMI IMPRESA D.O.O. Stefano Bordin, Director Oslobođenja 5257 11000 Beograd Tel: +381 11 232 26 86 Fax:+381 11 232 26 84 kijevo@gmail.com; amministrazione@adigebitumiimpresa.com; www.adige-bitumi-impresa.ls.rs ADVOKAT BRANISLAV NIKOLIĆ 27. MARTA 11/I 11000 Beograd Tel: 381 64 10 15001 adv.branislavnikolic@gmail.com ADVOKAT VLATKO SEKULOVIĆ Vladimira Popovica 6 11070 Beograd Tel: 381 11 7116985 Fax: +381 11 61 43 390 office@sekulovic-law.rs www.sekulovic-law.rs/ ADVOKATSKA KANCELARIJA CVJETIČANIN Nenad Cvjetičanin Bul. Mihajla Pupina 10i YU Business centar 11070 Novi Beograd Tel: 381 11311 36 32 Fax: +381 11 3119519 office@cvjeticaninlegal.com www.cvjeticaninlegal.com/ ADVOKATSKA KANCELARIJA KARANOVIĆ & NIKOLIĆ Dragan Karanović Resavska 23 11000 Beograd Tel: +381 11 3094 200 Fax: +381 11 3094 223 knserbia@karanovic-nikolic.com www.karanovic-nikolic.com/ ADVOKATSKA KANCELARIJA KOSIĆ Dubravka Kosić, Advokat Desanke Maksimović 6 11000 Beograd

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Fax: + 381 11 220 13 40 office@creinternational.com www.creinternational.com DABAR DOO Ivan Milosević, Director Vihorska 17 35000 Jagodina Tel: +381 35 234 003 Fax: +381 35 234 004 dabardoo@open.telekom.rs www.dabar.rs DAFAR DOO Branislav Sigeti, Director Ecanski drum 3, 23100 Zrenjanin Tel: +381 23 544635 dafarzr@gmail.com DAL DEGAN DOO Antonio Dal Degan, Director Kralja Aleksandra Obrenovića bb 12370 Aleksandrovac Zabari Tel: +381 12 254 507 Fax: +381 12 254 508 info@daldegan.rs www.daldegan.rs/ DAMIBA TRADE DOO Vladimir Babic Kralja Milutina 46-4811000 Belgrade Tel: +381 11 26 42 777 Fax:+381 11 26 42 888 info@damiba.rs www.damiba.rs DAMM MANAGEMENT & MARKETING DOO Franco Delneri, Director Reljina 4/3 11000 Belgrade Tel: +381 11 2687107 Fax:+381 11 3626273 office@damm.rs www.damm.rs/ DANIELI SYSTEC ENGINEERING DOO Arno Ivančić, Direktor Branislav Živanović, Director Nosilaca Albanske Spomenice bb, TC Nadvožnjak I-lokal 1B 11300 Smederevo Tel: + 381 11 343 5 181 Mob: + 381 63 311 385 b.zivanovic@systeceng.co.rs www.dca.it/ DB DESIGN & ART DOO Dragan Bulatović, Director Karađorđeva 21 11080 Zemun Mob:0652357901 Tel :+381 11 31 11 211 dbdesignart@gmail.com DDOR NOVI SAD AD Giorgio Ambrogio Marchegiani, General Manager Bul. Mihajla Pupina 8 21000 Novi Sad Tel: +381 21 4886000 ddor@ddor.co.rs www.ddor.co.rs DE MARE SRL Fausto De Mare, Director

VIA MARIO PAGANO 1 85050 Moliterno ITALIA Tel: 00 390 975 6400364455 info@demre.it DE RIGO REFRIGERATION DOO Aleksandar Lazic, Director Prva severna 8 22300 Stara Pazova Tel: +381 22 2155702 Fax: +381 22 2155701 info@derigo.rs derigorefrigeration.com/ DELTA AGRAR DOO Ivan Kostić, Director Milentija Popovića 7 b 11070 Beograd Tel: +381 11 201 23 00 Fax: +381 11 201 23 17 www.deltaagrar.rs DELTA HOLDING DOO Jasminka Kiselčić, Director Milentija Popovića 7b 11070 Beograd Tel: +381 11 201 11 04 jasminka.kiselcic@deltaholding.rs www.deltaholding.rs DIREKCIJA ZA IZGRADNJU I RAZVOJ KOLUBARSKOG OKRUGA Milena Popović, V.D. Director Dr.Pantića 114, 14000 Valjevo Tel: +381 14 231 356 dirko@nadlanu.com DIVA DIVANI DOO Tatjana Stojanovic, Director Juznomoravskih brigada bb 17452 Vranjska Banja Tel: +381 17 545 233 Fax: +381 17 545 550 www.divadivani.it/ DUNAV APATIN AD Stefano De Sabata, Director Trg Oslobodjenja 9 25260 Apatin Tel: +381 25 773 291 Fax: +381 25 772 181 office@dunavapatin.com www.dunavapatin.com/ DUNAVSKA TRANSPORTNA LOGISTIKA DOO Milan Maslac, Diredctor Bul. Mihaila Pupina 10/a 11070 Beograd Tel: +381 3119 653 Fax: +381 11 311 9241 dtlbg@eunet.rs DUE PUNTI DOO Aleksandra Dončeva, Director Bul. Kralja Aleksandra 314/25 11000 Belgrade Tel/Fax:+381 11 2421834 info@duepunti.rs E.Q.I. SRL Giordano Paris, Director Via G. Ceresani 1 60044 Fabriano ITALIA

Tel: 0039 0731 202064 gparis@eqi.it EAT FRIULI SRL Franco Morgante, Director Via Licinio 15 33100 Udine ITALIA Tel: 0039 347 1009890 info@eatfriuli.com EASTCOM CONSULTING DOO Biagio Carrano, Director Makedonska 30/6 11000 Beograd Tel: +381 11 2624191 office@eastcom.it EBC DOO Federico Rubini, Director Kneginje Ljubice 10/II, stan 8 11000 Beograd Tel. +381 11 263 0403 Fax +381 11 263 1196 balkans@roncucciandpartners. com www.roncucciandpartners.com/ ECOAGRI SERBIA A.D. Mladjan Ljubic, Director Sonje Marinkovic bb 26340 Bela Crkva Tel: + 381 13 851211 Fax: + 381 13 851041 office@ecoagri.rs www.ecoagri.rs ECOELEMENTI DOO Marco Cesaro, Director Botunje bb 34000 Kragujevac Mob: +38163152332 Mob: +381 63 1452591 marco.cesaro@ecoelementi. com www.ecoelementi.com ECOVIVENDI D.O.O. Jovan Adamovic, Director Voje Veljkovića 5/3/10 11000 Beograd Tel: +381 11 2451377 office@ecovivendi.rs ecovivendi.rs/ EDIL ITALIANA DOO Ksenija Aleksic, Director Kneginje Zorke 30 11000 Beograd Tel: +381 1124 59 933 Fax: +381 1124 59 913 office@edil-italiana.com www.edil-italiana.com/ ELEKTROREMONT A.D. Carmine Tarallo, President Ivana Mestrovica 2, 24000 Subotica Tel: + 381 24 548000 Fax: + 381 24 547848 kontakt@elektroremont.co.rs www.elektroremont.co.rs ENERGO SAS Danilo Franchi, Director Via Vallarsa 20139 Milano ITALIA Tel: 0039 02 87388 121

info@energogroup.com ERNST&YOUNG DOO Stephen Fish, Director Španskih boraca 3 11070 Belgrade Tel: +381 11 2095 800 Fax: +381 11 2095 890 www.ey.com EURO – COOD DOO Galasso Domenico, Director Knez Milosev venac 18 12000 Pozarevac Tel: + 381 12 527 061 Fax: + 381 12 831 295 EUROEDIL D.O.O. Milorad Matic, Director Dimitrija Tucovića 2 L4L5 36000 Kraljevo Tel: +381 36 317 370 Fax: +381 36 317 371 euroedil@ptt.rs EUROIN DOO Antonio Cagiano, Director XXV Nova 73, 11080 Zemun Tel: + 381 11 8408392 Fax: +381 11 8408490euroindoo@yahoo.com EVROENERGIA GAS DOO Loredana Markovački, Director Ive Lole Ribara 6 21000 Novi Sad Tel: +381 21 557587 Fax: +381 21 557588 loredana@evroenergia.rs www.cpgruppo.com EVRO GIUNTI DOO Novica Jevtic, Director Dimitrija Tucovica 41, 11000 Belgrade Tel: + 381 11 3446 618 office@evro-giunti.com www.evro-giunti.com F.DIVELLA SPA Vincenzo Divella, Director Largo Domenico Divella 1 70018 Rutigliano ITALIA Tel: 0039 0804 76 1870 vincenzo.divella@divella.it FAEBER LIGHTING SYSTEM DOO Vladimir Pavlovic, Director Majora Gavrilovica 1 11420 Smederevska Palanka Tel: + 381 26 341050 Fax: + 381 26 341055 faeber@nadlanu.com faeber@telekom.rs FALC EAST D.O.O. Boris Milic, Direktor Lole Ribara 26 19350 Knjazevac Tel: +381 19 737 900 office@falceast.com www.falc.biz FANTINI SCIANATICO BALKAN DOO Fabrizio Fantini, Director Bul. Mihajla Pupina 10a/12,

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11070 Belgrade Tel: +381 11 31 16 208 Fax: +381 11 31 16 207 info@fantiniscianatico.co.rs www.fantiniscianatico.co.rs FARMAN DOO Miodrag Zivkovic, vlasnik Takovska 45, 11000 Belgrade Tel: +381 11 3292046 Fax: +381 11 3292048 farman@sbb.rs FARMAN SAPORI DOO Radosav Ristic, Director Serdar Jola 17a, 11000 Belgrade Tel: + 381 11 2666665 Fax: +381 11 2668983 office@farmansapori.co.rs www.fashionsapori.com/ FCA SRBIJA D.O.O. Silvia Vernetti, Kosovska 4, 34000 Kragujevac Tel: +381 34 502620 Fax: +381 34 502622 www.fiatsrbija.rs FERRARIPLAST DOO Srdjan Bulutic, Director Industrijska zona, blok 103, 25100 Sombor Tel: +381 25 480333 ferrariplast@ravangrad.net www.ferrariplast.ls.rs FERROLI POLAND SP. ZOO Renzo Giorgi, Director Ul. Gwarkow 1 44240 Zory POLONIA Tel: 0048 32-2630564 renzo_giorgi@ferroli.com.pl FILM ‘87 Piero Amati, Director Petra Mrkonjica 2, 11000 Beograd Kneza Viseslava 88, 11000 Belgrade Tel: +381 11 3549149 production@film87.com www.film87.com FIM KANJIŽA Luciano Mazzer, Director Slobodan Tomic, Director Put narodnih heroja 12, 24420 Kanjiza Tel: +381 24 874700 Fax: +381 24 874165 office@fim.co.rs kado.livia@fim.co.rs www.fim.co.rs FINDOMESTIC BANKA A.D. Ljiljana Petrov, Chairman of the Executive Board Bul. Mihajla Pupina 115a, 11070 Belgrade Tel: +381 11 3336000 office@findomestic.rs www.findomestic.rs FIORANO DOO Adriano Zoni, Director

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Staparski put bb, 25000 Sombor Tel: +381 25 467500 Fax: +381 25 467 511 info@fiorano.rs fiorano.rs/ www.calzedonia.it/ FLASH SRB DOO Luca Bianco, Direktor Trg Svetog Đorđa 6 25000 Sombor www.calzedonia.it www.flash-srb.ls.rs/ FORLI DOO Marina Šošić, Director Kablovska bb 35000 Jagodina Tel: +381 35 228 390 Fax: +381 35 243 909 giorgio.ja@eunet.rs FRACCANO D.O.O. ( ACCADEMIA DEL LUSSO) Roberto Cangi, Director Bul. Despota Stefana, 68c 11000 Beograd Tel:+381 11 655 75 03 beograd@accademiadellusso. com www.accademiadellusso.rs FRAMES NETWORK SRL Giacomo Grandi, Director VIA ROMA 125/F 61032 Fano ITALIA Tel: 0039 0721 829100 info@framesnetwork.com FULGAR EAST DOO Marino Garosi, Director Železnička bb 23000 Zrenjanin Tel: +381 23 515 686 Fax: +381 23 515 794 info.fulgar@fulgareast.rs www.fulgar.com GASCOM BALKAN DOO Francesco Marangon, Direktor Milan Cvijetinović, Direktor Gospodara Vučića 88/21 11000 Beograd Mob: +381 60 66 89 088 info.balkan@gascomrenew.it www.gascomrenew.it GE.OR.A.DUE D.O.O. Renato Morando, Director Kneza Milosa 54, Beograd. Tel: +381 11 264 62 62 Fax: +381 11 362 97 63 office@georadue.rs www.georadue.rs GENERALI OSIGURANJE SRBIJA AD Andrea Simoncelli Milentija Popovica 7b 11070 Belgrade Tel: + 381 11 2012750 Fax: +381 11 7114381 kontakt@generali.rs www. generali.rs GFP D.O.O. Darko Šovran, Direktor

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Magnolija 27 11000 Beograd Tel: +381 787 22 60 Fax: +381 11 787 22 63 office@gfp.co.rs www.gfp.rs GI-DI ENGINEERING DOO Roberto Gazzurelli, Director Temerinska 49 2100 Novi Sad Tel: +381 21 444200 gidiengineering@gmail.com info@gidiengineering.rs www.gidiengineering.rs/ GIRAMONDO DOO Slađana Dugonjic Del Castilo Katanićeva 1 / I sprat 11000 Beograd Tel: +381 11 34 40 260 Fax: +381 11 34 40 165 office@giramondo.rs www.giramondo.rs GIURIATO DOO Giuseppe Giuriato, član Slađana Bogić, Direktor Ljubičevska- naselje bb 12000 Požarevac Tel/Fax:+381 12 575 270 Mob: +381 63 515 551 office@giuriato.rs www.giuriato.rs GORDON DOO Adriano Zoni, Director 14. Nova 2 24000 Subotica Tel: +381 24 4155444 Fax: +381 24 4155448 dragana.caric@gordon.rs www.calzedonia.it/ GRADAC FAVRO A.D. Milisav Ratopekić, Direktor Djerdapski put bb 19320 Kladovo Tel: +381 19 801 424 Fax: +381 19 801 425 albertobrugnola@virgilio.it GRADINA DOO Đuro Đurđević, Director Masarikov trg 8 11080 Zemun Tel: +381 11 219 27 23 Fax: +381 11 316 37 23 office@gradinazemun.rs gradinazemun.rs/ GRUBIN EXPORT-IMPORT DOO Dušan Grubin, Director Tajovskog 4 22300 Stara Pazova Tel: +381 22 310 273 Fax. +381 22 313 273 office@grubin.rs www.grubin.rs GRUPPO ADIGE BITUMI SPA OGRANAK- KIJEVO DOO Stefano Bordin, zastupnik Oslobođenja 52-57 11090 Belgrade Tel: +381 11 23 22 686 Fax: +381 11 23 22 984

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kijevo@gmail.com www.kijevo.com GRUPPO FIORENTINO DOO Fiorentino Nutricato, Director Orasacki put bb, 16210 Vlasotince Tel: +381 16 876015 Tel/Fax: +381 16 876018 gfiorentino@ptt.rs andrea@gruppofiorentinoitalia.it HEMIJSKA INDUSTRIJA HIV AD VRANJE Rade Novkovic, Director Omladinskih Brigada 11, 17500 Vranje Tel: +381 17 40 1007 Fax: +381 17 421 585 info.hiv@tsbest.net www.hiv.co.rs/ HOME FURNITURE-CASA ITALIA DOO Stojan Đorđević, Director Industrijska zona 9 21400 Backa Palanka Tel: +381 21 754 185 Fax: +381 21 754 184 office@casaitalia.rs www.casaitalia.rs HYDROTEK D.O.O. Lela Ružić, director Kneza Višeslava 3 11000 Beograd Tel: +381 11 25 43 768 kontakt@hidrotek.rs www.hidrotek.rs www.hytekintl.com IC & PARTNERS DOO Roberto Corciulo, Director Bul. despota Stefana 12, 11000 Belgrade Tel:+381 11 3348448 Fax: +381 11 3348453 belgrado@icpartnersgroup.net www.icpartnersgroup.net IMACON DOO Giuseppe Venturini, Director Bul. Oslobodilaca 109 32000 Čačak Tel: +381 32 51 50 500, 51 50 501 Fax: +381 32 51 50 502 IMPRESA DEL FIUME SPA – OGRANAK Gianluca Colomba, Director Ive Lole Ribara 6 21000 Novi Sad Tel: +381 21 557587 Fax: +381 21 557588 gianlucacolomba@cpgruppo. com www.cpgruppo.com INDUSTRIAL SOLUTIONS DOO Vladislav llić, Director Grčića Milenka 39 11000 Beograd Tel: +381 11 40 58 688 office@industrial.rs vladislav.ilic@industrial.rs INFRASTRUCTURE ENGINEER-

ING SERVICES DOO Daniele Maranzano, Director Poenkareova 10 11000 Beograd Tel: +381 11 3293957 Fax: +381 11 3293959 www.italferr.it/ INESCO SRL Nicola Zaccaria, Director Via A. Volta 55 35030 Vicenza ITALIA Tel: 0039 049 9004142 n.zaccaria@inesco.it INTERSTONES D.O.O. Zorica Miletic Topalovic, Director Krcevacki Put B.B. 34300 Arandelovac Tel: +381 34 70 50 25 Fax: +381 34 70 50 26 interstones@open.telekom.rs www.interstones.eu INTESA LEASING DOO Nebojša Janjićijević, Predsednik IO Cara Uroša 54 11000 Beograd Tel: +381 11 2025400 info@intesaleasingbeograd. com www.intesaleasing.rs INTESA SANPAOLO CARD BELGRADE BRANCH OFFICE Svetlana Blagojević, Country Manager Milentija Popovića 5v, 11070 Beograd Tel: +381 11 30 12 520 info-rs@intesasanpaolocard. com www.intesasanpaolocard.rs INVECO I.B.C. INDUSTRIAL BUILDINGS CONSTRUCTION DOO Filippo Barbetti, Director Milica Čakić, Balkan Area Manager Bul. Arsenija Čarnojevića 72/3 11070 Beograd Tel: +381 113133399 Fax +381 113133388 invecoibc@gruppoinveco.it www.gruppoinveco.it ITAL INTER MEDIA DOO Giuseppe Zaccaria, Director Dositejeva 11 11000 Beograd Tel: +381 11 3287459 italintermedia@hotmail.com ITALAPPALTI D.O.O. Tiberio Marcacci, Director Bul. Mihaila Pupina 10/a 11070 Beograd Tel: +381 11 3018 752 office@italappalti-srb.com www.italappalti.ls.rs ITALIAN CLEANING MANUFACTURERS TEAM Nicola Negro, Director

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Via dell’Industria 25 35010 Borgoricco PD ITALIA Tel: 0039 049 9336771 nicola.negro@italiancleaning. com ITALIANA SALOTTI- TP “TRGOSISTEM” DOO Željko Mohun, Director Bul. Mihajla Pupina 10v/L-3 11070 Beograd Tel: +381 11 313 25 26 info@italianasalotti.rs www.italianasalotti.rs ITALTEX-INTIMO DOO Daniela Vojinović, Director Novobečejski put bb 23273 Novo Miloševo Tel: +381 23 786 806 Fax: +381 23 786 810 italtexintimo@ptt.rs ITALTES DOO Gianfranco Sestili, Director Radnička 147 11000 Beograd Tel: +381 11 84 42 181 fax: +381 11 84 42 058 marketing@italtes.com italtes.com/ ITASER COMPANY DOO Giuseppe Nicola Perniola, Director Kneza Miloša 54 11000 Beograd Tel: +381 11 3242904 italsercompany@gmail.com ITS BALKAN Stanko Maksimovic, Director Pančevački put 77/1, 11000 Belgrade Tel: +381 11 331 99 71 Fax: +381 11 20 87 069 itsbalkan@eunet.rs www.itsbalkan.rs JAGODINSKA VINARIJA 1897 D.O.O. Dušan Stojanović, Director Bagrdanska bb 35000 Jagodina Tel: +381 35 234 343 Fax: +381 35 82 33 434 info@jagodinskavinarija.rs www.jagodinskavinarija.rs JCMM AUTOMOTIVE D.O.O. Umberto Michelone, Direktor Mauro Magarelli, Director Proizvodnja: Kosovska 4/I A 34000 Kragujevac Tel: +381 34 308 200 Fax: +381 34 355 753 JOHNSON CONTROLS AUTOMOTIVE D.O.O. Saša Vodovar, Director Oktobarskih Žrtava bb, Grošnica 34000 Kragujevac Tel: +381 34 308 228 sasa.vodovar@jci.com KINSTELLAR DOO Patrick Sebastian Lynch, Director

u saradnji sa Zajedničkom advokatskom kancelarijom Marić & Mujezinović Branislav Marić, Partner Takovska 23-25 11000 Beograd Tel: +381 11 3210 200 Fax: +381 11 3210 222 branislav.maric@zakmmlaw.rs www.kinstellar.com “KOINÈ-ADRIATICA” D.O.O. Agata Ilaria Lista, Direktor Trg Republike 18/I/5 sprat 21000 Novi Sad Tel: +381 64 47 20081 office@koine-adriatica.com koine-adriatica.com KORIUM D.O.O. Stanko Mraković, Director Prešernova 17 11000 Beograd Tel: +381 11 39 82 836 Fax: +381 11 324 66 89 www.korium.ls.rs KUVIŽIĆ & TADIĆ LAW OFFICE Željko Kuvižić Maksima Gorkog 6/6, 1st floor 2100 Novi Sad Tel: +381 21 521 815 Mob: +381 65 642 7350 info@serbian-lawyers.com www.serbian-lawyers.com LABFIELD DOO Momčilo Lavrnić, Director Šilerova 74 11080 Zemun Tel: +381 11 316 2332 momcilolavrnic@yahoo.com LAMES DOO Roberto Giaccone, Director Jarački put bb 22000 Sremska Mitrovica Tel: +381 22 215 0292 Fax: +381 22 618 320 www.lamesgroup.com LASER BALKAN DOO Fraron Lino, Director Dunavac 1, 12208 Kostolac Tel: +381 12 241954 Fax: +381 12 241437 info@laserbalkan.co.rs www.laserjetgroup.com/ LAVINA BGD DOO Željko Milošević, Director Đorđa Stanojevića 9v, lokal br. 1 11070 Beograd Tel: +381 11 630 21 12 lavinarestoran@gmail.com restoranlavina.rs/ LE PARETI ITALIA DOO Vesna Stojanović, Director Hektorovićeva 1b/1/15 11000 Belgrade Tel: +381 11 40 59 076 office@lepareti.com www.lepareti.com LEDI OBUĆARSKE RADNJE

Tomislav Tomić, Director Andrije Vojinovića 86 15356 Uzveće Tel: +381 15 449 062 Fax: +381 15 448 400 office@lediklompe.rs www.lediklompe.rs LEGNO CASA D.O.O. Kostadin Dubljević, Director Draževac bb 18220 Aleksinac Tel: +381 18 618 000 Fax: +381 18 618 000 info@legnocasa.rs www.legnocasa.it/ LEONARDO DOO Andrea Brotini, Director Jovana Mikića 56 24000 Subotica Tel: +381 24 687 380 slavica.milodanovic@gmail.com leonardo.pakerson@gmail.com LYNX SRL Gennaro Tornincasa, Director Via Trieste 16 67039 Sulmona ITALIA Tel: 0039 0864568568 amministrazione@territoriosociale.it M.C.D. DOO Antonio Castagnaro, vlasnik Dragan Zdravković, Direktor Bul. Despota Stefana 12/VIII 11000 Belgrade Tel: +381 11 32 88 101 Fax: +381 11 32 88 106 MA.GI.CA. SRL Giuseppe Perniola, Director Via Tenente Casale 27 70122 Bari ITALIA Tel: 0039 080 561 36 38 pinoperniola@fastwebnet.it MAGNETI MARELLI AUTOMOTIVE D.O.O. Gianpaolo Luigi Accossato, Director Kosovska 4 34000 Kragujevac Tel: +381 34301 145 www.magnetimarelli.com MAGNETI MARELLI D.O.O. Walter Doglio, Director Kosovska 4 34000 Kragujevac Tel: +381 34301 145 www.magnetimarelli.com MARTINI GRADNJA D.O.O. Antonio Zanetti, Director Vojvode Putnika bb 22320 Inđija Tel: +381 62 587 153, 62 298 173 info@martinigradnja.rs www.martinigradnja.rs/ MASTROTTO & CO Murat Spahić, Director Kruzni put bb 11309 Lestane Tel: +381 11 8035110

sales@mastrotto.com MECCANICA ADDA FER S.R.L. Antonio Pensotti, Director VIA BOSCHETTI 1 20121 Milano ITALIA Tel: +381 63 81 80 484 info@addafer.it METALFER DOO/ METALFER STEEL MILL DOO/ MFE INVEST DOO Zoran Lojović, Direktor Branko Zečević, Direktor Rumski put 27 22000 Sremska Mitrovica Tel: +381 22 621 636 Fax: +381 22 622 738 Bul. Mihajla Pupina 115 11000 Belgrade Tel: +381 11 711 25 69 office@metalfer.net mfeinvest@metalfer.net www.metalfer.net MHT BALKAN DOO Gordana Glišić- Morganti Bul. Mihajla Pupina 10b-V, PP 1 11070 Beograd Tel: +381 11 2092165 marketing@mhtnet.it www.mht.net/ MIB SCHOOL OF MANAGEMENT Barbara Sepic, Director LARGO CADUTI DI NASIRIYA 1 34142 Trieste ITALIA Tel: 0039 040 9188111 nanut@mib.edu barbara.sepic@mib.edu MIDLAND SC Roberto Nardi, Director Via San Moro 16 33043 Cividale del Friuli ITALIA Tel: 0039 0432 996202 midland.coop@gmail.com MILADJO DOO Đorđe Milosavljević, Director Kablovska bb 35000 JAGODINA Tel: +381 35 221 260 miladjo.ja@eunet.rs MILŠPED AML D.O.O Nenad Zdravković, Direktor Sedište: Savski nasip 7, 11 070 Novi Beograd Adresa poslovanja: Industrijska zona bb, 22 314 Krnješevci Tel: +381 11 20 15 100 Fax: +381 11 20 15 133 office@milsped.com www.milsped.com/ MIROGLIO FASHION SER DOO Oriana Bollano, Director Jurija Gagarina 16, 11000 Belgrade Tel: +381 11 3129 731 MOBILTURI DOO David Jakšić, Direktor Vinorača bb

35000 Jagodina Tel: +381 35 880 0230 Mob: +381 65 388 3365 prodaja@mobilturi.rs www.mobilturi.rs/ www.mobilturi.it MODITAL D.O.O. Gianni Babini, Director Bagljas aerodrom bb, 23000 Zrenjanin Tel: +381 23 559010 Fax: +381 23 559005 pompeaserb@pompea.com www.pompea.com MOKINT S DOO Petar Cvijić, Director Knez Mihaila 2 11000 Belgrade Tel: +381 11 2621289 Fax: +381 11 3284035 mokints@mokints.rs www.mokarabia.com MONTAGNA SM DOO Milan Lalošević, Director Makenzijeva 53 11000 Belgrade Tel: +381 11 3034122 Fax:+381 11 265 5087 office@montagna.rs www.costruzioni.it/ MORAVA AD Biljana Peković, Director Kneza Miloša bb 35000 Jagodina Tel: +381 35 247 296 Fax: +381 35 241 797 morava.ad@gmail.com www.admorava.com/ MORAVČEVIĆ, VOJNOVIĆ & PARTNERS Matija Vojnović, Partner Dobračina 15 11000 Beograd Tel: +381 11 320 26 00 Fax: +381 11 320 26 10 m.vojnovic@schoenherr.rs www.schoenherr.rs MOVEM&CO. D.O.O. Njegoslav Trifković, Director Milentija Popovića 9 11070 Beograd Tel: +381 11 3111 437 office@movem.co.rs www.movem.rs MUBB PRODUCT DOO Slobodan Balać, Director Majora Zorana Radosavljevića 327 11273 Batajnica Tel: +381 11 748 10 79 info@mubb.co.rs www.mubb.co.rs www.mubb.rs www.mubb-pu.com MULTIPARTNER SISTEM D.O.O Miodrag Tabaković, Director Sedište preduzeća, prodaja, uprava i finansije: Milentija Popovića 5 v 11070 Beograd

Tel: +381 11 6555 821 Fax: +381 11 6555 823 Proizvodno - servisni centar Industrijska zona bb, Nova Pazova Tel: +381 22 323 990 Fax: +381 22 323 991 office@multipartnersistem.com www.multipartnersistem.com NARDI BALKAN DOO Milorad Tasić, Direktor Šumadijska 6/2 12000 Požarevac Mob: +381 62 802 2250 Tel: +381 12 555 548 nardibalkan@gmail.com www.grupponardi.it NDP AUDIT&CONSULTING DOO Vladimir Dabić, Director Topličin venac 3/IV 11000 Beograd Tel:+381 11 262 75 61 Fax: +381 11 328 44 49 office@ndp-audit.rs www.ndp-audit.rs NIELSEN AUDIENCE MEASUREMENT DOO Vittorio Sala, Director Gavrila Principa 8, 11000 Belgrade Tel: +381 11 3284510 Fax: +381 11 3288205 vittorio .sala@agbnielsen.net www.agbnielsen.net OBUĆA MARKO DOO Milorad Babić, Director Batajnički put 23 11080 Zemun, Srbija Tel: +381 11 30-70-324, 6192-636 Fax: +381 11 61-96-900 info@obucamarko.co.rs www.obucamarko.co.rs OBUĆA PAVLE D.O.O. Srđan Pavlović, Director Naselje Novo Selo bb 18310 Bela Palanka Tel. : +381 18 856 015 Fax.: +381 18 856 016 info@obucapavle.rs www.obucapavle.rs OMNIAPACK DOO Michele Bellotto, Director Industrijska zona bb, 23272 Novi Becej Tel: +381 23 771098 Fax: +381 23 775045 info@omniapack.co.rs omniapack.co.rs/ ONEGIGA SOLAR PARK INCUBATOR DOO Aleksandra Marojević,Director Bul. Mihaila Pupina 6/XXII 11070 Beograd Tel: +381 11 4047 780 Mob: +381 66 9621002 associates@securumequitypartners.com www.securumequitypartners.

com/ OWEN OWEN D.O.O James Owen, Director Kosovska 39/I 11000 Beograd Tel: +381 11 30 30 744 Fax: +381 1133 47 032 Mobilni: + 381 69 24 71 545 office@owenowen.rs www.owenowen.rs PANGEA RE DOO Thomas Weis, Director Pariske komune 11/13 11070 Beograd Tel: +381 11 3230587 Mob: 063 221 502 info@pangea-re.com thomas.weis@pangea-re.com PETRUZALEK DOO Marian Nickolov Petrov, Director Majora Zorana Radosavljevica 313a 11273 Batajnica Tel: +381 11 8480271 Fax: +381 11 8481342 office@petruzalek.rs www.petruzalek.rs PLATTNER DOO Nenad Plattner, gen. direktor Novosadski put 19 21400 Bačka Palanka Tel:+381 21 21 000 40, 21 000 21 Fax: 381 21 47 234 52 porudzbine@plattner.rs www.plattner.rs POMETON TIR D.O.O Cedomir Dumitraskovic, Director Djordja Vajferta 20-22, 19210 Bor Tel: +381 30 427476 Fax: +381 30 427475 pometontir@beotel.net POTIS A.D. Marija Savić Pahor Cede Vasovica 39, 12000 Pozarevac Tel: +381 12 555189 Fax: +381 12 555348 potispoz@ptt.rs PRICEWATERHOUSECOOPERS CONSULTING D.O.O. Marie Joseph Emmanuel Koeing, Director Omladinskih brigada 88a, Airport City Belgrade 11070 Belgrade Tel: +381 11 3302 100 Fax: +381 11 3202 101 office@rs.pwc.rs www.pwc.com PREDSTAVNIŠTVO FIAT AUTO S.P.A. BEOGRAD Silvia Vernetti Blina, Zastupnik Despota Stefana 12 11000 Beograd Tel: +381 11 3030906 www.fcagroup.com/ PREDSTAVNIŠTVO IVECO

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S.P.A. BEOGRAD Miloš Lalović, Zastupnik Otokara Keršovanija 2 11000 Beograd Tel: +381 11 3976891 Fax: +381 11 3976920 milos.lalovic@iveco.com www.iveco.com/ PREDSTAVNIŠTVO KEDRION SPA BEOGRAD Pier Sergio Martini, Zastupnik Uzun Mirkova 3/A11000 Beograd Tel: +381 11 2621155 Mob: 0637262353 v.hudjec@kedrion.com www.kedrion.com PRODUKTNA BERZA AD Žarko Galetin, Director Bul. oslobođenja 5 21000 Novi Sad Tel: +381 21 443 413 nsberza@eunet.rs www.proberza.co.rs PROGETTI DOO Romano Rossi, Director Vladimirački put bb, 15225 Vladimirci Tel: +381 15 513 166 Fax: +381 15 513 385 info@progetti.rs www.progetti.rs www.eastwest.it PROLETER A.D. Katarina Mandic, Director Milinka Kusica 108, 32250 Ivanjica Tel: +381 32 662 518 Fax: +381 32 663 289 info@proleter.rs proleter.rs/ PROMEK D.O.O Luca Nanetti, Director Oraška 60 11320 Velika Plana Tel: +381 26 515 340 Fax: +381 26 515 180 info@promek.rs www.promek.rs PROMODA D.O.O. Vlado Đerić, Director Milentija Popovića 9 11070 Beograd Tel: +381 11 3111158 Fax: +381 11 31129 96 office@promoda.rs www.promoda.rs/ PROSPERING FOREIGN INVESTMENTS D.O.O. Zoran Jovanović, Director Nikolaja Gogolja 10 11030 Beograd Tel : +381 11 3572912 Mob: +381 69 2251864 Međunarodni pozivi: +43 (0)664 1033116 office@prospering-serbia.com www.prospering-serbia.com R.V. DOO Radisav Vasić, Direktor

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Mehmeda Sokolovića 36 11050 Beograd Zrenjaninski put 196, 11000 Beograd Tel: +381 11 3320 352 Fax:+381 11 3328 744 rvobuca@beotel.net www.rvobuca.com RE SOURCING DOO Lorenzo Bartolini, Director Kralja Petra 58/6, 11000 Belgrade Tel: +381 11 29 10 758 Fax: +381 11 29 10 756 office@resourcingdoo.com www.resourcingdoo.com REP PROJECT BALKAN DOO Slavoljub Rehnicer, Director Terazije 3111000 Belgrade Tel: +381 11 3240736 slavko@repbalkan.rs RONCUCCI & PARTNERS BALKANS Federico Rubini, Director Kneginje Ljubice 10/II, stan 8 11000 Beograd Tel. +381 11 263 0403 Fax +381 11 263 1196 balkans@roncucciandpartners. com www.roncucciandpartners.com S.A.B. ENTERIJERI DOO Dejan Tasev v.d. Direktora Nikole Spasica 3 11000 Beograd Tel: +381 11 32 83 777 Fax: +381 11 32 84 757 sabenterijeri@open.telekom.rs www.sabenterijeri.rs/ SAMER & CO. DUNAV AGENCIES DOO Vladislav Jurisic, Director Skender Begova 3-L3 11000 Beograd Tel: +381 11 2120 749 Fax: +381 11 3130532 mail@samerdunav.com www.samer.com/belgrado SECI ENERGIA S.P.A. OGRANAK U BEOGRADU Luciano Scipione, Zastupnik Terazije 2711000 Beograd Tel: +381 11 3239713 Fax: +381 11 3231545 info@seci-energia.com www.seci-energia.com SECUT D.O.O. Milan Basa, Director Bul. Mihajla Pupina 6, PC Ušće 11070 Beograd Tel: +381 11 30 10 901 Fax: +381 11 30 10 819 office@secut.rs www.secut.rs SIGAS D.O.O. Enrico Altran, Director Nikole Pasica 2 31210 Pozega Tel: +381 31 3715 440

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office@sigas.rs SIGIT D.O.O. Viviano Zanchi, Director Davor Velickovski, Director Oktobarskih žrtava bb 34113 Grošnica Tel: +381 34 503855 Mob: +381 63 405386 Fax: +381 34 503856 davor.velickovski@sigit.it www.sigit.it SIL SRL Matteo Ghiotto, Director VIA C.BORSOI 14 30023 Concordia Sagittaria (VE) ITALIA Tel: 0039 0421 275969 cristina@silsrl.eu SIM INDUSTRY SERVICE DOO Guido Caporale, Director Pop Lukina 10 15000 Šabac Tel: +381 15 345 677 Fax: +381 15 345 755 sis@simspa.net www.simspa.net SISTEMA RINOVA DOO Milan Koković, Director Bul. Zorana Djindjica 35/3 11070 Beograd Tel: +381 11 311 5618 sistemarinovadoo@gmail.com SISTEMA RINOVA UNO DOO Umberto Ferraro, Director Studentski trg 4/8 11000 Belgrade SIRMIUM STEEL DOO Emilio De Stefani, Director Višnjevačka 27 22000 Sremska Mitrovica Tel:+381 22 618203 Fax: +381 22 618 207 d.bando@sirmiumsteel.rs www.sirmiumsteel.rs/ SLODESTRADE DOO Snezana Ivanovic, Director Borska 92 F 11090 Belgrade Tel: +381 11 35 81 782 Fax: +381 11 35 81 777 office@slodestrade.rs www.slodestrade.rs/ SO.GE DOO BELGRADE Sanja Zani, Director Makenzijeva 20 11000 Belgrade Tel: +381 11 203 00 00 Fax: +381 11 203 00 01 info@so-ge.com www.so-ge.com SOL SRBIJA DOO Aleksandar Čadikovski, Direktor Industrijska zona bb 22330 Nova Pazova Tel: +381 22 328 000 Fax: +381 22 328002 office@imgsol.rs www.sol.it SOLAR MATAROVA DOO Milan Cvijetinović, Direktor

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Trg Republike 20 SOLARIA SRL Sergio Sari, Director VIA SAN MARTINO 13 55014 Marlia-Lucca ITALIA Tel: 0039 0583 30711 solaria@solariaspa.com SPECIALMANGIMI GALTIERI SPA Antonio Galtieri, Director S.P. 231 KM 0.600 70026 Modugno – Bari ITALIA Tel: 0039 0805 327000 antonio.galtieri @galtieri.it ŠPEDEKS DOO Nenad Kosjeric, Director Knez Milošev venac 1/a 12000 POŽAREVAC Tel: +381 12 542 415 Fax: 381 12 531 122 spedex@sbb.rs ŠPIK IVERICA AD Giorgio Barzazi, Director Duško Minjović, Director Venijamina Marinkovica 139 32250 Ivanjica Tel.: +381 32 66 11 66 Fax: +381 32 66 33 20 d.minjovic@iverica.rs www.iverica.rs STEAM SOLUTION DOO Gianluca Calace, Director Kralja Petra 58/6 11000 Belgrade Tel: +381 11 2910758 Fax: +381 11 2910756 info@steam.it www.steam.it STONES D.O.O. Gojko Glumac, Director Paolo Massi Profesora Vasića 100, 11 351 Vinca Tel: +381 11 80 66 569 stonesbg@eunet.rs STUDIO CATARRASO DOO Antonino Catarraso, Director Zmaj Jovina 3 Sremska Kamenica Tel: +381 21 461 127 Tel: +381 21 451 979 serbia@studiocatarraso.com www.studiocatarraso.it STRATEGIC POINT DOO Vladimir Lelićanin, Director Solunska 25 11000 Beograd Tel: +381 11 26 36 676 ax: +381 11 262 64 64 office@strategicpoint.rs www.strategicpoint.rs STRUCTURAMA EAST DOO Fulvio Beretta, Director Baje Pivljanina 9/I/2 11000 Beograd Mob: +381 64 3393801 Tel: +381 11 36 75 567 www.structuramaitalia.it/

STUDIO CATARRASO DOO Antonino Catarraso, Director Zmaj Jovina 3 21208 Sremska Kamenica Tel: +381 21 461 127 Tel: +381 21 451979 serbia@studiocatarraso.com www.studiocatarraso.it SZOPR ALEKSANDAR Zoran Stamenković, Director Beogradska bb 35230 Cuprij Tel: +381 35 8477 505 Fax: +381 35 8470 244 office@aleksandarshoes.com www.aleksandarshoes.com SZR ARA-ARANDJELOVICI Živojin Arandjelović, Director Trifuna Pešića 22c Leštane 11309 Tel: +381 11 80 30 460 Fax: +381 11 80 31 039 s.ara011@yahoo.com www.ara-proizvodnja.rs TEHNO RENT DOO Tiberio Marcacci, Director Ugrinovačka bb, 11272 Dobanovci Tel: +381 62 278 592 Fax: +381 11 780 8661 info@tehnorent.rs www.tehnorent.rs TEMER GROUP Zani Luigi, Director Novosadska 348, 21235 Temerin Tel: +39 346 21 10 125 Mob: +381 62 8283815 info@temergroup.com temergroup.com/ TERENCONS D.O.O. Roberto Gianoglio, Director Antona Pordušića 86 37000 Kruševac Tel: +381 37 459 306 info@terencons.com www.terencons.com/ TE-TO SENTA AD- FABRIKA ŠEĆERA Teodora Deak, Director Upravna zgrada: Zlatne grede 6 Fabrika: Karađorđeva bb 24400 Senta Tel:+381 24 646 100 Fax:+381 24 646 132 office@sugarfactory-senta. co.rs www.secerana-senta.com TONON&C SRL Matteo Tonon, Director VIA DIAZ 22, 33044 Manzano (UD) ITALIA Tel: 0039 0432 748811 matteo.tonon@tononitalia.it UMA STADION DOO Andra Mitić, Director Bul. Despota Stefana 62 11000 Beograd Mob: +381 64 6100847

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Tel:+381 11 27 59 635 mitic.andra@gmail.com www.uma-stadion.ls.rs UNICREDIT BANK SRBIJA Claudio Cesario, President of Management Board Rajiceva 27-29, 11000 Belgrade Tel: +381 11 3204500 Fax: +381 11 3342200 office@unicreditbank.rs www.unicreditbank.rs UNICREDIT LEASING D.O.O. Emiliano Steinfl, Chairman of the Board Omladinskih brigada 90v 11070 Belgrade Tel: +381 11 3093500 Fax: +381 11 3093501 office@unicreditleasing.rs www.unicreditleasing.rs UNIONTRANSIT SRL SOCIETA A SOCIO UNICO Tony Savli, Director VIA ONTE HERMADA 6 34170 Gorizia ITALIA Tel: 0039 0481 528922 tony@uniontransit.it VALY D.O.O. Alberto Grassi, Director Belosevac bb, 14000 Valjevo Tel: +381 14 295 000 Fax: +381 14 295 032 a.grassi@goldenlady.it www.goldenlady.it/ VECAR VILJUŠKARI DOO Dragan Srdić, Director Cara Dušana 266 11180 Zemun Tel: +381 11 63 00 489 Fax: +381 11 630 14 88 office@vecarviljuskari.com www.vecarviljuskari.com VIJANA HOME DOO Raško Jorović, Director Novogradska 13 11080 Zemun Tel: +381 11 3750 211 Fax: +381 11 3750 340 office@vijanahome.com www.vijanahome.com VISTA DOO Miodrag Tuvić, Director Stara pruga 62, Konjevići 32000 Čačak Tel: +381 32 225632 doovista@gmail.com VUKOVIĆ I PARTNERI AOD Dejan Vuković, Partner Vladete Kovačevića 2a 11000 Belgrade Tel: +381 11 26 42 257 Fax: +381 11 26 42 269 vukovic@vp.rs www.vp.rs YUGOTUB DOO Andrea Cavallo, Director Kralja Petra I Karadjordjevica

156 22330 Nova Pazova Tel: +381 22 328241 Fax: +381 22 328841 info@yugotub.com www.yugotub.com ZANELLA MARMI SRL Piero Zanella, Director Viale dell’Industria 3 37038 Verona ITALIA Tel: 0039 045 761 02 30 piero@zanellamarmi.it ZANNINI EAST DOO Pera Todorovic, Director Beogradski put bb, 26300 Vrsac Tel: +381 13 833405 Fax: +381 13 821076 aleksandra.cvetkovic@palladiozannini.com www.palladiozannini.com ZASTAVA KAMIONI DOO Djordje Nestorovic, Director Kosovska 4 34000 Kragujevac Tel: +381 34 335355 Fax: +381 34 334658 dnestor@zastava-kamioni.co.rs www.zastava-kamioni.co.rs ZELENA DRINA DOO Roberto Lovato, zastupnik CASA CALDA d.o.o Milana Obrenovića bb, 31250 Bajina Basta Tel: +381 31 38 68 151 grionefederico@crabo.it dejan.ditw@gmail.com www.drinaitalwoodgroup.com/ ZEMLJA I SUNCE SISTEMI Franco Benati, Director Konarevo 87 36340 Kraljevo Tel: +381 36 823 110 Fax: +381 36 51 10 360 milinko.baltic@gmail.com zis.sistemi@gmail.com www.zemljaisuncesistemi.rs ZLATIBOR-MERMER A.D. Dragan Milojević, Direktor Pekarska b.b. 31000 Užice Tel:+381 31 563 844 Fax: +381 563 788, Mob: +381 60 4433002, 61 8207634 mermerue@gmail.com zlatibormermer.com ZONA INDUSTRIALE ITALIANA DOO Nebojša Kaljević, Director Jurija Gagarina 14 NJ / 47 / VII sprat 11070 Belgrade Tel: +381 11 6300792 Mob:+381 63 482 701, 069 44 82 701 office@zonaii.com nkaljevic@zonaii.com www.zonaii.com/